Target’s Note 23 indicates that “We have not recorded deferred taxes when earnings from foreign operations are considered to be indefinitely invested outside the U.S.
Target’s Note 23 indicates that “We have not recorded deferred taxes when earnings from foreign operations are considered to be indefinitely invested outside the U.S. These accumulated net earnings relate to certain ongoing operations and were $685 million at January 30, 2016 and $328 million at January 31, 2015.” Are these amounts treated as temporary or permanent differences by Target? If Target decides to repatriate earnings in the future, what will be the effect on net income in the year of the repatriation?
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