Target Corp., adjusted total assets

US$ in millions

	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
As Reported
Total assets	57,769)	55,356)	53,335)	53,811)	51,248)	42,779)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Less: Deferred tax assets (included in Other noncurrent assets)²	10)	8)	6)	6)	20)	8)
After Adjustment
Adjusted total assets	57,759)	55,348)	53,329)	53,805)	51,228)	42,771)

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets (included in Other noncurrent assets). See details »

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Target Corp., adjusted total liabilities

US$ in millions

	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
As Reported
Total liabilities	43,103)	41,924)	42,103)	40,984)	36,808)	30,946)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Less: Deferred tax liabilities²	2,303)	2,480)	2,196)	1,566)	990)	1,122)
After Adjustment
Adjusted total liabilities	40,800)	39,444)	39,907)	39,418)	35,818)	29,824)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

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Target Corp., adjusted shareholders’ investment

US$ in millions

	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
As Reported
Shareholders’ investment	14,666)	13,432)	11,232)	12,827)	14,440)	11,833)
Adjustments
Less: Net deferred tax asset (liability)¹	(2,293)	(2,472)	(2,190)	(1,561)	(970)	(1,114)
After Adjustment
Adjusted shareholders’ investment	16,959)	15,904)	13,422)	14,388)	15,410)	12,947)

¹ Net deferred tax asset (liability). See details »

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Target Corp., adjusted capitalization table

US$ in millions

	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
As Reported
Current portion of long-term debt and other borrowings	1,636)	1,116)	130)	171)	1,144)	161)
Long-term debt and other borrowings, excluding current portion	14,304)	14,922)	16,009)	13,549)	11,536)	11,338)
Total reported debt	15,940)	16,038)	16,139)	13,720)	12,680)	11,499)
Shareholders’ investment	14,666)	13,432)	11,232)	12,827)	14,440)	11,833)
Total reported capital	30,606)	29,470)	27,371)	26,547)	27,120)	23,332)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Add: Current portion of operating lease liabilities²	353)	329)	296)	254)	211)	200)
Add: Noncurrent operating lease liabilities³	3,582)	3,279)	2,638)	2,493)	2,218)	2,275)
Adjusted total debt	19,875)	19,646)	19,073)	16,467)	15,109)	13,974)
Adjustments to Equity
Less: Net deferred tax asset (liability)⁴	(2,293)	(2,472)	(2,190)	(1,561)	(970)	(1,114)
Adjusted shareholders’ investment	16,959)	15,904)	13,422)	14,388)	15,410)	12,947)
After Adjustment
Adjusted total capital	36,834)	35,550)	32,495)	30,855)	30,519)	26,921)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current portion of operating lease liabilities. See details »

³ Noncurrent operating lease liabilities. See details »

⁴ Net deferred tax asset (liability). See details »

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Target Corp., adjusted net earnings

US$ in millions

12 months ended:	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
As Reported
Net earnings	4,091)	4,138)	2,780)	6,946)	4,368)	3,281)
Adjustments
Add: Deferred income tax expense (benefit)¹	(180)	298)	582)	522)	(184)	178)
Less: Discontinued operations, net of tax	—)	—)	—)	—)	—)	12)
Add: Other comprehensive income (loss), net of tax	2)	(41)	134)	203)	112)	(63)
After Adjustment
Adjusted net earnings	3,913)	4,395)	3,496)	7,671)	4,296)	3,384)

¹ Deferred income tax expense (benefit). See details »

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Target Corp. (NYSE:TGT)

Adjustments to Financial Statements