Target Reports Fourth Quarter and Fiscal 2012 Earnings

TARGET CORPORATION
February 2, January 28,
(millions) 2013 2012
Operating activities (unaudited)
Net earnings
Reconciliation to cash flow
$ 2,999 $ 2,929
Depreciation and amortization 2,142 2,131
Share-based compensation expense 105
90
Deferred income taxes (14) 371
Bad debt expense (a)
Consolidated Statements of Cash Flows
Twelve Months Ended
206
154
Gain on receivables held for sale (161) -
Noncash (gains)/losses and other, net
Changes in operating accounts:
14
22
Accounts receivable originated at Target (217) (187)
Inventory 15 (322)
Other current assets (123) (150)
Other noncurrent assets (98)
43
Accounts payable 199
232
Accrued and other current liabilities 138
218
Other noncurrent liabilities 120
(97)
Cash flow provided by operations
Investing activities
5,325 5,434
Expenditures for property and equipment (3,277) (4,368)
Proceeds from disposal of property and equipment 66
37
Change in accounts receivable originated at third parties 254
259
Other investments 102 (108)
Cash flow required for investing activities
Financing activities
(2,855) (4,180)
Change in commercial paper, net 970
-
Additions to short-term debt -
1,500
Reductions of short-term debt (1,500) -
Additions to long-term debt 1,971 1,994
Reductions of long-term debt (1,529) (3,125)
Dividends paid (869) (750)
Repurchase of stock (1,875) (1,842)
Stock option exercises and related tax benefit 360
89
Other (16)
(6)
Cash flow required for financing activities (2,488) (2,140)
Effect of exchange rate changes on cash and cash equivalents 8
(32)
Net decrease in cash and cash equivalents (10) (918)
Cash and cash equivalents at beginning of period 794 1,712
Cash and cash equivalents at end of period $ 784 $ 794
(a)
Includes both bad debt expense on credit card receivables through the end of the third quarter of 2012 and net write-offs of credit card receivables during the
fourth quarter of 2012.
Subject to reclassification
CONFIDENTIAL
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2/21/13 8:07 AM