Input Area:

Target Corporation
Trial Balance
(In millions)
January 30, 2021 February 1, 2020 February 2, 2019
Cash and cash equivalents $ 8,511 $ 2,577 $ 1,556
Inventory 10,653 8,992 9,497
Other current assets 1,592 1,333 1,466
Land 6,141 6,036 6,064
Building improvements 31,557 30,603 29,240
Fixtures and equipment 5,914 6,083 5,912
Computer hardware and software 2,765 2,692 2,544
Construction-in-progress 780 533 460
Accumulated depreciation (20,278) (19,664) (18,687)
Operating lease assets 2,227 2,236 1,965
Other noncurrent assets 1,386 1,358 1,273
Accounts payable $ 12,859 $ 9,920 $ 9,761
Accrued and other current liabilities 6,122 4,406 4,201
Current portion of long-term debt and other borrowings 1,144 161 1,052
Long-term debt and other borrowings 11,536 11,338 10,223
Noncurrent operating lease liabilities 2,218 2,275 2,004
Deferred income taxes 990 1,122 972
Other noncurrent liabilities 1,939 1,724 1,780
Common stock 42 42 43
Additional paid-in capital 6,329 6,226 6,042
Retained earnings 8,825 6,433 6,017
Accumulated other comprehensive loss (756) (868) (805)
Totals $ 51,248 $ 51,248 $ 42,779 $ 42,779 $ 41,290 $ 41,290

Additional Information: 01/30/2021

Number of Common Stock shares outstanding Par value $ 0.0833 500,877,129 $ 42

Target Corporation
Income Statement
(In millions, except per share)

January 30, 2021 February 1, 2020

Sales $ 92,400 $ 77,130
Other revenue 1,161 982
Total revenue $ 93,561 $ 78,112
Cost of sales 66,177 54,864
Selling, general and administrative expenses 18,615 16,233
Depreciation and amortization (exclusive of
depreciation included in cost of sales) 2,230 2,357
Operating income 87,022 73,454
Net interest expense 977 477
Net other (income)/expense 16 (9)
Earnings from continuing operations before income taxes 993 468
Provision for income taxes 1,178 921
Net earnings from continuing operations 1,178 921
Discontinued operations, net of tax - 12
After discontinued operations, net of tax - 12
 Net earnings $ 4,368 $ 3,281

Basic earnings per share

Continuing operations $ 8.72 $ 6.39
Discontinued operations - 0.02
Net earnings per share $ 8.72 $ 6.41
Diluted earnings per share
Continuing operations $ 8.64 $ 6.34
Discontinued operations - 0.02
Net earnings per share $ 8.64 $ 6.36
Weighted average common shares outstanding
Basic 500.6 510.9
Diluted 505.4 515.6
Antidilutive shares - -
Dividends declared per share $ 2.70 $ 2.62

Impact Area

Target Corporation
Income Statement
(In millions, expect per share)
January 30, 2021 February 1, 2020
Sales $ 92,400 $ 77,130
Other revenue 1,161 982
Net sales $ 93,561 $ 78,112
Cost of sales 66,177 54,864
Gross profit 27,384 23,248
Operating expenses
Selling, general and administrative expenses 18,615 16,233
Depreciation and amortization (exclusive of
depreciation included in cost of sales) 2,230 2,357
Total operating expenses 20,845 18,590
Income from operations 6,539 4,658
Net interest expense 977 477
Net other (income)/expense 16 (9)
Total nonoperating expense 993 468
Income before income tax 5,546 4,190
Provision for income taxes 1,178 921
Net earnings from continuing operations 1,178 921
Discontinued operations, net of tax - 12
After discontinued operations, net of tax - 12
Net earnings $ 4,368 $ 3,281

Basic earnings per share $ 8.72 $ 6.41

Diluted earnings per share $ 8.64 $ 6.36
Weighted average common shares outstanding
Basic 500.6 510.9
Diluted 505.4 515.6

Target Corporation
Stockholders' Equity Section
(In millions)
January 30, 2021
Paid-in capital
Common stock $0.0833 par 500,877,129 outstanding $ 42
Additional paid-in capital 6,329
Retained earnings 8,825
Accumulated other comprehensive loss (756)
Total stockholders' equity $ 14,440

Target Corporation
Classified Balance Sheet
(In millions)
January 30, 2021 February 1, 2020 February 2, 2019
Assets
Current assets
Cash and cash equivalents $ 8,511 $ 2,577 $ 1,556
Inventory 10,653 8,992 9,497
Other current assets 1,592 1,333 1,466
Total current assets $ 20,756 $ 12,902 $ 12,519
Long-term assets
Operating lease assets 2,227 2,236 1,965
Other noncurrent assets 1,386 1,358 1,273
Total long-term assets 3,613 3,594 3,238
Property, plant, and equipment
Land 6,141 6,036 6,064
Building improvements 31,557 30,603 29,240
Fixtures and equipment 5,914 6,083 5,912
Computer hardware and software 2,765 2,692 2,544
Construction-in-progress 780 533 460
Accumulated depreciation (20,278) (19,664) (18,687)
Total property, plant, and equipment 26,879 26,283 25,533
Total assets $ 51,248 $ 42,779 $ 41,290

Liabilities
Current liabilities
Accounts payable $ 12,859 $ 9,920 $ 9,761
Accrued and other current liabilities 6,122 4,406 4,201
Current portion of long-term debt and other borrowings 1,144 161 1,052
Total current liabilities $ 20,125 $ 14,487 $ 15,014
Long-term liabilities
Long-term debt and other borrowings 11,536 11,338 10,223
Noncurrent operating lease liabilities 2,218 2,275 2,004
Deferred income taxes 990 1,122 972
Other noncurrent liabilities 1,939 1,724 1,780
Total long-term liabilities 16,683 16,459 14,979
Total liabilities $ 36,808 $ 30,946 $ 29,993

Stockholders' equity
Common stock 42 42 43
Additional paid-in capital 6,329 6,226 6,042
Retained earnings 8,825 6,433 6,017
Accumulated other comprehensive loss (756) (868) (805)
Total stockholders' equity 14,440 11,833 11,297
Total liabilities and stockholders' equity $ 51,248 $ 42,779 $ 41,290

Target Corporation
Cash flow statement
(In millions)

Financial Statement Analysis

Current assets Current liabilities

Current Ratio = Current assets/current liabilities 20,756 / 20,125 = 1.03

Acid-test (Quick) ratio = Current assets + short-term investments+ Quick assets Current liabilities
current receivables/current liabilities 8,511 / 20,125 = 0.42

Accounts receivable turnover

Days in receivable
COGS Average inventory
Inventory turnover = Cost of goods sold/average inventory 66,177 / 9,823 = 6.74

Ending inventory COGS Days per year

Days in inventory = Ending inventory/cost of goods sold 10,653 / 66,177 X 365 = 58.76

Total liabilities Total equity

Debt-equity ratio = Total liabilities/total equity 36,808 / 14,440 = 2.55

Total SH equity Total assets

Equity ratio = Total stockholders' equity/total assets 14,440 / 51,248 = 0.28

Total liabilities Total assets

Debt ratio = Total liabilities/total assets 36,808 / 51,248 = 0.72

Times interest earned = Income before interest expense and Income before Interest expense
income taxes/interest expense 6,523 / 977 = 6.68

Net income Average total assets

Return on assets = Net income/average total assets 4,368 / 47,014 = 9%

Return on stockholders' equity = Net income-preferred dividends Net income Average SE

/ average common stockholders' equity 4,368 / 13,137 = 33%

Net sales-COGS Net sales

Gross margin ratio = Net sales-cost of goods sold/net sales 27,384 / 93,561 = 29%

Earnings per share