v2.4.0.6
Fair Value Measurements (Tables)
 12 Months Ended
Jan. 28, 2012
Fair Value Measurements  
Fair Value Measurements - Recurring Basis

 

   
Fair Value Measurements – Recurring Basis
   Fair Value at January 28, 2012   Fair Value at January 29, 2011  
(millions)
   Level 1
   Level 2
   Level 3
   Level 1
   Level 2
   Level 3
  
   

Assets

                                      

Cash and cash equivalents

                                      

Short-term investments

   $ 194   $ —   $ —   $ 1,129   $ —   $ —  

Other current assets

                                      

Interest rate swaps (a)

     —     20     —     —     —     —  

Prepaid forward contracts

     69     —     —     63     —     —  

Other noncurrent assets

                                      

Interest rate swaps (a)

     —     114     —     —     139     —  

Company-owned life insurance investments (b)

     —     371     —     —     358     —  
   

Total

   $ 263   $ 505   $ —   $ 1,192   $ 497   $ —  
   

Liabilities

                                      

Other current liabilities

                                      

Interest rate swaps (a)

   $ —   $ 7   $ —   $ —   $ —   $ —  

Other noncurrent liabilities

                                      

Interest rate swaps (a)

     —     69     —     —     54     —  
   

Total

   $ —   $ 76   $ —   $ —   $ 54   $ —  
   
(a)
There was one interest rate swap designated as an accounting hedge at January 28, 2012, and none at January 29, 2011. See Note 20 for additional information on interest rate swaps.
(b)
Company-owned life insurance investments consist of equity index funds and fixed income assets. Amounts are presented net of loans that are secured by some of these policies of $669 million at January 28, 2012, and $645 million at January 29, 2011.
Fair Value Measurements - Nonrecurring Basis

 

   
Fair Value Measurements – Nonrecurring Basis
    
    
  
 
   Other current assets   Property and equipment  
(millions)
   Long-lived assets held for sale
   Long-lived assets held and used (a)
  
   

Measured during the year ended January 28, 2012:

              

Carrying amount

   $ 12   $ 126  

Fair value measurement

     11     89  
   

Gain/(loss)

   $ (1 ) $ (37 )
   

Measured during the year ended January 29, 2011:

              

Carrying amount

   $ 9   $ 127  

Fair value measurement

     7     101  
   

Gain/(loss)

   $ (2 ) $ (26 )
   
(a)
Primarily relates to real estate and buildings intended for sale in the future but not currently meeting the held for sale criteria.
Financial Instruments Not Measured at Fair Value

 

   
Financial Instruments Not Measured at Fair Value
   January 28, 2012   January 29, 2011  
(millions)
   Carrying
Amount
   Fair
Value
   Carrying
Amount
   Fair
Value
  
   

Financial assets

                          

Other current assets

                          

Marketable securities (a)

   $ 35   $ 35   $ 32   $ 32  

Other non current assets

                          

Marketable securities (a)

     6     6     4     4  
   

Total

   $ 41   $ 41   $ 36   $ 36  
   

Financial liabilities

                          

Total debt (b)

   $ 15,680   $ 18,142   $ 15,241   $ 16,661  
   

Total

   $ 15,680   $ 18,142   $ 15,241   $ 16,661  
   
(a)
Held-to-maturity investments that are held to satisfy the regulatory requirements of Target Bank and Target National Bank.
(b)
Represents the sum of nonrecourse debt collateralized by credit card receivables and unsecured debt and other borrowings excluding unamortized swap valuation adjustments and capital lease obligations.