The objective of this exercise is to calculate historical free cash flows to the firm aka FCFF and other key line items of Target (NYSE:TGT) over the past five years using the income statement, balance sheet, and statement of cash flows available on either Targets earnings reports and/or Capital IQ.

From FY 2018 to 2022, calculate/reflect the following line items:

Capital expenditures (CAPEX)

Excess cash (that is, any cash & cash equivalents and short-term investments less operating cash you estimated above)

Free cash flows to the firm (FCFF) = NOPAT (CAPEX Depreciation + NOWC)