Fair Value Measurements (Tables)

9 Months Ended

Oct. 29, 2011

Fair Value Measurements

Fair Value Measurements - Recurring Basis

Fair Value Measurements -		Fair Value at									Fair Value at									Fair Value at
Recurring Basis		October 29, 2011									January 29, 2011									October 30, 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		$	66		$	—		$	—		$	1,129		$	—		$	—		$	349		$	—		$	—
Other current assets
Prepaid forward contracts		70			—			—			63			—			—			62			—			—
Other		—			6			—			—			—			—			—			—			—
Other noncurrent assets
Interest rate swaps(a)		—			136			—			—			139			—			—			172			—
Company-owned life insurance investments(b)		—			365			—			—			358			—			—			352			—
Total		$	136		$	507		$	—		$	1,192		$	497		$	—		$	411		$	524		$	—
Liabilities
Other noncurrent liabilities
Interest rate swaps(a)		—			71			—			—			54			—			—			80			—
Total		$	—		$	71		$	—		$	—		$	54		$	—		$	—		$	80		$	—

(a)	There was one interest rate swap designated as an accounting hedge at October 29, 2011, and no interest rate swaps designated as accounting hedges at January 29, 2011 or October 30, 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 $665 million at October 29, 2011, $645 million at January 29, 2011 and $636 million at October 30, 2010.

Fair Value Measurements - Nonrecurring Basis

Fair Value Measurements -		Other current assets							Property and equipment
Nonrecurring Basis		Long-lived assets held for sale							Long-lived assets held and used(a)
(millions)		Three Months Ended			Nine Months Ended				Three Months Ended			Nine Months Ended
Measured during the period ended October 29, 2011:
Carrying amount		$	6		$	17			$	7		$	97
Fair value measurement		5			15				6			64
Gain/(loss)		$	(1	)	$	(2	)		$	(1	)	$	(33)
Measured during the period ended October 30, 2010:
Carrying amount		$	—		$	2			$	25		$	73
Fair value measurement		—			2				23			63
Gain/(loss)		$	—		$	—			$	(2	)	$	(10)

(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		October 29, 2011							January 29, 2011							October 30, 2010
Measured at Fair Value		Carrying			Fair				Carrying			Fair				Carrying			Fair
(millions)		Amount			Value				Amount			Value				Amount			Value
Financial assets
Other current assets
Marketable securities(a)		$	78		$	78			$	32		$	32			$	73		$	73
Other noncurrent assets
Marketable securities(a)		—			—				4			4				—			—
Total		$	78		$	78			$	36		$	36			$	73		$	73
Financial liabilities
Total debt(b)		$	17,228		$	19,793			$	15,241		$	16,661			$	16,037		$	17,880
Total		$	17,228		$	19,793			$	15,241		$	16,661			$	16,037		$	17,880

(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.