TARGET CORPORATION reconciliation of non-GAAP Adjusted EPS
annual, fiscal 2019 to present
To provide additional transparency, we have disclosed non-GAAP adjusted diluted earnings per share from continuing operations (Adjusted EPS). This metric excludes certain items presented below. We believe this information is useful in providing period-to-period comparisons of the results of our continuing operations. This measure is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (GAAP). The most comparable measure is GAAP diluted earnings per share from continuing operations (GAAP diluted EPS). Adjusted EPS should not be considered in isolation or as a substitution for analysis of our results as reported under GAAP. Other companies may calculate Adjusted EPS differently, limiting the usefulness of the measure for comparisons with other companies.
(unaudited) | 2023 (a) | 2022 | 2021 | 2020 | 2019 | |||||||
GAAP diluted earnings per share from continuing operations | $ | 8.94 | $ | 5.98 | $ | 14.10 | $ | 8.64 | $ | 6.34 | ||
Adjustments | ||||||||||||
Gain on Dermstore Sale | $ | - | $ | - | $ | (0.55) | $ | - | $ | - | ||
Loss on debt extinguishment | - | - | - | 0.75 | 0.01 | |||||||
Loss on investment (b) | - | - | - | 0.03 | 0.06 | |||||||
Other (c) | - | 0.03 | 0.01 | 0.04 | (0.02) | |||||||
Other income tax matters (d) | - | - | - | (0.04) | - | |||||||
Adjusted diluted earnings per share from continuing operations | $ | 8.94 | $ | 6.02 | $ | 13.56 | $ | 9.42 | $ | 6.39 |
Note: Amounts may not foot due to rounding.
- 2023 consisted of 53 weeks compared with 52 weeks in the comparable periods presented.
- Represents losses on our investment in Casper Sleep, Inc., which was not core to our continuing operations. We sold this investment in fourth quarter 2020.
- Other items unrelated to current period operations, none of which were individually significant.
- Represents benefits from the resolution of certain income tax matters unrelated to current period operations.
Source: Target's Consolidated Financial Statements as filed with the U.S. Securities and Exchange Commission.
Last Updated: 3/5/2024
reconciliation of non-GAAP Adjusted EPS
annual, fiscal 2013 to 2018 (i)
To provide additional transparency, we have disclosed non-GAAP adjusted diluted earnings per share from continuing operations (Adjusted EPS). This metric excludes certain items presented below. We believe this information is useful in providing period-to-period comparisons of the results of our continuing operations. This measure is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (GAAP). The most comparable measure is GAAP diluted earnings per share from continuing operations (GAAP diluted EPS). Adjusted EPS should not be considered in isolation or as a substitution for analysis of our results as reported under GAAP. Other companies may calculate Adjusted EPS differently, limiting the usefulness of the measure for comparisons with other companies.
(unaudited) | 2018 | 2017 (a) (b) | 2016 (a) | 2015 (a) | 2014 | 2013 |
GAAP diluted earnings per share from continuing operations
Adjustments
$ | 5.50 | $ | 5.29 | $ | 4.58 | $ | 5.25 | $ | 3.83 | $ | 4.20 |
Tax Act (c) | $ | (0.07) | $ | (0.62) | $ | - | $ | - | $ | - | $ | - | |
Loss on early retirement of debt | - | 0.14 | 0.44 | - | 0.27 | 0.42 | |||||||
Data breach-related costs, net of insurance (d) | - | (0.01) | - | 0.04 | 0.15 | 0.02 | |||||||
Gain on sale (e) | - | - | - | (0.77) | - | (0.38) | |||||||
Restructuring (f) | - | - | - | 0.14 | - | - | |||||||
Other (g) | - | - | - | 0.05 | 0.03 | 0.06 | |||||||
Other income tax matters (h) | (0.03) | (0.10) | (0.01) | (0.01) | (0.06) | (0.03) | |||||||
Adjusted diluted earnings per share from continuing operations | $ | 5.39 | $ | 4.69 | $ | 5.00 | $ | 4.69 | $ | 4.22 | $ | 4.29 |
Note: Amounts may not foot due to rounding.
- Beginning with the first quarter 2018, we adopted the new accounting standards for revenue recognition, leases, and pensions. We are presenting certain prior period results on a basis consistent with the new standards and conformed to the current period presentation. We provided additional information about the impact of the new accounting standards on previously reported financial information in a Form 8-K filed on May 11, 2018, and in the Form 8-K filed on May 23, 2018, in connection with our first quarter 2018 earnings release.
- 2017 consisted of 53 weeks compared with 52 weeks in the comparable periods presented.
- Represents discrete income tax benefits related to the Tax Cuts and Jobs Act (Tax Act) enacted in 2017.
- Represents expenses related to the 2013 data breach, net of insurance recoveries.
- For 2015, represents the gain on the sale of our pharmacy and clinic businesses. For 2013, represents the gain on receivables transaction.
- Represents costs related to our corporate restructuring announced during the first quarter of 2015.
- For 2015, represents impairments related to our decision to wind down certain noncore operations. For 2014, includes impairments of $16 million related to undeveloped land in the U.S. and $13 million of expense related to converting our co-branded credit card program to MasterCard. For 2013, includes a $23 million workforce- reduction charge primarily related to severance and benefits costs, a $22 million charge related to part-time team member health benefit changes, and $19 million in impairment charges related to certain parcels of undeveloped land.
- Represents income from certain income tax matters not related to current period operations.
- Additional information as previously reported is available under "summary financials/archived reports" on investors.target.com.
Source: Target's Consolidated Financial Statements as filed with the U.S. Securities and Exchange Commission.
Last Updated: 3/5/2024
reconciliation of non-GAAP Adjusted EPS
quarterly, fiscal 2019 to present
2023 | ||||||||
(unaudited) | Q4 (a) | Q3 | Q2 | Q1 | ||||
GAAP diluted earnings per share from continuing | ||||||||
operations | $ | 2.98 | $ | 2.10 | $ | 1.80 | $ | 2.05 |
Adjustments | ||||||||
Gain on Dermstore sale | $ | - | $ | - | $ | - | ||
Other (c) | - | - | - | |||||
Adjusted diluted earnings per share from continuing | ||||||||
operations | $ | 2.98 | $ | 2.10 | $ | 1.80 | $ | 2.05 |
2022 | 2021 | ||||||||||||||||
Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||
$ | 1.89 | $ | 1.54 | $ | 0.39 | $ | 2.16 | $ | 3.21 | $ | 3.04 | $ | 3.65 | $ | 4.17 | ||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (0.53) | ||
- | - | - | 0.03 | (0.03) | (0.01) | (0.01) | 0.06 | ||||||||||
$ | 1.89 | $ | 1.54 | $ | 0.39 | $ | 2.19 | $ | 3.19 | $ | 3.03 | $ | 3.64 | $ | 3.69 | ||
2020 | ||||||||
(unaudited) | Q4 | Q3 | Q2 | Q1 | ||||
GAAP diluted earnings per share from continuing | ||||||||
operations | $ | 2.73 | $ | 2.01 | $ | 3.35 | $ | 0.56 |
Adjustments | ||||||||
(Gain) / loss on investment (b) | (0.01) | $ | 0.02 | $ | (0.01) | $ | 0.03 | |
$ | ||||||||
Loss on debt extinguishment | - | 0.75 | - | - | ||||
Other (c) | (0.01) | 0.01 | 0.04 | - | ||||
Other income tax matters (d) | (0.04) | - | - | - | ||||
Adjusted diluted earnings per share from continuing | ||||||||
operations | $ | 2.67 | $ | 2.79 | $ | 3.38 | $ | 0.59 |
2019
Q4 | Q3 | Q2 | Q1 | ||||
$ | 1.63 | $ | 1.37 | $ | 1.82 | $ | 1.53 |
$ | 0.06 | $ | - | $ | - | $ | - |
0.02 | - | - | - | ||||
(0.01) | (0.01) | - | - | ||||
- | - | - | - | ||||
$ | 1.69 | $ | 1.36 | $ | 1.82 | $ | 1.53 |
Note: Amounts may not foot due to rounding.
- Fourth quarter 2023 consisted of 14 weeks compared with 13 weeks in the comparable periods presented.
- Represents (gains) / losses on our investment in Casper Sleep, Inc., which was not core to our continuing operations. We sold this investment in fourth quarter 2020.
- Other items unrelated to current period operations, none of which were individually significant.
- Represents (benefits) / expenses from the resolution of certain income tax matters unrelated to current period operations.
Source: Target's Consolidated Financial Statements as filed with the U.S. Securities and Exchange Commission.
Last Updated: 3/5/2024
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Target Corporation published this content on 05 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 March 2024 11:48:06 UTC.
