Fair Value Measurements (Tables)

12 Months Ended

Feb. 02, 2013

Fair Value Measurements

Fair Value Measurements - Recurring Basis

Fair Value Measurements – Recurring Basis	Fair Value at February 2, 2013						Fair Value at January 28, 2012
(millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents
Short-term investments	$	130	$	—	$	—	$	194	$	—	$	—
Other current assets
Interest rate swaps (a)		—		4		—		—		20		—
Prepaid forward contracts		73		—		—		69		—		—
Other noncurrent assets
Interest rate swaps (a)		—		85		—		—		114		—
Company-owned life insurance investments (b)		—		269		—		—		371		—
Total	$	203	$	358	$	—	$	263	$	505	$	—
Liabilities
Other current liabilities
Interest rate swaps (a)	$	—	$	2	$	—	$	—	$	7	$	—
Other noncurrent liabilities
Interest rate swaps (a)	$	—	$	54	$	—	$	—	$	69	$	—
Total	$	—	$	56	$	—	$	—	$	76	$	—

(a)

There was one interest rate swap designated as an accounting hedge at February 2, 2013 and January 28, 2012. See Note 21 for additional information on interest rate swaps.

(b)

Company-owned life insurance investments consist of equity index funds and fixed income assets. Amounts are presented net of nonrecourse loans that are secured by some of these policies. These loan amounts were $817 million at February 2, 2013 and $669 million at January 28, 2012.

Financial Instruments Not Measured at Fair Value

Financial Instruments Not Measured at Fair Value	February 2, 2013				January 28, 2012
(millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Other current assets
Marketable securities (a)	$	61	$	61	$	35	$	35
Other noncurrent assets
Marketable securities (a)		4		4		6		6
Total	$	65	$	65	$	41	$	41
Financial liabilities
Total debt (b)	$	15,618	$	18,143	$	15,680	$	18,142
Total	$	15,618	$	18,143	$	15,680	$	18,142

(a)

Represents held-to-maturity investments and cash equivalents that are held to satisfy the regulatory requirements of Target Bank and Target National Bank.

(b)

Represents the sum of nonrecourse debt collateralized by credit card receivables and unsecured debt and other borrowings, excluding unamortized swap valuation adjustments and capital lease obligations.