Target 2013 Annual Report Download - page 58

Download and view the complete annual report

Please find page 58 of the 2013 Target annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 82

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82

53
the years ended February 1, 2014, February 2, 2013 and January 28, 2012, we recorded a net benefit from the reversal
of accrued penalties and interest of $1 million, $16 million and $12 million, respectively. As of February 1, 2014,
February 2, 2013 and January 28, 2012 total accrued interest and penalties were $58 million, $64 million and $82
million, respectively.
It is reasonably possible that the amount of the unrecognized tax benefits with respect to our other unrecognized tax
positions will increase or decrease during the next twelve months; however, an estimate of the amount or range of the
change cannot be made at this time.
22. Other Noncurrent Liabilities
Other Noncurrent Liabilities
(millions) February 1,
2014 February 2,
2013
Deferred compensation $ 491 $ 479
Workers' compensation and general liability (a) 424 467
Income tax 174 180
Pension and postretirement health care benefits 115 170
Other 286 313
Total $ 1,490 $ 1,609
(a) We retain a substantial portion of the risk related to general liability and workers' compensation claims. Liabilities associated with these
losses include estimates of both claims filed and losses incurred but not yet reported. We estimate our ultimate cost based on analysis of
historical data and actuarial estimates. General liability and workers' compensation liabilities are recorded at our estimate of their net present
value.
23. Share Repurchase
We repurchase shares primarily through open market transactions under a $5 billion share repurchase program
authorized by our Board of Directors in January 2012. During the first quarter of 2012, we completed a $10 billion
share repurchase program that was authorized by our Board of Directors in November 2007.
Share Repurchases
(millions, except per share data) 2013 2012 2011
Total number of shares purchased 21.9 32.2 37.2
Average price paid per share $ 67.41 $ 58.96 $ 50.89
Total investment $ 1,474 $ 1,900 $ 1,894
Of the shares reacquired, a portion was delivered upon settlement of prepaid forward contracts as follows:
Settlement of Prepaid Forward Contracts (a)
(millions) 2013 2012 2011
Total number of shares purchased 0.2 0.5 1.0
Total cash investment $ 14 $ 25 $ 52
Aggregate market value (b) $ 17 $ 29 $ 52
(a) These contracts are among the investment vehicles used to reduce our economic exposure related to our nonqualified deferred compensation
plans. The details of our positions in prepaid forward contracts have been provided in Note 25.
(b) At their respective settlement dates.
24. Share-Based Compensation
We maintain a long-term incentive plan (the Plan) for key team members and non-employee members of our Board
of Directors. The Plan allows us to grant equity-based compensation awards, including stock options, stock appreciation
rights, performance share units, restricted stock units, restricted stock awards or a combination of awards (collectively,
share-based awards). The number of unissued common shares reserved for future grants under the Plan was 18.7
million and 24.9 million at February 1, 2014 and February 2, 2013, respectively.