Good Morning Everyone,

I need some assistance with these two problem.

I must calculate the Debt to Equity for Tesla Inc.using their financial statements ( also attached).

AND

I must calculate the Return to Assets for Target using their financial statement (also attached)

Please give a brief explanation of what each calculations says about the company- 1 or 2 sentences.

2015 Annual Report Welcome to our 2015 Annual Report To explore key stories of the past year and find out more about what's in store, visit target.com/abullseyeview. You can also view our Annual Report online at target.com/annualreport. Directors and Management Directors Executive Officers Other Senior Officers Roxanne S. Austin President, Austin Investment Advisors (6) (3) Timothy R. Baer Executive Vice President, Chief Legal Officer and Corporate Secretary Patricia Adams Executive Vice President, Merchandising Product Group Douglas M. Baker, Jr. Chairman and Chief Executive Officer, Ecolab Inc. (2) (5) (4) Brian C. Cornell Chairman of the Board and Chief Executive Officer Calvin Darden Chairman, Darden Putnam Energy & Logistics, LLC (2) (5) Henrique De Castro Former Chief Operating Officer, Yahoo! Inc. (2) (3) Robert L. Edwards Former President and Chief Executive Officer, AB Acquisition LLC (Albertsons/Safeway) (1) (3) Financial Highlights Sales (Note: Reflects amounts attributable to continuing operations.) EBIT In Millions Melanie L. Healey Former Group President, North America, The Procter & Gamble Company (2) (3) Net Earnings In Millions Diluted EPS In Millions $3,321 $4.46 $3.83 $5.25 1.6% 2015 Growth: Five-year CAGR: 3.1% 22.0% 35.6% 2015 Growth: Five-year CAGR: 3.4% 2015 Growth: Five-year CAGR: 5.9% $4.20 $2,449 '15 $5.00 $3,049 '11 '12 '13 '14 $2,694 $5,530 '15 $3,315 $4,535 '11 '12 '13 '14 $5,170 $5,443 '15 $5,740 $73,785 '11 '12 '13 '14 $71,279 $72,618 $71,960 $68,466 '15 37.2% 2015 Growth: Five-year CAGR: 9.7% 26 Household Essentials 21 Food & Pet Supplies 19 % Anne M. Mulcahy Chairman of the Board of Trustees, Save the Children Federation, Inc. (2) (6) Derica W. Rice Executive Vice President, Global Services and Chief Financial Officer, Eli Lilly & Company (1) (6) Kenneth L. Salazar Partner, WilmerHale (6) (3) (1) Audit and Finance Committee Apparel & Accessories 17 % Hardlines 17 % Home Furnishings & Dcor Michael E. McNamara Executive Vice President and Chief Information Officer John J. Mulligan Executive Vice President and Chief Operating Officer Jackie Hourigan Rice Executive Vice President and Chief Risk and Compliance Officer (3) Infrastructure and Investment Committee % Stephanie A. Lundquist Executive Vice President and Chief Human Resources Officer Monica C. Lozano Former Chairman, U.S. Hispanic Media, Inc. (1) (5) (2) Human Resources and Compensation Committee % Jeffrey J. Jones II Executive Vice President and Chief Marketing Officer Janna A. Potts Executive Vice President and Chief Stores Officer John G. Stumpf Chairman of the Board and Chief Executive Officer, Wells Fargo & Company (5) (6) Total Segment Sales: $73.8 Billion Brian C. Cornell Chairman of the Board and Chief Executive Officer Donald R. Knauss Former Executive Chairman, The Clorox Company (2) (5) Mary E. Minnick Partner, Lion Capital LLP (1) (3) '11 '12 '13 '14 Casey L. Carl Executive Vice President and Chief Strategy and Innovation Officer (4) Lead Independent Director (5) Nominating and Governance Committee (6) Risk and Compliance Committee Cathy R. Smith Executive Vice President and Chief Financial Officer Laysha L. Ward Executive Vice President and Chief Corporate Social Responsibility Officer Aaron Alt Senior Vice President, Grocery Transformation Kristi Argyilan Senior Vice President, Media and Guest Engagement David Best Senior Vice President, Merchandising Planning, Hardlines and Essentials Dawn Block Senior Vice President, Merchandising Essentials & Beauty Karl Bracken Senior Vice President, Supply Chain Transformation John Butcher Senior Vice President, Merchandising Beauty & Dermstore Kelly Caruso President, Target Sourcing Services Keith Colbourn Senior Vice President, Loyalty and Lifecycle Marketing Joe Contrucci Senior Vice President, Stores Corey Haaland Senior Vice President, Treasurer Robert Harrison Senior Vice President, Chief Accounting Officer and Controller Christina Hennington Senior Vice President, Merchandising Transformation and Operations Cynthia Ho Senior Vice President, Target Sourcing Services Yu-Ping Kao Senior Vice President, Human Resources, Pay and Benefits Navneet Kapoor President and Managing Director, Target India Scott Kennedy President, Target Financial and Retail Services Carson Landsgard Senior Vice President, Distribution Rodney Lastinger Senior Vice President, Stores Stephanie Lucy Senior Vice President, Merchandise Planning, Apparel and Accessories Tony Costanzo Senior Vice President, Stores Brad Maiorino Senior Vice President and Chief Information Security Officer Tim Curoe Senior Vice President, Talent & Organizational Effectiveness Scott Nygaard Senior Vice President, Merchandising, Hardlines Anne Dament Senior Vice President, Merchandising, Grocery Tammy Redpath Senior Vice President, Creative and Marketing Operations Paritosh Desai Senior Vice President, Enterprise Data, Analytics and Business Intelligence Ryan Rumbarger Senior Vice President, Human Resources, Stores and Operations Michael Fiddelke Senior Vice President, Financial Planning Analysis Juan Galarraga Senior Vice President, Store Operations Jamil Ghani Senior Vice President, Enterprise Strategy and Innovation Jason Goldberger President, Target.com & Mobile Rick Gomez Senior Vice President, Brand and Category Marketing Julie Guggemos Senior Vice President, Product Design and Development Anu Gupta Senior Vice President, Operational Excellence Jill Sando Senior Vice President, Merchandising, Home Mark Schindele Senior Vice President, Target Properties Samir Shah Senior Vice President, Stores Dustee Tucker Jenkins Senior Vice President, Communications Arthur Valdez Executive Vice President and Chief Supply Chain & Logistics Officer Todd Waterbury Senior Vice President and Chief Creative Officer Michelle Wlazlo Senior Vice President, Merchandising Apparel & Accessories A Growth Story Again In 2015, Target drove profitable growth throughout the year with a strategic framework that we are confident will keep our company growing for years to come. Central to our strategy - really, to everything we do - is a clear understanding of what our guests expect. Listening to our guests and investing the time and resources to get to know them better has already helped us achieve: Positive traffic growth in each quarter of 2015, building on traffic momentum from the end of 2014. Sales results on the high end of our comparable store sales guidance for the year, driven primarily by our signature businesses, which grew about three times faster than our overall comp. Digital sales growth of more than 30 percent, which continued to set the pace for U.S. retail. Full-year adjusted earnings per share of $4.69*, above our initial guidance of $4.45 to $4.65, and 11 percent higher than in 2014. Our team drove these results while also undertaking several key strategic shifts. Some were challenging, like discontinuing our Canadian operations and restructuring our U.S. headquarters. Some were groundbreaking, like announcing our $1.9-billion transaction with CVS Health. This partnership will deliver ongoing value by growing traffic in our store pharmacies. Importantly, the transaction also provided more than $1 billion of net cash to support our capital deployment priorities, including the return of nearly $5 billion to shareholders through dividends and share repurchase, well above the goal we set at the beginning of 2015. Above all, our team rallied around a set of key enterprise priorities focused on the things that matter most to our guests. In the course of the year, I visited with hundreds of guests in our stores and in their homes. They shared with me the reasons they love Target, and the times we've let them down. Those conversations, and the firsthand input our team receives from our guests across all touchpoints, have defined our priorities for the year. Signature businesses - the categories for which our guests turn to Target and in which they expect us to lead - namely Style, Baby, Kids and Wellness. We'll continue to invest in innovation and inspiration, knowing that signature businesses play a unique role in our results, driving the strongest growth in our portfolio. This year, we will continue to focus on category roles, redefine and improve Target 2015 Annual Report our food position and further innovate in our merchandising, for an experience that best suits our guests. Target.com & mobile - what's clear from talking to our guests is that the easier we make it to shop across all of Target - physical and digital - the happier they are. We're focused on offering a rich digital experience that deepens engagement in stores and online, and we'll continue to invest in digital capabilities that enable our guests to seamlessly experience Target. Local relevance and flexible formats - we've seen positive initial results in creating locally relevant experiences in focus markets like Chicago. And, with flexible-format stores making up the bulk of our new-store openings, we'll learn even more, as each store and its assortment is custom-designed for the neighborhood it serves. Target rewards - we know our guests love a great deal, and current offerings like Cartwheel and REDcard Rewards offer fantastic opportunities to save. This year, we're focused on integrating our loyalty vehicles as we continue to develop a broader rewards portfolio for our guests - getting to know their attitudes, preferences and behaviors more deeply, so we can deliver more personalized promotions and experiences. Retail foundations - getting the basics right is essential. When we fall short on the basics, guests have a hard time getting excited about any innovations we might envision. So, beneath all our efforts is a relentless focus on getting the fundamentals right: modernizing our supply chain, enhancing our technology, taking complexity out of our systems, elevating the use of data and driving productivity across the entire business. The progress Target made as a team and a brand in 2015 is real, and it's sustainable. Yet, this is a team that takes nothing for granted and is working every day to deliver the best experience for our guests. We know that getting it right for them drives growth for us and strong returns for our shareholders, and we're committed to this formula for value creation as we move confidently into the future. Brian Cornell, Chairman and CEO *A reconciliation of adjusted EPS from continuing operations to GAAP EPS from continuing operations is provided on page 23 of our Form 10-K. Financial Summary Target 2015 Annual Report FINANCIAL RESULTS: (in millions) Sales (b) 2015 $ 73,785 2014 $ 72,618 2013 $ 71,279 2012 (a) $ 73,301 2011 $ 69,865 Cost of sales 51,997 51,278 50,039 50,568 47,860 Selling, general and administrative expenses (SG&A) 14,665 14,676 14,465 14,643 14,032 Credit card expenses 467 446 Depreciation and amortization 2,213 2,129 1,996 2,044 2,084 (391) (161) 5,443 Gain on sale (c) (620) Earnings from continuing operations before interest expense and income taxes (EBIT) 5,530 4,535 5,170 5,740 Net interest expense 607 882 1,049 684 822 Earnings from continuing operations before income taxes 4,923 3,653 4,121 5,056 4,621 Provision for income taxes 1,602 1,204 1,427 1,741 1,572 Net earnings from continuing operations 3,321 2,449 2,694 3,315 3,049 Discontinued operations, net of tax 42 (4,085) Net earnings /(loss) $ 3,363 $ (1,636) $ $ $ (723) 1,971 $ 4.24 $ (316) 2,999 $ 5.05 $ (120) 2,929 PER SHARE: Basic earnings/(loss) per share Continuing operations $ 5.29 3.86 Discontinued operations 0.07 (6.44) Net earnings/(loss) per share $ 5.35 $ (2.58) $ $ 5.25 $ 3.83 $ (1.14) 3.10 $ 4.20 $ (0.48) 4.57 $ 5.00 $ 4.49 (0.18) 4.31 Diluted earnings/(loss) per share Continuing operations Discontinued operations 0.07 (6.38) (1.13) (0.48) 4.46 (0.18) Net earnings/(loss) per share $ 5.31 $ (2.56) $ 3.07 $ 4.52 $ 4.28 Cash dividends declared $ 2.20 $ 1.99 $ 1.65 $ 1.38 $ 1.15 FINANCIAL POSITION: (in millions) Total assets (d) $ 41,172 $ 44,325 $ 47,878 $ 46,260 Capital expenditures (e) $ 1,438 $ 40,262 $ $ $ $ Long-term debt, including current portion (e) $ 12,760 $ 12,725 1,786 1,886 $ 12,494 2,345 $ 16,260 2,476 $ 16,127 Net debt (e)(f) $ 9,752 $ 11,205 $ 12,491 $ 16,185 $ 15,983 Shareholders' investment $ 13,997 $ 16,231 $ 16,558 $ 15,821 $ 12,957 SEGMENT FINANCIAL RATIOS: (g) Comparable sales growth (h) 2.1% 1.3% (0.4)% 2.7% 3.0% Gross margin (% of sales) 29.5% 29.4% 29.8% 29.7% 30.1% SG&A (% of sales) 19.6% 20.0% 20.2% 19.1% 19.1% EBIT margin (% of sales) 6.9% 6.5% 6.8% 7.8% 7.9% 602.2 640.2 632.9 645.3 669.3 5,140 $ 5,131 $ 7,519 $ 5,568 $ 5,520 Sales per square foot (e)(i) $ 307 $ 302 $ 298 $ 299 $ OTHER: Common shares outstanding (in millions) Operating cash flow provided by continuing operations (in millions) $ Retail square feet (in thousands) (e) 239,539 239,963 240,054 237,847 294 235,721 Square footage growth (e) (0.2%) % 0.9% 0.9% 0.9% Total number of stores (e) 1,792 1,790 1,793 1,778 1,763 Total number of distribution centers (e) 40 38 37 37 37 (a) Consisted of 53 weeks. (b) For 2012 and prior, includes sales generated by retail operations and credit card revenues. (c) For 2015, includes the gain on the pharmacies and clinics transaction. For 2013, includes the gain on the receivables transaction. Refer to Form 10-K for more information. (d) Prior year balances have been revised to reflect the impact of adopting ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs and ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, described further in Form 10-K, Item 8, Financial Statements and Supplementary Data, Notes 20 and 23, respectively. (e) Represents amounts attributable to continuing operations. (f) Including current portion and short-term notes payable, net of short-term investments of $3,008 million, $1,520 million, $3 million, $75 million and $144 million in 2015, 2014, 2013, 2012 and 2011, respectively. Management believes this measure is an indicator of our level of financial leverage because short-term investments are available to pay debt maturity obligations. (g) Effective January 15, 2015, we operate as a single segment which includes all of our continuing operations, excluding net interest expense, data breach related costs and certain other expenses which are discretely managed. (h) See definition of comparable sales in Form 10-K, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations. (i) Represents sales per square foot which is calculated using rolling four quarters average square feet. In 2015, sales per square feet decreased by approximately $2 due to the December 2015 sale of our pharmacy and clinic businesses. In 2012, sales per square foot was calculated excluding the 53rd week in order to provide a more useful comparison to other years. Using total reported sales for 2012 (including the 53rd week) resulted in sales per square foot of $304. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 30, 2016 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-6049 TARGET CORPORATION (Exact name of registrant as specified in its charter) Minnesota (State or other jurisdiction of incorporation or organization) 1000 Nicollet Mall, Minneapolis, Minnesota (Address of principal executive offices) 41-0215170 (I.R.S. Employer Identification No.) 55403 (Zip Code) Registrant's telephone number, including area code: 612/304-6073 Securities Registered Pursuant To Section 12(B) Of The Act: Title of Each Class Common Stock, par value $0.0833 per share Name of Each Exchange on Which Registered New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No o Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x Note - Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (as defined in Rule 12b-2 of the Act). See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 126-2 of the Exchange Act. Large accelerated filer x Accelerated filer o Non-accelerated filer o (Do not check if a smaller reporting company) Smaller reporting company o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x The aggregate market value of the voting stock held by non-affiliates of the registrant as of August 1, 2015 was $51,550,988,273, based on the closing price of $81.85 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 at March 4, 2016 were 599,982,121. DOCUMENTS INCORPORATED BY REFERENCE Portions of Target's Proxy Statement to be filed on or about April 25, 2016 are incorporated into Part III. TABLE OF CONTENTS PART I Item 1 Item 1A Item 1B Item 2 Item 3 Item 4 Item 4A PART II Item 5 Item 6 Item 7 Item 7A Item 8 Item 9 Item 9A Item 9B PART III Item 10 Item 11 Item 12 Item 13 Item 14 PART IV Item 15 Signatures Exhibit Index 1 Business Risk Factors Unresolved Staff Comments Properties Legal Proceedings Mine Safety Disclosures Executive Officers 2 5 10 11 11 12 12 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Selected Financial Data Management's Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures About Market Risk Financial Statements and Supplementary Data Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information 14 Directors, Executive Officers and Corporate Governance Executive Compensation 66 66 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Certain Relationships and Related Transactions, and Director Independence Principal Accountant Fees and Services 67 Exhibits, Financial Statement Schedules 68 72 74 16 16 30 32 66 66 66 67 67 PART I Item 1. Business General Target Corporation (Target, the Corporation or the Company) was incorporated in Minnesota in 1902. We offer our customers, referred to as "guests," everyday essentials and fashionable, differentiated merchandise at discounted prices. Our ability to deliver a preferred shopping experience to our guests is supported by our supply chain and technology, our devotion to innovation, and our disciplined approach to managing our business and investing in future growth. We operate as a single segment designed to enable guests to purchase products seamlessly in stores or through our digital sales channels. Prior to the first quarter of 2013, we operated a U.S. Credit Card Segment that offered credit to qualified guests through our branded credit cards. In the first quarter of 2013, we sold our U.S. consumer credit card portfolio, and TD Bank Group (TD) now underwrites, funds, and owns Target Credit Card and Target MasterCard consumer receivables in the U.S. We perform account servicing and primary marketing functions and earn a substantial portion of the profits generated by the portfolio. Refer to Note 9 of the Consolidated Financial Statements included in Item 8, Financial Statements and Supplementary Data (the Financial Statements) for more information on the credit card receivables transaction. Prior to January 15, 2015, we operated a Canadian Segment. On January 15, 2015, we announced our exit from the Canadian market, and Target Canada Co. and certain other wholly owned subsidiaries of Target filed for protection (the Filing) in Canada under the Companies' Creditors Arrangement Act (CCAA) with the Ontario Superior Court of Justice in Toronto (the Court). Following the Filing, we no longer consolidate our former Canadian retail operation. Canadian financial results prior to the Filing are included in our financial statements and classified within discontinued operations. See Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) and Note 7 of the Financial Statements for more information. Prior to December 16, 2015, we operated pharmacies and clinics in 1,672 and 79 of our stores, respectively. On December 16, 2015, we sold our pharmacy and clinic businesses to CVS Pharmacy, Inc. (CVS). Following the sale, CVS will operate the pharmacy and clinic businesses in our stores under a perpetual operating agreement, subject to termination in limited circumstances. See MD&A and Note 6 of the Financial Statements for more information. Discontinued operations in this Annual Report on Form 10-K refers only to our discontinued Canadian operations. Financial Highlights For information on key financial highlights and segment financial information, see the items referenced in Item 6, Selected Financial Data, MD&A, and Note 30 of the Financial Statements. Seasonality A larger share of annual revenues and earnings traditionally occurs in the fourth quarter because it includes the peak holiday sales period of November and December. Merchandise We sell a wide assortment of general merchandise and food. The majority of our general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy, and frozen items. Nearly all of our stores larger than 170,000 square feet offer a full line of food items comparable to traditional supermarkets. Our small, flexible format stores, generally smaller than 50,000 square feet, offer edited general merchandise and food assortments. Our digital channels include a wide assortment of general merchandise, including many items found in our stores, along with a complementary assortment such as additional sizes and colors sold only online. 2 A significant portion of our sales is from national brand merchandise. Approximately one-third of 2015 sales related to our owned and exclusive brands, including but not limited to the following: Owned Brands Archer Farms Simply Balanced Boots & Barkley Circo Embark Gilligan & O'Malley Exclusive Brands C9 by Champion Cherokee Mossimo Liz Lange for Target Kid Made Modern Market Pantry Merona Room Essentials Smith & Hawken Spritz Sutton & Dodge Threshold up & up Wine Cube Xhilaration Ava & Viv Sonia Kashuk DENIZEN from Levi's Fieldcrest Genuine Kids from OshKosh Just One You made by carter's Nate Berkus for Target Oh Joy! for Target Hand Made Modern Shaun White We also sell merchandise through periodic exclusive design and creative partnerships and generate revenue from instore amenities such as Target Caf and Target Photo, and leased or licensed departments such as Target Optical, Portrait Studio, Starbucks, and other food service offerings. The majority of our stores also have a CVS pharmacy from which we will generate ongoing annual, inflation adjusted occupancy-related income (see MD&A and Note 6 of the Financial Statements for more information). Distribution The vast majority of merchandise is distributed to our stores through our network of 40 distribution centers. Common carriers ship general merchandise to and from our distribution centers. Vendors or third party distributors ship certain food items and other merchandise directly to our stores. Merchandise sold through our digital sales channels is distributed to our guests via common carriers from our distribution centers, from vendors or third party distributors, from our stores or through guest pick-up at our stores. Using our stores as fulfillment points allows improved product availability and delivery times and also reduces shipping costs. Employees At January 30, 2016, we employed approximately 341,000 full-time, part-time and seasonal employees, referred to as "team members." During the 2015 holiday sales period our employment levels peaked at approximately 390,000 team members. We offer a broad range of company-paid benefits to our team members. Eligibility for, and the level of, these benefits varies depending on team members' full-time or part-time status, compensation level, date of hire, and/or length of service. These company-paid benefits include a pension plan, 401(k) plan, medical and dental plans, disability insurance, paid vacation, tuition reimbursement, various team member assistance programs, life insurance, and merchandise and other discounts. We believe our team member relations are good. Working Capital Our working capital needs are greater in the months leading up to the holiday sales period, which we typically finance with cash flow provided by operations and short-term borrowings. Additional details are provided in the Liquidity and Capital Resources section in MD&A. Effective inventory management is key to our ongoing success, and we use various techniques including demand forecasting and planning and various forms of replenishment management. We achieve effective inventory management by staying in-stock in core product offerings, maintaining positive vendor relationships, and carefully planning inventory levels for seasonal and apparel items to minimize markdowns. 3 Competition We compete with traditional and internet retailers, including off-price general merchandise retailers, apparel retailers, wholesale clubs, category specific retailers, drug stores, supermarkets, and other forms of retail commerce. Our ability to positively differentiate ourselves from other retailers and provide a compelling value proposition largely determine our competitive position within the retail industry. Intellectual Property Our brand image is a critical element of our business strategy. Our principal trademarks, including Target, SuperTarget and our "Bullseye Design," have been registered with the U.S. Patent and Trademark Office. We also seek to obtain and preserve intellectual property protection for our owned brands. Geographic Information Virtually all of our revenues from continuing operations are generated within the United States. Through 2014, our discontinued operations generated revenues in Canada. The vast majority of our long-lived assets are located within the United States. Available Information Our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge at www.Target.com/Investors as soon as reasonably practicable after we file such material with, or furnish it to, the U.S. Securities and Exchange Commission (SEC). Our Corporate Governance Guidelines, Business Conduct Guide, Corporate Social Responsibility Report, and the charters for the committees of our Board of Directors are also available free of charge in print upon request or at www.Target.com/Investors. 4 Item 1A. Risk Factors Our business is subject to many risks. Set forth below are the material risks that we face. For the convenience of the reader, the risks are listed in the categories where those risks primarily apply, but they may also apply to other categories. Competitive and Reputational Risks Our continued success is dependent on positive perceptions of Target which, if eroded, could adversely affect our business and our relationships with our guests and team members. We believe that one of the reasons our guests prefer to shop at Target, our team members choose Target as a place of employment and our vendors choose to do business with us is the reputation we have built over many years for serving our four primary constituencies: guests, team members, shareholders, and the communities in which we operate. 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 part on perceptions. While reputations may take decades to build, any negative incidents can quickly erode trust and confidence, particularly if they result in adverse mainstream and social media publicity, governmental investigations, or litigation. Those types of incidents could have an adverse impact on perceptions and lead to tangible adverse effects on our business, including consumer boycotts, lost sales, loss of new store and technology development opportunities, or team member retention and recruiting difficulties. For example, we experienced weaker than expected sales immediately following the announcement of a data breach that occurred in the fourth quarter of 2013. More recently, the sale of our pharmacy and clinic assets to CVS means that CVS will be operating clinics and pharmacies within our stores, and our guests' perceptions of and experiences with CVS, whether within our stores, at independent CVS locations, or otherwise may impact our reputation. If we are unable to positively differentiate ourselves from other retailers, our results of operations could be adversely affected. The retail business is highly competitive. In the past, we have been able to compete successfully by differentiating our guests' shopping experience through a careful combination of price, merchandise assortment, store environment, convenience, guest service, loyalty programs and marketing efforts. Our ability to create a personalized guest experience through the collection and use of accurate and relevant guest data is important to our ability to differentiate from other retailers. Guest perceptions regarding the cleanliness and safety of our stores, the functionality and reliability of our digital channels, our in-stock levels, the effectiveness of our promotions, the attractiveness of our third party offerings, such as the clinics and pharmacies owned and operated by CVS, and other factors also affect our ability to compete. No single competitive factor is dominant, and actions by our competitors on any of these factors or the failure of our strategies to drive traffic across all sales channels could have an adverse effect on our sales, gross margins, and expenses. We sell many products under our owned and exclusive brands. These brands are an important part of our business because they differentiate us from other retailers, generally carry higher margins than equivalent national brand products and represent a significant portion of our overall sales. If one or more of these brands experiences a loss of consumer acceptance or confidence, or if we are unable to successfully protect our intellectual property rights in our owned and exclusive brands, our sales and gross margins could be adversely affected. The continuing migration and evolution of retailing to online and mobile channels has increased our challenges in differentiating ourselves from other retailers. In particular, consumers are able to quickly and conveniently comparison shop and determine real-time product availability using digital tools, which can lead to decisions based solely on price, the functionality of the digital tools or a combination of those and other factors. We must compete by offering a consistent and convenient shopping experience for our guests regardless of the ultimate sales channel; providing and maintaining digital tools for our guests and team members that have the right features and are reliable and easy to use; working with our vendors to offer unique and distinctive merchandise, offering certain services our guests desire in our stores through third parties, such as CVS, offering a compelling guest loyalty program, and encouraging our guests to shop with confidence with our price-match policy. Failures to effectively execute in these efforts, actions by our competitors in response to these efforts, or failures of our vendors to manage their own channels, content and technology systems could hurt our ability to differentiate ourselves from other retailers and, as a result, have an adverse effect on sales, gross margins, and expenses. 5 If we are unable to successfully develop and maintain a relevant and reliable experience for our guests, regardless of where our guest demand is ultimately fulfilled, our sales, results of operations and reputation could be adversely affected. Our business has evolved from an in-store experience to interaction with guests across multiple channels (in-store, online, mobile and social media, among others). Our guests are using computers, tablets, mobile phones and other devices to shop in our stores and online and provide feedback and public commentary about all aspects of our business. We currently provide full and mobile versions of our website (Target.com), offer applications for mobile phones and tablets, and interact with our guests through social media. Retailing is rapidly evolving so that the majority of our sales in all of our channels are digitally enabled, and we must anticipate and meet changing guest expectations and counteract new developments and technology investments by our competitors. Our evolving retailing efforts include implementing new technology, software and processes to be able to fulfill guest orders directly from our vendors and from any point within our system of stores and distribution centers. Providing flexible fulfillment options is complex and may not meet guest expectations for accurate order fulfillment, faster and guaranteed delivery times, and low-price or free shipping. If we are unable to attract and retain team members or contract with third parties having the specialized skills needed to support these efforts, implement improvements to our guestfacing technology in a timely manner, allow real-time and accurate visibility to product availability when guests are ready to purchase, quickly and efficiently fulfill our guests orders using the fulfillment and payment methods they demand, or provide a convenient and consistent experience for our guests across all sales channels, our ability to compete and our results of operations could be adversely affected. In addition, if Target.com and our other guestfacing technology systems do not appeal to our guests, reliably function as designed, integrate across all sales channels, or maintain the privacy of guest data, or if we are unable consistently meet our guests' expectations, we may experience a loss of guest confidence and lost sales, which could adversely affect our reputation and results of operations. If we fail to anticipate and respond quickly to changing consumer preferences, our sales, gross margins and profitability could suffer. A large part of our business is dependent on our ability to make trendright decisions and effectively manage our inventory in a broad range of merchandise categories, including apparel, accessories, home dcor, electronics, toys, seasonal offerings, food and other merchandise. For example, our apparel and home dcor assortment is continually evolving and in other areas of our product assortment, including food, we are supporting guest wellness goals and becoming more localized with items that appeal to local cultural and demographic tastes. Failure to obtain accurate and relevant data on guest preferences, predict changing consumer tastes, preferences, spending patterns and other lifestyle decisions, emphasize the correct categories, implement effective promotions, and personalize our offerings to our guests may result in lost sales, spoilage, and increased inventory markdowns, which would lead to a deterioration in our results of operations by hurting our sales, gross margins, and profitability. Technology Investments and Infrastructure Risks If our capital investments in technology, supply chain, new stores and remodeling existing stores do not achieve appropriate returns, our competitive position, financial condition and results of operations may be adversely affected. Our business is becoming increasingly reliant on technology investments, and the returns on these investments can be less predictable than building new stores and remodeling existing stores. We are currently making, and will continue to make, significant technology investments to support our efforts to provide a consistent guest experience across all sales channels, implement improvements to our guestfacing technology, and evolve our supply chain and our inventory management systems, information processes, and computer systems to more efficiently run our business and remain competitive and relevant to our guests. These technology initiatives might not provide the anticipated benefits or may provide them on a delayed schedule or at a higher cost. We must monitor and choose the right investments and implement them at the right pace, which depends on our ability to accurately forecast our needs and is influenced by the amount and pace of investments by our competitors. In addition, our growth also depends, in part, on our ability to build new stores and remodel existing stores in a manner that achieves appropriate returns on our capital investment. We compete with other retailers and businesses for suitable locations for our stores. Many of our expected new store sites are smaller and non-standard footprints located in fully developed markets, which require changes to our supply chain practices and are generally more time-consuming, expensive and uncertain undertakings than expansion into undeveloped suburban and ex-urban markets. Targeting the wrong opportunities, failing to make the best investments, or making an investment commitment significantly above or below our needs could result in the loss of our competitive position and adversely impact our financial condition or results of operations. 6 A significant disruption in our computer systems and our inability to adequately maintain and update those systems could adversely affect our operations and our ability to maintain guest confidence. We rely extensively on our computer systems to manage and account for inventory, process guest transactions, manage and maintain the privacy of guest data, communicate with our vendors and other third parties, service REDcard accounts, summarize and analyze results, and on continued and unimpeded access to the Internet to use our computer systems. Our systems are subject to damage or interruption from power outages, telecommunications failures, computer viruses and malicious attacks, security breaches and catastrophic events. If our systems are damaged or fail to function properly or reliably, we may incur substantial repair or replacement costs, experience data loss or theft and impediments to our ability to manage inventories or process guest transactions, engage in additional promotional activities to retain our guests, and encounter lost guest confidence, which could adversely affect our results of operations. We continually make significant technology investments that will help maintain and update our existing computer systems. Implementing significant system changes increases the risk of computer system disruption. The potential problems and interruptions associated with implementing technology initiatives could disrupt or reduce our operational efficiency, and could negatively impact guest experience and guest confidence. Data Security and Privacy Risks If our efforts to protect the security of information about our guests, team members and vendors are unsuccessful, we may face additional costly government enforcement actions and private litigation, and our sales and reputation could suffer. An important component of our business involves the receipt and storage of information about our guests, team members, and vendors. We have programs in place to detect, contain and respond to data security incidents. However, because the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently and may be difficult to detect for long periods of time, we may be unable to anticipate these techniques or implement adequate preventive measures. In addition, hardware, software, or applications we develop or procure from third parties may contain defects in design or manufacture or other problems that could unexpectedly compromise information security. Unauthorized parties may also attempt to gain access to our systems or facilities, or those of third parties with whom we do business, through fraud, trickery, or other forms of deceiving our team members, contractors, vendors, and temporary staff. Until the data breach in the fourth quarter of 2013, all incidents we experienced were insignificant. The data breach we experienced in 2013 was significant and went undetected for several weeks. Both we and our vendors have experienced data security incidents subsequent to the 2013 data breach; however, to date these other incidents have not been material to our consolidated financial statements. Based on the prominence and notoriety of the 2013 data breach, even minor additional data security incidents could draw greater scrutiny. If we or our vendors experience additional significant data security breaches or fail to detect and appropriately respond to significant data security breaches, we could be exposed to additional government enforcement actions and private litigation. In addition, our guests could lose confidence in our ability to protect their information, which could cause them to discontinue using our REDcards or loyalty programs, or stop shopping with us altogether. Supply Chain and Third Party Risks Interruptions in our supply chain or fulfillment network, increased commodity, supply chain and fulfillment costs, or changes in our relationships with our vendors could adversely affect our gross margins, expenses and results of operations. We are dependent on our vendors to supply merchandise to our distribution centers, stores and our guests in a timely and efficient manner. As we continue to add fulfillment capabilities or pursue strategies with different fulfillment requirements, our fulfillment network becomes increasingly complex and operating it becomes more challenging. If our fulfillment network does not operate properly or if a vendor fails to deliver on its commitments, whether due to financial difficulties or other reasons, we could experience merchandise out-of-stocks, delivery delays or increased delivery costs that could lead to lost sales and decreased guest confidence, and adversely affect our results of operations. In addition, a large portion of our merchandise is sourced, directly or indirectly, from outside the United States, with China as our single largest source. Political or financial instability, currency fluctuations, trade restrictions, the outbreak 7 of pandemics, labor unrest, transport capacity and costs, port security, weather conditions, natural disasters or other events that could slow or disrupt port activities and affect foreign trade are beyond our control and could disrupt our supply of merchandise and/or adversely affect our results of operations. There have been periodic labor disputes impacting the U.S. ports that have caused us to make alternative arrangements to continue the flow of inventory, and if these types of disputes recur or worsen, it may have a material impact on our costs or inventory supply. Changes in the costs of procuring commodities used in our merchandise or the costs related to our supply chain, including vendor costs, labor, fuel, tariffs, currency exchange rates and supply chain transparency initiatives, could have an adverse effect on gross margins, expenses and results of operations. Changes in our relationships with our vendors also have the potential to increase our expenses and adversely affect results of operations. A disruption in relationships with third parties who provide us services in connection with certain aspects of our business could adversely affect our operations. We rely on third parties to support a variety of business functions, including portions of our technology development and systems, our digital platforms and distribution network operations, credit and debit card transaction processing, extensions of credit for our 5% REDcard Rewards loyalty program, the clinics and pharmacies operated by CVS within our stores, the infrastructure supporting our guest contact centers, and aspects of our food offerings. If we are unable to contract with third parties having the specialized skills needed to support those strategies or integrate their products and services with our business, or if we fail to properly manage those third parties or if they fail to meet our performance standards and expectations, including with respect to data security, then our reputation, sales, and results of operations could be adversely affected. In addition, we could face increased costs associated with finding replacement providers or hiring new team members to provide these services in-house. If our guests do not react favorably to CVS's operations or if our relationship with CVS is ineffective, our ability to discontinue the relationship is limited and our results of operations may be adversely affected. In addition, if we wish to have clinics and pharmacies in any new stores, those clinics and pharmacies must be owned and operated by CVS. Legal, Regulatory, Global and Other External Risks Our earnings are highly susceptible to the state of macroeconomic conditions and consumer confidence in the United States. Virtually all of our sales are in the United States, making our results highly dependent on U.S. consumer confidence and the health of the U.S. economy. In addition, a significant portion of our total sales is derived from stores located in five states: California, Texas, Florida, Minnesota and Illinois, resulting in further dependence on local economic conditions in these states. Deterioration in macroeconomic conditions or consumer confidence could negatively affect our business in many ways, including slowing sales growth or reduction in overall sales, and reducing gross margins. These same considerations impact the success of our credit card program. Even though we no longer own a consumer credit card receivables portfolio, we share in the economic performance of the credit card program with TD. Deterioration in macroeconomic conditions could adversely affect the volume of new credit accounts, the amount of credit card program balances and the ability of credit card holders to pay their balances. These conditions could result in us receiving lower profitsharing payments. Weather conditions where our stores are located may impact consumer shopping patterns, which alone or together with natural disasters, particularly in areas where our sales are concentrated, could adversely affect our results of operations. Uncharacteristic or significant weather conditions can affect consumer shopping patterns, particularly in apparel and seasonal items, which could lead to lost sales or greater than expected markdowns and adversely affect our shortterm results of operations. In addition, our three largest states by total sales are California, Texas and Florida, areas where natural disasters are more prevalent. Natural disasters in those states or in other areas where our sales are concentrated could result in significant physical damage to or closure of one or more of our stores, distribution centers or key vendors, and cause delays in the distribution of merchandise from our vendors to our distribution centers, stores, and directly to guests, which could adversely affect our results of operations by increasing our costs and lowering our sales. 8 We rely on a large, global and changing workforce of Target team members, contractors and temporary staffing. If we do not effectively manage our workforce and the concentration of work in certain global locations, our labor costs and results of operations could be adversely affected. With approximately 341,000 team members, our workforce costs represent our largest operating expense, and our business and regulatory compliance is dependent on our ability to attract, train, and retain the appropriate mix of qualified team members, contractors, and temporary staffing and effectively organize and manage those resources as our business and strategic priorities change. Many team members are in entry-level or part-time positions with historically high turnover rates. Our ability to meet our changing labor needs while controlling our costs is subject to external factors such as unemployment levels, prevailing wage rates, collective bargaining efforts, health care and other benefit costs, changing demographics, and our reputation and relevance within the labor market. If we are unable to attract and retain adequate numbers and an appropriate mix of qualified team members, contractors and temporary staffing, our operations, guest service levels and support functions could suffer. Those factors, together with increasing wage and benefit costs, could adversely affect our results of operations. We are periodically subject to labor organizing efforts. If we become subject to one or more collective bargaining agreements in the future, it could adversely affect our labor costs and how we operate our business. We maintain a headquarters location in India where there has generally been greater political, financial, environmental and health instability than the United States. An extended disruption of our operations in India could adversely affect certain operations supporting stability and maintenance of our digital sales channels and information technology development. Failure to address product safety concerns could adversely affect our sales and results of operations. If our merchandise offerings, including food, drug and children's products, do not meet applicable safety standards or our guests' expectations regarding safety, we could experience lost sales and increased costs and be exposed to legal and reputational risk. All of our vendors must comply with applicable product safety laws, and we are dependent on them to ensure that the products we buy comply with all safety standards. Events that give rise to actual, potential or perceived product safety concerns, including food or drug contamination, could expose us to government enforcement action or private litigation and result in costly product recalls and other liabilities. In addition, negative guest perceptions regarding the safety of the products we sell could cause our guests to seek alternative sources for their needs, resulting in lost sales. In those circumstances, it may be difficult and costly for us to regain the confidence of our guests. Our failure to comply with federal, state, local, and international laws, or changes in these laws could increase our costs, reduce our margins, and lower our sales. Our business is subject to a wide array of laws and regulations in the United States and other countries in which we operate. Significant workforce-related legislative changes could increase our expenses and adversely affect our operations. Examples of possible workforce-related legislative changes include changes to an employer's obligation to recognize collective bargaining units, the process by which collective bargaining agreements are negotiated or imposed, minimum wage requirements, advance scheduling notice requirements, and health care mandates. In addition, changes in the regulatory environment affecting privacy and information security, product safety, payment methods and related fees, responsible sourcing, supply chain transparency, or environmental protection, among others, could cause our expenses to increase without an ability to pass through any increased expenses through higher prices. In addition, if we fail to comply with other applicable laws and regulations, including wage and hour laws, the Foreign Corrupt Practices Act and local anti-bribery laws, we could be subject to legal risk, including government enforcement action and class action civil litigation, which could adversely affect our results of operations by increasing our costs, reducing our margins, and lowering our sales. Financial Risks Changes in our effective income tax rate could adversely affect our net income. A number of factors influence our effective income tax rate, including changes in tax law, tax treaties, interpretation of existing laws, and our ability to sustain our reporting positions on examination. Changes in any of those factors could change our effective tax rate, which could adversely affect our net income. In addition, our operations outside of the United States may cause greater volatility in our effective tax rate. 9 If we are unable to access the capital markets or obtain bank credit, our financial position, liquidity, and results of operations could suffer. We are dependent on a stable, liquid, and well-functioning financial system to fund our operations and capital investments. In particular, we have historically relied on the public debt markets to fund portions of our capital investments and the commercial paper market and bank credit facilities to fund seasonal needs for working capital. Our continued access to these markets depends on multiple factors including the condition of debt capital markets, our operating performance, and maintaining strong credit ratings. If rating agencies lower our credit ratings, it could adversely impact our ability to access the debt markets, our cost of funds, and other terms for new debt issuances. Each of the credit rating agencies reviews its rating periodically, and there is no guarantee our current credit rating will remain the same. In addition, we use a variety of derivative products to manage our exposure to market risk, principally interest rate and equity price fluctuations. Disruptions or turmoil in the financial markets could reduce our ability to meet our capital requirements or fund our working capital needs, and lead to losses on derivative positions resulting from counterparty failures, which could adversely affect our financial position and results of operations. Item 1B. Unresolved Staff Comments Not applicable. 10 Item 2. Properties U.S. Stores at January 30, 2016 Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Stores 22 3 46 9 272 41 20 3 1 122 52 6 6 90 31 20 18 13 16 5 39 39 55 75 6 36 Retail Sq. Ft. (in thousands) 3,150 504 6,136 1,165 35,674 6,215 2,672 440 179 17,137 7,099 971 664 12,307 4,174 2,835 2,473 1,551 2,246 630 4,952 5,171 6,603 10,634 743 4,736 Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Total Stores 7 14 17 9 44 10 71 49 4 61 16 19 65 4 19 5 31 148 13 58 37 6 37 2 Retail Sq. Ft. (in thousands) 780 2,006 2,230 1,148 5,837 1,185 9,747 6,496 554 7,659 2,285 2,280 8,549 517 2,359 580 3,990 20,822 1,953 7,671 4,328 755 4,560 187 1,792 239,539 U.S. Stores and Distribution Centers at January 30, 2016 Owned Leased Owned buildings on leased land Total (a) Stores 1,537 103 152 1,792 Distribution Centers (a) 33 7 40 The 40 distribution centers have a total of 51,671 thousand square feet. We own our corporate headquarters buildings located in and around Minneapolis, Minnesota, and we lease and own additional office space in Minneapolis and elsewhere in the United States. We also lease office space in 13 countries for various support functions. Our properties are in good condition, well maintained, and suitable to carry on our business. For additional information on our properties, see the Capital Expenditures section in MD&A and Notes 14 and 22 of the Financial Statements. 11 Item 3. Legal Proceedings On January 15, 2015, Target Canada Co. and certain other wholly owned subsidiaries of Target (collectively Canada Subsidiaries), filed for protection under the Companies' Creditors Arrangement Act with the Ontario Superior Court of Justice in Toronto (the Court). The Canada Subsidiaries comprise substantially all of our former Canadian operations and our former Canadian Segment. The Canada Subsidiaries are in the process of liquidation. See MD&A and Note 7 of the Financial Statements for more information. The following governmental enforcement proceedings relating to environmental matters are reported pursuant to instruction 5(C) of Item 103 of Regulation S-K because they involve potential monetary sanctions in excess of $100,000: On February 27, 2015, California Attorney General sent us a letter alleging, based on a series of compliance checks, that we have not achieved compliance with California's environmental laws and the provisions of the injunction that was part of a settlement reached in 2011. No formal legal action has been commenced to date. For a description of other legal proceedings, including a discussion of litigation and government inquiries related to the Data Breach, see Note 19 of the Financial Statements. Item 4. Mine Safety Disclosures Not applicable. 12 Item 4A. Executive Officers Executive officers are elected by, and serve at the pleasure of, the Board of Directors. There are no family relationships between any of the officers named and any other executive officer or member of the Board of Directors, or any arrangement or understanding pursuant to which any person was selected as an officer. Name Timothy R. Baer Title and Business Experience Executive Vice President, Chief Legal Officer and Corporate Secretary since March 2007. Age 55 Casey L. Carl Executive Vice President and Chief Strategy and Innovation Officer since December 2014. President, Omnichannel and Senior Vice President, Enterprise Strategy from July 2014 to December 2014. President, Multichannel, from November 2011 to July 2014. From July 2008 to November 2011, Mr. Carl held several leadership positions with Target in Merchandising. 40 Brian C. Cornell Chairman of the Board and Chief Executive Officer since August 2014. Chief Executive Officer of PepsiCo Americas Foods, a division of PepsiCo, Inc., a multinational food and beverage corporation, from March 2012 to July 2014. Chief Executive Officer and President of Sam's Club, a division of Wal-Mart Stores, Inc., a discount retailer, and Executive Vice President of Wal-Mart Stores, Inc. from April 2009 to January 2012. 57 Jeffrey J. Jones II Executive Vice President and Chief Marketing Officer since April 2012. Partner and President of McKinney Ventures LLC, an advertising agency, from March 2006 to March 2012. 48 Stephanie A. Lundquist Executive Vice President and Chief Human Resources Officer since February 2016. Senior Vice President, Human Resources from January 2015 to February 2016. Senior Vice President, Stores and Distribution Human Resources from February 2014 to January 2015. From March 2011 to January 2014 Ms. Lundquist held several leadership positions with Target Canada. 40 Michael E. McNamara Executive Vice President and Chief Information Officer since June 2015. Chief Information Officer of Tesco PLC, a multinational grocery and general merchandise retailer, from March 2011 to May 2015. 51 John J. Mulligan Executive Vice President and Chief Operating Officer since September 2015. Executive Vice President and Chief Financial Officer from April 2012 to August 2015. Senior Vice President, Treasury, Accounting and Operations from February 2010 to March 2012. 50 Janna A. Potts Executive Vice President and Chief Stores Officer since January 2016. Senior Vice President, Stores and Supply Chain Human Resources from February 2015 to January 2016. Senior Vice President, Target Canada Stores and Distribution from March 2014 to January 2015. Senior Vice President, Store Operations from August 2009 to March 2014. 48 Jacqueline Hourigan Rice Executive Vice President and Chief Risk and Compliance Officer since December 2014. Chief Compliance Officer of General Motors Company, a vehicle manufacturer, from March 2013 to November 2014. Executive Director, Global Ethics & Compliance of General Motors Company from January 2010 to February 2013. 44 Catherine R. Smith Executive Vice President and Chief Financial Officer since September 2015. Executive Vice President and Chief Financial Officer of Express Scripts Holding Company, a pharmacy benefit manager, from February 2014 to December 2014. Executive Vice President of Strategy and Chief Financial Officer for Walmart International, a division of Wal-mart Stores Inc., a discount retailer, from March 2010 to January 2014. 52 Laysha L. Ward Executive Vice President and Chief Corporate Social Responsibility Officer since December 2014. President, Community Relations and Target Foundation from July 2008 to December 2014. 48 13 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is listed on the New York Stock Exchange under the symbol "TGT." We are authorized to issue up to 6,000,000,000 shares of common stock, par value $0.0833, and up to 5,000,000 shares of preferred stock, par value $0.01. At March 4, 2016, there were 15,416 shareholders of record. Dividends declared per share and the high and low closing common stock price for each fiscal quarter during 2015 and 2014 are disclosed in Note 31 of the Financial Statements. In January 2012, our Board of Directors authorized the repurchase of $5 billion of our common stock and in June 2015 expanded the program by an additional $5 billion for a total authorization of $10 billion. There is no stated expiration for the share repurchase program. 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. The table below presents information with respect to Target common stock purchases made during the three months ended January 30, 2016, by Target or any "affiliated purchaser" of Target, as defined in Rule 10b-18(a)(3) under the Exchange Act. Total Number of Shares Purchased (a)(b) Period Average Price Paid per Share (a) Total Number of Shares Purchased as Part of the Current Program (a) 74.57 4,291,434 72.59 7,430,138 Dollar Value of Shares that May Yet Be Purchased Under the Program November 1, 2015 through November 28, 2015 Open market and privately negotiated purchases 4,291,434 $ $ 4,360,899,740 November 29, 2015 through January 2, 2016 Open market and privately negotiated purchases 7,442,198 3,821,513,044 January 3, 2016 through January 30, 2016 Open market and privately negotiated purchases Total (a) (b) 5,600,350 17,333,982 $ 71.42 5,600,350 72.70 17,321,922 3,421,513,081 $ 3,421,513,081 The table above includes shares reacquired upon the noncash settlement of prepaid forward contracts. At January 30, 2016, we held asset positions in prepaid forward contracts for 0.4 million shares of our common stock, for a total cash investment of $