- Using the financial reports comment on the market measures
TARGET CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ACTUAL CASE DATA: S in Millions] February February 2, 20083. 2007 ASSETS Current Assets: Cash and cash equivalents 2.450 813 Short-term investments Total cash and short-term investments 2.450 Accounts receivable, net 8,054 6,194 Inventories, net 6.780 6,254 Current deferred taxes 556 427 Other current assets 1.066 1,018 Total cuurent assets 18.906 14.706 Property, plant, and equipment 31982 28.381 ciation Less: accumulated de 887 Net property, plant, and equipment 24.095 21.431 Long-term investments Goodwill, net 60 60 Other intangibles, net 148 152 Other deferred taxes Other assets 1.351 .000 Total assets 44.560 37,349 LIABILITIES Curent Liabilities: Accounts payable 6.721 6.575 Short-term debt Current portion of long-term debt 1.964 1.362 3,180 Accrued liabilities 3,097 Income taxes pavable Other current liabilities Total current liabilities 11.782 11,117 15,126 Long-term debt 8,675 Deferred income taxes payable 470 577 Other deferred liabilities Other liabilities 1,875 1,347 Total liabilities 29.253 21,716 Minority interest STOCKHOLDERS' EQUITY Preferred stock Common stock, par value plus additional paid-in capital Retained earnings (accumulated deficit) Treasury stock Accumulated other comprehensive income (loss) Other stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 2.459 2.724 12.761 13,417 (243) 15.307 15,633 44.560 37,349 TARGET CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS [ACTUAL CASE DATA: S in Millions] 2007 2005 2006 61,471 Sales 57,87851.271 Credit Card Revenues 1,896 1,612 1,349 Total Revenues 59,490 52,620 63,367 Cost of Sales 41,895 39,399 34,927 Selling, General and Administrative Expenses Credit Card Expenses Depreciation and Amortization Earnings Before Interest Expense and Income Taxes 13,704 12,819 11.185 837 707 776 1,496 1,409 1,659 5,272 5,069 4,323 463 Net Interest Expense 647 572 Earnings Before Income Taxes 3,860 4,625 4,497 Provision for Income Taxes 1,776 1,710 1,452 Net Earnings 2,849 2,787 2,408 Basic Eanings Per Share Diluted Earnings Per Share 3.37 2.73 3.23 3.35 3.21 2.71 Weighted average common shares outstanding Basic 861.9 845.4 882 Diluted 850.8 868.6 889.2 End of vear stock price 57.05 62.03 54.17 Dividends per share 0.46 0.38 0.54 TARGET CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS ACTUAL CASE DATA: S in Millions] 2007 2005 2006 Operating Activities Net Earnings 2.849 2.787 2,408 Reconciliation to Cash Flow Depreciation and amortization 1.659 1.496 1,409 Share-based compensation expense Deferred income (70) (201)(122) taxes Bad debt provision 481 380 466 Loss on disposal of property and equipment, net Other non-cash items affecting earmings Changes in operating accounts related to cash: Accounts receivable originated at Target 602) (226) (244) (525)431 (454) Inventory Other current assets 139 Other noncrrent assets Accounts payable 489 435 Accrued and other current liabilities 421 430 Other noncurrent liabilities 100 Other 79 Cash flow provided by operations 4.125 4.862 4,451 Investing Activities Expenditures for property, plant and Proceeds from disposal of property and equipment Change in accounts receivable originated at third parties 4.369 (3,928) (3,388) equipment (1.739)(683) (819) Other investements 182 144 Cash flow required for investing activities 6.195 (4,693 Financing Activities Additions to short-term notes payable Reductions of short-term notes payable 1.000 (500) Additions to long-term debt 7.617 1.256 913 Reductions of long-term debt 1.326)1.155) (527) 380) Dividends paid (442) Repurchase of stock .477 90(1.197) Premiums on call options Stock option exercises and related tax benefit 210 181 231 Other Cash flow provided/(required for) financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year 1.004 3,707 899 1.637(835) (597) 1.648 2,245 Cash and cash equivalents at end of year 813 2.450 1,648 TARGET CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ACTUAL CASE DATA: S in Millions] February February 2, 20083. 2007 ASSETS Current Assets: Cash and cash equivalents 2.450 813 Short-term investments Total cash and short-term investments 2.450 Accounts receivable, net 8,054 6,194 Inventories, net 6.780 6,254 Current deferred taxes 556 427 Other current assets 1.066 1,018 Total cuurent assets 18.906 14.706 Property, plant, and equipment 31982 28.381 ciation Less: accumulated de 887 Net property, plant, and equipment 24.095 21.431 Long-term investments Goodwill, net 60 60 Other intangibles, net 148 152 Other deferred taxes Other assets 1.351 .000 Total assets 44.560 37,349 LIABILITIES Curent Liabilities: Accounts payable 6.721 6.575 Short-term debt Current portion of long-term debt 1.964 1.362 3,180 Accrued liabilities 3,097 Income taxes pavable Other current liabilities Total current liabilities 11.782 11,117 15,126 Long-term debt 8,675 Deferred income taxes payable 470 577 Other deferred liabilities Other liabilities 1,875 1,347 Total liabilities 29.253 21,716 Minority interest STOCKHOLDERS' EQUITY Preferred stock Common stock, par value plus additional paid-in capital Retained earnings (accumulated deficit) Treasury stock Accumulated other comprehensive income (loss) Other stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 2.459 2.724 12.761 13,417 (243) 15.307 15,633 44.560 37,349 TARGET CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS [ACTUAL CASE DATA: S in Millions] 2007 2005 2006 61,471 Sales 57,87851.271 Credit Card Revenues 1,896 1,612 1,349 Total Revenues 59,490 52,620 63,367 Cost of Sales 41,895 39,399 34,927 Selling, General and Administrative Expenses Credit Card Expenses Depreciation and Amortization Earnings Before Interest Expense and Income Taxes 13,704 12,819 11.185 837 707 776 1,496 1,409 1,659 5,272 5,069 4,323 463 Net Interest Expense 647 572 Earnings Before Income Taxes 3,860 4,625 4,497 Provision for Income Taxes 1,776 1,710 1,452 Net Earnings 2,849 2,787 2,408 Basic Eanings Per Share Diluted Earnings Per Share 3.37 2.73 3.23 3.35 3.21 2.71 Weighted average common shares outstanding Basic 861.9 845.4 882 Diluted 850.8 868.6 889.2 End of vear stock price 57.05 62.03 54.17 Dividends per share 0.46 0.38 0.54 TARGET CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS ACTUAL CASE DATA: S in Millions] 2007 2005 2006 Operating Activities Net Earnings 2.849 2.787 2,408 Reconciliation to Cash Flow Depreciation and amortization 1.659 1.496 1,409 Share-based compensation expense Deferred income (70) (201)(122) taxes Bad debt provision 481 380 466 Loss on disposal of property and equipment, net Other non-cash items affecting earmings Changes in operating accounts related to cash: Accounts receivable originated at Target 602) (226) (244) (525)431 (454) Inventory Other current assets 139 Other noncrrent assets Accounts payable 489 435 Accrued and other current liabilities 421 430 Other noncurrent liabilities 100 Other 79 Cash flow provided by operations 4.125 4.862 4,451 Investing Activities Expenditures for property, plant and Proceeds from disposal of property and equipment Change in accounts receivable originated at third parties 4.369 (3,928) (3,388) equipment (1.739)(683) (819) Other investements 182 144 Cash flow required for investing activities 6.195 (4,693 Financing Activities Additions to short-term notes payable Reductions of short-term notes payable 1.000 (500) Additions to long-term debt 7.617 1.256 913 Reductions of long-term debt 1.326)1.155) (527) 380) Dividends paid (442) Repurchase of stock .477 90(1.197) Premiums on call options Stock option exercises and related tax benefit 210 181 231 Other Cash flow provided/(required for) financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year 1.004 3,707 899 1.637(835) (597) 1.648 2,245 Cash and cash equivalents at end of year 813 2.450 1,648
