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