Fair Value Measurements (Tables)

12 Months Ended

Jan. 31, 2026

Schedule of Financial Instruments Measured on a Recurring Basis

Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).

Financial Instruments Measured on a Recurring Basis

Fair Value as of

(millions)

Classification

Measurement Level

January 31, 2026

February 1, 2025

Assets

Short-term investments (a)

Cash and Cash Equivalents

Level 1

4,611

3,893

Prepaid forward contracts (b)

Other Current Assets

Level 1

Liabilities

Interest rate swaps (c)

Other Current Liabilities

Level 2

—

Interest rate swaps (c)

Other Noncurrent Liabilities

Level 2

125

(a)Carrying value approximates fair value because maturities are less than three months.

(b)Initially valued at transaction price. Subsequently valued by reference to the market price of Target common stock.

(c)Valuations are based on observable inputs to the valuation model (e.g., interest rates and credit spreads). See Note 18 for additional information on interest rate swaps.

Schedule of Significant Financial Instruments Not Measured at Fair Value


Significant Financial Instruments Not Measured at Fair Value (a)	As of January 31, 2026				As of February 1, 2025
(millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (b)	$	14,398	$	13,732	$	13,904	$	12,953

(a)The carrying amounts of certain other current assets, commercial paper, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature.

(b)The fair value of long-term debt is estimated using Level 2 inputs based on quoted prices for the instruments. Where quoted prices are not available, fair value is estimated using discounted cash flows and market-based expectations for interest rates. These amounts exclude commercial paper, fair value hedge adjustments, and lease liabilities.