TABLE 3 Future Value of an ordinary Annuity of $1 FVA = (1+i)" - 1 ni 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 70% 8.0% 0.0% 10.0% 11.0% 12.0% 20.0% 1 1.0000 1.000 1.0000 1.0000 1.0000 1.000 1.000 1.0000 1.000 1.000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.000 1.0000 2 2.0100 2.01502.0200 2.0250 2.0300 2.0350 2.0400 2.0450 2.0500 2.0550 2 .0600 2.0900 2.1000 2.1100 2.1200 3 4 5 3.0301 4.0604 5.1010 3.0452 3.0604 4.09094.1216 5.1523 5.2040 3.0756 4.1525 5.2563 3.0909 4.1836 5.3091 3.1062 4.2149 5.3625 3.1216 4.2465 5.4163 3.1370 3.1525 4.2782 4.3101 5.47075.5256 3.16803.1836 4.3423 4.3746 5.5811 5.6371 2.0700 2.0800 3.21493.2464 4.4399 4.5061 5.7507 5.8666 3.2781 4.5731 5.9847 3.3100 4.6410 6.1051 3.3421 4.7097 6.2278 3.3744 4.7793 6.3528 2.2000 3.6400 5.3680 7.4416 8.1152 10.0890 6 7 8 9 10 6.1520 7.2135 8.2857 9.3685 10.4622 6.2296 7.3230 8.4328 9.5593 10.7027 6.3081 6.3877 7.43437.5474 8.5830 8.7361 9.7546 9.9545 10.9497 11. 2034 6.4684 6.5502 7.6625 7.7794 8.8923 9.0517 10.1591 10.3685 11.4639 11.7314 6.6330 7.8983 9.2142 10.5828 12.0061 6.7169 8.0192 9.3800 10.8021 12.2882 6.8019 6.8881 6.9753 8.1420 8.26698.3938 9.5491 9.7216 9.8975 11.0266 11.2563 11.4913 12.577912.8754 13.1808 7.1533 7.33597.5233 8.65408.9228 9.2004 10.2598 10.6366 11.0285 11.9780 12.4876 13.0210 13.8164 14.4866 15.1929 7.7156 9.4872 11.4359 13.5795 15.9374 79129 9.7833 11.8594 14.1640 16.7220 12.2997 14.7757 17.5487 9.9299 12.9159 16.4991 20.7989 25.9587 32.1504 39.5805 11 12 13 14 15 11.5668 11.8633 12.6825 13.0412 13.8093 14.2368 14.9474 15.4504 16.0969 16.6821 12.1687 12.4835 12.8078 13.1420 13.4864 13.8412 13.4121 13.7956 14.1920 14.6020 15.0258 15.4640 14.6803 15.1404 15.6178 16.1130 16.6268 17.1599 15.9739 16.5190 17.0863 17.6770 18.291918.9321 17.2934 17.9319 18.5989 19.2957 20.0236 20.7841 14.2068 15.9171 17.7130 19.5986 21.5786 14.5835 16.3856 18.2868 20.2926 22.4087 14.9716 16.8699 18.8821 21.0151 23.2760 15.7836 17.8885 20.1406 22.5505 25.1290 16.6455 18.9771 21.4953 24.2149 27.1521 17.5603 18.5312 20.1407 21.3843 22.9534 24.5227 26.0192 27.9750 29.360931.7725 19.5614 22.7132 26.2116 30.0949 34.4054 20.6546 24.1331 28.0291 32.3926 37.2797 48.4966 59.1959 72.0351 16 17.2579 17.9324 18.6393 19.3802 20.1569 20.9710 21.8245 17 18.4304 19.2014 20.0121 20.8647 21.7616 22.7050 23.6975 18 19.6147 20.4894 21.4123 22.3863 23.4144 24.4997 25.6454 19 20.8109 21.7967 22.8406 23.9460 25.1169 26.3572 27.6712 20 22.0190 23.1237 24.2974 25.5447 26.8704 28.2797 29.7781 22.7193 24.7417 26.8551 29.0636 31.3714 23.6575 25.8404 28.1324 30.5390 33.0660 24.6411 26.9964 29.4812 32.1027 34.8683 25.6725 27.8881 28.212930.8402 30.9057 33.9990 33.7600 37.3790 36.7856 40.9955 30.3243 33.7502 37.4502 41.4463 45.7620 33.0034 36.9737 41.3013 46.0185 51.1601 35.9497 40.5447 45.5992 51.1591 57.2750 39.189942.7533 44.5008 48.8837 50.395955.7497 56.9395 63.4397 64.2028 72.0524 87.4421 105.9306 128.1167 154.7400 186.6880 21 23.2392 24.4705 25.7833 27.1833 28.6765 30.2695 31.9692 33.7831 30 34.7849 37.5387 40.5681 43.9027 47.5754 51.6227 56.084961.0071 40 48.8864 54.2679 60.4020 67.4026 75.4013 84.5503 95.0255 107.0303 35.7193 37.7861 66.4388 72.4355 120.7998 136.6056 39.9927 44.8652 50.422956.7645 79.0582 94.4608 113.2832 136.3075 154.7620 199.6351 259.0565 337.8824 64.0025 164.4940 442.5926 72.2651 81.6987 225.0256 199.0209241.3327 1181.8816 581.8261 767.0914 7343.8578 TABLE 1 Future Value of $1 FV = $1(1+i)" ni 1.0% 1.5% 2.0% 2.5% 20.0% 1 1.01000 1.01500 1.02000 1.02500 1.20000 1.44000 2 1.02010 3 1.03030 4 1.04060 5 1.05101 1.03022 1.04040 1.04568 1.06121 1.06136 1.08243 1.07728 1.10408 1.05063 1.07689 1.10381 1.13141 3.0% 1.03000 1.06090 1.09273 1.12551 1.15927 3.5% 4.0% 1.03500 1.04000 1.07123 1.08160 1.10872 1.12486 1.14752 1.16986 1.18769 1.21665 4.5% 1.04500 1.09203 1.14117 1.19252 1.24618 5.0% 5.5% 1.05000 1.05500 1.10250 1.11303 1.15763 1.17424 1.21551 1.23882 1.27628 1.30696 6.0% 7.0% 1.06000 1.07000 1.12360 1.14490 1.191021.22504 1.26248 1.31080 1.33823 1.40255 8.0% 1.08000 1.16640 1.25971 1.36049 1.46933 0.0% 1.09000 1.18810 1.29503 1.41158 1.53862 10.0% 1.10000 1.21000 1.33100 1.46410 1.61051 11.0% 1.11000 1.23210 1.36763 1.51807 1.68506 12.0% 1.12000 1.25440 1.40493 1.57352 1.76234 1.72800 2.07360 2.48832 6 1.06152 1.09344 1.12616 1.15969 1.19405 1.22926 1.26532 1.30226 1.34010 1.37884 1.41852 1.500731.58687 1.67710 1.77156 1.87041 1.97382 2.98598 3.58318 4.29982 7 8 9 10 1.07214 1.10984 1.08286 1.12649 1.09369 1.14339 1.10462 1.16054 1.14869 1.18869 1.17166 1.21840 1.19509 1.24886 1.21899 1.28008 1.22987 1.26677 1.30477 1.34392 1.27228 1.31681 1.36290 1.41060 1.31593 1.36086 1.36857 1.42210 1.42331 1.48610 1.48024 1.55297 1.40710 1.47746 1.55133 1.62889 1.45468 1.50363 1.53469 1.59385 1.619091.68948 1.70814 1.79085 1.60578 1.71819 1.83846 1.96715 1.71382 1.85093 1.99900 2.15892 1.82804 1.94872 2.07616 1.99256 2.143592.30454 2.171892.35795 2.55804 2.36736 2.59374 2.83942 2.21068 2.47596 2.77308 3.10585 5.15978 6.19174 7.43008 11 12 13 14 1.11567 1.17795 1.12683 1.19562 1.13809 1.21355 1.14947 1.23176 1.24337 1.31209 1.26824 1.34489 1.29361 1.37851 131948 1.41297 1.38423 1.42576 1.46853 1.51259 1.45997 1.53945 1.62285 1.51107 1.60103 1.69588 1.56396 1.66507 1.77220 1.61869 1.73168 1.85194 1.71034 1.802091.89830 1.79586 1.90121 2.01220 1.88565 2.00577 2.13293 1.97993 2.116092.26090 2.10485 2.25219 2.40985 2.57853 2.33164 2.51817 2.71962 2.93719 2.58043 2.81266 3.06580 3.34173 2.85312 3.13843 3.45227 3.79750 3.15176 3.49845 3.88328 4.31044 3.47855 3.89598 4.36349 4.88711 8.91610 10.69932 12.83918 15 1.16097 1.25023 1.34587 1.44830 1.55797 1.67535 1.80094 1.93528 2.07893 2.23248 2.39656 2.75903 3.17217 3.64248 4.17725 4.784595.47357 15.40702 16 1.17258 1.26899 17 1.18430 1.28802 18 1.19615 1.30734 19 1.20811 1.32695 20 1.22019 1.34686 1.37279 1.48451 1.40024 1.52162 1.42825 1.55966 1.45681 1.59865 1.48595 1.63862 1.60471 1.73399 1.87298 2.02237 2.18287 2.35526 1.65285 1.79468 1.94790 2.11338 2.29202 2.48480 1.70243 1.85749 2.02582 2.20848 2.40662 2.62147 1.75351 1.92250 2.10685 2.30786 2.52695 2.76565 1.80611 1.98979 2.19112 2.41171 2.65330 2.91776 2.54035 2.69277 2.85434 3.02560 3.20714 2.95216 3.15882 3.37993 3.61653 3.86968 3.42594 3.70002 3.99602 4.31570 4.66096 3.97031 4.32763 4.71712 5.14166 5.60441 4.59497 5.05447 5.55992 6.11591 6.72750 5.31089 6.13039 5.895096.86604 6.54355 7.68997 7.26334 8.61276 8.06231 9.64629 18.48843 22.18611 26.62333 31.94800 38.33760 21 1.23239 25 1.28243 30 1.34785 40 1.48886 1.36706 1.45095 1.56308 1.81402 1.51567 1.67958 1.86029 1.64061 1.85394 2.09378 1.81136 2.09757 2.42726 2.20804 2.68506 3.26204 2.05943 2.27877 2.52024 2.78596 3.07823 3.39956 4.14056 2.36324 2.66584 3.00543 3.38635 3.813394.29187 5.42743 2.806793.24340 3.74532 4.32194 4.98395 5.743497.61226 3.95926 4.80102 5.81636 7.03999 8.51331 10.28572 14.97446 5.03383 6.84848 10.06266 21.72452 6.10881 7.40025 8.94917 8.62308 10.83471 13.58546 13.26768 17.44940 22.89230 31.40942 45.25926 65.00087 10.80385 17.00006 29.95992 93.05097 46.00512 95.39622 237.37631 1469.77160 TABLE 2 Present Value of $1 PV =_$1 (1+i)" wi 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 0.0% 0.0% 11.0% 12.0% 20.0% 1 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.95694 0.95238 0.94787 0.94340 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.83333 2 0.98030 0.97066 0.96117 0.95181 0.94260 0.93351 0.92456 0.91573 0.90703 0.89845 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.797190.69444 3 0.97059 0.95632 0.94232 0.92860 0.91514 0.90194 0.88900 0.87630 0.86384 0.85161 0.83962 0.81630 0.79383 0.77218 0.75131 0.73119 0.71178 0.57870 4 0.96098 0.94218 0.92385 0.90595 0.88849 0.87144 0.85480 0.83856 0.82270 0.80722 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.48225 5 0.95147 0.92826 0.90573 0.88385 0.86261 0.84197 0.82193 0.80245 0.78353 0.76513 0.74726 0.71299 0.68058 0.64993 0.62092 0.59345 0.56743 0.40188 6 0.94205 0.91454 0.88797 0.86230 0.83748 0.81350 0.79031 0.76790 0.74622 0.72525 0.70496 0.66634 0.63017 0.59627 0.56447 0.53464 0.50663 0.33490 7 0.93272 0.90103 0.87056 0.84127 0.81309 0.78599 0.75992 0.73483 0.71068 0.68744 0.66506 0.62275 0.58349 0.54703 0.51316 0.48166 0.45235 0.27908 8 0.92348 0.88771 0.85349 0.82075 0.78941 0.75941 0.73069 0.70319 0.67684 0.65160 0.62741 0.58201 0.54027 0.50187 0.46651 0.43393 0.40388 0.23257 9 0.91434 0.87459 0.83676 0.80073 0.76642 0.73373 0.70259 0.67290 0.64461 0.61763 0.59190 0.54393 0.50025 0.46043 0.42410 0.39092 0.36061 0.19381 10 0.90529 0.86167 0.82035 0.78120 0.74409 0.70892 0.67556 0.64393 0.61391 0.58543 0.55839 0.50835 0.46319 0.42241 0.38554 0.35218 0.32197 0.16151 11 0.89632 0.84893 0.80426 0.76214 0.72242 0.68495 0.64958 0.61620 0.58468 0.55491 0.52679 0.475090.42888 0.38753 0.35049 0.31728 0.28748 0.13459 12 0.88745 0.83639 0.78849 0.74356 0.70138 0.66178 0.62460 0.58966 0.55684 0.52598 0.49697 0.44401 0.39711 0.35553 0.31863 0.28584 0.25668 0.11216 13 0.87866 0.82403 0.77303 0.72542 0.68095 0.63940 0.60057 0.56427 0.53032 0.49856 0.46884 0.41496 0.36770 0.32618 0.28966 0.25751 0.22917 0.09346 14 0.86996 0.81185 0.75788 0.70773 0.66112 0.61778 0.57748 0.53997 0.50507 0.47257 0.44230 0.38782 0.34046 0.29925 0.26333 0.23199 0.20462 0.07789 15 0.86135 0.79985 0.74301 0.69047 0.64186 0.59689 0.55526 0.51672 0.48102 0.44793 0.41727 0.36245 0.31524 0.27454 0.23939 0.20900 0.18270 0.06491 16 0.85282 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.494470.45811 0.42458 0.39365 0.33873 0.29189 0.25187 0.21763 0.18829 0.16312 0.05409 17 0.84438 0.77639 0.71416 0.65720 0.60502 0.55720 0.51337 0.47318 0.43630 0.40245 0.37136 0.31657 0.27027 0.23107 0.19784 0.16963 0.14564 0.04507 18 0.83602 0.76491 0.70016 0.64117 0.58739 0.53836 0.49363 0.45280 0.41552 0.38147 0.35034 0.29586 0.25025 0.21199 0.17986 0.15282 0.13004 0.03756 19 0.82774 0.75361 0.68643 0.62553 0.57029 0.52016 0.47464 0.43330 0.39573 0.36158 0.33051 0.27651 0.23171 0.19449 0.16351 0.13768 0.11611 0.03130 20 0.81954 0.74247 0.67297 0.61027 0.55368 0.50257 0.45639 0.41464 0.37689 0.34273 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.10367 0.02608 21 0.81143 0.73150 0.65978 0.59539 0.53755 0.48557 24 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 25 0.77977 0.68921 0.609530.53939 0.47761 0.42315 28 0.75684 0.65910 0.57437 0.50088 0.43708 0.38165 29 0.74934 0.64936 0.56311 0.48866 0.42435 0.36875 0.43883 0.39679 0.35894 0.32486 0.29416 0.24151 0.39012 0.34770 0.31007 0.27666 0.24698 0.19715 0.37512 0.33273 0.29530 0.26223 0.233000 .18425 0.33348 0.29157 0.255090.22332 0.19563 0.15040 0.32065 0.27902 0.24295 0.21168 0.18456 0.14056 0.19866 0.16370 0.13513 0.11174 0.09256 0.02174 0.15770 0.12640 0.10153 0.08170 0.06588 0.01258 0.14602 0.11597 0.09230 0.07361 0.05882 0.01048 0.11591 0.08955 0.06934 0.05382 0.04187 0.00607 0.10733 0.08215 0.06304 0.04849 0.03738 0.00506 30 0.74192 0.63976 0.55207 0.47674 0.41199 0.35628 0.30832 0.26700 0.23138 0.20064 31 0.73458 0.63031 0.54125 0.46511 0.39999 0.34423 0.29646 0.25550 0.22036 0.19018 40 0.67165 0.55126 0.45289 0.37243 0.30656 0.25257 0.20829 0.17193 0.14205 0.11746 0.17411 0.13137 0.09938 0.07537 0.05731 0.04368 0.03338 0.16425 0.12277 0.09202 0.06915 0.05210 0.03935 0.02980 0.09722 0.06678 0.04603 0.03184 0.02209 0.01538 0.01075 0.00421 0.00351 0.00068 TABLE 4 Present Value of an Ordinary Annuity of $1 1- - PVA= ni 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 9.0% 0.0% 11.0% 12.0% 20.0% 0.91743 0.909090.90090 0.89286 0.83333 1 2 3 4 5 0.99010 0.98522 1.97040 1.95588 2.940992.91220 3.90197 3.85438 4.85343 4.78264 0.980390.97561 1.94156 1.92742 2.88388 2.85602 3.80773 3.76197 4.71346 4.64583 0.97087 1.91347 2.82861 3.71710 4.57971 0.96618 0.96154 0.95694 1.899691.886091.87267 2.80164 2.77509 2.74896 3.67308 3.62990 3.58753 4.51505 4.45182 4.38998 0.95238 1.85941 2.72325 3.54595 4.32948 0.94787 1.84632 2.69793 3.50515 4.27028 0.94340 1.83339 2.67301 3.46511 4.21236 0.93458 1.80802 2.62432 3.38721 4.10020 0.92593 1.78326 2.57710 3.31213 3.99271 1.75911 1.73554 1.71252 1.69005 1.52778 2.53129 2.48685 2.44371 2.40183 2.10648 3.23972 3.16987 3.10245 3.03735 2.58873 3.88965 3.79079 3.69590 3.60478 2.99061 6 7 8 9 10 5.79548 6.72819 7.65168 8.56602 9.47130 5.69719 6.59821 7.48593 8.36052 9.22218 5.60143 6.47199 7.32548 8.16224 8.98259 5.508135.41719 5.32855 5.24214 5.15787 5.07569 4.99553 4.91732 4.76654 6.349396.23028 6.11454 6.00205 5.89270 5.78637 5.68297 5.58238 5.38929 7.17014 7.019696.87396 6.73274 6.595896.46321 6.33457 6.20979 5.97130 7.970877.78611 7.607697.435337.26879 7.10782 6.952206.80169 6.51523 8.75206 8.53020 8.31661 8.11090 7.91272 7.721737.537637.360097.02358 4.62288 5.20637 5.74664 6.24689 6.71008 4.48592 4.35526 4.23054 4.11141 3.32551 5.03295 4.86842 4.71220 4.56376 3.60459 5.53482 5.33493 5.14612 4.96764 3.83716 5.99525 5.75902 5.53705 5.32825 4.03097 6.41766 6.14457 5.88923 5.65022 4.19247 11 12 13 14 15 10.36763 11.25508 12.13374 13.00370 13.86505 10.07112 10.90751 11.73153 12.54338 13.34323 9.78685 10.57534 11.34837 12.10625 12.84926 9.51421 10.25776 10.98319 11.69091 12.38138 9.252629.00155 9.95400 9.66333 10.63496 10.30274 11.29607 10.92052 11.93794 11.51741 8.76048 9.38507 9.98565 10.56312 11.11839 8.52892 9.11858 9.68285 10.22283 10.73955 8.30641 8.86325 9.39357 9.89864 10.37966 8.09254 7.88687 7.49867 7.13896 8.618528.38384 7.942697.53608 9.11708 8.85268 8.35765 7.90378 9.58965 9.294988.74547 8.24424 10.03758 9.71225 9.10791 8.55948 6.80519 6.49506 6.20652 5.93770 7.16073 6.81369 6.49236 6.19437 7.48690 7.10336 6.74987 6.42355 7.78615 7.36669 6.98187 6.62817 8.06069 7.60608 7.19087 6.81086 4.32706 4.43922 4.53268 4.61057 4.67547 16 17 18 19 20 14.71787 15.56225 16.39827 17.22601 18.04555 14.13126 14.90765 15.67256 16.42617 17.16864 13.57771 14.29187 14.99203 15.67846 16.35143 13.05500 13.71220 14.35336 14.97889 15.58916 12.56110 13.16612 13.75351 14.32380 14.87747 12.09412 12.65132 13.18968 13.70984 14.21240 11.65230 12.16567 12.65930 13.13394 13.59033 11.23402 11.70719 12.15999 12.59329 13.00794 10.83777 10.46216 11.27407 10.86461 11.68959 11.24607 12.08532 11.60765 12.46221 11.95038 10.10590 10.47726 10.82760 11.15812 11.46992 9.44665 8.85137 8.31256 7.82371 7.37916 6.97399 4.72956 9.76322 9.12164 8.54363 8.02155 7.54879 7.11963 4.77463 10.059099.371898.75563 8.20141 7.70162 7.24967 4.81219 10.33560 9.60360 8.95011 8.36492 7.839297.36578 4.84350 10.59401 9.818159.12855 8.51356 7.96333 7.46944 4.86958 21 25 30 40 18.85698 17.90014 17.01121 16.18455 15.41502 14.69797 22.02316 20.71961 19.52346 18.42438 17.41315 16.48151 25.80771 24.01584 22.39646 20.93029 19.60044 18.39205 32.83469 29.91585 27.35548 25.10278 23.11477 21.35507 14.02916 15.62208 17.29203 19.79277 13.40472 14.82821 16.28889 18.40158 12.82115 12.27524 14.09394 13.41393 15.37245 14.53375 17.1590916.04612 11.76408 12.78336 13.76483 15.04630 10.83553 11.65358 12.40904 13.33171 10.01680 10.67478 11.25778 11.92461 9.29224 8.64869 8.07507 7.56200 4.89132 9.82258 9.07704 8.42174 7.84314 4.94759 10.27365 9.42691 8.69379 8.05518 4.97894 10.75736 9.77905 8.95105 8.24378 4.99660 Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material is also available under the Investor Relations link at the company's website (www.target.com).EV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: In its Analysis of "Financial Condition: New Accounting Pronouncements." Target's financial statements for the year ended February 3, 2018, the company indicates that In February 2016, the FASB issued ASU No. 2016-02, Leases, to require organizations that lease assets to recognize the rights and obligations created by those leases on the balance sheet. The new standard is effective in 2019. Refer to Note 22: Leases. New lease accounting guidance requires companies to record a right-of-use asset and a lease liability for all leases, with the exception of short-term leases, at present value. If Target had used the new lease accounting guidance in its fiscal 2017 (February 3, 2018) financial statements, what would be the amount reported as a liability for its leases, operating and capital (finance) combined ? (Do not round intermediate calculations. Enter your answers to nearest millions. Round final answer to the nearest whole value.) Hint: Assume the payments after 2020" are to be paid evenly over a 16-year period and all payments are at the end of years indicated. Target indicates elsewhere in its financial statements that 6% is an appropriate discount rate for its leases. Amount reported as a liability for its leases combined 6,154 million Total capital lease interest expense was $55 million, $49 million, and $42 million in 2017, 2016, and 2015, respectively, and is included within Net Interest Expense on the Consolidated Statements of Operations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 50 years or more. Certain leases also include options to purchase the leased property. Assets recorded under capital leases as of February 3, 2018 and January 28, 2017 were $1,004 million and $888 million, respectively. These assets are recorded net of accumulated amortization of $295 million and $406 million as of February 3, 2018 and January 28 2017, respectively (25) s (23) Future Minimum Lease Payments (millions) Operating Leases Capital Leases Rent Income Total 2018 227 $ 92 $ 294 2019 234 96 (25) 305 2020 226 97 (24) 299 2021 222 96 (23) 295 2022 217 290 After 2022 3,027 1,524 (307) 4,244 Total future minimum lease payments 4,153 $ 2,001 $ (427) $ 5,727 Less: Interest 849 Present value of future minimum capital lease payments 1,152 Note: Minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance Minimum lease payments also ersclude payments to landlords for fixed purchase options which we believe are reasonably assured of being exercised Total contractual lease payments include $1.987 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $386 million of legally binding minimum lease payments for stores that are expected to open in 2018 or later. Capital lease payments include $604 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $244 million of legally binding minimum lease payments for stores that are expected to open in 2018 or later Calculated using the interest rate at inception for each lease Includes the current portion of $68 million. TABLE 3 Future Value of an ordinary Annuity of $1 FVA = (1+i)" - 1 ni 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 70% 8.0% 0.0% 10.0% 11.0% 12.0% 20.0% 1 1.0000 1.000 1.0000 1.0000 1.0000 1.000 1.000 1.0000 1.000 1.000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.000 1.0000 2 2.0100 2.01502.0200 2.0250 2.0300 2.0350 2.0400 2.0450 2.0500 2.0550 2 .0600 2.0900 2.1000 2.1100 2.1200 3 4 5 3.0301 4.0604 5.1010 3.0452 3.0604 4.09094.1216 5.1523 5.2040 3.0756 4.1525 5.2563 3.0909 4.1836 5.3091 3.1062 4.2149 5.3625 3.1216 4.2465 5.4163 3.1370 3.1525 4.2782 4.3101 5.47075.5256 3.16803.1836 4.3423 4.3746 5.5811 5.6371 2.0700 2.0800 3.21493.2464 4.4399 4.5061 5.7507 5.8666 3.2781 4.5731 5.9847 3.3100 4.6410 6.1051 3.3421 4.7097 6.2278 3.3744 4.7793 6.3528 2.2000 3.6400 5.3680 7.4416 8.1152 10.0890 6 7 8 9 10 6.1520 7.2135 8.2857 9.3685 10.4622 6.2296 7.3230 8.4328 9.5593 10.7027 6.3081 6.3877 7.43437.5474 8.5830 8.7361 9.7546 9.9545 10.9497 11. 2034 6.4684 6.5502 7.6625 7.7794 8.8923 9.0517 10.1591 10.3685 11.4639 11.7314 6.6330 7.8983 9.2142 10.5828 12.0061 6.7169 8.0192 9.3800 10.8021 12.2882 6.8019 6.8881 6.9753 8.1420 8.26698.3938 9.5491 9.7216 9.8975 11.0266 11.2563 11.4913 12.577912.8754 13.1808 7.1533 7.33597.5233 8.65408.9228 9.2004 10.2598 10.6366 11.0285 11.9780 12.4876 13.0210 13.8164 14.4866 15.1929 7.7156 9.4872 11.4359 13.5795 15.9374 79129 9.7833 11.8594 14.1640 16.7220 12.2997 14.7757 17.5487 9.9299 12.9159 16.4991 20.7989 25.9587 32.1504 39.5805 11 12 13 14 15 11.5668 11.8633 12.6825 13.0412 13.8093 14.2368 14.9474 15.4504 16.0969 16.6821 12.1687 12.4835 12.8078 13.1420 13.4864 13.8412 13.4121 13.7956 14.1920 14.6020 15.0258 15.4640 14.6803 15.1404 15.6178 16.1130 16.6268 17.1599 15.9739 16.5190 17.0863 17.6770 18.291918.9321 17.2934 17.9319 18.5989 19.2957 20.0236 20.7841 14.2068 15.9171 17.7130 19.5986 21.5786 14.5835 16.3856 18.2868 20.2926 22.4087 14.9716 16.8699 18.8821 21.0151 23.2760 15.7836 17.8885 20.1406 22.5505 25.1290 16.6455 18.9771 21.4953 24.2149 27.1521 17.5603 18.5312 20.1407 21.3843 22.9534 24.5227 26.0192 27.9750 29.360931.7725 19.5614 22.7132 26.2116 30.0949 34.4054 20.6546 24.1331 28.0291 32.3926 37.2797 48.4966 59.1959 72.0351 16 17.2579 17.9324 18.6393 19.3802 20.1569 20.9710 21.8245 17 18.4304 19.2014 20.0121 20.8647 21.7616 22.7050 23.6975 18 19.6147 20.4894 21.4123 22.3863 23.4144 24.4997 25.6454 19 20.8109 21.7967 22.8406 23.9460 25.1169 26.3572 27.6712 20 22.0190 23.1237 24.2974 25.5447 26.8704 28.2797 29.7781 22.7193 24.7417 26.8551 29.0636 31.3714 23.6575 25.8404 28.1324 30.5390 33.0660 24.6411 26.9964 29.4812 32.1027 34.8683 25.6725 27.8881 28.212930.8402 30.9057 33.9990 33.7600 37.3790 36.7856 40.9955 30.3243 33.7502 37.4502 41.4463 45.7620 33.0034 36.9737 41.3013 46.0185 51.1601 35.9497 40.5447 45.5992 51.1591 57.2750 39.189942.7533 44.5008 48.8837 50.395955.7497 56.9395 63.4397 64.2028 72.0524 87.4421 105.9306 128.1167 154.7400 186.6880 21 23.2392 24.4705 25.7833 27.1833 28.6765 30.2695 31.9692 33.7831 30 34.7849 37.5387 40.5681 43.9027 47.5754 51.6227 56.084961.0071 40 48.8864 54.2679 60.4020 67.4026 75.4013 84.5503 95.0255 107.0303 35.7193 37.7861 66.4388 72.4355 120.7998 136.6056 39.9927 44.8652 50.422956.7645 79.0582 94.4608 113.2832 136.3075 154.7620 199.6351 259.0565 337.8824 64.0025 164.4940 442.5926 72.2651 81.6987 225.0256 199.0209241.3327 1181.8816 581.8261 767.0914 7343.8578 TABLE 1 Future Value of $1 FV = $1(1+i)" ni 1.0% 1.5% 2.0% 2.5% 20.0% 1 1.01000 1.01500 1.02000 1.02500 1.20000 1.44000 2 1.02010 3 1.03030 4 1.04060 5 1.05101 1.03022 1.04040 1.04568 1.06121 1.06136 1.08243 1.07728 1.10408 1.05063 1.07689 1.10381 1.13141 3.0% 1.03000 1.06090 1.09273 1.12551 1.15927 3.5% 4.0% 1.03500 1.04000 1.07123 1.08160 1.10872 1.12486 1.14752 1.16986 1.18769 1.21665 4.5% 1.04500 1.09203 1.14117 1.19252 1.24618 5.0% 5.5% 1.05000 1.05500 1.10250 1.11303 1.15763 1.17424 1.21551 1.23882 1.27628 1.30696 6.0% 7.0% 1.06000 1.07000 1.12360 1.14490 1.191021.22504 1.26248 1.31080 1.33823 1.40255 8.0% 1.08000 1.16640 1.25971 1.36049 1.46933 0.0% 1.09000 1.18810 1.29503 1.41158 1.53862 10.0% 1.10000 1.21000 1.33100 1.46410 1.61051 11.0% 1.11000 1.23210 1.36763 1.51807 1.68506 12.0% 1.12000 1.25440 1.40493 1.57352 1.76234 1.72800 2.07360 2.48832 6 1.06152 1.09344 1.12616 1.15969 1.19405 1.22926 1.26532 1.30226 1.34010 1.37884 1.41852 1.500731.58687 1.67710 1.77156 1.87041 1.97382 2.98598 3.58318 4.29982 7 8 9 10 1.07214 1.10984 1.08286 1.12649 1.09369 1.14339 1.10462 1.16054 1.14869 1.18869 1.17166 1.21840 1.19509 1.24886 1.21899 1.28008 1.22987 1.26677 1.30477 1.34392 1.27228 1.31681 1.36290 1.41060 1.31593 1.36086 1.36857 1.42210 1.42331 1.48610 1.48024 1.55297 1.40710 1.47746 1.55133 1.62889 1.45468 1.50363 1.53469 1.59385 1.619091.68948 1.70814 1.79085 1.60578 1.71819 1.83846 1.96715 1.71382 1.85093 1.99900 2.15892 1.82804 1.94872 2.07616 1.99256 2.143592.30454 2.171892.35795 2.55804 2.36736 2.59374 2.83942 2.21068 2.47596 2.77308 3.10585 5.15978 6.19174 7.43008 11 12 13 14 1.11567 1.17795 1.12683 1.19562 1.13809 1.21355 1.14947 1.23176 1.24337 1.31209 1.26824 1.34489 1.29361 1.37851 131948 1.41297 1.38423 1.42576 1.46853 1.51259 1.45997 1.53945 1.62285 1.51107 1.60103 1.69588 1.56396 1.66507 1.77220 1.61869 1.73168 1.85194 1.71034 1.802091.89830 1.79586 1.90121 2.01220 1.88565 2.00577 2.13293 1.97993 2.116092.26090 2.10485 2.25219 2.40985 2.57853 2.33164 2.51817 2.71962 2.93719 2.58043 2.81266 3.06580 3.34173 2.85312 3.13843 3.45227 3.79750 3.15176 3.49845 3.88328 4.31044 3.47855 3.89598 4.36349 4.88711 8.91610 10.69932 12.83918 15 1.16097 1.25023 1.34587 1.44830 1.55797 1.67535 1.80094 1.93528 2.07893 2.23248 2.39656 2.75903 3.17217 3.64248 4.17725 4.784595.47357 15.40702 16 1.17258 1.26899 17 1.18430 1.28802 18 1.19615 1.30734 19 1.20811 1.32695 20 1.22019 1.34686 1.37279 1.48451 1.40024 1.52162 1.42825 1.55966 1.45681 1.59865 1.48595 1.63862 1.60471 1.73399 1.87298 2.02237 2.18287 2.35526 1.65285 1.79468 1.94790 2.11338 2.29202 2.48480 1.70243 1.85749 2.02582 2.20848 2.40662 2.62147 1.75351 1.92250 2.10685 2.30786 2.52695 2.76565 1.80611 1.98979 2.19112 2.41171 2.65330 2.91776 2.54035 2.69277 2.85434 3.02560 3.20714 2.95216 3.15882 3.37993 3.61653 3.86968 3.42594 3.70002 3.99602 4.31570 4.66096 3.97031 4.32763 4.71712 5.14166 5.60441 4.59497 5.05447 5.55992 6.11591 6.72750 5.31089 6.13039 5.895096.86604 6.54355 7.68997 7.26334 8.61276 8.06231 9.64629 18.48843 22.18611 26.62333 31.94800 38.33760 21 1.23239 25 1.28243 30 1.34785 40 1.48886 1.36706 1.45095 1.56308 1.81402 1.51567 1.67958 1.86029 1.64061 1.85394 2.09378 1.81136 2.09757 2.42726 2.20804 2.68506 3.26204 2.05943 2.27877 2.52024 2.78596 3.07823 3.39956 4.14056 2.36324 2.66584 3.00543 3.38635 3.813394.29187 5.42743 2.806793.24340 3.74532 4.32194 4.98395 5.743497.61226 3.95926 4.80102 5.81636 7.03999 8.51331 10.28572 14.97446 5.03383 6.84848 10.06266 21.72452 6.10881 7.40025 8.94917 8.62308 10.83471 13.58546 13.26768 17.44940 22.89230 31.40942 45.25926 65.00087 10.80385 17.00006 29.95992 93.05097 46.00512 95.39622 237.37631 1469.77160 TABLE 2 Present Value of $1 PV =_$1 (1+i)" wi 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 0.0% 0.0% 11.0% 12.0% 20.0% 1 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.95694 0.95238 0.94787 0.94340 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.83333 2 0.98030 0.97066 0.96117 0.95181 0.94260 0.93351 0.92456 0.91573 0.90703 0.89845 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.797190.69444 3 0.97059 0.95632 0.94232 0.92860 0.91514 0.90194 0.88900 0.87630 0.86384 0.85161 0.83962 0.81630 0.79383 0.77218 0.75131 0.73119 0.71178 0.57870 4 0.96098 0.94218 0.92385 0.90595 0.88849 0.87144 0.85480 0.83856 0.82270 0.80722 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.48225 5 0.95147 0.92826 0.90573 0.88385 0.86261 0.84197 0.82193 0.80245 0.78353 0.76513 0.74726 0.71299 0.68058 0.64993 0.62092 0.59345 0.56743 0.40188 6 0.94205 0.91454 0.88797 0.86230 0.83748 0.81350 0.79031 0.76790 0.74622 0.72525 0.70496 0.66634 0.63017 0.59627 0.56447 0.53464 0.50663 0.33490 7 0.93272 0.90103 0.87056 0.84127 0.81309 0.78599 0.75992 0.73483 0.71068 0.68744 0.66506 0.62275 0.58349 0.54703 0.51316 0.48166 0.45235 0.27908 8 0.92348 0.88771 0.85349 0.82075 0.78941 0.75941 0.73069 0.70319 0.67684 0.65160 0.62741 0.58201 0.54027 0.50187 0.46651 0.43393 0.40388 0.23257 9 0.91434 0.87459 0.83676 0.80073 0.76642 0.73373 0.70259 0.67290 0.64461 0.61763 0.59190 0.54393 0.50025 0.46043 0.42410 0.39092 0.36061 0.19381 10 0.90529 0.86167 0.82035 0.78120 0.74409 0.70892 0.67556 0.64393 0.61391 0.58543 0.55839 0.50835 0.46319 0.42241 0.38554 0.35218 0.32197 0.16151 11 0.89632 0.84893 0.80426 0.76214 0.72242 0.68495 0.64958 0.61620 0.58468 0.55491 0.52679 0.475090.42888 0.38753 0.35049 0.31728 0.28748 0.13459 12 0.88745 0.83639 0.78849 0.74356 0.70138 0.66178 0.62460 0.58966 0.55684 0.52598 0.49697 0.44401 0.39711 0.35553 0.31863 0.28584 0.25668 0.11216 13 0.87866 0.82403 0.77303 0.72542 0.68095 0.63940 0.60057 0.56427 0.53032 0.49856 0.46884 0.41496 0.36770 0.32618 0.28966 0.25751 0.22917 0.09346 14 0.86996 0.81185 0.75788 0.70773 0.66112 0.61778 0.57748 0.53997 0.50507 0.47257 0.44230 0.38782 0.34046 0.29925 0.26333 0.23199 0.20462 0.07789 15 0.86135 0.79985 0.74301 0.69047 0.64186 0.59689 0.55526 0.51672 0.48102 0.44793 0.41727 0.36245 0.31524 0.27454 0.23939 0.20900 0.18270 0.06491 16 0.85282 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.494470.45811 0.42458 0.39365 0.33873 0.29189 0.25187 0.21763 0.18829 0.16312 0.05409 17 0.84438 0.77639 0.71416 0.65720 0.60502 0.55720 0.51337 0.47318 0.43630 0.40245 0.37136 0.31657 0.27027 0.23107 0.19784 0.16963 0.14564 0.04507 18 0.83602 0.76491 0.70016 0.64117 0.58739 0.53836 0.49363 0.45280 0.41552 0.38147 0.35034 0.29586 0.25025 0.21199 0.17986 0.15282 0.13004 0.03756 19 0.82774 0.75361 0.68643 0.62553 0.57029 0.52016 0.47464 0.43330 0.39573 0.36158 0.33051 0.27651 0.23171 0.19449 0.16351 0.13768 0.11611 0.03130 20 0.81954 0.74247 0.67297 0.61027 0.55368 0.50257 0.45639 0.41464 0.37689 0.34273 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.10367 0.02608 21 0.81143 0.73150 0.65978 0.59539 0.53755 0.48557 24 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 25 0.77977 0.68921 0.609530.53939 0.47761 0.42315 28 0.75684 0.65910 0.57437 0.50088 0.43708 0.38165 29 0.74934 0.64936 0.56311 0.48866 0.42435 0.36875 0.43883 0.39679 0.35894 0.32486 0.29416 0.24151 0.39012 0.34770 0.31007 0.27666 0.24698 0.19715 0.37512 0.33273 0.29530 0.26223 0.233000 .18425 0.33348 0.29157 0.255090.22332 0.19563 0.15040 0.32065 0.27902 0.24295 0.21168 0.18456 0.14056 0.19866 0.16370 0.13513 0.11174 0.09256 0.02174 0.15770 0.12640 0.10153 0.08170 0.06588 0.01258 0.14602 0.11597 0.09230 0.07361 0.05882 0.01048 0.11591 0.08955 0.06934 0.05382 0.04187 0.00607 0.10733 0.08215 0.06304 0.04849 0.03738 0.00506 30 0.74192 0.63976 0.55207 0.47674 0.41199 0.35628 0.30832 0.26700 0.23138 0.20064 31 0.73458 0.63031 0.54125 0.46511 0.39999 0.34423 0.29646 0.25550 0.22036 0.19018 40 0.67165 0.55126 0.45289 0.37243 0.30656 0.25257 0.20829 0.17193 0.14205 0.11746 0.17411 0.13137 0.09938 0.07537 0.05731 0.04368 0.03338 0.16425 0.12277 0.09202 0.06915 0.05210 0.03935 0.02980 0.09722 0.06678 0.04603 0.03184 0.02209 0.01538 0.01075 0.00421 0.00351 0.00068 TABLE 4 Present Value of an Ordinary Annuity of $1 1- - PVA= ni 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 9.0% 0.0% 11.0% 12.0% 20.0% 0.91743 0.909090.90090 0.89286 0.83333 1 2 3 4 5 0.99010 0.98522 1.97040 1.95588 2.940992.91220 3.90197 3.85438 4.85343 4.78264 0.980390.97561 1.94156 1.92742 2.88388 2.85602 3.80773 3.76197 4.71346 4.64583 0.97087 1.91347 2.82861 3.71710 4.57971 0.96618 0.96154 0.95694 1.899691.886091.87267 2.80164 2.77509 2.74896 3.67308 3.62990 3.58753 4.51505 4.45182 4.38998 0.95238 1.85941 2.72325 3.54595 4.32948 0.94787 1.84632 2.69793 3.50515 4.27028 0.94340 1.83339 2.67301 3.46511 4.21236 0.93458 1.80802 2.62432 3.38721 4.10020 0.92593 1.78326 2.57710 3.31213 3.99271 1.75911 1.73554 1.71252 1.69005 1.52778 2.53129 2.48685 2.44371 2.40183 2.10648 3.23972 3.16987 3.10245 3.03735 2.58873 3.88965 3.79079 3.69590 3.60478 2.99061 6 7 8 9 10 5.79548 6.72819 7.65168 8.56602 9.47130 5.69719 6.59821 7.48593 8.36052 9.22218 5.60143 6.47199 7.32548 8.16224 8.98259 5.508135.41719 5.32855 5.24214 5.15787 5.07569 4.99553 4.91732 4.76654 6.349396.23028 6.11454 6.00205 5.89270 5.78637 5.68297 5.58238 5.38929 7.17014 7.019696.87396 6.73274 6.595896.46321 6.33457 6.20979 5.97130 7.970877.78611 7.607697.435337.26879 7.10782 6.952206.80169 6.51523 8.75206 8.53020 8.31661 8.11090 7.91272 7.721737.537637.360097.02358 4.62288 5.20637 5.74664 6.24689 6.71008 4.48592 4.35526 4.23054 4.11141 3.32551 5.03295 4.86842 4.71220 4.56376 3.60459 5.53482 5.33493 5.14612 4.96764 3.83716 5.99525 5.75902 5.53705 5.32825 4.03097 6.41766 6.14457 5.88923 5.65022 4.19247 11 12 13 14 15 10.36763 11.25508 12.13374 13.00370 13.86505 10.07112 10.90751 11.73153 12.54338 13.34323 9.78685 10.57534 11.34837 12.10625 12.84926 9.51421 10.25776 10.98319 11.69091 12.38138 9.252629.00155 9.95400 9.66333 10.63496 10.30274 11.29607 10.92052 11.93794 11.51741 8.76048 9.38507 9.98565 10.56312 11.11839 8.52892 9.11858 9.68285 10.22283 10.73955 8.30641 8.86325 9.39357 9.89864 10.37966 8.09254 7.88687 7.49867 7.13896 8.618528.38384 7.942697.53608 9.11708 8.85268 8.35765 7.90378 9.58965 9.294988.74547 8.24424 10.03758 9.71225 9.10791 8.55948 6.80519 6.49506 6.20652 5.93770 7.16073 6.81369 6.49236 6.19437 7.48690 7.10336 6.74987 6.42355 7.78615 7.36669 6.98187 6.62817 8.06069 7.60608 7.19087 6.81086 4.32706 4.43922 4.53268 4.61057 4.67547 16 17 18 19 20 14.71787 15.56225 16.39827 17.22601 18.04555 14.13126 14.90765 15.67256 16.42617 17.16864 13.57771 14.29187 14.99203 15.67846 16.35143 13.05500 13.71220 14.35336 14.97889 15.58916 12.56110 13.16612 13.75351 14.32380 14.87747 12.09412 12.65132 13.18968 13.70984 14.21240 11.65230 12.16567 12.65930 13.13394 13.59033 11.23402 11.70719 12.15999 12.59329 13.00794 10.83777 10.46216 11.27407 10.86461 11.68959 11.24607 12.08532 11.60765 12.46221 11.95038 10.10590 10.47726 10.82760 11.15812 11.46992 9.44665 8.85137 8.31256 7.82371 7.37916 6.97399 4.72956 9.76322 9.12164 8.54363 8.02155 7.54879 7.11963 4.77463 10.059099.371898.75563 8.20141 7.70162 7.24967 4.81219 10.33560 9.60360 8.95011 8.36492 7.839297.36578 4.84350 10.59401 9.818159.12855 8.51356 7.96333 7.46944 4.86958 21 25 30 40 18.85698 17.90014 17.01121 16.18455 15.41502 14.69797 22.02316 20.71961 19.52346 18.42438 17.41315 16.48151 25.80771 24.01584 22.39646 20.93029 19.60044 18.39205 32.83469 29.91585 27.35548 25.10278 23.11477 21.35507 14.02916 15.62208 17.29203 19.79277 13.40472 14.82821 16.28889 18.40158 12.82115 12.27524 14.09394 13.41393 15.37245 14.53375 17.1590916.04612 11.76408 12.78336 13.76483 15.04630 10.83553 11.65358 12.40904 13.33171 10.01680 10.67478 11.25778 11.92461 9.29224 8.64869 8.07507 7.56200 4.89132 9.82258 9.07704 8.42174 7.84314 4.94759 10.27365 9.42691 8.69379 8.05518 4.97894 10.75736 9.77905 8.95105 8.24378 4.99660 Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material is also available under the Investor Relations link at the company's website (www.target.com).EV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: In its Analysis of "Financial Condition: New Accounting Pronouncements." Target's financial statements for the year ended February 3, 2018, the company indicates that In February 2016, the FASB issued ASU No. 2016-02, Leases, to require organizations that lease assets to recognize the rights and obligations created by those leases on the balance sheet. The new standard is effective in 2019. Refer to Note 22: Leases. New lease accounting guidance requires companies to record a right-of-use asset and a lease liability for all leases, with the exception of short-term leases, at present value. If Target had used the new lease accounting guidance in its fiscal 2017 (February 3, 2018) financial statements, what would be the amount reported as a liability for its leases, operating and capital (finance) combined ? (Do not round intermediate calculations. Enter your answers to nearest millions. Round final answer to the nearest whole value.) Hint: Assume the payments after 2020" are to be paid evenly over a 16-year period and all payments are at the end of years indicated. Target indicates elsewhere in its financial statements that 6% is an appropriate discount rate for its leases. Amount reported as a liability for its leases combined 6,154 million Total capital lease interest expense was $55 million, $49 million, and $42 million in 2017, 2016, and 2015, respectively, and is included within Net Interest Expense on the Consolidated Statements of Operations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 50 years or more. Certain leases also include options to purchase the leased property. Assets recorded under capital leases as of February 3, 2018 and January 28, 2017 were $1,004 million and $888 million, respectively. These assets are recorded net of accumulated amortization of $295 million and $406 million as of February 3, 2018 and January 28 2017, respectively (25) s (23) Future Minimum Lease Payments (millions) Operating Leases Capital Leases Rent Income Total 2018 227 $ 92 $ 294 2019 234 96 (25) 305 2020 226 97 (24) 299 2021 222 96 (23) 295 2022 217 290 After 2022 3,027 1,524 (307) 4,244 Total future minimum lease payments 4,153 $ 2,001 $ (427) $ 5,727 Less: Interest 849 Present value of future minimum capital lease payments 1,152 Note: Minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance Minimum lease payments also ersclude payments to landlords for fixed purchase options which we believe are reasonably assured of being exercised Total contractual lease payments include $1.987 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $386 million of legally binding minimum lease payments for stores that are expected to open in 2018 or later. Capital lease payments include $604 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $244 million of legally binding minimum lease payments for stores that are expected to open in 2018 or later Calculated using the interest rate at inception for each lease Includes the current portion of $68 million