Target Corporation prepares its financial statements according to U.S. GAAP. Targets financial statements and disclosure notes for
Question:
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 1, 2020, are available in Connect. This material also is available under the Investor Relations link at the company’s website (www.target.com). Target has both defined contribution and defined benefit pension plan. In Note 23 “Pension Plans,” Target describes its defined benefit plans.
Required: 1. What were the changes in Target’s Projected Benefits Obligation in the fiscal years ended February 1, 2020 (fiscal 2019), and February 2, 2019 (fiscal 2018), for its qualified pension plans? 2. What were the changes in Target’s Pension Plan Assets in the fiscal years ended February 1, 2020, and February 2, 2019, for its qualified pension plans? 3. Were these pension plans overfunded or underfunded for the fiscal years ended February 1, 2020, and February 2, 2019? 4. What were the components of Target’s Pension Expense in the fiscal years 2019, 2018, and 2017?
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In Note 23 Pension Plans Target reported the following changes in its Projected Benefits Obligation Plan Assets and Pension Expense Requirement 1 Chan...View the full answer
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