XML 66 R50.htm IDEA: XBRL DOCUMENT v3.24.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes stock option activity during 2023:
Number of OptionsWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life in Years		Aggregate
Intrinsic
Value
Outstanding at January 1, 2023
10,890 $19.00 
Granted1,089 21.53 
Exercised(1,104)15.27 
Forfeited and/or expired(385)22.01 
Outstanding at December 31, 2023
10,490 $19.55 5.78$14,801 
Vested or expected to vest at December 31, 2023
10,414 $19.53 5.76$14,801 
Exercisable at December 31, 2023
8,153 $18.89 4.89$14,801 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The weighted average grant date fair value of stock options was determined using the following assumptions:
202320222021
Risk-free interest rate4.31 %3.00 %0.70 %
Expected option life in years5.014.754.50
Expected volatility36.79 %37.82 %38.00 %
Expected dividend yield4.64 %2.34 %2.03 %
Schedule of Non-vested Restricted Stock Units Activity
The following table summarizes activity of Restricted Shares during 2023:
Number of Restricted SharesWeighted
Average
Grant Date Fair Value
Non-vested at January 1, 2023
1,186 $20.03 
Granted652 21.70 
Vested(370)20.93 
Forfeited(96)22.11 
Non-vested at December 31, 2023
1,372 $20.42 
Schedule of Share-based Payment Award, Performance Share Awards, Valuation Assumptions
The input variables are noted in the table below:
202320222021
Risk-free interest rate4.31 %1.71 %0.20 %
Expected life in years3.003.003.00
Expected volatility34.95 %52.33 %49.47 %
Expected dividend yield (a)0.00 %0.00 %0.00 %
_______________

(a)The Monte Carlo method assumes a reinvestment of dividends.
Schedule of Non-vested Performance-based Units Activity
The following table summarizes activity of performance shares at Target during 2023:
Performance Condition AwardsMarket Condition Awards
SharesWeighted
Average
Grant Date Fair Value		SharesWeighted
Average
Grant Date Fair Value
Non-vested at January 1, 2023
584 $21.67 462 $27.38 
Granted191 22.89 159 27.46 
Dividend equivalent units issued (a)28 — 23 — 
Vested(96)23.37 (97)30.31 
Forfeited(99)22.44 (53)28.47 
Non-vested at December 31, 2023
608 $21.66 494 $26.68 
_______________

(a)Dividend equivalent units are issued in lieu of cash dividends for non-vested performance shares. There is no weighted average fair value associated with dividend equivalent units.
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Total share-based compensation and the related income tax benefit recognized in the Company’s consolidated statements of operations were as follows:
Year Ended
202320222021
Stock options$7,687 $9,072 $9,256 
Restricted shares9,503 7,106 6,677 
Performance shares:
Performance condition awards2,524 4,431 2,861 
Market condition awards4,033 3,929 3,225 
Share-based compensation23,747 24,538 22,019 
Less: Income tax benefit(3,207)(3,043)(2,790)
Share-based compensation, net of income tax benefit$20,540 $21,495 $19,229