Target records depreciation expense to recognize:

$1)$

the matching of revenues with expenses. Property and equipment contribute to Target's ability to maintain its operating activities. Therefore, its cost is allocated, in a methodical fashion, to the time periods it is estimated to be useful to those operating activities.

$2)$

the decline in the market value of assets.

$3)$

when the asset is no longer useful.

$4)$

the net change in the market value of assets. Some assets increase in value, while others decline. Depreciation is the net of those changes.