Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 29, 2020 | Aug. 03, 2019 | |
Cover page. | |||
Document Fiscal Year Focus | 2019 | ||
Documents Incorporated by Reference | Proxy Statement for the Annual Meeting of Stockholders to be held May 15, 2020 | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Title of 12(b) Security | Common Stock, $.01 par value per share | ||
Entity Incorporation, State or Country Code | DE | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Feb. 1, 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | M | ||
Entity Registrant Name | Macy's, Inc. | ||
Entity Central Index Key | 0000794367 | ||
Current Fiscal Year End Date | --02-01 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 309,645,426 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 6,576,798,072 | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Voluntary Filers | No | ||
Entity File Number | 1-13536 | ||
Entity Tax Identification Number | 13-3324058 | ||
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 | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 24,560 | $ 24,971 | $ 24,939 |
Credit Card Revenues, Net | 771 | 768 | 702 |
Cost of sales | (15,171) | (15,215) | (15,181) |
Selling, general and administrative expenses | (8,998) | (9,039) | (8,954) |
Gains on sale of real estate | 162 | 389 | 544 |
Restructuring, impairment, store closing and other costs | (354) | (136) | (186) |
Operating income (loss) | 970 | 1,738 | 1,864 |
Benefit plan income, net | 31 | 39 | 57 |
Settlement charges | (58) | (88) | (105) |
Interest expense | (205) | (261) | (321) |
Gains (losses) on early retirement of debt | (30) | (33) | 10 |
Interest income | 20 | 25 | 11 |
Income (loss) before income taxes | 728 | 1,420 | 1,516 |
Federal, state and local income tax benefit (expense) | (164) | (322) | 39 |
Net income (loss) | 564 | 1,098 | 1,555 |
Net loss attributable to noncontrolling interest | 0 | 10 | 11 |
Net income attributable to Macy's, Inc. shareholders | $ 564 | $ 1,108 | $ 1,566 |
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 1.82 | $ 3.60 | $ 5.13 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 1.81 | $ 3.56 | $ 5.10 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 564 | $ 1,098 | $ 1,555 |
Actuarial gain (loss) and prior service cost on post employment and postretirement benefit plans, net of tax effect | (107) | (151) | 82 |
Amortization of net actuarial loss and prior service credit on post employment and postretirement benefit plans, after tax | 23 | 23 | 22 |
Settlement charges, net of tax effect | 44 | 65 | 68 |
Total other comprehensive income (loss) | (40) | (63) | 172 |
Comprehensive income | 524 | 1,035 | 1,727 |
Comprehensive loss attributable to noncontrolling interest | 0 | 10 | 11 |
Comprehensive income attributable to Macy's, Inc. shareholders | $ 524 | $ 1,045 | $ 1,738 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income Parenthetical - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Actuarial loss and prior service cost, tax effect | $ 36 | $ 52 | $ 37 |
Net actuarial loss on post-employment and postretirement benefit plans, tax effect | 8 | 7 | 13 |
Settlement charges, tax effect | $ 14 | $ 23 | $ 37 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 685 | $ 1,162 |
Receivables | 409 | 400 |
Merchandise Inventories | 5,188 | 5,263 |
Prepaid expenses and other current assets | 528 | 620 |
Total Current Assets | 6,810 | 7,445 |
Property and Equipment - net | 6,633 | 6,637 |
Total Right of Use Asset | 2,668 | 0 |
Goodwill | 3,908 | 3,908 |
Other Intangible Assets - net | 439 | 478 |
Other Assets | 714 | 726 |
Total Assets | 21,172 | 19,194 |
Current Liabilities: | ||
Short-term debt | 539 | 43 |
Merchandise accounts payable | 1,682 | 1,655 |
Accounts payable and accrued liabilities | 3,448 | 3,366 |
Income taxes | 81 | 168 |
Total Current Liabilities | 5,750 | 5,232 |
Long-Term Debt | 3,621 | 4,708 |
Noncurrent Lease Liability | 2,918 | 0 |
Deferred Income Taxes | 1,169 | 1,238 |
Other Liabilities | 1,337 | 1,580 |
Shareholders' Equity: | ||
Common stock (309.0 and 307.5 shares outstanding) | 3 | 3 |
Additional paid-in capital | 621 | 652 |
Accumulated equity | 7,989 | 8,050 |
Treasury stock | (1,241) | (1,318) |
Accumulated other comprehensive loss | (995) | (951) |
Total Macy's, Inc. Shareholders' Equity | 6,377 | 6,436 |
Noncontrolling interest | 0 | 0 |
Total Shareholders' Equity | 6,377 | 6,436 |
Total Liabilities and Shareholders' Equity | $ 21,172 | $ 19,194 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical - shares shares in Thousands | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Statement of Financial Position [Abstract] | ||||
Common stock, shares outstanding | 309,031 | 307,520 | 304,765 | 304,063 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - 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 Jan. 28, 2017 | $ 4,375 | $ 3 | $ 617 | $ 6,141 | $ (1,489) | $ (896) | $ 4,376 | $ (1) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 1,555 | 1,566 | 1,566 | (11) | ||||
Other comprehensive income (loss) | 172 | 172 | 172 | |||||
Common stock dividends | (461) | (461) | (461) | |||||
Stock repurchases | (1) | (1) | (1) | |||||
Stock-based compensation expense | 58 | 58 | 58 | |||||
Stock issued under stock plans | 10 | (24) | 34 | 10 | ||||
Stockholders' Equity, Other | 25 | 25 | 25 | |||||
Ending 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) | 1,098 | 1,108 | 1,108 | (10) | ||||
Other comprehensive income (loss) | (63) | (63) | (63) | |||||
Common stock dividends | (468) | (468) | (468) | |||||
Stock-based compensation expense | 63 | 63 | 63 | |||||
Stock issued under stock plans | 51 | (87) | 138 | 51 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 164 | (164) | 0 | ||||
Noncontrolling Interest, Period Increase (Decrease) | 22 | 0 | 22 | |||||
Ending balance at Feb. 02, 2019 | 6,436 | 3 | 652 | 8,050 | (1,318) | (951) | 6,436 | 0 |
Cumulative Effect of New Accounting Principle in Period of Adoption | (158) | (158) | (158) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 564 | 564 | 564 | |||||
Other comprehensive income (loss) | (40) | (40) | (40) | |||||
Common stock dividends | (470) | (470) | (470) | |||||
Stock repurchases | (1) | (1) | (1) | |||||
Stock-based compensation expense | 38 | 38 | 38 | |||||
Stock issued under stock plans | 9 | (69) | 78 | 9 | ||||
Stockholders' Equity, Other | (1) | 3 | (4) | (1) | ||||
Ending balance at Feb. 01, 2020 | $ 6,377 | $ 3 | $ 621 | $ 7,989 | $ (1,241) | $ (995) | $ 6,377 | $ 0 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity Parenthetical - $ / shares | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Common Stock [Member] | |||
Common stock, dividends declared per share | $ 1.51 | $ 1.51 | $ 1.51 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Feb. 01, 2020USD ($) | Feb. 02, 2019USD ($) | Feb. 03, 2018USD ($) | |
Cash flows from operating activities: | |||
Net income | $ 564 | $ 1,098 | $ 1,555 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Restructuring, impairment, store closing and other costs | 354 | 136 | 186 |
Settlement charges | 58 | 88 | 105 |
Depreciation and amortization | 981 | 962 | 991 |
Benefit plans | 31 | 30 | 35 |
Stock-based compensation expense | 38 | 63 | 58 |
Gains on sale of real estate | (162) | (389) | (544) |
Deferred income taxes | (6) | 112 | (421) |
Amortization of financing costs and premium on acquired debt | 4 | (15) | (45) |
Changes in assets and liabilities: | |||
(Increase) decrease in receivables | (9) | (61) | 120 |
(Increase) decrease in merchandise inventories | 75 | (87) | 221 |
Decrease in prepaid expenses and other current assets | 89 | 21 | 17 |
Increase in merchandise accounts payable | 40 | 55 | 162 |
Increase (decrease) in accounts payable and accrued liabilities | (257) | 14 | (221) |
Decrease in current income taxes | (60) | (136) | (114) |
Change in other assets and liabilities | (132) | (156) | (129) |
Net cash provided by operating activities | 1,608 | 1,735 | 1,976 |
Cash flows from investing activities: | |||
Purchase of property and equipment | (902) | (657) | (487) |
Capitalized software | (255) | (275) | (273) |
Disposition of property and equipment | 185 | 474 | 411 |
Other, net | (30) | 2 | (2) |
Net cash used by investing activities | (1,002) | (456) | (351) |
Cash flows from financing activities: | |||
Debt issuance costs | (3) | 0 | 0 |
Debt repaid | (597) | (1,149) | (988) |
Dividends paid | (466) | (463) | (461) |
Increase (decrease) in outstanding checks | (62) | 16 | (15) |
Acquisition of treasury stock | (1) | 0 | (1) |
Issuance of common stock | 6 | 45 | 6 |
Proceeds from noncontrolling interest | 0 | 7 | 13 |
Net cash used by financing activities | (1,123) | (1,544) | (1,446) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (517) | (265) | 179 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 1,248 | 1,513 | 1,334 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 731 | 1,248 | 1,513 |
Supplemental cash flow information: | |||
Interest paid | 242 | 328 | 361 |
Interest received | 20 | 25 | 12 |
Income taxes paid (net of refunds received) | 229 | 345 | 496 |
Restricted cash, end of period | $ 46 | $ 86 | $ 58 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 01, 2020 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies Nature of Operations Macy’s, Inc., together with its 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, Puerto Rico and Guam. As of February 1, 2020 , the Company’s operations and operating segments were conducted through Macy’s, Bloomingdale’s, Bloomingdale’s The Outlet, Macy's Backstage, and bluemercury, which are aggregated into one reporting segment in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting. The metrics used by management to assess the performance of the Company’s operating divisions include sales trends, gross margin rates, expense rates, and rates of earnings before interest and taxes (“EBIT”) and earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company’s operating divisions have historically had similar economic characteristics and are expected to have similar economic characteristics and long-term financial performance in future periods. Fiscal Year The Company’s fiscal year ends on the Saturday closest to January 31. Fiscal years 2019 , 2018 and 2017 ended on February 1, 2020 , February 2, 2019 and February 3, 2018 , respectively. Fiscal years 2019 and 2018 included 52 weeks and fiscal year 2017 included 53 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years. Basis of Presentation In August 2015, the Company established a joint venture, Macy's China Limited, of which the Company held a sixty-five percent ownership interest and Hong Kong-based Fung Retailing Limited held the remaining thirty-five percent ownership interest. Macy's China Limited sold merchandise in China through an e-commerce presence on Alibaba Group's Tmall Global. In January 2019, the Company ended the joint venture with Fung Retailing Limited after winding down the operations of Macy's China Limited earlier in 2018. In conjunction with the termination of the joint venture, the Company acquired the noncontrolling interest in Macy's China Limited from Fung Retailing Limited, resulting in one hundred percent ownership. For the period of time prior to the acquisition of the noncontrolling interest, Fung Retailing Limited's thirty-five percent proportionate share of the results of Macy's China Limited was reported as noncontrolling interest in the Consolidated Financial Statements. All significant intercompany transactions were eliminated. For 2019 and 2018, the Consolidated Financial Statements include the accounts of Macy's, Inc. and its 100%-owned subsidiaries and, for the applicable periods, the majority-owned subsidiary, Macy's China Limited. Certain reclassifications were made to prior years' amounts to conform with the classifications of such amounts in the most recent years. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. Net Sales 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. See Note 2, Revenue, for further discussion of the Company's accounting policies for revenue from contracts with customers. Cost of Sales Cost of sales consists of the cost of merchandise, including inbound freight, shipping and handling costs, and depreciation. An estimated allowance for future sales returns is recorded and cost of sales is adjusted accordingly. Cash and Cash Equivalents Cash and cash equivalents include cash and liquid investments with original maturities of three months or less. Cash and cash equivalents includes amounts due in respect of credit card sales transactions that are settled early in the following period in the amount of $118 million at February 1, 2020 and $114 million at February 2, 2019 . Investments The Company from time to time invests in debt and equity securities, including companies engaged in complementary businesses. All debt securities held by the Company are accounted for under ASC Topic 320, Investments – Debt Securities, while all marketable securities held by the Company are accounted for under ASC Topic 321, Investments – Equity Securities. Unrealized holding gains and losses on trading securities and equity securities with a readily determinable fair value are recognized in the Consolidated Statements of Income. Equity securities without a readily determinable fair value are generally recorded at cost and subsequently adjusted, in net income, for observable price changes (i.e., prices in orderly transactions for the identical investment or similar investment of the same issuer). Receivables Receivables were $409 million at February 1, 2020 , compared to $400 million at February 2, 2019 . The Company and Citibank, the owner of most of the Company's credit assets, are party to a long-term marketing and servicing alliance pursuant to the terms of a Credit Card Program Agreement (the “Program Agreement”). Income earned under the Program Agreement is treated as credit card revenues, net on the Consolidated Statements of Income. Under the Program Agreement, Citibank offers proprietary and non-proprietary credit cards to the Company’s customers. Merchandise Inventories Merchandise inventories are valued at lower of cost or market using the last-in, first-out ("LIFO") retail inventory method. Under the retail inventory method, inventory is segregated into departments of merchandise having similar characteristics, and is stated at its current retail selling value. Inventory retail values are converted to a cost basis by applying specific average cost factors for each merchandise department. Cost factors represent the average cost-to-retail ratio for each merchandise department based on beginning inventory and the annual purchase activity. At February 1, 2020 and February 2, 2019 , merchandise inventories valued at LIFO, including adjustments as necessary to record inventory at the lower of cost or market, approximated the cost of such inventories using the first-in, first-out ("FIFO") retail inventory method. The application of the LIFO retail inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales for 2019 , 2018 or 2017 . The retail inventory method inherently requires management judgments and estimates, such as the amount and timing of permanent markdowns to clear unproductive or slow-moving inventory, which may impact the ending inventory valuation as well as gross margins. Permanent markdowns designated for clearance activity are recorded when the utility of the inventory has diminished. Factors considered in the determination of permanent markdowns include current and anticipated demand, customer preferences, age of the merchandise and fashion trends. When a decision is made to permanently markdown merchandise, the resulting gross margin reduction is recognized in the period the markdown is recorded. Physical inventories are generally taken within each merchandise department annually, and inventory records are adjusted accordingly, resulting in the recording of actual shrinkage. Physical inventories are taken at all store locations for substantially all merchandise categories approximately three weeks before the end of the year. Shrinkage is estimated as a percentage of sales at interim periods and for this approximate three-week period, based on historical shrinkage rates. While it is not possible to quantify the impact from each cause of shrinkage, the Company has loss prevention programs and policies that are intended to minimize shrinkage, including the use of radio frequency identification cycle counts and interim inventories to keep the Company's merchandise files accurate. Vendor Allowances The Company receives certain allowances as reimbursement for markdowns taken and/or to support the gross margins earned in connection with the sales of merchandise. These allowances are recognized when earned. The Company also receives advertising allowances from approximately 780 of its merchandise vendors pursuant to cooperative advertising programs, with some vendors participating in multiple programs. These allowances represent reimbursements by vendors of costs incurred by the Company to promote the vendors’ merchandise and are netted against advertising and promotional costs when the related costs are incurred. Advertising allowances in excess of costs incurred are recorded as a reduction of merchandise costs and, ultimately, through cost of sales when the merchandise is sold. The arrangements pursuant to which the Company’s vendors provide allowances, while binding, are generally informal in nature and one year or less in duration. The terms and conditions of these arrangements vary significantly from vendor to vendor and are influenced by, among other things, the type of merchandise to be supported. Advertising Advertising and promotional costs are generally expensed at first showing. Advertising and promotional costs and cooperative advertising allowances were as follows: 2019 2018 2017 (millions) Gross advertising and promotional costs $ 1,330 $ 1,358 $ 1,397 Cooperative advertising allowances 188 196 289 Advertising and promotional costs, net of $ 1,142 $ 1,162 $ 1,108 Net sales $ 24,560 $ 24,971 $ 24,939 Advertising and promotional costs, net of cooperative 4.6 % 4.7 % 4.4 % Property and Equipment Depreciation of owned properties is provided primarily on a straight-line basis over the estimated asset lives, which range from fifteen to fifty years for buildings and building equipment and three to fifteen years for fixtures and equipment. Real estate taxes and interest on construction in progress and land under development are capitalized. Amounts capitalized are amortized over the estimated lives of the related depreciable assets. The Company receives contributions from developers and merchandise vendors to fund building improvement and the construction of vendor shops. Such contributions are generally netted against the capital expenditures. Buildings on leased land and leasehold improvements are amortized over the shorter of their economic lives or the lease term, beginning on the date the asset is put into use. The carrying value of long-lived assets, inclusive of ROU assets, is periodically reviewed by the Company whenever events or changes in circumstances indicate that a potential impairment has occurred. For long-lived assets held for use, a potential impairment has occurred if projected future undiscounted cash flows are less than the carrying value of the assets. The estimate of cash flows includes management’s assumptions of cash inflows and outflows directly resulting from the use of those assets in operations. When a potential impairment has occurred, an impairment write-down is recorded if the carrying value of the long-lived asset exceeds its fair value. The Company believes its estimated cash flows are sufficient to support the carrying value of its long-lived assets. If estimated cash flows significantly differ in the future, the Company may be required to record asset impairment write-downs. If the Company commits to a plan to dispose of a long-lived asset before the end of its previously estimated useful life, estimated cash flows are revised accordingly, and the Company may be required to record an asset impairment write-down. Additionally, related liabilities arise such as severance, contractual obligations and other accruals associated with store closings from decisions to dispose of assets. The Company estimates these liabilities based on the facts and circumstances in existence for each restructuring decision. The amounts the Company will ultimately realize or disburse could differ from the amounts assumed in arriving at the asset impairment and restructuring charge recorded. The Company classifies certain long-lived assets as held for disposal by sale and ceases depreciation when the particular criteria for such classification are met, including the probable sale within one year. For long-lived assets to be disposed of by sale, an impairment charge is recorded if the carrying amount of the asset exceeds its fair value less costs to sell. Such valuations include estimations of fair values and incremental direct costs to transact a sale. Leases 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. 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. Lease agreements with lease and non-lease components are combined as a single lease component for all classes of underlying 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. Prior to February 3, 2019, leases were accounted for under ASC Subtopic 840, Leases. Goodwill and Other Intangible Assets The carrying value of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment in accordance with ASC Subtopic 350-20, Goodwill. Goodwill and other intangible assets with indefinite lives have been assigned to reporting units for purposes of impairment testing. The reporting units are the Company’s retail operating divisions. Goodwill and other intangible assets with indefinite lives are tested for impairment annually at the end of the fiscal month of May. The Company evaluates qualitative factors to determine if it is more likely than not that the fair value of a reporting unit or other intangible assets with indefinite lives is less than its carrying value and whether it is necessary to perform the quantitative impairment test. If required, the Company performs a quantitative impairment test which involves a comparison of each reporting unit's or other intangible assets with indefinite lives’ fair values to its carrying value. Estimating the fair values of the reporting units or other intangible assets with indefinite lives involves the use of significant assumptions, estimates and judgments with respect to a variety of factors, including sales, gross margin and SG&A rates, capital expenditures, cash flows and the selection and use of an appropriate discount rate and market values and multiples of earnings and revenues of similar public companies. The projected sales, gross margin and SG&A expense rate assumptions and capital expenditures are based on the Company’s annual business plan or other forecasted results. Discount rates reflect market-based estimates of the risks associated with the projected cash flows of the reporting unit or indefinite lived intangible asset. The estimates of fair value of reporting units or other intangible assets with indefinite lives are based on the best information available as of the date of the assessment. If the carrying value of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to such excess, limited to the total amount of goodwill allocated to the reporting unit. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is written down by an amount equal to such excess. Capitalized Software The Company capitalizes purchased and internally developed software and amortizes such costs to expense on a straight-line basis generally over four to five years . Capitalized software is included in other assets on the Consolidated Balance Sheets. Gift Cards The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold 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 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 records breakage income within net sales on the Consolidated Statements of Income. Loyalty Programs The Company maintains customer loyalty programs in which customers earn points based on their purchases. Under the Macy’s Star Rewards loyalty program, 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 Macy’s brand, the Company previously participated in a coalition program ("Plenti") whereby customers could earn points based on spending levels with bonus opportunities through various targeted offers and promotions at Macy's and other partners. The Company's participation in Plenti ended on May 3, 2018. Under the Bloomingdale’s Loyallist program, 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. Self-Insurance Reserves The Company, through its insurance subsidiary, is self-insured for workers compensation and general liability claims up to certain maximum liability amounts. Although the amounts accrued are actuarially determined based on analysis of historical trends of losses, settlements, litigation costs and other factors, the amounts the Company will ultimately disburse could differ from such accrued amounts. Post Employment and Postretirement Obligations The Company, through its actuaries, utilizes assumptions when estimating the liabilities for pension and other employee benefit plans. These assumptions, where applicable, include the discount rates used to determine the actuarial present value of projected benefit obligations, the rate of increase in future compensation levels, mortality rates, the long-term rate of return on assets and the growth in health care costs. The Company measures post employment and postretirement assets and obligations using the month-end that is closest to the Company's fiscal year-end or an interim period quarter-end if a plan is determined to qualify for a remeasurement. The benefit expense is generally recognized in the Consolidated Financial Statements on an accrual basis over the average remaining lifetime of participants, and the accrued benefits are reported in other assets, accounts payable and accrued liabilities and other liabilities on the Consolidated Balance Sheets, as appropriate. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Income in the period that includes the enactment date. Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized. Stock Based Compensation The Company records stock-based compensation expense according to the provisions of ASC Topic 718, Compensation – Stock Compensation. ASC Topic 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. Under the provisions of ASC Topic 718, the Company determines the appropriate fair value model to be used for valuing share-based payments and the amortization method for compensation cost. 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 2019 , 2018 and 2017 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. Recent 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 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 to $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
Revenue | 12 Months Ended |
Feb. 01, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | 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. Macy's accounted for approximately 88% of the Company's net sales for 2019 and 89% of the Company's net sales for both 2018 and 2017. Disaggregation of the Company's net sales by family of business for 2019 , 2018 and 2017 were as follows: 2019 2018 2017 Women’s Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 9,454 $ 9,457 $ 9,444 Women’s Apparel 5,411 5,642 5,765 Men’s and Kids’ 5,628 5,699 5,610 Home/Other (a) 4,067 4,173 4,120 Total $ 24,560 $ 24,971 $ 24,939 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments, certain loyalty program income and breakage income from unredeemed gift cards. 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. 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 $213 million as of February 1, 2020 and $269 million as of February 2, 2019 . Included in prepaid expenses and other current assets is an asset totaling $147 million as of February 1, 2020 and $188 million as of February 2, 2019 for the recoverable cost of merchandise estimated to be returned by customers. Gift Cards and Customer Loyalty Programs 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 $839 million as of February 1, 2020 and $856 million as of February 2, 2019 . During 2018 , the Company recognized approximately $40 million in breakage income related to changes in breakage rate estimates. Changes in the liability for unredeemed gift cards and customer loyalty programs are as follows: 2019 2018 2017 (millions) Balance, beginning of year $ 856 $ 906 $ 911 Liabilities issued but not redeemed (a) 554 570 551 Revenue recognized from beginning liability (571 ) (620 ) (556 ) Balance, end of year $ 839 $ 856 $ 906 (a) Net of estimated breakage income. Credit Card Revenues, net In connection with the sale of most of the Company's credit card accounts and related receivable balances to Citibank, the Company and Citibank entered into a long-term marketing and servicing alliance pursuant to the terms of an amended and restated Credit Card Program Agreement ("Credit Card Program"). The Program Agreement expires March 31, 2025, subject to an additional renewal term of three years. The Program Agreement provides for, among other things, (i) the ownership by Citibank of the accounts purchased by Citibank, (ii) the ownership by Citibank of new accounts opened by the Company’s customers, (iii) the provision of credit by Citibank to the holders of the credit cards associated with the foregoing accounts, (iv) the servicing of the foregoing accounts, and (v) the allocation between Citibank and the Company of the economic benefits and burdens associated with the foregoing and other aspects of the alliance. As part of the Program Agreement, the Company receives payments for providing a combination of interrelated services and intellectual property to Citibank in support of the underlying Credit Card Program. Revenue based on the spending activity of the underlying accounts is recognized as the respective card purchases occur and the Company’s profit share is recognized based on the performance of the underlying portfolio. Revenue associated with the establishment of new credit accounts and assisting in the receipt of payments for existing accounts is recognized as such activities occur. Credit card revenues include finance charges, late fees and other revenue generated by the Company’s Credit Card Program, net of fraud losses and expenses associated with establishing new accounts. Pursuant to the Program Agreement, the Company continues to provide certain servicing functions related to the accounts and related receivables owned by Citibank and receives compensation from Citibank for these services. The amounts earned under the Program Agreement related to the servicing functions are deemed adequate compensation and, accordingly, no servicing asset or liability has been recorded on the Consolidated Balance Sheets. The Company’s credit card revenues, net were $771 million for 2019 , $768 million for 2018 , and $702 million for 2017 . Amounts received under the Program Agreement were $985 million for 2019 , $966 million for 2018 and $929 million for 2017 |
Restructuring, Impairment, Stor
Restructuring, Impairment, Store Closing and Other Costs | 12 Months Ended |
Feb. 01, 2020 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure | Restructuring, impairment, store closing and other costs (income) consist of the following: 2019 2018 2017 (millions) Restructuring $ 123 $ 80 $ 142 Asset Impairments 197 64 53 Other 34 (8 ) (9 ) $ 354 $ 136 $ 186 During 2019, the Company closed or announced the closure of 30 Macy's stores. On February 4, 2020, the Company announced its Polaris strategy, a three-year plan designed to stabilize profitability and position the Company for sustainable, profitable growth. The strategy, developed in 2019, includes initiatives focused on strengthening customer relationships, curating quality fashion, accelerating digital growth, optimizing the Company's store portfolio and resetting its cost base. In conjunction with these initiatives, the Company announced plans to close approximately 125 of its least productive stores over the next three years, including the 30 announced in 2019. As part of the reset of its cost base, the Company developed a plan to streamline the organization through reductions in corporate and support functions, campus consolidations and the consolidation of the Company's sole headquarters to New York City, New York. In 2019, the Company recognized Polaris-related costs of approximately $318 million , of which approximately $161 million were non-cash impairment charges associated with store closures and campus consolidations and approximately $157 million were cash costs primarily related to severance and human resource-related activities and other costs. A summary of the restructuring and other cash activity for 2019 related to the Polaris strategy, which are included within accounts payable and accrued liabilities, is as follows: Severance and other benefits Professional fees and other related charges Total (millions) Balance at February 2, 2019 $ — $ — $ — Additions charged to expense 121 36 157 Cash payments (6 ) (27 ) (33 ) Balance at February 1, 2020 $ 115 $ 9 $ 124 As the Company continues to execute on the initiatives identified under the Polaris strategy, the Company expects to incur additional costs in 2020 of approximately $82 million to $102 million . The Company may incur significant additional charges in future periods as it more fully defines incremental Polaris strategy initiatives and moves into the execution phases of these projects. Since the scope of such efforts are not fully known at this time, the benefits of such initiatives, and any related charges or capital expenditures, are not currently quantifiable. Actions associated with the Polaris strategy are currently expected to continue through 2022. During 2018, the Company closed or announced the closure of ten Macy's stores. In addition, the Company introduced a plan in 2018 that reduced the complexity of the upper management structure to increase the speed of decision making, reduce costs and respond to changing customer expectations. Restructuring, impairment, store closing and other costs for 2018 included costs and expenses, including severance and other human-resource related costs, primarily associated with the organizational changes and store closings announced in January 2019. For 2018, the Company recorded expense of approximately $80 million of severance and other human resource-related costs associated with these restructuring activities. During 2017, the Company closed or announced the closure of sixteen Macy's stores, part of the approximately 100 planned closings announced in August 2016. During January 2018 and August 2017, the Company announced restructuring efforts, including the consolidation of three functions (merchandising, planning and private brands) into a single merchandising function as well as organizational changes for certain store and non-store functions. Restructuring, impairment, store closing and other costs for 2017 included costs and expenses, including severance and other human-resource related costs, primarily associated with the organizational changes and store closings announced in January 2018 and August 2017. The Company expects to pay out the majority of the 2019 accrued severance costs, which are included in accounts payable and accrued liabilities on the Consolidated Balance Sheets, prior to the end of the second quarter of 2020. The 2018 and 2017 accrued severance costs, which were included in accounts payable and accrued liabilities on the respective Consolidated Balance Sheets, were paid out in the year subsequent to incurring such severance costs. |
Properties and Leases
Properties and Leases | 12 Months Ended |
Feb. 01, 2020 | |
Property Plant and Equipment and Leases of Lessee [Abstract] | |
Properties and Leases | Properties and Leases Property and Equipment, net The major classes of property and equipment, net as of February 1, 2020 and February 2, 2019 are as follows: February 1, February 2, (millions) Land $ 1,436 $ 1,454 Buildings on owned land 3,822 4,019 Buildings on leased land and leasehold improvements 1,365 1,404 Fixtures and equipment 4,402 4,230 Leased properties under capitalized leases (a) — 25 11,025 11,132 Less accumulated depreciation and amortization (a) 4,392 4,495 $ 6,633 $ 6,637 (a) As a result of the adoption of ASU 2016-02 on February 3, 2019, capital, or finance, lease assets were reclassed to the ROU assets on the Consolidated Balance Sheet. See Note 4 for information on leases. In connection with various shopping center agreements, the Company is obligated to operate certain stores within the centers for periods of up to fifteen years . Some of these agreements require that the stores be operated under a particular name. 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 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: February 1, 2020 Classification (millions) Assets Finance lease assets (a) Right of Use Assets $ 13 Operating lease assets (b) Right of Use Assets 2,655 Total lease assets $ 2,668 Liabilities Current Finance (a) Accounts payable and accrued liabilities $ 2 Operating (b) Accounts payable and accrued liabilities 331 Noncurrent Finance (a) Long-Term Lease Liabilities 21 Operating (b) Long-Term Lease Liabilities 2,897 Total lease liabilities $ 3,251 (a) Finance lease assets are recorded net of accumulated amortization of $12 million as of February 1, 2020 . As of February 1, 2020 , finance lease assets and noncurrent lease liabilities each included $2 million of non-lease components. (b) As of February 1, 2020 , operating lease assets included $403 million of non-lease components and current and noncurrent lease liabilities included $36 million and $397 million , respectively, of non-lease components. The components of net lease expense, recognized primarily within selling, general and administrative expenses are disclosed below. For 2019, lease expense included $83 million related to non-lease components. 2019 2018 2017 (millions) Real estate Operating leases (c) – Minimum rents $ 364 $ 317 $ 317 Variable rents 54 11 11 418 328 328 Less income from subleases – Operating leases (2 ) (1 ) (3 ) $ 416 $ 327 $ 325 Personal property – Operating leases $ 8 $ 9 $ 10 (c) Certain supply chain operating lease expense amounts are included in cost of sales. As of February 1, 2020 , the maturity of lease liabilities is as follows: Finance Leases (d) Operating Leases (e and f) Total (millions) Fiscal year 2020 $ 3 $ 362 $ 365 2021 3 345 348 2022 3 322 325 2023 3 317 320 2024 3 300 303 After 2024 19 5,265 5,284 Total undiscounted lease payments 34 6,911 6,945 Less amount representing interest 11 3,683 3,694 Total lease liabilities $ 23 $ 3,228 $ 3,251 (d) Finance lease payments include $3 million related to non-lease component payments. (e) Operating lease payments include $3,240 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $706 million of legally binding minimum lease payments for leases signed but not yet commenced. (f) Operating lease payments include $1,203 million related to non-lease component payments, with $876 million of such payments 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: February 1, 2020 Lease Term and Discount Rate (millions) Weighted-average remaining lease term (years) Finance leases 12.7 Operating leases 23.3 Weighted-average discount rate Finance leases 6.69 % Operating leases 6.53 % 52 Weeks Ended February 1, 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used from operating leases $ 363 Financing cash flows used from financing leases 2 Leased assets obtained in exchange for new operating lease liabilities 216 The Company is a guarantor with respect to certain lease obligations associated with The May Department Stores Company and previously disposed subsidiaries or businesses. The leases, one of which includes potential extensions to 2070 , have future minimum lease payments aggregating $225 million and are offset by payments from existing tenants and subtenants. In addition, the Company is contingently liable for other expenses related to the above leases, such as property taxes and common area maintenance, which are also payable by existing tenants and subtenants. Potential liabilities related to these guarantees are subject to certain defenses by the Company. The Company believes that the risk of significant loss from the guarantees of these lease obligations is remote. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Feb. 01, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following summarizes the Company’s goodwill and other intangible assets: February 1, February 2, (millions) Non-amortizing intangible assets Goodwill $ 9,290 $ 9,290 Accumulated impairment losses (5,382 ) (5,382 ) 3,908 3,908 Tradenames 403 403 $ 4,311 $ 4,311 Amortizing intangible assets Favorable leases and other contractual assets (a) $ 5 $ 136 Tradenames 43 43 48 179 Accumulated amortization Favorable leases and other contractual assets (a) (1 ) (95 ) Tradenames (11 ) (9 ) (12 ) (104 ) $ 36 $ 75 Capitalized software Gross balance $ 1,262 $ 1,316 Accumulated amortization (620 ) (646 ) $ 642 $ 670 (a) As a result of the adoption of ASU 2016-02 on February 3, 2019, favorable leases were reclassed to the right of use assets on the Consolidated Balance Sheet. See Note 4 for information on the right of use assets as of February 1, 2020. Finite lived tradenames are being amortized over their respective useful lives of 20 years. Favorable lease intangible assets are being amortized over their respective lease terms. Other contractual assets and tradenames amortization expense amounted to $3 million for 2019 , while favorable leases, other contractual assets, and tradenames amortization expense amounted to $10 million for 2018 and 2017 . Capitalized software amortization expense amounted to $285 million for 2019 , $296 million for 2018 and $301 million for 2017 . Future estimated amortization expense for assets, excluding in-process capitalized software of $66 million not yet placed in service as of February 1, 2020 , is shown below: Amortizing intangible assets Capitalized Software (millions) Fiscal year 2020 $ 2 $ 253 2021 2 185 2022 2 103 2023 2 34 2024 2 1 |
Financing
Financing | 12 Months Ended |
Feb. 01, 2020 | |
Debt Disclosure [Abstract] | |
Financing | Financing The Company’s debt is as follows: February 1, February 2, (millions) Short-term debt: 8.5% Senior debentures due 2019 $ — $ 36 3.45% Senior notes due 2021 500 — 10.25% Senior debentures due 2021 33 — Capital lease and current portion of other long-term obligations (a) 6 7 $ 539 $ 43 Long-term debt: 2.875% Senior notes due 2023 $ 640 $ 750 3.875% Senior notes due 2022 450 550 4.5% Senior notes due 2034 367 367 3.45% Senior notes due 2021 — 500 3.625% Senior notes due 2024 500 500 4.375% Senior notes due 2023 210 400 5.125% Senior debentures due 2042 250 250 4.3% Senior notes due 2043 250 250 6.7% Senior debentures due 2034 201 201 6.9% Senior debentures due 2029 79 192 6.375% Senior notes due 2037 192 192 6.65% Senior debentures due 2024 122 122 7.0% Senior debentures due 2028 105 117 6.7% Senior debentures due 2028 103 103 6.79% Senior debentures due 2027 71 71 6.9% Senior debentures due 2032 17 17 10.25% Senior debentures due 2021 — 33 7.6% Senior debentures due 2025 24 24 8.75% Senior debentures due 2029 13 13 7.875% Senior debentures due 2030 10 10 9.5% amortizing debentures due 2021 2 6 9.75% amortizing debentures due 2021 1 3 Unamortized debt issue costs (13 ) (18 ) Unamortized debt discount (7 ) (9 ) Premium on acquired debt, using an effective 34 39 Capital lease and other long-term obligations (a) — 25 $ 3,621 $ 4,708 (a) As a result of the adoption of ASU 2016-02 on February 3, 2019, capital, or finance, leases were reclassed to lease liabilities within accounts payable and accrued liabilities and long-term lease liabilities on the Consolidated Balance Sheet. See Note 4 for information on leases. Interest expense and losses (gains) on early retirement of debt are as follows: 2019 2018 2017 (millions) Interest on debt $ 211 $ 269 $ 332 Amortization of debt premium (5 ) (7 ) (9 ) Amortization of financing costs and debt discount 6 7 7 Interest on capitalized leases 2 2 2 214 271 332 Less interest capitalized on construction 9 10 11 Interest expense $ 205 $ 261 $ 321 Losses (gains) on early retirement of debt $ 30 $ 33 $ (10 ) During December 2019, the Company completed a tender offer and purchased $525 million in aggregate principal amount of certain senior unsecured notes and debentures. The purchased senior unsecured notes and debentures included $190 million of 4.375% senior notes due 2023, $113 million of 6.9% senior debentures due 2029, $110 million of 2.875% senior notes due 2023, $100 million of 3.875% senior notes due 2022, and $12 million of 7.0% senior debentures due 2028. The total cash cost for the tender offer was $553 million . The Company recognized $30 million of expense related to the recognition of the tender premium and other costs including deferred debt discount amortization. This expense is presented as losses on early retirement of debt on the Consolidated Statements of Income during 2019. During 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 and other fees related to the transactions. Such repurchases resulted in the recognition of expense of $5 million during 2018 presented as losses on early retirement of debt on the Consolidated Statements of Income. During December 2018, the Company completed a tender offer and purchased $750 million in aggregate principal amount of certain senior unsecured notes and debentures. The purchased senior unsecured notes and debentures included $164 million of 6.65% senior debentures due 2024, $155 million of 7.0% senior debentures due 2028, $114 million of 6.9% senior debentures due 2029, $103 million of 4.5% senior notes due 2034, $94 million of 6.79% senior debentures due 2027, $35 million of 6.7% senior debentures due 2034, $34 million of 6.375% senior notes due 2037, $34 million of 6.7% senior debentures due 2028, $10 million of 6.9% senior debentures due 2032, $5 million of 8.75% senior debentures due 2029, and $2 million of 7.875% senior debentures due 2030. The total cash cost for the tender offer was $789 million . The Company recognized $28 million of expense related to the recognition of the tender premium and other costs partially offset by the unamortized debt premium associated with this debt. This expense is presented as losses on early retirement of debt on the Consolidated Statements of Income during 2018. During 2017, the Company completed a tender offer and purchased $400 million in aggregate principal amount of certain senior unsecured notes and debentures. The purchased senior unsecured notes and debentures included $147 million of 6.9% senior debentures due 2032, $108 million of 6.7% senior debentures due 2034, $96 million of 6.375% senior notes due 2037, $43 million of 8.75% senior debentures due 2029, and $6 million of 7.875% senior debentures due 2030. The total cash cost for the tender offer was $423 million . The Company recognized $11 million of income related to the recognition of the unamortized debt premium partially offset by the tender premium and other costs associated with this debt as gains on early retirement of debt. This income is presented as gains on early retirement of debt on the Consolidated Statements of Income during 2017. During 2017, the Company repurchased $247 million face value of senior notes and debentures. The debt repurchases were made in the open market for a total cash cost of $257 million , including expenses related to the transactions. Such repurchases resulted in the recognition of expense of $1 million during 2017 presented as losses on early retirement of debt on the Consolidated Statements of Income. Future maturities of long-term debt are shown below: (millions) Fiscal year 2021 $ 453 2022 — 2023 850 2024 622 2025 24 After 2025 1,658 During 2019 and 2017 , the Company repaid $36 million and $300 million , respectively, of indebtedness at maturity. The following table shows the detail of debt repayments: 2019 2018 2017 (millions) 6.9% Senior debentures due 2029 $ 113 $ 204 $ 3 4.5% Senior notes due 2034 — 183 — 7.0% Senior debentures due 2028 12 182 2 4.375% Senior notes due 2023 190 — — 3.875% Senior notes due 2022 100 — — 2.875% Senior notes due 2023 110 — — 6.65% Senior debentures due 2024 — 175 4 7.45% Senior debentures due 2017 — — 300 6.7% Senior debentures due 2028 — 94 3 6.79% Senior debentures due 2027 — 94 — 6.375% Senior notes due 2037 — 77 231 6.7% Senior debentures due 2034 — 63 136 6.9% Senior debentures due 2032 — 15 219 8.75% Senior debentures due 2029 — 5 43 7.875% Senior debentures due 2030 — 2 6 8.5% Senior debentures due 2019 36 — — 9.5% amortizing debentures due 2021 4 4 4 9.75% amortizing debentures due 2021 2 2 2 Capital leases and other obligations (a) — 1 1 $ 567 $ 1,101 $ 954 (a) As a result of the adoption of ASU 2016-02 on February 3, 2019, capital, or finance, leases were reclassed to lease liabilities within accounts payable and accrued liabilities and long-term lease liabilities on the Consolidated Balance Sheet. See Note 4 for information on leases. The following summarizes certain components of the Company’s debt: Bank Credit Agreement 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. As of February 1, 2020 and February 2, 2019 , there were no revolving credit loans outstanding under the credit agreements, and there were no borrowings under the agreements during 2019 and 2018 . In addition, there were no standby letters of credit outstanding at February 1, 2020 and February 2, 2019 . Revolving loans under the credit agreement bear interest based on various published rates. The Company's credit agreement, which is an obligation of a 100%-owned subsidiary of Macy’s, Inc. (“Parent”), is not secured. However, Parent has fully and unconditionally guaranteed this obligation. The credit agreement requires the Company to maintain a specified interest coverage ratio for the latest four quarters of no less than 3.25 and a specified leverage ratio as of and for the latest four quarters of no more than 3.75 . The Company’s interest coverage ratio for 2019 was 12.68 and its leverage ratio at February 1, 2020 was 1.78 , in each case as calculated in accordance with the credit agreement. The interest coverage ratio is defined as EBITDA divided by net interest expense and the leverage ratio is defined as debt divided by EBITDA. For purposes of these calculations EBITDA is calculated as net income plus interest expense, taxes, depreciation, amortization, non-cash impairment of goodwill, intangibles and real estate, settlement charges, non-recurring cash charges not to exceed in the aggregate $200 million and extraordinary losses less interest income and non-recurring or extraordinary gains. Net interest is adjusted to exclude the premium on early retirement of debt. A breach of a restrictive covenant in the Company’s credit agreement or the inability of the Company to maintain the financial ratios described above could result in an event of default under the credit agreement. In addition, an event of default would occur under the credit agreement if any indebtedness of the Company in excess of an aggregate principal amount of $150 million becomes due prior to its stated maturity or the holders of such indebtedness become able to cause it to become due prior to its stated maturity. Upon the occurrence of an event of default, the lenders could, subject to the terms and conditions of the credit agreement, elect to declare the outstanding principal, together with accrued interest, to be immediately due and payable. Moreover, most of the Company’s senior notes and debentures contain cross-default provisions based on the non-payment at maturity, or other default after an applicable grace period, of any other debt, the unpaid principal amount of which is not less than $100 million that could be triggered by an event of default under the credit agreement. In such an event, the Company’s senior notes and debentures that contain cross-default provisions would also be subject to acceleration. Commercial Paper The Company is a party to a $1,500 million unsecured commercial paper program. The Company may issue and sell commercial paper in an aggregate amount outstanding at any particular time not to exceed its then-current combined borrowing availability under the bank credit agreement described above. The issuance of commercial paper will have the effect, while such commercial paper is outstanding, of reducing the Company’s borrowing capacity under the bank credit agreement by an amount equal to the principal amount of such commercial paper. There were no borrowings under the program during 2019 and 2018 . As of February 1, 2020 and February 2, 2019 , there were no remaining borrowings outstanding under the commercial paper program. This program, which is an obligation of a 100%-owned subsidiary of Macy’s, Inc., is not secured. However, Parent has fully and unconditionally guaranteed the obligations. Senior Notes and Debentures The senior notes and the senior debentures are unsecured obligations of a 100%-owned subsidiary of Macy’s, Inc. and Parent has fully and unconditionally guaranteed these obligations (see Note 16, Condensed Consolidating Financial Information). Other Financing Arrangements At February 1, 2020 and February 2, 2019 , the Company had dedicated $37 million of cash, included in prepaid expenses and other current assets, which is used to collateralize the Company’s issuances of standby letters of credit. There were $34 million and $28 million , respectively, of other standby letters of credit outstanding at February 1, 2020 and February 2, 2019 . |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Feb. 01, 2020 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities February 1, February 2, (millions) Accounts payable $ 977 $ 983 Gift cards and customer rewards 839 856 Lease related liabilities (a) 399 180 Allowance for future sales returns 213 269 Accrued wages and vacation 194 268 Current portion of post employment and postretirement benefits 180 194 Taxes other than income taxes 145 134 Current portion of workers’ compensation and general liability reserves 105 112 Restructuring accruals, including severance 113 67 Accrued interest 41 51 Deferred real estate gains — 23 Other 242 229 $ 3,448 $ 3,366 (a) As of February 1, 2020, the balance includes the current portion of operating leases and finance leases accounted for under ASU 2016-02. As of February 2, 2019, lease related liabilities were accounted for under ASC Subtopic 840, Leases. See Note 4 for information on leases. Changes in workers’ compensation and general liability reserves, including the current portion, are as follows: 2019 2018 2017 (millions) Balance, beginning of year $ 487 $ 497 $ 503 Charged to costs and expenses 120 130 144 Payments, net of recoveries (145 ) (140 ) (150 ) Balance, end of year $ 462 $ 487 $ 497 The non-current portion of workers’ compensation and general liability reserves is included in other liabilities on the Consolidated Balance Sheets. At February 1, 2020 and February 2, 2019 , workers’ compensation and general liability reserves included $110 million and $112 million , respectively, which are covered by deposits and receivables included in current assets on the Consolidated Balance Sheets. |
Taxes
Taxes | 12 Months Ended |
Feb. 01, 2020 | |
Taxes Payable [Abstract] | |
Taxes | Taxes Income tax expense (benefit) is as follows: 2019 2018 2017 Current Deferred Total Current Deferred Total Current Deferred Total (millions) Federal $ 137 $ 4 $ 141 $ 156 $ 79 $ 235 $ 367 $ (462 ) $ (95 ) State and local 33 (10 ) 23 54 33 87 15 41 56 $ 170 $ (6 ) $ 164 $ 210 $ 112 $ 322 $ 382 $ (421 ) $ (39 ) On December 22, 2017, H.R. 1 was enacted into law. This new tax legislation, among other things, reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018. In applying the impacts of the new tax legislation to its 2017 income tax provision, the Company remeasured its deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally a 21% federal tax rate and its related impact on the state tax rates. The resulting impact was the recognition of an income tax benefit of $584 million in the fourth quarter of 2017. In addition, applying the new U.S. federal corporate tax rate of 21% on January 1, 2018, resulted in a federal income tax statutory rate of 33.7% in 2017. Combining the impacts on the Company’s current income tax provision and the remeasurement of its deferred tax balances, the Company’s effective income tax rate was a benefit of 2.6% in 2017. The income tax expense (benefit) reported differs from the expected tax computed by applying the federal income tax statutory rate of 21% for both 2019 and 2018 , and 33.7% for 2017 to income before income taxes net of noncontrolling interest. The reasons for this difference and their tax effects are as follows: 2019 2018 2017 (millions) Expected tax $ 153 $ 300 $ 515 State and local income taxes, net of federal income tax benefit (a) 13 59 19 Federal tax reform deferred tax remeasurement — (17 ) (584 ) Tax impact of equity awards (a) 1 — 14 Federal tax credits (3 ) (16 ) (16 ) Change in valuation allowance 5 10 18 Other (5 ) (14 ) (5 ) $ 164 $ 322 $ (39 ) (a) 2017 included the recognition of approximately $15 million of net tax shortfalls associated with share-based payment awards due to the adoption of Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting. Historically, the Company had recognized such amounts as an offset to accumulated excess tax benefits previously recognized in additional paid-in capital. The Company participates in the Internal Revenue Service (“IRS”) Compliance Assurance Program ("CAP"). As part of the CAP, tax years are audited on a contemporaneous basis so that all or most issues are resolved prior to the filing of the tax return. The IRS has completed examinations of 2016 and all prior tax years. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: February 1, February 2, (millions) Deferred tax assets Post employment and postretirement benefits $ 210 $ 208 Accrued liabilities accounted for on a cash basis for tax purposes 165 222 Lease liabilities 864 — Unrecognized state tax benefits and accrued interest 40 39 State operating loss and credit carryforwards 102 103 Other 110 172 Valuation allowance (80 ) (75 ) Total deferred tax assets 1,411 669 Deferred tax liabilities Excess of book basis over tax basis of property and equipment (988 ) (987 ) Right of use assets (707 ) — Merchandise inventories (365 ) (398 ) Intangible assets (309 ) (308 ) Other (211 ) (214 ) Total deferred tax liabilities (2,580 ) (1,907 ) Net deferred tax liability $ (1,169 ) $ (1,238 ) The valuation allowance at February 1, 2020 and February 2, 2019 relates to net deferred tax assets for state net operating loss and credit carryforwards. The net change in the valuation allowance amounted to an increase of $5 million for 2019 . In 2018 , the net change in the valuation allowance amounted to an increase of $10 million . As of February 1, 2020 , the Company had no federal net operating loss carryforwards, state net operating loss carryforwards, net of valuation allowances, of $218 million , and state credit carryforwards, net of valuation allowances, of $9 million , which will expire between 2020 and 2039. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: February 1, February 2, February 3, (millions) Balance, beginning of year $ 149 $ 140 $ 167 Additions based on tax positions related to the current year 18 17 7 Additions for tax positions of prior years 11 13 — Reductions for tax positions of prior years (20 ) (12 ) (23 ) Settlements (16 ) — (2 ) Statute expirations (9 ) (9 ) (9 ) Balance, end of year $ 133 $ 149 $ 140 Amounts recognized in the Consolidated Balance Sheets Current income taxes $ 12 $ 28 $ 11 Deferred income taxes 4 4 4 Other liabilities (a) 117 117 125 $ 133 $ 149 $ 140 (a) Unrecognized tax benefits not expected to be settled within one year are included within other liabilities on the Consolidated Balance Sheets. Additional information regarding unrecognized benefits and related interest and penalties is as follow: February 1, February 2, (millions) Amount of unrecognized tax benefits, net of deferred tax assets, that if recognized would affect the effective tax rate $ 106 $ 120 Accrued federal, state and local interest and penalties 60 56 Amounts recognized in the Consolidated Balance Sheets Current income taxes 4 28 Other liabilities 56 28 The Company classifies federal, state and local interest and penalties not expected to be settled within one year as other liabilities on the Consolidated Balance Sheets and follows a policy of recognizing all interest and penalties related to unrecognized tax benefits in income tax expense. The accrued federal, state and local interest and penalties primarily relate to state tax issues and the amount of penalties paid in prior periods, and the amounts of penalties accrued at February 1, 2020 and February 2, 2019 , are insignificant. Federal, state and local interest and penalties amounted to an expense of $6 million for 2019 , an expense of $5 million for 2018 , and a credit of $3 million for 2017 . The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2016. With respect to state and local jurisdictions, with limited exceptions, the Company and its subsidiaries are no longer subject to income tax audits for years before 2010. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties have been accrued for any adjustments that are expected to result from the years still subject to examination. As of February 1, 2020 , the Company believes it is reasonably possible that certain unrecognized tax benefits ranging from zero to $56 million may be recognized by the end of 2020. It is reasonably possible that there could be other material changes to the amount of uncertain tax positions due to activities of the taxing authorities, settlement of audit issues or the reassessment of existing uncertain tax positions; however, the Company is not able to estimate the impact of these items at this time. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Feb. 01, 2020 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Retirement Plans | Retirement Plans The Company has defined contribution plans which cover substantially all employees who work 1,000 hours or more in a year. In addition, the Company has a funded defined benefit plan (“Pension Plan”) and an unfunded defined benefit supplementary retirement plan (“SERP”), which provides benefits, for certain employees, in excess of qualified plan limitations. Effective January 1, 2012, the Pension Plan was closed to new participants, with limited exceptions, and effective January 2, 2012, the SERP was closed to new participants. In February 2013, the Company announced changes to the Pension Plan and SERP whereby eligible employees no longer earn future pension service credits after December 31, 2013, with limited exceptions. All retirement benefits attributable to service in subsequent periods are provided through defined contribution plans. Retirement expenses, excluding settlement charges, included the following components: 2019 2018 2017 (millions) 401(k) Qualified Defined Contribution Plan $ 96 $ 96 $ 93 Non-Qualified Defined Contribution Plan 2 1 1 Pension Plan (54 ) (64 ) (82 ) Supplementary Retirement Plan 30 31 31 $ 74 $ 64 $ 43 The Company estimates the service and interest cost components of net periodic benefit costs for the Pension Plan and SERP. This method uses a full yield curve approach in the estimation of these components of net periodic benefit costs. Under this approach, the Company applies discounting using individual spot rates from the yield curve composed of the rates of return from a portfolio of high quality corporate debt securities available at the measurement date. These spot rates align to each of the projected benefit obligation and service cost cash flows. Defined Contribution Plans The Company has a qualified plan that permits participating associates to defer eligible compensation up to the maximum limits allowable under the Internal Revenue Code. Beginning January 1, 2014, the Company has a non-qualified plan which permits participating associates to defer eligible compensation above the limits of the qualified plan. The Company contributes a matching percentage of employee contributions under both the qualified and non-qualified plans. Effective January 1, 2014, the Company's matching contribution to the qualified plan was enhanced for all participating employees, with limited exceptions. Prior to January 1, 2014, the matching contribution rate under the qualified plan was higher for those employees not eligible for the Pension Plan than for employees eligible for the Pension Plan. The liability related to the qualified plan matching contribution, which is reflected in accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $104 million at February 1, 2020 and $103 million at February 2, 2019 . Expense related to matching contributions for the qualified plan amounted to $96 million for 2019 and 2018 , and $93 million for 2017 . At February 1, 2020 and February 2, 2019 , the liability under the non-qualified plan, which is reflected in other liabilities on the Consolidated Balance Sheets, was $34 million and $27 million , respectively. The liability related to the non-qualified plan matching contribution, which is reflected in accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $2 million at February 1, 2020 and February 2, 2019 . Expense related to matching contributions for the non-qualified plan amounted to $2 million for 2019 and $1 million for both 2018 and 2017 . In connection with the non-qualified plan, the Company had mutual fund investments at February 1, 2020 and February 2, 2019 of $34 million and $27 million , respectively, which are included in prepaid expenses and other current assets on the Consolidated Balance Sheets. Pension Plan The following provides a reconciliation of benefit obligations, plan assets, and funded status of the Pension Plan as of February 1, 2020 and February 2, 2019 : 2019 2018 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 3,011 $ 3,271 Service cost 5 5 Interest cost 103 109 Actuarial (gain) loss 463 (27 ) Benefits paid (261 ) (347 ) Projected benefit obligation, end of year 3,321 3,011 Changes in plan assets Fair value of plan assets, beginning of year 3,018 3,409 Actual return on plan assets 602 (44 ) Company contributions — — Benefits paid (261 ) (347 ) Fair value of plan assets, end of year 3,359 3,018 Funded status at end of year $ 38 $ 7 Amounts recognized in the Consolidated Balance Sheets at Other assets $ 38 $ 7 Amounts recognized in accumulated other comprehensive loss at Net actuarial loss $ 1,086 $ 1,109 The accumulated benefit obligation for the Pension Plan was $3,320 million as of February 1, 2020 and $3,010 million as of February 2, 2019 . Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the Pension Plan included the following actuarially determined components: 2019 2018 2017 (millions) Net Periodic Pension Cost Service cost $ 5 $ 5 $ 6 Interest cost 103 109 104 Expected return on assets (191 ) (206 ) (223 ) Amortization of net actuarial loss 29 28 31 Amortization of prior service credit — — — (54 ) (64 ) (82 ) Settlement charges 45 78 89 Other Changes in Plan Assets and Projected Benefit Obligation Net actuarial (gain) loss 51 223 (120 ) Amortization of net actuarial loss (29 ) (28 ) (31 ) Settlement charges (45 ) (78 ) (89 ) (23 ) 117 (240 ) Total recognized $ (32 ) $ 131 $ (233 ) The estimated net actuarial loss for the Pension Plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2020 is $42 million . The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at February 1, 2020 and February 2, 2019 : 2019 2018 Discount rate 2.83 % 4.03 % Rate of compensation increases 3.25 % 4.00 % The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan: 2019 2018 2017 Discount rate used to measure service cost 4.09 % 3.77% - 4.46% 3.75% - 4.06% Discount rate used to measure interest cost 3.67 % 3.39% - 4.06% 3.12% - 3.31% Expected long-term return on plan assets 6.50 % 6.75 % 7.00 % Rate of compensation increases 4.00 % 4.00 % 4.10 % The Pension Plan’s assumptions are evaluated annually, and at interim re-measurements if required, and updated as necessary. Due to settlement accounting and re-measurements during 2018 and 2017 , the discount rate used to measure service cost and the discount rate used to measure interest cost varied between periods. The table above shows the range of rates used to determine net periodic expense for the Pension Plan. The discount rate used to determine the present value of the projected benefit obligation for the Pension Plan is based on a yield curve constructed from a portfolio of high quality corporate debt securities with various maturities. Each year’s expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate for the projected benefit obligation. The Company develops its expected long-term rate of return on plan asset assumption by evaluating input from several professional advisors taking into account the asset allocation of the portfolio and long-term asset class return expectations, as well as long-term inflation assumptions. Expected returns for each major asset class are considered along with their volatility and the expected correlations among them. These expectations are based upon historical relationships as well as forecasts of how future returns may vary from historical returns. Returns by asset class and correlations among asset classes are combined using the target asset allocation to derive an expected return for the portfolio as a whole. Long-term historical returns of the portfolio are also considered. Portfolio returns are calculated net of all expenses, therefore, the Company also analyzes expected costs and expenses, including investment management fees, administrative expenses, Pension Benefit Guaranty Corporation premiums and other costs and expenses. As of February 1, 2020, the Company lowered the assumed annual long-term rate of return for the Pension Plan's assets from 6.50% to 6.25% based on expected future returns on the portfolio of assets. The assets of the Pension Plan are managed by investment specialists with the primary objectives of payment of benefit obligations to Plan participants and an ultimate realization of investment returns over longer periods in excess of inflation. The Company employs a total return investment approach whereby a mix of domestic and foreign equity securities, fixed income securities and other investments is used to maximize the long-term return on the assets of the Pension Plan for a prudent level of risk. Risks are mitigated through asset diversification and the use of multiple investment managers. The target allocation for plan assets is currently 30% equity securities, 63% debt securities, 2% real estate and 5% private equities. The Company generally employs investment managers to specialize in a specific asset class. These managers are chosen and monitored with the assistance of professional advisors, using criteria that include organizational structure, investment philosophy, investment process, performance compared to market benchmarks and peer groups. The Company periodically conducts an analysis of the behavior of the Pension Plan’s assets and liabilities under various economic and interest rate scenarios to ensure that the long-term target asset allocation is appropriate given the liabilities. The fair values of the Pension Plan assets as of February 1, 2020 , excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: Fair Value Measurements Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Money market funds $ 37 $ 37 $ — $ — Equity securities: U.S. stocks 122 122 — — U.S. pooled funds 474 474 — — International pooled funds (a) 357 82 — — Fixed income securities: U.S. Treasury bonds 58 — 58 — Other Government bonds 61 — 61 — Agency backed bonds 13 — 13 — Corporate bonds 615 — 615 — Mortgage-backed securities 23 — 23 — Asset-backed securities 10 — 10 — Pooled funds 1,442 1,442 — — Other types of investments: Real estate (a) 37 — — — Private equity (a) 167 — — — Derivatives in a positive position 4 — 4 — Derivatives in a negative position (6 ) — (6 ) — Total $ 3,414 $ 2,157 $ 778 $ — (a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets. The fair values of the Pension Plan assets as of February 2, 2019 , excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: Fair Value Measurements Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Short term investments $ 1 $ — $ 1 $ — Money market funds 33 33 — — Equity securities: U.S. stocks 117 117 — — U.S. pooled funds 398 398 — — International pooled funds (a) 347 78 — — Fixed income securities: U.S. Treasury bonds 52 — 52 — Other Government bonds 53 — 53 — Agency backed bonds 11 — 11 — Corporate bonds 513 — 513 — Mortgage-backed securities 15 — 15 — Asset-backed securities 11 — 11 — Pooled funds 1,270 1,270 — — Other types of investments: Real estate (a) 56 — — — Private equity (a) 185 — — — Derivatives in a positive position 6 — 6 — Derivatives in a negative position (2 ) — (2 ) — Total $ 3,066 $ 1,896 $ 660 $ — (a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets. Corporate bonds consist primarily of investment grade bonds of U.S. issuers from diverse industries. The fair value of certain pooled funds including equity securities, real estate and private equity investments represents the reported net asset value of shares or underlying assets of the investment as a practical expedient to estimate fair value. International equity pooled funds seek to provide long-term capital growth and income by investing in equity securities of non-U.S. companies located both in developed and emerging markets. There are generally no redemption restrictions or unfunded commitments related to these equity securities. Real estate investments include several funds which seek risk-adjusted return by providing a stable, income-driven rate of return over the long term with high potential for growth of net investment income and appreciation of value. The real estate investments are diversified across property types and geographical areas primarily in the United States of America. Private equity investments have an objective of realizing aggregate long-term returns in excess of those available from investments in the public equity markets. Private equity investments generally consist of limited partnerships in the United States of America, Europe and Asia. Private equity and real estate investments are valued using fair values per the most recent financial reports provided by the investment sponsor, adjusted as appropriate for any lag between the date of the financial reports and the Company’s reporting date. Due to the nature of the underlying assets of the real estate and private equity investments, changes in market conditions and the economic environment may significantly impact the net asset value of these investments and, consequently, the fair value of the Pension Plan’s investments. These investments are redeemable at net asset value to the extent provided in the documentation governing the investments. However, these redemption rights may be restricted in accordance with the governing documents. Redemption of these investments is subject to restrictions including lock-up periods where no redemptions are allowed, restrictions on redemption frequency and advance notice periods for redemptions. As of February 1, 2020 and February 2, 2019 , certain of these investments are generally subject to lock-up periods, ranging from one to nine years, certain of these investments are subject to restrictions on redemption frequency, ranging from daily to four times per year, and certain of these investments are subject to advance notice requirements. As of February 1, 2020 and February 2, 2019 , the Pension Plan had unfunded commitments related to certain of these investments totaling $43 million and $49 million , respectively. The Company does not anticipate making funding contributions to the Pension Plan in 2020. The following benefit payments are estimated to be paid from the Pension Plan: (millions) Fiscal year 2020 $ 325 2021 274 2022 259 2023 250 2024 234 2025-2029 1,010 Supplementary Retirement Plan The following provides a reconciliation of benefit obligations, plan assets and funded status of the supplementary retirement plan as of February 1, 2020 and February 2, 2019 : 2019 2018 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 644 $ 703 Service cost — — Interest cost 21 23 Actuarial (gain) loss 87 (9 ) Benefits paid (71 ) (73 ) Projected benefit obligation, end of year 681 644 Change in plan assets Fair value of plan assets, beginning of year — — Company contributions 71 73 Benefits paid (71 ) (73 ) Fair value of plan assets, end of year — — Funded status at end of year $ (681 ) $ (644 ) Amounts recognized in the Consolidated Balance Sheets at Accounts payable and accrued liabilities $ (55 ) $ (68 ) Other liabilities (626 ) (576 ) $ (681 ) $ (644 ) Amounts recognized in accumulated other comprehensive loss at Net actuarial loss $ 283 $ 218 Prior service cost 6 6 $ 289 $ 224 The accumulated benefit obligation for the supplementary retirement plan was $681 million as of February 1, 2020 and $644 million as of February 2, 2019 . Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the supplementary retirement plan included the following actuarially determined components: 2019 2018 2017 (millions) Net Periodic Pension Cost Service cost $ — $ — $ — Interest cost 21 23 22 Amortization of net actuarial loss 9 7 8 Amortization of prior service cost — 1 1 30 31 31 Settlement charges 13 10 16 Other Changes in Plan Assets and Projected Benefit Obligation Net actuarial loss (gain) 87 (9 ) 20 Amortization of net actuarial loss (9 ) (7 ) (8 ) Amortization of prior service cost — (1 ) (1 ) Settlement charges (13 ) (10 ) (16 ) 65 (27 ) (5 ) Total recognized $ 108 $ 14 $ 42 The estimated net actuarial loss and prior service cost for the supplementary retirement plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2020 is $12 million . The following weighted average assumption was used to determine the projected benefit obligations for the supplementary retirement plan at February 1, 2020 and February 2, 2019 : 2019 2018 Discount rate 2.89 % 4.10 % The following weighted average assumption was used to determine net pension costs for the supplementary retirement plan: 2019 2018 2017 Discount rate used to measure interest cost 2.65% - 3.69% 3.39% - 4.09% 3.10% - 3.26% The supplementary retirement plan’s assumptions are evaluated annually, and at interim re-measurements if required, and updated as necessary. Due to settlement accounting and re-measurements during 2019 , 2018 and 2017 , the discount rate used to measure interest cost varied between periods. The table above shows the range of rates used to determine net periodic expense for the supplementary retirement plan. The discount rate used to determine the present value of the projected benefit obligation for the supplementary retirement plan is based on a yield curve constructed from a portfolio of high quality corporate debt securities with various maturities. Each year’s expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate for the projected benefit obligation. The following benefit payments are estimated to be funded by the Company and paid from the supplementary retirement plan: (millions) Fiscal year 2020 $ 55 2021 50 2022 47 2023 46 2024 45 2025-2029 203 |
Postretirement Health Care and
Postretirement Health Care and Life Insurance Benefits | 12 Months Ended |
Feb. 01, 2020 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Postretirement Health Care and Life Insurance Benefits | Postretirement Health Care and Life Insurance Benefits In addition to pension and other supplemental benefits, certain retired employees currently are provided with specified health care and life insurance benefits. Eligibility requirements for such benefits vary by division and subsidiary, but generally state that benefits are available to eligible employees who were hired prior to a certain date and retire after a certain age with specified years of service. Certain employees are subject to having such benefits modified or terminated. The following provides a reconciliation of benefit obligations, plan assets, and funded status of the postretirement obligations as of February 1, 2020 and February 2, 2019 : 2019 2018 (millions) Change in accumulated postretirement benefit obligation Accumulated postretirement benefit obligation, beginning of year $ 137 $ 156 Service cost — — Interest cost 5 5 Actuarial loss (gain) 5 (11 ) Medicare Part D subsidy — — Benefits paid (14 ) (13 ) Accumulated postretirement benefit obligation, end of year 133 137 Change in plan assets Fair value of plan assets, beginning of year — — Company contributions 14 13 Benefits paid (14 ) (13 ) Fair value of plan assets, end of year — — Funded status at end of year $ (133 ) $ (137 ) Amounts recognized in the Consolidated Balance Sheets at Accounts payable and accrued liabilities $ (14 ) $ (15 ) Other liabilities (119 ) (122 ) $ (133 ) $ (137 ) Amounts recognized in accumulated other comprehensive loss at Net actuarial gain $ (30 ) $ (41 ) Prior service credit (8 ) (9 ) $ (38 ) $ (50 ) Net postretirement benefit costs and other amounts recognized in other comprehensive loss included the following actuarially determined components: 2019 2018 2017 (millions) Net Periodic Postretirement Benefit Cost Service cost $ — $ — $ — Interest cost 5 5 5 Amortization of net actuarial gain (6 ) (5 ) (5 ) Amortization of prior service credit (1 ) (1 ) — (2 ) (1 ) — Other Changes in Plan Assets and Projected Benefit Obligation Net actuarial loss (gain) 5 (11 ) (9 ) Amortization of net actuarial gain 6 5 5 Amortization of prior service credit 1 1 — Prior service credit — — (10 ) 12 (5 ) (14 ) Total recognized $ 10 $ (6 ) $ (14 ) The estimated net actuarial gain and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic postretirement benefit cost during 2020 is $5 million . The following weighted average assumption was used to determine the accumulated postretirement benefit obligations at February 1, 2020 and February 2, 2019 : 2019 2018 Discount rate 2.81 % 4.02 % The following weighted average assumption was used to determine the net postretirement benefit costs for the postretirement obligations: 2019 2018 2017 Discount rate used to measure interest cost 3.57 % 3.28 % 3.17 % The accumulated postretirement benefit obligation assumptions are evaluated annually, and at interim re-measurements if required, and updated as necessary. The discount rate used to determine the present value of the Company’s accumulated postretirement benefit obligations is based on a yield curve constructed from a portfolio of high quality corporate debt securities with various maturities. Each year’s expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate for the accumulated postretirement benefit obligations. The Company estimates the interest cost component of net periodic benefit costs using a full yield curve approach in the estimation of these components of net periodic benefit costs. Under this approach, the Company applies discounting using individual spot rates from the yield curve composed of the rates of return from a portfolio of high quality corporate debt securities available at the measurement date. These spot rates align to each of the projected benefit obligation and service cost cash flows. The future medical benefits provided by the Company for certain employees are based on a fixed amount per year of service, and the accumulated postretirement benefit obligation is not affected by increases in health care costs. However, the future medical benefits provided by the Company for certain other employees are affected by increases in health care costs. The following provides the assumed health care cost trend rates related to the Company’s accumulated postretirement benefit obligations at February 1, 2020 and February 2, 2019 : 2019 2018 Health care cost trend rates assumed for next year 5.25% - 8.63% 5.38% - 9.31% Rates to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.5% 4.5% Year that the rate reaches the ultimate trend rate 2027 2027 The assumed health care cost trend rates have an impact on the amounts reported for the accumulated postretirement benefit obligations. A one-percentage-point change in the assumed health care cost trend rates would have the following effects: 1 – Percentage Point Increase 1 – Percentage Point Decrease (millions) Effect on total of service and interest cost $ — $ — Effect on accumulated postretirement benefit obligations $ 7 $ (6 ) The following table reflects the benefit payments estimated to be funded by the Company and paid from the accumulated postretirement benefit obligations and estimated federal subsidies expected to be received under the Medicare Prescription Drug Improvement and Modernization Act of 2003: Expected Benefit Payments Expected Federal Subsidy (millions) Fiscal Year 2020 $ 14 $ — 2021 13 — 2022 12 — 2023 11 — 2024 10 — 2025-2029 41 1 |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Feb. 01, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock Based Compensation | Stock-Based Compensation The following disclosures present the Company’s equity plans on a combined basis. The equity plans are administered by the Compensation and Management Development Committee of the Board of Directors (the “CMD Committee”). The CMD Committee is authorized to grant options, stock appreciation rights, restricted stock and restricted stock units to officers and key employees of the Company and its subsidiaries and to non-employee directors. The equity plans are intended to help the Company attract and retain directors, officers, other key executives and employees and is also intended to provide incentives and rewards relating to the Company’s business plans to encourage such persons to devote themselves to the business of the Company. There have been no grants of stock appreciation rights under the equity plans. Stock option grants have an exercise price at least equal to the market value of the underlying common stock on the date of grant, have ten-year terms and typically vest ratably over four years of continued employment. Restricted stock and time-based restricted stock unit awards generally vest one to four years from the date of grant. Performance-based restricted stock units generally are earned based on the attainment of specified goals achieved over the performance period. As of February 1, 2020 , approximately 17 million shares of common stock were available for additional grants pursuant to the Company’s equity plans. Shares awarded are generally issued from the Company's treasury stock. Stock-based compensation expense included the following components: 2019 2018 2017 (millions) Stock options $ 15 $ 24 $ 34 Restricted stock units 23 39 24 $ 38 $ 63 $ 58 All stock-based compensation expense is recorded in SG&A expense in the Consolidated Statements of Income. Stock Options The fair value of stock options granted during 2019 , 2018 and 2017 and the weighted average assumptions used to estimate the fair value are as follows: 2019 2018 2017 Weighted average grant date fair value of stock options $ 5.11 $ 7.43 $ 5.84 Dividend yield 6.3 % 5.2 % 6.2 % Expected volatility 40.6 % 41.1 % 41.8 % Risk-free interest rate 2.4 % 2.7 % 1.9 % Expected life 5.5 years 5.6 years 5.7 years The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company estimates the expected volatility and expected option life assumption consistent with ASC Topic 718, Compensation – Stock Compensation. The expected volatility of the Company’s common stock at the date of grant is estimated based on a historic volatility rate and the expected option life is calculated based on historical stock option experience as the best estimate of future exercise patterns. The dividend yield assumption is based on historical and anticipated dividend payouts. The risk-free interest rate assumption is based on observed interest rates consistent with the expected life of each stock option grant. The Company uses historical data to estimate pre-vesting option forfeitures and records stock-based compensation expense only for those awards that are expected to vest. Compensation expense is recorded for all stock options expected to vest based on the amortization of the fair value at the date of grant on a straight-line basis primarily over the vesting period of the options. Activity related to stock options for 2019 is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (thousands) (years) (millions) Outstanding, beginning of period 18,893 $ 39.73 Granted 1,994 23.94 Canceled or forfeited (1,731 ) 32.73 Exercised (657 ) 9.08 Outstanding, end of period 18,499 $ 39.77 Exercisable, end of period 14,258 $ 42.97 4.2 $ — Options expected to vest 3,133 $ 29.20 7.9 $ — Additional information relating to stock options is as follows: 2019 2018 2017 (millions) Intrinsic value of options exercised $ 10 $ 27 $ 3 Cash received from stock options exercised 6 45 6 As of February 1, 2020 , the Company had $15 million of unrecognized compensation costs related to nonvested stock options, which is expected to be recognized over a weighted average period of approximately 2.2 years. Restricted Stock Units The weighted average grant date fair values of performance-based and time-based restricted stock units granted during 2019 , 2018 and 2017 are as follows: 2019 2018 2017 Restricted stock units (performance-based) $ 24.28 $ 30.64 $ 27.16 Restricted stock units (time-based) 17.81 25.57 20.75 During 2019 , 2018 and 2017 , the CMD Committee approved awards of performance-based restricted stock units to certain senior executives of the Company. Each award reflects a target number of shares (“Target Shares”) that may be issued to the award recipient. These awards may be earned upon the completion of three -year performance periods ending January 29, 2022, January 30, 2021 and February 1, 2020, respectively. Whether units are earned at the end of the performance period will be determined based on the achievement of certain performance objectives over the performance period. The performance objectives include achieving an EBITDA as a percent to sales ratio, owned plus licensed comparable sales growth and a return on invested capital ratio. The performance-based restricted stock units also include a performance objective relating to relative total shareholder return (“TSR”). Relative TSR reflects the change in the value of the Company’s common stock over the performance period in relation to the change in the value of the common stock of an executive compensation peer group over the performance period, assuming the reinvestment of dividends. Depending on the results achieved during the three -year performance periods, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the Target Shares granted. The fair value of the Target Shares and restricted stock awards are based on the fair value of the underlying shares on the date of grant. The fair value of the portion of the Target Shares that relate to a relative TSR performance objective was determined using a Monte Carlo simulation analysis to estimate the total shareholder return ranking of the Company among an executive compensation peer group over the remaining performance periods. The expected volatility of the Company’s common stock at the date of grant was estimated based on a historical average volatility rate for the approximate three -year performance period. The dividend yield assumption was based on historical and anticipated dividend payouts. The risk-free interest rate assumption was based on observed interest rates consistent with the approximate three-year performance measurement period. The fair value of a restricted stock unit award at the grant date is equal to the market price of the Company's common stock on the grant date. Compensation expense is recorded for all restricted stock unit awards based on the amortization of the fair market value at the date of grant over the period the restrictions lapse or over the performance period of the performance-based restricted stock units. As of February 1, 2020 , the Company had $43 million of unrecognized compensation costs related to nonvested restricted stock units, which is expected to be recognized over a weighted average period of approximately 2.0 years. Activity related to restricted stock units for 2019 is as follows: Shares Weighted Average Grant Date Fair Value (thousands) Nonvested, beginning of period 4,143 $ 26.33 Granted – performance-based 861 24.28 Performance adjustment (26 ) 28.17 Granted – time-based 1,443 17.81 Forfeited (909 ) 23.88 Vested (765 ) 29.19 Nonvested, end of period 4,747 $ 23.37 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Feb. 01, 2020 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The authorized shares of the Company consist of 125 million shares of preferred stock (“Preferred Stock”), par value of $0.01 per share, with no shares issued, and 1,000 million shares of common stock, par value of $0.01 per share, with 333.6 million shares of common stock issued and 309.0 million shares of common stock outstanding at February 1, 2020 , and with 333.6 million shares of common stock issued and 307.5 million shares of common stock outstanding at February 2, 2019 (with shares held in the Company’s treasury being treated as issued, but not outstanding). No shares of common stock were retired during 2019 , 2018 and 2017. Beginning in January 2000, the Company’s Board of Directors approved various authorizations to purchase, in the aggregate, up to $18,000 million of common stock, which includes the Company's Board of Directors approval of an additional authorization to purchase common stock of $1,500 million on February 26, 2016. As of February 1, 2020 , $1,716 million of authorization remained unused. Common Stock The holders of the common stock are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders. Subject to preferential rights that may be applicable to any Preferred Stock, holders of common stock are entitled to receive ratably such dividends as may be declared by the Board of Directors in its discretion, out of funds legally available. Treasury Stock Treasury stock contains shares repurchased under the share repurchase program, shares repurchased to cover employee tax liabilities related to stock plan activity and shares maintained in a trust related to deferred compensation plans. Under the deferred compensation plans, shares are maintained in a trust to cover the number estimated to be needed for distribution on account of stock credits currently outstanding. Changes in the Company’s common stock issued and outstanding, including shares held by the Company’s treasury, are as follows: Treasury Stock Common Stock Issued Deferred Compensation Plans Other Total Common Stock Outstanding (thousands) Balance at January 28, 2017 333,606 (1,096 ) (28,447 ) (29,543 ) 304,063 Stock issued under stock plans (119 ) 590 471 471 Stock repurchases (38 ) (38 ) (38 ) Deferred compensation plan distributions 269 269 269 Balance at February 3, 2018 333,606 (946 ) (27,895 ) (28,841 ) 304,765 Stock issued under stock plans (106 ) 2,756 2,650 2,650 Stock repurchases (6 ) (6 ) (6 ) Deferred compensation plan distributions 111 111 111 Balance at February 2, 2019 333,606 (941 ) (25,145 ) (26,086 ) 307,520 Stock issued under stock plans (130 ) 1,510 1,380 1,380 Stock repurchases (38 ) (38 ) (38 ) Deferred compensation plan distributions 169 169 169 Balance at February 1, 2020 333,606 (902 ) (23,673 ) (24,575 ) 309,031 Accumulated Other Comprehensive Loss For the Company, the only component of accumulated other comprehensive loss for 2019 , 2018 and 2017 |
Fair Value Measurements and Con
Fair Value Measurements and Concentrations of Credit Risk | 12 Months Ended |
Feb. 01, 2020 | |
Fair Value by Fair Value Hierarchy Level Extensible List [Abstract] | |
Fair Value Measurements and Concentrations of Credit Risk | Fair Value Measurements and Concentrations of Credit Risk The following table shows the Company’s financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards: February 1, 2020 February 2, 2019 Fair Value Measurements Fair Value Measurements Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Marketable $ 132 $ 34 $ 98 $ — $ 101 $ 27 $ 74 $ — 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 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: February 1, 2020 February 2, 2019 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 3,607 $ 3,621 $ 3,702 $ 4,671 $ 4,683 $ 4,407 The following table shows certain of the Company’s long-lived assets, which includes tangible and intangible assets, that were measured at fair value on a nonrecurring basis during 2019 and 2018 : February 1, 2020 February 2, 2019 Fair Value Measurements Fair Value Measurements Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Long-lived assets $ 129 $ — $ — $ 129 $ 24 $ — $ — $ 24 During 2019 , long-lived assets with a carrying value of $326 million were written down to their fair value of $129 million , resulting in asset impairment charges of $197 million . During 2018 , long-lived assets with a carrying value of $84 million were written down to their fair value of $24 million , resulting in asset impairment charges of $60 million . The fair values of these assets were calculated based on the projected cash flows and an estimated risk-adjusted rate of return that would be used by market participants in valuing these assets or prices of similar assets. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its temporary cash investments in what it believes to be high credit quality financial instruments. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Feb. 01, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Attributable to Macy's, Inc. Shareholders The following table sets forth the computation of basic and diluted earnings per share attributable to Macy's, Inc. shareholders: 2019 2018 2017 Net Income Shares Net Income Shares Net Income Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and average number of shares outstanding $ 564 308.8 $ 1,108 306.8 $ 1,566 304.5 Shares to be issued under deferred compensation — 0.9 — 0.9 — 0.9 $ 564 309.7 $ 1,108 307.7 $ 1,566 305.4 Basic earnings per share attributable to Macy's, Inc. shareholders $ 1.82 $ 3.60 $ 5.13 Effect of dilutive securities: Stock options and restricted — 1.7 — 3.7 — 1.4 $ 564 311.4 $ 1,108 311.4 $ 1,566 306.8 Diluted earnings per share attributable to Macy's, Inc. shareholders $ 1.81 $ 3.56 $ 5.10 In addition to the stock options and restricted stock units reflected in the foregoing table, stock options to purchase 18.5 million shares of common stock and restricted stock units relating to 1.7 million shares of common stock were outstanding at February 1, 2020 , stock options to purchase 15.3 million of shares of common stock and restricted stock units relating to 0.9 million shares of common stock were outstanding at February 2, 2019 , and stock options to purchase 16.6 million of shares of common stock and restricted stock units relating to 0.9 million shares of common stock were outstanding at February 3, 2018 , but were not included in the computation of diluted earnings per share attributable to Macy's, Inc. shareholders for 2019 , 2018 and 2017 , respectively, because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. |
Quarterly Results (unaudited)
Quarterly Results (unaudited) | 12 Months Ended |
Feb. 01, 2020 | |
Quarterly Financial Data [Abstract] | |
Quarterly Results (unaudited) | Quarterly Results (unaudited) Unaudited quarterly results for the last two years were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (millions, except per share data) 2019: Net sales $ 5,504 $ 5,546 $ 5,173 $ 8,337 Credit card revenues, net 172 176 183 239 Cost of sales (3,403 ) (3,395 ) (3,106 ) (5,266 ) Selling, general and administrative expenses (2,112 ) (2,177 ) (2,202 ) (2,509 ) Gains on sale of real estate 43 7 17 95 Restructuring, impairment, store closing and other costs (1 ) (2 ) (13 ) (337 ) Benefit plan income, net 7 8 8 8 Settlement charges — — (12 ) (46 ) Net income attributable to Macy's, Inc. shareholders 136 86 2 340 Basic earnings per share attributable to Macy's, Inc. shareholders 0.44 0.28 0.01 1.10 Diluted earnings per share attributable to Macy's, Inc. shareholders 0.44 0.28 0.01 1.09 2018: Net sales $ 5,541 $ 5,572 $ 5,404 $ 8,455 Credit card revenues, net 157 186 185 240 Cost of sales (3,382 ) (3,320 ) (3,226 ) (5,288 ) Selling, general and administrative expenses (2,083 ) (2,164 ) (2,255 ) (2,538 ) Gains on sale of real estate 24 46 42 278 Restructuring, impairment, store closing and other costs (19 ) (17 ) (3 ) (97 ) Benefit plan income, net 11 11 9 8 Settlement charges — (50 ) (23 ) (15 ) Net income attributable to Macy's, Inc. shareholders 139 166 62 740 Basic earnings per share attributable to 0.45 0.54 0.20 2.40 Diluted earnings per share attributable to 0.45 0.53 0.20 2.37 Note: Annual results may not equal the sum of the quarterly results for the respective periods due to rounding conventions. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Feb. 01, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Certain debt obligations of the Company described in Note 6, Financing, which constitute debt obligations of Parent’s 100%-owned subsidiary, Macy’s Retail Holdings, Inc. (“Subsidiary Issuer”), are fully and unconditionally guaranteed by Parent. In the following condensed consolidating financial statements, “Other Subsidiaries” includes all other direct subsidiaries of Parent, including 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 2019 , 2018 and 2017 , Consolidating Balance Sheets as of February 1, 2020 and February 2, 2019 , and the related Condensed Consolidating Statements of Cash Flows for 2019 , 2018 , and 2017 are presented on the following pages. MACY’S, INC. Condensed Consolidating Statement of Comprehensive Income For 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 9,477 $ 20,831 $ (5,748 ) $ 24,560 Credit card revenues (expense), net — (7 ) 778 — 771 Cost of sales — (5,834 ) (15,085 ) 5,748 (15,171 ) Selling, general and administrative expenses 2 (3,490 ) (5,510 ) — (8,998 ) Gains on sale of real estate — 37 125 — 162 Restructuring, impairment, store closing and other costs — (108 ) (246 ) — (354 ) Operating income 2 75 893 — 970 Benefit plan income, net — 12 19 — 31 Settlement charges — (22 ) (36 ) — (58 ) Interest (expense) income, net: External 15 (204 ) 4 — (185 ) Intercompany — (72 ) 72 — — Losses on early retirement of debt — (30 ) — — (30 ) Equity in earnings (loss) of subsidiaries 547 (266 ) — (281 ) — Income (loss) before income taxes 564 (507 ) 952 (281 ) 728 Federal, state and local income — 33 (197 ) — (164 ) Net income (loss) 564 (474 ) 755 (281 ) 564 Net loss attributable to noncontrolling interest — — — — — Net income attributable to Macy's, Inc. shareholders $ 564 $ (474 ) $ 755 $ (281 ) $ 564 Comprehensive income (loss) $ 524 $ (512 ) $ 731 $ (219 ) $ 524 Comprehensive loss attributable to noncontrolling interest — — — — — Comprehensive income (loss) attributable to Macy's, Inc. shareholders $ 524 $ (512 ) $ 731 $ (219 ) $ 524 MACY’S, INC. Condensed Consolidating Statement of Comprehensive Income For 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 9,051 $ 23,720 $ (7,800 ) $ 24,971 Credit card revenues (expense), net — (3 ) 771 — 768 Cost of sales — (5,786 ) (17,229 ) 7,800 (15,215 ) Selling, general and administrative expenses — (3,509 ) (5,530 ) — (9,039 ) Gains on sale of real estate — 141 248 — 389 Restructuring, impairment, store closing and other costs — (33 ) (103 ) — (136 ) Operating income (loss) — (139 ) 1,877 — 1,738 Benefit plan income, net — 15 24 — 39 Settlement charges (5 ) (30 ) (53 ) — (88 ) Interest (expense) income, net: External 20 (260 ) 4 — (236 ) Intercompany — (72 ) 72 — — Losses on early retirement of debt — (33 ) — — (33 ) Equity in earnings of subsidiaries 1,104 345 — (1,449 ) — Income (loss) before income taxes 1,119 (174 ) 1,924 (1,449 ) 1,420 Federal, state and local income (11 ) 219 (530 ) — (322 ) Net income 1,108 45 1,394 (1,449 ) 1,098 Net loss attributable to noncontrolling interest — — 10 — 10 Net income attributable to $ 1,108 $ 45 $ 1,404 $ (1,449 ) $ 1,108 Comprehensive income (loss) $ 1,045 $ (15 ) $ 1,353 $ (1,348 ) $ 1,035 Comprehensive loss attributable to — — 10 — 10 Comprehensive income (loss) attributable to $ 1,045 $ (15 ) $ 1,363 $ (1,348 ) $ 1,045 MACY’S, INC. Condensed Consolidating Statement of Comprehensive Income For 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 9,490 $ 23,317 $ (7,868 ) $ 24,939 Credit card revenues (expense), net — (2 ) 704 — 702 Cost of sales — (6,122 ) (16,927 ) 7,868 (15,181 ) Selling, general and administrative expenses — (3,426 ) (5,528 ) — (8,954 ) Gains on sale of real estate — 201 343 — 544 Restructuring, impairment, store closing and other costs — (40 ) (146 ) — (186 ) Operating income — 101 1,763 — 1,864 Benefit plan income, net — 22 35 — 57 Settlement charges — (35 ) (70 ) — (105 ) Interest (expense) income, net: External — (313 ) 3 — (310 ) Intercompany — (139 ) 139 — — Gains on early retirement of debt — 10 — — 10 Equity in earnings of subsidiaries 1,574 773 — (2,347 ) — Income before income taxes 1,574 419 1,870 (2,347 ) 1,516 Federal, state and local income (8 ) 356 (309 ) — 39 Net income 1,566 775 1,561 (2,347 ) 1,555 Net loss attributable to noncontrolling interest — — 11 — 11 Net income attributable to $ 1,566 $ 775 $ 1,572 $ (2,347 ) $ 1,566 Comprehensive income $ 1,738 $ 935 $ 1,673 $ (2,619 ) $ 1,727 Comprehensive loss attributable to — — 11 — 11 Comprehensive income attributable to $ 1,738 $ 935 $ 1,684 $ (2,619 ) $ 1,738 MACY’S, INC. Condensed Consolidating Balance Sheet As of February 1, 2020 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 413 $ 59 $ 213 $ — $ 685 Receivables — 83 326 — 409 Merchandise inventories — 2,239 2,949 — 5,188 Prepaid expenses and other current assets — 118 410 — 528 Total Current Assets 413 2,499 3,898 — 6,810 Property and Equipment – net — 3,103 3,530 — 6,633 Right of Use Assets — 611 2,057 — 2,668 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 4 435 — 439 Other Assets — 37 677 — 714 Deferred Income Taxes 12 — — (12 ) — Intercompany Receivable 2,675 — 1,128 (3,803 ) — Investment in Subsidiaries 3,433 2,796 — (6,229 ) — Total Assets $ 6,533 $ 12,376 $ 12,307 $ (10,044 ) $ 21,172 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 539 $ — $ — $ 539 Merchandise accounts payable — 702 980 — 1,682 Accounts payable and accrued liabilities 126 909 2,413 — 3,448 Income taxes 5 11 65 — 81 Total Current Liabilities 131 2,161 3,458 — 5,750 Long-Term Debt — 3,621 — — 3,621 Long-Term Lease Liabilities — 543 2,375 — 2,918 Intercompany Payable — 3,803 — (3,803 ) — Deferred Income Taxes — 595 586 (12 ) 1,169 Other Liabilities 25 414 898 — 1,337 Shareholders’ Equity: Macy's, Inc. 6,377 1,239 4,990 (6,229 ) 6,377 Noncontrolling Interest — — — — — Total Shareholders’ Equity 6,377 1,239 4,990 (6,229 ) 6,377 Total Liabilities and Shareholders’ Equity $ 6,533 $ 12,376 $ 12,307 $ (10,044 ) $ 21,172 MACY’S, INC. 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 MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 564 $ (474 ) $ 755 $ (281 ) $ 564 Restructuring, impairment, store closing and other costs — 108 246 — 354 Settlement charges — 22 36 — 58 Gains on sale of real estate — (37 ) (125 ) — (162 ) Equity in (earnings) loss of subsidiaries (547 ) 266 — 281 — Dividends received from subsidiaries 936 — — (936 ) — Depreciation and amortization — 323 658 — 981 Changes in assets, liabilities and other items not separately identified (4 ) (90 ) (93 ) — (187 ) Net cash provided by 949 118 1,477 (936 ) 1,608 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — (198 ) (774 ) — (972 ) Other, net — (2 ) (28 ) — (30 ) Net cash used by investing activities — (200 ) (802 ) — (1,002 ) Cash flows from financing activities: Debt repaid, including debt issuance costs — (598 ) (2 ) — (600 ) Dividends paid (466 ) — (936 ) 936 (466 ) Issuance of common stock, net of common stock acquired 5 — — — 5 Intercompany activity, net (915 ) 687 228 — — Other, net (49 ) (7 ) (6 ) — (62 ) Net cash provided (used) by (1,425 ) 82 (716 ) 936 (1,123 ) Net decrease in cash, cash equivalents and restricted cash (476 ) — (41 ) — (517 ) Cash, cash equivalents and restricted cash at 889 64 295 — 1,248 Cash, cash equivalents and restricted cash at $ 413 $ 64 $ 254 $ — $ 731 MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income $ 1,108 $ 45 $ 1,394 $ (1,449 ) $ 1,098 Restructuring, impairment, store closing and other costs — 33 103 — 136 Settlement charges 5 30 53 — 88 Gains on sale of real estate — (141 ) (248 ) — (389 ) Equity in earnings of subsidiaries (1,104 ) (345 ) — 1,449 — Dividends received from subsidiaries 1,040 200 — (1,240 ) — Depreciation and amortization — 334 628 — 962 Changes in assets, liabilities and other items not separately identified (91 ) 198 (266 ) (1 ) (160 ) Net cash provided by 958 354 1,664 (1,241 ) 1,735 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — (135 ) (323 ) — (458 ) Other, net — (16 ) (33 ) 51 2 Net cash used by — (151 ) (356 ) 51 (456 ) Cash flows from financing activities: Debt repaid — (1,098 ) (1 ) (50 ) (1,149 ) Dividends paid (463 ) — (1,240 ) 1,240 (463 ) Issuance of common stock, net of common stock acquired 45 — — — 45 Proceeds from noncontrolling interest — — 7 — 7 Intercompany activity, net (767 ) 875 (108 ) — — Other, net 7 5 4 — 16 Net cash used by financing activities (1,178 ) (218 ) (1,338 ) 1,190 (1,544 ) Net decrease in cash, cash equivalents and restricted cash (220 ) (15 ) (30 ) — (265 ) Cash, cash equivalents and restricted cash at 1,109 79 325 — 1,513 Cash, cash equivalents and restricted cash at $ 889 $ 64 $ 295 $ — $ 1,248 MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income $ 1,566 $ 775 $ 1,561 $ (2,347 ) $ 1,555 Restructuring, impairment, store closing and other costs — 40 146 — 186 Settlement charges — 35 70 — 105 Gains on sale of real estate — (201 ) (343 ) — (544 ) Equity in earnings of subsidiaries (1,574 ) (773 ) — 2,347 — Dividends received from subsidiaries 903 450 — (1,353 ) — Depreciation and amortization — 354 637 — 991 Changes in assets, liabilities and other items not separately identified 14 79 (410 ) — (317 ) Net cash provided by 909 759 1,661 (1,353 ) 1,976 Cash flows from investing activities: Disposition (purchase) of property and equipment and capitalized software, net — 68 (417 ) — (349 ) Other, net — 7 (9 ) — (2 ) Net cash provided (used) by — 75 (426 ) — (351 ) Cash flows from financing activities: Debt repaid — (987 ) (1 ) — (988 ) Dividends paid (461 ) — (1,353 ) 1,353 (461 ) Issuance of common stock, net of common stock acquired 5 — — — 5 Proceeds from noncontrolling interest — — 13 — 13 Intercompany activity, net (427 ) 249 178 — — Other, net 145 (98 ) (62 ) — (15 ) Net cash used by (738 ) (836 ) (1,225 ) 1,353 (1,446 ) Net increase (decrease) in cash, cash equivalents and restricted cash 171 (2 ) 10 — 179 Cash, cash equivalents and restricted cash at 938 81 315 — 1,334 Cash, cash equivalents and restricted cash at $ 1,109 $ 79 $ 325 $ — $ 1,513 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events | 12 Months Ended |
Feb. 01, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events In March 2020, the World Health Organization declared the outbreak of COVID-19 as a global pandemic and the virus has continued to spread throughout the United States. As a result of this outbreak, on March 18, 2020, the Company temporarily closed all stores and the stores will remain closed until it is safe to reopen to prioritize the health and safety of its customers, colleagues and communities. These closures include all Macy’s, Bloomingdale’s, Bluemercury, Macy’s Backstage, Bloomingdales the Outlet and Market by Macy’s stores. COVID-19 has had a negative impact on the Company's operations and financial results to date, and the full financial impact of the virus cannot be reasonably estimated at this time due to uncertainty as to its severity and duration. It is anticipated that the COVID-19 outbreak may ultimately have a material adverse impact on the Company's results of operations, financial position and cash flow in 2020. As a result, in March 2020, the Company fully drew on the $1,500 million credit facility, announced the suspension of quarterly cash dividends beginning in the second quarter of 2020, and took additional steps to reduce discretionary spending and other expenditures including a temporary furlough for the majority of its employee population. The Company's Board of Directors rescinded its authorization of any unused amounts under the Company's share repurchase program. The Company continues to monitor the situation closely and may implement further measures to provide additional financial flexibility and improve the Company's cash position and liquidity. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Feb. 01, 2020 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Nature Of Operations | Macy’s, Inc., together with its 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, Puerto Rico and Guam. As of February 1, 2020 , the Company’s operations and operating segments were conducted through Macy’s, Bloomingdale’s, Bloomingdale’s The Outlet, Macy's Backstage, and bluemercury, which are aggregated into one reporting segment in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting. The metrics used by management to assess the performance of the Company’s operating divisions include sales trends, gross margin rates, expense rates, and rates of earnings before interest and taxes (“EBIT”) and earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company’s operating divisions have historically had similar economic characteristics and are expected to have similar economic characteristics and long-term financial performance in future periods. |
Fiscal Period | The Company’s fiscal year ends on the Saturday closest to January 31. Fiscal years 2019 , 2018 and 2017 ended on February 1, 2020 , February 2, 2019 and February 3, 2018 , respectively. Fiscal years 2019 and 2018 included 52 weeks and fiscal year 2017 included 53 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years. |
Consolidation | In August 2015, the Company established a joint venture, Macy's China Limited, of which the Company held a sixty-five percent ownership interest and Hong Kong-based Fung Retailing Limited held the remaining thirty-five percent ownership interest. Macy's China Limited sold merchandise in China through an e-commerce presence on Alibaba Group's Tmall Global. In January 2019, the Company ended the joint venture with Fung Retailing Limited after winding down the operations of Macy's China Limited earlier in 2018. In conjunction with the termination of the joint venture, the Company acquired the noncontrolling interest in Macy's China Limited from Fung Retailing Limited, resulting in one hundred percent ownership. For the period of time prior to the acquisition of the noncontrolling interest, Fung Retailing Limited's thirty-five percent proportionate share of the results of Macy's China Limited was reported as noncontrolling interest in the Consolidated Financial Statements. All significant intercompany transactions were eliminated. |
Reclassifications | Certain reclassifications were made to prior years' amounts to conform with the classifications of such amounts in the most recent years. |
Use Of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. |
Net Sales | Cost of sales consists of the cost of merchandise, including inbound freight, shipping and handling costs, and depreciation. An estimated allowance for future sales returns is recorded and cost of sales is adjusted accordingly. 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. See Note 2, Revenue, for further discussion of the Company's accounting policies for revenue from contracts with customers. 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 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 records breakage income within net sales on the Consolidated Statements of Income. |
Cash and Cash Equivalents | Cash and cash equivalents include cash and liquid investments with original maturities of three months or less. Cash and cash equivalents includes amounts due in respect of credit card sales transactions that are settled early in the following period in the amount of $118 million at February 1, 2020 and $114 million at February 2, 2019 . |
Investments | The Company from time to time invests in debt and equity securities, including companies engaged in complementary businesses. All debt securities held by the Company are accounted for under ASC Topic 320, Investments – Debt Securities, while all marketable securities held by the Company are accounted for under ASC Topic 321, Investments – Equity Securities. Unrealized holding gains and losses on trading securities and equity securities with a readily determinable fair value are recognized in the Consolidated Statements of Income. Equity securities without a readily determinable fair value are generally recorded at cost and subsequently adjusted, in net income, for observable price changes (i.e., prices in orderly transactions for the identical investment or similar investment of the same issuer). |
Receivables | The Company and Citibank, the owner of most of the Company's credit assets, are party to a long-term marketing and servicing alliance pursuant to the terms of a Credit Card Program Agreement (the “Program Agreement”). Income earned under the Program Agreement is treated as credit card revenues, net on the Consolidated Statements of Income. Under the Program Agreement, Citibank offers proprietary and non-proprietary credit cards to the Company’s customers. |
Merchandise Inventories | Merchandise inventories are valued at lower of cost or market using the last-in, first-out ("LIFO") retail inventory method. Under the retail inventory method, inventory is segregated into departments of merchandise having similar characteristics, and is stated at its current retail selling value. Inventory retail values are converted to a cost basis by applying specific average cost factors for each merchandise department. Cost factors represent the average cost-to-retail ratio for each merchandise department based on beginning inventory and the annual purchase activity. At February 1, 2020 and February 2, 2019 , merchandise inventories valued at LIFO, including adjustments as necessary to record inventory at the lower of cost or market, approximated the cost of such inventories using the first-in, first-out ("FIFO") retail inventory method. The application of the LIFO retail inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales for 2019 , 2018 or 2017 . The retail inventory method inherently requires management judgments and estimates, such as the amount and timing of permanent markdowns to clear unproductive or slow-moving inventory, which may impact the ending inventory valuation as well as gross margins. Permanent markdowns designated for clearance activity are recorded when the utility of the inventory has diminished. Factors considered in the determination of permanent markdowns include current and anticipated demand, customer preferences, age of the merchandise and fashion trends. When a decision is made to permanently markdown merchandise, the resulting gross margin reduction is recognized in the period the markdown is recorded. Physical inventories are generally taken within each merchandise department annually, and inventory records are adjusted accordingly, resulting in the recording of actual shrinkage. Physical inventories are taken at all store locations for substantially all merchandise categories approximately three weeks before the end of the year. Shrinkage is estimated as a percentage of sales at interim periods and for this approximate three-week period, based on historical shrinkage rates. While it is not possible to quantify the impact from each cause of shrinkage, the Company has loss prevention programs and policies that are intended to minimize shrinkage, including the use of radio frequency identification cycle counts and interim inventories to keep the Company's merchandise files accurate. |
Vendor Allowances | The Company receives certain allowances as reimbursement for markdowns taken and/or to support the gross margins earned in connection with the sales of merchandise. These allowances are recognized when earned. The Company also receives advertising allowances from approximately 780 of its merchandise vendors pursuant to cooperative advertising programs, with some vendors participating in multiple programs. These allowances represent reimbursements by vendors of costs incurred by the Company to promote the vendors’ merchandise and are netted against advertising and promotional costs when the related costs are incurred. Advertising allowances in excess of costs incurred are recorded as a reduction of merchandise costs and, ultimately, through cost of sales when the merchandise is sold. The arrangements pursuant to which the Company’s vendors provide allowances, while binding, are generally informal in nature and one year or less in duration. The terms and conditions of these arrangements vary significantly from vendor to vendor and are influenced by, among other things, the type of merchandise to be supported. |
Advertising | Advertising and promotional costs are generally expensed at first showing. Advertising and promotional costs and cooperative advertising allowances were as follows: 2019 2018 2017 (millions) Gross advertising and promotional costs $ 1,330 $ 1,358 $ 1,397 Cooperative advertising allowances 188 196 289 Advertising and promotional costs, net of $ 1,142 $ 1,162 $ 1,108 Net sales $ 24,560 $ 24,971 $ 24,939 Advertising and promotional costs, net of cooperative 4.6 % 4.7 % 4.4 % |
Property and Equipment | Depreciation of owned properties is provided primarily on a straight-line basis over the estimated asset lives, which range from fifteen to fifty years for buildings and building equipment and three to fifteen years for fixtures and equipment. Real estate taxes and interest on construction in progress and land under development are capitalized. Amounts capitalized are amortized over the estimated lives of the related depreciable assets. The Company receives contributions from developers and merchandise vendors to fund building improvement and the construction of vendor shops. Such contributions are generally netted against the capital expenditures. Buildings on leased land and leasehold improvements are amortized over the shorter of their economic lives or the lease term, beginning on the date the asset is put into use. |
Long-lived Assets | The carrying value of long-lived assets, inclusive of ROU assets, is periodically reviewed by the Company whenever events or changes in circumstances indicate that a potential impairment has occurred. For long-lived assets held for use, a potential impairment has occurred if projected future undiscounted cash flows are less than the carrying value of the assets. The estimate of cash flows includes management’s assumptions of cash inflows and outflows directly resulting from the use of those assets in operations. When a potential impairment has occurred, an impairment write-down is recorded if the carrying value of the long-lived asset exceeds its fair value. The Company believes its estimated cash flows are sufficient to support the carrying value of its long-lived assets. If estimated cash flows significantly differ in the future, the Company may be required to record asset impairment write-downs. If the Company commits to a plan to dispose of a long-lived asset before the end of its previously estimated useful life, estimated cash flows are revised accordingly, and the Company may be required to record an asset impairment write-down. Additionally, related liabilities arise such as severance, contractual obligations and other accruals associated with store closings from decisions to dispose of assets. The Company estimates these liabilities based on the facts and circumstances in existence for each restructuring decision. The amounts the Company will ultimately realize or disburse could differ from the amounts assumed in arriving at the asset impairment and restructuring charge recorded. The Company classifies certain long-lived assets as held for disposal by sale and ceases depreciation when the particular criteria for such classification are met, including the probable sale within one year. For long-lived assets to be disposed of by sale, an impairment charge is recorded if the carrying amount of the asset exceeds its fair value less costs to sell. Such valuations include estimations of fair values and incremental direct costs to transact a sale. |
Leases | 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. 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. Lease agreements with lease and non-lease components are combined as a single lease component for all classes of underlying 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. Prior to February 3, 2019, leases were accounted for under ASC Subtopic 840, Leases. |
Goodwill and Other Intangible Assets | The carrying value of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment in accordance with ASC Subtopic 350-20, Goodwill. Goodwill and other intangible assets with indefinite lives have been assigned to reporting units for purposes of impairment testing. The reporting units are the Company’s retail operating divisions. Goodwill and other intangible assets with indefinite lives are tested for impairment annually at the end of the fiscal month of May. The Company evaluates qualitative factors to determine if it is more likely than not that the fair value of a reporting unit or other intangible assets with indefinite lives is less than its carrying value and whether it is necessary to perform the quantitative impairment test. If required, the Company performs a quantitative impairment test which involves a comparison of each reporting unit's or other intangible assets with indefinite lives’ fair values to its carrying value. Estimating the fair values of the reporting units or other intangible assets with indefinite lives involves the use of significant assumptions, estimates and judgments with respect to a variety of factors, including sales, gross margin and SG&A rates, capital expenditures, cash flows and the selection and use of an appropriate discount rate and market values and multiples of earnings and revenues of similar public companies. The projected sales, gross margin and SG&A expense rate assumptions and capital expenditures are based on the Company’s annual business plan or other forecasted results. Discount rates reflect market-based estimates of the risks associated with the projected cash flows of the reporting unit or indefinite lived intangible asset. |
Capitalized Software | The Company capitalizes purchased and internally developed software and amortizes such costs to expense on a straight-line basis generally over four to five years . Capitalized software is included in other assets on the Consolidated Balance Sheets. |
Self-Insurance Reserves | The Company, through its insurance subsidiary, is self-insured for workers compensation and general liability claims up to certain maximum liability amounts. Although the amounts accrued are actuarially determined based on analysis of historical trends of losses, settlements, litigation costs and other factors, the amounts the Company will ultimately disburse could differ from such accrued amounts. |
Pension and other Employee Benefit Plans | The Company, through its actuaries, utilizes assumptions when estimating the liabilities for pension and other employee benefit plans. These assumptions, where applicable, include the discount rates used to determine the actuarial present value of projected benefit obligations, the rate of increase in future compensation levels, mortality rates, the long-term rate of return on assets and the growth in health care costs. The Company measures post employment and postretirement assets and obligations using the month-end that is closest to the Company's fiscal year-end or an interim period quarter-end if a plan is determined to qualify for a remeasurement. The benefit expense is generally recognized in the Consolidated Financial Statements on an accrual basis over the average remaining lifetime of participants, and the accrued benefits are reported in other assets, accounts payable and accrued liabilities and other liabilities on the Consolidated Balance Sheets, as appropriate. |
Income Taxes | Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Income in the period that includes the enactment date. Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized. |
Stock Based Compensation | The Company records stock-based compensation expense according to the provisions of ASC Topic 718, Compensation – Stock Compensation. ASC Topic 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. Under the provisions of ASC Topic 718, the Company determines the appropriate fair value model to be used for valuing share-based payments and the amortization method for compensation cost. |
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 2019 , 2018 and 2017 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 |
New 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 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 to $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) | 12 Months Ended |
Feb. 01, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | 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. Macy's accounted for approximately 88% of the Company's net sales for 2019 and 89% of the Company's net sales for both 2018 and 2017. Disaggregation of the Company's net sales by family of business for 2019 , 2018 and 2017 were as follows: 2019 2018 2017 Women’s Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 9,454 $ 9,457 $ 9,444 Women’s Apparel 5,411 5,642 5,765 Men’s and Kids’ 5,628 5,699 5,610 Home/Other (a) 4,067 4,173 4,120 Total $ 24,560 $ 24,971 $ 24,939 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments, certain loyalty program income and breakage income from unredeemed gift cards. 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. 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 $213 million as of February 1, 2020 and $269 million as of February 2, 2019 . Included in prepaid expenses and other current assets is an asset totaling $147 million as of February 1, 2020 and $188 million as of February 2, 2019 for the recoverable cost of merchandise estimated to be returned by customers. Gift Cards and Customer Loyalty Programs 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 $839 million as of February 1, 2020 and $856 million as of February 2, 2019 . During 2018 , the Company recognized approximately $40 million in breakage income related to changes in breakage rate estimates. Changes in the liability for unredeemed gift cards and customer loyalty programs are as follows: 2019 2018 2017 (millions) Balance, beginning of year $ 856 $ 906 $ 911 Liabilities issued but not redeemed (a) 554 570 551 Revenue recognized from beginning liability (571 ) (620 ) (556 ) Balance, end of year $ 839 $ 856 $ 906 (a) Net of estimated breakage income. Credit Card Revenues, net In connection with the sale of most of the Company's credit card accounts and related receivable balances to Citibank, the Company and Citibank entered into a long-term marketing and servicing alliance pursuant to the terms of an amended and restated Credit Card Program Agreement ("Credit Card Program"). The Program Agreement expires March 31, 2025, subject to an additional renewal term of three years. The Program Agreement provides for, among other things, (i) the ownership by Citibank of the accounts purchased by Citibank, (ii) the ownership by Citibank of new accounts opened by the Company’s customers, (iii) the provision of credit by Citibank to the holders of the credit cards associated with the foregoing accounts, (iv) the servicing of the foregoing accounts, and (v) the allocation between Citibank and the Company of the economic benefits and burdens associated with the foregoing and other aspects of the alliance. As part of the Program Agreement, the Company receives payments for providing a combination of interrelated services and intellectual property to Citibank in support of the underlying Credit Card Program. Revenue based on the spending activity of the underlying accounts is recognized as the respective card purchases occur and the Company’s profit share is recognized based on the performance of the underlying portfolio. Revenue associated with the establishment of new credit accounts and assisting in the receipt of payments for existing accounts is recognized as such activities occur. Credit card revenues include finance charges, late fees and other revenue generated by the Company’s Credit Card Program, net of fraud losses and expenses associated with establishing new accounts. Pursuant to the Program Agreement, the Company continues to provide certain servicing functions related to the accounts and related receivables owned by Citibank and receives compensation from Citibank for these services. The amounts earned under the Program Agreement related to the servicing functions are deemed adequate compensation and, accordingly, no servicing asset or liability has been recorded on the Consolidated Balance Sheets. The Company’s credit card revenues, net were $771 million for 2019 , $768 million for 2018 , and $702 million for 2017 . Amounts received under the Program Agreement were $985 million for 2019 , $966 million for 2018 and $929 million for 2017 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Advertising Costs and Cooperative Advertising Allowances [Table Text Block] | Advertising and promotional costs and cooperative advertising allowances were as follows: 2019 2018 2017 (millions) Gross advertising and promotional costs $ 1,330 $ 1,358 $ 1,397 Cooperative advertising allowances 188 196 289 Advertising and promotional costs, net of $ 1,142 $ 1,162 $ 1,108 Net sales $ 24,560 $ 24,971 $ 24,939 Advertising and promotional costs, net of cooperative 4.6 % 4.7 % 4.4 % |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Changes in the Liability for Unredeemed Gift Cards and Customer Loyalty Program [Table Text Block] | Changes in the liability for unredeemed gift cards and customer loyalty programs are as follows: 2019 2018 2017 (millions) Balance, beginning of year $ 856 $ 906 $ 911 Liabilities issued but not redeemed (a) 554 570 551 Revenue recognized from beginning liability (571 ) (620 ) (556 ) Balance, end of year $ 839 $ 856 $ 906 (a) Net of estimated breakage income. |
Sales From Merchandise Category [Table Text Block] | Disaggregation of the Company's net sales by family of business for 2019 , 2018 and 2017 were as follows: 2019 2018 2017 Women’s Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 9,454 $ 9,457 $ 9,444 Women’s Apparel 5,411 5,642 5,765 Men’s and Kids’ 5,628 5,699 5,610 Home/Other (a) 4,067 4,173 4,120 Total $ 24,560 $ 24,971 $ 24,939 |
Restructuring, Impairment, St_2
Restructuring, Impairment, Store Closing and Other Costs (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |
Restructuring, Impairments, Store Closing and Other Costs | Restructuring, impairment, store closing and other costs (income) consist of the following: 2019 2018 2017 (millions) Restructuring $ 123 $ 80 $ 142 Asset Impairments 197 64 53 Other 34 (8 ) (9 ) $ 354 $ 136 $ 186 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | A summary of the restructuring and other cash activity for 2019 related to the Polaris strategy, which are included within accounts payable and accrued liabilities, is as follows: Severance and other benefits Professional fees and other related charges Total (millions) Balance at February 2, 2019 $ — $ — $ — Additions charged to expense 121 36 157 Cash payments (6 ) (27 ) (33 ) Balance at February 1, 2020 $ 115 $ 9 $ 124 |
Properties and Leases (Tables)
Properties and Leases (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Property Plant and Equipment and Leases of Lessee [Abstract] | |
Lessee Lease [Table Text Block] | ROU assets and lease liabilities consist of: February 1, 2020 Classification (millions) Assets Finance lease assets (a) Right of Use Assets $ 13 Operating lease assets (b) Right of Use Assets 2,655 Total lease assets $ 2,668 Liabilities Current Finance (a) Accounts payable and accrued liabilities $ 2 Operating (b) Accounts payable and accrued liabilities 331 Noncurrent Finance (a) Long-Term Lease Liabilities 21 Operating (b) Long-Term Lease Liabilities 2,897 Total lease liabilities $ 3,251 (a) Finance lease assets are recorded net of accumulated amortization of $12 million as of February 1, 2020 . As of February 1, 2020 , finance lease assets and noncurrent lease liabilities each included $2 million of non-lease components. (b) As of February 1, 2020 , operating lease assets included $403 million of non-lease components and current and noncurrent lease liabilities included $36 million and $397 million , respectively, of non-lease components. |
Lease, Cost [Table Text Block] | The components of net lease expense, recognized primarily within selling, general and administrative expenses are disclosed below. For 2019, lease expense included $83 million related to non-lease components. 2019 2018 2017 (millions) Real estate Operating leases (c) – Minimum rents $ 364 $ 317 $ 317 Variable rents 54 11 11 418 328 328 Less income from subleases – Operating leases (2 ) (1 ) (3 ) $ 416 $ 327 $ 325 Personal property – Operating leases $ 8 $ 9 $ 10 (c) Certain supply chain operating lease expense amounts are included in cost of sales. |
Property, Plant and Equipment | The major classes of property and equipment, net as of February 1, 2020 and February 2, 2019 are as follows: February 1, February 2, (millions) Land $ 1,436 $ 1,454 Buildings on owned land 3,822 4,019 Buildings on leased land and leasehold improvements 1,365 1,404 Fixtures and equipment 4,402 4,230 Leased properties under capitalized leases (a) — 25 11,025 11,132 Less accumulated depreciation and amortization (a) 4,392 4,495 $ 6,633 $ 6,637 |
Lessee, Finance Lease, Liability, Maturity [Table Text Block] | As of February 1, 2020 , the maturity of lease liabilities is as follows: Finance Leases (d) Operating Leases (e and f) Total (millions) Fiscal year 2020 $ 3 $ 362 $ 365 2021 3 345 348 2022 3 322 325 2023 3 317 320 2024 3 300 303 After 2024 19 5,265 5,284 Total undiscounted lease payments 34 6,911 6,945 Less amount representing interest 11 3,683 3,694 Total lease liabilities $ 23 $ 3,228 $ 3,251 (d) Finance lease payments include $3 million related to non-lease component payments. (e) Operating lease payments include $3,240 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $706 million of legally binding minimum lease payments for leases signed but not yet commenced. (f) Operating lease payments include $1,203 million related to non-lease component payments, with $876 million of such payments related to options to extend lease terms that are reasonably certain of being exercised. |
Rental Expense | The components of net lease expense, recognized primarily within selling, general and administrative expenses are disclosed below. For 2019, lease expense included $83 million related to non-lease components. 2019 2018 2017 (millions) Real estate Operating leases (c) – Minimum rents $ 364 $ 317 $ 317 Variable rents 54 11 11 418 328 328 Less income from subleases – Operating leases (2 ) (1 ) (3 ) $ 416 $ 327 $ 325 Personal property – Operating leases $ 8 $ 9 $ 10 (c) Certain supply chain operating lease expense amounts are included in cost of sales. |
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: February 1, 2020 Lease Term and Discount Rate (millions) Weighted-average remaining lease term (years) Finance leases 12.7 Operating leases 23.3 Weighted-average discount rate Finance leases 6.69 % Operating leases 6.53 % 52 Weeks Ended February 1, 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used from operating leases $ 363 Financing cash flows used from financing leases 2 Leased assets obtained in exchange for new operating lease liabilities 216 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of February 1, 2020 , the maturity of lease liabilities is as follows: Finance Leases (d) Operating Leases (e and f) Total (millions) Fiscal year 2020 $ 3 $ 362 $ 365 2021 3 345 348 2022 3 322 325 2023 3 317 320 2024 3 300 303 After 2024 19 5,265 5,284 Total undiscounted lease payments 34 6,911 6,945 Less amount representing interest 11 3,683 3,694 Total lease liabilities $ 23 $ 3,228 $ 3,251 (d) Finance lease payments include $3 million related to non-lease component payments. (e) Operating lease payments include $3,240 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $706 million of legally binding minimum lease payments for leases signed but not yet commenced. (f) Operating lease payments include $1,203 million related to non-lease component payments, with $876 million of such payments related to options to extend lease terms that are reasonably certain of being exercised. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Company's Goodwill and Other Intangible Assets | The following summarizes the Company’s goodwill and other intangible assets: February 1, February 2, (millions) Non-amortizing intangible assets Goodwill $ 9,290 $ 9,290 Accumulated impairment losses (5,382 ) (5,382 ) 3,908 3,908 Tradenames 403 403 $ 4,311 $ 4,311 Amortizing intangible assets Favorable leases and other contractual assets (a) $ 5 $ 136 Tradenames 43 43 48 179 Accumulated amortization Favorable leases and other contractual assets (a) (1 ) (95 ) Tradenames (11 ) (9 ) (12 ) (104 ) $ 36 $ 75 Capitalized software Gross balance $ 1,262 $ 1,316 Accumulated amortization (620 ) (646 ) $ 642 $ 670 |
Future Estimated Intangible Amortization Expense | Future estimated amortization expense for assets, excluding in-process capitalized software of $66 million not yet placed in service as of February 1, 2020 , is shown below: Amortizing intangible assets Capitalized Software (millions) Fiscal year 2020 $ 2 $ 253 2021 2 185 2022 2 103 2023 2 34 2024 2 1 |
Financing (Tables)
Financing (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Company Debt | The Company’s debt is as follows: February 1, February 2, (millions) Short-term debt: 8.5% Senior debentures due 2019 $ — $ 36 3.45% Senior notes due 2021 500 — 10.25% Senior debentures due 2021 33 — Capital lease and current portion of other long-term obligations (a) 6 7 $ 539 $ 43 Long-term debt: 2.875% Senior notes due 2023 $ 640 $ 750 3.875% Senior notes due 2022 450 550 4.5% Senior notes due 2034 367 367 3.45% Senior notes due 2021 — 500 3.625% Senior notes due 2024 500 500 4.375% Senior notes due 2023 210 400 5.125% Senior debentures due 2042 250 250 4.3% Senior notes due 2043 250 250 6.7% Senior debentures due 2034 201 201 6.9% Senior debentures due 2029 79 192 6.375% Senior notes due 2037 192 192 6.65% Senior debentures due 2024 122 122 7.0% Senior debentures due 2028 105 117 6.7% Senior debentures due 2028 103 103 6.79% Senior debentures due 2027 71 71 6.9% Senior debentures due 2032 17 17 10.25% Senior debentures due 2021 — 33 7.6% Senior debentures due 2025 24 24 8.75% Senior debentures due 2029 13 13 7.875% Senior debentures due 2030 10 10 9.5% amortizing debentures due 2021 2 6 9.75% amortizing debentures due 2021 1 3 Unamortized debt issue costs (13 ) (18 ) Unamortized debt discount (7 ) (9 ) Premium on acquired debt, using an effective 34 39 Capital lease and other long-term obligations (a) — 25 $ 3,621 $ 4,708 (a) As a result of the adoption of ASU 2016-02 on February 3, 2019, capital, or finance, leases were reclassed to lease liabilities within accounts payable and accrued liabilities and long-term lease liabilities on the Consolidated Balance Sheet. See Note 4 for information on leases. |
Schedule of Interest Expense and Losses (Gains) on Early Retirement of Debt | Interest expense and losses (gains) on early retirement of debt are as follows: 2019 2018 2017 (millions) Interest on debt $ 211 $ 269 $ 332 Amortization of debt premium (5 ) (7 ) (9 ) Amortization of financing costs and debt discount 6 7 7 Interest on capitalized leases 2 2 2 214 271 332 Less interest capitalized on construction 9 10 11 Interest expense $ 205 $ 261 $ 321 Losses (gains) on early retirement of debt $ 30 $ 33 $ (10 ) |
Future Maturities of Long-term Debt | Future maturities of long-term debt are shown below: (millions) Fiscal year 2021 $ 453 2022 — 2023 850 2024 622 2025 24 After 2025 1,658 |
Detail of Debt Repayments | The following table shows the detail of debt repayments: 2019 2018 2017 (millions) 6.9% Senior debentures due 2029 $ 113 $ 204 $ 3 4.5% Senior notes due 2034 — 183 — 7.0% Senior debentures due 2028 12 182 2 4.375% Senior notes due 2023 190 — — 3.875% Senior notes due 2022 100 — — 2.875% Senior notes due 2023 110 — — 6.65% Senior debentures due 2024 — 175 4 7.45% Senior debentures due 2017 — — 300 6.7% Senior debentures due 2028 — 94 3 6.79% Senior debentures due 2027 — 94 — 6.375% Senior notes due 2037 — 77 231 6.7% Senior debentures due 2034 — 63 136 6.9% Senior debentures due 2032 — 15 219 8.75% Senior debentures due 2029 — 5 43 7.875% Senior debentures due 2030 — 2 6 8.5% Senior debentures due 2019 36 — — 9.5% amortizing debentures due 2021 4 4 4 9.75% amortizing debentures due 2021 2 2 2 Capital leases and other obligations (a) — 1 1 $ 567 $ 1,101 $ 954 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Liabilities (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | February 1, February 2, (millions) Accounts payable $ 977 $ 983 Gift cards and customer rewards 839 856 Lease related liabilities (a) 399 180 Allowance for future sales returns 213 269 Accrued wages and vacation 194 268 Current portion of post employment and postretirement benefits 180 194 Taxes other than income taxes 145 134 Current portion of workers’ compensation and general liability reserves 105 112 Restructuring accruals, including severance 113 67 Accrued interest 41 51 Deferred real estate gains — 23 Other 242 229 $ 3,448 $ 3,366 (a) As of February 1, 2020, the balance includes the current portion of operating leases and finance leases accounted for under ASU 2016-02. As of February 2, 2019, lease related liabilities were accounted for under ASC Subtopic 840, Leases. See Note 4 for information on leases. |
Changes in Workers' Compensation and General Liability Reserve Including Current Portion | Changes in workers’ compensation and general liability reserves, including the current portion, are as follows: 2019 2018 2017 (millions) Balance, beginning of year $ 487 $ 497 $ 503 Charged to costs and expenses 120 130 144 Payments, net of recoveries (145 ) (140 ) (150 ) Balance, end of year $ 462 $ 487 $ 497 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Taxes Payable [Abstract] | |
Schedule of Income Tax Expense (Benefit) | Income tax expense (benefit) is as follows: 2019 2018 2017 Current Deferred Total Current Deferred Total Current Deferred Total (millions) Federal $ 137 $ 4 $ 141 $ 156 $ 79 $ 235 $ 367 $ (462 ) $ (95 ) State and local 33 (10 ) 23 54 33 87 15 41 56 $ 170 $ (6 ) $ 164 $ 210 $ 112 $ 322 $ 382 $ (421 ) $ (39 ) |
Schedule of Effective Income Tax Reconciliation | The reasons for this difference and their tax effects are as follows: 2019 2018 2017 (millions) Expected tax $ 153 $ 300 $ 515 State and local income taxes, net of federal income tax benefit (a) 13 59 19 Federal tax reform deferred tax remeasurement — (17 ) (584 ) Tax impact of equity awards (a) 1 — 14 Federal tax credits (3 ) (16 ) (16 ) Change in valuation allowance 5 10 18 Other (5 ) (14 ) (5 ) $ 164 $ 322 $ (39 ) |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: February 1, February 2, (millions) Deferred tax assets Post employment and postretirement benefits $ 210 $ 208 Accrued liabilities accounted for on a cash basis for tax purposes 165 222 Lease liabilities 864 — Unrecognized state tax benefits and accrued interest 40 39 State operating loss and credit carryforwards 102 103 Other 110 172 Valuation allowance (80 ) (75 ) Total deferred tax assets 1,411 669 Deferred tax liabilities Excess of book basis over tax basis of property and equipment (988 ) (987 ) Right of use assets (707 ) — Merchandise inventories (365 ) (398 ) Intangible assets (309 ) (308 ) Other (211 ) (214 ) Total deferred tax liabilities (2,580 ) (1,907 ) Net deferred tax liability $ (1,169 ) $ (1,238 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: February 1, February 2, February 3, (millions) Balance, beginning of year $ 149 $ 140 $ 167 Additions based on tax positions related to the current year 18 17 7 Additions for tax positions of prior years 11 13 — Reductions for tax positions of prior years (20 ) (12 ) (23 ) Settlements (16 ) — (2 ) Statute expirations (9 ) (9 ) (9 ) Balance, end of year $ 133 $ 149 $ 140 Amounts recognized in the Consolidated Balance Sheets Current income taxes $ 12 $ 28 $ 11 Deferred income taxes 4 4 4 Other liabilities (a) 117 117 125 $ 133 $ 149 $ 140 (a) Unrecognized tax benefits not expected to be settled within one year are included within other liabilities on the Consolidated Balance Sheets. |
Summary of Income Tax Contingencies | Additional information regarding unrecognized benefits and related interest and penalties is as follow: February 1, February 2, (millions) Amount of unrecognized tax benefits, net of deferred tax assets, that if recognized would affect the effective tax rate $ 106 $ 120 Accrued federal, state and local interest and penalties 60 56 Amounts recognized in the Consolidated Balance Sheets Current income taxes 4 28 Other liabilities 56 28 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Schedule of Costs of Retirement Plans | Retirement expenses, excluding settlement charges, included the following components: 2019 2018 2017 (millions) 401(k) Qualified Defined Contribution Plan $ 96 $ 96 $ 93 Non-Qualified Defined Contribution Plan 2 1 1 Pension Plan (54 ) (64 ) (82 ) Supplementary Retirement Plan 30 31 31 $ 74 $ 64 $ 43 |
Pension Plan [Member] | |
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan | The following provides a reconciliation of benefit obligations, plan assets, and funded status of the Pension Plan as of February 1, 2020 and February 2, 2019 : 2019 2018 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 3,011 $ 3,271 Service cost 5 5 Interest cost 103 109 Actuarial (gain) loss 463 (27 ) Benefits paid (261 ) (347 ) Projected benefit obligation, end of year 3,321 3,011 Changes in plan assets Fair value of plan assets, beginning of year 3,018 3,409 Actual return on plan assets 602 (44 ) Company contributions — — Benefits paid (261 ) (347 ) Fair value of plan assets, end of year 3,359 3,018 Funded status at end of year $ 38 $ 7 Amounts recognized in the Consolidated Balance Sheets at Other assets $ 38 $ 7 Amounts recognized in accumulated other comprehensive loss at Net actuarial loss $ 1,086 $ 1,109 |
Schedule of Net Periodic Benefit Costs | Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the Pension Plan included the following actuarially determined components: 2019 2018 2017 (millions) Net Periodic Pension Cost Service cost $ 5 $ 5 $ 6 Interest cost 103 109 104 Expected return on assets (191 ) (206 ) (223 ) Amortization of net actuarial loss 29 28 31 Amortization of prior service credit — — — (54 ) (64 ) (82 ) Settlement charges 45 78 89 Other Changes in Plan Assets and Projected Benefit Obligation Net actuarial (gain) loss 51 223 (120 ) Amortization of net actuarial loss (29 ) (28 ) (31 ) Settlement charges (45 ) (78 ) (89 ) (23 ) 117 (240 ) Total recognized $ (32 ) $ 131 $ (233 ) |
Weighted Average Assumptions | The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at February 1, 2020 and February 2, 2019 : 2019 2018 Discount rate 2.83 % 4.03 % Rate of compensation increases 3.25 % 4.00 % The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan: 2019 2018 2017 Discount rate used to measure service cost 4.09 % 3.77% - 4.46% 3.75% - 4.06% Discount rate used to measure interest cost 3.67 % 3.39% - 4.06% 3.12% - 3.31% Expected long-term return on plan assets 6.50 % 6.75 % 7.00 % Rate of compensation increases 4.00 % 4.00 % 4.10 % |
Fair Values of Plan Assets | The fair values of the Pension Plan assets as of February 1, 2020 , excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: Fair Value Measurements Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Money market funds $ 37 $ 37 $ — $ — Equity securities: U.S. stocks 122 122 — — U.S. pooled funds 474 474 — — International pooled funds (a) 357 82 — — Fixed income securities: U.S. Treasury bonds 58 — 58 — Other Government bonds 61 — 61 — Agency backed bonds 13 — 13 — Corporate bonds 615 — 615 — Mortgage-backed securities 23 — 23 — Asset-backed securities 10 — 10 — Pooled funds 1,442 1,442 — — Other types of investments: Real estate (a) 37 — — — Private equity (a) 167 — — — Derivatives in a positive position 4 — 4 — Derivatives in a negative position (6 ) — (6 ) — Total $ 3,414 $ 2,157 $ 778 $ — (a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets. The fair values of the Pension Plan assets as of February 2, 2019 , excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: Fair Value Measurements Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Short term investments $ 1 $ — $ 1 $ — Money market funds 33 33 — — Equity securities: U.S. stocks 117 117 — — U.S. pooled funds 398 398 — — International pooled funds (a) 347 78 — — Fixed income securities: U.S. Treasury bonds 52 — 52 — Other Government bonds 53 — 53 — Agency backed bonds 11 — 11 — Corporate bonds 513 — 513 — Mortgage-backed securities 15 — 15 — Asset-backed securities 11 — 11 — Pooled funds 1,270 1,270 — — Other types of investments: Real estate (a) 56 — — — Private equity (a) 185 — — — Derivatives in a positive position 6 — 6 — Derivatives in a negative position (2 ) — (2 ) — Total $ 3,066 $ 1,896 $ 660 $ — (a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets. |
Estimated Future Benefit Payments | The following benefit payments are estimated to be paid from the Pension Plan: (millions) Fiscal year 2020 $ 325 2021 274 2022 259 2023 250 2024 234 2025-2029 1,010 |
Supplemental Employee Retirement Plan | |
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan | The following provides a reconciliation of benefit obligations, plan assets and funded status of the supplementary retirement plan as of February 1, 2020 and February 2, 2019 : 2019 2018 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 644 $ 703 Service cost — — Interest cost 21 23 Actuarial (gain) loss 87 (9 ) Benefits paid (71 ) (73 ) Projected benefit obligation, end of year 681 644 Change in plan assets Fair value of plan assets, beginning of year — — Company contributions 71 73 Benefits paid (71 ) (73 ) Fair value of plan assets, end of year — — Funded status at end of year $ (681 ) $ (644 ) Amounts recognized in the Consolidated Balance Sheets at Accounts payable and accrued liabilities $ (55 ) $ (68 ) Other liabilities (626 ) (576 ) $ (681 ) $ (644 ) Amounts recognized in accumulated other comprehensive loss at Net actuarial loss $ 283 $ 218 Prior service cost 6 6 $ 289 $ 224 |
Schedule of Net Periodic Benefit Costs | Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the supplementary retirement plan included the following actuarially determined components: 2019 2018 2017 (millions) Net Periodic Pension Cost Service cost $ — $ — $ — Interest cost 21 23 22 Amortization of net actuarial loss 9 7 8 Amortization of prior service cost — 1 1 30 31 31 Settlement charges 13 10 16 Other Changes in Plan Assets and Projected Benefit Obligation Net actuarial loss (gain) 87 (9 ) 20 Amortization of net actuarial loss (9 ) (7 ) (8 ) Amortization of prior service cost — (1 ) (1 ) Settlement charges (13 ) (10 ) (16 ) 65 (27 ) (5 ) Total recognized $ 108 $ 14 $ 42 |
Weighted Average Assumptions | The following weighted average assumption was used to determine the projected benefit obligations for the supplementary retirement plan at February 1, 2020 and February 2, 2019 : 2019 2018 Discount rate 2.89 % 4.10 % The following weighted average assumption was used to determine net pension costs for the supplementary retirement plan: 2019 2018 2017 Discount rate used to measure interest cost 2.65% - 3.69% 3.39% - 4.09% 3.10% - 3.26% |
Estimated Future Benefit Payments | The following benefit payments are estimated to be funded by the Company and paid from the supplementary retirement plan: (millions) Fiscal year 2020 $ 55 2021 50 2022 47 2023 46 2024 45 2025-2029 203 |
Postretirement Health Care an_2
Postretirement Health Care and Life Insurance Benefits (Tables) - Other Postretirement Benefits Plan [Member] | 12 Months Ended |
Feb. 01, 2020 | |
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan | The following provides a reconciliation of benefit obligations, plan assets, and funded status of the postretirement obligations as of February 1, 2020 and February 2, 2019 : 2019 2018 (millions) Change in accumulated postretirement benefit obligation Accumulated postretirement benefit obligation, beginning of year $ 137 $ 156 Service cost — — Interest cost 5 5 Actuarial loss (gain) 5 (11 ) Medicare Part D subsidy — — Benefits paid (14 ) (13 ) Accumulated postretirement benefit obligation, end of year 133 137 Change in plan assets Fair value of plan assets, beginning of year — — Company contributions 14 13 Benefits paid (14 ) (13 ) Fair value of plan assets, end of year — — Funded status at end of year $ (133 ) $ (137 ) Amounts recognized in the Consolidated Balance Sheets at Accounts payable and accrued liabilities $ (14 ) $ (15 ) Other liabilities (119 ) (122 ) $ (133 ) $ (137 ) Amounts recognized in accumulated other comprehensive loss at Net actuarial gain $ (30 ) $ (41 ) Prior service credit (8 ) (9 ) $ (38 ) $ (50 ) |
Schedule of Net Periodic Benefit Costs | Net postretirement benefit costs and other amounts recognized in other comprehensive loss included the following actuarially determined components: 2019 2018 2017 (millions) Net Periodic Postretirement Benefit Cost Service cost $ — $ — $ — Interest cost 5 5 5 Amortization of net actuarial gain (6 ) (5 ) (5 ) Amortization of prior service credit (1 ) (1 ) — (2 ) (1 ) — Other Changes in Plan Assets and Projected Benefit Obligation Net actuarial loss (gain) 5 (11 ) (9 ) Amortization of net actuarial gain 6 5 5 Amortization of prior service credit 1 1 — Prior service credit — — (10 ) 12 (5 ) (14 ) Total recognized $ 10 $ (6 ) $ (14 ) |
Weighted Average Assumptions | The following weighted average assumption was used to determine the accumulated postretirement benefit obligations at February 1, 2020 and February 2, 2019 : 2019 2018 Discount rate 2.81 % 4.02 % The following weighted average assumption was used to determine the net postretirement benefit costs for the postretirement obligations: 2019 2018 2017 Discount rate used to measure interest cost 3.57 % 3.28 % 3.17 % |
Schedule of Health Care Cost Trend Rates | The following provides the assumed health care cost trend rates related to the Company’s accumulated postretirement benefit obligations at February 1, 2020 and February 2, 2019 : 2019 2018 Health care cost trend rates assumed for next year 5.25% - 8.63% 5.38% - 9.31% Rates to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.5% 4.5% Year that the rate reaches the ultimate trend rate 2027 2027 |
Schedule Of Effect Of One Percentage Point Change In Assumed Health Care Cost Trend Rates | A one-percentage-point change in the assumed health care cost trend rates would have the following effects: 1 – Percentage Point Increase 1 – Percentage Point Decrease (millions) Effect on total of service and interest cost $ — $ — Effect on accumulated postretirement benefit obligations $ 7 $ (6 ) |
Estimated Future Benefit Payments | The following table reflects the benefit payments estimated to be funded by the Company and paid from the accumulated postretirement benefit obligations and estimated federal subsidies expected to be received under the Medicare Prescription Drug Improvement and Modernization Act of 2003: Expected Benefit Payments Expected Federal Subsidy (millions) Fiscal Year 2020 $ 14 $ — 2021 13 — 2022 12 — 2023 11 — 2024 10 — 2025-2029 41 1 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Components of Stock Based Compensation Expense | Stock-based compensation expense included the following components: 2019 2018 2017 (millions) Stock options $ 15 $ 24 $ 34 Restricted stock units 23 39 24 $ 38 $ 63 $ 58 |
Weighted Average Assumption Used To Estimate Fair Value of Stock Options | The fair value of stock options granted during 2019 , 2018 and 2017 and the weighted average assumptions used to estimate the fair value are as follows: 2019 2018 2017 Weighted average grant date fair value of stock options $ 5.11 $ 7.43 $ 5.84 Dividend yield 6.3 % 5.2 % 6.2 % Expected volatility 40.6 % 41.1 % 41.8 % Risk-free interest rate 2.4 % 2.7 % 1.9 % Expected life 5.5 years 5.6 years 5.7 years |
Schedule of Stock Option Activity | Activity related to stock options for 2019 is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (thousands) (years) (millions) Outstanding, beginning of period 18,893 $ 39.73 Granted 1,994 23.94 Canceled or forfeited (1,731 ) 32.73 Exercised (657 ) 9.08 Outstanding, end of period 18,499 $ 39.77 Exercisable, end of period 14,258 $ 42.97 4.2 $ — Options expected to vest 3,133 $ 29.20 7.9 $ — |
Additional Information Relating to Stock Options | Additional information relating to stock options is as follows: 2019 2018 2017 (millions) Intrinsic value of options exercised $ 10 $ 27 $ 3 Cash received from stock options exercised 6 45 6 |
Restricted Stock Units [Member] | |
Activity Related to Restricted Stock and Restricted Stock Units | The weighted average grant date fair values of performance-based and time-based restricted stock units granted during 2019 , 2018 and 2017 are as follows: 2019 2018 2017 Restricted stock units (performance-based) $ 24.28 $ 30.64 $ 27.16 Restricted stock units (time-based) 17.81 25.57 20.75 |
Schedule of Nonvested Restricted Stock Units Activity | Activity related to restricted stock units for 2019 is as follows: Shares Weighted Average Grant Date Fair Value (thousands) Nonvested, beginning of period 4,143 $ 26.33 Granted – performance-based 861 24.28 Performance adjustment (26 ) 28.17 Granted – time-based 1,443 17.81 Forfeited (909 ) 23.88 Vested (765 ) 29.19 Nonvested, end of period 4,747 $ 23.37 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Stockholders' Equity Note [Abstract] | |
Changes in the Company's Common Stock Issued and Outstanding | Changes in the Company’s common stock issued and outstanding, including shares held by the Company’s treasury, are as follows: Treasury Stock Common Stock Issued Deferred Compensation Plans Other Total Common Stock Outstanding (thousands) Balance at January 28, 2017 333,606 (1,096 ) (28,447 ) (29,543 ) 304,063 Stock issued under stock plans (119 ) 590 471 471 Stock repurchases (38 ) (38 ) (38 ) Deferred compensation plan distributions 269 269 269 Balance at February 3, 2018 333,606 (946 ) (27,895 ) (28,841 ) 304,765 Stock issued under stock plans (106 ) 2,756 2,650 2,650 Stock repurchases (6 ) (6 ) (6 ) Deferred compensation plan distributions 111 111 111 Balance at February 2, 2019 333,606 (941 ) (25,145 ) (26,086 ) 307,520 Stock issued under stock plans (130 ) 1,510 1,380 1,380 Stock repurchases (38 ) (38 ) (38 ) Deferred compensation plan distributions 169 169 169 Balance at February 1, 2020 333,606 (902 ) (23,673 ) (24,575 ) 309,031 |
Fair Value Measurements and C_2
Fair Value Measurements and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Fair Value by Fair Value Hierarchy Level Extensible List [Abstract] | |
Fair Value of Plan Assets Measured on a Recurring Basis | The following table shows the Company’s financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards: February 1, 2020 February 2, 2019 Fair Value Measurements Fair Value Measurements Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Marketable $ 132 $ 34 $ 98 $ — $ 101 $ 27 $ 74 $ — |
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: February 1, 2020 February 2, 2019 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 3,607 $ 3,621 $ 3,702 $ 4,671 $ 4,683 $ 4,407 |
Fair Value Measurements, Nonrecurring Basis | The following table shows certain of the Company’s long-lived assets, which includes tangible and intangible assets, that were measured at fair value on a nonrecurring basis during 2019 and 2018 : February 1, 2020 February 2, 2019 Fair Value Measurements Fair Value Measurements Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Long-lived assets $ 129 $ — $ — $ 129 $ 24 $ — $ — $ 24 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Loss Per Share | The following table sets forth the computation of basic and diluted earnings per share attributable to Macy's, Inc. shareholders: 2019 2018 2017 Net Income Shares Net Income Shares Net Income Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and average number of shares outstanding $ 564 308.8 $ 1,108 306.8 $ 1,566 304.5 Shares to be issued under deferred compensation — 0.9 — 0.9 — 0.9 $ 564 309.7 $ 1,108 307.7 $ 1,566 305.4 Basic earnings per share attributable to Macy's, Inc. shareholders $ 1.82 $ 3.60 $ 5.13 Effect of dilutive securities: Stock options and restricted — 1.7 — 3.7 — 1.4 $ 564 311.4 $ 1,108 311.4 $ 1,566 306.8 Diluted earnings per share attributable to Macy's, Inc. shareholders $ 1.81 $ 3.56 $ 5.10 |
Quarterly Results (unaudited) (
Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Results for the Last Two Years | Unaudited quarterly results for the last two years were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (millions, except per share data) 2019: Net sales $ 5,504 $ 5,546 $ 5,173 $ 8,337 Credit card revenues, net 172 176 183 239 Cost of sales (3,403 ) (3,395 ) (3,106 ) (5,266 ) Selling, general and administrative expenses (2,112 ) (2,177 ) (2,202 ) (2,509 ) Gains on sale of real estate 43 7 17 95 Restructuring, impairment, store closing and other costs (1 ) (2 ) (13 ) (337 ) Benefit plan income, net 7 8 8 8 Settlement charges — — (12 ) (46 ) Net income attributable to Macy's, Inc. shareholders 136 86 2 340 Basic earnings per share attributable to Macy's, Inc. shareholders 0.44 0.28 0.01 1.10 Diluted earnings per share attributable to Macy's, Inc. shareholders 0.44 0.28 0.01 1.09 2018: Net sales $ 5,541 $ 5,572 $ 5,404 $ 8,455 Credit card revenues, net 157 186 185 240 Cost of sales (3,382 ) (3,320 ) (3,226 ) (5,288 ) Selling, general and administrative expenses (2,083 ) (2,164 ) (2,255 ) (2,538 ) Gains on sale of real estate 24 46 42 278 Restructuring, impairment, store closing and other costs (19 ) (17 ) (3 ) (97 ) Benefit plan income, net 11 11 9 8 Settlement charges — (50 ) (23 ) (15 ) Net income attributable to Macy's, Inc. shareholders 139 166 62 740 Basic earnings per share attributable to 0.45 0.54 0.20 2.40 Diluted earnings per share attributable to 0.45 0.53 0.20 2.37 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Statement of Comprehensive Income | MACY’S, INC. Condensed Consolidating Statement of Comprehensive Income For 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 9,477 $ 20,831 $ (5,748 ) $ 24,560 Credit card revenues (expense), net — (7 ) 778 — 771 Cost of sales — (5,834 ) (15,085 ) 5,748 (15,171 ) Selling, general and administrative expenses 2 (3,490 ) (5,510 ) — (8,998 ) Gains on sale of real estate — 37 125 — 162 Restructuring, impairment, store closing and other costs — (108 ) (246 ) — (354 ) Operating income 2 75 893 — 970 Benefit plan income, net — 12 19 — 31 Settlement charges — (22 ) (36 ) — (58 ) Interest (expense) income, net: External 15 (204 ) 4 — (185 ) Intercompany — (72 ) 72 — — Losses on early retirement of debt — (30 ) — — (30 ) Equity in earnings (loss) of subsidiaries 547 (266 ) — (281 ) — Income (loss) before income taxes 564 (507 ) 952 (281 ) 728 Federal, state and local income — 33 (197 ) — (164 ) Net income (loss) 564 (474 ) 755 (281 ) 564 Net loss attributable to noncontrolling interest — — — — — Net income attributable to Macy's, Inc. shareholders $ 564 $ (474 ) $ 755 $ (281 ) $ 564 Comprehensive income (loss) $ 524 $ (512 ) $ 731 $ (219 ) $ 524 Comprehensive loss attributable to noncontrolling interest — — — — — Comprehensive income (loss) attributable to Macy's, Inc. shareholders $ 524 $ (512 ) $ 731 $ (219 ) $ 524 MACY’S, INC. Condensed Consolidating Statement of Comprehensive Income For 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 9,051 $ 23,720 $ (7,800 ) $ 24,971 Credit card revenues (expense), net — (3 ) 771 — 768 Cost of sales — (5,786 ) (17,229 ) 7,800 (15,215 ) Selling, general and administrative expenses — (3,509 ) (5,530 ) — (9,039 ) Gains on sale of real estate — 141 248 — 389 Restructuring, impairment, store closing and other costs — (33 ) (103 ) — (136 ) Operating income (loss) — (139 ) 1,877 — 1,738 Benefit plan income, net — 15 24 — 39 Settlement charges (5 ) (30 ) (53 ) — (88 ) Interest (expense) income, net: External 20 (260 ) 4 — (236 ) Intercompany — (72 ) 72 — — Losses on early retirement of debt — (33 ) — — (33 ) Equity in earnings of subsidiaries 1,104 345 — (1,449 ) — Income (loss) before income taxes 1,119 (174 ) 1,924 (1,449 ) 1,420 Federal, state and local income (11 ) 219 (530 ) — (322 ) Net income 1,108 45 1,394 (1,449 ) 1,098 Net loss attributable to noncontrolling interest — — 10 — 10 Net income attributable to $ 1,108 $ 45 $ 1,404 $ (1,449 ) $ 1,108 Comprehensive income (loss) $ 1,045 $ (15 ) $ 1,353 $ (1,348 ) $ 1,035 Comprehensive loss attributable to — — 10 — 10 Comprehensive income (loss) attributable to $ 1,045 $ (15 ) $ 1,363 $ (1,348 ) $ 1,045 MACY’S, INC. Condensed Consolidating Statement of Comprehensive Income For 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 9,490 $ 23,317 $ (7,868 ) $ 24,939 Credit card revenues (expense), net — (2 ) 704 — 702 Cost of sales — (6,122 ) (16,927 ) 7,868 (15,181 ) Selling, general and administrative expenses — (3,426 ) (5,528 ) — (8,954 ) Gains on sale of real estate — 201 343 — 544 Restructuring, impairment, store closing and other costs — (40 ) (146 ) — (186 ) Operating income — 101 1,763 — 1,864 Benefit plan income, net — 22 35 — 57 Settlement charges — (35 ) (70 ) — (105 ) Interest (expense) income, net: External — (313 ) 3 — (310 ) Intercompany — (139 ) 139 — — Gains on early retirement of debt — 10 — — 10 Equity in earnings of subsidiaries 1,574 773 — (2,347 ) — Income before income taxes 1,574 419 1,870 (2,347 ) 1,516 Federal, state and local income (8 ) 356 (309 ) — 39 Net income 1,566 775 1,561 (2,347 ) 1,555 Net loss attributable to noncontrolling interest — — 11 — 11 Net income attributable to $ 1,566 $ 775 $ 1,572 $ (2,347 ) $ 1,566 Comprehensive income $ 1,738 $ 935 $ 1,673 $ (2,619 ) $ 1,727 Comprehensive loss attributable to — — 11 — 11 Comprehensive income attributable to $ 1,738 $ 935 $ 1,684 $ (2,619 ) $ 1,738 |
Condensed Consolidating Balance Sheet | MACY’S, INC. Condensed Consolidating Balance Sheet As of February 1, 2020 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 413 $ 59 $ 213 $ — $ 685 Receivables — 83 326 — 409 Merchandise inventories — 2,239 2,949 — 5,188 Prepaid expenses and other current assets — 118 410 — 528 Total Current Assets 413 2,499 3,898 — 6,810 Property and Equipment – net — 3,103 3,530 — 6,633 Right of Use Assets — 611 2,057 — 2,668 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 4 435 — 439 Other Assets — 37 677 — 714 Deferred Income Taxes 12 — — (12 ) — Intercompany Receivable 2,675 — 1,128 (3,803 ) — Investment in Subsidiaries 3,433 2,796 — (6,229 ) — Total Assets $ 6,533 $ 12,376 $ 12,307 $ (10,044 ) $ 21,172 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 539 $ — $ — $ 539 Merchandise accounts payable — 702 980 — 1,682 Accounts payable and accrued liabilities 126 909 2,413 — 3,448 Income taxes 5 11 65 — 81 Total Current Liabilities 131 2,161 3,458 — 5,750 Long-Term Debt — 3,621 — — 3,621 Long-Term Lease Liabilities — 543 2,375 — 2,918 Intercompany Payable — 3,803 — (3,803 ) — Deferred Income Taxes — 595 586 (12 ) 1,169 Other Liabilities 25 414 898 — 1,337 Shareholders’ Equity: Macy's, Inc. 6,377 1,239 4,990 (6,229 ) 6,377 Noncontrolling Interest — — — — — Total Shareholders’ Equity 6,377 1,239 4,990 (6,229 ) 6,377 Total Liabilities and Shareholders’ Equity $ 6,533 $ 12,376 $ 12,307 $ (10,044 ) $ 21,172 MACY’S, INC. 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 | MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 564 $ (474 ) $ 755 $ (281 ) $ 564 Restructuring, impairment, store closing and other costs — 108 246 — 354 Settlement charges — 22 36 — 58 Gains on sale of real estate — (37 ) (125 ) — (162 ) Equity in (earnings) loss of subsidiaries (547 ) 266 — 281 — Dividends received from subsidiaries 936 — — (936 ) — Depreciation and amortization — 323 658 — 981 Changes in assets, liabilities and other items not separately identified (4 ) (90 ) (93 ) — (187 ) Net cash provided by 949 118 1,477 (936 ) 1,608 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — (198 ) (774 ) — (972 ) Other, net — (2 ) (28 ) — (30 ) Net cash used by investing activities — (200 ) (802 ) — (1,002 ) Cash flows from financing activities: Debt repaid, including debt issuance costs — (598 ) (2 ) — (600 ) Dividends paid (466 ) — (936 ) 936 (466 ) Issuance of common stock, net of common stock acquired 5 — — — 5 Intercompany activity, net (915 ) 687 228 — — Other, net (49 ) (7 ) (6 ) — (62 ) Net cash provided (used) by (1,425 ) 82 (716 ) 936 (1,123 ) Net decrease in cash, cash equivalents and restricted cash (476 ) — (41 ) — (517 ) Cash, cash equivalents and restricted cash at 889 64 295 — 1,248 Cash, cash equivalents and restricted cash at $ 413 $ 64 $ 254 $ — $ 731 MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income $ 1,108 $ 45 $ 1,394 $ (1,449 ) $ 1,098 Restructuring, impairment, store closing and other costs — 33 103 — 136 Settlement charges 5 30 53 — 88 Gains on sale of real estate — (141 ) (248 ) — (389 ) Equity in earnings of subsidiaries (1,104 ) (345 ) — 1,449 — Dividends received from subsidiaries 1,040 200 — (1,240 ) — Depreciation and amortization — 334 628 — 962 Changes in assets, liabilities and other items not separately identified (91 ) 198 (266 ) (1 ) (160 ) Net cash provided by 958 354 1,664 (1,241 ) 1,735 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — (135 ) (323 ) — (458 ) Other, net — (16 ) (33 ) 51 2 Net cash used by — (151 ) (356 ) 51 (456 ) Cash flows from financing activities: Debt repaid — (1,098 ) (1 ) (50 ) (1,149 ) Dividends paid (463 ) — (1,240 ) 1,240 (463 ) Issuance of common stock, net of common stock acquired 45 — — — 45 Proceeds from noncontrolling interest — — 7 — 7 Intercompany activity, net (767 ) 875 (108 ) — — Other, net 7 5 4 — 16 Net cash used by financing activities (1,178 ) (218 ) (1,338 ) 1,190 (1,544 ) Net decrease in cash, cash equivalents and restricted cash (220 ) (15 ) (30 ) — (265 ) Cash, cash equivalents and restricted cash at 1,109 79 325 — 1,513 Cash, cash equivalents and restricted cash at $ 889 $ 64 $ 295 $ — $ 1,248 MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income $ 1,566 $ 775 $ 1,561 $ (2,347 ) $ 1,555 Restructuring, impairment, store closing and other costs — 40 146 — 186 Settlement charges — 35 70 — 105 Gains on sale of real estate — (201 ) (343 ) — (544 ) Equity in earnings of subsidiaries (1,574 ) (773 ) — 2,347 — Dividends received from subsidiaries 903 450 — (1,353 ) — Depreciation and amortization — 354 637 — 991 Changes in assets, liabilities and other items not separately identified 14 79 (410 ) — (317 ) Net cash provided by 909 759 1,661 (1,353 ) 1,976 Cash flows from investing activities: Disposition (purchase) of property and equipment and capitalized software, net — 68 (417 ) — (349 ) Other, net — 7 (9 ) — (2 ) Net cash provided (used) by — 75 (426 ) — (351 ) Cash flows from financing activities: Debt repaid — (987 ) (1 ) — (988 ) Dividends paid (461 ) — (1,353 ) 1,353 (461 ) Issuance of common stock, net of common stock acquired 5 — — — 5 Proceeds from noncontrolling interest — — 13 — 13 Intercompany activity, net (427 ) 249 178 — — Other, net 145 (98 ) (62 ) — (15 ) Net cash used by (738 ) (836 ) (1,225 ) 1,353 (1,446 ) Net increase (decrease) in cash, cash equivalents and restricted cash 171 (2 ) 10 — 179 Cash, cash equivalents and restricted cash at 938 81 315 — 1,334 Cash, cash equivalents and restricted cash at $ 1,109 $ 79 $ 325 $ — $ 1,513 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020USD ($) | Feb. 03, 2019USD ($) | Feb. 02, 2019USD ($) | |
Number of states in which entity operates | 43 | ||
Vendor allowance terms (in years) | 1 | ||
Maximum number of merchandise vendors providing advertising allowances | 780 | ||
Number of years analyzed for gift card redemption patterns | 3 | ||
Receivables | $ 409 | $ 400 | |
Increase of Net Lease Assets | $ 2,519 | ||
Increase in Net Lease Liability | 2,728 | ||
Cumulative Effect of New Accounting Principle, Tax Impact, in Period of Adoption | 54 | ||
Cumulative Effect of New Accounting Principle, Before Tax Impact, in Period of Adoption | $ 209 | ||
Buildings and Building Equipment [Member] | Minimum [Member] | |||
Estimated useful life in years, minimum | 15 years | ||
Buildings and Building Equipment [Member] | Maximum [Member] | |||
Estimated useful life in years, minimum | 50 years | ||
Fixtures and Equipment [Member] | Minimum [Member] | |||
Estimated useful life in years, minimum | 3 years | ||
Fixtures and Equipment [Member] | Maximum [Member] | |||
Estimated useful life in years, minimum | 15 years | ||
Software and Software Development [Member] | Minimum [Member] | |||
Estimated useful life in years, minimum | 4 years | ||
Software and Software Development [Member] | Maximum [Member] | |||
Estimated useful life in years, minimum | 5 years | ||
Cash and Cash Equivalents [Member] | |||
Credit card sales transactions settled early | $ 118 | $ 114 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies Advertising expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
Gross advertising and promotional costs | $ 1,330 | $ 1,358 | $ 1,397 | ||||||||
Cooperative advertising allowances | 188 | 196 | 289 | ||||||||
Advertising and promotional costs, net of cooperative advertising allowances | 1,142 | 1,162 | 1,108 | ||||||||
Net sales | $ 8,337 | $ 5,173 | $ 5,546 | $ 5,504 | $ 8,455 | $ 5,404 | $ 5,572 | $ 5,541 | $ 24,560 | $ 24,971 | $ 24,939 |
Advertising expense as a percent to sales | 4.60% | 4.70% | 4.40% |
Revenue Narrative (Details)
Revenue Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 01, 2020USD ($) | Nov. 02, 2019USD ($) | Aug. 03, 2019USD ($) | May 04, 2019USD ($) | Feb. 02, 2019USD ($) | Nov. 03, 2018USD ($) | Aug. 04, 2018USD ($) | May 05, 2018USD ($) | Feb. 01, 2020USD ($)Rate | Feb. 02, 2019USD ($)Rate | Feb. 03, 2018USD ($)Rate | Jan. 28, 2017USD ($) | |
Net sales | $ 8,337 | $ 5,173 | $ 5,546 | $ 5,504 | $ 8,455 | $ 5,404 | $ 5,572 | $ 5,541 | $ 24,560 | $ 24,971 | $ 24,939 | |
Contract with Customer, Liability, Current | 839 | 856 | 839 | 856 | 906 | $ 911 | ||||||
Credit Card Revenues, Net | 239 | $ 183 | $ 176 | $ 172 | 240 | $ 185 | $ 186 | $ 157 | $ 771 | $ 768 | $ 702 | |
Macy's sales to total Company sales | Rate | 88.00% | 89.00% | 89.00% | |||||||||
Contract with Customer, Refund Liability | 213 | 269 | $ 213 | $ 269 | ||||||||
Contract with Customer, Right to Recover Product | $ 147 | $ 188 | 147 | 188 | ||||||||
Liabilities issued but not redeemed | 554 | 570 | $ 551 | |||||||||
Revenue recognized from beginning liability | (571) | (620) | (556) | |||||||||
Breakage income realted to changes in breakage rate estimates | 40 | |||||||||||
Women's Accessories, Intimate Apparel, Shoes and Cosmetics [Member] | ||||||||||||
Net sales | 9,454 | 9,457 | 9,444 | |||||||||
Women's Apparel [Member] | ||||||||||||
Net sales | 5,411 | 5,642 | 5,765 | |||||||||
Men's and Children's [Member] | ||||||||||||
Net sales | 5,628 | 5,699 | 5,610 | |||||||||
Home and Miscellaneous [Member] | ||||||||||||
Net sales | 4,067 | 4,173 | 4,120 | |||||||||
Total Sales - All Categories [Member] | ||||||||||||
Net sales | $ 24,560 | 24,971 | 24,939 | |||||||||
Credit Card Intermediary [Member] | ||||||||||||
Agreement Renewal Option Number of Years | 3 | |||||||||||
Amount Received Under Agreement | $ 985 | 966 | 929 | |||||||||
Credit Card Revenues, Net | $ 771 | $ 768 | $ 702 |
Restructuring, Impairment, St_3
Restructuring, Impairment, Store Closing and Other Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring Charges | $ 123 | $ 80 | $ 142 | ||||||||
Asset Impairment Charges | 197 | 64 | 53 | ||||||||
Restructuring and related cost | 34 | (8) | (9) | ||||||||
Restructuring, impairment, store closing and other costs | $ 337 | $ 13 | $ 2 | $ 1 | $ 97 | $ 3 | $ 17 | $ 19 | $ 354 | $ 136 | $ 186 |
Restructuring, Impairment, St_4
Restructuring, Impairment, Store Closing and Other Costs (Narrative) (Details) $ in Millions | Feb. 04, 2020stores | Aug. 31, 2016stores | Feb. 01, 2020USD ($) | Nov. 02, 2019USD ($) | Aug. 03, 2019USD ($) | May 04, 2019USD ($) | Feb. 02, 2019USD ($) | Nov. 03, 2018USD ($) | Aug. 04, 2018USD ($) | May 05, 2018USD ($) | Feb. 01, 2020USD ($) | Feb. 02, 2019USD ($) | Feb. 03, 2018USD ($)stores |
Number of stores closed | 30 | 10 | 16 | ||||||||||
Restructuring, Settlement and Impairment Provisions | $ 337 | $ 13 | $ 2 | $ 1 | $ 97 | $ 3 | $ 17 | $ 19 | $ 354 | $ 136 | $ 186 | ||
Restructuring Charges | 123 | 80 | 142 | ||||||||||
Planned store closings | stores | 100 | ||||||||||||
Asset Impairment Charges | 197 | $ 64 | $ 53 | ||||||||||
Polaris Strategy | |||||||||||||
Restructuring, Settlement and Impairment Provisions | 318 | ||||||||||||
Restructuring Charges | 157 | ||||||||||||
Asset Impairment Charges | 161 | ||||||||||||
Minimum [Member] | Polaris Strategy | |||||||||||||
Restructuring and Related Cost, Expected Cost | 82 | 82 | |||||||||||
Maximum [Member] | Polaris Strategy | |||||||||||||
Restructuring and Related Cost, Expected Cost | $ 102 | $ 102 | |||||||||||
Subsequent Event [Member] | |||||||||||||
Planned store closings | stores | 125 |
Restructuring, Impairment, St_5
Restructuring, Impairment, Store Closing and Other Costs Restructuring Activity for Polaris strategy (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 113 | $ 67 | |
Restructuring and related cost | 34 | (8) | $ (9) |
Polaris Strategy | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 124 | 0 | |
Restructuring and related cost | 157 | ||
Payments for Restructuring | (33) | ||
Employee Severance [Member] | Polaris Strategy | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 115 | 0 | |
Restructuring and related cost | 121 | ||
Payments for Restructuring | (6) | ||
Other Restructuring [Member] | Polaris Strategy | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 9 | $ 0 | |
Restructuring and related cost | 36 | ||
Payments for Restructuring | $ (27) |
Properties and Leases (Narrativ
Properties and Leases (Narrative) (Details) $ in Millions | 12 Months Ended |
Feb. 01, 2020USD ($) | |
Minimum operating period of some stores | 15 years |
Property Lease Guarantee [Member] | |
Potential lease extension date of divested business | 12/31/2070 |
Future minimum lease payments | $ 225 |
Properties and Leases (Property
Properties and Leases (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 1,436 | $ 1,454 |
Fixtures and equipment | 4,402 | 4,230 |
Leased properties under capitalized leases | 0 | 25 |
Property, plant and equipment, gross | 11,025 | 11,132 |
Less accumulated depreciation and amortization | 4,392 | 4,495 |
Property, plant and equipment, net | 6,633 | 6,637 |
Wholly Owned Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and Improvements, Gross | 3,822 | 4,019 |
Property Subject to Operating Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and Improvements, Gross | $ 1,365 | $ 1,404 |
Properties and Leases (Lease Li
Properties and Leases (Lease Liability Maturity Table) (Details) $ in Millions | Feb. 01, 2020USD ($) |
Finance Lease, Liability, Payment, Due [Abstract] | |
2020 | $ 3 |
2021 | 3 |
2022 | 3 |
2023 | 3 |
2024 | 3 |
After 2024 | 19 |
Total lease payments, Finance | 34 |
Less amount representing interest, Finance | 11 |
Finance Lease, Liability | 23 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2020 | 362 |
2021 | 345 |
2022 | 322 |
2023 | 317 |
2024 | 300 |
After 2024 | 5,265 |
Total lease payments, Operating | 6,911 |
Less amount representing interest, Operating | 3,683 |
Operating Lease, Liability | 3,228 |
Total Lease Liabilities, Payments Due [Abstract] | |
2020 | 365 |
2021 | 348 |
2022 | 325 |
2023 | 320 |
2024 | 303 |
After 2024 | 5,284 |
Total lease payments, Finance and Operating | 6,945 |
Less amount representing interest, Finance and Operating | 3,694 |
Total Lease Liability | 3,251 |
Operating Lease, Payment, Non-Lease Component, Option to Extend, Reasonably Certain | 876 |
Lessee, Operating Lease, Option to Extend, Reasonably Certain | 3,240 |
Lessee, Operating Lease, Lease Not Yet Commenced, Liability Incurred | 706 |
Lessee, Finance Lease, Non-Lease Component | 3 |
Operating Lease, Payment, Non-Lease Component | $ 1,203 |
Properties and Leases (Rental E
Properties and Leases (Rental Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Property Plant and Equipment and Leases of Lessee [Abstract] | |||
Operating Lease, Cost | $ 364 | ||
Operating Lease, Expense, Non-Lease Component | 83 | ||
Variable Lease, Cost | 54 | ||
Minimum rentals, Operating leases | $ 317 | $ 317 | |
Contingent rentals, Operating leases | 11 | 11 | |
Lease and rental expense, Gross | 328 | 328 | |
Operating leases, less income from subleases | (1) | (3) | |
Lease and Rental Expense | 327 | 325 | |
Personal property, Operating leases | 8 | $ 9 | $ 10 |
Operating Lease, Expense | 418 | ||
Sublease Income | (2) | ||
Lease, Cost | $ 416 |
Properties and Leases Property
Properties and Leases Property and Leases (Right of Use Asset and Liabilities) (Details) (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 |
Right of Use Assets and Liabilities Details [Abstract] | ||
Finance Lease Liability, non-lease component noncurrent | $ 2 | |
Accumulated Amortization, Finance Leases | 12 | |
Finance Lease Asset, Non-Lease Component | 2 | |
Finance Lease, Right-of-Use Asset | 13 | |
Operating Lease, Right-of-Use Asset | 2,655 | |
Total Right of Use Asset | 2,668 | $ 0 |
Finance Lease, Liability, Current | 2 | |
Operating Lease, Liability, Current | 331 | |
Finance Lease, Liability, Noncurrent | 21 | |
Operating Lease, Liability, Noncurrent | 2,897 | |
Total Lease Liability | 3,251 | |
Operating Lease Asset, Non-Lease Component | 403 | |
Operating Lease Liability, Non-Lease Component, Current | 36 | |
Operating Lease Liability, Non-Lease Component, Non-Current | $ 397 |
Properties and Leases Propert_2
Properties and Leases Property and Leases (Additional Information Regarding Assumptions) (Details) (Details) $ in Millions | 12 Months Ended |
Feb. 01, 2020USD ($) | |
Property and Leases (Supplemental Information on Assumptions) [Abstract] | |
Operating Lease, Payments | $ 363 |
Finance Lease, Weighted Average Remaining Lease Term | 12 years 8 months 12 days |
Operating Lease, Weighted Average Remaining Lease Term | 23 years 3 months 18 days |
Finance Lease, Weighted Average Discount Rate, Percent | 6.69% |
Operating Lease, Weighted Average Discount Rate, Percent | 6.53% |
Finance Lease, Interest Payment on Liability | $ 2 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 216 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Capitalized Computer Software, Gross | $ 1,262 | $ 1,316 | |
Intangible amortization expense | 3 | 10 | $ 10 |
Capitalized Computer Software, Amortization | $ 285 | $ 296 | $ 301 |
Tradenames [Member] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||
Computer Software, Intangible Asset [Member] | |||
Capitalized Computer Software, Gross | $ 66 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Company's Goodwill and Other Intangible Assets) (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 |
Goodwill, gross | $ 9,290 | $ 9,290 |
Accumulated impairment losses | (5,382) | (5,382) |
Net goodwill, Non-amortizing intangible assets | 3,908 | 3,908 |
Indefinite lifed tradenames | 403 | 403 |
Net non-amortizing intangible assets | 4,311 | 4,311 |
Other Finite-Lived Intangible Assets, Gross | 5 | |
Favorable leases, gross | 136 | |
Finite-lived tradenames, gross | 43 | 43 |
Amortizing intangible assets, gross | 48 | 179 |
Accumulated amortization | (12) | (104) |
Net amortizing intangible assets | 36 | 75 |
Capitalized Computer Software, Gross | 1,262 | 1,316 |
Capitalized Computer Software, Accumulated Amortization | (620) | (646) |
Capitalized Computer Software, Net | 642 | 670 |
Finite-Lived Intangible Assets [Member] | ||
Accumulated amortization | (1) | |
Favorable Lease [Member] | ||
Accumulated amortization | (95) | |
Tradenames [Member] | ||
Accumulated amortization | $ (11) | $ (9) |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Future Estimated Intangible Amortization Expense) (Details) $ in Millions | Feb. 01, 2020USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2020 | $ 2 |
2021 | 2 |
2022 | 2 |
2023 | 2 |
2024 | 2 |
Computer Software, Intangible Asset [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2020 | 253 |
2021 | 185 |
2022 | 103 |
2023 | 34 |
2024 | $ 1 |
Financing (Narrative) (Details)
Financing (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Feb. 01, 2020USD ($)Rate | Feb. 02, 2019USD ($)Rate | Feb. 03, 2018USD ($)Rate | Nov. 03, 2018USD ($) | Oct. 28, 2017USD ($) | Feb. 01, 2020USD ($)Rate | Feb. 02, 2019USD ($)Rate | Feb. 03, 2018USD ($)Rate | |
Extinguishment of debt | $ 525,000,000 | $ 750,000,000 | $ 400,000,000 | $ 344,000,000 | $ 247,000,000 | |||
Long-term debt | 3,702,000,000 | 4,407,000,000 | $ 3,702,000,000 | $ 4,407,000,000 | ||||
Gains (losses) on early retirement of debt | (30,000,000) | (28,000,000) | 11,000,000 | (5,000,000) | (1,000,000) | (30,000,000) | (33,000,000) | $ 10,000,000 |
Amount Of Outstanding Debt Repaid At Maturity | 36,000,000 | 300,000,000 | ||||||
Debt Instrument, Repurchase Amount | 553,000,000 | 789,000,000 | 423,000,000 | $ 354,000,000 | $ 257,000,000 | 553,000,000 | 789,000,000 | 423,000,000 |
Line of credit facility, maximum borrowing capacity | 1,500,000,000 | 1,500,000,000 | ||||||
Line of credit facility, maximum borrowing capacity at Company's option | 1,750,000,000 | 1,750,000,000 | ||||||
Letters of Credit Outstanding, Amount | 0 | 0 | $ 0 | 0 | ||||
Interest coverage ratio | 12.68 | |||||||
Leverage ratio | 1.78 | |||||||
Minimum specified interest coverage ratio in credit agreement | 3.25 | |||||||
Maximum specified leverage ratio in credit agreement | 3.75 | |||||||
Amount non-recurring cash charges may not exceed in credit agreement | $ 200,000,000 | |||||||
Amount of indebtedness due prior to maturity that would result in default under credit agreements | 150,000,000 | |||||||
Cross Default Provision In Credit Agreement Floor | 100,000,000 | |||||||
Commercial paper | 1,500,000,000 | 1,500,000,000 | ||||||
Prepaid expenses and other current assets pledged as collateral for debt security | 37,000,000 | 37,000,000 | 37,000,000 | 37,000,000 | ||||
Other Standby and Commercial Letters of Credit [Member] | ||||||||
Debt instrument, principal outstanding | $ 34,000,000 | 28,000,000 | $ 34,000,000 | 28,000,000 | ||||
Seven Point Eight Seven Five Percent Senior Debentures Due Two Thousand Thirty Six [Member] | ||||||||
Debt instrument interest rate, stated percentage | Rate | 7.875% | 7.875% | ||||||
6.65% senior debentures due 2024 [Member] | ||||||||
Extinguishment of debt | $ 164,000,000 | $ 0 | $ 175,000,000 | 4,000,000 | ||||
Debt instrument interest rate, stated percentage | Rate | 6.65% | 6.65% | 6.65% | 6.65% | ||||
Debt instrument, principal outstanding | $ 122,000,000 | $ 122,000,000 | $ 122,000,000 | $ 122,000,000 | ||||
7.0% Senior Debentures Due 2028 [Member] | ||||||||
Debt instrument interest rate, stated percentage | Rate | 7.00% | 7.00% | ||||||
Debt instrument, principal outstanding | $ 105,000,000 | 117,000,000 | $ 105,000,000 | 117,000,000 | ||||
7.0% senior debentures due 2028 [Member] | ||||||||
Extinguishment of debt | $ 12,000,000 | $ 155,000,000 | $ 12,000,000 | $ 182,000,000 | 2,000,000 | |||
Debt instrument interest rate, stated percentage | Rate | 7.00% | 7.00% | 7.00% | 7.00% | ||||
6.9% senior debentures due 2029 [Member] | ||||||||
Extinguishment of debt | $ 113,000,000 | $ 114,000,000 | $ 113,000,000 | $ 204,000,000 | 3,000,000 | |||
Debt instrument interest rate, stated percentage | Rate | 6.90% | 6.90% | 6.90% | 6.90% | ||||
Debt instrument, principal outstanding | $ 79,000,000 | $ 192,000,000 | $ 79,000,000 | $ 192,000,000 | ||||
4.5% Senior notes due 2034 [Member] | ||||||||
Extinguishment of debt | $ 103,000,000 | 0 | $ 183,000,000 | 0 | ||||
Debt instrument interest rate, stated percentage | Rate | 4.50% | 4.50% | ||||||
6.79% Senior Debentures Due 2027 [Member] | ||||||||
Extinguishment of debt | $ 94,000,000 | $ 0 | $ 94,000,000 | $ 0 | ||||
Debt instrument interest rate, stated percentage | Rate | 6.79% | 6.79% | 6.79% | 6.79% | ||||
Debt instrument, principal outstanding | $ 71,000,000 | $ 71,000,000 | $ 71,000,000 | $ 71,000,000 | ||||
6.9% Senior Debentures Due 2032 [Member] | ||||||||
Extinguishment of debt | $ 10,000,000 | $ 147,000,000 | ||||||
Debt instrument interest rate, stated percentage | Rate | 6.90% | 6.90% | 6.90% | 6.90% | 6.90% | 6.90% | ||
Debt instrument, principal outstanding | $ 17,000,000 | $ 17,000,000 | $ 17,000,000 | $ 17,000,000 | ||||
6.7% Senior debentures due 2034 [Member] | ||||||||
Extinguishment of debt | $ 35,000,000 | $ 108,000,000 | $ 0 | $ 63,000,000 | $ 136,000,000 | |||
Debt instrument interest rate, stated percentage | Rate | 6.70% | 6.70% | 6.70% | 6.70% | 6.70% | 6.70% | ||
Debt instrument, principal outstanding | $ 201,000,000 | $ 201,000,000 | $ 201,000,000 | $ 201,000,000 | ||||
6.375% Senior notes due 2037 [Member] | ||||||||
Extinguishment of debt | $ 34,000,000 | $ 96,000,000 | $ 0 | $ 77,000,000 | $ 231,000,000 | |||
Debt instrument interest rate, stated percentage | Rate | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | ||
Debt instrument, principal outstanding | $ 192,000,000 | $ 192,000,000 | $ 192,000,000 | $ 192,000,000 | ||||
6.7% Senior Debentures Due 2028 [Member] | ||||||||
Extinguishment of debt | $ 34,000,000 | |||||||
Debt instrument interest rate, stated percentage | Rate | 6.70% | 6.70% | 6.70% | 6.70% | ||||
Debt instrument, principal outstanding | $ 103,000,000 | $ 103,000,000 | $ 103,000,000 | $ 103,000,000 | ||||
8.75% Senior Debentures Due 2029 [Member] | ||||||||
Extinguishment of debt | $ 5,000,000 | $ 43,000,000 | $ 0 | $ 5,000,000 | $ 43,000,000 | |||
Debt instrument interest rate, stated percentage | Rate | 8.75% | 8.75% | 8.75% | 8.75% | 8.75% | 8.75% | ||
Debt instrument, principal outstanding | $ 13,000,000 | $ 13,000,000 | $ 13,000,000 | $ 13,000,000 | ||||
7.875% Senior Debentures Due 2030 [Member] | ||||||||
Extinguishment of debt | $ 2,000,000 | $ 6,000,000 | $ 0 | $ 2,000,000 | $ 6,000,000 | |||
Debt instrument interest rate, stated percentage | Rate | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | ||
Debt instrument, principal outstanding | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | ||||
3.45% senior notes due 2021 [Member] | ||||||||
Debt instrument interest rate, stated percentage | Rate | 3.45% | 3.45% | ||||||
Debt instrument, principal outstanding | $ 0 | 500,000,000 | $ 0 | 500,000,000 | ||||
3.625% senior notes due 2024 [Member] | ||||||||
Debt instrument interest rate, stated percentage | Rate | 3.625% | 3.625% | ||||||
Debt instrument, principal outstanding | $ 500,000,000 | 500,000,000 | $ 500,000,000 | 500,000,000 | ||||
4.375% Senior notes due 2023 [Member] | ||||||||
Extinguishment of debt | $ 190,000,000 | $ 190,000,000 | 0 | $ 0 | ||||
Debt instrument interest rate, stated percentage | Rate | 4.375% | 4.375% | ||||||
Debt instrument, principal outstanding | $ 210,000,000 | 400,000,000 | $ 210,000,000 | 400,000,000 | ||||
3.875% Senior notes due 2022 [Member] | ||||||||
Extinguishment of debt | $ 100,000,000 | $ 100,000,000 | 0 | 0 | ||||
Debt instrument interest rate, stated percentage | Rate | 3.875% | 3.875% | ||||||
Debt instrument, principal outstanding | $ 450,000,000 | 550,000,000 | $ 450,000,000 | 550,000,000 | ||||
5.125% Senior debentures due 2042 [Member] | ||||||||
Debt instrument interest rate, stated percentage | Rate | 5.125% | 5.125% | ||||||
Debt instrument, principal outstanding | $ 250,000,000 | 250,000,000 | $ 250,000,000 | 250,000,000 | ||||
2.875% Senior notes due 2023 [Member] | ||||||||
Extinguishment of debt | $ 110,000,000 | $ 110,000,000 | 0 | $ 0 | ||||
Debt instrument interest rate, stated percentage | Rate | 2.875% | 2.875% | ||||||
Debt instrument, principal outstanding | $ 640,000,000 | 750,000,000 | $ 640,000,000 | 750,000,000 | ||||
4.3% Senior notes due 2043 [Member] | ||||||||
Debt instrument interest rate, stated percentage | Rate | 4.30% | 4.30% | ||||||
Debt instrument, principal outstanding | $ 250,000,000 | 250,000,000 | $ 250,000,000 | 250,000,000 | ||||
4.5% senior notes due 2034[Member] | ||||||||
Debt instrument interest rate, stated percentage | Rate | 4.50% | 4.50% | ||||||
Debt instrument, principal outstanding | $ 367,000,000 | 367,000,000 | $ 367,000,000 | 367,000,000 | ||||
Carrying Amount | ||||||||
Long-term debt | 3,621,000,000 | 4,683,000,000 | 3,621,000,000 | 4,683,000,000 | ||||
Revolving Credit Facility [Member] | ||||||||
Long-term Line of Credit | $ 0 | $ 0 | $ 0 | $ 0 |
Financing (Schedule of Company
Financing (Schedule of Company Debt) (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 |
2.875% Senior notes due 2023 [Member] | |||
Debt instrument, principal outstanding | $ 640 | $ 750 | |
Debt instrument interest rate, stated percentage | 2.875% | ||
3.875% Senior notes due 2022 [Member] | |||
Debt instrument, principal outstanding | $ 450 | 550 | |
Debt instrument interest rate, stated percentage | 3.875% | ||
4.5% senior notes due 2034[Member] | |||
Debt instrument, principal outstanding | $ 367 | 367 | |
Debt instrument interest rate, stated percentage | 4.50% | ||
3.45% senior notes due 2021 [Member] | |||
Debt instrument, principal outstanding | $ 0 | 500 | |
Debt instrument interest rate, stated percentage | 3.45% | ||
3.625% senior notes due 2024 [Member] | |||
Debt instrument, principal outstanding | $ 500 | 500 | |
Debt instrument interest rate, stated percentage | 3.625% | ||
4.375% Senior notes due 2023 [Member] | |||
Debt instrument, principal outstanding | $ 210 | 400 | |
Debt instrument interest rate, stated percentage | 4.375% | ||
5.125% Senior debentures due 2042 [Member] | |||
Debt instrument, principal outstanding | $ 250 | 250 | |
Debt instrument interest rate, stated percentage | 5.125% | ||
4.3% Senior notes due 2043 [Member] | |||
Debt instrument, principal outstanding | $ 250 | 250 | |
Debt instrument interest rate, stated percentage | 4.30% | ||
6.7% Senior debentures due 2034 [Member] | |||
Debt instrument, principal outstanding | $ 201 | $ 201 | |
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | 6.70% |
6.9% senior debentures due 2029 [Member] | |||
Debt instrument, principal outstanding | $ 79 | $ 192 | |
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | |
6.375% Senior notes due 2037 [Member] | |||
Debt instrument, principal outstanding | $ 192 | $ 192 | |
Debt instrument interest rate, stated percentage | 6.375% | 6.375% | 6.375% |
6.65% senior debentures due 2024 [Member] | |||
Debt instrument, principal outstanding | $ 122 | $ 122 | |
Debt instrument interest rate, stated percentage | 6.65% | 6.65% | |
7.0% Senior Debentures Due 2028 [Member] | |||
Debt instrument, principal outstanding | $ 105 | $ 117 | |
Debt instrument interest rate, stated percentage | 7.00% | ||
6.7% Senior Debentures Due 2028 [Member] | |||
Debt instrument, principal outstanding | $ 103 | $ 103 | |
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | |
6.79% Senior Debentures Due 2027 [Member] | |||
Debt instrument, principal outstanding | $ 71 | $ 71 | |
Debt instrument interest rate, stated percentage | 6.79% | 6.79% | |
6.9% Senior Debentures Due 2032 [Member] | |||
Debt instrument, principal outstanding | $ 17 | $ 17 | |
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | 6.90% |
10.25% Senior Debentures Due 2021 [Member] | |||
Debt instrument, principal outstanding | $ 0 | $ 33 | |
Debt instrument interest rate, stated percentage | 10.25% | ||
7.6% Senior Debentures Due 2025 [Member] | |||
Debt instrument, principal outstanding | $ 24 | 24 | |
Debt instrument interest rate, stated percentage | 7.60% | ||
8.75% Senior Debentures Due 2029 [Member] | |||
Debt instrument, principal outstanding | $ 13 | $ 13 | |
Debt instrument interest rate, stated percentage | 8.75% | 8.75% | 8.75% |
7.875% Senior Debentures Due 2030 [Member] | |||
Debt instrument, principal outstanding | $ 10 | $ 10 | |
Debt instrument interest rate, stated percentage | 7.875% | 7.875% | 7.875% |
9.5% Amortizing Debentures Due 2021 [Member] | |||
Debt instrument, principal outstanding | $ 2 | $ 6 | |
Debt instrument interest rate, stated percentage | 9.50% | ||
9.75% Amortizing Debentures Due 2021 [Member] | |||
Debt instrument, principal outstanding | $ 1 | 3 | |
Debt instrument interest rate, stated percentage | 9.75% | ||
Unamortized debit issue costs [Member] | |||
Unamortized debt issue costs | $ (13) | (18) | |
Unamortized debit discount [Member] | |||
Unamortized debt discount | (7) | (9) | |
Premium on acquired debt | |||
Debt Instrument, Unamortized Premium, Noncurrent | $ 34 | 39 | |
Premium on acquired debt | Minimum [Member] | |||
Debt instrument interest rate, effective percentage | 5.542% | ||
Premium on acquired debt | Maximum [Member] | |||
Debt instrument interest rate, effective percentage | 7.144% | ||
Capital Lease and Other Long-Term Obligations [Member] | |||
Debt instrument, principal outstanding | $ 0 | 25 | |
Total Of Long Term Debt [Member] | |||
Debt instrument, principal outstanding | 3,621 | 4,708 | |
8.5% Senior Debentures Due 2019 [Member] | |||
Short-term Debt | $ 0 | 36 | |
Debt instrument interest rate, stated percentage | 8.50% | ||
3.45% senior notes due 2021 [Member] | |||
Short-term Debt | $ 500 | 0 | |
Debt instrument interest rate, stated percentage | 3.45% | ||
10.25% Senior Debentures Due 2021 [Member] | |||
Short-term Debt | $ 33 | 0 | |
Debt instrument interest rate, stated percentage | 10.25% | ||
Capital Lease and Current Portion of Other Long-Term Obligations | |||
Short-term Debt | $ 6 | 7 | |
Short-term Debt [Member] | |||
Short-term Debt | $ 539 | $ 43 |
Financing (Interest Expense) (D
Financing (Interest Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Debt Disclosure [Abstract] | ||||||||
Amount Of Outstanding Debt Repaid At Maturity | $ 36 | $ 300 | ||||||
Interest on debt | 211 | $ 269 | 332 | |||||
Amortization of debt premium | (5) | (7) | (9) | |||||
Amortization of financing costs | 6 | 7 | 7 | |||||
Interest on capitalized leases | 2 | 2 | 2 | |||||
Interest expense, gross | 214 | 271 | 332 | |||||
Less interest capitalized on construction | 9 | 10 | 11 | |||||
Interest Expense, Total | 205 | 261 | 321 | |||||
Gains (losses) on early retirement of debt | $ (30) | $ (28) | $ 11 | $ (5) | $ (1) | $ (30) | $ (33) | $ 10 |
Financing (Future Maturities Of
Financing (Future Maturities Of Long-Term Debt) (Details) $ in Millions | Feb. 01, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 453 |
2022 | 0 |
2023 | 850 |
2024 | 622 |
2025 | 24 |
After 2025 | $ 1,658 |
Financing (Detail Of Debt Repay
Financing (Detail Of Debt Repayments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Extinguishment of debt | $ 525 | $ 750 | $ 400 | $ 344 | $ 247 | |||
Debt Instrument, Repurchase Amount | 553 | 789 | 423 | 354 | 257 | $ 553 | $ 789 | $ 423 |
Gains (losses) on early retirement of debt | (30) | (28) | 11 | $ (5) | $ (1) | (30) | (33) | 10 |
Debt repaid | 567 | 1,101 | 954 | |||||
seven point four five senior debentures due 2017 [Member] | ||||||||
Extinguishment of debt | 0 | 0 | 300 | |||||
8.5% Senior Debentures Due 2019 [Member] | ||||||||
Extinguishment of debt | 36 | 0 | 0 | |||||
4.375% Senior notes due 2023 [Member] | ||||||||
Extinguishment of debt | $ 190 | $ 190 | 0 | 0 | ||||
Debt instrument interest rate, stated percentage | 4.375% | 4.375% | ||||||
6.9% senior debentures due 2029 [Member] | ||||||||
Extinguishment of debt | $ 113 | $ 114 | $ 113 | $ 204 | 3 | |||
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | 6.90% | 6.90% | ||||
4.5% Senior notes due 2034 [Member] | ||||||||
Extinguishment of debt | $ 103 | $ 0 | $ 183 | 0 | ||||
Debt instrument interest rate, stated percentage | 4.50% | 4.50% | ||||||
7.0% senior debentures due 2028 [Member] | ||||||||
Extinguishment of debt | $ 12 | $ 155 | $ 12 | $ 182 | 2 | |||
Debt instrument interest rate, stated percentage | 7.00% | 7.00% | 7.00% | 7.00% | ||||
6.65% senior debentures due 2024 [Member] | ||||||||
Extinguishment of debt | $ 164 | $ 0 | $ 175 | 4 | ||||
Debt instrument interest rate, stated percentage | 6.65% | 6.65% | 6.65% | 6.65% | ||||
6.7% senior notes due 2028 [Member] | ||||||||
Extinguishment of debt | $ 0 | $ 94 | 3 | |||||
6.79% Senior Debentures Due 2027 [Member] | ||||||||
Extinguishment of debt | $ 94 | $ 0 | $ 94 | 0 | ||||
Debt instrument interest rate, stated percentage | 6.79% | 6.79% | 6.79% | 6.79% | ||||
6.375% Senior notes due 2037 [Member] | ||||||||
Extinguishment of debt | $ 34 | $ 96 | $ 0 | $ 77 | $ 231 | |||
Debt instrument interest rate, stated percentage | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | ||
6.7% Senior debentures due 2034 [Member] | ||||||||
Extinguishment of debt | $ 35 | $ 108 | $ 0 | $ 63 | $ 136 | |||
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | 6.70% | 6.70% | 6.70% | 6.70% | ||
6.9% senior debentures due 2032 [Member] | ||||||||
Extinguishment of debt | $ 0 | $ 15 | $ 219 | |||||
8.75% Senior Debentures Due 2029 [Member] | ||||||||
Extinguishment of debt | $ 5 | $ 43 | $ 0 | $ 5 | $ 43 | |||
Debt instrument interest rate, stated percentage | 8.75% | 8.75% | 8.75% | 8.75% | 8.75% | 8.75% | ||
7.875% Senior Debentures Due 2030 [Member] | ||||||||
Extinguishment of debt | $ 2 | $ 6 | $ 0 | $ 2 | $ 6 | |||
Debt instrument interest rate, stated percentage | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | ||
9.5% Amortizing Debentures Due 2021 [Member] | ||||||||
Extinguishment of debt | $ 4 | $ 4 | $ 4 | |||||
Debt instrument interest rate, stated percentage | 9.50% | 9.50% | ||||||
9.75% Amortizing Debentures Due 2021 [Member] | ||||||||
Extinguishment of debt | $ 2 | 2 | 2 | |||||
Debt instrument interest rate, stated percentage | 9.75% | 9.75% | ||||||
Capital Lease and Other Long-Term Obligations [Member] | ||||||||
Extinguishment of debt | $ 0 | 1 | 1 | |||||
3.875% Senior notes due 2022 [Member] | ||||||||
Extinguishment of debt | $ 100 | $ 100 | 0 | 0 | ||||
Debt instrument interest rate, stated percentage | 3.875% | 3.875% | ||||||
2.875% Senior notes due 2023 [Member] | ||||||||
Extinguishment of debt | $ 110 | $ 110 | $ 0 | $ 0 | ||||
Debt instrument interest rate, stated percentage | 2.875% | 2.875% |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Narrative) (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Workers compensation and general liability reserves covered by deposits and receivables | $ 110 | $ 112 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities (Schedule Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||||
Accounts payable | $ 977 | $ 983 | ||
Contract with Customer, Liability, Current | 839 | 856 | $ 906 | $ 911 |
Deferred real estate gains | 0 | 23 | ||
Current portion of post employment and postretirement benefits | 180 | 194 | ||
Taxes other than income taxes | 145 | 134 | ||
Lease related liabilities | 399 | 180 | ||
Accrued wages and vacation | 194 | 268 | ||
Current portion of workers' compensation and general liability reserves | 105 | 112 | ||
Severance and relocation | 113 | 67 | ||
Allowance for future sales returns | 213 | 269 | ||
Accrued interest | 41 | 51 | ||
Other | 242 | 229 | ||
Accounts payable and accrued liabilities, total | $ 3,448 | $ 3,366 |
Accounts Payable and Accrued _5
Accounts Payable and Accrued Liabilities (Changes In Workers' Compensation And General Liability Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||
Increase (Decrease) in Self Insurance Reserve | $ 120 | $ 130 | $ 144 |
Decrease in Workers' Compensation Liabilities | (145) | (140) | (150) |
Balance, beginning of year | 487 | 497 | 503 |
Balance, end of year | $ 462 | $ 487 | $ 497 |
Taxes (Narrative) (Details)
Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | 23 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | Dec. 31, 2017 | |
Net tax deficiencies from share based payment accounting | $ 15 | |||
Federal income tax statutory rate | 21.00% | 21.00% | 33.70% | 35.00% |
Effective Income Tax Rate Reconciliation, Percent | 2.60% | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0 | $ (17) | $ (584) | |
Net change in the valuation allowance | 5 | 10 | ||
Federal net operating loss carryforwards | 0 | |||
Operating Loss Carryforwards | 218 | |||
State credit carryforwards | 9 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 106 | 120 | ||
Charges (credit) to income tax expense for federal, state and local interest and penalties | $ 6 | $ 5 | $ (3) | |
Maximum [Member] | ||||
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2039 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 56 | |||
Minimum [Member] | ||||
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2020 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0 |
Taxes (Income Tax Expense) (Det
Taxes (Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Taxes Payable [Abstract] | |||
Current federal income tax expense (benefit) | $ 137 | $ 156 | $ 367 |
Deferred federal income tax expense (benefit) | 4 | 79 | (462) |
Federal income tax expense (benefit), total | 141 | 235 | (95) |
Current state and local income tax expense (benefit) | 33 | 54 | 15 |
Deferred state and local income tax expense (benefit) | (10) | 33 | 41 |
State and local income tax expense (benefit), total | 23 | 87 | 56 |
Current income tax expense (benefit), total | 170 | 210 | 382 |
Deferred income tax expense, total | (6) | 112 | (421) |
Income tax expense (benefit), total | $ 164 | $ 322 | $ (39) |
Taxes (Reason For Difference Be
Taxes (Reason For Difference Between Expected Tax Computed And Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
effective income tax rate reconciliation [Line Items] | |||
Expected tax | $ 153 | $ 300 | $ 515 |
State and local income taxes, net of federal income tax benefit | 13 | 59 | 19 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | (17) | (584) |
Income Tax Effects Allocated Directly to Equity, Employee Stock Options | 1 | 0 | 14 |
Federal tax credits | (3) | (16) | (16) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 5 | 10 | 18 |
Other | (5) | (14) | (5) |
Income tax expense (benefit), total | $ 164 | $ 322 | $ (39) |
Taxes (Tax Effects That Give Ri
Taxes (Tax Effects That Give Rise To Significant Portions Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 |
Deferred tax assets: | ||
Post employment and postretirement benefits | $ 210 | $ 208 |
Accrued liabilities accounted for on a cash basis for tax purposes | 165 | 222 |
Lease liabilities | 864 | 0 |
Unrecognized state tax benefits and accrued interest | 40 | 39 |
State operating loss and credit carryforwards | 102 | 103 |
Other | 110 | 172 |
Valuation allowance | (80) | (75) |
Total deferred tax assets | 1,411 | 669 |
Deferred tax liabilities: | ||
Excess of book basis over tax basis of property and equipment | (988) | (987) |
Right of use assets | (707) | 0 |
Merchandise inventories | (365) | (398) |
Intangible assets | (309) | (308) |
Other | (211) | (214) |
Total deferred tax liabilities | (2,580) | (1,907) |
Net deferred tax liability | $ (1,169) | $ (1,238) |
Taxes (Reconciliation Of Beginn
Taxes (Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Taxes Payable [Abstract] | ||||||
Unrecognized tax benefits | $ 149 | $ 140 | $ 140 | $ 133 | $ 149 | $ 140 |
Income Tax Examination, Penalties and Interest Accrued | 60 | 56 | ||||
Balance, beginning of period | 149 | 140 | 167 | |||
Additions based on tax positions related to the current year | 18 | 17 | 7 | |||
Additions for tax positions of prior years | 11 | 13 | 0 | |||
Reductions for tax positions of prior years | (20) | (12) | (23) | |||
Settlements | (16) | 0 | (2) | |||
Statute expirations | (9) | (9) | (9) | |||
Balance, end of period | $ 133 | $ 149 | $ 140 | |||
Current Income Taxes [Member] | ||||||
Taxes Payable [Abstract] | ||||||
Current income taxes | 12 | 28 | 11 | |||
Income Tax Examination, Penalties and Interest Accrued | 4 | 28 | ||||
Long term deferred income taxes [Member] | ||||||
Taxes Payable [Abstract] | ||||||
Long-term uncertian tax positions | 4 | 4 | 4 | |||
Other Noncurrent Liabilities [Member] | ||||||
Taxes Payable [Abstract] | ||||||
Long-term uncertian tax positions | 117 | 117 | $ 125 | |||
Income Tax Examination, Penalties and Interest Accrued | $ 56 | $ 28 |
Taxes Unrecognized Benefits and
Taxes Unrecognized Benefits and Related Interest Penalties (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 106 | $ 120 |
Income Tax Examination, Penalties and Interest Accrued | 60 | 56 |
Current Income Taxes [Member] | ||
Income Tax Examination, Penalties and Interest Accrued | 4 | 28 |
Other Noncurrent Liabilities [Member] | ||
Income Tax Examination, Penalties and Interest Accrued | $ 56 | $ 28 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020USD ($)yrd | Feb. 02, 2019USD ($) | Feb. 03, 2018USD ($) | |
Number of hours required for participation in defined benefit and defined contribution plans | 1,000 | ||
Liability under qualified defined contribution plan | $ 104 | $ 103 | |
Minimum [Member] | |||
Range of restrictions on investment redemption frequency, number of times allowed per year | d | 4 | ||
Maximum [Member] | |||
Range of restrictions on investment redemption frequency, number of times allowed per year | d | 365 | ||
Other Postretirement Benefits Plan [Member] | |||
Discount rate | 2.81% | 4.02% | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ (5) | ||
Company contributions to defined benefit pension plan | $ 14 | $ 13 | |
Supplemental Employee Retirement Plan | |||
Discount rate | 2.89% | 4.10% | |
Accumulated benefit obligation for defined benefit plan | $ 681 | $ 644 | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 12 | ||
Company contributions to defined benefit pension plan | $ 71 | $ 73 | |
Supplemental Employee Retirement Plan | Minimum [Member] | |||
Discount rate for interest cost (percent) | 2.65% | 3.39% | 3.10% |
Supplemental Employee Retirement Plan | Maximum [Member] | |||
Discount rate for interest cost (percent) | 3.69% | 4.09% | 3.26% |
Pension Plan [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.50% | 6.75% | 7.00% |
Discount rate | 2.83% | 4.03% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Change Due to Subsequent Interim Measurement, Weighted-Average Expected Long-term Rate of Return on Plan Assets | 6.25% | ||
Accumulated benefit obligation for defined benefit plan | $ 3,320 | $ 3,010 | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 42 | ||
Unfunded commitments to certain of these investments | 43 | 49 | |
Company contributions to defined benefit pension plan | $ 0 | $ 0 | |
Discount rate for service cost (percent) | 4.09% | ||
Discount rate for interest cost (percent) | 3.67% | ||
Pension Plan [Member] | Minimum [Member] | |||
Range of investment lock-up period, in years | yr | 1 | ||
Discount rate for service cost (percent) | 3.77% | 3.75% | |
Discount rate for interest cost (percent) | 3.39% | 3.12% | |
Pension Plan [Member] | Maximum [Member] | |||
Range of investment lock-up period, in years | yr | 9 | ||
Discount rate for service cost (percent) | 4.46% | 4.06% | |
Discount rate for interest cost (percent) | 4.06% | 3.31% | |
Pension Plan [Member] | Equity securities [Member] | |||
Target allocation for equity securities in defined benefit plan | 30.00% | ||
Pension Plan [Member] | Debt Securities [Member] | |||
Target allocation for equity securities in defined benefit plan | 63.00% | ||
Pension Plan [Member] | Real Estate Funds [Member] | |||
Target allocation for equity securities in defined benefit plan | 2.00% | ||
Pension Plan [Member] | Private equity [Member] | |||
Target allocation for equity securities in defined benefit plan | 5.00% | ||
Defined Contribution Qualified Plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Employee retirement plan expense | $ 96 | $ 96 | $ 93 |
Non qualified defined contribution plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Employee retirement plan expense | 2 | 1 | $ 1 |
Investments | 34 | 27 | |
Other Liabilities [Member] | Non qualified defined contribution plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Liability under non-qualified defined contribution plan | 34 | 27 | |
Accounts Payable and Accrued Liabilities [Member] | Non qualified defined contribution plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Liability under non-qualified defined contribution plan | $ 2 | $ 2 |
Retirement Plans (Retirement Ex
Retirement Plans (Retirement Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Total Retirement Expense | $ 74 | $ 64 | $ 43 |
Other Postretirement Benefits Plan [Member] | |||
Total net periodic benefit cost | (2) | (1) | 0 |
Pension Plan [Member] | |||
Total net periodic benefit cost | (54) | (64) | (82) |
Supplemental Employee Retirement Plan | |||
Total net periodic benefit cost | 30 | 31 | 31 |
Defined Contribution Qualified Plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Contribution Plan, Cost | 96 | 96 | 93 |
Non qualified defined contribution plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Contribution Plan, Cost | $ 2 | $ 1 | $ 1 |
Retirement Plans (Reconciliatio
Retirement Plans (Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status Of The Pension Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Other Postretirement Benefits Plan [Member] | |||
Projected benefit obligation, beginning of year | $ 137 | $ 156 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 5 | 5 | 5 |
Actuarial (gain) loss | 5 | (11) | |
Defined Benefit Plan, Benefit Obligation, Prescription Drug Subsidy Receipt | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (14) | (13) | |
Projected benefit obligation, end of year | 133 | 137 | 156 |
Fair value of plan assets, beginning of year | 0 | 0 | |
Company contributions | 14 | 13 | |
Fair value of plan assets, end of year | 0 | 0 | 0 |
Funded status at end of year | 133 | 137 | |
Accounts payable and accrued liabilities | (14) | (15) | |
Liability, Defined Benefit Plan, Noncurrent | 119 | 122 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (133) | (137) | |
Net actuarial loss | (30) | (41) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (8) | (9) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (38) | (50) | |
Supplemental Employee Retirement Plan | |||
Projected benefit obligation, beginning of year | 644 | 703 | |
Service cost | 0 | 0 | 0 |
Interest cost | 21 | 23 | 22 |
Actuarial (gain) loss | 87 | (9) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (71) | (73) | |
Projected benefit obligation, end of year | 681 | 644 | 703 |
Fair value of plan assets, beginning of year | 0 | 0 | |
Company contributions | 71 | 73 | |
Fair value of plan assets, end of year | 0 | 0 | 0 |
Funded status at end of year | 681 | 644 | |
Accounts payable and accrued liabilities | (55) | (68) | |
Other (assets) liabilities | (626) | (576) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (681) | (644) | |
Net actuarial loss | 283 | 218 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 6 | 6 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 289 | 224 | |
Pension Plan [Member] | |||
Projected benefit obligation, beginning of year | 3,011 | 3,271 | |
Service cost | 5 | 5 | 6 |
Interest cost | 103 | 109 | 104 |
Actuarial (gain) loss | 463 | (27) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (261) | (347) | |
Projected benefit obligation, end of year | 3,321 | 3,011 | 3,271 |
Fair value of plan assets, beginning of year | 3,018 | 3,409 | |
Actual return on plan assets | 602 | (44) | |
Company contributions | 0 | 0 | |
Fair value of plan assets, end of year | 3,359 | 3,018 | $ 3,409 |
Funded status at end of year | (38) | (7) | |
Other (assets) liabilities | (38) | (7) | |
Net actuarial loss | $ 1,086 | $ 1,109 |
Retirement Plans (Net Periodic
Retirement Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Settlement charges | $ (46) | $ (12) | $ 0 | $ 0 | $ (15) | $ (23) | $ (50) | $ 0 | $ (58) | $ (88) | $ (105) |
Settlement charges | $ 46 | $ 12 | $ 0 | $ 0 | $ 15 | $ 23 | $ 50 | $ 0 | 58 | 88 | 105 |
Supplemental Employee Retirement Plan | |||||||||||
Service cost | 0 | 0 | 0 | ||||||||
Interest cost | 21 | 23 | 22 | ||||||||
Amortization of net actuarial (gain) loss | 9 | 7 | 8 | ||||||||
Amortization of prior service credit | 0 | 1 | 1 | ||||||||
Total net periodic benefit cost | 30 | 31 | 31 | ||||||||
Settlement charges | 13 | 10 | 16 | ||||||||
Net actuarial (gain) loss recognized in OCI before tax | 87 | (9) | 20 | ||||||||
Amortization of net actuarial loss | (9) | (7) | (8) | ||||||||
Amortization of prior service credit | 0 | 1 | 1 | ||||||||
Settlement charges | (13) | (10) | (16) | ||||||||
Total recognized in other comprehensive income | 65 | (27) | (5) | ||||||||
Total recognized in net periodic benefit cost and other comprehensive income | 108 | 14 | 42 | ||||||||
Pension Plan [Member] | |||||||||||
Service cost | 5 | 5 | 6 | ||||||||
Interest cost | 103 | 109 | 104 | ||||||||
Expected return on assets | (191) | (206) | (223) | ||||||||
Amortization of net actuarial (gain) loss | 29 | 28 | 31 | ||||||||
Amortization of prior service credit | 0 | 0 | 0 | ||||||||
Total net periodic benefit cost | (54) | (64) | (82) | ||||||||
Settlement charges | 45 | 78 | 89 | ||||||||
Net actuarial (gain) loss recognized in OCI before tax | 51 | 223 | (120) | ||||||||
Amortization of net actuarial loss | (29) | (28) | (31) | ||||||||
Settlement charges | (45) | (78) | (89) | ||||||||
Total recognized in other comprehensive income | (23) | 117 | (240) | ||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ (32) | $ 131 | $ (233) |
Retirement Plans (Weighted Aver
Retirement Plans (Weighted Average Assumptions Used To Determine Projected Benefit Obligations For The Pension Plan) (Details) | Feb. 01, 2020 | Feb. 02, 2019 |
Supplemental Employee Retirement Plan | ||
Discount rate | 2.89% | 4.10% |
Pension Plan [Member] | ||
Discount rate | 2.83% | 4.03% |
Rate of compensation increases | 3.25% | 4.00% |
Retirement Plans (Weighted Av_2
Retirement Plans (Weighted Average Assumptions Used To Determine Net Periodic Pension Costs For The Pension Plan) (Details) - Pension Plan [Member] | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Discount rate for service cost (percent) | 4.09% | ||
Discount rate for interest cost (percent) | 3.67% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Change Due to Subsequent Interim Measurement, Weighted-Average Expected Long-term Rate of Return on Plan Assets | 6.25% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.50% | 6.75% | 7.00% |
Rate of compensation increases | 4.00% | 4.00% | 4.10% |
Minimum [Member] | |||
Discount rate for service cost (percent) | 3.77% | 3.75% | |
Discount rate for interest cost (percent) | 3.39% | 3.12% | |
Maximum [Member] | |||
Discount rate for service cost (percent) | 4.46% | 4.06% | |
Discount rate for interest cost (percent) | 4.06% | 3.31% |
Retirement Plans (Fair Value Of
Retirement Plans (Fair Value Of Pension Plan Assets) (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 |
Fair value of pension plan assets | $ 132 | $ 101 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 34 | 27 |
Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 98 | 74 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | ||
Fair value of pension plan assets | 3,414 | 3,066 |
Pension Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 2,157 | 1,896 |
Pension Plan [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 778 | 660 |
Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Money market securities [Member] | ||
Fair value of pension plan assets | 1 | |
Pension Plan [Member] | Money market securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | |
Pension Plan [Member] | Money market securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 1 | |
Pension Plan [Member] | Money market securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | |
Pension Plan [Member] | Money market pooled funds [Member] | ||
Fair value of pension plan assets | 37 | 33 |
Pension Plan [Member] | Money market pooled funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 37 | 33 |
Pension Plan [Member] | Money market pooled funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Money market pooled funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | UNITED STATES | ||
Fair value of pension plan assets | 122 | 117 |
Pension Plan [Member] | Equity securities [Member] | United States pooled funds [Member] | ||
Fair value of pension plan assets | 474 | 398 |
Pension Plan [Member] | Equity securities [Member] | International [Member] | ||
Fair value of pension plan assets | 357 | 347 |
Pension Plan [Member] | Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | UNITED STATES | ||
Fair value of pension plan assets | 122 | 117 |
Pension Plan [Member] | Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | United States pooled funds [Member] | ||
Fair value of pension plan assets | 474 | 398 |
Pension Plan [Member] | Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | International [Member] | ||
Fair value of pension plan assets | 82 | 78 |
Pension Plan [Member] | Equity securities [Member] | Significant Observable Inputs (Level 2) [Member] | UNITED STATES | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | Significant Observable Inputs (Level 2) [Member] | United States pooled funds [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | Significant Observable Inputs (Level 2) [Member] | International [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | UNITED STATES | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | United States pooled funds [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | International [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | U.S. Treasury bonds [Member] | ||
Fair value of pension plan assets | 58 | 52 |
Pension Plan [Member] | U.S. Treasury bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | U.S. Treasury bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 58 | 52 |
Pension Plan [Member] | U.S. Treasury bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Other Government bonds [Member] | ||
Fair value of pension plan assets | 61 | 53 |
Pension Plan [Member] | Other Government bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Other Government bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 61 | 53 |
Pension Plan [Member] | Other Government bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Agency backed bonds [Member] | ||
Fair value of pension plan assets | 13 | 11 |
Pension Plan [Member] | Agency backed bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Agency backed bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 13 | 11 |
Pension Plan [Member] | Agency backed bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Corporate bonds [Member] | ||
Fair value of pension plan assets | 615 | 513 |
Pension Plan [Member] | Corporate bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Corporate bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 615 | 513 |
Pension Plan [Member] | Corporate bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Mortgage-backed securities and forwards [Member] | ||
Fair value of pension plan assets | 23 | 15 |
Pension Plan [Member] | Mortgage-backed securities and forwards [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Mortgage-backed securities and forwards [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 23 | 15 |
Pension Plan [Member] | Mortgage-backed securities and forwards [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Asset-backed securities [Member] | ||
Fair value of pension plan assets | 10 | 11 |
Pension Plan [Member] | Asset-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Asset-backed securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 10 | 11 |
Pension Plan [Member] | Asset-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Pooled funds [Member] | ||
Fair value of pension plan assets | 1,442 | 1,270 |
Pension Plan [Member] | Pooled funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 1,442 | 1,270 |
Pension Plan [Member] | Pooled funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Pooled funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Real Estate [Member] | ||
Fair value of pension plan assets | 37 | 56 |
Pension Plan [Member] | Real Estate [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Real Estate [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Private equity [Member] | ||
Fair value of pension plan assets | 167 | 185 |
Pension Plan [Member] | Private equity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Private equity [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Private equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Derivatives in a positive position [Member] | ||
Fair value of pension plan assets | 4 | 6 |
Pension Plan [Member] | Derivatives in a positive position [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Derivatives in a positive position [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 4 | 6 |
Pension Plan [Member] | Derivatives in a positive position [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Derivatives in a negative position [Member] | ||
Fair value of pension plan assets | (6) | (2) |
Pension Plan [Member] | Derivatives in a negative position [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Derivatives in a negative position [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | (6) | (2) |
Pension Plan [Member] | Derivatives in a negative position [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | $ 0 | $ 0 |
Retirement Plans (Estimated Pen
Retirement Plans (Estimated Pension Plan Benefit Payments) (Details) - Pension Plan [Member] $ in Millions | Feb. 01, 2020USD ($) |
2020 | $ 325 |
2021 | 274 |
2022 | 259 |
2023 | 250 |
2024 | 234 |
2025-2029 | $ 1,010 |
Retirement Plans (Reconciliat_2
Retirement Plans (Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status Of The Supplementary Retirement Plan) (Details) - Supplemental Employee Retirement Plan - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Projected benefit obligation, beginning of year | $ 644 | $ 703 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 21 | 23 | 22 |
Actuarial (gain) loss | 87 | (9) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (71) | (73) | |
Projected benefit obligation, end of year | 681 | 644 | 703 |
Fair value of plan assets, beginning of year | 0 | 0 | |
Company contributions | 71 | 73 | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status at end of year | 681 | 644 | |
Accounts payable and accrued liabilities | (55) | (68) | |
Liability, Defined Benefit Pension Plan, Noncurrent | (626) | (576) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (681) | (644) | |
Net actuarial (gain) loss | 283 | 218 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 6 | 6 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ 289 | $ 224 |
Retirement Plans (Net Periodi_2
Retirement Plans (Net Periodic Benefit Cost Of Supplemental Retirement Plan) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Settlement charges | $ (46) | $ (12) | $ 0 | $ 0 | $ (15) | $ (23) | $ (50) | $ 0 | $ (58) | $ (88) | $ (105) |
Settlement charges | $ 46 | $ 12 | $ 0 | $ 0 | $ 15 | $ 23 | $ 50 | $ 0 | 58 | 88 | 105 |
Supplemental Employee Retirement Plan | |||||||||||
Service cost | 0 | 0 | 0 | ||||||||
Interest cost | 21 | 23 | 22 | ||||||||
Amortization of net actuarial (gain) loss | 9 | 7 | 8 | ||||||||
Amortization of prior service cost | 0 | 1 | 1 | ||||||||
Total net periodic benefit cost | 30 | 31 | 31 | ||||||||
Settlement charges | 13 | 10 | 16 | ||||||||
Net actuarial (gain) loss recognized in OCI before tax | 87 | (9) | 20 | ||||||||
Amortization of net actuarial loss | (9) | (7) | (8) | ||||||||
Amortization of prior service credit | 0 | (1) | (1) | ||||||||
Settlement charges | (13) | (10) | (16) | ||||||||
Total recognized in other comprehensive income | 65 | (27) | (5) | ||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ 108 | $ 14 | $ 42 |
Retirement Plans (Weighted Av_3
Retirement Plans (Weighted Average Assumptions Used To Determine Projected Benefit Obligations For The Supplementary Retirement Plan) (Details) | Feb. 01, 2020 | Feb. 02, 2019 |
Supplemental Employee Retirement Plan | ||
Discount rate | 2.89% | 4.10% |
Retirement Plans (Weighted Av_4
Retirement Plans (Weighted Average Assumptions Used To Determine Net Periodic Pension Costs For The Supplemental Retirement Plan) (Details) - Supplemental Employee Retirement Plan | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Minimum [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate, Interest Cost | 2.65% | 3.39% | 3.10% |
Maximum [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate, Interest Cost | 3.69% | 4.09% | 3.26% |
Retirement Plans (Estimated Sup
Retirement Plans (Estimated Supplementary Retirement Plan Benefit Payments) (Details) - Supplemental Employee Retirement Plan $ in Millions | Feb. 01, 2020USD ($) |
2020 | $ 55 |
2021 | 50 |
2022 | 47 |
2023 | 46 |
2024 | 45 |
2025-2029 | $ 203 |
Postretirement Health Care an_3
Postretirement Health Care and Life Insurance Benefits (Narrative) (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 5 | ||
Discount rate | 3.57% | 3.28% | 3.17% |
Postretirement Health Care an_4
Postretirement Health Care and Life Insurance Benefits (Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status Of The Postretirement Obligations) (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Projected benefit obligation, beginning of year | $ 137 | $ 156 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 5 | 5 | 5 |
Actuarial (gain) loss | 5 | (11) | |
Defined Benefit Plan, Benefit Obligation, Prescription Drug Subsidy Receipt | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (14) | (13) | |
Projected benefit obligation, end of year | 133 | 137 | 156 |
Fair value of plan assets, beginning of year | 0 | 0 | |
Company contributions | 14 | 13 | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status at end of year | 133 | 137 | |
Accounts payable and accrued liabilities | (14) | (15) | |
Other liabilities | (119) | (122) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (133) | (137) | |
Net actuarial (gain) loss | (30) | (41) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (8) | (9) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (38) | $ (50) | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 5 |
Postretirement Health Care an_5
Postretirement Health Care and Life Insurance Benefits (Net Periodic Benefit Cost) (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 5 | 5 | 5 |
Amortization of net actuarial (gain) loss | (6) | (5) | (5) |
Amortization of prior service credit | (1) | (1) | 0 |
Total net periodic benefit cost | (2) | (1) | 0 |
Net actuarial (gain) loss recognized in OCI before tax | 5 | (11) | (9) |
Amortization of net actuarial loss | 6 | 5 | 5 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | 1 | 1 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | (10) |
Total recognized in other comprehensive income | 12 | (5) | (14) |
Total recognized in net periodic benefit cost and other comprehensive income | $ 10 | $ (6) | $ (14) |
Postretirement Health Care an_6
Postretirement Health Care and Life Insurance Benefits (Weighted Average Assumptions Used To Determine Projected Benefit Obligations For Postretirement Obligations) (Details) | Feb. 01, 2020 | Feb. 02, 2019 |
Other Postretirement Benefits Plan [Member] | ||
Discount rate | 2.81% | 4.02% |
Postretirement Health Care an_7
Postretirement Health Care and Life Insurance Benefits (Weighted Average Assumptions Used To Determine Net Periodic Costs For Postretirement Plans) (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Interest cost | $ 5 | $ 5 | $ 5 |
Discount rate | 3.57% | 3.28% | 3.17% |
Postretirement Health Care an_8
Postretirement Health Care and Life Insurance Benefits (Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | |
Feb. 01, 2020Rate | Feb. 02, 2019Rate | |
Minimum [Member] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 5.25% | 5.38% |
Maximum [Member] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 8.63% | 9.31% |
Other Postretirement Benefits Plan [Member] | ||
Rates to which is the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2027 | 2027 |
Postretirement Health Care an_9
Postretirement Health Care and Life Insurance Benefits (One Percentage Point Change In Assumed Health Care Cost Rates Would Have The Following Effects) (Details) - Other Postretirement Benefits Plan [Member] $ in Millions | 12 Months Ended |
Feb. 01, 2020USD ($) | |
Effect on total of service and interest cost, 1 - percentage point increase | $ 0 |
Effect on total of service and interest cost, 1 - percentage point decrease | 0 |
Effect on accumulated postretirement benefit obligations, 1 - percentage point increase | 7 |
Effect on accumulated postretirement benefit obligations, 1 - percentage point decrease | $ (6) |
Postretirement Health Care a_10
Postretirement Health Care and Life Insurance Benefits Postretirement Health Care and Life Insurance Benefits (Estimated Postretirement Benefit Payments in Future Years) (Details) - Other Postretirement Benefits Plan [Member] $ in Millions | Feb. 01, 2020USD ($) |
Expected Benefit [Abstract] | |
2020 | $ 14 |
2021 | 13 |
2022 | 12 |
2023 | 11 |
2024 | 10 |
2025-2029 | 41 |
Expected Federal Subsidy [Abstract] | |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025-2029 | $ 1 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) shares in Millions, $ in Millions | 12 Months Ended |
Feb. 01, 2020USD ($)yrshares | |
Number of years stock and stock option grant plans are active | 10 |
Shares available for additional grants under the Company's equity plan | shares | 17 |
Evaluation period of performance-based restricted stock plan for senior executives | 3 |
Restricted Stock and Time-Based Restricted Stock Unit Awards [Member] | Minimum [Member] | |
Number of years of service required to vest in stock based compensation plans | 1 |
Restricted Stock and Time-Based Restricted Stock Unit Awards [Member] | Maximum [Member] | |
Number of years of service required to vest in stock based compensation plans | 4 |
Restricted Stock Units [Member] | |
Unrecognized compensation costs related to nonvested restricted stock awards | $ | $ 43 |
Unrecognized compensation costs related to nonvested restricted stock awards | 2 years |
Employee Stock Options [Member] | |
Number of years of service required to vest in stock based compensation plans | 4 |
Unrecognized compensation costs related to nonvested restricted stock awards | $ | $ 15 |
Unrecognized compensation costs related to nonvested restricted stock awards | 2 years 2 months 12 days |
CMD Committee Performance-Based Restricted Stock Plan [Member] | |
Evaluation period of performance-based restricted stock plan for senior executives | 3 |
CMD Committee Performance-Based Restricted Stock Plan [Member] | Minimum [Member] | |
Percentage range of shares received by grant recipient based on target shares granted | 0.00% |
CMD Committee Performance-Based Restricted Stock Plan [Member] | Maximum [Member] | |
Percentage range of shares received by grant recipient based on target shares granted | 200.00% |
Stock Based Compensation (Stock
Stock Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Stock options | $ 15 | $ 24 | $ 34 |
Share-based compensation, total | 38 | 63 | 58 |
Restricted Stock Units [Member] | |||
Restricted stock | $ 23 | $ 39 | $ 24 |
Stock Based Compensation (Fair
Stock Based Compensation (Fair Value of Stock-Options Granted And Weighted Average Assumptions to Calculate Fair Value) (Details) - $ / shares | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Weighted average grant date fair value of stock options granted during the period | $ 5.11 | $ 7.43 | $ 5.84 |
Dividend yield | 6.30% | 5.20% | 6.20% |
Expected volatility | 40.60% | 41.10% | 41.80% |
Risk-free interest rate | 2.40% | 2.70% | 1.90% |
Expected life | 5 years 6 months | 5 years 7 months 6 days | 5 years 8 months 12 days |
Stock Based Compensation (Sto_2
Stock Based Compensation (Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Feb. 01, 2020USD ($)$ / sharesshares | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Outstanding, beginning of period, shares | shares | 18,893 |
Outstanding, beginning of period, weighted average exercise price | $ / shares | $ 39.73 |
Granted, shares | shares | 1,994 |
Granted, weighted average exercise price | $ / shares | $ 23.94 |
Canceled or forfeited, shares | shares | (1,731) |
Canceled or forfeited, weighted average exercise price | $ / shares | $ 32.73 |
Exercised, shares | shares | (657) |
Exercised, weighted average exercise price | $ / shares | $ 9.08 |
Outstanding, end of period, shares | shares | 18,499 |
Outstanding, end of period, weighted average exercise price | $ / shares | $ 39.77 |
Exercisable, end of period, shares | shares | 14,258 |
Exercisable, end of period, weighted average exercise price | $ / shares | $ 42.97 |
Exercisable, end of period, weighted average remaining contractual life (years) | 4 years 2 months 12 days |
Exercisable, end of period, aggregate intrinsic value | $ | $ 0 |
Options expected to vest, shares | shares | 3,133 |
Options expected to vest, weighted average exercise price | $ / shares | $ 29.20 |
Options expected to vest, weighted average remaining contractual life (years) | 7 years 10 months 24 days |
Options expected to vest, aggregate intrinsic value | $ | $ 0 |
Stock Based Compensation (Addit
Stock Based Compensation (Additional Information Relating To Stock Options) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Intrinsic value of options exercised | $ 10 | $ 27 | $ 3 |
Cash received from stock options exercised | $ 6 | $ 45 | $ 6 |
Stock Based Compensation (Fai_2
Stock Based Compensation (Fair Value of Restricted Stock Awards During the Period) (Details) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Performance Based Grants In Period | $ 24.28 | $ 30.64 | $ 27.16 |
Granted, weighted average fair value | $ 17.81 | $ 25.57 | $ 20.75 |
Stock Based Compensation (Restr
Stock Based Compensation (Restricted Stock Award and Restricted Stock Unit Activity) (Details) - Restricted Stock Units [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Nonvested restricted stock units, beginning of period, shares | 4,143 | ||
Granted - performance-based, shares | 861 | ||
Performance adjustment, shares | (26) | ||
Granted - time-based, shares | 1,443 | ||
Nonvested restricted stock units, forfeited | (909) | ||
Vested, shares | (765) | ||
Nonvested restricted stock units, end of period, shares | 4,747 | 4,143 | |
Nonvested, beginning of period, weighted-average fair value | $ 26.33 | ||
Granted, weighted average fair value | 17.81 | $ 25.57 | $ 20.75 |
Granted - performance based, weighted average fair value | 24.28 | 30.64 | $ 27.16 |
Performance adjustment, weighted average fair value | 28.17 | ||
Forfeited, weighted average fair value | 23.88 | ||
Vested, weighted average fair value | 29.19 | ||
Nonvested, end of period, weighted-average fair value | $ 23.37 | $ 26.33 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Feb. 26, 2016 |
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized | 125,000 | ||||
Preferred stock, par value | $ 0.01 | ||||
Preferred stock, shares issued | 0 | ||||
Common stock, shares authorized | 1,000,000 | ||||
Common stock, par value | $ 0.01 | ||||
Common stock, shares issued | 333,606 | 333,606 | 333,606 | 333,606 | |
Common stock, shares outstanding | 309,031 | 307,520 | 304,765 | 304,063 | |
Stock Repurchase Program, Additional Authorized Amount | $ 1,500 | ||||
Stock repurchase program authorized amount | $ 18,000 | ||||
Stock repurchase program remaining authorized repurchase amount | $ 1,716 |
Shareholders' Equity (Changes I
Shareholders' Equity (Changes In The Company's Common Stock Issued and Outstanding) (Details) - shares shares in Thousands | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Common stock, shares issued | (333,606) | (333,606) | (333,606) |
Common stock, shares outstanding | 307,520 | 304,765 | 304,063 |
Stock issued under stock plans | 1,380 | 2,650 | 471 |
Treasury Stock, Shares, Acquired | (38) | (6) | (38) |
Deferred compensation plan distributions | 169 | 111 | 269 |
Common stock, shares issued | (333,606) | (333,606) | (333,606) |
Common stock, shares outstanding | 309,031 | 307,520 | 304,765 |
Treasury Stock, Deferred Compensation Plans [Member] | |||
Common stock, shares issued | (941) | (946) | (1,096) |
Stock issued under stock plans | (130) | (106) | (119) |
Deferred compensation plan distributions | 169 | 111 | 269 |
Common stock, shares issued | (902) | (941) | (946) |
Treasury Stock, Other [Member] | |||
Common stock, shares issued | (25,145) | (27,895) | (28,447) |
Stock issued under stock plans | 1,510 | 2,756 | 590 |
Treasury Stock, Shares, Acquired | (38) | (6) | (38) |
Common stock, shares issued | (23,673) | (25,145) | (27,895) |
Treasury Stock [Member] | |||
Common stock, shares issued | (26,086) | (28,841) | (29,543) |
Stock issued under stock plans | 1,380 | 2,650 | 471 |
Treasury Stock, Shares, Acquired | (38) | (6) | (38) |
Deferred compensation plan distributions | 169 | 111 | 269 |
Common stock, shares issued | (24,575) | (26,086) | (28,841) |
Fair Value Measurements and C_3
Fair Value Measurements and Concentrations of Credit Risk (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 01, 2020 | Feb. 02, 2019 | |
Fair Value by Fair Value Hierarchy Level Extensible List [Abstract] | ||
Long-Lived Assets | $ 326 | $ 84 |
Long-lived assets held and used | 129 | 24 |
Impairments of properties held and used | $ 197 | $ 60 |
Fair Value Measurements and C_4
Fair Value Measurements and Concentrations of Credit Risk (Financial Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 |
Marketable equity and debt securities | $ 132 | $ 101 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Marketable equity and debt securities | 34 | 27 |
Significant Observable Inputs (Level 2) [Member] | ||
Marketable equity and debt securities | 98 | 74 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Marketable equity and debt securities | $ 0 | $ 0 |
Fair Value Measurements and C_5
Fair Value Measurements and Concentrations of Credit Risk (Estimated Fair Value Of Company Long Term Debt) (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 |
Long-term debt | $ 3,702 | $ 4,407 |
Notional Amount | ||
Long-term debt | 3,607 | 4,671 |
Carrying Amount | ||
Long-term debt | $ 3,621 | $ 4,683 |
Fair Value Measurements and C_6
Fair Value Measurements and Concentrations of Credit Risk (Company Non-Financial Assets Measured On A Recurring Basis) (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 |
Long-lived assets held and used | $ 129 | $ 24 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Long-lived assets held and used | 0 | 0 |
Significant Observable Inputs (Level 2) [Member] | ||
Long-lived assets held and used | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Long-lived assets held and used | $ 129 | $ 24 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Macy's, Inc. shareholders | $ 340 | $ 2 | $ 86 | $ 136 | $ 740 | $ 62 | $ 166 | $ 139 | $ 564 | $ 1,108 | $ 1,566 |
Net income (loss) available to common stockholders, basic | 564 | 1,108 | 1,566 | ||||||||
Net income (loss) available to common stockholders, diluted | $ 564 | $ 1,108 | $ 1,566 | ||||||||
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 1.10 | $ 0.01 | $ 0.28 | $ 0.44 | $ 2.40 | $ 0.20 | $ 0.54 | $ 0.45 | $ 1.82 | $ 3.60 | $ 5.13 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 1.09 | $ 0.01 | $ 0.28 | $ 0.44 | $ 2.37 | $ 0.20 | $ 0.53 | $ 0.45 | $ 1.81 | $ 3.56 | $ 5.10 |
Average number of shares issued, basic | 308.8 | 306.8 | 304.5 | ||||||||
Shares to be issued under deferred compensation and other plans | 0.9 | 0.9 | 0.9 | ||||||||
Average number of shares outstanding, basic | 309.7 | 307.7 | 305.4 | ||||||||
Effect of dilutive securities-stock options, restricted stock and restricted stock units | 1.7 | 3.7 | 1.4 | ||||||||
Average number of shares outstanding, diluted | 311.4 | 311.4 | 306.8 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Restricted Stock Units [Member] | |||
Stock options outstanding, not included in computation of diluted earnings (loss) per share | 1.7 | 0.9 | 0.9 |
Employee Stock Options [Member] | |||
Stock options outstanding, not included in computation of diluted earnings (loss) per share | 18.5 | 15.3 | 16.6 |
Quarterly Results (unaudited)_2
Quarterly Results (unaudited) (Unaudited Quarterly Results) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net sales | $ 8,337 | $ 5,173 | $ 5,546 | $ 5,504 | $ 8,455 | $ 5,404 | $ 5,572 | $ 5,541 | $ 24,560 | $ 24,971 | $ 24,939 |
Credit Card Revenues, Net | 239 | 183 | 176 | 172 | 240 | 185 | 186 | 157 | 771 | 768 | 702 |
Cost of sales | (5,266) | (3,106) | (3,395) | (3,403) | (5,288) | (3,226) | (3,320) | (3,382) | (15,171) | (15,215) | (15,181) |
Selling, general and administrative expenses | (2,509) | (2,202) | (2,177) | (2,112) | (2,538) | (2,255) | (2,164) | (2,083) | (8,998) | (9,039) | (8,954) |
Gains on sale of real estate | 95 | 17 | 7 | 43 | 278 | 42 | 46 | 24 | 162 | 389 | 544 |
Restructuring, impairment, store closing and other costs | (337) | (13) | (2) | (1) | (97) | (3) | (17) | (19) | (354) | (136) | (186) |
Benefit plan income, net | 8 | 8 | 8 | 7 | 8 | 9 | 11 | 11 | 31 | 39 | 57 |
Settlement charges | (46) | (12) | 0 | 0 | (15) | (23) | (50) | 0 | (58) | (88) | (105) |
Net income attributable to Macy's, Inc. shareholders | $ 340 | $ 2 | $ 86 | $ 136 | $ 740 | $ 62 | $ 166 | $ 139 | $ 564 | $ 1,108 | $ 1,566 |
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 1.10 | $ 0.01 | $ 0.28 | $ 0.44 | $ 2.40 | $ 0.20 | $ 0.54 | $ 0.45 | $ 1.82 | $ 3.60 | $ 5.13 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 1.09 | $ 0.01 | $ 0.28 | $ 0.44 | $ 2.37 | $ 0.20 | $ 0.53 | $ 0.45 | $ 1.81 | $ 3.56 | $ 5.10 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Net sales | $ 8,337 | $ 5,173 | $ 5,546 | $ 5,504 | $ 8,455 | $ 5,404 | $ 5,572 | $ 5,541 | $ 24,560 | $ 24,971 | $ 24,939 | |||
Credit Card Revenues, Net | 239 | 183 | 176 | 172 | 240 | 185 | 186 | 157 | 771 | 768 | 702 | |||
Cost of sales | (5,266) | (3,106) | (3,395) | (3,403) | (5,288) | (3,226) | (3,320) | (3,382) | (15,171) | (15,215) | (15,181) | |||
Selling, general and administrative expenses | (2,509) | (2,202) | (2,177) | (2,112) | (2,538) | (2,255) | (2,164) | (2,083) | (8,998) | (9,039) | (8,954) | |||
Gains on sale of real estate | 95 | 17 | 7 | 43 | 278 | 42 | 46 | 24 | 162 | 389 | 544 | |||
Restructuring, impairment, store closing and other costs | (337) | (13) | (2) | (1) | (97) | (3) | (17) | (19) | (354) | (136) | (186) | |||
Operating income (loss) | 970 | 1,738 | 1,864 | |||||||||||
Settlement charges | (46) | (12) | 0 | 0 | (15) | (23) | (50) | 0 | (58) | (88) | (105) | |||
Benefit plan income, net | 8 | 8 | 8 | 7 | 8 | 9 | 11 | 11 | 31 | 39 | 57 | |||
Interest (expense) income, net | ||||||||||||||
External | (185) | (236) | (310) | |||||||||||
Intercompany | 0 | 0 | 0 | |||||||||||
Gains (losses) on early retirement of debt | (30) | (28) | $ 11 | $ (5) | $ (1) | (30) | (33) | 10 | ||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | |||||||||||
Income (loss) before income taxes | 728 | 1,420 | 1,516 | |||||||||||
Federal, state and local income tax benefit (expense) | (164) | (322) | 39 | |||||||||||
Net income (loss) | 564 | 1,098 | 1,555 | |||||||||||
Net loss attributable to noncontrolling interest | 0 | 10 | 11 | |||||||||||
Net income attributable to Macy's, Inc. shareholders | $ 340 | $ 2 | $ 86 | $ 136 | $ 740 | $ 62 | $ 166 | $ 139 | 564 | 1,108 | 1,566 | |||
Comprehensive income | 524 | 1,035 | 1,727 | |||||||||||
Comprehensive loss attributable to noncontrolling interest | 0 | 10 | 11 | |||||||||||
Comprehensive income attributable to Macy's, Inc. shareholders | 524 | 1,045 | 1,738 | |||||||||||
Parent Company [Member] | ||||||||||||||
Net sales | 0 | 0 | 0 | |||||||||||
Credit Card Revenues, Net | 0 | 0 | 0 | |||||||||||
Cost of sales | 0 | 0 | 0 | |||||||||||
Selling, general and administrative expenses | 2 | 0 | 0 | |||||||||||
Gains on sale of real estate | 0 | 0 | 0 | |||||||||||
Restructuring, impairment, store closing and other costs | 0 | 0 | 0 | |||||||||||
Operating income (loss) | 2 | 0 | 0 | |||||||||||
Settlement charges | 0 | (5) | 0 | |||||||||||
Benefit plan income, net | 0 | 0 | 0 | |||||||||||
Interest (expense) income, net | ||||||||||||||
External | 15 | 20 | 0 | |||||||||||
Intercompany | 0 | 0 | 0 | |||||||||||
Gains (losses) on early retirement of debt | 0 | 0 | 0 | |||||||||||
Equity in earnings of subsidiaries | 547 | 1,104 | 1,574 | |||||||||||
Income (loss) before income taxes | 564 | 1,119 | 1,574 | |||||||||||
Federal, state and local income tax benefit (expense) | 0 | (11) | (8) | |||||||||||
Net income (loss) | 564 | 1,108 | 1,566 | |||||||||||
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||
Net income attributable to Macy's, Inc. shareholders | 564 | 1,108 | 1,566 | |||||||||||
Comprehensive income | 524 | 1,045 | 1,738 | |||||||||||
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||
Comprehensive income attributable to Macy's, Inc. shareholders | 524 | 1,045 | 1,738 | |||||||||||
Subsidiary Issuer [Member] | ||||||||||||||
Net sales | 9,477 | 9,051 | 9,490 | |||||||||||
Credit Card Revenues, Net | (7) | (3) | (2) | |||||||||||
Cost of sales | (5,834) | (5,786) | (6,122) | |||||||||||
Selling, general and administrative expenses | (3,490) | (3,509) | (3,426) | |||||||||||
Gains on sale of real estate | 37 | 141 | 201 | |||||||||||
Restructuring, impairment, store closing and other costs | (108) | (33) | (40) | |||||||||||
Operating income (loss) | 75 | (139) | 101 | |||||||||||
Settlement charges | (22) | (30) | (35) | |||||||||||
Benefit plan income, net | 12 | 15 | 22 | |||||||||||
Interest (expense) income, net | ||||||||||||||
External | (204) | (260) | (313) | |||||||||||
Intercompany | (72) | (72) | (139) | |||||||||||
Gains (losses) on early retirement of debt | (30) | (33) | 10 | |||||||||||
Equity in earnings of subsidiaries | (266) | 345 | 773 | |||||||||||
Income (loss) before income taxes | (507) | (174) | 419 | |||||||||||
Federal, state and local income tax benefit (expense) | 33 | 219 | 356 | |||||||||||
Net income (loss) | (474) | 45 | 775 | |||||||||||
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||
Net income attributable to Macy's, Inc. shareholders | (474) | 45 | 775 | |||||||||||
Comprehensive income | (512) | (15) | 935 | |||||||||||
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||
Comprehensive income attributable to Macy's, Inc. shareholders | (512) | (15) | 935 | |||||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||||
Net sales | 20,831 | 23,720 | 23,317 | |||||||||||
Credit Card Revenues, Net | 778 | 771 | 704 | |||||||||||
Cost of sales | (15,085) | (17,229) | (16,927) | |||||||||||
Selling, general and administrative expenses | (5,510) | (5,530) | (5,528) | |||||||||||
Gains on sale of real estate | 125 | 248 | 343 | |||||||||||
Restructuring, impairment, store closing and other costs | (246) | (103) | (146) | |||||||||||
Operating income (loss) | 893 | 1,877 | 1,763 | |||||||||||
Settlement charges | (36) | (53) | (70) | |||||||||||
Benefit plan income, net | 19 | 24 | 35 | |||||||||||
Interest (expense) income, net | ||||||||||||||
External | 4 | 4 | 3 | |||||||||||
Intercompany | 72 | 72 | 139 | |||||||||||
Gains (losses) on early retirement of debt | 0 | 0 | 0 | |||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | |||||||||||
Income (loss) before income taxes | 952 | 1,924 | 1,870 | |||||||||||
Federal, state and local income tax benefit (expense) | (197) | (530) | (309) | |||||||||||
Net income (loss) | 755 | 1,394 | 1,561 | |||||||||||
Net loss attributable to noncontrolling interest | 0 | 10 | 11 | |||||||||||
Net income attributable to Macy's, Inc. shareholders | 755 | 1,404 | 1,572 | |||||||||||
Comprehensive income | 731 | 1,353 | 1,673 | |||||||||||
Comprehensive loss attributable to noncontrolling interest | 0 | 10 | 11 | |||||||||||
Comprehensive income attributable to Macy's, Inc. shareholders | 731 | 1,363 | 1,684 | |||||||||||
Consolidation, Eliminations [Member] | ||||||||||||||
Net sales | (5,748) | (7,800) | (7,868) | |||||||||||
Credit Card Revenues, Net | 0 | 0 | 0 | |||||||||||
Cost of sales | 5,748 | 7,800 | 7,868 | |||||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | |||||||||||
Gains on sale of real estate | 0 | 0 | 0 | |||||||||||
Restructuring, impairment, store closing and other costs | 0 | 0 | 0 | |||||||||||
Operating income (loss) | 0 | 0 | 0 | |||||||||||
Settlement charges | 0 | 0 | 0 | |||||||||||
Benefit plan income, net | 0 | 0 | 0 | |||||||||||
Interest (expense) income, net | ||||||||||||||
External | 0 | 0 | 0 | |||||||||||
Intercompany | 0 | 0 | 0 | |||||||||||
Gains (losses) on early retirement of debt | 0 | 0 | 0 | |||||||||||
Equity in earnings of subsidiaries | (281) | (1,449) | (2,347) | |||||||||||
Income (loss) before income taxes | (281) | (1,449) | (2,347) | |||||||||||
Federal, state and local income tax benefit (expense) | 0 | 0 | 0 | |||||||||||
Net income (loss) | (281) | (1,449) | (2,347) | |||||||||||
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||
Net income attributable to Macy's, Inc. shareholders | (281) | (1,449) | (2,347) | |||||||||||
Comprehensive income | (219) | (1,348) | (2,619) | |||||||||||
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||
Comprehensive income attributable to Macy's, Inc. shareholders | $ (219) | $ (1,348) | $ (2,619) |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Current Assets: | ||||
Cash and cash equivalents | $ 685 | $ 1,162 | ||
Receivables | 409 | 400 | ||
Merchandise Inventories | 5,188 | 5,263 | ||
Prepaid expenses and other current assets | 528 | 620 | ||
Total Current Assets | 6,810 | 7,445 | ||
Property and Equipment - net | 6,633 | 6,637 | ||
Total Right of Use Asset | 2,668 | 0 | ||
Goodwill | 3,908 | 3,908 | ||
Other Intangible Assets - net | 439 | 478 | ||
Other Assets | 714 | 726 | ||
Deferred Tax Assets, Other | 0 | 0 | ||
Intercompany Receivable | 0 | 0 | ||
Investment in Subsidiaries | 0 | 0 | ||
Total Assets | 21,172 | 19,194 | ||
Current Liabilities: | ||||
Short-term debt | 539 | 43 | ||
Merchandise accounts payable | 1,682 | 1,655 | ||
Accounts payable and accrued liabilities | 3,448 | 3,366 | ||
Income taxes | 81 | 168 | ||
Total Current Liabilities | 5,750 | 5,232 | ||
Long-Term Debt | 3,621 | 4,708 | ||
Noncurrent Lease Liability | 2,918 | 0 | ||
Intercompany Payable | 0 | 0 | ||
Deferred Income Taxes | 1,169 | 1,238 | ||
Other Liabilities | 1,337 | 1,580 | ||
Total Macy's, Inc. Shareholders' Equity | 6,377 | 6,436 | ||
Noncontrolling interest | 0 | 0 | ||
Total Shareholders' Equity | 6,377 | 6,436 | $ 5,733 | $ 4,375 |
Total Liabilities and Shareholders' Equity | 21,172 | 19,194 | ||
Parent Company [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 413 | 889 | ||
Receivables | 0 | 0 | ||
Merchandise Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total Current Assets | 413 | 889 | ||
Property and Equipment - net | 0 | 0 | ||
Total Right of Use Asset | 0 | |||
Goodwill | 0 | 0 | ||
Other Intangible Assets - net | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Deferred Tax Assets, Other | 12 | 12 | ||
Intercompany Receivable | 2,675 | 1,713 | ||
Investment in Subsidiaries | 3,433 | 4,030 | ||
Total Assets | 6,533 | 6,644 | ||
Current Liabilities: | ||||
Short-term debt | 0 | 0 | ||
Merchandise accounts payable | 0 | 0 | ||
Accounts payable and accrued liabilities | 126 | 170 | ||
Income taxes | 5 | 14 | ||
Total Current Liabilities | 131 | 184 | ||
Long-Term Debt | 0 | 0 | ||
Noncurrent Lease Liability | 0 | |||
Intercompany Payable | 0 | 0 | ||
Deferred Income Taxes | 0 | 0 | ||
Other Liabilities | 25 | 24 | ||
Total Macy's, Inc. Shareholders' Equity | 6,377 | 6,436 | ||
Noncontrolling interest | 0 | 0 | ||
Total Shareholders' Equity | 6,377 | 6,436 | ||
Total Liabilities and Shareholders' Equity | 6,533 | 6,644 | ||
Subsidiary Issuer [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 59 | 59 | ||
Receivables | 83 | 68 | ||
Merchandise Inventories | 2,239 | 2,342 | ||
Prepaid expenses and other current assets | 118 | 143 | ||
Total Current Assets | 2,499 | 2,612 | ||
Property and Equipment - net | 3,103 | 3,287 | ||
Total Right of Use Asset | 611 | |||
Goodwill | 3,326 | 3,326 | ||
Other Intangible Assets - net | 4 | 38 | ||
Other Assets | 37 | 41 | ||
Deferred Tax Assets, Other | 0 | 0 | ||
Intercompany Receivable | 0 | 0 | ||
Investment in Subsidiaries | 2,796 | 3,119 | ||
Total Assets | 12,376 | 12,423 | ||
Current Liabilities: | ||||
Short-term debt | 539 | 42 | ||
Merchandise accounts payable | 702 | 713 | ||
Accounts payable and accrued liabilities | 909 | 950 | ||
Income taxes | 11 | 52 | ||
Total Current Liabilities | 2,161 | 1,757 | ||
Long-Term Debt | 3,621 | 4,692 | ||
Noncurrent Lease Liability | 543 | |||
Intercompany Payable | 3,803 | 3,103 | ||
Deferred Income Taxes | 595 | 679 | ||
Other Liabilities | 414 | 406 | ||
Total Macy's, Inc. Shareholders' Equity | 1,239 | 1,786 | ||
Noncontrolling interest | 0 | 0 | ||
Total Shareholders' Equity | 1,239 | 1,786 | ||
Total Liabilities and Shareholders' Equity | 12,376 | 12,423 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 213 | 214 | ||
Receivables | 326 | 332 | ||
Merchandise Inventories | 2,949 | 2,921 | ||
Prepaid expenses and other current assets | 410 | 477 | ||
Total Current Assets | 3,898 | 3,944 | ||
Property and Equipment - net | 3,530 | 3,350 | ||
Total Right of Use Asset | 2,057 | |||
Goodwill | 582 | 582 | ||
Other Intangible Assets - net | 435 | 440 | ||
Other Assets | 677 | 685 | ||
Deferred Tax Assets, Other | 0 | 0 | ||
Intercompany Receivable | 1,128 | 1,390 | ||
Investment in Subsidiaries | 0 | 0 | ||
Total Assets | 12,307 | 10,391 | ||
Current Liabilities: | ||||
Short-term debt | 0 | 1 | ||
Merchandise accounts payable | 980 | 942 | ||
Accounts payable and accrued liabilities | 2,413 | 2,246 | ||
Income taxes | 65 | 102 | ||
Total Current Liabilities | 3,458 | 3,291 | ||
Long-Term Debt | 0 | 16 | ||
Noncurrent Lease Liability | 2,375 | |||
Intercompany Payable | 0 | 0 | ||
Deferred Income Taxes | 586 | 571 | ||
Other Liabilities | 898 | 1,150 | ||
Total Macy's, Inc. Shareholders' Equity | 4,990 | 5,363 | ||
Noncontrolling interest | 0 | 0 | ||
Total Shareholders' Equity | 4,990 | 5,363 | ||
Total Liabilities and Shareholders' Equity | 12,307 | 10,391 | ||
Consolidation, Eliminations [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables | 0 | 0 | ||
Merchandise Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total Current Assets | 0 | 0 | ||
Property and Equipment - net | 0 | 0 | ||
Total Right of Use Asset | 0 | |||
Goodwill | 0 | 0 | ||
Other Intangible Assets - net | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Deferred Tax Assets, Other | (12) | (12) | ||
Intercompany Receivable | (3,803) | (3,103) | ||
Investment in Subsidiaries | (6,229) | (7,149) | ||
Total Assets | (10,044) | (10,264) | ||
Current Liabilities: | ||||
Short-term debt | 0 | 0 | ||
Merchandise accounts payable | 0 | 0 | ||
Accounts payable and accrued liabilities | 0 | 0 | ||
Income taxes | 0 | 0 | ||
Total Current Liabilities | 0 | 0 | ||
Long-Term Debt | 0 | 0 | ||
Noncurrent Lease Liability | 0 | |||
Intercompany Payable | (3,803) | (3,103) | ||
Deferred Income Taxes | (12) | (12) | ||
Other Liabilities | 0 | 0 | ||
Total Macy's, Inc. Shareholders' Equity | (6,229) | (7,149) | ||
Noncontrolling interest | 0 | 0 | ||
Total Shareholders' Equity | (6,229) | (7,149) | ||
Total Liabilities and Shareholders' Equity | $ (10,044) | $ (10,264) |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ 564 | $ 1,098 | $ 1,555 | ||||||||
Restructuring, impairment, store closing and other costs | $ 337 | $ 13 | $ 2 | $ 1 | $ 97 | $ 3 | $ 17 | $ 19 | 354 | 136 | 186 |
Settlement charges | 46 | 12 | 0 | 0 | 15 | 23 | 50 | 0 | 58 | 88 | 105 |
Gains on sale of real estate | (95) | $ (17) | $ (7) | (43) | (278) | $ (42) | $ (46) | (24) | (162) | (389) | (544) |
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Dividends received from subsidiaries | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 981 | 962 | 991 | ||||||||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (187) | (160) | (317) | ||||||||
Net cash provided by operating activities | 1,608 | 1,735 | 1,976 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchase of property and equipment and capitalized software, net | (972) | (458) | (349) | ||||||||
Other, net | (30) | 2 | (2) | ||||||||
Net cash used by investing activities | (1,002) | (456) | (351) | ||||||||
Cash flows from financing activities: | |||||||||||
Repayments of Debt | (600) | (1,149) | (988) | ||||||||
Dividends paid | (466) | (463) | (461) | ||||||||
Common stock acquired, net of issuance of common stock | 5 | 45 | 5 | ||||||||
Proceeds from noncontrolling interest | 0 | 7 | 13 | ||||||||
Intercompany activity, net | 0 | 0 | 0 | ||||||||
Other, net | (62) | 16 | (15) | ||||||||
Net cash used by financing activities | (1,123) | (1,544) | (1,446) | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (517) | (265) | 179 | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 1,248 | 1,513 | 1,248 | 1,513 | 1,334 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 731 | 1,248 | 731 | 1,248 | 1,513 | ||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | 564 | 1,108 | 1,566 | ||||||||
Restructuring, impairment, store closing and other costs | 0 | 0 | 0 | ||||||||
Settlement charges | 0 | 5 | 0 | ||||||||
Gains on sale of real estate | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | (547) | (1,104) | (1,574) | ||||||||
Dividends received from subsidiaries | 936 | 1,040 | 903 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (4) | (91) | 14 | ||||||||
Net cash provided by operating activities | 949 | 958 | 909 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchase of property and equipment and capitalized software, net | 0 | 0 | 0 | ||||||||
Other, net | 0 | 0 | 0 | ||||||||
Net cash used by investing activities | 0 | 0 | 0 | ||||||||
Cash flows from financing activities: | |||||||||||
Repayments of Debt | 0 | 0 | 0 | ||||||||
Dividends paid | (466) | (463) | (461) | ||||||||
Common stock acquired, net of issuance of common stock | 5 | 45 | 5 | ||||||||
Proceeds from noncontrolling interest | 0 | 0 | |||||||||
Intercompany activity, net | (915) | (767) | (427) | ||||||||
Other, net | (49) | 7 | 145 | ||||||||
Net cash used by financing activities | (1,425) | (1,178) | (738) | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (476) | (220) | 171 | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 889 | 1,109 | 889 | 1,109 | 938 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 413 | 889 | 413 | 889 | 1,109 | ||||||
Subsidiary Issuer [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | (474) | 45 | 775 | ||||||||
Restructuring, impairment, store closing and other costs | 108 | 33 | 40 | ||||||||
Settlement charges | 22 | 30 | 35 | ||||||||
Gains on sale of real estate | (37) | (141) | (201) | ||||||||
Equity in earnings of subsidiaries | 266 | (345) | (773) | ||||||||
Dividends received from subsidiaries | 0 | 200 | 450 | ||||||||
Depreciation and amortization | 323 | 334 | 354 | ||||||||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (90) | 198 | 79 | ||||||||
Net cash provided by operating activities | 118 | 354 | 759 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchase of property and equipment and capitalized software, net | (198) | (135) | 68 | ||||||||
Other, net | (2) | (16) | 7 | ||||||||
Net cash used by investing activities | (200) | (151) | 75 | ||||||||
Cash flows from financing activities: | |||||||||||
Repayments of Debt | (598) | (1,098) | (987) | ||||||||
Dividends paid | 0 | 0 | 0 | ||||||||
Common stock acquired, net of issuance of common stock | 0 | 0 | 0 | ||||||||
Proceeds from noncontrolling interest | 0 | 0 | |||||||||
Intercompany activity, net | 687 | 875 | 249 | ||||||||
Other, net | (7) | 5 | (98) | ||||||||
Net cash used by financing activities | 82 | (218) | (836) | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | (15) | (2) | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 64 | 79 | 64 | 79 | 81 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 64 | 64 | 64 | 64 | 79 | ||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | 755 | 1,394 | 1,561 | ||||||||
Restructuring, impairment, store closing and other costs | 246 | 103 | 146 | ||||||||
Settlement charges | 36 | 53 | 70 | ||||||||
Gains on sale of real estate | (125) | (248) | (343) | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Dividends received from subsidiaries | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 658 | 628 | 637 | ||||||||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (93) | (266) | (410) | ||||||||
Net cash provided by operating activities | 1,477 | 1,664 | 1,661 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchase of property and equipment and capitalized software, net | (774) | (323) | (417) | ||||||||
Other, net | (28) | (33) | (9) | ||||||||
Net cash used by investing activities | (802) | (356) | (426) | ||||||||
Cash flows from financing activities: | |||||||||||
Repayments of Debt | (2) | (1) | (1) | ||||||||
Dividends paid | (936) | (1,240) | (1,353) | ||||||||
Common stock acquired, net of issuance of common stock | 0 | 0 | 0 | ||||||||
Proceeds from noncontrolling interest | 7 | 13 | |||||||||
Intercompany activity, net | 228 | (108) | 178 | ||||||||
Other, net | (6) | 4 | (62) | ||||||||
Net cash used by financing activities | (716) | (1,338) | (1,225) | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (41) | (30) | 10 | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 295 | 325 | 295 | 325 | 315 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 254 | 295 | 254 | 295 | 325 | ||||||
Consolidation, Eliminations [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | (281) | (1,449) | (2,347) | ||||||||
Restructuring, impairment, store closing and other costs | 0 | 0 | 0 | ||||||||
Settlement charges | 0 | 0 | 0 | ||||||||
Gains on sale of real estate | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | 281 | 1,449 | 2,347 | ||||||||
Dividends received from subsidiaries | (936) | (1,240) | (1,353) | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 0 | (1) | 0 | ||||||||
Net cash provided by operating activities | (936) | (1,241) | (1,353) | ||||||||
Cash flows from investing activities: | |||||||||||
Purchase of property and equipment and capitalized software, net | 0 | 0 | 0 | ||||||||
Other, net | 0 | 51 | 0 | ||||||||
Net cash used by investing activities | 0 | 51 | 0 | ||||||||
Cash flows from financing activities: | |||||||||||
Repayments of Debt | 0 | (50) | 0 | ||||||||
Dividends paid | 936 | 1,240 | 1,353 | ||||||||
Common stock acquired, net of issuance of common stock | 0 | 0 | 0 | ||||||||
Proceeds from noncontrolling interest | 0 | 0 | |||||||||
Intercompany activity, net | 0 | 0 | 0 | ||||||||
Other, net | 0 | 0 | 0 | ||||||||
Net cash used by financing activities | 936 | 1,190 | 1,353 | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | 0 | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 2 Months Ended |
Mar. 24, 2020USD ($) | |
Revolving Credit Facility [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Proceeds from Lines of Credit | $ 1,500 |