Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 02, 2019 | Nov. 30, 2019 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Nov. 2, 2019 | |
Entity File Number | 1-13536 | |
Entity Registrant Name | Macy's, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3324058 | |
Entity Address, Address Line One | 7 West Seventh Street | |
Entity Address, City or Town | Cincinnati | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45202 | |
City Area Code | 513 | |
Local Phone Number | 579-7000 | |
Title of 12(b) Security | Common Stock, $.01 par value per share | |
Trading Symbol | M | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000794367 | |
Current Fiscal Year End Date | --02-01 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 308,965,297 | |
Other Address [Member] | ||
Entity Address, Address Line One | 151 West 34th Street | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10001 | |
City Area Code | 212 | |
Local Phone Number | 494-1602 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 5,173 | $ 5,404 | $ 16,223 | $ 16,516 |
Credit card revenues, net | 183 | 185 | 531 | 528 |
Cost of sales | (3,106) | (3,226) | (9,905) | (9,927) |
Selling, general and administrative expenses | (2,202) | (2,255) | (6,489) | (6,501) |
Gains on sale of real estate | 17 | 42 | 67 | 111 |
Impairment, restructuring and other costs | (13) | (3) | (16) | (39) |
Operating income | 52 | 147 | 411 | 688 |
Benefit plan income, net | 8 | 9 | 23 | 31 |
Settlement charges | (12) | (23) | (12) | (73) |
Interest expense | (52) | (64) | (159) | (204) |
Loss on early retirement of debt | 0 | 0 | 0 | (5) |
Interest income | 4 | 5 | 16 | 17 |
Income before income taxes | 0 | 74 | 279 | 454 |
Federal, state and local income tax benefit (expense) | 2 | (12) | (55) | (96) |
Net income | 2 | 62 | 224 | 358 |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 10 |
Net income attributable to Macy's, Inc. shareholders | $ 2 | $ 62 | $ 224 | $ 368 |
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 0.01 | $ 0.20 | $ 0.72 | $ 1.20 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 0.01 | $ 0.20 | $ 0.72 | $ 1.18 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Net income | $ 2 | $ 62 | $ 224 | $ 358 |
Actuarial gain (loss) on postretirement benefit plans, before tax | (70) | (164) | (70) | (194) |
Amortization of net actuarial loss and prior service credit on post employment and postretirement benefit plans included in net income, before tax | 8 | 7 | 23 | 25 |
Settlement charges, before tax | 12 | 23 | 12 | 73 |
Tax effect related to items of other comprehensive income | 13 | 35 | 9 | 24 |
Total other comprehensive loss, net of tax effect | (37) | (99) | (26) | (72) |
Comprehensive income (loss) | (35) | (37) | 198 | 286 |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | 10 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ (35) | $ (37) | $ 198 | $ 296 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 |
Current Assets: | ||||||||
Cash and cash equivalents | $ 301 | $ 1,162 | $ 736 | |||||
Receivables | 175 | 400 | 180 | |||||
Merchandise inventories | 7,256 | 5,263 | 7,147 | |||||
Income tax receivable | 1 | 0 | 10 | |||||
Prepaid expenses and other current assets | 568 | 620 | 594 | |||||
Total Current Assets | 8,301 | 7,445 | 8,667 | |||||
Property and Equipment - net | 6,558 | 6,637 | 6,572 | |||||
Right of Use Assets | 2,596 | 0 | 0 | |||||
Goodwill | 3,908 | 3,908 | 3,908 | |||||
Other Intangible Assets - net | 440 | 478 | 481 | |||||
Other Assets | 744 | 726 | 733 | |||||
Total Assets | 22,547 | 19,194 | 20,361 | |||||
Current Liabilities: | ||||||||
Short-term debt | 6 | 43 | 65 | |||||
Merchandise accounts payable | 3,427 | 1,655 | 3,381 | |||||
Accounts payable and accrued liabilities | 3,046 | 3,366 | 2,998 | |||||
Income taxes | 0 | 168 | 0 | |||||
Total Current Liabilities | 6,479 | 5,232 | 6,444 | |||||
Long-Term Debt | 4,677 | 4,708 | 5,469 | |||||
Long-Term Lease Liabilities | 2,819 | 0 | 0 | |||||
Deferred Income Taxes | 1,200 | 1,238 | 1,185 | |||||
Other Liabilities | 1,315 | 1,580 | 1,618 | |||||
Shareholders' Equity, Macy's, Inc. | 6,057 | 6,436 | 5,667 | |||||
Shareholders' Equity, noncontrolling interest | 0 | 0 | (22) | |||||
Total Shareholders’ Equity | 6,057 | $ 6,315 | $ 6,323 | 6,436 | 5,645 | $ 5,894 | $ 5,801 | $ 5,733 |
Total Liabilities and Shareholders' Equity | $ 22,547 | $ 19,194 | $ 20,361 |
Consolidated Balance Sheets (pa
Consolidated Balance Sheets (parenthetical) - USD ($) $ in Millions | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
Accumulated depreciation and amortization | $ 4,926 | $ 4,495 | $ 5,084 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity Statement - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Equity [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] |
Beginning balance at Feb. 03, 2018 | $ 5,733 | $ 3 | $ 676 | $ 7,246 | $ (1,456) | $ (724) | $ 5,745 | $ (12) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 131 | 139 | 139 | (8) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 7 | 7 | 7 | |||||
Common stock dividends | (116) | (116) | (116) | |||||
Stock-based compensation expense | 17 | 17 | 17 | |||||
Stock issued under stock plans | 29 | (51) | 80 | 29 | ||||
Stranded tax costs | 0 | 164 | (164) | 0 | ||||
Ending balance at May. 05, 2018 | 5,801 | 3 | 642 | 7,433 | (1,376) | (881) | 5,821 | (20) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 164 | 166 | 166 | (2) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 20 | 20 | 20 | |||||
Common stock dividends | (116) | (116) | (116) | |||||
Stock-based compensation expense | 15 | 15 | 15 | |||||
Stock issued under stock plans | 10 | (21) | 31 | 10 | ||||
Ending balance at Aug. 04, 2018 | 5,894 | 3 | 636 | 7,483 | (1,345) | (861) | 5,916 | (22) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 62 | 62 | 62 | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (99) | (99) | (99) | |||||
Common stock dividends | (235) | (235) | (235) | |||||
Stock-based compensation expense | 16 | 16 | 16 | |||||
Stock issued under stock plans | 7 | (6) | 13 | 7 | ||||
Ending balance at Nov. 03, 2018 | 5,645 | 3 | 646 | 7,310 | (1,332) | (960) | $ 5,667 | $ (22) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (158) | (158) | ||||||
Beginning balance at Feb. 02, 2019 | 6,436 | 3 | 652 | 8,050 | (1,318) | (951) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 136 | 136 | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 6 | 6 | ||||||
Common stock dividends | (117) | (117) | ||||||
Stock-based compensation expense | 14 | 14 | ||||||
Stock issued under stock plans | 6 | (60) | 66 | |||||
Ending balance at May. 04, 2019 | 6,323 | 3 | 606 | 7,911 | (1,252) | (945) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 86 | 86 | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 5 | 5 | ||||||
Common stock dividends | (117) | (117) | ||||||
Stock-based compensation expense | 14 | 14 | ||||||
Stock issued under stock plans | 1 | (3) | 4 | |||||
Stockholders' Equity, Other | 3 | 3 | ||||||
Ending balance at Aug. 03, 2019 | 6,315 | 3 | 617 | 7,883 | (1,248) | (940) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 2 | 2 | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (37) | (37) | ||||||
Common stock dividends | (236) | (236) | ||||||
Stock-based compensation expense | 12 | 12 | ||||||
Stock issued under stock plans | 1 | (3) | 4 | |||||
Ending balance at Nov. 02, 2019 | $ 6,057 | $ 3 | $ 626 | $ 7,649 | $ (1,244) | $ (977) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity Parenthetical - $ / shares | 3 Months Ended | |||||
Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | |
Statement of Stockholders' Equity - Parenthetical [Abstract] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.7550 | $ 0.3775 | $ 0.3775 | $ 0.7550 | $ 0.3775 | $ 0.3775 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 224 | $ 358 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Impairment, restructuring and other costs | 16 | 39 |
Settlement charges | 12 | 73 |
Depreciation and amortization | 725 | 718 |
Stock-based compensation expense | 40 | 48 |
Gains on sale of real estate | (67) | (111) |
Benefit plans | 23 | 25 |
Deferred Income Taxes | 25 | 62 |
Amortization of financing costs and premium on acquired debt | 1 | (5) |
Changes in assets and liabilities: | ||
Decrease in receivables | 224 | 163 |
Increase in merchandise inventories | (1,993) | (1,969) |
Decrease in prepaid expenses and other current assets | 13 | 16 |
Increase in merchandise accounts payable | 1,648 | 1,664 |
Decrease in accounts payable and accrued liabilities | (470) | (221) |
Decrease in current income taxes | (168) | (301) |
Change in other assets and liabilities | (81) | (130) |
Net cash provided by operating activities | 172 | 429 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (623) | (468) |
Capitalized software | (189) | (209) |
Disposition of property and equipment | 73 | 121 |
Other, net | 10 | 7 |
Net cash used by investing activities | (729) | (549) |
Cash flows from financing activities: | ||
Debt Issuance Costs | (3) | 0 |
Debt repaid | (42) | (361) |
Dividends paid | (349) | (347) |
Increase in outstanding checks | 49 | 44 |
Acquisition of treasury stock | (1) | 0 |
Issuance of common stock | 6 | 41 |
Proceeds from noncontrolling interest | 0 | 7 |
Net cash used by financing activities | (340) | (616) |
Net decrease in cash, cash equivalents and restricted cash | (897) | (736) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 1,248 | 1,513 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 351 | 777 |
Supplemental cash flow information: | ||
Interest paid | 152 | 213 |
Interest received | 16 | 17 |
Income taxes paid (net of refunds received) | $ 199 | $ 335 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows - Restricted Cash Parenthetical - USD ($) $ in Millions | Nov. 02, 2019 | Nov. 03, 2018 |
Statement of Cash Flows - Restricted Cash [Abstract] | ||
Restricted Cash and Cash Equivalents | $ 50 | $ 41 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Nov. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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, websites and mobile applications under three brands (Macy's, Bloomingdale's and bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Guam and Puerto Rico. As of November 2, 2019 , the Company's operations were conducted through Macy's, Bloomingdale's, Bloomingdale's The Outlet, Macy's Backstage and bluemercury. Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC. A description of the Company's significant accounting policies is included in the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 2019 (the "2018 10-K"). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2018 10-K. Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") 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. The Consolidated Financial Statements for the 13 and 39 weeks ended November 2, 2019 and November 3, 2018 , in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company. Seasonality Because of the seasonal nature of the retail business, the results of operations for the 13 and 39 weeks ended November 2, 2019 and November 3, 2018 (which do not include the Christmas season) are not necessarily indicative of such results for the full fiscal year. Reclassifications Certain reclassifications were made to prior years’ amounts to conform to the classifications of such amounts in the most recent years. Comprehensive Income Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income. For the Company, the only other components of total comprehensive income for the 13 and 39 weeks ended November 2, 2019 and November 3, 2018 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of income before income taxes in the Consolidated Statements of Income. Amortization reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income) and are included in benefit plan income, net on the Consolidated Statements of Income. See Note 6, "Benefit Plans," for further information. Newly Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended, which requires lessees to recognize substantially all leases on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a right of use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard was adopted by the Company on February 3, 2019 utilizing a modified retrospective approach that allowed for transition in the period of adoption. The Company adopted the package of practical expedients available at transition that retained the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. Contracts entered into prior to adoption were not reassessed for leases or embedded leases. Upon adoption, the Company used hindsight in determining lease term and impairment. For lease and non-lease components, the Company has elected to account for both as a single lease component. Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of $2,519 million and $2,728 million , respectively, as of February 3, 2019. The difference of $209 million between the additional net lease assets and lease liabilities, net of the deferred tax impact of $54 million , was recorded as an adjustment to retained earnings. Prepaid rent, intangible lease assets, finance lease assets, and accrued and deferred rent as of February 3, 2019 were recorded as part of the ROU asset. Finance lease obligations as of February 3, 2019 were recorded as part of the lease liabilities. The standard did not materially impact the Company's consolidated net income and had no impact on cash flows. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Nov. 02, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Attributable to Macy's, Inc. Shareholders The following tables set forth the computation of basic and diluted earnings per share attributable to Macy's, Inc. shareholders: 13 Weeks Ended November 2, 2019 November 3, 2018 Net Shares Net Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and $ 2 308.9 $ 62 307.2 Shares to be issued under deferred 1.0 0.9 $ 2 309.9 $ 62 308.1 Basic earnings per share attributable to $ 0.01 $ 0.20 Effect of dilutive securities: Stock options and restricted stock units 1.1 4.1 $ 2 311.0 $ 62 312.2 Diluted earnings per share attributable to $ 0.01 $ 0.20 39 Weeks Ended November 2, 2019 November 3, 2018 Net Shares Net Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and $ 224 308.7 $ 368 306.6 Shares to be issued under deferred 0.9 0.9 $ 224 309.6 $ 368 307.5 Basic earnings per share attributable to $ 0.72 $ 1.20 Effect of dilutive securities: Stock options and restricted stock units 1.7 3.7 $ 224 311.3 $ 368 311.2 Diluted earnings per share attributable to $ 0.72 $ 1.18 In addition to the stock options and restricted stock units reflected in the foregoing tables, stock options to purchase 19.4 million shares of common stock and restricted stock units relating to 1.9 million shares of common stock were outstanding at November 2, 2019 , but were not included in the computation of diluted earnings per share because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. In addition to the stock options and restricted stock units reflected in the foregoing tables, stock options to purchase 12.7 million shares of common stock and restricted stock units relating to 1.4 million shares of common stock were outstanding at November 3, 2018 , but were not included in the computation of diluted earnings per share because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. |
Revenue
Revenue | 9 Months Ended |
Nov. 02, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Net sales Revenue is recognized when customers obtain control of goods and services promised by the Company. The amount of revenue recognized is based on the amount that reflects the consideration that is expected to be received in exchange for those respective goods and services. The Company's revenue generating activities include the following: Retail Sales Retail sales include merchandise sales, inclusive of delivery income, licensed department income, 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 shipment to the customer and are reported net of estimated merchandise returns and certain customer incentives. Commissions earned on sales generated by licensed departments are included as a component of total net sales and are recognized as revenue at the time merchandise is sold to customers. Service revenues (e.g., alteration and cosmetic services) are recorded at the time the customer receives the benefit of the service. The Company has elected to present sales taxes on a net basis and, as such, sales taxes are included in accounts payable and accrued liabilities until remitted to the taxing authorities. For the 13 and 39 weeks ended November 2, 2019 , Macy's accounted for 87% and 88% of the Company's net sales, respectively. For each of the 13 and 39 weeks ended November 3, 2018 , Macy's accounted for 88% of the Company's net sales. Disaggregation of the Company's net sales by family of business for the 13 and 39 weeks ended November 2, 2019 and November 3, 2018 were as follows: 13 Weeks Ended 39 Weeks Ended Net sales by family of business November 2, 2019 November 3, 2018 November 2, 2019 November 3, 2018 (millions) Women's Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 1,960 $ 2,008 $ 6,152 $ 6,188 Women's Apparel 1,197 1,268 3,779 3,940 Men's and Kids' 1,195 1,244 3,663 3,692 Home/Other (a) 821 884 2,629 2,696 Total $ 5,173 $ 5,404 $ 16,223 $ 16,516 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments, certain loyalty program income and breakage income from unredeemed gift cards. Merchandise Returns The Company estimates merchandise returns using historical data and recognizes an allowance that reduces net sales and cost of sales. The liability for merchandise returns is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $245 million , $269 million and $265 million as of November 2, 2019 , February 2, 2019 and November 3, 2018 , respectively. Included in prepaid expenses and other current assets is an asset totaling $164 million , $188 million and $180 million as of November 2, 2019 , February 2, 2019 and November 3, 2018 , respectively, for the recoverable cost of merchandise estimated to be returned by customers. Gift Cards and Customer Loyalty Programs The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold or issued, 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 revenue from unredeemed gift cards (breakage) in net sales on a pro-rata basis 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. The Company maintains customer loyalty programs in which customers earn points based on their purchases. Under the Macy’s brand, points are earned based on customers’ spending on Macy’s private label and co-branded credit cards as well as non-proprietary cards during certain tender-neutral promotional events. Under the Bloomingdale’s brand, the Company offers a tender-neutral points-based program. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales at the time of the initial transaction and as tender when the points are subsequently redeemed by a customer. The liability for unredeemed gift cards and customer loyalty programs is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $705 million , $856 million and $723 million as of November 2, 2019 , February 2, 2019 and November 3, 2018 , respectively. Credit Card Revenues, net |
Leases
Leases | 9 Months Ended |
Nov. 02, 2019 | |
Leases [Abstract] | |
Lessee, Operating and Financing Leases [Text Block] | Leases 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, insurance and other similar 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 a significant number of years and provide for rental rates that increase or decrease over time. L ease terms include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods, termination options and purchase options. Operating lease liabilities are recognized at the lease commencement date based on the present value of the fixed lease payments using the Company's incremental borrowing rates for its population of leases. Related operating ROU assets are recognized based on the initial present value of the fixed lease payments, reduced by contributions from landlords, plus any prepaid rent and direct costs from executing the leases. ROU assets are tested for impairment in the same manner as long-lived assets. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease payments are recognized as lease expense as they are incurred. Certain of the Company's 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. ROU assets and lease liabilities consist of: November 2, 2019 Classification (millions) Assets Finance lease assets (a) Right of Use Assets $ 11 Operating lease assets (b) Right of Use Assets 2,585 Total lease assets $ 2,596 Liabilities Current Finance Accounts payable and accrued liabilities $ 1 Operating (b) Accounts payable and accrued liabilities 313 Noncurrent Finance Long-Term Lease Liabilities 24 Operating (b) Long-Term Lease Liabilities 2,795 Total lease liabilities $ 3,133 (a) Finance lease assets are recorded net of accumulated amortization of $12 million as of November 2, 2019 . (b) As of November 2, 2019 , operating lease assets included $394 million of non-lease components and current and noncurrent lease liabilities included $34 million and $367 million , respectively, of non-lease components. The components of net lease expense are disclosed below. For the 13 and 39 weeks ended November 2, 2019 , expense related to non-lease components was $20 million and $61 million , respectively, and variable lease expense was $3 million and $10 million , respectively. 13 Weeks Ended 39 Weeks Ended November 2, 2019 November 2, 2019 Classification (millions) Operating lease expense (c) Selling, general and administrative expenses $ 106 $ 319 Sublease income Selling, general and administrative expenses (1 ) (2 ) Net lease expense $ 105 $ 317 (c) Certain supply chain operating lease expense amounts are included in cost of sales. As of November 2, 2019 , the maturity of lease liabilities is as follows: Finance Leases (d) Operating Leases (e and f) Total (millions) Fiscal year 2019 $ 1 $ 90 $ 91 2020 3 334 337 2021 3 335 338 2022 3 313 316 2023 3 308 311 After 2023 31 5,384 5,415 Total undiscounted lease payments 44 6,764 6,808 Less amount representing interest 19 3,656 3,675 Total lease liabilities $ 25 $ 3,108 $ 3,133 (d) Finance lease payments include $12 million related to options to extend lease terms that are reasonably certain of being exercised. (e) Operating lease payments include $3,272 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $965 million of legally binding minimum lease payments for leases signed but not yet commenced. (f) Operating lease payments include $1,159 million related to non-lease component payments, with $ 841 million related to options to extend lease terms that are reasonably certain of being exercised. Additional supplemental information regarding assumptions and cash flows for operating and finance leases is as follows: November 2, 2019 Lease Term and Discount Rate (millions) Weighted-average remaining lease term (years) Finance leases 17.9 Operating leases 23.6 Weighted-average discount rate Finance leases 6.64 % Operating leases 6.70 % 39 Weeks Ended November 2, 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used from operating leases $ 272 Financing cash flows used from financing leases 2 Leased assets obtained in exchange for new operating lease liabilities 48 As of February 2, 2019, as disclosed in the 2018 10-K, minimum rental commitments for noncancellable leases, including executed leases not yet commenced, were as follows: Capitalized Leases (g) Operating Leases Total (millions) Fiscal year 2019 $ 3 $ 325 $ 328 2020 3 315 318 2021 3 309 312 2022 3 283 286 2023 3 264 267 After 2023 31 2,758 2,789 Total minimum lease payments 46 $ 4,254 $ 4,300 Less amount representing interest 20 Present value of net minimum capitalized lease payments $ 26 (g) For purposes of the disclosure, capitalized lease is used interchangeably with finance lease. |
Financing Activities
Financing Activities | 9 Months Ended |
Nov. 02, 2019 | |
Debt Disclosure [Abstract] | |
Financing Activities | Financing Activities The following table shows the detail of debt repayments: 39 Weeks Ended November 2, 2019 November 3, 2018 (millions) 6.9% Senior debentures due 2029 $ — $ 90 4.5% Senior notes due 2034 — 80 6.7% Senior notes due 2028 — 60 6.375% Senior notes due 2037 — 43 6.7% Senior debentures due 2034 — 28 7.0% Senior debentures due 2028 — 27 6.65% Senior debentures due 2024 — 11 6.9% Senior debentures due 2032 — 5 8.5% Senior debentures due 2019 36 — 9.5% Amortizing debentures due 2021 4 4 9.75% Amortizing debentures due 2021 2 2 Capital leases and other obligations — 1 $ 42 $ 351 During the 39 weeks ended November 3, 2018, the Company repurchased $344 million face value of senior notes and debentures. The debt repurchases were made in the open market for a total cost of $354 million , including expenses related to the transactions. Such repurchases resulted in the recognition of expense of $5 million during the 39 weeks ended November 3, 2018 presented as losses on early retirement of debt on the Consolidated Statements of Income. On May 9, 2019, the Company entered into a new credit agreement with certain financial institutions that replaced the previous credit agreement which was set to expire on May 6, 2021. Similar to the previous agreement, the new credit agreement provides 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). The new credit agreement is scheduled to expire on May 9, 2024, subject to up to two one-year extensions that may be requested by the Company and agreed to by the lenders. On December 3, 2019, the Company commenced a cash tender offer (the "tender offer") to purchase up to $450 million in aggregate principal amount of certain unsecured notes and debentures, with stated interest rates from 2.875% to 7.00% and maturities ranging from fiscal years 2021 to 2043. The tender offer expires on December 31, 2019, with an early tender date on December 16, 2019. |
Benefit Plans
Benefit Plans | 9 Months Ended |
Nov. 02, 2019 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Benefit Plans | Benefit 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 are provided through defined contribution plans. In addition, certain retired employees currently are provided with specified health care and life insurance benefits ("Postretirement Obligations"). Eligibility requirements for such benefits vary, 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 defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows: 13 Weeks Ended 39 Weeks Ended November 2, 2019 November 3, 2018 November 2, 2019 November 3, 2018 (millions) (millions) 401(k) Qualified Defined Contribution Plan $ 25 $ 24 $ 74 $ 71 Non-Qualified Defined Contribution Plan $ — $ — $ 2 $ 1 Pension Plan Service cost $ 2 $ 1 $ 4 $ 4 Interest cost 26 28 78 81 Expected return on assets (48 ) (51 ) (144 ) (157 ) Recognition of net actuarial loss 7 7 21 23 Amortization of prior service credit — — — — $ (13 ) $ (15 ) $ (41 ) $ (49 ) Supplementary Retirement Plan Service cost $ — $ — $ — $ — Interest cost 5 6 17 17 Recognition of net actuarial loss 2 2 6 6 Amortization of prior service cost — — — — $ 7 $ 8 $ 23 $ 23 Total Retirement Expense $ 19 $ 17 $ 58 $ 46 Postretirement Obligations Service cost $ — $ — $ — $ — Interest cost 1 1 3 3 Recognition of net actuarial gain (1 ) (2 ) (4 ) (4 ) Amortization of prior service credit — — — — $ — $ (1 ) $ (1 ) $ (1 ) In connection with the Company's defined benefit plans, for the 13 and 39 weeks ended November 2, 2019, the Company incurred a non-cash settlement charge of $12 million and for the 13 and 39 weeks ended November 3, 2018 , the Company incurred non-cash settlement charges of $23 million and $73 million , respectively. These charges relate to the pro-rata recognition of net actuarial losses associated with the Company's defined benefit plans and are the result of an increase in lump sum distributions associated with retiree distribution elections and restructuring activity. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Nov. 02, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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: Level 1: Quoted prices in active markets for identical assets Level 2: Significant observable inputs for the assets Level 3: Significant unobservable inputs for the assets November 2, 2019 November 3, 2018 Fair Value Measurements Fair Value Measurements Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (millions) Marketable equity and debt securities $ 92 $ 33 $ 59 $ — $ 96 $ 26 $ 70 $ — Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, certain short-term investments and other assets, 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 of these financial instruments 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, excluding capital leases and other obligations: November 2, 2019 November 3, 2018 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 4,664 $ 4,677 $ 4,716 $ 5,420 $ 5,444 $ 5,170 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Nov. 02, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Certain debt obligations of the Company, which constitute debt obligations of Macy's Retail Holdings, Inc. ("Subsidiary Issuer"), a 100%-owned subsidiary of Macy's, Inc. ("Parent"), are fully and unconditionally guaranteed by Parent. In the following condensed consolidating financial statements, "Other Subsidiaries" includes all other direct subsidiaries of Parent, including Bluemercury, Inc., FDS Bank, 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, Macy's Merchandising Group International (Hong Kong) Limited, and Macy's China 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 Statements of Comprehensive Income for the 13 and 39 weeks ended November 2, 2019 and November 3, 2018 , Condensed Consolidating Balance Sheets as of November 2, 2019 , November 3, 2018 and February 2, 2019 , and the related Condensed Consolidating Statements of Cash Flows for the 39 weeks ended November 2, 2019 and November 3, 2018 are presented on the following pages. Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended November 2, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,044 $ 5,245 $ (2,116 ) $ 5,173 Credit card revenues (expense), net — (2 ) 185 — 183 Cost of sales — (1,230 ) (3,992 ) 2,116 (3,106 ) Selling, general and administrative expenses — (870 ) (1,332 ) — (2,202 ) Gains on sale of real estate — 8 9 — 17 Restructuring and other costs — (1 ) (12 ) — (13 ) Operating income (loss) — (51 ) 103 — 52 Benefit plan income, net — 3 5 — 8 Settlement charges — — (12 ) — (12 ) Interest (expense) income, net: External 3 (52 ) 1 — (48 ) Intercompany — (18 ) 18 — — Equity in loss of subsidiaries (3 ) (125 ) — 128 — Income (loss) before income taxes — (243 ) 115 128 — Federal, state and local income 2 30 (30 ) — 2 Net income (loss) 2 (213 ) 85 128 2 Net loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to $ 2 $ (213 ) $ 85 $ 128 $ 2 Comprehensive income (loss) $ (35 ) $ (249 ) $ 65 $ 184 $ (35 ) Comprehensive loss attributable to — — — — — Comprehensive income (loss) attributable to $ (35 ) $ (249 ) $ 65 $ 184 $ (35 ) Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended November 3, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,030 $ 6,185 $ (2,811 ) $ 5,404 Credit card revenues, net — — 185 — 185 Cost of sales — (1,266 ) (4,771 ) 2,811 (3,226 ) Selling, general and administrative expenses — (883 ) (1,372 ) — (2,255 ) Gains on sale of real estate — 41 1 — 42 Restructuring and other costs — — (3 ) — (3 ) Operating income (loss) — (78 ) 225 — 147 Benefit plan income, net — 3 6 — 9 Settlement charges — (8 ) (15 ) — (23 ) Interest (expense) income, net: External 4 (64 ) 1 — (59 ) Intercompany — (18 ) 18 — — Equity in earnings (loss) of subsidiaries 59 (58 ) — (1 ) — Income (loss) before income taxes 63 (223 ) 235 (1 ) 74 Federal, state and local income (1 ) 57 (68 ) — (12 ) Net income (loss) 62 (166 ) 167 (1 ) 62 Net loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to $ 62 $ (166 ) $ 167 $ (1 ) $ 62 Comprehensive income (loss) $ (37 ) $ (257 ) $ 106 $ 151 $ (37 ) Comprehensive loss attributable to — — — — — Comprehensive income (loss) attributable to $ (37 ) $ (257 ) $ 106 $ 151 $ (37 ) Condensed Consolidating Statement of Comprehensive Income For the 39 Weeks Ended November 2, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 6,418 $ 14,428 $ (4,623 ) $ 16,223 Credit card revenues (expense), net — (8 ) 539 — 531 Cost of sales — (3,913 ) (10,615 ) 4,623 (9,905 ) Selling, general and administrative expenses 1 (2,544 ) (3,946 ) — (6,489 ) Gains on sale of real estate — 32 35 — 67 Impairment, restructuring and other costs — (1 ) (15 ) — (16 ) Operating income (loss) 1 (16 ) 426 — 411 Benefit plan income, net — 9 14 — 23 Settlement charges — — (12 ) — (12 ) Interest (expense) income, net: External 11 (157 ) 3 — (143 ) Intercompany — (55 ) 55 — — Equity in earnings (loss) of subsidiaries 212 (264 ) — 52 — Income (loss) before income taxes 224 (483 ) 486 52 279 Federal, state and local income — 61 (116 ) — (55 ) Net income (loss) 224 (422 ) 370 52 224 Net loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to $ 224 $ (422 ) $ 370 $ 52 $ 224 Comprehensive income (loss) $ 198 $ (448 ) $ 358 $ 90 $ 198 Comprehensive loss attributable to — — — — — Comprehensive income (loss) attributable to $ 198 $ (448 ) $ 358 $ 90 $ 198 Condensed Consolidating Statement of Comprehensive Income For the 39 Weeks Ended November 3, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 6,110 $ 16,462 $ (6,056 ) $ 16,516 Credit card revenues (expense), net — (3 ) 531 — 528 Cost of sales — (3,857 ) (12,126 ) 6,056 (9,927 ) Selling, general and administrative expenses — (2,522 ) (3,979 ) — (6,501 ) Gains on sale of real estate — 83 28 — 111 Impairment, restructuring and other costs — — (39 ) — (39 ) Operating income (loss) — (189 ) 877 — 688 Benefit plan income, net — 12 19 — 31 Settlement charges (5 ) (24 ) (44 ) — (73 ) Interest (expense) income, net: External 13 (203 ) 3 — (187 ) Intercompany — (54 ) 54 — — Losses on early retirement of debt — (5 ) — — (5 ) Equity in earnings of subsidiaries 362 51 — (413 ) — Income (loss) before income taxes 370 (412 ) 909 (413 ) 454 Federal, state and local income (2 ) 123 (217 ) — (96 ) Net income (loss) 368 (289 ) 692 (413 ) 358 Net loss attributable to noncontrolling interest — — 10 — 10 Net income (loss) attributable to $ 368 $ (289 ) $ 702 $ (413 ) $ 368 Comprehensive income (loss) $ 296 $ (357 ) $ 646 $ (299 ) $ 286 Comprehensive loss attributable to — — 10 — 10 Comprehensive income (loss) attributable to $ 296 $ (357 ) $ 656 $ (299 ) $ 296 Condensed Consolidating Balance Sheet As of November 2, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 42 $ 73 $ 186 $ — $ 301 Receivables — 30 145 — 175 Merchandise inventories — 3,145 4,111 — 7,256 Income taxes 96 — — (95 ) 1 Prepaid expenses and other current assets — 126 442 — 568 Total Current Assets 138 3,374 4,884 (95 ) 8,301 Property and Equipment – net — 3,174 3,384 — 6,558 Right of Use Assets — 653 1,943 — 2,596 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 5 435 — 440 Other Assets — 49 695 — 744 Deferred Income Taxes 9 — — (9 ) — Intercompany Receivable 2,923 — 454 (3,377 ) — Investment in Subsidiaries 3,231 2,812 — (6,043 ) — Total Assets $ 6,301 $ 13,393 $ 12,377 $ (9,524 ) $ 22,547 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 6 $ — $ — $ 6 Merchandise accounts payable — 1,521 1,906 — 3,427 Accounts payable and accrued liabilities 216 835 1,995 — 3,046 Income taxes — 51 44 (95 ) — Total Current Liabilities 216 2,413 3,945 (95 ) 6,479 Long-Term Debt — 4,677 — 4,677 Long-Term Lease Liabilities — 589 2,230 — 2,819 Intercompany Payable — 3,377 — (3,377 ) — Deferred Income Taxes — 654 555 (9 ) 1,200 Other Liabilities 28 377 910 — 1,315 Shareholders' Equity: Macy's, Inc. 6,057 1,306 4,737 (6,043 ) 6,057 Noncontrolling Interest — — — — — Total Shareholders' Equity 6,057 1,306 4,737 (6,043 ) 6,057 Total Liabilities and Shareholders' Equity $ 6,301 $ 13,393 $ 12,377 $ (9,524 ) $ 22,547 Condensed Consolidating Balance Sheet As of November 3, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 426 $ 74 $ 236 $ — $ 736 Receivables 1 25 154 — 180 Merchandise inventories — 3,112 4,035 — 7,147 Income taxes 81 — — (71 ) 10 Prepaid expenses and other current assets — 139 455 — 594 Total Current Assets 508 3,350 4,880 (71 ) 8,667 Property and Equipment – net — 3,244 3,328 — 6,572 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 40 441 — 481 Other Assets — 39 694 — 733 Deferred Income Taxes 11 — — (11 ) — Intercompany Receivable 1,725 — 882 (2,607 ) — Investment in Subsidiaries 3,639 3,028 — (6,667 ) — Total Assets $ 5,883 $ 13,027 $ 10,807 $ (9,356 ) $ 20,361 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 42 $ 23 $ — $ 65 Merchandise accounts payable — 1,515 1,866 — 3,381 Accounts payable and accrued liabilities 192 874 1,932 — 2,998 Income taxes — 40 31 (71 ) — Total Current Liabilities 192 2,471 3,852 (71 ) 6,444 Long-Term Debt — 5,453 16 — 5,469 Intercompany Payable — 2,607 — (2,607 ) — Deferred Income Taxes — 619 577 (11 ) 1,185 Other Liabilities 24 431 1,163 — 1,618 Shareholders' Equity: Macy's, Inc. 5,667 1,446 5,221 (6,667 ) 5,667 Noncontrolling Interest — — (22 ) — (22 ) Total Shareholders' Equity 5,667 1,446 5,199 (6,667 ) 5,645 Total Liabilities and Shareholders' Equity $ 5,883 $ 13,027 $ 10,807 $ (9,356 ) $ 20,361 Condensed Consolidating Balance Sheet As of February 2, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 889 $ 59 $ 214 $ — $ 1,162 Receivables — 68 332 — 400 Merchandise inventories — 2,342 2,921 — 5,263 Prepaid expenses and other current assets — 143 477 — 620 Total Current Assets 889 2,612 3,944 — 7,445 Property and Equipment – net — 3,287 3,350 — 6,637 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 38 440 — 478 Other Assets — 41 685 — 726 Deferred Income Taxes 12 — — (12 ) — Intercompany Receivable 1,713 — 1,390 (3,103 ) — Investment in Subsidiaries 4,030 3,119 — (7,149 ) — Total Assets $ 6,644 $ 12,423 $ 10,391 $ (10,264 ) $ 19,194 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 42 $ 1 $ — $ 43 Merchandise accounts payable — 713 942 — 1,655 Accounts payable and accrued liabilities 170 950 2,246 — 3,366 Income taxes 14 52 102 — 168 Total Current Liabilities 184 1,757 3,291 — 5,232 Long-Term Debt — 4,692 16 — 4,708 Intercompany Payable — 3,103 — (3,103 ) — Deferred Income Taxes — 679 571 (12 ) 1,238 Other Liabilities 24 406 1,150 — 1,580 Shareholders' Equity: Macy's, Inc. 6,436 1,786 5,363 (7,149 ) 6,436 Noncontrolling Interest — — — — — Total Shareholders' Equity 6,436 1,786 5,363 (7,149 ) 6,436 Total Liabilities and Shareholders' Equity $ 6,644 $ 12,423 $ 10,391 $ (10,264 ) $ 19,194 Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended November 2, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 224 $ (422 ) $ 370 $ 52 $ 224 Impairment, restructuring and other costs — 1 15 — 16 Settlement charges — — 12 — 12 Equity in loss (earnings) of subsidiaries (212 ) 264 — (52 ) — Dividends received from subsidiaries 819 — — (819 ) — Depreciation and amortization — 251 474 — 725 Gains on sale of real estate — (32 ) (35 ) — (67 ) Changes in assets, liabilities and other items not separately identified (99 ) (139 ) (500 ) — (738 ) Net cash provided (used) by operating activities 732 (77 ) 336 (819 ) 172 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net of dispositions — (179 ) (560 ) — (739 ) Other, net — (2 ) 12 — 10 Net cash used by investing activities — (181 ) (548 ) — (729 ) Cash flows from financing activities: Debt repaid, including debt issuance costs — (45 ) — — (45 ) Dividends paid (349 ) — (819 ) 819 (349 ) Issuance of common stock, net of common stock acquired 5 — — — 5 Intercompany activity, net (1,161 ) 239 922 — — Other, net (74 ) 73 50 — 49 Net cash provided (used) by financing activities (1,579 ) 267 153 819 (340 ) Net increase (decrease) in cash, cash equivalents and restricted cash (847 ) 9 (59 ) — (897 ) Cash, cash equivalents and restricted cash at beginning of period 889 64 295 — 1,248 Cash, cash equivalents and restricted cash at end of period $ 42 $ 73 $ 236 $ — $ 351 Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended November 3, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 368 $ (289 ) $ 692 $ (413 ) $ 358 Impairment, restructuring and other costs — — 39 — 39 Settlement charges 5 24 44 — 73 Equity in earnings of subsidiaries (362 ) (51 ) — 413 — Dividends received from subsidiaries 689 — — (689 ) — Depreciation and amortization — 250 468 — 718 Gains on sale of real estate — (83 ) (28 ) — (111 ) Changes in assets, liabilities and other items not separately identified (191 ) 115 (571 ) (1 ) (648 ) Net cash provided (used) by operating activities 509 (34 ) 644 (690 ) 429 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net of dispositions — (98 ) (458 ) — (556 ) Other, net — (15 ) (29 ) 51 7 Net cash used by investing activities — (113 ) (487 ) 51 (549 ) Cash flows from financing activities: Debt repaid — (310 ) (1 ) (50 ) (361 ) Dividends paid (347 ) — (689 ) 689 (347 ) Issuance of common stock 41 — — — 41 Proceeds from noncontrolling interest — — 7 — 7 Intercompany activity, net (803 ) 378 425 — — Other, net (83 ) 74 53 — 44 Net cash provided (used) by financing activities (1,192 ) 142 (205 ) 639 (616 ) Net decrease in cash, cash equivalents and restricted cash (683 ) (5 ) (48 ) — (736 ) Cash, cash equivalents and restricted cash at beginning of period 1,109 79 325 — 1,513 Cash, cash equivalents and restricted cash at end of period $ 426 $ 74 $ 277 $ — $ 777 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 9 Months Ended |
Nov. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operations | Nature of Operations Macy's, Inc. and subsidiaries (the "Company") is an omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Guam and Puerto Rico. As of November 2, 2019 , the Company's operations were conducted through Macy's, Bloomingdale's, Bloomingdale's The Outlet, Macy's Backstage and bluemercury. Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC. A description of the Company's significant accounting policies is included in the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 2019 (the "2018 10-K"). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2018 10-K. |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") 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. The Consolidated Financial Statements for the 13 and 39 weeks ended November 2, 2019 and November 3, 2018 , in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company. |
Reclassifications | Reclassifications Certain reclassifications were made to prior years’ amounts to conform to the classifications of such amounts in the most recent years. |
Comprehensive Income | Comprehensive Income Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income. For the Company, the only other components of total comprehensive income for the 13 and 39 weeks ended November 2, 2019 and November 3, 2018 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of income before income taxes in the Consolidated Statements of Income. Amortization reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income) and are included in benefit plan income, net on the Consolidated Statements of Income. See Note 6, "Benefit Plans," for further information. |
Newly Adopted Accounting Pronouncements | Newly Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended, which requires lessees to recognize substantially all leases on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a right of use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard was adopted by the Company on February 3, 2019 utilizing a modified retrospective approach that allowed for transition in the period of adoption. The Company adopted the package of practical expedients available at transition that retained the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. Contracts entered into prior to adoption were not reassessed for leases or embedded leases. Upon adoption, the Company used hindsight in determining lease term and impairment. For lease and non-lease components, the Company has elected to account for both as a single lease component. Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of $2,519 million and $2,728 million , respectively, as of February 3, 2019. The difference of $209 million between the additional net lease assets and lease liabilities, net of the deferred tax impact of $54 million , was recorded as an adjustment to retained earnings. Prepaid rent, intangible lease assets, finance lease assets, and accrued and deferred rent as of February 3, 2019 were recorded as part of the ROU asset. Finance lease obligations as of February 3, 2019 were recorded as part of the lease liabilities. The standard did not materially impact the Company's consolidated net income and had no impact on cash flows. |
Revenue Recognition (Policies)
Revenue Recognition (Policies) | 9 Months Ended |
Nov. 02, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Net sales Revenue is recognized when customers obtain control of goods and services promised by the Company. The amount of revenue recognized is based on the amount that reflects the consideration that is expected to be received in exchange for those respective goods and services. The Company's revenue generating activities include the following: Retail Sales Retail sales include merchandise sales, inclusive of delivery income, licensed department income, 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 shipment to the customer and are reported net of estimated merchandise returns and certain customer incentives. Commissions earned on sales generated by licensed departments are included as a component of total net sales and are recognized as revenue at the time merchandise is sold to customers. Service revenues (e.g., alteration and cosmetic services) are recorded at the time the customer receives the benefit of the service. The Company has elected to present sales taxes on a net basis and, as such, sales taxes are included in accounts payable and accrued liabilities until remitted to the taxing authorities. For the 13 and 39 weeks ended November 2, 2019 , Macy's accounted for 87% and 88% of the Company's net sales, respectively. For each of the 13 and 39 weeks ended November 3, 2018 , Macy's accounted for 88% of the Company's net sales. Disaggregation of the Company's net sales by family of business for the 13 and 39 weeks ended November 2, 2019 and November 3, 2018 were as follows: 13 Weeks Ended 39 Weeks Ended Net sales by family of business November 2, 2019 November 3, 2018 November 2, 2019 November 3, 2018 (millions) Women's Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 1,960 $ 2,008 $ 6,152 $ 6,188 Women's Apparel 1,197 1,268 3,779 3,940 Men's and Kids' 1,195 1,244 3,663 3,692 Home/Other (a) 821 884 2,629 2,696 Total $ 5,173 $ 5,404 $ 16,223 $ 16,516 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments, certain loyalty program income and breakage income from unredeemed gift cards. Merchandise Returns The Company estimates merchandise returns using historical data and recognizes an allowance that reduces net sales and cost of sales. The liability for merchandise returns is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $245 million , $269 million and $265 million as of November 2, 2019 , February 2, 2019 and November 3, 2018 , respectively. Included in prepaid expenses and other current assets is an asset totaling $164 million , $188 million and $180 million as of November 2, 2019 , February 2, 2019 and November 3, 2018 , respectively, for the recoverable cost of merchandise estimated to be returned by customers. Gift Cards and Customer Loyalty Programs The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold or issued, 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 revenue from unredeemed gift cards (breakage) in net sales on a pro-rata basis 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. The Company maintains customer loyalty programs in which customers earn points based on their purchases. Under the Macy’s brand, points are earned based on customers’ spending on Macy’s private label and co-branded credit cards as well as non-proprietary cards during certain tender-neutral promotional events. Under the Bloomingdale’s brand, the Company offers a tender-neutral points-based program. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales at the time of the initial transaction and as tender when the points are subsequently redeemed by a customer. The liability for unredeemed gift cards and customer loyalty programs is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $705 million , $856 million and $723 million as of November 2, 2019 , February 2, 2019 and November 3, 2018 , respectively. Credit Card Revenues, net |
Leases (Policies)
Leases (Policies) | 9 Months Ended |
Nov. 02, 2019 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | Leases 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, insurance and other similar 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 a significant number of years and provide for rental rates that increase or decrease over time. L ease terms include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods, termination options and purchase options. Operating lease liabilities are recognized at the lease commencement date based on the present value of the fixed lease payments using the Company's incremental borrowing rates for its population of leases. Related operating ROU assets are recognized based on the initial present value of the fixed lease payments, reduced by contributions from landlords, plus any prepaid rent and direct costs from executing the leases. ROU assets are tested for impairment in the same manner as long-lived assets. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease payments are recognized as lease expense as they are incurred. Certain of the Company's 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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following tables set forth the computation of basic and diluted earnings per share attributable to Macy's, Inc. shareholders: 13 Weeks Ended November 2, 2019 November 3, 2018 Net Shares Net Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and $ 2 308.9 $ 62 307.2 Shares to be issued under deferred 1.0 0.9 $ 2 309.9 $ 62 308.1 Basic earnings per share attributable to $ 0.01 $ 0.20 Effect of dilutive securities: Stock options and restricted stock units 1.1 4.1 $ 2 311.0 $ 62 312.2 Diluted earnings per share attributable to $ 0.01 $ 0.20 39 Weeks Ended November 2, 2019 November 3, 2018 Net Shares Net Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and $ 224 308.7 $ 368 306.6 Shares to be issued under deferred 0.9 0.9 $ 224 309.6 $ 368 307.5 Basic earnings per share attributable to $ 0.72 $ 1.20 Effect of dilutive securities: Stock options and restricted stock units 1.7 3.7 $ 224 311.3 $ 368 311.2 Diluted earnings per share attributable to $ 0.72 $ 1.18 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Sales from Merchandise Category [Table Text Block] | Disaggregation of the Company's net sales by family of business for the 13 and 39 weeks ended November 2, 2019 and November 3, 2018 were as follows: 13 Weeks Ended 39 Weeks Ended Net sales by family of business November 2, 2019 November 3, 2018 November 2, 2019 November 3, 2018 (millions) Women's Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 1,960 $ 2,008 $ 6,152 $ 6,188 Women's Apparel 1,197 1,268 3,779 3,940 Men's and Kids' 1,195 1,244 3,663 3,692 Home/Other (a) 821 884 2,629 2,696 Total $ 5,173 $ 5,404 $ 16,223 $ 16,516 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments, certain loyalty program income and breakage income from unredeemed gift cards. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Leases [Abstract] | |
Lessee Lease [Table Text Block] | ROU assets and lease liabilities consist of: November 2, 2019 Classification (millions) Assets Finance lease assets (a) Right of Use Assets $ 11 Operating lease assets (b) Right of Use Assets 2,585 Total lease assets $ 2,596 Liabilities Current Finance Accounts payable and accrued liabilities $ 1 Operating (b) Accounts payable and accrued liabilities 313 Noncurrent Finance Long-Term Lease Liabilities 24 Operating (b) Long-Term Lease Liabilities 2,795 Total lease liabilities $ 3,133 (a) Finance lease assets are recorded net of accumulated amortization of $12 million as of November 2, 2019 . |
Lease, Cost [Table Text Block] | The components of net lease expense are disclosed below. For the 13 and 39 weeks ended November 2, 2019 , expense related to non-lease components was $20 million and $61 million , respectively, and variable lease expense was $3 million and $10 million , respectively. 13 Weeks Ended 39 Weeks Ended November 2, 2019 November 2, 2019 Classification (millions) Operating lease expense (c) Selling, general and administrative expenses $ 106 $ 319 Sublease income Selling, general and administrative expenses (1 ) (2 ) Net lease expense $ 105 $ 317 (c) Certain supply chain operating lease expense amounts are included in cost of sales. |
Finance Lease, Liability, Maturity [Table Text Block] | As of November 2, 2019 , the maturity of lease liabilities is as follows: Finance Leases (d) Operating Leases (e and f) Total (millions) Fiscal year 2019 $ 1 $ 90 $ 91 2020 3 334 337 2021 3 335 338 2022 3 313 316 2023 3 308 311 After 2023 31 5,384 5,415 Total undiscounted lease payments 44 6,764 6,808 Less amount representing interest 19 3,656 3,675 Total lease liabilities $ 25 $ 3,108 $ 3,133 (d) Finance lease payments include $12 million related to options to extend lease terms that are reasonably certain of being exercised. (e) Operating lease payments include $3,272 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $965 million of legally binding minimum lease payments for leases signed but not yet commenced. (f) Operating lease payments include $1,159 million related to non-lease component payments, with $ 841 million related to options to extend lease terms that are reasonably certain of being exercised. |
Operating Lease Liability, Maturity [Table Text Block] | As of November 2, 2019 , the maturity of lease liabilities is as follows: Finance Leases (d) Operating Leases (e and f) Total (millions) Fiscal year 2019 $ 1 $ 90 $ 91 2020 3 334 337 2021 3 335 338 2022 3 313 316 2023 3 308 311 After 2023 31 5,384 5,415 Total undiscounted lease payments 44 6,764 6,808 Less amount representing interest 19 3,656 3,675 Total lease liabilities $ 25 $ 3,108 $ 3,133 (d) Finance lease payments include $12 million related to options to extend lease terms that are reasonably certain of being exercised. (e) Operating lease payments include $3,272 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $965 million of legally binding minimum lease payments for leases signed but not yet commenced. (f) Operating lease payments include $1,159 million related to non-lease component payments, with $ 841 million |
Schedule of Supplemental Information for Lease Assumptions and Cash Flows [Table Text Block] | Additional supplemental information regarding assumptions and cash flows for operating and finance leases is as follows: November 2, 2019 Lease Term and Discount Rate (millions) Weighted-average remaining lease term (years) Finance leases 17.9 Operating leases 23.6 Weighted-average discount rate Finance leases 6.64 % Operating leases 6.70 % 39 Weeks Ended November 2, 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used from operating leases $ 272 Financing cash flows used from financing leases 2 Leased assets obtained in exchange for new operating lease liabilities 48 |
Prior Period Disclosure: Schedule of Future Minimum Payments for Capital and Operating Leases [Table Text Block] | As of February 2, 2019, as disclosed in the 2018 10-K, minimum rental commitments for noncancellable leases, including executed leases not yet commenced, were as follows: Capitalized Leases (g) Operating Leases Total (millions) Fiscal year 2019 $ 3 $ 325 $ 328 2020 3 315 318 2021 3 309 312 2022 3 283 286 2023 3 264 267 After 2023 31 2,758 2,789 Total minimum lease payments 46 $ 4,254 $ 4,300 Less amount representing interest 20 Present value of net minimum capitalized lease payments $ 26 (g) For purposes of the disclosure, capitalized lease is used interchangeably with finance lease. |
Financing Activities (Tables)
Financing Activities (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Extinguishment of Debt [Line Items] | |
Detail of Debt Repayments | The following table shows the detail of debt repayments: 39 Weeks Ended November 2, 2019 November 3, 2018 (millions) 6.9% Senior debentures due 2029 $ — $ 90 4.5% Senior notes due 2034 — 80 6.7% Senior notes due 2028 — 60 6.375% Senior notes due 2037 — 43 6.7% Senior debentures due 2034 — 28 7.0% Senior debentures due 2028 — 27 6.65% Senior debentures due 2024 — 11 6.9% Senior debentures due 2032 — 5 8.5% Senior debentures due 2019 36 — 9.5% Amortizing debentures due 2021 4 4 9.75% Amortizing debentures due 2021 2 2 Capital leases and other obligations — 1 $ 42 $ 351 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Schedule of Costs of Retirement Plans | The defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows: 13 Weeks Ended 39 Weeks Ended November 2, 2019 November 3, 2018 November 2, 2019 November 3, 2018 (millions) (millions) 401(k) Qualified Defined Contribution Plan $ 25 $ 24 $ 74 $ 71 Non-Qualified Defined Contribution Plan $ — $ — $ 2 $ 1 Pension Plan Service cost $ 2 $ 1 $ 4 $ 4 Interest cost 26 28 78 81 Expected return on assets (48 ) (51 ) (144 ) (157 ) Recognition of net actuarial loss 7 7 21 23 Amortization of prior service credit — — — — $ (13 ) $ (15 ) $ (41 ) $ (49 ) Supplementary Retirement Plan Service cost $ — $ — $ — $ — Interest cost 5 6 17 17 Recognition of net actuarial loss 2 2 6 6 Amortization of prior service cost — — — — $ 7 $ 8 $ 23 $ 23 Total Retirement Expense $ 19 $ 17 $ 58 $ 46 Postretirement Obligations Service cost $ — $ — $ — $ — Interest cost 1 1 3 3 Recognition of net actuarial gain (1 ) (2 ) (4 ) (4 ) Amortization of prior service credit — — — — $ — $ (1 ) $ (1 ) $ (1 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value of 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: Level 1: Quoted prices in active markets for identical assets Level 2: Significant observable inputs for the assets Level 3: Significant unobservable inputs for the assets November 2, 2019 November 3, 2018 Fair Value Measurements Fair Value Measurements Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (millions) Marketable equity and debt securities $ 92 $ 33 $ 59 $ — $ 96 $ 26 $ 70 $ — |
Estimated Fair Values of Company's Long Term Debt | The following table shows the estimated fair value of the Company's long-term debt, excluding capital leases and other obligations: November 2, 2019 November 3, 2018 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 4,664 $ 4,677 $ 4,716 $ 5,420 $ 5,444 $ 5,170 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet As of November 2, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 42 $ 73 $ 186 $ — $ 301 Receivables — 30 145 — 175 Merchandise inventories — 3,145 4,111 — 7,256 Income taxes 96 — — (95 ) 1 Prepaid expenses and other current assets — 126 442 — 568 Total Current Assets 138 3,374 4,884 (95 ) 8,301 Property and Equipment – net — 3,174 3,384 — 6,558 Right of Use Assets — 653 1,943 — 2,596 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 5 435 — 440 Other Assets — 49 695 — 744 Deferred Income Taxes 9 — — (9 ) — Intercompany Receivable 2,923 — 454 (3,377 ) — Investment in Subsidiaries 3,231 2,812 — (6,043 ) — Total Assets $ 6,301 $ 13,393 $ 12,377 $ (9,524 ) $ 22,547 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 6 $ — $ — $ 6 Merchandise accounts payable — 1,521 1,906 — 3,427 Accounts payable and accrued liabilities 216 835 1,995 — 3,046 Income taxes — 51 44 (95 ) — Total Current Liabilities 216 2,413 3,945 (95 ) 6,479 Long-Term Debt — 4,677 — 4,677 Long-Term Lease Liabilities — 589 2,230 — 2,819 Intercompany Payable — 3,377 — (3,377 ) — Deferred Income Taxes — 654 555 (9 ) 1,200 Other Liabilities 28 377 910 — 1,315 Shareholders' Equity: Macy's, Inc. 6,057 1,306 4,737 (6,043 ) 6,057 Noncontrolling Interest — — — — — Total Shareholders' Equity 6,057 1,306 4,737 (6,043 ) 6,057 Total Liabilities and Shareholders' Equity $ 6,301 $ 13,393 $ 12,377 $ (9,524 ) $ 22,547 Condensed Consolidating Balance Sheet As of November 3, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 426 $ 74 $ 236 $ — $ 736 Receivables 1 25 154 — 180 Merchandise inventories — 3,112 4,035 — 7,147 Income taxes 81 — — (71 ) 10 Prepaid expenses and other current assets — 139 455 — 594 Total Current Assets 508 3,350 4,880 (71 ) 8,667 Property and Equipment – net — 3,244 3,328 — 6,572 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 40 441 — 481 Other Assets — 39 694 — 733 Deferred Income Taxes 11 — — (11 ) — Intercompany Receivable 1,725 — 882 (2,607 ) — Investment in Subsidiaries 3,639 3,028 — (6,667 ) — Total Assets $ 5,883 $ 13,027 $ 10,807 $ (9,356 ) $ 20,361 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 42 $ 23 $ — $ 65 Merchandise accounts payable — 1,515 1,866 — 3,381 Accounts payable and accrued liabilities 192 874 1,932 — 2,998 Income taxes — 40 31 (71 ) — Total Current Liabilities 192 2,471 3,852 (71 ) 6,444 Long-Term Debt — 5,453 16 — 5,469 Intercompany Payable — 2,607 — (2,607 ) — Deferred Income Taxes — 619 577 (11 ) 1,185 Other Liabilities 24 431 1,163 — 1,618 Shareholders' Equity: Macy's, Inc. 5,667 1,446 5,221 (6,667 ) 5,667 Noncontrolling Interest — — (22 ) — (22 ) Total Shareholders' Equity 5,667 1,446 5,199 (6,667 ) 5,645 Total Liabilities and Shareholders' Equity $ 5,883 $ 13,027 $ 10,807 $ (9,356 ) $ 20,361 Condensed Consolidating Balance Sheet As of February 2, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 889 $ 59 $ 214 $ — $ 1,162 Receivables — 68 332 — 400 Merchandise inventories — 2,342 2,921 — 5,263 Prepaid expenses and other current assets — 143 477 — 620 Total Current Assets 889 2,612 3,944 — 7,445 Property and Equipment – net — 3,287 3,350 — 6,637 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 38 440 — 478 Other Assets — 41 685 — 726 Deferred Income Taxes 12 — — (12 ) — Intercompany Receivable 1,713 — 1,390 (3,103 ) — Investment in Subsidiaries 4,030 3,119 — (7,149 ) — Total Assets $ 6,644 $ 12,423 $ 10,391 $ (10,264 ) $ 19,194 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 42 $ 1 $ — $ 43 Merchandise accounts payable — 713 942 — 1,655 Accounts payable and accrued liabilities 170 950 2,246 — 3,366 Income taxes 14 52 102 — 168 Total Current Liabilities 184 1,757 3,291 — 5,232 Long-Term Debt — 4,692 16 — 4,708 Intercompany Payable — 3,103 — (3,103 ) — Deferred Income Taxes — 679 571 (12 ) 1,238 Other Liabilities 24 406 1,150 — 1,580 Shareholders' Equity: Macy's, Inc. 6,436 1,786 5,363 (7,149 ) 6,436 Noncontrolling Interest — — — — — Total Shareholders' Equity 6,436 1,786 5,363 (7,149 ) 6,436 Total Liabilities and Shareholders' Equity $ 6,644 $ 12,423 $ 10,391 $ (10,264 ) $ 19,194 |
Condensed Consolidating Statement of Cash Flows [Table Text Block] | Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended November 2, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 224 $ (422 ) $ 370 $ 52 $ 224 Impairment, restructuring and other costs — 1 15 — 16 Settlement charges — — 12 — 12 Equity in loss (earnings) of subsidiaries (212 ) 264 — (52 ) — Dividends received from subsidiaries 819 — — (819 ) — Depreciation and amortization — 251 474 — 725 Gains on sale of real estate — (32 ) (35 ) — (67 ) Changes in assets, liabilities and other items not separately identified (99 ) (139 ) (500 ) — (738 ) Net cash provided (used) by operating activities 732 (77 ) 336 (819 ) 172 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net of dispositions — (179 ) (560 ) — (739 ) Other, net — (2 ) 12 — 10 Net cash used by investing activities — (181 ) (548 ) — (729 ) Cash flows from financing activities: Debt repaid, including debt issuance costs — (45 ) — — (45 ) Dividends paid (349 ) — (819 ) 819 (349 ) Issuance of common stock, net of common stock acquired 5 — — — 5 Intercompany activity, net (1,161 ) 239 922 — — Other, net (74 ) 73 50 — 49 Net cash provided (used) by financing activities (1,579 ) 267 153 819 (340 ) Net increase (decrease) in cash, cash equivalents and restricted cash (847 ) 9 (59 ) — (897 ) Cash, cash equivalents and restricted cash at beginning of period 889 64 295 — 1,248 Cash, cash equivalents and restricted cash at end of period $ 42 $ 73 $ 236 $ — $ 351 Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended November 3, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 368 $ (289 ) $ 692 $ (413 ) $ 358 Impairment, restructuring and other costs — — 39 — 39 Settlement charges 5 24 44 — 73 Equity in earnings of subsidiaries (362 ) (51 ) — 413 — Dividends received from subsidiaries 689 — — (689 ) — Depreciation and amortization — 250 468 — 718 Gains on sale of real estate — (83 ) (28 ) — (111 ) Changes in assets, liabilities and other items not separately identified (191 ) 115 (571 ) (1 ) (648 ) Net cash provided (used) by operating activities 509 (34 ) 644 (690 ) 429 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net of dispositions — (98 ) (458 ) — (556 ) Other, net — (15 ) (29 ) 51 7 Net cash used by investing activities — (113 ) (487 ) 51 (549 ) Cash flows from financing activities: Debt repaid — (310 ) (1 ) (50 ) (361 ) Dividends paid (347 ) — (689 ) 689 (347 ) Issuance of common stock 41 — — — 41 Proceeds from noncontrolling interest — — 7 — 7 Intercompany activity, net (803 ) 378 425 — — Other, net (83 ) 74 53 — 44 Net cash provided (used) by financing activities (1,192 ) 142 (205 ) 639 (616 ) Net decrease in cash, cash equivalents and restricted cash (683 ) (5 ) (48 ) — (736 ) Cash, cash equivalents and restricted cash at beginning of period 1,109 79 325 — 1,513 Cash, cash equivalents and restricted cash at end of period $ 426 $ 74 $ 277 $ — $ 777 |
Condensed Consolidating Statement of Comprehensive Income [Table Text Block] | Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended November 2, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,044 $ 5,245 $ (2,116 ) $ 5,173 Credit card revenues (expense), net — (2 ) 185 — 183 Cost of sales — (1,230 ) (3,992 ) 2,116 (3,106 ) Selling, general and administrative expenses — (870 ) (1,332 ) — (2,202 ) Gains on sale of real estate — 8 9 — 17 Restructuring and other costs — (1 ) (12 ) — (13 ) Operating income (loss) — (51 ) 103 — 52 Benefit plan income, net — 3 5 — 8 Settlement charges — — (12 ) — (12 ) Interest (expense) income, net: External 3 (52 ) 1 — (48 ) Intercompany — (18 ) 18 — — Equity in loss of subsidiaries (3 ) (125 ) — 128 — Income (loss) before income taxes — (243 ) 115 128 — Federal, state and local income 2 30 (30 ) — 2 Net income (loss) 2 (213 ) 85 128 2 Net loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to $ 2 $ (213 ) $ 85 $ 128 $ 2 Comprehensive income (loss) $ (35 ) $ (249 ) $ 65 $ 184 $ (35 ) Comprehensive loss attributable to — — — — — Comprehensive income (loss) attributable to $ (35 ) $ (249 ) $ 65 $ 184 $ (35 ) Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended November 3, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,030 $ 6,185 $ (2,811 ) $ 5,404 Credit card revenues, net — — 185 — 185 Cost of sales — (1,266 ) (4,771 ) 2,811 (3,226 ) Selling, general and administrative expenses — (883 ) (1,372 ) — (2,255 ) Gains on sale of real estate — 41 1 — 42 Restructuring and other costs — — (3 ) — (3 ) Operating income (loss) — (78 ) 225 — 147 Benefit plan income, net — 3 6 — 9 Settlement charges — (8 ) (15 ) — (23 ) Interest (expense) income, net: External 4 (64 ) 1 — (59 ) Intercompany — (18 ) 18 — — Equity in earnings (loss) of subsidiaries 59 (58 ) — (1 ) — Income (loss) before income taxes 63 (223 ) 235 (1 ) 74 Federal, state and local income (1 ) 57 (68 ) — (12 ) Net income (loss) 62 (166 ) 167 (1 ) 62 Net loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to $ 62 $ (166 ) $ 167 $ (1 ) $ 62 Comprehensive income (loss) $ (37 ) $ (257 ) $ 106 $ 151 $ (37 ) Comprehensive loss attributable to — — — — — Comprehensive income (loss) attributable to $ (37 ) $ (257 ) $ 106 $ 151 $ (37 ) Condensed Consolidating Statement of Comprehensive Income For the 39 Weeks Ended November 2, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 6,418 $ 14,428 $ (4,623 ) $ 16,223 Credit card revenues (expense), net — (8 ) 539 — 531 Cost of sales — (3,913 ) (10,615 ) 4,623 (9,905 ) Selling, general and administrative expenses 1 (2,544 ) (3,946 ) — (6,489 ) Gains on sale of real estate — 32 35 — 67 Impairment, restructuring and other costs — (1 ) (15 ) — (16 ) Operating income (loss) 1 (16 ) 426 — 411 Benefit plan income, net — 9 14 — 23 Settlement charges — — (12 ) — (12 ) Interest (expense) income, net: External 11 (157 ) 3 — (143 ) Intercompany — (55 ) 55 — — Equity in earnings (loss) of subsidiaries 212 (264 ) — 52 — Income (loss) before income taxes 224 (483 ) 486 52 279 Federal, state and local income — 61 (116 ) — (55 ) Net income (loss) 224 (422 ) 370 52 224 Net loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to $ 224 $ (422 ) $ 370 $ 52 $ 224 Comprehensive income (loss) $ 198 $ (448 ) $ 358 $ 90 $ 198 Comprehensive loss attributable to — — — — — Comprehensive income (loss) attributable to $ 198 $ (448 ) $ 358 $ 90 $ 198 Condensed Consolidating Statement of Comprehensive Income For the 39 Weeks Ended November 3, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 6,110 $ 16,462 $ (6,056 ) $ 16,516 Credit card revenues (expense), net — (3 ) 531 — 528 Cost of sales — (3,857 ) (12,126 ) 6,056 (9,927 ) Selling, general and administrative expenses — (2,522 ) (3,979 ) — (6,501 ) Gains on sale of real estate — 83 28 — 111 Impairment, restructuring and other costs — — (39 ) — (39 ) Operating income (loss) — (189 ) 877 — 688 Benefit plan income, net — 12 19 — 31 Settlement charges (5 ) (24 ) (44 ) — (73 ) Interest (expense) income, net: External 13 (203 ) 3 — (187 ) Intercompany — (54 ) 54 — — Losses on early retirement of debt — (5 ) — — (5 ) Equity in earnings of subsidiaries 362 51 — (413 ) — Income (loss) before income taxes 370 (412 ) 909 (413 ) 454 Federal, state and local income (2 ) 123 (217 ) — (96 ) Net income (loss) 368 (289 ) 692 (413 ) 358 Net loss attributable to noncontrolling interest — — 10 — 10 Net income (loss) attributable to $ 368 $ (289 ) $ 702 $ (413 ) $ 368 Comprehensive income (loss) $ 296 $ (357 ) $ 646 $ (299 ) $ 286 Comprehensive loss attributable to — — 10 — 10 Comprehensive income (loss) attributable to $ 296 $ (357 ) $ 656 $ (299 ) $ 296 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | Nov. 02, 2019 | Feb. 03, 2019USD ($) |
Number of states in which entity operates | 43 | |
Increase of Net Right of Use Asset | $ 2,519 | |
Increase in Net Lease Liability | 2,728 | |
Cumulative Effect of New Accounting Principle, Before Tax Impact, in Period of Adoption | 209 | |
Cumulative Effect of New Accounting Principle, Tax Impact, in Period of Adoption | $ 54 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 9 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 19.4 | 12.7 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.9 | 1.4 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Macy's, Inc. shareholders | $ 2 | $ 62 | $ 224 | $ 368 |
Net Income (Loss) Available to Common Stockholders, Basic | 2 | 62 | 224 | 368 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 2 | $ 62 | $ 224 | $ 368 |
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 0.01 | $ 0.20 | $ 0.72 | $ 1.20 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 0.01 | $ 0.20 | $ 0.72 | $ 1.18 |
Weighted Average Number of Shares Issued, Basic | 308.9 | 307.2 | 308.7 | 306.6 |
Shares to be issued under deferred compensation and other plans | 1 | 0.9 | 0.9 | 0.9 |
Average number of shares outstanding, basic | 309.9 | 308.1 | 309.6 | 307.5 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1.1 | 4.1 | 1.7 | 3.7 |
Average number of shares outstanding, diluted | 311 | 312.2 | 311.3 | 311.2 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | Feb. 02, 2019 | |
Net sales | $ 5,173 | $ 5,404 | $ 16,223 | $ 16,516 | |
Contract with Customer, Liability, Current | $ 705 | $ 723 | $ 705 | $ 723 | $ 856 |
Macy's sales to total Company sales | 87.00% | 88.00% | 88.00% | 88.00% | |
Contract with Customer, Refund Liability | $ 245 | $ 265 | $ 245 | $ 265 | 269 |
Contract with Customer, Right to Recover Product | 164 | 180 | 164 | 180 | $ 188 |
Women's Accessories, Intimate Apparel, Shoes and Cosmetics [Member] | |||||
Net sales | 1,960 | 2,008 | 6,152 | 6,188 | |
Women's Apparel [Member] | |||||
Net sales | 1,197 | 1,268 | 3,779 | 3,940 | |
Men's and Children's [Member] | |||||
Net sales | 1,195 | 1,244 | 3,663 | 3,692 | |
Home and Miscellaneous [Member] | |||||
Net sales | 821 | 884 | 2,629 | 2,696 | |
Total Sales - All Categories [Member] | |||||
Net sales | $ 5,173 | $ 5,404 | $ 16,223 | $ 16,516 |
Leases (Details)
Leases (Details) $ in Millions | 9 Months Ended |
Nov. 02, 2019USD ($) | |
Leases [Abstract] | |
Finance Lease, Weighted Average Remaining Lease Term | 17 years 10 months 24 days |
Operating Lease, Weighted Average Remaining Lease Term | 23 years 7 months 6 days |
Finance Lease, Weighted Average Discount Rate, Percent | 6.64% |
Operating Lease, Weighted Average Discount Rate, Percent | 6.70% |
Operating Lease, Payments | $ 272 |
Finance Lease, Interest Payment on Liability | 2 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 48 |
Leases - Right of Use Assets a
Leases - Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Millions | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
Lease Assets [Abstract] | |||
Finance Lease, Right-of-Use Asset | $ 11 | ||
Operating Lease, Right-of-Use Asset | 2,585 | ||
Right of Use Assets | 2,596 | $ 0 | $ 0 |
Lease Liabilities, Current [Abstract] | |||
Finance Lease, Liability, Current | 1 | ||
Operating Lease, Liability, Current | 313 | ||
Lease Liabilities, Noncurrent [Abstract] | |||
Finance Lease, Liability, Noncurrent | 24 | ||
Operating Lease, Liability, Noncurrent | 2,795 | ||
Total Lease Liability | 3,133 | ||
Accumulated Amortization, Finance Leases | 12 | ||
Operating Lease Asset, Non-Lease Component | 394 | ||
Operating Lease Liability, Non-Lease Component, Current | 34 | ||
Operating Lease Liability, Non-Lease Component, Non-Current | $ 367 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Nov. 02, 2019 | Nov. 02, 2019 | |
Leases [Abstract] | ||
Operating Lease, Expense, Non-Lease Component | $ 20 | $ 61 |
Variable Lease, Cost | 3 | 10 |
Operating Lease, Expense | 106 | 319 |
Sublease Income | (1) | (2) |
Net lease expense | $ 105 | $ 317 |
Leases Maturity of Lease Liabil
Leases Maturity of Lease Liabilities (Details) $ in Millions | Nov. 02, 2019USD ($) |
Finance Lease, Liability, Payment, Due [Abstract] | |
2019 | $ 1 |
2020 | 3 |
2021 | 3 |
2022 | 3 |
2023 | 3 |
After 2023 | 31 |
Total lease payments, Finance | 44 |
Less amount representing interest, finance | 19 |
Finance Lease, Liability | 25 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2019 | 90 |
2020 | 334 |
2021 | 335 |
2022 | 313 |
2023 | 308 |
After 2023 | 5,384 |
Total lease payments, operating | 6,764 |
Less amount representing interest, operating | 3,656 |
Operating Lease, Liability | 3,108 |
Total Lease Liabilities, Payments Due [Abstract] | |
2019 | 91 |
2020 | 337 |
2021 | 338 |
2022 | 316 |
2023 | 311 |
After 2023 | 5,415 |
Total lease payments, finance and operating | 6,808 |
Less amount representing interest, finance and operating | 3,675 |
Total Lease Liability | 3,133 |
Lessee, Finance Lease, Option to Extend, Reasonably Certain | 12 |
Lessee, Operating Lease, Option to Extend, Reasonably Certain | 3,272 |
Lessee, Operating Lease, Lease Not Yet Commenced | 965 |
Operating Lease, Payment, Non-Lease Component | 1,159 |
Operating Lease, Payment, Non-Lease Component, Option to Extend, Reasonably Certain | $ 841 |
Leases - Prior Period DIsclosur
Leases - Prior Period DIsclosure: Minimum Rental Commitments Excluding Executory Costs for Noncancellable Leases (Details) $ in Millions | Feb. 02, 2019USD ($) |
Leases, Capital [Abstract] | |
2019, Capitalized Leases | $ 3 |
2020, Capitalized Leases | 3 |
2021, Capitalized Leases | 3 |
2022, Capitalized Leases | 3 |
2023, Capitalized Leases | 3 |
After 2023, Capitalized Leases | 31 |
Total minimum lease payments, Capitalized Leases | 46 |
Less amount representing interest | 20 |
Present value of net minimum capitalized lease payments | 26 |
Leases, Operating [Abstract] | |
2019, Operating Leases | 325 |
2020, Operating Leases | 315 |
2021, Operating Leases | 309 |
2022, Operating Leases | 283 |
2023, Operating Leases | 264 |
After 2023, Operating Leases | 2,758 |
Total minimum lease payments, Operating Leases | 4,254 |
Leases [Abstract] | |
2019, Total | 328 |
2020, Total | 318 |
2021, Total | 312 |
2022, Total | 286 |
2023, Total | 267 |
After 2023, Total | 2,789 |
Total minimum lease payments | $ 4,300 |
Financing Activities (Details)
Financing Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Feb. 01, 2020 | Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | May 09, 2019 | |
Extinguishment of debt | $ 344 | |||||
Extinguishment of debt cost | $ 354 | 354 | ||||
Loss on early retirement of debt | $ 0 | $ 0 | $ 0 | $ (5) | ||
Subsequent Event [Member] | ||||||
Extinguishment of debt | $ 450 | |||||
Minimum [Member] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,500 | |||||
Minimum [Member] | Subsequent Event [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.875% | |||||
Maximum [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,750 | |||||
Maximum [Member] | Subsequent Event [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% |
Financing Activities (Detail Of
Financing Activities (Detail Of Debt Repayments) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Extinguishment of debt | $ 344 | |
Repayments of Debt | $ 42 | 351 |
8.5% Senior Debentures due 2019 [Member] | ||
Extinguishment of debt | 36 | 0 |
6.9% Senior debentures due 2029 [Member] | ||
Extinguishment of debt | 0 | 90 |
4.5% Senior notes due 2034 [Member] | ||
Extinguishment of debt | 0 | 80 |
6.7% Senior notes due 2028 [Member] | ||
Extinguishment of debt | 0 | 60 |
6.375% Senior notes due 2037 [Member] | ||
Extinguishment of debt | 0 | 43 |
6.7% Senior debentures due 2034 [Member] | ||
Extinguishment of debt | 0 | 28 |
7.0% Senior debentures due 2028 [Member] | ||
Extinguishment of debt | 0 | 27 |
6.65% Senior debentures due 2024 [Member] | ||
Extinguishment of debt | 0 | 11 |
6.9% Senior debentures due 2032 [Member] | ||
Extinguishment of debt | 0 | 5 |
9.5% Amortizing debentures due 2021 [Member] | ||
Extinguishment of debt | 4 | 4 |
9.75% Amortizing debentures due 2021 [Member] | ||
Extinguishment of debt | 2 | 2 |
Capital Lease and Other Long-Term Obligations [Member] | ||
Extinguishment of debt | $ 0 | $ 1 |
Benefit Plans (Net Periodic Ben
Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Total Retirement Expense | $ 19 | $ 17 | $ 58 | $ 46 |
Settlement charges | 12 | 23 | 12 | 73 |
Nonqualified Plan [Member] | ||||
Defined contribution plans expense | 0 | 0 | 2 | 1 |
Qualified Plan [Member] | ||||
Defined contribution plans expense | 25 | 24 | 74 | 71 |
Pension Plan [Member] | ||||
Service cost | 2 | 1 | 4 | 4 |
Interest cost | 26 | 28 | 78 | 81 |
Expected return on assets | (48) | (51) | (144) | (157) |
Recognition of net actuarial (gain) loss | 7 | 7 | 21 | 23 |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (13) | (15) | (41) | (49) |
Supplemental Employee Retirement Plan [Member] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 5 | 6 | 17 | 17 |
Recognition of net actuarial (gain) loss | 2 | 2 | 6 | 6 |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 7 | 8 | 23 | 23 |
Other Postretirement Benefits Plan [Member] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 1 | 1 | 3 | 3 |
Recognition of net actuarial (gain) loss | (1) | (2) | (4) | (4) |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 0 | $ (1) | $ (1) | $ (1) |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets Measured At Fair Value On A Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Millions | Nov. 02, 2019 | Nov. 03, 2018 |
Marketable equity and debt securities | $ 92 | $ 96 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Marketable equity and debt securities | 33 | 26 |
Significant Observable Inputs (Level 2) [Member] | ||
Marketable equity and debt securities | 59 | 70 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Marketable equity and debt securities | $ 0 | $ 0 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Value Of Company Long Term Debt) (Details) - USD ($) $ in Millions | Nov. 02, 2019 | Nov. 03, 2018 |
Long-term debt | $ 4,716 | $ 5,170 |
Carrying Amount | ||
Long-term debt | 4,677 | 5,444 |
Notional Amount | ||
Long-term debt | $ 4,664 | $ 5,420 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Net sales | $ 5,173 | $ 5,404 | $ 16,223 | $ 16,516 |
Credit card revenues, net | 183 | 185 | 531 | 528 |
Cost of sales | (3,106) | (3,226) | (9,905) | (9,927) |
Selling, general and administrative expenses | (2,202) | (2,255) | (6,489) | (6,501) |
Gains on sale of real estate | 17 | 42 | 67 | 111 |
Impairment, restructuring and other costs | (13) | (3) | (16) | (39) |
Operating income (loss) | 52 | 147 | 411 | 688 |
Benefit plan income, net | 8 | 9 | 23 | 31 |
Settlement charges | (12) | (23) | (12) | (73) |
Interest (expense) income, net | ||||
External | (48) | (59) | (143) | (187) |
Interest Expense, Other | 0 | 0 | 0 | 0 |
Loss on early retirement of debt | 0 | 0 | 0 | (5) |
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 74 | 279 | 454 |
Federal, state and local income tax benefit (expense) | 2 | (12) | (55) | (96) |
Net income (loss) | 2 | 62 | 224 | 358 |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 10 |
Net income (loss) attributable to Macy's, Inc. shareholders | 2 | 62 | 224 | 368 |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (35) | (37) | 198 | 286 |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | 10 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | (35) | (37) | 198 | 296 |
Parent | ||||
Net sales | 0 | 0 | 0 | 0 |
Credit card revenues, net | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 1 | 0 |
Gains on sale of real estate | 0 | 0 | 0 | 0 |
Impairment, restructuring and other costs | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 1 | 0 |
Benefit plan income, net | 0 | 0 | 0 | 0 |
Settlement charges | 0 | 0 | 0 | (5) |
Interest (expense) income, net | ||||
External | 3 | 4 | 11 | 13 |
Interest Expense, Other | 0 | 0 | 0 | 0 |
Loss on early retirement of debt | 0 | |||
Income (Loss) from Equity Method Investments | (3) | 59 | 212 | 362 |
Income (loss) before income taxes | 0 | 63 | 224 | 370 |
Federal, state and local income tax benefit (expense) | 2 | (1) | 0 | (2) |
Net income (loss) | 2 | 62 | 224 | 368 |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | 2 | 62 | 224 | 368 |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (35) | (37) | 198 | 296 |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | (35) | (37) | 198 | 296 |
Subsidiary Issuer | ||||
Net sales | 2,044 | 2,030 | 6,418 | 6,110 |
Credit card revenues, net | (2) | 0 | (8) | (3) |
Cost of sales | (1,230) | (1,266) | (3,913) | (3,857) |
Selling, general and administrative expenses | (870) | (883) | (2,544) | (2,522) |
Gains on sale of real estate | 8 | 41 | 32 | 83 |
Impairment, restructuring and other costs | (1) | 0 | (1) | 0 |
Operating income (loss) | (51) | (78) | (16) | (189) |
Benefit plan income, net | 3 | 3 | 9 | 12 |
Settlement charges | 0 | (8) | 0 | (24) |
Interest (expense) income, net | ||||
External | (52) | (64) | (157) | (203) |
Interest Expense, Other | (18) | (18) | (55) | (54) |
Loss on early retirement of debt | (5) | |||
Income (Loss) from Equity Method Investments | (125) | (58) | (264) | 51 |
Income (loss) before income taxes | (243) | (223) | (483) | (412) |
Federal, state and local income tax benefit (expense) | 30 | 57 | 61 | 123 |
Net income (loss) | (213) | (166) | (422) | (289) |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | (213) | (166) | (422) | (289) |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (249) | (257) | (448) | (357) |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | (249) | (257) | (448) | (357) |
Other Subsidiaries | ||||
Net sales | 5,245 | 6,185 | 14,428 | 16,462 |
Credit card revenues, net | 185 | 185 | 539 | 531 |
Cost of sales | (3,992) | (4,771) | (10,615) | (12,126) |
Selling, general and administrative expenses | (1,332) | (1,372) | (3,946) | (3,979) |
Gains on sale of real estate | 9 | 1 | 35 | 28 |
Impairment, restructuring and other costs | (12) | (3) | (15) | (39) |
Operating income (loss) | 103 | 225 | 426 | 877 |
Benefit plan income, net | 5 | 6 | 14 | 19 |
Settlement charges | (12) | (15) | (12) | (44) |
Interest (expense) income, net | ||||
External | 1 | 1 | 3 | 3 |
Interest Expense, Other | 18 | 18 | 55 | 54 |
Loss on early retirement of debt | 0 | |||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 115 | 235 | 486 | 909 |
Federal, state and local income tax benefit (expense) | (30) | (68) | (116) | (217) |
Net income (loss) | 85 | 167 | 370 | 692 |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 10 |
Net income (loss) attributable to Macy's, Inc. shareholders | 85 | 167 | 370 | 702 |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 65 | 106 | 358 | 646 |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | 10 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | 65 | 106 | 358 | 656 |
Consolidation, Eliminations [Member] | ||||
Net sales | (2,116) | (2,811) | (4,623) | (6,056) |
Credit card revenues, net | 0 | 0 | 0 | 0 |
Cost of sales | 2,116 | 2,811 | 4,623 | 6,056 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Gains on sale of real estate | 0 | 0 | 0 | 0 |
Impairment, restructuring and other costs | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Benefit plan income, net | 0 | 0 | 0 | 0 |
Settlement charges | 0 | 0 | 0 | 0 |
Interest (expense) income, net | ||||
External | 0 | 0 | 0 | 0 |
Interest Expense, Other | 0 | 0 | 0 | 0 |
Loss on early retirement of debt | 0 | |||
Income (Loss) from Equity Method Investments | 128 | (1) | 52 | (413) |
Income (loss) before income taxes | 128 | (1) | 52 | (413) |
Federal, state and local income tax benefit (expense) | 0 | 0 | 0 | 0 |
Net income (loss) | 128 | (1) | 52 | (413) |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | 128 | (1) | 52 | (413) |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 184 | 151 | 90 | (299) |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ 184 | $ 151 | $ 90 | $ (299) |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 |
Current Assets: | ||||||||
Cash and cash equivalents | $ 301 | $ 1,162 | $ 736 | |||||
Receivables | 175 | 400 | 180 | |||||
Merchandise inventories | 7,256 | 5,263 | 7,147 | |||||
Prepaid expenses and other current assets | 568 | 620 | 594 | |||||
Income tax receivable | 1 | 0 | 10 | |||||
Total Current Assets | 8,301 | 7,445 | 8,667 | |||||
Property and Equipment - net | 6,558 | 6,637 | 6,572 | |||||
Right of Use Assets | 2,596 | 0 | 0 | |||||
Goodwill | 3,908 | 3,908 | 3,908 | |||||
Other Intangible Assets - net | 440 | 478 | 481 | |||||
Other Assets | 744 | 726 | 733 | |||||
Deferred Income Taxes | 0 | 0 | 0 | |||||
Intercompany Receivable | 0 | 0 | 0 | |||||
Investment in Subsidiaries | 0 | 0 | 0 | |||||
Total Assets | 22,547 | 19,194 | 20,361 | |||||
Current Liabilities: | ||||||||
Short-term debt | 6 | 43 | 65 | |||||
Merchandise accounts payable | 3,427 | 1,655 | 3,381 | |||||
Accounts payable and accrued liabilities | 3,046 | 3,366 | 2,998 | |||||
Income taxes | 0 | 168 | 0 | |||||
Total Current Liabilities | 6,479 | 5,232 | 6,444 | |||||
Long-Term Debt | 4,677 | 4,708 | 5,469 | |||||
Long-Term Lease Liabilities | 2,819 | 0 | 0 | |||||
Intercompany Payable | 0 | 0 | 0 | |||||
Deferred Income Taxes | 1,200 | 1,238 | 1,185 | |||||
Other Liabilities | 1,315 | 1,580 | 1,618 | |||||
Shareholders' Equity, Macy's, Inc. | 6,057 | 6,436 | 5,667 | |||||
Shareholders' Equity, noncontrolling interest | 0 | 0 | (22) | |||||
Total Shareholders’ Equity | 6,057 | $ 6,315 | $ 6,323 | 6,436 | 5,645 | $ 5,894 | $ 5,801 | $ 5,733 |
Total Liabilities and Shareholders' Equity | 22,547 | 19,194 | 20,361 | |||||
Parent | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | 42 | 889 | 426 | |||||
Receivables | 0 | 0 | 1 | |||||
Merchandise inventories | 0 | 0 | 0 | |||||
Prepaid expenses and other current assets | 0 | 0 | 0 | |||||
Income tax receivable | 96 | 81 | ||||||
Total Current Assets | 138 | 889 | 508 | |||||
Property and Equipment - net | 0 | 0 | 0 | |||||
Right of Use Assets | 0 | |||||||
Goodwill | 0 | 0 | 0 | |||||
Other Intangible Assets - net | 0 | 0 | 0 | |||||
Other Assets | 0 | 0 | 0 | |||||
Deferred Income Taxes | 9 | 12 | 11 | |||||
Intercompany Receivable | 2,923 | 1,713 | 1,725 | |||||
Investment in Subsidiaries | 3,231 | 4,030 | 3,639 | |||||
Total Assets | 6,301 | 6,644 | 5,883 | |||||
Current Liabilities: | ||||||||
Short-term debt | 0 | 0 | 0 | |||||
Merchandise accounts payable | 0 | 0 | 0 | |||||
Accounts payable and accrued liabilities | 216 | 170 | 192 | |||||
Income taxes | 0 | 14 | 0 | |||||
Total Current Liabilities | 216 | 184 | 192 | |||||
Long-Term Debt | 0 | 0 | 0 | |||||
Long-Term Lease Liabilities | 0 | |||||||
Intercompany Payable | 0 | 0 | 0 | |||||
Deferred Income Taxes | 0 | 0 | 0 | |||||
Other Liabilities | 28 | 24 | 24 | |||||
Shareholders' Equity, Macy's, Inc. | 6,057 | 6,436 | 5,667 | |||||
Shareholders' Equity, noncontrolling interest | 0 | 0 | 0 | |||||
Total Shareholders’ Equity | 6,057 | 6,436 | 5,667 | |||||
Total Liabilities and Shareholders' Equity | 6,301 | 6,644 | 5,883 | |||||
Subsidiary Issuer | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | 73 | 59 | 74 | |||||
Receivables | 30 | 68 | 25 | |||||
Merchandise inventories | 3,145 | 2,342 | 3,112 | |||||
Prepaid expenses and other current assets | 126 | 143 | 139 | |||||
Income tax receivable | 0 | 0 | ||||||
Total Current Assets | 3,374 | 2,612 | 3,350 | |||||
Property and Equipment - net | 3,174 | 3,287 | 3,244 | |||||
Right of Use Assets | 653 | |||||||
Goodwill | 3,326 | 3,326 | 3,326 | |||||
Other Intangible Assets - net | 5 | 38 | 40 | |||||
Other Assets | 49 | 41 | 39 | |||||
Deferred Income Taxes | 0 | 0 | 0 | |||||
Intercompany Receivable | 0 | 0 | 0 | |||||
Investment in Subsidiaries | 2,812 | 3,119 | 3,028 | |||||
Total Assets | 13,393 | 12,423 | 13,027 | |||||
Current Liabilities: | ||||||||
Short-term debt | 6 | 42 | 42 | |||||
Merchandise accounts payable | 1,521 | 713 | 1,515 | |||||
Accounts payable and accrued liabilities | 835 | 950 | 874 | |||||
Income taxes | 51 | 52 | 40 | |||||
Total Current Liabilities | 2,413 | 1,757 | 2,471 | |||||
Long-Term Debt | 4,677 | 4,692 | 5,453 | |||||
Long-Term Lease Liabilities | 589 | |||||||
Intercompany Payable | 3,377 | 3,103 | 2,607 | |||||
Deferred Income Taxes | 654 | 679 | 619 | |||||
Other Liabilities | 377 | 406 | 431 | |||||
Shareholders' Equity, Macy's, Inc. | 1,306 | 1,786 | 1,446 | |||||
Shareholders' Equity, noncontrolling interest | 0 | 0 | 0 | |||||
Total Shareholders’ Equity | 1,306 | 1,786 | 1,446 | |||||
Total Liabilities and Shareholders' Equity | 13,393 | 12,423 | 13,027 | |||||
Other Subsidiaries | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | 186 | 214 | 236 | |||||
Receivables | 145 | 332 | 154 | |||||
Merchandise inventories | 4,111 | 2,921 | 4,035 | |||||
Prepaid expenses and other current assets | 442 | 477 | 455 | |||||
Income tax receivable | 0 | 0 | ||||||
Total Current Assets | 4,884 | 3,944 | 4,880 | |||||
Property and Equipment - net | 3,384 | 3,350 | 3,328 | |||||
Right of Use Assets | 1,943 | |||||||
Goodwill | 582 | 582 | 582 | |||||
Other Intangible Assets - net | 435 | 440 | 441 | |||||
Other Assets | 695 | 685 | 694 | |||||
Deferred Income Taxes | 0 | 0 | 0 | |||||
Intercompany Receivable | 454 | 1,390 | 882 | |||||
Investment in Subsidiaries | 0 | 0 | 0 | |||||
Total Assets | 12,377 | 10,391 | 10,807 | |||||
Current Liabilities: | ||||||||
Short-term debt | 0 | 1 | 23 | |||||
Merchandise accounts payable | 1,906 | 942 | 1,866 | |||||
Accounts payable and accrued liabilities | 1,995 | 2,246 | 1,932 | |||||
Income taxes | 44 | 102 | 31 | |||||
Total Current Liabilities | 3,945 | 3,291 | 3,852 | |||||
Long-Term Debt | 0 | 16 | 16 | |||||
Long-Term Lease Liabilities | 2,230 | |||||||
Intercompany Payable | 0 | 0 | 0 | |||||
Deferred Income Taxes | 555 | 571 | 577 | |||||
Other Liabilities | 910 | 1,150 | 1,163 | |||||
Shareholders' Equity, Macy's, Inc. | 4,737 | 5,363 | 5,221 | |||||
Shareholders' Equity, noncontrolling interest | 0 | 0 | (22) | |||||
Total Shareholders’ Equity | 4,737 | 5,363 | 5,199 | |||||
Total Liabilities and Shareholders' Equity | 12,377 | 10,391 | 10,807 | |||||
Consolidation, Eliminations [Member] | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | 0 | 0 | 0 | |||||
Receivables | 0 | 0 | 0 | |||||
Merchandise inventories | 0 | 0 | 0 | |||||
Prepaid expenses and other current assets | 0 | 0 | 0 | |||||
Income tax receivable | (95) | (71) | ||||||
Total Current Assets | (95) | 0 | (71) | |||||
Property and Equipment - net | 0 | 0 | 0 | |||||
Right of Use Assets | 0 | |||||||
Goodwill | 0 | 0 | 0 | |||||
Other Intangible Assets - net | 0 | 0 | 0 | |||||
Other Assets | 0 | 0 | 0 | |||||
Deferred Income Taxes | (9) | (12) | (11) | |||||
Intercompany Receivable | (3,377) | (3,103) | (2,607) | |||||
Investment in Subsidiaries | (6,043) | (7,149) | (6,667) | |||||
Total Assets | (9,524) | (10,264) | (9,356) | |||||
Current Liabilities: | ||||||||
Short-term debt | 0 | 0 | 0 | |||||
Merchandise accounts payable | 0 | 0 | 0 | |||||
Accounts payable and accrued liabilities | 0 | 0 | 0 | |||||
Income taxes | (95) | 0 | (71) | |||||
Total Current Liabilities | (95) | 0 | (71) | |||||
Long-Term Debt | 0 | 0 | ||||||
Long-Term Lease Liabilities | 0 | |||||||
Intercompany Payable | (3,377) | (3,103) | (2,607) | |||||
Deferred Income Taxes | (9) | (12) | (11) | |||||
Other Liabilities | 0 | 0 | 0 | |||||
Shareholders' Equity, Macy's, Inc. | (6,043) | (7,149) | (6,667) | |||||
Shareholders' Equity, noncontrolling interest | 0 | 0 | 0 | |||||
Total Shareholders’ Equity | (6,043) | (7,149) | (6,667) | |||||
Total Liabilities and Shareholders' Equity | $ (9,524) | $ (10,264) | $ (9,356) |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Cash flows from operating activities: | ||||
Net income (loss) | $ 2 | $ 62 | $ 224 | $ 358 |
Impairment, restructuring and other costs | 13 | 3 | 16 | 39 |
Settlement charges | 12 | 23 | 12 | 73 |
Equity in loss (earnings) of subsidiaries | 0 | 0 | 0 | 0 |
Dividends received from subsidiaries | 0 | 0 | ||
Depreciation and amortization | 725 | 718 | ||
Gains on sale of real estate | (17) | (42) | (67) | (111) |
Change in assets, liabilities and other items not separately identified | (738) | (648) | ||
Net cash provided by operating activities | 172 | 429 | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment and capitalized software, net of dispositions | (739) | (556) | ||
Other, net | 10 | 7 | ||
Net cash used by investing activities | (729) | (549) | ||
Cash flows from financing activities: | ||||
Debt repaid | (42) | (361) | ||
Debt repaid, including debt issuance costs | (45) | |||
Dividends paid | (349) | (347) | ||
Issuance of common stock, net of common stock acquired | 5 | |||
Issuance or common stock | 6 | 41 | ||
Proceeds from noncontrolling interest | 0 | 7 | ||
Intercompany activity, net | 0 | 0 | ||
Other, net | 49 | 44 | ||
Net cash provided (used) by financing activities | (340) | (616) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (897) | (736) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 1,248 | 1,513 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 351 | 777 | 351 | 777 |
Parent | ||||
Cash flows from operating activities: | ||||
Net income (loss) | 2 | 62 | 224 | 368 |
Impairment, restructuring and other costs | 0 | 0 | 0 | 0 |
Settlement charges | 0 | 0 | 0 | 5 |
Equity in loss (earnings) of subsidiaries | 3 | (59) | (212) | (362) |
Dividends received from subsidiaries | 819 | 689 | ||
Depreciation and amortization | 0 | 0 | ||
Gains on sale of real estate | 0 | 0 | 0 | 0 |
Change in assets, liabilities and other items not separately identified | (99) | (191) | ||
Net cash provided by operating activities | 732 | 509 | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment and capitalized software, net of dispositions | 0 | 0 | ||
Other, net | 0 | 0 | ||
Net cash used by investing activities | 0 | 0 | ||
Cash flows from financing activities: | ||||
Debt repaid | 0 | |||
Debt repaid, including debt issuance costs | 0 | |||
Dividends paid | (349) | (347) | ||
Issuance of common stock, net of common stock acquired | 5 | |||
Issuance or common stock | 41 | |||
Proceeds from noncontrolling interest | 0 | |||
Intercompany activity, net | (1,161) | (803) | ||
Other, net | (74) | (83) | ||
Net cash provided (used) by financing activities | (1,579) | (1,192) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (847) | (683) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 889 | 1,109 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 42 | 426 | 42 | 426 |
Subsidiary Issuer | ||||
Cash flows from operating activities: | ||||
Net income (loss) | (213) | (166) | (422) | (289) |
Impairment, restructuring and other costs | 1 | 0 | 1 | 0 |
Settlement charges | 0 | 8 | 0 | 24 |
Equity in loss (earnings) of subsidiaries | 125 | 58 | 264 | (51) |
Dividends received from subsidiaries | 0 | 0 | ||
Depreciation and amortization | 251 | 250 | ||
Gains on sale of real estate | (8) | (41) | (32) | (83) |
Change in assets, liabilities and other items not separately identified | (139) | 115 | ||
Net cash provided by operating activities | (77) | (34) | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment and capitalized software, net of dispositions | (179) | (98) | ||
Other, net | (2) | (15) | ||
Net cash used by investing activities | (181) | (113) | ||
Cash flows from financing activities: | ||||
Debt repaid | (310) | |||
Debt repaid, including debt issuance costs | (45) | |||
Dividends paid | 0 | 0 | ||
Issuance of common stock, net of common stock acquired | 0 | |||
Issuance or common stock | 0 | |||
Proceeds from noncontrolling interest | 0 | |||
Intercompany activity, net | 239 | 378 | ||
Other, net | 73 | 74 | ||
Net cash provided (used) by financing activities | 267 | 142 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 9 | (5) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 64 | 79 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 73 | 74 | 73 | 74 |
Other Subsidiaries | ||||
Cash flows from operating activities: | ||||
Net income (loss) | 85 | 167 | 370 | 692 |
Impairment, restructuring and other costs | 12 | 3 | 15 | 39 |
Settlement charges | 12 | 15 | 12 | 44 |
Equity in loss (earnings) of subsidiaries | 0 | 0 | 0 | 0 |
Dividends received from subsidiaries | 0 | 0 | ||
Depreciation and amortization | 474 | 468 | ||
Gains on sale of real estate | (9) | (1) | (35) | (28) |
Change in assets, liabilities and other items not separately identified | (500) | (571) | ||
Net cash provided by operating activities | 336 | 644 | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment and capitalized software, net of dispositions | (560) | (458) | ||
Other, net | 12 | (29) | ||
Net cash used by investing activities | (548) | (487) | ||
Cash flows from financing activities: | ||||
Debt repaid | (1) | |||
Debt repaid, including debt issuance costs | 0 | |||
Dividends paid | (819) | (689) | ||
Issuance of common stock, net of common stock acquired | 0 | |||
Issuance or common stock | 0 | |||
Proceeds from noncontrolling interest | 7 | |||
Intercompany activity, net | 922 | 425 | ||
Other, net | 50 | 53 | ||
Net cash provided (used) by financing activities | 153 | (205) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (59) | (48) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 295 | 325 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 236 | 277 | 236 | 277 |
Consolidating Adjustments | ||||
Cash flows from operating activities: | ||||
Net income (loss) | 128 | (1) | 52 | (413) |
Impairment, restructuring and other costs | 0 | 0 | 0 | 0 |
Settlement charges | 0 | 0 | 0 | 0 |
Equity in loss (earnings) of subsidiaries | (128) | 1 | (52) | 413 |
Dividends received from subsidiaries | (819) | (689) | ||
Depreciation and amortization | 0 | 0 | ||
Gains on sale of real estate | 0 | 0 | 0 | 0 |
Change in assets, liabilities and other items not separately identified | 0 | (1) | ||
Net cash provided by operating activities | (819) | (690) | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment and capitalized software, net of dispositions | 0 | 0 | ||
Other, net | 0 | 51 | ||
Net cash used by investing activities | 0 | 51 | ||
Cash flows from financing activities: | ||||
Debt repaid | (50) | |||
Debt repaid, including debt issuance costs | 0 | |||
Dividends paid | 819 | 689 | ||
Issuance of common stock, net of common stock acquired | 0 | |||
Issuance or common stock | 0 | |||
Proceeds from noncontrolling interest | 0 | |||
Intercompany activity, net | 0 | 0 | ||
Other, net | 0 | 0 | ||
Net cash provided (used) by financing activities | 819 | 639 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | $ 0 | $ 0 | $ 0 | $ 0 |