Please use Excel cell formulas and functions to compute answers to these questions in your spreadsheet in order to receive credit.

Free Cash Flow Calculation. Calculate each companys Free Cash Flow for each of the last 4 fiscal years. Use a tax rate of 25% and use the depreciation and amortization from the Cash Flow statement

AutoSave OFF HES 5 = Target Financials - Excel Group Project Home Insert Draw Page Layout Formulas Data Review View Tell me Share 0 Comments Au % V 5 v Conditional Formatting Format as Table Cell Styles Paste Font Alignment Number Cells Editing Ideas Sensitivity B27 fx 1969 A B D E F G . 1 S&P 2 Capital IQ 3 4 5 Target Corporation (NYSE:TGT) > Financials > Income Statement In Millions of the reported currency, except per share items. 6 7 8 9 10 11 Template: Period Type: Currency: Units: Source: Standard Annual Reported Currency S&P Capital IQ (Defau Capital IQ & Proprieta Restatement: Order: Conversion: Decimals: Latest Filings Latest on Right Historical Capital IQ (Default) 12 13 14 Income Statement Reclassified 12 months Jan-30-2016 USD Restated 12 months Jan-28-2017 USD Restated 12 months Feb-03-2018 USD 12 months Feb-02-2019 USD 12 months Feb-01-2020 USD LTM 12 months Aug-01-2020 USD 73,785.0 77.130.0 69,414,0 857.0 70,271.0 71.786.0 928.0 72,714.0 74.433.0 923.0 75,356.0 982.0 78, 112.0 83,613.0 1,040.0 84.653.0 73,785.0 52,241.0 21,544.0 49,145.0 21,126.0 51,125.0 21,589.0 53,299.0 22,057.0 54,864.0 23.248.0 59,957.0 24,696.0 14,473.0 14.086.0 14.990.0 15,606.0 16,163.0 17,081.0 1,969.01 2.045.0 2.225.0 2.224.0 2,357.0 2,334.0 16,442.0 16,131.0 17,215.0 17,830.0 For the Fiscal Period Ending 15 16 Currency 17 18 Revenue 19 Other Revenue 20 Total Revenue 21 22 Cost Of Goods Sold 23 Gross Profit 24 25 Selling General & Admin Exp 26 R&D Exp. 27 Depreciation & Amort. 28 Other Operating Expense/(Income) 29 30 Other Operating Exp., Total 31 32 Operating Income 33 34 Interest Expense 35 Interest and Invest. Income 36 Net Interest Exp. 37 38 Other Non-Operating Inc. (Exp.) 39 EBT Excl. Unusual Items 40 41 Restructuring Charges 42 Impairment of Goodwill 43 Gain (Loss) On Sale Of Invest. 44 Gain (Loss) On Sale Of Assets 45 Asset Writedown Income Statement 18,520.0 19,415.0 5,102.0 4,995.0 4.374.0 4.227.0 4.728.0 5,281.0 (607.0) (569.0) (530.0) (461.0) (467.0) (460.0) (607.0) (569.0) (530.0) ( (461.0) (467.0) ) (460.0) - 4,495.0 2.0 3,768.0 3.0 4,264.0 (15.0) 4,806.0 4,426.0 3,844.0 (177.0) (41.0) (41.0) 620.0 (15.0) (43.0) (91.0) (92.0) (23.0) (70.0) Balance Sheet Cash Flow + B27 X fx 1969 B D E F G H 620.0 (15.0) (92.0) (43.0) (422.0) 3,961.0 (91.0) (123.0) 3,630.0 (23.0) (10.0) 4,190.0 (70.0) (226.0) 4,469.0 4,923.0 3,676.0 1,602.0 3,321.0 1,295.0 2,666.0 722.0 2,908.0 746.0 2,930.0 921.0 3,269.0 956.0 3,513.0 42.0 68.0 6.0 7.0 12.0 9.0 3,363.0 2,734.0 2,914.0 2,937.0 3,281.0 3,522.0 3.363.0. 2.734.0 2.914.0 2.937.0 3.281.0 3.522.0 3,363.0 3.321.0 2,734.0 2,666.0 2,914.0 2,908.0 2,937.0 2,930.0 3,281.0 3,269.0 3,522.0 3,513.0 $5.36 5.29 627.7 $4.73 4.62 577.6 $5.33 5.32 546.8 $5.56 5.54 528.6 $6.42 6.4 510.9 $6.98 6.97 504.3 A 44 Gain (Loss) On Sale Of Assets 45 Asset Writedown 46 Other Unusual Items 47 EBT Incl. Unusual Items 48 49 Income Tax Expense 50 Earnings from Cont. Ops. 51 52 Earnings of Discontinued Ops 53 Extraord. Item & Account Change 54 Net Income to Company 55 56 Minority Int. in Earnings . 57 Net Income 58 59 Pref. Dividends and Other Adj. 60 61 NI to Common Incl Extra Items 62 NI to Common Excl. Extra Items 63 64 Per Share Items 65 Basic EPS 66 Basic EPS Excl. Extra Items 67 Weighted Avg. Basic Shares Out. 68 69 Diluted EPS 70 Diluted EPS Excl. Extra Items 71 Weighted Avg. Diluted Shares Out 72 73 Normalized Basic EPS 74 Normalized Diluted EPS 75 76 Dividends per Share 77 Payout Ratio % 78 79 Supplemental Items 80 EBITDA 81 EBITA 82 EBIT 83 EBITDAR 84 As Reported Total Revenue 85 Effective Tax Rate % 86 Current Domestic Taxes 87 Current Foreign Taxes 88 Total Current Taxes 89 Deferred Domestic Taxes 90 Deferred Foreign Taxes 91 Total Deferred Taxes Income Statement $5.32 5.25 632.9 $4.7 4.58 582.5 $5.3 5.29 550.3 $5.51 5.5 533.2 $6.36 6.34 515.6 $6.92 6.9 509.3 $4.48 4.44 $4.79 4.75 $4.39 4.37 $4.46 4.42 $5.22 5.17 $5.96 5.9 $2.16 40.5% $2.32 49.3% $2.44 45.9% $2.52 45.5% $2.6 40.5% $2.64 37.9% 7,315.0 5.125.0 5,102.0 7,497.0 NA 32.5% 1,917.0 7.0 1.924.0 (322.0) NA (322.0) 7,313.0 5.008.0 4.995.0 7,505.0 70.271.0 32.7% 1,249.0 6.0 1.255.0 41.0 (1.0) 40.0 6,850.0 4.388.0 4,374.0 7,062.0 72.714.0 19.9% 851.0 59.0 910.0 (202.0) 14.0 (188.0) 6,701.0 4.241.0 4.227.0 6,941.0 75,356.0 20.3% 373.0 51.0 424.0 320.0 2.0 7,332.0 4,741.0 4,728.0 7,606.0 78,112.0 22.0% 705.0 38.0 743.0 179.0 (1.0) 178.0 7,863.0 5,294,0 5,281.0 NA 84,663.0 21.4% 705.0 38.0 743.0 179.0 (1.0) 178.0 322.0 Balance Sheet Cash Flow + y Format as Table Paste Font Alignment Number Cells Editing Ideas Sensitivity Cell Styles B27 fx 1969 A B D E F G . TULUI UUTTUITG TUA T, LUU. UTU. ITU. ITU. LTM 89 Deferred Domestic Taxes (322.0) 41.0 (202.0) 320.0 179.0 179.0 90 Deferred Foreign Taxes NA (1.0) 14.0 2.0 (1.0) (1.0) 91 Total Deferred Taxes (322.0) 40.0 (188.0) 322.0 178.0 178.0 92 93 Normalized Net Income 2,809.4 2,766.3 2,402.5 2,355.0 2,665.0 3,003.8 94 Interest Capitalized (16.0) NA NA NA NA NA 95 Interest on Long Term Debt 42.0 36.0 42.0 42.0 51.0 NA 96 Non-Cash Pension Expense (31.0) (85.0) (59.0) (25.0) (47.0) 97 Filing Date Mar-14-2018 Mar-13-2019 Mar-11-2020 Mar-11-2020 Mar-11-2020 Aug-28-2020 98 Restatement Type RC RS RS NC 0 O 99 Calculation Type REP REP REP REP REP 100 101 Supplemental Operating Expense Items 102 Advertising Exp. 1,434.0 1,465.0 1,457.0 1,494.0 1,647.0 NA 103 Selling and Marketing Exp. 1,434.0 1,465.0 1,457.0 1,494.0 1,647.0 1,647.0 104 Net Rental Exp. 182.0 192.0 212.0 240.0 274.0 NA 105 Imputed Oper. Lease Interest Exp. 67.4 68.5 68.6 65.7 74.7 106 Imputed Oper. Lease Depreciation 114.6 123.5 143.4 174.3 199.3 107 108 Stock-Based Comp., SG&A Exp. 116.0 115.0 134.0 152.0 152.0 109 Stock-Based Comp., Unallocated 118.0 18.0 110 Stock-Based Comp., Total 118.0 116.0 115.0 134.0 152.0 170.0 111 112 * Occasionally, certain items classified as Revenue by the company will be re-classified as other income if it is deemed to be non-recurring and unrelated to the core business of the firm. This field shows Total Revenue 113 Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent. 114 115 AutoSave OFF HES 5 = Target Financials - Excel Group Project Home Insert Draw Page Layout Formulas Data Review View Tell me Share 0 Comments Au % V 5 v Conditional Formatting Format as Table Cell Styles Paste Font Alignment Number Cells Editing Ideas Sensitivity B27 fx 1969 A B D E F G . 1 S&P 2 Capital IQ 3 4 5 Target Corporation (NYSE:TGT) > Financials > Income Statement In Millions of the reported currency, except per share items. 6 7 8 9 10 11 Template: Period Type: Currency: Units: Source: Standard Annual Reported Currency S&P Capital IQ (Defau Capital IQ & Proprieta Restatement: Order: Conversion: Decimals: Latest Filings Latest on Right Historical Capital IQ (Default) 12 13 14 Income Statement Reclassified 12 months Jan-30-2016 USD Restated 12 months Jan-28-2017 USD Restated 12 months Feb-03-2018 USD 12 months Feb-02-2019 USD 12 months Feb-01-2020 USD LTM 12 months Aug-01-2020 USD 73,785.0 77.130.0 69,414,0 857.0 70,271.0 71.786.0 928.0 72,714.0 74.433.0 923.0 75,356.0 982.0 78, 112.0 83,613.0 1,040.0 84.653.0 73,785.0 52,241.0 21,544.0 49,145.0 21,126.0 51,125.0 21,589.0 53,299.0 22,057.0 54,864.0 23.248.0 59,957.0 24,696.0 14,473.0 14.086.0 14.990.0 15,606.0 16,163.0 17,081.0 1,969.01 2.045.0 2.225.0 2.224.0 2,357.0 2,334.0 16,442.0 16,131.0 17,215.0 17,830.0 For the Fiscal Period Ending 15 16 Currency 17 18 Revenue 19 Other Revenue 20 Total Revenue 21 22 Cost Of Goods Sold 23 Gross Profit 24 25 Selling General & Admin Exp 26 R&D Exp. 27 Depreciation & Amort. 28 Other Operating Expense/(Income) 29 30 Other Operating Exp., Total 31 32 Operating Income 33 34 Interest Expense 35 Interest and Invest. Income 36 Net Interest Exp. 37 38 Other Non-Operating Inc. (Exp.) 39 EBT Excl. Unusual Items 40 41 Restructuring Charges 42 Impairment of Goodwill 43 Gain (Loss) On Sale Of Invest. 44 Gain (Loss) On Sale Of Assets 45 Asset Writedown Income Statement 18,520.0 19,415.0 5,102.0 4,995.0 4.374.0 4.227.0 4.728.0 5,281.0 (607.0) (569.0) (530.0) (461.0) (467.0) (460.0) (607.0) (569.0) (530.0) ( (461.0) (467.0) ) (460.0) - 4,495.0 2.0 3,768.0 3.0 4,264.0 (15.0) 4,806.0 4,426.0 3,844.0 (177.0) (41.0) (41.0) 620.0 (15.0) (43.0) (91.0) (92.0) (23.0) (70.0) Balance Sheet Cash Flow + B27 X fx 1969 B D E F G H 620.0 (15.0) (92.0) (43.0) (422.0) 3,961.0 (91.0) (123.0) 3,630.0 (23.0) (10.0) 4,190.0 (70.0) (226.0) 4,469.0 4,923.0 3,676.0 1,602.0 3,321.0 1,295.0 2,666.0 722.0 2,908.0 746.0 2,930.0 921.0 3,269.0 956.0 3,513.0 42.0 68.0 6.0 7.0 12.0 9.0 3,363.0 2,734.0 2,914.0 2,937.0 3,281.0 3,522.0 3.363.0. 2.734.0 2.914.0 2.937.0 3.281.0 3.522.0 3,363.0 3.321.0 2,734.0 2,666.0 2,914.0 2,908.0 2,937.0 2,930.0 3,281.0 3,269.0 3,522.0 3,513.0 $5.36 5.29 627.7 $4.73 4.62 577.6 $5.33 5.32 546.8 $5.56 5.54 528.6 $6.42 6.4 510.9 $6.98 6.97 504.3 A 44 Gain (Loss) On Sale Of Assets 45 Asset Writedown 46 Other Unusual Items 47 EBT Incl. Unusual Items 48 49 Income Tax Expense 50 Earnings from Cont. Ops. 51 52 Earnings of Discontinued Ops 53 Extraord. Item & Account Change 54 Net Income to Company 55 56 Minority Int. in Earnings . 57 Net Income 58 59 Pref. Dividends and Other Adj. 60 61 NI to Common Incl Extra Items 62 NI to Common Excl. Extra Items 63 64 Per Share Items 65 Basic EPS 66 Basic EPS Excl. Extra Items 67 Weighted Avg. Basic Shares Out. 68 69 Diluted EPS 70 Diluted EPS Excl. Extra Items 71 Weighted Avg. Diluted Shares Out 72 73 Normalized Basic EPS 74 Normalized Diluted EPS 75 76 Dividends per Share 77 Payout Ratio % 78 79 Supplemental Items 80 EBITDA 81 EBITA 82 EBIT 83 EBITDAR 84 As Reported Total Revenue 85 Effective Tax Rate % 86 Current Domestic Taxes 87 Current Foreign Taxes 88 Total Current Taxes 89 Deferred Domestic Taxes 90 Deferred Foreign Taxes 91 Total Deferred Taxes Income Statement $5.32 5.25 632.9 $4.7 4.58 582.5 $5.3 5.29 550.3 $5.51 5.5 533.2 $6.36 6.34 515.6 $6.92 6.9 509.3 $4.48 4.44 $4.79 4.75 $4.39 4.37 $4.46 4.42 $5.22 5.17 $5.96 5.9 $2.16 40.5% $2.32 49.3% $2.44 45.9% $2.52 45.5% $2.6 40.5% $2.64 37.9% 7,315.0 5.125.0 5,102.0 7,497.0 NA 32.5% 1,917.0 7.0 1.924.0 (322.0) NA (322.0) 7,313.0 5.008.0 4.995.0 7,505.0 70.271.0 32.7% 1,249.0 6.0 1.255.0 41.0 (1.0) 40.0 6,850.0 4.388.0 4,374.0 7,062.0 72.714.0 19.9% 851.0 59.0 910.0 (202.0) 14.0 (188.0) 6,701.0 4.241.0 4.227.0 6,941.0 75,356.0 20.3% 373.0 51.0 424.0 320.0 2.0 7,332.0 4,741.0 4,728.0 7,606.0 78,112.0 22.0% 705.0 38.0 743.0 179.0 (1.0) 178.0 7,863.0 5,294,0 5,281.0 NA 84,663.0 21.4% 705.0 38.0 743.0 179.0 (1.0) 178.0 322.0 Balance Sheet Cash Flow + y Format as Table Paste Font Alignment Number Cells Editing Ideas Sensitivity Cell Styles B27 fx 1969 A B D E F G . TULUI UUTTUITG TUA T, LUU. UTU. ITU. ITU. LTM 89 Deferred Domestic Taxes (322.0) 41.0 (202.0) 320.0 179.0 179.0 90 Deferred Foreign Taxes NA (1.0) 14.0 2.0 (1.0) (1.0) 91 Total Deferred Taxes (322.0) 40.0 (188.0) 322.0 178.0 178.0 92 93 Normalized Net Income 2,809.4 2,766.3 2,402.5 2,355.0 2,665.0 3,003.8 94 Interest Capitalized (16.0) NA NA NA NA NA 95 Interest on Long Term Debt 42.0 36.0 42.0 42.0 51.0 NA 96 Non-Cash Pension Expense (31.0) (85.0) (59.0) (25.0) (47.0) 97 Filing Date Mar-14-2018 Mar-13-2019 Mar-11-2020 Mar-11-2020 Mar-11-2020 Aug-28-2020 98 Restatement Type RC RS RS NC 0 O 99 Calculation Type REP REP REP REP REP 100 101 Supplemental Operating Expense Items 102 Advertising Exp. 1,434.0 1,465.0 1,457.0 1,494.0 1,647.0 NA 103 Selling and Marketing Exp. 1,434.0 1,465.0 1,457.0 1,494.0 1,647.0 1,647.0 104 Net Rental Exp. 182.0 192.0 212.0 240.0 274.0 NA 105 Imputed Oper. Lease Interest Exp. 67.4 68.5 68.6 65.7 74.7 106 Imputed Oper. Lease Depreciation 114.6 123.5 143.4 174.3 199.3 107 108 Stock-Based Comp., SG&A Exp. 116.0 115.0 134.0 152.0 152.0 109 Stock-Based Comp., Unallocated 118.0 18.0 110 Stock-Based Comp., Total 118.0 116.0 115.0 134.0 152.0 170.0 111 112 * Occasionally, certain items classified as Revenue by the company will be re-classified as other income if it is deemed to be non-recurring and unrelated to the core business of the firm. This field shows Total Revenue 113 Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent. 114 115