Target 2014 Annual Report Download - page 28

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acceleration of payment upon a debt rating downgrade, except that certain outstanding notes allow the note holders
to put the notes to us if within a matter of months of each other we experience both (i) a change in control and (ii) our
long-term debt ratings are either reduced and the resulting rating is non-investment grade, or our long-term debt ratings
are placed on watch for possible reduction and those ratings are subsequently reduced and the resulting rating is non-
investment grade.
We believe our sources of liquidity will continue to be adequate to maintain operations, finance anticipated expansion
and strategic initiatives, fund obligations incurred as a result of our exit from Canada, fund obligations incurred as a
result of the Data Breach and any related future technology enhancements, pay dividends and execute purchases
under our share repurchase program for the foreseeable future. We believe that our exit from Canada will increase
our after-tax cash flows beginning in 2015. We continue to anticipate ample access to commercial paper and long-
term financing.
Capital Expenditures
Capital Expenditures
(millions) 2014 2013 2012
Information technology, distribution and other $ 1,306 $ 1,069 $ 982
New stores 381 536 673
Store remodels and expansions 99 281 690
Total $ 1,786 $ 1,886 $ 2,345
Capital expenditures decreased in 2014 from the prior year due to fewer remodels and new stores, partially offset by
technology investments to support of our omnichannel efforts and security enhancements. Capital expenditures
decreased in 2013 from the prior year due to fewer remodels and new stores. We expect approximately $2.1 billion
of capital expenditures in 2015, reflecting our focus on becoming a leading omnichannel retailer through investments
in technology and supply chain, elevating signature categories and opening new stores, including urban formats.
Capital expenditures related to our discontinued Canadian operations were $228 million, $1,567 million and $932
million for 2014, 2013 and 2012, respectively.
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