Item 1. Financial Statements
Item 1. Financial Statements
Consolidated Statements of Operations
Three Months Ended Six Months Ended
(millions, except per share data) (unaudited) August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Net sales $ 26,539 $ 25,211 $ 51,982 $ 49,057
Cost of sales 17,603 17,903 35,664 35,031
Selling, general, and administrative expenses 5,725 5,359 11,286 9,950
Depreciation and amortization (exclusive of depreciation included in cost of sales) 651 632 1,337 1,287
Operating income 2,560 1,317 3,695 2,789
Net interest expense 98 116 215 232
Net other expense / (income) 3 ( 17 ) ( 13 ) ( 43 )
Earnings before income taxes 2,459 1,218 3,493 2,600
Provision for income taxes 582 283 835 629
Net earnings $ 1,877 $ 935 $ 2,658 $ 1,971
Basic earnings per share $ 4.13 $ 2.06 $ 5.85 $ 4.33
Diluted earnings per share $ 4.11 $ 2.05 $ 5.83 $ 4.32
Weighted average common shares outstanding
Basic 454.4 454.6 454.1 454.8
Diluted 456.6 455.6 456.2 456.1
Antidilutive shares 0.7 5.0 0.9 2.3
See accompanying Notes to Consolidated Financial Statements .
TARGET CORPORATION
Q2 2026 Form 10-Q 1
FINANCIAL STATEMENTS Table of Contents
Index to Notes
Consolidated Statements of Comprehensive Income
Three Months Ended Six Months Ended
(millions) (unaudited) August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Net earnings $ 1,877 $ 935 $ 2,658 $ 1,971
Other comprehensive income / (loss), net of tax
Pension 6 — 13 —
Cash flow hedges and currency translation adjustment ( 5 ) ( 6 ) ( 10 ) ( 10 )
Other comprehensive income / (loss) 1 ( 6 ) 3 ( 10 )
Comprehensive income $ 1,878 $ 929 $ 2,661 $ 1,961
See accompanying Notes to Consolidated Financial Statements .
TARGET CORPORATION
Q2 2026 Form 10-Q 2
FINANCIAL STATEMENTS Table of Contents
Index to Notes
Consolidated Statements of Financial Position
(millions, except footnotes) (unaudited) August 1, 2026 January 31,
2026 August 2,
2025
Assets
Cash and cash equivalents $ 5,411 $ 5,488 $ 4,341
Inventory 13,249 12,304 12,881
Other current assets 2,268 2,213 1,812
Total current assets 20,928 20,005 19,034
Property and equipment, net 34,767 33,749 33,568
Operating lease assets 3,587 3,703 3,694
Other noncurrent assets 1,953 2,033 1,555
Total assets $ 61,235 $ 59,490 $ 57,851
Liabilities and shareholders’ investment
Accounts payable $ 13,306 $ 12,622 $ 12,019
Accrued and other current liabilities 6,738 6,478 6,068
Current portion of long-term debt and other borrowings 1,136 2,130 1,136
Total current liabilities 21,180 21,230 19,223
Long-term debt and other borrowings 14,221 14,326 15,320
Noncurrent operating lease liabilities 3,332 3,462 3,514
Deferred income taxes 2,504 2,265 2,413
Other noncurrent liabilities 2,155 2,042 1,961
Total noncurrent liabilities 22,212 22,095 23,208
Shareholders’ investment
Common stock 38 38 38
Additional paid-in capital 7,329 7,247 7,084
Retained earnings 10,890 9,297 8,766
Accumulated other comprehensive loss ( 414 ) ( 417 ) ( 468 )
Total shareholders’ investment 17,843 16,165 15,420
Total liabilities and shareholders’ investment $ 61,235 $ 59,490 $ 57,851
Common Stock Authorized 6,000,000,000 shares, $ 0.0833 par value; 454,291,461 , 452,840,187 , and 454,396,092 shares issued and outstanding as of August 1, 2026, January 31, 2026, and August 2, 2025, respectively.
Preferred Stock Authorized 5,000,000 shares, $ 0.01 par value; no shares were issued or outstanding during any period presented.
See accompanying Notes to Consolidated Financial Statements .
TARGET CORPORATION
Q2 2026 Form 10-Q 3
FINANCIAL STATEMENTS Table of Contents
Index to Notes
Consolidated Statements of Cash Flows
Six Months Ended
(millions) (unaudited) August 1, 2026 August 2, 2025
Operating activities
Net earnings $ 2,658 $ 1,971
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization 1,597 1,558
Share-based compensation expense 154 133
Deferred income taxes 238 112
Noncash (gains) / losses and other, net ( 4 ) 1
Changes in operating accounts:
Inventory ( 945 ) ( 141 )
Other assets 22 151
Accounts payable 612 ( 1,125 )
Accrued and other liabilities 187 ( 302 )
Cash provided by operating activities 4,519 2,358
Investing activities
Expenditures for property and equipment ( 2,404 ) ( 1,864 )
Other 7 11
Cash used in investing activities ( 2,397 ) ( 1,853 )
Financing activities
Additions to long-term debt — 1,984
Reductions of long-term debt ( 1,070 ) ( 1,571 )
Dividends paid ( 1,034 ) ( 1,019 )
Repurchase of stock ( 3 ) ( 258 )
Shares withheld for taxes on share-based compensation ( 92 ) ( 62 )
Cash used in financing activities ( 2,199 ) ( 926 )
Net decrease in cash and cash equivalents ( 77 ) ( 421 )
Cash and cash equivalents at beginning of period 5,488 4,762
Cash and cash equivalents at end of period $ 5,411 $ 4,341
Supplemental information
Leased assets obtained in exchange for new finance lease liabilities $ 18 $ 41
Leased assets obtained in exchange for new operating lease liabilities 84 119
See accompanying Notes to Consolidated Financial Statements .
TARGET CORPORATION
Q2 2026 Form 10-Q 4
FINANCIAL STATEMENTS Table of Contents
Index to Notes
Consolidated Statements of Shareholders’ Investment
Common Stock Additional Accumulated Other
Stock Par Paid-in Retained Comprehensive
(millions) (unaudited) Shares Value Capital Earnings Loss Total
February 1, 2025 455.6 $ 38 $ 6,996 $ 8,090 $ ( 458 ) $ 14,666
Net earnings — — — 1,036 — 1,036
Other comprehensive loss — — — — ( 4 ) ( 4 )
Dividends declared, $ 1.12 per share
— — — ( 515 ) — ( 515 )
Repurchase of stock ( 2.2 ) — — ( 251 ) — ( 251 )
Share-based compensation 1.0 — 15 — — 15
May 3, 2025 454.4 $ 38 $ 7,011 $ 8,360 $ ( 462 ) $ 14,947
Net earnings — — — 935 — 935
Other comprehensive loss — — — — ( 6 ) ( 6 )
Dividends declared, $ 1.14 per share
— — — ( 529 ) — ( 529 )
Share-based compensation — — 73 — — 73
August 2, 2025 454.4 $ 38 $ 7,084 $ 8,766 $ ( 468 ) $ 15,420
Net earnings — — — 689 — 689
Other comprehensive loss — — — — ( 3 ) ( 3 )
Dividends declared, $ 1.14 per share
— — — ( 526 ) — ( 526 )
Repurchase of stock ( 1.7 ) — — ( 152 ) — ( 152 )
Share-based compensation 0.1 — 73 — — 73
November 1, 2025 452.8 $ 38 $ 7,157 $ 8,777 $ ( 471 ) $ 15,501
Net earnings — — — 1,046 — 1,046
Other comprehensive income — — — — 54 54
Dividends declared, $ 1.14 per share
— — — ( 526 ) — ( 526 )
Share-based compensation — — 90 — — 90
January 31, 2026 452.8 $ 38 $ 7,247 $ 9,297 $ ( 417 ) $ 16,165
TARGET CORPORATION
Q2 2026 Form 10-Q 5
FINANCIAL STATEMENTS Table of Contents
Index to Notes
Consolidated Statements of Shareholders’ Investment
Common Stock Additional Accumulated Other
Stock Par Paid-in Retained Comprehensive
(millions) (unaudited) Shares Value Capital Earnings Loss Total
January 31, 2026 452.8 $ 38 $ 7,247 $ 9,297 $ ( 417 ) $ 16,165
Net earnings — — — 781 — 781
Other comprehensive income — — — — 2 2
Dividends declared, $ 1.14 per share
— — — ( 526 ) — ( 526 )
Share-based compensation 1.4 — ( 27 ) — — ( 27 )
May 2, 2026 454.2 $ 38 $ 7,220 $ 9,552 $ ( 415 ) $ 16,395
Net earnings — — — 1,877 — 1,877
Other comprehensive income — — — — 1 1
Dividends declared, $ 1.16 per share
— — — ( 539 ) — ( 539 )
Share-based compensation 0.1 — 109 — — 109
August 1, 2026 454.3 $ 38 $ 7,329 $ 10,890 $ ( 414 ) $ 17,843
See accompanying Notes to Consolidated Financial Statements .
TARGET CORPORATION
Q2 2026 Form 10-Q 6
FINANCIAL STATEMENTS Table of Contents
INDEX Index to Notes
INDEX TO NOTES
Notes to Consolidated Financial Statements
8
Note 1
Accounting Policies
8
Note 2
Net Sales
8
Note 3
Tariff Refunds
9
Note 4
Interchange Fee Settlements
9
Note 5
Fair Value Measurements
10
Note 6
Property and Equipment
10
Note 7
Supplier Finance Programs
10
Note 8
Long-Term Debt and Commercial Paper
11
Note 9
Derivative Financial Instruments
11
Note 10
Share Repurchase
12
Note 11
Pension Benefits
12
Note 12
Accumulated Other Comprehensive Loss
12
Note 13
Segment Reporting
13
TARGET CORPORATION
Q2 2026 Form 10-Q 7
FINANCIAL STATEMENTS Table of Contents
NOTES Index to Notes
Notes to Consolidated Financial Statements (unaudited)
1. Accounting Policies
These unaudited condensed consolidated financial statements are prepared in accordance with the rules and regulations of the Securities and Exchange Commission applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by United States (U.S.) generally accepted accounting principles (GAAP) for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the financial statement disclosures in our most recent Form 10-K.
We use the same accounting policies in preparing quarterly and annual financial statements.
We operate as a single segment that includes all of our operations, which are designed to enable guests to purchase products seamlessly in stores or through our digital channels. Nearly all of our revenues are generated in the U.S. The vast majority of our long-lived assets are located in the U.S.
Due to the seasonal nature of our business, quarterly revenues, expenses, earnings, and cash flows are not necessarily indicative of the results that may be expected for the full year.
2. Net Sales
Merchandise sales represent the vast majority of our revenues. We also earn revenues from a variety of other sources, most notably advertising revenue and credit card profit-sharing income.
Net Sales Three Months Ended Six Months Ended
(millions) August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Apparel & accessories (a)
$ 4,090 $ 4,086 $ 7,937 $ 7,797
Beauty (b)
3,639 3,396 7,037 6,498
Food & beverage (c)
5,991 5,588 12,255 11,490
Hardlines (Fun 101) (d)
3,894 3,522 7,415 6,597
Home furnishings & décor (e)
3,668 3,662 6,906 6,880
Household essentials (f)
4,617 4,422 9,187 8,779
Other merchandise sales 48 43 104 83
Merchandise sales 25,947 24,719 50,841 48,124
Advertising revenue 279 217 525 379
Credit card profit sharing 139 134 269 275
Other 174 141 347 279
Net sales $ 26,539 $ 25,211 $ 51,982 $ 49,057
(a) Includes apparel for women, men, young adults, kids, toddlers, and babies, as well as jewelry, accessories, and shoes.
(b) Includes skin and bath care, cosmetics, hair care, oral care, deodorant, and shaving products.
(c) Includes dry and perishable grocery, including snacks, candy, beverages, deli, bakery, meat, produce , food service (primarily Starbucks), and floral in our stores.
(d) Includes electronics, including video games and consoles, toys, trading cards, sporting goods and fan merchandise, pop culture and other entertainment, and luggage.
(e) Includes bed and bath, home décor, school/office supplies, storage, small appliances, kitchenware, greeting cards, party supplies, furniture, lighting, home improvement, and seasonal merchandise.
(f) Includes household cleaning, paper products, over-the-counter healthcare, vitamins and supplements, baby gear, and pet supplies.
TARGET CORPORATION
Q2 2026 Form 10-Q 8
FINANCIAL STATEMENTS Table of Contents
NOTES Index to Notes
Merchandise sales — We record almost all retail store revenues at the point of sale. Digitally originated sales may include shipping revenue and are recorded upon delivery to the guest or upon guest pickup at the store. Sales are recognized net of expected returns, which we estimate using historical return patterns and our expectation of future returns. As of August 1, 2026, January 31, 2026, and August 2, 2025, the liability for estimated returns was $ 178 million, $ 155 million, and $ 179 million, respectively.
Revenue from Target gift card sales is recognized upon gift card redemption, which is typically within one year of issuance.
Gift Card Liability Activity January 31,
2026 Gift Cards Issued During Current Period But Not Redeemed (b)
Revenue Recognized From Beginning Liability August 1,
2026
(millions)
Gift card liability (a)
$ 1,197 $ 376 $ ( 614 ) $ 959
(a) Included in Accrued and Other Current Liabilities.
(b) Net of estimated breakage.
Advertising revenue — Primarily represents revenue related to certain advertising services provided via our Roundel digital advertising business offering. Roundel services are classified as either Net Sales or as a reduction of Cost of Sales or Selling, General, and Administrative (SG&A) Expenses, depending on the nature of the advertising arrangement.
Credit card profit sharing — We receive payments under a credit card program agreement with TD Bank Group (TD). Under the agreement, we receive a percentage of the profits generated by the Target Circle credit card receivables in exchange for performing account servicing and primary marketing functions. TD underwrites, funds, and owns Target Circle credit card receivables, controls risk management policies, and oversees regulatory compliance.
Other — Includes commissions earned on third-party sales through our Target Plus third-party digital marketplace, Target Circle 360 membership revenue, Shipt membership and service revenues, rental income, and other miscellaneous revenues.
3. Tariff Refunds
Beginning in 2025, we paid tariffs imposed under the International Emergency Economic Powers Act (IEEPA) on certain imported merchandise. Following the February 2026 Supreme Court ruling that the tariffs imposed under IEEPA were not authorized by the statute and subsequent actions establishing a refund process, we began submitting refund claims.
During the three and six months ended August 1, 2026, we recognized $ 994 million related to IEEPA tariff refunds ("tariff refunds") received during the second quarter of 2026 as a reduction of Cost of Sales. We continue to pursue additional refund claims. Refund claims outstanding as of August 1, 2026, have not been recognized in the financial statements.
4. Interchange Fee Settlements
In March 2025, we entered into settlement agreements to resolve credit card interchange fee litigation matters in which we were a plaintiff. As a result of these lump-sum settlements, during the first quarter of 2025, we recorded gains within SG&A Expenses of $ 593 million, net of legal fees.
TARGET CORPORATION
Q2 2026 Form 10-Q 9
FINANCIAL STATEMENTS Table of Contents
NOTES Index to Notes
5. Fair Value Measurements
Fair value measurements are reported in one of three levels reflecting the significant inputs used to determine fair value.
Financial Instruments Measured On a Recurring Basis Fair Value
(millions) Classification Measurement Level August 1, 2026 January 31, 2026 August 2, 2025
Assets
Short-term investments Cash and Cash Equivalents Level 1 $ 4,337 $ 4,611 $ 3,348
Prepaid forward contracts Other Current Assets Level 1 25 18 17
Interest rate swaps Other Noncurrent Assets Level 2 — — 1
Liabilities
Interest rate swaps Other Current Liabilities Level 2 — 1 3
Interest rate swaps Other Noncurrent Liabilities Level 2 106 54 60
Significant Financial Instruments Not Measured at Fair Value (a)
(millions)
August 1, 2026 January 31, 2026 August 2, 2025
Carrying
Amount Fair
Value Carrying
Amount Fair
Value Carrying
Amount Fair
Value
Long-term debt, including current portion (b)
$ 13,404 $ 12,355 $ 14,398 $ 13,732 $ 14,393 $ 13,643
(a) The carrying amounts of certain other current assets, commercial paper, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature.
(b) The fair value of long-term debt is estimated using Level 2 inputs based on quoted prices for the instruments. Where quoted prices are not available, fair value is estimated using discounted cash flows and market-based expectations for interest rates. These amounts exclude commercial paper, fair value hedge adjustments, and lease liabilities.
6. Property and Equipment
We review long-lived assets for impairment when store performance expectations, events, or changes in circumstances—such as a decision to relocate or close a store, office, or distribution center, discontinue a project, or make significant software changes—indicate that the asset’s carrying value may not be recoverable. We recognized impairment charges of $ 33 million for the three and six months ended August 1, 2026, and $ 34 million for the three and six months ended August 2, 2025. These impairment charges are included in SG&A Expenses.
7. Supplier Finance Programs
We have arrangements with several financial institutions to act as our paying agents to certain vendors. The arrangements also permit the financial institutions to provide vendors with an option, at our vendors' sole discretion, to elect to receive early payment of our payment obligations from the financial institutions at a discounted amount. A vendor’s election to receive early payment does not change the amount that we must remit to the financial institutions or our payment date, which is up to 120 days from the invoice date.
We do not pay any fees or pledge any security to these financial institutions under these arrangements. The arrangements can be terminated by either party with notice ranging up to 120 days.
Our outstanding vendor obligations eligible for early payment under these arrangements totaled $ 3.2 billion, $ 3.0 billion, and $ 2.9 billion as of August 1, 2026, January 31, 2026, and August 2, 2025, respectively, and are included within Accounts Payable on our Consolidated Statements of Financial Position. These outstanding vendor obligations do not represent actual early payments made under supplier finance programs, which have historically been lower.
TARGET CORPORATION
Q2 2026 Form 10-Q 10
FINANCIAL STATEMENTS Table of Contents
NOTES Index to Notes
8. Long-Term Debt and Commercial Paper
Our unsecured long-term debt repayments during the six months ended August 1, 2026, were as follows:
Debt Repayments
(dollars in millions)
Repayment Date Maturity Date Principal Amount Interest Rate (Fixed)
April 2026 April 2026 $ 1,000 2.50 %
In August 2026, we obtained a committed $ 4.0 billion unsecured revolving credit facility that will expire in August 2031. This new facility replaced our $ 1.0 billion and $ 3.0 billion unsecured revolving credit facilities that were set to expire in October 2026 and October 2028, respectively. No balances were outstanding under any credit facility at any time during 2026 or 2025.
We obtain short-term financing from time to time under our commercial paper program. There was no commercial paper outstanding at any time during the three and six months ended August 1, 2026, or August 2, 2025.
9. Derivative Financial Instruments
Our derivative instruments consist of interest rate swaps used to mitigate interest rate risk. As a result, we have counterparty credit exposure to large global financial institutions, which we monitor on an ongoing basis. Note 5 to the Consolidated Financial Statements provides the fair value and classification of these instruments.
We were party to interest rate swaps with notional amounts totaling $ 2.45 billion as of August 1, 2026, and $ 2.20 billion as of January 31, 2026, and August 2, 2025. We pay a floating rate and receive a fixed rate under each of these agreements. All of the agreements are designated as fair value hedges, and all were considered to be perfectly effective under the shortcut method during the three and six months ended August 1, 2026, and August 2, 2025.
Effect of Hedges on Debt
(millions)
August 1, 2026 January 31, 2026 August 2, 2025
Long-term debt and other borrowings
Carrying amount of hedged debt $ 2,335 $ 2,139 $ 2,132
Cumulative hedging adjustments, included in carrying amount ( 106 ) ( 55 ) ( 63 )
Effect of Hedges on Net Interest Expense Three Months Ended Six Months Ended
(millions) August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Gain (loss) on fair value hedges recognized in Net Interest Expense
Interest rate swaps designated as fair value hedges $ ( 41 ) $ 6 $ ( 51 ) $ 62
Hedged debt 41 ( 6 ) 51 ( 62 )
Gain on cash flow hedges recognized in Net Interest Expense 6 6 12 12
Total $ 6 $ 6 $ 12 $ 12
TARGET CORPORATION
Q2 2026 Form 10-Q 11
FINANCIAL STATEMENTS Table of Contents
NOTES Index to Notes
10. Share Repurchase
We periodically repurchase shares of our common stock under a board-authorized repurchase program through a combination of open market transactions, accelerated share repurchase arrangements, and other privately negotiated transactions with financial institutions.
Share Repurchase Activity Three Months Ended Six Months Ended
(millions, except per share data) August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Number of shares purchased — — — 2.2
Average price paid per share (a)
$ — $ — $ — $ 114.59
Total investment (a)
$ — $ — $ — $ 251
(a) Amounts include applicable excise tax and commissions.
11. Pension Benefits
We provide pension plan benefits to eligible team members.
Net Pension Benefits Expense / (Income) Three Months Ended Six Months Ended
(millions) Classification August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Service cost benefits earned Cost of Sales and SG&A Expenses $ 17 $ 20 $ 35 $ 37
Interest cost on projected benefit obligation Net Other Expense / (Income) 40 42 80 84
Expected return on assets Net Other Expense / (Income) ( 64 ) ( 68 ) ( 128 ) ( 135 )
Amortization of losses Net Other Expense / (Income) 10 — 19 —
Prior service cost Net Other Expense / (Income) 9 7 9 7
Total $ 12 $ 1 $ 15 $ ( 7 )
12. Accumulated Other Comprehensive Loss
Change in Accumulated Other Comprehensive Loss Cash Flow Hedges Currency Translation Adjustment Pension Total
(millions)
January 31, 2026 $ 248 $ ( 29 ) $ ( 636 ) $ ( 417 )
Other comprehensive loss before reclassifications — ( 1 ) — ( 1 )
Amounts reclassified ( 9 ) — 13 4
August 1, 2026 $ 239 $ ( 30 ) $ ( 623 ) $ ( 414 )
Note: Amounts are net of tax.
TARGET CORPORATION
Q2 2026 Form 10-Q 12
FINANCIAL STATEMENTS Table of Contents
NOTES Index to Notes
13. Segment Reporting
Our Chief Operating Decision Maker (CODM)—our Chief Executive Officer—monitors our consolidated net earnings and operating income to evaluate performance and make operating decisions including whether to invest profits into capital projects, make equity or other investments, or return capital to shareholders. Consolidated assets as presented on our Consolidated Statements of Financial Position is the only view of assets regularly reviewed by our CODM. We operate as a single segment that includes all of our operations, which are designed to enable guests to purchase products seamlessly in stores or through our digital channels. Virtually all of our consolidated revenues are generated in the United States. The vast majority of our properties and equipment are located in the United States.
Business Segment Results Three Months Ended Six Months Ended
(millions) August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Net sales $ 26,539 $ 25,211 $ 51,982 $ 49,057
Cost of sales
Merchandising cost of sales (a)
15,775 16,177 32,053 31,531
Supply chain and digital fulfillment costs 1,828 1,726 3,611 3,500
Total cost of sales (a)
17,603 17,903 35,664 35,031
Selling, general, and administrative expenses (b)
5,725 5,359 11,286 9,950
Depreciation and amortization (exclusive of depreciation included in cost of sales)
651 632 1,337 1,287
Operating income (a)(b)
2,560 1,317 3,695 2,789
Net interest expense 98 116 215 232
Net other expense / (income) 3 ( 17 ) ( 13 ) ( 43 )
Earnings before income taxes 2,459 1,218 3,493 2,600
Provision for income taxes 582 283 835 629
Net earnings $ 1,877 $ 935 $ 2,658 $ 1,971
(a) For the three and six months ended August 1, 2026, includes $ 994 million of cost reductions related to tariff refunds. Note 3 provides additional information.
(b) For the six months ended August 2, 2025, includes $ 593 million of pretax net gains related to settlements of credit card interchange fee litigation matters. Note 4 provides additional information.
TARGET CORPORATION
Q2 2026 Form 10-Q 13
MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents
FINANCIAL SUMMARY Index to Notes
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.