Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 27, 2015 | Aug. 02, 2014 | |
Document Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | M | ||
Entity Registrant Name | Macy's, Inc. | ||
Entity Central Index Key | 794367 | ||
Current Fiscal Year End Date | -30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 341,139,919 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $20,465,660,000 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Statement [Abstract] | |||
Net sales | $28,105 | $27,931 | $27,686 |
Cost of sales | -16,863 | -16,725 | -16,538 |
Gross margin | 11,242 | 11,206 | 11,148 |
Selling, general and administrative expenses | -8,355 | -8,440 | -8,482 |
Impairments, store closing and other costs | -87 | -88 | -5 |
Operating income (loss) | 2,800 | 2,678 | 2,661 |
Interest expense | -395 | -390 | -425 |
Premium on early retirement of debt | -17 | 0 | -137 |
Interest income | 2 | 2 | 3 |
Income (loss) before income taxes | 2,390 | 2,290 | 2,102 |
Federal, state and local income tax expense | -864 | -804 | -767 |
Net income | $1,526 | $1,486 | $1,335 |
Basic earnings per share | $4.30 | $3.93 | $3.29 |
Diluted earnings per share | $4.22 | $3.86 | $3.24 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income Statement (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Net income | $1,526 | $1,486 | $1,335 |
Actuarial gain (loss) and prior service cost on post employment and postretirement benefit plans, net of tax effect | -422 | 170 | 37 |
Net actuarial loss on post employment and postretirement benefit plans, net of tax effect | 15 | 96 | 94 |
Prior service credit on post employment and postretirement benefit plans, net of tax effect | 0 | 0 | -1 |
Total other comprehensive income (loss) | -407 | 266 | 130 |
Comprehensive income | $1,119 | $1,752 | $1,465 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income parenthetical (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Actuarial loss on post employment and postretirement benefit plans, tax effect | ($269) | $108 | $24 |
Net actuarial loss on postretirement benefit plans, tax effect | 10 | 61 | 60 |
Prior service credit on postretirement benefit plans, tax effect | $0 | $0 | ($1) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $2,246 | $2,273 |
Receivables | 424 | 438 |
Merchandise inventories | 5,516 | 5,557 |
Prepaid expenses and other current assets | 493 | 420 |
Total Current Assets | 8,679 | 8,688 |
Property and Equipment - net | 7,800 | 7,930 |
Goodwill | 3,743 | 3,743 |
Other Intangible Assets - net | 496 | 527 |
Other Assets | 743 | 732 |
Total Assets | 21,461 | 21,620 |
Current Liabilities: | ||
Short-term debt | 76 | 463 |
Merchandise accounts payable | 1,693 | 1,691 |
Accounts payable and accrued liabilities | 3,109 | 2,810 |
Income taxes | 296 | 362 |
Deferred income taxes | 362 | 400 |
Total Current Liabilities | 5,536 | 5,726 |
Long-Term Debt | 7,265 | 6,714 |
Deferred Income Taxes | 1,081 | 1,273 |
Other Liabilities | 2,201 | 1,658 |
Shareholders' Equity: | ||
Common stock (340.6 and 364.9 shares outstanding) | 4 | 4 |
Additional paid-in capital | 1,048 | 2,522 |
Accumulated equity | 7,340 | 6,235 |
Treasury stock | -1,942 | -1,847 |
Accumulated other comprehensive loss | -1,072 | -665 |
Total Shareholders' Equity | 5,378 | 6,249 |
Total Liabilities and Shareholders' Equity | $21,461 | $21,620 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Common stock, shares outstanding | 340,573,700 | 364,935,000 | 387,701,100 | 414,181,000 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Equity [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Millions | ||||||
Balance at Jan. 28, 2012 | $5,933 | $5 | $5,408 | $4,015 | ($2,434) | ($1,061) |
Net income | 1,335 | 1,335 | ||||
Other comprehensive income (loss) | 130 | 130 | ||||
Common stock dividends | -242 | -242 | ||||
Stock repurchases | -1,397 | -1,397 | ||||
Stock-based compensation expense | 55 | 55 | ||||
Stock issued under stock plans | 234 | -111 | 345 | |||
Retirement of common stock | 0 | -1 | -1,480 | 1,481 | ||
Deferred compensation plan distributions | 3 | 3 | ||||
Balance at Feb. 02, 2013 | 6,051 | 4 | 3,872 | 5,108 | -2,002 | -931 |
Net income | 1,486 | 1,486 | ||||
Other comprehensive income (loss) | 266 | 266 | ||||
Common stock dividends | -359 | -359 | ||||
Stock repurchases | -1,571 | -1,571 | ||||
Stock-based compensation expense | 60 | 60 | ||||
Stock issued under stock plans | 315 | -84 | 399 | |||
Retirement of common stock | 0 | -1,326 | 1,326 | |||
Deferred compensation plan distributions | 1 | 1 | ||||
Balance at Feb. 01, 2014 | 6,249 | 4 | 2,522 | 6,235 | -1,847 | -665 |
Net income | 1,526 | 1,526 | ||||
Other comprehensive income (loss) | -407 | -407 | ||||
Common stock dividends | -421 | -421 | ||||
Stock repurchases | -1,901 | -1,901 | ||||
Stock-based compensation expense | 72 | 72 | ||||
Stock issued under stock plans | 258 | -66 | 324 | |||
Retirement of common stock | 0 | -1,480 | 1,480 | |||
Deferred compensation plan distributions | 2 | 2 | ||||
Balance at Jan. 31, 2015 | $5,378 | $4 | $1,048 | $7,340 | ($1,942) | ($1,072) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity Parenthetical (Common Stock [Member], USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Common Stock [Member] | |||
Common stock, dividends declared per share | $1.19 | $0.95 | $0.60 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Cash flows from operating activities: | |||
Net income | $1,526 | $1,486 | $1,335 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Impairments, store closing and other costs | 87 | 88 | 5 |
Depreciation and amortization | 1,036 | 1,020 | 1,049 |
Stock-based compensation expense | 73 | 62 | 61 |
Amortization of financing costs and premium on acquired debt | -5 | -8 | -16 |
Changes in assets and liabilities: | |||
(Increase) decrease in receivables | 22 | -58 | 7 |
(Increase) decrease in merchandise inventories | 40 | -249 | -191 |
Increase in prepaid expenses and other current assets | -3 | -2 | -7 |
(Increase) decrease in other assets not separately identified | -61 | -1 | 23 |
Increase (decrease) in merchandise accounts payable | -17 | 101 | 23 |
Increase (decrease) in accounts payable, accrued liabilities and other items not separately identified | 37 | 48 | -33 |
Increase (decrease) in current income taxes | -65 | 7 | -16 |
Increase (decrease) in deferred income taxes | 29 | -142 | 14 |
Increase (decrease) in other liabilities not separately identified | 10 | 197 | -75 |
Net cash provided by operating activities | 2,709 | 2,549 | 2,179 |
Cash flows from investing activities: | |||
Purchase of property and equipment | -770 | -607 | -698 |
Capitalized software | -298 | -256 | -244 |
Disposition of property and equipment | 172 | 132 | 66 |
Other, net | -74 | -57 | 95 |
Net cash used by investing activities | -970 | -788 | -781 |
Cash flows from financing activities: | |||
Debt issued | 1,044 | 400 | 1,000 |
Financing costs | -9 | -9 | -11 |
Debt repaid | -870 | -124 | -1,803 |
Dividends paid | -421 | -359 | -324 |
Increase (decrease) in outstanding checks | 133 | 24 | -88 |
Acquisition of treasury stock | -1,901 | -1,571 | -1,397 |
Issuance of common stock | 258 | 315 | 234 |
Net cash used by financing activities | -1,766 | -1,324 | -2,389 |
Net increase (decrease) in cash and cash equivalents | -27 | 437 | -991 |
Cash and cash equivalents beginning of period | 2,273 | 1,836 | 2,827 |
Cash and cash equivalents end of period | 2,246 | 2,273 | 1,836 |
Supplemental cash flow information: | |||
Interest paid | 413 | 388 | 585 |
Interest received | 2 | 2 | 2 |
Income taxes paid (net of refunds received) | $834 | $835 | $738 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Organization and Summary of Significant Accounting Policies [Abstract] | ||||||||||||
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies | |||||||||||
Nature of Operations | ||||||||||||
Macy’s, Inc. and subsidiaries (the “Company”) is an omnichannel retail organization operating stores and Internet websites under two brands (Macy’s and Bloomingdale’s) that sell a wide range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The Company has stores in 45 states, the District of Columbia, Guam and Puerto Rico. As of January 31, 2015, the Company’s operations and reportable segments were conducted through Macy’s, Bloomingdale’s and Bloomingdale’s Outlet, which are aggregated into one reporting segment in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, “Segment Reporting.” The metrics used by management to assess the performance of the Company’s operating divisions include sales trends, gross margin rates, expense rates, and rates of earnings before interest and taxes (“EBIT”) and earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company’s operating divisions have historically had similar economic characteristics and are expected to have similar economic characteristics and long-term financial performance in future periods. | ||||||||||||
For 2014, 2013 and 2012, the following merchandise constituted the following percentages of sales: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Feminine Accessories, Intimate Apparel, Shoes and Cosmetics | 38 | % | 38 | % | 38 | % | ||||||
Feminine Apparel | 23 | 23 | 23 | |||||||||
Men’s and Children’s | 23 | 23 | 23 | |||||||||
Home/Miscellaneous | 16 | 16 | 16 | |||||||||
100 | % | 100 | % | 100 | % | |||||||
Fiscal Year | ||||||||||||
The Company’s fiscal year ends on the Saturday closest to January 31. Fiscal years 2014, 2013 and 2012 ended on January 31, 2015, February 1, 2014 and February 2, 2013, respectively. Fiscal years 2014 and 2013 included 52 weeks and fiscal year 2012 included 53 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years. | ||||||||||||
Basis of Presentation | ||||||||||||
The Consolidated Financial Statements include the accounts of the Company and its 100%-owned subsidiaries. All significant intercompany transactions have been eliminated. | ||||||||||||
Certain reclassifications were made to prior years’ amounts to conform with the classifications of such amounts for the most recent year. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. | ||||||||||||
Net Sales | ||||||||||||
Net sales include merchandise sales, licensed department income, shipping and handling fees, sales of private brand goods directly to third party retailers and sales of excess inventory to third parties. Sales of merchandise are recorded at the time of delivery to the customer and are reported net of merchandise returns. The Company licenses third parties to operate certain departments in its stores. The Company receives commissions from these licensed departments based on a percentage of net sales. Commissions are recognized as income at the time merchandise is sold to customers. Sales taxes collected from customers are not considered revenue and are included in accounts payable and accrued liabilities until remitted to the taxing authorities. | ||||||||||||
Cost of Sales | ||||||||||||
Cost of sales consists of the cost of merchandise, including inbound freight, and shipping and handling costs. An estimated allowance for future sales returns is recorded and cost of sales is adjusted accordingly. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents include cash and liquid investments with original maturities of three months or less. Cash and cash equivalents includes amounts due in respect of credit card sales transactions that are settled early in the following period in the amount of $111 million at January 31, 2015 and $101 million at February 1, 2014. | ||||||||||||
Investments | ||||||||||||
The Company from time to time invests in debt and equity securities, including companies engaged in complementary businesses. All marketable equity and debt securities held by the Company are accounted for under ASC Topic 320, “Investments – Debt and Equity Securities.” Unrealized holding gains and losses on trading securities are recognized in the Consolidated Statements of Income and unrealized holding gains and losses on available-for-sale securities are included as a separate component of accumulated other comprehensive income, net of income tax effect, until realized. At January 31, 2015, the Company did not hold any held-to-maturity or available-for-sale securities. | ||||||||||||
Receivables | ||||||||||||
In connection with the sale of most of the Company’s credit assets to Citibank, the Company and Citibank entered into a long-term marketing and servicing alliance pursuant to the terms of a Credit Card Program Agreement (the “Program Agreement”). Income earned under the Program Agreement is treated as a reduction of selling, general and administrative ("SG&A") expenses on the Consolidated Statements of Income. Under the Program Agreement, Citibank offers proprietary and non-proprietary credit to the Company’s customers through previously existing and newly opened accounts. | ||||||||||||
Loyalty Programs | ||||||||||||
The Company maintains customer loyalty programs in which customers earn rewards based on their spending. Upon reaching certain levels of qualified spending, customers automatically receive rewards to apply toward future purchases. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales. | ||||||||||||
Merchandise Inventories | ||||||||||||
Merchandise inventories are valued at lower of cost or market using the last-in, first-out (LIFO) retail inventory method. Under the retail inventory method, inventory is segregated into departments of merchandise having similar characteristics, and is stated at its current retail selling value. Inventory retail values are converted to a cost basis by applying specific average cost factors for each merchandise department. Cost factors represent the average cost-to-retail ratio for each merchandise department based on beginning inventory and the fiscal year purchase activity. At January 31, 2015 and February 1, 2014, merchandise inventories valued at LIFO, including adjustments as necessary to record inventory at the lower of cost or market, approximated the cost of such inventories using the first-in, first-out (FIFO) retail inventory method. The application of the LIFO retail inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales for 2014, 2013 or 2012. The retail inventory method inherently requires management judgments and estimates, such as the amount and timing of permanent markdowns to clear unproductive or slow-moving inventory, which may impact the ending inventory valuation as well as gross margins. | ||||||||||||
Permanent markdowns designated for clearance activity are recorded when the utility of the inventory has diminished. Factors considered in the determination of permanent markdowns include current and anticipated demand, customer preferences, age of the merchandise and fashion trends. When a decision is made to permanently markdown merchandise, the resulting gross margin reduction is recognized in the period the markdown is recorded. | ||||||||||||
Physical inventories are generally taken within each merchandise department annually, and inventory records are adjusted accordingly, resulting in the recording of actual shrinkage. While it is not possible to quantify the impact from each cause of shrinkage, the Company has loss prevention programs and policies that are intended to minimize shrinkage. Physical inventories are taken at all store locations for substantially all merchandise categories approximately three weeks before the end of the fiscal year. Shrinkage is estimated as a percentage of sales at interim periods and for this approximate three-week period, based on historical shrinkage rates. | ||||||||||||
Vendor Allowances | ||||||||||||
The Company receives certain allowances as reimbursement for markdowns taken and/or to support the gross margins earned in connection with the sales of merchandise. These allowances are recognized when earned in accordance with ASC Subtopic 605-50, “Customer Payments and Incentives.” The Company also receives advertising allowances from approximately 1,000 of its merchandise vendors pursuant to cooperative advertising programs, with some vendors participating in multiple programs. These allowances represent reimbursements by vendors of costs incurred by the Company to promote the vendors’ merchandise and are netted against advertising and promotional costs when the related costs are incurred in accordance with ASC Subtopic 605-50. Advertising allowances in excess of costs incurred are recorded as a reduction of merchandise costs and, ultimately, through cost of sales when the merchandise is sold. | ||||||||||||
The arrangements pursuant to which the Company’s vendors provide allowances, while binding, are generally informal in nature and one year or less in duration. The terms and conditions of these arrangements vary significantly from vendor to vendor and are influenced by, among other things, the type of merchandise to be supported. | ||||||||||||
Advertising | ||||||||||||
Department store non-direct response advertising and promotional costs are expensed either as incurred or the first time the advertising occurs. Direct response advertising and promotional costs are deferred and expensed over the period during which the sales are expected to occur, generally one to four months. Advertising and promotional costs and cooperative advertising allowances were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Gross advertising and promotional costs | $ | 1,602 | $ | 1,623 | $ | 1,554 | ||||||
Cooperative advertising allowances | 425 | 457 | 431 | |||||||||
Advertising and promotional costs, net of | $ | 1,177 | $ | 1,166 | $ | 1,123 | ||||||
cooperative advertising allowances | ||||||||||||
Net sales | $ | 28,105 | $ | 27,931 | $ | 27,686 | ||||||
Advertising and promotional costs, net of cooperative | 4.2 | % | 4.2 | % | 4.1 | % | ||||||
advertising allowances, as a percent to net sales | ||||||||||||
Property and Equipment | ||||||||||||
Depreciation of owned properties is provided primarily on a straight-line basis over the estimated asset lives, which range from fifteen to fifty years for buildings and building equipment and three to fifteen years for fixtures and equipment. Real estate taxes and interest on construction in progress and land under development are capitalized. Amounts capitalized are amortized over the estimated lives of the related depreciable assets. The Company receives contributions from developers and merchandise vendors to fund building improvement and the construction of vendor shops. Such contributions are netted against the capital expenditures. | ||||||||||||
Buildings on leased land and leasehold improvements are amortized over the shorter of their economic lives or the lease term, beginning on the date the asset is put into use. | ||||||||||||
The carrying value of long-lived assets is periodically reviewed by the Company whenever events or changes in circumstances indicate that a potential impairment has occurred. For long-lived assets held for use, a potential impairment has occurred if projected future undiscounted cash flows are less than the carrying value of the assets. The estimate of cash flows includes management’s assumptions of cash inflows and outflows directly resulting from the use of those assets in operations. When a potential impairment has occurred, an impairment write-down is recorded if the carrying value of the long-lived asset exceeds its fair value. The Company believes its estimated cash flows are sufficient to support the carrying value of its long-lived assets. If estimated cash flows significantly differ in the future, the Company may be required to record asset impairment write-downs. | ||||||||||||
If the Company commits to a plan to dispose of a long-lived asset before the end of its previously estimated useful life, estimated cash flows are revised accordingly, and the Company may be required to record an asset impairment write-down. Additionally, related liabilities arise such as severance, contractual obligations and other accruals associated with store closings from decisions to dispose of assets. The Company estimates these liabilities based on the facts and circumstances in existence for each restructuring decision. The amounts the Company will ultimately realize or disburse could differ from the amounts assumed in arriving at the asset impairment and restructuring charge recorded. | ||||||||||||
The Company classifies certain long-lived assets as held for disposal by sale and ceases depreciation when the particular criteria for such classification are met, including the probable sale within one year. For long-lived assets to be disposed of by sale, an impairment charge is recorded if the carrying amount of the asset exceeds its fair value less costs to sell. Such valuations include estimations of fair values and incremental direct costs to transact a sale. | ||||||||||||
Leases | ||||||||||||
The Company recognizes operating lease minimum rentals on a straight-line basis over the lease term. Executory costs such as real estate taxes and maintenance, and contingent rentals such as those based on a percentage of sales are recognized as incurred. | ||||||||||||
The lease term, which includes all renewal periods that are considered to be reasonably assured, begins on the date the Company has access to the leased property. The Company receives contributions from landlords to fund buildings and leasehold improvements. Such contributions are recorded as deferred rent and amortized as reductions to lease expense over the lease term. | ||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||
The carrying value of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment in accordance with ASC Subtopic 350-20 “Goodwill.” Goodwill and other intangible assets with indefinite lives have been assigned to reporting units for purposes of impairment testing. The reporting units are the Company’s retail operating divisions. Goodwill and other intangible assets with indefinite lives are tested for impairment annually at the end of the fiscal month of May. The Company evaluates qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value and whether it is necessary to perform the two-step goodwill impairment process. If required, the first step involves a comparison of each reporting unit’s fair value to its carrying value and the Company estimates fair value based on discounted cash flows. The reporting unit’s discounted cash flows require significant management judgment with respect to sales, gross margin and SG&A rates, capital expenditures and the selection and use of an appropriate discount rate. The projected sales, gross margin and SG&A expense rate assumptions and capital expenditures are based on the Company’s annual business plan or other forecasted results. Discount rates reflect market-based estimates of the risks associated with the projected cash flows directly resulting from the use of those assets in operations. The estimates of fair value of reporting units are based on the best information available as of the date of the assessment. If the carrying value of a reporting unit exceeds its estimated fair value in the first step, a second step is performed, in which the reporting unit’s goodwill is written down to its implied fair value. The second step requires the Company to allocate the fair value of the reporting unit derived in the first step to the fair value of the reporting unit’s net assets, with any fair value in excess of amounts allocated to such net assets representing the implied fair value of goodwill for that reporting unit. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is written down by an amount equal to such excess. | ||||||||||||
Capitalized Software | ||||||||||||
The Company capitalizes purchased and internally developed software and amortizes such costs to expense on a straight-line basis over two to five years. Capitalized software is included in other assets on the Consolidated Balance Sheets. | ||||||||||||
Gift Cards | ||||||||||||
The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold, no revenue is recognized; rather, the Company records an accrued liability to customers. The liability is relieved and revenue is recognized equal to the amount redeemed at the time gift cards are redeemed for merchandise. The Company records income from unredeemed gift cards (breakage) as a reduction of SG&A expenses, and income is recorded in proportion and over the time period gift cards are actually redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. | ||||||||||||
Self-Insurance Reserves | ||||||||||||
The Company, through its insurance subsidiary, is self-insured for workers compensation and general liability claims up to certain maximum liability amounts. Although the amounts accrued are actuarially determined based on analysis of historical trends of losses, settlements, litigation costs and other factors, the amounts the Company will ultimately disburse could differ from such accrued amounts. | ||||||||||||
Post Employment and Postretirement Obligations | ||||||||||||
The Company, through its actuaries, utilizes assumptions when estimating the liabilities for pension and other employee benefit plans. These assumptions, where applicable, include the discount rates used to determine the actuarial present value of projected benefit obligations, the rate of increase in future compensation levels, the long-term rate of return on assets and the growth in health care costs. The cost of these benefits is generally recognized in the Consolidated Financial Statements over an employee’s term of service with the Company, and the accrued benefits are reported in accounts payable and accrued liabilities and other liabilities on the Consolidated Balance Sheets, as appropriate. | ||||||||||||
Income Taxes | ||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Income in the period that includes the enactment date. Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized. | ||||||||||||
Derivatives | ||||||||||||
The Company records derivative transactions according to the provisions of ASC Topic 815 “Derivatives and Hedging,” which establishes accounting and reporting standards for derivative instruments and hedging activities and requires recognition of all derivatives as either assets or liabilities and measurement of those instruments at fair value. The Company makes limited use of derivative financial instruments. The Company does not use financial instruments for trading or other speculative purposes and is not a party to any leveraged financial instruments. On the date that the Company enters into a derivative contract, the Company designates the derivative instrument as either a fair value hedge, a cash flow hedge or as a free-standing derivative instrument, each of which would receive different accounting treatment. Prior to entering into a hedge transaction, the Company formally documents the relationship between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. Derivative instruments that the Company may use as part of its interest rate risk management strategy include interest rate swap and interest rate cap agreements and Treasury lock agreements. At January 31, 2015, the Company was not a party to any derivative financial instruments. | ||||||||||||
Stock Based Compensation | ||||||||||||
The Company records stock-based compensation expense according to the provisions of ASC Topic 718, “Compensation – Stock Compensation.” ASC Topic 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. Under the provisions of ASC Topic 718, the Company determines the appropriate fair value model to be used for valuing share-based payments and the amortization method for compensation cost. |
Impairments_Store_Closing_Cost
Impairments, Store Closing Costs and Gain on Sale of Leases | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Impairments, Store Closing Costs and Other Costs [Abstract] | ||||||||||||
Impairments, Store Closing and Other Costs | ||||||||||||
2 | Impairments, Store Closing and Other Costs | |||||||||||
Impairments, store closing and other costs consist of the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Impairments of properties held and used | $ | 33 | $ | 39 | $ | 4 | ||||||
Severance | 46 | 43 | 3 | |||||||||
Other | 8 | 6 | (2 | ) | ||||||||
$ | 87 | $ | 88 | $ | 5 | |||||||
During January 2015, the Company announced a series of initiatives to evolve its business model and invest in continued growth opportunities, including a restructuring of merchandising and marketing functions at Macy's and Bloomingdale's consistent with the Company's omnichannel approach to retailing, as well as a series of adjustments to its field and store operations to increase productivity and efficiency. | ||||||||||||
During January 2014, the Company announced a series of cost-reduction initiatives, including organization changes that combine certain region and district organizations of the My Macy’s store management structure and the realignment and elimination of certain store, central office and administrative functions. | ||||||||||||
During January 2015, the Company announced the closure of fourteen Macy's stores; during January 2014, the Company announced the closure of five Macy's stores; and during January 2013, the Company announced the closure of six Macy’s and Bloomingdale's stores. | ||||||||||||
In connection with these announcements and the plans to dispose of these locations, the Company incurred severance and other human resource-related costs and other costs related to lease obligations and other store liabilities. | ||||||||||||
As a result of the Company’s projected undiscounted future cash flows related to certain store locations and other assets being less than their carrying value, the Company recorded impairment charges, including properties that were the subject of announced store closings. The fair values of these assets were calculated based on the projected cash flows and an estimated risk-adjusted rate of return that would be used by market participants in valuing these assets or based on prices of similar assets. | ||||||||||||
The Company expects to pay out the 2014 accrued severance costs, which are included in accounts payable and accrued liabilities on the Consolidated Balance Sheets, prior to May 2, 2015. The 2013 and 2012 accrued severance costs, which were included in accounts payable and accrued liabilities on the Consolidated Balance Sheets, were paid out in the fiscal year subsequent to incurring such severance costs. |
Receivables
Receivables | 12 Months Ended |
Jan. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable, Classified [Abstract] | |
Receivables | Receivables |
Receivables were $424 million at January 31, 2015, compared to $438 million at February 1, 2014. | |
In connection with the sale of most of the Company's credit card accounts and related receivable balances to Citibank, the Company and Citibank entered into a long-term marketing and servicing alliance pursuant to the terms of a Credit Card Program Agreement with an initial term of 10 years which was to expire on July 17, 2016. During 2014, the Company entered into an amended and restated Credit Card Program Agreement (the “Program Agreement”) with substantially similar financial terms as the prior credit card program agreement. The Program Agreement is now set to expire March 31, 2025, subject to an additional renewal term of three years. The Program Agreement provides for, among other things, (i) the ownership by Citibank of the accounts purchased by Citibank, (ii) the ownership by Citibank of new accounts opened by the Company’s customers, (iii) the provision of credit by Citibank to the holders of the credit cards associated with the foregoing accounts, (iv) the servicing of the foregoing accounts, and (v) the allocation between Citibank and the Company of the economic benefits and burdens associated with the foregoing and other aspects of the alliance. | |
Pursuant to the Program Agreement, the Company continues to provide certain servicing functions related to the accounts and related receivables owned by Citibank and receives compensation from Citibank for these services. The amounts earned under the Program Agreement related to the servicing functions are deemed adequate compensation and, accordingly, no servicing asset or liability has been recorded on the Consolidated Balance Sheets. | |
Amounts received under the Program Agreement were $975 million for 2014, $928 million for 2013 and $865 million for 2012, and are treated as reductions of SG&A expenses on the Consolidated Statements of Income. The Company’s earnings from credit operations, net of servicing expenses, were $776 million for 2014, $731 million for 2013, and $663 million for 2012. |
Properties_and_Leases
Properties and Leases | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Property Plant and Equipment and Leases of Lessee [Abstract] | ||||||||||||
Properties and Leases | Properties and Leases | |||||||||||
January 31, | February 1, | |||||||||||
2015 | 2014 | |||||||||||
(millions) | ||||||||||||
Land | $ | 1,664 | $ | 1,696 | ||||||||
Buildings on owned land | 5,049 | 5,405 | ||||||||||
Buildings on leased land and leasehold improvements | 1,819 | 2,041 | ||||||||||
Fixtures and equipment | 4,828 | 4,811 | ||||||||||
Leased properties under capitalized leases | 34 | 43 | ||||||||||
13,394 | 13,996 | |||||||||||
Less accumulated depreciation and amortization | 5,594 | 6,066 | ||||||||||
$ | 7,800 | $ | 7,930 | |||||||||
In connection with various shopping center agreements, the Company is obligated to operate certain stores within the centers for periods of up to twenty years. Some of these agreements require that the stores be operated under a particular name. | ||||||||||||
The Company leases a portion of the real estate and personal property used in its operations. Most leases require the Company to pay real estate taxes, maintenance and other executory costs; some also require additional payments based on percentages of sales and some contain purchase options. Certain of the Company’s real estate leases have terms that extend for significant numbers of years and provide for rental rates that increase or decrease over time. In addition, certain of these leases contain covenants that restrict the ability of the tenant (typically a subsidiary of the Company) to take specified actions (including the payment of dividends or other amounts on account of its capital stock) unless the tenant satisfies certain financial tests. | ||||||||||||
Minimum rental commitments (excluding executory costs) at January 31, 2015, for noncancellable leases are: | ||||||||||||
Capitalized | Operating | Total | ||||||||||
Leases | Leases | |||||||||||
(millions) | ||||||||||||
Fiscal year | ||||||||||||
2015 | $ | 3 | $ | 260 | $ | 263 | ||||||
2016 | 3 | 264 | 267 | |||||||||
2017 | 3 | 246 | 249 | |||||||||
2018 | 3 | 232 | 235 | |||||||||
2019 | 3 | 214 | 217 | |||||||||
After 2019 | 43 | 2,351 | 2,394 | |||||||||
Total minimum lease payments | 58 | $ | 3,567 | $ | 3,625 | |||||||
Less amount representing interest | 28 | |||||||||||
Present value of net minimum capitalized lease payments | $ | 30 | ||||||||||
Capitalized leases are included in the Consolidated Balance Sheets as property and equipment while the related obligation is included in short-term ($1 million) and long-term ($29 million) debt. Amortization of assets subject to capitalized leases is included in depreciation and amortization expense. Total minimum lease payments shown above have not been reduced by minimum sublease rentals of $12 million on operating leases. | ||||||||||||
The Company is a guarantor with respect to certain lease obligations associated with The May Department Stores Company and previously disposed subsidiaries or businesses. The leases, one of which includes potential extensions to 2070, have future minimum lease payments aggregating $317 million and are offset by payments from existing tenants and subtenants. In addition, the Company is liable for other expenses related to the above leases, such as property taxes and common area maintenance, which are also payable by existing tenants and subtenants. Potential liabilities related to these guarantees are subject to certain defenses by the Company. The Company believes that the risk of significant loss from the guarantees of these lease obligations is remote. | ||||||||||||
Rental expense consists of: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Real estate (excluding executory costs) | ||||||||||||
Capitalized leases – | ||||||||||||
Contingent rentals | $ | — | $ | — | $ | — | ||||||
Operating leases – | ||||||||||||
Minimum rentals | 265 | 256 | 248 | |||||||||
Contingent rentals | 22 | 22 | 21 | |||||||||
287 | 278 | 269 | ||||||||||
Less income from subleases – | ||||||||||||
Operating leases | (8 | ) | (10 | ) | (11 | ) | ||||||
$ | 279 | $ | 268 | $ | 258 | |||||||
Personal property – Operating leases | $ | 12 | $ | 11 | $ | 11 | ||||||
Included as a reduction to the expense above is deferred rent amortization of $7 million, $8 million and $7 million for 2014, 2013 and 2012, respectively, related to contributions received from landlords. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||
The following summarizes the Company’s goodwill and other intangible assets: | ||||||||
January 31, | February 1, | |||||||
2015 | 2014 | |||||||
(millions) | ||||||||
Non-amortizing intangible assets | ||||||||
Goodwill | $ | 9,125 | $ | 9,125 | ||||
Accumulated impairment losses | (5,382 | ) | (5,382 | ) | ||||
3,743 | 3,743 | |||||||
Tradenames | 414 | 414 | ||||||
$ | 4,157 | $ | 4,157 | |||||
Amortizing intangible assets | ||||||||
Favorable leases | $ | 177 | $ | 188 | ||||
Customer relationships | 188 | 188 | ||||||
365 | 376 | |||||||
Accumulated amortization | ||||||||
Favorable leases | (106 | ) | (104 | ) | ||||
Customer relationships | (177 | ) | (159 | ) | ||||
(283 | ) | (263 | ) | |||||
$ | 82 | $ | 113 | |||||
Intangible amortization expense amounted to $31 million for 2014, $34 million for 2013 and $37 million for 2012. | ||||||||
Future estimated intangible amortization expense is shown below: | ||||||||
(millions) | ||||||||
Fiscal year | ||||||||
2015 | $ | 21 | ||||||
2016 | 8 | |||||||
2017 | 7 | |||||||
2018 | 7 | |||||||
2019 | 7 | |||||||
Favorable lease intangible assets are being amortized over their respective lease terms (weighted average life of approximately twelve years) and customer relationship intangible assets are being amortized over their estimated useful lives of ten years. |
Financing
Financing | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Financing | Financing | |||||||||||
The Company’s debt is as follows: | ||||||||||||
January 31, | February 1, | |||||||||||
2015 | 2014 | |||||||||||
(millions) | ||||||||||||
Short-term debt: | ||||||||||||
7.5% Senior debentures due 2015 | $ | 69 | $ | — | ||||||||
5.75% Senior notes due 2014 | — | 453 | ||||||||||
Capital lease and current portion of other long-term obligations | 7 | 10 | ||||||||||
$ | 76 | $ | 463 | |||||||||
Long-term debt: | ||||||||||||
2.875% Senior notes due 2023 | $ | 750 | $ | 750 | ||||||||
5.9% Senior notes due 2016 | 577 | 577 | ||||||||||
3.875% Senior notes due 2022 | 550 | 550 | ||||||||||
4.5% Senior notes due 2034 | 550 | — | ||||||||||
3.625% Senior notes due 2024 | 500 | — | ||||||||||
6.375% Senior notes due 2037 | 500 | 500 | ||||||||||
7.875% Senior notes due 2015 | — | 407 | ||||||||||
4.375% Senior notes due 2023 | 400 | 400 | ||||||||||
6.9% Senior debentures due 2029 | 400 | 400 | ||||||||||
6.7% Senior debentures due 2034 | 400 | 400 | ||||||||||
7.45% Senior debentures due 2017 | 300 | 300 | ||||||||||
6.65% Senior debentures due 2024 | 300 | 300 | ||||||||||
7.0% Senior debentures due 2028 | 300 | 300 | ||||||||||
6.9% Senior debentures due 2032 | 250 | 250 | ||||||||||
5.125% Senior debentures due 2042 | 250 | 250 | ||||||||||
4.3% Senior notes due 2043 | 250 | 250 | ||||||||||
6.7% Senior debentures due 2028 | 200 | 200 | ||||||||||
6.79% Senior debentures due 2027 | 165 | 165 | ||||||||||
7.875% Senior debentures due 2036 | 108 | 108 | ||||||||||
8.125% Senior debentures due 2035 | 76 | 76 | ||||||||||
8.75% Senior debentures due 2029 | 61 | 61 | ||||||||||
7.45% Senior debentures due 2016 | 59 | 59 | ||||||||||
8.5% Senior debentures due 2019 | 36 | 36 | ||||||||||
10.25% Senior debentures due 2021 | 33 | 33 | ||||||||||
7.6% Senior debentures due 2025 | 24 | 24 | ||||||||||
9.5% amortizing debentures due 2021 | 21 | 25 | ||||||||||
7.875% Senior debentures due 2030 | 18 | 18 | ||||||||||
9.75% amortizing debentures due 2021 | 12 | 14 | ||||||||||
7.5% Senior debentures due 2015 | — | 69 | ||||||||||
Unamortized debt discount | (18 | ) | (14 | ) | ||||||||
Premium on acquired debt, using an effective | 164 | 176 | ||||||||||
interest yield of 5.415% to 6.165% | ||||||||||||
Capital lease and other long-term obligations | 29 | 30 | ||||||||||
$ | 7,265 | $ | 6,714 | |||||||||
Interest expense and premium on early retirement of debt is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Interest on debt | $ | 411 | $ | 407 | $ | 449 | ||||||
Amortization of debt premium | (12 | ) | (15 | ) | (19 | ) | ||||||
Amortization of financing costs and debt discount | 7 | 7 | 7 | |||||||||
Interest on capitalized leases | 2 | 2 | 3 | |||||||||
408 | 401 | 440 | ||||||||||
Less interest capitalized on construction | 13 | 11 | 15 | |||||||||
Interest expense | $ | 395 | $ | 390 | $ | 425 | ||||||
Premium on early retirement of debt | $ | 17 | $ | — | $ | 137 | ||||||
On November 14, 2014, the Company provided a notice of redemption related to all of the $407 million of 7.875% senior notes due 2015, as allowed under the terms of the indenture. The price for the redemption was calculated pursuant to the indenture and resulted in the recognition of additional interest expense of $17 million during 2014. This additional interest expense is presented as premium on early retirement of debt on the Consolidated Statements of Income. | ||||||||||||
On November 28, 2012, the Company repurchased $700 million aggregate principal amount of its outstanding senior unsecured notes, which had a net book value of $706 million. The repurchased senior unsecured notes had stated interest rates ranging from 5.9% to 7.875% and maturities in 2015 and 2016. The Company recorded the redemption premium and other costs related to these repurchases as additional interest expense of $133 million in 2012. On March 29, 2012, the Company redeemed the $173 million of 8.0% senior debentures due July 15, 2012, as allowed under the terms of the indenture. The price for the redemption was calculated pursuant to the indenture and resulted in the recognition of additional interest expense of $4 million in 2012. The additional interest expense resulting from these transactions is presented as premium on early retirement of debt on the Consolidated Statements of Income. | ||||||||||||
Future maturities of long-term debt, other than capitalized leases, are shown below: | ||||||||||||
(millions) | ||||||||||||
Fiscal year | ||||||||||||
2016 | $ | 642 | ||||||||||
2017 | 306 | |||||||||||
2018 | 6 | |||||||||||
2019 | 41 | |||||||||||
2020 | 39 | |||||||||||
After 2020 | 6,056 | |||||||||||
During 2014, 2013 and 2012, the Company repaid $453 million, $109 million and $914 million, respectively, of indebtedness at maturity. | ||||||||||||
On November 18, 2014, the Company issued $550 million aggregate principal amount of 4.5% senior notes due 2034. This debt was used to pay for the redemption of the $407 million of 7.875% senior notes due 2015 described above. | ||||||||||||
On May 23, 2014, the Company issued $500 million aggregate principal amount of 3.625% senior unsecured notes due 2024, the proceeds of which were used for general corporate purposes. | ||||||||||||
On September 6, 2013, the Company issued $400 million aggregate principal amount of 4.375% senior notes due 2023, the proceeds of which were used for general corporate purposes. | ||||||||||||
On November 20, 2012, the Company issued $750 million aggregate principal amount of 2.875% senior unsecured notes due 2023 and $250 million aggregate principal amount of 4.3% senior unsecured notes due 2043. This debt was used to pay for the notes repurchased on November 28, 2012 described above, and to retire $298 million of 5.875% senior unsecured notes that matured in January 2013. | ||||||||||||
The following table shows the detail of debt repayments: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
5.75% Senior notes due 2014 | $ | 453 | $ | — | $ | — | ||||||
7.625% Senior debentures due 2013 | — | 109 | — | |||||||||
7.875% Senior notes due 2015 | 407 | — | 205 | |||||||||
5.35% Senior notes due 2012 | — | — | 616 | |||||||||
5.90% Senior notes due 2016 | — | — | 400 | |||||||||
5.875% Senior notes due 2013 | — | — | 298 | |||||||||
8.0% Senior debentures due 2012 | — | — | 173 | |||||||||
7.45% Senior debentures due 2016 | — | — | 64 | |||||||||
7.5% Senior debentures due 2015 | — | — | 31 | |||||||||
9.5% amortizing debentures due 2021 | 4 | 4 | 4 | |||||||||
9.75% amortizing debentures due 2021 | 2 | 2 | 2 | |||||||||
Capital leases and other obligations | 4 | 9 | 10 | |||||||||
$ | 870 | $ | 124 | $ | 1,803 | |||||||
The following summarizes certain components of the Company’s debt: | ||||||||||||
Bank Credit Agreement | ||||||||||||
The Company entered into a new credit agreement with certain financial institutions on May 10, 2013 providing for revolving credit borrowings and letters of credit in an aggregate amount not to exceed $1,500 million (which may be increased to $1,750 million at the option of the Company, subject to the willingness of existing or new lenders to provide commitments for such additional financing) outstanding at any particular time. The agreement is set to expire May 10, 2018 and replaced the prior agreement which was set to expire June 20, 2015. | ||||||||||||
As of January 31, 2015, and February 1, 2014, there were no revolving credit loans outstanding under these credit agreements, and there were no borrowings under these agreements throughout all of 2014 and 2013. However, there were less than $1 million of standby letters of credit outstanding at January 31, 2015 and February 1, 2014. Revolving loans under the credit agreement bear interest based on various published rates. | ||||||||||||
The Company's credit agreement, which is an obligation of a 100%-owned subsidiary of Macy’s, Inc. (“Parent”), is not secured. However, Parent has fully and unconditionally guaranteed this obligation, subject to specified limitations.The Company’s interest coverage ratio for 2014 was 9.68 and its leverage ratio at January 31, 2015 was 1.83, in each case as calculated in accordance with the credit agreement. The credit agreement requires the Company to maintain a specified interest coverage ratio for the latest four quarters of no less than 3.25 and a specified leverage ratio as of and for the latest four quarters of no more than 3.75. The interest coverage ratio is defined as EBITDA (earnings before interest, taxes, depreciation and amortization) divided by net interest expense and the leverage ratio is defined as debt divided by EBITDA. For purposes of these calculations EBITDA is calculated as net income plus interest expense, taxes, depreciation, amortization, non-cash impairment of goodwill, intangibles and real estate, non-recurring cash charges not to exceed in the aggregate $400 million and extraordinary losses less interest income and non-recurring or extraordinary gains. Debt is adjusted to exclude the premium on acquired debt and net interest is adjusted to exclude the amortization of premium on acquired debt and premium on early retirement of debt. | ||||||||||||
A breach of a restrictive covenant in the Company’s credit agreement or the inability of the Company to maintain the financial ratios described above could result in an event of default under the credit agreement. In addition, an event of default would occur under the credit agreement if any indebtedness of the Company in excess of an aggregate principal amount of $150 million becomes due prior to its stated maturity or the holders of such indebtedness become able to cause it to become due prior to its stated maturity. Upon the occurrence of an event of default, the lenders could, subject to the terms and conditions of the credit agreement, elect to declare the outstanding principal, together with accrued interest, to be immediately due and payable. Moreover, most of the Company’s senior notes and debentures contain cross-default provisions based on the non-payment at maturity, or other default after an applicable grace period, of any other debt, the unpaid principal amount of which is not less than $100 million that could be triggered by an event of default under the credit agreement. In such an event, the Company’s senior notes and debentures that contain cross-default provisions would also be subject to acceleration. | ||||||||||||
Commercial Paper | ||||||||||||
The Company is a party to a $1,500 million unsecured commercial paper program. The Company may issue and sell commercial paper in an aggregate amount outstanding at any particular time not to exceed its then-current combined borrowing availability under the bank credit agreement described above. The issuance of commercial paper will have the effect, while such commercial paper is outstanding, of reducing the Company’s borrowing capacity under the bank credit agreement by an amount equal to the principal amount of such commercial paper. The Company had no commercial paper outstanding under its commercial paper program throughout all of 2014 and 2013. | ||||||||||||
This program, which is an obligation of a 100%-owned subsidiary of Macy’s, Inc., is not secured. However, Parent has fully and unconditionally guaranteed the obligations. | ||||||||||||
Senior Notes and Debentures | ||||||||||||
The senior notes and the senior debentures are unsecured obligations of a 100%-owned subsidiary of Macy’s, Inc. and Parent has fully and unconditionally guaranteed these obligations (see Note 16, “Condensed Consolidating Financial Information”). | ||||||||||||
Other Financing Arrangements | ||||||||||||
At January 31, 2015 and February 1, 2014, the Company had dedicated $37 million of cash, included in prepaid expenses and other current assets, which is used to collateralize the Company’s issuances of standby letters of credit. There were $29 million and $34 million of other standby letters of credit outstanding at January 31, 2015 and February 1, 2014, respectively. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||||||||||||
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | |||||||||||
January 31, | February 1, | |||||||||||
2015 | 2014 | |||||||||||
(millions) | ||||||||||||
Accounts payable | $ | 833 | $ | 746 | ||||||||
Gift cards and customer award certificates | 907 | 840 | ||||||||||
Accrued wages and vacation | 193 | 190 | ||||||||||
Current portion of post employment and postretirement benefits | 190 | 110 | ||||||||||
Taxes other than income taxes | 187 | 157 | ||||||||||
Lease related liabilities | 155 | 153 | ||||||||||
Current portion of workers’ compensation and general liability reserves | 128 | 131 | ||||||||||
Accrued interest | 93 | 89 | ||||||||||
Allowance for future sales returns | 93 | 85 | ||||||||||
Severance and relocation | 46 | 43 | ||||||||||
Other | 284 | 266 | ||||||||||
$ | 3,109 | $ | 2,810 | |||||||||
Adjustments to the allowance for future sales returns, which amounted to charges of $8 million, $4 million and $5 million for 2014, 2013 and 2012, respectively, are reflected in cost of sales. | ||||||||||||
Changes in workers’ compensation and general liability reserves, including the current portion, are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Balance, beginning of year | $ | 497 | $ | 497 | $ | 493 | ||||||
Charged to costs and expenses | 160 | 147 | 157 | |||||||||
Payments, net of recoveries | (152 | ) | (147 | ) | (153 | ) | ||||||
Balance, end of year | $ | 505 | $ | 497 | $ | 497 | ||||||
The non-current portion of workers’ compensation and general liability reserves is included in other liabilities on the Consolidated Balance Sheets. At January 31, 2015 and February 1, 2014, workers’ compensation and general liability reserves included $111 million and $107 million, respectively, of liabilities which are covered by deposits and receivables included in current assets on the Consolidated Balance Sheets. |
Taxes
Taxes | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||||||||||||||||||
Taxes Payable [Abstract] | ||||||||||||||||||||||||||||||||||||
Taxes | Taxes | |||||||||||||||||||||||||||||||||||
Income tax expense is as follows: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | ||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Federal | $ | 767 | $ | 5 | $ | 772 | $ | 859 | $ | (98 | ) | $ | 761 | $ | 697 | $ | 2 | $ | 699 | |||||||||||||||||
State and local | 95 | (3 | ) | 92 | 107 | (64 | ) | 43 | 70 | (2 | ) | 68 | ||||||||||||||||||||||||
$ | 862 | $ | 2 | $ | 864 | $ | 966 | $ | (162 | ) | $ | 804 | $ | 767 | $ | — | $ | 767 | ||||||||||||||||||
The income tax expense reported differs from the expected tax computed by applying the federal income tax statutory rate of 35% for 2014, 2013 and 2012 to income before income taxes. The reasons for this difference and their tax effects are as follows: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Expected tax | $ | 836 | $ | 801 | $ | 736 | ||||||||||||||||||||||||||||||
State and local income taxes, net of federal income tax benefit | 59 | 45 | 47 | |||||||||||||||||||||||||||||||||
Historic rehabilitation tax credit | (20 | ) | (16 | ) | — | |||||||||||||||||||||||||||||||
Change in valuation allowance | 1 | (16 | ) | (2 | ) | |||||||||||||||||||||||||||||||
Other | (12 | ) | (10 | ) | (14 | ) | ||||||||||||||||||||||||||||||
$ | 864 | $ | 804 | $ | 767 | |||||||||||||||||||||||||||||||
The Company participates in the Internal Revenue Service (“IRS”) Compliance Assurance Program ("CAP"). As part of the CAP, tax years are audited on a contemporaneous basis so that all or most issues are resolved prior to the filing of the tax return. The IRS has completed examinations of 2013 and all prior tax years. | ||||||||||||||||||||||||||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: | ||||||||||||||||||||||||||||||||||||
January 31, | February 1, | |||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||||||||||||||||||
Post employment and postretirement benefits | $ | 586 | $ | 392 | ||||||||||||||||||||||||||||||||
Accrued liabilities accounted for on a cash basis for tax purposes | 320 | 289 | ||||||||||||||||||||||||||||||||||
Long-term debt | 83 | 90 | ||||||||||||||||||||||||||||||||||
Unrecognized state tax benefits and accrued interest | 76 | 84 | ||||||||||||||||||||||||||||||||||
State operating loss and credit carryforwards | 80 | 79 | ||||||||||||||||||||||||||||||||||
Other | 160 | 160 | ||||||||||||||||||||||||||||||||||
Valuation allowance | (24 | ) | (23 | ) | ||||||||||||||||||||||||||||||||
Total deferred tax assets | 1,281 | 1,071 | ||||||||||||||||||||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||||||||||||||||||
Excess of book basis over tax basis of property and equipment | (1,510 | ) | (1,569 | ) | ||||||||||||||||||||||||||||||||
Merchandise inventories | (585 | ) | (587 | ) | ||||||||||||||||||||||||||||||||
Intangible assets | (294 | ) | (263 | ) | ||||||||||||||||||||||||||||||||
Post employment benefits | — | (28 | ) | |||||||||||||||||||||||||||||||||
Other | (335 | ) | (297 | ) | ||||||||||||||||||||||||||||||||
Total deferred tax liabilities | (2,724 | ) | (2,744 | ) | ||||||||||||||||||||||||||||||||
Net deferred tax liability | $ | (1,443 | ) | $ | (1,673 | ) | ||||||||||||||||||||||||||||||
The valuation allowance at January 31, 2015 and February 1, 2014 relates to net deferred tax assets for state net operating loss and credit carryforwards. The net change in the valuation allowance amounted to an increase of $1 million for 2014 and a decrease of $16 million for 2013. | ||||||||||||||||||||||||||||||||||||
As of January 31, 2015, the Company had no federal net operating loss carryforwards, state net operating loss carryforwards of $595 million and state credit carryforwards of $29 million, which will expire between 2015 and 2034. | ||||||||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||||||||||||||||||||||||||
January 31, | February 1, | February 2, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 189 | $ | 170 | $ | 179 | ||||||||||||||||||||||||||||||
Additions based on tax positions related to the current year | 33 | 37 | 18 | |||||||||||||||||||||||||||||||||
Additions for tax positions of prior years | — | — | 18 | |||||||||||||||||||||||||||||||||
Reductions for tax positions of prior years | (15 | ) | (1 | ) | (19 | ) | ||||||||||||||||||||||||||||||
Settlements | (23 | ) | (1 | ) | (9 | ) | ||||||||||||||||||||||||||||||
Statute expirations | (12 | ) | (16 | ) | (17 | ) | ||||||||||||||||||||||||||||||
Balance, end of year | $ | 172 | $ | 189 | $ | 170 | ||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at | ||||||||||||||||||||||||||||||||||||
January 31, 2015, February 1, 2014 and February 2, 2013 | ||||||||||||||||||||||||||||||||||||
Current income taxes | $ | 11 | $ | 31 | $ | 20 | ||||||||||||||||||||||||||||||
Long-term deferred income taxes | 6 | 11 | 23 | |||||||||||||||||||||||||||||||||
Other liabilities | 155 | 147 | 127 | |||||||||||||||||||||||||||||||||
$ | 172 | $ | 189 | $ | 170 | |||||||||||||||||||||||||||||||
As of January 31, 2015 and February 1, 2014, the amount of unrecognized tax benefits, net of deferred tax assets, that, if recognized would affect the effective income tax rate, was $112 million and $123 million, respectively. | ||||||||||||||||||||||||||||||||||||
The Company classifies unrecognized tax benefits not expected to be settled within one year as other liabilities on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||
The Company classifies federal, state and local interest and penalties not expected to be settled within one year as other liabilities on the Consolidated Balance Sheets and follows a policy of recognizing all interest and penalties related to unrecognized tax benefits in income tax expense. Federal, state and local interest and penalties, which amounted to a credit of $3 million for 2014, an expense of $9 million for 2013, and a credit of $10 million for 2012, are reflected in income tax expense. | ||||||||||||||||||||||||||||||||||||
The Company had $52 million and $63 million accrued for the payment of federal, state and local interest and penalties at January 31, 2015 and February 1, 2014, respectively. The accrued federal, state and local interest and penalties primarily relates to state tax issues and the amount of penalties paid in prior periods, and the amount of penalties accrued at January 31, 2015 and February 1, 2014 are insignificant. At January 31, 2015, $49 million of federal, state and local interest and penalties is included in other liabilities and $3 million is included in current income taxes on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2011. With respect to state and local jurisdictions, with limited exceptions, the Company and its subsidiaries are no longer subject to income tax audits for years before 2005. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties have been accrued for any adjustments that are expected to result from the years still subject to examination. |
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ||||||||||||||||
Retirement Plans | Retirement Plans | |||||||||||||||
The Company has defined contribution plans which cover substantially all employees who work 1,000 hours or more in a year. In addition, the Company has a funded defined benefit plan (“Pension Plan”) and an unfunded defined benefit supplementary retirement plan (“SERP”), which provides benefits, for certain employees, in excess of qualified plan limitations. Effective January 1, 2012, the Pension Plan was closed to new participants, with limited exceptions, and effective January 2, 2012, the SERP was closed to new participants. | ||||||||||||||||
In February 2013, the Company announced changes to the Pension Plan and SERP whereby eligible employees no longer earn future pension service credits after December 31, 2013, with limited exceptions. All retirement benefits attributable to service in subsequent periods will be provided through defined contribution plans. | ||||||||||||||||
Defined Contribution Plans | ||||||||||||||||
The Company has a qualified plan that permits participating associates to defer eligible compensation up to the maximum limits allowable under the Internal Revenue Code and beginning January 1, 2014, also has a non-qualified plan which permits participating associates to defer eligible compensation above the limits of the qualified plan. The Company contributes a matching percentage of employee contributions under both the qualified and non-qualified plans. Effective January 1, 2014, the Company's matching contribution to the qualified plan was enhanced for all participating employees, with limited exceptions. Prior to January 1, 2014, the matching contribution rate under the qualified plan was higher for those employees not eligible for the Pension Plan than for employees eligible for the Pension Plan. | ||||||||||||||||
At January 31, 2015 and February 1, 2014, the liability related to the qualified plan matching contribution, which is reflected in accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $97 million and $25 million, respectively. Expense related to matching contributions for the qualified plan amounted to $89 million for 2014, $24 million for 2013 and $14 million for 2012. | ||||||||||||||||
At January 31, 2015, the liability under the non-qualified plan, which is reflected in other liabilities on the Consolidated Balance Sheets, was $4 million and the liability related to the non-qualified matching contribution, which is reflected in accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $2 million. Expense related to matching contributions for the non-qualified plan amounted to $2 million for 2014. In connection with the non-qualified plan, the Company has mutual fund investments of $4 million, which are included in prepaid expenses and other current assets on the Consolidated Balance Sheets. | ||||||||||||||||
The Company has an additional deferred compensation plan wherein eligible executives elected to defer a portion of their compensation each year as either stock credits or cash credits. Effective January 1, 2014, no additional compensation will be deferred, with limited exceptions. The Company has transfered shares to a trust to cover the number estimated for distribution on account of stock credits currently outstanding. At January 31, 2015 and February 1, 2014, the liability under the plan, which is reflected in other liabilities on the Consolidated Balance Sheets, was $42 million and $44 million, respectively. Expense for 2014, 2013 and 2012 was immaterial. | ||||||||||||||||
Pension Plan | ||||||||||||||||
The following provides a reconciliation of benefit obligations, plan assets, and funded status of the Pension Plan as of January 31, 2015 and February 1, 2014: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(millions) | ||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||
Projected benefit obligation, beginning of year | $ | 3,473 | $ | 3,555 | ||||||||||||
Service cost | 6 | 112 | ||||||||||||||
Interest cost | 151 | 143 | ||||||||||||||
Actuarial (gain) loss | 563 | (117 | ) | |||||||||||||
Benefits paid | (227 | ) | (220 | ) | ||||||||||||
Projected benefit obligation, end of year | 3,966 | 3,473 | ||||||||||||||
Changes in plan assets | ||||||||||||||||
Fair value of plan assets, beginning of year | 3,546 | 3,387 | ||||||||||||||
Actual return on plan assets | 317 | 379 | ||||||||||||||
Company contributions | — | — | ||||||||||||||
Benefits paid | (227 | ) | (220 | ) | ||||||||||||
Fair value of plan assets, end of year | 3,636 | 3,546 | ||||||||||||||
Funded status at end of year | $ | (330 | ) | $ | 73 | |||||||||||
Amounts recognized in the Consolidated Balance Sheets at | ||||||||||||||||
January 31, 2015 and February 1, 2014 | ||||||||||||||||
Other assets | $ | — | $ | 73 | ||||||||||||
Other liabilities | (330 | ) | — | |||||||||||||
$ | (330 | ) | $ | 73 | ||||||||||||
Amounts recognized in accumulated other comprehensive loss at | ||||||||||||||||
January 31, 2015 and February 1, 2014 | ||||||||||||||||
Net actuarial loss | $ | 1,397 | $ | 931 | ||||||||||||
The accumulated benefit obligation for the Pension Plan was $3,951 million as of January 31, 2015 and $3,453 million as of February 1, 2014. | ||||||||||||||||
Net pension costs and other amounts recognized in other comprehensive loss for the Pension Plan included the following actuarially determined components: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(millions) | ||||||||||||||||
Net Periodic Pension Cost | ||||||||||||||||
Service cost | $ | 6 | $ | 112 | $ | 117 | ||||||||||
Interest cost | 151 | 143 | 157 | |||||||||||||
Expected return on assets | (246 | ) | (242 | ) | (253 | ) | ||||||||||
Amortization of net actuarial loss | 25 | 141 | 141 | |||||||||||||
Amortization of prior service credit | — | — | (1 | ) | ||||||||||||
(64 | ) | 154 | 161 | |||||||||||||
Other Changes in Plan Assets and Projected Benefit Obligation | ||||||||||||||||
Recognized in Other Comprehensive Loss | ||||||||||||||||
Net actuarial (gain) loss | 491 | (254 | ) | (91 | ) | |||||||||||
Amortization of net actuarial loss | (25 | ) | (141 | ) | (141 | ) | ||||||||||
Amortization of prior service credit | — | — | 1 | |||||||||||||
466 | (395 | ) | (231 | ) | ||||||||||||
Total recognized in net periodic pension cost and | $ | 402 | $ | (241 | ) | $ | (70 | ) | ||||||||
other comprehensive loss | ||||||||||||||||
The estimated net actuarial loss for the Pension Plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2015 is $39 million. | ||||||||||||||||
The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at January 31, 2015 and February 1, 2014: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 3.55 | % | 4.5 | % | ||||||||||||
Rate of compensation increases | 4.1 | % | 4.1 | % | ||||||||||||
The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.5 | % | 4.15 | % | 4.65 | % | ||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | 8 | % | ||||||||||
Rate of compensation increases | 4.1 | % | 4.5 | % | 4.5 | % | ||||||||||
The Pension Plan’s assumptions are evaluated annually and updated as necessary. | ||||||||||||||||
The discount rate used to determine the present value of the projected benefit obligation for the Pension Plan is based on a yield curve constructed from a portfolio of high quality corporate debt securities with various maturities. Each year’s expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate for the projected benefit obligation. | ||||||||||||||||
The Company develops its expected long-term rate of return on plan asset assumption by evaluating input from several professional advisors taking into account the asset allocation of the portfolio and long-term asset class return expectations, as well as long-term inflation assumptions. Expected returns for each major asset class are considered along with their volatility and the expected correlations among them. These expectations are based upon historical relationships as well as forecasts of how future returns may vary from historical returns. Returns by asset class and correlations among asset classes are combined using the target asset allocation to derive an expected return for the portfolio as a whole. Long-term historical returns of the portfolio are also considered. Portfolio returns are calculated net of all expenses, therefore, the Company also analyzes expected costs and expenses, including investment management fees, administrative expenses, Pension Benefit Guaranty Corporation premiums and other costs and expenses. As of February 2, 2013, the Company lowered the assumed annual long-term rate of return for the Pension Plan's assets from 8.00% to 7.50% based on then-expected future returns on the portfolio. As of January 31, 2015, the Company further lowered the assumed annual long-term rate of return for the Pension Plan's assets from 7.50% to 7.00% based on expected future returns on the portfolio of assets. | ||||||||||||||||
The Company develops its rate of compensation increase assumption based on recent experience and reflects an estimate of future compensation levels taking into account general increase levels, seniority, promotions and other factors. The salary increase assumption is used to project employees’ pay in future years and its impact on the projected benefit obligation for the Pension Plan. | ||||||||||||||||
The assets of the Pension Plan are managed by investment specialists with the primary objectives of payment of benefit obligations to Plan participants and an ultimate realization of investment returns over longer periods in excess of inflation. The Company employs a total return investment approach whereby a mix of domestic and foreign equity securities, fixed income securities and other investments is used to maximize the long-term return on the assets of the Pension Plan for a prudent level of risk. Risks are mitigated through asset diversification and the use of multiple investment managers. The target allocation for plan assets is currently 50% equity securities, 40% debt securities, 5% real estate and 5% private equities. | ||||||||||||||||
The Company generally employs investment managers to specialize in a specific asset class. These managers are chosen and monitored with the assistance of professional advisors, using criteria that include organizational structure, investment philosophy, investment process, performance compared to market benchmarks and peer groups. | ||||||||||||||||
The Company periodically conducts an analysis of the behavior of the Pension Plan’s assets and liabilities under various economic and interest rate scenarios to ensure that the long-term target asset allocation is appropriate given the liabilities. | ||||||||||||||||
The fair values of the Pension Plan assets as of January 31, 2015, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(millions) | ||||||||||||||||
Cash and cash equivalents | $ | 248 | $ | — | $ | 248 | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.S. | 821 | 344 | 477 | — | ||||||||||||
International | 659 | — | 659 | — | ||||||||||||
Fixed income securities: | ||||||||||||||||
U. S. Treasury bonds | 272 | — | 272 | — | ||||||||||||
Other Government bonds | 55 | — | 55 | — | ||||||||||||
Agency backed bonds | 28 | — | 28 | — | ||||||||||||
Corporate bonds | 434 | — | 434 | — | ||||||||||||
Mortgage-backed securities and forwards | 91 | — | 91 | — | ||||||||||||
Asset-backed securities | 19 | — | 19 | — | ||||||||||||
Pooled funds | 458 | — | 458 | — | ||||||||||||
Other types of investments: | ||||||||||||||||
Real estate | 244 | — | — | 244 | ||||||||||||
Hedge funds | 175 | — | — | 175 | ||||||||||||
Private equity | 181 | — | — | 181 | ||||||||||||
Total | $ | 3,685 | $ | 344 | $ | 2,741 | $ | 600 | ||||||||
The fair values of the Pension Plan assets as of February 1, 2014, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(millions) | ||||||||||||||||
Cash and cash equivalents | $ | 211 | $ | — | $ | 211 | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.S. | 834 | 354 | 480 | — | ||||||||||||
International | 748 | — | 748 | — | ||||||||||||
Fixed income securities: | ||||||||||||||||
U. S. Treasury bonds | 221 | — | 221 | — | ||||||||||||
Other Government bonds | 39 | — | 39 | — | ||||||||||||
Agency backed bonds | 22 | — | 22 | — | ||||||||||||
Corporate bonds | 388 | — | 388 | — | ||||||||||||
Mortgage-backed securities and forwards | 95 | — | 95 | — | ||||||||||||
Asset-backed securities | 20 | — | 20 | — | ||||||||||||
Pooled funds | 454 | — | 454 | — | ||||||||||||
Other types of investments: | ||||||||||||||||
Real estate | 214 | — | — | 214 | ||||||||||||
Hedge funds | 167 | — | — | 167 | ||||||||||||
Private equity | 167 | — | — | 167 | ||||||||||||
Total | $ | 3,580 | $ | 354 | $ | 2,678 | $ | 548 | ||||||||
Corporate bonds consist primarily of investment grade bonds of U.S. issuers from diverse industries. | ||||||||||||||||
The fair value of the real estate, hedge funds and private equity investments represents the reported net asset value of shares or underlying assets of the investment. Private equity and real estate investments are valued using fair values per the most recent financial reports provided by the investment sponsor, adjusted as appropriate for any lag between the date of the financial reports and the Company’s reporting date. The real estate investments are diversified across property types and geographical areas primarily in the United States of America. Private equity investments generally consist of limited partnerships in the United States of America, Europe and Asia. The hedge fund investments are through a fund of funds approach. | ||||||||||||||||
Due to the nature of the underlying assets of the real estate, hedge funds and private equity investments, changes in market conditions and the economic environment may significantly impact the net asset value of these investments and, consequently, the fair value of the Pension Plan’s investments. These investments are redeemable at net asset value to the extent provided in the documentation governing the investments. However, these redemption rights may be restricted in accordance with the governing documents. Redemption of these investments is subject to restrictions including lock-up periods where no redemptions are allowed, restrictions on redemption frequency and advance notice periods for redemptions. As of January 31, 2015 and February 1, 2014, certain of these investments are generally subject to lock-up periods, ranging from two to fourteen years, certain of these investments are subject to restrictions on redemption frequency, ranging from daily to twice per year, and certain of these investments are subject to advance notice requirements, ranging from sixty-day notification to ninety-day notification. As of January 31, 2015 and February 1, 2014, the Pension Plan had unfunded commitments related to certain of these investments totaling $115 million and $150 million, respectively. | ||||||||||||||||
The following table sets forth a summary of changes in fair value of the Pension Plan’s level 3 assets for 2014 and 2013: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(millions) | ||||||||||||||||
Balance, beginning of year | $ | 548 | $ | 594 | ||||||||||||
Actual gain on plan assets: | ||||||||||||||||
Relating to assets still held at the reporting date | 18 | 1 | ||||||||||||||
Relating to assets sold during the period | 22 | 48 | ||||||||||||||
Purchases | 71 | 77 | ||||||||||||||
Sales | (59 | ) | (172 | ) | ||||||||||||
Balance, end of year | $ | 600 | $ | 548 | ||||||||||||
The Company does not anticipate making funding contributions to the Pension Plan in 2015. | ||||||||||||||||
The following benefit payments are estimated to be paid from the Pension Plan: | ||||||||||||||||
(millions) | ||||||||||||||||
Fiscal year | ||||||||||||||||
2015 | $ | 301 | ||||||||||||||
2016 | 286 | |||||||||||||||
2017 | 280 | |||||||||||||||
2018 | 272 | |||||||||||||||
2019 | 270 | |||||||||||||||
2020-2024 | 1,236 | |||||||||||||||
Supplementary Retirement Plan | ||||||||||||||||
The following provides a reconciliation of benefit obligations, plan assets and funded status of the supplementary retirement plan as of January 31, 2015 and February 1, 2014: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(millions) | ||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||
Projected benefit obligation, beginning of year | $ | 770 | $ | 795 | ||||||||||||
Service cost | — | 6 | ||||||||||||||
Interest cost | 33 | 32 | ||||||||||||||
Actuarial (gain) loss | 170 | (17 | ) | |||||||||||||
Plan amendment | — | 8 | ||||||||||||||
Benefits paid | (53 | ) | (54 | ) | ||||||||||||
Projected benefit obligation, end of year | 920 | 770 | ||||||||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets, beginning of year | — | — | ||||||||||||||
Company contributions | 53 | 54 | ||||||||||||||
Benefits paid | (53 | ) | (54 | ) | ||||||||||||
Fair value of plan assets, end of year | — | — | ||||||||||||||
Funded status at end of year | $ | (920 | ) | $ | (770 | ) | ||||||||||
Amounts recognized in the Consolidated Balance Sheets at | ||||||||||||||||
January 31, 2015 and February 1, 2014 | ||||||||||||||||
Accounts payable and accrued liabilities | $ | (69 | ) | $ | (59 | ) | ||||||||||
Other liabilities | (851 | ) | (711 | ) | ||||||||||||
$ | (920 | ) | $ | (770 | ) | |||||||||||
Amounts recognized in accumulated other comprehensive loss at | ||||||||||||||||
January 31, 2015 and February 1, 2014 | ||||||||||||||||
Net actuarial loss | $ | 341 | $ | 176 | ||||||||||||
Prior service cost | 8 | 8 | ||||||||||||||
$ | 349 | $ | 184 | |||||||||||||
The accumulated benefit obligation for the supplementary retirement plan was $920 million as of January 31, 2015 and $770 million as of February 1, 2014. | ||||||||||||||||
Net pension costs and other amounts recognized in other comprehensive loss for the supplementary retirement plan included the following actuarially determined components: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(millions) | ||||||||||||||||
Net Periodic Pension Cost | ||||||||||||||||
Service cost | $ | — | $ | 6 | $ | 6 | ||||||||||
Interest cost | 33 | 32 | 35 | |||||||||||||
Amortization of net actuarial loss | 5 | 19 | 17 | |||||||||||||
Amortization of prior service credit | — | — | (1 | ) | ||||||||||||
38 | 57 | 57 | ||||||||||||||
Other Changes in Plan Assets and Projected Benefit Obligation | ||||||||||||||||
Recognized in Other Comprehensive Loss | ||||||||||||||||
Net actuarial (gain) loss | 170 | (17 | ) | 34 | ||||||||||||
Prior service cost | — | 8 | — | |||||||||||||
Amortization of net actuarial loss | (5 | ) | (19 | ) | (17 | ) | ||||||||||
Amortization of prior service credit | — | — | 1 | |||||||||||||
165 | (28 | ) | 18 | |||||||||||||
Total recognized in net periodic pension cost and | $ | 203 | $ | 29 | $ | 75 | ||||||||||
other comprehensive loss | ||||||||||||||||
The estimated net actuarial loss for the supplementary retirement plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2015 is $10 million. | ||||||||||||||||
The following weighted average assumption was used to determine the projected benefit obligations for the supplementary retirement plan at January 31, 2015 and February 1, 2014: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 3.55 | % | 4.5 | % | ||||||||||||
The following weighted average assumptions were used to determine net pension costs for the supplementary retirement plan: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.5 | % | 4.15 | % | 4.65 | % | ||||||||||
Rate of compensation increases | N/A | 4.9 | % | 4.9 | % | |||||||||||
The supplementary retirement plan’s assumptions are evaluated annually and updated as necessary. | ||||||||||||||||
The discount rate used to determine the present value of the projected benefit obligation for the supplementary retirement plan is based on a yield curve constructed from a portfolio of high quality corporate debt securities with various maturities. Each year’s expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate for the projected benefit obligation. | ||||||||||||||||
The Company developed its rate of compensation increase assumption based on recent experience and reflected an estimate of future compensation levels taking into account general increase levels, seniority, promotions and other factors. The salary increase assumption was used to project employees’ pay in future years and its impact on the projected benefit obligation for the supplementary retirement plan. | ||||||||||||||||
The following benefit payments are estimated to be funded by the Company and paid from the supplementary retirement plan: | ||||||||||||||||
(millions) | ||||||||||||||||
Fiscal year | ||||||||||||||||
2015 | $ | 69 | ||||||||||||||
2016 | 68 | |||||||||||||||
2017 | 70 | |||||||||||||||
2018 | 64 | |||||||||||||||
2019 | 68 | |||||||||||||||
2020-2024 | 267 | |||||||||||||||
Postretirement_Health_Care_and
Postretirement Health Care and Life Insurance Benefits | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ||||||||||||
Postretirement Health Care and Life Insurance Benefits | Postretirement Health Care and Life Insurance Benefits | |||||||||||
In addition to pension and other supplemental benefits, certain retired employees currently are provided with specified health care and life insurance benefits. Eligibility requirements for such benefits vary by division and subsidiary, but generally state that benefits are available to eligible employees who were hired prior to a certain date and retire after a certain age with specified years of service. Certain employees are subject to having such benefits modified or terminated. | ||||||||||||
The following provides a reconciliation of benefit obligations, plan assets, and funded status of the postretirement obligations as of January 31, 2015 and February 1, 2014: | ||||||||||||
2014 | 2013 | |||||||||||
(millions) | ||||||||||||
Change in accumulated postretirement benefit obligation | ||||||||||||
Accumulated postretirement benefit obligation, beginning of year | $ | 223 | $ | 250 | ||||||||
Service cost | — | — | ||||||||||
Interest cost | 10 | 10 | ||||||||||
Actuarial (gain) loss | 30 | (15 | ) | |||||||||
Medicare Part D subsidy | 1 | 1 | ||||||||||
Benefits paid | (21 | ) | (23 | ) | ||||||||
Accumulated postretirement benefit obligation, end of year | 243 | 223 | ||||||||||
Change in plan assets | ||||||||||||
Fair value of plan assets, beginning of year | — | — | ||||||||||
Company contributions | 21 | 23 | ||||||||||
Benefits paid | (21 | ) | (23 | ) | ||||||||
Fair value of plan assets, end of year | — | — | ||||||||||
Funded status at end of year | $ | (243 | ) | $ | (223 | ) | ||||||
Amounts recognized in the Consolidated Balance Sheets at | ||||||||||||
January 31, 2015 and February 1, 2014 | ||||||||||||
Accounts payable and accrued liabilities | $ | (22 | ) | $ | (26 | ) | ||||||
Other liabilities | (221 | ) | (197 | ) | ||||||||
$ | (243 | ) | $ | (223 | ) | |||||||
Amounts recognized in accumulated other comprehensive loss at | ||||||||||||
January 31, 2015 and February 1, 2014 | ||||||||||||
Net actuarial gain | $ | — | $ | (35 | ) | |||||||
Net postretirement benefit costs and other amounts recognized in other comprehensive loss included the following actuarially determined components: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Net Periodic Postretirement Benefit Cost | ||||||||||||
Service cost | $ | — | $ | — | $ | — | ||||||
Interest cost | 10 | 10 | 12 | |||||||||
Amortization of net actuarial gain | (5 | ) | (3 | ) | (4 | ) | ||||||
Amortization of prior service cost | — | — | — | |||||||||
5 | 7 | 8 | ||||||||||
Other Changes in Plan Assets and Projected Benefit Obligation | ||||||||||||
Recognized in Other Comprehensive Loss | ||||||||||||
Net actuarial (gain) loss | 30 | (15 | ) | (4 | ) | |||||||
Amortization of net actuarial gain | 5 | 3 | 4 | |||||||||
Amortization of prior service cost | — | — | — | |||||||||
35 | (12 | ) | — | |||||||||
Total recognized in net periodic postretirement benefit cost and other | $ | 40 | $ | (5 | ) | $ | 8 | |||||
comprehensive loss | ||||||||||||
The following weighted average assumption was used to determine the accumulated postretirement benefit obligations at January 31, 2015 and February 1, 2014: | ||||||||||||
2014 | 2013 | |||||||||||
Discount rate | 3.55 | % | 4.5 | % | ||||||||
The following weighted average assumption was used to determine the net postretirement benefit costs for the postretirement obligations: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Discount rate | 4.5 | % | 4.15 | % | 4.65 | % | ||||||
The postretirement benefit obligation assumptions are evaluated annually and updated as necessary. | ||||||||||||
The discount rate used to determine the present value of the Company’s accumulated postretirement benefit obligations is based on a yield curve constructed from a portfolio of high quality corporate debt securities with various maturities. Each year’s expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate for the accumulated postretirement benefit obligations. | ||||||||||||
The future medical benefits provided by the Company for certain employees are based on a fixed amount per year of service, and the accumulated postretirement benefit obligation is not affected by increases in health care costs. However, the future medical benefits provided by the Company for certain other employees are affected by increases in health care costs. | ||||||||||||
In March 2010, President Obama signed into law the “Patient Protection and Affordable Care Act” and the “Health Care and Education Affordability Reconciliation Act of 2010” (the “2010 Acts”). Included among the major provisions of these laws is a change in the tax treatment related to the Medicare Part D subsidy. The Company’s postretirement obligations reflect estimated federal subsidies expected to be received under the Medicare Prescription Drug, Improvement and Modernization Act of 2003. Under the 2010 Acts, the Company’s deductions for retiree prescription drug benefits will be reduced by the amount of Medicare Part D subsidies received beginning February 3, 2013. | ||||||||||||
The 2010 Acts contain additional provisions which impact the accounting for postretirement obligations. Based on the analysis to date, the impact of provisions in the 2010 Acts on the Company’s postretirement obligations has not and is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. The Company continues to evaluate the impact of the 2010 Acts on the active and retiree benefit plans offered by the Company. | ||||||||||||
The following provides the assumed health care cost trend rates related to the Company’s accumulated postretirement benefit obligations at January 31, 2015 and February 1, 2014: | ||||||||||||
2014 | 2013 | |||||||||||
Health care cost trend rates assumed for next year | 7.27% - 8.90% | 7.27% - 9.20% | ||||||||||
Rates to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | ||||||||||
Year that the rate reaches the ultimate trend rate | 2025 | 2025 | ||||||||||
The assumed health care cost trend rates have an impact on the amounts reported for the accumulated postretirement benefit obligations. A one-percentage-point change in the assumed health care cost trend rates would have the following effects: | ||||||||||||
1 – Percentage | 1 – Percentage | |||||||||||
Point Increase | Point Decrease | |||||||||||
(millions) | ||||||||||||
Effect on total of service and interest cost | $— | $— | ||||||||||
Effect on accumulated postretirement benefit obligations | $17 | ($15) | ||||||||||
The following table reflects the benefit payments estimated to be funded by the Company and paid from the accumulated postretirement benefit obligations and estimated federal subsidies expected to be received under the Medicare Prescription Drug Improvement and Modernization Act of 2003: | ||||||||||||
Expected | Expected | |||||||||||
Benefit | Federal | |||||||||||
Payments | Subsidy | |||||||||||
(millions) | ||||||||||||
Fiscal Year | ||||||||||||
2015 | $ | 21 | $ | 1 | ||||||||
2016 | 20 | 1 | ||||||||||
2017 | 19 | 1 | ||||||||||
2018 | 19 | 1 | ||||||||||
2019 | 18 | 1 | ||||||||||
2020-2024 | 79 | 3 | ||||||||||
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Share-based Compensation [Abstract] | |||||||||||||
Stock Based Compensation | Stock Based Compensation | ||||||||||||
During 2009, the Company obtained shareholder approval for the Macy’s 2009 Omnibus Incentive Compensation Plan under which up to 51 million shares of Common Stock may be issued. This plan is intended to help the Company attract and retain directors, officers, other key executives and employees and is also intended to provide incentives and rewards relating to the Company’s business plans to encourage such persons to devote themselves to the business of the Company. Prior to 2009, the Company had two equity plans; the Macy's 1995 Executive Equity Incentive Plan and the Macy's 1994 Stock Incentive Plan. After shareholders approved the 2009 Omnibus Incentive Compensation Plan, Common Stock may no longer be granted under the Macy's 1995 Executive Equity Incentive Plan or the Macy's 1994 Stock Incentive Plan. The following disclosures present the Company’s equity plans on a combined basis. The equity plan is administered by the Compensation and Management Development Committee of the Board of Directors (the “CMD Committee”). The CMD Committee is authorized to grant options, stock appreciation rights, restricted stock and restricted stock units to officers and key employees of the Company and its subsidiaries and to non-employee directors. There have been no grants of stock appreciation rights under the equity plans. | |||||||||||||
Stock option grants have an exercise price at least equal to the market value of the underlying common stock on the date of grant, have ten-year terms and typically vest ratably over four years of continued employment. Restricted stock and time-based restricted stock unit awards generally vest one to four years from the date of grant. Performance-based restricted stock units generally are earned based on the attainment of specified goals achieved over the performance period. | |||||||||||||
As of January 31, 2015, 24 million shares of common stock were available for additional grants pursuant to the Company’s equity plan. Shares awarded are generally issued from the Company's treasury stock. | |||||||||||||
Stock-based compensation expense included the following components: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Stock options | $ | 47 | $ | 36 | $ | 28 | |||||||
Restricted stock units | 26 | 25 | 26 | ||||||||||
Restricted stock | — | 1 | 1 | ||||||||||
Stock credits | — | — | 6 | ||||||||||
$ | 73 | $ | 62 | $ | 61 | ||||||||
All stock-based compensation expense is recorded in SG&A expense in the Consolidated Statements of Income. The income tax benefit recognized in the Consolidated Statements of Income related to stock-based compensation was $26 million, $22 million, and $22 million, for 2014, 2013 and 2012, respectively. | |||||||||||||
As of January 31, 2015, the Company had $62 million of unrecognized compensation costs related to nonvested stock options, which is expected to be recognized over a weighted average period of approximately 1.8 years, and $29 million of unrecognized compensation costs related to nonvested restricted stock units, which is expected to be recognized over a weighted average period of approximately 1.4 years. | |||||||||||||
During 2014, 2013 and 2012, the CMD Committee approved awards of performance-based restricted stock units to certain senior executives of the Company. Each award reflects a target number of shares (“Target Shares”) that may be issued to the award recipient. These awards may be earned upon the completion of three-year performance periods ending January 28, 2017, January 30, 2016 and January 31, 2015, respectively. Whether units are earned at the end of the performance period will be determined based on the achievement of certain performance objectives set by the CMD Committee in connection with the issuance of the units. The performance objectives are based on the Company’s business plan covering the performance period. The performance objectives include achieving a cumulative EBITDA level for the performance period and also include an EBITDA as a percent to sales ratio and a return on invested capital ratio. The performance-based restricted stock units also include a performance objective relating to relative total shareholder return (“TSR”). Relative TSR reflects the change in the value of the Company’s common stock over the performance period in relation to the change in the value of the common stock of a ten-or twelve-company executive compensation peer group over the performance period, assuming the reinvestment of dividends. Depending on the results achieved during the three-year performance periods, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 150% of the Target Shares granted. | |||||||||||||
Also during 2014, 2013 and 2012, the CMD Committee approved awards of time-based restricted stock units to certain senior executives of the Company and awards of time-based restricted stock units to the non-employee members of the Company’s board of directors. | |||||||||||||
Stock Options | |||||||||||||
The fair value of stock options granted during 2014, 2013 and 2012 and the weighted average assumptions used to estimate the fair value are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average grant date fair value of stock options | $ | 19.07 | $ | 12.15 | $ | 12.22 | |||||||
granted during the period | |||||||||||||
Dividend yield | 2.5 | % | 2.8 | % | 2.2 | % | |||||||
Expected volatility | 42.7 | % | 41.3 | % | 39.8 | % | |||||||
Risk-free interest rate | 1.5 | % | 0.8 | % | 1.2 | % | |||||||
Expected life | 5.7 years | 5.7 years | 5.7 years | ||||||||||
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company estimates the expected volatility and expected option life assumption consistent with ASC Topic 718, “Compensation – Stock Compensation.” The expected volatility of the Company’s common stock at the date of grant is estimated based on a historic volatility rate and the expected option life is calculated based on historical stock option experience as the best estimate of future exercise patterns. The dividend yield assumption is based on historical and anticipated dividend payouts. The risk-free interest rate assumption is based on observed interest rates consistent with the expected life of each stock option grant. The Company uses historical data to estimate pre-vesting option forfeitures and records stock-based compensation expense only for those awards that are expected to vest. Compensation expense is recorded for all stock options expected to vest based on the amortization of the fair value at the date of grant on a straight-line basis primarily over the vesting period of the options. | |||||||||||||
Activity related to stock options for 2014 is as follows: | |||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Life | |||||||||||||
(thousands) | (years) | (millions) | |||||||||||
Outstanding, beginning of period | 23,313.60 | $ | 32.02 | ||||||||||
Granted | 3,296.00 | $ | 58.92 | ||||||||||
Canceled or forfeited | (468.4 | ) | $ | 41.1 | |||||||||
Exercised | (6,462.4 | ) | $ | 30.98 | |||||||||
Outstanding, end of period | 19,678.80 | $ | 36.65 | ||||||||||
Exercisable, end of period | 11,405.50 | $ | 30.06 | 4 | $ | 386 | |||||||
Options expected to vest | 7,280.50 | $ | 45.73 | 8.1 | $ | 132 | |||||||
Additional information relating to stock options is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Intrinsic value of options exercised | $ | 189 | $ | 207 | $ | 132 | |||||||
Grant date fair value of stock options that vested during the year | 38 | 31 | 30 | ||||||||||
Cash received from stock options exercised | 200 | 254 | 164 | ||||||||||
Excess tax benefits realized from exercised stock options | 43 | 51 | 36 | ||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||
The weighted average grant date fair values of restricted stock units granted during 2014, 2013 and 2012 are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Restricted stock units | $ | 59.41 | $ | 42.54 | $ | 39.52 | |||||||
The fair value of the Target Shares and restricted stock awards are based on the fair value of the underlying shares on the date of grant. The fair value of the portion of the Target Shares that relate to a relative TSR performance objective was determined using a Monte Carlo simulation analysis to estimate the total shareholder return ranking of the Company among a ten-or twelve-company executive compensation peer group over the remaining performance periods. The expected volatility of the Company’s common stock at the date of grant was estimated based on a historical average volatility rate for the approximate three-year performance period. The dividend yield assumption was based on historical and anticipated dividend payouts. The risk-free interest rate assumption was based on observed interest rates consistent with the approximate three-year performance measurement period. | |||||||||||||
Compensation expense is recorded for all restricted stock and restricted stock unit awards based on the amortization of the fair market value at the date of grant over the period the restrictions lapse or over the performance period of the performance-based restricted stock units. | |||||||||||||
Activity related to restricted stock awards for 2014 is as follows: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
(thousands) | |||||||||||||
Nonvested, beginning of period | 79.2 | $ | 22.58 | ||||||||||
Granted | — | — | |||||||||||
Forfeited | (0.6 | ) | 23.43 | ||||||||||
Vested | (52.7 | ) | 22.16 | ||||||||||
Nonvested, end of period | 25.9 | $ | 23.43 | ||||||||||
Activity related to restricted stock units for 2014 is as follows: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
(thousands) | |||||||||||||
Nonvested, beginning of period | 1,191.80 | $ | 41.16 | ||||||||||
Granted – performance-based | 289.3 | 59.81 | |||||||||||
Performance adjustment | 46.9 | 40.63 | |||||||||||
Granted – time-based | 202.3 | 58.83 | |||||||||||
Dividend equivalents | 21 | 59.52 | |||||||||||
Forfeited | (37.1 | ) | 42.12 | ||||||||||
Vested | (421.3 | ) | 40.4 | ||||||||||
Nonvested, end of period | 1,292.90 | $ | 48.47 | ||||||||||
Stock Credits | |||||||||||||
The Company also had a stock credit plan. In 2008, key management personnel became eligible to earn a stock credit grant over a two-year performance period ending January 30, 2010. There were a total of 836,268 stock credit awards outstanding as of February 2, 2013, relating to the 2008 grant. In general, with respect to the stock credits awarded to participants in 2008, the value of one-half of the stock credits earned plus reinvested dividend equivalents was paid in cash in early 2012 and amounted to $28 million and the value of the other half of such earned stock credits plus reinvested dividend equivalents was paid in cash in early 2013 and amounted to $32 million. Compensation expense for stock credit awards was recorded on a straight-line basis primarily over the vesting period and was calculated based on the ending stock price for each reporting period. There are no stock credit awards outstanding and no related liability under the stock credit plans as of January 31, 2015 or February 1, 2014. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||||
Jan. 31, 2015 | |||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||
Shareholders' Equity | Shareholders’ Equity | ||||||||||||||
The authorized shares of the Company consist of 125 million shares of preferred stock (“Preferred Stock”), par value of $.01 per share, with no shares issued, and 1,000 million shares of Common Stock, par value of $.01 per share, with 379.6 million shares of Common Stock issued and 340.6 million shares of Common Stock outstanding at January 31, 2015, and with 410.6 million shares of Common Stock issued and 364.9 million shares of Common Stock outstanding at February 1, 2014 (with shares held in the Company’s treasury being treated as issued, but not outstanding). | |||||||||||||||
The Company retired 31.0 million, 34.0 million and 42.7 million shares of Common Stock during 2014, 2013 and 2012, respectively. | |||||||||||||||
The Company's board of directors approved an additional authorization to purchase Common Stock of $1,500 million on May 14, 2014. Combined with previous authorizations commencing in January 2000, the Company’s board of directors has from time to time approved authorizations to purchase, in the aggregate, up to $15,000 million of Common Stock. All authorizations are cumulative and do not have an expiration date. During 2014, the Company purchased approximately 31.9 million shares of Common Stock under its share repurchase program for a total of $1,900 million. During 2013, the Company purchased approximately 33.6 million shares of Common Stock under its share repurchase program for a total of $1,570 million. During 2012, the Company purchased approximately 35.6 million shares of Common Stock under its share repurchase program for a total of $1,350 million. As of January 31, 2015, $1,032 million of authorization remained unused. The Company may continue or, from time to time, suspend repurchases of its shares under its share repurchase program, depending on prevailing market conditions, alternative uses of capital and other factors. | |||||||||||||||
Common Stock | |||||||||||||||
The holders of the Common Stock are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders. Subject to preferential rights that may be applicable to any Preferred Stock, holders of Common Stock are entitled to receive ratably such dividends as may be declared by the Board of Directors in its discretion, out of funds legally available therefor. | |||||||||||||||
Treasury Stock | |||||||||||||||
Treasury stock contains shares repurchased under the share repurchase program, shares repurchased to cover employee tax liabilities related to stock plan activity and shares maintained in a trust related to deferred compensation plans. Under the deferred compensation plans, shares are maintained in a trust to cover the number estimated to be needed for distribution on account of stock credits currently outstanding. | |||||||||||||||
Changes in the Company’s Common Stock issued and outstanding, including shares held by the Company’s treasury, are as follows: | |||||||||||||||
Treasury Stock | |||||||||||||||
Common | Deferred | Other | Total | Common | |||||||||||
Stock | Compensation | Stock | |||||||||||||
Issued | Plans | Outstanding | |||||||||||||
(thousands) | |||||||||||||||
Balance at January 28, 2012 | 487,338.50 | (1,246.8 | ) | (71,910.7 | ) | (73,157.5 | ) | 414,181.00 | |||||||
Stock issued under stock plans | (89.2 | ) | 10,325.10 | 10,235.90 | 10,235.90 | ||||||||||
Stock repurchases | |||||||||||||||
Repurchase program | (35,572.9 | ) | (35,572.9 | ) | (35,572.9 | ) | |||||||||
Other | (1,269.4 | ) | (1,269.4 | ) | (1,269.4 | ) | |||||||||
Deferred compensation plan distributions | 126.5 | 126.5 | 126.5 | ||||||||||||
Retirement of common stock | (42,732.7 | ) | 42,732.70 | 42,732.70 | — | ||||||||||
Balance at February 2, 2013 | 444,605.80 | (1,209.5 | ) | (55,695.2 | ) | (56,904.7 | ) | 387,701.10 | |||||||
Stock issued under stock plans | (85.2 | ) | 10,891.10 | 10,805.90 | 10,805.90 | ||||||||||
Stock repurchases | |||||||||||||||
Repurchase program | (33,625.3 | ) | (33,625.3 | ) | (33,625.3 | ) | |||||||||
Other | (12.2 | ) | (12.2 | ) | (12.2 | ) | |||||||||
Deferred compensation plan distributions | 65.5 | 65.5 | 65.5 | ||||||||||||
Retirement of common stock | (34,000.0 | ) | 34,000.00 | 34,000.00 | — | ||||||||||
Balance at February 1, 2014 | 410,605.80 | (1,229.2 | ) | (44,441.6 | ) | (45,670.8 | ) | 364,935.00 | |||||||
Stock issued under stock plans | (54.8 | ) | 7,490.60 | 7,435.80 | 7,435.80 | ||||||||||
Stock repurchases | |||||||||||||||
Repurchase program | (31,874.9 | ) | (31,874.9 | ) | (31,874.9 | ) | |||||||||
Other | (27.0 | ) | (27.0 | ) | (27.0 | ) | |||||||||
Deferred compensation plan distributions | 104.8 | 104.8 | 104.8 | ||||||||||||
Retirement of common stock | (31,000.0 | ) | 31,000.00 | 31,000.00 | — | ||||||||||
Balance at January 31, 2015 | 379,605.80 | (1,179.2 | ) | (37,852.9 | ) | (39,032.1 | ) | 340,573.70 | |||||||
Accumulated Other Comprehensive Loss | |||||||||||||||
For the Company, the only component of accumulated other comprehensive loss for 2014, 2013 and 2012 relates to post employment and postretirement plan items. The net actuarial gains and losses and prior service costs and credits related to post employment and postretirement benefit plans are reclassified out of accumulated other comprehensive loss and included in the computation of net periodic benefit cost (income) and are included in SG&A expenses in the Consolidated Statements of Income. See Note 9, "Retirement Plans," and Note 10, "Postretirement Health Care and Life Insurance Benefits," for further information. |
Fair_Value_Measurements_and_Co
Fair Value Measurements and Concentrations of Credit Risk | 12 Months Ended | |||||||||||||||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value Measurements and Concentrations of Credit Risk | Fair Value Measurements and Concentrations of Credit Risk | |||||||||||||||||||||||||||||||
The following table shows the Company’s financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards: | ||||||||||||||||||||||||||||||||
January 31, 2015 | February 1, 2014 | |||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active | Observable | Unobservable | in Active | Observable | Unobservable | |||||||||||||||||||||||||||
Markets for | Inputs | Inputs | Markets for | Inputs | Inputs | |||||||||||||||||||||||||||
Identical | (Level 2) | (Level 3) | Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Marketable | $ | 97 | $ | — | $ | 97 | $ | — | $ | 75 | $ | — | $ | 75 | $ | — | ||||||||||||||||
equity and | ||||||||||||||||||||||||||||||||
debt securities | ||||||||||||||||||||||||||||||||
Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, are generally estimated based on quoted market prices for identical or similar instruments, and are classified as Level 2 measurements within the hierarchy as defined by applicable accounting standards. | ||||||||||||||||||||||||||||||||
The following table shows the estimated fair value of the Company’s long-term debt: | ||||||||||||||||||||||||||||||||
January 31, 2015 | February 1, 2014 | |||||||||||||||||||||||||||||||
Notional | Carrying | Fair | Notional | Carrying | Fair | |||||||||||||||||||||||||||
Amount | Amount | Value | Amount | Amount | Value | |||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 7,090 | $ | 7,236 | $ | 8,219 | $ | 6,522 | $ | 6,684 | $ | 7,171 | ||||||||||||||||||||
The following table shows certain of the Company’s non-financial assets that were measured at fair value on a nonrecurring basis during 2014 and 2013: | ||||||||||||||||||||||||||||||||
January 31, 2015 | February 1, 2014 | |||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active | Observable | Unobservable | in Active | Observable | Unobservable | |||||||||||||||||||||||||||
Markets for | Inputs | Inputs | Markets for | Inputs | Inputs | |||||||||||||||||||||||||||
Identical | (Level 2) | (Level 3) | Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Long-lived assets held and used | $ | 8 | $ | — | $ | — | $ | 8 | $ | 13 | $ | — | $ | — | $ | 13 | ||||||||||||||||
During 2014, long-lived assets held and used with a carrying value of $41 million were written down to their fair value of $8 million, resulting in asset impairment charges of $33 million. During 2013, long-lived assets held and used with a carrying value of $52 million were written down to their fair value of $13 million, resulting in asset impairment charges of $39 million. The fair values of these locations were calculated based on the projected cash flows and an estimated risk-adjusted rate of return that would be used by market participants in valuing these assets or prices of similar assets. | ||||||||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its temporary cash investments in what it believes to be high credit quality financial instruments. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||||||||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Net | Shares | Net | Shares | Net Income | Shares | ||||||||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||||||||||
(millions, except per share data) | |||||||||||||||||||||||||||||||||
Net income and average number of shares outstanding | $ | 1,526 | 354.3 | $ | 1,486 | 377.3 | $ | 1,335 | 404.4 | ||||||||||||||||||||||||
Shares to be issued under deferred compensation | 0.9 | 1 | 1.1 | ||||||||||||||||||||||||||||||
and other plans | |||||||||||||||||||||||||||||||||
$ | 1,526 | 355.2 | $ | 1,486 | 378.3 | $ | 1,335 | 405.5 | |||||||||||||||||||||||||
Basic earnings per share | $ | 4.3 | $ | 3.93 | $ | 3.29 | |||||||||||||||||||||||||||
Effect of dilutive securities – | |||||||||||||||||||||||||||||||||
Stock options, restricted stock and restricted | 6.5 | 6.5 | 6.7 | ||||||||||||||||||||||||||||||
stock units | |||||||||||||||||||||||||||||||||
$ | 1,526 | 361.7 | $ | 1,486 | 384.8 | $ | 1,335 | 412.2 | |||||||||||||||||||||||||
Diluted earnings per share | $ | 4.22 | $ | 3.86 | $ | 3.24 | |||||||||||||||||||||||||||
In addition to the stock options, restricted stock and restricted stock units reflected in the foregoing table, stock options to purchase 3.2 million of shares of common stock and restricted stock units relating to 0.6 million shares of common stock were outstanding at January 31, 2015, restricted stock units relating to 0.7 million shares of common stock were outstanding at February 1, 2014, and stock options to purchase 7.5 million of shares of common stock and restricted stock units relating to 1.4 million shares of common stock were outstanding at February 2, 2013, but were not included in the computation of diluted earnings per share for 2014, 2013 and 2012, respectively, because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. |
Quarterly_Results_unaudited
Quarterly Results (unaudited) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Quarterly Results (unaudited) | Quarterly Results (unaudited) | |||||||||||||||
Unaudited quarterly results for the last two years were as follows: | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(millions, except per share data) | ||||||||||||||||
2014:00:00 | ||||||||||||||||
Net sales | $ | 6,279 | $ | 6,267 | $ | 6,195 | $ | 9,364 | ||||||||
Cost of sales | (3,836 | ) | (3,672 | ) | (3,766 | ) | (5,589 | ) | ||||||||
Gross margin | 2,443 | 2,595 | 2,429 | 3,775 | ||||||||||||
Selling, general and administrative expenses | (2,000 | ) | (2,024 | ) | (2,007 | ) | (2,324 | ) | ||||||||
Impairments, store closing and other costs | — | — | — | (87 | ) | |||||||||||
Net income | 224 | 292 | 217 | 793 | ||||||||||||
Basic earnings per share | 0.61 | 0.81 | 0.62 | 2.3 | ||||||||||||
Diluted earnings per share | 0.6 | 0.8 | 0.61 | 2.26 | ||||||||||||
2013:00:00 | ||||||||||||||||
Net sales | $ | 6,387 | $ | 6,066 | $ | 6,276 | $ | 9,202 | ||||||||
Cost of sales | (3,911 | ) | (3,533 | ) | (3,817 | ) | (5,464 | ) | ||||||||
Gross margin | 2,476 | 2,533 | 2,459 | 3,738 | ||||||||||||
Selling, general and administrative expenses | (2,041 | ) | (1,999 | ) | (2,099 | ) | (2,301 | ) | ||||||||
Impairments, store closing and other costs | — | — | — | (88 | ) | |||||||||||
Net income | 217 | 281 | 177 | 811 | ||||||||||||
Basic earnings per share | 0.56 | 0.73 | 0.47 | 2.21 | ||||||||||||
Diluted earnings per share | 0.55 | 0.72 | 0.47 | 2.16 | ||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information | |||||||||||||||||||
Certain debt obligations of the Company described in Note 6, which constitute debt obligations of Parent’s 100%-owned subsidiary, Macy’s Retail Holdings, Inc. (“Subsidiary Issuer”) are fully and unconditionally guaranteed by Parent. In the following condensed consolidating financial statements, “Other Subsidiaries” includes all other direct subsidiaries of Parent, including FDS Bank, West 34th Street Insurance Company and its subsidiary West 34th Street Insurance Company New York, Macy's Merchandising Corporation, Macy’s Merchandising Group, Inc. and its subsidiaries Macy's Merchandising Group (Hong Kong) Limited, Macy's Merchandising Group Procurement, LLC, Macy’s Merchandising Group International, LLC, and Macy's Merchandising Group International (Hong Kong) Limited. “Subsidiary Issuer” includes operating divisions and non-guarantor subsidiaries of the Subsidiary Issuer on an equity basis. The assets and liabilities and results of operations of the non-guarantor subsidiaries of the Subsidiary Issuer are also reflected in “Other Subsidiaries.” | ||||||||||||||||||||
Condensed Consolidating Balance Sheets as of January 31, 2015 and February 1, 2014, the related Condensed Consolidating Statements of Comprehensive Income for 2014, 2013 and 2012, and the related Condensed Consolidating Statements of Cash Flows for 2014, 2013, and 2012 are presented on the following pages. | ||||||||||||||||||||
MACY’S, INC. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of January 31, 2015 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,908 | $ | 94 | $ | 244 | $ | — | $ | 2,246 | ||||||||||
Receivables | — | 97 | 327 | — | 424 | |||||||||||||||
Merchandise inventories | — | 2,817 | 2,699 | — | 5,516 | |||||||||||||||
Prepaid expenses and other current assets | — | 113 | 380 | — | 493 | |||||||||||||||
Income taxes | 88 | — | — | (88 | ) | — | ||||||||||||||
Total Current Assets | 1,996 | 3,121 | 3,650 | (88 | ) | 8,679 | ||||||||||||||
Property and Equipment – net | — | 4,315 | 3,485 | — | 7,800 | |||||||||||||||
Goodwill | — | 3,315 | 428 | — | 3,743 | |||||||||||||||
Other Intangible Assets – net | — | 73 | 423 | — | 496 | |||||||||||||||
Other Assets | 1 | 74 | 668 | — | 743 | |||||||||||||||
Deferred Income Taxes | 10 | — | — | (10 | ) | — | ||||||||||||||
Intercompany Receivable | — | — | 4,140 | (4,140 | ) | — | ||||||||||||||
Investment in Subsidiaries | 4,655 | 3,526 | — | (8,181 | ) | — | ||||||||||||||
Total Assets | $ | 6,662 | $ | 14,424 | $ | 12,794 | $ | (12,419 | ) | $ | 21,461 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Short-term debt | $ | — | $ | 75 | $ | 1 | $ | — | $ | 76 | ||||||||||
Merchandise accounts payable | — | 784 | 909 | — | 1,693 | |||||||||||||||
Accounts payable and accrued liabilities | 42 | 1,360 | 1,707 | — | 3,109 | |||||||||||||||
Income taxes | — | 22 | 362 | (88 | ) | 296 | ||||||||||||||
Deferred income taxes | — | 295 | 67 | — | 362 | |||||||||||||||
Total Current Liabilities | 42 | 2,536 | 3,046 | (88 | ) | 5,536 | ||||||||||||||
Long-Term Debt | — | 7,245 | 20 | — | 7,265 | |||||||||||||||
Intercompany Payable | 1,215 | 2,925 | — | (4,140 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 414 | 677 | (10 | ) | 1,081 | ||||||||||||||
Other Liabilities | 27 | 593 | 1,581 | — | 2,201 | |||||||||||||||
Shareholders’ Equity | 5,378 | 711 | 7,470 | (8,181 | ) | 5,378 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 6,662 | $ | 14,424 | $ | 12,794 | $ | (12,419 | ) | $ | 21,461 | |||||||||
MACY’S, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
For 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Net sales | $ | — | $ | 13,078 | $ | 23,522 | $ | (8,495 | ) | $ | 28,105 | |||||||||
Cost of sales | — | (8,127 | ) | (17,231 | ) | 8,495 | (16,863 | ) | ||||||||||||
Gross margin | — | 4,951 | 6,291 | — | 11,242 | |||||||||||||||
Selling, general and administrative expenses | (3 | ) | (4,351 | ) | (4,001 | ) | — | (8,355 | ) | |||||||||||
Impairments, store closing and other costs | — | (45 | ) | (42 | ) | — | (87 | ) | ||||||||||||
Operating income (loss) | (3 | ) | 555 | 2,248 | — | 2,800 | ||||||||||||||
Interest (expense) income, net: | ||||||||||||||||||||
External | 1 | (394 | ) | — | — | (393 | ) | |||||||||||||
Intercompany | — | (230 | ) | 230 | — | — | ||||||||||||||
Premium on early retirement of debt | — | (17 | ) | — | — | (17 | ) | |||||||||||||
Equity in earnings of subsidiaries | 1,528 | 624 | — | (2,152 | ) | — | ||||||||||||||
Income before income taxes | 1,526 | 538 | 2,478 | (2,152 | ) | 2,390 | ||||||||||||||
Federal, state and local income | — | 25 | (889 | ) | — | (864 | ) | |||||||||||||
tax benefit (expense) | ||||||||||||||||||||
Net income | $ | 1,526 | $ | 563 | $ | 1,589 | $ | (2,152 | ) | $ | 1,526 | |||||||||
Comprehensive income | $ | 1,119 | $ | 156 | $ | 1,338 | $ | (1,494 | ) | $ | 1,119 | |||||||||
MACY’S, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 1,526 | $ | 563 | $ | 1,589 | $ | (2,152 | ) | $ | 1,526 | |||||||||
Impairments, store closing and other costs | — | 45 | 42 | — | 87 | |||||||||||||||
Equity in earnings of subsidiaries | (1,528 | ) | (624 | ) | — | 2,152 | — | |||||||||||||
Dividends received from subsidiaries | 1,088 | 1 | — | (1,089 | ) | — | ||||||||||||||
Depreciation and amortization | — | 454 | 582 | — | 1,036 | |||||||||||||||
(Increase) decrease in working capital | 9 | 74 | (69 | ) | — | 14 | ||||||||||||||
Other, net | (20 | ) | (177 | ) | 243 | — | 46 | |||||||||||||
Net cash provided by | 1,075 | 336 | 2,387 | (1,089 | ) | 2,709 | ||||||||||||||
operating activities | ||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of property and equipment and capitalized software, net | — | (260 | ) | (636 | ) | — | (896 | ) | ||||||||||||
Other, net | — | (12 | ) | (62 | ) | — | (74 | ) | ||||||||||||
Net cash used by investing activities | — | (272 | ) | (698 | ) | — | (970 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issued, net of debt repaid | — | 177 | (3 | ) | — | 174 | ||||||||||||||
Dividends paid | (421 | ) | — | (1,089 | ) | 1,089 | (421 | ) | ||||||||||||
Common stock acquired, net of | (1,643 | ) | — | — | — | (1,643 | ) | |||||||||||||
issuance of common stock | ||||||||||||||||||||
Intercompany activity, net | 927 | (283 | ) | (644 | ) | — | — | |||||||||||||
Other, net | 15 | 52 | 57 | — | 124 | |||||||||||||||
Net cash used by financing activities | (1,122 | ) | (54 | ) | (1,679 | ) | 1,089 | (1,766 | ) | |||||||||||
Net increase (decrease) in cash | (47 | ) | 10 | 10 | — | (27 | ) | |||||||||||||
and cash equivalents | ||||||||||||||||||||
Cash and cash equivalents at | 1,955 | 84 | 234 | — | 2,273 | |||||||||||||||
beginning of period | ||||||||||||||||||||
Cash and cash equivalents at | $ | 1,908 | $ | 94 | $ | 244 | $ | — | $ | 2,246 | ||||||||||
end of period | ||||||||||||||||||||
MACY’S, INC. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of February 1, 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,955 | $ | 84 | $ | 234 | $ | — | $ | 2,273 | ||||||||||
Receivables | — | 102 | 336 | — | 438 | |||||||||||||||
Merchandise inventories | — | 2,896 | 2,661 | — | 5,557 | |||||||||||||||
Prepaid expenses and other current assets | — | 103 | 317 | — | 420 | |||||||||||||||
Income taxes | 80 | — | — | (80 | ) | — | ||||||||||||||
Total Current Assets | 2,035 | 3,185 | 3,548 | (80 | ) | 8,688 | ||||||||||||||
Property and Equipment – net | — | 4,590 | 3,340 | — | 7,930 | |||||||||||||||
Goodwill | — | 3,315 | 428 | — | 3,743 | |||||||||||||||
Other Intangible Assets – net | — | 97 | 430 | — | 527 | |||||||||||||||
Other Assets | 4 | 87 | 641 | — | 732 | |||||||||||||||
Deferred Income Taxes | 19 | — | — | (19 | ) | — | ||||||||||||||
Intercompany Receivable | — | — | 3,561 | (3,561 | ) | — | ||||||||||||||
Investment in Subsidiaries | 4,625 | 3,157 | — | (7,782 | ) | — | ||||||||||||||
Total Assets | $ | 6,683 | $ | 14,431 | $ | 11,948 | $ | (11,442 | ) | $ | 21,620 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Short-term debt | $ | — | $ | 461 | $ | 2 | $ | — | $ | 463 | ||||||||||
Merchandise accounts payable | — | 760 | 931 | — | 1,691 | |||||||||||||||
Accounts payable and accrued liabilities | 10 | 1,265 | 1,535 | — | 2,810 | |||||||||||||||
Income taxes | — | 80 | 362 | (80 | ) | 362 | ||||||||||||||
Deferred income taxes | — | 315 | 85 | — | 400 | |||||||||||||||
Total Current Liabilities | 10 | 2,881 | 2,915 | (80 | ) | 5,726 | ||||||||||||||
Long-Term Debt | — | 6,694 | 20 | — | 6,714 | |||||||||||||||
Intercompany Payable | 362 | 3,199 | — | (3,561 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 544 | 748 | (19 | ) | 1,273 | ||||||||||||||
Other Liabilities | 62 | 522 | 1,074 | — | 1,658 | |||||||||||||||
Shareholders’ Equity | 6,249 | 591 | 7,191 | (7,782 | ) | 6,249 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 6,683 | $ | 14,431 | $ | 11,948 | $ | (11,442 | ) | $ | 21,620 | |||||||||
MACY’S, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
For 2013 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Net sales | $ | — | $ | 13,233 | $ | 23,417 | $ | (8,719 | ) | $ | 27,931 | |||||||||
Cost of sales | — | (8,168 | ) | (17,276 | ) | 8,719 | (16,725 | ) | ||||||||||||
Gross margin | — | 5,065 | 6,141 | — | 11,206 | |||||||||||||||
Selling, general and administrative expenses | (8 | ) | (4,443 | ) | (3,989 | ) | — | (8,440 | ) | |||||||||||
Impairments, store closing and other costs | — | (37 | ) | (51 | ) | — | (88 | ) | ||||||||||||
Operating income (loss) | (8 | ) | 585 | 2,101 | — | 2,678 | ||||||||||||||
Interest (expense) income, net: | ||||||||||||||||||||
External | 1 | (388 | ) | (1 | ) | — | (388 | ) | ||||||||||||
Intercompany | (2 | ) | (176 | ) | 178 | — | — | |||||||||||||
Equity in earnings of subsidiaries | 1,492 | 557 | — | (2,049 | ) | — | ||||||||||||||
Income before income taxes | 1,483 | 578 | 2,278 | (2,049 | ) | 2,290 | ||||||||||||||
Federal, state and local income | 3 | 33 | (840 | ) | — | (804 | ) | |||||||||||||
tax benefit (expense) | ||||||||||||||||||||
Net income | $ | 1,486 | $ | 611 | $ | 1,438 | $ | (2,049 | ) | $ | 1,486 | |||||||||
Comprehensive income | $ | 1,752 | $ | 877 | $ | 1,434 | $ | (2,311 | ) | $ | 1,752 | |||||||||
MACY’S, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For 2013 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 1,486 | $ | 611 | $ | 1,438 | $ | (2,049 | ) | $ | 1,486 | |||||||||
Impairments, store closing and other costs | — | 37 | 51 | — | 88 | |||||||||||||||
Equity in earnings of subsidiaries | (1,492 | ) | (557 | ) | — | 2,049 | — | |||||||||||||
Dividends received from subsidiaries | 911 | 4 | — | (915 | ) | — | ||||||||||||||
Depreciation and amortization | — | 467 | 553 | — | 1,020 | |||||||||||||||
(Increase) decrease in working capital | (54 | ) | 12 | (111 | ) | — | (153 | ) | ||||||||||||
Other, net | (25 | ) | 158 | (25 | ) | — | 108 | |||||||||||||
Net cash provided by | 826 | 732 | 1,906 | (915 | ) | 2,549 | ||||||||||||||
operating activities | ||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of property and equipment and capitalized software, net | — | (289 | ) | (442 | ) | — | (731 | ) | ||||||||||||
Other, net | — | (6 | ) | (51 | ) | — | (57 | ) | ||||||||||||
Net cash used by | — | (295 | ) | (493 | ) | — | (788 | ) | ||||||||||||
investing activities | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issued, net of debt repaid | — | 278 | (2 | ) | — | 276 | ||||||||||||||
Dividends paid | (359 | ) | — | (915 | ) | 915 | (359 | ) | ||||||||||||
Common stock acquired, net of | (1,256 | ) | — | — | — | (1,256 | ) | |||||||||||||
issuance of common stock | ||||||||||||||||||||
Intercompany activity, net | 1,310 | (728 | ) | (582 | ) | — | — | |||||||||||||
Other, net | (104 | ) | 56 | 63 | — | 15 | ||||||||||||||
Net cash used by financing activities | (409 | ) | (394 | ) | (1,436 | ) | 915 | (1,324 | ) | |||||||||||
Net increase (decrease) in | 417 | 43 | (23 | ) | — | 437 | ||||||||||||||
cash and cash equivalents | ||||||||||||||||||||
Cash and cash equivalents at | 1,538 | 41 | 257 | — | 1,836 | |||||||||||||||
beginning of period | ||||||||||||||||||||
Cash and cash equivalents at | $ | 1,955 | $ | 84 | $ | 234 | $ | — | $ | 2,273 | ||||||||||
end of period | ||||||||||||||||||||
MACY’S, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
For 2012 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Net sales | $ | — | $ | 13,594 | $ | 22,439 | $ | (8,347 | ) | $ | 27,686 | |||||||||
Cost of sales | — | (8,385 | ) | (16,500 | ) | 8,347 | (16,538 | ) | ||||||||||||
Gross margin | — | 5,209 | 5,939 | — | 11,148 | |||||||||||||||
Selling, general and administrative expenses | (9 | ) | (4,584 | ) | (3,889 | ) | — | (8,482 | ) | |||||||||||
Impairments, store closing and other costs | — | (8 | ) | 3 | — | (5 | ) | |||||||||||||
Operating income (loss) | (9 | ) | 617 | 2,053 | — | 2,661 | ||||||||||||||
Interest (expense) income, net: | ||||||||||||||||||||
External | 1 | (422 | ) | (1 | ) | — | (422 | ) | ||||||||||||
Intercompany | (2 | ) | (146 | ) | 148 | — | — | |||||||||||||
Premium on early retirement of debt | — | (137 | ) | — | — | (137 | ) | |||||||||||||
Equity in earnings of subsidiaries | 1,342 | 638 | — | (1,980 | ) | — | ||||||||||||||
Income before income taxes | 1,332 | 550 | 2,200 | (1,980 | ) | 2,102 | ||||||||||||||
Federal, state and local income | 3 | 24 | (794 | ) | — | (767 | ) | |||||||||||||
tax benefit (expense) | ||||||||||||||||||||
Net income | $ | 1,335 | $ | 574 | $ | 1,406 | $ | (1,980 | ) | $ | 1,335 | |||||||||
Comprehensive income | $ | 1,465 | $ | 704 | $ | 1,477 | $ | (2,181 | ) | $ | 1,465 | |||||||||
MACY’S, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For 2012 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 1,335 | $ | 574 | $ | 1,406 | $ | (1,980 | ) | $ | 1,335 | |||||||||
Impairments, store closing and other costs | — | 8 | (3 | ) | — | 5 | ||||||||||||||
Equity in earnings of subsidiaries | (1,342 | ) | (638 | ) | — | 1,980 | — | |||||||||||||
Dividends received from subsidiaries | 783 | 125 | — | (908 | ) | — | ||||||||||||||
Depreciation and amortization | — | 484 | 565 | — | 1,049 | |||||||||||||||
Increase in working capital | (76 | ) | (75 | ) | (66 | ) | — | (217 | ) | |||||||||||
Other, net | 31 | (31 | ) | 7 | — | 7 | ||||||||||||||
Net cash provided by | 731 | 447 | 1,909 | (908 | ) | 2,179 | ||||||||||||||
operating activities | ||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of property and equipment and capitalized software, net | — | (324 | ) | (552 | ) | — | (876 | ) | ||||||||||||
Other, net | — | 51 | 44 | — | 95 | |||||||||||||||
Net cash used by | — | (273 | ) | (508 | ) | — | (781 | ) | ||||||||||||
investing activities | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt repaid, net of debt issued | — | (799 | ) | (4 | ) | — | (803 | ) | ||||||||||||
Dividends paid | (324 | ) | — | (908 | ) | 908 | (324 | ) | ||||||||||||
Common stock acquired, net of | (1,163 | ) | — | — | — | (1,163 | ) | |||||||||||||
issuance of common stock | ||||||||||||||||||||
Intercompany activity, net | (194 | ) | 642 | (448 | ) | — | — | |||||||||||||
Other, net | (45 | ) | (14 | ) | (40 | ) | — | (99 | ) | |||||||||||
Net cash used by | (1,726 | ) | (171 | ) | (1,400 | ) | 908 | (2,389 | ) | |||||||||||
financing activities | ||||||||||||||||||||
Net increase (decrease) in cash | (995 | ) | 3 | 1 | — | (991 | ) | |||||||||||||
and cash equivalents | ||||||||||||||||||||
Cash and cash equivalents at | 2,533 | 38 | 256 | — | 2,827 | |||||||||||||||
beginning of period | ||||||||||||||||||||
Cash and cash equivalents at | $ | 1,538 | $ | 41 | $ | 257 | $ | — | $ | 1,836 | ||||||||||
end of period | ||||||||||||||||||||
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policy) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Organization and Summary of Significant Accounting Policies [Abstract] | ||||||||||||
Nature Of Operations | Macy’s, Inc. and subsidiaries (the “Company”) is an omnichannel retail organization operating stores and Internet websites under two brands (Macy’s and Bloomingdale’s) that sell a wide range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The Company has stores in 45 states, the District of Columbia, Guam and Puerto Rico. As of January 31, 2015, the Company’s operations and reportable segments were conducted through Macy’s, Bloomingdale’s and Bloomingdale’s Outlet, which are aggregated into one reporting segment in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, “Segment Reporting.” The metrics used by management to assess the performance of the Company’s operating divisions include sales trends, gross margin rates, expense rates, and rates of earnings before interest and taxes (“EBIT”) and earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company’s operating divisions have historically had similar economic characteristics and are expected to have similar economic characteristics and long-term financial performance in future periods. | |||||||||||
Fiscal Period | The Company’s fiscal year ends on the Saturday closest to January 31. Fiscal years 2014, 2013 and 2012 ended on January 31, 2015, February 1, 2014 and February 2, 2013, respectively. Fiscal years 2014 and 2013 included 52 weeks and fiscal year 2012 included 53 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years. | |||||||||||
Consolidation | The Consolidated Financial Statements include the accounts of the Company and its 100%-owned subsidiaries. All significant intercompany transactions have been eliminated. | |||||||||||
Reclassifications | Certain reclassifications were made to prior years’ amounts to conform with the classifications of such amounts for the most recent year. | |||||||||||
Use Of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. | |||||||||||
Sales | Net sales include merchandise sales, licensed department income, shipping and handling fees, sales of private brand goods directly to third party retailers and sales of excess inventory to third parties. Sales of merchandise are recorded at the time of delivery to the customer and are reported net of merchandise returns. The Company licenses third parties to operate certain departments in its stores. The Company receives commissions from these licensed departments based on a percentage of net sales. Commissions are recognized as income at the time merchandise is sold to customers. Sales taxes collected from customers are not considered revenue and are included in accounts payable and accrued liabilities until remitted to the taxing authorities. | |||||||||||
Cost of Sales | Cost of sales consists of the cost of merchandise, including inbound freight, and shipping and handling costs. An estimated allowance for future sales returns is recorded and cost of sales is adjusted accordingly. | |||||||||||
Cash and Cash Equivalents | Cash and cash equivalents include cash and liquid investments with original maturities of three months or less. Cash and cash equivalents includes amounts due in respect of credit card sales transactions that are settled early in the following period in the amount of $111 million at January 31, 2015 and $101 million at February 1, 2014. | |||||||||||
Investments | The Company from time to time invests in debt and equity securities, including companies engaged in complementary businesses. All marketable equity and debt securities held by the Company are accounted for under ASC Topic 320, “Investments – Debt and Equity Securities.” Unrealized holding gains and losses on trading securities are recognized in the Consolidated Statements of Income and unrealized holding gains and losses on available-for-sale securities are included as a separate component of accumulated other comprehensive income, net of income tax effect, until realized. At January 31, 2015, the Company did not hold any held-to-maturity or available-for-sale securities. | |||||||||||
Receivables | In connection with the sale of most of the Company’s credit assets to Citibank, the Company and Citibank entered into a long-term marketing and servicing alliance pursuant to the terms of a Credit Card Program Agreement (the “Program Agreement”). Income earned under the Program Agreement is treated as a reduction of selling, general and administrative ("SG&A") expenses on the Consolidated Statements of Income. Under the Program Agreement, Citibank offers proprietary and non-proprietary credit to the Company’s customers through previously existing and newly opened accounts. | |||||||||||
Loyalty Programs | The Company maintains customer loyalty programs in which customers earn rewards based on their spending. Upon reaching certain levels of qualified spending, customers automatically receive rewards to apply toward future purchases. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales. | |||||||||||
Inventories | Merchandise inventories are valued at lower of cost or market using the last-in, first-out (LIFO) retail inventory method. Under the retail inventory method, inventory is segregated into departments of merchandise having similar characteristics, and is stated at its current retail selling value. Inventory retail values are converted to a cost basis by applying specific average cost factors for each merchandise department. Cost factors represent the average cost-to-retail ratio for each merchandise department based on beginning inventory and the fiscal year purchase activity. At January 31, 2015 and February 1, 2014, merchandise inventories valued at LIFO, including adjustments as necessary to record inventory at the lower of cost or market, approximated the cost of such inventories using the first-in, first-out (FIFO) retail inventory method. The application of the LIFO retail inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales for 2014, 2013 or 2012. The retail inventory method inherently requires management judgments and estimates, such as the amount and timing of permanent markdowns to clear unproductive or slow-moving inventory, which may impact the ending inventory valuation as well as gross margins. | |||||||||||
Permanent markdowns designated for clearance activity are recorded when the utility of the inventory has diminished. Factors considered in the determination of permanent markdowns include current and anticipated demand, customer preferences, age of the merchandise and fashion trends. When a decision is made to permanently markdown merchandise, the resulting gross margin reduction is recognized in the period the markdown is recorded. | ||||||||||||
Physical inventories are generally taken within each merchandise department annually, and inventory records are adjusted accordingly, resulting in the recording of actual shrinkage. While it is not possible to quantify the impact from each cause of shrinkage, the Company has loss prevention programs and policies that are intended to minimize shrinkage. Physical inventories are taken at all store locations for substantially all merchandise categories approximately three weeks before the end of the fiscal year. Shrinkage is estimated as a percentage of sales at interim periods and for this approximate three-week period, based on historical shrinkage rates. | ||||||||||||
Vendor Allowances | The Company receives certain allowances as reimbursement for markdowns taken and/or to support the gross margins earned in connection with the sales of merchandise. These allowances are recognized when earned in accordance with ASC Subtopic 605-50, “Customer Payments and Incentives.” The Company also receives advertising allowances from approximately 1,000 of its merchandise vendors pursuant to cooperative advertising programs, with some vendors participating in multiple programs. These allowances represent reimbursements by vendors of costs incurred by the Company to promote the vendors’ merchandise and are netted against advertising and promotional costs when the related costs are incurred in accordance with ASC Subtopic 605-50. Advertising allowances in excess of costs incurred are recorded as a reduction of merchandise costs and, ultimately, through cost of sales when the merchandise is sold. | |||||||||||
The arrangements pursuant to which the Company’s vendors provide allowances, while binding, are generally informal in nature and one year or less in duration. The terms and conditions of these arrangements vary significantly from vendor to vendor and are influenced by, among other things, the type of merchandise to be supported. | ||||||||||||
Advertising and Promotional Costs | Department store non-direct response advertising and promotional costs are expensed either as incurred or the first time the advertising occurs. Direct response advertising and promotional costs are deferred and expensed over the period during which the sales are expected to occur, generally one to four months. Advertising and promotional costs and cooperative advertising allowances were as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Gross advertising and promotional costs | $ | 1,602 | $ | 1,623 | $ | 1,554 | ||||||
Cooperative advertising allowances | 425 | 457 | 431 | |||||||||
Advertising and promotional costs, net of | $ | 1,177 | $ | 1,166 | $ | 1,123 | ||||||
cooperative advertising allowances | ||||||||||||
Net sales | $ | 28,105 | $ | 27,931 | $ | 27,686 | ||||||
Advertising and promotional costs, net of cooperative | 4.2 | % | 4.2 | % | 4.1 | % | ||||||
advertising allowances, as a percent to net sales | ||||||||||||
Property, Plant and Equipment | Depreciation of owned properties is provided primarily on a straight-line basis over the estimated asset lives, which range from fifteen to fifty years for buildings and building equipment and three to fifteen years for fixtures and equipment. Real estate taxes and interest on construction in progress and land under development are capitalized. Amounts capitalized are amortized over the estimated lives of the related depreciable assets. The Company receives contributions from developers and merchandise vendors to fund building improvement and the construction of vendor shops. Such contributions are netted against the capital expenditures. | |||||||||||
Buildings on leased land and leasehold improvements are amortized over the shorter of their economic lives or the lease term, beginning on the date the asset is put into use. | ||||||||||||
Long-lived Assets | The carrying value of long-lived assets is periodically reviewed by the Company whenever events or changes in circumstances indicate that a potential impairment has occurred. For long-lived assets held for use, a potential impairment has occurred if projected future undiscounted cash flows are less than the carrying value of the assets. The estimate of cash flows includes management’s assumptions of cash inflows and outflows directly resulting from the use of those assets in operations. When a potential impairment has occurred, an impairment write-down is recorded if the carrying value of the long-lived asset exceeds its fair value. The Company believes its estimated cash flows are sufficient to support the carrying value of its long-lived assets. If estimated cash flows significantly differ in the future, the Company may be required to record asset impairment write-downs. | |||||||||||
If the Company commits to a plan to dispose of a long-lived asset before the end of its previously estimated useful life, estimated cash flows are revised accordingly, and the Company may be required to record an asset impairment write-down. Additionally, related liabilities arise such as severance, contractual obligations and other accruals associated with store closings from decisions to dispose of assets. The Company estimates these liabilities based on the facts and circumstances in existence for each restructuring decision. The amounts the Company will ultimately realize or disburse could differ from the amounts assumed in arriving at the asset impairment and restructuring charge recorded. | ||||||||||||
The Company classifies certain long-lived assets as held for disposal by sale and ceases depreciation when the particular criteria for such classification are met, including the probable sale within one year. For long-lived assets to be disposed of by sale, an impairment charge is recorded if the carrying amount of the asset exceeds its fair value less costs to sell. Such valuations include estimations of fair values and incremental direct costs to transact a sale. | ||||||||||||
Lease | The Company recognizes operating lease minimum rentals on a straight-line basis over the lease term. Executory costs such as real estate taxes and maintenance, and contingent rentals such as those based on a percentage of sales are recognized as incurred. | |||||||||||
The lease term, which includes all renewal periods that are considered to be reasonably assured, begins on the date the Company has access to the leased property. The Company receives contributions from landlords to fund buildings and leasehold improvements. Such contributions are recorded as deferred rent and amortized as reductions to lease expense over the lease term. | ||||||||||||
Goodwill and Other Intangible Assets | The carrying value of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment in accordance with ASC Subtopic 350-20 “Goodwill.” Goodwill and other intangible assets with indefinite lives have been assigned to reporting units for purposes of impairment testing. The reporting units are the Company’s retail operating divisions. Goodwill and other intangible assets with indefinite lives are tested for impairment annually at the end of the fiscal month of May. The Company evaluates qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value and whether it is necessary to perform the two-step goodwill impairment process. If required, the first step involves a comparison of each reporting unit’s fair value to its carrying value and the Company estimates fair value based on discounted cash flows. The reporting unit’s discounted cash flows require significant management judgment with respect to sales, gross margin and SG&A rates, capital expenditures and the selection and use of an appropriate discount rate. The projected sales, gross margin and SG&A expense rate assumptions and capital expenditures are based on the Company’s annual business plan or other forecasted results. Discount rates reflect market-based estimates of the risks associated with the projected cash flows directly resulting from the use of those assets in operations. The estimates of fair value of reporting units are based on the best information available as of the date of the assessment. If the carrying value of a reporting unit exceeds its estimated fair value in the first step, a second step is performed, in which the reporting unit’s goodwill is written down to its implied fair value. The second step requires the Company to allocate the fair value of the reporting unit derived in the first step to the fair value of the reporting unit’s net assets, with any fair value in excess of amounts allocated to such net assets representing the implied fair value of goodwill for that reporting unit. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is written down by an amount equal to such excess. | |||||||||||
Capitalized Software | The Company capitalizes purchased and internally developed software and amortizes such costs to expense on a straight-line basis over two to five years. Capitalized software is included in other assets on the Consolidated Balance Sheets. | |||||||||||
Gift Cards | The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold, no revenue is recognized; rather, the Company records an accrued liability to customers. The liability is relieved and revenue is recognized equal to the amount redeemed at the time gift cards are redeemed for merchandise. The Company records income from unredeemed gift cards (breakage) as a reduction of SG&A expenses, and income is recorded in proportion and over the time period gift cards are actually redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. | |||||||||||
Self-Insurance Reserves | The Company, through its insurance subsidiary, is self-insured for workers compensation and general liability claims up to certain maximum liability amounts. Although the amounts accrued are actuarially determined based on analysis of historical trends of losses, settlements, litigation costs and other factors, the amounts the Company will ultimately disburse could differ from such accrued amounts. | |||||||||||
Pension and other Employee Benefit Plans | The Company, through its actuaries, utilizes assumptions when estimating the liabilities for pension and other employee benefit plans. These assumptions, where applicable, include the discount rates used to determine the actuarial present value of projected benefit obligations, the rate of increase in future compensation levels, the long-term rate of return on assets and the growth in health care costs. The cost of these benefits is generally recognized in the Consolidated Financial Statements over an employee’s term of service with the Company, and the accrued benefits are reported in accounts payable and accrued liabilities and other liabilities on the Consolidated Balance Sheets, as appropriate. | |||||||||||
Income Taxes | Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Income in the period that includes the enactment date. Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized. | |||||||||||
Derivatives | The Company records derivative transactions according to the provisions of ASC Topic 815 “Derivatives and Hedging,” which establishes accounting and reporting standards for derivative instruments and hedging activities and requires recognition of all derivatives as either assets or liabilities and measurement of those instruments at fair value. The Company makes limited use of derivative financial instruments. The Company does not use financial instruments for trading or other speculative purposes and is not a party to any leveraged financial instruments. On the date that the Company enters into a derivative contract, the Company designates the derivative instrument as either a fair value hedge, a cash flow hedge or as a free-standing derivative instrument, each of which would receive different accounting treatment. Prior to entering into a hedge transaction, the Company formally documents the relationship between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. Derivative instruments that the Company may use as part of its interest rate risk management strategy include interest rate swap and interest rate cap agreements and Treasury lock agreements. At January 31, 2015, the Company was not a party to any derivative financial instruments. | |||||||||||
Stock Based Compensation | The Company records stock-based compensation expense according to the provisions of ASC Topic 718, “Compensation – Stock Compensation.” ASC Topic 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. Under the provisions of ASC Topic 718, the Company determines the appropriate fair value model to be used for valuing share-based payments and the amortization method for compensation cost. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Organization and Summary of Significant Accounting Policies [Abstract] | ||||||||||||
Advertising Costs and Cooperative Advertising Allowances [Table Text Block] | Advertising and promotional costs and cooperative advertising allowances were as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Gross advertising and promotional costs | $ | 1,602 | $ | 1,623 | $ | 1,554 | ||||||
Cooperative advertising allowances | 425 | 457 | 431 | |||||||||
Advertising and promotional costs, net of | $ | 1,177 | $ | 1,166 | $ | 1,123 | ||||||
cooperative advertising allowances | ||||||||||||
Net sales | $ | 28,105 | $ | 27,931 | $ | 27,686 | ||||||
Advertising and promotional costs, net of cooperative | 4.2 | % | 4.2 | % | 4.1 | % | ||||||
advertising allowances, as a percent to net sales | ||||||||||||
Percentage of Sales on Enterprise-Wide Basis by Merchandise Category | For 2014, 2013 and 2012, the following merchandise constituted the following percentages of sales: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Feminine Accessories, Intimate Apparel, Shoes and Cosmetics | 38 | % | 38 | % | 38 | % | ||||||
Feminine Apparel | 23 | 23 | 23 | |||||||||
Men’s and Children’s | 23 | 23 | 23 | |||||||||
Home/Miscellaneous | 16 | 16 | 16 | |||||||||
100 | % | 100 | % | 100 | % |
Impairments_Store_Closing_Cost1
Impairments, Store Closing Costs and Gain on Sale of Leases (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Impairments, Store Closing Costs and Other Costs [Abstract] | ||||||||||||
Impairments, Store Closing and Other Costs | Impairments, store closing and other costs consist of the following: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Impairments of properties held and used | $ | 33 | $ | 39 | $ | 4 | ||||||
Severance | 46 | 43 | 3 | |||||||||
Other | 8 | 6 | (2 | ) | ||||||||
$ | 87 | $ | 88 | $ | 5 | |||||||
Properties_and_Leases_Tables
Properties and Leases (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Property Plant and Equipment and Leases of Lessee [Abstract] | ||||||||||||
Property, Plant and Equipment | ||||||||||||
January 31, | February 1, | |||||||||||
2015 | 2014 | |||||||||||
(millions) | ||||||||||||
Land | $ | 1,664 | $ | 1,696 | ||||||||
Buildings on owned land | 5,049 | 5,405 | ||||||||||
Buildings on leased land and leasehold improvements | 1,819 | 2,041 | ||||||||||
Fixtures and equipment | 4,828 | 4,811 | ||||||||||
Leased properties under capitalized leases | 34 | 43 | ||||||||||
13,394 | 13,996 | |||||||||||
Less accumulated depreciation and amortization | 5,594 | 6,066 | ||||||||||
$ | 7,800 | $ | 7,930 | |||||||||
Minimum Rental Commitments (Excluding Executory Costs) for Noncancellable Leases | Minimum rental commitments (excluding executory costs) at January 31, 2015, for noncancellable leases are: | |||||||||||
Capitalized | Operating | Total | ||||||||||
Leases | Leases | |||||||||||
(millions) | ||||||||||||
Fiscal year | ||||||||||||
2015 | $ | 3 | $ | 260 | $ | 263 | ||||||
2016 | 3 | 264 | 267 | |||||||||
2017 | 3 | 246 | 249 | |||||||||
2018 | 3 | 232 | 235 | |||||||||
2019 | 3 | 214 | 217 | |||||||||
After 2019 | 43 | 2,351 | 2,394 | |||||||||
Total minimum lease payments | 58 | $ | 3,567 | $ | 3,625 | |||||||
Less amount representing interest | 28 | |||||||||||
Present value of net minimum capitalized lease payments | $ | 30 | ||||||||||
Rental Expense | Rental expense consists of: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Real estate (excluding executory costs) | ||||||||||||
Capitalized leases – | ||||||||||||
Contingent rentals | $ | — | $ | — | $ | — | ||||||
Operating leases – | ||||||||||||
Minimum rentals | 265 | 256 | 248 | |||||||||
Contingent rentals | 22 | 22 | 21 | |||||||||
287 | 278 | 269 | ||||||||||
Less income from subleases – | ||||||||||||
Operating leases | (8 | ) | (10 | ) | (11 | ) | ||||||
$ | 279 | $ | 268 | $ | 258 | |||||||
Personal property – Operating leases | $ | 12 | $ | 11 | $ | 11 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Company's Goodwill and Other Intangible Assets | The following summarizes the Company’s goodwill and other intangible assets: | |||||||
January 31, | February 1, | |||||||
2015 | 2014 | |||||||
(millions) | ||||||||
Non-amortizing intangible assets | ||||||||
Goodwill | $ | 9,125 | $ | 9,125 | ||||
Accumulated impairment losses | (5,382 | ) | (5,382 | ) | ||||
3,743 | 3,743 | |||||||
Tradenames | 414 | 414 | ||||||
$ | 4,157 | $ | 4,157 | |||||
Amortizing intangible assets | ||||||||
Favorable leases | $ | 177 | $ | 188 | ||||
Customer relationships | 188 | 188 | ||||||
365 | 376 | |||||||
Accumulated amortization | ||||||||
Favorable leases | (106 | ) | (104 | ) | ||||
Customer relationships | (177 | ) | (159 | ) | ||||
(283 | ) | (263 | ) | |||||
$ | 82 | $ | 113 | |||||
Future Estimated Intangible Amortization Expense | Future estimated intangible amortization expense is shown below: | |||||||
(millions) | ||||||||
Fiscal year | ||||||||
2015 | $ | 21 | ||||||
2016 | 8 | |||||||
2017 | 7 | |||||||
2018 | 7 | |||||||
2019 | 7 | |||||||
Financing_Tables
Financing (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of Company Debt | The Company’s debt is as follows: | |||||||||||
January 31, | February 1, | |||||||||||
2015 | 2014 | |||||||||||
(millions) | ||||||||||||
Short-term debt: | ||||||||||||
7.5% Senior debentures due 2015 | $ | 69 | $ | — | ||||||||
5.75% Senior notes due 2014 | — | 453 | ||||||||||
Capital lease and current portion of other long-term obligations | 7 | 10 | ||||||||||
$ | 76 | $ | 463 | |||||||||
Long-term debt: | ||||||||||||
2.875% Senior notes due 2023 | $ | 750 | $ | 750 | ||||||||
5.9% Senior notes due 2016 | 577 | 577 | ||||||||||
3.875% Senior notes due 2022 | 550 | 550 | ||||||||||
4.5% Senior notes due 2034 | 550 | — | ||||||||||
3.625% Senior notes due 2024 | 500 | — | ||||||||||
6.375% Senior notes due 2037 | 500 | 500 | ||||||||||
7.875% Senior notes due 2015 | — | 407 | ||||||||||
4.375% Senior notes due 2023 | 400 | 400 | ||||||||||
6.9% Senior debentures due 2029 | 400 | 400 | ||||||||||
6.7% Senior debentures due 2034 | 400 | 400 | ||||||||||
7.45% Senior debentures due 2017 | 300 | 300 | ||||||||||
6.65% Senior debentures due 2024 | 300 | 300 | ||||||||||
7.0% Senior debentures due 2028 | 300 | 300 | ||||||||||
6.9% Senior debentures due 2032 | 250 | 250 | ||||||||||
5.125% Senior debentures due 2042 | 250 | 250 | ||||||||||
4.3% Senior notes due 2043 | 250 | 250 | ||||||||||
6.7% Senior debentures due 2028 | 200 | 200 | ||||||||||
6.79% Senior debentures due 2027 | 165 | 165 | ||||||||||
7.875% Senior debentures due 2036 | 108 | 108 | ||||||||||
8.125% Senior debentures due 2035 | 76 | 76 | ||||||||||
8.75% Senior debentures due 2029 | 61 | 61 | ||||||||||
7.45% Senior debentures due 2016 | 59 | 59 | ||||||||||
8.5% Senior debentures due 2019 | 36 | 36 | ||||||||||
10.25% Senior debentures due 2021 | 33 | 33 | ||||||||||
7.6% Senior debentures due 2025 | 24 | 24 | ||||||||||
9.5% amortizing debentures due 2021 | 21 | 25 | ||||||||||
7.875% Senior debentures due 2030 | 18 | 18 | ||||||||||
9.75% amortizing debentures due 2021 | 12 | 14 | ||||||||||
7.5% Senior debentures due 2015 | — | 69 | ||||||||||
Unamortized debt discount | (18 | ) | (14 | ) | ||||||||
Premium on acquired debt, using an effective | 164 | 176 | ||||||||||
interest yield of 5.415% to 6.165% | ||||||||||||
Capital lease and other long-term obligations | 29 | 30 | ||||||||||
$ | 7,265 | $ | 6,714 | |||||||||
Schedule of Interest Expense and Premium on Early Retirement of Debt | Interest expense and premium on early retirement of debt is as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Interest on debt | $ | 411 | $ | 407 | $ | 449 | ||||||
Amortization of debt premium | (12 | ) | (15 | ) | (19 | ) | ||||||
Amortization of financing costs and debt discount | 7 | 7 | 7 | |||||||||
Interest on capitalized leases | 2 | 2 | 3 | |||||||||
408 | 401 | 440 | ||||||||||
Less interest capitalized on construction | 13 | 11 | 15 | |||||||||
Interest expense | $ | 395 | $ | 390 | $ | 425 | ||||||
Premium on early retirement of debt | $ | 17 | $ | — | $ | 137 | ||||||
Future Maturities of Long-term Debt | Future maturities of long-term debt, other than capitalized leases, are shown below: | |||||||||||
(millions) | ||||||||||||
Fiscal year | ||||||||||||
2016 | $ | 642 | ||||||||||
2017 | 306 | |||||||||||
2018 | 6 | |||||||||||
2019 | 41 | |||||||||||
2020 | 39 | |||||||||||
After 2020 | 6,056 | |||||||||||
Detail of Debt Repayments | The following table shows the detail of debt repayments: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
5.75% Senior notes due 2014 | $ | 453 | $ | — | $ | — | ||||||
7.625% Senior debentures due 2013 | — | 109 | — | |||||||||
7.875% Senior notes due 2015 | 407 | — | 205 | |||||||||
5.35% Senior notes due 2012 | — | — | 616 | |||||||||
5.90% Senior notes due 2016 | — | — | 400 | |||||||||
5.875% Senior notes due 2013 | — | — | 298 | |||||||||
8.0% Senior debentures due 2012 | — | — | 173 | |||||||||
7.45% Senior debentures due 2016 | — | — | 64 | |||||||||
7.5% Senior debentures due 2015 | — | — | 31 | |||||||||
9.5% amortizing debentures due 2021 | 4 | 4 | 4 | |||||||||
9.75% amortizing debentures due 2021 | 2 | 2 | 2 | |||||||||
Capital leases and other obligations | 4 | 9 | 10 | |||||||||
$ | 870 | $ | 124 | $ | 1,803 | |||||||
Recovered_Sheet1
Accounts Payable And Accrued Liabilities (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||||||||||||
Schedule of Accrued Liabilities | ||||||||||||
January 31, | February 1, | |||||||||||
2015 | 2014 | |||||||||||
(millions) | ||||||||||||
Accounts payable | $ | 833 | $ | 746 | ||||||||
Gift cards and customer award certificates | 907 | 840 | ||||||||||
Accrued wages and vacation | 193 | 190 | ||||||||||
Current portion of post employment and postretirement benefits | 190 | 110 | ||||||||||
Taxes other than income taxes | 187 | 157 | ||||||||||
Lease related liabilities | 155 | 153 | ||||||||||
Current portion of workers’ compensation and general liability reserves | 128 | 131 | ||||||||||
Accrued interest | 93 | 89 | ||||||||||
Allowance for future sales returns | 93 | 85 | ||||||||||
Severance and relocation | 46 | 43 | ||||||||||
Other | 284 | 266 | ||||||||||
$ | 3,109 | $ | 2,810 | |||||||||
Changes in Workers' Compensation and General Liability Reserve Including Current Portion | Changes in workers’ compensation and general liability reserves, including the current portion, are as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Balance, beginning of year | $ | 497 | $ | 497 | $ | 493 | ||||||
Charged to costs and expenses | 160 | 147 | 157 | |||||||||
Payments, net of recoveries | (152 | ) | (147 | ) | (153 | ) | ||||||
Balance, end of year | $ | 505 | $ | 497 | $ | 497 | ||||||
Taxes_Tables
Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||||||||||||||||||
Taxes Payable [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of Income Tax Expense (Benefit) | Income tax expense is as follows: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | ||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Federal | $ | 767 | $ | 5 | $ | 772 | $ | 859 | $ | (98 | ) | $ | 761 | $ | 697 | $ | 2 | $ | 699 | |||||||||||||||||
State and local | 95 | (3 | ) | 92 | 107 | (64 | ) | 43 | 70 | (2 | ) | 68 | ||||||||||||||||||||||||
$ | 862 | $ | 2 | $ | 864 | $ | 966 | $ | (162 | ) | $ | 804 | $ | 767 | $ | — | $ | 767 | ||||||||||||||||||
Schedule of Effective Income Tax Reconciliation | The reasons for this difference and their tax effects are as follows: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Expected tax | $ | 836 | $ | 801 | $ | 736 | ||||||||||||||||||||||||||||||
State and local income taxes, net of federal income tax benefit | 59 | 45 | 47 | |||||||||||||||||||||||||||||||||
Historic rehabilitation tax credit | (20 | ) | (16 | ) | — | |||||||||||||||||||||||||||||||
Change in valuation allowance | 1 | (16 | ) | (2 | ) | |||||||||||||||||||||||||||||||
Other | (12 | ) | (10 | ) | (14 | ) | ||||||||||||||||||||||||||||||
$ | 864 | $ | 804 | $ | 767 | |||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: | |||||||||||||||||||||||||||||||||||
January 31, | February 1, | |||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||||||||||||||||||
Post employment and postretirement benefits | $ | 586 | $ | 392 | ||||||||||||||||||||||||||||||||
Accrued liabilities accounted for on a cash basis for tax purposes | 320 | 289 | ||||||||||||||||||||||||||||||||||
Long-term debt | 83 | 90 | ||||||||||||||||||||||||||||||||||
Unrecognized state tax benefits and accrued interest | 76 | 84 | ||||||||||||||||||||||||||||||||||
State operating loss and credit carryforwards | 80 | 79 | ||||||||||||||||||||||||||||||||||
Other | 160 | 160 | ||||||||||||||||||||||||||||||||||
Valuation allowance | (24 | ) | (23 | ) | ||||||||||||||||||||||||||||||||
Total deferred tax assets | 1,281 | 1,071 | ||||||||||||||||||||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||||||||||||||||||
Excess of book basis over tax basis of property and equipment | (1,510 | ) | (1,569 | ) | ||||||||||||||||||||||||||||||||
Merchandise inventories | (585 | ) | (587 | ) | ||||||||||||||||||||||||||||||||
Intangible assets | (294 | ) | (263 | ) | ||||||||||||||||||||||||||||||||
Post employment benefits | — | (28 | ) | |||||||||||||||||||||||||||||||||
Other | (335 | ) | (297 | ) | ||||||||||||||||||||||||||||||||
Total deferred tax liabilities | (2,724 | ) | (2,744 | ) | ||||||||||||||||||||||||||||||||
Net deferred tax liability | $ | (1,443 | ) | $ | (1,673 | ) | ||||||||||||||||||||||||||||||
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||||||||||||||||||||||||
January 31, | February 1, | February 2, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 189 | $ | 170 | $ | 179 | ||||||||||||||||||||||||||||||
Additions based on tax positions related to the current year | 33 | 37 | 18 | |||||||||||||||||||||||||||||||||
Additions for tax positions of prior years | — | — | 18 | |||||||||||||||||||||||||||||||||
Reductions for tax positions of prior years | (15 | ) | (1 | ) | (19 | ) | ||||||||||||||||||||||||||||||
Settlements | (23 | ) | (1 | ) | (9 | ) | ||||||||||||||||||||||||||||||
Statute expirations | (12 | ) | (16 | ) | (17 | ) | ||||||||||||||||||||||||||||||
Balance, end of year | $ | 172 | $ | 189 | $ | 170 | ||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at | ||||||||||||||||||||||||||||||||||||
January 31, 2015, February 1, 2014 and February 2, 2013 | ||||||||||||||||||||||||||||||||||||
Current income taxes | $ | 11 | $ | 31 | $ | 20 | ||||||||||||||||||||||||||||||
Long-term deferred income taxes | 6 | 11 | 23 | |||||||||||||||||||||||||||||||||
Other liabilities | 155 | 147 | 127 | |||||||||||||||||||||||||||||||||
$ | 172 | $ | 189 | $ | 170 | |||||||||||||||||||||||||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Pension Plan [Member] | ||||||||||||||||
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan | The following provides a reconciliation of benefit obligations, plan assets, and funded status of the Pension Plan as of January 31, 2015 and February 1, 2014: | |||||||||||||||
2014 | 2013 | |||||||||||||||
(millions) | ||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||
Projected benefit obligation, beginning of year | $ | 3,473 | $ | 3,555 | ||||||||||||
Service cost | 6 | 112 | ||||||||||||||
Interest cost | 151 | 143 | ||||||||||||||
Actuarial (gain) loss | 563 | (117 | ) | |||||||||||||
Benefits paid | (227 | ) | (220 | ) | ||||||||||||
Projected benefit obligation, end of year | 3,966 | 3,473 | ||||||||||||||
Changes in plan assets | ||||||||||||||||
Fair value of plan assets, beginning of year | 3,546 | 3,387 | ||||||||||||||
Actual return on plan assets | 317 | 379 | ||||||||||||||
Company contributions | — | — | ||||||||||||||
Benefits paid | (227 | ) | (220 | ) | ||||||||||||
Fair value of plan assets, end of year | 3,636 | 3,546 | ||||||||||||||
Funded status at end of year | $ | (330 | ) | $ | 73 | |||||||||||
Amounts recognized in the Consolidated Balance Sheets at | ||||||||||||||||
January 31, 2015 and February 1, 2014 | ||||||||||||||||
Other assets | $ | — | $ | 73 | ||||||||||||
Other liabilities | (330 | ) | — | |||||||||||||
$ | (330 | ) | $ | 73 | ||||||||||||
Amounts recognized in accumulated other comprehensive loss at | ||||||||||||||||
January 31, 2015 and February 1, 2014 | ||||||||||||||||
Net actuarial loss | $ | 1,397 | $ | 931 | ||||||||||||
Schedule of Net Periodic Benefit Costs | Net pension costs and other amounts recognized in other comprehensive loss for the Pension Plan included the following actuarially determined components: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(millions) | ||||||||||||||||
Net Periodic Pension Cost | ||||||||||||||||
Service cost | $ | 6 | $ | 112 | $ | 117 | ||||||||||
Interest cost | 151 | 143 | 157 | |||||||||||||
Expected return on assets | (246 | ) | (242 | ) | (253 | ) | ||||||||||
Amortization of net actuarial loss | 25 | 141 | 141 | |||||||||||||
Amortization of prior service credit | — | — | (1 | ) | ||||||||||||
(64 | ) | 154 | 161 | |||||||||||||
Other Changes in Plan Assets and Projected Benefit Obligation | ||||||||||||||||
Recognized in Other Comprehensive Loss | ||||||||||||||||
Net actuarial (gain) loss | 491 | (254 | ) | (91 | ) | |||||||||||
Amortization of net actuarial loss | (25 | ) | (141 | ) | (141 | ) | ||||||||||
Amortization of prior service credit | — | — | 1 | |||||||||||||
466 | (395 | ) | (231 | ) | ||||||||||||
Total recognized in net periodic pension cost and | $ | 402 | $ | (241 | ) | $ | (70 | ) | ||||||||
other comprehensive loss | ||||||||||||||||
Weighted Average Assumptions | The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at January 31, 2015 and February 1, 2014: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 3.55 | % | 4.5 | % | ||||||||||||
Rate of compensation increases | 4.1 | % | 4.1 | % | ||||||||||||
The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.5 | % | 4.15 | % | 4.65 | % | ||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | 8 | % | ||||||||||
Rate of compensation increases | 4.1 | % | 4.5 | % | 4.5 | % | ||||||||||
Fair Values of Plan Assets | The fair values of the Pension Plan assets as of January 31, 2015, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(millions) | ||||||||||||||||
Cash and cash equivalents | $ | 248 | $ | — | $ | 248 | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.S. | 821 | 344 | 477 | — | ||||||||||||
International | 659 | — | 659 | — | ||||||||||||
Fixed income securities: | ||||||||||||||||
U. S. Treasury bonds | 272 | — | 272 | — | ||||||||||||
Other Government bonds | 55 | — | 55 | — | ||||||||||||
Agency backed bonds | 28 | — | 28 | — | ||||||||||||
Corporate bonds | 434 | — | 434 | — | ||||||||||||
Mortgage-backed securities and forwards | 91 | — | 91 | — | ||||||||||||
Asset-backed securities | 19 | — | 19 | — | ||||||||||||
Pooled funds | 458 | — | 458 | — | ||||||||||||
Other types of investments: | ||||||||||||||||
Real estate | 244 | — | — | 244 | ||||||||||||
Hedge funds | 175 | — | — | 175 | ||||||||||||
Private equity | 181 | — | — | 181 | ||||||||||||
Total | $ | 3,685 | $ | 344 | $ | 2,741 | $ | 600 | ||||||||
The fair values of the Pension Plan assets as of February 1, 2014, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(millions) | ||||||||||||||||
Cash and cash equivalents | $ | 211 | $ | — | $ | 211 | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.S. | 834 | 354 | 480 | — | ||||||||||||
International | 748 | — | 748 | — | ||||||||||||
Fixed income securities: | ||||||||||||||||
U. S. Treasury bonds | 221 | — | 221 | — | ||||||||||||
Other Government bonds | 39 | — | 39 | — | ||||||||||||
Agency backed bonds | 22 | — | 22 | — | ||||||||||||
Corporate bonds | 388 | — | 388 | — | ||||||||||||
Mortgage-backed securities and forwards | 95 | — | 95 | — | ||||||||||||
Asset-backed securities | 20 | — | 20 | — | ||||||||||||
Pooled funds | 454 | — | 454 | — | ||||||||||||
Other types of investments: | ||||||||||||||||
Real estate | 214 | — | — | 214 | ||||||||||||
Hedge funds | 167 | — | — | 167 | ||||||||||||
Private equity | 167 | — | — | 167 | ||||||||||||
Total | $ | 3,580 | $ | 354 | $ | 2,678 | $ | 548 | ||||||||
Changes in Fair Value of Level 3 Assets | The following table sets forth a summary of changes in fair value of the Pension Plan’s level 3 assets for 2014 and 2013: | |||||||||||||||
2014 | 2013 | |||||||||||||||
(millions) | ||||||||||||||||
Balance, beginning of year | $ | 548 | $ | 594 | ||||||||||||
Actual gain on plan assets: | ||||||||||||||||
Relating to assets still held at the reporting date | 18 | 1 | ||||||||||||||
Relating to assets sold during the period | 22 | 48 | ||||||||||||||
Purchases | 71 | 77 | ||||||||||||||
Sales | (59 | ) | (172 | ) | ||||||||||||
Balance, end of year | $ | 600 | $ | 548 | ||||||||||||
Estimated Future Benefit Payments | The following benefit payments are estimated to be paid from the Pension Plan: | |||||||||||||||
(millions) | ||||||||||||||||
Fiscal year | ||||||||||||||||
2015 | $ | 301 | ||||||||||||||
2016 | 286 | |||||||||||||||
2017 | 280 | |||||||||||||||
2018 | 272 | |||||||||||||||
2019 | 270 | |||||||||||||||
2020-2024 | 1,236 | |||||||||||||||
Supplemental Employee Retirement Plan | ||||||||||||||||
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan | The following provides a reconciliation of benefit obligations, plan assets and funded status of the supplementary retirement plan as of January 31, 2015 and February 1, 2014: | |||||||||||||||
2014 | 2013 | |||||||||||||||
(millions) | ||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||
Projected benefit obligation, beginning of year | $ | 770 | $ | 795 | ||||||||||||
Service cost | — | 6 | ||||||||||||||
Interest cost | 33 | 32 | ||||||||||||||
Actuarial (gain) loss | 170 | (17 | ) | |||||||||||||
Plan amendment | — | 8 | ||||||||||||||
Benefits paid | (53 | ) | (54 | ) | ||||||||||||
Projected benefit obligation, end of year | 920 | 770 | ||||||||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets, beginning of year | — | — | ||||||||||||||
Company contributions | 53 | 54 | ||||||||||||||
Benefits paid | (53 | ) | (54 | ) | ||||||||||||
Fair value of plan assets, end of year | — | — | ||||||||||||||
Funded status at end of year | $ | (920 | ) | $ | (770 | ) | ||||||||||
Amounts recognized in the Consolidated Balance Sheets at | ||||||||||||||||
January 31, 2015 and February 1, 2014 | ||||||||||||||||
Accounts payable and accrued liabilities | $ | (69 | ) | $ | (59 | ) | ||||||||||
Other liabilities | (851 | ) | (711 | ) | ||||||||||||
$ | (920 | ) | $ | (770 | ) | |||||||||||
Amounts recognized in accumulated other comprehensive loss at | ||||||||||||||||
January 31, 2015 and February 1, 2014 | ||||||||||||||||
Net actuarial loss | $ | 341 | $ | 176 | ||||||||||||
Prior service cost | 8 | 8 | ||||||||||||||
$ | 349 | $ | 184 | |||||||||||||
Schedule of Net Periodic Benefit Costs | Net pension costs and other amounts recognized in other comprehensive loss for the supplementary retirement plan included the following actuarially determined components: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(millions) | ||||||||||||||||
Net Periodic Pension Cost | ||||||||||||||||
Service cost | $ | — | $ | 6 | $ | 6 | ||||||||||
Interest cost | 33 | 32 | 35 | |||||||||||||
Amortization of net actuarial loss | 5 | 19 | 17 | |||||||||||||
Amortization of prior service credit | — | — | (1 | ) | ||||||||||||
38 | 57 | 57 | ||||||||||||||
Other Changes in Plan Assets and Projected Benefit Obligation | ||||||||||||||||
Recognized in Other Comprehensive Loss | ||||||||||||||||
Net actuarial (gain) loss | 170 | (17 | ) | 34 | ||||||||||||
Prior service cost | — | 8 | — | |||||||||||||
Amortization of net actuarial loss | (5 | ) | (19 | ) | (17 | ) | ||||||||||
Amortization of prior service credit | — | — | 1 | |||||||||||||
165 | (28 | ) | 18 | |||||||||||||
Total recognized in net periodic pension cost and | $ | 203 | $ | 29 | $ | 75 | ||||||||||
other comprehensive loss | ||||||||||||||||
Weighted Average Assumptions | The following weighted average assumption was used to determine the projected benefit obligations for the supplementary retirement plan at January 31, 2015 and February 1, 2014: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 3.55 | % | 4.5 | % | ||||||||||||
The following weighted average assumptions were used to determine net pension costs for the supplementary retirement plan: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.5 | % | 4.15 | % | 4.65 | % | ||||||||||
Rate of compensation increases | N/A | 4.9 | % | 4.9 | % | |||||||||||
Estimated Future Benefit Payments | The following benefit payments are estimated to be funded by the Company and paid from the supplementary retirement plan: | |||||||||||||||
(millions) | ||||||||||||||||
Fiscal year | ||||||||||||||||
2015 | $ | 69 | ||||||||||||||
2016 | 68 | |||||||||||||||
2017 | 70 | |||||||||||||||
2018 | 64 | |||||||||||||||
2019 | 68 | |||||||||||||||
2020-2024 | 267 | |||||||||||||||
Postretirement_Health_Care_and1
Postretirement Health Care and Life Insurance Benefits (Tables) (Other Postretirement Benefit Plan [Member]) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Other Postretirement Benefit Plan [Member] | ||||||||||||
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan | The following provides a reconciliation of benefit obligations, plan assets, and funded status of the postretirement obligations as of January 31, 2015 and February 1, 2014: | |||||||||||
2014 | 2013 | |||||||||||
(millions) | ||||||||||||
Change in accumulated postretirement benefit obligation | ||||||||||||
Accumulated postretirement benefit obligation, beginning of year | $ | 223 | $ | 250 | ||||||||
Service cost | — | — | ||||||||||
Interest cost | 10 | 10 | ||||||||||
Actuarial (gain) loss | 30 | (15 | ) | |||||||||
Medicare Part D subsidy | 1 | 1 | ||||||||||
Benefits paid | (21 | ) | (23 | ) | ||||||||
Accumulated postretirement benefit obligation, end of year | 243 | 223 | ||||||||||
Change in plan assets | ||||||||||||
Fair value of plan assets, beginning of year | — | — | ||||||||||
Company contributions | 21 | 23 | ||||||||||
Benefits paid | (21 | ) | (23 | ) | ||||||||
Fair value of plan assets, end of year | — | — | ||||||||||
Funded status at end of year | $ | (243 | ) | $ | (223 | ) | ||||||
Amounts recognized in the Consolidated Balance Sheets at | ||||||||||||
January 31, 2015 and February 1, 2014 | ||||||||||||
Accounts payable and accrued liabilities | $ | (22 | ) | $ | (26 | ) | ||||||
Other liabilities | (221 | ) | (197 | ) | ||||||||
$ | (243 | ) | $ | (223 | ) | |||||||
Amounts recognized in accumulated other comprehensive loss at | ||||||||||||
January 31, 2015 and February 1, 2014 | ||||||||||||
Net actuarial gain | $ | — | $ | (35 | ) | |||||||
Schedule of Net Periodic Benefit Costs | Net postretirement benefit costs and other amounts recognized in other comprehensive loss included the following actuarially determined components: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Net Periodic Postretirement Benefit Cost | ||||||||||||
Service cost | $ | — | $ | — | $ | — | ||||||
Interest cost | 10 | 10 | 12 | |||||||||
Amortization of net actuarial gain | (5 | ) | (3 | ) | (4 | ) | ||||||
Amortization of prior service cost | — | — | — | |||||||||
5 | 7 | 8 | ||||||||||
Other Changes in Plan Assets and Projected Benefit Obligation | ||||||||||||
Recognized in Other Comprehensive Loss | ||||||||||||
Net actuarial (gain) loss | 30 | (15 | ) | (4 | ) | |||||||
Amortization of net actuarial gain | 5 | 3 | 4 | |||||||||
Amortization of prior service cost | — | — | — | |||||||||
35 | (12 | ) | — | |||||||||
Total recognized in net periodic postretirement benefit cost and other | $ | 40 | $ | (5 | ) | $ | 8 | |||||
comprehensive loss | ||||||||||||
Weighted Average Assumptions | The following weighted average assumption was used to determine the net postretirement benefit costs for the postretirement obligations: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Discount rate | 4.5 | % | 4.15 | % | 4.65 | % | ||||||
The following weighted average assumption was used to determine the accumulated postretirement benefit obligations at January 31, 2015 and February 1, 2014: | ||||||||||||
2014 | 2013 | |||||||||||
Discount rate | 3.55 | % | 4.5 | % | ||||||||
Schedule of Health Care Cost Trend Rates | The following provides the assumed health care cost trend rates related to the Company’s accumulated postretirement benefit obligations at January 31, 2015 and February 1, 2014: | |||||||||||
2014 | 2013 | |||||||||||
Health care cost trend rates assumed for next year | 7.27% - 8.90% | 7.27% - 9.20% | ||||||||||
Rates to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | ||||||||||
Year that the rate reaches the ultimate trend rate | 2025 | 2025 | ||||||||||
Schedule Of Effect Of One Percentage Point Change In Assumed Health Care Cost Trend Rates | A one-percentage-point change in the assumed health care cost trend rates would have the following effects: | |||||||||||
1 – Percentage | 1 – Percentage | |||||||||||
Point Increase | Point Decrease | |||||||||||
(millions) | ||||||||||||
Effect on total of service and interest cost | $— | $— | ||||||||||
Effect on accumulated postretirement benefit obligations | $17 | ($15) | ||||||||||
Estimated Future Benefit Payments | The following table reflects the benefit payments estimated to be funded by the Company and paid from the accumulated postretirement benefit obligations and estimated federal subsidies expected to be received under the Medicare Prescription Drug Improvement and Modernization Act of 2003: | |||||||||||
Expected | Expected | |||||||||||
Benefit | Federal | |||||||||||
Payments | Subsidy | |||||||||||
(millions) | ||||||||||||
Fiscal Year | ||||||||||||
2015 | $ | 21 | $ | 1 | ||||||||
2016 | 20 | 1 | ||||||||||
2017 | 19 | 1 | ||||||||||
2018 | 19 | 1 | ||||||||||
2019 | 18 | 1 | ||||||||||
2020-2024 | 79 | 3 | ||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Nonvested Restricted Stock Shares Activity [Table Text Block] | Activity related to restricted stock awards for 2014 is as follows: | ||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
(thousands) | |||||||||||||
Nonvested, beginning of period | 79.2 | $ | 22.58 | ||||||||||
Granted | — | — | |||||||||||
Forfeited | (0.6 | ) | 23.43 | ||||||||||
Vested | (52.7 | ) | 22.16 | ||||||||||
Nonvested, end of period | 25.9 | $ | 23.43 | ||||||||||
Components of Stock Based Compensation Expense | Stock-based compensation expense included the following components: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Stock options | $ | 47 | $ | 36 | $ | 28 | |||||||
Restricted stock units | 26 | 25 | 26 | ||||||||||
Restricted stock | — | 1 | 1 | ||||||||||
Stock credits | — | — | 6 | ||||||||||
$ | 73 | $ | 62 | $ | 61 | ||||||||
Weighted Average Assumption Used To Estimate Fair Value of Stock Options | The fair value of stock options granted during 2014, 2013 and 2012 and the weighted average assumptions used to estimate the fair value are as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average grant date fair value of stock options | $ | 19.07 | $ | 12.15 | $ | 12.22 | |||||||
granted during the period | |||||||||||||
Dividend yield | 2.5 | % | 2.8 | % | 2.2 | % | |||||||
Expected volatility | 42.7 | % | 41.3 | % | 39.8 | % | |||||||
Risk-free interest rate | 1.5 | % | 0.8 | % | 1.2 | % | |||||||
Expected life | 5.7 years | 5.7 years | 5.7 years | ||||||||||
Schedule of Stock Option Activity | Activity related to stock options for 2014 is as follows: | ||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Life | |||||||||||||
(thousands) | (years) | (millions) | |||||||||||
Outstanding, beginning of period | 23,313.60 | $ | 32.02 | ||||||||||
Granted | 3,296.00 | $ | 58.92 | ||||||||||
Canceled or forfeited | (468.4 | ) | $ | 41.1 | |||||||||
Exercised | (6,462.4 | ) | $ | 30.98 | |||||||||
Outstanding, end of period | 19,678.80 | $ | 36.65 | ||||||||||
Exercisable, end of period | 11,405.50 | $ | 30.06 | 4 | $ | 386 | |||||||
Options expected to vest | 7,280.50 | $ | 45.73 | 8.1 | $ | 132 | |||||||
Additional Information Relating to Stock Options | Additional information relating to stock options is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Intrinsic value of options exercised | $ | 189 | $ | 207 | $ | 132 | |||||||
Grant date fair value of stock options that vested during the year | 38 | 31 | 30 | ||||||||||
Cash received from stock options exercised | 200 | 254 | 164 | ||||||||||
Excess tax benefits realized from exercised stock options | 43 | 51 | 36 | ||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Activity related to restricted stock units for 2014 is as follows: | ||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
(thousands) | |||||||||||||
Nonvested, beginning of period | 1,191.80 | $ | 41.16 | ||||||||||
Granted – performance-based | 289.3 | 59.81 | |||||||||||
Performance adjustment | 46.9 | 40.63 | |||||||||||
Granted – time-based | 202.3 | 58.83 | |||||||||||
Dividend equivalents | 21 | 59.52 | |||||||||||
Forfeited | (37.1 | ) | 42.12 | ||||||||||
Vested | (421.3 | ) | 40.4 | ||||||||||
Nonvested, end of period | 1,292.90 | $ | 48.47 | ||||||||||
Restricted Stock Units [Member] | |||||||||||||
Activity Related to Restricted Stock and Restricted Stock Units | Restricted Stock and Restricted Stock Units | ||||||||||||
The weighted average grant date fair values of restricted stock units granted during 2014, 2013 and 2012 are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Restricted stock units | $ | 59.41 | $ | 42.54 | $ | 39.52 | |||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||||
Jan. 31, 2015 | |||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||
Changes in the Company's Common Stock Issued and Outstanding | Changes in the Company’s Common Stock issued and outstanding, including shares held by the Company’s treasury, are as follows: | ||||||||||||||
Treasury Stock | |||||||||||||||
Common | Deferred | Other | Total | Common | |||||||||||
Stock | Compensation | Stock | |||||||||||||
Issued | Plans | Outstanding | |||||||||||||
(thousands) | |||||||||||||||
Balance at January 28, 2012 | 487,338.50 | (1,246.8 | ) | (71,910.7 | ) | (73,157.5 | ) | 414,181.00 | |||||||
Stock issued under stock plans | (89.2 | ) | 10,325.10 | 10,235.90 | 10,235.90 | ||||||||||
Stock repurchases | |||||||||||||||
Repurchase program | (35,572.9 | ) | (35,572.9 | ) | (35,572.9 | ) | |||||||||
Other | (1,269.4 | ) | (1,269.4 | ) | (1,269.4 | ) | |||||||||
Deferred compensation plan distributions | 126.5 | 126.5 | 126.5 | ||||||||||||
Retirement of common stock | (42,732.7 | ) | 42,732.70 | 42,732.70 | — | ||||||||||
Balance at February 2, 2013 | 444,605.80 | (1,209.5 | ) | (55,695.2 | ) | (56,904.7 | ) | 387,701.10 | |||||||
Stock issued under stock plans | (85.2 | ) | 10,891.10 | 10,805.90 | 10,805.90 | ||||||||||
Stock repurchases | |||||||||||||||
Repurchase program | (33,625.3 | ) | (33,625.3 | ) | (33,625.3 | ) | |||||||||
Other | (12.2 | ) | (12.2 | ) | (12.2 | ) | |||||||||
Deferred compensation plan distributions | 65.5 | 65.5 | 65.5 | ||||||||||||
Retirement of common stock | (34,000.0 | ) | 34,000.00 | 34,000.00 | — | ||||||||||
Balance at February 1, 2014 | 410,605.80 | (1,229.2 | ) | (44,441.6 | ) | (45,670.8 | ) | 364,935.00 | |||||||
Stock issued under stock plans | (54.8 | ) | 7,490.60 | 7,435.80 | 7,435.80 | ||||||||||
Stock repurchases | |||||||||||||||
Repurchase program | (31,874.9 | ) | (31,874.9 | ) | (31,874.9 | ) | |||||||||
Other | (27.0 | ) | (27.0 | ) | (27.0 | ) | |||||||||
Deferred compensation plan distributions | 104.8 | 104.8 | 104.8 | ||||||||||||
Retirement of common stock | (31,000.0 | ) | 31,000.00 | 31,000.00 | — | ||||||||||
Balance at January 31, 2015 | 379,605.80 | (1,179.2 | ) | (37,852.9 | ) | (39,032.1 | ) | 340,573.70 | |||||||
Fair_Value_Measurements_and_Co1
Fair Value Measurements and Concentrations of Credit Risk (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value of Plan Assets Measured on a Recurring Basis | The following table shows the Company’s financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards: | |||||||||||||||||||||||||||||||
January 31, 2015 | February 1, 2014 | |||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active | Observable | Unobservable | in Active | Observable | Unobservable | |||||||||||||||||||||||||||
Markets for | Inputs | Inputs | Markets for | Inputs | Inputs | |||||||||||||||||||||||||||
Identical | (Level 2) | (Level 3) | Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Marketable | $ | 97 | $ | — | $ | 97 | $ | — | $ | 75 | $ | — | $ | 75 | $ | — | ||||||||||||||||
equity and | ||||||||||||||||||||||||||||||||
debt securities | ||||||||||||||||||||||||||||||||
Estimated Fair Values of Company's Long Term Debt | The following table shows the estimated fair value of the Company’s long-term debt: | |||||||||||||||||||||||||||||||
January 31, 2015 | February 1, 2014 | |||||||||||||||||||||||||||||||
Notional | Carrying | Fair | Notional | Carrying | Fair | |||||||||||||||||||||||||||
Amount | Amount | Value | Amount | Amount | Value | |||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 7,090 | $ | 7,236 | $ | 8,219 | $ | 6,522 | $ | 6,684 | $ | 7,171 | ||||||||||||||||||||
Fair Value of Plan Assets Measured on a Nonrecurring Basis | The following table shows certain of the Company’s non-financial assets that were measured at fair value on a nonrecurring basis during 2014 and 2013: | |||||||||||||||||||||||||||||||
January 31, 2015 | February 1, 2014 | |||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active | Observable | Unobservable | in Active | Observable | Unobservable | |||||||||||||||||||||||||||
Markets for | Inputs | Inputs | Markets for | Inputs | Inputs | |||||||||||||||||||||||||||
Identical | (Level 2) | (Level 3) | Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Long-lived assets held and used | $ | 8 | $ | — | $ | — | $ | 8 | $ | 13 | $ | — | $ | — | $ | 13 | ||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Loss Per Share | The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Net | Shares | Net | Shares | Net Income | Shares | ||||||||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||||||||||
(millions, except per share data) | |||||||||||||||||||||||||||||||||
Net income and average number of shares outstanding | $ | 1,526 | 354.3 | $ | 1,486 | 377.3 | $ | 1,335 | 404.4 | ||||||||||||||||||||||||
Shares to be issued under deferred compensation | 0.9 | 1 | 1.1 | ||||||||||||||||||||||||||||||
and other plans | |||||||||||||||||||||||||||||||||
$ | 1,526 | 355.2 | $ | 1,486 | 378.3 | $ | 1,335 | 405.5 | |||||||||||||||||||||||||
Basic earnings per share | $ | 4.3 | $ | 3.93 | $ | 3.29 | |||||||||||||||||||||||||||
Effect of dilutive securities – | |||||||||||||||||||||||||||||||||
Stock options, restricted stock and restricted | 6.5 | 6.5 | 6.7 | ||||||||||||||||||||||||||||||
stock units | |||||||||||||||||||||||||||||||||
$ | 1,526 | 361.7 | $ | 1,486 | 384.8 | $ | 1,335 | 412.2 | |||||||||||||||||||||||||
Diluted earnings per share | $ | 4.22 | $ | 3.86 | $ | 3.24 | |||||||||||||||||||||||||||
Quarterly_Results_unaudited_Ta
Quarterly Results (unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Unaudited Quarterly Results for the Last Two Years | Unaudited quarterly results for the last two years were as follows: | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(millions, except per share data) | ||||||||||||||||
2014:00:00 | ||||||||||||||||
Net sales | $ | 6,279 | $ | 6,267 | $ | 6,195 | $ | 9,364 | ||||||||
Cost of sales | (3,836 | ) | (3,672 | ) | (3,766 | ) | (5,589 | ) | ||||||||
Gross margin | 2,443 | 2,595 | 2,429 | 3,775 | ||||||||||||
Selling, general and administrative expenses | (2,000 | ) | (2,024 | ) | (2,007 | ) | (2,324 | ) | ||||||||
Impairments, store closing and other costs | — | — | — | (87 | ) | |||||||||||
Net income | 224 | 292 | 217 | 793 | ||||||||||||
Basic earnings per share | 0.61 | 0.81 | 0.62 | 2.3 | ||||||||||||
Diluted earnings per share | 0.6 | 0.8 | 0.61 | 2.26 | ||||||||||||
2013:00:00 | ||||||||||||||||
Net sales | $ | 6,387 | $ | 6,066 | $ | 6,276 | $ | 9,202 | ||||||||
Cost of sales | (3,911 | ) | (3,533 | ) | (3,817 | ) | (5,464 | ) | ||||||||
Gross margin | 2,476 | 2,533 | 2,459 | 3,738 | ||||||||||||
Selling, general and administrative expenses | (2,041 | ) | (1,999 | ) | (2,099 | ) | (2,301 | ) | ||||||||
Impairments, store closing and other costs | — | — | — | (88 | ) | |||||||||||
Net income | 217 | 281 | 177 | 811 | ||||||||||||
Basic earnings per share | 0.56 | 0.73 | 0.47 | 2.21 | ||||||||||||
Diluted earnings per share | 0.55 | 0.72 | 0.47 | 2.16 | ||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | MACY’S, INC. | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of February 1, 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,955 | $ | 84 | $ | 234 | $ | — | $ | 2,273 | ||||||||||
Receivables | — | 102 | 336 | — | 438 | |||||||||||||||
Merchandise inventories | — | 2,896 | 2,661 | — | 5,557 | |||||||||||||||
Prepaid expenses and other current assets | — | 103 | 317 | — | 420 | |||||||||||||||
Income taxes | 80 | — | — | (80 | ) | — | ||||||||||||||
Total Current Assets | 2,035 | 3,185 | 3,548 | (80 | ) | 8,688 | ||||||||||||||
Property and Equipment – net | — | 4,590 | 3,340 | — | 7,930 | |||||||||||||||
Goodwill | — | 3,315 | 428 | — | 3,743 | |||||||||||||||
Other Intangible Assets – net | — | 97 | 430 | — | 527 | |||||||||||||||
Other Assets | 4 | 87 | 641 | — | 732 | |||||||||||||||
Deferred Income Taxes | 19 | — | — | (19 | ) | — | ||||||||||||||
Intercompany Receivable | — | — | 3,561 | (3,561 | ) | — | ||||||||||||||
Investment in Subsidiaries | 4,625 | 3,157 | — | (7,782 | ) | — | ||||||||||||||
Total Assets | $ | 6,683 | $ | 14,431 | $ | 11,948 | $ | (11,442 | ) | $ | 21,620 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Short-term debt | $ | — | $ | 461 | $ | 2 | $ | — | $ | 463 | ||||||||||
Merchandise accounts payable | — | 760 | 931 | — | 1,691 | |||||||||||||||
Accounts payable and accrued liabilities | 10 | 1,265 | 1,535 | — | 2,810 | |||||||||||||||
Income taxes | — | 80 | 362 | (80 | ) | 362 | ||||||||||||||
Deferred income taxes | — | 315 | 85 | — | 400 | |||||||||||||||
Total Current Liabilities | 10 | 2,881 | 2,915 | (80 | ) | 5,726 | ||||||||||||||
Long-Term Debt | — | 6,694 | 20 | — | 6,714 | |||||||||||||||
Intercompany Payable | 362 | 3,199 | — | (3,561 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 544 | 748 | (19 | ) | 1,273 | ||||||||||||||
Other Liabilities | 62 | 522 | 1,074 | — | 1,658 | |||||||||||||||
Shareholders’ Equity | 6,249 | 591 | 7,191 | (7,782 | ) | 6,249 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 6,683 | $ | 14,431 | $ | 11,948 | $ | (11,442 | ) | $ | 21,620 | |||||||||
MACY’S, INC. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of January 31, 2015 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,908 | $ | 94 | $ | 244 | $ | — | $ | 2,246 | ||||||||||
Receivables | — | 97 | 327 | — | 424 | |||||||||||||||
Merchandise inventories | — | 2,817 | 2,699 | — | 5,516 | |||||||||||||||
Prepaid expenses and other current assets | — | 113 | 380 | — | 493 | |||||||||||||||
Income taxes | 88 | — | — | (88 | ) | — | ||||||||||||||
Total Current Assets | 1,996 | 3,121 | 3,650 | (88 | ) | 8,679 | ||||||||||||||
Property and Equipment – net | — | 4,315 | 3,485 | — | 7,800 | |||||||||||||||
Goodwill | — | 3,315 | 428 | — | 3,743 | |||||||||||||||
Other Intangible Assets – net | — | 73 | 423 | — | 496 | |||||||||||||||
Other Assets | 1 | 74 | 668 | — | 743 | |||||||||||||||
Deferred Income Taxes | 10 | — | — | (10 | ) | — | ||||||||||||||
Intercompany Receivable | — | — | 4,140 | (4,140 | ) | — | ||||||||||||||
Investment in Subsidiaries | 4,655 | 3,526 | — | (8,181 | ) | — | ||||||||||||||
Total Assets | $ | 6,662 | $ | 14,424 | $ | 12,794 | $ | (12,419 | ) | $ | 21,461 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Short-term debt | $ | — | $ | 75 | $ | 1 | $ | — | $ | 76 | ||||||||||
Merchandise accounts payable | — | 784 | 909 | — | 1,693 | |||||||||||||||
Accounts payable and accrued liabilities | 42 | 1,360 | 1,707 | — | 3,109 | |||||||||||||||
Income taxes | — | 22 | 362 | (88 | ) | 296 | ||||||||||||||
Deferred income taxes | — | 295 | 67 | — | 362 | |||||||||||||||
Total Current Liabilities | 42 | 2,536 | 3,046 | (88 | ) | 5,536 | ||||||||||||||
Long-Term Debt | — | 7,245 | 20 | — | 7,265 | |||||||||||||||
Intercompany Payable | 1,215 | 2,925 | — | (4,140 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 414 | 677 | (10 | ) | 1,081 | ||||||||||||||
Other Liabilities | 27 | 593 | 1,581 | — | 2,201 | |||||||||||||||
Shareholders’ Equity | 5,378 | 711 | 7,470 | (8,181 | ) | 5,378 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 6,662 | $ | 14,424 | $ | 12,794 | $ | (12,419 | ) | $ | 21,461 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | MACY’S, INC. | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
For 2013 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Net sales | $ | — | $ | 13,233 | $ | 23,417 | $ | (8,719 | ) | $ | 27,931 | |||||||||
Cost of sales | — | (8,168 | ) | (17,276 | ) | 8,719 | (16,725 | ) | ||||||||||||
Gross margin | — | 5,065 | 6,141 | — | 11,206 | |||||||||||||||
Selling, general and administrative expenses | (8 | ) | (4,443 | ) | (3,989 | ) | — | (8,440 | ) | |||||||||||
Impairments, store closing and other costs | — | (37 | ) | (51 | ) | — | (88 | ) | ||||||||||||
Operating income (loss) | (8 | ) | 585 | 2,101 | — | 2,678 | ||||||||||||||
Interest (expense) income, net: | ||||||||||||||||||||
External | 1 | (388 | ) | (1 | ) | — | (388 | ) | ||||||||||||
Intercompany | (2 | ) | (176 | ) | 178 | — | — | |||||||||||||
Equity in earnings of subsidiaries | 1,492 | 557 | — | (2,049 | ) | — | ||||||||||||||
Income before income taxes | 1,483 | 578 | 2,278 | (2,049 | ) | 2,290 | ||||||||||||||
Federal, state and local income | 3 | 33 | (840 | ) | — | (804 | ) | |||||||||||||
tax benefit (expense) | ||||||||||||||||||||
Net income | $ | 1,486 | $ | 611 | $ | 1,438 | $ | (2,049 | ) | $ | 1,486 | |||||||||
Comprehensive income | $ | 1,752 | $ | 877 | $ | 1,434 | $ | (2,311 | ) | $ | 1,752 | |||||||||
MACY’S, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
For 2012 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Net sales | $ | — | $ | 13,594 | $ | 22,439 | $ | (8,347 | ) | $ | 27,686 | |||||||||
Cost of sales | — | (8,385 | ) | (16,500 | ) | 8,347 | (16,538 | ) | ||||||||||||
Gross margin | — | 5,209 | 5,939 | — | 11,148 | |||||||||||||||
Selling, general and administrative expenses | (9 | ) | (4,584 | ) | (3,889 | ) | — | (8,482 | ) | |||||||||||
Impairments, store closing and other costs | — | (8 | ) | 3 | — | (5 | ) | |||||||||||||
Operating income (loss) | (9 | ) | 617 | 2,053 | — | 2,661 | ||||||||||||||
Interest (expense) income, net: | ||||||||||||||||||||
External | 1 | (422 | ) | (1 | ) | — | (422 | ) | ||||||||||||
Intercompany | (2 | ) | (146 | ) | 148 | — | — | |||||||||||||
Premium on early retirement of debt | — | (137 | ) | — | — | (137 | ) | |||||||||||||
Equity in earnings of subsidiaries | 1,342 | 638 | — | (1,980 | ) | — | ||||||||||||||
Income before income taxes | 1,332 | 550 | 2,200 | (1,980 | ) | 2,102 | ||||||||||||||
Federal, state and local income | 3 | 24 | (794 | ) | — | (767 | ) | |||||||||||||
tax benefit (expense) | ||||||||||||||||||||
Net income | $ | 1,335 | $ | 574 | $ | 1,406 | $ | (1,980 | ) | $ | 1,335 | |||||||||
Comprehensive income | $ | 1,465 | $ | 704 | $ | 1,477 | $ | (2,181 | ) | $ | 1,465 | |||||||||
MACY’S, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
For 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Net sales | $ | — | $ | 13,078 | $ | 23,522 | $ | (8,495 | ) | $ | 28,105 | |||||||||
Cost of sales | — | (8,127 | ) | (17,231 | ) | 8,495 | (16,863 | ) | ||||||||||||
Gross margin | — | 4,951 | 6,291 | — | 11,242 | |||||||||||||||
Selling, general and administrative expenses | (3 | ) | (4,351 | ) | (4,001 | ) | — | (8,355 | ) | |||||||||||
Impairments, store closing and other costs | — | (45 | ) | (42 | ) | — | (87 | ) | ||||||||||||
Operating income (loss) | (3 | ) | 555 | 2,248 | — | 2,800 | ||||||||||||||
Interest (expense) income, net: | ||||||||||||||||||||
External | 1 | (394 | ) | — | — | (393 | ) | |||||||||||||
Intercompany | — | (230 | ) | 230 | — | — | ||||||||||||||
Premium on early retirement of debt | — | (17 | ) | — | — | (17 | ) | |||||||||||||
Equity in earnings of subsidiaries | 1,528 | 624 | — | (2,152 | ) | — | ||||||||||||||
Income before income taxes | 1,526 | 538 | 2,478 | (2,152 | ) | 2,390 | ||||||||||||||
Federal, state and local income | — | 25 | (889 | ) | — | (864 | ) | |||||||||||||
tax benefit (expense) | ||||||||||||||||||||
Net income | $ | 1,526 | $ | 563 | $ | 1,589 | $ | (2,152 | ) | $ | 1,526 | |||||||||
Comprehensive income | $ | 1,119 | $ | 156 | $ | 1,338 | $ | (1,494 | ) | $ | 1,119 | |||||||||
Condensed Consolidating Statement of Cash Flows | MACY’S, INC. | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For 2012 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 1,335 | $ | 574 | $ | 1,406 | $ | (1,980 | ) | $ | 1,335 | |||||||||
Impairments, store closing and other costs | — | 8 | (3 | ) | — | 5 | ||||||||||||||
Equity in earnings of subsidiaries | (1,342 | ) | (638 | ) | — | 1,980 | — | |||||||||||||
Dividends received from subsidiaries | 783 | 125 | — | (908 | ) | — | ||||||||||||||
Depreciation and amortization | — | 484 | 565 | — | 1,049 | |||||||||||||||
Increase in working capital | (76 | ) | (75 | ) | (66 | ) | — | (217 | ) | |||||||||||
Other, net | 31 | (31 | ) | 7 | — | 7 | ||||||||||||||
Net cash provided by | 731 | 447 | 1,909 | (908 | ) | 2,179 | ||||||||||||||
operating activities | ||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of property and equipment and capitalized software, net | — | (324 | ) | (552 | ) | — | (876 | ) | ||||||||||||
Other, net | — | 51 | 44 | — | 95 | |||||||||||||||
Net cash used by | — | (273 | ) | (508 | ) | — | (781 | ) | ||||||||||||
investing activities | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt repaid, net of debt issued | — | (799 | ) | (4 | ) | — | (803 | ) | ||||||||||||
Dividends paid | (324 | ) | — | (908 | ) | 908 | (324 | ) | ||||||||||||
Common stock acquired, net of | (1,163 | ) | — | — | — | (1,163 | ) | |||||||||||||
issuance of common stock | ||||||||||||||||||||
Intercompany activity, net | (194 | ) | 642 | (448 | ) | — | — | |||||||||||||
Other, net | (45 | ) | (14 | ) | (40 | ) | — | (99 | ) | |||||||||||
Net cash used by | (1,726 | ) | (171 | ) | (1,400 | ) | 908 | (2,389 | ) | |||||||||||
financing activities | ||||||||||||||||||||
Net increase (decrease) in cash | (995 | ) | 3 | 1 | — | (991 | ) | |||||||||||||
and cash equivalents | ||||||||||||||||||||
Cash and cash equivalents at | 2,533 | 38 | 256 | — | 2,827 | |||||||||||||||
beginning of period | ||||||||||||||||||||
Cash and cash equivalents at | $ | 1,538 | $ | 41 | $ | 257 | $ | — | $ | 1,836 | ||||||||||
end of period | ||||||||||||||||||||
MACY’S, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 1,526 | $ | 563 | $ | 1,589 | $ | (2,152 | ) | $ | 1,526 | |||||||||
Impairments, store closing and other costs | — | 45 | 42 | — | 87 | |||||||||||||||
Equity in earnings of subsidiaries | (1,528 | ) | (624 | ) | — | 2,152 | — | |||||||||||||
Dividends received from subsidiaries | 1,088 | 1 | — | (1,089 | ) | — | ||||||||||||||
Depreciation and amortization | — | 454 | 582 | — | 1,036 | |||||||||||||||
(Increase) decrease in working capital | 9 | 74 | (69 | ) | — | 14 | ||||||||||||||
Other, net | (20 | ) | (177 | ) | 243 | — | 46 | |||||||||||||
Net cash provided by | 1,075 | 336 | 2,387 | (1,089 | ) | 2,709 | ||||||||||||||
operating activities | ||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of property and equipment and capitalized software, net | — | (260 | ) | (636 | ) | — | (896 | ) | ||||||||||||
Other, net | — | (12 | ) | (62 | ) | — | (74 | ) | ||||||||||||
Net cash used by investing activities | — | (272 | ) | (698 | ) | — | (970 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issued, net of debt repaid | — | 177 | (3 | ) | — | 174 | ||||||||||||||
Dividends paid | (421 | ) | — | (1,089 | ) | 1,089 | (421 | ) | ||||||||||||
Common stock acquired, net of | (1,643 | ) | — | — | — | (1,643 | ) | |||||||||||||
issuance of common stock | ||||||||||||||||||||
Intercompany activity, net | 927 | (283 | ) | (644 | ) | — | — | |||||||||||||
Other, net | 15 | 52 | 57 | — | 124 | |||||||||||||||
Net cash used by financing activities | (1,122 | ) | (54 | ) | (1,679 | ) | 1,089 | (1,766 | ) | |||||||||||
Net increase (decrease) in cash | (47 | ) | 10 | 10 | — | (27 | ) | |||||||||||||
and cash equivalents | ||||||||||||||||||||
Cash and cash equivalents at | 1,955 | 84 | 234 | — | 2,273 | |||||||||||||||
beginning of period | ||||||||||||||||||||
Cash and cash equivalents at | $ | 1,908 | $ | 94 | $ | 244 | $ | — | $ | 2,246 | ||||||||||
end of period | ||||||||||||||||||||
MACY’S, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For 2013 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 1,486 | $ | 611 | $ | 1,438 | $ | (2,049 | ) | $ | 1,486 | |||||||||
Impairments, store closing and other costs | — | 37 | 51 | — | 88 | |||||||||||||||
Equity in earnings of subsidiaries | (1,492 | ) | (557 | ) | — | 2,049 | — | |||||||||||||
Dividends received from subsidiaries | 911 | 4 | — | (915 | ) | — | ||||||||||||||
Depreciation and amortization | — | 467 | 553 | — | 1,020 | |||||||||||||||
(Increase) decrease in working capital | (54 | ) | 12 | (111 | ) | — | (153 | ) | ||||||||||||
Other, net | (25 | ) | 158 | (25 | ) | — | 108 | |||||||||||||
Net cash provided by | 826 | 732 | 1,906 | (915 | ) | 2,549 | ||||||||||||||
operating activities | ||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of property and equipment and capitalized software, net | — | (289 | ) | (442 | ) | — | (731 | ) | ||||||||||||
Other, net | — | (6 | ) | (51 | ) | — | (57 | ) | ||||||||||||
Net cash used by | — | (295 | ) | (493 | ) | — | (788 | ) | ||||||||||||
investing activities | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issued, net of debt repaid | — | 278 | (2 | ) | — | 276 | ||||||||||||||
Dividends paid | (359 | ) | — | (915 | ) | 915 | (359 | ) | ||||||||||||
Common stock acquired, net of | (1,256 | ) | — | — | — | (1,256 | ) | |||||||||||||
issuance of common stock | ||||||||||||||||||||
Intercompany activity, net | 1,310 | (728 | ) | (582 | ) | — | — | |||||||||||||
Other, net | (104 | ) | 56 | 63 | — | 15 | ||||||||||||||
Net cash used by financing activities | (409 | ) | (394 | ) | (1,436 | ) | 915 | (1,324 | ) | |||||||||||
Net increase (decrease) in | 417 | 43 | (23 | ) | — | 437 | ||||||||||||||
cash and cash equivalents | ||||||||||||||||||||
Cash and cash equivalents at | 1,538 | 41 | 257 | — | 1,836 | |||||||||||||||
beginning of period | ||||||||||||||||||||
Cash and cash equivalents at | $ | 1,955 | $ | 84 | $ | 234 | $ | — | $ | 2,273 | ||||||||||
end of period | ||||||||||||||||||||
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Number of states in which entity operates | 45 | |
Maximum number of merchandise vendors providing advertising allowances | 1,000 | |
Number of years analyzed for gift card redemption patterns | 3 | |
Minimum [Member] | ||
Number of months sales are expected to occur after advertising and direct marketing programs | 1 | |
Maximum [Member] | ||
Number of months sales are expected to occur after advertising and direct marketing programs | 4 | |
Vendor allowance terms (in years) | 1 | |
Buildings and Building Equipment [Member] | Minimum [Member] | ||
Estimated useful life in years, minimum | 15 years | |
Buildings and Building Equipment [Member] | Maximum [Member] | ||
Estimated useful life in years, minimum | 50 years | |
Fixtures and Equipment [Member] | Minimum [Member] | ||
Estimated useful life in years, minimum | 3 years | |
Fixtures and Equipment [Member] | Maximum [Member] | ||
Estimated useful life in years, minimum | 15 years | |
Software and Software Development [Member] | Minimum [Member] | ||
Estimated useful life in years, minimum | 2 years | |
Software and Software Development [Member] | Maximum [Member] | ||
Estimated useful life in years, minimum | 5 years | |
Cash and Cash Equivalents [Member] | ||
Credit card sales transactions settled early | 111 | $101 |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies (Percentage of Sales by Merchandise Category) (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Percentage of sales from Merchandise Categories | 100.00% | 100.00% | 100.00% |
Feminine Accessories, Intimate Apparel, Shoes and Cosmetics [Member] | |||
Percentage of sales from Merchandise Categories | 38.00% | 38.00% | 38.00% |
Feminine Apparel [Member] | |||
Percentage of sales from Merchandise Categories | 23.00% | 23.00% | 23.00% |
Men's and Children's [Member] | |||
Percentage of sales from Merchandise Categories | 23.00% | 23.00% | 23.00% |
Home/Miscellaneous [Member] | |||
Percentage of sales from Merchandise Categories | 16.00% | 16.00% | 16.00% |
Organization_and_Summary_of_Si5
Organization and Summary of Significant Accounting Policies Advertising expenses (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
Gross advertising and promotional costs | $1,602 | $1,623 | $1,554 | ||||||||
Cooperative advertising allowances | 425 | 457 | 431 | ||||||||
Advertising and promotional costs, net of cooperative advertising allowances | 1,177 | 1,166 | 1,123 | ||||||||
Net sales | $9,364 | $6,195 | $6,267 | $6,279 | $9,202 | $6,276 | $6,066 | $6,387 | $28,105 | $27,931 | $27,686 |
Advertising expense as a percent to sales | 4.20% | 4.20% | 4.10% |
Impairments_Store_Closing_Cost2
Impairments, Store Closing Costs and Gain on Sale of Leases (Narrative) (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Impairments, Store Closing Costs and Other Costs [Abstract] | |||
Number Of Closed Stores | 14 | 5 | 6 |
Impairments_Store_Closing_Cost3
Impairments, Store Closing Costs and Gain on Sale of Leases (Impairments and Store Closing Related Costs) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Impairments of properties held and used | $33 | $39 | $4 | ||||||||
Severance Costs | 46 | 43 | 3 | ||||||||
Restructuring and Related Cost, Incurred Cost | 8 | 6 | -2 | ||||||||
Impairments, store closing and other costs | $87 | $0 | $0 | $0 | $88 | $0 | $0 | $0 | $87 | $88 | $5 |
Receivables_Narrative_Details
Receivables (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Receivables | $424 | $438 | |
Credit Card Program Agreement [Member] | |||
Effective period of agreement, years | 10 | ||
Expiration Date of Agreement prior to renewal | JulyB 17, 2016 | ||
Expiration date of agreement | 31-Mar-25 | ||
Number of years in renewal option | 3 | ||
Amount received under agreement | 975 | 928 | 865 |
Net earnings from credit operations | $776 | $731 | $663 |
Properties_and_Leases_Narrativ
Properties and Leases (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Capital lease obligations included in short-term debt | $1 | ||
Capital lease obligations included in long-term debt | 29 | ||
Minimum sublease rentals on operating leases | 12 | ||
Deferred rent amortization | 7 | 8 | 7 |
Property Lease Guarantee [Member] | |||
Potential lease extension date of divested business | 2070 | ||
Future minimum lease payments | $317 |
Properties_and_Leases_Property
Properties and Leases (Property, Plant and Equipment) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Land | $1,664 | $1,696 |
Fixtures and equipment | 4,828 | 4,811 |
Leased properties under capitalized leases | 34 | 43 |
Property, plant and equipment, gross | 13,394 | 13,996 |
Less accumulated depreciation and amortization | 5,594 | 6,066 |
Property, plant and equipment, net | 7,800 | 7,930 |
Wholly Owned Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and Improvements, Gross | 5,049 | 5,405 |
Property Subject to Operating Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and Improvements, Gross | $1,819 | $2,041 |
Properties_and_Leases_Minimum_
Properties and Leases (Minimum Rental Commitments Excluding Executory Costs for Noncancellable Leases) (Details) (USD $) | Jan. 31, 2015 |
In Millions, unless otherwise specified | |
Property Plant and Equipment and Leases of Lessee [Abstract] | |
2015, Capitalized leases | $3 |
2016, Capitalized leases | 3 |
2017, Capitalized leases | 3 |
2018, Capitalized leases | 3 |
2019, Capitalized leases | 3 |
After 2019, Capitalized leases | 43 |
Total minimum lease payments, Capitalized leases | 58 |
Less amount representing interest | 28 |
Present value of net minimum capitalized lease payments | 30 |
2015, Operating leases | 260 |
2016, Operating leases | 264 |
2017, Operating leases | 246 |
2018, Operating leases | 232 |
2019, Operating leases | 214 |
After 2019, Operating leases | 2,351 |
Total minimum lease payments, Operating leases | 3,567 |
2015, Total | 263 |
2016, Total | 267 |
2017, Total | 249 |
2018, Total | 235 |
2019, Total | 217 |
After 2019, Total | 2,394 |
Total minimum lease payments, Total | $3,625 |
Properties_and_Leases_Rental_E
Properties and Leases (Rental Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Property Plant and Equipment and Leases of Lessee [Abstract] | |||
Contingent rent expense related to a capitalized lease | $0 | $0 | $0 |
Minimum rentals, Operating leases | 265 | 256 | 248 |
Contingent rentals, Operating leases | 22 | 22 | 21 |
Lease and rental expense, Gross | 287 | 278 | 269 |
Operating leases, less income from subleases | -8 | -10 | -11 |
Lease and Rental Expense | 279 | 268 | 258 |
Personal property, Operating leases | $12 | $11 | $11 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Intangible amortization expense | $31 | $34 | $37 |
Customer Relationships [Member] | |||
Estimated useful life of customer relationship intangible assets, years | 10 years | ||
Favorable Lease [Member] | |||
Weighted average useful life of favorable lease intangible assets, years | 12 years |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Company's Goodwill and Other Intangible Assets) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Goodwill, gross | $9,125 | $9,125 |
Accumulated impairment losses | 5,382 | 5,382 |
Net goodwill, Non-amortizing intangible assets | 3,743 | 3,743 |
Tradenames | 414 | 414 |
Net non-amortizing intangible assets | 4,157 | 4,157 |
Favorable leases, gross | 177 | 188 |
Customer relationships, gross | 188 | 188 |
Amortizing intangible assets, gross | 365 | 376 |
Accumulated amortization | -283 | -263 |
Net amortizing intangible assets | 82 | 113 |
Customer Relationships [Member] | ||
Accumulated amortization | -177 | -159 |
Favorable Lease [Member] | ||
Accumulated amortization | ($106) | ($104) |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Future Estimated Intangible Amortization Expense) (Details) (USD $) | Jan. 31, 2015 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $21 |
2016 | 8 |
2017 | 7 |
2018 | 7 |
2019 | $7 |
Financing_Narrative_Details
Financing (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 02, 2013 | Apr. 28, 2012 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Extinguishment of debt | $407 | |||||
Long-term debt | 8,219 | 8,219 | 7,171 | |||
Additional interest expense from early repurchase of debt | 133 | 4 | 17 | 0 | 137 | |
Amount of outstanding debt repaid at maturity | 453 | 109 | 914 | |||
Line of credit facility, maximum borrowing capacity | 1,500 | 1,500 | ||||
Line of credit facility, maximum borrowing capacity at Company's option | 1,750 | 1,750 | ||||
Interest coverage ratio | 9.68 | |||||
Leverage ratio | 1.83 | |||||
Minimum specified interest coverage ratio in credit agreement | 3.25 | |||||
Maximum specified leverage ratio in credit agreement | 3.75 | |||||
Amount non-recurring cash charges may not exceed in credit agreement | 400 | |||||
Amount of indebtedness due prior to maturity that would result in default under credit agreements | 150 | |||||
Cross Default Provision In Credit Agreement Floor | 100 | |||||
Commercial paper | 1,500 | 1,500 | ||||
Prepaid expenses and other current assets pledged as collateral for debt security | 37 | 37 | ||||
5.875% Senior Notes Due 2013 [Member] | ||||||
Extinguishment of debt | 0 | 0 | 298 | |||
Debt instrument interest rate, stated percentage | 5.88% | 5.88% | ||||
8.0% Senior Debentures Due 2012 [Member] | ||||||
Extinguishment of debt | 0 | 0 | 173 | |||
Debt instrument interest rate, stated percentage | 8.00% | 8.00% | ||||
7.875% Senior Notes Due 2015 [Member] | ||||||
Debt instrument interest rate, stated percentage | 7.88% | 7.88% | ||||
Other Standby and Commercial Letters of Credit [Member] | ||||||
Debt instrument, principal outstanding | 29 | 29 | 34 | |||
3.625% senior notes due 2024[Member] [Member] [Member] | ||||||
Proceeds from Issuance of Debt | 500 | |||||
Debt instrument interest rate, stated percentage | 3.63% | 3.63% | ||||
Debt instrument, principal outstanding | 500 | 500 | 0 | |||
7.875% Senior Notes Due 2015 [Member] | ||||||
Extinguishment of debt | 407 | 0 | 205 | |||
Debt instrument, principal outstanding | 0 | 0 | 407 | |||
November 28, 2012 Debt Tender [Member] | ||||||
Extinguishment of debt | 700 | |||||
4.375% Senior notes due 2023 [Member] | ||||||
Proceeds from Issuance of Debt | 400 | |||||
Debt instrument interest rate, stated percentage | 4.38% | |||||
Debt instrument, principal outstanding | 400 | 400 | 400 | |||
3.875% Senior notes due 2022 [Member] | ||||||
Debt instrument, principal outstanding | 550 | 550 | 550 | |||
5.125% Senior debentures due 2042 [Member] | ||||||
Debt instrument, principal outstanding | 250 | 250 | 250 | |||
2.875% Senior notes due 2023 [Member] | ||||||
Proceeds from Issuance of Debt | 750 | |||||
Debt instrument interest rate, stated percentage | 2.88% | 2.88% | ||||
Debt instrument, principal outstanding | 750 | 750 | 750 | |||
4.3% Senior notes due 2043 [Member] | ||||||
Proceeds from Issuance of Debt | 250 | |||||
Debt instrument interest rate, stated percentage | 4.30% | 4.30% | ||||
Debt instrument, principal outstanding | 250 | 250 | 250 | |||
8.0% Senior Debentures Due 2012 [Member] | ||||||
Extinguishment of debt | 173 | |||||
4.5% senior notes due 2034[Member] | ||||||
Proceeds from Issuance of Debt | 550 | |||||
Debt instrument interest rate, stated percentage | 4.50% | 4.50% | ||||
Debt instrument, principal outstanding | 550 | 550 | 0 | |||
Minimum [Member] | November 28, 2012 Debt Tender [Member] | ||||||
Debt instrument interest rate, stated percentage | 5.90% | 5.90% | ||||
Maximum [Member] | Financial Standby Letter of Credit [Member] | ||||||
Stand-by letter of credit facility amount outstanding | 1 | 1 | ||||
Maximum [Member] | November 28, 2012 Debt Tender [Member] | ||||||
Debt instrument interest rate, stated percentage | 7.88% | 7.88% | ||||
Carrying Amount | ||||||
Long-term debt | 7,236 | 7,236 | 6,684 | |||
Carrying Amount | November 28, 2012 Debt Tender [Member] | ||||||
Long-term debt | $706 | $706 |
Financing_Schedule_of_Company_
Financing (Schedule of Company Debt) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Debt Instrument, Unamortized Discount | ($18) | ($14) |
7.5% Senior Debentures Due 2015 [Member] | ||
Debt instrument, principal outstanding | 69 | 0 |
5.75% Senior Notes Due 2014 [Member] | ||
Debt instrument, principal outstanding | 0 | 453 |
Capital Lease and Current Portion of Other Long-Term Obligations | ||
Debt instrument, principal outstanding | 7 | 10 |
Short-term Debt [Member] | ||
Debt instrument, principal outstanding | 76 | 463 |
2.875% Senior notes due 2023 [Member] | ||
Debt instrument, principal outstanding | 750 | 750 |
5.90% Senior Notes Due 2016 [Member] | ||
Debt instrument, principal outstanding | 577 | 577 |
3.875% Senior notes due 2022 [Member] | ||
Debt instrument, principal outstanding | 550 | 550 |
4.5% senior notes due 2034[Member] | ||
Debt instrument, principal outstanding | 550 | 0 |
3.625% senior notes due 2024[Member] [Member] [Member] | ||
Debt instrument, principal outstanding | 500 | 0 |
6.375% Senior Notes Due 2037 [Member] | ||
Debt instrument, principal outstanding | 500 | 500 |
7.875% Senior Notes Due 2015 [Member] | ||
Debt instrument, principal outstanding | 0 | 407 |
4.375% Senior notes due 2023 [Member] | ||
Debt instrument, principal outstanding | 400 | 400 |
6.9% Senior Debentures Due 2029 [Member] | ||
Debt instrument, principal outstanding | 400 | 400 |
6.7% Senior Debentures Due 2034 [Member] | ||
Debt instrument, principal outstanding | 400 | 400 |
7.45% Senior Debentures Due 2017 [Member] | ||
Debt instrument, principal outstanding | 300 | 300 |
6.65% Senior Debentures Due 2024 [Member] | ||
Debt instrument, principal outstanding | 300 | 300 |
7.0% Senior Debentures Due 2028 [Member] | ||
Debt instrument, principal outstanding | 300 | 300 |
6.9% Senior Debentures Due 2032 [Member] | ||
Debt instrument, principal outstanding | 250 | 250 |
5.125% Senior debentures due 2042 [Member] | ||
Debt instrument, principal outstanding | 250 | 250 |
4.3% Senior notes due 2043 [Member] | ||
Debt instrument, principal outstanding | 250 | 250 |
6.7% Senior Debentures Due 2028 [Member] | ||
Debt instrument, principal outstanding | 200 | 200 |
6.79% Senior Debentures Due 2027 [Member] | ||
Debt instrument, principal outstanding | 165 | 165 |
7.875% Senior Debentures Due 2036 [Member] | ||
Debt instrument, principal outstanding | 108 | 108 |
8.125% Senior Debentures Due 2035 [Member] | ||
Debt instrument, principal outstanding | 76 | 76 |
7.5% Senior Debentures Due 2015 [Member] | ||
Debt instrument, principal outstanding | 0 | 69 |
8.75% Senior Debentures Due 2029 [Member] | ||
Debt instrument, principal outstanding | 61 | 61 |
7.45% Senior Debentures Due 2016 [Member] | ||
Debt instrument, principal outstanding | 59 | 59 |
8.5% Senior Debentures Due 2019 [Member] | ||
Debt instrument, principal outstanding | 36 | 36 |
10.25% Senior Debentures Due 2021 [Member] | ||
Debt instrument, principal outstanding | 33 | 33 |
9.5% Amortizing Debentures Due 2021 [Member] | ||
Debt instrument, principal outstanding | 21 | 25 |
7.6% Senior Debentures Due 2025 [Member] | ||
Debt instrument, principal outstanding | 24 | 24 |
9.75% Amortizing Debentures Due 2021 [Member] | ||
Debt instrument, principal outstanding | 12 | 14 |
7.875% Senior Debentures Due 2030 [Member] | ||
Debt instrument, principal outstanding | 18 | 18 |
Premium on acquired debt | ||
Debt instrument, principal outstanding | 164 | 176 |
Capital Lease and Other Long-Term Obligations [Member] | ||
Debt instrument, principal outstanding | 29 | 30 |
Total Of Long Term Debt [Member] | ||
Debt instrument, principal outstanding | $7,265 | $6,714 |
Financing_Interest_Expense_Det
Financing (Interest Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 02, 2013 | Apr. 28, 2012 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Debt Disclosure [Abstract] | |||||
Interest on debt | $411 | $407 | $449 | ||
Amortization of debt premium | -12 | -15 | -19 | ||
Amortization of financing costs | 7 | 7 | 7 | ||
Interest on capitalized leases | 2 | 2 | 3 | ||
Interest expense, gross | 408 | 401 | 440 | ||
Less interest capitalized on construction | 13 | 11 | 15 | ||
Interest Expense, Total | 395 | 390 | 425 | ||
Premium on early retirement of long-term debt | $133 | $4 | $17 | $0 | $137 |
Financing_Future_Maturities_Of
Financing (Future Maturities Of Long-Term Debt) (Details) (USD $) | Jan. 31, 2015 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2016 | $642 |
2017 | 306 |
2018 | 6 |
2019 | 41 |
2020 | 39 |
After 2020 | $6,056 |
Financing_Detail_Of_Debt_Repay
Financing (Detail Of Debt Repayments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Extinguishment of debt | $407 | |||
Debt repaid | 870 | 124 | 1,803 | |
5.90% Senior Notes Due 2016 [Member] | ||||
Extinguishment of debt | 0 | 0 | 400 | |
7.875% Senior Notes Due 2015 [Member] | ||||
Extinguishment of debt | 407 | 0 | 205 | |
7.45% Senior Debentures Due 2016 [Member] | ||||
Extinguishment of debt | 0 | 0 | 64 | |
7.5% Senior Debentures Due 2015 [Member] | ||||
Extinguishment of debt | 0 | 0 | 31 | |
Five point seven five percent senior notes due 2014[Member] [Member] | ||||
Extinguishment of debt | 453 | 0 | 0 | |
7.625% Senior Debentures Due 2013 [Member] | ||||
Extinguishment of debt | 0 | 109 | 0 | |
5.35% Senior Notes Due 2012 [Member] | ||||
Extinguishment of debt | 0 | 0 | 616 | |
5.875% Senior Notes Due 2013 [Member] | ||||
Extinguishment of debt | 0 | 0 | 298 | |
8.0% Senior Debentures Due 2012 [Member] | ||||
Extinguishment of debt | 0 | 0 | 173 | |
9.5% Amortizing Debentures Due 2021 [Member] | ||||
Extinguishment of debt | 4 | 4 | 4 | |
9.75% Amortizing Debentures Due 2021 [Member] | ||||
Extinguishment of debt | 2 | 2 | 2 | |
Capital Lease and Other Long-Term Obligations [Member] | ||||
Extinguishment of debt | $4 | $9 | $10 |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||
Adjustments to reserve for sales returns | $8 | $4 | $5 |
Workers compensation and general liability reserves covered by deposits and receivables | $111 | $107 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Schedule Of Accounts Payable And Accrued Liabilities) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accounts payable | $833 | $746 |
Gift card and customer award certificates | 907 | 840 |
Accrued wages and vacation | 193 | 190 |
Taxes other than income taxes | 187 | 157 |
Lease related liabilities | 155 | 153 |
Current portion of workers' compensation and general liability reserves | 128 | 131 |
Current portion of post employment and postretirement benefits | 190 | 110 |
Accrued interest | 93 | 89 |
Allowance for future sales returns | 93 | 85 |
Severance and relocation | 46 | 43 |
Other | 284 | 266 |
Accounts payable and accrued liabilities, total | $3,109 | $2,810 |
Accounts_Payable_and_Accrued_L3
Accounts Payable and Accrued Liabilities (Changes In Workers' Compensation And General Liability Reserves) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||
Balance, beginning of year | $497 | $497 | $493 |
Expense for workers compensation and general liability reserves | 160 | 147 | 157 |
Payments of workers compensation and general liability reserves | -152 | -147 | -153 |
Balance, end of year | $505 | $497 | $497 |
Taxes_Narrative_Details
Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Federal income tax statutory rate | 35.00% | 35.00% | 35.00% |
Net change in the valuation allowance | ($1) | $16 | |
Federal net operating loss carryforwards | 0 | ||
State net operating loss carryforwards | 595 | ||
State credit carryforwards | 29 | ||
Unrecognized tax benefits that would impact effective income tax rate | 112 | 123 | |
Charges to income tax expense for federal, state and local interest and penalties | -3 | 9 | -10 |
Accrual for payment of federal, state and local interest and penalties | 52 | 63 | |
Other Liabilities [Member] | |||
Accrual for payment of federal, state and local interest and penalties | 49 | ||
Current Income Taxes [Member] | |||
Accrual for payment of federal, state and local interest and penalties | $3 | ||
Maximum [Member] | |||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-34 | ||
Minimum [Member] | |||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-15 |
Taxes_Income_Tax_Expense_Detai
Taxes (Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Taxes Payable [Abstract] | |||
Current federal income tax expense (benefit) | $767 | $859 | $697 |
Deferred federal income tax expense (benefit) | 5 | -98 | 2 |
Federal income tax expense (benefit), total | 772 | 761 | 699 |
Current state and local income tax expense (benefit) | 95 | 107 | 70 |
Deferred state and local income tax expense (benefit) | -3 | -64 | -2 |
State and local income tax expense (benefit), total | 92 | 43 | 68 |
Current income tax expense (benefit), total | 862 | 966 | 767 |
Deferred income tax expense, total | 2 | -162 | 0 |
Income tax expense (benefit), total | $864 | $804 | $767 |
Taxes_Reason_For_Difference_Be
Taxes (Reason For Difference Between Expected Tax Computed And Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Taxes Payable [Abstract] | |||
Expected tax | $836 | $801 | $736 |
State and local income taxes, net of federal income tax benefit | 59 | 45 | 47 |
Historic rehabilitation tax credit | -20 | -16 | 0 |
Change in valuation allowance | 1 | -16 | -2 |
Other | -12 | -10 | -14 |
Income tax expense (benefit), total | $864 | $804 | $767 |
Taxes_Tax_Effects_That_Give_Ri
Taxes (Tax Effects That Give Rise To Significant Portions Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ||
Post employment and postretirement benefits | $586 | $392 |
Accrued liabilities accounted for on a cash basis for tax purposes | 320 | 289 |
Long-term debt | 83 | 90 |
Unrecognized state tax benefits and accrued interest | 76 | 84 |
State operating loss and credit carryforwards | 80 | 79 |
Other | 160 | 160 |
Valuation allowance | -24 | -23 |
Total deferred tax assets | 1,281 | 1,071 |
Deferred tax liabilities: | ||
Excess of book basis over tax basis of property and equipment | -1,510 | -1,569 |
Merchandise inventories | -585 | -587 |
Intangible assets | -294 | -263 |
Post employment benefits prepaid asset | 0 | -28 |
Other | -335 | -297 |
Total deferred tax liabilities | -2,724 | -2,744 |
Net deferred tax liability | ($1,443) | ($1,673) |
Taxes_Reconciliation_Of_Beginn
Taxes (Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Balance, beginning of period | $189 | $170 | $179 |
Additions based on tax positions related to the current year | 33 | 37 | 18 |
Additions for tax positions of prior years | 0 | 0 | 18 |
Reductions for tax positions of prior years | -15 | -1 | -19 |
Settlements | -23 | -1 | -9 |
Statute expirations | -12 | -16 | -17 |
Balance, end of period | 172 | 189 | 170 |
Current income taxes | 11 | 31 | 20 |
Unrecognized tax benefits | 172 | 189 | 170 |
Long term deferred income taxes [Member] | |||
Long-term uncertian tax positions | 6 | 11 | 23 |
Other Liabilities [Member] | |||
Long-term uncertian tax positions | $155 | $147 | $127 |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Number of hours required for participation in defined benefit and defined contribution plans | 1,000 | ||
Liability under qualified defined contribution plan | $97 | $25 | |
Minimum [Member] | |||
Range of restrictions on investment redemption frequency, number of times allowed per year | 2 | ||
Maximum [Member] | |||
Range of restrictions on investment redemption frequency, number of times allowed per year | 365 | ||
Retirement 401 (k) | |||
Employee retirement plan expense | 89 | 24 | 14 |
Employer matching contribution | |||
Liability under non-qualified defined contribution plan | 2 | ||
Contributions by participants | |||
Liability under non-qualified defined contribution plan | 4 | ||
Non qualified defined contribution plan | |||
Employee retirement plan expense | 2 | ||
Investments | 4 | ||
Executive deferred compensation plan | |||
Liability for deferred compensation plan reflected in other liabilities | 42 | 44 | |
Supplemental Employee Retirement Plan | |||
Accumulated benefit obligation for defined benefit plan | 920 | 770 | |
Amortization of net actuarial (gain) loss | 10 | ||
Company contributions to defined benefit pension plan | 53 | 54 | |
Pension Plan [Member] | |||
Expected long-term return on plan assets | 7.50% | 7.50% | 8.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets Decrease for following fiscal year | 7.00% | ||
Accumulated benefit obligation for defined benefit plan | 3,951 | 3,453 | |
Amortization of net actuarial (gain) loss | 39 | ||
Unfunded commitments to certain of these investments | 115 | 150 | |
Company contributions to defined benefit pension plan | $0 | $0 | |
Pension Plan [Member] | Minimum [Member] | |||
Range of investment lock-up period, in years | 2 | ||
Range of advance notice requirements for investment redemption, in days | 60 | ||
Pension Plan [Member] | Maximum [Member] | |||
Range of investment lock-up period, in years | 14 | ||
Range of advance notice requirements for investment redemption, in days | 90 | ||
Pension Plan [Member] | Equity securities [Member] | |||
Target allocation for equity securities in defined benefit plan | 50.00% | ||
Pension Plan [Member] | Debt Securities [Member] | |||
Target allocation for equity securities in defined benefit plan | 40.00% | ||
Pension Plan [Member] | Real Estate Funds [Member] | |||
Target allocation for equity securities in defined benefit plan | 5.00% | ||
Pension Plan [Member] | Private equity [Member] | |||
Target allocation for equity securities in defined benefit plan | 5.00% |
Retirement_Plans_Reconciliatio
Retirement Plans (Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status Of The Pension Plan) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Supplemental Employee Retirement Plan | |||
Projected benefit obligation, beginning of year | $770 | $795 | |
Service cost | 0 | 6 | 6 |
Interest cost | 33 | 32 | 35 |
Actuarial (gain) loss | 170 | -17 | |
Benefits paid | -53 | -54 | |
Projected benefit obligation, end of year | 920 | 770 | 795 |
Fair value of plan assets, beginning of year | 0 | 0 | |
Company contributions | 53 | 54 | |
Fair value of plan assets, end of year | 0 | 0 | 0 |
Funded status at end of year | 920 | 770 | |
Accounts payable and accrued liabilities | -69 | -59 | |
Other liabilities | -851 | -711 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | -920 | -770 | |
Net actuarial loss | 341 | 176 | |
Prior service credit | 8 | 8 | |
Total included in accumulated other comprehensive income | 349 | 184 | |
Pension Plan [Member] | |||
Projected benefit obligation, beginning of year | 3,473 | 3,555 | |
Service cost | 6 | 112 | 117 |
Interest cost | 151 | 143 | 157 |
Actuarial (gain) loss | 563 | -117 | |
Benefits paid | -227 | -220 | |
Projected benefit obligation, end of year | 3,966 | 3,473 | 3,555 |
Fair value of plan assets, beginning of year | 3,546 | 3,387 | |
Actual return on plan assets | 317 | 379 | |
Company contributions | 0 | 0 | |
Fair value of plan assets, end of year | 3,636 | 3,546 | 3,387 |
Funded status at end of year | 330 | -73 | |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 73 | |
Other liabilities | -330 | 0 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | -330 | 73 | |
Net actuarial loss | $1,397 | $931 |
Retirement_Plans_Net_Periodic_
Retirement Plans (Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Supplemental Employee Retirement Plan | |||
Service cost | $0 | $6 | $6 |
Interest cost | 33 | 32 | 35 |
Amortization of net actuarial (gain) loss | 5 | 19 | 17 |
Amortization of prior service credit | 0 | 0 | -1 |
Total net periodic benefit cost | 38 | 57 | 57 |
Net actuarial (gain) loss recognized in OCI before tax | 170 | -17 | 34 |
Amortization of net actuarial loss | -5 | -19 | -17 |
Amortization of prior service credit | 0 | 0 | 1 |
Total recognized in other comprehensive income | 165 | -28 | 18 |
Total recognized in net periodic benefit cost and other comprehensive income | 203 | 29 | 75 |
Pension Plan [Member] | |||
Service cost | 6 | 112 | 117 |
Interest cost | 151 | 143 | 157 |
Expected return on assets | -246 | -242 | -253 |
Amortization of net actuarial (gain) loss | 25 | 141 | 141 |
Amortization of prior service credit | 0 | 0 | -1 |
Total net periodic benefit cost | -64 | 154 | 161 |
Net actuarial (gain) loss recognized in OCI before tax | 491 | -254 | -91 |
Amortization of net actuarial loss | -25 | -141 | -141 |
Amortization of prior service credit | 0 | 0 | 1 |
Total recognized in other comprehensive income | 466 | -395 | -231 |
Total recognized in net periodic benefit cost and other comprehensive income | $402 | ($241) | ($70) |
Retirement_Plans_Weighted_Aver
Retirement Plans (Weighted Average Assumptions Used To Determine Projected Benefit Obligations For The Pension Plan) (Details) | Jan. 31, 2015 | Feb. 01, 2014 |
Supplemental Employee Retirement Plan | ||
Discount rate | 3.55% | 4.50% |
Pension Plan [Member] | ||
Discount rate | 3.55% | 4.50% |
Rate of compensation increases | 4.10% | 4.10% |
Retirement_Plans_Weighted_Aver1
Retirement Plans (Weighted Average Assumptions Used To Determine Net Periodic Pension Costs For The Pension Plan) (Details) (Pension Plan [Member]) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Pension Plan [Member] | |||
Discount rate | 4.50% | 4.15% | 4.65% |
Expected long-term return on plan assets | 7.50% | 7.50% | 8.00% |
Rate of compensation increases | 4.10% | 4.50% | 4.50% |
Retirement_Plans_Fair_Value_Of
Retirement Plans (Fair Value Of Pension Plan Assets) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Fair value of pension investments | $97 | $75 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension investments | 0 | 0 |
Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension investments | 97 | 75 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | ||
Cash and cash equivalents | 248 | 211 |
Fair value of pension investments | 3,685 | 3,580 |
Pension Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Cash and cash equivalents | 0 | 0 |
Fair value of pension investments | 344 | 354 |
Pension Plan [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Cash and cash equivalents | 248 | 211 |
Fair value of pension investments | 2,741 | 2,678 |
Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Cash and cash equivalents | 0 | 0 |
Fair value of pension investments | 600 | 548 |
Pension Plan [Member] | Equity securities [Member] | UNITED STATES | ||
Fair value of pension investments | 821 | 834 |
Pension Plan [Member] | Equity securities [Member] | International [Member] | ||
Fair value of pension investments | 659 | 748 |
Pension Plan [Member] | Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | UNITED STATES | ||
Fair value of pension investments | 344 | 354 |
Pension Plan [Member] | Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | International [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | Significant Observable Inputs (Level 2) [Member] | UNITED STATES | ||
Fair value of pension investments | 477 | 480 |
Pension Plan [Member] | Equity securities [Member] | Significant Observable Inputs (Level 2) [Member] | International [Member] | ||
Fair value of pension investments | 659 | 748 |
Pension Plan [Member] | Equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | UNITED STATES | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | International [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | U.S. Treasury bonds [Member] | ||
Fair value of pension investments | 272 | 221 |
Pension Plan [Member] | U.S. Treasury bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | U.S. Treasury bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension investments | 272 | 221 |
Pension Plan [Member] | U.S. Treasury bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Other Government bonds [Member] | ||
Fair value of pension investments | 55 | 39 |
Pension Plan [Member] | Other Government bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Other Government bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension investments | 55 | 39 |
Pension Plan [Member] | Other Government bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Agency backed bonds [Member] | ||
Fair value of pension investments | 28 | 22 |
Pension Plan [Member] | Agency backed bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Agency backed bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension investments | 28 | 22 |
Pension Plan [Member] | Agency backed bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Corporate bonds [Member] | ||
Fair value of pension investments | 434 | 388 |
Pension Plan [Member] | Corporate bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Corporate bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension investments | 434 | 388 |
Pension Plan [Member] | Corporate bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Mortgage-backed securities and forwards [Member] | ||
Fair value of pension investments | 91 | 95 |
Pension Plan [Member] | Mortgage-backed securities and forwards [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Mortgage-backed securities and forwards [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension investments | 91 | 95 |
Pension Plan [Member] | Mortgage-backed securities and forwards [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Asset-backed securities [Member] | ||
Fair value of pension investments | 19 | 20 |
Pension Plan [Member] | Asset-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Asset-backed securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension investments | 19 | 20 |
Pension Plan [Member] | Asset-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Pooled funds [Member] | ||
Fair value of pension investments | 458 | 454 |
Pension Plan [Member] | Pooled funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Pooled funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension investments | 458 | 454 |
Pension Plan [Member] | Pooled funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Real Estate [Member] | ||
Fair value of pension investments | 244 | 214 |
Pension Plan [Member] | Real Estate [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Real Estate [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension investments | 244 | 214 |
Pension Plan [Member] | Hedge Funds [Member] | ||
Fair value of pension investments | 175 | 167 |
Pension Plan [Member] | Hedge Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Hedge Funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Hedge Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension investments | 175 | 167 |
Pension Plan [Member] | Private equity [Member] | ||
Fair value of pension investments | 181 | 167 |
Pension Plan [Member] | Private equity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Private equity [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension investments | 0 | 0 |
Pension Plan [Member] | Private equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension investments | $181 | $167 |
Retirement_Plans_Summary_Of_Ch
Retirement Plans (Summary Of Changes In Fair Value Of Pension Plan Level 3 Assets) (Details) (Pension Plan [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Fair value of plan assets, beginning of year | $3,387 | ||
Actual gain (loss) on plan assets: | |||
Fair value of plan assets, end of year | 3,636 | 3,546 | 3,387 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets, beginning of year | 548 | 594 | |
Actual gain (loss) on plan assets: | |||
Relating to assets still held at the reporting date | 18 | 1 | |
Relating to assets sold during the period | 22 | 48 | |
Purchases | 71 | 77 | |
Sales | -59 | -172 | |
Fair value of plan assets, end of year | $600 | $548 |
Retirement_Plans_Estimated_Pen
Retirement Plans (Estimated Pension Plan Benefit Payments) (Details) (Pension Plan [Member], USD $) | Jan. 31, 2015 |
In Millions, unless otherwise specified | |
Pension Plan [Member] | |
2015 | $301 |
2016 | 286 |
2017 | 280 |
2018 | 272 |
2019 | 270 |
2020-2024 | $1,236 |
Retirement_Plans_Reconciliatio1
Retirement Plans (Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status Of The Supplementary Retirement Plan) (Details) (Supplemental Employee Retirement Plan, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Supplemental Employee Retirement Plan | |||
Projected benefit obligation, beginning of year | $770 | $795 | |
Service cost | 0 | 6 | 6 |
Interest cost | 33 | 32 | 35 |
Actuarial (gain) loss | 170 | -17 | |
Defined Benefit Plan, Plan Amendments | 0 | 8 | |
Benefits paid | -53 | -54 | |
Projected benefit obligation, end of year | 920 | 770 | 795 |
Fair value of plan assets, beginning of year | 0 | 0 | |
Company contributions | 53 | 54 | |
Fair value of plan assets, end of year | 0 | 0 | 0 |
Funded status at end of year | 920 | 770 | |
Accounts payable and accrued liabilities | -69 | -59 | |
Defined Benefit Pension Plan, Liabilities, Noncurrent | -851 | -711 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | -920 | -770 | |
Net actuarial (gain) loss | 341 | 176 | |
Prior service credit | 8 | 8 | |
Total included in accumulated other comprehensive income | $349 | $184 |
Retirement_Plans_Net_Periodic_1
Retirement Plans (Net Periodic Benefit Cost Of Supplemental Retirement Plan) (Details) (Supplemental Employee Retirement Plan, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Supplemental Employee Retirement Plan | |||
Service cost | $0 | $6 | $6 |
Interest cost | 33 | 32 | 35 |
Amortization of net actuarial (gain) loss | 5 | 19 | 17 |
Amortization of prior service credit | 0 | 0 | -1 |
Total net periodic benefit cost | 38 | 57 | 57 |
Net actuarial (gain) loss recognized in OCI before tax | 170 | -17 | 34 |
Prior service cost recognized in OCI before tax | 0 | 8 | 0 |
Amortization of net actuarial loss | -5 | -19 | -17 |
Amortization of prior service credit | 0 | 0 | 1 |
Total recognized in other comprehensive income | 165 | -28 | 18 |
Total recognized in net periodic benefit cost and other comprehensive income | $203 | $29 | $75 |
Retirement_Plans_Weighted_Aver2
Retirement Plans (Weighted Average Assumptions Used To Determine Net Periodic Pension Costs For The Supplemental Retirement Plan) (Details) (Supplemental Employee Retirement Plan) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Supplemental Employee Retirement Plan | |||
Discount rate | 4.50% | 4.15% | 4.65% |
Rate of compensation increases | 4.90% | 4.90% |
Retirement_Plans_Estimated_Sup
Retirement Plans (Estimated Supplementary Retirement Plan Benefit Payments) (Details) (Supplemental Employee Retirement Plan, USD $) | Jan. 31, 2015 |
In Millions, unless otherwise specified | |
Supplemental Employee Retirement Plan | |
2015 | $69 |
2016 | 68 |
2017 | 70 |
2018 | 64 |
2019 | 68 |
2020-2024 | $267 |
Postretirement_Health_Care_and2
Postretirement Health Care and Life Insurance Benefits (Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status Of The Postretirement Obligations) (Details) (Other Postretirement Benefit Plan [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Other Postretirement Benefit Plan [Member] | |||
Projected benefit obligation, beginning of year | $223 | $250 | |
Service cost | 0 | 0 | 0 |
Interest cost | 10 | 10 | 12 |
Actuarial (gain) loss | 30 | -15 | |
Medicare Part D subsidy | 1 | 1 | |
Benefits paid | -21 | -23 | |
Projected benefit obligation, end of year | 243 | 223 | 250 |
Fair value of plan assets, beginning of year | 0 | 0 | |
Company contributions | 21 | 23 | |
Fair value of plan assets, end of year | 0 | 0 | 0 |
Funded status at end of year | 243 | 223 | |
Accounts payable and accrued liabilities | -22 | -26 | |
Other liabilities | -221 | -197 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | -243 | -223 | |
Net actuarial (gain) loss | $0 | ($35) |
Postretirement_Health_Care_and3
Postretirement Health Care and Life Insurance Benefits (Net Periodic Benefit Cost) (Details) (Other Postretirement Benefit Plan [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Other Postretirement Benefit Plan [Member] | |||
Service cost | $0 | $0 | $0 |
Interest cost | 10 | 10 | 12 |
Amortization of net actuarial (gain) loss | -5 | -3 | -4 |
Amortization of prior service credit | 0 | 0 | 0 |
Total net periodic benefit cost | 5 | 7 | 8 |
Net actuarial (gain) loss recognized in OCI before tax | 30 | -15 | -4 |
Amortization of net actuarial loss | 5 | 3 | 4 |
Amortization of prior service credit | 0 | 0 | 0 |
Total recognized in other comprehensive income | 35 | -12 | 0 |
Total recognized in net periodic benefit cost and other comprehensive income | $40 | ($5) | $8 |
Postretirement_Health_Care_and4
Postretirement Health Care and Life Insurance Benefits (Weighted Average Assumptions Used To Determine Projected Benefit Obligations For Postretirement Obligations) (Details) (Other Postretirement Benefit Plan [Member]) | Jan. 31, 2015 | Feb. 01, 2014 |
Other Postretirement Benefit Plan [Member] | ||
Discount rate | 3.55% | 4.50% |
Postretirement_Health_Care_and5
Postretirement Health Care and Life Insurance Benefits (Weighted Average Assumptions Used To Determine Net Periodic Costs For Postretirement Plans) (Details) (Other Postretirement Benefit Plan [Member]) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Other Postretirement Benefit Plan [Member] | |||
Discount rate | 4.50% | 4.15% | 4.65% |
Postretirement_Health_Care_and6
Postretirement Health Care and Life Insurance Benefits (Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Rates to which is the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2025 | 2025 |
Minimum [Member] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.27% | 7.27% |
Maximum [Member] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.90% | 9.20% |
Postretirement_Health_Care_and7
Postretirement Health Care and Life Insurance Benefits (One Percentage Point Change In Assumed Health Care Cost Rates Would Have The Following Effects) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2015 |
Postretirement Medical Plans with Prescription Drug Benefits [Abstract] | |
Effect on total of service and interest cost, 1 - percentage point increase | $0 |
Effect on total of service and interest cost, 1 - percentage point decrease | 0 |
Effect on accumulated postretirement benefit obligations, 1 - percentage point increase | 17 |
Effect on accumulated postretirement benefit obligations, 1 - percentage point decrease | ($15) |
Postretirement_Health_Care_and8
Postretirement Health Care and Life Insurance Benefits (Estimated Postretirement Benefit Payments In Future Years) (Details) (Other Postretirement Benefit Plan [Member], USD $) | Jan. 31, 2015 |
In Millions, unless otherwise specified | |
Other Postretirement Benefit Plan [Member] | |
Expected Benefit | |
2015 | $21 |
2016 | 20 |
2017 | 19 |
2018 | 19 |
2019 | 18 |
2020-2024 | 79 |
Expected Federal Subsidy | |
2015 | 1 |
2016 | 1 |
2017 | 1 |
2018 | 1 |
2019 | 1 |
2020-2024 | $3 |
Stock_Based_Compensation_Narra
Stock Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Y | |||
Number of Company equity plans prior to 2009 | 2 | ||
Number of years stock and stock option grant plans are active | 10 | ||
Shares available for additional grants under the Company's equity plan | 24 | ||
Tax benefit recognized in Statement of Operations related to stock-based compensation | $26 | $22 | $22 |
Evaluation period of performance-based restricted stock plan for senior executives | 3 | ||
Cash payment of stock credit plan balance | 32 | 28 | |
Restricted Stock and Time-Based Restricted Stock Unit Awards [Member] | Minimum [Member] | |||
Number of years of service required to vest in stock based compensation plans | 1 | ||
Restricted Stock and Time-Based Restricted Stock Unit Awards [Member] | Maximum [Member] | |||
Number of years of service required to vest in stock based compensation plans | 4 | ||
Restricted Stock Units [Member] | |||
Unrecognized compensation costs related to nonvested restricted stock awards | 29 | ||
Unrecognized compensation costs related to nonvested restricted stock awards | 1 year 4 months 24 days | ||
Employee Stock Options [Member] | |||
Number of years of service required to vest in stock based compensation plans | 4 | ||
Unrecognized compensation costs related to nonvested restricted stock awards | $62 | ||
Unrecognized compensation costs related to nonvested restricted stock awards | 1 year 9 months 18 days | ||
2008 Stock Credit Grant Plan [Member] | |||
Evaluation of period of stock credit plan in years | 2 | ||
Number of stock credit awards outstanding | 836,268 | ||
2009 Omnibus Incentive Compensation Plan [Member] | |||
Common Stock Shares Authorized to be issued under stock compensation plan | 51 | ||
CMD Committee Performance-Based Restricted Stock Plan [Member] | |||
Evaluation period of performance-based restricted stock plan for senior executives | 3 | ||
CMD Committee Performance-Based Restricted Stock Plan [Member] | Minimum [Member] | |||
Percentage range of shares received by grant recipient based on target shares granted | 0.00% | ||
Number of companies in executive peer group for compensation plans | 10 | ||
CMD Committee Performance-Based Restricted Stock Plan [Member] | Maximum [Member] | |||
Percentage range of shares received by grant recipient based on target shares granted | 150.00% | ||
Number of companies in executive peer group for compensation plans | 12 |
Stock_Based_Compensation_Stock
Stock Based Compensation (Stock-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Stock options | $47 | $36 | $28 |
Stock credits | 0 | 0 | 6 |
Share-based compensation, total | 73 | 62 | 61 |
Restricted Stock [Member] | |||
Restricted stock | 0 | 1 | 1 |
Restricted Stock Units [Member] | |||
Restricted stock | $26 | $25 | $26 |
Stock_Based_Compensation_Fair_
Stock Based Compensation (Fair Value of Stock-Options Granted And Weighted Average Assumptions to Calculate Fair Value) (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Share-based Compensation [Abstract] | |||
Weighted average grant date fair value of stock options granted during the period | $19.07 | $12.15 | $12.22 |
Dividend yield | 2.50% | 2.80% | 2.20% |
Expected volatility | 42.70% | 41.30% | 39.80% |
Risk-free interest rate | 1.50% | 0.80% | 1.20% |
Expected life | 5 years 8 months 12 days | 5 years 8 months 12 days | 5 years 8 months 12 days |
Stock_Based_Compensation_Stock1
Stock Based Compensation (Stock Option Activity) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Jan. 31, 2015 |
Share-based Compensation [Abstract] | |
Outstanding, beginning of period, shares | 23,313,600 |
Outstanding, beginning of period, weighted average exercise price | $32.02 |
Granted, shares | 3,296,000 |
Granted, weighted average exercise price | $58.92 |
Canceled or forfeited, shares | -468,400 |
Canceled or forfeited, weighted average exercise price | $41.10 |
Exercised, shares | -6,462,400 |
Exercised, weighted average exercise price | $30.98 |
Outstanding, end of period, shares | 19,678,800 |
Outstanding, end of period, weighted average exercise price | $36.65 |
Exercisable, end of period, shares | 11,405,500 |
Exercisable, end of period, weighted average exercise price | $30.06 |
Exercisable, end of period, weighted average remaining contractual life (years) | 4 years |
Exercisable, end of period, aggregate intrinsic value | $386 |
Options expected to vest, shares | 7,280,500 |
Options expected to vest, weighted average exercise price | $45.73 |
Options expected to vest, weighted average remaining contractual life (years) | 8 years 1 month 6 days |
Options expected to vest, aggregate intrinsic value | $132 |
Stock_Based_Compensation_Addit
Stock Based Compensation (Additional Information Relating To Stock Options) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Share-based Compensation [Abstract] | |||
Intrinsic value of options exercised | $189 | $207 | $132 |
Grant date aggregate fair value of options vested | 38 | 31 | 30 |
Cash received from stock options exercised | 200 | 254 | 164 |
Tax benefits realized from exercised stock options and vested restricted stock | $43 | $51 | $36 |
Stock_Based_Compensation_Fair_1
Stock Based Compensation (Fair Value of Restricted Stock Awards During the Period) (Details) (Restricted Stock Units [Member], USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Restricted Stock Units [Member] | |||
Granted, weighted average fair value | $59.41 | $42.54 | $39.52 |
Stock_Based_Compensation_Restr
Stock Based Compensation (Restricted Stock Award and Restricted Stock Unit Activity) (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Restricted Stock Units [Member] | |||
Nonvested restricted stock units, beginning of period, shares | 1,191,800 | ||
Granted - performance-based, shares | 289,300 | ||
Performance adjustment, shares | 46,900 | ||
Granted - time-based, shares | 202,300 | ||
Dividend equivalents, shares | 21,000 | ||
Nonvested restricted stock units, forfeited | -37,100 | ||
Vested, shares | -421,300 | ||
Nonvested restricted stock units, end of period, shares | 1,292,900 | 1,191,800 | |
Nonvested, beginning of period, weighted-average fair value | $41.16 | ||
Granted, weighted average fair value | $59.41 | $42.54 | $39.52 |
Granted - performance based, weighted average fair value | $59.81 | ||
Performance adjustment, weighted average fair value | $40.63 | ||
Granted - time-based, weighted average fair value | $58.83 | ||
Dividend equivalents, weighted average fair value | $59.52 | ||
Forfeited, weighted average fair value | $42.12 | ||
Vested, weighted average fair value | $40.40 | ||
Nonvested, end of period, weighted-average fair value | $48.47 | $41.16 | |
Restricted Stock [Member] | |||
Nonvested restricted stock units, beginning of period, shares | 79,200 | ||
Granted, shares | 0 | ||
Nonvested restricted stock units, forfeited | -600 | ||
Vested, shares | -52,700 | ||
Nonvested restricted stock units, end of period, shares | 25,900 | ||
Nonvested, beginning of period, weighted-average fair value | $22.58 | ||
Granted, weighted average fair value | $0 | ||
Forfeited, weighted average fair value | $23.43 | ||
Vested, weighted average fair value | $22.16 | ||
Nonvested, end of period, weighted-average fair value | $23.43 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Aug. 02, 2014 | Jan. 28, 2012 |
Stockholders' Equity Note [Abstract] | |||||
Preferred stock, shares authorized | 125,000,000 | ||||
Preferred stock, par value | $0.01 | ||||
Preferred stock, shares issued | 0 | ||||
Common stock, shares authorized | 1,000,000,000 | ||||
Common stock, par value | $0.01 | ||||
Common stock, shares issued | 379,605,800 | 410,605,800 | 444,605,800 | 487,338,500 | |
Common stock, shares outstanding | 340,573,700 | 364,935,000 | 387,701,100 | 414,181,000 | |
Retirement of common stock | 31,000,000 | 34,000,000 | 42,732,700 | ||
Stock repurchase program authorized amount | $15,000 | $1,500 | |||
Stock repurchased during period, shares | 31,900,000 | 33,600,000 | 35,600,000 | ||
Stock repurchased during period, value | 1,900 | 1,570 | 1,350 | ||
Stock repurchase program remaining authorized repurchase amount | $1,032 |
Shareholders_Equity_Changes_In
Shareholders' Equity (Changes In The Company's Common Stock Issued and Outstanding) (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Common stock, shares issued | -410,605,800 | -444,605,800 | -487,338,500 | |
Common stock, shares outstanding | 364,935,000 | 387,701,100 | 414,181,000 | |
Stock issued under stock plans | -7,435,800 | -10,805,900 | -10,235,900 | |
Stock repurchases | -27,000 | -12,200 | -1,269,400 | |
Deferred compensation plan distributions | 104,800 | 65,500 | 126,500 | |
Retirement of common stock | -31,000,000 | -34,000,000 | -42,732,700 | |
Common stock, shares issued | -379,605,800 | -410,605,800 | -444,605,800 | |
Common stock, shares outstanding | 340,573,700 | 364,935,000 | 387,701,100 | |
Balance | ($5,378) | ($6,249) | ($6,051) | ($5,933) |
Other comprehensive income (loss) | 407 | -266 | -130 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Balance | 1,072 | 665 | 931 | 1,061 |
Other comprehensive income (loss) | $407 | ($266) | ($130) | |
Other [Member] | ||||
Stock repurchases | -31,874,900 | -33,625,300 | -35,572,900 | |
Treasury Stock, Deferred Compensation Plans [Member] | ||||
Common stock, shares issued | -1,229,200 | -1,209,500 | -1,246,800 | |
Stock issued under stock plans | -54,800 | -85,200 | -89,200 | |
Deferred compensation plan distributions | 104,800 | 65,500 | 126,500 | |
Common stock, shares issued | -1,179,200 | -1,229,200 | -1,209,500 | |
Treasury Stock, Other [Member] | ||||
Common stock, shares issued | -44,441,600 | -55,695,200 | -71,910,700 | |
Stock issued under stock plans | -7,490,600 | -10,891,100 | -10,325,100 | |
Stock repurchases | -27,000 | -12,200 | -1,269,400 | |
Common stock, shares issued | -37,852,900 | -44,441,600 | -55,695,200 | |
Treasury Stock, Other [Member] | Other [Member] | ||||
Stock repurchases | -31,874,900 | -33,625,300 | -35,572,900 | |
Treasury Stock [Member] | ||||
Common stock, shares issued | -45,670,800 | -56,904,700 | -73,157,500 | |
Stock issued under stock plans | -7,435,800 | -10,805,900 | -10,235,900 | |
Stock repurchases | -27,000 | -12,200 | -1,269,400 | |
Deferred compensation plan distributions | 104,800 | 65,500 | 126,500 | |
Retirement of common stock | -31,000,000 | -34,000,000 | -42,732,700 | |
Common stock, shares issued | -39,032,100 | -45,670,800 | -56,904,700 | |
Treasury Stock [Member] | Other [Member] | ||||
Stock repurchases | -31,874,900 | -33,625,300 | -35,572,900 |
Fair_Value_Measurements_and_Co2
Fair Value Measurements and Concentrations of Credit Risk (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||
Carrying value of long-lived assets held and used | $41 | $52 | |
Long-lived assets held and used | 8 | 13 | |
Impairments of properties held and used | $33 | $39 | $4 |
Fair_Value_Measurements_and_Co3
Fair Value Measurements and Concentrations of Credit Risk (Financial Assets Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Marketable equity and debt securities | $97 | $75 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Marketable equity and debt securities | 0 | 0 |
Significant Observable Inputs (Level 2) [Member] | ||
Marketable equity and debt securities | 97 | 75 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Marketable equity and debt securities | $0 | $0 |
Fair_Value_Measurements_and_Co4
Fair Value Measurements and Concentrations of Credit Risk (Estimated Fair Value Of Company Long Term Debt) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Long-term debt | $8,219 | $7,171 |
Notional Amount | ||
Long-term debt | 7,090 | 6,522 |
Carrying Amount | ||
Long-term debt | $7,236 | $6,684 |
Fair_Value_Measurements_and_Co5
Fair Value Measurements and Concentrations of Credit Risk (Company Non-Financial Assets Measured On A Recurring Basis) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Long-lived assets held and used | $8 | $13 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Long-lived assets held and used | 0 | 0 |
Significant Observable Inputs (Level 2) [Member] | ||
Long-lived assets held and used | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Long-lived assets held and used | $8 | $13 |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Narrative) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Restricted Stock Units [Member] | |||
Stock options outstanding, not included in computation of diluted earnings (loss) per share | 0.6 | 0.7 | 1.4 |
Employee Stock Options [Member] | |||
Stock options outstanding, not included in computation of diluted earnings (loss) per share | 3.2 | 7.5 |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic and Diluted Earnings (Loss) Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Earnings Per Share [Abstract] | |||||||||||
Net income | $793 | $217 | $292 | $224 | $811 | $177 | $281 | $217 | $1,526 | $1,486 | $1,335 |
Net income (loss) available to common stockholders, basic | 1,526 | 1,486 | 1,335 | ||||||||
Net income (loss) available to common stockholders, diluted | $1,526 | $1,486 | $1,335 | ||||||||
Basic earnings per share | $2.30 | $0.62 | $0.81 | $0.61 | $2.21 | $0.47 | $0.73 | $0.56 | $4.30 | $3.93 | $3.29 |
Diluted earnings per share | $2.26 | $0.61 | $0.80 | $0.60 | $2.16 | $0.47 | $0.72 | $0.55 | $4.22 | $3.86 | $3.24 |
Average number of shares issued, basic | 354.3 | 377.3 | 404.4 | ||||||||
Shares to be issued under deferred compensation and other plans | 0.9 | 1 | 1.1 | ||||||||
Average number of shares outstanding, basic | 355.2 | 378.3 | 405.5 | ||||||||
Effect of dilutive securities-stock options, restricted stock and restricted stock units | 6.5 | 6.5 | 6.7 | ||||||||
Average number of shares outstanding, diluted | 361.7 | 384.8 | 412.2 |
Quarterly_Results_unaudited_Un
Quarterly Results (unaudited) (Unaudited Quarterly Results) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Quarterly Financial Data [Abstract] | |||||||||||
Net sales | $9,364 | $6,195 | $6,267 | $6,279 | $9,202 | $6,276 | $6,066 | $6,387 | $28,105 | $27,931 | $27,686 |
Cost of sales | -5,589 | -3,766 | -3,672 | -3,836 | -5,464 | -3,817 | -3,533 | -3,911 | -16,863 | -16,725 | -16,538 |
Gross margin | 3,775 | 2,429 | 2,595 | 2,443 | 3,738 | 2,459 | 2,533 | 2,476 | 11,242 | 11,206 | 11,148 |
Selling, general and administrative expenses | -2,324 | -2,007 | -2,024 | -2,000 | -2,301 | -2,099 | -1,999 | -2,041 | -8,355 | -8,440 | -8,482 |
Impairments, store closing and other costs | -87 | 0 | 0 | 0 | -88 | 0 | 0 | 0 | -87 | -88 | -5 |
Net income | $793 | $217 | $292 | $224 | $811 | $177 | $281 | $217 | $1,526 | $1,486 | $1,335 |
Basic earnings per share | $2.30 | $0.62 | $0.81 | $0.61 | $2.21 | $0.47 | $0.73 | $0.56 | $4.30 | $3.93 | $3.29 |
Diluted earnings per share | $2.26 | $0.61 | $0.80 | $0.60 | $2.16 | $0.47 | $0.72 | $0.55 | $4.22 | $3.86 | $3.24 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
In Millions, unless otherwise specified | ||||
Current Assets: | ||||
Cash and cash equivalents | $2,246 | $2,273 | $1,836 | $2,827 |
Receivables | 424 | 438 | ||
Merchandise inventories | 5,516 | 5,557 | ||
Prepaid expenses and other current assets | 493 | 420 | ||
Income taxes | 0 | |||
Total Current Assets | 8,679 | 8,688 | ||
Property and Equipment - net | 7,800 | 7,930 | ||
Goodwill | 3,743 | 3,743 | ||
Other Intangible Assets - net | 496 | 527 | ||
Other Assets | 743 | 732 | ||
Deferred Tax Assets, Other | 0 | |||
Intercompany Receivable | 0 | 0 | ||
Investment in Subsidiaries | 0 | 0 | ||
Total Assets | 21,461 | 21,620 | ||
Current Liabilities: | ||||
Short-term debt | 76 | 463 | ||
Merchandise accounts payable | 1,693 | 1,691 | ||
Accounts payable and accrued liabilities | 3,109 | 2,810 | ||
Income taxes | 296 | 362 | ||
Deferred income taxes | 362 | 400 | ||
Total Current Liabilities | 5,536 | 5,726 | ||
Long-Term Debt | 7,265 | 6,714 | ||
Intercompany Payable | 0 | 0 | ||
Deferred Income Taxes | 1,081 | 1,273 | ||
Other Liabilities | 2,201 | 1,658 | ||
Shareholders' Equity (Deficit) | 5,378 | 6,249 | 6,051 | 5,933 |
Total Liabilities and Shareholders' Equity | 21,461 | 21,620 | ||
Parent Company [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 1,908 | 1,955 | 1,538 | 2,533 |
Receivables | 0 | 0 | ||
Merchandise inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Income taxes | 88 | 80 | ||
Total Current Assets | 1,996 | 2,035 | ||
Property and Equipment - net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other Intangible Assets - net | 0 | 0 | ||
Other Assets | 1 | 4 | ||
Deferred Tax Assets, Other | 10 | 19 | ||
Intercompany Receivable | 0 | 0 | ||
Investment in Subsidiaries | 4,655 | 4,625 | ||
Total Assets | 6,662 | 6,683 | ||
Current Liabilities: | ||||
Short-term debt | 0 | 0 | ||
Merchandise accounts payable | 0 | 0 | ||
Accounts payable and accrued liabilities | 42 | 10 | ||
Income taxes | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Total Current Liabilities | 42 | 10 | ||
Long-Term Debt | 0 | 0 | ||
Intercompany Payable | 1,215 | 362 | ||
Deferred Income Taxes | 0 | 0 | ||
Other Liabilities | 27 | 62 | ||
Shareholders' Equity (Deficit) | 5,378 | 6,249 | ||
Total Liabilities and Shareholders' Equity | 6,662 | 6,683 | ||
Subsidiary Issuer [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 94 | 84 | 41 | 38 |
Receivables | 97 | 102 | ||
Merchandise inventories | 2,817 | 2,896 | ||
Prepaid expenses and other current assets | 113 | 103 | ||
Income taxes | 0 | 0 | ||
Total Current Assets | 3,121 | 3,185 | ||
Property and Equipment - net | 4,315 | 4,590 | ||
Goodwill | 3,315 | 3,315 | ||
Other Intangible Assets - net | 73 | 97 | ||
Other Assets | 74 | 87 | ||
Deferred Tax Assets, Other | 0 | 0 | ||
Intercompany Receivable | 0 | 0 | ||
Investment in Subsidiaries | 3,526 | 3,157 | ||
Total Assets | 14,424 | 14,431 | ||
Current Liabilities: | ||||
Short-term debt | 75 | 461 | ||
Merchandise accounts payable | 784 | 760 | ||
Accounts payable and accrued liabilities | 1,360 | 1,265 | ||
Income taxes | 22 | 80 | ||
Deferred income taxes | 295 | 315 | ||
Total Current Liabilities | 2,536 | 2,881 | ||
Long-Term Debt | 7,245 | 6,694 | ||
Intercompany Payable | 2,925 | 3,199 | ||
Deferred Income Taxes | 414 | 544 | ||
Other Liabilities | 593 | 522 | ||
Shareholders' Equity (Deficit) | 711 | 591 | ||
Total Liabilities and Shareholders' Equity | 14,424 | 14,431 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 244 | 234 | 257 | 256 |
Receivables | 327 | 336 | ||
Merchandise inventories | 2,699 | 2,661 | ||
Prepaid expenses and other current assets | 380 | 317 | ||
Income taxes | 0 | 0 | ||
Total Current Assets | 3,650 | 3,548 | ||
Property and Equipment - net | 3,485 | 3,340 | ||
Goodwill | 428 | 428 | ||
Other Intangible Assets - net | 423 | 430 | ||
Other Assets | 668 | 641 | ||
Deferred Tax Assets, Other | 0 | 0 | ||
Intercompany Receivable | 4,140 | 3,561 | ||
Investment in Subsidiaries | 0 | 0 | ||
Total Assets | 12,794 | 11,948 | ||
Current Liabilities: | ||||
Short-term debt | 1 | 2 | ||
Merchandise accounts payable | 909 | 931 | ||
Accounts payable and accrued liabilities | 1,707 | 1,535 | ||
Income taxes | 362 | 362 | ||
Deferred income taxes | 67 | 85 | ||
Total Current Liabilities | 3,046 | 2,915 | ||
Long-Term Debt | 20 | 20 | ||
Intercompany Payable | 0 | 0 | ||
Deferred Income Taxes | 677 | 748 | ||
Other Liabilities | 1,581 | 1,074 | ||
Shareholders' Equity (Deficit) | 7,470 | 7,191 | ||
Total Liabilities and Shareholders' Equity | 12,794 | 11,948 | ||
Consolidation, Eliminations [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | ||
Merchandise inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Income taxes | -88 | -80 | ||
Total Current Assets | -88 | -80 | ||
Property and Equipment - net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other Intangible Assets - net | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Deferred Tax Assets, Other | -10 | -19 | ||
Intercompany Receivable | -4,140 | -3,561 | ||
Investment in Subsidiaries | -8,181 | -7,782 | ||
Total Assets | -12,419 | -11,442 | ||
Current Liabilities: | ||||
Short-term debt | 0 | 0 | ||
Merchandise accounts payable | 0 | 0 | ||
Accounts payable and accrued liabilities | 0 | 0 | ||
Income taxes | -88 | -80 | ||
Deferred income taxes | 0 | 0 | ||
Total Current Liabilities | -88 | -80 | ||
Long-Term Debt | 0 | 0 | ||
Intercompany Payable | -4,140 | -3,561 | ||
Deferred Income Taxes | -10 | -19 | ||
Other Liabilities | 0 | 0 | ||
Shareholders' Equity (Deficit) | -8,181 | -7,782 | ||
Total Liabilities and Shareholders' Equity | ($12,419) | ($11,442) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Apr. 28, 2012 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Net sales | $9,364 | $6,195 | $6,267 | $6,279 | $9,202 | $6,276 | $6,066 | $6,387 | $28,105 | $27,931 | $27,686 | ||
Cost of sales | -5,589 | -3,766 | -3,672 | -3,836 | -5,464 | -3,817 | -3,533 | -3,911 | -16,863 | -16,725 | -16,538 | ||
Gross margin | 3,775 | 2,429 | 2,595 | 2,443 | 3,738 | 2,459 | 2,533 | 2,476 | 11,242 | 11,206 | 11,148 | ||
Selling, general and administrative expenses | -2,324 | -2,007 | -2,024 | -2,000 | -2,301 | -2,099 | -1,999 | -2,041 | -8,355 | -8,440 | -8,482 | ||
Impairments, store closing and other costs | -87 | 0 | 0 | 0 | -88 | 0 | 0 | 0 | -87 | -88 | -5 | ||
Operating income (loss) | 2,800 | 2,678 | 2,661 | ||||||||||
Interest Income (Expense), Net | -393 | -388 | -422 | ||||||||||
Interest (expense) income, net | |||||||||||||
Intercompany | 0 | 0 | 0 | ||||||||||
Premium on early retirement of debt | -133 | -4 | -17 | 0 | -137 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||||
Income (loss) before income taxes | 2,390 | 2,290 | 2,102 | ||||||||||
Federal, state and local income tax benefit (expense) | -864 | -804 | -767 | ||||||||||
Net income | 793 | 217 | 292 | 224 | 811 | 177 | 281 | 217 | 1,526 | 1,486 | 1,335 | ||
Comprehensive income | 1,119 | 1,752 | 1,465 | ||||||||||
Subsidiary Issuer [Member] | |||||||||||||
Net sales | 13,078 | 13,233 | 13,594 | ||||||||||
Cost of sales | -8,127 | -8,168 | -8,385 | ||||||||||
Gross margin | 4,951 | 5,065 | 5,209 | ||||||||||
Selling, general and administrative expenses | -4,351 | -4,443 | -4,584 | ||||||||||
Impairments, store closing and other costs | -45 | -37 | -8 | ||||||||||
Operating income (loss) | 555 | 585 | 617 | ||||||||||
Interest Income (Expense), Net | -394 | -388 | -422 | ||||||||||
Interest (expense) income, net | |||||||||||||
Intercompany | -230 | -176 | -146 | ||||||||||
Premium on early retirement of debt | -17 | -137 | |||||||||||
Equity in earnings of subsidiaries | 624 | 557 | 638 | ||||||||||
Income (loss) before income taxes | 538 | 578 | 550 | ||||||||||
Federal, state and local income tax benefit (expense) | 25 | 33 | 24 | ||||||||||
Net income | 563 | 611 | 574 | ||||||||||
Comprehensive income | 156 | 877 | 704 | ||||||||||
Parent Company [Member] | |||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||||
Gross margin | 0 | 0 | 0 | ||||||||||
Selling, general and administrative expenses | -3 | -8 | -9 | ||||||||||
Impairments, store closing and other costs | 0 | 0 | 0 | ||||||||||
Operating income (loss) | -3 | -8 | -9 | ||||||||||
Interest Income (Expense), Net | 1 | 1 | 1 | ||||||||||
Interest (expense) income, net | |||||||||||||
Intercompany | 0 | -2 | -2 | ||||||||||
Premium on early retirement of debt | 0 | 0 | |||||||||||
Equity in earnings of subsidiaries | 1,528 | 1,492 | 1,342 | ||||||||||
Income (loss) before income taxes | 1,526 | 1,483 | 1,332 | ||||||||||
Federal, state and local income tax benefit (expense) | 0 | 3 | 3 | ||||||||||
Net income | 1,526 | 1,486 | 1,335 | ||||||||||
Comprehensive income | 1,119 | 1,752 | 1,465 | ||||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||||
Net sales | 23,522 | 23,417 | 22,439 | ||||||||||
Cost of sales | -17,231 | -17,276 | -16,500 | ||||||||||
Gross margin | 6,291 | 6,141 | 5,939 | ||||||||||
Selling, general and administrative expenses | -4,001 | -3,989 | -3,889 | ||||||||||
Impairments, store closing and other costs | -42 | -51 | 3 | ||||||||||
Operating income (loss) | 2,248 | 2,101 | 2,053 | ||||||||||
Interest Income (Expense), Net | 0 | -1 | -1 | ||||||||||
Interest (expense) income, net | |||||||||||||
Intercompany | 230 | 178 | 148 | ||||||||||
Premium on early retirement of debt | 0 | 0 | |||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||||
Income (loss) before income taxes | 2,478 | 2,278 | 2,200 | ||||||||||
Federal, state and local income tax benefit (expense) | -889 | -840 | -794 | ||||||||||
Net income | 1,589 | 1,438 | 1,406 | ||||||||||
Comprehensive income | 1,338 | 1,434 | 1,477 | ||||||||||
Consolidation, Eliminations [Member] | |||||||||||||
Net sales | -8,495 | -8,719 | -8,347 | ||||||||||
Cost of sales | 8,495 | 8,719 | 8,347 | ||||||||||
Gross margin | 0 | 0 | 0 | ||||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||||
Impairments, store closing and other costs | 0 | 0 | 0 | ||||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||||
Interest Income (Expense), Net | 0 | 0 | 0 | ||||||||||
Interest (expense) income, net | |||||||||||||
Intercompany | 0 | 0 | 0 | ||||||||||
Premium on early retirement of debt | 0 | 0 | |||||||||||
Equity in earnings of subsidiaries | -2,152 | -2,049 | -1,980 | ||||||||||
Income (loss) before income taxes | -2,152 | -2,049 | -1,980 | ||||||||||
Federal, state and local income tax benefit (expense) | 0 | 0 | 0 | ||||||||||
Net income | -2,152 | -2,049 | -1,980 | ||||||||||
Comprehensive income | ($1,494) | ($2,311) | ($2,181) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Cash flows from operating activities: | |||
Net income | $1,526 | $1,486 | $1,335 |
Impairments, store closing and other costs | -87 | -88 | -5 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Dividends received from subsidiaries | 0 | 0 | 0 |
Depreciation and amortization | 1,036 | 1,020 | 1,049 |
(Increase) decrease in working capital | 14 | -153 | -217 |
Other, net | 46 | 108 | 7 |
Net cash provided by operating activities | 2,709 | 2,549 | 2,179 |
Cash flows from investing activities: | |||
Purchase of property and equipment and capitalized software, net | -896 | -731 | -876 |
Other, net | -74 | -57 | 95 |
Net cash used by investing activities | -970 | -788 | -781 |
Cash flows from financing activities: | |||
Debt repaid, net of debt issued | 174 | 276 | -803 |
Dividends paid | -421 | -359 | -324 |
Common stock acquired, net of issuance of common stock | -1,643 | -1,256 | -1,163 |
Intercompany activity, net | 0 | 0 | 0 |
Other, net | 124 | 15 | -99 |
Net cash used by financing activities | -1,766 | -1,324 | -2,389 |
Net increase (decrease) in cash and cash equivalents | -27 | 437 | -991 |
Cash and cash equivalents beginning of period | 2,273 | 1,836 | 2,827 |
Cash and cash equivalents end of period | 2,246 | 2,273 | 1,836 |
Subsidiary Issuer [Member] | |||
Cash flows from operating activities: | |||
Net income | 563 | 611 | 574 |
Impairments, store closing and other costs | -45 | -37 | -8 |
Equity in earnings of subsidiaries | -624 | -557 | -638 |
Dividends received from subsidiaries | 1 | 4 | 125 |
Depreciation and amortization | 454 | 467 | 484 |
(Increase) decrease in working capital | 74 | 12 | -75 |
Other, net | -177 | 158 | -31 |
Net cash provided by operating activities | 336 | 732 | 447 |
Cash flows from investing activities: | |||
Purchase of property and equipment and capitalized software, net | -260 | -289 | -324 |
Other, net | -12 | -6 | 51 |
Net cash used by investing activities | -272 | -295 | -273 |
Proceeds from (Repayments of) Debt | 177 | 278 | |
Cash flows from financing activities: | |||
Debt repaid, net of debt issued | -799 | ||
Dividends paid | 0 | 0 | 0 |
Common stock acquired, net of issuance of common stock | 0 | 0 | 0 |
Intercompany activity, net | -283 | -728 | 642 |
Other, net | 52 | 56 | -14 |
Net cash used by financing activities | -54 | -394 | -171 |
Net increase (decrease) in cash and cash equivalents | 10 | 43 | 3 |
Cash and cash equivalents beginning of period | 84 | 41 | 38 |
Cash and cash equivalents end of period | 94 | 84 | 41 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net income | 1,526 | 1,486 | 1,335 |
Impairments, store closing and other costs | 0 | 0 | 0 |
Equity in earnings of subsidiaries | -1,528 | -1,492 | -1,342 |
Dividends received from subsidiaries | 1,088 | 911 | 783 |
Depreciation and amortization | 0 | 0 | 0 |
(Increase) decrease in working capital | 9 | -54 | -76 |
Other, net | -20 | -25 | 31 |
Net cash provided by operating activities | 1,075 | 826 | 731 |
Cash flows from investing activities: | |||
Purchase of property and equipment and capitalized software, net | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash used by investing activities | 0 | 0 | 0 |
Proceeds from (Repayments of) Debt | 0 | 0 | |
Cash flows from financing activities: | |||
Debt repaid, net of debt issued | 0 | ||
Dividends paid | -421 | -359 | -324 |
Common stock acquired, net of issuance of common stock | -1,643 | -1,256 | -1,163 |
Intercompany activity, net | 927 | 1,310 | -194 |
Other, net | 15 | -104 | -45 |
Net cash used by financing activities | -1,122 | -409 | -1,726 |
Net increase (decrease) in cash and cash equivalents | -47 | 417 | -995 |
Cash and cash equivalents beginning of period | 1,955 | 1,538 | 2,533 |
Cash and cash equivalents end of period | 1,908 | 1,955 | 1,538 |
Consolidation, Eliminations [Member] | |||
Cash flows from operating activities: | |||
Net income | -2,152 | -2,049 | -1,980 |
Impairments, store closing and other costs | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 2,152 | 2,049 | 1,980 |
Dividends received from subsidiaries | -1,089 | -915 | -908 |
Depreciation and amortization | 0 | 0 | 0 |
(Increase) decrease in working capital | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash provided by operating activities | -1,089 | -915 | -908 |
Cash flows from investing activities: | |||
Purchase of property and equipment and capitalized software, net | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash used by investing activities | 0 | 0 | 0 |
Proceeds from (Repayments of) Debt | 0 | 0 | |
Cash flows from financing activities: | |||
Debt repaid, net of debt issued | 0 | ||
Dividends paid | 1,089 | 915 | 908 |
Common stock acquired, net of issuance of common stock | 0 | 0 | 0 |
Intercompany activity, net | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash used by financing activities | 1,089 | 915 | 908 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents beginning of period | 0 | 0 | 0 |
Cash and cash equivalents end of period | 0 | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net income | 1,589 | 1,438 | 1,406 |
Impairments, store closing and other costs | -42 | -51 | 3 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Dividends received from subsidiaries | 0 | 0 | 0 |
Depreciation and amortization | 582 | 553 | 565 |
(Increase) decrease in working capital | -69 | -111 | -66 |
Other, net | 243 | -25 | 7 |
Net cash provided by operating activities | 2,387 | 1,906 | 1,909 |
Cash flows from investing activities: | |||
Purchase of property and equipment and capitalized software, net | -636 | -442 | -552 |
Other, net | -62 | -51 | 44 |
Net cash used by investing activities | -698 | -493 | -508 |
Proceeds from (Repayments of) Debt | -3 | -2 | |
Cash flows from financing activities: | |||
Debt repaid, net of debt issued | -4 | ||
Dividends paid | -1,089 | -915 | -908 |
Common stock acquired, net of issuance of common stock | 0 | 0 | 0 |
Intercompany activity, net | -644 | -582 | -448 |
Other, net | 57 | 63 | -40 |
Net cash used by financing activities | -1,679 | -1,436 | -1,400 |
Net increase (decrease) in cash and cash equivalents | 10 | -23 | 1 |
Cash and cash equivalents beginning of period | 234 | 257 | 256 |
Cash and cash equivalents end of period | $244 | $234 | $257 |