| Statement Of Income (USD $) | ||||
| In Millions, except Per Share data | 3 Months Ended
Oct. 31, 2009 | 3 Months Ended
Nov. 01, 2008 | 9 Months Ended
Oct. 31, 2009 | 9 Months Ended
Nov. 01, 2008 |
| Net sales | $5,277 | $5,493 | $15,640 | $16,958 |
| Cost of sales | (3,156) | (3,324) | (9,396) | (10,197) |
| Gross margin | 2,121 | 2,169 | 6,244 | 6,761 |
| Selling, general and administrative expenses | (2,033) | (2,085) | (5,850) | (6,225) |
| Division consolidation costs | (33) | (16) | (205) | (129) |
| Asset impairment charges | 0 | 0 | 0 | (50) |
| Operating income | 55 | 68 | 189 | 357 |
| Interest expense | (139) | (151) | (423) | (440) |
| Interest income | 2 | 8 | 6 | 23 |
| Loss before income taxes | (82) | (75) | (228) | (60) |
| Federal, state and local income tax benefit | 47 | 31 | 112 | 30 |
| Net loss | ($35) | ($44) | ($116) | ($30) |
| Basic loss per share | -0.08 | -0.1 | -0.27 | -0.07 |
| Diluted loss per share | -0.08 | -0.1 | -0.27 | -0.07 |
| Statement Of Financial Position Classified (USD $) | |||
| In Millions | Oct. 31, 2009
| Jan. 31, 2009
| Nov. 01, 2008
|
| Current Assets: | |||
| Cash and cash equivalents | $489 | $1,306 | $300 |
| Receivables | 374 | 439 | 367 |
| Merchandise inventories | 6,406 | 4,769 | 6,915 |
| Income tax receivable | 28 | 0 | 43 |
| Supplies and prepaid expenses | 216 | 226 | 246 |
| Total Current Assets | 7,513 | 6,740 | 7,871 |
| Property and Equipment-net of accumulated depreciation and amortization of $6,232, $5,458 and $5,966 | 9,862 | 10,442 | 10,616 |
| Goodwill | 3,743 | 3,743 | 9,123 |
| Other Intangible Assets-net | 688 | 719 | 747 |
| Other Assets | 507 | 501 | 547 |
| Total Assets | 22,313 | 22,145 | 28,904 |
| Current Liabilities: | |||
| Short-term debt | 92 | 966 | 1,086 |
| Merchandise accounts payable | 3,109 | 1,282 | 3,156 |
| Accounts payable and accrued liabilities | 2,359 | 2,628 | 2,531 |
| Income taxes | 0 | 28 | 0 |
| Deferred income taxes | 250 | 222 | 246 |
| Total Current Liabilities | 5,810 | 5,126 | 7,019 |
| Long-Term Debt | 8,618 | 8,733 | 8,748 |
| Deferred Income Taxes | 1,007 | 1,119 | 1,466 |
| Other Liabilities | 2,384 | 2,521 | 1,981 |
| Shareholders' Equity | 4,494 | 4,646 | 9,690 |
| Total Liabilities and Shareholders' Equity | $22,313 | $22,145 | $28,904 |
| Statement Of Financial Position Classified (Parenthetical) (USD $) | |||
| In Millions | Oct. 31, 2009
| Jan. 31, 2009
| Nov. 01, 2008
|
| Property and Equipment, accumulated depreciation and amortization | $6,232 | $5,458 | $5,966 |
| Statement Of Cash Flows Indirect (USD $) | ||
| In Millions | 9 Months Ended
Oct. 31, 2009 | 9 Months Ended
Nov. 01, 2008 |
| Cash flows from operating activities: | ||
| Net loss | ($116) | ($30) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Division consolidation costs | 205 | 129 |
| Asset impairment charges | 0 | 50 |
| Depreciation and amortization | 905 | 950 |
| Stock-based compensation expense | 65 | 32 |
| Amortization of financing costs and premium on acquired debt | (17) | (20) |
| Changes in assets and liabilities: | ||
| Decrease in receivables | 68 | 84 |
| Increase in merchandise inventories | (1,637) | (1,855) |
| (Increase) decrease in supplies and prepaid expenses | 10 | (28) |
| Increase in other assets not separately identified | (14) | 0 |
| Increase in merchandise accounts payable | 1,691 | 1,633 |
| Decrease in accounts payable and accrued liabilities not separately identified | (461) | (313) |
| Decrease in current income taxes | (56) | (343) |
| Increase (decrease) in deferred income taxes | (90) | 8 |
| Increase (decrease) in other liabilities not separately identified | (169) | 20 |
| Net cash provided by operating activities | 384 | 317 |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (238) | (546) |
| Capitalized software | (64) | (104) |
| Proceeds from hurricane insurance claims | 17 | 19 |
| Disposition of property and equipment | 10 | 25 |
| Net cash used by investing activities | (275) | (606) |
| Cash flows from financing activities: | ||
| Debt issued | 0 | 770 |
| Financing costs | 0 | (5) |
| Debt repaid | (964) | (663) |
| Dividends paid | (63) | (166) |
| Increase in outstanding checks | 94 | 64 |
| Acquisition of treasury stock | (1) | (1) |
| Issuance of common stock | 8 | 7 |
| Net cash provided (used) by financing activities | (926) | 6 |
| Net decrease in cash and cash equivalents | (817) | (283) |
| Cash and cash equivalents at beginning of period | 1,306 | 583 |
| Cash and cash equivalents at end of period | 489 | 300 |
| Supplemental cash flow information: | ||
| Interest paid | 432 | 461 |
| Interest received | 8 | 23 |
| Income taxes paid (net of refunds received) | $39 | $322 |
| 1.Summary of Significant Accounting Policies | |
| 9 Months Ended
Oct. 31, 2009 USD / shares | |
| Notes to Financial Statements [Abstract] | |
| 1.Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Macys, Inc. and subsidiaries (the Company) is a retail organization operating retail stores and Internet websites under two brands (Macys and Bloomingdales) that sell a wide range of merchandise, including mens, womens and childrens apparel and accessories, cosmetics, home furnishings and other consumer goods. The Companys operations include more than 850 stores in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com and bloomingdales.com. A description of the Companys significant accounting policies is included in the Companys Annual Report on Form 10-K for the fiscal year ended January31, 2009 (the 2008 10-K). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2008 10-K. 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. The Consolidated Financial Statements for the 13 and 39 weeks ended October31, 2009 and November1, 2008, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company. The Company has evaluated subsequent events through December7, 2009, which was the date the financial statements were issued and filed with the Securities and Exchange Commission (SEC). Because of the seasonal nature of the retail business, the results of operations for the 13 and 39 weeks ended October31, 2009 and November1, 2008 (which do not include the Christmas season) are not necessarily indicative of such results for the full fiscal year. Certain Balance Sheet reclassifications were made to the prior fiscal years amounts to conform with the classifications of such amounts for the current fiscal year. In September 2006, the Financial Accounting Standards Board (FASB) issued new authoritative guidance related to fair value measurements and related disclosures. This guidance defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company adopted this guidance as it relates to financial assets and financial liabilities on February3, 2008. However, the FASB deferred for one year the effective date of this guidance as it relates to fair value measurement requirements for nonfinancial assets and nonfinancial liabilities that are not recognized or disclosed at fair value on a recurring basis. The Company adopted these remaining provisions on February1, 2009. The adoption of this guidance did not have a material impact |
| 2.Division Consolidation Costs | |
| 9 Months Ended
Oct. 31, 2009 USD / shares | |
| Notes to Financial Statements [Abstract] | |
| 2.Division Consolidation Costs | 2. Division Consolidation Costs In 2008, the Company began a localization initiative called My Macys. This initiative is intended to strengthen local market focus and enhance selling service to enable the Company to both accelerate same-store sales growth and reduce expenses. To maximize the results from My Macys, the Company has taken action, initially in selected markets, that: concentrates more management talent in local markets, effectively reducing the span of control over local stores; creates new positions in the field to work with central planning and buying executives in helping to understand and act on the merchandise needs of local customers; and empowers locally based executives to make more and better decisions. My Macys is expected to drive sales growth by improving knowledge at the local level and then acting quickly on that knowledge. In February 2009, the Company announced the expansion of the My Macys localization initiative across the country. As My Macys was rolled out nationally to new local markets in 2009, the Companys Macys branded stores have been reorganized into a unified operating structure, through additional division consolidations, to support the Macys business. Division central office organizations have been eliminated in New York-based Macys East, San Francisco-based Macys West, Atlanta-based Macys Central and Miami-based Macys Florida. The New York-based Macys Home Store and Macys Corporate Marketing divisions no longer exist as separate entities. Home Store functions have been integrated into the Macys national merchandising, merchandise planning, stores and marketing organizations. Macys Corporate Marketing has been integrated into the new unified marketing organization. The New York-based Macys Merchandising Group has been refocused solely on the design, development and marketing of the Macys family of private brands. During the 13 and 39 weeks ended October31, 2009, the Company recorded $33 million and $205 million, respectively, of costs and expenses associated with the division consolidation and localization initiative announced in February 2009, consisting primarily of severance costs and other human resource-related costs. The following table shows for the 39 weeks ended October31, 2009, the beginning and ending balance of, and the activity associated with, the severance accrual established in connection with the division consolidation and localization initiative announced in February 2009: January31, 2009 Charged ToDivision Consolidation Costs Payments October31, 2009 (millions) Severance costs $ 30 $ 124 $ (121 ) $ 33 The Company expects to pay out the majority of these accrued severance costs, which are included in accounts payable and accrued liabilities on the Consolidated Balance Sheets, prior to January30, 2010. Additionally, the Company paid out the $4 million of accrued severance costs established in connection with the store closings announced in January 2009, which were included in accounts payable and accrued liabilities on the Consolidated Balance Sheets as of January31, 2009, during the 13 weeks ended |
| 3.Asset Impairment Charges | |
| 9 Months Ended
Oct. 31, 2009 USD / shares | |
| Notes to Financial Statements [Abstract] | |
| 3.Asset Impairment Charges | 3. Asset Impairment Charges In connection with the annual impairment test of goodwill and indefinite lived intangible assets completed during the second quarter of 2008, management concluded that approximately $50 million of asset impairment charges for the 39 weeks ended November1, 2008 was required in relation to indefinite lived acquired tradenames. As a result of the then-current operating performance and expectations regarding future operating performance of the Karen Scott and John Ashford private brand tradenames, it was determined that the carrying values exceeded the estimated fair values, which were based on discounted cash flows, by approximately $50 million. |
| 4.Loss Per Share | |
| 9 Months Ended
Oct. 31, 2009 USD / shares | |
| Notes to Financial Statements [Abstract] | |
| 4.Loss Per Share | 4. Loss Per Share The following tables set forth the computation of basic and diluted loss per share: 13 Weeks Ended October31, 2009 November1, 2008 Loss Shares Loss Shares (millions, except per share figures) Net loss and average number of shares outstanding $ (35 ) 420.5 $ (44 ) 420.1 Shares to be issued under deferred compensation plans 1.3 1.2 $ (35 ) 421.8 $ (44 ) 421.3 Basic loss per share $ (.08 ) $ (.10 ) Effect of dilutive securities-stock options and restricted stock $ (35 ) 421.8 $ (44 ) 421.3 Diluted loss per share $ (.08 ) $ (.10 ) 39 Weeks Ended October31, 2009 November1, 2008 Loss Shares Loss Shares (millions, except per share figures) Net loss and average number of shares outstanding $ (116 ) 420.3 $ (30 ) 420.0 Shares to be issued under deferred compensation plans 1.3 1.1 $ (116 ) 421.6 $ (30 ) 421.1 Basic loss per share $ (.27 ) $ (.07 ) Effect of dilutive securities-stock options and restricted stock $ (116 ) 421.6 $ (30 ) 421.1 Diluted loss per share $ (.27 ) $ (.07 ) Stock options to purchase 39.0million shares of common stock at prices ranging from $8.76 to $46.15 per share, 179,000 shares of restricted stock and 2,900,000 shares of performance based restricted stock units were outstanding at October31, 2009, but were not included in the computation of diluted loss per share for the 13 or 39 weeks ended October31, 2009 because, as a result of the Companys net loss during these periods, their inclusion would have been antidilutive. Stock options to purchase 39.0million shares of common stock at prices ranging from $12.79 to $46.15 per share and 483,000 shares of restricted stock were outstanding at November1, 2008, but were not included in the computation of diluted loss per share for the 13 or 39 weeks ended November1, 2008 because, as a result of the Companys net loss during these periods, their inclusion would have been antidilutive. |
| 5.Benefit Plans | |
| 9 Months Ended
Oct. 31, 2009 USD / shares | |
| Notes to Financial Statements [Abstract] | |
| 5.Benefit Plans | 5. Benefit Plans The Company has a funded defined benefit plan (Pension Plan) and a defined contribution plan, which cover substantially all employees who work 1,000 hours or more in a year. The Company also has an unfunded defined benefit supplementary retirement plan, which provides benefits, for certain employees, in excess of qualified plan limitations. In addition, certain retired employees currently are provided with specified health care and life insurance benefits (Postretirement Obligations). Eligibility requirements for such benefits vary, but generally state that benefits are available to eligible employees who were hired prior to a certain date and retire after a certain age with specified years of service. Certain employees are subject to having such benefits modified or terminated. The actuarially determined components of the net periodic benefit cost are as follows: 13 Weeks Ended 39 Weeks Ended October31, 2009 November1, 2008 October31, 2009 November1, 2008 (millions) Pension Plan Service cost $ 17 $ 20 $ 61 $ 73 Interest cost 43 39 130 119 Expected return on assets (47 ) (49 ) (140 ) (144 ) Recognition of net actuarial loss 1 4 Amortization of prior service cost (1 ) (1 ) $ 12 $ 11 $ 50 $ 52 Supplementary Retirement Plan Service cost $ $ 3 $ 3 $ 6 Interest cost 9 9 31 29 Recognition of net actuarial loss Amortization of prior service cost (1 ) (1 ) $ 9 $ 12 $ 33 $ 34 Postretirement Obligations Service cost $ $ $ $ Interest cost 4 3 14 14 Recognition of net actuarial gain (2 ) (3 ) (5 ) (2 ) Amortization of prior service cost $ 2 $ $ 9 $ 12 During the 39 weeks ended October31, 2009, the Company contributed approximately $146 million to the Pension Plan and, as previously disclosed, is considering making an additional contribution to the Pension Plan of approximately $150 million to $225 million prior to December31, 2009. |
| 6.Accumulated Other Comprehensive Loss | |
| 9 Months Ended
Oct. 31, 2009 USD / shares | |
| Notes to Financial Statements [Abstract] | |
| 6.Accumulated Other Comprehensive Loss | 6. Accumulated Other Comprehensive Loss The following table shows the beginning and ending balance of, and the activity associated with, accumulated other comprehensive loss, net of income tax effects, for the 39 weeks ended October31, 2009 and November1, 2008: October31, 2009 November1, 2008 (millions) Accumulated other comprehensive loss, at beginning of period $ (486 ) $ (182 ) Unrealized gain (loss) on marketable securities, net of income tax effect of $5 million and $11 million 8 (17 ) Post employment and postretirement benefit plans: Recognition of net actuarial (gain) loss, net of income tax effect of $2 million and $1 million (3 ) 1 Prior service cost, net of income tax effect of $1 million and less than $1 million (1 ) (1 ) Accumulated other comprehensive loss, at end of period $ (482 ) $ (199 ) |
| 7.Fair Value Measurements | |
| 9 Months Ended
Oct. 31, 2009 USD / shares | |
| Notes to Financial Statements [Abstract] | |
| 7.Fair Value Measurements | 7. Fair Value Measurements The following table shows the Companys financial assets that are required to be measured at fair value on a recurring basis at October31, 2009: Fair Value Measurements Total Level1 Level2 Level3 (millions) Marketable equity and debt securities $ 111 $ 39 $ 72 $ Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, are estimated based on the quoted market prices for publicly traded debt or by using discounted cash flow analyses, based on the Companys current incremental borrowing rates for similar types of borrowing arrangements. The following table shows the estimated fair values of certain financial instruments of the Company at October31, 2009: Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 8,308 $ 8,591 $ 7,716 |
| 8.Legal Settlement | |
| 9 Months Ended
Oct. 31, 2009 USD / shares | |
| Notes to Financial Statements [Abstract] | |
| 8.Legal Settlement | 8. Legal Settlement During 2008, the Company was subject to a wage and hour class action in California. The Company concluded that it was probable that a loss of approximately $25 million would be incurred to settle this legal matter and recorded an estimated amount of $25 million as part of selling, general and administrative expenses during the 39 weeks ended November1, 2008, including $2 million during the 13 weeks ended November1, 2008. The settlement of this legal matter has been finalized with court approval, and the Company paid the settlement amount of $25 million during the 13 weeks ended May2, 2009. |
| 9.Condensed Consolidating Financial Information | |
| 9 Months Ended
Oct. 31, 2009 USD / shares | |
| Notes to Financial Statements [Abstract] | |
| 9.Condensed Consolidating Financial Information | 9. Condensed Consolidating Financial Information The senior notes and senior debentures of the Company, which constitute debt obligations of Macys Retail Holdings, Inc. (Subsidiary Issuer), a wholly-owned subsidiary of Macys, Inc. (Parent), are fully and unconditionally guaranteed by Parent. In the following condensed consolidating financial statements, Other Subsidiaries includes all other direct subsidiaries of Parent, including FDS Bank, Leadville Insurance Company and Snowdin Insurance Company and, after its transfer to Parent on November2, 2008, Macys Merchandising Group, Inc. and its subsidiary Macys Merchandising Group International, LLC. 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 (including, prior to its transfer to Parent on November2, 2008, Macys Merchandising Group, Inc. and its subsidiary Macys Merchandising Group International, LLC) are also reflected in Other Subsidiaries. Condensed Consolidating Balance Sheets as of October31, 2009,November1, 2008 and January31, 2009, the related Condensed Consolidating Statements of Operations for the 13 and 39 weeks ended October31, 2009 and November1, 2008, and the related Condensed Consolidating Statements of Cash Flows for the 39 weeks ended October31, 2009 and November1, 2008 are presented on the following pages. Condensed Consolidating Balance Sheet As of October31, 2009 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 286 $ 51 $ 152 $ $ 489 Receivables 26 348 374 Merchandise inventories 3,483 2,923 6,406 Supplies and prepaid expenses 99 117 216 Deferred income tax assets 3 (3 ) Income tax receivable 93 (65 ) 28 Total Current Assets 379 3,659 3,543 (68 ) 7,513 Property and Equipmentnet 5,552 4,310 9,862 Goodwill 3,315 428 3,743 Other Intangible Assetsnet 224 464 688 Other Assets 4 150 353 507 Deferred Income Tax Assets 22 (22 ) Intercompany Receivable 1,698 2,421 (4,119 ) Investment in Subsidiaries 2,564 2,730 (5,294 ) Total Assets $ 4,667 $ 15,630 $ 11,519 $ (9,503 ) $ 22,313 LIABILITIES AND SHAREHOLDERS EQUITY: Current Liabilities: Short-term debt $ $ 90 $ 2 $ $ 92 Merchandise accounts payable 1,587 1,522 3,109 Accounts payable and accrued liabilities 12 |
| Document Information | |
| 9 Months Ended
Oct. 31, 2009 USD / shares | |
| Document Information [Text Block] | |
| Document Type | 10-Q |
| Amendment Flag | false |
| Document Period End Date | 2009-10-31 |
| Entity Information (USD $) | ||
| 9 Months Ended
Oct. 31, 2009 | Nov. 27, 2009
| |
| Entity [Text Block] | ||
| Trading Symbol | M | |
| Entity Registrant Name | Macy's, Inc. | |
| Entity Central Index Key | 0000794367 | |
| Current Fiscal Year End Date | --01-30 | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 421,012,196 |
