(millions) 2003 2002 2001 Target Target Visa $4,190 $3,774 $1,567 Proprietary card 783 827 1,063 MervynGLYPH<213>s proprietary card 550 626 706 Marshall FieldGLYPH<213>s proprietary card 672 737 756 Total year-end receivables $6,195 $5,964 $4,092 Past Due Accounts with three or more  payments past due as a percent  of total year-end receivables: Target Visa 3.6% 3.1% 0.5% Proprietary cards 4.7% 5.1% 4.9% Total past due 4.0% 3.8% 3.2% (millions) 2003 2002 2001 Revenues: Finance charges, late fees  and other revenues $1,300 $1,126 $ 779 Merchant fees Intracompany 97 102 102 Third-party 82 69 18 Total revenues 1,479 1,297 899 Expenses: Bad debt provision 532 460 230 Operations and marketing 306 305 224 Total expenses 838 765 454 Pre-tax credit card contribution $6 4 1 $ 532 $ 445 As a percent of total  average receivables 10.9% 11.0% 14.7% (millions) 2003 2002 Total Revenues Target Visa $8 5 7 $ 626 Proprietary cards $ 622 $ 671 Total revenues as a percent  of average receivables: Target Visa 21.9% 23.8% Proprietary cards 31.7% 30.4% Net Write-offs Target Visa $ 359 $ 151 Proprietary cards $ 153 $ 171 Net write-offs as a percent  of average receivables: Target Visa 9.2% 5.8% Proprietary cards 7.8% 7.7% Average Receivables Target Visa $3,907 $2,635 Proprietary cards 1,960 2,206 Total average receivables $5,867 $4,841 (millions) 2003 2002 2001 Allowance at beginning of year $ 399 $ 261 $ 211 Bad debt provision 532 460 230 Net write-offs (512) (322) (180) Allowance at end of year $ 419 $ 399 $ 261 As a percent of year-end receivables 6.8% 6.7% 6.4% Fourth Quarter Results Receivables Credit Card Contribution to Segment Profit Other Credit Card Contribution Information * Allowance for Doubtful Accounts Credit card expenses include marketing and account service activities that support our credit card portfolio, as well as bad debt expense. In 2003, our credit card expense increased to $838 million from $765 million, or 9.6 percent, primarily due to growth in our bad debt expense commensurate with the growth in our accounts receivable. In 2002, our credit card expenses increased to $765 million from $454 million, or 69 percent, due to substantial growth in our accounts receivable resulting from the Target Visa portfolio. In 2003, 2002 and 2001, allowance for doubtful accounts as a percent of year-end receivables was 6.8 percent, 6.7 percent and 6.4 percent, respectively. The increase in 2003 and 2002 was pri- marily due to higher accounts receivable balances and increases in the incidence and severity of personal bankruptcies, among other factors. We expect our 2004 credit operations to grow at a more modest rate than the substantial growth we experienced in 2003 and 2002. Our pre-tax credit card contribution as a percent of total average receivables is expected to continue to be in the range of 10 to 11 percent in 2004. Fourth quarter 2003 net earnings were $832 million, compared with $688 million in 2002. Earnings per share were $.91 for the quarter, compared with $.75 in 2002. Total revenues increased 10.7 percent and 13-week comparable-store sales increased 4.9 percent. Our pre-tax segment profit increased 17.3 percent to $1,513 million, primarily driven by growth at Target. Due to the seasonal nature of our business, fourth quarter operating results typically represent a substantially larger share of total  year revenues and earnings due to the inclusion of the holiday shopping season. *The Target Visa credit card does not reflect a full year of activity in 2001 and has been excluded due to lack of comparability. 20