Fair Value Measurements (Tables)

6 Months Ended

Jul. 30, 2011

Fair Value Measurements

Fair Value Measurements - Recurring Basis

Fair Value Measurements —
Recurring Basis	Fair Value at July 30, 2011						Fair Value at January 29, 2011						Fair Value at July 31, 2010
(millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents
Marketable securities	$	116	$	—	$	—	$	1,129	$	—	$	—	$	972	$	—	$	—
Other current assets
Prepaid forward contracts	74		—		—		63		—		—		73		—		—
Other	—		6		—		—		—		—		—		—		—
Other noncurrent assets
Interest rate swaps(a)	—		140		—		—		139		—		—		164		—
Company-owned life insurance investments(b)	—		366		—		—		358		—		—		341		—
Total	$	190	$	512	$	—	$	1,192	$	497	$	—	$	1,045	$	505	$	—
Liabilities
Other noncurrent liabilities
Interest rate swaps(a)	$	—	$	68	$	—	$	—	$	54	$	—	$	—	$	66	$	—
Total	$	—	$	68	$	—	$	—	$	54	$	—	$	—	$	66	$	—

(a) There was one interest rate swap designated as an accounting hedge at July 30, 2011, and no interest rate swaps designated as accounting hedges at January 29, 2011 or July 31, 2010.

(b) Company-owned life insurance investments consist of equity index funds and fixed income assets.  Amounts are presented net of loans that are secured by some of these policies of $656 million at July 30, 2011, $645 million at January 29, 2011 and $624 million at July 31, 2010.

Fair Value Measurements - Nonrecurring Basis

Fair Value Measurements — Nonrecurring Basis	Other current assets						Property and equipment
	Long-lived assets held for sale						Long-lived assets held and used(a)
(millions)	Three Months Ended			Six Months Ended			Three Months Ended			Six Months Ended
Measured during the period ended July 30, 2011:
Carrying amount	$	9		$	11		$	68		$	97
Fair value measurement	8			10			44			65
Gain/(loss)	$	(1	)	$	(1	)	$	(24	)	$	(32	)
Measured during the period ended July 31, 2010:
Carrying amount	$	2		$	2		$	39		$	62
Fair value measurement	2			2			34			54
Gain/(loss)	$	—		$	—		$	(5	)	$	(8	)

(a)Primarily relates to real estate and buildings intended for sale in the future but not currently meeting the held for sale criteria.

Financial Instruments Not Measured at Fair Value

Financial Instruments Not	July 30, 2011				January 29, 2011				July 31, 2010
Measured at Fair Value	Carrying		Fair		Carrying		Fair		Carrying		Fair
(millions)	Amount		Value		Amount		Value		Amount		Value
Financial assets
Other current assets
Marketable securities(a)	$	23	$	23	$	32	$	32	$	24	$	24
Other noncurrent assets
Marketable securities(a)	—		—		4		4		—		—
Total	$	23	$	23	$	36	$	36	$	24	$	24
Financial liabilities
Total debt(b)	$	16,035	$	17,931	$	15,241	$	16,661	$	16,135	$	17,953
Total	$	16,035	$	17,931	$	15,241	$	16,661	$	16,135	$	17,953

(a) Held-to-maturity government-issued investments 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.