TARGET CORPORATION reconciliation of non-GAAP Adjusted EPS
annual, fiscal 2017 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 diluted earnings per share from continuing operations. 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) | 2020 | 2019 | 2018 | 2017 (a) | ||||
GAAP diluted earnings per share from continuing operations | $ | 8.64 | $ | 6.34 | $ | 5.50 | $ | 5.29 |
Adjustments | ||||||||
Loss on debt extinguishment | $ | 0.75 | $ | 0.01 | $ | - | $ | 0.14 |
Loss on investment (b) | 0.03 | 0.06 | - | - | ||||
Tax Act (c) | - | - | (0.07) | (0.62) | ||||
Data breach-related costs, net of insurance (d) | - | (0.02) | - | (0.01) | ||||
Other (e) | 0.04 | - | - | - | ||||
Other income tax matters (f) | (0.04) | - | (0.03) | (0.10) | ||||
Adjusted diluted earnings per share from continuing operations | $ | 9.42 | $ | 6.39 | $ | 5.39 | $ | 4.69 |
- 2017 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.
- 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.
- 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: 11/17/2021
reconciliation of non-GAAP Adjusted EPS
quarterly, fiscal 2017 to present
2021 | 2020 | 2019 | ||||||||||||||||||||||||
(unaudited) | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
GAAP diluted earnings per share from continuing | ||||||||||||||||||||||||||
operations | $ | 3.04 | $ | 3.65 | $ | 4.17 | $ | 2.73 | $ | 2.01 | $ | 3.35 | $ | 0.56 | $ | 1.63 | $ | 1.37 | $ | 1.82 | $ | 1.53 | ||||
Adjustments | ||||||||||||||||||||||||||
Gain on Dermstore sale | $ | - | $ | - | $ | (0.53) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||
(Gain) / loss on investment (b) | - | - | - | (0.01) | 0.02 | (0.01) | 0.03 | 0.06 | - | - | - | |||||||||||||||
Loss on debt extinguishment | - | - | - | - | 0.75 | - | - | 0.02 | - | - | - | |||||||||||||||
Data breach-related costs, net of insurance (c) | - | - | - | - | - | - | - | (0.01) | (0.01) | - | - | |||||||||||||||
Other (d) | (0.01) | (0.01) | 0.06 | (0.01) | 0.01 | 0.04 | - | - | - | - | - | |||||||||||||||
Other income tax matters | - | - | - | (0.04) | - | - | - | - | - | - | - | |||||||||||||||
Adjusted diluted earnings per share from continuing | ||||||||||||||||||||||||||
operations | $ | 3.03 | $ | 3.64 | $ | 3.69 | $ | 2.67 | $ | 2.79 | $ | 3.38 | $ | 0.59 | $ | 1.69 | $ | 1.36 | $ | 1.82 | $ | 1.53 | ||||
2018 | 2017 | |||||||||||||||||||||||||
(unaudited) | Q4 | Q3 | Q2 | Q1 | Q4 (a) | Q3 | Q2 | Q1 | ||||||||||||||||||
GAAP diluted earnings per share from continuing | ||||||||||||||||||||||||||
operations | $ | 1.52 | $ | 1.16 | $ | 1.49 | $ | 1.33 | $ | 1.99 | $ | 0.87 | $ | 1.21 | $ | 1.21 | ||||||||||
Adjustments | ||||||||||||||||||||||||||
Tax Act (e) | 0.01 | (0.07) | - | - | $ | (0.63) | $ | - | $ | - | $ | - | ||||||||||||||
Loss on debt extinguishment | - | - | - | - | - | 0.14 | - | - | ||||||||||||||||||
Data breach-related costs, net of insurance (c) | - | - | - | - | (0.01) | - | - | - | ||||||||||||||||||
Other income tax matters (f) | - | - | (0.02) | (0.01) | - | (0.10) | 0.01 | (0.01) | ||||||||||||||||||
Adjusted diluted earnings per share from continuing | ||||||||||||||||||||||||||
operations | $ | 1.53 | $ | 1.09 | $ | 1.47 | $ | 1.32 | $ | 1.36 | $ | 0.90 | $ | 1.22 | $ | 1.20 |
Note: Amounts may not foot due to rounding.
- Fourth quarter 2017 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.
- Represents expenses related to the 2013 data breach, net of insurance recoveries.
- Other items unrelated to current period operations, none of which were individually significant.
- Represents discrete income tax expense / (benefits) related to the Tax Cuts and Jobs Act (Tax Act) enacted in 2017.
- 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: 11/17/2021
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Target Corporation published this content on 17 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2021 11:47:10 UTC.
