Target 2010 Annual Report Download - page 45
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portfolio was $6,843 million, of which $3,954 million was funded by third parties and $2,889 million was funded by
Target.
Capital Expenditures
Capital expenditures were $2,129 million in 2010 compared with $1,729 million in 2009 and $3,547 million in
2008. This increase was driven by higher capital expenditures for remodels partially offset by reduced expenditures
for new stores. Our 2010 capital expenditures include $482 million related to stores that will open in 2011 and later
years. Net property and equipment increased $213 million in 2010 following a decrease of $475 million in 2009.
Capital Expenditures
(millions) 2010 2009 2008
New stores $ 574 $ 899 $2,341
Remodels and expansions 966 294 284
Information technology, distribution and other 589 536 922
Total $2,129 $1,729 $3,547
In connection with the previously described agreement to purchase leasehold interests in Canada, we expect
that renovation of these stores will require an investment of over C$1 billion, primarily during 2012 and 2013, a
portion of which may be funded by landlords.
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PART II