Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2011

Fair Value Measurements

Fair Value Measurements - Recurring Basis

Fair Value Measurements —
Recurring Basis		Fair Value at									Fair Value at									Fair Value at
		April 30, 2011									January 29, 2011									May 1, 2010
(millions)		Level 1			Level 2			Level 3			Level 1			Level 2			Level 3			Level 1			Level 2			Level 3
Assets
Cash and cash equivalents
Marketable securities		$	872		$	—		$	—		$	1,129		$	—		$	—		$	1,015		$	—		$	—
Other current assets
Prepaid forward contracts		65			—			—			63			—			—			69			—			—
Other		—			4			—			—			—			—			—			—			—
Other noncurrent assets
Interest rate swaps(a)		—			132			—			—			139			—			—			133			—
Company-owned life insurance investments(b)		—			370			—			—			358			—			—			343			—
Total		$	937		$	506		$	—		$	1,192		$	497		$	—		$	1,084		$	476		$	—
Liabilities
Other noncurrent liabilities
Interest rate swaps(a)		$	—		$	54		$	—		$	—		$	54		$	—		$	—		$	29		$	—
Total		$	—		$	54		$	—		$	—		$	54		$	—		$	—		$	29		$	—

(a) There were no interest rate swaps designated as accounting hedges at April 30, 2011, January 29, 2011 or May 1, 2010.

(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 $648 million at April 30, 2011, $645 million at January 29, 2011, and $615 million at May 1, 2010.

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 three months ended April 30, 2011:
Carrying amount		$	2		$	30
Fair value measurement			2			22
Gain/(loss)		$	—		$	(8	)
Measured during the three months ended May 1, 2010:
Carrying amount		$	—		$	29
Fair value measurement			—			26
Gain/(loss)		$	—		$	(3	)

(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		April 30, 2011						January 29, 2011						May 1, 2010
		Carrying			Fair			Carrying			Fair			Carrying			Fair
(millions)		Amount			Value			Amount			Value			Amount			Value
Financial assets
Other current assets
Marketable securities(a)		$	24		$	24		$	32		$	32		$	34		$	34
Other noncurrent assets
Marketable securities(a)		2			2			4			4			3			3
Total		$	26		$	26		$	36		$	36		$	37		$	37
Financial liabilities
Total debt(b)		$	15,251		$	16,859		$	15,241		$	16,661		$	15,291		$	16,659
Total		$	15,251		$	16,859		$	15,241		$	16,661		$	15,291		$	16,659

(a) Held-to-maturity government-issued 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.