Fair Value Measurements (Tables)

3 Months Ended

May 04, 2013

Fair Value Measurements

Fair Value Measurements - Recurring Basis

Fair Value Measurements - Recurring Basis
	Fair Value at						Fair Value at						Fair Value at
	May 4, 2013						February 2, 2013						April 28, 2012
(millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents
Short-term investments	$	1,112	$	—	$	—	$	130	$	—	$	—	$	18	$	—	$	—
Other current assets
Interest rate swaps(a)	—		1		—		—		4		—		—		15		—
Prepaid forward contracts	74		—		—		73		—		—		74		—		—
Beneficial interest asset(b)	—		—		98		—		—		—		—		—		—
Other noncurrent assets
Interest rate swaps(a)	—		83		—		—		85		—		—		104		—
Company-owned life insurance investments(c)	—		285		—		—		269		—		—		372		—
Beneficial interest asset(b)	—		—		110		—		—		—		—		—		—
Total	$	1,186	$	369	$	208	$	203	$	358	$	—	$	92	$	491	$	—
Liabilities
Other current liabilities
Interest rate swaps(a)	$	—	$	—	$	—	$	—	$	2	$	—	$	—	$	5	$	—
Other noncurrent liabilities
Interest rate swaps(a)	—		53		—		—		54		—		—		65		—
Total	$	—	$	53	$	—	$	—	$	56	$	—	$	—	$	70	$	—

(a) There was one interest rate swap designated as an accounting hedge in all periods presented. See Note 5 for additional information on interest rate swaps.

(b) A rollforward of the Level 3 beneficial interest asset is included in Note 2.

(c) 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 $782 million at May 4, 2013, $817 million at February 2, 2013 and $677 million at April 28, 2012.

Financial Instruments Not Measured at Fair Value

Financial Instruments Not Measured at Fair Value	May 4, 2013				February 2, 2013				April 28, 2012
	Carrying		Fair		Carrying		Fair		Carrying		Fair
(millions)	Amount		Value		Amount		Value		Amount		Value
Financial assets
Other current assets
Marketable securities (a)	$	10	$	10	$	61	$	61	$	43	$	43
Other noncurrent assets
Marketable securities (a)	4		4		4		4		2		2
Total	$	14	$	14	$	65	$	65	$	45	$	45
Financial liabilities
Total debt(b)	$	12,178	$	14,591	$	15,618	$	18,143	$	15,630	$	18,057
Total	$	12,178	$	14,591	$	15,618	$	18,143	$	15,630	$	18,057

(a) Held-to-maturity 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.