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:

Invested capital (IC) = Net PP&E + NOWC:

Net property, plant, and equipment (PP&E)

Net operating working capital (NOWC) = Current operating assets (OCA) current operating liabilities (OCL)