Cover
Cover - shares | 9 Months Ended | |
Oct. 28, 2023 | Nov. 25, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 28, 2023 | |
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, $.01 par value per share | |
Trading Symbol | M | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 274,073,323 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000794367 | |
Current Fiscal Year End Date | --02-03 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 4,860 | $ 5,230 | $ 14,972 | $ 16,178 |
Other revenue | 178 | 237 | 519 | 688 |
Total revenue | 5,038 | 5,467 | 15,491 | 16,866 |
Cost of sales | (2,902) | (3,204) | (9,067) | (9,856) |
Selling, general and administrative expenses | (2,040) | (2,088) | (5,970) | (6,005) |
Gains on sale of real estate | 5 | 32 | 20 | 74 |
Impairment, restructuring and other costs | (15) | (15) | (21) | (25) |
Operating income | 86 | 192 | 453 | 1,054 |
Benefit plan income, net | 2 | 7 | 10 | 21 |
Settlement charges | (7) | (32) | (129) | (32) |
Interest expense, net | (35) | (42) | (108) | (131) |
Losses on early retirement of debt | 0 | 0 | 0 | (31) |
Income before income taxes | 46 | 125 | 226 | 881 |
Federal, state and local income tax expense | (3) | (17) | (51) | (213) |
Net income | $ 43 | $ 108 | $ 175 | $ 668 |
Basic earnings per share (usd per share) | $ 0.16 | $ 0.40 | $ 0.64 | $ 2.43 |
Diluted earnings per share (usd per share) | $ 0.15 | $ 0.39 | $ 0.63 | $ 2.37 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 43 | $ 108 | $ 175 | $ 668 |
Actuarial gain on post employment and postretirement benefit plans, before tax | (52) | (161) | (53) | (161) |
Amortization of net actuarial loss and prior service credit on post employment and postretirement benefit plans included in net income, before tax | 1 | 5 | 4 | 15 |
Settlement charges, before tax | 7 | 32 | 129 | 32 |
Tax effect related to items of other comprehensive income | 11 | 32 | (21) | 30 |
Total other comprehensive income (loss), net of tax effect | (33) | (92) | 59 | (84) |
Comprehensive income | $ 10 | $ 16 | $ 234 | $ 584 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 |
Current Assets: | |||
Cash and cash equivalents | $ 364 | $ 862 | $ 326 |
Receivables | 218 | 300 | 204 |
Merchandise inventories | 6,025 | 4,267 | 6,403 |
Prepaid expenses and other current assets | 390 | 424 | 415 |
Income tax receivable | 73 | 0 | 0 |
Total Current Assets | 7,070 | 5,853 | 7,348 |
Property and Equipment - net of accumulated depreciation and amortization of $5,066, $4,633 and $4,957 | 5,813 | 5,913 | 5,831 |
Right of Use Assets | 2,784 | 2,683 | 2,699 |
Goodwill | 828 | 828 | 828 |
Other Intangible Assets – net | 431 | 432 | 433 |
Other Assets | 1,185 | 1,157 | 1,091 |
Total Assets | 18,111 | 16,866 | 18,230 |
Current Liabilities: | |||
Short-term debt | 160 | 0 | 183 |
Merchandise accounts payable | 3,466 | 2,053 | 3,861 |
Accounts payable and accrued liabilities | 2,388 | 2,750 | 2,678 |
Income taxes | 0 | 58 | 21 |
Total Current Liabilities | 6,014 | 4,861 | 6,743 |
Long-Term Debt | 2,997 | 2,996 | 2,996 |
Long-Term Lease Liabilities | 3,034 | 2,963 | 2,988 |
Deferred Income Taxes | 925 | 947 | 884 |
Other Liabilities | 997 | 1,017 | 1,144 |
Shareholders' Equity | 4,144 | 4,082 | 3,475 |
Total Liabilities and Shareholders’ Equity | $ 18,111 | $ 16,866 | $ 18,230 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 |
Statement of Financial Position [Abstract] | |||
Accumulated depreciation and amortization | $ 5,066 | $ 4,633 | $ 4,957 |
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 Jan. 29, 2022 | $ 3,621 | $ 3 | $ 517 | $ 5,268 | $ (1,545) | $ (622) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 286 | 286 | ||||
Other comprehensive income (loss) | 4 | 4 | ||||
Common stock dividends | (45) | (45) | ||||
Stock repurchases | (600) | (600) | ||||
Stock-based compensation expense | 13 | 13 | ||||
Stock issued under stock plans | (1) | (54) | 53 | |||
Ending balance at Apr. 30, 2022 | 3,278 | 3 | 476 | 5,509 | (2,092) | (618) |
Beginning balance at Jan. 29, 2022 | 3,621 | 3 | 517 | 5,268 | (1,545) | (622) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 668 | |||||
Ending balance at Oct. 29, 2022 | 3,475 | 3 | 463 | 5,764 | (2,048) | (707) |
Beginning balance at Apr. 30, 2022 | 3,278 | 3 | 476 | 5,509 | (2,092) | (618) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 275 | 275 | ||||
Other comprehensive income (loss) | 3 | 3 | ||||
Common stock dividends | (42) | (42) | ||||
Stock-based compensation expense | 17 | 17 | ||||
Stock issued under stock plans | 0 | (43) | 43 | |||
Ending balance at Jul. 30, 2022 | 3,531 | 3 | 450 | 5,742 | (2,049) | (615) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 108 | 108 | ||||
Other comprehensive income (loss) | (92) | (92) | ||||
Common stock dividends | (86) | (86) | ||||
Stock-based compensation expense | 14 | 14 | ||||
Stock issued under stock plans | 0 | (1) | 1 | |||
Ending balance at Oct. 29, 2022 | 3,475 | 3 | 463 | 5,764 | (2,048) | (707) |
Beginning balance at Jan. 28, 2023 | 4,082 | 3 | 467 | 6,268 | (2,038) | (618) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 155 | 155 | ||||
Other comprehensive income (loss) | 1 | 1 | ||||
Common stock dividends | (45) | (45) | ||||
Stock repurchases | (25) | (25) | ||||
Stock-based compensation expense | 14 | 14 | ||||
Stock issued under stock plans | (12) | (108) | 96 | |||
Ending balance at Apr. 29, 2023 | 4,170 | 3 | 373 | 6,378 | (1,967) | (617) |
Beginning balance at Jan. 28, 2023 | 4,082 | 3 | 467 | 6,268 | (2,038) | (618) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 175 | |||||
Stock repurchases | (25) | |||||
Ending balance at Oct. 28, 2023 | 4,144 | 3 | 367 | 6,261 | (1,928) | (559) |
Beginning balance at Apr. 29, 2023 | 4,170 | 3 | 373 | 6,378 | (1,967) | (617) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (22) | (22) | ||||
Other comprehensive income (loss) | 91 | 91 | ||||
Common stock dividends | (45) | 1 | (46) | |||
Stock-based compensation expense | 16 | 16 | ||||
Stock issued under stock plans | 0 | (38) | 38 | |||
Ending balance at Jul. 29, 2023 | 4,210 | 3 | 352 | 6,310 | (1,929) | (526) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 43 | 43 | ||||
Other comprehensive income (loss) | (33) | (33) | ||||
Common stock dividends | (91) | 1 | (92) | |||
Stock-based compensation expense | 15 | 15 | ||||
Stock issued under stock plans | 0 | (1) | 1 | |||
Ending balance at Oct. 28, 2023 | $ 4,144 | $ 3 | $ 367 | $ 6,261 | $ (1,928) | $ (559) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||||
Oct. 28, 2023 | Jul. 29, 2023 | Apr. 29, 2023 | Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Common stock dividends (usd per share) | $ 0.3308 | $ 0.1654 | $ 0.1654 | $ 0.315 | $ 0.1575 | $ 0.1575 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Oct. 28, 2023 | Oct. 29, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 175 | $ 668 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Impairment, restructuring and other costs | 21 | 25 |
Settlement charges | 129 | 32 |
Depreciation and amortization | 665 | 638 |
Stock-based compensation expense | 45 | 44 |
Gains on sale of real estate | (20) | (74) |
Benefit plans | 4 | 15 |
Amortization of financing costs and premium on acquired debt | 8 | 8 |
Deferred income taxes | (43) | (70) |
Changes in assets and liabilities: | ||
Decrease in receivables | 82 | 93 |
Increase in merchandise inventories | (1,757) | (2,019) |
Decrease (increase) in prepaid expenses and other current assets | 30 | (56) |
Increase in merchandise accounts payable | 1,334 | 1,636 |
Decrease in accounts payable and accrued liabilities | (305) | (300) |
Decrease in current income taxes | (123) | (73) |
Change in other assets and liabilities | (87) | (79) |
Net cash provided by operating activities | 158 | 488 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (485) | (655) |
Capitalized software | (264) | (328) |
Disposition of property and equipment | 36 | 122 |
Other, net | (3) | (8) |
Net cash used by investing activities | (716) | (869) |
Cash flows from financing activities: | ||
Debt issued | 311 | 1,891 |
Debt issuance costs | (1) | (21) |
Debt repaid | (153) | (1,998) |
Debt repurchase premium and expenses | 0 | (29) |
Dividends paid | (135) | (130) |
Increase (decrease) in outstanding checks | 76 | (117) |
Acquisition of treasury stock | (38) | (601) |
Net cash provided (used) by financing activities | 60 | (1,005) |
Net decrease in cash, cash equivalents and restricted cash | (498) | (1,386) |
Cash, cash equivalents and restricted cash beginning of period | 865 | 1,715 |
Cash, cash equivalents and restricted cash end of period | 367 | 329 |
Supplemental cash flow information: | ||
Interest paid | 138 | 168 |
Interest received | 19 | 3 |
Income taxes paid, net of refunds received | $ 217 | $ 356 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | Oct. 28, 2023 | Oct. 29, 2022 |
Statement of Cash Flows [Abstract] | ||
Restricted cash and cash equivalents | $ 3 | $ 3 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 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 omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and Bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Puerto Rico and Guam. As of October 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, Bloomie's, and Bluemercury. Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC. A description of the Company's significant accounting policies is included in the Company's Annual Report on Form 10-K for the fiscal year ended January 28, 2023 (the "2022 10-K"). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2022 10-K. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties which may result in actual amounts differing from reported amounts. The Consolidated Financial Statements for the 13 and 39 weeks ended October 28, 2023 and October 29, 2022, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company. Seasonality Because of the seasonal nature of the retail business, the results of operations for the 13 and 39 weeks ended October 28, 2023 and October 29, 2022 (which do not include the holiday season) are not necessarily indicative of such results for the full fiscal year. Reclassifications Certain reclassifications were made to prior years' amounts to conform with the classifications of such amounts in the most recent years. Comprehensive Income Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income. For the Company, the only other components of total comprehensive income for the 13 and 39 weeks ended October 28, 2023 and October 29, 2022 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of income before income taxes in the Consolidated Statements of Income. Amortization reclassifications out of accumulated other comprehensive income (loss) are included in the computation of net periodic benefit cost (income) and are included in benefit plan income, net on the Consolidated Statements of Income. See Note 5, "Retirement Plans," for further information. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 28, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following tables set forth the computation of basic and diluted earnings per share: 13 Weeks Ended October 28, 2023 October 29, 2022 Net Income Shares Net Income Shares (millions, except per share data) Net income and average number of shares outstanding $ 43 273.7 $ 108 271.0 Shares to be issued under deferred compensation and other plans 1.0 1.0 $ 43 274.7 $ 108 272.0 Basic earnings per share $ 0.16 $ 0.40 Effect of dilutive securities: Stock options and restricted stock units 2.9 5.7 $ 43 277.6 $ 108 277.7 Diluted earnings per share $ 0.15 $ 0.39 39 Weeks Ended October 28, 2023 October 29, 2022 Net Income Shares Net Income Shares (millions, except per share data) Net income and average number of shares outstanding $ 175 272.9 $ 668 274.6 Shares to be issued under deferred compensation and other plans 1.0 1.0 $ 175 273.9 $ 668 275.6 Basic earnings per share $ 0.64 $ 2.43 Effect of dilutive securities: Stock options and restricted stock units 3.8 6.4 $ 175 277.7 $ 668 282.0 Diluted earnings per share $ 0.63 $ 2.37 |
Revenue
Revenue | 9 Months Ended |
Oct. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Net sales, which mainly consist of retail sales but also include merchandise returns, gift cards and loyalty programs, represented 96% of total revenue for both of the 13 weeks ended October 28, 2023 and October 29, 2022, and 97% and 96% of total revenue for the 39 weeks ended October 28, 2023 and October 29, 2022, respectively. Other revenue generating activities consist of credit card revenues as well as Macy's Media Network revenue. 13 Weeks Ended 39 Weeks Ended Revenues October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 (millions) Women's Accessories, Shoes, Cosmetics and Fragrances $ 1,992 $ 2,025 $ 6,067 $ 6,214 Women's Apparel 1,088 1,223 3,348 3,772 Men's and Kids' 1,049 1,153 3,177 3,459 Home/Other (a) 731 829 2,380 2,733 Total Net Sales 4,860 5,230 $ 14,972 $ 16,178 Credit card revenues, net $ 142 $ 206 $ 424 $ 601 Macy's Media Network revenue, net (b) 36 31 95 87 Other Revenue 178 237 519 688 Total Revenue $ 5,038 $ 5,467 $ 15,491 $ 16,866 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards. (b) Macy's Media Network ("MMN") is an in-house media platform supporting both Macy's and Bloomingdale's customers through a broad variety of advertising formats running both on owned and operated platforms as well as offsite. Macy's accounted for 85% of the Company's net sales for the 13 and 39 weeks ended October 28, 2023 and 86% for the 13 and 39 weeks ended October 29, 2022. In addition, digital sales accounted for 31% of the Company's net sales for each of the 13 and 39 weeks ended October 28, 2023 and October 29, 2022. Retail Sales Retail sales include merchandise sales, inclusive of delivery income, licensed department income, Marketplace 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 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 and Marketplace 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 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 $190 million, $236 million and $233 million as of October 28, 2023, January 28, 2023 and October 29, 2022, respectively. Included in prepaid expenses and other current assets is an asset totaling $114 million, $152 million and $142 million as of October 28, 2023, January 28, 2023 and October 29, 2022, respectively, for the recoverable cost of merchandise estimated to be returned by customers. Gift Cards and Customer Loyalty Programs The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold or issued, no revenue is recognized; rather, the Company records an accrued liability to customers. The liability is relieved, and revenue is recognized, equal to the amount redeemed at the time gift cards are redeemed for merchandise. The Company records revenue from unredeemed gift cards (breakage) in net sales on a pro-rata basis over the time period gift cards are actually redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. The Company maintains customer loyalty programs in which customers earn points based on their purchases. Under the Macy’s 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. 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. 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 $336 million, $399 million and $355 million as of October 28, 2023, January 28, 2023 and October 29, 2022, respectively. Credit Card Revenues 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 and are a component of other revenue on the consolidated statements of income. |
Financing Activities
Financing Activities | 9 Months Ended |
Oct. 28, 2023 | |
Debt Disclosure [Abstract] | |
Financing Activities | Financing Activities The Company borrowed $311 million and repaid $151 million of debt under its revolving credit facility ("ABL Credit Facility") during the 39 weeks ended October 28, 2023. During the 39 weeks ended October 29, 2022, the Company borrowed $1 billion and repaid $858 million of debt under its ABL Credit Facility and issued $425 million of 5.875% senior notes due 2030 and $425 million of 6.125% senior notes due 2032 in a private offering. The Company also repaid $2 billion aggregate principal amount of senior notes and debentures in the 39 weeks ended October 29, 2022. As of October 28, 2023 and October 29, 2022, the Company had $138 million and $65 million of standby letters of credit outstanding under its ABL Credit Facility, respectively, which reduced the available borrowing capacity to $2,862 million and $2,935 million, respectively. The Company had outstanding borrowings under the ABL Credit Facility of $160 million as of October 28, 2023 and $183 million as of October 29, 2022. During the 39 weeks ended October 28, 2023, the Company repurchased approximately 1.4 million shares of its common stock pursuant to existing stock purchase authorizations for a total of approximately $25 million. As of October 28, 2023, the Company had $1,375 million of authorization remaining under its share repurchase program. The Company may continue or, from time to time, suspend repurchases of shares under its share repurchase program, depending on prevailing market conditions, alternate uses of capital and other factors. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Oct. 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. In addition, certain retired employees currently are provided with specified health care and life insurance benefits ("Postretirement Obligations"). Eligibility requirements for such benefits vary, but generally state that benefits are available to eligible employees who were hired prior to a certain date and retire after a certain age with specified years of service. Certain employees are subject to having such benefits modified or terminated. The defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows: 13 Weeks Ended 39 Weeks Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 (millions) 401(k) Qualified Defined Contribution Plan $ 19 $ 21 $ 63 $ 66 Pension Plan Interest cost $ 19 $ 14 63 44 Expected return on assets (29) (31) (97) (93) Recognition of net actuarial loss 1 4 4 11 $ (9) $ (13) $ (30) $ (38) Supplementary Retirement Plan Interest cost $ 6 $ 4 $ 17 $ 11 Recognition of net actuarial loss 1 3 5 9 $ 7 $ 7 $ 22 $ 20 Total Retirement Expense $ 17 $ 15 $ 55 $ 48 Postretirement Obligations Interest cost $ 1 $ 1 $ 3 $ 2 Recognition of net actuarial gain (1) (1) (4) (4) Amortization of prior service credit — (1) (1) (1) $ — $ (1) $ (2) $ (3) In connection with the Company's defined benefit plans, for the 13 and 39 weeks ended October 28, 2023, the Company incurred a non-cash settlement charges of $7 million and $129 million, respectively. For the 13 weeks ended October 28, 2023, these charges relate to the pro-rata recognition of net actuarial losses associated with the Company's Pension Plan and are the result of an increase in lump sum distributions associated with the retiree distribution elections. For the 39 weeks ended October 28, 2023, these charges relate to the pro-rata recognition of net actuarial losses associated with the Company's Pension Plan and are 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, which occurred in the second quarter. In connection with the Company's defined benefit plans, for the 13 and 39 weeks ended October 29, 2022 , the Company incurred a non-cash settlement charge of $32 million. This charge relates to the pro-rata recognition of net actuarial losses associated with the Company's Pension Plan and is the result of an increase in lump sum distributions associated with retiree distribution elections. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 28, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table shows the Company's financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards: Level 1: Quoted prices in active markets for identical assets Level 2: Significant observable inputs for the assets Level 3: Significant unobservable inputs for the assets October 28, 2023 October 29, 2022 Fair Value Measurements Fair Value Measurements Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (millions) Marketable equity and debt securities $ 37 $ 37 $ — $ — $ 33 $ 33 $ — $ — Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, certain short-term investments and other assets, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount of these financial instruments approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, are generally estimated based on quoted market prices for identical or similar instruments, and are classified as Level 2 measurements within the hierarchy as defined by applicable accounting standards. The following table shows the estimated fair value of the Company's long-term debt: October 28, 2023 October 29, 2022 Notional Carrying Fair Notional Carrying Fair (millions) Long-term debt $ 3,007 $ 2,997 $ 2,325 $ 3,007 $ 2,996 $ 2,371 |
Supplier Finance Programs
Supplier Finance Programs | 9 Months Ended |
Oct. 28, 2023 | |
Payables and Accruals [Abstract] | |
Supplier Finance Programs | Supplier Finance Programs The Company has agreements with third-party financial institutions to facilitate supply chain finance ("SCF") programs. The programs allow qualifying suppliers to sell their receivables, on an invoice level at the selection of the supplier, from the Company to the financial institution and negotiate their outstanding receivable arrangements and associated fees directly with the financial institution. Macy's, Inc. is not party to the agreements between the supplier and the financial institution. The supplier invoices that have been confirmed as valid under the SCF programs require payment in full by the financial institution to the supplier by the original maturity date of the invoice, or discounted payment at an earlier date as agreed upon with the supplier. The Company's obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted by a supplier’s participation in the SCF programs. All outstanding amounts related to suppliers participating in the SCF programs are recorded upon confirmation with the third-party institutions in merchandise accounts payable October 28, 2023, January 28, 2023 and October 29, 2022 were $164 million, $63 million and $88 million, respectively. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Oct. 28, 2023 | Jul. 29, 2023 | Apr. 29, 2023 | Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net income and average number of shares outstanding | $ 43 | $ (22) | $ 155 | $ 108 | $ 275 | $ 286 | $ 175 | $ 668 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Oct. 28, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties which may result in actual amounts differing from reported amounts. The Consolidated Financial Statements for the 13 and 39 weeks ended October 28, 2023 and October 29, 2022, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company. |
Seasonality | Seasonality Because of the seasonal nature of the retail business, the results of operations for the 13 and 39 weeks ended October 28, 2023 and October 29, 2022 (which do not include the holiday season) are not necessarily indicative of such results for the full fiscal year. |
Reclassifications | Reclassifications Certain reclassifications were made to prior years' amounts to conform with the classifications of such amounts in the most recent years. |
Comprehensive Income | Comprehensive IncomeTotal comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income. For the Company, the only other components of total comprehensive income for the 13 and 39 weeks ended October 28, 2023 and October 29, 2022 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of income before income taxes in the Consolidated Statements of Income. Amortization reclassifications out of accumulated other comprehensive income (loss) are included in the computation of net periodic benefit cost (income) and are included in benefit plan income, net on the Consolidated Statements of Income. |
Recent Accounting Pronouncements | Recent Accounting PronouncementsIn September 2022, the Financial Accounting Standards Board issued Accounting Standards Update ("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 became effective for the Company beginning in 2023. The Company adopted ASU 2022-04 in the first quarter of 2023, with the exception of the rollforward information, which will be reflected in the fourth quarter, and the adoption did not have a material impact on the consolidated financial statements. |
Revenue | Retail Sales Retail sales include merchandise sales, inclusive of delivery income, licensed department income, Marketplace 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 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 and Marketplace 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 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 $190 million, $236 million and $233 million as of October 28, 2023, January 28, 2023 and October 29, 2022, respectively. Included in prepaid expenses and other current assets is an asset totaling $114 million, $152 million and $142 million as of October 28, 2023, January 28, 2023 and October 29, 2022, respectively, for the recoverable cost of merchandise estimated to be returned by customers. Gift Cards and Customer Loyalty Programs The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold or issued, no revenue is recognized; rather, the Company records an accrued liability to customers. The liability is relieved, and revenue is recognized, equal to the amount redeemed at the time gift cards are redeemed for merchandise. The Company records revenue from unredeemed gift cards (breakage) in net sales on a pro-rata basis over the time period gift cards are actually redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. The Company maintains customer loyalty programs in which customers earn points based on their purchases. Under the Macy’s 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. 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. 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 $336 million, $399 million and $355 million as of October 28, 2023, January 28, 2023 and October 29, 2022, respectively. Credit Card Revenues 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 and are a component of other revenue on the consolidated statements of income. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Earnings Per Share | The following tables set forth the computation of basic and diluted earnings per share: 13 Weeks Ended October 28, 2023 October 29, 2022 Net Income Shares Net Income Shares (millions, except per share data) Net income and average number of shares outstanding $ 43 273.7 $ 108 271.0 Shares to be issued under deferred compensation and other plans 1.0 1.0 $ 43 274.7 $ 108 272.0 Basic earnings per share $ 0.16 $ 0.40 Effect of dilutive securities: Stock options and restricted stock units 2.9 5.7 $ 43 277.6 $ 108 277.7 Diluted earnings per share $ 0.15 $ 0.39 39 Weeks Ended October 28, 2023 October 29, 2022 Net Income Shares Net Income Shares (millions, except per share data) Net income and average number of shares outstanding $ 175 272.9 $ 668 274.6 Shares to be issued under deferred compensation and other plans 1.0 1.0 $ 175 273.9 $ 668 275.6 Basic earnings per share $ 0.64 $ 2.43 Effect of dilutive securities: Stock options and restricted stock units 3.8 6.4 $ 175 277.7 $ 668 282.0 Diluted earnings per share $ 0.63 $ 2.37 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Sales From Merchandise Category | Other revenue generating activities consist of credit card revenues as well as Macy's Media Network revenue. 13 Weeks Ended 39 Weeks Ended Revenues October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 (millions) Women's Accessories, Shoes, Cosmetics and Fragrances $ 1,992 $ 2,025 $ 6,067 $ 6,214 Women's Apparel 1,088 1,223 3,348 3,772 Men's and Kids' 1,049 1,153 3,177 3,459 Home/Other (a) 731 829 2,380 2,733 Total Net Sales 4,860 5,230 $ 14,972 $ 16,178 Credit card revenues, net $ 142 $ 206 $ 424 $ 601 Macy's Media Network revenue, net (b) 36 31 95 87 Other Revenue 178 237 519 688 Total Revenue $ 5,038 $ 5,467 $ 15,491 $ 16,866 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Summary of Costs of Retirement Plans | The defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows: 13 Weeks Ended 39 Weeks Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 (millions) 401(k) Qualified Defined Contribution Plan $ 19 $ 21 $ 63 $ 66 Pension Plan Interest cost $ 19 $ 14 63 44 Expected return on assets (29) (31) (97) (93) Recognition of net actuarial loss 1 4 4 11 $ (9) $ (13) $ (30) $ (38) Supplementary Retirement Plan Interest cost $ 6 $ 4 $ 17 $ 11 Recognition of net actuarial loss 1 3 5 9 $ 7 $ 7 $ 22 $ 20 Total Retirement Expense $ 17 $ 15 $ 55 $ 48 Postretirement Obligations Interest cost $ 1 $ 1 $ 3 $ 2 Recognition of net actuarial gain (1) (1) (4) (4) Amortization of prior service credit — (1) (1) (1) $ — $ (1) $ (2) $ (3) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Summary of 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: Level 1: Quoted prices in active markets for identical assets Level 2: Significant observable inputs for the assets Level 3: Significant unobservable inputs for the assets October 28, 2023 October 29, 2022 Fair Value Measurements Fair Value Measurements Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (millions) Marketable equity and debt securities $ 37 $ 37 $ — $ — $ 33 $ 33 $ — $ — |
Summary of Estimated Fair Values of Company's Long Term Debt | The following table shows the estimated fair value of the Company's long-term debt: October 28, 2023 October 29, 2022 Notional Carrying Fair Notional Carrying Fair (millions) Long-term debt $ 3,007 $ 2,997 $ 2,325 $ 3,007 $ 2,996 $ 2,371 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies - Narrative (Details) | Oct. 28, 2023 state |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states in which entity operates | 43 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Oct. 28, 2023 | Jul. 29, 2023 | Apr. 29, 2023 | Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Earnings Per Share [Abstract] | ||||||||
Net income and average number of shares outstanding | $ 43 | $ (22) | $ 155 | $ 108 | $ 275 | $ 286 | $ 175 | $ 668 |
Net income available to common stockholders, basic | $ 43 | $ 108 | $ 175 | $ 668 | ||||
Basic earnings per share (usd per share) | $ 0.16 | $ 0.40 | $ 0.64 | $ 2.43 | ||||
Weighted average number of shares issued, basic (in shares) | 273.7 | 271 | 272.9 | 274.6 | ||||
Shares to be issued under deferred compensation and other plans (in shares) | 1 | 1 | 1 | 1 | ||||
Average number of shares outstanding, basic (in shares) | 274.7 | 272 | 273.9 | 275.6 | ||||
Effect of dilutive securities: | ||||||||
Net income available to common stockholders, diluted | $ 43 | $ 108 | $ 175 | $ 668 | ||||
Diluted earnings per share (usd per share) | $ 0.15 | $ 0.39 | $ 0.63 | $ 2.37 | ||||
Stock options and restricted stock units (in shares) | 2.9 | 5.7 | 3.8 | 6.4 | ||||
Average number of shares outstanding, diluted (in shares) | 277.6 | 277.7 | 277.7 | 282 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 9 Months Ended | |
Oct. 28, 2023 | Oct. 29, 2022 | |
Employee Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings (in shares) | 9.9 | 12.3 |
Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings (in shares) | 1.4 | 0.8 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | Jan. 28, 2023 | |
Disaggregation of Revenue [Line Items] | |||||
Percentage of net sales revenue | 96% | 96% | 97% | 96% | |
Macy's sales to total company sales percentage | 85% | 86% | 85% | 86% | |
Percentage of digital sales | 31% | 31% | 31% | 31% | |
Contract with customer, refund liability | $ 190 | $ 233 | $ 190 | $ 233 | $ 236 |
Contract with customer, right to recover product | 114 | 142 | 114 | 142 | 152 |
Contract with customer, liability, current | $ 336 | $ 355 | $ 336 | $ 355 | $ 399 |
Credit Card Intermediary | |||||
Disaggregation of Revenue [Line Items] | |||||
Agreement renewal option number of years | 3 years |
Revenue - Sales From Merchandis
Revenue - Sales From Merchandise Category (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 4,860 | $ 5,230 | $ 14,972 | $ 16,178 |
Other Revenue | 178 | 237 | 519 | 688 |
Total revenue | 5,038 | 5,467 | 15,491 | 16,866 |
Women's Accessories, Shoes, Cosmetics and Fragrances | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,992 | 2,025 | 6,067 | 6,214 |
Women's Apparel | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,088 | 1,223 | 3,348 | 3,772 |
Men's and Kids' | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,049 | 1,153 | 3,177 | 3,459 |
Home/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 731 | 829 | 2,380 | 2,733 |
Credit card revenues, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Other Revenue | 142 | 206 | 424 | 601 |
Macy's Media Network revenue, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Other Revenue | $ 36 | $ 31 | $ 95 | $ 87 |
Financing Activities - Revolvin
Financing Activities - Revolving Credit Facility (Details) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 28, 2023 | Oct. 29, 2022 | |
Short-Term Debt [Line Items] | ||
Debt issued | $ 311 | $ 1,891 |
Line of Credit | Revolving Credit Facility | Revolving A B L Facility | ||
Short-Term Debt [Line Items] | ||
Debt issued | 311 | 1,000 |
Repayments of debt | $ 151 | $ 858 |
Financing Activities - Long Ter
Financing Activities - Long Term Debt and Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 29, 2023 | Apr. 30, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Debt Instrument [Line Items] | ||||
Debt issued | $ 311 | $ 1,891 | ||
Stock repurchased (in shares) | 1.4 | |||
Stock repurchases | $ 25 | $ 600 | $ 25 | |
Stock repurchase program, remaining authorized repurchase amount | 1,375 | |||
Revolving Credit Facility | Revolving A B L Facility | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding | 138 | 65 | ||
Line of credit facility, remaining borrowing capacity | 2,862 | 2,935 | ||
Amount outstanding under credit facility | $ 160 | 183 | ||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | 2,000 | |||
Senior Notes | 5.875% Senior Notes due 2030 | ||||
Debt Instrument [Line Items] | ||||
Debt issued | $ 425 | |||
Debt instrument interest rate, stated percentage | 5.875% | |||
Senior Notes | 6.125% Senior Notes due 2032 | ||||
Debt Instrument [Line Items] | ||||
Debt issued | $ 425 | |||
Debt instrument interest rate, stated percentage | 6.125% |
Retirement Plans - Narrative (D
Retirement Plans - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 USD ($) | Oct. 29, 2022 USD ($) | Oct. 28, 2023 USD ($) hour | Oct. 29, 2022 USD ($) | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | ||||
Number of hours required for participation in defined benefit and defined contribution plans | hour | 1,000 | |||
Settlement charges | $ | $ 7 | $ 32 | $ 129 | $ 32 |
Retirement Plans - Net Periodic
Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Retirement Expense | $ 17 | $ 15 | $ 55 | $ 48 |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
401(k) Qualified Defined Contribution Plan | 19 | 21 | 63 | 66 |
Interest cost | 1 | 1 | 3 | 2 |
Recognition of net actuarial loss | (1) | (1) | (4) | (4) |
Amortization of prior service credit | 0 | (1) | (1) | (1) |
Total net periodic benefit cost | 0 | (1) | (2) | (3) |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 19 | 14 | 63 | 44 |
Expected return on assets | (29) | (31) | (97) | (93) |
Recognition of net actuarial loss | 1 | 4 | 4 | 11 |
Total net periodic benefit cost | (9) | (13) | (30) | (38) |
Supplementary Retirement Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 6 | 4 | 17 | 11 |
Recognition of net actuarial loss | 1 | 3 | 5 | 9 |
Total net periodic benefit cost | $ 7 | $ 7 | $ 22 | $ 20 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Measured At Fair Value On A Recurring and Nonrecurring Basis (Details) - USD ($) $ in Millions | Oct. 28, 2023 | Oct. 29, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable equity and debt securities | $ 37 | $ 33 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable equity and debt securities | 37 | 33 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable equity and debt securities | 0 | 0 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable equity and debt securities | $ 0 | $ 0 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Value Of Company Long Term Debt (Details) - USD ($) $ in Millions | Oct. 28, 2023 | Oct. 29, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Notional Amount | $ 3,007 | $ 3,007 |
Carrying Amount | 2,997 | 2,996 |
Fair Value | $ 2,325 | $ 2,371 |
Supplier Finance Programs - Nar
Supplier Finance Programs - Narrative (Details) - USD ($) $ in Millions | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 |
Payables and Accruals [Abstract] | |||
Supplier finance program, confirmed obligation | $ 164 | $ 63 | $ 88 |
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] | Merchandise accounts payable | Merchandise accounts payable | Merchandise accounts payable |