Target 2015 Annual Report Download - page 60

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Reconciliation€of€Liability€for€Unrecognized€Tax€Benefits
(millions) 2015 2014 2013
Balance at beginning of period $155 $183 $216
Additions based on tax positions related to the current year 10 10 15
Additions for tax positions of prior years 14 17 28
Reductions for tax positions of prior years (26)(42)(57)
Settlements — (13)(19)
Balance at end of period $153 $155 $183
If we were to prevail on all unrecognized tax benefits recorded, $99 million of the $153 million reserve would benefit
the effective tax rate. In addition, the reversal of accrued penalties and interest would also benefit the effective tax
rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. During
the years ended January€30, 2016, January€31, 2015, and February 1, 2014, we recorded a net expense/(benefit)
from accrued penalties and interest of $5 million, $(12) million, and $(1) million, respectively. As of January€30, 2016,
January€31, 2015, and February€1, 2014 total accrued interest and penalties were $44 million, $40 million, and $58
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.
24. Other Noncurrent Liabilities
Other€Noncurrent€Liabilities
(millions)
January 30,
2016
January 31,
2015
Deferred income liability (a) $660 $—
Deferred compensation 454 507
Workers' compensation and general liability€(b) 353 413
Income tax 122 128
Pension€and€postretirement€health€care€benefits 54 151
Other 254 253
Total $1,897 $1,452
(a) Represents deferred income related to the pharmacies and clinics transaction. See Note 6 for more information.
(b) See footnote (b)€to the Accrued and Other Current Liabilities table in Note€18 for additional detail.
25. Share Repurchase
In 2015, our Board of Directors authorized a $5 billion expansion of our existing share repurchase program to $10
billion. Under this program, we have repurchased 94.6 million shares of common stock through January 30, 2016, at
an average price of $69.57, for a total investment of $6.6 billion.
Share Repurchases
(millions, except per share data) 2015 2014 2013
Total€number€of€shares€purchased (a) 44.7 0.8 21.9
Average price paid per share $77.07 $54.07 $67.41
Total investment $3,441 $41 $1,474
(a) Includes 0.1 million, 0.8 million, and 0.2 million shares delivered upon the non-cash settlement of prepaid contracts in 2015, 2014, and
2013, respectively. These contracts had an original cash investment of $3 million, $41 million, and $14 million, respectively, and an
aggregate market value of $7 million, $46 million, and $17 million. These contracts are among the investment vehicles used to reduce
our economic exposure related to our nonqualified deferred compensation plans. Note 27 provides the details of our positions in prepaid
forward contracts.
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