Target Case (Static) LO5-3, 5-8, 5-10

[The following information applies to the questions displayed below.] Target Corporation prepares its financial statements according to U.S. GAAP. Targets 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 companys website (www.target.com). Target leases most of its facilities.

Required: 1. Refer to disclosure note 22 following Target's financial statements. What is the amount reported for "capital" leases (shown as the present value of minimum lease payments)? What is the total of those lease payments? What accounts for the difference between the two amounts? 2. What is the total of the operating lease payments? Required 1 Required 2 What is the amount reported for "capital" leases (shown as the present value of minimum lease payments)? What is the total of those lease payments? What accounts for the difference between the two amounts? (Enter your answers in millions (i.e., 10,00,000 should be entered as 10).) Total future minimum lease payments Less: Interest Present value of future minimum capital lease payments Capital Leases $ 2,001 849 $ 1,152 Required 1 Required 2 > Required: 1. Refer to disclosure note 22 following Target's financial statements. What is the amount reported for "capital" leases (shown as the present value of minimum lease payments)? What is the total of those lease payments? What accounts for the difference between the two amounts? 2. What is the total of the operating lease payments? Required 1 Required 2 What is the total of the operating lease payments? Total future operating lease payments 4,153 million Required: 1. Refer to disclosure note 22 following Target's financial statements. What is the amount reported for "capital" leases (shown as the present value of minimum lease payments)? What is the total of those lease payments? What accounts for the difference between the two amounts? 2. What is the total of the operating lease payments? Required 1 Required 2 What is the total of the operating lease payments? Total future operating lease payments 4,153 million