Target Corporation Consolidated Statements of Financial Position For Fiscal Years Ended ($ millions) Feb. 2. 2019 Feb. 3, 2018 Assets Cash and cash equivalents $1.556 $2.643 Inventory 9,497 8.597 Other current assets 1,466 1.300 Total current assets 12.519 12.540 Property and equipment Land 6,064 6.095 Buildings and improvements 29.240 28.131 Fixtures and equipment 5.912 5.623 Computer hardware and software 2.544 2.645 Construction-in-progress 460 440 Accumulated depreciation (18,687) (18.398) Property and equipment net 25.533 24,536 Operating lease assets 1.965 1.884 Other noncurrent assets 1.273 1.343 Total assets $41,290 $40.303 Liabilities and Shareholders Investment Accounts payable $9.761 58.677 Accrued and other current liabilities 4.201 4,094 Current portion of long-term debt and other borrowings 1,052 281 Total current liabilities 15.014 13.052 Long-term debt and other borrowings 10.223 11.117 Noncurrent operating lease liabilities 2,004 1.924 Deferred income taxes 972 693 Other noncurrent liabilities 1.780 1.866 Total noncurrent liabilities 14.979 15,600 Shareholders' investment Common stock 43 45 Additional paid-in-capital 6.042 5.858 Retained earnings 6,017 6.495 Accumulated other comprehensive loss (805) (747) Total shareholders' investment 11.297 11,651 Total liabilities and shareholders investment $41.290 $40,303 Target Corporation Consolidated Statements of Operations 12 Months Ended ($ millions) Feb. 2. 2019 Feb. 3, 2018 jan. 28, 2017 Total revenue $75.356 $72.714 $70,271 Cost of sales 53,299 51.125 49.145 Selling general and administrative expenses 15.723 15,140 14217 Depreciation and amortization (exclusive of depreciation included in cost of sales) 2.224 2.225 2,045 Operating income 4.110 4.224 4.864 Net interest expense 461 653 991 Net other (income) expense (59) (88) Earnings from continuing operations before income taxes 3.676 3.630 3,961 Provision for income taxes 746 722 1.295 Net earnings from continuing operations 2.930 2,908 2.666 Discontinued operations, net of tax 7 6 68 Net earnings $ 2.937 $ 2.914 $ 2734 (27) Forecast Target's income statements for the fiscal years ended February 2020 and 2021 using the following assumptions and data. Assumptions ($ millions) Revenue growth 3.69 Cost of sales as % of Total revenue 70.7% Selling general and administrative expenses as % of Total revenue 20.99 Forecasted depreciation expense for year ended February 2020 $2.565 Forecasted depreciation expense for year ended February 2021 52.778 Amortization expense SO Net interest expense Net other (income) expense Discontinued operations, net of tax SO Tax rate las pretax income) 209 No change No change Instructions: Round answers to the nearest whole number. Do not use negative signs with any of your answers. Feb. 2020 Feb. 2021 S S 5 Target Corporation Consolidated Statements of Operations 12 Months Ended ($ millions) 5 ) Total revenue Cost of sales Selling general and administrative expenses Depreciation and amortization (exclusive of depreciation included in cost of sales) Operating income Net interest expense Net income income Earnings from continuing operations before income taxes Provision for income taxes Net earnings from continuing operations Discontinued operations, net of tax Net earnings S S Forecast Target's balance sheets for the fiscal years ended February 2020 and 2021. Combine the forecasted property and equipment accounts into one account, titled Property and equipment, net. Use the following assumptions and data. Assumptions ($ millions) Inventory as % Total revenue 12.6% Other current assets as % Total revenue 1.9% Operating lease assets as % Total revenue 2.6% Other noncurrent assets as % Total revenue 1.796 Accounts payable as % Total revenue 13.0% Accrued and other current liabilities as % Total revenue 5.6% Noncurrent operating lease liabilities No change Deferred income taxes as % Total revenue 1.39 Other noncurrent liabilities as % Total revenue 2.4% Common stock No change Additional paid-in capital No change Accumulated other comprehensive loss No change CAPEX/Current period total revenue 4.70% Dividends for year ended February 2019 $1.335 Dividend payout 45.596 Stock buybacks per year $0 Long term debt current portion at February 2019 $1.052 Long term debt current portion at February 2020 $1,002 Long-term debt, current portion at February 2021 $1,094 Instructions: Round answers to the nearest whole number. Use a negative sign with your Accumulated other comprehensive loss answers. Feb. 2021 5 5 3 Target Corporation Consolidated Statements of Financial Position For Fiscal Years Ended (5 millions) Feb. 2020 Assets Cash and cash equivalents $ Inventory Other current assets Total current assets Property and equipment Operating lease assets Other noncurrent assets Total assets $ Liabilities and Shareholders investment Accounts payable $ Accrued and other current liabilities Current portion of long-term debt and other borrowings Total current liabilities Long-term debt and other borrowings Noncurrent operating lease liabilities Deferred income taxes Other noncurrent liabilities Total noncurrent liabilities Shareholders' investment Common stock Additional paid-in-capital Retained earnings Accumulated other comprehensive loss Total shareholders' investment Total liabilities and shareholders' investment 5 Target Corporation Consolidated Statements of Financial Position For Fiscal Years Ended ($ millions) Feb. 2. 2019 Feb. 3, 2018 Assets Cash and cash equivalents $1.556 $2.643 Inventory 9,497 8.597 Other current assets 1,466 1.300 Total current assets 12.519 12.540 Property and equipment Land 6,064 6.095 Buildings and improvements 29.240 28.131 Fixtures and equipment 5.912 5.623 Computer hardware and software 2.544 2.645 Construction-in-progress 460 440 Accumulated depreciation (18,687) (18.398) Property and equipment net 25.533 24,536 Operating lease assets 1.965 1.884 Other noncurrent assets 1.273 1.343 Total assets $41,290 $40.303 Liabilities and Shareholders Investment Accounts payable $9.761 58.677 Accrued and other current liabilities 4.201 4,094 Current portion of long-term debt and other borrowings 1,052 281 Total current liabilities 15.014 13.052 Long-term debt and other borrowings 10.223 11.117 Noncurrent operating lease liabilities 2,004 1.924 Deferred income taxes 972 693 Other noncurrent liabilities 1.780 1.866 Total noncurrent liabilities 14.979 15,600 Shareholders' investment Common stock 43 45 Additional paid-in-capital 6.042 5.858 Retained earnings 6,017 6.495 Accumulated other comprehensive loss (805) (747) Total shareholders' investment 11.297 11,651 Total liabilities and shareholders investment $41.290 $40,303 Target Corporation Consolidated Statements of Operations 12 Months Ended ($ millions) Feb. 2. 2019 Feb. 3, 2018 jan. 28, 2017 Total revenue $75.356 $72.714 $70,271 Cost of sales 53,299 51.125 49.145 Selling general and administrative expenses 15.723 15,140 14217 Depreciation and amortization (exclusive of depreciation included in cost of sales) 2.224 2.225 2,045 Operating income 4.110 4.224 4.864 Net interest expense 461 653 991 Net other (income) expense (59) (88) Earnings from continuing operations before income taxes 3.676 3.630 3,961 Provision for income taxes 746 722 1.295 Net earnings from continuing operations 2.930 2,908 2.666 Discontinued operations, net of tax 7 6 68 Net earnings $ 2.937 $ 2.914 $ 2734 (27) Forecast Target's income statements for the fiscal years ended February 2020 and 2021 using the following assumptions and data. Assumptions ($ millions) Revenue growth 3.69 Cost of sales as % of Total revenue 70.7% Selling general and administrative expenses as % of Total revenue 20.99 Forecasted depreciation expense for year ended February 2020 $2.565 Forecasted depreciation expense for year ended February 2021 52.778 Amortization expense SO Net interest expense Net other (income) expense Discontinued operations, net of tax SO Tax rate las pretax income) 209 No change No change Instructions: Round answers to the nearest whole number. Do not use negative signs with any of your answers. Feb. 2020 Feb. 2021 S S 5 Target Corporation Consolidated Statements of Operations 12 Months Ended ($ millions) 5 ) Total revenue Cost of sales Selling general and administrative expenses Depreciation and amortization (exclusive of depreciation included in cost of sales) Operating income Net interest expense Net income income Earnings from continuing operations before income taxes Provision for income taxes Net earnings from continuing operations Discontinued operations, net of tax Net earnings S S Forecast Target's balance sheets for the fiscal years ended February 2020 and 2021. Combine the forecasted property and equipment accounts into one account, titled Property and equipment, net. Use the following assumptions and data. Assumptions ($ millions) Inventory as % Total revenue 12.6% Other current assets as % Total revenue 1.9% Operating lease assets as % Total revenue 2.6% Other noncurrent assets as % Total revenue 1.796 Accounts payable as % Total revenue 13.0% Accrued and other current liabilities as % Total revenue 5.6% Noncurrent operating lease liabilities No change Deferred income taxes as % Total revenue 1.39 Other noncurrent liabilities as % Total revenue 2.4% Common stock No change Additional paid-in capital No change Accumulated other comprehensive loss No change CAPEX/Current period total revenue 4.70% Dividends for year ended February 2019 $1.335 Dividend payout 45.596 Stock buybacks per year $0 Long term debt current portion at February 2019 $1.052 Long term debt current portion at February 2020 $1,002 Long-term debt, current portion at February 2021 $1,094 Instructions: Round answers to the nearest whole number. Use a negative sign with your Accumulated other comprehensive loss answers. Feb. 2021 5 5 3 Target Corporation Consolidated Statements of Financial Position For Fiscal Years Ended (5 millions) Feb. 2020 Assets Cash and cash equivalents $ Inventory Other current assets Total current assets Property and equipment Operating lease assets Other noncurrent assets Total assets $ Liabilities and Shareholders investment Accounts payable $ Accrued and other current liabilities Current portion of long-term debt and other borrowings Total current liabilities Long-term debt and other borrowings Noncurrent operating lease liabilities Deferred income taxes Other noncurrent liabilities Total noncurrent liabilities Shareholders' investment Common stock Additional paid-in-capital Retained earnings Accumulated other comprehensive loss Total shareholders' investment Total liabilities and shareholders' investment 5