Fair Value Measurements (Tables)

12 Months Ended

Feb. 01, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured on a Recurring Basis

Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).

Financial Instruments Measured on a Recurring Basis			Fair Value as of
(millions)	Classification	Measurement Level	February 1, 2025		February 3, 2024
Assets
Short-term investments (a)	Cash and Cash Equivalents	Level 1	$	3,893	$	2,897
Prepaid forward contracts (b)	Other Current Assets	Level 1	23		25
Liabilities
Interest rate swaps (c)	Other Current Liabilities	Level 2	—		3
Interest rate swaps (c)	Other Noncurrent Liabilities	Level 2	125		123

(a)Carrying value approximates fair value because maturities are less than three months.

(b)Initially valued at transaction price. Subsequently valued by reference to the market price of Target common stock.

(c)Valuations are based on observable inputs to the valuation model (e.g., interest rates and credit spreads). See Note 16 for additional information on interest rate swaps.

Schedule of Significant Financial Instruments Not Measured at Fair Value

Significant Financial Instruments Not Measured at Fair Value (a)	As of February 1, 2025				As of February 3, 2024
(millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (b)	$	13,904	$	12,953	$	14,151	$	13,467

(a)The carrying amounts of certain other current assets, commercial paper, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature.

(b)The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for the same or similar types of financial instruments and would be classified as Level 2. These amounts exclude commercial paper, unamortized swap valuation adjustments, and lease liabilities.