1 - Select Data at top menu and Under the "Get External Data" category click "From Text". Then choose the text file that contains the data you want to import.
2 - Leave the option "Delimited". Review the data and take note of what is separating the data(what should be separated by columns) and click next.
3 - Choose the appropriate option under "Delimiters". If the data is separated by Tabs or Commas, choose one of those. In this case it is separated by a "Caret"(Shift+6). Notice I chose "Other" and typed the Caret symbol. Once I did that, the preview of the data shown at bottom auto changed showing the columns in place of the Caret symbols. Click next.
4 - Leave the format of "General". Click finish.
5 - This is why we selected the A1:1 cell at the beginning. It wants to know where to start placing the data. Click ok.
6 - Confirm the data looks good. There will not be "Headers" unless the text file contained them.
7 - Save the spreadsheet as a "CSV" file type, unless you know the program you are importing this data into takes a different file type. Then choose the appropriate file type to match what you need.