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Target Corp. has received payment from its insurers for the full $90 million in coverage it had for its data breach last year, although its gross expenses in connection with the breach to date come to $235 million, according to reports released over the last three quarters.
The Minneapolis-based retailer said Wednesday in a preliminary update on second-quarter expenses that the quarter's results will include $148 million in gross expenses in connection with the breach, partially offset by a $38 million insurance receivable.
The largest portion of the insurance proceeds were reported in the retailer's fourth quarter, when it posted $61 million of total expenses in connection with the breach, which were offset by a $44 million insurance receivable.
For the first quarter, Target reported $26 million in total expenses, which were offset by an $8 million receivable.
This brings the total insurance receivable to $90 million, which does not include a $10 million self-insured retention, with gross expenses totaling $235 million.
Aside from the self-insured retention, Target's $90 million in coverage is spread among several insurers.
(Reuters) — Target Corp. Chief Executive and Chairman Gregg Steinhafel is leaving in the wake of the devastating data breach late last year that hurt profits, shook customer confidence in the No. 3 U.S. retailer and prompted congressional hearings.