1. Briefly scan the 10-K. What information and events are Target executives emphasizing throughout these sections?

2. How are managers conveying adverse information, and what do you think of this presentation?

3. Examine and analyze how well or poorly Target is performing from the financial statements. How have net income and cash flow from operations evolved over the period, and what is driving this evolution?

4. Read the description of the data breach in the MD&A. What potential future costs related to the data breach did Target face?

5. Did Target accrue a contingent liability for future costs related to the data breach? If so, how much was the liability as of February 1, 2014, and which specific costs did Target accrue?

6. How do you feel about these estimates?