Fair Value Measurements (Tables)

9 Months Ended

Oct. 27, 2012

Fair Value Measurements

Fair Value Measurements - Recurring Basis

Fair Value Measurements - Recurring Basis
		Fair Value at October 27, 2012									Fair Value at January 28, 2012									Fair Value at October 29, 2011
(millions)		Level 1			Level 2			Level 3			Level 1			Level 2			Level 3			Level 1			Level 2			Level 3
Assets
Cash and cash equivalents
Short-term investments		$	800		$	—		$	—		$	194		$	—		$	—		$	66		$	—		$	—
Other current assets
Interest rate swaps(a)		—			11			—			—			20			—			—			—			—
Prepaid forward contracts		76			—			—			69			—			—			70			—			—
Other		—			—			—			—			—			—			—			6			—
Other noncurrent assets
Interest rate swaps(a)		—			90			—			—			114			—			—			136			—
Company-owned life
insurance investments(b)		—			258			—			—			371			—			—			365			—
Total		$	876		$	359		$	—		$	263		$	505		$	—		$	136		$	507		$	—
Liabilities
Other current liabilities
Interest rate swaps(a)		$	—		$	4		$	—		$	—		$	7		$	—		$	—		$	—		$	—
Other noncurrent liabilities
Interest rate swaps(a)		—			59			—			—			69			—			—			71			—
Total		$	—		$	63		$	—		$	—		$	76		$	—		$	—		$	71		$	—

(a) There was one interest rate swap designated as an accounting hedge in all periods presented. See Note 8 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 nonrecourse loans that are secured by some of these policies. These loan amounts were $807 million at October 27, 2012, $669 million at January 28, 2012 and $665 million at October 29, 2011.

Financial Instruments Not Measured at Fair Value

Financial Instruments Not Measured at Fair Value		October 27, 2012						January 28, 2012						October 29, 2011
		Carrying			Fair			Carrying			Fair			Carrying			Fair
(millions)		Amount			Value			Amount			Value			Amount			Value
Financial assets
Other current assets
Marketable securities(a)		$	75		$	75		$	35		$	35		$	78		$	78
Other noncurrent assets
Marketable securities(a)		4			4			6			6			—			—
Total		$	79		$	79		$	41		$	41		$	78		$	78
Financial liabilities
Total debt(b)		$	16,647		$	19,796		$	15,680		$	18,142		$	17,228		$	19,793
Total		$	16,647		$	19,796		$	15,680		$	18,142		$	17,228		$	19,793

(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.