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2 011
Annual
Report

Table of contents

  • Page 1
    2011 Annual Report

  • Page 2
    TARGET 2011 ANNUAL REPORT Financial Highlights Total Revenues $69.87B $67,390 $69,865 $64,948 $65,357 $63,367 EBIT $5.32B $5,272 $4,402 ( Earnings before Interest Expense and Income Taxes ) Net Earnings $2.93B $2,849 $2,920 $2,929 $2,214 $2,488 Diluted EPS $4.28 $3.33 $3.30 $4.00 '10 $5,252 ...

  • Page 3
    ... 2011 ANNUAL REPORT | 1 To Our Shareholders Target turns 50 this year, and, while our 2011 financial results represent a single-year's achievement, it's an achievement based on our nearly five decades in business. Sales reached a new high of $68.5 billion, we set a new record for earnings per share...

  • Page 4
    ... branding ad | 4) 2010 Harlem store opening sneak preview invitation newspaper insert 5) 1960s Target Private Label potato chips | 6) 1972 newspaper insert | 7) 2000 Target.com promotional ad | 8) 2007 5% Giving campaign | 9) 2004 $2 Million a Week campaign 10) 2006 first GO International ad...

  • Page 5
    ... REPORT | 3 12 13 14 15 16 17 18 19 23 24 20 21 22 50 Years...12) 1999 Sign of the Times campaign | 13) 2006 Target/Cooper Hewitt New York Times insert | 14) 1990 What to Wear campaign | 15) 2009 up & up owned brand launch 16) 2011 Harajuku Mini campaign | 17) 2008 Circle Dot branding ad...

  • Page 6
    ... heart of Chicago, Seattle, Los Angeles and San Francisco. Beginning in 2013, Target plans to open 125 to 135 stores in Canada. Over time, we believe we can profitably operate 200 or more Canadian Target stores. Operations are already well under way to prepare for the day we welcome our first guests...

  • Page 7
    ...Chicago, Seattle, San Francisco and Los Angeles. 2013 Hello, Canada! In Spring 2013 the first of our Canadian stores will open, with the potential to operate 200 or more stores throughout Canada over time. As we build and remodel our stores, we're taking steps that are good for business as well as...

  • Page 8
    ... The "Can I Help You Find Something?" guest service initiative launches, making team members even more available to help guests find everything they are looking for. 2011 The newly redesigned Target.com offers robust features that encourage guests to create product reviews, add photos and videos...

  • Page 9
    TARGET 2011 ANNUAL REPORT | 7 Our 5% Rewards program-where REDcard users automatically receive 5 percent off nearly all purchases at Target and Target.com- is building loyalty among guests. Millions of new accounts were created by the end of 2011. Building on the success of this program, this year ...

  • Page 10
    8 | TARGET 2011 ANNUAL REPORT Where Style Meets Value Great design, high quality and affordable prices bring our "Expect More. Pay Less." brand promise to life for our guests every day. Bringing the unexpected to our guests-from cheap-chic collections by both emerging designers and storied fashion ...

  • Page 11
    TARGET 2011 ANNUAL REPORT | 9

  • Page 12
    ... and Houston. Spritz, our new Targetexclusive party supplies brand, struck a major chord with guests wanting to put their own spin on birthday bashes and holiday gatherings. Developed based on guest research, the line provides well-designed products in a kid- and mom-friendly in-store environment.

  • Page 13
    ... collection sported unique prints unearthed at the Hamilton Wood Type & Printing Museum in Wisconsin, celebrating a timeless style at a comfortable price. With new products like Archer Farms Direct Trade Coffee, Gelato and Market Pantry frozen meals, Target's owned brands offer our guests access...

  • Page 14
    ... skin care, nail color and accessories. 2011 With a surprise event at our Harlem store, eyecatching signage in stores and personal reflections in her Target ad, Target was the ultimate destination for Beyoncé's latest album, "4." We continued to drive newness each week with additional new releases...

  • Page 15
    TARGET 2011 ANNUAL REPORT | 13 In 2011, Target's Beauty business became one of the top-growing categories, offering guests everyday essentials alongside differentiated beauty assortments, all for a great value. In 2012, we'll continue to grow our Beauty business by rolling out store updates known ...

  • Page 16
    ... of service in their communities, and we've challenged ourselves to raise that number to 700,000 hours each year by the end of 2015. 1997 Guests can now support their favorite local schools by designating a portion of their REDcard purchases through Target's Take Charge of Education program. Our...

  • Page 17
    ...us reach this goal. Throughout the year, team members, celebrity friends and community partners teamed up to help renovate and dedicate new libraries and other spaces at 42 U.S. schools. Through this and other programs like Take Charge of Education, Book Festivals, Target Field Trip Grants and more...

  • Page 18
    16 | TARGET 2011 ANNUAL REPORT We're committed to helping our team members live well and achieve their goals, knowing that their diverse perspectives, talent and commitment make both our company and our communities the best they can be. We support team members' path to health and well-being through...

  • Page 19
    TARGET 2011 ANNUAL REPORT | 17 More than 1,700 team members across the country became well-being captains at their store, distribution center and headquarters locations. These captains plan activities that promote wellness in the areas of health, relationships, career, financial stability and ...

  • Page 20
    18 | TARGET 2011 ANNUAL REPORT Year-end Store Count and Square Footage by State SALES PER CAPITA GROUP NO. OF STORES RETAIL SQ. FT. (THOUSANDS ) Over $300 California Colorado Minnesota North Dakota GROUP TOTAL 252 41 74 4 371 33,483 6,200 10,627 554 50,864 $201- $300 Arizona Connecticut Florida...

  • Page 21
    TARGET 2011 ANNUAL REPORT | 19 SALES PER CAPITA GROUP NO. OF STORES RETAIL SQ. FT. (THOUSANDS ) $151-$200 (continued) New York North Carolina Ohio Oklahoma Oregon Pennsylvania Tennessee Utah Washington GROUP TOTAL 66 47 64 15 18 63 32 12 35 557 8,996 6,225 8,006 2,157 2,201 8,238 4,096 1,818 ...

  • Page 22
    ... provided by operations (in millions) Revenues per square foot (g)(h) Retail square feet (in thousands) Square footage growth Total number of stores General merchandise Expanded food assortment SuperTarget Total number of distribution centers (a) (b) (c) (d) (e) (f) 2010 2009 2008 2007...

  • Page 23
    ...the closing price of $51.49 per share of Common Stock as reported on the New York Stock Exchange Composite Index. Indicate the number of shares outstanding of each of registrant's classes of Common Stock, as of the latest practicable date. Total shares of Common Stock, par value $0.0833, outstanding...

  • Page 24

  • Page 25
    ... Risk Financial Statements and Supplementary Data Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information 12 14 14 28 29 61 61 61 PA R T I I Directors, Executive Officers and Corporate Governance Executive Compensation Security...

  • Page 26
    ..., we offer a branded proprietary Target Debit Card. Collectively, these REDcardsá"¼ help strengthen the bond with our guests, drive incremental sales and contribute to our results of operations. Our Canadian Segment was initially reported in the first quarter of 2011 as a result of our purchase of...

  • Page 27
    ...time, part-time and seasonal employees, referred to as ''team members.'' During our peak sales period from Thanksgiving to the end of December, our employment levels peaked at approximately 414,000 team members. We consider our team member relations to be good. We offer a broad range of company-paid...

  • Page 28
    ...of other issuers for market share of sales volume. Our ability to positively differentiate the value of our financial products primarily through our rewards programs, terms, credit line management, and guest service determines our competitive position among credit card issuers. Intellectual Property...

  • Page 29
    ...we have built over many years of serving our four primary constituencies: guests, team members, the communities in which we operate and shareholders. To be successful in the future, we must continue to preserve, grow and leverage the value of Target's reputation. Reputational value is based in large...

  • Page 30
    ...such as unemployment levels, prevailing wage rates, collective bargaining efforts, health care and other benefit costs and changing demographics. If we are unable to attract and retain adequate numbers of qualified team members, our operations, guest service levels and support functions could suffer...

  • Page 31
    ... discontinue usage of our credit card products, decline to use our pharmacy services, or stop shopping at our stores or Target.com altogether. The loss of confidence from a data security breach involving team members could hurt our reputation and cause team member recruiting and retention challenges...

  • Page 32
    ... team members. In addition, access to local suppliers of certain types of goods may limit our ability to offer the expected assortment of merchandise in certain markets. The effective execution of our strategy is also contingent on our ability to design new marketing programs that positively...

  • Page 33
    ...37 distribution centers have a total of 48,473 thousand square feet. 1,512 86 165 1,763 30 7 - 37 We have announced plans to open our first 60 Canadian stores beginning in March or early April 2013, located in Alberta, British Columbia, Ontario, Manitoba and Saskatchewan. We are also currently in...

  • Page 34
    ...Human Resources Executive Vice President, Stores Executive Vice President and Chief Financial Officer President, Financial and Retail Services Chairman of the Board, President and Chief Executive Officer Executive Vice President, Merchandising President, Community Relations and Target Foundation 51...

  • Page 35
    ... officers named and any other executive officer or member of the Board of Directors nor any arrangement or understanding pursuant to which any person was selected as an officer. The service period of each officer in the positions listed and other business experience for the past five years is listed...

  • Page 36
    ... stock. Since the inception of this share repurchase program, we have repurchased 188.6 million common shares for a total cash investment of $9,721 million ($51.54 per share). In January 2012, our Board of Directors authorized a new $5 billion share repurchase program. Upon completion of the current...

  • Page 37
    ... new peer group consistent with the group used in our annual proxy statement filings (Current Peer Group) over the same period. The Previous Peer Group index consists of 40 general merchandise, food and drug retailers. The Current Peer Group consists of 14 general merchandise, department store, food...

  • Page 38
    ... Results: Total revenues Net earnings Per Share: Basic earnings per share Diluted earnings per share Cash dividends declared per share Financial Position: Total assets Long-term debt, including current portion (a) Consisted of 53 weeks. 2011 $69,865 2,929 As of or for the Year Ended 2010 2009 2008...

  • Page 39
    ... to Consolidated Financial Statements for a definition of gift card breakage. Total sales for the U.S. Retail Segment for 2011 were $68,466 million, compared with $65,786 million in 2010 and $63,435 million in 2009. All periods were 52-week years. Growth in total sales between 2011 and 2010, as well...

  • Page 40
    ... (Target Credit Cards). Additionally, we offer a branded proprietary Target Debit Card. Collectively, we refer to these products as REDcardsá"¼. Beginning October 2010, guests receive a 5 percent discount on virtually all purchases at checkout every day when they use a REDcard at any Target store or...

  • Page 41
    ... card operations, which are reflected separately in our Consolidated Statements of Operations. SG&A expense rate was 20.1 percent in 2011 compared with 20.3 percent in 2010 and 20.5 percent in 2009. The change in the rate in 2011 was primarily due to increased charges to the U.S. Credit Segment...

  • Page 42
    ...engagement with our guests. Beginning October 2010, guests receive a 5 percent discount on virtually all purchases at checkout, every day, when they use a REDcard at any Target store or on Target.com. Credit card revenues are comprised of finance charges, late fees and other revenue, and third party...

  • Page 43
    ... credit card receivables. Receivables Rollforward Analysis (millions) Beginning gross credit card receivables Charges at Target Charges at third parties Payments Other Period-end gross credit card receivables Average gross credit card receivables Accounts with three or more payments (60+ days) past...

  • Page 44
    ... issue new Target Visa accounts and we undertook risk management and underwriting initiatives that reduced available credit lines for higher-risk cardholders during 2009 and 2010. We expect to report period-over-period declines in segment profit in 2012, primarily because our 2011 results benefited...

  • Page 45
    ... other interest expense, equal consolidated GAAP interest expense. (b) In 2011, taxes are allocated to our business segments based on income tax rates applicable to the operations of the segment for the period. (c) For 2011, 2010 and 2009, average diluted shares outstanding were 683.9 million, 729...

  • Page 46
    ...outstanding debt obligations, pay dividends and continue purchases under our share repurchase program. During 2011, we also completed our real estate transaction with Zellers. This transaction resulted in a final net purchase price of $1,636 million. Our 2011 period-end gross credit card receivables...

  • Page 47
    ... technology, distribution and other Total 2011 Canada $1,619 - 273 $1,892 PA R T I I U.S. $ 439 1,289 748 $2,476 Total $2,058 1,289 1,021 $4,368 2010 $ 574 966 589 $2,129 2009 $ 899 294 536 $1,729 (a) See Note 28 to our Consolidated Financial Statements for capital expenditures by segment...

  • Page 48
    .... We also issue trade letters of credit in the ordinary course of business, which are excluded from this table as these obligations are conditioned on terms of the letter of credit being met. (h) We have not included obligations under our pension and postretirement health care benefit plans in the...

  • Page 49
    ... all past-due accounts accrue finance charges until they are written off. Accounts are automatically written off when they become 180 days past due. Management believes the allowance for doubtful accounts is appropriate to cover anticipated losses in our credit card accounts receivable under current...

  • Page 50
    ...the level of, these benefits varies depending on team members' full-time or part-time status, date of hire and/or length of service. Our expected long-term rate of return on plan assets of 8.0% is determined by the portfolio composition, historical long-term investment performance and current market...

  • Page 51
    ... timing of a portfolio sale; for our Canadian Segment, our performance, timing and amount of future capital investments in Canada; on a consolidated basis, statements regarding the adequacy of and costs associated with our sources of liquidity, the continued execution of our share repurchase program...

  • Page 52
    ...on our balance sheet position at January 28, 2012, the annualized effect of a 0.5 percentage point decrease in interest rates would be to decrease earnings before income taxes by $9 million. In addition, we are exposed to market return fluctuations on our qualified defined benefit pension plans. The...

  • Page 53
    ... Executive Vice President and Chief Financial Officer Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements The Board of Directors and Shareholders Target Corporation We have audited the accompanying consolidated statements of financial position of Target...

  • Page 54
    ...effective internal control over financial reporting as of January 28, 2012, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statements of financial position of Target Corporation and...

  • Page 55
    ... per share data) Sales Credit card revenues Total revenues Cost of sales Selling, general and administrative expenses Credit card expenses Depreciation and amortization Earnings before interest expense and income taxes Net interest expense Nonrecourse debt collateralized by credit card receivables...

  • Page 56
    ... by credit card receivables Total current liabilities Unsecured debt and other borrowings Nonrecourse debt collateralized by credit card receivables Deferred income taxes Other noncurrent liabilities Total noncurrent liabilities Shareholders' investment Common stock Additional paid-in capital...

  • Page 57
    ... for investing activities Financing activities Additions to short-term debt Additions to long-term debt Reductions of long-term debt Dividends paid Repurchase of stock Stock option exercises and related tax benefit Other Cash flow required for financing activities Effect of exchange rate changes on...

  • Page 58
    ... and other benefit liability adjustments, net of taxes of $56 Cash flow hedges, net of taxes of $2 Currency translation adjustment, net of taxes of $13 Total comprehensive income Dividends declared Repurchase of stock Stock options and awards January 28, 2012 Common Stock Stock Par Shares Value 752...

  • Page 59
    ..., we offer a branded proprietary Target Debit Card. Collectively, we refer to these products as REDcardsá"¼, which strengthen the bond with our guests, drive incremental sales and contribute to our results of operations. Our Canadian Segment was initially reported in the first quarter of 2011 as...

  • Page 60
    ... 2010, guests began to receive a 5 percent discount on virtually all purchases at checkout every day when they use a REDcard at any Target store or on Target.com. The discounts associated with loyalty programs are included as reductions in sales in our Consolidated Statements of Operations and...

  • Page 61
    ... an agreement to purchase the leasehold interests in up to 220 sites in Canada operated by Zellers, in exchange for $1,861 million. We have completed this real estate acquisition with the selection of 189 Zellers sites. We believe this transaction will allow us to open 125 to 135 Target stores in...

  • Page 62
    ..., other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). Fair Value Measurements - Recurring Basis (millions) Assets Cash and cash equivalents Short-term investments Other current assets Interest rate swaps (a) Prepaid...

  • Page 63
    ...the Consolidated Statements of Financial Position. The fair value of marketable securities is determined using available market prices at the reporting date. The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for similar types of...

  • Page 64
    ... finance charges until they are written off. Accounts are written off when they become 180 days past due. Age of Credit Card Receivables (millions) Current 1-29 days past due 30-59 days past due 60-89 days past due 90+ days past due Period-end gross credit card receivables January 28, 2012 Percent...

  • Page 65
    ... debt securities and its share of collections on the receivables to pay the purchase price of the receivables to the Corporation. We consolidate the receivables within the Trust and any debt securities issued by the Trust, or a related trust, in our Consolidated Statements of Financial Position. The...

  • Page 66
    ..., but the merchandise received under the program is not included in inventory in our Consolidated Statements of Financial Position because of the virtually simultaneous purchase and sale of this inventory. Sales made under these arrangements totaled $1,630 million in 2011, $1,581 million in 2010 and...

  • Page 67
    ...intangible assets Interest rate swaps (b) Other Total January 28, 2012 $ 371 242 114 305 $1,032 January 29, 2011 $ 358 223 139 279 $ 999 (a) Company-owned life insurance policies on approximately 4,000 team members who have been designated highly compensated under the Internal Revenue Code and have...

  • Page 68
    ... and Other Current Liabilities (millions) Wages and benefits Real estate, sales and other taxes payable Gift card liability (a) Income tax payable Straight-line rent accrual (b) Dividends payable Workers' compensation and general liability (c) Interest payable Other Total January 28, 2012 $ 898 547...

  • Page 69
    ...average interest rate 2011 $1,211 244 - 0.11% 2010 $- - - - In October 2011, we entered into a five-year $2.25 billion revolving credit facility with a group of banks. The new facility replaced our existing credit agreement and will expire in October 2016. No balances were outstanding at any time...

  • Page 70
    ...to a Trust. The Trust, either directly or through related trusts, sells debt securities to third parties. Nonrecourse Debt Collateralized by Credit Card Receivables (millions) Balance at beginning of period Issued Accretion (a) Repaid (b) Balance at end of period 2011 2010 $ 3,954 $ 5,375 - - 41 45...

  • Page 71
    ... $197 million, at the end of 2011, 2010 and 2009, respectively. 21. Leases We lease certain retail locations, warehouses, distribution centers, office space, land, equipment and software. Assets held under capital leases are included in property and equipment. Operating lease rentals are expensed on...

  • Page 72
    ...interests in Canada contributed additional discounted future minimum capital lease payments of $1.3 billion, reflected in the table above. 22. Income Taxes Tax Rate Reconciliation Federal statutory rate State income taxes, net of the federal tax benefit International Other Effective tax rate 2011 35...

  • Page 73
    ...to the current year Additions for tax positions of prior years Reductions for tax positions of prior years Settlements Balance at end of period 2011 2010 $ 302 $ 452 12 16 31 68 (101) (222) (8) (12) $ 236 $ 302 2009 $434 119 47 (61) (87) $452 If we were to prevail on all unrecognized tax benefits...

  • Page 74
    ...plan. We expect to begin repurchasing shares under this new authorization upon completion of the current program. Share Repurchases (millions, except per share data) Total number of shares purchased Average price paid per share Total investment 2011 37.2 $50.89 $1,894 2010 47.8 $52.44 $2,508 2009...

  • Page 75
    ... tax benefit was $35 million, $43 million and $40 million in 2011, 2010 and 2009, respectively. Stock Options We grant nonqualified stock options to certain team members under the Plan that generally vest and become exercisable annually in equal amounts over a four-year period and expire 10 years...

  • Page 76
    ... period on two measures: domestic market share change and EPS growth. The fair value of performance share units is calculated based on the stock price on the date of grant. The weighted average grant date fair value for performance share units was $48.63 in 2011, $52.62 in 2010 and $27.18 in 2009...

  • Page 77
    ... in 2011, $3 million in 2010 and $12 million in 2009. 26. Defined Contribution Plans Team members who meet certain eligibility requirements can participate in a defined contribution 401(k) plan by investing up to 80 percent of their compensation, as limited by statute or regulation. Generally, we...

  • Page 78
    ..., team members also become eligible for certain health care benefits if they meet minimum age and service requirements and agree to contribute a portion of the cost. Effective January 1, 2009, our qualified defined benefit pension plan was closed to new participants, with limited exceptions. Change...

  • Page 79
    ... service cost amortization is determined using the straight-line method over the average remaining service period of team members expected to receive benefits under the plan. Defined Benefit Pension Plan Information (millions) Accumulated benefit obligation (ABO) for all plans (a) Projected benefit...

  • Page 80
    ...year were as follows: Weighted Average Assumptions Pension Benefits Discount rate Expected long-term rate of return on plan assets Average assumed rate of compensation increase 2011 5.50% 8.00% 4.00% 2010 5.85% 8.00% 4.00% 2009 6.50% 8.00% 4.25% Postretirement Health Care Benefits 2011 2010 (a) 2009...

  • Page 81
    ... rates by employing an interest rate hedging program, which may include the use of interest rate swaps, total return swaps and other instruments. Asset Category Domestic equity securities (a) International equity securities Debt securities Balanced funds Other (b) Total Current targeted allocation...

  • Page 82
    ...) 2012 2013 2014 2015 2016 2017-2021 Pension Benefits $131 140 149 157 165 958 Postretirement Health Care Benefits $ 6 7 7 8 9 63 28. Segment Reporting Our Canadian Segment was initially reported in our first quarter 2011 financial results, in connection with entering into an agreement to purchase...

  • Page 83
    ... Rewards loyalty program, we changed the formula under which the U.S. Retail Segment charges the U.S. Credit Card Segment to better align with the attributes of the new program. Loyalty program charges were $258 million in 2011, $102 million in 2010 and $89 million in 2009. In all periods these...

  • Page 84
    ...accounting policies for preparing quarterly and annual financial data. The table below summarizes quarterly results for 2011 and 2010: Quarterly Results First Quarter Second Quarter Third Quarter Fourth Quarter Total Year (millions, except per share data) 2011 2010 2011 2010 2011 2010 2011 2010 2011...

  • Page 85
    ... over financial reporting. For the Report of Management on Internal Control and the Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting, see Item 8, Financial Statements and Supplementary Data. PA R T I I Item 9B. Other Information Not applicable...

  • Page 86
    ..., Executive Officers and Corporate Governance Election of Directors, Section 16(a) Beneficial Ownership Reporting Compliance, Additional Information- Business Ethics and Conduct, and General Information About the Board of Directors and Corporate Governance- Committees, of Target's Proxy Statement to...

  • Page 87
    ..., 2010 Consolidated Statements of Shareholders' Investment for the Years Ended January 28, 2012, January 29, 2011 and January 30, 2010 Notes to Consolidated Financial Statements Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements Financial Statement Schedules...

  • Page 88
    ... 8, 2011) (14) * Target Corporation Officer Income Continuance Policy Statement (as amended and restated effective June 8, 2011) (15) * Target Corporation Executive Excess Long Term Disability Plan (16) * Director Retirement Program (17) * Target Corporation Deferred Compensation Trust Agreement (as...

  • Page 89
    ... to the Securities and Exchange Commission upon request. * Management contract or compensation plan or arrangement required to be filed as an exhibit to this Form 10-K. (1) Incorporated by reference to Exhibit (2)A to Target's Form 10-Q Report for the quarter ended October 29, 2011. (2) Incorporated...

  • Page 90
    ...thereunto duly authorized. TARGET CORPORATION By: 1APR200416064753 Dated: March 15, 2012 Douglas A. Scovanner Executive Vice President, Chief Financial Officer and Chief Accounting Officer Pursuant to the requirements of the Securities Exchange Act of 1934, the report has been signed below by the...

  • Page 91
    ... Accounts Fiscal Years 2011, 2010 and 2009 (millions) Column A Column B Balance at Beginning of Period $ 690 $1,016 $1,010 Column C Additions Charged to Cost, Expenses 154 528 1,185 Column D Column E Description Allowance for doubtful accounts: 2011 2010 2009 Sales returns reserves (a): 2011 2010...

  • Page 92
    ... Officer Income Continuance Policy Statement (as amended and restated effective June 8, 2011) Target Corporation Executive Excess Long Term Disability Plan Director Retirement Program Target Corporation Deferred Compensation Trust Agreement (as amended and restated effective January 1, 2009...

  • Page 93
    ... 2011 Long-Term Incentive Plan Amendment to Target Corporation Deferred Compensation Trust Agreement (as amended and restated effective January 1, 2009) Form of Executive Non-Qualified Stock Option Agreement Form of Executive Restricted Stock Unit Agreement Form of Executive Performance Share Unit...

  • Page 94
    ...rental expense Total fixed charges Earnings from continuing operations before income taxes and fixed charges Ratio of earnings to fixed charges January 28, 2012 $4,456 5 4,461 797 111 908 January 29, 2011 $4,495 2 4,497 776 110 886 Fiscal Year Ended January 30, January 31, 2010 2009 $3,872 (9) 3,863...

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  • Page 98
    ..., Corporate Responsibility Report and Board of Director Committee Position Descriptions, are also available on the Internet at Target.com/investors. TRUSTEE, EMPLOYEE SAVINGS 401(K) AND PENSION PLANS STOCK EXCHANGE LISTINGS SHAREHOLDER ASSISTANCE State Street Bank and Trust Company Trading Symbol...

  • Page 99
    TARGET 2011 ANNUAL REPORT Directors and Management DIRECTORS Roxanne S. Austin President, Austin Investment Advisors (1) (4) Calvin Darden Chairman, Darden Development Group, LLC (2) (5) Mary N. Dillon President and Chief Executive Officer, United States Cellular Corporation (2) (3) James A. ...

  • Page 100
    1000 Nicollet Mall Minneapolis, MN 55403 612.304.6073 Target.com