Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Feb. 24, 2023 | Jul. 29, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 28, 2023 | ||
Current Fiscal Year End Date | --01-28 | ||
Document Transition Report | false | ||
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 | 212 | ||
Local Phone Number | 494-1621 | ||
Title of 12(b) Security | Common Stock, $.01 par value per share | ||
Trading Symbol | M | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,782,994,256 | ||
Entity Common Stock, Shares Outstanding | 271,395,080 | ||
Documents Incorporated by Reference | Document Parts Into Which Incorporated Proxy Statement for the Annual Meeting of Stockholders to be held May 19, 2023 Part III | ||
Entity Central Index Key | 0000794367 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Jan. 28, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 185 |
Auditor Name | KPMG, LLP |
Auditor Location | Cincinnati, OH |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 24,442 | $ 24,460 | $ 17,346 |
Credit card revenues, net | 863 | 832 | 751 |
Cost of sales | (15,306) | (14,956) | (12,286) |
Selling, general and administrative expenses | (8,317) | (8,047) | (6,767) |
Gains on sale of real estate | 89 | 91 | 60 |
Restructuring, impairment, store closing and other costs | (41) | (30) | (3,579) |
Operating income (loss) | 1,730 | 2,350 | (4,475) |
Benefit plan income, net | 20 | 66 | 54 |
Settlement charges | (39) | (96) | (84) |
Interest expense | (175) | (256) | (284) |
Financing costs | 0 | 0 | (5) |
Losses on early retirement of debt | (31) | (199) | 0 |
Interest income | 13 | 1 | 4 |
Income (loss) before income taxes | 1,518 | 1,866 | (4,790) |
Federal, state and local income tax benefit (expense) | (341) | (436) | 846 |
Net income (loss) | $ 1,177 | $ 1,430 | $ (3,944) |
Basic earnings (loss) per share (in dollars per share) | $ 4.28 | $ 4.66 | $ (12.68) |
Diluted earnings (loss) per share (in dollars per share) | $ 4.19 | $ 4.55 | $ (12.68) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 1,177 | $ 1,430 | $ (3,944) |
Net actuarial gain (loss) and prior service credit on post employment and postretirement benefit plans, net of tax effect of $(12) million, $23 million and $37 million | (38) | 69 | 107 |
Net actuarial loss and prior service cost on post employment and postretirement benefit plans, net of tax effect of $4 million, $9 million and $12 million | 13 | 25 | 35 |
Settlement charges, net of tax effect of $10 million, $24 million and $22 million | 29 | 72 | 62 |
Total other comprehensive income | 4 | 166 | 204 |
Comprehensive income (loss) | $ 1,181 | $ 1,596 | $ (3,740) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Actuarial loss and prior service cost, tax effect | $ (12) | $ 23 | $ 37 |
Net actuarial loss on post-employment and postretirement benefit plans, tax effect | 4 | 9 | 12 |
Settlement charges, tax effect | $ 10 | $ 24 | $ 22 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 862 | $ 1,712 |
Receivables | 300 | 297 |
Merchandise inventories | 4,267 | 4,383 |
Prepaid expenses and other current assets | 424 | 366 |
Total Current Assets | 5,853 | 6,758 |
Property and Equipment – net | 5,913 | 5,665 |
Right of Use Assets | 2,683 | 2,808 |
Goodwill | 828 | 828 |
Other Intangible Assets – net | 432 | 435 |
Other Assets | 1,157 | 1,096 |
Total Assets | 16,866 | 17,590 |
Current Liabilities: | ||
Merchandise accounts payable | 2,053 | 2,222 |
Accounts payable and accrued liabilities | 2,750 | 3,086 |
Income taxes | 58 | 108 |
Total Current Liabilities | 4,861 | 5,416 |
Long-Term Debt | 2,996 | 3,295 |
Long-Term Lease Liabilities | 2,963 | 3,098 |
Deferred Income Taxes | 947 | 983 |
Other Liabilities | 1,017 | 1,177 |
Shareholders’ Equity: | ||
Common stock (271.3 and 292.4 shares outstanding) | 3 | 3 |
Additional paid-in capital | 467 | 517 |
Accumulated equity | 6,268 | 5,268 |
Treasury stock | (2,038) | (1,545) |
Accumulated other comprehensive loss | (618) | (622) |
Total Shareholders' Equity | 4,082 | 3,621 |
Total Liabilities and Shareholders’ Equity | $ 16,866 | $ 17,590 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Statement of Financial Position [Abstract] | ||||
Common stock, shares outstanding (in shares) | 271,350 | 292,359 | 310,500 | 309,031 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Accumulated Equity | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Feb. 01, 2020 | $ 6,377 | $ 3 | $ 621 | $ 7,989 | $ (1,241) | $ (995) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (3,944) | (3,944) | ||||
Other comprehensive income | 204 | 204 | ||||
Common stock dividends | (117) | (117) | ||||
Stock-based compensation expense | 31 | 31 | ||||
Stock issued under stock plans | (1) | (81) | 80 | |||
Other | 3 | 3 | ||||
Ending balance at Jan. 30, 2021 | 2,553 | 3 | 571 | 3,928 | (1,161) | (788) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 1,430 | 1,430 | ||||
Other comprehensive income | 166 | 166 | ||||
Common stock dividends | (90) | (90) | ||||
Stock-based compensation expense | 55 | 55 | ||||
Stock repurchases | (500) | (500) | ||||
Stock issued under stock plans | 7 | (109) | 116 | |||
Ending balance at Jan. 29, 2022 | 3,621 | 3 | 517 | 5,268 | (1,545) | (622) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 1,177 | 1,177 | ||||
Other comprehensive income | 4 | 4 | ||||
Common stock dividends | (173) | 4 | (177) | |||
Stock-based compensation expense | 54 | 54 | ||||
Stock repurchases | (601) | (601) | ||||
Stock issued under stock plans | 0 | (108) | 108 | |||
Ending balance at Jan. 28, 2023 | $ 4,082 | $ 3 | $ 467 | $ 6,268 | $ (2,038) | $ (618) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends (in USD per share) | $ 0.63 | $ 0.30 | $ 0.3775 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 1,177 | $ 1,430 | $ (3,944) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Impairment, restructuring and other costs | 41 | 30 | 3,579 |
Settlement charges | 39 | 96 | 84 |
Depreciation and amortization | 857 | 874 | 959 |
Benefit plans | 17 | 34 | 47 |
Stock-based compensation expense | 54 | 55 | 31 |
Gains on sale of real estate | (89) | (91) | (60) |
Deferred income taxes | (38) | 19 | (327) |
Amortization of financing costs and premium on acquired debt | 11 | 70 | 18 |
Changes in assets and liabilities: | |||
(Increase) decrease in receivables | (3) | (21) | 132 |
(Increase) decrease in merchandise inventories | 116 | (610) | 1,406 |
(Increase) decrease in prepaid expenses and other current assets | (66) | (39) | 51 |
Increase (decrease) in merchandise accounts payable | (129) | 218 | 237 |
Increase (decrease) in accounts payable and accrued liabilities | (174) | 245 | (759) |
Increase (decrease) in current income taxes | (75) | 588 | (617) |
Change in other assets and liabilities | (123) | (186) | (188) |
Net cash provided by operating activities | 1,615 | 2,712 | 649 |
Cash flows from investing activities: | |||
Purchase of property and equipment | (888) | (354) | (338) |
Capitalized software | (407) | (243) | (128) |
Disposition of property and equipment | 137 | 164 | 113 |
Other, net | (11) | 63 | 28 |
Net cash used by investing activities | (1,169) | (370) | (325) |
Cash flows from financing activities: | |||
Debt issued | 2,809 | 1,085 | 2,780 |
Debt issuance costs | (21) | (9) | (95) |
Debt repaid | (3,100) | (2,699) | (2,042) |
Debt repurchase premium and expenses | (29) | (152) | (7) |
Dividends paid | (173) | (90) | (117) |
Increase (decrease) in outstanding checks | (181) | (23) | 181 |
Acquisition of treasury stock | (601) | (500) | (1) |
Issuance of common stock | 0 | 7 | 0 |
Net cash provided (used) by financing activities | (1,296) | (2,381) | 699 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (850) | (39) | 1,023 |
Cash, cash equivalents and restricted cash beginning of period | 1,715 | 1,754 | 731 |
Cash, cash equivalents and restricted cash end of period | 865 | 1,715 | 1,754 |
Supplemental cash flow information: | |||
Interest paid | 188 | 442 | 257 |
Interest received | 9 | 1 | 5 |
Income taxes paid (received), net | 455 | (171) | 98 |
Restricted cash, end of period | $ 3 | $ 3 | $ 75 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies Nature of Operations Macy's, Inc., together with its subsidiaries (the Company), is an omni-channel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Puerto Rico and Guam. As of January 28, 2023, the Company's operations and operating segments were conducted through Macy's, Market by Macy's, Macy's Backstage, Bloomingdale's, Bloomingdale's The Outlet, Bloomies, and bluemercury, which are aggregated into one reporting segment. The metrics used by management to assess the performance of the Company's operating divisions include sales trends, gross margin rates, expense rates, and rates of earnings before interest and taxes (EBIT) and earnings before interest, taxes, depreciation and amortization (EBITDA). The Company's operating divisions have historically had similar economic characteristics and are expected to have similar economic characteristics and long-term financial performance in future periods. Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC. Fiscal Year The Company's fiscal year ends on the Saturday closest to January 31. Fiscal years 2022, 2021 and 2020 ended on January 28, 2023, January 29, 2022 and January 30, 2021, respectively, and included 52 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years. Basis of Presentation The Consolidated Financial Statements include the accounts of Macy's, Inc. and its 100%-owned subsidiaries. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties that may result in actual amounts differing from reported amounts. Reclassifications Certain reclassifications were made to prior years' amounts to conform with the classifications of such amounts in the most recent years. Net Sales Revenue is recognized when customers obtain control of goods and services promised by the Company. The amount of revenue recognized is based on the amount that reflects the consideration that is expected to be received in exchange for those respective goods and services. See Note 2, Revenue, for further discussion of the Company's accounting policies for revenue from contracts with customers. Cost of Sales Cost of sales consists of the cost of merchandise, including inbound freight, shipping and handling costs, and depreciation. An estimated allowance for future sales returns is recorded and cost of sales is adjusted accordingly. Cash and Cash Equivalents Cash and cash equivalents include cash and liquid investments with original maturities of three months or less. Cash and cash equivalents includes amounts due in respect of credit card sales transactions that are settled early in the following period in the amount of $112 million at January 28, 2023 and $102 million at January 29, 2022. Investments The Company from time to time invests in debt and equity securities, including companies engaged in complementary businesses. Debt and equity securities held by the Company are accounted for at fair value if classified as trading or available-for-sale. Unrealized holding gains and losses on trading securities and equity securities with a readily determinable fair value are recognized in the Consolidated Statements of Operations. Equity securities without a readily determinable fair value are generally recorded at cost and subsequently adjusted, in net income, for observable price changes (i.e., prices in orderly transactions for the identical investment or similar investment of the same issuer). Receivables Receivables were $300 million at January 28, 2023, compared to $297 million at January 29, 2022. The Company and Citibank, the owner of most of the Company's credit assets, are party to a long-term marketing and servicing alliance pursuant to the terms of the Program Agreement. Income earned under the Program Agreement is treated as credit card revenues, net on the Consolidated Statements of Operations. Under the Program Agreement, Citibank offers proprietary and non-proprietary credit cards to the Company’s customers. Merchandise Inventories Merchandise inventories are valued at lower of cost or market using the last-in, first-out (LIFO) retail inventory method. Under the retail inventory method, inventory is segregated into departments of merchandise having similar characteristics, and its cost value is derived from the current retail selling value. Inventory retail values are converted to a cost basis by applying specific average cost factors for each merchandise department. Cost factors represent the average cost-to-retail ratio for each merchandise department based on beginning inventory and the annual purchase activity. At January 28, 2023 and January 29, 2022, merchandise inventories valued at LIFO, including adjustments as necessary to record inventory at the lower of cost or market, approximated the cost of such inventories using the first-in, first-out (FIFO) retail inventory method. The application of the LIFO retail inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales for 2022, 2021 or 2020. The retail inventory method inherently requires management judgments and estimates, such as the amount and timing of permanent markdowns to clear unproductive or slow-moving inventory, which may impact the ending inventory valuation as well as gross margins. Permanent markdowns designated for clearance activity are recorded when the utility of the inventory has diminished. Factors considered in the determination of permanent markdowns include current and anticipated demand, customer preferences, age of the merchandise and fashion trends. When a decision is made to permanently markdown merchandise, the resulting gross margin reduction is recognized in the period the markdown is recorded. Physical inventories are generally taken within each merchandise department annually, and inventory records are adjusted accordingly, resulting in the recording of actual shrinkage. Physical inventories are taken at all store locations for substantially all merchandise categories approximately three weeks before the end of the year. Shrinkage is estimated as a percentage of sales at interim periods and for this approximate three-week period, based on historical shrinkage rates. While it is not possible to quantify the impact from each cause of shrinkage, the Company has loss prevention programs and policies that are intended to minimize shrinkage, including the use of radio frequency identification cycle counts and interim inventories to keep the Company's merchandise files accurate. Vendor Allowances The Company receives certain allowances as reimbursement for markdowns taken and/or to support the gross margins earned in connection with the sales of merchandise. These allowances are recognized when earned. The Company also receives advertising allowances from approximately 282 of its merchandise vendors pursuant to cooperative advertising programs, with some vendors participating in multiple programs. These allowances represent reimbursements by vendors of costs incurred by the Company to promote the vendors' merchandise and are netted against advertising and promotional costs when the related costs are incurred. Advertising allowances in excess of costs incurred are recorded as a reduction of merchandise costs and, ultimately, through cost of sales when the merchandise is sold. The arrangements pursuant to which the Company's vendors provide allowances, while binding, are generally informal in nature and one year or less in duration. The terms and conditions of these arrangements vary significantly from vendor to vendor and are influenced by, among other things, the type of merchandise to be supported. Advertising Advertising and promotional costs are generally expensed at first showing. Advertising and promotional costs and cooperative advertising allowances were as follows: 2022 2021 2020 (millions) Gross advertising and promotional costs $ 1,265 $ 1,267 $ 907 Cooperative advertising allowances 102 90 89 Advertising and promotional costs, net of cooperative advertising allowances $ 1,163 $ 1,177 $ 818 Net sales $ 24,442 $ 24,460 $ 17,346 Advertising and promotional costs, net of cooperative advertising allowances, as a percent to net sales 4.8 % 4.8 % 4.7 % Property and Equipment Depreciation of owned properties is provided primarily on a straight-line basis over the estimated asset lives, which range from fifteen three Buildings on leased land and leasehold improvements are amortized over the shorter of their economic lives or the lease term, beginning on the date the asset is put into use. The carrying value of long-lived assets, inclusive of ROU assets, is periodically reviewed by the Company whenever events or changes in circumstances indicate that a potential impairment has occurred. For long-lived assets held for use, a potential impairment has occurred if projected future undiscounted cash flows are less than the carrying value of the assets. The estimate of cash flows includes management's assumptions of cash inflows and outflows directly resulting from the use of those assets in operations. When a potential impairment has occurred, an impairment write-down is recorded if the carrying value of the long-lived asset exceeds its fair value. The Company believes its estimated cash flows are sufficient to support the carrying value of its long-lived assets. If estimated cash flows significantly differ in the future, the Company may be required to record asset impairment write-downs. If the Company commits to a plan to dispose of a long-lived asset before the end of its previously estimated useful life, estimated cash flows are revised accordingly, and the Company may be required to record an asset impairment write- down. Additionally, related liabilities arise such as severance, contractual obligations and other accruals associated with store closings from decisions to dispose of assets. The Company estimates these liabilities based on the facts and circumstances in existence for each restructuring decision. The amounts the Company will ultimately realize or disburse could differ from the amounts assumed in arriving at the asset impairment and restructuring charge recorded. The Company classifies certain long-lived assets as held for disposal by sale and ceases depreciation when the particular criteria for such classification are met, including the probable sale within one year. For long-lived assets to be disposed of by sale, an impairment charge is recorded if the carrying amount of the asset exceeds its fair value less costs to sell. Such valuations include estimations of fair values and incremental direct costs to transact a sale. Leases Operating lease liabilities are recognized at the lease commencement date based on the present value of the fixed lease payments using the Company's incremental borrowing rates for its population of leases. Related operating ROU assets are recognized based on the initial present value of the fixed lease payments, reduced by contributions from landlords, plus any prepaid rent and direct costs from executing the leases. ROU assets are tested for impairment in the same manner as long-lived assets. Certain of the Company’s real estate leases have terms that extend for a significant number of years and provide for rental rates that increase or decrease over time. L ease terms include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods, termination options and purchase options. Lease agreements with lease and non-lease components are combined as a single lease component for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease payments are recognized as lease expense as they are incurred. Goodwill and Other Intangible Assets The carrying value of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment. Goodwill and other intangible assets with indefinite lives have been assigned to reporting units for purposes of impairment testing. The reporting units are the Company's retail operating divisions. Goodwill and other intangible assets with indefinite lives are tested for impairment annually at the end of the fiscal month of May. The Company evaluates qualitative factors to determine if it is more likely than not that the fair value of a reporting unit or other intangible assets with indefinite lives is less than its carrying value and whether it is necessary to perform the quantitative impairment test. If required, the Company performs a quantitative impairment test which involves a comparison of each reporting unit's or other intangible assets with indefinite lives' fair values to its carrying value. Estimating the fair values of the reporting units or other intangible assets with indefinite lives involves the use of significant assumptions, estimates and judgments with respect to a variety of factors, including sales, gross margin and SG&A expense rates, capital expenditures, cash flows and the selection and use of an appropriate discount rate and market values and multiples of earnings and revenues of similar public companies. The projected sales, gross margin and SG&A expense rate assumptions and capital expenditures are based on the Company's annual business plan or other forecasted results. Discount rates reflect market-based estimates of the risks associated with the projected cash flows of the reporting unit or indefinite lived intangible asset. The estimates of fair value of reporting units or other intangible assets with indefinite lives are based on the best information available as of the date of the assessment. If the carrying value of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to such excess, limited to the total amount of goodwill allocated to the reporting unit. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is written down by an amount equal to such excess. Capitalized Software The Company capitalizes purchased and internally-developed software as well as implementation costs associated with cloud computing arrangements and amortizes such costs to expense on a straight-line basis generally over four Gift Cards The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold or issued, no revenue is recognized; rather, the Company records an accrued liability to customers. The liability is relieved and revenue is recognized equal to the amount redeemed for merchandise. The Company records revenue from unredeemed gift cards (breakage) in net sales on a pro-rata basis over the time period gift cards are actually redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. The Company records breakage income within net sales on the Consolidated Statements of Operations. Loyalty Programs The Company maintains customer loyalty programs in which customers earn points based on their purchases. Under the Macy's Star Rewards loyalty program, points are earned based on customers' spending on Macy's private label and co-branded credit cards as well as non-proprietary cards and other forms of tender. The Company's Bloomingdale's Loyallist and bluemercury BlueRewards programs provide tender neutral points-based programs to their customers. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales at the time of the initial transaction and as tender when the points are subsequently redeemed by a customer. Self-Insurance Reserves The Company, through its insurance subsidiary, is self-insured for workers compensation and general liability claims up to certain maximum liability amounts. Although the amounts accrued are actuarially determined based on analysis of historical trends of losses, settlements, litigation costs and other factors, the amounts the Company will ultimately disburse could differ from such accrued amounts. Post Employment Obligations The Company, through its actuaries, utilizes assumptions when estimating the liabilities for pension and other employee benefit plans. These assumptions, where applicable, include the discount rates used to determine the actuarial present value of projected benefit obligations, the rate of increase in future compensation levels, mortality rates and the long-term rate of return on assets. The Company measures post employment assets and obligations using the month-end that is closest to the Company's fiscal year-end or an interim period quarter-end if a plan is determined to qualify for a remeasurement. The benefit expense is generally recognized in the Consolidated Financial Statements on an accrual basis over the average remaining lifetime of participants, and the accrued benefits are reported in other assets, accounts payable and accrued liabilities and other liabilities on the Consolidated Balance Sheets, as appropriate. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Operations in the period that includes the enactment date. Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized. Stock Based Compensation The Company records stock-based compensation expense for awards that include share-based payments to employees, including grants of employee stock options, in accordance with their fair values. The Company determines the appropriate fair value model to be used for valuing share-based payments and the amortization method for compensation cost based on nature of the award. Comprehensive Income (Loss) Total comprehensive income (loss) represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income (loss). For the Company, the only other components of total comprehensive income (loss) for 2022, 2021 and 2020 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of income before income taxes in the Consolidated Statements of 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 In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (ASU 2022-04), which requires entities to disclose the key terms of supplier finance programs they use in connection with the purchase of goods and services, along with the amount of obligations outstanding at the end of each period and an annual rollforward of such obligations. ASU 2022-04 is effective for the Company beginning in the fiscal year ending February 3, 2024. The effect of the adoption of ASU 2022-04 is not expected to be material to the Company’s consolidated financial statements. |
Revenue
Revenue | 12 Months Ended |
Jan. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Net sales Macy's accounted for approximately 87%, 88%, and 89% of the Company's net sales for 2022, 2021 and 2020, respectively. In addition, digital sales accounted for approximately 33%, 35% and 44% of net sales in 2022, 2021 and 2020, respectively. Disaggregation of the Company's net sales by family of business for 2022, 2021 and 2020 were as follows: Net sales by family of business 2022 2021 2020 (millions) Women’s Accessories, Shoes, Cosmetics and Fragrances $ 9,597 $ 9,385 $ 6,667 Women’s Apparel 5,349 5,174 3,454 Men’s and Kids’ 5,297 5,247 3,477 Home/Other (a) 4,199 4,654 3,748 Total $ 24,442 $ 24,460 $ 17,346 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards. Retail Sales Retail sales include merchandise sales, inclusive of delivery income, licensed department income, sales of private brand goods directly to third party retailers and sales of excess inventory to third parties. Sales of merchandise are recorded at point of sale for in-store purchases or at the time of shipment to the customer for digital purchases and are reported net of estimated merchandise returns and certain customer incentives. Commissions earned on sales generated by licensed departments are included as a component of total net sales and are recognized as revenue at the time merchandise is sold to customers. Service revenues (e.g., alteration and cosmetic services) are recorded at the time the customer receives the benefit of the service. The Company has elected to present sales taxes on a net basis and, as such, sales taxes are included in accounts payable and accrued liabilities until remitted to the taxing authorities. Merchandise Returns The Company estimates merchandise returns using historical data and recognizes an allowance that reduces net sales and cost of sales. The liability for merchandise returns is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $236 million as of January 28, 2023 and $198 million as of January 29, 2022. Included in prepaid expenses and other current assets is an asset totaling $152 million as of January 28, 2023 and $120 million as of January 29, 2022, for the recoverable cost of merchandise estimated to be returned by customers. Gift Cards and Customer Loyalty Programs The liability for unredeemed gift cards and customer loyalty programs is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $399 million as of January 28, 2023, and $481 million as of January 29, 2022. During 2022 and 2021, the Company recognized approximately $15 million and $26 million, respectively, in breakage income related to changes in breakage rate estimates. Changes in the liability for unredeemed gift cards and customer loyalty programs are as follows: 2022 2021 2020 (millions) Balance, beginning of year $ 481 $ 616 $ 839 Liabilities issued but not redeemed (a) 324 394 262 Revenue recognized from beginning liability (406) (529) (485) Balance, end of year $ 399 $ 481 $ 616 (a) Net of estimated breakage income. Credit Card Revenues, net In 2005, in connection with the sale of most of the Company's credit card accounts and related receivable balances to Citibank, the Company and Citibank entered into a long-term marketing and servicing alliance pursuant to the terms of a Credit Card Program Agreement (Credit Card Program). Subsequent to this initial arrangement and associated amendments, on December 13, 2021, the Company entered into the sixth amendment to the amended and restated Credit Card Program with Citibank (the Program Agreement). The changes to the Credit Card Program's financial structure are not materially different from its previous terms. As part of the Program Agreement, the Company receives payments for providing a combination of interrelated services and intellectual property to Citibank in support of the underlying Credit Card Program. Revenue based on the spending activity of the underlying accounts is recognized as the respective card purchases occur and the Company's profit share is recognized based on the performance of the underlying portfolio. Revenue associated with the establishment of new credit accounts and assisting in the receipt of payments for existing accounts is recognized as such activities occur. Credit card revenues include finance charges, late fees and other revenue generated by the Company’s Credit Card Program, net of fraud losses and expenses associated with establishing new accounts, credit card funding costs and bad debt reserves. The Program Agreement expires March 31, 2030, subject to an additional renewal term of three years. The Program Agreement provides for, among other things, (i) the ownership by Citibank of the accounts purchased by Citibank, (ii) the ownership by Citibank of new accounts opened by the Company's customers, (iii) the provision of credit by Citibank to the holders of the credit cards associated with the foregoing accounts, (iv) the servicing of the foregoing accounts, and (v) the allocation between Citibank and the Company of the economic benefits and burdens associated with the foregoing and other aspects of the alliance. Pursuant to the Program Agreement, the Company continues to provide certain servicing functions related to the accounts and related receivables owned by Citibank and receives compensation from Citibank for these services. The amounts earned under the Program Agreement related to the servicing functions are deemed adequate compensation and, accordingly, no servicing asset or liability has been recorded on the Consolidated Balance Sheets. The Company's credit card revenues, net were $863 million, $832 million, and $751 million for 2022, 2021 and 2020, respectively. Amounts received under the Program Agreement were $978 million, $950 million, and $882 million for 2022, 2021 and 2020, respectively. |
Impairment, Restructuring and O
Impairment, Restructuring and Other Costs | 12 Months Ended |
Jan. 28, 2023 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |
Impairment, Restructuring and Other Costs | Impairment, Restructuring and Other Costs Impairment, restructuring and other costs consist of the following: 2022 2021 2020 (millions) Asset Impairments $ 15 $ 6 $ 3,280 Restructuring 5 3 224 Other 21 21 75 $ 41 $ 30 $ 3,579 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. During the first quarter of 2020, 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. 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. • $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. In June 2020, the Company announced a restructuring to align its cost base with anticipated near-term sales as the business recovered 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 store portfolio, supply chain and customer support network, which it has since adjusted as sales recovered in early 2021. During the second quarter of 2020, the Company recognized $154 million of expense for severance related to this reduction in force, of which all of this severance was paid as of January 28, 2023. On February 4, 2020, the Company announced its Polaris strategy, a multi-year plan designed to stabilize profitability and position the Company for sustainable, profitable growth. The strategy, developed in 2019 and refined in 2020, includes initiatives focused on growing the Company’s digital channels, expanding the Company’s off-mall store presence and modernizing the Company’s technology and supply chain infrastructures. A summary of the restructuring and other cash activity for 2022, 2021, and 2020 related to the Polaris strategy, which are included within accounts payable and accrued liabilities, is as follows: Severance and Professional Total (millions) 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 Additions charged to expense 5 — 5 Cash payments (18) (2) (20) Balance at January 29, 2022 1 — 1 Additions charged to expense — — — Cash payments (1) — (1) Balance at January 28, 2023 $ — $ — $ — |
Properties and Leases
Properties and Leases | 12 Months Ended |
Jan. 28, 2023 | |
Property Plant and Equipment and Leases of Lessee [Abstract] | |
Properties and Leases | Properties and Leases Property and Equipment, net The major classes of property and equipment, net as of January 28, 2023 and January 29, 2022 are as follows: January 28, January 29, (millions) Land $ 1,334 $ 1,353 Buildings on owned land 3,691 3,635 Buildings on leased land and leasehold improvements 1,368 1,303 Fixtures and equipment 4,153 3,922 10,546 10,213 Less accumulated depreciation and amortization 4,633 4,548 $ 5,913 $ 5,665 In connection with various shopping center agreements, the Company is obligated to operate certain stores within the centers for periods of up to fifteen years. Some of these agreements require that the stores be operated under a particular name. Leases The Company leases a portion of the real estate and personal property used in its operations. Most leases require the Company to pay real estate taxes, maintenance, insurance, and other similar costs; some also require additional payments based on percentages of sales and some contain purchase options. Certain of the Company's leases contain covenants that restrict the ability of the tenant (typically a subsidiary of the Company) to take specified actions (including the payment of dividends or other amounts on account of its capital stock) unless the tenant satisfies certain financial tests. ROU assets and lease liabilities consist of: Classification January 28, January 29, (millions) Assets Finance lease assets (a) Right of Use Assets $ 9 $ 10 Operating lease assets (b) Right of Use Assets 2,674 2,798 Total lease assets $ 2,683 $ 2,808 Liabilities Current Finance (a) Accounts payable and accrued liabilities $ 2 $ 2 Operating (b) Accounts payable and accrued liabilities 333 328 Noncurrent Finance (a) Long-Term Lease Liabilities 15 17 Operating (b) Long-Term Lease Liabilities 2,948 3,081 Total lease liabilities $ 3,298 $ 3,428 (a) Finance lease assets are recorded net of accumulated amortization of $13 million as of January 28, 2023 and January 29, 2022. As of both January 28, 2023 and January 29, 2022, finance lease assets included $1 million, and noncurrent lease liabilities included $2 million of non-lease components. (b) As of January 28, 2023, operating lease assets included $370 million of non-lease components and current and noncurrent lease liabilities included $36 million and $384 million, respectively, of non-lease components. As of January 29, 2022, operating lease assets included $377 million of non-lease components and current and noncurrent lease liabilities included $36 million and $386 million, respectively, of non-lease components. The components of net lease expense, recognized primarily within selling, general and administrative expenses are disclosed below. For 2022, 2021 and 2020, lease expense included $79 million, $80 million and $87 million, respectively, related to non-lease components. 2022 2021 2020 (millions) Real estate Operating leases (c) – Minimum rents $ 361 $ 359 $ 376 Variable rents 54 48 45 415 407 421 Less income from subleases – Operating leases (d) (39) (1) (1) $ 376 $ 406 $ 420 Personal property – Operating leases $ 7 $ 7 $ 7 (c) Certain supply chain operating lease expense amounts are included in cost of sales. (d) Represents sublease income from certain corporate office locations. As of January 28, 2023, the maturity of lease liabilities is as follows: Finance Operating Total (millions) Fiscal year 2023 $ 3 $ 340 $ 343 2024 3 375 378 2025 3 371 374 2026 2 355 357 2027 2 340 342 After 2027 11 5,051 5,062 Total undiscounted lease payments 24 6,832 6,856 Less amount representing interest 7 3,551 3,558 Total lease liabilities $ 17 $ 3,281 $ 3,298 (e) Operating lease payments include $2,872 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $292 million of legally binding minimum lease payments for leases signed but not yet commenced. (f) Operating lease payments include $1,090 million related to non-lease component payments, with $827 million of such payments related to options to extend lease terms that are reasonably certain of being exercised. Additional supplemental information regarding assumptions and cash flows for operating and finance leases is as follows: Lease Term and Discount Rate January 28, January 29, Weighted-average remaining lease term (years) Finance leases 11.5 11.9 Operating leases 21.3 21.7 Weighted-average discount rate Finance leases 6.74 % 6.73 % Operating leases 6.58 % 6.54 % Other Information 52 Weeks Ended 52 Weeks Ended (millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used from operating leases $ 364 $ 322 Financing cash flows used from financing leases 3 3 Leased assets obtained in exchange for new operating lease liabilities 79 15 The Company is a guarantor with respect to certain lease obligations associated with The May Department Stores Company and previously disposed subsidiaries or businesses. The leases have future minimum lease payments aggregating approximately $181 million and are offset by payments from existing tenants and subtenants. In addition, the Company is contingently liable for other expenses related to the above leases, such as property taxes and common area maintenance, which are also payable by existing tenants and subtenants. Potential liabilities related to these guarantees are subject to certain defenses by the Company. The Company believes that the risk of significant loss from the guarantees of these lease obligations is remote. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jan. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following summarizes the Company’s goodwill and other intangible assets: January 28, January 29, (millions) Non-amortizing intangible assets Goodwill $ 9,290 $ 9,290 Accumulated impairment losses (8,462) (8,462) 828 828 Tradenames 403 403 $ 1,231 $ 1,231 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 (18) (15) (19) (16) $ 29 $ 32 Capitalized software Gross balance $ 1,095 $ 1,010 Accumulated amortization (429) (499) $ 666 $ 511 For the Company's annual impairment assessment as of the end of fiscal May 2022 and 2021, 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. At the end of 2022, the Company was in the early stages of reimagining its private brand portfolio and as such the intended future use of certain private brands may evolve. The Company will continue to monitor the evolution of its private brands and the related impact to its intangible assets. Finite lived tradenames are being amortized over their respective useful lives of 20 years. Favorable lease intangible assets are being amortized over their respective lease terms. Other contractual assets and tradenames amortization expense amounted to $2 million for each of 2022, 2021, and 2020. Capitalized software amortization expense amounted to $235 million for 2022, $238 million for 2021 and $268 million for 2020. Future estimated amortization expense for assets, excluding in-process capitalized software of $72 million not yet placed in service as of January 28, 2023, is shown below: Amortizing Capitalized (millions) Fiscal year 2023 $ 2 $ 223 2024 2 177 2025 2 137 2026 2 57 2027 2 — |
Financing
Financing | 12 Months Ended |
Jan. 28, 2023 | |
Debt Disclosure [Abstract] | |
Financing | Financing The Company’s debt is as follows: January 28, January 29, (millions) Long-term debt: 5.875% Senior notes due 2029 $ 500 $ 500 5.875% Senior notes due 2030 425 — 6.125% Senior notes due 2032 425 — 4.5% Senior notes due 2034 367 367 5.125% Senior notes due 2042 250 250 4.3% Senior notes due 2043 250 250 6.375% Senior notes due 2037 192 192 6.7% Senior exchanged debentures due 2034 181 183 7.0% Senior debentures due 2028 105 105 6.9% Senior debentures due 2029 79 79 6.7% Senior exchanged debentures due 2028 73 74 6.79% Senior debentures due 2027 71 71 6.7% Senior debentures due 2028 29 29 6.7% Senior debentures due 2034 18 18 8.75% Senior exchanged debentures due 2029 13 13 6.9% Senior debentures due 2032 12 12 7.6% Senior debentures due 2025 6 6 7.875% Senior exchanged debentures due 2030 5 5 7.875% Senior debentures due 2030 5 5 6.9% Senior exchanged debentures due 2032 1 5 2.875% Senior notes due 2023 — 504 3.625% Senior notes due 2024 — 350 4.375% Senior notes due 2023 — 161 6.65% Senior exchanged debentures due 2024 — 81 6.65% Senior debentures due 2024 — 36 Unamortized debt issue costs and discount (28) (22) Premium on acquired debt, using an effective interest yield of 5.76% to 6.021% 17 21 $ 2,996 $ 3,295 Interest expense and losses on early retirement of debt are as follows: 2022 2021 2020 (millions) Interest on debt $ 185 $ 246 $ 273 Amortization of debt premium (2) (3) (4) Amortization of financing costs and debt discount 13 26 23 Interest on finance leases 1 1 1 197 270 293 Less interest capitalized on construction 22 14 9 Interest expense $ 175 $ 256 $ 284 Losses on early retirement of debt $ 31 $ 199 $ — 2022 Financing Activities ABL Credit Facility On March 3, 2022, the Company entered into a third amendment to the ABL Credit Facility which provides for a new Revolving Credit Facility of $3.0 billion (the New ABL Credit Facility). Amounts borrowed under the New ABL Credit Facility are subject to interest at a rate per annum equal to, at the ABL Borrower’s option, either (i) adjusted SOFR (calculated to include a 0.10% credit adjustment spread) plus a margin of 1.25% to 1.50% or (ii) a base rate plus a margin of 0.25% to 0.50%, in each case depending on revolving line utilization. The New ABL Credit Facility matures in March 2027. As of January 28, 2023 and January 29, 2022, there were no borrowings under the agreement and there were $65 million and $116 million, respectively, of other standby letters of credit outstanding. Senior Secured and Unsecured Notes On March 8, 2022, the Company completed a tender offer in which $8 million of certain senior secured notes were tendered for early settlement and the collateral that secured the remaining $352 million of the Company’s senior secured notes was automatically released. On March 10, 2022, the Company issued $425 million of 5.875% senior notes due 2030 (the 2030 Notes) and $425 million of 6.125% senior notes due 2032 (the 2032 Notes) in a private offering. Proceeds from the issuance, together with cash on hand, were used to redeem $1.1 billion of certain of its outstanding senior notes and pay fees and expenses in connection with the offering. The Company recognized $31 million of losses related to the early retirement of debt on the Consolidated Statement of Income. Each of the 2030 Notes and 2032 Notes are senior unsecured obligations of MRH and are unconditionally guaranteed on an unsecured basis by Macy’s, Inc. 2021 Financing Activities Senior Secured and Unsecured Notes On March 17, 2021, the Company completed a tender offer in which $500 million of senior notes and debentures were tendered for early settlement and purchased by MRH. The total cash cost for the tender offer was $17 million with the remainder funded through the net proceeds from the Notes Offering discussed below. The Company recognized $11 million of losses on early retirement of debt on the Consolidated Statement of Income during 2021. On March 17, 2021, the Company issued $500 million of 5.875% senior notes due 2029 in a private offering, which 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 the tender offer discussed above. On August 17, 2021, the Company redeemed the entire outstanding $1.3 billion amount of its 8.375% senior secured notes due 2025. The redemption price was equal to 100% of the outstanding principal amount of the notes ($1.3 billion), plus accrued and unpaid interest of $19 million, plus the applicable premium due to holders in connection with the early redemption of $138 million, plus unamortized deferred debt costs of $47 million. The Company recognized the redemption premium and unamortized deferred debt costs of $185 million as losses on early retirement of debt on the Consolidated Statement of Income during 2021. On October 15, 2021, the Company redeemed the entire outstanding $294 million amount of its 3.875% senior notes due 2022. The redemption price was equal to 100% of the outstanding principal amount of $294 million, plus accrued and unpaid interest of $3 million. Other Debt Obligations Bank Credit Agreement On June 8, 2020, the Company amended its existing credit agreement, which reduced the credit commitments of its existing $1,500 million unsecured credit agreement. The new agreement provided for revolving credit borrowings and letters of credit in an aggregate amount not to exceed $1 million. The new credit agreement is scheduled to expire on May 9, 2024, subject to up to two one-year extensions that could be requested by the Company and agreed to by the lenders. The unsecured revolving credit facility contains covenants that provide for, among other things, limitations on fundamental changes, use of proceeds, and maintenance of property, as well as customary representations and warranties and events of default. As of January 28, 2023 and January 29, 2022, there were no revolving credit loans outstanding under the credit agreement. Senior Notes and Debentures The senior notes and the senior debentures are unsecured obligations of a 100%-owned subsidiary of Macy’s, Inc. and Macy's Inc. has fully and unconditionally guaranteed these obligations. Other Financing Arrangements There were $65 million and $116 million, respectively, of other standby letters of credit outstanding at January 28, 2023 and January 29, 2022. Long-Term Debt Maturities Future maturities of long-term debt are shown below: (millions) Fiscal year 2024 $ — 2025 6 2026 — 2027 71 2028 207 After 2028 2,723 Debt Repayments The following table shows the detail of debt repayments: 2022 2021 2020 (millions) Revolving credit facility $ 1,959 $ 585 $ 1,500 2.875% Senior notes due 2023 504 136 — 3.625% Senior notes due 2024 350 150 — 4.375% Senior notes due 2023 161 49 — 6.65% Senior debentures due 2024 81 5 — 6.65% Debentures due 2024 36 — — 6.9% Senior debentures due 2032 4 — — 6.7% Senior debentures due 2034 2 — — 6.7% Senior debentures due 2028 1 — — 8.375% Senior secured notes due 2025 — 1,300 — 3.875% Senior notes due 2022 — 450 — 7.6% Senior debentures due 2025 — 18 — 3.45% Senior notes due 2021 — — 500 10.25% Senior debentures due 2021 — — 33 9.5% amortizing debentures due 2021 — 2 4 9.75% amortizing debentures due 2021 — 1 2 $ 3,098 $ 2,696 $ 2,039 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Jan. 28, 2023 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities January 28, January 29, (millions) Accounts payable $ 821 $ 1,058 Gift cards and customer rewards 399 481 Lease related liabilities 438 433 Accrued wages and vacation 199 290 Allowance for future sales returns 236 198 Current portion of post employment and postretirement benefits 159 148 Taxes other than income taxes 121 141 Current portion of workers' compensation and general liability reserves 86 92 Accrued interest 51 44 Other 240 201 $ 2,750 $ 3,086 Changes in workers' compensation and general liability reserves, including the non-current portion, are as follows: 2022 2021 2020 (millions) Balance, beginning of year $ 387 $ 416 $ 462 Charged to costs and expenses 123 108 88 Payments, net of recoveries (132) (137) (134) Balance, end of year $ 378 $ 387 $ 416 The non-current portion of workers' compensation and general liability reserves is included in other liabilities on the Consolidated Balance Sheets. At both January 28, 2023 and January 29, 2022, workers' compensation and general liability reserves of $102 million are covered by deposits and receivables included in current assets on the Consolidated Balance Sheets. |
Taxes
Taxes | 12 Months Ended |
Jan. 28, 2023 | |
Taxes Payable [Abstract] | |
Taxes | Taxes Income tax expense (benefit) is as follows: 2022 2021 2020 Current Deferred Total Current Deferred Total Current Deferred Total (millions) Federal $ 361 $ (56) $ 305 $ 369 $ (21) $ 348 $ (520) $ (179) $ (699) State and local 18 18 36 48 40 88 1 (148) (147) $ 379 $ (38) $ 341 $ 417 $ 19 $ 436 $ (519) $ (327) $ (846) The income tax expense (benefit) reported differs from the expected tax computed by applying the federal income tax statutory rate of 21% to income before income taxes. The reasons for this difference and their tax effects are as follows: 2022 2021 2020 (millions) Expected tax $ 319 $ 392 $ (1,006) State and local income taxes, net of federal income taxes (a) 23 84 (140) CARES Act carryback benefit — (29) (205) Goodwill impact — — 492 Tax impact of equity awards — — 8 Federal tax credits (4) (3) (5) Change in valuation allowance 5 (15) 24 Other (2) 7 (14) $ 341 $ 436 $ (846) (a) 2022 includes an income tax benefit from the favorable resolution of state income tax litigation. The Company participates in the Internal Revenue Service (IRS) Compliance Assurance Program (CAP). As part of the CAP, tax years are audited on a contemporaneous basis so that all or most issues are resolved prior to the filing of the tax return. The IRS has completed examinations of 2021 and all prior tax years. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: January 28, January 29, (millions) Deferred tax assets Post employment and postretirement benefits $ 50 $ 48 Accrued liabilities accounted for on a cash basis for tax purposes 112 100 Lease liabilities 881 917 Unrecognized state tax benefits and accrued interest 22 38 State operating loss and credit carryforwards 132 152 Other 112 95 Valuation allowance (94) (89) Total deferred tax assets 1,215 1,261 Deferred tax liabilities Excess of book basis over tax basis of property and equipment (872) (914) Right of use assets (717) (751) Merchandise inventories (351) (300) Intangible assets (116) (116) Other (106) (163) Total deferred tax liabilities (2,162) (2,244) Net deferred tax liability $ (947) $ (983) The valuation allowance at January 28, 2023 and January 29, 2022 relates to net deferred tax assets for state net operating loss and credit carryforwards. The net change in the valuation allowance amounted to an increase of $5 million for 2022. In 2021, the net change in the valuation allowance amounted to a decrease of $15 million. As of January 28, 2023, the Company had no federal net operating loss carryforwards, state net operating loss carryforwards, net of valuation allowances, of $696 million, which will expire between 2023 and 2042, and no state credit carryforwards, net of valuation allowances. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: January 28, January 29, January 30, (millions) Balance, beginning of year $ 102 $ 113 $ 133 Additions based on tax positions related to the current year 13 12 9 Reductions for tax positions of prior years (20) (11) (13) Settlements (4) (2) (4) Statute expirations (11) (10) (12) Balance, end of year $ 80 $ 102 $ 113 Amounts recognized in the Consolidated Balance Sheets Current income taxes $ 4 $ 14 $ 6 Deferred income taxes 1 3 3 Other liabilities (b) 75 85 104 $ 80 $ 102 $ 113 (b) Unrecognized tax benefits not expected to be settled within one year are included within other liabilities on the Consolidated Balance Sheets. Additional information regarding unrecognized benefits and related interest and penalties is as follow: January 28, January 29, (millions) Amount of unrecognized tax benefits, net of deferred tax assets, that if recognized would affect the effective tax rate $ 63 $ 81 Accrued federal, state and local interest and penalties 23 65 Amounts recognized in the Consolidated Balance Sheets Current income taxes 4 32 Other liabilities 19 33 The Company classifies federal, state and local interest and penalties not expected to be settled within one year as other liabilities on the Consolidated Balance Sheets and follows a policy of recognizing all interest and penalties related to unrecognized tax benefits in income tax expense. The accrued federal, state and local interest and penalties primarily relate to state tax issues and the amount of penalties paid in prior periods, and the amounts of penalties accrued at January 28, 2023 and January 29, 2022, are insignificant. Federal, state and local interest and penalties amounted to income of $38 million for 2022, and expense of $5 million, and $1 million for 2021 and 2020, respectively. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2019. With respect to state and local jurisdictions, with limited exceptions, the Company and its subsidiaries are no longer subject to income tax audits for years before 2013. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties have been accrued for any adjustments that are expected to result from the years still subject to examination. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Jan. 28, 2023 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Retirement Plans | Retirement Plans The Company has defined contribution plans that cover substantially all employees who work 1,000 hours or more in a year. In addition, the Company has a funded defined benefit plan (Pension Plan) and an unfunded defined benefit supplementary retirement plan (SERP), which provides benefits, for certain employees, in excess of qualified plan limitations. Effective January 1, 2012, the Pension Plan was closed to new participants, with limited exceptions, and effective January 2, 2012, the SERP was closed to new participants. In February 2013, the Company announced changes to the Pension Plan and SERP whereby eligible employees no longer earn future pension service credits after December 31, 2013, with limited exceptions. All retirement benefits attributable to service in subsequent periods are provided through defined contribution plans. Retirement expenses, excluding settlement charges, included the following components: 2022 2021 2020 (millions) 401(k) Qualified Defined Contribution Plan $ 86 $ 76 $ 68 Non-Qualified Defined Contribution Plan 1 1 1 Pension Plan (42) (85) (73) Supplementary Retirement Plan 26 24 26 Postretirement Obligations (4) (4) (3) $ 67 $ 12 $ 19 The Company estimates the service and interest cost components of net periodic benefit costs for the Pension Plan and SERP. This method uses a full yield curve approach in the estimation of these components of net periodic benefit costs. Under this approach, the Company applies discounting using individual spot rates from the yield curve composed of the rates of return from a portfolio of high quality corporate debt securities available at the measurement date. These spot rates align to each of the projected benefit obligation and service cost cash flows. Defined Contribution Plans The Company has a qualified plan that permits participating associates to defer eligible compensation up to the maximum limits allowable under the Internal Revenue Code. Beginning January 1, 2014, the Company has a non-qualified plan that permits participating associates to defer eligible compensation above the limits of the qualified plan. The Company contributes a matching percentage of employee contributions under both the qualified and non-qualified plans. Effective January 1, 2014, the Company's matching contribution to the qualified plan was enhanced for all participating employees, with limited exceptions. Prior to January 1, 2014, the matching contribution rate under the qualified plan was higher for those employees not eligible for the Pension Plan than for employees eligible for the Pension Plan. The liability related to the qualified plan matching contribution, which is reflected in accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $94 million at January 28, 2023 and $83 million at January 29, 2022. Expense related to matching contributions for the qualified plan amounted to $86 million for 2022, $76 million for 2021 and $68 million for 2020. At January 28, 2023 and January 29, 2022, the liability under the non-qualified plan, which is reflected in other liabilities on the Consolidated Balance Sheets, was $35 million and $39 million, respectively. The liability related to the non-qualified plan matching contribution, which is reflected in accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $1 million at January 28, 2023 and January 29, 2022. Expense related to matching contributions for the non-qualified plan amounted to $1 million for 2022, 2021 and 2020. In connection with the non-qualified plan, the Company had mutual fund investments at January 28, 2023 and January 29, 2022 of $35 million and $39 million, respectively, which are included in prepaid expenses and other current assets on the Consolidated Balance Sheets. The following provides a reconciliation of benefit obligations, plan assets, and funded status of the Pension Plan and SERP as of January 28, 2023 and January 29, 2022: Pension Plan SERP 2022 2021 2022 2021 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 2,406 $ 3,030 $ 606 $ 673 Service cost — 1 — — Interest cost 68 49 15 11 Actuarial gain (301) (172) (71) (32) Benefits paid (194) (502) (42) (46) Projected benefit obligation, end of year 1,979 2,406 508 606 Changes in plan assets Fair value of plan assets, beginning of year 2,900 3,359 — — Actual return (loss) on plan assets (317) 43 — — Company contributions — — 42 46 Benefits paid (194) (502) (42) (46) Fair value of plan assets, end of year 2,389 2,900 — — Funded status at end of year $ 410 $ 494 $ (508) $ (606) Amounts recognized in the Consolidated Balance Sheets at January 28, 2023 and January 29, 2022 Other assets $ 410 $ 494 $ — $ — Accounts payable and accrued liabilities — — (48) (47) Other liabilities — — (460) (559) $ 410 $ 494 $ (508) $ (606) Amounts recognized in accumulated other comprehensive loss at January 28, 2023 and January 29, 2022 Net actuarial loss $ 704 $ 617 $ 175 $ 257 Prior service cost — — 5 5 $ 704 $ 617 $ 180 $ 262 Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the Pension Plan and SERP included the following actuarially determined components: Pension Plan SERP 2022 2021 2020 2022 2021 2020 (millions) Net Periodic Pension Cost Service cost $ — $ 1 $ 4 $ — $ — $ — Interest cost 68 49 66 15 11 14 Expected return on assets (122) (161) (183) — — — Amortization of net actuarial loss 12 26 40 11 13 12 (42) (85) (73) 26 24 26 Settlement charges 39 96 74 — — 10 Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Loss Net actuarial (gain) loss 138 (55) (178) (71) (32) 40 Amortization of net actuarial loss (12) (26) (40) (11) (13) (12) Settlement charges (39) (96) (74) — — (10) 87 (177) (292) (82) (45) 18 Total recognized $ 84 $ (166) $ (291) $ (56) $ (21) $ 54 In 2022 and 2021, the Company incurred non-cash settlement charges of $39 million and $96 million, respectively. For 2022, these charges relate to the pro-rata recognition of net actuarial losses associated with the Company's Pension Plan and is the result of the lump sum distributions associated with retiree distribution elections. For 2021, these charges related to the pro-rata recognition of net actuarial losses associated with the Company's Pension Plan and were the result of the transfer of pension obligations for certain retirees and beneficiaries under the Pension Plan through the purchase of a group annuity contract with an insurance company. The Company transferred $256 million of Pension Plan assets to the insurance company in the second quarter of 2021, thereby reducing its Pension Plan benefit obligations. The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan and SERP at January 28, 2023 and January 29, 2022: Pension Plan SERP 2022 2021 2022 2021 Discount rate 4.73 % 3.06 % 4.74 % 3.10 % Rate of compensation increases 3.50 % 3.50 % — — Cash balance plan interest crediting rate 5.00 % 5.00 % — — The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan and SERP: Pension Plan SERP 2022 2021 2020 2022 2021 2020 Discount rate used to measure service cost 3.35% - 5.76% 2.69% - 3.07% 2.35% - 2.96% — — — Discount rate used to measure interest cost 2.55% - 5.49% 1.76% - 2.07% 1.65% - 2.46% 2.53 % 1.74 % 1.65% - 2.44% Expected long-term return on plan assets 4.60 % 5.75 % 6.25 % — — — Rate of compensation increases 3.50 % 3.45 % 3.25 % — — — Cash balance plan interest crediting rate 5.00 % 5.00 % 5.00 % — — — The Pension Plan and SERP’s assumptions are evaluated annually, and at interim re-measurements if required, and updated as necessary. Due to settlement accounting and re-measurements during 2022, 2021 and 2020, for the Pension Plan, and during 2020 for the SERP, the discount rate used to measure service cost and the discount rate used to measure interest cost varied between periods. The table above shows the range of rates used to determine net periodic expense for the plans. The discount rates used to determine the present value of the projected benefit obligation for the Pension Plan and SERP are based on a yield curve constructed from a portfolio of high quality corporate debt securities with various maturities. Each year's expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate for the projected benefit obligation. The Company develops its expected long-term rate of return on plan asset assumption by evaluating input from several professional advisors taking into account the asset allocation of the portfolio and long-term asset class return expectations, as well as long-term inflation assumptions. Expected returns for each major asset class are considered along with their volatility and the expected correlations among them. These expectations are based upon historical relationships as well as forecasts of how future returns may vary from historical returns. Returns by asset class and correlations among asset classes are combined using the target asset allocation to derive an expected return for the portfolio as a whole. Long- term historical returns of the portfolio are also considered. Portfolio returns are calculated net of all expenses, therefore, the Company also analyzes expected costs and expenses, including investment management fees, administrative expenses, Pension Benefit Guaranty Corporation premiums and other costs and expenses. As of January 28, 2023, the Company increased the assumed annual long-term rate of return for the Pension Plan's assets from 4.60% to 5.30% based on expected future returns on the portfolio of assets. The assets of the Pension Plan are managed by investment specialists with the primary objectives of payment of benefit obligations to Plan participants and an ultimate realization of investment returns over longer periods in excess of inflation. The Company employs a total return investment approach whereby a mix of domestic and foreign equity securities, fixed income securities and other investments is used to maximize the long-term return on the assets of the Pension Plan for a prudent level of risk. Risks are mitigated through asset diversification and the use of multiple investment managers. The target allocation for plan assets is currently 5% equity securities, 87% debt securities, 1% real estate and 7% private equities. The Company generally employs investment managers to specialize in a specific asset class. These managers are chosen and monitored with the assistance of professional advisors, using criteria that include organizational structure, investment philosophy, investment process, performance compared to market benchmarks and peer groups. The Company periodically conducts an analysis of the behavior of the Pension Plan's assets and liabilities under various economic and interest rate scenarios to ensure that the long-term target asset allocation is appropriate given the liabilities. The fair values of the Pension Plan assets as of January 28, 2023 and January 29, 2022, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: Fair Value Category 2022 2021 (millions) Short term investments Level 2 $ — $ 10 Money market funds Level 1 78 206 Equity securities: U.S. pooled funds Level 1 69 77 International pooled funds Level 1 26 31 Fixed income securities: U.S. Treasury bonds Level 2 41 121 Other Government bonds Level 2 60 74 Corporate bonds Level 2 1,592 1,877 Mortgage-backed securities Level 2 14 10 Asset-backed securities Level 2 — 1 Pooled funds Level 1 48 72 Other types of investments: Derivatives in a positive position Level 2 11 12 Derivatives in a negative position Level 2 (3) (1) Pooled funds (a) 271 164 Real estate (a) 19 32 Private equity (a) 133 186 Total $ 2,359 $ 2,872 (a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets. Corporate bonds consist primarily of investment grade bonds of U.S. issuers from diverse industries. The fair value of certain pooled funds including equity securities, real estate and private equity investments represents the reported net asset value of shares or underlying assets of the investment as a practical expedient to estimate fair value. International equity pooled funds seek to provide long-term capital growth and income by investing in equity securities of non-U.S. companies located both in developed and emerging markets. There are generally no redemption restrictions or unfunded commitments related to these equity securities. Real estate investments include several funds that seek risk-adjusted return by providing a stable, income-driven rate of return over the long term with high potential for growth of net investment income and appreciation of value. The real estate investments are diversified across property types and geographical areas primarily in the United States of America. Private equity investments have an objective of realizing aggregate long-term returns in excess of those available from investments in the public equity markets. Private equity investments generally consist of limited partnerships in the United States of America, Europe and Asia. Private equity and real estate investments are valued using fair values per the most recent financial reports provided by the investment sponsor, adjusted as appropriate for any lag between the date of the financial reports and the Company’s reporting date. Due to the nature of the underlying assets of the real estate and private equity investments, changes in market conditions and the economic environment may significantly impact the net asset value of these investments and, consequently, the fair value of the Pension Plan's investments. These investments are redeemable at net asset value to the extent provided in the documentation governing the investments. However, these redemption rights may be restricted in accordance with the governing documents. Redemption of these investments is subject to restrictions including lock-up periods where no redemptions are allowed, restrictions on redemption frequency and advance notice periods for redemptions. The Company does not anticipate making funding contributions to the Pension Plan in 2023. The following benefit payments are estimated to be paid from the Pension Plan and from the SERP: Pension Plan SERP (millions) Fiscal year 2023 $ 215 $ 48 2024 192 46 2025 187 44 2026 180 49 2027 171 42 2028-2032 725 185 |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Jan. 28, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock Based Compensation | Stock-Based Compensation The following disclosures present the Company’s equity plans on a combined basis. The equity plans are administered by the Compensation and Management Development Committee of the Board of Directors (the CMD Committee). The CMD Committee is authorized to grant options, stock appreciation rights, restricted stock and restricted stock units to officers and key employees of the Company and its subsidiaries and to non-employee directors. The equity plans are intended to help the Company attract and retain directors, officers, other key executives and employees and is also intended to provide incentives and rewards relating to the Company’s business plans to encourage such persons to devote themselves to the business of the Company. There have been no grants of stock appreciation rights under the equity plans. Stock option grants have an exercise price at least equal to the market value of the underlying common stock on the date of grant, have ten-year terms and typically vest ratably over four years of continued employment. Restricted stock and time-based restricted stock unit awards generally vest one As of January 28, 2023, approximately 21.2 million shares of common stock were available for additional grants pursuant to the Company’s equity plans. Shares awarded are generally issued from the Company's treasury stock. Stock-based compensation expense included the following components: 2022 2021 2020 (millions) Stock options $ 3 $ 4 $ 8 Restricted stock units 51 51 23 $ 54 $ 55 $ 31 All stock-based compensation expense is recorded in SG&A expense in the Consolidated Statements of Operations. There were no grants of stock options during 2022, 2021 or 2020 and as of January 28, 2023. Restricted Stock Units The weighted average grant date fair values of performance-based and time-based restricted stock units granted during 2022, 2021 and 2020 are as follows: 2022 2021 2020 Restricted stock units (performance-based) $ 25.32 $ 15.80 $ 6.24 Restricted stock units (time-based) 24.01 17.88 6.96 During 2022, 2021 and 2020, the CMD Committee approved awards of performance-based restricted stock units to certain senior executives of the Company. Each award reflects a target number of shares (Target Shares) that may be issued to the award recipient. These awards may be earned upon the completion of approximate three-year performance periods ending February 1, 2025, February 3, 2024 and January 28, 2023, respectively. Whether units are earned at the end of the performance period will be determined based on the achievement of certain performance objectives over the performance period. The performance objectives for the 2022, 2021 and 2020 awards include achieving a relative total shareholder return (TSR) external metric. The 2022 awards and 2021 awards also include internal metrics of digital sales and comparable store sales, and digital sales, respectively. Relative TSR reflects the change in the value of the Company’s common stock over the performance period in relation to the change in the value of the common stock of a peer group index over the performance period, assuming the reinvestment of dividends. Depending on the results achieved during the approximate three-year performance periods, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the Target Shares granted for the 2022 performance-based restricted stock units, 0% to 170% of the Target Shares granted for 2021 performance-based restricted stock units, and 0% to 150% of the Target Shares granted for the 2020 performance-based restricted stock units. The fair value of the Target Shares and restricted stock awards are based on the fair value of the underlying shares on the date of grant. The fair value of the portion of the Target Shares that relate to a relative TSR performance objective was determined using a Monte Carlo simulation analysis to estimate the total shareholder return ranking of the Company among a peer group over the remaining performance periods. The expected volatility of the Company’s common stock at the date of grant was estimated based on a historical average volatility rate for the approximate three-year performance period. The dividend yield assumption was based on historical and anticipated dividend payouts. The risk-free interest rate assumption was based on observed interest rates consistent with the approximate three-year performance measurement period. The fair value of a restricted stock unit award at the grant date is equal to the market price of the Company's common stock on the grant date. Compensation expense is recorded for all restricted stock unit awards based on the amortization of the fair market value at the date of grant over the period the restrictions lapse or over the performance period of the performance-based restricted stock units. As of January 28, 2023, the Company had $87.7 million of unrecognized compensation costs related to nonvested restricted stock units, which is expected to be recognized over a weighted average period of approximately 1.4 years. Activity related to restricted stock units for 2022 is as follows: Shares Weighted (thousands) Nonvested, beginning of period 9,100 $ 10.87 Granted – performance-based 627 25.32 Performance adjustment 336 (7.30) Granted – time-based 2,484 24.01 Forfeited (496) 15.13 Vested (4,445) 8.79 Nonvested, end of period 7,606 $ 16.49 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 28, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The authorized shares of the Company consist of 125 million shares of Preferred Stock, par value of $0.01 per share, with no shares issued, and 1,000 million shares of common stock, par value of $0.01 per share, with 333.6 million shares of common stock issued and 271.3 million shares of common stock outstanding at January 28, 2023, and with 333.6 million shares of common stock issued and 292.4 million shares of common stock outstanding at January 29, 2022 (with shares held in the Company’s treasury being treated as issued, but not outstanding). Common Stock The holders of the common stock are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders. Subject to preferential rights that may be applicable to any Preferred Stock, holders of common stock are entitled to receive ratably such dividends as may be declared by the Board of Directors in its discretion, out of funds legally available. No shares of common stock were retired during 2022, 2021 and 2020. Treasury Stock Treasury stock contains shares repurchased under the share repurchase program, shares repurchased to cover employee tax liabilities related to stock plan activity and shares maintained in a trust related to deferred compensation plans. Under the deferred compensation plans, shares are maintained in a trust to cover the number estimated to be needed for distribution on account of stock credits currently outstanding. On August 19, 2021, the Company announced that its Board of Directors authorized a $500 million share repurchase program, and as of January 29, 2022, the Company completed the share repurchase under this authorization with the purchase of 20.5 million shares. On February 22, 2022, the Company announced that its Board of Directors authorized a new $2 billion share repurchase program, which does not have an expiration date. During 2022, the Company repurchased approximately 24.0 million shares of its common stock at an average cost of $24.98 per share for $600 million. 2022 2021 2020 (millions, except per share data) Total number of shares purchased 24.0 20.5 — Average price paid per share $ 24.98 $ 24.40 $ — Total investment $ 600 $ 500 $ — Changes in the Company’s common stock issued and outstanding, including shares held by the Company’s treasury, are as follows: Treasury Stock Common Deferred Other Total Common (thousands) 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 Stock issued under stock plans (277) 2,454 2,177 2,177 Stock repurchases (20,511) (20,511) (20,511) Deferred compensation plan distributions 193 193 193 Balance at January 29, 2022 333,606 (1,015) (40,232) (41,247) 292,359 Stock issued under stock plans (117) 3,001 2,884 2,884 Stock repurchases (24,058) (24,058) (24,058) Deferred compensation plan distributions 165 165 165 Balance at January 28, 2023 333,606 (967) (61,289) (62,256) 271,350 Accumulated Other Comprehensive Loss For the Company, the only component of accumulated other comprehensive loss for 2022, 2021 and 2020 relates to post employment and postretirement plan items. The net actuarial gains and losses and prior service costs and credits related to post employment and postretirement benefit plans are reclassified out of accumulated other comprehensive loss and included in the computation of net periodic benefit cost (income) and are included in benefit plan income, net in the Consolidated Statements of Operations. In addition, the Company incurred the pro-rata recognition of net actuarial losses associated with an increase in lump sum distributions associated with store closings, organizational restructuring, and periodic distribution activity as settlement charges in the Consolidated Statements of Operations. See Note 9, Retirement Plans, for further information. |
Fair Value Measurements and Con
Fair Value Measurements and Concentrations of Credit Risk | 12 Months Ended |
Jan. 28, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value Measurements and Concentrations of Credit Risk | Fair Value Measurements and Concentrations of Credit Risk The following table shows the Company’s financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards: January 28, 2023 January 29, 2022 Fair Value Measurements Fair Value Measurements Total Quoted Significant Significant Total Quoted Significant Significant (millions) Marketable equity and debt securities $ 35 $ 35 $ — $ — $ 39 $ 39 $ — $ — Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, certain-short term investments and other assets, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount approximates fair value because of the short maturity of these instruments. The fair values of long-term debt are generally estimated based on quoted market prices for identical or similar instruments, and are classified as Level 2 measurements within the hierarchy as defined by applicable accounting standards. The following table shows the estimated fair value of the Company’s long-term debt, excluding other obligations: January 28, 2023 January 29, 2022 Notional Carrying Fair Notional Carrying Fair (millions) Long-term debt $ 3,007 $ 2,996 $ 2,555 $ 3,295 $ 3,295 $ 3,254 Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its temporary cash investments in what it believes to be high credit quality financial instruments. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Jan. 28, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The following table sets forth the computation of basic and diluted earnings (loss) per share: 2022 2021 2020 Net Shares Net Shares Net Shares (millions, except per share data) Net income (loss) and average number of shares outstanding $ 1,177 273.7 $ 1,430 305.8 $ (3,944) 310.2 Shares to be issued under deferred compensation and other plans 1.0 1.0 1.0 $ 1,177 274.7 $ 1,430 306.8 $ (3,944) 311.1 Basic earnings (loss) per share $ 4.28 $ 4.66 $ (12.68) Effect of dilutive securities: Stock options and restricted stock units 6.4 7.2 — $ 1,177 281.1 $ 1,430 314.0 $ (3,944) 311.1 Diluted earnings (loss) per share $ 4.19 $ 4.55 $ (12.68) In addition to the stock options and restricted stock units in the foregoing table, stock options to purchase 12.1 million shares of common stock and restricted stock units relating to 0.7 million shares of common stock were outstanding at January 28, 2023, and stock options to purchase 12.4 million of shares of common stock and restricted stock units relating to 1.0 million shares of common stock were outstanding at January 29, 2022, but were not included in the computation of diluted earnings per share for 2022 or 2021, respectively, because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. |
Commitments
Commitments | 12 Months Ended |
Jan. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments Our estimated total purchase obligations, which primarily consist of merchandise purchase obligations and obligations under outsourcing arrangements, software license and other service commitments, energy and other supply agreements identified by the Company, and construction contracts, were approximately $2,600 million and $3,200 million as of January 28, 2023 and January 29, 2022, respectively. These purchase obligations are primarily due within 1 year and recorded as liabilities when goods are received or services rendered. The Company's merchandise purchase obligations fluctuate on a seasonal basis, typically being higher in the summer and early fall and being lower in the late winter and early spring. The Company purchases a substantial portion of its merchandise inventories and other goods and services in ways other than through binding contracts. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Macy's, Inc., together with its subsidiaries (the Company), is an omni-channel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Puerto Rico and Guam. As of January 28, 2023, the Company's operations and operating segments were conducted through Macy's, Market by Macy's, Macy's Backstage, Bloomingdale's, Bloomingdale's The Outlet, Bloomies, and bluemercury, which are aggregated into one reporting segment. The metrics used by management to assess the performance of the Company's operating divisions include sales trends, gross margin rates, expense rates, and rates of earnings before interest and taxes (EBIT) and earnings before interest, taxes, depreciation and amortization (EBITDA). The Company's operating divisions have historically had similar economic characteristics and are expected to have similar economic characteristics and long-term financial performance in future periods. Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC. |
Fiscal Year | Fiscal Year The Company's fiscal year ends on the Saturday closest to January 31. Fiscal years 2022, 2021 and 2020 ended on January 28, 2023, January 29, 2022 and January 30, 2021, respectively, and included 52 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years. |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements include the accounts of Macy's, Inc. and its 100%-owned subsidiaries. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties that may result in actual amounts differing from reported amounts. |
Reclassifications | Reclassifications Certain reclassifications were made to prior years' amounts to conform with the classifications of such amounts in the most recent years. |
Net Sales, Gift Cards, Loyalty Programs | Net SalesRevenue is recognized when customers obtain control of goods and services promised by the Company. The amount of revenue recognized is based on the amount that reflects the consideration that is expected to be received in exchange for those respective goods and services. Gift Cards The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold or issued, no revenue is recognized; rather, the Company records an accrued liability to customers. The liability is relieved and revenue is recognized equal to the amount redeemed for merchandise. The Company records revenue from unredeemed gift cards (breakage) in net sales on a pro-rata basis over the time period gift cards are actually redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. The Company records breakage income within net sales on the Consolidated Statements of Operations. |
Cost of Sales | Cost of Sales Cost of sales consists of the cost of merchandise, including inbound freight, shipping and handling costs, and depreciation. An estimated allowance for future sales returns is recorded and cost of sales is adjusted accordingly. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and liquid investments with original maturities of three months or less. Cash and cash equivalents includes amounts due in respect of credit card sales transactions that are settled early in the following period in the amount of $112 million at January 28, 2023 and $102 million at January 29, 2022. |
Investments | Investments The Company from time to time invests in debt and equity securities, including companies engaged in complementary businesses. Debt and equity securities held by the Company are accounted for at fair value if classified as trading or available-for-sale. Unrealized holding gains and losses on trading securities and equity securities with a readily determinable fair value are recognized in the Consolidated Statements of Operations. Equity securities without a readily determinable fair value are generally recorded at cost and subsequently adjusted, in net income, for observable price changes (i.e., prices in orderly transactions for the identical investment or similar investment of the same issuer). |
Receivables | Receivables Receivables were $300 million at January 28, 2023, compared to $297 million at January 29, 2022. The Company and Citibank, the owner of most of the Company's credit assets, are party to a long-term marketing and servicing alliance pursuant to the terms of the Program Agreement. Income earned under the Program Agreement is treated as credit card revenues, net on the Consolidated Statements of Operations. Under the Program Agreement, Citibank offers proprietary and non-proprietary credit cards to the Company’s customers. |
Merchandise Inventories | Merchandise Inventories Merchandise inventories are valued at lower of cost or market using the last-in, first-out (LIFO) retail inventory method. Under the retail inventory method, inventory is segregated into departments of merchandise having similar characteristics, and its cost value is derived from the current retail selling value. Inventory retail values are converted to a cost basis by applying specific average cost factors for each merchandise department. Cost factors represent the average cost-to-retail ratio for each merchandise department based on beginning inventory and the annual purchase activity. At January 28, 2023 and January 29, 2022, merchandise inventories valued at LIFO, including adjustments as necessary to record inventory at the lower of cost or market, approximated the cost of such inventories using the first-in, first-out (FIFO) retail inventory method. The application of the LIFO retail inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales for 2022, 2021 or 2020. The retail inventory method inherently requires management judgments and estimates, such as the amount and timing of permanent markdowns to clear unproductive or slow-moving inventory, which may impact the ending inventory valuation as well as gross margins. Permanent markdowns designated for clearance activity are recorded when the utility of the inventory has diminished. Factors considered in the determination of permanent markdowns include current and anticipated demand, customer preferences, age of the merchandise and fashion trends. When a decision is made to permanently markdown merchandise, the resulting gross margin reduction is recognized in the period the markdown is recorded. Physical inventories are generally taken within each merchandise department annually, and inventory records are adjusted accordingly, resulting in the recording of actual shrinkage. Physical inventories are taken at all store locations for substantially all merchandise categories approximately three weeks before the end of the year. Shrinkage is estimated as a percentage of sales at interim periods and for this approximate three-week period, based on historical shrinkage rates. While it is not possible to quantify the impact from each cause of shrinkage, the Company has loss prevention programs and policies that are intended to minimize shrinkage, including the use of radio frequency identification cycle counts and interim inventories to keep the Company's merchandise files accurate. |
Vendor Allowances | Vendor Allowances The Company receives certain allowances as reimbursement for markdowns taken and/or to support the gross margins earned in connection with the sales of merchandise. These allowances are recognized when earned. The Company also receives advertising allowances from approximately 282 of its merchandise vendors pursuant to cooperative advertising programs, with some vendors participating in multiple programs. These allowances represent reimbursements by vendors of costs incurred by the Company to promote the vendors' merchandise and are netted against advertising and promotional costs when the related costs are incurred. Advertising allowances in excess of costs incurred are recorded as a reduction of merchandise costs and, ultimately, through cost of sales when the merchandise is sold. The arrangements pursuant to which the Company's vendors provide allowances, while binding, are generally informal in nature and one year or less in duration. The terms and conditions of these arrangements vary significantly from vendor to vendor and are influenced by, among other things, the type of merchandise to be supported. |
Advertising | AdvertisingAdvertising and promotional costs are generally expensed at first showing. |
Property and Equipment | Property and Equipment Depreciation of owned properties is provided primarily on a straight-line basis over the estimated asset lives, which range from fifteen three Buildings on leased land and leasehold improvements are amortized over the shorter of their economic lives or the lease term, beginning on the date the asset is put into use. |
Impairment or Disposal of Long Lived Assets | The carrying value of long-lived assets, inclusive of ROU assets, is periodically reviewed by the Company whenever events or changes in circumstances indicate that a potential impairment has occurred. For long-lived assets held for use, a potential impairment has occurred if projected future undiscounted cash flows are less than the carrying value of the assets. The estimate of cash flows includes management's assumptions of cash inflows and outflows directly resulting from the use of those assets in operations. When a potential impairment has occurred, an impairment write-down is recorded if the carrying value of the long-lived asset exceeds its fair value. The Company believes its estimated cash flows are sufficient to support the carrying value of its long-lived assets. If estimated cash flows significantly differ in the future, the Company may be required to record asset impairment write-downs. If the Company commits to a plan to dispose of a long-lived asset before the end of its previously estimated useful life, estimated cash flows are revised accordingly, and the Company may be required to record an asset impairment write- down. Additionally, related liabilities arise such as severance, contractual obligations and other accruals associated with store closings from decisions to dispose of assets. The Company estimates these liabilities based on the facts and circumstances in existence for each restructuring decision. The amounts the Company will ultimately realize or disburse could differ from the amounts assumed in arriving at the asset impairment and restructuring charge recorded. The Company classifies certain long-lived assets as held for disposal by sale and ceases depreciation when the particular criteria for such classification are met, including the probable sale within one year. For long-lived assets to be disposed of by sale, an impairment charge is recorded if the carrying amount of the asset exceeds its fair value less costs to sell. Such valuations include estimations of fair values and incremental direct costs to transact a sale. |
Leases | Leases Operating lease liabilities are recognized at the lease commencement date based on the present value of the fixed lease payments using the Company's incremental borrowing rates for its population of leases. Related operating ROU assets are recognized based on the initial present value of the fixed lease payments, reduced by contributions from landlords, plus any prepaid rent and direct costs from executing the leases. ROU assets are tested for impairment in the same manner as long-lived assets. Certain of the Company’s real estate leases have terms that extend for a significant number of years and provide for rental rates that increase or decrease over time. L ease terms include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods, termination options and purchase options. Lease agreements with lease and non-lease components are combined as a single lease component for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease payments are recognized as lease expense as they are incurred. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The carrying value of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment. Goodwill and other intangible assets with indefinite lives have been assigned to reporting units for purposes of impairment testing. The reporting units are the Company's retail operating divisions. Goodwill and other intangible assets with indefinite lives are tested for impairment annually at the end of the fiscal month of May. The Company evaluates qualitative factors to determine if it is more likely than not that the fair value of a reporting unit or other intangible assets with indefinite lives is less than its carrying value and whether it is necessary to perform the quantitative impairment test. If required, the Company performs a quantitative impairment test which involves a comparison of each reporting unit's or other intangible assets with indefinite lives' fair values to its carrying value. Estimating the fair values of the reporting units or other intangible assets with indefinite lives involves the use of significant assumptions, estimates and judgments with respect to a variety of factors, including sales, gross margin and SG&A expense rates, capital expenditures, cash flows and the selection and use of an appropriate discount rate and market values and multiples of earnings and revenues of similar public companies. The projected sales, gross margin and SG&A expense rate assumptions and capital expenditures are based on the Company's annual business plan or other forecasted results. Discount rates reflect market-based estimates of the risks associated with the projected cash flows of the reporting unit or indefinite lived intangible asset. The estimates of fair value of reporting units or other intangible assets with indefinite lives are based on the best information available as of the date of the assessment. If the carrying value of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to such excess, limited to the total amount of goodwill allocated to the reporting unit. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is written down by an amount equal to such excess. |
Capitalized Software | Capitalized Software The Company capitalizes purchased and internally-developed software as well as implementation costs associated with cloud computing arrangements and amortizes such costs to expense on a straight-line basis generally over four |
Self-Insurance Reserves | Self-Insurance Reserves The Company, through its insurance subsidiary, is self-insured for workers compensation and general liability claims up to certain maximum liability amounts. Although the amounts accrued are actuarially determined based on analysis of historical trends of losses, settlements, litigation costs and other factors, the amounts the Company will ultimately disburse could differ from such accrued amounts. |
Post Employment Obligations | Post Employment Obligations The Company, through its actuaries, utilizes assumptions when estimating the liabilities for pension and other employee benefit plans. These assumptions, where applicable, include the discount rates used to determine the actuarial present value of projected benefit obligations, the rate of increase in future compensation levels, mortality rates and the long-term rate of return on assets. The Company measures post employment assets and obligations using the month-end that is closest to the Company's fiscal year-end or an interim period quarter-end if a plan is determined to qualify for a remeasurement. The benefit expense is generally recognized in the Consolidated Financial Statements on an accrual basis over the average remaining lifetime of participants, and the accrued benefits are reported in other assets, accounts payable and accrued liabilities and other liabilities on the Consolidated Balance Sheets, as appropriate. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Operations in the period that includes the enactment date. Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized. |
Stock Based Compensation | Stock Based Compensation The Company records stock-based compensation expense for awards that include share-based payments to employees, including grants of employee stock options, in accordance with their fair values. The Company determines the appropriate fair value model to be used for valuing share-based payments and the amortization method for compensation cost based on nature of the award. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Total comprehensive income (loss) represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income (loss). For the Company, the only other components of total comprehensive income (loss) for 2022, 2021 and 2020 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of income before income taxes in the Consolidated Statements of 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 Accounting Pronouncements In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (ASU 2022-04), which requires entities to disclose the key terms of supplier finance programs they use in connection with the purchase of goods and services, along with the amount of obligations outstanding at the end of each period and an annual rollforward of such obligations. ASU 2022-04 is effective for the Company beginning in the fiscal year ending February 3, 2024. The effect of the adoption of ASU 2022-04 is not expected to be material to the Company’s consolidated financial statements. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Advertising and Promotional Costs and Cooperative Advertising Allowances | Advertising and promotional costs are generally expensed at first showing. Advertising and promotional costs and cooperative advertising allowances were as follows: 2022 2021 2020 (millions) Gross advertising and promotional costs $ 1,265 $ 1,267 $ 907 Cooperative advertising allowances 102 90 89 Advertising and promotional costs, net of cooperative advertising allowances $ 1,163 $ 1,177 $ 818 Net sales $ 24,442 $ 24,460 $ 17,346 Advertising and promotional costs, net of cooperative advertising allowances, as a percent to net sales 4.8 % 4.8 % 4.7 % |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Sales From Merchandise Category | Disaggregation of the Company's net sales by family of business for 2022, 2021 and 2020 were as follows: Net sales by family of business 2022 2021 2020 (millions) Women’s Accessories, Shoes, Cosmetics and Fragrances $ 9,597 $ 9,385 $ 6,667 Women’s Apparel 5,349 5,174 3,454 Men’s and Kids’ 5,297 5,247 3,477 Home/Other (a) 4,199 4,654 3,748 Total $ 24,442 $ 24,460 $ 17,346 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards. |
Changes in the Liability for Unredeemed Gift Cards and Customer Loyalty Program | Changes in the liability for unredeemed gift cards and customer loyalty programs are as follows: 2022 2021 2020 (millions) Balance, beginning of year $ 481 $ 616 $ 839 Liabilities issued but not redeemed (a) 324 394 262 Revenue recognized from beginning liability (406) (529) (485) Balance, end of year $ 399 $ 481 $ 616 (a) Net of estimated breakage income. |
Impairment, Restructuring and_2
Impairment, Restructuring and Other Costs (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |
Impairments, Restructuring and Other Costs | Impairment, restructuring and other costs consist of the following: 2022 2021 2020 (millions) Asset Impairments $ 15 $ 6 $ 3,280 Restructuring 5 3 224 Other 21 21 75 $ 41 $ 30 $ 3,579 |
Summary of Restructuring and Other Cash Activity | A summary of the restructuring and other cash activity for 2022, 2021, and 2020 related to the Polaris strategy, which are included within accounts payable and accrued liabilities, is as follows: Severance and Professional Total (millions) 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 Additions charged to expense 5 — 5 Cash payments (18) (2) (20) Balance at January 29, 2022 1 — 1 Additions charged to expense — — — Cash payments (1) — (1) Balance at January 28, 2023 $ — $ — $ — |
Properties and Leases (Tables)
Properties and Leases (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Property Plant and Equipment and Leases of Lessee [Abstract] | |
Major Classes of Property, Plant and Equipment, Net | The major classes of property and equipment, net as of January 28, 2023 and January 29, 2022 are as follows: January 28, January 29, (millions) Land $ 1,334 $ 1,353 Buildings on owned land 3,691 3,635 Buildings on leased land and leasehold improvements 1,368 1,303 Fixtures and equipment 4,153 3,922 10,546 10,213 Less accumulated depreciation and amortization 4,633 4,548 $ 5,913 $ 5,665 |
ROU Assets and Lease Liabilities | ROU assets and lease liabilities consist of: Classification January 28, January 29, (millions) Assets Finance lease assets (a) Right of Use Assets $ 9 $ 10 Operating lease assets (b) Right of Use Assets 2,674 2,798 Total lease assets $ 2,683 $ 2,808 Liabilities Current Finance (a) Accounts payable and accrued liabilities $ 2 $ 2 Operating (b) Accounts payable and accrued liabilities 333 328 Noncurrent Finance (a) Long-Term Lease Liabilities 15 17 Operating (b) Long-Term Lease Liabilities 2,948 3,081 Total lease liabilities $ 3,298 $ 3,428 (a) Finance lease assets are recorded net of accumulated amortization of $13 million as of January 28, 2023 and January 29, 2022. As of both January 28, 2023 and January 29, 2022, finance lease assets included $1 million, and noncurrent lease liabilities included $2 million of non-lease components. (b) As of January 28, 2023, operating lease assets included $370 million of non-lease components and current and noncurrent lease liabilities included $36 million and $384 million, respectively, of non-lease components. As of January 29, 2022, operating lease assets included $377 million of non-lease components and current and noncurrent lease liabilities included $36 million and $386 million, respectively, of non-lease components. |
ROU Assets and Lease Liabilities | The components of net lease expense, recognized primarily within selling, general and administrative expenses are disclosed below. For 2022, 2021 and 2020, lease expense included $79 million, $80 million and $87 million, respectively, related to non-lease components. 2022 2021 2020 (millions) Real estate Operating leases (c) – Minimum rents $ 361 $ 359 $ 376 Variable rents 54 48 45 415 407 421 Less income from subleases – Operating leases (d) (39) (1) (1) $ 376 $ 406 $ 420 Personal property – Operating leases $ 7 $ 7 $ 7 (c) Certain supply chain operating lease expense amounts are included in cost of sales. (d) Represents sublease income from certain corporate office locations. |
Maturity of Lease Liabilities | As of January 28, 2023, the maturity of lease liabilities is as follows: Finance Operating Total (millions) Fiscal year 2023 $ 3 $ 340 $ 343 2024 3 375 378 2025 3 371 374 2026 2 355 357 2027 2 340 342 After 2027 11 5,051 5,062 Total undiscounted lease payments 24 6,832 6,856 Less amount representing interest 7 3,551 3,558 Total lease liabilities $ 17 $ 3,281 $ 3,298 (e) Operating lease payments include $2,872 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $292 million of legally binding minimum lease payments for leases signed but not yet commenced. (f) Operating lease payments include $1,090 million related to non-lease component payments, with $827 million of such payments related to options to extend lease terms that are reasonably certain of being exercised. |
Maturity of Lease Liabilities | As of January 28, 2023, the maturity of lease liabilities is as follows: Finance Operating Total (millions) Fiscal year 2023 $ 3 $ 340 $ 343 2024 3 375 378 2025 3 371 374 2026 2 355 357 2027 2 340 342 After 2027 11 5,051 5,062 Total undiscounted lease payments 24 6,832 6,856 Less amount representing interest 7 3,551 3,558 Total lease liabilities $ 17 $ 3,281 $ 3,298 (e) Operating lease payments include $2,872 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $292 million of legally binding minimum lease payments for leases signed but not yet commenced. (f) Operating lease payments include $1,090 million related to non-lease component payments, with $827 million of such payments related to options to extend lease terms that are reasonably certain of being exercised. |
Schedule of Supplemental Information Regarding Assumptions and Cash Flows | Additional supplemental information regarding assumptions and cash flows for operating and finance leases is as follows: Lease Term and Discount Rate January 28, January 29, Weighted-average remaining lease term (years) Finance leases 11.5 11.9 Operating leases 21.3 21.7 Weighted-average discount rate Finance leases 6.74 % 6.73 % Operating leases 6.58 % 6.54 % Other Information 52 Weeks Ended 52 Weeks Ended (millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used from operating leases $ 364 $ 322 Financing cash flows used from financing leases 3 3 Leased assets obtained in exchange for new operating lease liabilities 79 15 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Company's Goodwill and Other Intangible Assets | The following summarizes the Company’s goodwill and other intangible assets: January 28, January 29, (millions) Non-amortizing intangible assets Goodwill $ 9,290 $ 9,290 Accumulated impairment losses (8,462) (8,462) 828 828 Tradenames 403 403 $ 1,231 $ 1,231 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 (18) (15) (19) (16) $ 29 $ 32 Capitalized software Gross balance $ 1,095 $ 1,010 Accumulated amortization (429) (499) $ 666 $ 511 |
Future Estimated Intangible Amortization Expense | Future estimated amortization expense for assets, excluding in-process capitalized software of $72 million not yet placed in service as of January 28, 2023, is shown below: Amortizing Capitalized (millions) Fiscal year 2023 $ 2 $ 223 2024 2 177 2025 2 137 2026 2 57 2027 2 — |
Financing (Tables)
Financing (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Company Debt | The Company’s debt is as follows: January 28, January 29, (millions) Long-term debt: 5.875% Senior notes due 2029 $ 500 $ 500 5.875% Senior notes due 2030 425 — 6.125% Senior notes due 2032 425 — 4.5% Senior notes due 2034 367 367 5.125% Senior notes due 2042 250 250 4.3% Senior notes due 2043 250 250 6.375% Senior notes due 2037 192 192 6.7% Senior exchanged debentures due 2034 181 183 7.0% Senior debentures due 2028 105 105 6.9% Senior debentures due 2029 79 79 6.7% Senior exchanged debentures due 2028 73 74 6.79% Senior debentures due 2027 71 71 6.7% Senior debentures due 2028 29 29 6.7% Senior debentures due 2034 18 18 8.75% Senior exchanged debentures due 2029 13 13 6.9% Senior debentures due 2032 12 12 7.6% Senior debentures due 2025 6 6 7.875% Senior exchanged debentures due 2030 5 5 7.875% Senior debentures due 2030 5 5 6.9% Senior exchanged debentures due 2032 1 5 2.875% Senior notes due 2023 — 504 3.625% Senior notes due 2024 — 350 4.375% Senior notes due 2023 — 161 6.65% Senior exchanged debentures due 2024 — 81 6.65% Senior debentures due 2024 — 36 Unamortized debt issue costs and discount (28) (22) Premium on acquired debt, using an effective interest yield of 5.76% to 6.021% 17 21 $ 2,996 $ 3,295 |
Interest Expense and Losses on Early Retirement | Interest expense and losses on early retirement of debt are as follows: 2022 2021 2020 (millions) Interest on debt $ 185 $ 246 $ 273 Amortization of debt premium (2) (3) (4) Amortization of financing costs and debt discount 13 26 23 Interest on finance leases 1 1 1 197 270 293 Less interest capitalized on construction 22 14 9 Interest expense $ 175 $ 256 $ 284 Losses on early retirement of debt $ 31 $ 199 $ — |
Future Maturities of Long-term Debt | Future maturities of long-term debt are shown below: (millions) Fiscal year 2024 $ — 2025 6 2026 — 2027 71 2028 207 After 2028 2,723 |
Detail of Debt Repayments | The following table shows the detail of debt repayments: 2022 2021 2020 (millions) Revolving credit facility $ 1,959 $ 585 $ 1,500 2.875% Senior notes due 2023 504 136 — 3.625% Senior notes due 2024 350 150 — 4.375% Senior notes due 2023 161 49 — 6.65% Senior debentures due 2024 81 5 — 6.65% Debentures due 2024 36 — — 6.9% Senior debentures due 2032 4 — — 6.7% Senior debentures due 2034 2 — — 6.7% Senior debentures due 2028 1 — — 8.375% Senior secured notes due 2025 — 1,300 — 3.875% Senior notes due 2022 — 450 — 7.6% Senior debentures due 2025 — 18 — 3.45% Senior notes due 2021 — — 500 10.25% Senior debentures due 2021 — — 33 9.5% amortizing debentures due 2021 — 2 4 9.75% amortizing debentures due 2021 — 1 2 $ 3,098 $ 2,696 $ 2,039 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Liabilities (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | January 28, January 29, (millions) Accounts payable $ 821 $ 1,058 Gift cards and customer rewards 399 481 Lease related liabilities 438 433 Accrued wages and vacation 199 290 Allowance for future sales returns 236 198 Current portion of post employment and postretirement benefits 159 148 Taxes other than income taxes 121 141 Current portion of workers' compensation and general liability reserves 86 92 Accrued interest 51 44 Other 240 201 $ 2,750 $ 3,086 |
Changes In Workers Compensation And General Liability Reserve Including Non-current Portion | Changes in workers' compensation and general liability reserves, including the non-current portion, are as follows: 2022 2021 2020 (millions) Balance, beginning of year $ 387 $ 416 $ 462 Charged to costs and expenses 123 108 88 Payments, net of recoveries (132) (137) (134) Balance, end of year $ 378 $ 387 $ 416 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Taxes Payable [Abstract] | |
Schedule of Income Tax Expense (Benefit) | Income tax expense (benefit) is as follows: 2022 2021 2020 Current Deferred Total Current Deferred Total Current Deferred Total (millions) Federal $ 361 $ (56) $ 305 $ 369 $ (21) $ 348 $ (520) $ (179) $ (699) State and local 18 18 36 48 40 88 1 (148) (147) $ 379 $ (38) $ 341 $ 417 $ 19 $ 436 $ (519) $ (327) $ (846) |
Schedule of Effective Income Tax Reconciliation | The reasons for this difference and their tax effects are as follows: 2022 2021 2020 (millions) Expected tax $ 319 $ 392 $ (1,006) State and local income taxes, net of federal income taxes (a) 23 84 (140) CARES Act carryback benefit — (29) (205) Goodwill impact — — 492 Tax impact of equity awards — — 8 Federal tax credits (4) (3) (5) Change in valuation allowance 5 (15) 24 Other (2) 7 (14) $ 341 $ 436 $ (846) (a) 2022 includes an income tax benefit from the favorable resolution of state income tax litigation. |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: January 28, January 29, (millions) Deferred tax assets Post employment and postretirement benefits $ 50 $ 48 Accrued liabilities accounted for on a cash basis for tax purposes 112 100 Lease liabilities 881 917 Unrecognized state tax benefits and accrued interest 22 38 State operating loss and credit carryforwards 132 152 Other 112 95 Valuation allowance (94) (89) Total deferred tax assets 1,215 1,261 Deferred tax liabilities Excess of book basis over tax basis of property and equipment (872) (914) Right of use assets (717) (751) Merchandise inventories (351) (300) Intangible assets (116) (116) Other (106) (163) Total deferred tax liabilities (2,162) (2,244) Net deferred tax liability $ (947) $ (983) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: January 28, January 29, January 30, (millions) Balance, beginning of year $ 102 $ 113 $ 133 Additions based on tax positions related to the current year 13 12 9 Reductions for tax positions of prior years (20) (11) (13) Settlements (4) (2) (4) Statute expirations (11) (10) (12) Balance, end of year $ 80 $ 102 $ 113 Amounts recognized in the Consolidated Balance Sheets Current income taxes $ 4 $ 14 $ 6 Deferred income taxes 1 3 3 Other liabilities (b) 75 85 104 $ 80 $ 102 $ 113 (b) Unrecognized tax benefits not expected to be settled within one year are included within other liabilities on the Consolidated Balance Sheets. |
Summary of Income Tax Contingencies | Additional information regarding unrecognized benefits and related interest and penalties is as follow: January 28, January 29, (millions) Amount of unrecognized tax benefits, net of deferred tax assets, that if recognized would affect the effective tax rate $ 63 $ 81 Accrued federal, state and local interest and penalties 23 65 Amounts recognized in the Consolidated Balance Sheets Current income taxes 4 32 Other liabilities 19 33 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Schedule of Costs of Retirement Plans | Retirement expenses, excluding settlement charges, included the following components: 2022 2021 2020 (millions) 401(k) Qualified Defined Contribution Plan $ 86 $ 76 $ 68 Non-Qualified Defined Contribution Plan 1 1 1 Pension Plan (42) (85) (73) Supplementary Retirement Plan 26 24 26 Postretirement Obligations (4) (4) (3) $ 67 $ 12 $ 19 |
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan and SERP | The following provides a reconciliation of benefit obligations, plan assets, and funded status of the Pension Plan and SERP as of January 28, 2023 and January 29, 2022: Pension Plan SERP 2022 2021 2022 2021 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 2,406 $ 3,030 $ 606 $ 673 Service cost — 1 — — Interest cost 68 49 15 11 Actuarial gain (301) (172) (71) (32) Benefits paid (194) (502) (42) (46) Projected benefit obligation, end of year 1,979 2,406 508 606 Changes in plan assets Fair value of plan assets, beginning of year 2,900 3,359 — — Actual return (loss) on plan assets (317) 43 — — Company contributions — — 42 46 Benefits paid (194) (502) (42) (46) Fair value of plan assets, end of year 2,389 2,900 — — Funded status at end of year $ 410 $ 494 $ (508) $ (606) Amounts recognized in the Consolidated Balance Sheets at January 28, 2023 and January 29, 2022 Other assets $ 410 $ 494 $ — $ — Accounts payable and accrued liabilities — — (48) (47) Other liabilities — — (460) (559) $ 410 $ 494 $ (508) $ (606) Amounts recognized in accumulated other comprehensive loss at January 28, 2023 and January 29, 2022 Net actuarial loss $ 704 $ 617 $ 175 $ 257 Prior service cost — — 5 5 $ 704 $ 617 $ 180 $ 262 |
Schedule of Net Periodic Benefit Costs | Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the Pension Plan and SERP included the following actuarially determined components: Pension Plan SERP 2022 2021 2020 2022 2021 2020 (millions) Net Periodic Pension Cost Service cost $ — $ 1 $ 4 $ — $ — $ — Interest cost 68 49 66 15 11 14 Expected return on assets (122) (161) (183) — — — Amortization of net actuarial loss 12 26 40 11 13 12 (42) (85) (73) 26 24 26 Settlement charges 39 96 74 — — 10 Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Loss Net actuarial (gain) loss 138 (55) (178) (71) (32) 40 Amortization of net actuarial loss (12) (26) (40) (11) (13) (12) Settlement charges (39) (96) (74) — — (10) 87 (177) (292) (82) (45) 18 Total recognized $ 84 $ (166) $ (291) $ (56) $ (21) $ 54 |
Weighted Average Assumptions | The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan and SERP at January 28, 2023 and January 29, 2022: Pension Plan SERP 2022 2021 2022 2021 Discount rate 4.73 % 3.06 % 4.74 % 3.10 % Rate of compensation increases 3.50 % 3.50 % — — Cash balance plan interest crediting rate 5.00 % 5.00 % — — The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan and SERP: Pension Plan SERP 2022 2021 2020 2022 2021 2020 Discount rate used to measure service cost 3.35% - 5.76% 2.69% - 3.07% 2.35% - 2.96% — — — Discount rate used to measure interest cost 2.55% - 5.49% 1.76% - 2.07% 1.65% - 2.46% 2.53 % 1.74 % 1.65% - 2.44% Expected long-term return on plan assets 4.60 % 5.75 % 6.25 % — — — Rate of compensation increases 3.50 % 3.45 % 3.25 % — — — Cash balance plan interest crediting rate 5.00 % 5.00 % 5.00 % — — — |
Fair Values of Plan Assets | The fair values of the Pension Plan assets as of January 28, 2023 and January 29, 2022, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: Fair Value Category 2022 2021 (millions) Short term investments Level 2 $ — $ 10 Money market funds Level 1 78 206 Equity securities: U.S. pooled funds Level 1 69 77 International pooled funds Level 1 26 31 Fixed income securities: U.S. Treasury bonds Level 2 41 121 Other Government bonds Level 2 60 74 Corporate bonds Level 2 1,592 1,877 Mortgage-backed securities Level 2 14 10 Asset-backed securities Level 2 — 1 Pooled funds Level 1 48 72 Other types of investments: Derivatives in a positive position Level 2 11 12 Derivatives in a negative position Level 2 (3) (1) Pooled funds (a) 271 164 Real estate (a) 19 32 Private equity (a) 133 186 Total $ 2,359 $ 2,872 (a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets. |
Estimated Future Benefit Payments | The following benefit payments are estimated to be paid from the Pension Plan and from the SERP: Pension Plan SERP (millions) Fiscal year 2023 $ 215 $ 48 2024 192 46 2025 187 44 2026 180 49 2027 171 42 2028-2032 725 185 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Components of Stock Based Compensation Expense | Stock-based compensation expense included the following components: 2022 2021 2020 (millions) Stock options $ 3 $ 4 $ 8 Restricted stock units 51 51 23 $ 54 $ 55 $ 31 |
Restricted Stock Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Activity Related to Restricted Stock and Restricted Stock Units | The weighted average grant date fair values of performance-based and time-based restricted stock units granted during 2022, 2021 and 2020 are as follows: 2022 2021 2020 Restricted stock units (performance-based) $ 25.32 $ 15.80 $ 6.24 Restricted stock units (time-based) 24.01 17.88 6.96 |
Schedule of Nonvested Restricted Stock Units Activity | Activity related to restricted stock units for 2022 is as follows: Shares Weighted (thousands) Nonvested, beginning of period 9,100 $ 10.87 Granted – performance-based 627 25.32 Performance adjustment 336 (7.30) Granted – time-based 2,484 24.01 Forfeited (496) 15.13 Vested (4,445) 8.79 Nonvested, end of period 7,606 $ 16.49 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Class of Treasury Stock | 2022 2021 2020 (millions, except per share data) Total number of shares purchased 24.0 20.5 — Average price paid per share $ 24.98 $ 24.40 $ — Total investment $ 600 $ 500 $ — |
Changes in the Company's Common Stock Issued and Outstanding | Changes in the Company’s common stock issued and outstanding, including shares held by the Company’s treasury, are as follows: Treasury Stock Common Deferred Other Total Common (thousands) 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 Stock issued under stock plans (277) 2,454 2,177 2,177 Stock repurchases (20,511) (20,511) (20,511) Deferred compensation plan distributions 193 193 193 Balance at January 29, 2022 333,606 (1,015) (40,232) (41,247) 292,359 Stock issued under stock plans (117) 3,001 2,884 2,884 Stock repurchases (24,058) (24,058) (24,058) Deferred compensation plan distributions 165 165 165 Balance at January 28, 2023 333,606 (967) (61,289) (62,256) 271,350 |
Fair Value Measurements and C_2
Fair Value Measurements and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value of Plan Assets Measured on a Recurring Basis | The following table shows the Company’s financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards: January 28, 2023 January 29, 2022 Fair Value Measurements Fair Value Measurements Total Quoted Significant Significant Total Quoted Significant Significant (millions) Marketable equity and debt securities $ 35 $ 35 $ — $ — $ 39 $ 39 $ — $ — |
Estimated Fair Values of Company's Long Term Debt | The following table shows the estimated fair value of the Company’s long-term debt, excluding other obligations: January 28, 2023 January 29, 2022 Notional Carrying Fair Notional Carrying Fair (millions) Long-term debt $ 3,007 $ 2,996 $ 2,555 $ 3,295 $ 3,295 $ 3,254 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings (Loss) Per Share | The following table sets forth the computation of basic and diluted earnings (loss) per share: 2022 2021 2020 Net Shares Net Shares Net Shares (millions, except per share data) Net income (loss) and average number of shares outstanding $ 1,177 273.7 $ 1,430 305.8 $ (3,944) 310.2 Shares to be issued under deferred compensation and other plans 1.0 1.0 1.0 $ 1,177 274.7 $ 1,430 306.8 $ (3,944) 311.1 Basic earnings (loss) per share $ 4.28 $ 4.66 $ (12.68) Effect of dilutive securities: Stock options and restricted stock units 6.4 7.2 — $ 1,177 281.1 $ 1,430 314.0 $ (3,944) 311.1 Diluted earnings (loss) per share $ 4.19 $ 4.55 $ (12.68) |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | |
Jan. 28, 2023 USD ($) segment merchandiseVendor state | Jan. 29, 2022 USD ($) | |
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 | $ 300 | $ 297 |
Number of merchandise vendors | merchandiseVendor | 282 | |
Buildings and Building Equipment | Minimum | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life in years | 15 years | |
Buildings and Building Equipment | Maximum | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life in years | 50 years | |
Fixtures and equipment | Minimum | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life in years | 3 years | |
Fixtures and equipment | Maximum | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life in years | 15 years | |
Software and Software Development | Minimum | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life in years | 4 years | |
Software and Software Development | Maximum | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life in years | 5 years | |
Cash and Cash Equivalents | ||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||
Credit card sales transactions settled early | $ 112 | $ 102 |
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 | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Gross advertising and promotional costs | $ 1,265 | $ 1,267 | $ 907 |
Cooperative advertising allowances | 102 | 90 | 89 |
Advertising and promotional costs, net of cooperative advertising allowances | 1,163 | 1,177 | 818 |
Net sales | $ 24,442 | $ 24,460 | $ 17,346 |
Advertising and promotional costs, net of cooperative advertising allowances, as a percent to net sales | 4.80% | 4.80% | 4.70% |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Macy's sales to total company sales | 87% | 88% | 89% | |
Percentage of digital sales | 33% | 35% | 44% | |
Contract with customer, refund liability | $ 236 | $ 198 | ||
Contract with customer, right to recover product | 152 | 120 | ||
Contract with customer, liability, current | 399 | 481 | $ 616 | $ 839 |
Breakage income related to changes in breakage rate estimates | 15 | 26 | ||
Credit card revenues, net | 863 | 832 | 751 | |
Amount received under agreement | $ 978 | $ 950 | $ 882 | |
Credit Card Intermediary | ||||
Disaggregation of Revenue [Line Items] | ||||
Agreement renewal option number of years | 3 years |
Revenue (Sales From Merchandise
Revenue (Sales From Merchandise Category) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 24,442 | $ 24,460 | $ 17,346 |
Women’s Accessories, Shoes, Cosmetics and Fragrances | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 9,597 | 9,385 | 6,667 |
Women’s Apparel | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 5,349 | 5,174 | 3,454 |
Men’s and Kids’ | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 5,297 | 5,247 | 3,477 |
Home/Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 4,199 | $ 4,654 | $ 3,748 |
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. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Revenue From Contract with Customer [Roll Forward] | |||
Balance, beginning of year | $ 481 | $ 616 | $ 839 |
Liabilities issued but not redeemed | 324 | 394 | 262 |
Revenue recognized from beginning liability | (406) | (529) | (485) |
Balance, end of year | $ 399 | $ 481 | $ 616 |
Impairment, Restructuring and_3
Impairment, Restructuring and Other Costs - Schedule of Impairment, Restructuring and Other Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |||
Asset Impairments | $ 15 | $ 6 | $ 3,280 |
Restructuring | 5 | 3 | 224 |
Other | 21 | 21 | 75 |
Total | $ 41 | $ 30 | $ 3,579 |
Impairment, Restructuring and_4
Impairment, Restructuring and Other Costs - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 Headcount | Aug. 01, 2020 USD ($) | Jan. 28, 2023 USD ($) | Jan. 29, 2022 USD ($) | Jan. 30, 2021 USD ($) | |
Restructuring Cost And Reserve [Line Items] | |||||
Asset Impairments | $ 15 | $ 6 | $ 3,280 | ||
Goodwill impairment, COVID-19 | 3,080 | ||||
Tangible asset impairment, COVID-19 | 200 | ||||
Headcount reduction, COVID-19 | Headcount | 3,900 | ||||
Expense for severance, COVID-19 | $ 154 | ||||
Macy's Reporting Unit | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Goodwill impairment, COVID-19 | 2,982 | ||||
Bluemercury Reporting Unit | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Goodwill impairment, COVID-19 | $ 98 |
Impairment, Restructuring and_5
Impairment, Restructuring and Other Costs - Summary of Restructuring and Other Cash Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Restructuring Reserve [Roll Forward] | |||
Additions charged to expense | $ 21 | $ 21 | $ 75 |
Polaris Strategy | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 1 | 16 | 124 |
Additions charged to expense | 0 | 5 | 72 |
Cash payments | (1) | (20) | (180) |
Ending Balance | 0 | 1 | 16 |
Polaris Strategy | Severance and other benefits | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 1 | 14 | 115 |
Additions charged to expense | 0 | 5 | 55 |
Cash payments | (1) | (18) | (156) |
Ending Balance | 0 | 1 | 14 |
Polaris Strategy | Professional fees and other related charges | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 0 | 2 | 9 |
Additions charged to expense | 0 | 0 | 17 |
Cash payments | 0 | (2) | (24) |
Ending Balance | $ 0 | $ 0 | $ 2 |
Properties and Leases (Property
Properties and Leases (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,546 | $ 10,213 |
Less accumulated depreciation and amortization | 4,633 | 4,548 |
Property, plant and equipment, net | 5,913 | 5,665 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,334 | 1,353 |
Buildings on owned land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,691 | 3,635 |
Buildings on leased land and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,368 | 1,303 |
Fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,153 | $ 3,922 |
Properties and Leases (Narrativ
Properties and Leases (Narrative) (Details) $ in Millions | Jan. 28, 2023 USD ($) |
Guarantee Obligations [Line Items] | |
Minimum operating period of some stores | 15 years |
Property Lease Guarantee | |
Guarantee Obligations [Line Items] | |
Guarantor obligation exposure | $ 181 |
Properties and Leases (Right of
Properties and Leases (Right of Use Asset and Liabilities) (Details) (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Property Plant and Equipment and Leases of Lessee [Abstract] | ||
Finance lease, assets | $ 9 | $ 10 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total lease assets | Total lease assets |
Operating lease assets | $ 2,674 | $ 2,798 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total lease assets | Total lease assets |
Total lease assets | $ 2,683 | $ 2,808 |
Finance lease, liability, current | $ 2 | $ 2 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities |
Operating lease, liability, current | $ 333 | $ 328 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities |
Finance lease, liability, noncurrent | $ 15 | $ 17 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Lease Liability, Noncurrent | Lease Liability, Noncurrent |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Lease Liability, Noncurrent | Lease Liability, Noncurrent |
Operating lease, liability, noncurrent | $ 2,948 | $ 3,081 |
Total lease liabilities | 3,298 | 3,428 |
Finance lease assets, accumulated amortization | 13 | 13 |
Finance lease asset, non-lease component | 1 | 1 |
Finance lease liability, non-lease component noncurrent | 2 | 2 |
Operating lease asset, non-lease component | 370 | 377 |
Operating lease liability, non-lease component, current | 36 | 36 |
Operating lease liability, non-lease component, non-current | $ 384 | $ 386 |
Properties and Leases (Rental E
Properties and Leases (Rental Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Property Plant and Equipment and Leases of Lessee [Abstract] | |||
Non-lease component expense | $ 79 | $ 80 | $ 87 |
Minimum rents | 361 | 359 | 376 |
Variable rents | 54 | 48 | 45 |
Operating lease, expense | 415 | 407 | 421 |
Operating leases (d) | (39) | (1) | (1) |
Operating lease, cost | 376 | 406 | 420 |
Personal property – Operating leases | $ 7 | $ 7 | $ 7 |
Properties and Leases (Lease Li
Properties and Leases (Lease Liability Maturity Table) (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Finance Leases | ||
2023 | $ 3 | |
2024 | 3 | |
2025 | 3 | |
2026 | 2 | |
2027 | 2 | |
After 2027 | 11 | |
Total undiscounted lease payments | 24 | |
Less amount representing interest | 7 | |
Total lease liabilities | 17 | |
Operating Leases | ||
2023 | 340 | |
2024 | 375 | |
2025 | 371 | |
2026 | 355 | |
2027 | 340 | |
After 2027 | 5,051 | |
Total undiscounted lease payments | 6,832 | |
Less amount representing interest | 3,551 | |
Total lease liabilities | 3,281 | |
Total | ||
2023 | 343 | |
2024 | 378 | |
2025 | 374 | |
2026 | 357 | |
2027 | 342 | |
After 2027 | 5,062 | |
Total undiscounted lease payments | 6,856 | |
Less amount representing interest | 3,558 | |
Total lease liabilities | 3,298 | $ 3,428 |
Lessee, operating lease, option to extend, reasonably certain | 2,872 | |
Lessee, operating lease, lease not yet commenced, liability incurred | 292 | |
Operating lease, payment, non-lease component | 1,090 | |
Operating lease, payment, non-lease component, option to extend, reasonably certain | $ 827 |
Properties and Leases (Addition
Properties and Leases (Additional Information Regarding Assumptions) (Details) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Property Plant and Equipment and Leases of Lessee [Abstract] | ||
Weighted-average remaining lease term, finance leases (years) | 11 years 6 months | 11 years 10 months 24 days |
Weighted-average remaining lease term, operating leases (years) | 21 years 3 months 18 days | 21 years 8 months 12 days |
Weighted-average discount rate, finance leases (in percent) | 6.74% | 6.73% |
Weighted-average discount rate, operating leases (in percent) | 6.58% | 6.54% |
Other Information | ||
Operating cash flows used from operating leases | $ 364 | $ 322 |
Financing cash flows used from financing leases | 3 | 3 |
Leased assets obtained in exchange for new operating lease liabilities | $ 79 | $ 15 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Company's Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Finite And Indefinite Lived Intangible Asset [Line Items] | ||
Goodwill | $ 9,290 | $ 9,290 |
Accumulated impairment losses | (8,462) | (8,462) |
Net goodwill, Non-amortizing intangible assets | 828 | 828 |
Tradenames | 403 | 403 |
Net non-amortizing intangible assets | 1,231 | 1,231 |
Favorable leases and other contractual assets | 5 | 5 |
Tradenames | 43 | 43 |
Amortizing intangible assets, gross | 48 | 48 |
Accumulated amortization | (19) | (16) |
Net amortizing intangible assets | 29 | 32 |
Gross balance | 1,095 | 1,010 |
Capitalized software, accumulated amortization | (429) | (499) |
Capitalized Computer Software, Net | 666 | 511 |
Favorable leases and other contractual assets | ||
Finite And Indefinite Lived Intangible Asset [Line Items] | ||
Accumulated amortization | (1) | (1) |
Tradenames | ||
Finite And Indefinite Lived Intangible Asset [Line Items] | ||
Accumulated amortization | $ (18) | $ (15) |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Finite And Indefinite Lived Intangible Asset [Line Items] | |||
Intangible amortization expense | $ 2 | $ 2 | $ 2 |
Capitalized software amortization expense | 235 | 238 | $ 268 |
Gross balance | $ 1,095 | $ 1,010 | |
Tradenames | |||
Finite And Indefinite Lived Intangible Asset [Line Items] | |||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 20 years | ||
Capitalized Software | |||
Finite And Indefinite Lived Intangible Asset [Line Items] | |||
Gross balance | $ 72 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Future Estimated Intangible Amortization Expense (Details) $ in Millions | Jan. 28, 2023 USD ($) |
Intangible Assets Excluding Computer Software | |
Finite Lived Intangible Assets [Line Items] | |
2023 | $ 2 |
2024 | 2 |
2025 | 2 |
2026 | 2 |
2027 | 2 |
Capitalized Software | |
Finite Lived Intangible Assets [Line Items] | |
2023 | 223 |
2024 | 177 |
2025 | 137 |
2026 | 57 |
2027 | $ 0 |
Financing (Schedule of Company
Financing (Schedule of Company Debt) (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Mar. 10, 2022 | Jan. 29, 2022 | Mar. 17, 2021 | Jan. 30, 2021 |
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 3,007 | $ 3,295 | |||
Unamortized debt issue costs and discount | (28) | (22) | |||
Senior notes due 2029 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 500 | $ 500 | |||
Debt instrument interest rate, stated percentage | 5.875% | 5.875% | 5.875% | ||
Senior notes due 2030 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 425 | $ 0 | |||
Debt instrument interest rate, stated percentage | 5.875% | 5.875% | 5.875% | ||
Senior notes due 2032 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 425 | $ 0 | |||
Debt instrument interest rate, stated percentage | 6.125% | 6.125% | 6.125% | ||
Senior notes due 2034 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 367 | $ 367 | |||
Debt instrument interest rate, stated percentage | 4.50% | 4.50% | |||
Senior notes due 2042 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 250 | $ 250 | |||
Debt instrument interest rate, stated percentage | 5.125% | 5.125% | |||
Senior notes due 2043 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 250 | $ 250 | |||
Debt instrument interest rate, stated percentage | 4.30% | 4.30% | |||
Senior notes due 2037 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 192 | $ 192 | |||
Debt instrument interest rate, stated percentage | 6.375% | 6.375% | |||
Senior exchanged debentures due 2034 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 181 | $ 183 | |||
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | |||
Senior debentures due 2028 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 105 | $ 105 | |||
Debt instrument interest rate, stated percentage | 7% | 7% | |||
Senior debentures due 2032 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 79 | $ 79 | |||
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | 6.90% | ||
Senior exchanged debentures due 2028 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 73 | $ 74 | |||
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | |||
Senior debentures due 2027 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 71 | $ 71 | |||
Debt instrument interest rate, stated percentage | 6.79% | 6.79% | |||
Senior debentures due 2028 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 29 | $ 29 | |||
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | |||
Senior debentures due 2034 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 18 | $ 18 | |||
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | |||
Senior exchanged debentures due 2029 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 13 | $ 13 | |||
Debt instrument interest rate, stated percentage | 8.75% | 8.75% | |||
Senior debentures due 2032 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 12 | $ 12 | |||
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | |||
Senior debentures due 2025 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 6 | $ 6 | |||
Debt instrument interest rate, stated percentage | 7.60% | 7.60% | 7.60% | ||
Senior exchanged debentures due 2030 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 5 | $ 5 | |||
Debt instrument interest rate, stated percentage | 7.875% | 7.875% | |||
Senior debentures due 2030 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 5 | $ 5 | |||
Debt instrument interest rate, stated percentage | 7.875% | 7.875% | |||
Senior exchanged debentures due 2032 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 1 | $ 5 | |||
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | |||
Senior notes due 2023 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 0 | $ 504 | |||
Debt instrument interest rate, stated percentage | 2.875% | 2.875% | 2.875% | ||
Senior notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 0 | $ 350 | |||
Debt instrument interest rate, stated percentage | 3.625% | 3.625% | |||
Senior notes due 2023 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 0 | $ 161 | |||
Debt instrument interest rate, stated percentage | 4.375% | 4.375% | 4.375% | ||
Senior exchanged debentures due 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 0 | $ 81 | |||
Debt instrument interest rate, stated percentage | 6.65% | 6.65% | |||
Senior debentures due 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 0 | $ 36 | |||
Debt instrument interest rate, stated percentage | 6.65% | 6.65% | 6.65% | ||
Premium On Acquired Debt Using Effective Interest Yield Of Five Point Seven Six Zero Percent To Six Point Zero Two One [Member] | |||||
Debt Instrument [Line Items] | |||||
Premium on acquired debt, effect interest (as a percent) | $ 17 | $ 21 | |||
Entire Long Term Debt | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal outstanding | $ 2,996 | $ 3,295 | |||
Minimum | Premium On Acquired Debt Using Effective Interest Yield Of Five Point Seven Six Zero Percent To Six Point Zero Two One [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate, effective percentage | 5.76% | 5.76% | |||
Maximum | Premium On Acquired Debt Using Effective Interest Yield Of Five Point Seven Six Zero Percent To Six Point Zero Two One [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate, effective percentage | 6.021% | 6.021% |
Financing (Schedule of Interest
Financing (Schedule of Interest Expense and Losses on Early Retirement of Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Mar. 10, 2022 | Aug. 17, 2021 | Mar. 17, 2021 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Debt Disclosure [Abstract] | ||||||
Interest on debt | $ 185 | $ 246 | $ 273 | |||
Amortization of debt premium | (2) | (3) | (4) | |||
Amortization of financing costs and debt discount | 13 | 26 | 23 | |||
Interest on finance leases | 1 | 1 | 1 | |||
Interest expense, gross | 197 | 270 | 293 | |||
Less interest capitalized on construction | 22 | 14 | 9 | |||
Interest expense | 175 | 256 | 284 | |||
Losses on early retirement of debt | $ 31 | $ 185 | $ 11 | $ 31 | $ 199 | $ 0 |
Financing (Narrative) (Details)
Financing (Narrative) (Details) - USD ($) | 12 Months Ended | |||||||||
Mar. 10, 2022 | Mar. 08, 2022 | Mar. 03, 2022 | Oct. 15, 2021 | Aug. 17, 2021 | Mar. 17, 2021 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Jun. 08, 2020 | |
Debt Instrument [Line Items] | ||||||||||
Extinguishment of debt | $ 500,000,000 | |||||||||
Payments for debt, debt extinguishment costs and associated fees | $ 1,100,000,000 | |||||||||
Losses on early retirement of debt | 31,000,000 | $ 185,000,000 | 11,000,000 | $ 31,000,000 | $ 199,000,000 | $ 0 | ||||
Debt instrument, repurchase amount | 17,000,000 | |||||||||
Line of credit facility, current borrowing capacity | $ 1,500,000,000 | |||||||||
Credit agreement maturity date | Mar. 31, 2027 | |||||||||
Other Standby and Commercial Letters of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of credit outstanding | $ 65,000,000 | $ 116,000,000 | ||||||||
Senior Secured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Extinguishment of debt | $ 8,000,000 | |||||||||
Secured debt | $ 352,000,000 | |||||||||
Senior notes due 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Notional Amount | $ 425,000,000 | |||||||||
Debt instrument interest rate, stated percentage | 5.875% | 5.875% | 5.875% | |||||||
Senior notes due 2032 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Notional Amount | $ 425,000,000 | |||||||||
Debt instrument interest rate, stated percentage | 6.125% | 6.125% | 6.125% | |||||||
Senior notes due 2029 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Notional Amount | $ 500,000,000 | |||||||||
Debt instrument interest rate, stated percentage | 5.875% | 5.875% | 5.875% | |||||||
Senior secured notes due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument interest rate, stated percentage | 8.375% | 8.375% | 8.375% | 8.375% | ||||||
Debt instrument, redeemed in principal amount | $ 1,300,000,000 | |||||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 100% | |||||||||
Debt instrument, accrued and unpaid interest | $ 19,000,000 | |||||||||
Gain (loss) on early redemption of debt before write off | 138,000,000 | |||||||||
Unamortized deferred debt costs | $ 47,000,000 | |||||||||
Senior notes due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument interest rate, stated percentage | 3.875% | 3.875% | 3.875% | 3.875% | ||||||
Debt instrument, redeemed in principal amount | $ 294,000,000 | |||||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 100% | |||||||||
Debt instrument, accrued and unpaid interest | $ 3,000,000 | |||||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, current borrowing capacity | $ 1,000,000 | |||||||||
New ABL Credit Facility | ABL Borrower | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 3,000,000,000 | |||||||||
New ABL Credit Facility | ABL Borrower | Credit Spread | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.10% | |||||||||
New ABL Credit Facility | ABL Borrower | SOFR | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.25% | |||||||||
New ABL Credit Facility | ABL Borrower | SOFR | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.50% | |||||||||
New ABL Credit Facility | ABL Borrower | Base Rate | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.25% | |||||||||
New ABL Credit Facility | ABL Borrower | Base Rate | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.50% | |||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term line of credit | $ 0 | $ 0 | ||||||||
Revolving Credit Facility | ABL Borrower | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount outstanding under credit facility | $ 0 | $ 0 |
Financing (Future Maturities of
Financing (Future Maturities of Long-Term Debt) (Details) $ in Millions | Jan. 28, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 0 |
2025 | 6 |
2026 | 0 |
2027 | 71 |
2028 | 207 |
After 2028 | $ 2,723 |
Financing (Detail of Debt Repay
Financing (Detail of Debt Repayments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Oct. 15, 2021 | Aug. 17, 2021 | |
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 3,098 | $ 2,696 | $ 2,039 | ||
Senior notes due 2023 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 504 | $ 136 | $ 0 | ||
Debt instrument interest rate, stated percentage | 2.875% | 2.875% | 2.875% | ||
Senior notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 350 | $ 150 | $ 0 | ||
Debt instrument interest rate, stated percentage | 3.625% | 3.625% | 3.625% | ||
Senior notes due 2023 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 161 | $ 49 | $ 0 | ||
Debt instrument interest rate, stated percentage | 4.375% | 4.375% | 4.375% | ||
Senior debentures due 2024 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 81 | $ 5 | $ 0 | ||
Debt instrument interest rate, stated percentage | 6.65% | 6.65% | 6.65% | ||
Debentures due 2024 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 36 | $ 0 | $ 0 | ||
Debt instrument interest rate, stated percentage | 6.65% | 6.65% | 6.65% | ||
Senior debentures due 2032 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 4 | $ 0 | $ 0 | ||
Debt instrument interest rate, stated percentage | 6.90% | 6.90% | 6.90% | ||
Senior debentures due 2034 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 2 | $ 0 | $ 0 | ||
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | 6.70% | ||
Senior debentures due 2028 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 1 | $ 0 | $ 0 | ||
Debt instrument interest rate, stated percentage | 6.70% | 6.70% | 6.70% | ||
Senior secured notes due 2025 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 0 | $ 1,300 | $ 0 | ||
Debt instrument interest rate, stated percentage | 8.375% | 8.375% | 8.375% | 8.375% | |
Senior notes due 2022 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 0 | $ 450 | $ 0 | ||
Debt instrument interest rate, stated percentage | 3.875% | 3.875% | 3.875% | 3.875% | |
Senior debentures due 2025 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 0 | $ 18 | $ 0 | ||
Debt instrument interest rate, stated percentage | 7.60% | 7.60% | 7.60% | ||
Senior notes due 2021 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 0 | $ 0 | $ 500 | ||
Debt instrument interest rate, stated percentage | 3.45% | 3.45% | 3.45% | ||
Senior debentures due 2021 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 0 | $ 0 | $ 33 | ||
Debt instrument interest rate, stated percentage | 10.25% | 10.25% | 10.25% | ||
amortizing debentures due 2021 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 0 | $ 2 | $ 4 | ||
Debt instrument interest rate, stated percentage | 9.50% | 9.50% | 9.50% | ||
amortizing debentures due 2021 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 0 | $ 1 | $ 2 | ||
Debt instrument interest rate, stated percentage | 9.75% | 9.75% | 9.75% | ||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 1,959 | $ 585 | $ 1,500 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Schedule Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||||
Accounts payable | $ 821 | $ 1,058 | ||
Gift cards and customer rewards | 399 | 481 | $ 616 | $ 839 |
Lease related liabilities | 438 | 433 | ||
Accrued wages and vacation | 199 | 290 | ||
Allowance for future sales returns | 236 | 198 | ||
Current portion of post employment and postretirement benefits | 159 | 148 | ||
Taxes other than income taxes | 121 | 141 | ||
Current portion of workers' compensation and general liability reserves | 86 | 92 | ||
Accrued interest | 51 | 44 | ||
Other | 240 | 201 | ||
Accounts payable and accrued liabilities, total | $ 2,750 | $ 3,086 |
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. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Workers' Compensation Liabilities [Roll Forward] | |||
Balance, beginning of year | $ 387 | $ 416 | $ 462 |
Charged to costs and expenses | 123 | 108 | 88 |
Payments, net of recoveries | (132) | (137) | (134) |
Balance, end of year | $ 378 | $ 387 | $ 416 |
Accounts Payable and Accrued _5
Accounts Payable and Accrued Liabilities (Narrative) (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Workers compensation and general liability reserves covered by deposits and receivables | $ 102 | $ 102 |
Taxes (Income Tax Expense) (Det
Taxes (Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Taxes Payable [Abstract] | |||
Current federal income tax expense (benefit) | $ 361 | $ 369 | $ (520) |
Deferred federal income tax expense (benefit) | (56) | (21) | (179) |
Federal income tax expense (benefit), total | 305 | 348 | (699) |
Current state and local income tax expense (benefit) | 18 | 48 | 1 |
Deferred state and local income tax expense (benefit) | 18 | 40 | (148) |
State and local income tax expense (benefit), total | 36 | 88 | (147) |
Current income tax expense (benefit), total | 379 | 417 | (519) |
Deferred income taxes | (38) | 19 | (327) |
Income tax expense (benefit), total | $ 341 | $ 436 | $ (846) |
Taxes (Narrative) (Details)
Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Tax Contingency [Line Items] | |||
Net change in the valuation allowance | $ 5,000,000 | $ (15,000,000) | |
Federal net operating loss carryforwards | 0 | ||
Operating loss carryforwards | 696,000,000 | ||
State credit carryforwards | 0 | ||
Charges (credit) to income tax expense for federal, state and local interest and penalties | $ (38,000,000) | $ 5,000,000 | $ 1,000,000 |
Maximum | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards, expiration dates | Dec. 31, 2042 | ||
Minimum | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards, expiration dates | Jan. 29, 2023 |
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. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Taxes Payable [Abstract] | |||
Expected tax | $ 319 | $ 392 | $ (1,006) |
State and local income taxes, net of federal income taxes | 23 | 84 | (140) |
CARES Act carryback benefit | 0 | (29) | (205) |
Goodwill impact | 0 | 0 | 492 |
Tax impact of equity awards | 0 | 0 | 8 |
Federal tax credits | (4) | (3) | (5) |
Change in valuation allowance | 5 | (15) | 24 |
Other | (2) | 7 | (14) |
Income tax expense (benefit), total | $ 341 | $ 436 | $ (846) |
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. 28, 2023 | Jan. 29, 2022 |
Deferred tax assets | ||
Post employment and postretirement benefits | $ 50 | $ 48 |
Accrued liabilities accounted for on a cash basis for tax purposes | 112 | 100 |
Lease liabilities | 881 | 917 |
Unrecognized state tax benefits and accrued interest | 22 | 38 |
State operating loss and credit carryforwards | 132 | 152 |
Other | 112 | 95 |
Valuation allowance | (94) | (89) |
Total deferred tax assets | 1,215 | 1,261 |
Deferred tax liabilities | ||
Excess of book basis over tax basis of property and equipment | (872) | (914) |
Right of use assets | (717) | (751) |
Merchandise inventories | (351) | (300) |
Intangible assets | (116) | (116) |
Other | (106) | (163) |
Total deferred tax liabilities | (2,162) | (2,244) |
Net deferred tax liability | $ (947) | $ (983) |
Taxes (Reconciliation Of Beginn
Taxes (Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of year | $ 102 | $ 113 | $ 133 |
Additions based on tax positions related to the current year | 13 | 12 | 9 |
Reductions for tax positions of prior years | (20) | (11) | (13) |
Settlements | (4) | (2) | (4) |
Statute expirations | (11) | (10) | (12) |
Balance, end of year | 80 | 102 | 113 |
Current income taxes | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Current income taxes | 4 | 14 | 6 |
Deferred income taxes | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Long-term uncertain tax positions | 1 | 3 | 3 |
Other liabilities | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Long-term uncertain tax positions | $ 75 | $ 85 | $ 104 |
Taxes (Unrecognized Benefits an
Taxes (Unrecognized Benefits and Related Interest Penalties) (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Income Tax Examination [Line Items] | ||
Amount of unrecognized tax benefits, net of deferred tax assets, that if recognized would affect the effective tax rate | $ 63 | $ 81 |
Accrued federal, state and local interest and penalties | 23 | 65 |
Current income taxes | ||
Income Tax Examination [Line Items] | ||
Accrued federal, state and local interest and penalties | 4 | 32 |
Other liabilities | ||
Income Tax Examination [Line Items] | ||
Accrued federal, state and local interest and penalties | $ 19 | $ 33 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2021 USD ($) | Jan. 28, 2023 USD ($) h | Jan. 29, 2022 USD ($) | Jan. 30, 2021 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of hours required for participation in defined benefit and defined contribution plans | h | 1,000 | |||
Liability under qualified defined contribution plan | $ 94 | $ 83 | ||
Settlement charges | 39 | 96 | $ 84 | |
Defined benefit plan, amount of transferred pension plan assets | $ 256 | |||
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charges | $ 39 | $ 96 | $ 74 | |
Expected long-term return on plan assets | 4.60% | 5.75% | 6.25% | |
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 | 5.30% | |||
Pension Plan | Equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation for equity securities in defined benefit plan | 5% | |||
Pension Plan | Debt Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation for equity securities in defined benefit plan | 87% | |||
Pension Plan | Real Estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation for equity securities in defined benefit plan | 1% | |||
Pension Plan | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation for equity securities in defined benefit plan | 7% | |||
401(k) Qualified Defined Contribution Plan | Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employee retirement plan expense | $ 86 | $ 76 | $ 68 | |
Non-Qualified Defined Contribution Plan | Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employee retirement plan expense | 1 | 1 | $ 1 | |
Investments | 35 | 39 | ||
Non-Qualified Defined Contribution Plan | Other Postretirement Benefits Plan | Other Liabilities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Liability under non-qualified defined contribution plan | 35 | 39 | ||
Non-Qualified Defined Contribution Plan | Other Postretirement Benefits Plan | Accounts Payable and Accrued Liabilities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Liability under non-qualified defined contribution plan | $ 1 | $ 1 |
Retirement Plans (Retirement Ex
Retirement Plans (Retirement Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement expense | $ 67 | $ 12 | $ 19 |
Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net periodic benefit cost | (4) | (4) | (3) |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net periodic benefit cost | (42) | (85) | (73) |
Supplementary Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net periodic benefit cost | 26 | 24 | 26 |
401(k) Qualified Defined Contribution Plan | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | 86 | 76 | 68 |
Non-Qualified Defined Contribution Plan | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | $ 1 | $ 1 | $ 1 |
Retirement Plans (Reconciliatio
Retirement Plans (Reconciliation of Benefit Obligations, Plan Assets, and Funded Status of The Pension Plan and SERP) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Pension Plan | |||
Change in projected benefit obligation | |||
Projected benefit obligation, beginning of year | $ 2,406 | $ 3,030 | |
Service cost | 0 | 1 | $ 4 |
Interest cost | 68 | 49 | 66 |
Actuarial gain | (301) | (172) | |
Benefits paid | (194) | (502) | |
Projected benefit obligation, end of year | 1,979 | 2,406 | 3,030 |
Changes in plan assets | |||
Fair value of plan assets, beginning of year | 2,900 | 3,359 | |
Actual return (loss) on plan assets | (317) | 43 | |
Company contributions | 0 | 0 | |
Benefits paid | (194) | (502) | |
Fair value of plan assets, end of year | 2,389 | 2,900 | 3,359 |
Funded status at end of year | 410 | 494 | |
Amounts recognized in the Consolidated Balance Sheets at January 28, 2023 and January 29, 2022 | |||
Other assets | 410 | 494 | |
Accounts payable and accrued liabilities | 0 | 0 | |
Other liabilities | 0 | 0 | |
Defined benefit plan, asset (liability) recognized in the Consolidated Balance Sheets | 410 | 494 | |
Amounts recognized in accumulated other comprehensive loss at January 28, 2023 and January 29, 2022 | |||
Net actuarial loss | 704 | 617 | |
Prior service cost | 0 | 0 | |
Defined benefit plan, amounts recognized in accumulated other comprehensive loss | 704 | 617 | |
SERP | |||
Change in projected benefit obligation | |||
Projected benefit obligation, beginning of year | 606 | 673 | |
Service cost | 0 | 0 | 0 |
Interest cost | 15 | 11 | 14 |
Actuarial gain | (71) | (32) | |
Benefits paid | (42) | (46) | |
Projected benefit obligation, end of year | 508 | 606 | 673 |
Changes in plan assets | |||
Fair value of plan assets, beginning of year | 0 | 0 | |
Actual return (loss) on plan assets | 0 | 0 | |
Company contributions | 42 | 46 | |
Benefits paid | (42) | (46) | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status at end of year | (508) | (606) | |
Amounts recognized in the Consolidated Balance Sheets at January 28, 2023 and January 29, 2022 | |||
Other assets | 0 | 0 | |
Accounts payable and accrued liabilities | (48) | (47) | |
Other liabilities | (460) | (559) | |
Defined benefit plan, asset (liability) recognized in the Consolidated Balance Sheets | (508) | (606) | |
Amounts recognized in accumulated other comprehensive loss at January 28, 2023 and January 29, 2022 | |||
Net actuarial loss | 175 | 257 | |
Prior service cost | 5 | 5 | |
Defined benefit plan, amounts recognized in accumulated other comprehensive loss | $ 180 | $ 262 |
Retirement Plans (Net Periodic
Retirement Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | $ (39) | $ (96) | $ (84) |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 1 | 4 |
Interest cost | 68 | 49 | 66 |
Expected return on assets | (122) | (161) | (183) |
Amortization of net actuarial loss | 12 | 26 | 40 |
Total net periodic benefit cost | (42) | (85) | (73) |
Settlement charges | (39) | (96) | (74) |
Net actuarial (gain) loss | 138 | (55) | (178) |
Amortization of net actuarial loss | (12) | (26) | (40) |
Settlement charges | (39) | (96) | (74) |
Total recognized in other comprehensive income | 87 | (177) | (292) |
Total recognized | 84 | (166) | (291) |
SERP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 15 | 11 | 14 |
Expected return on assets | 0 | 0 | 0 |
Amortization of net actuarial loss | 11 | 13 | 12 |
Total net periodic benefit cost | 26 | 24 | 26 |
Settlement charges | 0 | 0 | (10) |
Net actuarial (gain) loss | (71) | (32) | 40 |
Amortization of net actuarial loss | (11) | (13) | (12) |
Settlement charges | 0 | 0 | (10) |
Total recognized in other comprehensive income | (82) | (45) | 18 |
Total recognized | $ (56) | $ (21) | $ 54 |
Retirement Plans (Weighted Aver
Retirement Plans (Weighted Average Assumptions used to determine Projected Benefit Obligations for the Pension Plan and SERP) (Details) | Jan. 28, 2023 | Jan. 29, 2022 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.73% | 3.06% |
Rate of compensation increases | 3.50% | 3.50% |
Cash balance plan interest crediting rate | 5% | 5% |
SERP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.74% | 3.10% |
Rate of compensation increases | 0% | 0% |
Cash balance plan interest crediting rate | 0% | 0% |
Retirement Plans (Weighted Av_2
Retirement Plans (Weighted Average Assumptions used to determine Net Periodic Pension Costs for the Pension Plan and SERP) (Details) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return on plan assets | 4.60% | 5.75% | 6.25% |
Rate of compensation increases | 3.50% | 3.45% | 3.25% |
Cash balance plan interest crediting rate | 5% | 5% | 5% |
SERP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used to measure service cost | 0% | 0% | 0% |
Discount rate used to measure interest cost | 2.53% | 1.74% | |
Expected long-term return on plan assets | 0% | 0% | 0% |
Rate of compensation increases | 0% | 0% | 0% |
Cash balance plan interest crediting rate | 0% | 0% | 0% |
Minimum | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used to measure service cost | 3.35% | 2.69% | 2.35% |
Discount rate used to measure interest cost | 2.55% | 1.76% | 1.65% |
Minimum | SERP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used to measure interest cost | 1.65% | ||
Maximum | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used to measure service cost | 5.76% | 3.07% | 2.96% |
Discount rate used to measure interest cost | 5.49% | 2.07% | 2.46% |
Maximum | SERP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used to measure interest cost | 2.44% |
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 - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | $ 2,359 | $ 2,872 |
Level 2 | Short term investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 10 |
Level 2 | U.S. Treasury bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 41 | 121 |
Level 2 | Other Government bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 60 | 74 |
Level 2 | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 1,592 | 1,877 |
Level 2 | Mortgage-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 14 | 10 |
Level 2 | Asset-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 1 |
Level 2 | Derivatives in a positive position | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 11 | 12 |
Level 2 | Derivatives in a negative position | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | (3) | (1) |
Level 1 | Money market funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 78 | 206 |
Level 1 | U.S. pooled funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 69 | 77 |
Level 1 | International pooled funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 26 | 31 |
Level 1 | Pooled funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 48 | 72 |
Fair Value Measured at Net Asset Value Per Share | Pooled funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 271 | 164 |
Fair Value Measured at Net Asset Value Per Share | Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 19 | 32 |
Fair Value Measured at Net Asset Value Per Share | Private equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | $ 133 | $ 186 |
Retirement Plans (Estimated Pen
Retirement Plans (Estimated Pension Plan and SERP Benefit Payments) (Details) $ in Millions | Jan. 28, 2023 USD ($) |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 215 |
2024 | 192 |
2025 | 187 |
2026 | 180 |
2027 | 171 |
2028-2032 | 725 |
SERP | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 48 |
2024 | 46 |
2025 | 44 |
2026 | 49 |
2027 | 42 |
2028-2032 | $ 185 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Shares available for additional grants under the Company's equity plan | 21,200,000 | ||
Share-based payment award, stock options, grants in period | 0 | 0 | 0 |
Employee Stock Options | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation, expiration period | 10 years | ||
Number of years of service required to vest in stock based compensation plans | 4 years | ||
Restricted Stock and Time-Based Restricted Stock Unit Awards | Minimum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of years of service required to vest in stock based compensation plans | 1 year | ||
Restricted Stock and Time-Based Restricted Stock Unit Awards | Maximum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of years of service required to vest in stock based compensation plans | 4 years | ||
CMD Committee Performance-Based Restricted Stock Plan | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Evaluation period of performance-based restricted stock plan for senior executives | 3 years | ||
CMD Committee Performance-Based Restricted Stock Plan | Minimum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Percentage range of shares received by grant recipient based on target shares granted | 0% | 0% | 0% |
CMD Committee Performance-Based Restricted Stock Plan | Maximum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Percentage range of shares received by grant recipient based on target shares granted | 200% | 170% | 150% |
Restricted Stock Units | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Unrecognized compensation costs related to nonvested restricted stock awards | $ 87.7 | ||
Unrecognized compensation costs related to nonvested restricted stock awards | 1 year 4 months 24 days |
Stock Based Compensation (Stock
Stock Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||
Stock options | $ 3 | $ 4 | $ 8 |
Restricted stock units | 51 | 51 | 23 |
Share-based compensation, total | $ 54 | $ 55 | $ 31 |
Stock Based Compensation (Fair
Stock Based Compensation (Fair Value of Restricted Stock Awards During the Period) (Details) - Restricted Stock Units - $ / shares | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Restricted stock units (performance-based) | $ 25.32 | $ 15.80 | $ 6.24 |
Restricted stock units (time-based) | $ 24.01 | $ 17.88 | $ 6.96 |
Stock Based Compensation (Restr
Stock Based Compensation (Restricted Stock Award and Restricted Stock Unit Activity) (Details) - Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Shares | |||
Nonvested restricted stock units, beginning of period (in shares) | 9,100 | ||
Granted - performance-based (in shares) | 627 | ||
Performance adjustment (in shares) | 336 | ||
Granted - time-based (in shares) | 2,484 | ||
Forfeited (in shares) | (496) | ||
Vested (in shares) | (4,445) | ||
Nonvested restricted stock units, end of period (in shares) | 7,606 | 9,100 | |
Weighted Average Grant Date Fair Value | |||
Nonvested, beginning of period, weighted average grant date fair value (in USD per share) | $ 10.87 | ||
Granted - performance-based, weighted average grant date fair value (in USD per share) | 25.32 | $ 15.80 | $ 6.24 |
Performance adjustment, weighted average grant date fair value (in USD per share) | (7.30) | ||
Granted, weighted average grant date fair value (in USD per share) | 24.01 | 17.88 | $ 6.96 |
Forfeited, weighted average grant date fair value (in USD per share) | 15.13 | ||
Vested, weighted average grant date fair value (in USD per share) | 8.79 | ||
Nonvested, end of period, weighted average grant date fair value (in USD per share) | $ 16.49 | $ 10.87 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Jan. 29, 2022 shares | Jan. 28, 2023 USD ($) vote $ / shares shares | Jan. 29, 2022 USD ($) $ / shares shares | Jan. 30, 2021 USD ($) $ / shares shares | Feb. 22, 2022 USD ($) | Aug. 19, 2021 USD ($) | Feb. 01, 2020 shares | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred stock, shares authorized (in shares) | 125,000,000 | ||||||
Preferred stock, par value (in usd per share) | $ / shares | $ 0.01 | ||||||
Preferred stock, shares issued (in shares) | 0 | ||||||
Common stock, shares authorized (in shares) | 1,000,000,000 | ||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | ||||||
Common stock, shares issued (in shares) | 333,606,000 | 333,606,000 | 333,606,000 | 333,606,000 | 333,606,000 | ||
Common stock, shares outstanding (in shares) | 292,359,000 | 271,350,000 | 292,359,000 | 310,500,000 | 309,031,000 | ||
Number of votes per share | vote | 1 | ||||||
Total number of shares purchased | 24,058,000 | 20,511,000 | 79,000 | ||||
Stock repurchases | $ | $ 601 | $ 500 | |||||
Authorized Share Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Total investment | $ | $ 2,000 | $ 500 | |||||
Total number of shares purchased | 20,500,000 | 24,000,000 | 20,500,000 | 0 | |||
Average cost (in usd per share) | $ / shares | $ 24.98 | $ 24.40 | $ 0 | ||||
Stock repurchases | $ | $ 600 | $ 500 | $ 0 |
Shareholders' Equity (Treasury
Shareholders' Equity (Treasury Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Jan. 29, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Total number of shares purchased | 24,058 | 20,511 | 79 | |
Stock repurchases | $ 601 | $ 500 | ||
Authorized Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Total number of shares purchased | 20,500 | 24,000 | 20,500 | 0 |
Average cost (in usd per share) | $ 24.98 | $ 24.40 | $ 0 | |
Stock repurchases | $ 600 | $ 500 | $ 0 |
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. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock, shares issued (in shares) | 333,606 | 333,606 | 333,606 |
Treasury stock, common (in shares) | 41,247 | 23,106 | 24,575 |
Common stock, shares outstanding (in shares) | 292,359 | 310,500 | 309,031 |
Stock issued under stock plans | 2,884 | 2,177 | 1,450 |
Stock repurchases | (24,058) | (20,511) | (79) |
Deferred compensation plan distributions | 165 | 193 | 98 |
Common stock, shares issued (in shares) | 333,606 | 333,606 | 333,606 |
Treasury stock, common (in shares) | 62,256 | 41,247 | 23,106 |
Common stock, shares outstanding (in shares) | 271,350 | 292,359 | 310,500 |
Deferred Compensation Plans | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury stock, common (in shares) | 1,015 | 931 | 902 |
Treasury stock, common (in shares) | 967 | 1,015 | 931 |
Other | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury stock, common (in shares) | 40,232 | 22,175 | 23,673 |
Treasury stock, common (in shares) | 61,289 | 40,232 | 22,175 |
Treasury Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock issued under stock plans | 2,884 | 2,177 | 1,450 |
Stock repurchases | (24,058) | (20,511) | (79) |
Deferred compensation plan distributions | 165 | 193 | 98 |
Treasury Stock | Deferred Compensation Plans | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock issued under stock plans | 117 | 277 | 127 |
Deferred compensation plan distributions | 165 | 193 | 98 |
Treasury Stock | Other | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock issued under stock plans | 3,001 | 2,454 | 1,577 |
Stock repurchases | (24,058) | (20,511) | (79) |
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. 28, 2023 | Jan. 29, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable equity and debt securities | $ 35 | $ 39 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable equity and debt securities | 35 | 39 |
Significant Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable equity and debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
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. 28, 2023 | Jan. 29, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Carrying Amount | $ 2,996 | $ 3,295 |
Fair Value | 2,555 | 3,254 |
Debt instrument, principal outstanding | $ 3,007 | $ 3,295 |
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 | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Earnings Per Share [Abstract] | |||
Net income (loss) and average number of shares outstanding | $ 1,177 | $ 1,430 | $ (3,944) |
Net income (loss) available to common stockholders, basic | $ 1,177 | $ 1,430 | $ (3,944) |
Basic earnings (loss) per share (in dollars per share) | $ 4.28 | $ 4.66 | $ (12.68) |
Net income (loss) available to common stockholders, diluted | $ 1,177 | $ 1,430 | $ (3,944) |
Diluted earnings (loss) per share (in dollars per share) | $ 4.19 | $ 4.55 | $ (12.68) |
Weighted average number of shares issued, basic (in shares) | 273.7 | 305.8 | 310.2 |
Shares to be issued under deferred compensation and other plans (in shares) | 1 | 1 | 1 |
Average number of shares outstanding, basic (in shares) | 274.7 | 306.8 | 311.1 |
Stock options and restricted stock units (in shares) | 6.4 | 7.2 | 0 |
Average number of shares outstanding, diluted (in shares) | 281.1 | 314 | 311.1 |
Earnings (Loss) Per Share (Narr
Earnings (Loss) Per Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Employee Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings (in USD per share) | 12.1 | 12.4 | 16.3 |
Restricted Stock Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings (in USD per share) | 0.7 | 1 | 10.3 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Purchase obligations | $ 2,600,000 | $ 3,200,000 |
Purchase obligations due, term | 1 year |