Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 27, 2021 | Aug. 01, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jan. 30, 2021 | ||
Entity File Number | 1-13536 | ||
Entity Registrant Name | Macy's, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-3324058 | ||
Entity Address, Address Line One | 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 | 513 | ||
Local Phone Number | 579-7780 | ||
Title of 12(b) Security | Common Stock, $.01 par value per share | ||
Trading Symbol | M | ||
Security Exchange Name | NYSE | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Central Index Key | 0000794367 | ||
Current Fiscal Year End Date | --01-30 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 310,567,431 | ||
Entity Public Float | $ 1,880,068,605 | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED Document Parts Proxy Part |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 17,346 | $ 24,560 | $ 24,971 |
Credit card revenues, net | 751 | 771 | 768 |
Cost of sales | (12,286) | (15,171) | (15,215) |
Selling, general and administrative expenses | (6,767) | (8,998) | (9,039) |
Gains on sale of real estate | 60 | 162 | 389 |
Restructuring, impairment, store closing and other costs | (3,579) | (354) | (136) |
Operating income (loss) | (4,475) | 970 | 1,738 |
Benefit plan income, net | 54 | 31 | 39 |
Settlement charges | (84) | (58) | (88) |
Interest expense | (284) | (205) | (261) |
Financing costs | (5) | 0 | 0 |
Losses on early retirement of debt | 0 | (30) | (33) |
Interest income | 4 | 20 | 25 |
Income (loss) before income taxes | (4,790) | 728 | 1,420 |
Federal, state and local income tax benefit (expense) | 846 | (164) | (322) |
Net income (loss) | (3,944) | 564 | 1,098 |
Net loss attributable to noncontrolling interest | 0 | 0 | 10 |
Net income (loss) attributable to Macy's, Inc. shareholders | $ (3,944) | $ 564 | $ 1,108 |
Basic earnings (loss) per share attributable to Macy's, Inc. shareholders | $ (12.68) | $ 1.82 | $ 3.60 |
Diluted earnings (loss) per share attributable to Macy's, Inc. shareholders | $ (12.68) | $ 1.81 | $ 3.56 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ (3,944) | $ 564 | $ 1,098 |
Actuarial gain (loss) and prior service cost on post employment and postretirement benefit plans, net of tax effect | 107 | (107) | (151) |
Amortization of net actuarial loss and prior service credit on post employment and postretirement benefit plans, after tax | 35 | 23 | 23 |
Settlement charges, net of tax effect | 62 | 44 | 65 |
Total other comprehensive income (loss) | 204 | (40) | (63) |
Comprehensive income (loss) | (3,740) | 524 | 1,035 |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 10 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ (3,740) | $ 524 | $ 1,045 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Actuarial loss and prior service cost, tax effect | $ 37 | $ 36 | $ 52 |
Net actuarial loss on post-employment and postretirement benefit plans, tax effect | 12 | 8 | 7 |
Settlement charges, tax effect | $ 22 | $ 14 | $ 23 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 1,679 | $ 685 |
Receivables | 276 | 409 |
Merchandise inventories | 3,774 | 5,188 |
Prepaid expenses and other current assets | 455 | 528 |
Total Current Assets | 6,184 | 6,810 |
Property and Equipment – net | 5,940 | 6,633 |
Right of Use Assets | 2,878 | 2,668 |
Goodwill | 828 | 3,908 |
Other Intangible Assets – net | 437 | 439 |
Other Assets | 1,439 | 714 |
Total Assets | 17,706 | 21,172 |
Current Liabilities: | ||
Short-term debt | 452 | 539 |
Merchandise accounts payable | 1,978 | 1,682 |
Accounts payable and accrued liabilities | 2,927 | 3,448 |
Income taxes | 0 | 81 |
Total Current Liabilities | 5,357 | 5,750 |
Long-Term Debt | 4,407 | 3,621 |
Long-Term Lease Liabilities | 3,185 | 2,918 |
Deferred Income Taxes | 908 | 1,169 |
Other Liabilities | 1,296 | 1,337 |
Shareholders’ Equity: | ||
Common stock (310.5 and 309.0 shares outstanding) | 3 | 3 |
Additional paid-in capital | 571 | 621 |
Accumulated equity | 3,928 | 7,989 |
Treasury stock | (1,161) | (1,241) |
Accumulated other comprehensive loss | (788) | (995) |
Total Shareholders' Equity | 2,553 | 6,377 |
Total Liabilities and Shareholders’ Equity | $ 17,706 | $ 21,172 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 |
Statement Of Financial Position [Abstract] | ||||
Common stock, shares outstanding | 310,500 | 309,031 | 307,520 | 304,765 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Statement Of Financial Position [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.3775 | $ 1.51 | $ 1.51 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity Statement - USD ($) $ in Millions | Total | Cumulative Effect of New Accounting Principle in Period of Adoption | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Equity [Member] | Accumulated Equity [Member]Cumulative Effect of New Accounting Principle in Period of Adoption | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Parent [Member]Cumulative Effect of New Accounting Principle in Period of Adoption | Noncontrolling Interest [Member] |
Beginning balance at Feb. 03, 2018 | $ 5,733 | $ 3 | $ 676 | $ 7,246 | $ (1,456) | $ (724) | $ 5,745 | $ (12) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 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 | |||||||
Stranded tax costs | 0 | 164 | (164) | 0 | |||||||
Macy's China Limited | 22 | 0 | 22 | ||||||||
Ending balance at Feb. 02, 2019 | 6,436 | 3 | 652 | 8,050 | (1,318) | (951) | 6,436 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative-effect adjustment | $ (158) | $ (158) | $ (158) | ||||||||
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 | |||||||
Other | (1) | 3 | (4) | (1) | |||||||
Ending balance at Feb. 01, 2020 | 6,377 | 3 | 621 | 7,989 | (1,241) | (995) | 6,377 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (3,944) | (3,944) | (3,944) | ||||||||
Other Comprehensive Income (Loss) | 204 | 204 | 204 | ||||||||
Common stock dividends | (117) | (117) | (117) | ||||||||
Stock-based compensation expense | 31 | 31 | 31 | ||||||||
Stock issued under stock plans | (1) | (81) | 80 | (1) | |||||||
Other | 3 | 0 | 3 | 3 | |||||||
Ending balance at Jan. 30, 2021 | $ 2,553 | $ 3 | $ 571 | $ 3,928 | $ (1,161) | $ (788) | $ 2,553 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Jan. 30, 2021USD ($) | Feb. 01, 2020USD ($) | Feb. 02, 2019USD ($) | |
Cash flows from operating activities: | |||
Net income (loss) | $ (3,944) | $ 564 | $ 1,098 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Restructuring, impairment, store closing and other costs | 3,579 | 354 | 136 |
Settlement charges | 84 | 58 | 88 |
Depreciation and amortization | 959 | 981 | 962 |
Benefit plans | 47 | 31 | 30 |
Stock-based compensation expense | 31 | 38 | 63 |
Gains on sale of real estate | (60) | (162) | (389) |
Deferred income taxes | (327) | (6) | 112 |
Amortization of financing costs and premium on acquired debt | 18 | 4 | (15) |
Changes in assets and liabilities: | |||
(Increase) decrease in receivables | 132 | (9) | (61) |
(Increase) decrease in merchandise inventories | 1,406 | 75 | (87) |
Decrease in prepaid expenses and other current assets | 51 | 89 | 21 |
Increase in merchandise accounts payable | 237 | 40 | 55 |
Increase (decrease) in accounts payable and accrued liabilities | (759) | (257) | 14 |
Decrease in current income taxes | (617) | (60) | (136) |
Change in other assets and liabilities | (188) | (132) | (156) |
Net cash provided by operating activities | 649 | 1,608 | 1,735 |
Cash flows from investing activities: | |||
Purchase of property and equipment | (338) | (902) | (657) |
Capitalized software | (128) | (255) | (275) |
Disposition of property and equipment | 113 | 185 | 474 |
Other, net | 28 | (30) | 2 |
Net cash used by investing activities | (325) | (1,002) | (456) |
Cash flows from financing activities: | |||
Debt issued | 2,780 | 0 | 0 |
Debt issuance costs | (95) | (3) | 0 |
Debt repaid | (2,049) | (597) | (1,149) |
Dividends paid | (117) | (466) | (463) |
Increase (decrease) in outstanding checks | 181 | (62) | 16 |
Acquisition of treasury stock | (1) | (1) | 0 |
Issuance of common stock | 0 | 6 | 45 |
Proceeds from noncontrolling interest | 0 | 0 | 7 |
Net cash provided (used) by financing activities | 699 | (1,123) | (1,544) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,023 | (517) | (265) |
Cash, cash equivalents and restricted cash beginning of period | 731 | 1,248 | 1,513 |
Cash, cash equivalents and restricted cash end of period | 1,754 | 731 | 1,248 |
Supplemental cash flow information: | |||
Interest paid | 257 | 242 | 328 |
Interest received | 5 | 20 | 25 |
Income taxes paid (net of refunds received) | 98 | 229 | 345 |
Restricted cash, end of period | $ 75 | $ 46 | $ 86 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Nature of Operations Macy’s, organization Bloomingdale’s Market by Macy’s, Bloomingdale’s, Bloomingdale’s Topic margin Fiscal Y ear The Company’s respectively, and Basis In For 2020, subsidiary, Certain Use The affect differing Net Revenue Company. 3 Cost Cost accordingly. Cash Cash $92 million $118 million Investments The Topic Topic Receivables Receivables $276 million $409 million The offers Company’s Merchandise Merchandise activity. charges affecting inventory, margins. Permanent margin Physical annually, accordingly, year. V endor The margins also receives advertising allowances from approximately 460 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 Company’s by, Advertising Advertising 2020 2019 2018 (millions) Gross advertising and promotional costs $ 907 $ 1,330 $ 1,358 Cooperative advertising allowances 89 188 196 Advertising and promotional costs, net of cooperative advertising allowances $ 818 $ 1,142 $ 1,162 Net sales $ 17,346 $ 24,560 $ 24,971 Advertising and promotional costs, net of cooperative advertising allowances, as a percent to net sales 4.7 % 4.6 % 4.7 % Property Depreciation Buildings The management’s sufficient differ If accordingly, Additionally, differ charge The year. charge Leases Operating Company’s L Leases Variable ASU (Topic Goodwill The Company’s May. The margin margin Company’s The Capitalized The Gift The offers rather, 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 Operations . Loyalty The Macy’s Macy’s Macy’s targeted offers The Company’s Bloomingdale’s and bluemercury BlueRewards programs provide tender neutral points-based customer. Self-Insurance The Company, subsidiary, differ Post The Company, year-end quarter-end Income T axes Income differences differences effect Stock The Topic Topic Topic Comprehensive Total Company, (loss) charges Statements of Operations . 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 Operations . Recent In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the financial instrument impairment model to utilize an expected loss methodology in place an incurred loss methodology. The new guidance applies to financial assets measured at an amortized cost basis, including receivables that result from revenue transactions and held-to-maturity debt securities. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and early adoption was permitted for fiscal years beginning after December 15, 2018. The Company adopted this guidance in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which amends the fair value disclosure requirements by removing, modifying and adding certain disclosures. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company adopted this guidance in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This ASU clarifies the accounting treatment for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. This guidance is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The amendments may be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted this guidance on a prospective basis in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. In March 2020, the SEC issued a final rule, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities, that simplifies the disclosure requirements related to registered securities under Rule 3-10 of Regulation S-X. The rule replaces the requirement to provide condensed consolidating financial information with a requirement to present summarized financial information of the issuers and guarantors. It also requires qualitative disclosures with respect to information about guarantors, the terms and conditions of guarantees and the factors that may affect payment. These disclosures may be provided outside the footnotes to the Company’s consolidated financial statements. In applying this rule, the Company has elected to provide these disclosures in Item 7. Management’s Discussion & Analysis of Financial Conditions and Results of Operations. |
Impact of COVID-19
Impact of COVID-19 | 12 Months Ended |
Jan. 30, 2021 | |
Extraordinary And Unusual Items [Abstract] | |
Impact of COVID-19 | 2 . Impact of COVID-19 In March 2020, the World Health Organization declared the outbreak of COVID-19 as a global pandemic, which continues to spread throughout the United States. The COVID-19 pandemic had a negative impact on the Company's 2020 operations and financial results, and the full financial impact of the pandemic cannot be reasonably estimated at this time due to uncertainty as to the severity and duration of the pandemic. The following summarizes the actions taken and impacts from the COVID-19 pandemic during 2020. • The Company temporarily closed all stores on March 18, 2020, which included all Macy’s, Bloomingdale’s, bluemercury, Macy’s Backstage, Bloomingdales the Outlet and Market by Macy’s stores. Stores began reopening on May 4, 2020 and substantially all of the Company's stores were open by the end of the second quarter of 2020. • In an effort to increase liquidity, the Company fully drew on its $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. The Company's Board of Directors also rescinded its authorization of any unused amounts under the Company's share repurchase program. In June 2020, the Company completed financing activities totaling nearly $4.5 billion and used a portion of the proceeds from these activities, as well as cash on hand, to repay its credit facility. To create greater flexibility for future liquidity needs, the Company executed an exchange offer and consent solicitation in July 2020 for $465 million of previously issued unsecured notes. See Note 7 , "Financing," for further discussion on these activities. • To improve the Company's cash position and reduce its cash expenditures, the Company's Board of Directors and Chief Executive Officer did not receive compensation from April 1, 2020 through June 30, 2020. In addition, the Company deferred cash expenditures where possible and temporarily implemented a furlough for the majority of its colleague population which ended for most colleagues at the beginning of July 2020. Certain executives not impacted by the furlough took a temporary reduction of their pay through June 30, 2020. • In June 2020, the Company announced a restructuring to align its cost base with anticipated near-term sales as the business recovers from the impact of the COVID-19 pandemic. The Company reduced corporate and management headcount by approximately 3,900. Additionally, the Company reduced staffing across its stores portfolio, supply chain and customer support network, which it expects to adjust as sales recover. During the second quarter of 2020, the Company recognized $154 million of expense for severance related to this reduction in force, of which substantially all has been paid as of January 30, 2021. • During 2020, the Company deferred occupancy payments for a significant number of its stores. Such pandemic related deferrals were included in accounts payable and accrued liabilities and the Company continued to recognize expense during the deferral periods based on the contractual terms of the lease agreements. As of January 30, 2021, substantially all occupancy payment deferrals have been paid. • During 2020, the Company incurred non-cash impairment charges primarily related to long-lived tangible and right of use assets to adjust the carrying value of certain store locations to their estimated fair value. The Company also incurred non-cash impairment charges during 2020 on goodwill as a result of the sustained decline in the Company's market capitalization and decline in projected cash flows primarily as a result of the COVID-19 pandemic. See Note 4, "Restructuring, Impairment, Store Closings and Other Costs" and Note 6, "Goodwill and Other Intangible Assets," respectively, for further discussion of these charges. • On March 27, 2020, the CARES Act was signed into law, which included payroll tax credits for employee retention, deferral of payroll taxes, and several income tax provisions, including modifications to the net interest deduction limitation, changes to certain property depreciation and carryback of certain operating losses. The CARES Act impacted the Company's annual effective tax rate and the income tax benefit recognized during 2020. Specifically, the Company recognized an annual net operating loss that is available for carryback at a 35% federal income tax rate rather than the current 21% federal income tax rate. During 2020, the resultant benefit of this rate differential was offset by the impact of the non-tax deductible component of the goodwill impairment charge. The net impact of these items is the primary driver of the effective tax rate decrease when compared to 2019. As of January 30, 2021, the Company recognized a $520 million income tax receivable, which is included within Other Assets on the Consolidated Balance Sheets. See Note 9, "Taxes" for further discussion on and disclosure of 2020 income taxes. During 2020, the Company recognized $60 million in employee retention payroll tax credits and elected to defer payment of approximately $134 million of the employer portion of social security taxes. The Company expects to pay the deferred payroll taxes in the third quarter of fiscal 2021. |
Revenue
Revenue | 12 Months Ended |
Jan. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 3. Revenue Net Revenue Company. 89%, 88%, and 89% and 2018, respectively. In addition, digital sales accounted for approximately 44%, 25% and 23% of net sales in 2020, 2019 and 2018, respectively 2020 2019 2018 Women’s Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 7,206 $ 9,454 $ 9,457 Women’s Apparel 2,909 5,411 5,642 Men’s and Kids’ 3,486 5,628 5,699 Home/Other (a) 3,745 4,067 4,173 Total $ 17,346 $ 24,560 $ 24,971 (a) The Retail Retail Merchandise The $159 million $213 million $103 million Gift Cards Programs The $616 million $839 million 2020 and 2020 2019 2018 (millions) Balance, beginning of year $ 839 $ 856 $ 906 Liabilities issued but not redeemed (a) 262 554 570 Revenue recognized from beginning liability (485 ) (571 ) (620 ) Balance, end of year $ 616 $ 839 $ 856 (a) Credit In for, Company’s As Company’s occur. charges, Company’s Pursuant accordingly, The Company’s $751 million $771 million $768 million $882 million $985 million $966 million Under the terms of the Program Agreement, if sales decrease by more than 34% over a twelve-month period as compared to the Benchmark Year, defined as the twelve-month period from July 2006 to June 2007 in the Program Agreement, Citibank has the ability to provide written notice to terminate the agreement prior to the end of its current term. Based on the results for the Company’s February 2021 fiscal period, sales for the most recent twelve-month period ended February 27, 2021, have decreased by more than 34% as compared to the Benchmark Year. We are in on-going discussions with Citibank concerning the Program Agreement and as of the date of this filing, the Company has not received a notice to terminate the agreement. The Company is currently unable to estimate any impact this event might have on the Program Agreement or on the Company’s future financial results. |
Restructuring, Impairment, Stor
Restructuring, Impairment, Store Closing and Other Costs | 12 Months Ended |
Jan. 30, 2021 | |
Restructuring Costs And Asset Impairment Charges [Abstract] | |
Restructuring, Impairment, Store Closing and Other Costs | 4. Restructuring, Impairment, Store Closing and Other Costs Restructuring, 2020 2019 2018 (millions) Asset Impairments $ 3,280 $ 197 $ 64 Restructuring 224 123 80 Other 75 34 (8 ) $ 3,579 $ 354 $ 136 During 2020, primarily as a result of the COVID-19 pandemic, the Company incurred non-cash impairment charges totaling $3,280 million, the majority of which was recognized during the first quarter of 2020 and consisted of: • $3,080 million of goodwill impairments, with $2,982 million attributable to the Macy’s reporting unit and $98 million attributable to the bluemercury reporting unit. See discussion at Note 6, “Goodwill and Other Intangible Assets.” • $200 million of impairments primarily related to long-lived tangible and right of use assets to adjust the carrying value of certain store locations to their estimated fair value. As disclosed in Note 2 “Impact of COVID-19”, the Company announced a restructuring plan in the second quarter of 2020 that resulted in the recognition $ 154 million of expense for severance . Substantially all of this severance was paid as of January 30, 2021 . On strategy, strategy, 37 store closures that were announced in 2020 and store closures that were organization York , York. A 2020 and strategy, Professional fees and Severance and other related other benefits 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 Additions charged to expense 55 17 72 Cash payments (156 ) (24 ) (180 ) Balance at January 30, 2021 $ 14 $ 2 $ 16 The charges efforts charges During organizational The |
Properties and Leases
Properties and Leases | 12 Months Ended |
Jan. 30, 2021 | |
Property Plant And Equipment And Leases Of Lessee [Abstract] | |
Properties and Leases | 5. Properties Property The January 30, February 1, 2021 2020 (millions) Land $ 1,390 $ 1,436 Buildings on owned land 3,650 3,822 Buildings on leased land and leasehold improvements 1,268 1,365 Fixtures and equipment 4,032 4,402 10,340 11,025 Less accumulated depreciation and amortization 4,400 4,392 $ 5,940 $ 6,633 In Leases The ROU January 30, February 1, 2021 2020 Classification (millions) Assets Finance lease assets (a) Right of Use Assets $ 12 $ 13 Operating lease assets (b) Right of Use Assets 2,866 2,655 Total lease assets $ 2,878 $ 2,668 Liabilities Current Finance (a) Accounts payable and accrued liabilities $ 2 $ 2 Operating (b) Accounts payable and accrued liabilities 198 331 Noncurrent Finance (a) Long-Term Lease Liabilities 19 21 Operating (b) Long-Term Lease Liabilities 3,166 2,897 Total lease liabilities $ 3,385 $ 3,251 (a) Finance $13 million and January 30, 2021 and January 30, 2021 and (b) As respectively, respectively, The below. 2020 and $87 million and 2020 2019 2018 (millions) Real estate Operating leases (c) – Minimum rents $ 376 $ 364 $ 317 Variable rents 45 54 11 421 418 328 Less income from subleases – Operating leases (1 ) (2 ) (1 ) $ 420 $ 416 $ 327 Personal property – Operating leases $ 7 $ 8 $ 9 (c) As Operating Finance Leases Leases (d and e) Total (millions) Fiscal year 2021 $ 3 $ 239 $ 242 2022 3 350 353 2023 3 344 347 2024 3 334 337 2025 3 329 332 After 2025 16 5,443 5,459 Total undiscounted lease payments 31 7,039 7,070 Less amount representing interest 10 3,675 3,685 Total lease liabilities $ 21 $ 3,364 $ 3,385 (d) Operating (e) Operating Additional January 30, February 1, Lease Term and Discount Rate 2021 2020 Weighted-average remaining lease term (years) Finance leases 12.1 12.7 Operating leases 22.4 23.3 Weighted-average discount rate Finance leases 6.70 % 6.69 % Operating leases 6.32 % 6.53 % 52 Weeks Ended 52 Weeks Ended Other Information January 30, 2021 February 1, 2020 (millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used from operating leases $ 521 $ 363 Financing cash flows used from financing leases 4 2 Leased assets obtained in exchange for new operating lease liabilities 430 216 The offset Company. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jan. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6. Goodwill and Other Intangible Assets The Company’s January 30, February 1, 2021 2020 (millions) Non-amortizing intangible assets Goodwill $ 9,290 $ 9,290 Accumulated impairment losses (8,462 ) (5,382 ) 828 3,908 Tradenames 403 403 $ 1,231 $ 4,311 Amortizing intangible assets Favorable leases and other contractual assets $ 5 $ 5 Tradenames 43 43 48 48 Accumulated amortization Favorable leases and other contractual assets (1 ) (1 ) Tradenames (13 ) (11 ) (14 ) (12 ) $ 34 $ 36 Capitalized software Gross balance $ 1,136 $ 1,262 Accumulated amortization (645 ) (620 ) $ 491 $ 642 As a result of the sustained decline in the Company's market capitalization and changes in the Company's long-term projections driven largely by the impacts of the COVID-19 pandemic, the Company determined a triggering event had occurred that required an interim impairment assessment for all of its reporting units and indefinite lived intangible assets during the first quarter of 2020. The Company determined the fair value of each of its reporting units using a market approach or a combination of a market approach and income approach, as appropriate. Relative to the Company’s 2019 assessment, as part of this 2020 assessment, it was determined that an increase in the discount rate applied in the valuation was required to align with market-based assumptions and company-specific risk. This higher discount rate, in conjunction with revised long-term projections, resulted in lower fair values of the reporting units. As a result, the Company recognized $2,982 million and $98 million of goodwill impairment for the Macy's and bluemercury reporting units, respectively, primarily during the first quarter of 2020. As of May 2, 2020, the Company elected to perform a qualitative impairment test on its intangible assets with indefinite lives and concluded that it is more likely than not that the fair values exceeded the carrying values and the intangible assets with indefinite lives were not impaired. For the Company's annual impairment assessment as of the end of fiscal May, the Company elected to perform a qualitative impairment test on its goodwill and intangible assets with indefinite lives and concluded that it is more likely than not that the fair values exceeded the carrying values and goodwill and intangible assets with indefinite lives were not impaired. Finite Other $2 million for 2020 and , $268 million for 2020, Future Amortizing Capitalized intangible assets Software (millions) Fiscal year 2021 $ 2 $ 214 2022 2 132 2023 2 63 2024 2 17 2025 2 — |
Financing
Financing | 12 Months Ended |
Jan. 30, 2021 | |
Debt Disclosure [Abstract] | |
Financing | 7. Financing The Company’s January 30, February 1, 2021 2020 (millions) Short-term debt: 3.875% Senior notes due 2022 $ 450 $ — 3.45% Senior notes due 2021 — 500 10.25% Senior debentures due 2021 — 33 Current portion of other long-term obligations 2 6 $ 452 $ 539 Long-term debt: 8.375% Senior secured notes due 2025 $ 1,300 $ — 6.65% Senior secured debentures due 2024 81 — 6.7% Senior secured debentures due 2028 74 — 8.75% Senior secured debentures due 2029 13 — 7.875% Senior secured debentures due 2030 5 — 6.9% Senior secured debentures due 2032 5 — 6.7% Senior secured debentures due 2034 183 — 9.5% amortizing debentures due 2021 — 2 9.75% amortizing debentures due 2021 — 1 3.875% Senior notes due 2022 — 450 2.875% Senior notes due 2023 640 640 4.375% Senior notes due 2023 210 210 3.625% Senior notes due 2024 500 500 4.5% Senior notes due 2034 367 367 6.375% Senior notes due 2037 192 192 5.125% Senior notes due 2042 250 250 4.3% Senior notes due 2043 250 250 6.65% Senior debentures due 2024 41 122 7.6% Senior debentures due 2025 24 24 6.79% Senior debentures due 2027 71 71 7.0% Senior debentures due 2028 105 105 6.7% Senior debentures due 2028 29 103 6.9% Senior debentures due 2029 79 79 8.75% Senior debentures due 2029 — 13 7.875% Senior debentures due 2030 5 10 6.9% Senior debentures due 2032 12 17 6.7% Senior debentures due 2034 18 201 Unamortized debt issue costs and discount (77 ) (20 ) Premium on acquired debt, using an effective interest yield of 5.760% to 7.144% 30 34 $ 4,407 $ 3,621 Interest 2020 2019 2018 (millions) Interest on debt $ 273 $ 211 $ 269 Amortization of debt premium (4 ) (5 ) (7 ) Amortization of financing costs and debt discount 23 6 7 Interest on capitalized leases 1 2 2 293 214 271 Less interest capitalized on construction 9 9 10 Interest expense $ 284 $ 205 $ 261 Losses on early retirement of debt $ — $ 30 $ 33 2020 Financing Activities Secured Debt Issuance On June 8, 2020, the Company issued $1,300 million aggregate principal amount of 8.375% senior secured notes due 2025 (the "Notes"). The Notes bear interest at a rate of 8.375% per annum, which accrues from June 8, 2020 and is payable in arrears on June 15 and December 15 of each year, commencing on December 15, 2020. The Notes mature on June 15, 2025, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the related indenture. The Notes were issued by Macy’s, Inc. and are secured on a first-priority basis by (i) a first mortgage/deed of trust in certain real property of subsidiaries of Macy’s, Inc. that was transferred to subsidiaries of PropCo, a newly created direct, wholly owned subsidiary of Macy’s, Inc., and (ii) a pledge by Propco of the equity interests in its subsidiaries that own such transferred real property. The Notes are, jointly and severally, unconditionally guaranteed on a secured basis by Propco and its subsidiaries and unconditionally guaranteed on an unsecured basis by MRH, a direct, wholly owned subsidiary of Macy’s, Inc. The Company used the proceeds of the Notes offering, along with cash on hand, to repay the outstanding borrowings under the existing $1,500 million unsecured credit agreement. Entry into Asset-Based Credit Facility On June 8, 2020, the ABL Borrower, an indirect wholly owned subsidiary of the Company, and its parent, the ABL Parent, entered into the ABL Credit Facility with Bank of America, N.A., as administrative agent and collateral agent, and the lenders party thereto. As of January 30, 2021, the ABL Credit Facility provides the ABL Borrower with a $2,941 million revolving credit facility (the “Revolving ABL Facility”), including a swingline sub-facility and a letter of credit sub-facility. The ABL Borrower may request increases in the size of the Revolving ABL Facility up to an additional aggregate principal amount of $750 million. As of January 30, 2021, the Company had $142 million of standby letters of credit outstanding under the ABL Credit Facility, which reduces the available borrowing capacity. The Company had no borrowings outstanding under the ABL Credit Facility as of January 30, 2021. Additionally on June 8, 2020 and concurrently with closing the ABL Credit Facility, the ABL Borrower purchased all presently existing inventory, and assumed the liabilities in respect of all presently existing and outstanding trade payables owed to vendors in respect of such inventory, from MRH and certain wholly owned subsidiaries of MRH. The ABL Credit Facility is secured on a first priority basis (subject to customary exceptions) by (i) all assets of the ABL Borrower including all such inventory and the proceeds thereof and (ii) the equity of the ABL Borrower. The ABL Parent guaranteed the ABL Borrower’s obligations under the ABL Credit Facility. The Revolving ABL Facility matures on May 9, 2024. The ABL Credit Facility contains customary borrowing conditions including a borrowing base equal to the sum of (a) 80% (which shall automatically increase to 90% upon the satisfaction of certain conditions, including the delivery of an initial appraisal of the inventory) of the net orderly liquidation percentage of eligible inventory, minus (b) customary reserves. Amounts borrowed under the ABL Credit Facility are subject to interest at a rate per annum equal to (i) prior to the Step Down Date (as defined in the ABL Credit Facility), at the ABL Borrower’s option, either (a) adjusted LIBOR plus a margin of 2.75% to 3.00% or (b) a base rate plus a margin of 1.75% to 2.00%, in each case depending on revolving line utilization and (ii) after the Step Down Date, at the ABL Borrower’s option, either (a) adjusted LIBOR plus a margin of 2.25% to 2.50% or (b) a base rate plus a margin of 1.25% to 1.50%, in each case depending on revolving line utilization. The ABL Credit Facility also contains customary covenants that provide for, among other things, limitations on indebtedness, liens, fundamental changes, restricted payments, cash hoarding, and prepayment of certain indebtedness as well as customary representations and warranties and events of default typical for credit facilities of this type. The ABL Credit Facility also requires (1) the Company and its restricted subsidiaries to maintain a fixed charge coverage ratio of at least 1.00 to 1.00 as of the end of any fiscal quarter on or after April 30, 2021, if (a) certain events of default have occurred and are continuing or (b) Availability plus Suppressed Availability (each as defined in the ABL Credit Facility) is less than the greater of (x) 10% of the Loan Cap (as defined in the ABL Credit Facility) and (y) $250 million, in each case, as of the end of such fiscal quarter and (2) prior to April 30, 2021, that the ABL Borrower not permit Availability plus Suppressed Availability to be lower than the greater of (x) 10% of the Loan Cap and (y) $250 million. Amendment to Existing Credit Agreement On June 8, 2020, the Company substantially reduced the credit commitments of its existing $1,500 million unsecured credit agreement, which as of January 30, 2021 provided the Company with unsecured revolving credit of up to $1 million. Exchange Offers and Consent Solicitations for Certain Outstanding Debt Securities of MRH During the second quarter of 2020, MRH completed exchange offers (each, an “Exchange Offer” and, collectively, the “Exchange Offers”) with eligible holders and received related consents in consent solicitations for each series of notes as follows: (i) $81 million aggregate principal amount of 6.65% Senior Secured Debentures due 2024 (“New 2024 Notes”) issued by MRH for validly tendered (and not validly withdrawn) outstanding 6.65% Senior Debentures due 2024 issued by MRH (“Old 2024 Notes”); (ii) $74 million aggregate principal amount of 6.7% Senior Secured Debentures due 2028 (“New 2028 Notes”) issued by MRH for validly tendered (and not validly withdrawn) outstanding 6.7% Senior Debentures due 2028 issued by MRH (“Old 2028 Notes”); (iii) $13 million aggregate principal amount of 8.75% Senior Secured Debentures due 2029 (“New 2029 Notes”) issued by MRH for validly tendered (and not validly withdrawn) outstanding 8.75% Senior Debentures due 2029 issued by MRH (“Old 2029 Notes”); (iv) $5 million aggregate principal amount of 7.875% Senior Secured Debentures due 2030 (“New 2030 Notes”) issued by MRH for validly tendered (and not validly withdrawn) outstanding 7.875% Senior Debentures due 2030 issued by MRH (“Old 2030 Notes”); (v) $5 million aggregate principal amount of 6.9% Senior Secured Debentures due 2032 (“New 2032 Notes”) issued by MRH for validly tendered (and not validly withdrawn) outstanding 6.9% Senior Debentures due 2032 issued by MRH (“Old 2032 Notes”); and (vi) $183 million aggregate principal amount of 6.7% Senior Secured Debentures due 2034 (“New 2034 Notes” and, together with the New 2024 Notes, New 2028 Notes, New 2029 Notes, New 2030 Notes and New 2032 Notes, the “New Notes” and each series, a “series of New Notes”) issued by MRH for validly tendered (and not validly withdrawn) outstanding 6.7% Senior Debentures due 2034 issued by MRH (“Old 2034 Notes” and, together with the Old 2024 Notes, Old 2028 Notes, Old 2029 Notes, Old 2030 Notes and Old 2032 Notes, the “Old Notes” and each series, a “series of Old Notes”). Each New Note issued in the Exchange Offers for a validly tendered Old Note has an interest rate and maturity date that is identical to the interest rate and maturity date of the tendered Old Note, as well as identical interest payment dates and optional redemption prices. The New Notes are MRH’s and Macy’s general, senior obligations and are secured by a second-priority lien on the same collateral securing the Notes. Following the settlement, the aggregate principal amounts of each series of Old Notes outstanding are: (i) $41 million Old 2024 Notes, (ii) $29 million Old 2028 Notes, (iii) $5 million Old 2030 Notes, (iv) $12 million Old 2032 Notes and (v) $18 million Old 2034 Notes. In addition, MRH solicited and received consents from holders of each series of Old Notes (each, a “Consent Solicitation” and, collectively, the “Consent Solicitations”) pursuant to a separate Consent Solicitation Statement to adopt certain proposed amendments to the indenture governing the Old Notes (the “Existing Indenture”) to conform certain provisions in the negative pledge covenant in the Existing Indenture to the provisions of the negative pledge covenant in MRH’s most recent indenture (the “Proposed Amendments”). MRH received consents from holders of (i) $ 85 million aggregate principal amount of outstanding Old 2024 Notes, (ii) $ 77 million aggregate principal amount of outstanding Old 2028 Notes, (iii) $ 13 million aggregate principal amount of outstanding Old 2029 Notes, (iv) $ 5 million aggregate principal amount of outstanding Old 2030 Notes, (v) $ 6 million aggregate principal amount of outstanding Old 2032 Notes and (vi) $ 185 million aggregate principal amount of outstanding Old 2034 Notes. 2019 Financing Activities During offer $113 $110 offer 2018 Financing Activities During During offer $114 offer offset Long-Term Debt Maturities Future (millions) Fiscal year 2022 $ — 2023 850 2024 622 2025 1,324 2026 — After 2026 1,658 Debt Repayments During 2020 and maturity. The following table shows the detail of debt repayments: 2020 2019 2018 (millions) 3.45% Senior notes due 2021 $ 500 $ — $ — 6.9% Senior debentures due 2029 — 113 204 4.5% Senior notes due 2034 — — 183 7.0% Senior debentures due 2028 — 12 182 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 6.7% Senior debentures due 2028 — — 94 6.79% Senior debentures due 2027 — — 94 6.375% Senior notes due 2037 — — 77 6.7% Senior debentures due 2034 — — 63 6.9% Senior debentures due 2032 — — 15 8.75% Senior debentures due 2029 — — 5 7.875% Senior debentures due 2030 — — 2 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 10.25% Senior debentures due 2021 33 — — Revolving credit facility 1,500 — — Other obligations — — 1 $ 2,039 $ 567 $ 1,101 The Company’s other Bank On Company, Senior Notes and Debentures The Macy’s, Other Financing Arrangements At February 1, 2020, Company’s respectively, Financing Subsequent Event On March 17, 2021, MRH completed an offering of $500 million in aggregate principal amount of 5.875% senior notes due 2029 (the “2029 Notes”) in a private offering (the “Notes Offering”). The 2029 Notes mature on April 1, 2029. The 2029 Notes are senior unsecured obligations of MRH and are unconditionally guaranteed on a senior unsecured basis by Macy’s, Inc.. MRH used the net proceeds from the Notes Offering, together with cash on hand, to fund a separately announced tender offer in which $500 million of senior notes and debentures were tendered for early settlement and purchased by MRH on March 17, 2021. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Jan. 30, 2021 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Accounts Payable and Accrued Liabilities | 8. Accounts Payable and Accrued Liabilities January 30, February 1, 2021 2020 (millions) Accounts payable $ 878 $ 977 Gift cards and customer rewards 616 839 Lease related liabilities 285 399 Taxes other than income taxes 265 145 Accrued wages and vacation 201 194 Allowance for future sales returns 159 213 Current portion of post employment and postretirement benefits 142 180 Current portion of workers’ compensation and general liability reserves 97 105 Accrued interest 54 41 Restructuring accruals, including severance 27 113 Other 203 242 $ 2,927 $ 3,448 Changes 2020 2019 2018 (millions) Balance, beginning of year $ 462 $ 487 $ 497 Charged to costs and expenses 88 120 130 Payments, net of recoveries (134 ) (145 ) (140 ) Balance, end of year $ 416 $ 462 $ 487 The $106 $110 respectively, |
Taxes
Taxes | 12 Months Ended |
Jan. 30, 2021 | |
Taxes Payable Current And Noncurrent [Abstract] | |
Taxes | 9. T axes Income 2020 2019 2018 Current Deferred Total Current Deferred Total Current Deferred Total (millions) Federal $ (520 ) $ (179 ) $ (699 ) $ 137 $ 4 $ 141 $ 156 $ 79 $ 235 State and local 1 (148 ) (147 ) 33 (10 ) 23 54 33 87 $ (519 ) $ (327 ) $ (846 ) $ 170 $ (6 ) $ 164 $ 210 $ 112 $ 322 The differs difference effects 2020 2019 2018 (millions) Expected tax $ (1,006 ) $ 153 $ 300 State and local income taxes, net of federal income taxes (140 ) 13 59 CARES Act carryback benefit (205 ) — — Goodwill impact 492 — — Federal tax reform deferred tax remeasurement — — (17 ) Tax impact of equity awards 8 1 — Federal tax credits (5 ) (3 ) (16 ) Change in valuation allowance 24 5 10 Other (14 ) (5 ) (14 ) $ (846 ) $ 164 $ 322 The CAP, The effects differences January 30, February 1, 2021 2020 (millions) Deferred tax assets Post employment and postretirement benefits $ 126 $ 210 Accrued liabilities accounted for on a cash basis for tax purposes 103 165 Lease liabilities 937 864 Unrecognized state tax benefits and accrued interest 39 40 State operating loss and credit carryforwards 194 102 Other 95 110 Valuation allowance (104 ) (80 ) Total deferred tax assets 1,390 1,411 Deferred tax liabilities Excess of book basis over tax basis of property and equipment (937 ) (988 ) Right of use assets (766 ) (707 ) Merchandise inventories (300 ) (365 ) Intangible assets (115 ) (309 ) Other (180 ) (211 ) Total deferred tax liabilities (2,298 ) (2,580 ) Net deferred tax liability $ (908 ) $ (1,169 ) The As A January 30, February 1, February 2, 2021 2020 2019 (millions) Balance, beginning of year $ 133 $ 149 $ 140 Additions based on tax positions related to the current year 9 18 17 Additions for tax positions of prior years — 11 13 Reductions for tax positions of prior years (13 ) (20 ) (12 ) Settlements (4 ) (16 ) — Statute expirations (12 ) (9 ) (9 ) Balance, end of year $ 113 $ 133 $ 149 Amounts recognized in the Consolidated Balance Sheets Current income taxes $ 6 $ 12 $ 28 Deferred income taxes 3 4 4 Other liabilities (a) 104 117 117 $ 113 $ 133 $ 149 (a) Unrecognized tax benefits not expected to be settled within one year are included within other liabilities on the Consolidated Balance Sheets. Additional Amount January 30, February 1, 2021 2020 (millions) Amount of unrecognized tax benefits, net of deferred tax assets, that if recognized would affect the effective tax rate $ 90 $ 106 Accrued federal, state and local interest and penalties 60 60 Amounts recognized in the Consolidated Balance Sheets Current income taxes 3 4 Other liabilities 57 56 The an expense of $1 million for 2020, The With As however, |
Retirement Plans
Retirement Plans | 12 Months Ended |
Jan. 30, 2021 | |
Pension And Other Postretirement Benefit Expense [Abstract] | |
Retirement Plans | 10. Retirement Plans The year. 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 Retirement charges, 2020 2019 2018 (millions) 401(k) Qualified Defined Contribution Plan $ 68 $ 96 $ 96 Non-Qualified Defined Contribution Plan 1 2 1 Pension Plan (73 ) (54 ) (64 ) Supplementary Retirement Plan 26 30 31 $ 22 $ 74 $ 64 The SER P. Defined The Effective The $68 million for 2020 and $96 At respectively. $1 million at January 30, 2021, and $1 million for 2020, respectively, Pension The 2020 2019 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 3,321 $ 3,011 Service cost 4 5 Interest cost 66 103 Actuarial loss 12 463 Benefits paid (373 ) (261 ) Projected benefit obligation, end of year 3,030 3,321 Changes in plan assets Fair value of plan assets, beginning of year 3,359 3,018 Actual return on plan assets 373 602 Company contributions — — Benefits paid (373 ) (261 ) Fair value of plan assets, end of year 3,359 3,359 Funded status at end of year $ 329 $ 38 Amounts recognized in the Consolidated Balance Sheets at January 30, 2021 and February 1, 2020 Other assets $ 329 $ 38 Amounts recognized in accumulated other comprehensive loss at January 30, 2021 and February 1, 2020 Net actuarial loss $ 794 $ 1,086 Net charges 2020 2019 2018 (millions) Net Periodic Pension Cost Service cost $ 4 $ 5 $ 5 Interest cost 66 103 109 Expected return on assets (183 ) (191 ) (206 ) Amortization of net actuarial loss 40 29 28 Amortization of prior service credit — — — (73 ) (54 ) (64 ) Settlement charges 74 45 78 Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Loss Net actuarial (gain) loss (178 ) 51 223 Amortization of net actuarial loss (40 ) (29 ) (28 ) Settlement charges (74 ) (45 ) (78 ) (292 ) (23 ) 117 Total recognized $ (291 ) $ (32 ) $ 131 The The 2020 2019 Discount rate 2.43 % 2.83 % Rate of compensation increases 3.45 % 3.25 % Cash balance plan interest crediting rate 5.00 % 5.00 % The 2020 2019 2018 Discount rate used to measure service cost 2.35% - 2.96% 4.09 % 3.77% - 4.46% Discount rate used to measure interest cost 1.65% - 2.46% 3.67 % 3.39% - 4.06% Expected long-term return on plan assets 6.25 % 6.50 % 6.75 % Rate of compensation increases 3.25 % 4.00 % 4.00 % Cash balance plan interest crediting rate 5.00 % 5.00 % 5.00 % The Plan’s annually, necessary. 2020 and The year’s The target 5.75 The target The organizational philosophy, 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 Fair Value Measurements Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) (millions) Short term investments $ 3 $ — $ 3 $ — Money market funds 136 136 — — Equity securities: U.S. pooled funds 356 356 — — International pooled funds (a) 333 37 — — Fixed income securities: U.S. Treasury bonds 270 — 270 — Other Government bonds 63 — 63 — Corporate bonds 1,609 — 1,609 — Mortgage-backed securities 11 — 11 — Asset-backed securities 1 — 1 — Pooled funds 271 271 — — Other types of investments: Real estate (a) 31 — — — Private equity (a) 160 — — — Derivatives in a positive position 8 — 8 — Derivatives in a negative position (4 ) (4 ) — — Total $ 3,248 $ 796 $ 1,965 $ — (a) hierarchy. The Fair Value Measurements Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (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 hierarchy. Corporate The emerging Real sponsor, Company’s Due consequently, Plan’s However, frequency, ranging from daily to weekly , and certain of these investments are subject to advance notice requirements. As of January 30, 2021 and February 1, 2020 , the Pension Plan had unfunded commitments related to certain of these investments totaling $ 39 million and $ million, respectively. The The (millions) Fiscal year 2021 $ 298 2022 250 2023 236 2024 223 2025 210 2026-2030 896 Supplementary The 2020 2019 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 681 $ 644 Service cost — — Interest cost 14 21 Actuarial loss 42 87 Benefits paid (64 ) (71 ) Projected benefit obligation, end of year 673 681 Change in plan assets Fair value of plan assets, beginning of year — — Company contributions 64 71 Benefits paid (64 ) (71 ) Fair value of plan assets, end of year — — Funded status at end of year $ (673 ) $ (681 ) Amounts recognized in the Consolidated Balance Sheets at January 30, 2021 and February 1, 2020 Accounts payable and accrued liabilities $ (49 ) $ (55 ) Other liabilities (624 ) (626 ) $ (673 ) $ (681 ) Amounts recognized in accumulated other comprehensive loss at January 30, 2021 and February 1, 2020 Net actuarial loss $ 301 $ 283 Prior service cost 6 6 $ 307 $ 289 The Net charges 2020 2019 2018 (millions) Net Periodic Pension Cost Service cost $ — $ — $ — Interest cost 14 21 23 Amortization of net actuarial loss 12 9 7 Amortization of prior service cost — — 1 26 30 31 Settlement charges 10 13 10 Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Loss Net actuarial loss (gain) 40 87 (9 ) Amortization of net actuarial loss (12 ) (9 ) (7 ) Amortization of prior service cost — — (1 ) Settlement charges (10 ) (13 ) (10 ) 18 65 (27 ) Total recognized $ 54 $ 108 $ 14 The 2020 2019 Discount rate 2.51 % 2.89 % The 2020 2019 2018 Discount rate used to measure interest cost 1.65% - 2.44% 2.65% - 3.69% 3.39% - 4.09% The plan’s annually, necessary. The year’s The (millions) Fiscal year 2021 $ 49 2022 49 2023 47 2024 44 2025 44 2026-2030 200 |
Postretirement Health Care and
Postretirement Health Care and Life Insurance Benefits | 12 Months Ended |
Jan. 30, 2021 | |
Pension And Other Postretirement Benefit Expense [Abstract] | |
Postretirement Health Care and Life Insurance Benefits | 11. Postretirement Health Care and Life Insurance Benefits In subsidiary, The 2020 2019 (millions) Change in accumulated postretirement benefit obligation Accumulated postretirement benefit obligation, beginning of year $ 133 $ 137 Service cost — — Interest cost 2 5 Actuarial loss (gain) (6 ) 5 Medicare Part D subsidy — — Benefits paid (10 ) (14 ) Accumulated postretirement benefit obligation, end of year 119 133 Change in plan assets Fair value of plan assets, beginning of year — — Company contributions 10 14 Benefits paid (10 ) (14 ) Fair value of plan assets, end of year — — Funded status at end of year $ (119 ) $ (133 ) Amounts recognized in the Consolidated Balance Sheets at January 30, 2021 and February 1, 2020 Accounts payable and accrued liabilities $ (13 ) $ (14 ) Other liabilities (106 ) (119 ) $ (119 ) $ (133 ) Amounts recognized in accumulated other comprehensive loss at January 30, 2021 and February 1, 2020 Net actuarial gain $ (32 ) $ (30 ) Prior service credit (7 ) (8 ) $ (39 ) $ (38 ) Net 2020 2019 2018 (millions) Net Periodic Postretirement Benefit Cost Service cost $ — $ — $ — Interest cost 2 5 5 Amortization of net actuarial gain (4 ) (6 ) (5 ) Amortization of prior service credit (1 ) (1 ) (1 ) (3 ) (2 ) (1 ) Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Loss Net actuarial loss (gain) (6 ) 5 (11 ) Amortization of net actuarial gain 4 6 5 Amortization of prior service credit 1 1 1 Prior service credit — — — (1 ) 12 (5 ) Total recognized $ (4 ) $ 10 $ (6 ) The 2020 2019 Discount rate 2.32 % 2.81 % The 2020 2019 2018 Discount rate used to measure interest cost 2.30 % 3.57 % 3.28 % The annually, necessary. The Company’s year’s The The affected However, affected The Company’s 2020 2019 Health care cost trend rates assumed for next year 4.9% - 8.0% 5.25% - 8.63% 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 2029 2027 The Expected Benefit Payments (millions) Fiscal Year 2021 $ 13 2022 12 2023 11 2024 10 2025 9 2026-2030 36 The federal subsidies expected to be received for each of the years presented above are estimated to be less than $1 million each year and are estimated to be a total of approximately $1 million for the entire time period presented. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Jan. 30, 2021 | |
Share Based Compensation [Abstract] | |
Stock Based Compensation | 12. Stock-Based Compensation The Company’s officers officers, Company’s Company. Stock As 7.8 Company’s Stock-based 2020 2019 2018 (millions) Stock options $ 8 $ 15 $ 24 Restricted stock units 23 23 39 $ 31 $ 38 $ 63 All Stock Options There were no grants of stock options during 2020. The 2019 2018 Weighted average grant date fair value of stock options granted during the period $ 5.11 $ 7.43 Dividend yield 6.3 % 5.2 % Expected volatility 40.6 % 41.1 % Risk-free interest rate 2.4 % 2.7 % Expected life 5.5 years 5.6 years The Topic Company’s Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (thousands) (years) (millions) Outstanding, beginning of period 18,499 $ 39.77 Granted — — Canceled or forfeited (2,154 ) 32.84 Exercised — — Outstanding, end of period 16,345 $ 40.69 Exercisable, end of period 14,357 $ 42.74 3.6 $ — Options expected to vest 1,371 $ 25.84 7.4 $ — Additional 2020 2019 2018 (millions) Intrinsic value of options exercised $ — $ 10 $ 27 Cash received from stock options exercised — 6 45 As Restricted The 2020 2019 2018 Restricted stock units (performance-based) $ 6.24 $ 24.28 $ 30.64 Restricted stock units (time-based) 6.96 17.81 25.57 During Company. target (“Target three-year respectively. 2019 and 2018 Company’s three-year 0 200 Target The Target Target Company’s The Activity Weighted Average Grant Date Shares Fair Value (thousands) Nonvested, beginning of period 4,747 $ 23.37 Granted – performance-based 1,553 6.24 Performance adjustment (508 ) 30.48 Granted – time-based 6,216 6.96 Forfeited (830 ) 21.43 Vested (1,426 ) 23.54 Nonvested, end of period 9,752 $ 9.95 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | 13. Shareholders’ Equity The Company’s No Common The Treasury Treasury Changes Company’s Company’s treasury, Treasury Stock Common Stock Issued Deferred Compensation Plans Other Total Common Stock Outstanding (thousands) 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 Stock issued under stock plans (127 ) 1,577 1,450 1,450 Stock repurchases (79 ) (79 ) (79 ) Deferred compensation plan distributions 98 98 98 Balance at January 30, 2021 333,606 (931 ) (22,175 ) (23,106 ) 310,500 Accumulated For Company, organizational charges |
Fair Value Measurements and Con
Fair Value Measurements and Concentrations of Credit Risk | 12 Months Ended |
Jan. 30, 2021 | |
Fair Value By Fair Value Hierarchy Level Extensible List [Abstract] | |
Fair Value Measurements and Concentrations of Credit Risk | 14. Fair V alue Measurements and Concentrations of Credit Risk The Compa January 30, 2021 February 1, 2020 Fair Value Measurements Fair Value Measurements Quoted Prices Quoted Prices Total in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Marketable equity and debt securities $ 100 $ 37 $ 63 $ — $ 132 $ 34 $ 98 $ — Other With The Company’s January 30, 2021 February 1, 2020 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 4,454 $ 4,407 $ 4,320 $ 3,607 $ 3,621 3,702 The Company’s January 30, 2021 February 1, 2020 Fair Value Measurements Fair Value Measurements Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Long-lived assets $ 95 $ — $ — $ 95 $ 129 $ — $ — $ 129 Goodwill 828 — — 828 — — — — During charges charges Financial |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Jan. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 15. Earnings (Loss) Per Share Attributable to Macy's, Inc. Shareholders The (loss) 2020 2019 2018 Net Loss Shares Net Income Shares Net Income Shares (millions, except per share data) Net income (loss) attributable to Macy's, Inc. Shareholders and average number of shares outstanding $ (3,944 ) 310.2 $ 564 308.8 $ 1,108 306.8 Shares to be issued under deferred compensation and other plans — 1 — 0.9 — 0.9 $ (3,944 ) 311.1 $ 564 309.7 $ 1,108 307.7 Basic earnings (loss) per share attributable to Macy's,Inc. shareholders $ (12.68 ) $ 1.82 $ 3.60 Effect of dilutive securities: Stock options and restricted stock units — — — 1.7 — 3.7 $ (3,944 ) 311.1 $ 564 311.4 $ 1,108 311.4 Diluted earnings (loss) per share attributable to Macy's, Inc. shareholders $ (12.68 ) $ 1.81 $ 3.56 For 2020, as a result of the net loss, all options and restricted stock units have been excluded from the calculation of diluted earnings per share and, therefore, there was no difference in the weighted average number of common shares for basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive. Stock In addition to the stock options and restricted stock units in the foregoing table, and respectively, |
Quarterly Results (unaudited)
Quarterly Results (unaudited) | 12 Months Ended |
Jan. 30, 2021 | |
Quarterly Financial Data [Abstract] | |
Quarterly Results (unaudited) | 16. Quarterly Results (unaudited) Unaudited First Quarter Second Quarter Third Quarter Fourth Quarter (millions, except per share data) 2020: Net sales $ 3,017 $ 3,559 $ 3,990 $ 6,780 Credit card revenues, net 131 168 195 258 Cost of sales (2,501 ) (2,718 ) (2,569 ) (4,498 ) Selling, general and administrative expenses (1,598 ) (1,398 ) (1,726 ) (2,045 ) Gains on sale of real estate 16 — 3 40 Restructuring, impairment, store closing and other costs (3,184 ) (242 ) (20 ) (134 ) Benefit plan income, net 9 12 16 17 Settlement charges — (38 ) (26 ) (19 ) Net income (loss) (3,581 ) (431 ) (91 ) 160 Basic earnings (loss) per share (11.53 ) (1.39 ) (0.29 ) 0.51 Diluted earnings (loss) per share (11.53 ) (1.39 ) (0.29 ) 0.50 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 136 86 2 340 Basic earnings per share 0.44 0.28 0.01 1.10 Diluted earnings per share 0.44 0.28 0.01 1.09 Note: |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Macy’s, organization Bloomingdale’s Market by Macy’s, Bloomingdale’s, Bloomingdale’s Topic margin |
Fiscal Year | Fiscal Y ear The Company’s respectively, and |
Basis of Presentation | Basis In For 2020, subsidiary, |
Reclassification | Certain |
Use of Estimates | Use The affect differing |
Net Sales | Net Revenue Company. 3 The offers rather, 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 Operations . Macy’s Macy’s Macy’s targeted offers The Company’s Bloomingdale’s and bluemercury BlueRewards programs provide tender neutral points-based customer. |
Cost of Sales | Cost Cost accordingly. |
Cash and Cash Equivalents | Cash Cash $92 million $118 million |
Investments | Investments The Topic Topic |
Receivables | Receivables Receivables $276 million $409 million The offers Company’s |
Merchandise Inventories | Merchandise Merchandise activity. charges affecting inventory, margins. Permanent margin Physical annually, accordingly, year. |
Vendor Allowances | V endor The margins also receives advertising allowances from approximately 460 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 Company’s by, |
Advertising | Advertising Advertising 2020 2019 2018 (millions) Gross advertising and promotional costs $ 907 $ 1,330 $ 1,358 Cooperative advertising allowances 89 188 196 Advertising and promotional costs, net of cooperative advertising allowances $ 818 $ 1,142 $ 1,162 Net sales $ 17,346 $ 24,560 $ 24,971 Advertising and promotional costs, net of cooperative advertising allowances, as a percent to net sales 4.7 % 4.6 % 4.7 % |
Property and Equipment | Property Depreciation Buildings |
Impairment or Disposal of Long Lived Assets | The management’s sufficient differ If accordingly, Additionally, differ charge The year. charge |
Leases | Leases Operating Company’s L Leases Variable ASU (Topic |
Goodwill and Other Intangible Assets | Goodwill The Company’s May. The margin margin Company’s The |
Capitalized Software | Capitalized The |
Self-Insurance Reserves | Self-Insurance The Company, subsidiary, differ |
Post Employment and Postretirement Obligations | Post The Company, year-end quarter-end |
Income Taxes | Income T axes Income differences differences effect |
Stock Based Compensation | Stock The Topic Topic Topic |
Comprehensive Income (Loss) | Comprehensive Total Company, (loss) charges Statements of Operations . 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 Operations . |
Recent Accounting Pronouncements | Recent In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the financial instrument impairment model to utilize an expected loss methodology in place an incurred loss methodology. The new guidance applies to financial assets measured at an amortized cost basis, including receivables that result from revenue transactions and held-to-maturity debt securities. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and early adoption was permitted for fiscal years beginning after December 15, 2018. The Company adopted this guidance in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which amends the fair value disclosure requirements by removing, modifying and adding certain disclosures. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company adopted this guidance in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This ASU clarifies the accounting treatment for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. This guidance is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The amendments may be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted this guidance on a prospective basis in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. In March 2020, the SEC issued a final rule, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities, that simplifies the disclosure requirements related to registered securities under Rule 3-10 of Regulation S-X. The rule replaces the requirement to provide condensed consolidating financial information with a requirement to present summarized financial information of the issuers and guarantors. It also requires qualitative disclosures with respect to information about guarantors, the terms and conditions of guarantees and the factors that may affect payment. These disclosures may be provided outside the footnotes to the Company’s consolidated financial statements. In applying this rule, the Company has elected to provide these disclosures in Item 7. Management’s Discussion & Analysis of Financial Conditions and Results of Operations. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Advertising and Promotional Costs and Cooperative Advertising Allowances | Advertising 2020 2019 2018 (millions) Gross advertising and promotional costs $ 907 $ 1,330 $ 1,358 Cooperative advertising allowances 89 188 196 Advertising and promotional costs, net of cooperative advertising allowances $ 818 $ 1,142 $ 1,162 Net sales $ 17,346 $ 24,560 $ 24,971 Advertising and promotional costs, net of cooperative advertising allowances, as a percent to net sales 4.7 % 4.6 % 4.7 % |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Sales From Merchandise Category | Disaggregation 2020 2019 2018 Women’s Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 7,206 $ 9,454 $ 9,457 Women’s Apparel 2,909 5,411 5,642 Men’s and Kids’ 3,486 5,628 5,699 Home/Other (a) 3,745 4,067 4,173 Total $ 17,346 $ 24,560 $ 24,971 (a) |
Changes in the Liability for Unredeemed Gift Cards and Customer Loyalty Program | Changes 2020 2019 2018 (millions) Balance, beginning of year $ 839 $ 856 $ 906 Liabilities issued but not redeemed (a) 262 554 570 Revenue recognized from beginning liability (485 ) (571 ) (620 ) Balance, end of year $ 616 $ 839 $ 856 (a) |
Restructuring, Impairment, St_2
Restructuring, Impairment, Store Closing and Other Costs (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Restructuring Costs And Asset Impairment Charges [Abstract] | |
Restructuring, Impairments, Store Closing and Other Costs (Income) | Restructuring, 2020 2019 2018 (millions) Asset Impairments $ 3,280 $ 197 $ 64 Restructuring 224 123 80 Other 75 34 (8 ) $ 3,579 $ 354 $ 136 |
Summary of Restructuring and Other Cash Activity | A 2020 and strategy, Professional fees and Severance and other related other benefits 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 Additions charged to expense 55 17 72 Cash payments (156 ) (24 ) (180 ) Balance at January 30, 2021 $ 14 $ 2 $ 16 |
Properties and Leases (Tables)
Properties and Leases (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Property Plant And Equipment And Leases Of Lessee [Abstract] | |
Property, Plant and Equipment | The January 30, February 1, 2021 2020 (millions) Land $ 1,390 $ 1,436 Buildings on owned land 3,650 3,822 Buildings on leased land and leasehold improvements 1,268 1,365 Fixtures and equipment 4,032 4,402 10,340 11,025 Less accumulated depreciation and amortization 4,400 4,392 $ 5,940 $ 6,633 |
Lessee Lease [Table Text Block] | ROU January 30, February 1, 2021 2020 Classification (millions) Assets Finance lease assets (a) Right of Use Assets $ 12 $ 13 Operating lease assets (b) Right of Use Assets 2,866 2,655 Total lease assets $ 2,878 $ 2,668 Liabilities Current Finance (a) Accounts payable and accrued liabilities $ 2 $ 2 Operating (b) Accounts payable and accrued liabilities 198 331 Noncurrent Finance (a) Long-Term Lease Liabilities 19 21 Operating (b) Long-Term Lease Liabilities 3,166 2,897 Total lease liabilities $ 3,385 $ 3,251 (a) Finance $13 million and January 30, 2021 and January 30, 2021 and (b) As respectively, respectively, |
Lease, Cost [Table Text Block] | The below. 2020 and $87 million and 2020 2019 2018 (millions) Real estate Operating leases (c) – Minimum rents $ 376 $ 364 $ 317 Variable rents 45 54 11 421 418 328 Less income from subleases – Operating leases (1 ) (2 ) (1 ) $ 420 $ 416 $ 327 Personal property – Operating leases $ 7 $ 8 $ 9 (c) |
Lessee, Finance Lease, Liability, Maturity [Table Text Block] | As Operating Finance Leases Leases (d and e) Total (millions) Fiscal year 2021 $ 3 $ 239 $ 242 2022 3 350 353 2023 3 344 347 2024 3 334 337 2025 3 329 332 After 2025 16 5,443 5,459 Total undiscounted lease payments 31 7,039 7,070 Less amount representing interest 10 3,675 3,685 Total lease liabilities $ 21 $ 3,364 $ 3,385 (d) Operating (e) Operating |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As Operating Finance Leases Leases (d and e) Total (millions) Fiscal year 2021 $ 3 $ 239 $ 242 2022 3 350 353 2023 3 344 347 2024 3 334 337 2025 3 329 332 After 2025 16 5,443 5,459 Total undiscounted lease payments 31 7,039 7,070 Less amount representing interest 10 3,675 3,685 Total lease liabilities $ 21 $ 3,364 $ 3,385 (d) Operating (e) Operating |
Schedule of Supplemental Information for Lease Assumptions and Cash Flows [Table Text Block] | Additional January 30, February 1, Lease Term and Discount Rate 2021 2020 Weighted-average remaining lease term (years) Finance leases 12.1 12.7 Operating leases 22.4 23.3 Weighted-average discount rate Finance leases 6.70 % 6.69 % Operating leases 6.32 % 6.53 % 52 Weeks Ended 52 Weeks Ended Other Information January 30, 2021 February 1, 2020 (millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used from operating leases $ 521 $ 363 Financing cash flows used from financing leases 4 2 Leased assets obtained in exchange for new operating lease liabilities 430 216 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Company's Goodwill and Other Intangible Assets | The Company’s January 30, February 1, 2021 2020 (millions) Non-amortizing intangible assets Goodwill $ 9,290 $ 9,290 Accumulated impairment losses (8,462 ) (5,382 ) 828 3,908 Tradenames 403 403 $ 1,231 $ 4,311 Amortizing intangible assets Favorable leases and other contractual assets $ 5 $ 5 Tradenames 43 43 48 48 Accumulated amortization Favorable leases and other contractual assets (1 ) (1 ) Tradenames (13 ) (11 ) (14 ) (12 ) $ 34 $ 36 Capitalized software Gross balance $ 1,136 $ 1,262 Accumulated amortization (645 ) (620 ) $ 491 $ 642 |
Future Estimated Intangible Amortization Expense | Future Amortizing Capitalized intangible assets Software (millions) Fiscal year 2021 $ 2 $ 214 2022 2 132 2023 2 63 2024 2 17 2025 2 — |
Financing (Tables)
Financing (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Company Debt | The Company’s January 30, February 1, 2021 2020 (millions) Short-term debt: 3.875% Senior notes due 2022 $ 450 $ — 3.45% Senior notes due 2021 — 500 10.25% Senior debentures due 2021 — 33 Current portion of other long-term obligations 2 6 $ 452 $ 539 Long-term debt: 8.375% Senior secured notes due 2025 $ 1,300 $ — 6.65% Senior secured debentures due 2024 81 — 6.7% Senior secured debentures due 2028 74 — 8.75% Senior secured debentures due 2029 13 — 7.875% Senior secured debentures due 2030 5 — 6.9% Senior secured debentures due 2032 5 — 6.7% Senior secured debentures due 2034 183 — 9.5% amortizing debentures due 2021 — 2 9.75% amortizing debentures due 2021 — 1 3.875% Senior notes due 2022 — 450 2.875% Senior notes due 2023 640 640 4.375% Senior notes due 2023 210 210 3.625% Senior notes due 2024 500 500 4.5% Senior notes due 2034 367 367 6.375% Senior notes due 2037 192 192 5.125% Senior notes due 2042 250 250 4.3% Senior notes due 2043 250 250 6.65% Senior debentures due 2024 41 122 7.6% Senior debentures due 2025 24 24 6.79% Senior debentures due 2027 71 71 7.0% Senior debentures due 2028 105 105 6.7% Senior debentures due 2028 29 103 6.9% Senior debentures due 2029 79 79 8.75% Senior debentures due 2029 — 13 7.875% Senior debentures due 2030 5 10 6.9% Senior debentures due 2032 12 17 6.7% Senior debentures due 2034 18 201 Unamortized debt issue costs and discount (77 ) (20 ) Premium on acquired debt, using an effective interest yield of 5.760% to 7.144% 30 34 $ 4,407 $ 3,621 |
Schedule of Interest Expense and Losses on Early Retirement of Debt | Interest 2020 2019 2018 (millions) Interest on debt $ 273 $ 211 $ 269 Amortization of debt premium (4 ) (5 ) (7 ) Amortization of financing costs and debt discount 23 6 7 Interest on capitalized leases 1 2 2 293 214 271 Less interest capitalized on construction 9 9 10 Interest expense $ 284 $ 205 $ 261 Losses on early retirement of debt $ — $ 30 $ 33 |
Future Maturities of Long-term Debt | Future (millions) Fiscal year 2022 $ — 2023 850 2024 622 2025 1,324 2026 — After 2026 1,658 |
Detail of Debt Repayments | The following table shows the detail of debt repayments: 2020 2019 2018 (millions) 3.45% Senior notes due 2021 $ 500 $ — $ — 6.9% Senior debentures due 2029 — 113 204 4.5% Senior notes due 2034 — — 183 7.0% Senior debentures due 2028 — 12 182 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 6.7% Senior debentures due 2028 — — 94 6.79% Senior debentures due 2027 — — 94 6.375% Senior notes due 2037 — — 77 6.7% Senior debentures due 2034 — — 63 6.9% Senior debentures due 2032 — — 15 8.75% Senior debentures due 2029 — — 5 7.875% Senior debentures due 2030 — — 2 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 10.25% Senior debentures due 2021 33 — — Revolving credit facility 1,500 — — Other obligations — — 1 $ 2,039 $ 567 $ 1,101 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Liabilities (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Schedule of Accrued Liabilities | January 30, February 1, 2021 2020 (millions) Accounts payable $ 878 $ 977 Gift cards and customer rewards 616 839 Lease related liabilities 285 399 Taxes other than income taxes 265 145 Accrued wages and vacation 201 194 Allowance for future sales returns 159 213 Current portion of post employment and postretirement benefits 142 180 Current portion of workers’ compensation and general liability reserves 97 105 Accrued interest 54 41 Restructuring accruals, including severance 27 113 Other 203 242 $ 2,927 $ 3,448 |
Changes In Workers Compensation And General Liability Reserve Including Current Portion Table Text Block | Changes 2020 2019 2018 (millions) Balance, beginning of year $ 462 $ 487 $ 497 Charged to costs and expenses 88 120 130 Payments, net of recoveries (134 ) (145 ) (140 ) Balance, end of year $ 416 $ 462 $ 487 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Taxes Payable Current And Noncurrent [Abstract] | |
Schedule of Income Tax Expense (Benefit) | Income 2020 2019 2018 Current Deferred Total Current Deferred Total Current Deferred Total (millions) Federal $ (520 ) $ (179 ) $ (699 ) $ 137 $ 4 $ 141 $ 156 $ 79 $ 235 State and local 1 (148 ) (147 ) 33 (10 ) 23 54 33 87 $ (519 ) $ (327 ) $ (846 ) $ 170 $ (6 ) $ 164 $ 210 $ 112 $ 322 |
Schedule of Effective Income Tax Reconciliation | The difference effects 2020 2019 2018 (millions) Expected tax $ (1,006 ) $ 153 $ 300 State and local income taxes, net of federal income taxes (140 ) 13 59 CARES Act carryback benefit (205 ) — — Goodwill impact 492 — — Federal tax reform deferred tax remeasurement — — (17 ) Tax impact of equity awards 8 1 — Federal tax credits (5 ) (3 ) (16 ) Change in valuation allowance 24 5 10 Other (14 ) (5 ) (14 ) $ (846 ) $ 164 $ 322 |
Schedule of Deferred Tax Assets and Liabilities | The effects differences January 30, February 1, 2021 2020 (millions) Deferred tax assets Post employment and postretirement benefits $ 126 $ 210 Accrued liabilities accounted for on a cash basis for tax purposes 103 165 Lease liabilities 937 864 Unrecognized state tax benefits and accrued interest 39 40 State operating loss and credit carryforwards 194 102 Other 95 110 Valuation allowance (104 ) (80 ) Total deferred tax assets 1,390 1,411 Deferred tax liabilities Excess of book basis over tax basis of property and equipment (937 ) (988 ) Right of use assets (766 ) (707 ) Merchandise inventories (300 ) (365 ) Intangible assets (115 ) (309 ) Other (180 ) (211 ) Total deferred tax liabilities (2,298 ) (2,580 ) Net deferred tax liability $ (908 ) $ (1,169 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | A January 30, February 1, February 2, 2021 2020 2019 (millions) Balance, beginning of year $ 133 $ 149 $ 140 Additions based on tax positions related to the current year 9 18 17 Additions for tax positions of prior years — 11 13 Reductions for tax positions of prior years (13 ) (20 ) (12 ) Settlements (4 ) (16 ) — Statute expirations (12 ) (9 ) (9 ) Balance, end of year $ 113 $ 133 $ 149 Amounts recognized in the Consolidated Balance Sheets Current income taxes $ 6 $ 12 $ 28 Deferred income taxes 3 4 4 Other liabilities (a) 104 117 117 $ 113 $ 133 $ 149 (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 January 30, February 1, 2021 2020 (millions) Amount of unrecognized tax benefits, net of deferred tax assets, that if recognized would affect the effective tax rate $ 90 $ 106 Accrued federal, state and local interest and penalties 60 60 Amounts recognized in the Consolidated Balance Sheets Current income taxes 3 4 Other liabilities 57 56 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Schedule of Costs of Retirement Plans | Retirement charges, 2020 2019 2018 (millions) 401(k) Qualified Defined Contribution Plan $ 68 $ 96 $ 96 Non-Qualified Defined Contribution Plan 1 2 1 Pension Plan (73 ) (54 ) (64 ) Supplementary Retirement Plan 26 30 31 $ 22 $ 74 $ 64 |
Pension Plan [Member] | |
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan | The 2020 2019 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 3,321 $ 3,011 Service cost 4 5 Interest cost 66 103 Actuarial loss 12 463 Benefits paid (373 ) (261 ) Projected benefit obligation, end of year 3,030 3,321 Changes in plan assets Fair value of plan assets, beginning of year 3,359 3,018 Actual return on plan assets 373 602 Company contributions — — Benefits paid (373 ) (261 ) Fair value of plan assets, end of year 3,359 3,359 Funded status at end of year $ 329 $ 38 Amounts recognized in the Consolidated Balance Sheets at January 30, 2021 and February 1, 2020 Other assets $ 329 $ 38 Amounts recognized in accumulated other comprehensive loss at January 30, 2021 and February 1, 2020 Net actuarial loss $ 794 $ 1,086 |
Schedule of Net Periodic Benefit Costs | Net charges 2020 2019 2018 (millions) Net Periodic Pension Cost Service cost $ 4 $ 5 $ 5 Interest cost 66 103 109 Expected return on assets (183 ) (191 ) (206 ) Amortization of net actuarial loss 40 29 28 Amortization of prior service credit — — — (73 ) (54 ) (64 ) Settlement charges 74 45 78 Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Loss Net actuarial (gain) loss (178 ) 51 223 Amortization of net actuarial loss (40 ) (29 ) (28 ) Settlement charges (74 ) (45 ) (78 ) (292 ) (23 ) 117 Total recognized $ (291 ) $ (32 ) $ 131 |
Weighted Average Assumptions | The 2020 2019 Discount rate 2.43 % 2.83 % Rate of compensation increases 3.45 % 3.25 % Cash balance plan interest crediting rate 5.00 % 5.00 % The 2020 2019 2018 Discount rate used to measure service cost 2.35% - 2.96% 4.09 % 3.77% - 4.46% Discount rate used to measure interest cost 1.65% - 2.46% 3.67 % 3.39% - 4.06% Expected long-term return on plan assets 6.25 % 6.50 % 6.75 % Rate of compensation increases 3.25 % 4.00 % 4.00 % Cash balance plan interest crediting rate 5.00 % 5.00 % 5.00 % |
Fair Values of Plan Assets | The fair Fair Value Measurements Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) (millions) Short term investments $ 3 $ — $ 3 $ — Money market funds 136 136 — — Equity securities: U.S. pooled funds 356 356 — — International pooled funds (a) 333 37 — — Fixed income securities: U.S. Treasury bonds 270 — 270 — Other Government bonds 63 — 63 — Corporate bonds 1,609 — 1,609 — Mortgage-backed securities 11 — 11 — Asset-backed securities 1 — 1 — Pooled funds 271 271 — — Other types of investments: Real estate (a) 31 — — — Private equity (a) 160 — — — Derivatives in a positive position 8 — 8 — Derivatives in a negative position (4 ) (4 ) — — Total $ 3,248 $ 796 $ 1,965 $ — (a) hierarchy. The Fair Value Measurements Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (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 hierarchy. |
Estimated Future Benefit Payments | The (millions) Fiscal year 2021 $ 298 2022 250 2023 236 2024 223 2025 210 2026-2030 896 |
Supplemental Employee Retirement Plan | |
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan | The 2020 2019 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 681 $ 644 Service cost — — Interest cost 14 21 Actuarial loss 42 87 Benefits paid (64 ) (71 ) Projected benefit obligation, end of year 673 681 Change in plan assets Fair value of plan assets, beginning of year — — Company contributions 64 71 Benefits paid (64 ) (71 ) Fair value of plan assets, end of year — — Funded status at end of year $ (673 ) $ (681 ) Amounts recognized in the Consolidated Balance Sheets at January 30, 2021 and February 1, 2020 Accounts payable and accrued liabilities $ (49 ) $ (55 ) Other liabilities (624 ) (626 ) $ (673 ) $ (681 ) Amounts recognized in accumulated other comprehensive loss at January 30, 2021 and February 1, 2020 Net actuarial loss $ 301 $ 283 Prior service cost 6 6 $ 307 $ 289 |
Schedule of Net Periodic Benefit Costs | Net charges 2020 2019 2018 (millions) Net Periodic Pension Cost Service cost $ — $ — $ — Interest cost 14 21 23 Amortization of net actuarial loss 12 9 7 Amortization of prior service cost — — 1 26 30 31 Settlement charges 10 13 10 Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Loss Net actuarial loss (gain) 40 87 (9 ) Amortization of net actuarial loss (12 ) (9 ) (7 ) Amortization of prior service cost — — (1 ) Settlement charges (10 ) (13 ) (10 ) 18 65 (27 ) Total recognized $ 54 $ 108 $ 14 |
Weighted Average Assumptions | The 2020 2019 Discount rate 2.51 % 2.89 % The 2020 2019 2018 Discount rate used to measure interest cost 1.65% - 2.44% 2.65% - 3.69% 3.39% - 4.09% |
Estimated Future Benefit Payments | The (millions) Fiscal year 2021 $ 49 2022 49 2023 47 2024 44 2025 44 2026-2030 200 |
Postretirement Health Care an_2
Postretirement Health Care and Life Insurance Benefits (Tables) - Other Postretirement Benefits Plan [Member] | 12 Months Ended |
Jan. 30, 2021 | |
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan | The 2020 2019 (millions) Change in accumulated postretirement benefit obligation Accumulated postretirement benefit obligation, beginning of year $ 133 $ 137 Service cost — — Interest cost 2 5 Actuarial loss (gain) (6 ) 5 Medicare Part D subsidy — — Benefits paid (10 ) (14 ) Accumulated postretirement benefit obligation, end of year 119 133 Change in plan assets Fair value of plan assets, beginning of year — — Company contributions 10 14 Benefits paid (10 ) (14 ) Fair value of plan assets, end of year — — Funded status at end of year $ (119 ) $ (133 ) Amounts recognized in the Consolidated Balance Sheets at January 30, 2021 and February 1, 2020 Accounts payable and accrued liabilities $ (13 ) $ (14 ) Other liabilities (106 ) (119 ) $ (119 ) $ (133 ) Amounts recognized in accumulated other comprehensive loss at January 30, 2021 and February 1, 2020 Net actuarial gain $ (32 ) $ (30 ) Prior service credit (7 ) (8 ) $ (39 ) $ (38 ) |
Schedule of Net Periodic Benefit Costs | Net 2020 2019 2018 (millions) Net Periodic Postretirement Benefit Cost Service cost $ — $ — $ — Interest cost 2 5 5 Amortization of net actuarial gain (4 ) (6 ) (5 ) Amortization of prior service credit (1 ) (1 ) (1 ) (3 ) (2 ) (1 ) Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Loss Net actuarial loss (gain) (6 ) 5 (11 ) Amortization of net actuarial gain 4 6 5 Amortization of prior service credit 1 1 1 Prior service credit — — — (1 ) 12 (5 ) Total recognized $ (4 ) $ 10 $ (6 ) |
Weighted Average Assumptions | The 2020 2019 Discount rate 2.32 % 2.81 % The 2020 2019 2018 Discount rate used to measure interest cost 2.30 % 3.57 % 3.28 % |
Schedule of Health Care Cost Trend Rates | The Company’s 2020 2019 Health care cost trend rates assumed for next year 4.9% - 8.0% 5.25% - 8.63% 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 2029 2027 |
Estimated Future Benefit Payments | The Expected Benefit Payments (millions) Fiscal Year 2021 $ 13 2022 12 2023 11 2024 10 2025 9 2026-2030 36 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Components of Stock Based Compensation Expense | Stock-based 2020 2019 2018 (millions) Stock options $ 8 $ 15 $ 24 Restricted stock units 23 23 39 $ 31 $ 38 $ 63 |
Weighted Average Assumption Used To Estimate Fair Value of Stock Options | There were no grants of stock options during 2020. The 2019 2018 Weighted average grant date fair value of stock options granted during the period $ 5.11 $ 7.43 Dividend yield 6.3 % 5.2 % Expected volatility 40.6 % 41.1 % Risk-free interest rate 2.4 % 2.7 % Expected life 5.5 years 5.6 years |
Schedule of Stock Option Activity | Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (thousands) (years) (millions) Outstanding, beginning of period 18,499 $ 39.77 Granted — — Canceled or forfeited (2,154 ) 32.84 Exercised — — Outstanding, end of period 16,345 $ 40.69 Exercisable, end of period 14,357 $ 42.74 3.6 $ — Options expected to vest 1,371 $ 25.84 7.4 $ — |
Additional Information Relating to Stock Options | Additional 2020 2019 2018 (millions) Intrinsic value of options exercised $ — $ 10 $ 27 Cash received from stock options exercised — 6 45 |
Restricted Stock Units [Member] | |
Activity Related to Restricted Stock and Restricted Stock Units | The 2020 2019 2018 Restricted stock units (performance-based) $ 6.24 $ 24.28 $ 30.64 Restricted stock units (time-based) 6.96 17.81 25.57 |
Schedule of Nonvested Restricted Stock Units Activity | Activity Weighted Average Grant Date Shares Fair Value (thousands) Nonvested, beginning of period 4,747 $ 23.37 Granted – performance-based 1,553 6.24 Performance adjustment (508 ) 30.48 Granted – time-based 6,216 6.96 Forfeited (830 ) 21.43 Vested (1,426 ) 23.54 Nonvested, end of period 9,752 $ 9.95 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Changes in the Company's Common Stock Issued and Outstanding | Changes Company’s Company’s treasury, Treasury Stock Common Stock Issued Deferred Compensation Plans Other Total Common Stock Outstanding (thousands) 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 Stock issued under stock plans (127 ) 1,577 1,450 1,450 Stock repurchases (79 ) (79 ) (79 ) Deferred compensation plan distributions 98 98 98 Balance at January 30, 2021 333,606 (931 ) (22,175 ) (23,106 ) 310,500 |
Fair Value Measurements and C_2
Fair Value Measurements and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Fair Value By Fair Value Hierarchy Level Extensible List [Abstract] | |
Fair Value of Plan Assets Measured on a Recurring Basis | The Compa January 30, 2021 February 1, 2020 Fair Value Measurements Fair Value Measurements Quoted Prices Quoted Prices Total in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Marketable equity and debt securities $ 100 $ 37 $ 63 $ — $ 132 $ 34 $ 98 $ — |
Estimated Fair Values of Company's Long Term Debt | The Company’s January 30, 2021 February 1, 2020 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 4,454 $ 4,407 $ 4,320 $ 3,607 $ 3,621 3,702 |
Fair Value Measurements, Nonrecurring Basis | The Company’s January 30, 2021 February 1, 2020 Fair Value Measurements Fair Value Measurements Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Long-lived assets $ 95 $ — $ — $ 95 $ 129 $ — $ — $ 129 Goodwill 828 — — 828 — — — — |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings (Loss) Per Share | The (loss) 2020 2019 2018 Net Loss Shares Net Income Shares Net Income Shares (millions, except per share data) Net income (loss) attributable to Macy's, Inc. Shareholders and average number of shares outstanding $ (3,944 ) 310.2 $ 564 308.8 $ 1,108 306.8 Shares to be issued under deferred compensation and other plans — 1 — 0.9 — 0.9 $ (3,944 ) 311.1 $ 564 309.7 $ 1,108 307.7 Basic earnings (loss) per share attributable to Macy's,Inc. shareholders $ (12.68 ) $ 1.82 $ 3.60 Effect of dilutive securities: Stock options and restricted stock units — — — 1.7 — 3.7 $ (3,944 ) 311.1 $ 564 311.4 $ 1,108 311.4 Diluted earnings (loss) per share attributable to Macy's, Inc. shareholders $ (12.68 ) $ 1.81 $ 3.56 |
Quarterly Results (unaudited) (
Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Results for the Last Two Years | Unaudited First Quarter Second Quarter Third Quarter Fourth Quarter (millions, except per share data) 2020: Net sales $ 3,017 $ 3,559 $ 3,990 $ 6,780 Credit card revenues, net 131 168 195 258 Cost of sales (2,501 ) (2,718 ) (2,569 ) (4,498 ) Selling, general and administrative expenses (1,598 ) (1,398 ) (1,726 ) (2,045 ) Gains on sale of real estate 16 — 3 40 Restructuring, impairment, store closing and other costs (3,184 ) (242 ) (20 ) (134 ) Benefit plan income, net 9 12 16 17 Settlement charges — (38 ) (26 ) (19 ) Net income (loss) (3,581 ) (431 ) (91 ) 160 Basic earnings (loss) per share (11.53 ) (1.39 ) (0.29 ) 0.51 Diluted earnings (loss) per share (11.53 ) (1.39 ) (0.29 ) 0.50 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 136 86 2 340 Basic earnings per share 0.44 0.28 0.01 1.10 Diluted earnings per share 0.44 0.28 0.01 1.09 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | |
Jan. 30, 2021USD ($)StateSegment | Feb. 01, 2020USD ($) | |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Number of states in which entity operates | State | 43 | |
Number of reportable segments | Segment | 1 | |
Receivables | $ 276 | $ 409 |
Buildings and Building Equipment [Member] | Minimum [Member] | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life in years | 15 years | |
Buildings and Building Equipment [Member] | Maximum [Member] | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life in years | 50 years | |
Fixtures and Equipment [Member] | Minimum [Member] | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life in years | 3 years | |
Fixtures and Equipment [Member] | Maximum [Member] | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life in years | 15 years | |
Software and Software Development [Member] | Minimum [Member] | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life in years | 4 years | |
Software and Software Development [Member] | Maximum [Member] | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life in years | 5 years | |
Cash and Cash Equivalents [Member] | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Credit card sales transactions settled early | $ 92 | $ 118 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies (Summary of Advertising and Promotional Costs and Cooperative Advertising Allowances) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||
Gross advertising and promotional costs | $ 907 | $ 1,330 | $ 1,358 | ||||||||
Cooperative advertising allowances | 89 | 188 | 196 | ||||||||
Advertising and promotional costs, net of cooperative advertising allowances | 818 | 1,142 | 1,162 | ||||||||
Net sales | $ 6,780 | $ 3,990 | $ 3,559 | $ 3,017 | $ 8,337 | $ 5,173 | $ 5,546 | $ 5,504 | $ 17,346 | $ 24,560 | $ 24,971 |
Advertising and promotional costs, net of cooperative advertising allowances, as a percent to net sales | 4.70% | 4.60% | 4.70% |
Impact of COVID-19 (Details)
Impact of COVID-19 (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)employee | Aug. 01, 2020USD ($) | Jan. 30, 2021USD ($) | |
Unusual Or Infrequent Item [Line Items] | |||
Total financing activities, COVID-19 | $ 4,500 | ||
Notes subject to exchange and consent offer | $ 465 | ||
Headcount reduction, COVID-19 | employee | 3,900 | ||
Restructuring expense, COVID-19 | $ 154 | ||
Tax carryback rate, COVID-19 | 35.00% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Income tax receivable, COVID-19 | $ 520 | ||
Employee retention payroll tax credits, COVID-19 | 60 | ||
Deferred Employer Portion of Social Security Taxes, COVID-19 | 134 | ||
Revolving Credit Facility [Member] | |||
Unusual Or Infrequent Item [Line Items] | |||
Proceeds from Lines of Credit | $ 1,500 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 27, 2021 | Feb. 03, 2018 | |
Net sales | $ 6,780 | $ 3,990 | $ 3,559 | $ 3,017 | $ 8,337 | $ 5,173 | $ 5,546 | $ 5,504 | $ 17,346 | $ 24,560 | $ 24,971 | ||
Contract with Customer, Liability, Current | 616 | 839 | $ 616 | $ 839 | $ 856 | $ 906 | |||||||
Macy's sales to total Company sales | 89.00% | 88.00% | 89.00% | ||||||||||
Percentage of digital sales | 44.00% | 25.00% | 23.00% | ||||||||||
Contract with Customer, Refund Liability | 159 | 213 | $ 159 | $ 213 | |||||||||
Contract with Customer, Right to Recover Product | 103 | 147 | 103 | 147 | |||||||||
Breakage income related to changes in breakage rate estimates | 30 | $ 40 | |||||||||||
Credit card revenues, net | $ 258 | $ 195 | $ 168 | $ 131 | $ 239 | $ 183 | $ 176 | $ 172 | 751 | 771 | 768 | ||
Amount Received Under Agreement | $ 882 | $ 985 | $ 966 | ||||||||||
Minimum [Member] | |||||||||||||
Sales decrease benchmark percentage | 34.00% | ||||||||||||
Minimum [Member] | Subsequent Event [Member] | |||||||||||||
Sales decrease percentage | 34.00% | ||||||||||||
Credit Card Intermediary [Member] | |||||||||||||
Agreement Renewal Option Number of Years | 3 years |
Revenue (Sales From Merchandise
Revenue (Sales From Merchandise Category) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Net sales | $ 6,780 | $ 3,990 | $ 3,559 | $ 3,017 | $ 8,337 | $ 5,173 | $ 5,546 | $ 5,504 | $ 17,346 | $ 24,560 | $ 24,971 |
Women's Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances [Member] | |||||||||||
Net sales | 7,206 | 9,454 | 9,457 | ||||||||
Women's Apparel [Member] | |||||||||||
Net sales | 2,909 | 5,411 | 5,642 | ||||||||
Men's and Kids' [Member] | |||||||||||
Net sales | 3,486 | 5,628 | 5,699 | ||||||||
Home/Other [Member] | |||||||||||
Net sales | $ 3,745 | $ 4,067 | $ 4,173 |
Revenue (Changes in the Liabili
Revenue (Changes in the Liability for Unredeemed Gift Cards and Customer Loyalty Program) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Revenue From Contract With Customer [Abstract] | |||
Balance, beginning of year | $ 839 | $ 856 | $ 906 |
Liabilities issued but not redeemed | 262 | 554 | 570 |
Revenue recognized from beginning liability | (485) | (571) | (620) |
Balance, end of year | $ 616 | $ 839 | $ 856 |
Restructuring, Impairment, St_3
Restructuring, Impairment, Store Closing and Other Costs - Schedule of Restructuring, Impairment, Store Closing and Other Costs (Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 | |
Restructuring Costs And Asset Impairment Charges [Abstract] | ||||||||||||
Asset Impairments | $ 3,280 | $ 197 | $ 64 | |||||||||
Restructuring | 224 | 123 | 80 | $ 80 | ||||||||
Other | 75 | 34 | (8) | |||||||||
Total | $ 134 | $ 20 | $ 242 | $ 3,184 | $ 337 | $ 13 | $ 2 | $ 1 | $ 3,579 | $ 354 | $ 136 |
Restructuring, Impairment, St_4
Restructuring, Impairment, Store Closing and Other Costs - Narrative (Details) $ in Millions | Feb. 04, 2020Store | Aug. 01, 2020USD ($) | May 02, 2020USD ($) | Jan. 30, 2021USD ($)Store | Feb. 01, 2020USD ($)Store | Feb. 02, 2019USD ($)Store | Feb. 03, 2018USD ($) |
Restructuring Cost And Reserve [Line Items] | |||||||
Asset Impairments | $ 3,280 | $ 197 | $ 64 | ||||
Goodwill impairment, COVID-19 | 3,080 | ||||||
Tangible Asset Impairment, COVID-19 | $ 200 | ||||||
Restructuring expense, COVID-19 | $ 154 | ||||||
Number of stores closed | Store | 37 | 30 | 10 | ||||
Planned store closings | Store | 125 | ||||||
Restructuring | $ 224 | $ 123 | $ 80 | $ 80 | |||
Macy's Reporting Unit | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Goodwill impairment, COVID-19 | $ 2,982 | 2,982 | |||||
Bluemercury Reporting Unit | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Goodwill impairment, COVID-19 | $ 98 | $ 98 |
Restructuring, Impairment, St_5
Restructuring, Impairment, Store Closing and Other Costs - Summary of Restructuring and Other Cash Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Restructuring Cost And Reserve [Line Items] | |||
Beginning Balance | $ 113 | ||
Additions charged to expense | 75 | $ 34 | $ (8) |
Ending Balance | 27 | 113 | |
Polaris Strategy | |||
Restructuring Cost And Reserve [Line Items] | |||
Beginning Balance | 124 | 0 | |
Additions charged to expense | 72 | 157 | |
Cash payments | (180) | (33) | |
Ending Balance | 16 | 124 | 0 |
Polaris Strategy | Employee Severance | |||
Restructuring Cost And Reserve [Line Items] | |||
Beginning Balance | 115 | 0 | |
Additions charged to expense | 55 | 121 | |
Cash payments | (156) | (6) | |
Ending Balance | 14 | 115 | 0 |
Polaris Strategy | Other Restructuring | |||
Restructuring Cost And Reserve [Line Items] | |||
Beginning Balance | 9 | 0 | |
Additions charged to expense | 17 | 36 | |
Cash payments | (24) | (27) | |
Ending Balance | $ 2 | $ 9 | $ 0 |
Properties and Leases (Property
Properties and Leases (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 1,390 | $ 1,436 |
Fixtures and equipment | 4,032 | 4,402 |
Property, plant and equipment, gross | 10,340 | 11,025 |
Less accumulated depreciation and amortization | 4,400 | 4,392 |
Property, plant and equipment, net | 5,940 | 6,633 |
Buildings on Owned Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and Improvements, Gross | 3,650 | 3,822 |
Property Subject to Operating Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and Improvements, Gross | $ 1,268 | $ 1,365 |
Properties and Leases (Narrativ
Properties and Leases (Narrative) (Details) $ in Millions | 12 Months Ended |
Jan. 30, 2021USD ($) | |
Guarantee Obligations [Line Items] | |
Minimum operating period of some stores | 15 years |
Property Lease Guarantee [Member] | |
Guarantee Obligations [Line Items] | |
Potential lease extension date of divested business | 2070 |
Future minimum lease payments | $ 211 |
Properties and Leases Property
Properties and Leases Property and Leases (Right of Use Asset and Liabilities) (Details) (Details) - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 |
Right Of Use Assets And Liabilities Details [Abstract] | ||
Finance Lease, Right-of-Use Asset | $ 12 | $ 13 |
Operating Lease, Right-of-Use Asset | 2,866 | 2,655 |
Total Right of Use Asset | 2,878 | 2,668 |
Finance Lease, Liability, Current | 2 | 2 |
Operating Lease, Liability, Current | $ 198 | $ 331 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities |
Finance Lease, Liability, Noncurrent | $ 19 | $ 21 |
Operating Lease, Liability, Noncurrent | $ 3,166 | $ 2,897 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-Term Lease Liabilities | Long-Term Lease Liabilities |
Total lease liabilities | $ 3,385 | $ 3,251 |
Accumulated Amortization, Finance Leases | 13 | 12 |
Finance Lease Liability, non-lease component noncurrent | 2 | 2 |
Finance Lease Asset, Non-Lease Component | 2 | 2 |
Operating Lease Asset, Non-Lease Component | 383 | 403 |
Operating Lease Liability, Non-Lease Component, Current | 35 | 36 |
Operating Lease Liability, Non-Lease Component, Non-Current | $ 384 | $ 397 |
Properties and Leases (Rental E
Properties and Leases (Rental Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Property Plant And Equipment And Leases Of Lessee [Abstract] | |||
Operating Lease, Expense, Non-Lease Component | $ 87 | $ 83 | |
Operating Lease, Cost | 376 | 364 | |
Variable Lease, Cost | 45 | 54 | |
Operating Lease, Expense | 421 | 418 | |
Sublease Income | (1) | (2) | |
Lease, Cost | 420 | 416 | |
Personal property – Operating leases | $ 7 | $ 8 | $ 9 |
Minimum rentals, Operating leases | 317 | ||
Contingent rentals, Operating leases | 11 | ||
Lease and rental expense, Gross | 328 | ||
Operating leases, less income from subleases | (1) | ||
Lease and Rental Expense | $ 327 |
Properties and Leases (Lease Li
Properties and Leases (Lease Liability Maturity Table) (Details) - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2021 | $ 3 | |
2022 | 3 | |
2023 | 3 | |
2024 | 3 | |
2025 | 3 | |
After 2025 | 16 | |
Total lease payments, Finance | 31 | |
Less amount representing interest, Finance | 10 | |
Finance Lease, Liability | 21 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2021 | 239 | |
2022 | 350 | |
2023 | 344 | |
2024 | 334 | |
2025 | 329 | |
After 2025 | 5,443 | |
Total lease payments, Operating | 7,039 | |
Less amount representing interest, Operating | 3,675 | |
Operating Lease, Liability | 3,364 | |
Total Lease Liabilities, Payments Due [Abstract] | ||
2021 | 242 | |
2022 | 353 | |
2023 | 347 | |
2024 | 337 | |
2025 | 332 | |
After 2025 | 5,459 | |
Total lease payments, Finance and Operating | 7,070 | |
Less amount representing interest, Finance and Operating | 3,685 | |
Total lease liabilities | 3,385 | $ 3,251 |
Lessee, Operating Lease, Option to Extend, Reasonably Certain | 3,063 | |
Lessee, Operating Lease, Lease Not Yet Commenced, Liability Incurred | 2 | |
Operating Lease, Payment, Non-Lease Component | 1,151 | |
Operating Lease, Payment, Non-Lease Component, Option to Extend, Reasonably Certain | $ 840 |
Properties and Leases Propert_2
Properties and Leases Property and Leases (Additional Information Regarding Assumptions) (Details) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Property And Leases Supplemental Information On Assumptions [Abstract] | ||
Finance Lease, Weighted Average Remaining Lease Term | 12 years 1 month 6 days | 12 years 8 months 12 days |
Operating Lease, Weighted Average Remaining Lease Term | 22 years 4 months 24 days | 23 years 3 months 18 days |
Finance Lease, Weighted Average Discount Rate, Percent | 6.70% | 6.69% |
Operating Lease, Weighted Average Discount Rate, Percent | 6.32% | 6.53% |
Operating Lease, Payments | $ 521 | $ 363 |
Finance Lease, Interest Payment on Liability | 4 | 2 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 430 | $ 216 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Company's Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 |
Finite And Indefinite Lived Intangible Asset [Line Items] | ||
Goodwill | $ 9,290 | $ 9,290 |
Accumulated impairment losses | (8,462) | (5,382) |
Net goodwill, Non-amortizing intangible assets | 828 | 3,908 |
Tradenames | 403 | 403 |
Net non-amortizing intangible assets | 1,231 | 4,311 |
Favorable leases and other contractual assets | 5 | 5 |
Finite-lived tradenames, gross | 43 | 43 |
Amortizing intangible assets, gross | 48 | 48 |
Accumulated amortization | (14) | (12) |
Net amortizing intangible assets | 34 | 36 |
Capitalized Computer Software, Gross | 1,136 | 1,262 |
Capitalized Computer Software, Accumulated Amortization | (645) | (620) |
Capitalized Computer Software, Net | 491 | 642 |
Finite-Lived Intangible Assets [Member] | ||
Finite And Indefinite Lived Intangible Asset [Line Items] | ||
Accumulated amortization | (1) | (1) |
Tradenames [Member] | ||
Finite And Indefinite Lived Intangible Asset [Line Items] | ||
Accumulated amortization | $ (13) | $ (11) |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
May 02, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Finite And Indefinite Lived Intangible Asset [Line Items] | ||||
Goodwill impairment, COVID-19 | $ 3,080 | |||
Intangible amortization expense | 2 | $ 3 | $ 10 | |
Capitalized Computer Software, Amortization | 268 | 285 | $ 296 | |
Capitalized Computer Software, Gross | $ 1,136 | $ 1,262 | ||
Tradenames [Member] | ||||
Finite And Indefinite Lived Intangible Asset [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |||
Computer Software, Intangible Asset [Member] | ||||
Finite And Indefinite Lived Intangible Asset [Line Items] | ||||
Capitalized Computer Software, Gross | $ 65 | |||
Macy's Reporting Unit | ||||
Finite And Indefinite Lived Intangible Asset [Line Items] | ||||
Goodwill impairment, COVID-19 | $ 2,982 | 2,982 | ||
Bluemercury Reporting Unit | ||||
Finite And Indefinite Lived Intangible Asset [Line Items] | ||||
Goodwill impairment, COVID-19 | $ 98 | $ 98 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Future Estimated Intangible Amortization Expense (Details) $ in Millions | Jan. 30, 2021USD ($) |
Finite Lived Intangible Assets [Line Items] | |
2021 | $ 2 |
2022 | 2 |
2023 | 2 |
2024 | 2 |
2025 | 2 |
Computer Software, Intangible Asset [Member] | |
Finite Lived Intangible Assets [Line Items] | |
2021 | 214 |
2022 | 132 |
2023 | 63 |
2024 | 17 |
2025 | $ 0 |
Financing (Schedule of Company
Financing (Schedule of Company Debt) (Details) - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 |
Short-term Debt | $ 452 | $ 539 | |
Unamortized debt issue costs and discount | (77) | (20) | |
3.875% Senior notes due 2022 [Member] | |||
Short-term Debt | $ 450 | $ 0 | |
Debt instrument interest rate, stated percentage | 3.875% | 3.875% | |
3.45% senior notes due 2021 [Member] | |||
Short-term Debt | $ 0 | $ 500 | |
Debt instrument interest rate, stated percentage | 3.45% | 3.45% | |
10.25% Senior Debentures Due 2021 [Member] | |||
Short-term Debt | $ 0 | $ 33 | |
Debt instrument interest rate, stated percentage | 10.25% | 10.25% | |
Current portion of other long-term obligations [Member] | |||
Short-term Debt | $ 2 | $ 6 | |
8.375% Senior secured notes due 2025 [Member] | |||
Debt instrument, principal outstanding | $ 1,300 | $ 0 | |
Debt instrument interest rate, stated percentage | 8.375% | 8.375% | |
6.65% Senior secured debentures due 2024 [Member] | |||
Debt instrument, principal outstanding | $ 81 | $ 0 | |
Debt instrument interest rate, stated percentage | 6.65% | 6.65% | |
6.7% Senior secured debentures due 2028 [Member] | |||
Debt instrument, principal outstanding | $ 74 | $ 0 | |
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | |
8.75% Senior secured debentures due 2029 [Member] | |||
Debt instrument, principal outstanding | $ 13 | $ 0 | |
Debt instrument interest rate, stated percentage | 8.75% | 8.75% | |
7.875% Senior secured debentures due 2030 [Member] | |||
Debt instrument, principal outstanding | $ 5 | $ 0 | |
Debt instrument interest rate, stated percentage | 7.875% | 7.875% | |
6.9% Senior secured debentures due 2032 [Member] | |||
Debt instrument, principal outstanding | $ 5 | $ 0 | |
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | |
6.7% Senior secured debentures due 2034 [Member] | |||
Debt instrument, principal outstanding | $ 183 | $ 0 | |
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | |
9.5% Amortizing Debentures Due 2021 [Member] | |||
Debt instrument, principal outstanding | $ 0 | $ 2 | |
Debt instrument interest rate, stated percentage | 9.50% | 9.50% | |
9.75% Amortizing Debentures Due 2021 [Member] | |||
Debt instrument, principal outstanding | $ 0 | $ 1 | |
Debt instrument interest rate, stated percentage | 9.75% | 9.75% | |
3.875% Senior notes due 2022 [Member] | |||
Debt instrument, principal outstanding | $ 0 | $ 450 | |
Debt instrument interest rate, stated percentage | 3.875% | 3.875% | |
2.875% Senior notes due 2023 [Member] | |||
Debt instrument, principal outstanding | $ 640 | $ 640 | |
Debt instrument interest rate, stated percentage | 2.875% | 2.875% | |
4.375% Senior notes due 2023 [Member] | |||
Debt instrument, principal outstanding | $ 210 | $ 210 | |
Debt instrument interest rate, stated percentage | 4.375% | 4.375% | |
3.625% senior notes due 2024 [Member] | |||
Debt instrument, principal outstanding | $ 500 | $ 500 | |
Debt instrument interest rate, stated percentage | 3.625% | 3.625% | |
4.5% senior notes due 2034[Member] | |||
Debt instrument, principal outstanding | $ 367 | $ 367 | |
Debt instrument interest rate, stated percentage | 4.50% | 4.50% | |
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% |
5.125% Senior Notes Due 2042 [Member] | |||
Debt instrument, principal outstanding | $ 250 | $ 250 | |
Debt instrument interest rate, stated percentage | 5.125% | 5.125% | |
4.3% Senior notes due 2043 [Member] | |||
Debt instrument, principal outstanding | $ 250 | $ 250 | |
Debt instrument interest rate, stated percentage | 4.30% | 4.30% | |
6.65% senior debentures due 2024 [Member] | |||
Debt instrument, principal outstanding | $ 41 | $ 122 | |
Debt instrument interest rate, stated percentage | 6.65% | 6.65% | 6.65% |
7.6% Senior Debentures Due 2025 [Member] | |||
Debt instrument, principal outstanding | $ 24 | $ 24 | |
Debt instrument interest rate, stated percentage | 7.60% | 7.60% | |
6.79% Senior Debentures Due 2027 [Member] | |||
Debt instrument, principal outstanding | $ 71 | $ 71 | |
Debt instrument interest rate, stated percentage | 6.79% | 6.79% | 6.79% |
7.0% Senior Debentures Due 2028 [Member] | |||
Debt instrument, principal outstanding | $ 105 | $ 105 | |
Debt instrument interest rate, stated percentage | 7.00% | 7.00% | |
6.7% Senior Debentures Due 2028 [Member] | |||
Debt instrument, principal outstanding | $ 29 | $ 103 | |
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | 6.70% |
6.9% senior debentures due 2029 [Member] | |||
Debt instrument, principal outstanding | $ 79 | $ 79 | |
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | 6.90% |
8.75% Senior Debentures Due 2029 [Member] | |||
Debt instrument, principal outstanding | $ 0 | $ 13 | |
Debt instrument interest rate, stated percentage | 8.75% | 8.75% | 8.75% |
7.875% Senior Debentures Due 2030 [Member] | |||
Debt instrument, principal outstanding | $ 5 | $ 10 | |
Debt instrument interest rate, stated percentage | 7.875% | 7.875% | 7.875% |
6.9% Senior Debentures Due 2032 [Member] | |||
Debt instrument, principal outstanding | $ 12 | $ 17 | |
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | 6.90% |
6.7% Senior debentures due 2034 [Member] | |||
Debt instrument, principal outstanding | $ 18 | $ 201 | |
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | 6.70% |
Premium on acquired debt [Member] | |||
Debt Instrument, Unamortized Premium, Noncurrent | $ 30 | $ 34 | |
Entire Long Term Debt [Member] | |||
Debt instrument, principal outstanding | $ 4,407 | $ 3,621 | |
Premium on acquired debt [Member] | Minimum [Member] | |||
Debt instrument interest rate, effective percentage | 5.76% | 5.76% | |
Premium on acquired debt [Member] | Maximum [Member] | |||
Debt instrument interest rate, effective percentage | 7.144% | 7.144% |
Financing (Schedule of Interest
Financing (Schedule of Interest Expense and Losses on Early Retirement of Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Feb. 01, 2020 | Feb. 02, 2019 | Nov. 03, 2018 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Debt Disclosure [Abstract] | ||||||
Interest on debt | $ 273 | $ 211 | $ 269 | |||
Amortization of debt premium | (4) | (5) | (7) | |||
Amortization of financing costs and debt discount | 23 | 6 | 7 | |||
Interest on capitalized leases | 1 | 2 | 2 | |||
Interest expense, gross | 293 | 214 | 271 | |||
Less interest capitalized on construction | 9 | 9 | 10 | |||
Interest expense | 284 | 205 | 261 | |||
Losses on early retirement of debt | $ (30) | $ 28 | $ 5 | $ 0 | $ 30 | $ 33 |
Financing (Narrative) (Details)
Financing (Narrative) (Details) - USD ($) | Mar. 17, 2021 | Jun. 08, 2020 | Aug. 01, 2020 | Feb. 01, 2020 | Feb. 02, 2019 | Nov. 03, 2018 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 |
Line of Credit Facility, Current Borrowing Capacity | $ 1,500,000,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,750,000,000 | ||||||||
Extinguishment of debt | $ 525,000,000 | $ 750,000,000 | $ 344,000,000 | ||||||
Debt Instrument, Repurchase Amount | 553,000,000 | 789,000,000 | 354,000,000 | $ 553,000,000 | $ 789,000,000 | ||||
Losses on early retirement of debt | 30,000,000 | $ (28,000,000) | $ (5,000,000) | $ 0 | (30,000,000) | (33,000,000) | |||
Amount Of Outstanding Debt Repaid At Maturity | $ 533,000,000 | $ 36,000,000 | |||||||
Credit Agreement maturity date | May 9, 2024 | May 6, 2021 | |||||||
Prepaid expenses and other current assets pledged as collateral for debt security | 37,000,000 | $ 37,000,000 | |||||||
Other Standby and Commercial Letters of Credit [Member] | |||||||||
Debt instrument, principal outstanding | 34,000,000 | $ 142,000,000 | 34,000,000 | ||||||
Minimum [Member] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 1,000,000 | ||||||||
New 2024 Notes | |||||||||
Debt instrument interest rate, stated percentage | 6.65% | ||||||||
Debt instrument, principal outstanding | $ 81,000,000 | ||||||||
Old 2024 Notes | |||||||||
Debt instrument interest rate, stated percentage | 6.65% | ||||||||
Debt instrument, principal outstanding | $ 41,000,000 | ||||||||
Debt subject to consent offer | $ 85,000,000 | ||||||||
New 2028 Notes | |||||||||
Debt instrument interest rate, stated percentage | 6.70% | ||||||||
Debt instrument, principal outstanding | $ 74,000,000 | ||||||||
Old 2028 Notes | |||||||||
Debt instrument interest rate, stated percentage | 6.70% | ||||||||
Debt instrument, principal outstanding | $ 29,000,000 | ||||||||
Debt subject to consent offer | $ 77,000,000 | ||||||||
New 2029 Notes | |||||||||
Debt instrument interest rate, stated percentage | 8.75% | ||||||||
Debt instrument, principal outstanding | $ 13,000,000 | ||||||||
Old 2029 Notes | |||||||||
Debt instrument interest rate, stated percentage | 8.75% | ||||||||
Debt subject to consent offer | $ 13,000,000 | ||||||||
New 2030 Notes | |||||||||
Debt instrument interest rate, stated percentage | 7.875% | ||||||||
Debt instrument, principal outstanding | $ 5,000,000 | ||||||||
Old 2030 Notes | |||||||||
Debt instrument interest rate, stated percentage | 7.875% | ||||||||
Debt instrument, principal outstanding | $ 5,000,000 | ||||||||
Debt subject to consent offer | $ 5,000,000 | ||||||||
New 2032 Notes | |||||||||
Debt instrument interest rate, stated percentage | 6.90% | ||||||||
Debt instrument, principal outstanding | $ 5,000,000 | ||||||||
Old 2032 Notes | |||||||||
Debt instrument interest rate, stated percentage | 6.90% | ||||||||
Debt instrument, principal outstanding | $ 12,000,000 | ||||||||
Debt subject to consent offer | $ 6,000,000 | ||||||||
New 2034 Notes | |||||||||
Debt instrument interest rate, stated percentage | 6.70% | ||||||||
Debt instrument, principal outstanding | $ 183,000,000 | ||||||||
Old 2034 Notes | |||||||||
Debt instrument interest rate, stated percentage | 6.70% | ||||||||
Debt instrument, principal outstanding | $ 18,000,000 | ||||||||
Debt subject to consent offer | $ 185,000,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Amount Outstanding Under Credit Facility | 0 | 0 | |||||||
Long-term Line of Credit | $ 0 | 0 | $ 0 | ||||||
Proceeds from Lines of Credit | 1,500,000,000 | ||||||||
Revolving Credit Facility [Member] | April 30, 2021 or After | |||||||||
Percent of loan cap | 10.00% | ||||||||
Availability plus suppressed availability | $ 250,000,000 | ||||||||
Revolving Credit Facility [Member] | Prior to April 30, 2021 | |||||||||
Percent of loan cap | 10.00% | ||||||||
Availability plus suppressed availability | $ 250,000,000 | ||||||||
ABL Borrower | Minimum [Member] | |||||||||
Coverage ratio | 1 | ||||||||
ABL Borrower | Maximum [Member] | |||||||||
Coverage ratio | 1 | ||||||||
ABL Borrower | Revolving Credit Facility [Member] | |||||||||
Additional borrowing capacity available | 750,000,000 | ||||||||
Liquidation percentage | 80.00% | ||||||||
Liquidation percentage, upon satisfaction of certain conditions | 90.00% | ||||||||
ABL Borrower | Revolving Credit Facility [Member] | Minimum [Member] | Prior to Step Down Date | London Interbank Offered Rate (LIBOR) | |||||||||
Basis spread on variable rate | 2.75% | ||||||||
ABL Borrower | Revolving Credit Facility [Member] | Minimum [Member] | Prior to Step Down Date | Base Rate | |||||||||
Basis spread on variable rate | 1.75% | ||||||||
ABL Borrower | Revolving Credit Facility [Member] | Minimum [Member] | After Step Down Date | London Interbank Offered Rate (LIBOR) | |||||||||
Basis spread on variable rate | 2.25% | ||||||||
ABL Borrower | Revolving Credit Facility [Member] | Minimum [Member] | After Step Down Date | Base Rate | |||||||||
Basis spread on variable rate | 1.25% | ||||||||
ABL Borrower | Revolving Credit Facility [Member] | Maximum [Member] | Prior to Step Down Date | London Interbank Offered Rate (LIBOR) | |||||||||
Basis spread on variable rate | 3.00% | ||||||||
ABL Borrower | Revolving Credit Facility [Member] | Maximum [Member] | Prior to Step Down Date | Base Rate | |||||||||
Basis spread on variable rate | 2.00% | ||||||||
ABL Borrower | Revolving Credit Facility [Member] | Maximum [Member] | After Step Down Date | London Interbank Offered Rate (LIBOR) | |||||||||
Basis spread on variable rate | 2.50% | ||||||||
ABL Borrower | Revolving Credit Facility [Member] | Maximum [Member] | After Step Down Date | Base Rate | |||||||||
Basis spread on variable rate | 1.50% | ||||||||
ABL Borrower | Revolving Credit Facility [Member] | Revolving ABL Facility | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,941,000,000 | ||||||||
Letters of Credit Outstanding, Amount | 142,000,000 | ||||||||
Amount Outstanding Under Credit Facility | $ 0 | ||||||||
Senior Notes | |||||||||
Debt instrument, issuance date | Jun. 8, 2020 | ||||||||
Face amount | $ 1,300,000,000 | ||||||||
Debt instrument interest rate, stated percentage | 8.375% | ||||||||
Debt instrument, payment commencing date | Dec. 15, 2020 | ||||||||
Debt instrument, maturity date | Jun. 15, 2025 | ||||||||
Debt instrument, maturity date, description | The Notes mature on June 15, 2025, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the related indenture. | ||||||||
4.375% Senior notes due 2023 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 4.375% | 4.375% | 4.375% | ||||||
Debt instrument, principal outstanding | $ 210,000,000 | $ 210,000,000 | $ 210,000,000 | ||||||
Extinguishment of debt | $ 190,000,000 | ||||||||
6.9% senior debentures due 2029 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | 6.90% | 6.90% | 6.90% | ||||
Debt instrument, principal outstanding | $ 79,000,000 | $ 79,000,000 | $ 79,000,000 | ||||||
Extinguishment of debt | $ 113,000,000 | $ 114,000,000 | |||||||
2.875% Senior notes due 2023 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 2.875% | 2.875% | 2.875% | ||||||
Debt instrument, principal outstanding | $ 640,000,000 | $ 640,000,000 | $ 640,000,000 | ||||||
Extinguishment of debt | $ 110,000,000 | ||||||||
3.875% Senior notes due 2022 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 3.875% | 3.875% | 3.875% | ||||||
Debt instrument, principal outstanding | $ 450,000,000 | $ 0 | $ 450,000,000 | ||||||
Extinguishment of debt | $ 100,000,000 | ||||||||
7.0% senior debentures due 2028 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 7.00% | 7.00% | 7.00% | 7.00% | |||||
Extinguishment of debt | $ 12,000,000 | $ 155,000,000 | |||||||
6.65% senior debentures due 2024 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 6.65% | 6.65% | 6.65% | 6.65% | 6.65% | ||||
Debt instrument, principal outstanding | $ 122,000,000 | $ 41,000,000 | $ 122,000,000 | ||||||
Extinguishment of debt | $ 164,000,000 | ||||||||
4.5% Senior notes due 2034 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 4.50% | 4.50% | |||||||
Extinguishment of debt | $ 103,000,000 | ||||||||
6.79% Senior Debentures Due 2027 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 6.79% | 6.79% | 6.79% | 6.79% | 6.79% | ||||
Debt instrument, principal outstanding | $ 71,000,000 | $ 71,000,000 | $ 71,000,000 | ||||||
Extinguishment of debt | $ 94,000,000 | ||||||||
6.7% Senior debentures due 2034 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | 6.70% | 6.70% | 6.70% | ||||
Debt instrument, principal outstanding | $ 201,000,000 | $ 18,000,000 | $ 201,000,000 | ||||||
Extinguishment of debt | $ 35,000,000 | ||||||||
6.375% Senior notes due 2037 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | ||||
Debt instrument, principal outstanding | $ 192,000,000 | $ 192,000,000 | $ 192,000,000 | ||||||
Extinguishment of debt | $ 34,000,000 | ||||||||
6.7% Senior Debentures Due 2028 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | 6.70% | 6.70% | 6.70% | ||||
Debt instrument, principal outstanding | $ 103,000,000 | $ 29,000,000 | $ 103,000,000 | ||||||
Extinguishment of debt | $ 34,000,000 | ||||||||
6.9% Senior Debentures Due 2032 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | 6.90% | 6.90% | 6.90% | ||||
Debt instrument, principal outstanding | $ 17,000,000 | $ 12,000,000 | $ 17,000,000 | ||||||
Extinguishment of debt | $ 10,000,000 | ||||||||
8.75% Senior Debentures Due 2029 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 8.75% | 8.75% | 8.75% | 8.75% | 8.75% | ||||
Debt instrument, principal outstanding | $ 13,000,000 | $ 0 | $ 13,000,000 | ||||||
Extinguishment of debt | $ 5,000,000 | ||||||||
7.875% Senior Debentures Due 2030 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | ||||
Debt instrument, principal outstanding | $ 10,000,000 | $ 5,000,000 | $ 10,000,000 | ||||||
Extinguishment of debt | $ 2,000,000 | ||||||||
5.875% Senior Notes due 2029 | Subsequent Event [Member] | |||||||||
Face amount | $ 500,000,000 | ||||||||
Debt instrument interest rate, stated percentage | 5.875% | ||||||||
Debt instrument, maturity date | Apr. 1, 2029 | ||||||||
Extinguishment of debt | $ 500,000,000 |
Financing (Future Maturities Of
Financing (Future Maturities Of Long-Term Debt) (Details) $ in Millions | Jan. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 0 |
2023 | 850 |
2024 | 622 |
2025 | 1,324 |
2026 | 0 |
After 2026 | $ 1,658 |
Financing (Detail Of Debt Repay
Financing (Detail Of Debt Repayments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Repayments of Debt | $ 2,039 | $ 567 | $ 1,101 |
3.45% senior notes due 2021 [Member] | |||
Repayments of Debt | $ 500 | $ 0 | $ 0 |
Debt instrument interest rate, stated percentage | 3.45% | 3.45% | 3.45% |
6.9% senior debentures due 2029 [Member] | |||
Repayments of Debt | $ 0 | $ 113 | $ 204 |
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | 6.90% |
4.5% Senior notes due 2034 [Member] | |||
Repayments of Debt | $ 0 | $ 0 | $ 183 |
Debt instrument interest rate, stated percentage | 4.50% | 4.50% | 4.50% |
7.0% senior debentures due 2028 [Member] | |||
Repayments of Debt | $ 0 | $ 12 | $ 182 |
Debt instrument interest rate, stated percentage | 7.00% | 7.00% | 7.00% |
4.375% Senior notes due 2023 [Member] | |||
Repayments of Debt | $ 0 | $ 190 | $ 0 |
Debt instrument interest rate, stated percentage | 4.375% | 4.375% | 4.375% |
3.875% Senior notes due 2022 [Member] | |||
Repayments of Debt | $ 0 | $ 100 | $ 0 |
Debt instrument interest rate, stated percentage | 3.875% | 3.875% | 3.875% |
2.875% Senior notes due 2023 [Member] | |||
Repayments of Debt | $ 0 | $ 110 | $ 0 |
Debt instrument interest rate, stated percentage | 2.875% | 2.875% | 2.875% |
6.65% senior debentures due 2024 [Member] | |||
Repayments of Debt | $ 0 | $ 0 | $ 175 |
Debt instrument interest rate, stated percentage | 6.65% | 6.65% | 6.65% |
6.7% senior notes due 2028 [Member] | |||
Repayments of Debt | $ 0 | $ 0 | $ 94 |
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | 6.70% |
6.79% Senior Debentures Due 2027 [Member] | |||
Repayments of Debt | $ 0 | $ 0 | $ 94 |
Debt instrument interest rate, stated percentage | 6.79% | 6.79% | 6.79% |
6.375% Senior notes due 2037 [Member] | |||
Repayments of Debt | $ 0 | $ 0 | $ 77 |
Debt instrument interest rate, stated percentage | 6.375% | 6.375% | 6.375% |
6.7% Senior debentures due 2034 [Member] | |||
Repayments of Debt | $ 0 | $ 0 | $ 63 |
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | 6.70% |
6.9% senior debentures due 2032 [Member] | |||
Repayments of Debt | $ 0 | $ 0 | $ 15 |
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | 6.90% |
8.75% Senior Debentures Due 2029 [Member] | |||
Repayments of Debt | $ 0 | $ 0 | $ 5 |
Debt instrument interest rate, stated percentage | 8.75% | 8.75% | 8.75% |
7.875% Senior Debentures Due 2030 [Member] | |||
Repayments of Debt | $ 0 | $ 0 | $ 2 |
Debt instrument interest rate, stated percentage | 7.875% | 7.875% | 7.875% |
8.5% Senior Debentures Due 2019 [Member] | |||
Repayments of Debt | $ 0 | $ 36 | $ 0 |
Debt instrument interest rate, stated percentage | 8.50% | 8.50% | 8.50% |
9.5% Amortizing Debentures Due 2021 [Member] | |||
Repayments of Debt | $ 4 | $ 4 | $ 4 |
Debt instrument interest rate, stated percentage | 9.50% | 9.50% | 9.50% |
9.75% Amortizing Debentures Due 2021 [Member] | |||
Repayments of Debt | $ 2 | $ 2 | $ 2 |
Debt instrument interest rate, stated percentage | 9.75% | 9.75% | 9.75% |
Revolving Credit Facility [Member] | |||
Repayments of Debt | $ 1,500 | $ 0 | $ 0 |
10.25% Senior Debentures Due 2021 [Member] | |||
Repayments of Debt | $ 33 | $ 0 | $ 0 |
Debt instrument interest rate, stated percentage | 10.25% | 10.25% | 10.25% |
Other Obligations [Member] | |||
Repayments of Debt | $ 0 | $ 0 | $ 1 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Schedule Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||||
Accounts payable | $ 878 | $ 977 | ||
Gift cards and customer rewards | 616 | 839 | $ 856 | $ 906 |
Lease related liabilities | 285 | 399 | ||
Taxes other than income taxes | 265 | 145 | ||
Accrued wages and vacation | 201 | 194 | ||
Allowance for future sales returns | 159 | 213 | ||
Current portion of post employment and postretirement benefits | 142 | 180 | ||
Current portion of workers’ compensation and general liability reserves | 97 | 105 | ||
Accrued interest | 54 | 41 | ||
Restructuring accruals, including severance | 27 | 113 | ||
Other | 203 | 242 | ||
Accounts payable and accrued liabilities, total | $ 2,927 | $ 3,448 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities (Changes In Workers' Compensation And General Liability Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |||
Balance, beginning of year | $ 462 | $ 487 | $ 497 |
Charged to costs and expenses | 88 | 120 | 130 |
Payments, net of recoveries | (134) | (145) | (140) |
Balance, end of year | $ 416 | $ 462 | $ 487 |
Accounts Payable and Accrued _5
Accounts Payable and Accrued Liabilities (Narrative) (Details) - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Workers compensation and general liability reserves covered by deposits and receivables | $ 106 | $ 110 |
Taxes (Income Tax Expense) (Det
Taxes (Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Taxes Payable Current And Noncurrent [Abstract] | |||
Current federal income tax expense (benefit) | $ (520) | $ 137 | $ 156 |
Deferred federal income tax expense (benefit) | (179) | 4 | 79 |
Federal income tax expense (benefit), total | (699) | 141 | 235 |
Current state and local income tax expense (benefit) | 1 | 33 | 54 |
Deferred state and local income tax expense (benefit) | (148) | (10) | 33 |
State and local income tax expense (benefit), total | (147) | 23 | 87 |
Current income tax expense (benefit), total | (519) | 170 | 210 |
Deferred income taxes | (327) | (6) | 112 |
Income tax expense (benefit), total | $ (846) | $ 164 | $ 322 |
Taxes (Narrative) (Details)
Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Federal income tax statutory rate | 21.00% | ||
Net change in the valuation allowance | $ 24,000,000 | $ 5,000,000 | |
Federal net operating loss carryforwards | 0 | ||
Operating Loss Carryforwards | 1,500,000,000 | ||
State credit carryforwards | 0 | ||
Charges (credit) to income tax expense for federal, state and local interest and penalties | $ 1,000,000 | $ 6,000,000 | $ 5,000,000 |
Maximum [Member] | |||
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2040 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 55,000,000 | ||
Minimum [Member] | |||
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2021 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0 |
Taxes (Reason For Difference Be
Taxes (Reason For Difference Between Expected Tax Computed And Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||
Expected tax | $ (1,006) | $ 153 | $ 300 |
State and local income taxes, net of federal income taxes | (140) | 13 | 59 |
CARES Act carryback benefit | (205) | 0 | 0 |
Goodwill impact | 492 | 0 | 0 |
Federal tax reform deferred tax remeasurement | 0 | 0 | (17) |
Tax impact of equity awards | 8 | 1 | 0 |
Federal tax credits | (5) | (3) | (16) |
Change in valuation allowance | 24 | 5 | 10 |
Other | (14) | (5) | (14) |
Income tax expense (benefit), total | $ (846) | $ 164 | $ 322 |
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 | Jan. 30, 2021 | Feb. 01, 2020 |
Deferred tax assets: | ||
Post employment and postretirement benefits | $ 126 | $ 210 |
Accrued liabilities accounted for on a cash basis for tax purposes | 103 | 165 |
Lease liabilities | 937 | 864 |
Unrecognized state tax benefits and accrued interest | 39 | 40 |
State operating loss and credit carryforwards | 194 | 102 |
Other | 95 | 110 |
Valuation allowance | (104) | (80) |
Total deferred tax assets | 1,390 | 1,411 |
Deferred tax liabilities: | ||
Excess of book basis over tax basis of property and equipment | (937) | (988) |
Right of use assets | (766) | (707) |
Merchandise inventories | (300) | (365) |
Intangible assets | (115) | (309) |
Other | (180) | (211) |
Total deferred tax liabilities | (2,298) | (2,580) |
Net deferred tax liability | $ (908) | $ (1,169) |
Taxes (Reconciliation Of Beginn
Taxes (Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Balance, beginning of period | $ 133 | $ 149 | $ 140 |
Additions based on tax positions related to the current year | 9 | 18 | 17 |
Additions for tax positions of prior years | 0 | 11 | 13 |
Reductions for tax positions of prior years | (13) | (20) | (12) |
Settlements | (4) | (16) | 0 |
Statute expirations | (12) | (9) | (9) |
Balance, end of period | 113 | 133 | 149 |
Current Income Taxes [Member] | |||
Current income taxes | 6 | 12 | 28 |
Long term deferred income taxes [Member] | |||
Long-term uncertain tax positions | 3 | 4 | 4 |
Other Noncurrent Liabilities [Member] | |||
Long-term uncertain tax positions | $ 104 | $ 117 | $ 117 |
Taxes Unrecognized Benefits and
Taxes Unrecognized Benefits and Related Interest Penalties (Details) - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 |
Amount of unrecognized tax benefits, net of deferred tax assets, that if recognized would affect the effective tax rate | $ 90 | $ 106 |
Income Tax Examination, Penalties and Interest Accrued | 60 | 60 |
Current Income Taxes [Member] | ||
Income Tax Examination, Penalties and Interest Accrued | 3 | 4 |
Other Noncurrent Liabilities [Member] | ||
Income Tax Examination, Penalties and Interest Accrued | $ 57 | $ 56 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of hours required for participation in defined benefit and defined contribution plans | 1,000 hours or more | ||
Liability under qualified defined contribution plan | $ 74 | $ 104 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 35 | ||
Expected long-term return on plan assets | 6.25% | 6.50% | 6.75% |
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 | 5.75% | ||
Unfunded commitments to certain of these investments | $ 39 | $ 43 | |
Pension Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Range of investment lock-up period, in years | 1 year | 1 year | |
Pension Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Range of investment lock-up period, in years | 8 years | 8 years | |
Pension Plan [Member] | Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation for equity securities in defined benefit plan | 21.00% | ||
Pension Plan [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation for equity securities in defined benefit plan | 74.00% | ||
Pension Plan [Member] | Real Estate Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation for equity securities in defined benefit plan | 2.00% | ||
Pension Plan [Member] | Private equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation for equity securities in defined benefit plan | 3.00% | ||
Supplemental Employee Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation for defined benefit plan | $ 673 | $ 681 | |
Defined Contribution Qualified Plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee retirement plan expense | 68 | 96 | $ 96 |
Non qualified defined contribution plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee retirement plan expense | 1 | 2 | $ 1 |
Investments | 36 | 34 | |
Non qualified defined contribution plan [Member] | Other Postretirement Benefits Plan [Member] | Other Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Liability under non-qualified defined contribution plan | 36 | 34 | |
Non qualified defined contribution plan [Member] | Other Postretirement Benefits Plan [Member] | Accounts Payable and Accrued Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Liability under non-qualified defined contribution plan | $ 1 | $ 2 |
Retirement Plans (Retirement Ex
Retirement Plans (Retirement Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement expense | $ 22 | $ 74 | $ 64 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net periodic benefit cost | (3) | (2) | (1) |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net periodic benefit cost | (73) | (54) | (64) |
Supplemental Employee Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net periodic benefit cost | 26 | 30 | 31 |
Defined Contribution Qualified Plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | 68 | 96 | 96 |
Non qualified defined contribution plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | $ 1 | $ 2 | $ 1 |
Retirement Plans (Reconciliatio
Retirement Plans (Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status Of The Pension Plan) (Details) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation, beginning of year | $ 3,321 | $ 3,011 | |
Service cost | 4 | 5 | $ 5 |
Interest cost | 66 | 103 | 109 |
Actuarial loss | 12 | 463 | |
Benefits paid | (373) | (261) | |
Projected benefit obligation, end of year | 3,030 | 3,321 | 3,011 |
Fair value of plan assets, beginning of year | 3,359 | 3,018 | |
Actual return on plan assets | 373 | 602 | |
Company contributions | 0 | 0 | |
Benefits paid | (373) | (261) | |
Fair value of plan assets, end of year | 3,359 | 3,359 | $ 3,018 |
Funded status at end of year | 329 | 38 | |
Other assets | 329 | 38 | |
Net actuarial loss | $ 794 | $ 1,086 |
Retirement Plans (Net Periodic
Retirement Plans (Net Periodic Benefit Cost) (Details) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 4 | $ 5 | $ 5 |
Interest cost | 66 | 103 | 109 |
Expected return on assets | (183) | (191) | (206) |
Amortization of net actuarial loss | 40 | 29 | 28 |
Amortization of prior service credit | 0 | 0 | 0 |
Total net periodic benefit cost | (73) | (54) | (64) |
Settlement charges | 74 | 45 | 78 |
Net actuarial (gain) loss | (178) | 51 | 223 |
Amortization of net actuarial loss | (40) | (29) | (28) |
Settlement charges | (74) | (45) | (78) |
Total recognized in other comprehensive income | (292) | (23) | 117 |
Total recognized in net periodic benefit cost and other comprehensive income | $ (291) | $ (32) | $ 131 |
Retirement Plans (Weighted Aver
Retirement Plans (Weighted Average Assumptions Used To Determine Projected Benefit Obligations For The Pension Plan) (Details) - Pension Plan [Member] | Jan. 30, 2021 | Feb. 01, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.43% | 2.83% |
Rate of compensation increases | 3.45% | 3.25% |
Cash balance plan interest crediting rate | 5.00% | 5.00% |
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 | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used to measure service cost | 4.09% | ||
Discount rate used to measure interest cost | 3.67% | ||
Expected long-term return on plan assets | 6.25% | 6.50% | 6.75% |
Rate of compensation increases | 3.25% | 4.00% | 4.00% |
Cash balance plan interest crediting rate | 5.00% | 5.00% | 5.00% |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used to measure service cost | 2.35% | 3.77% | |
Discount rate used to measure interest cost | 1.65% | 3.39% | |
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used to measure service cost | 2.96% | 4.46% | |
Discount rate used to measure interest cost | 2.46% | 4.06% |
Retirement Plans (Fair Value Of
Retirement Plans (Fair Value Of Pension Plan Assets) (Details) - Pension Plans Defined Benefit Excluding Interest and Dividend Receivables and Pending Investment Purchases and Sales [Member] - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 |
Fair value of pension plan assets | $ 3,248 | $ 3,414 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 796 | 2,157 |
Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 1,965 | 778 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Short term investments [Member] | ||
Fair value of pension plan assets | 3 | |
Short term investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | |
Short term investments [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 3 | |
Short term investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | |
Money market pooled funds [Member] | ||
Fair value of pension plan assets | 136 | 37 |
Money market pooled funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 136 | 37 |
Money market pooled funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Money market pooled funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Equity Securities, U.S. Pooled Funds [Member] | ||
Fair value of pension plan assets | 356 | 474 |
Equity Securities, U.S. Pooled Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 356 | 474 |
Equity Securities, U.S. Pooled Funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Equity Securities, U.S. Pooled Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Equity Securities, International Pooled Funds [Member] | ||
Fair value of pension plan assets | 333 | 357 |
Equity Securities, International Pooled Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 37 | 82 |
Equity Securities, International Pooled Funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Equity Securities, International Pooled Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
U.S. Treasury bonds [Member] | ||
Fair value of pension plan assets | 270 | 58 |
U.S. Treasury bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
U.S. Treasury bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 270 | 58 |
U.S. Treasury bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Other Government bonds [Member] | ||
Fair value of pension plan assets | 63 | 61 |
Other Government bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Other Government bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 63 | 61 |
Other Government bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Corporate bonds [Member] | ||
Fair value of pension plan assets | 1,609 | 615 |
Corporate bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Corporate bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 1,609 | 615 |
Corporate bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Mortgage-backed securities and forwards [Member] | ||
Fair value of pension plan assets | 11 | 23 |
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 |
Mortgage-backed securities and forwards [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 11 | 23 |
Mortgage-backed securities and forwards [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Asset-backed securities [Member] | ||
Fair value of pension plan assets | 1 | 10 |
Asset-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Asset-backed securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 1 | 10 |
Asset-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pooled funds [Member] | ||
Fair value of pension plan assets | 271 | 1,442 |
Pooled funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 271 | 1,442 |
Pooled funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pooled funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Real Estate [Member] | ||
Fair value of pension plan assets | 31 | 37 |
Real Estate [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Real Estate [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Private equity [Member] | ||
Fair value of pension plan assets | 160 | 167 |
Private equity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Private equity [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Private equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Derivatives in a positive position [Member] | ||
Fair value of pension plan assets | 8 | 4 |
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 |
Derivatives in a positive position [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 8 | 4 |
Derivatives in a positive position [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Derivatives in a negative position [Member] | ||
Fair value of pension plan assets | (4) | (6) |
Derivatives in a negative position [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | (4) | 0 |
Derivatives in a negative position [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | (6) |
Derivatives in a negative position [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | $ 0 | 0 |
Equity Securities, U.S. Stocks [Member] | ||
Fair value of pension plan assets | 122 | |
Equity Securities, U.S. Stocks [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 122 | |
Equity Securities, U.S. Stocks [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | |
Equity Securities, U.S. Stocks [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | |
Bonds [Member] | ||
Fair value of pension plan assets | 13 | |
Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | |
Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 13 | |
Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | $ 0 |
Retirement Plans (Estimated Pen
Retirement Plans (Estimated Pension Plan Benefit Payments) (Details) - Pension Plan [Member] $ in Millions | Jan. 30, 2021USD ($) |
2021 | $ 298 |
2022 | 250 |
2023 | 236 |
2024 | 223 |
2025 | 210 |
2026-2030 | $ 896 |
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 | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Projected benefit obligation, beginning of year | $ 681 | $ 644 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 14 | 21 | 23 |
Actuarial loss | 42 | 87 | |
Benefits paid | (64) | (71) | |
Projected benefit obligation, end of year | 673 | 681 | 644 |
Fair value of plan assets, beginning of year | 0 | 0 | |
Company contributions | 64 | 71 | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status at end of year | (673) | (681) | |
Accounts payable and accrued liabilities | (49) | (55) | |
Other liabilities | (624) | (626) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (673) | (681) | |
Net actuarial loss | 301 | 283 | |
Prior service cost | 6 | 6 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ 307 | $ 289 |
Retirement Plans (Net Periodi_2
Retirement Plans (Net Periodic Benefit Cost Of Supplemental Retirement Plan) (Details) - Supplemental Employee Retirement Plan - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 14 | 21 | 23 |
Amortization of net actuarial loss | 12 | 9 | 7 |
Amortization of prior service credit | 0 | 0 | 1 |
Total net periodic benefit cost | 26 | 30 | 31 |
Settlement charges | 10 | 13 | 10 |
Net actuarial (gain) loss | 40 | 87 | (9) |
Amortization of net actuarial loss | (12) | (9) | (7) |
Amortization of prior service cost | 0 | 0 | (1) |
Total recognized in other comprehensive income | 18 | 65 | (27) |
Total recognized in net periodic benefit cost and other comprehensive income | $ 54 | $ 108 | $ 14 |
Retirement Plans (Weighted Av_3
Retirement Plans (Weighted Average Assumptions Used To Determine Projected Benefit Obligations For The Supplementary Retirement Plan) (Details) | Jan. 30, 2021 | Feb. 01, 2020 |
Supplemental Employee Retirement Plan | ||
Discount rate | 2.51% | 2.89% |
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 | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Minimum [Member] | |||
Discount rate used to measure interest cost | 1.65% | 2.65% | 3.39% |
Maximum [Member] | |||
Discount rate used to measure interest cost | 2.44% | 3.69% | 4.09% |
Retirement Plans (Estimated Sup
Retirement Plans (Estimated Supplementary Retirement Plan Benefit Payments) (Details) - Supplemental Employee Retirement Plan $ in Millions | Jan. 30, 2021USD ($) |
2021 | $ 49 |
2022 | 49 |
2023 | 47 |
2024 | 44 |
2025 | 44 |
2026-2030 | $ 200 |
Postretirement Health Care an_3
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 | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Projected benefit obligation, beginning of year | $ 133 | $ 137 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 2 | 5 | 5 |
Actuarial loss | (6) | 5 | |
Defined Benefit Plan, Benefit Obligation, Prescription Drug Subsidy Receipt | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (10) | (14) | |
Projected benefit obligation, end of year | 119 | 133 | 137 |
Fair value of plan assets, beginning of year | 0 | 0 | |
Company contributions | 10 | 14 | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status at end of year | (119) | (133) | |
Accounts payable and accrued liabilities | (13) | (14) | |
Other liabilities | (106) | (119) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (119) | (133) | |
Net actuarial (gain) loss | (32) | (30) | |
Prior service credit | (7) | (8) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ (39) | $ (38) |
Postretirement Health Care an_4
Postretirement Health Care and Life Insurance Benefits (Net Periodic Benefit Cost) (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 2 | 5 | 5 |
Amortization of net actuarial gain | (4) | (6) | (5) |
Amortization of prior service credit | (1) | (1) | (1) |
Total net periodic benefit cost | (3) | (2) | (1) |
Net actuarial loss (gain) | (6) | 5 | (11) |
Amortization of net actuarial loss | 4 | 6 | 5 |
Amortization of prior service credit | 1 | 1 | 1 |
Prior service credit | 0 | 0 | 0 |
Total recognized in other comprehensive income | (1) | 12 | (5) |
Total recognized | $ (4) | $ 10 | $ (6) |
Postretirement Health Care an_5
Postretirement Health Care and Life Insurance Benefits (Weighted Average Assumptions Used To Determine Projected Benefit Obligations For Postretirement Obligations) (Details) | Jan. 30, 2021 | Feb. 01, 2020 |
Other Postretirement Benefits Plan [Member] | ||
Discount rate | 2.32% | 2.81% |
Postretirement Health Care an_6
Postretirement Health Care and Life Insurance Benefits (Weighted Average Assumptions Used To Determine Net Periodic Costs For Postretirement Plans) (Details) | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Other Postretirement Benefits Plan [Member] | |||
Discount rate | 2.30% | 3.57% | 3.28% |
Postretirement Health Care an_7
Postretirement Health Care and Life Insurance Benefits (Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
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 | 2029 | 2027 |
Minimum [Member] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 4.90% | 5.25% |
Maximum [Member] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 8.00% | 8.63% |
Postretirement Health Care an_8
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 | Jan. 30, 2021USD ($) |
Expected Benefit [Abstract] | |
2021 | $ 13 |
2022 | 12 |
2023 | 11 |
2024 | 10 |
2025 | 9 |
2026-2030 | $ 36 |
Postretirement Health Care an_9
Postretirement Health Care and Life Insurance Benefits (Narrative) (Details) $ in Millions | 12 Months Ended |
Jan. 30, 2021USD ($) | |
Expected Federal Subsidy [Abstract] | |
Estimated amount for entire time period presented | $ 1 |
Maximum [Member] | |
Expected Federal Subsidy [Abstract] | |
2021 | 1 |
2022 | 1 |
2023 | 1 |
2024 | 1 |
2025 | 1 |
2026-2030 | $ 1 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Stock option grants terms | ten-year | ||
Shares available for additional grants under the Company's equity plan | 7,800,000 | ||
Share-based payment award, stock options, grants in period | 0 | ||
Restricted Stock Units [Member] | |||
Unrecognized compensation costs related to nonvested restricted stock awards | $ 52 | ||
Unrecognized compensation costs related to nonvested restricted stock awards | 2 years 6 months | ||
Employee Stock Options [Member] | |||
Number of years of service required to vest in stock based compensation plans | 4 years | ||
Unrecognized compensation costs related to nonvested restricted stock awards | $ 5 | ||
Unrecognized compensation costs related to nonvested restricted stock awards | 1 year 8 months 12 days | ||
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 year | ||
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 years | ||
CMD Committee Performance-Based Restricted Stock Plan [Member] | |||
Evaluation period of performance-based restricted stock plan for senior executives | 3 years | ||
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% | 0.00% | 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 | 150.00% | 200.00% | 200.00% |
Stock Based Compensation (Stock
Stock Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Share Based Compensation [Abstract] | |||
Stock options | $ 8 | $ 15 | $ 24 |
Restricted stock units | 23 | 23 | 39 |
Share-based compensation, total | $ 31 | $ 38 | $ 63 |
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 | |
Share Based Compensation [Abstract] | ||
Weighted average grant date fair value of stock options granted during the period | $ 5.11 | $ 7.43 |
Dividend yield | 6.30% | 5.20% |
Expected volatility | 40.60% | 41.10% |
Risk-free interest rate | 2.40% | 2.70% |
Expected life | 5 years 6 months | 5 years 7 months 6 days |
Stock Based Compensation (Sto_2
Stock Based Compensation (Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Jan. 30, 2021USD ($)$ / sharesshares | |
Share Based Compensation [Abstract] | |
Outstanding, beginning of period, shares | shares | 18,499 |
Granted, shares | shares | 0 |
Canceled or forfeited, shares | shares | (2,154) |
Exercised, shares | shares | 0 |
Outstanding, end of period, shares | shares | 16,345 |
Exercisable, end of period, shares | shares | 14,357 |
Options expected to vest, shares | shares | 1,371 |
Outstanding, beginning of period, weighted average exercise price | $ / shares | $ 39.77 |
Granted, weighted average exercise price | $ / shares | 0 |
Canceled or forfeited, weighted average exercise price | $ / shares | 32.84 |
Exercised, weighted average exercise price | $ / shares | 0 |
Outstanding, end of period, weighted average exercise price | $ / shares | 40.69 |
Exercisable, end of period, weighted average exercise price | $ / shares | 42.74 |
Options expected to vest, weighted average exercise price | $ / shares | $ 25.84 |
Exercisable, end of period, weighted average remaining contractual life (years) | 3 years 7 months 6 days |
Options expected to vest, weighted average remaining contractual life (years) | 7 years 4 months 24 days |
Exercisable, end of period, aggregate intrinsic value | $ | $ 0 |
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 | |
Share Based Compensation [Abstract] | ||
Intrinsic value of options exercised | $ 10 | $ 27 |
Cash received from stock options exercised | $ 6 | $ 45 |
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 | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Granted, weighted average fair value - performance based | $ 6.24 | $ 24.28 | $ 30.64 |
Granted, weighted average fair value - time based | $ 6.96 | $ 17.81 | $ 25.57 |
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 | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Nonvested restricted stock units, beginning of period, shares | 4,747 | ||
Granted - performance-based, shares | 1,553 | ||
Performance adjustment, shares | (508) | ||
Granted - time-based, shares | 6,216 | ||
Nonvested restricted stock units, forfeited | (830) | ||
Vested, shares | (1,426) | ||
Nonvested restricted stock units, end of period, shares | 9,752 | 4,747 | |
Nonvested, beginning of period, weighted-average fair value | $ 23.37 | ||
Granted - performance based, weighted average fair value | 6.24 | $ 24.28 | $ 30.64 |
Performance adjustment, weighted average fair value | 30.48 | ||
Granted, weighted average fair value | 6.96 | 17.81 | $ 25.57 |
Forfeited, weighted average fair value | 21.43 | ||
Vested, weighted average fair value | 23.54 | ||
Nonvested, end of period, weighted-average fair value | $ 9.95 | $ 23.37 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - $ / shares | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | Feb. 03, 2018 |
Stockholders Equity Note [Abstract] | ||||
Preferred stock, shares authorized | 125,000,000 | |||
Preferred stock, par value | $ 0.01 | |||
Preferred stock, shares issued | 0 | |||
Common stock, shares authorized | 1,000,000,000 | |||
Common stock, par value | $ 0.01 | |||
Common stock, shares issued | 333,606,000 | 333,606,000 | 333,606,000 | 333,606,000 |
Common stock, shares outstanding | 310,500,000 | 309,031,000 | 307,520,000 | 304,765,000 |
Shareholders' Equity (Changes I
Shareholders' Equity (Changes In The Company's Common Stock Issued and Outstanding) (Details) - shares shares in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Common stock, shares issued | 333,606 | 333,606 | 333,606 |
Common stock, shares outstanding | 309,031 | 307,520 | 304,765 |
Stock issued under stock plans | 1,450 | 1,380 | 2,650 |
Stock repurchases | (79) | (38) | (6) |
Deferred compensation plan distributions | 98 | 169 | 111 |
Common stock, shares issued | 333,606 | 333,606 | 333,606 |
Common stock, shares outstanding | 310,500 | 309,031 | 307,520 |
Treasury Stock [Member] | |||
Common stock, shares issued | (24,575) | (26,086) | (28,841) |
Stock issued under stock plans | 1,450 | 1,380 | 2,650 |
Stock repurchases | (79) | (38) | (6) |
Deferred compensation plan distributions | 98 | 169 | 111 |
Common stock, shares issued | (23,106) | (24,575) | (26,086) |
Treasury Stock, Deferred Compensation Plans [Member] | Treasury Stock [Member] | |||
Common stock, shares issued | (902) | (941) | (946) |
Stock issued under stock plans | (127) | (130) | (106) |
Deferred compensation plan distributions | 98 | 169 | 111 |
Common stock, shares issued | (931) | (902) | (941) |
Treasury Stock, Other [Member] | Treasury Stock [Member] | |||
Common stock, shares issued | (23,673) | (25,145) | (27,895) |
Stock issued under stock plans | 1,577 | 1,510 | 2,756 |
Stock repurchases | (79) | (38) | (6) |
Common stock, shares issued | (22,175) | (23,673) | (25,145) |
Fair Value Measurements and C_3
Fair Value Measurements and Concentrations of Credit Risk (Financial Assets Measured At Fair Value On A Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 |
Marketable equity and debt securities | $ 100 | $ 132 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Marketable equity and debt securities | 37 | 34 |
Significant Observable Inputs (Level 2) [Member] | ||
Marketable equity and debt securities | 63 | 98 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Marketable equity and debt securities | $ 0 | $ 0 |
Fair Value Measurements and C_4
Fair Value Measurements and Concentrations of Credit Risk (Estimated Fair Value Of Company Long Term Debt) (Details) - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 |
Long-term debt | $ 4,320 | $ 3,702 |
Notional Amount | ||
Long-term debt | 4,454 | 3,607 |
Carrying Amount | ||
Long-term debt | $ 4,407 | $ 3,621 |
Fair Value Measurements and C_5
Fair Value Measurements and Concentrations of Credit Risk (Company Non-Financial Assets Measured On A Recurring Basis) (Details) - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 |
Long-lived assets | $ 95 | $ 129 |
Goodwill | 828 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Long-lived assets | 0 | 0 |
Goodwill | 0 | 0 |
Significant Observable Inputs (Level 2) [Member] | ||
Long-lived assets | 0 | 0 |
Goodwill | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Long-lived assets | 95 | 129 |
Goodwill | $ 828 | $ 0 |
Fair Value Measurements and C_6
Fair Value Measurements and Concentrations of Credit Risk (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Fair Value By Fair Value Hierarchy Level Extensible List [Abstract] | ||
Long-Lived Assets | $ 295 | $ 326 |
Long-lived assets held and used | 95 | 129 |
Impairments of properties held and used | 200 | 197 |
Goodwill | 828 | 3,908 |
Goodwill, fair value amount | 828 | $ 0 |
Goodwill impairment charges | $ 3,080 |
Earnings (Loss) Per Share (Comp
Earnings (Loss) 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 | |||||||||
Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) attributable to Macy's, Inc. Shareholders and average number of shares outstanding | $ 160 | $ (91) | $ (431) | $ (3,581) | $ 340 | $ 2 | $ 86 | $ 136 | $ (3,944) | $ 564 | $ 1,108 |
Net Income (Loss) Available to Common Stockholders, Basic | $ (3,944) | $ 564 | $ 1,108 | ||||||||
Basic earnings (loss) per share attributable to Macy's, Inc. shareholders | $ 0.51 | $ (0.29) | $ (1.39) | $ (11.53) | $ 1.10 | $ 0.01 | $ 0.28 | $ 0.44 | $ (12.68) | $ 1.82 | $ 3.60 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ (3,944) | $ 564 | $ 1,108 | ||||||||
Diluted earnings (loss) per share attributable to Macy's, Inc. shareholders | $ 0.50 | $ (0.29) | $ (1.39) | $ (11.53) | $ 1.09 | $ 0.01 | $ 0.28 | $ 0.44 | $ (12.68) | $ 1.81 | $ 3.56 |
Weighted Average Number of Shares Issued, Basic | 310.2 | 308.8 | 306.8 | ||||||||
Shares to be issued under deferred compensation and other plans | 1 | 0.9 | 0.9 | ||||||||
Average number of shares outstanding, basic | 311.1 | 309.7 | 307.7 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1.7 | 3.7 | |||||||||
Average number of shares outstanding, diluted | 311.1 | 311.4 | 311.4 |
Earnings (Loss) Per Share (Narr
Earnings (Loss) Per Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Employee Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 16.3 | 18.5 | 15.3 |
Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10.3 | 1.7 | 0.9 |
Quarterly Results (unaudited)_2
Quarterly Results (unaudited) (Unaudited Quarterly Results) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net sales | $ 6,780 | $ 3,990 | $ 3,559 | $ 3,017 | $ 8,337 | $ 5,173 | $ 5,546 | $ 5,504 | $ 17,346 | $ 24,560 | $ 24,971 |
Credit card revenues, net | 258 | 195 | 168 | 131 | 239 | 183 | 176 | 172 | 751 | 771 | 768 |
Cost of sales | (4,498) | (2,569) | (2,718) | (2,501) | (5,266) | (3,106) | (3,395) | (3,403) | (12,286) | (15,171) | (15,215) |
Selling, general and administrative expenses | (2,045) | (1,726) | (1,398) | (1,598) | (2,509) | (2,202) | (2,177) | (2,112) | (6,767) | (8,998) | (9,039) |
Gains on sale of real estate | 40 | 3 | 0 | 16 | 95 | 17 | 7 | 43 | 60 | 162 | 389 |
Restructuring, impairment, store closing and other costs | (134) | (20) | (242) | (3,184) | (337) | (13) | (2) | (1) | (3,579) | (354) | (136) |
Benefit plan income, net | 17 | 16 | 12 | 9 | 8 | 8 | 8 | 7 | 54 | 31 | 39 |
Settlement charges | (19) | (26) | (38) | 0 | (46) | (12) | 0 | 0 | (84) | (58) | (88) |
Net income (loss) | $ 160 | $ (91) | $ (431) | $ (3,581) | $ 340 | $ 2 | $ 86 | $ 136 | $ (3,944) | $ 564 | $ 1,108 |
Basic earnings (loss) per share | $ 0.51 | $ (0.29) | $ (1.39) | $ (11.53) | $ 1.10 | $ 0.01 | $ 0.28 | $ 0.44 | $ (12.68) | $ 1.82 | $ 3.60 |
Diluted earnings (loss) per share | $ 0.50 | $ (0.29) | $ (1.39) | $ (11.53) | $ 1.09 | $ 0.01 | $ 0.28 | $ 0.44 | $ (12.68) | $ 1.81 | $ 3.56 |