Target Corporation prepares its financial statements according to U.S. GAAP. Target?s financial statements and dis

Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 3, 2018, are available here. https://lectures.mhhe.com/connect/spicelandint10e_1260310175/Target_Annual_Report.pdf   This material also is available under the Investor Relations link at the company’s website.

Required:
Target has both defined contribution and defined benefit pension plan. In Note 28 “Pension and Postretirement Health Care Plans,” Target describes its defined benefit plans. After reviewing Targets Financial Reports and Disclosures, please answer the following questions: 

1. What were the changes in Target’s Projected Benefits Obligation in the fiscal years ended February 3, 2018 (fiscal 2017), and January 28, 2017 (fiscal 2016), for its qualified pension plans?
2. What were the changes in Target’s Pension Plan Assets in the fiscal years ended February 3, 2018, and January 28, 2017, for its qualified pension plans?
3. Were these pension plans overfunded or underfunded for the fiscal years ended February 3, 2018, and January 28, 2017?
4. What were the components of Target’s Pension Expense in the fiscal years 2017, 2016, and 2015?
5. In conclusion, what suggested solutions will you recommend to ensure pension plans are properly funded?