Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Feb. 24, 2017 | Jul. 30, 2016 | |
Document Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 28, 2017 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | M | ||
Entity Registrant Name | Macy's, Inc. | ||
Entity Central Index Key | 794,367 | ||
Current Fiscal Year End Date | --01-28 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 304,258,647 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 11,052,402,000 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 25,778 | $ 27,079 | $ 28,105 |
Cost of sales | (15,621) | (16,496) | (16,863) |
Gross margin | 10,157 | 10,583 | 11,242 |
Selling, general and administrative expenses | (8,265) | (8,256) | (8,355) |
Impairments, store closing and other costs | (479) | (288) | (87) |
Settlement charges | (98) | 0 | 0 |
Operating income (loss) | 1,315 | 2,039 | 2,800 |
Interest expense | (367) | (363) | (395) |
Premium on early retirement of debt | 0 | 0 | (17) |
Interest income | 4 | 2 | 2 |
Income (loss) before income taxes | 952 | 1,678 | 2,390 |
Federal, state and local income tax expense | (341) | (608) | (864) |
Net income | 611 | 1,070 | 1,526 |
Net loss attributable to noncontrolling interest | 8 | 2 | 0 |
Net income attributable to Macy's, Inc. shareholders | $ 619 | $ 1,072 | $ 1,526 |
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 2.01 | $ 3.26 | $ 4.30 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 1.99 | $ 3.22 | $ 4.22 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Net income | $ 611 | $ 1,070 | $ 1,526 |
Actuarial gain (loss) and prior service cost on post employment and postretirement benefit plans, net of tax effect | 65 | 0 | (422) |
Amortization of net actuarial loss on post employment and postretirement benefit plans, after tax | 22 | 29 | 15 |
Settlement charges, net of tax effect | 60 | 0 | 0 |
Total other comprehensive income (loss) | 147 | 29 | (407) |
Comprehensive income | 758 | 1,099 | 1,119 |
Comprehensive loss attributable to noncontrolling interest | 8 | 2 | 0 |
Comprehensive income attributable to Macy's, Inc. shareholders | $ 766 | $ 1,101 | $ 1,119 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Actuarial loss and prior service cost, tax effect | $ 42 | $ 0 | $ (269) |
Net actuarial loss on post-employment and postretirement benefit plans, tax effect | 14 | 19 | 10 |
Settlement charges, tax effect | $ 38 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 1,297 | $ 1,109 |
Receivables | 522 | 558 |
Merchandise inventories | 5,399 | 5,506 |
Prepaid expenses and other current assets | 408 | 479 |
Total Current Assets | 7,626 | 7,652 |
Property and Equipment - net | 7,017 | 7,616 |
Goodwill | 3,897 | 3,897 |
Other Intangible Assets - net | 498 | 514 |
Other Assets | 813 | 897 |
Total Assets | 19,851 | 20,576 |
Current Liabilities: | ||
Short-term debt | 309 | 642 |
Merchandise accounts payable | 1,423 | 1,526 |
Accounts payable and accrued liabilities | 3,563 | 3,333 |
Income taxes | 352 | 227 |
Total Current Liabilities | 5,647 | 5,728 |
Long-Term Debt | 6,562 | 6,995 |
Deferred Income Taxes | 1,443 | 1,477 |
Other Liabilities | 1,877 | 2,123 |
Shareholders' Equity: | ||
Common stock (304.1 and 310.3 shares outstanding) | 3 | 3 |
Additional paid-in capital | 617 | 621 |
Accumulated equity | 6,088 | 6,334 |
Treasury stock | (1,489) | (1,665) |
Accumulated other comprehensive loss | (896) | (1,043) |
Total Macy's, Inc. Shareholders' Equity | 4,323 | 4,250 |
Noncontrolling interest | (1) | 3 |
Total Shareholders' Equity | 4,322 | 4,253 |
Total Liabilities and Shareholders' Equity | $ 19,851 | $ 20,576 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical - shares | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Common stock, shares outstanding | 304,062,800 | 310,256,100 | 340,573,700 | 364,935,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Equity [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] |
Beginning balance at Feb. 01, 2014 | $ 6,249 | $ 4 | $ 2,522 | $ 6,235 | $ (1,847) | $ (665) | $ 6,249 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 1,526 | 1,526 | 1,526 | |||||
Other comprehensive income (loss) | (407) | (407) | (407) | |||||
Common stock dividends | (421) | (421) | (421) | |||||
Stock repurchases | (1,901) | (1,901) | (1,901) | |||||
Stock-based compensation expense | 72 | 72 | 72 | |||||
Stock issued under stock plans | 258 | (66) | 324 | 258 | ||||
Retirement of common stock | 0 | (1,480) | 1,480 | 0 | ||||
Deferred compensation plan distributions | 2 | 2 | 2 | |||||
Ending balance at Jan. 31, 2015 | 5,378 | 4 | 1,048 | 7,340 | (1,942) | (1,072) | 5,378 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 1,070 | 1,072 | 1,072 | (2) | ||||
Other comprehensive income (loss) | 29 | 29 | 29 | |||||
Common stock dividends | (456) | (456) | (456) | |||||
Stock repurchases | (2,001) | (2,001) | (2,001) | |||||
Stock-based compensation expense | 64 | 64 | 64 | |||||
Stock issued under stock plans | 162 | (64) | 226 | 162 | ||||
Retirement of common stock | 0 | (1) | (427) | (1,622) | 2,050 | 0 | ||
Deferred compensation plan distributions | 2 | 2 | 2 | |||||
Purchase of noncontrolling interest | 5 | 0 | 5 | |||||
Ending balance at Jan. 30, 2016 | 4,253 | 3 | 621 | 6,334 | (1,665) | (1,043) | 4,250 | 3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 611 | 619 | 619 | (8) | ||||
Other comprehensive income (loss) | 147 | 147 | 147 | |||||
Common stock dividends | (459) | (459) | (459) | |||||
Stock repurchases | (316) | (316) | (316) | |||||
Stock-based compensation expense | 60 | 60 | 60 | |||||
Stock issued under stock plans | 17 | (64) | 81 | 17 | ||||
Retirement of common stock | 0 | (406) | 406 | 0 | ||||
Deferred compensation plan distributions | 5 | 5 | 5 | |||||
Purchase of noncontrolling interest | 4 | 0 | 4 | |||||
Ending balance at Jan. 28, 2017 | $ 4,322 | $ 3 | $ 617 | $ 6,088 | $ (1,489) | $ (896) | $ 4,323 | $ (1) |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity Parenthetical - $ / shares | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Common Stock [Member] | |||
Common stock, dividends declared per share | $ 1.4925 | $ 1.3925 | $ 1.1875 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 611 | $ 1,070 | $ 1,526 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Impairments, store closing and other costs | 479 | 288 | 87 |
Settlement charges | 98 | 0 | 0 |
Depreciation and amortization | 1,058 | 1,061 | 1,036 |
Stock-based compensation expense | 61 | 65 | 73 |
Gains on sale of real estate | (209) | (212) | (92) |
Amortization of financing costs and premium on acquired debt | (14) | (14) | (5) |
Changes in assets and liabilities: | |||
(Increase) decrease in receivables | (1) | (45) | 22 |
(Increase) decrease in merchandise inventories | 107 | (60) | 44 |
Increase in prepaid expenses and other current assets | (8) | 0 | (3) |
Increase in other assets not separately identified | 0 | (1) | (61) |
Increase (decrease) in merchandise accounts payable | (132) | (78) | (21) |
Increase (decrease) in accounts payable, accrued liabilities and other items not separately identified | (162) | 68 | 129 |
Increase (decrease) in current income taxes | 125 | (69) | (65) |
Increase (decrease) in deferred income taxes | (139) | (1) | 29 |
Increase (decrease) in other liabilities not separately identified | (73) | (88) | 10 |
Net cash provided by operating activities | 1,801 | 1,984 | 2,709 |
Cash flows from investing activities: | |||
Purchase of property and equipment | (596) | (777) | (770) |
Capitalized software | (316) | (336) | (298) |
Acquisition of Bluemercury, Inc., net of cash acquired | 0 | (212) | 0 |
Disposition of property and equipment | 673 | 204 | 172 |
Other, net | 52 | 29 | (74) |
Net cash used by investing activities | (187) | (1,092) | (970) |
Cash flows from financing activities: | |||
Proceeds from Issuance of Commercial Paper | 2 | 499 | 1,044 |
Financing costs | (3) | (4) | (9) |
Debt repaid | (751) | (152) | (870) |
Dividends paid | (459) | (456) | (421) |
Increase (decrease) in outstanding checks | 61 | (83) | 133 |
Acquisition of treasury stock | (316) | (2,001) | (1,901) |
Issuance of common stock | 36 | 163 | 258 |
Proceeds from noncontrolling interest | 4 | 5 | 0 |
Net cash used by financing activities | (1,426) | (2,029) | (1,766) |
Net increase (decrease) in cash and cash equivalents | 188 | (1,137) | (27) |
Cash and cash equivalents beginning of period | 1,109 | 2,246 | 2,273 |
Cash and cash equivalents end of period | 1,297 | 1,109 | 2,246 |
Supplemental cash flow information: | |||
Interest paid | 396 | 383 | 413 |
Interest received | 4 | 2 | 2 |
Income taxes paid (net of refunds received) | $ 352 | $ 635 | $ 834 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 28, 2017 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies Nature of Operations Macy’s, Inc. and 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 children's), cosmetics, home furnishings and other consumer goods. The Company has stores in 45 states, the District of Columbia, Guam and Puerto Rico. As of January 28, 2017 , the Company’s operations and reportable segments were conducted through Macy’s, Bloomingdale’s, Bloomingdale’s The Outlet, Macy's Backstage, Bluemercury and Macy's China Limited, which are aggregated into one reporting segment in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, “Segment Reporting.” The metrics used by management to assess the performance of the Company’s operating divisions include sales trends, gross margin rates, expense rates, and rates of earnings before interest and taxes (“EBIT”) and earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company’s operating divisions have historically had similar economic characteristics and are expected to have similar economic characteristics and long-term financial performance in future periods. For 2016 , 2015 and 2014 , the following merchandise constituted the following percentages of sales: 2016 2015 2014 Women’s Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances 38 % 38 % 38 % Women’s Apparel 23 23 23 Men’s and Children’s 23 23 23 Home/Miscellaneous 16 16 16 100 % 100 % 100 % Fiscal Year The Company’s fiscal year ends on the Saturday closest to January 31. Fiscal years 2016 , 2015 and 2014 ended on January 28, 2017 , January 30, 2016 and January 31, 2015 , respectively, and each included 52 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years. Basis of Presentation In August 2015, the Company established a joint venture, Macy's China Limited, of which the Company holds a sixty-five percent ownership interest and Hong Kong-based Fung Retailing Limited holds the remaining thirty-five percent ownership interest. Macy's China Limited sells merchandise in China through an e-commerce presence on Alibaba Group's Tmall Global. The Consolidated Financial Statements include the accounts of Macy's, Inc. and its 100%-owned subsidiaries and the newly established majority-owned subsidiary, Macy's China Limited. The noncontrolling interest represents the Fung Retailing Limited's thirty-five percent proportionate share of the results of Macy's China Limited. All significant intercompany transactions have been eliminated. Certain reclassifications were made to prior years’ amounts to conform to the classifications of such amounts for the most recent year. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. Net Sales Net sales include merchandise sales, licensed department income, shipping and handling fees, sales of private brand goods directly to third party retailers and sales of excess inventory to third parties. Sales of merchandise are recorded at the time of delivery to the customer and are reported net of merchandise returns. The Company licenses third parties to operate certain departments in its stores. The Company receives commissions from these licensed departments based on a percentage of net sales. Commissions are recognized as income at the time merchandise is sold to customers. Sales taxes collected from customers are not considered revenue and are included in accounts payable and accrued liabilities until remitted to the taxing authorities. Cost of Sales Cost of sales consists of the cost of merchandise, including inbound freight, and shipping and handling costs. 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 $119 million at January 28, 2017 and $128 million at January 30, 2016 . Investments The Company from time to time invests in debt and equity securities, including companies engaged in complementary businesses. All marketable equity and debt securities held by the Company are accounted for under ASC Topic 320, “Investments – Debt and Equity Securities.” Unrealized holding gains and losses on trading securities are recognized in the Consolidated Statements of Income and unrealized holding gains and losses on available-for-sale securities are included as a separate component of accumulated other comprehensive income, net of income tax effect, until realized. At January 28, 2017 , the Company did not hold any held-to-maturity or available-for-sale securities. Receivables In connection with the sale of most of the Company’s credit assets 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 (the “Program Agreement”). Income earned under the Program Agreement is treated as a reduction of selling, general and administrative ("SG&A") expenses on the Consolidated Statements of Income. Under the Program Agreement, Citibank offers proprietary and non-proprietary credit cards to the Company’s customers through previously existing and newly opened accounts. Loyalty Programs The Company maintains customer loyalty programs in which customers earn points based on their spending. Under the Macy’s brand, the Company participates in a coalition program (Plenti) whereby customers can earn points based on spending levels with bonus opportunities through various targeted offers and promotions at Macy's and other partners. Coalition partners currently include - American Express, AT&T, Direct Energy, Exxon Mobil, Hulu, Nationwide, and Rite Aid. Under the Bloomingdale’s brand, the Company offers a tender neutral points-based program. Benefits also include free delivery and gift wrap services. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales. Merchandise Inventories Merchandise inventories are valued at lower of cost or market using the last-in, first-out (LIFO) retail inventory method. Under the retail inventory method, inventory is segregated into departments of merchandise having similar characteristics, and is stated at its current retail selling value. Inventory retail values are converted to a cost basis by applying specific average cost factors for each merchandise department. Cost factors represent the average cost-to-retail ratio for each merchandise department based on beginning inventory and the annual purchase activity. At January 28, 2017 and January 30, 2016 , 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 2016 , 2015 or 2014 . 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 in accordance with ASC Subtopic 605-50, “Customer Payments and Incentives.” The Company also receives advertising allowances from approximately 1,000 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 in accordance with ASC Subtopic 605-50. 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 Department store non-direct response advertising and promotional costs are expensed either as incurred or the first time the advertising occurs. Direct response advertising and promotional costs are deferred and expensed over the period during which the sales are expected to occur, generally one to four months. Advertising and promotional costs and cooperative advertising allowances were as follows: 2016 2015 2014 (millions) Gross advertising and promotional costs $ 1,547 $ 1,587 $ 1,602 Cooperative advertising allowances 394 414 425 Advertising and promotional costs, net of $ 1,153 $ 1,173 $ 1,177 Net sales $ 25,778 $ 27,079 $ 28,105 Advertising and promotional costs, net of cooperative 4.5 % 4.3 % 4.2 % Property and Equipment Depreciation of owned properties is provided primarily on a straight-line basis over the estimated asset lives, which range from fifteen to fifty years for buildings and building equipment and three to fifteen years for fixtures and equipment. Real estate taxes and interest on construction in progress and land under development are capitalized. Amounts capitalized are amortized over the estimated lives of the related depreciable assets. The Company receives contributions from developers and merchandise vendors to fund building improvement and the construction of vendor shops. Such contributions are generally netted against the capital expenditures. Buildings on leased land and leasehold improvements are amortized over the shorter of their economic lives or the lease term, beginning on the date the asset is put into use. The carrying value of long-lived assets 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 The Company recognizes operating lease minimum rentals on a straight-line basis over the lease term. Executory costs such as real estate taxes and maintenance, and contingent rentals such as those based on a percentage of sales are recognized as incurred. The lease term, which includes all renewal periods that are considered to be reasonably assured, begins on the date the Company has access to the leased property. The Company receives contributions from landlords to fund buildings and leasehold improvements. Such contributions are recorded as deferred rent and amortized as reductions to lease expense over the lease term. Goodwill and Other Intangible Assets The carrying value of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment in accordance with ASC Subtopic 350-20 “Goodwill.” Goodwill and other intangible assets with indefinite lives have been assigned to reporting units for purposes of impairment testing. The reporting units are the Company’s retail operating divisions. Goodwill and other intangible assets with indefinite lives are tested for impairment annually at the end of the fiscal month of May. The Company evaluates qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value and whether it is necessary to perform the two-step goodwill impairment process. If required, the first step involves a comparison of each reporting unit’s fair value to its carrying value and the Company estimates fair value based on discounted cash flows. The reporting unit’s discounted cash flows require significant management judgment with respect to sales, gross margin and SG&A rates, capital expenditures and the selection and use of an appropriate discount rate. 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 directly resulting from the use of those assets in operations. The estimates of fair value of reporting units are based on the best information available as of the date of the assessment. If the carrying value of a reporting unit exceeds its estimated fair value in the first step, a second step is performed, in which the reporting unit’s goodwill is written down to its implied fair value. The second step requires the Company to allocate the fair value of the reporting unit derived in the first step to the fair value of the reporting unit’s net assets, with any fair value in excess of amounts allocated to such net assets representing the implied fair value of goodwill for that reporting unit. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is written down by an amount equal to such excess. Capitalized Software The Company capitalizes purchased and internally developed software and amortizes such costs to expense on a straight-line basis over two to five years. Capitalized software is included in other assets on the Consolidated Balance Sheets. Gift Cards The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold, 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 income from unredeemed gift cards (breakage) as a reduction of SG&A expenses, and income is recorded in proportion and 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. Self-Insurance Reserves The Company, through its insurance subsidiary, is self-insured for workers compensation and general liability claims up to certain maximum liability amounts. Although the amounts accrued are actuarially determined based on analysis of historical trends of losses, settlements, litigation costs and other factors, the amounts the Company will ultimately disburse could differ from such accrued amounts. Post Employment and Postretirement Obligations The Company, through its actuaries, utilizes assumptions when estimating the liabilities for pension and other employee benefit plans. These assumptions, where applicable, include the discount rates used to determine the actuarial present value of projected benefit obligations, the rate of increase in future compensation levels, the long-term rate of return on assets and the growth in health care costs. The Company measures post employment and postretirement assets and obligations using the month-end that is closest to the Company's fiscal year-end. 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 accounts payable and accrued liabilities and other liabilities on the Consolidated Balance Sheets, as appropriate. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Income in the period that includes the enactment date. Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized. Derivatives The Company records derivative transactions according to the provisions of ASC Topic 815 “Derivatives and Hedging,” which establishes accounting and reporting standards for derivative instruments and hedging activities and requires recognition of all derivatives as either assets or liabilities and measurement of those instruments at fair value. The Company makes limited use of derivative financial instruments. The Company does not use financial instruments for trading or other speculative purposes and is not a party to any leveraged financial instruments. On the date that the Company enters into a derivative contract, the Company designates the derivative instrument as either a fair value hedge, a cash flow hedge or as a free-standing derivative instrument, each of which would receive different accounting treatment. Prior to entering into a hedge transaction, the Company formally documents the relationship between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. Derivative instruments that the Company may use as part of its interest rate risk management strategy include interest rate swap and interest rate cap agreements and Treasury lock agreements. At January 28, 2017 , the Company was not a party to any derivative financial instruments. Stock Based Compensation The Company records stock-based compensation expense according to the provisions of ASC Topic 718, “Compensation – Stock Compensation.” ASC Topic 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. Under the provisions of ASC Topic 718, the Company determines the appropriate fair value model to be used for valuing share-based payments and the amortization method for compensation cost. |
Impairments, Store Closing Cost
Impairments, Store Closing Costs and Gain on Sale of Leases | 12 Months Ended |
Jan. 28, 2017 | |
Impairments, Store Closing Costs and Other Costs [Abstract] | |
Impairments, Store Closing and Other Costs | 2. Impairments, Store Closing and Other Costs Impairments, store closing and other costs consist of the following: 2016 2015 2014 (millions) Asset Impairments $ 265 $ 148 $ 33 Severance 168 123 46 Other 46 17 8 $ 479 $ 288 $ 87 During January 2017, the Company announced a series of actions to streamline its store portfolio, intensify cost efficiency efforts and execute its real estate strategy. These actions are intended to support the Company's strategy to further invest in omnichannel capabilities, improve customer experience and create shareholder value. These actions include the announced closure of sixty-eight Macy's stores and the reorganization of the field structure that supports the remaining stores and a significant restructuring of the Company's operations to focus resources on strategic priorities, improve organizational agility and reduce expense. During January 2016, the Company announced a series of cost-efficiency and process improvement measures, including organization changes that combine certain region and district organizations of the My Macy's store management structure, adjusting staffing levels in each Macy's and Bloomingdale's store, implementing a voluntary separation opportunity for certain senior executives in stores, office and support functions who meet certain age and service requirements, reducing additional positions in back-office organizations, consolidating the four existing Macy's, Inc. credit and customer service center facilities into three, and decreasing non-payroll budgets company-wide. During January 2015, the Company announced a series of initiatives to evolve its business model and invest in continued growth opportunities, including a restructuring of merchandising and marketing functions at Macy's and Bloomingdale's consistent with the Company's omnichannel approach to retailing, as well as a series of adjustments to its field and store operations to increase productivity and efficiency. During January 2017, the Company announced the closure of sixty-eight Macy's stores, part of the approximately 100 planned closings announced in August 2016; during January 2016, the Company announced the closure of forty Macy's stores; and during January 2015, the Company announced the closure of fourteen Macy’s stores. In connection with these announcements and the plans to dispose of these locations, the Company incurred severance and other human resource-related costs and other costs related to obligations and other store liabilities. As a result of the Company’s projected undiscounted future cash flows related to certain store locations and other assets being less than their carrying value, the Company recorded impairment charges, including properties that were the subject of announced store closings. The fair values of these assets were calculated based on the projected cash flows and an estimated risk-adjusted rate of return that would be used by market participants in valuing these assets or based on prices of similar assets. The Company expects to pay out the majority of the 2016 accrued severance costs, which are included in accounts payable and accrued liabilities on the Consolidated Balance Sheets, prior to July 29, 2017. The 2015 and 2014 accrued severance costs, which were included in accounts payable and accrued liabilities on the Consolidated Balance Sheets, were paid out in the year subsequent to incurring such severance costs. |
Receivables
Receivables | 12 Months Ended |
Jan. 28, 2017 | |
Accounts, Notes, Loans and Financing Receivable, Classified [Abstract] | |
Receivables | Receivables Receivables were $522 million at January 28, 2017 , compared to $558 million at January 30, 2016 . In January 2016, the Company completed a $270 million real estate transaction that will enable a re-creation of Macy’s Brooklyn store. The Company will continue to own and operate the first four floors and lower level of its existing nine-story retail store, which will be reconfigured and remodeled. The remaining portion of the store and its nearby parking facility were sold to Tishman Speyer in a single sales transaction. The Company has received approximately $209 million of cash ( $68 million in 2015 and $141 million in 2016) from Tishman Speyer for these real estate assets and will receive $61 million of additional cash over the next two years,. This receivable is backed by a guarantee. 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 with an initial term of 10 years which was to expire on July 17, 2016. During 2014, the Company entered into an amended and restated Credit Card Program Agreement (the “Program Agreement”) with substantially similar financial terms as the prior credit card program agreement. The Program Agreement is now set to expire March 31, 2025, subject to an additional renewal term of three years. The Program Agreement provides for, among other things, (i) the ownership by Citibank of the accounts purchased by Citibank, (ii) the ownership by Citibank of new accounts opened by the Company’s customers, (iii) the provision of credit by Citibank to the holders of the credit cards associated with the foregoing accounts, (iv) the servicing of the foregoing accounts, and (v) the allocation between Citibank and the Company of the economic benefits and burdens associated with the foregoing and other aspects of the alliance. 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. Amounts received under the Program Agreement were $912 million for 2016 , $1,026 million for 2015 and $975 million for 2014 , and are treated as reductions of SG&A expenses on the Consolidated Statements of Income. The Company’s earnings from credit operations, net of servicing expenses, were $736 million for 2016 , $831 million for 2015 , and $776 million for 2014 . |
Properties and Leases
Properties and Leases | 12 Months Ended |
Jan. 28, 2017 | |
Property Plant and Equipment and Leases of Lessee [Abstract] | |
Properties and Leases | Properties and Leases January 28, January 30, (millions) Land $ 1,541 $ 1,629 Buildings on owned land 4,212 4,690 Buildings on leased land and leasehold improvements 1,545 1,672 Fixtures and equipment 4,541 4,910 Leased properties under capitalized leases 34 34 11,873 12,935 Less accumulated depreciation and amortization 4,856 5,319 $ 7,017 $ 7,616 In connection with various shopping center agreements, the Company is obligated to operate certain stores within the centers for periods of up to twenty years. Some of these agreements require that the stores be operated under a particular name. 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 and other executory costs; some also require additional payments based on percentages of sales and some contain purchase options. Certain of the Company’s real estate leases have terms that extend for significant numbers of years and provide for rental rates that increase or decrease over time. In addition, certain of these 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. Minimum rental commitments (excluding executory costs) at January 28, 2017 , for noncancellable leases are: Capitalized Leases Operating Leases Total (millions) Fiscal year 2017 $ 3 $ 321 $ 324 2018 3 304 307 2019 3 283 286 2020 3 249 252 2021 3 237 240 After 2021 37 2,289 2,326 Total minimum lease payments 52 $ 3,683 $ 3,735 Less amount representing interest 24 Present value of net minimum capitalized lease payments $ 28 Capitalized leases are included in the Consolidated Balance Sheets as property and equipment while the related obligation is included in short-term ( $1 million ) and long-term ( $27 million ) debt. Amortization of assets subject to capitalized leases is included in depreciation and amortization expense. Total minimum lease payments shown above have not been reduced by minimum sublease rentals of $17 million on operating leases. The Company is a guarantor with respect to certain lease obligations associated with The May Department Stores Company and previously disposed subsidiaries or businesses. The leases, one of which includes potential extensions to 2070 , have future minimum lease payments aggregating $284 million and are offset by payments from existing tenants and subtenants. In addition, the Company is 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. Rental expense consists of: 2016 2015 2014 (millions) Real estate (excluding executory costs) Capitalized leases – Contingent rentals $ — $ — $ — Operating leases – Minimum rentals 312 288 265 Contingent rentals 12 19 22 324 307 287 Less income from subleases – Operating leases (5 ) (6 ) (8 ) $ 319 $ 301 $ 279 Personal property – Operating leases $ 11 $ 12 $ 12 Included as a reduction to the expense above is deferred rent amortization of $9 million , $8 million and $7 million for 2016 , 2015 and 2014 , respectively, related to contributions received from landlords. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jan. 28, 2017 | |
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 30, (millions) Non-amortizing intangible assets Goodwill $ 9,279 $ 9,279 Accumulated impairment losses (5,382 ) (5,382 ) 3,897 3,897 Tradenames 403 414 $ 4,300 $ 4,311 Amortizing intangible assets Favorable leases and other contractual assets $ 141 $ 149 Tradenames 43 43 184 192 Accumulated amortization Favorable leases and other contractual assets (85 ) (90 ) Tradenames (4 ) (2 ) (89 ) (92 ) $ 95 $ 100 In March 2015, the Company completed its acquisition of Bluemercury, Inc., a luxury beauty products and spa retailer. Goodwill during 2015 increased as a result of this acquisition. Also as a result of the acquisition of Bluemercury, the Company established intangible assets relating to definite lived tradenames and favorable leases. Definite 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 (weighted average remaining life of approximately six years). Customer relationship intangible assets relating to the acquisition of The May Department Stores Company were being amortized in 2015 and 2014 and were fully amortized as of January 30, 2016. Intangible amortization expense amounted to $10 million for 2016 , $23 million for 2015 and $31 million for 2014 . Future estimated intangible amortization expense is shown below: (millions) Fiscal year 2017 $ 10 2018 10 2019 9 2020 8 2021 6 |
Financing
Financing | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
Financing | Financing The Company’s debt is as follows: January 28, January 30, (millions) Short-term debt: 7.45% Senior debentures due 2017 $ 300 $ — 5.9% Senior notes due 2016 — 577 7.45% Senior debentures due 2016 — 59 Capital lease and current portion of other long-term obligations 9 6 $ 309 $ 642 Long-term debt: 2.875% Senior notes due 2023 $ 750 $ 750 3.875% Senior notes due 2022 550 550 4.5% Senior notes due 2034 550 550 3.45% Senior notes due 2021 500 500 3.625% Senior notes due 2024 500 500 6.375% Senior notes due 2037 500 500 4.375% Senior notes due 2023 400 400 6.9% Senior debentures due 2029 400 400 6.7% Senior debentures due 2034 400 400 7.45% Senior debentures due 2017 — 300 6.65% Senior debentures due 2024 300 300 7.0% Senior debentures due 2028 300 300 6.9% Senior debentures due 2032 250 250 5.125% Senior debentures due 2042 250 250 4.3% Senior notes due 2043 250 250 6.7% Senior debentures due 2028 200 200 6.79% Senior debentures due 2027 165 165 7.875% Senior debentures due 2036 — 108 8.75% Senior debentures due 2029 61 61 8.5% Senior debentures due 2019 36 36 10.25% Senior debentures due 2021 33 33 7.6% Senior debentures due 2025 24 24 7.875% Senior debentures due 2030 18 18 9.5% amortizing debentures due 2021 14 17 9.75% amortizing debentures due 2021 8 9 Unamortized debt issue costs (29 ) (32 ) Unamortized debt discount (16 ) (16 ) Premium on acquired debt, using an effective 121 143 Capital lease and other long-term obligations 27 29 $ 6,562 $ 6,995 Interest expense and premium on early retirement of debt is as follows: 2016 2015 2014 (millions) Interest on debt $ 392 $ 393 $ 411 Amortization of debt premium (22 ) (21 ) (12 ) Amortization of financing costs and debt discount 5 6 7 Interest on capitalized leases 2 2 2 377 380 408 Less interest capitalized on construction 10 17 13 Interest expense $ 367 $ 363 $ 395 Premium on early retirement of debt $ — $ — $ 17 On August 15, 2016, the Company redeemed at par the principal amount of $108 million of 7.875% senior debentures due 2036, pursuant to the terms of the debentures. Interest expense in 2016 benefited from the recognition of unamortized debt premium associated with this debt. On August 17, 2015, the Company redeemed at par the principal amount of $76 million of 8.125% senior debentures due 2035, pursuant to the terms of the debentures. Interest expense in 2015 benefited from the recognition of unamortized debt premium associated with this debt. On November 14, 2014 , the Company provided a notice of redemption related to all of the $407 million of 7.875% senior notes due 2015, as allowed under the terms of the indenture. The price for the redemption was calculated pursuant to the indenture and resulted in the recognition of additional interest expense of $17 million during 2014. This additional interest expense is presented as premium on early retirement of debt on the Consolidated Statements of Income. Future maturities of long-term debt, other than capitalized leases, are shown below: (millions) Fiscal year 2018 $ 6 2019 42 2020 539 2021 553 2022 — After 2022 5,319 During 2016 , 2015 and 2014 , the Company repaid $636 million , $69 million and $453 million , respectively, of indebtedness at maturity. On December 7, 2015 , the Company issued $500 million aggregate principal amount of 3.45% senior notes due 2021 , the proceeds of which were used for general corporate purposes. On November 18, 2014 , the Company issued $550 million aggregate principal amount of 4.5% senior notes due 2034 . This debt was used to pay for the redemption of the $407 million of 7.875% senior notes due 2015 described above. On May 23, 2014 , the Company issued $500 million aggregate principal amount of 3.625% senior unsecured notes due 2024 , the proceeds of which were used for general corporate purposes. The following table shows the detail of debt repayments: 2016 2015 2014 (millions) 5.9% Senior notes due 2016 $ 577 $ — $ — 7.875% Senior notes due 2036 108 — — 7.45% Senior debentures due 2016 59 — — 7.5% Senior debentures due 2015 — 69 — 8.125% Senior debentures due 2035 — 76 — 5.75% Senior notes due 2014 — — 453 7.875% Senior debentures due 2015 — — 407 9.5% amortizing debentures due 2021 4 4 4 9.75% amortizing debentures due 2021 2 3 2 Capital leases and other obligations 1 — 4 $ 751 $ 152 $ 870 The following summarizes certain components of the Company’s debt: Bank Credit Agreement The Company entered into a new credit agreement with certain financial institutions on May 6, 2016 providing for revolving credit borrowings and letters of credit in an aggregate amount not to exceed $1,500 million (which may be increased to $1,750 million at the option of the Company, subject to the willingness of existing or new lenders to provide commitments for such additional financing) outstanding at any particular time. The agreement is set to expire May 6, 2021 and replaced the prior agreement which was set to expire May 10, 2018. As of January 28, 2017 , and January 30, 2016 , there were no revolving credit loans outstanding under this credit agreement, and there were no borrowings under the agreement throughout all of 2016 and 2015 . In addition, there were no standby letters of credit outstanding at January 28, 2017 and there were less than $1 million of standby letters of credit outstanding at January 30, 2016 . Revolving loans under the credit agreement bear interest based on various published rates. The Company's credit agreement, which is an obligation of a 100%-owned subsidiary of Macy’s, Inc. (“Parent”), is not secured. However, Parent has fully and unconditionally guaranteed this obligation, subject to specified limitations. The Company’s interest coverage ratio for 2016 was 7.36 and its leverage ratio at January 28, 2017 was 2.38 , in each case as calculated in accordance with the credit agreement. The credit agreement requires the Company to maintain a specified interest coverage ratio for the latest four quarters of no less than 3.25 and a specified leverage ratio as of and for the latest four quarters of no more than 3.75 . The interest coverage ratio is defined as EBITDA (earnings before interest, taxes, depreciation and amortization) divided by net interest expense and the leverage ratio is defined as debt divided by EBITDA. For purposes of these calculations EBITDA is calculated as net income plus interest expense, taxes, depreciation, amortization, non-cash impairment of goodwill, intangibles and real estate, non-recurring cash charges not to exceed in the aggregate $300 million and extraordinary losses less interest income and non-recurring or extraordinary gains. Debt is adjusted to exclude the premium on acquired debt and net interest is adjusted to exclude the amortization of premium on acquired debt and premium on early retirement of debt. A breach of a restrictive covenant in the Company’s credit agreement or the inability of the Company to maintain the financial ratios described above could result in an event of default under the credit agreement. In addition, an event of default would occur under the credit agreement if any indebtedness of the Company in excess of an aggregate principal amount of $150 million becomes due prior to its stated maturity or the holders of such indebtedness become able to cause it to become due prior to its stated maturity. Upon the occurrence of an event of default, the lenders could, subject to the terms and conditions of the credit agreement, elect to declare the outstanding principal, together with accrued interest, to be immediately due and payable. Moreover, most of the Company’s senior notes and debentures contain cross-default provisions based on the non-payment at maturity, or other default after an applicable grace period, of any other debt, the unpaid principal amount of which is not less than $100 million that could be triggered by an event of default under the credit agreement. In such an event, the Company’s senior notes and debentures that contain cross-default provisions would also be subject to acceleration. Commercial Paper The Company is a party to a $1,500 million unsecured commercial paper program. The Company may issue and sell commercial paper in an aggregate amount outstanding at any particular time not to exceed its then-current combined borrowing availability under the bank credit agreement described above. The issuance of commercial paper will have the effect, while such commercial paper is outstanding, of reducing the Company’s borrowing capacity under the bank credit agreement by an amount equal to the principal amount of such commercial paper. During 2016 and 2015, the Company utilized seasonal borrowings available under this commercial paper program. The amount of borrowings under the commercial paper program increased to its highest level for 2016 of approximately $388 million during the fourth quarter. As of January 28, 2017, there were no remaining borrowings outstanding under the commercial paper program. This program, which is an obligation of a 100%-owned subsidiary of Macy’s, Inc., is not secured. However, Parent has fully and unconditionally guaranteed the obligations. Senior Notes and Debentures The senior notes and the senior debentures are unsecured obligations of a 100%-owned subsidiary of Macy’s, Inc. and Parent has fully and unconditionally guaranteed these obligations (see Note 16, “Condensed Consolidating Financial Information”). Other Financing Arrangements At January 28, 2017 and January 30, 2016 , the Company had dedicated $37 million of cash, included in prepaid expenses and other current assets, which is used to collateralize the Company’s issuances of standby letters of credit. There were $30 million and $21 million of other standby letters of credit outstanding at January 28, 2017 and January 30, 2016 , respectively. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Jan. 28, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities January 28, January 30, (millions) Accounts payable $ 754 $ 814 Gift cards and customer rewards 970 920 Deferred real estate gains 340 104 Current portion of post employment and postretirement benefits 208 257 Taxes other than income taxes 166 184 Lease related liabilities 174 165 Accrued wages and vacation 215 153 Current portion of workers’ compensation and general liability reserves 119 127 Severance and relocation 166 123 Allowance for future sales returns 96 112 Accrued interest 74 88 Other 281 286 $ 3,563 $ 3,333 Adjustments to the allowance for future sales returns, which amounted to a credit of $16 million , and charges of $19 million and $8 million for 2016 , 2015 and 2014 , respectively, are reflected in cost of sales. Changes in workers’ compensation and general liability reserves, including the current portion, are as follows: 2016 2015 2014 (millions) Balance, beginning of year $ 508 $ 505 $ 497 Charged to costs and expenses 145 159 160 Payments, net of recoveries (150 ) (156 ) (152 ) Balance, end of year $ 503 $ 508 $ 505 The non-current portion of workers’ compensation and general liability reserves is included in other liabilities on the Consolidated Balance Sheets. At January 28, 2017 and January 30, 2016 , workers’ compensation and general liability reserves included $112 million of liabilities which are covered by deposits and receivables included in current assets on the Consolidated Balance Sheets. |
Taxes
Taxes | 12 Months Ended |
Jan. 28, 2017 | |
Taxes Payable [Abstract] | |
Taxes | Taxes Income tax expense is as follows: 2016 2015 2014 Current Deferred Total Current Deferred Total Current Deferred Total (millions) Federal $ 433 $ (125 ) $ 308 $ 536 $ — $ 536 $ 743 $ 28 $ 771 State and local 37 (4 ) 33 72 — 72 92 1 93 $ 470 $ (129 ) $ 341 $ 608 $ — $ 608 $ 835 $ 29 $ 864 The income tax expense reported differs from the expected tax computed by applying the federal income tax statutory rate of 35% for 2016 , 2015 and 2014 to income before income taxes. The reasons for this difference and their tax effects are as follows: 2016 2015 2014 (millions) Expected tax $ 333 $ 587 $ 836 State and local income taxes, net of federal income tax benefit 12 43 59 Historic rehabilitation tax credit (1 ) (12 ) (20 ) Change in valuation allowance 9 3 1 Other (12 ) (13 ) (12 ) $ 341 $ 608 $ 864 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 2015 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 30, (millions) Deferred tax assets Post employment and postretirement benefits $ 405 $ 536 Accrued liabilities accounted for on a cash basis for tax purposes 379 340 Long-term debt 63 73 Unrecognized state tax benefits and accrued interest 76 79 State operating loss and credit carryforwards 79 82 Other 347 206 Valuation allowance (36 ) (27 ) Total deferred tax assets 1,313 1,289 Deferred tax liabilities Excess of book basis over tax basis of property and equipment (1,381 ) (1,485 ) Merchandise inventories (604 ) (606 ) Intangible assets (380 ) (345 ) Other (391 ) (330 ) Total deferred tax liabilities (2,756 ) (2,766 ) Net deferred tax liability $ (1,443 ) $ (1,477 ) The valuation allowance at January 28, 2017 and January 30, 2016 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 $9 million for 2016 and an increase of $3 million for 2015 . As of January 28, 2017 , the Company had no federal net operating loss carryforwards, state net operating loss carryforwards of $374 million , and state credit carryforwards of $31 million , which will expire between 2017 and 2036 . A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: January 28, January 30, January 31, (millions) Balance, beginning of year $ 178 $ 172 $ 189 Additions based on tax positions related to the current year 16 30 33 Additions for tax positions of prior years — — — Reductions for tax positions of prior years (12 ) (7 ) (15 ) Settlements (4 ) (3 ) (23 ) Statute expirations (11 ) (14 ) (12 ) Balance, end of year $ 167 $ 178 $ 172 Amounts recognized in the Consolidated Balance Sheets at January 28, 2017, January 30, 2016 and January 31, 2015 Current income taxes $ 6 $ 12 $ 11 Long-term deferred income taxes 4 5 6 Other liabilities 157 161 155 $ 167 $ 178 $ 172 As of January 28, 2017 and January 30, 2016 , the amount of unrecognized tax benefits, net of deferred tax assets, that, if recognized would affect the effective income tax rate, was $109 million and $115 million , respectively. The Company classifies unrecognized tax benefits not expected to be settled within one year as other liabilities on the Consolidated Balance Sheets. 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. Federal, state and local interest and penalties, which amounted to an expense of $2 million for 2016 , an expense of $1 million for 2015 , and a credit of $3 million for 2014 , are reflected in income tax expense. The Company had $55 million and $53 million accrued for the payment of federal, state and local interest and penalties at January 28, 2017 and January 30, 2016 , respectively. The accrued federal, state and local interest and penalties primarily relates to state tax issues and the amount of penalties paid in prior periods, and the amount of penalties accrued at January 28, 2017 and January 30, 2016 are insignificant. At January 28, 2017 , $54 million of federal, state and local interest and penalties is included in other liabilities and $1 million is included in current income taxes on the Consolidated Balance Sheets. 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 2013. 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 2007. 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, 2017 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Retirement Plans | Retirement Plans The Company has defined contribution plans which cover substantially all employees who work 1,000 hours or more in a year. In addition, the Company has a funded defined benefit plan (“Pension Plan”) and an unfunded defined benefit supplementary retirement plan (“SERP”), which provides benefits, for certain employees, in excess of qualified plan limitations. Effective January 1, 2012, the Pension Plan was closed to new participants, with limited exceptions, and effective January 2, 2012, the SERP was closed to new participants. In February 2013, the Company announced changes to the Pension Plan and SERP whereby eligible employees no longer earn future pension service credits after December 31, 2013, with limited exceptions. All retirement benefits attributable to service in subsequent periods are provided through defined contribution plans. Retirement expenses, excluding settlement charges, included the following components: 2016 2015 2014 (millions) 401(k) Qualified Defined Contribution Plan $ 94 $ 88 $ 89 Non-Qualified Defined Contribution Plan 2 2 2 Pension Plan (83 ) (54 ) (64 ) Supplementary Retirement Plan 31 41 38 $ 44 $ 77 $ 65 In 2016, the Company changed the method used to estimate the service and interest cost components of net periodic benefit costs for the Pension Plan and SERP. The new 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 obligations and service cost cash flows. Historically, the Company estimated the service and interest cost components using a single weighted-average discount rate derived from the yield curve used to measure the benefit obligations. The Company made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs. The Company accounted for this change as a change in estimate prospectively starting in 2016. The discount rates that would have been used to measure the 2016 service and interest cost components of net periodic benefit costs as of the beginning of the year under the single weighted-average discount rate was 4.17% and 4.23% , respectively. The 2016 reduction in service cost and interest cost for the Pension Plan and SERP associated with this change was approximately $36 million . Defined Contribution Plans The Company has a qualified plan that permits participating associates to defer eligible compensation up to the maximum limits allowable under the Internal Revenue Code. Beginning January 1, 2014, the Company has a non-qualified plan which permits participating associates to defer eligible compensation above the limits of the qualified plan. The Company contributes a matching percentage of employee contributions under both the qualified and non-qualified plans. Effective January 1, 2014, the Company's matching contribution to the qualified plan was enhanced for all participating employees, with limited exceptions. Prior to January 1, 2014, the matching contribution rate under the qualified plan was higher for those employees not eligible for the Pension Plan than for employees eligible for the Pension Plan. The liability related to the qualified plan matching contribution, which is reflected in accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $102 million at January 28, 2017 and $97 million January 30, 2016 . Expense related to matching contributions for the qualified plan amounted to $94 million for 2016 , $88 million for 2015 and $89 million for 2014 . At January 28, 2017 and January 30, 2016 , the liability under the non-qualified plan, which is reflected in other liabilities on the Consolidated Balance Sheets, was $20 million and $13 million , respectively. The liability related to the non-qualified plan matching contribution, which is reflected in accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $2 million at January 28, 2017 and January 30, 2016 . Expense related to matching contributions for the non-qualified plan amounted to $2 million for 2016 and 2015 . In connection with the non-qualified plan, the Company had mutual fund investments at January 28, 2017 and January 30, 2016 of $20 million and $13 million , respectively, which are included in prepaid expenses and other current assets on the Consolidated Balance Sheets. The Company has an additional deferred compensation plan wherein eligible executives elected to defer a portion of their compensation each year as either stock credits or cash credits. Effective January 1, 2015, no additional compensation is eligible for deferral. The Company has transferred shares to a trust to cover the number estimated for distribution on account of stock credits currently outstanding. At January 28, 2017 and January 30, 2016 , the liability under the plan, which is reflected in other liabilities on the Consolidated Balance Sheets, was $37 million and $39 million , respectively. Expense for 2016 , 2015 and 2014 was immaterial. Pension Plan The following provides a reconciliation of benefit obligations, plan assets, and funded status of the Pension Plan as of January 28, 2017 and January 30, 2016 : 2016 2015 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 3,585 $ 3,966 Service cost 5 6 Interest cost 108 137 Actuarial (gain) loss 55 (282 ) Benefits paid (284 ) (242 ) Projected benefit obligation, end of year 3,469 3,585 Changes in plan assets Fair value of plan assets, beginning of year 3,256 3,636 Actual return on plan assets 402 (138 ) Company contributions — — Benefits paid (284 ) (242 ) Fair value of plan assets, end of year 3,374 3,256 Funded status at end of year $ (95 ) $ (329 ) Amounts recognized in the Consolidated Balance Sheets at Other liabilities $ (95 ) $ (329 ) Amounts recognized in accumulated other comprehensive loss at Net actuarial loss $ 1,232 $ 1,451 The accumulated benefit obligation for the Pension Plan was $3,464 million as of January 28, 2017 and $3,574 million as of January 30, 2016 . Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the Pension Plan included the following actuarially determined components: 2016 2015 2014 (millions) Net Periodic Pension Cost Service cost $ 5 $ 6 $ 6 Interest cost 108 137 151 Expected return on assets (227 ) (235 ) (246 ) Amortization of net actuarial loss 31 38 25 Amortization of prior service credit — — — (83 ) (54 ) (64 ) Settlement charges 68 — — Other Changes in Plan Assets and Projected Benefit Obligation Net actuarial (gain) loss (120 ) 92 491 Amortization of net actuarial loss (31 ) (38 ) (25 ) Amortization of prior service credit — — — Settlement charges (68 ) — — (219 ) 54 466 Total recognized $ (234 ) $ — $ 402 The estimated net actuarial loss for the Pension Plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2017 is $33 million . The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at January 28, 2017 and January 30, 2016 : 2016 2015 Discount rate 4.00 % 4.17 % Rate of compensation increases 4.10 % 4.10 % The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan: 2016 2015 2014 Discount rate used to measure service cost 3.79% - 4.26% 3.55 % 4.50 % Discount rate used to measure interest cost 2.96% - 3.30% 3.55 % 4.50 % Expected long-term return on plan assets 7.00 % 7.00 % 7.50 % Rate of compensation increases 4.10 % 4.10 % 4.10 % The Pension Plan’s assumptions are evaluated annually and updated as necessary. The discount rate used to determine the present value of the projected benefit obligation for the Pension Plan is based on a yield curve constructed from a portfolio of high quality corporate debt securities with various maturities. Each year’s expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate for the projected benefit obligation. Due to settlement accounting and re-measurements during 2016, the discount rate used to measure service cost and the discount rate to measure interest cost varied between periods. The table above shows the range of rates used to determine net periodic expense for the Pension Plan. The 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 31, 2015, the Company lowered the assumed annual long-term rate of return for the Pension Plan's assets from 7.50% to 7.00% based on expected future returns on the portfolio of assets. The Company develops its rate of compensation increase assumption based on recent experience and reflects an estimate of future compensation levels taking into account general increase levels, seniority, promotions and other factors. The salary increase assumption is used to project employees’ pay in future years and its impact on the projected benefit obligation for the Pension Plan. 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 50% equity securities, 40% debt securities, 5% real estate and 5% private equities. The Company generally employs investment managers to specialize in a specific asset class. These managers are chosen and monitored with the assistance of professional advisors, using criteria that include organizational structure, investment philosophy, investment process, performance compared to market benchmarks and peer groups. The Company periodically conducts an analysis of the behavior of the Pension Plan’s assets and liabilities under various economic and interest rate scenarios to ensure that the long-term target asset allocation is appropriate given the liabilities. The fair values of the Pension Plan assets as of January 28, 2017 , excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: Fair Value Measurements Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Short term investments $ 14 $ — $ 14 $ — Money market funds 74 74 — — Equity securities: U.S. stocks 309 309 — — U.S. pooled funds (a) 654 446 — — International pooled funds (a) 649 131 — — Fixed income securities: U. S. Treasury bonds 194 — 194 — Other Government bonds 40 — 40 — Agency backed bonds 24 — 24 — Corporate bonds 453 — 453 — Mortgage-backed securities 85 — 85 — Asset-backed securities 17 — 17 — Pooled funds 461 461 — — Other types of investments: Real estate (a) 223 — — — Private equity (a) 186 — — — Derivatives in a positive position 13 — 13 — Derivatives in a negative position (19 ) — (19 ) — Total $ 3,377 $ 1,421 $ 821 $ — (a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets. The fair values of the Pension Plan assets as of January 30, 2016 , excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: Fair Value Measurements Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Cash and cash equivalents $ 15 $ 15 $ — $ — Short term investments 36 — 36 — Money market funds 46 46 — — Equity securities: U.S. stocks 280 280 — — U.S. pooled funds (a) 391 207 — — International pooled funds (a) 575 336 — — Fixed income securities: U. S. Treasury bonds 233 — 233 — Other Government bonds 41 — 41 — Agency backed bonds 31 — 31 — Corporate bonds 433 — 433 — Mortgage-backed securities 112 — 112 — Asset-backed securities 28 — 28 — Pooled funds 427 427 — — Other types of investments: Real estate (a) 238 — — — Hedge funds (a) 179 — — — Private equity (a) 188 — — — Derivatives in a positive position 15 — 15 — Derivatives in a negative position (22 ) — (22 ) — Total $ 3,246 $ 1,311 $ 907 $ — (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, hedge funds and private equity investments represents the reported net asset value of shares or underlying assets of the investment as a practical expedient to estimate fair value. International equity pooled funds seek to provide long-term capital growth and income by investing in equity securities of non-U.S. companies located both in developed and emerging markets. There are generally no redemption restrictions or unfunded commitments related to these equity securities. Real estate investments include several funds which seek risk-adjusted return by providing a stable, income-driven rate of return over the long term with high potential for growth of net investment income and appreciation of value. The real estate investments are diversified across property types and geographical areas primarily in the United States of America. Private equity investments have an objective of realizing aggregate long-term returns in excess of those available from investments in the public equity markets. Private equity investments generally consist of limited partnerships in the United States of America, Europe and Asia. Private equity and real estate investments are valued using fair values per the most recent financial reports provided by the investment sponsor, adjusted as appropriate for any lag between the date of the financial reports and the Company’s reporting date. Hedge fund investments seek to provide strong downside protection qualities and to produce long-term risk-adjusted returns with low volatility through active asset management among a select group of U.S. and non-U.S. investment partnerships and companies, managed funds, separately managed accounts, securities and commodities held in segregated accounts and other investment vehicles. Due to the nature of the underlying assets of the real estate, hedge funds and private equity investments, changes in market conditions and the economic environment may significantly impact the net asset value of these investments and, consequently, the fair value of the Pension Plan’s investments. These investments are redeemable at net asset value to the extent provided in the documentation governing the investments. However, these redemption rights may be restricted in accordance with the governing documents. Redemption of these investments is subject to restrictions including lock-up periods where no redemptions are allowed, restrictions on redemption frequency and advance notice periods for redemptions. As of January 28, 2017 and January 30, 2016 , certain of these investments are generally subject to lock-up periods, ranging from two to fourteen years, certain of these investments are subject to restrictions on redemption frequency, ranging from daily to twice per year, and certain of these investments are subject to advance notice requirements, ranging from sixty -day notification to ninety -day notification. As of January 28, 2017 and January 30, 2016 , the Pension Plan had unfunded commitments related to certain of these investments totaling $72 million and $96 million , respectively. The Company does not anticipate making funding contributions to the Pension Plan in 2017. The following benefit payments are estimated to be paid from the Pension Plan: (millions) Fiscal year 2017 $ 383 2018 309 2019 299 2020 286 2021 246 2022-2026 1,113 Supplementary Retirement Plan The following provides a reconciliation of benefit obligations, plan assets and funded status of the supplementary retirement plan as of January 28, 2017 and January 30, 2016 : 2016 2015 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 823 $ 920 Service cost — — Interest cost 22 31 Actuarial (gain) loss 26 (70 ) Benefits paid (124 ) (58 ) Projected benefit obligation, end of year 747 823 Change in plan assets Fair value of plan assets, beginning of year — — Company contributions 124 58 Benefits paid (124 ) (58 ) Fair value of plan assets, end of year — — Funded status at end of year $ (747 ) $ (823 ) Amounts recognized in the Consolidated Balance Sheets at Accounts payable and accrued liabilities $ (86 ) $ (138 ) Other liabilities (661 ) (685 ) $ (747 ) $ (823 ) Amounts recognized in accumulated other comprehensive loss at Net actuarial loss $ 248 $ 261 Prior service cost 8 8 $ 256 $ 269 The accumulated benefit obligation for the supplementary retirement plan was $747 million as of January 28, 2017 and $823 million as of January 30, 2016 . Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the supplementary retirement plan included the following actuarially determined components: 2016 2015 2014 (millions) Net Periodic Pension Cost Service cost $ — $ — $ — Interest cost 22 31 33 Amortization of net actuarial loss 9 10 5 Amortization of prior service credit — — — 31 41 38 Settlement charges 30 — — Other Changes in Plan Assets and Projected Benefit Obligation Net actuarial (gain) loss 26 (70 ) 170 Prior service cost — — — Amortization of net actuarial loss (9 ) (10 ) (5 ) Amortization of prior service credit — — — Settlement charges (30 ) — — (13 ) (80 ) 165 Total recognized $ 48 $ (39 ) $ 203 The estimated net actuarial loss for the supplementary retirement plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2017 is $8 million . The following weighted average assumption was used to determine the projected benefit obligations for the supplementary retirement plan at January 28, 2017 and January 30, 2016 : 2016 2015 Discount rate 4.07 % 4.23 % The following weighted average assumption was used to determine net pension costs for the supplementary retirement plan: 2016 2015 2014 Discount rate used to measure interest cost 2.65% - 3.16% 3.55 % 4.50 % The supplementary retirement plan’s assumptions are evaluated annually and updated as necessary. The discount rate used to determine the present value of the projected benefit obligation for the supplementary retirement plan is based on a yield curve constructed from a portfolio of high quality corporate debt securities with various maturities. Each year’s expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate for the projected benefit obligation. Due to settlement accounting and re-measurements during 2016, the discount rate used to measure interest cost varied between periods. The table above shows the range of rates used to determine net periodic expense for the supplementary retirement plan. The following benefit payments are estimated to be funded by the Company and paid from the supplementary retirement plan: (millions) Fiscal year 2017 $ 86 2018 78 2019 46 2020 48 2021 48 2022-2026 228 |
Postretirement Health Care and
Postretirement Health Care and Life Insurance Benefits | 12 Months Ended |
Jan. 28, 2017 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Postretirement Health Care and Life Insurance Benefits | Postretirement Health Care and Life Insurance Benefits In addition to pension and other supplemental benefits, certain retired employees currently are provided with specified health care and life insurance benefits. Eligibility requirements for such benefits vary by division and subsidiary, but generally state that benefits are available to eligible employees who were hired prior to a certain date and retire after a certain age with specified years of service. Certain employees are subject to having such benefits modified or terminated. In 2016, the Company changed the method used to estimate the service and interest cost components of net periodic benefit costs for the postretirement obligations. The new 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 accumulated postretirement obligation and service cost cash flows. Historically, the Company estimated the service and interest cost components using a single weighted-average discount rate derived from the yield curve used to measure the benefit obligations. The Company made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs. The Company accounted for this change as a change in estimate prospectively starting in 2016. The discount rate that would have been used to measure the 2016 service and interest cost components of net periodic benefit cost as of the beginning of the year under the single weighted-average discount rate was 4.15% . The 2016 reduction in service cost and interest cost for the postretirement obligations associated with this change was approximately $2 million . The following provides a reconciliation of benefit obligations, plan assets, and funded status of the postretirement obligations as of January 28, 2017 and January 30, 2016 : 2016 2015 (millions) Change in accumulated postretirement benefit obligation Accumulated postretirement benefit obligation, beginning of year $ 212 $ 243 Service cost — — Interest cost 6 8 Actuarial gain (13 ) (22 ) Medicare Part D subsidy 1 1 Benefits paid (20 ) (18 ) Accumulated postretirement benefit obligation, end of year 186 212 Change in plan assets Fair value of plan assets, beginning of year — — Company contributions 20 18 Benefits paid (20 ) (18 ) Fair value of plan assets, end of year — — Funded status at end of year $ (186 ) $ (212 ) Amounts recognized in the Consolidated Balance Sheets at Accounts payable and accrued liabilities $ (18 ) $ (20 ) Other liabilities (168 ) (192 ) $ (186 ) $ (212 ) Amounts recognized in accumulated other comprehensive loss at Net actuarial gain $ (31 ) $ (22 ) Net postretirement benefit costs and other amounts recognized in other comprehensive loss included the following actuarially determined components: 2016 2015 2014 (millions) Net Periodic Postretirement Benefit Cost Service cost $ — $ — $ — Interest cost 6 8 10 Amortization of net actuarial gain (4 ) — (5 ) Amortization of prior service cost — — — 2 8 5 Other Changes in Plan Assets and Projected Benefit Obligation Net actuarial (gain) loss (13 ) (22 ) 30 Amortization of net actuarial gain 4 — 5 Amortization of prior service cost — — — (9 ) (22 ) 35 Total recognized $ (7 ) $ (14 ) $ 40 The estimated net actuarial gain that will be amortized from accumulated other comprehensive loss into net periodic postretirement benefit cost during 2017 is $4 million . The following weighted average assumption was used to determine the accumulated postretirement benefit obligations at January 28, 2017 and January 30, 2016 : 2016 2015 Discount rate 3.99 % 4.15 % The following weighted average assumption was used to determine the net postretirement benefit costs for the postretirement obligations: 2016 2015 2014 Discount rate used to measure interest cost 3.14 % 3.55 % 4.50 % The postretirement benefit obligation assumptions are evaluated annually and updated as necessary. The discount rate used to determine the present value of the Company’s accumulated postretirement benefit obligations is based on a yield curve constructed from a portfolio of high quality corporate debt securities with various maturities. Each year’s expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate for the accumulated postretirement benefit obligations. The future medical benefits provided by the Company for certain employees are based on a fixed amount per year of service, and the accumulated postretirement benefit obligation is not affected by increases in health care costs. However, the future medical benefits provided by the Company for certain other employees are affected by increases in health care costs. The following provides the assumed health care cost trend rates related to the Company’s accumulated postretirement benefit obligations at January 28, 2017 and January 30, 2016 : 2016 2015 Health care cost trend rates assumed for next year 6.15% - 9.75% 6.25% - 10.0% Rates to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.0% 5.0% Year that the rate reaches the ultimate trend rate 2027 2027 The assumed health care cost trend rates have an impact on the amounts reported for the accumulated postretirement benefit obligations. A one-percentage-point change in the assumed health care cost trend rates would have the following effects: 1 – Percentage Point Increase 1 – Percentage Point Decrease (millions) Effect on total of service and interest cost $ — $ — Effect on accumulated postretirement benefit obligations $ 11 $ (10 ) The following table reflects the benefit payments estimated to be funded by the Company and paid from the accumulated postretirement benefit obligations and estimated federal subsidies expected to be received under the Medicare Prescription Drug Improvement and Modernization Act of 2003: Expected Benefit Payments Expected Federal Subsidy (millions) Fiscal Year 2017 $ 17 $ 1 2018 17 1 2019 16 1 2020 16 — 2021 15 — 2022-2026 63 1 |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Jan. 28, 2017 | |
Share-based Compensation [Abstract] | |
Stock Based Compensation | Stock Based Compensation During 2009, the Company obtained shareholder approval for the Macy’s 2009 Omnibus Incentive Compensation Plan under which up to 51 million shares of Common Stock may be issued. This plan is 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. Prior to 2009, the Company had two equity plans; the Macy's 1995 Executive Equity Incentive Plan and the Macy's 1994 Stock Incentive Plan. After shareholders approved the 2009 Omnibus Incentive Compensation Plan, Common Stock may no longer be granted under the Macy's 1995 Executive Equity Incentive Plan or the Macy's 1994 Stock Incentive Plan. The following disclosures present the Company’s equity plans on a combined basis. The equity plan is 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. There have been no grants of stock appreciation rights under the equity plans. Stock option grants have an exercise price at least equal to the market value of the underlying common stock on the date of grant, have ten -year terms and typically vest ratably over four years of continued employment. Restricted stock and time-based restricted stock unit awards generally vest one to four years from the date of grant. Performance-based restricted stock units generally are earned based on the attainment of specified goals achieved over the performance period. As of January 28, 2017 , 16 million shares of common stock were available for additional grants pursuant to the Company’s equity plan. Shares awarded are generally issued from the Company's treasury stock. Stock-based compensation expense included the following components: 2016 2015 2014 (millions) Stock options $ 43 $ 52 $ 47 Restricted stock units 18 13 26 $ 61 $ 65 $ 73 All stock-based compensation expense is recorded in SG&A expense in the Consolidated Statements of Income. As of January 28, 2017 , the Company had $63 million of unrecognized compensation costs related to nonvested stock options, which is expected to be recognized over a weighted average period of approximately 1.7 years, and $21 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. During 2016 , 2015 and 2014 , the CMD Committee approved awards of performance-based restricted stock units to certain senior executives of the Company. Each award reflects a target number of shares (“Target Shares”) that may be issued to the award recipient. These awards may be earned upon the completion of three -year performance periods ending February 2, 2019, February 3, 2018 and January 28, 2017, respectively. Whether units are earned at the end of the performance period will be determined based on the achievement of certain performance objectives set by the CMD Committee in connection with the issuance of the units. The performance objectives are based on the Company’s business plan covering the performance period. The performance objectives include achieving a cumulative EBITDA level for the performance period and also include an EBITDA as a percent to sales ratio and a return on invested capital ratio. The performance-based restricted stock units also include a performance objective relating to relative total shareholder return (“TSR”). Relative TSR reflects the change in the value of the Company’s common stock over the performance period in relation to the change in the value of the common stock of a twelve -company executive compensation peer group over the performance period, assuming the reinvestment of dividends. Depending on the results achieved during the three -year performance periods, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 150% of the Target Shares granted. Also during 2016 , 2015 and 2014 , the CMD Committee approved awards of time-based restricted stock units to certain senior executives and other employees of the Company and awards of time-based restricted stock units to the non-employee members of the Company’s board of directors. Stock Options The fair value of stock options granted during 2016 , 2015 and 2014 and the weighted average assumptions used to estimate the fair value are as follows: 2016 2015 2014 Weighted average grant date fair value of stock options $ 12.14 $ 20.78 $ 19.07 Dividend yield 3.8 % 2.7 % 2.5 % Expected volatility 42.7 % 43.3 % 42.7 % Risk-free interest rate 1.4 % 1.7 % 1.5 % Expected life 5.7 years 5.7 years 5.7 years The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company estimates the expected volatility and expected option life assumption consistent with ASC Topic 718, “Compensation – Stock Compensation.” The expected volatility of the Company’s common stock at the date of grant is estimated based on a historic volatility rate and the expected option life is calculated based on historical stock option experience as the best estimate of future exercise patterns. The dividend yield assumption is based on historical and anticipated dividend payouts. The risk-free interest rate assumption is based on observed interest rates consistent with the expected life of each stock option grant. The Company uses historical data to estimate pre-vesting option forfeitures and records stock-based compensation expense only for those awards that are expected to vest. Compensation expense is recorded for all stock options expected to vest based on the amortization of the fair value at the date of grant on a straight-line basis primarily over the vesting period of the options. Activity related to stock options for 2016 is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (thousands) (years) (millions) Outstanding, beginning of period 18,829.8 $ 41.92 Granted 3,886.8 $ 42.97 Canceled or forfeited (1,116.6 ) $ 51.33 Exercised (1,122.1 ) $ 31.30 Outstanding, end of period 20,477.9 $ 42.18 Exercisable, end of period 12,541.5 $ 36.48 4.1 $ 46 Options expected to vest 6,657.5 $ 51.07 8.3 $ — Additional information relating to stock options is as follows: 2016 2015 2014 (millions) Intrinsic value of options exercised $ 12 $ 127 $ 189 Cash received from stock options exercised 35 125 200 Restricted Stock Units The weighted average grant date fair values of restricted stock units granted during 2016 , 2015 and 2014 are as follows: 2016 2015 2014 Restricted stock units $ 40.02 $ 62.61 $ 59.41 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 twelve -company executive compensation peer group over the remaining performance periods. The expected volatility of the Company’s common stock at the date of grant was estimated based on a historical average volatility rate for the approximate three -year performance period. The dividend yield assumption was based on historical and anticipated dividend payouts. The risk-free interest rate assumption was based on observed interest rates consistent with the approximate three-year performance measurement period. 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. Activity related to restricted stock units for 2016 is as follows: Shares Weighted Average Grant Date Fair Value (thousands) Nonvested, beginning of period 1,497.0 $ 57.06 Granted – performance-based 575.1 43.72 Performance adjustment (237.6 ) 59.82 Granted – time-based 482.8 35.61 Forfeited (250.0 ) 32.99 Vested (249.0 ) 33.70 Nonvested, end of period 1,818.3 $ 53.29 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 28, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The authorized shares of the Company consist of 125 million shares of preferred stock (“Preferred Stock”), par value of $.01 per share, with no shares issued, and 1,000 million shares of Common Stock, par value of $.01 per share, with 333.6 million shares of Common Stock issued and 304.1 million shares of Common Stock outstanding at January 28, 2017 , and with 341.6 million shares of Common Stock issued and 310.3 million shares of Common Stock outstanding at January 30, 2016 (with shares held in the Company’s treasury being treated as issued, but not outstanding). The Company retired 8.0 million , 38.0 million and 31.0 million shares of Common Stock during 2016 , 2015 and 2014 , respectively. The Company's board of directors approved an additional authorization to purchase Common Stock of $1,500 million on February 26, 2016. Combined with previous authorizations commencing in January 2000, the Company’s board of directors has from time to time approved authorizations to purchase, in the aggregate, up to $18,000 million of Common Stock. All authorizations are cumulative and do not have an expiration date. During 2016 , the Company purchased approximately 7.9 million shares of Common Stock under its share repurchase program for a total of $316 million . During 2015 , the Company purchased approximately 34.8 million shares of Common Stock under its share repurchase program for a total of $2,000 million . During 2014 , the Company purchased approximately 31.9 million shares of Common Stock under its share repurchase program for a total of $1,900 million . As of January 28, 2017 , $1,716 million of authorization remained unused. The Company may continue or, from time to time, suspend repurchases of its shares under its share repurchase program, depending on prevailing market conditions, alternative uses of capital and other factors. 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 therefor. Treasury Stock Treasury stock contains shares repurchased under the share repurchase program, shares repurchased to cover employee tax liabilities related to stock plan activity and shares maintained in a trust related to deferred compensation plans. Under the deferred compensation plans, shares are maintained in a trust to cover the number estimated to be needed for distribution on account of stock credits currently outstanding. Changes in the Company’s Common Stock issued and outstanding, including shares held by the Company’s treasury, are as follows: Treasury Stock Common Stock Issued Deferred Compensation Plans Other Total Common Stock Outstanding (thousands) Balance at February 1, 2014 410,605.8 (1,229.2 ) (44,441.6 ) (45,670.8 ) 364,935.0 Stock issued under stock plans (54.8 ) 7,490.6 7,435.8 7,435.8 Stock repurchases Repurchase program (31,874.9 ) (31,874.9 ) (31,874.9 ) Other (27.0 ) (27.0 ) (27.0 ) Deferred compensation plan distributions 104.8 104.8 104.8 Retirement of common stock (31,000.0 ) 31,000.0 31,000.0 — Balance at January 31, 2015 379,605.8 (1,179.2 ) (37,852.9 ) (39,032.1 ) 340,573.7 Stock issued under stock plans (60.4 ) 4,493.5 4,433.1 4,433.1 Stock repurchases Repurchase program (34,806.8 ) (34,806.8 ) (34,806.8 ) Other (12.7 ) (12.7 ) (12.7 ) Deferred compensation plan distributions 68.8 68.8 68.8 Retirement of common stock (38,000.0 ) 38,000.0 38,000.0 — Balance at January 30, 2016 341,605.8 (1,170.8 ) (30,178.9 ) (31,349.7 ) 310,256.1 Stock issued under stock plans (87.0 ) 1,611.7 1,524.7 1,524.7 Stock repurchases Repurchase program (7,874.3 ) (7,874.3 ) (7,874.3 ) Other (4.6 ) (4.6 ) (4.6 ) Deferred compensation plan distributions 160.9 160.9 160.9 Retirement of common stock (8,000.0 ) 8,000.0 8,000.0 — Balance at January 28, 2017 333,605.8 (1,096.9 ) (28,446.1 ) (29,543.0 ) 304,062.8 Accumulated Other Comprehensive Loss For the Company, the only component of accumulated other comprehensive loss for 2016 , 2015 and 2014 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 SG&A expenses in the Consolidated Statements of Income. 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, a voluntary separation program, organizational restructuring, and periodic distribution activity as settlement charges in the Consolidated Statements of Income. See Note 9, "Retirement Plans," and Note 10, "Postretirement Health Care and Life Insurance Benefits," for further information. |
Fair Value Measurements and Con
Fair Value Measurements and Concentrations of Credit Risk | 12 Months Ended |
Jan. 28, 2017 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring 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, 2017 January 30, 2016 Fair Value Measurements Fair Value Measurements Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Marketable $ 112 $ 20 $ 92 $ — $ 132 $ 13 $ 119 $ — Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, are 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: January 28, 2017 January 30, 2016 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 6,459 $ 6,535 $ 6,438 $ 6,871 $ 6,966 $ 6,756 The following table shows certain of the Company’s non-financial assets that were measured at fair value on a nonrecurring basis during 2016 and 2015 : January 28, 2017 January 30, 2016 Fair Value Measurements Fair Value Measurements Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Long-lived assets held and used $ 147 $ — $ — $ 147 $ 53 $ — $ — $ 53 During 2016 , long-lived assets held and used with a carrying value of $405 million were written down to their fair value of $147 million , resulting in asset impairment charges of $258 million . During 2015 , long-lived assets held and used with a carrying value of $201 million were written down to their fair value of $53 million , resulting in asset impairment charges of $148 million . The fair values of these locations were calculated based on the projected cash flows and an estimated risk-adjusted rate of return that would be used by market participants in valuing these assets or prices of similar assets. In connection with the May 30, 2016 annual impairment test of goodwill and other intangible assets with indefinite lives, the Company recognized approximately $7 million of asset impairment charges in relation to indefinite lived tradenames. The fair values of these tradenames were calculated based on the projected cash flows and an estimated risk-adjusted rate of return that would be used by market participants in valuing these assets or prices of similar assets and are classified as Level 3 measurements within the hierarchy as defined by applicable accounting standards. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its temporary cash investments in what it believes to be high credit quality financial instruments. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Attributable to Macy's, Inc. Shareholders The following table sets forth the computation of basic and diluted earnings per share attributable to Macy's, Inc. shareholders: 2016 2015 2014 Net Income Shares Net Income Shares Net Income Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and average number of shares outstanding $ 619 307.6 $ 1,072 327.6 $ 1,526 354.3 Shares to be issued under deferred compensation 0.9 0.8 0.9 $ 619 308.5 $ 1,072 328.4 $ 1,526 355.2 Basic earnings per share attributable to Macy's, Inc. shareholders $ 2.01 $ 3.26 $ 4.30 Effect of dilutive securities: Stock options, restricted stock and restricted 2.3 4.6 6.5 $ 619 310.8 $ 1,072 333.0 $ 1,526 361.7 Diluted earnings per share attributable to Macy's, Inc. shareholders $ 1.99 $ 3.22 $ 4.22 In addition to the stock options and restricted stock units reflected in the foregoing table, stock options to purchase 15.5 million of shares of common stock and restricted stock units relating to 1.1 million shares of common stock were outstanding at January 28, 2017 , stock options to purchase 12.6 million of shares of common stock and restricted stock units relating to 140,000 shares of common stock were outstanding at January 30, 2016 , and stock options to purchase 3.2 million of shares of common stock and restricted stock units relating to 0.6 million shares of common stock were outstanding at January 31, 2015 , but were not included in the computation of diluted earnings per share attributable to Macy's, Inc. shareholders for 2016 , 2015 and 2014 , respectively, because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. |
Quarterly Results (unaudited)
Quarterly Results (unaudited) | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Data [Abstract] | |
Quarterly Results (unaudited) | Quarterly Results (unaudited) Unaudited quarterly results for the last two years were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (millions, except per share data) 2016: Net sales $ 5,771 $ 5,866 $ 5,626 $ 8,515 Cost of sales (3,516 ) (3,468 ) (3,386 ) (5,251 ) Gross margin 2,255 2,398 2,240 3,264 Selling, general and administrative expenses (1,966 ) (2,026 ) (2,071 ) (2,202 ) Impairments, store closing and other costs — (249 ) — (230 ) Settlement charges (13 ) (6 ) (62 ) (17 ) Net income attributable to Macy's, Inc. shareholders 116 11 17 475 Basic earnings per share attributable to Macy's, Inc. shareholders .37 .03 .05 1.56 Diluted earnings per share attributable to Macy's, Inc. shareholders .37 .03 .05 1.54 2015: Net sales $ 6,232 $ 6,104 $ 5,874 $ 8,869 Cost of sales (3,800 ) (3,610 ) (3,537 ) (5,549 ) Gross margin 2,432 2,494 2,337 3,320 Selling, general and administrative expenses (2,023 ) (2,058 ) (1,968 ) (2,207 ) Impairments, store closing and other costs — — (111 ) (177 ) Net income attributable to Macy's, Inc. shareholders 193 217 118 544 Basic earnings per share attributable to .57 .65 .36 1.74 Diluted earnings per share attributable to .56 .64 .36 1.73 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Jan. 28, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Certain debt obligations of the Company described in Note 6, "Financing," which constitute debt obligations of Parent’s 100%-owned subsidiary, Macy’s Retail Holdings, Inc. (“Subsidiary Issuer”), are fully and unconditionally guaranteed by Parent. In the following condensed consolidating financial statements, “Other Subsidiaries” includes all other direct subsidiaries of Parent, including Bluemercury, Inc., FDS Bank, West 34th Street Insurance Company New York, Macy's Merchandising Corporation, Macy’s Merchandising Group, Inc. and its subsidiaries Macy's Merchandising Group (Hong Kong) Limited, Macy's Merchandising Group Procurement, LLC, Macy’s Merchandising Group International, LLC, Macy's Merchandising Group International (Hong Kong) Limited, and its majority-owned subsidiary Macy's China Limited. “Subsidiary Issuer” includes operating divisions and non-guarantor subsidiaries of the Subsidiary Issuer on an equity basis. The assets and liabilities and results of operations of the non-guarantor subsidiaries of the Subsidiary Issuer are also reflected in “Other Subsidiaries.” Condensed Consolidating Statements of Comprehensive Income for 2016 , 2015 and 2014 , Consolidating Balance Sheets as of January 28, 2017 and January 30, 2016 , and the related Condensed Consolidating Statements of Cash Flows for 2016 , 2015 , and 2014 are presented on the following pages. MACY’S, INC. Condensed Consolidating Statement of Comprehensive Income For 2016 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 10,677 $ 23,436 $ (8,335 ) $ 25,778 Cost of sales — (6,787 ) (17,169 ) 8,335 (15,621 ) Gross margin — 3,890 6,267 — 10,157 Selling, general and administrative expenses (2 ) (3,739 ) (4,524 ) — (8,265 ) Impairments, store closing and other costs — (295 ) (184 ) — (479 ) Settlement charges — (34 ) (64 ) — (98 ) Operating income (loss) (2 ) (178 ) 1,495 — 1,315 Interest (expense) income, net: External 2 (366 ) 1 — (363 ) Intercompany — (200 ) 200 — — Equity in earnings of subsidiaries 619 255 — (874 ) — Income (loss) before income taxes 619 (489 ) 1,696 (874 ) 952 Federal, state and local income — 281 (622 ) — (341 ) Net income (loss) 619 (208 ) 1,074 (874 ) 611 Net loss attributable to noncontrolling interest — — 8 — 8 Net income (loss) attributable to Macy's, Inc. shareholders $ 619 $ (208 ) $ 1,082 $ (874 ) $ 619 Comprehensive income (loss) $ 766 $ (61 ) $ 1,153 $ (1,100 ) $ 758 Comprehensive loss attributable to noncontrolling interest — — 8 — 8 Comprehensive income (loss) attributable to Macy's, Inc. shareholders $ 766 $ (61 ) $ 1,161 $ (1,100 ) $ 766 MACY’S, INC. Condensed Consolidating Statement of Comprehensive Income For 2015 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 11,959 $ 24,037 $ (8,917 ) $ 27,079 Cost of sales — (7,670 ) (17,743 ) 8,917 (16,496 ) Gross margin — 4,289 6,294 — 10,583 Selling, general and administrative expenses (2 ) (3,980 ) (4,274 ) — (8,256 ) Impairments, store closing and other costs — (170 ) (118 ) — (288 ) Operating income (loss) (2 ) 139 1,902 — 2,039 Interest (expense) income, net: External 1 (361 ) (1 ) — (361 ) Intercompany — (230 ) 230 — — Equity in earnings of subsidiaries 1,072 421 — (1,493 ) — Income (loss) before income taxes 1,071 (31 ) 2,131 (1,493 ) 1,678 Federal, state and local income 1 120 (729 ) — (608 ) Net income 1,072 89 1,402 (1,493 ) 1,070 Net loss attributable to noncontrolling interest — — 2 — 2 Net income attributable to $ 1,072 $ 89 $ 1,404 $ (1,493 ) $ 1,072 Comprehensive income $ 1,101 $ 118 $ 1,415 $ (1,535 ) $ 1,099 Comprehensive loss attributable to — — 2 — 2 Comprehensive income attributable to $ 1,101 $ 118 $ 1,417 $ (1,535 ) $ 1,101 MACY’S, INC. Condensed Consolidating Statement of Comprehensive Income For 2014 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 13,078 $ 23,522 $ (8,495 ) $ 28,105 Cost of sales — (8,127 ) (17,231 ) 8,495 (16,863 ) Gross margin — 4,951 6,291 — 11,242 Selling, general and administrative expenses (3 ) (4,351 ) (4,001 ) — (8,355 ) Impairments, store closing and other costs — (45 ) (42 ) — (87 ) Operating income (loss) (3 ) 555 2,248 — 2,800 Interest (expense) income, net: External 1 (394 ) — — (393 ) Intercompany — (230 ) 230 — — Premium on early retirement of debt — (17 ) — — (17 ) Equity in earnings of subsidiaries 1,528 624 — (2,152 ) — Income before income taxes 1,526 538 2,478 (2,152 ) 2,390 Federal, state and local income — 25 (889 ) — (864 ) Net income 1,526 563 1,589 (2,152 ) 1,526 Net loss attributable to noncontrolling interest — — — — — Net income attributable to $ 1,526 $ 563 $ 1,589 $ (2,152 ) $ 1,526 Comprehensive income $ 1,119 $ 156 $ 1,338 $ (1,494 ) $ 1,119 Comprehensive loss attributable to — — — — — Comprehensive income attributable to $ 1,119 $ 156 $ 1,338 $ (1,494 ) $ 1,119 MACY’S, INC. Condensed Consolidating Balance Sheet As of January 28, 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 938 $ 81 $ 278 $ — $ 1,297 Receivables — 169 353 — 522 Merchandise inventories — 2,565 2,834 — 5,399 Prepaid expenses and other current assets — 84 324 — 408 Total Current Assets 938 2,899 3,789 — 7,626 Property and Equipment – net — 3,397 3,620 — 7,017 Goodwill — 3,315 582 — 3,897 Other Intangible Assets – net — 51 447 — 498 Other Assets — 47 766 — 813 Deferred Income Taxes 26 — — (26 ) — Intercompany Receivable 375 — 2,428 (2,803 ) — Investment in Subsidiaries 3,137 3,540 — (6,677 ) — Total Assets $ 4,476 $ 13,249 $ 11,632 $ (9,506 ) $ 19,851 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 306 $ 3 $ — $ 309 Merchandise accounts payable — 590 833 — 1,423 Accounts payable and accrued liabilities 15 1,064 2,484 — 3,563 Income taxes 71 16 265 — 352 Total Current Liabilities 86 1,976 3,585 — 5,647 Long-Term Debt — 6,544 18 — 6,562 Intercompany Payable — 2,803 — (2,803 ) — Deferred Income Taxes — 688 781 (26 ) 1,443 Other Liabilities 66 500 1,311 — 1,877 Shareholders’ Equity: Macy's, Inc. 4,323 738 5,939 (6,677 ) 4,323 Noncontrolling Interest — — (1 ) — (1 ) Total Shareholders’ Equity 4,323 738 5,938 (6,677 ) 4,322 Total Liabilities and Shareholders’ Equity $ 4,475 $ 13,249 $ 11,633 $ (9,506 ) $ 19,851 MACY’S, INC. Condensed Consolidating Balance Sheet As of January 30, 2016 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 741 $ 91 $ 277 $ — $ 1,109 Receivables — 217 341 — 558 Merchandise inventories — 2,702 2,804 — 5,506 Prepaid expenses and other current assets — 135 344 — 479 Income taxes 44 — — (44 ) — Total Current Assets 785 3,145 3,766 (44 ) 7,652 Property and Equipment – net — 3,925 3,691 — 7,616 Goodwill — 3,315 582 — 3,897 Other Intangible Assets – net — 52 462 — 514 Other Assets — 154 743 — 897 Deferred Income Taxes 14 — — (14 ) — Intercompany Receivable — — 3,800 (3,800 ) — Investment in Subsidiaries 4,725 3,804 — (8,529 ) — Total Assets $ 5,524 $ 14,395 $ 13,044 $ (12,387 ) $ 20,576 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 641 $ 1 $ — $ 642 Merchandise accounts payable — 667 859 — 1,526 Accounts payable and accrued liabilities 35 1,439 1,859 — 3,333 Income taxes — 41 230 (44 ) 227 Total Current Liabilities 35 2,788 2,949 (44 ) 5,728 Long-Term Debt — 6,976 19 — 6,995 Intercompany Payable 1,218 2,582 — (3,800 ) — Deferred Income Taxes — 693 798 (14 ) 1,477 Other Liabilities 21 558 1,544 — 2,123 Shareholders’ Equity: Macy's, Inc. 4,250 798 7,731 (8,529 ) 4,250 Noncontrolling Interest — — 3 — 3 Total Shareholders’ Equity 4,250 798 7,734 (8,529 ) 4,253 Total Liabilities and Shareholders’ Equity $ 5,524 $ 14,395 $ 13,044 $ (12,387 ) $ 20,576 MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2016 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 619 $ (208 ) $ 1,074 $ (874 ) $ 611 Impairments, store closing and other costs — 295 184 — 479 Settlement charges — 34 64 — 98 Equity in earnings of subsidiaries (619 ) (255 ) — 874 — Dividends received from subsidiaries 957 575 — (1,532 ) — Depreciation and amortization — 407 651 — 1,058 (Increase) decrease in working capital 110 (482 ) 92 — (280 ) Other, net 28 51 (244 ) — (165 ) Net cash provided by 1,095 417 1,821 (1,532 ) 1,801 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — 12 (251 ) — (239 ) Other, net — 32 20 — 52 Net cash provided (used) by investing activities — 44 (231 ) — (187 ) Cash flows from financing activities: Debt repaid, net of debt issued — (750 ) 1 — (749 ) Dividends paid (459 ) — (1,532 ) 1,532 (459 ) Common stock acquired, net of (280 ) — — — (280 ) Proceeds from noncontrolling interest — — 4 — 4 Intercompany activity, net (144 ) 255 (111 ) — — Other, net (15 ) 24 49 — 58 Net cash used by (898 ) (471 ) (1,589 ) 1,532 (1,426 ) Net increase (decrease) in cash 197 (10 ) 1 — 188 Cash and cash equivalents at 741 91 277 — 1,109 Cash and cash equivalents at $ 938 $ 81 $ 278 $ — $ 1,297 MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2015 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income $ 1,072 $ 89 $ 1,402 $ (1,493 ) $ 1,070 Impairments, store closing and other costs — 170 118 — 288 Equity in earnings of subsidiaries (1,072 ) (421 ) — 1,493 — Dividends received from subsidiaries 1,086 — — (1,086 ) — Depreciation and amortization — 440 621 — 1,061 (Increase) decrease in working capital 25 (340 ) (81 ) — (396 ) Other, net (8 ) (78 ) 47 — (39 ) Net cash provided (used) by 1,103 (140 ) 2,107 (1,086 ) 1,984 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — (88 ) (821 ) — (909 ) Other, net — 83 (266 ) — (183 ) Net cash used by — (5 ) (1,087 ) — (1,092 ) Cash flows from financing activities: Debt issued, net of debt repaid — 348 (1 ) — 347 Dividends paid (456 ) — (1,086 ) 1,086 (456 ) Common stock acquired, net of (1,838 ) — — — (1,838 ) Proceeds from noncontrolling interest — — 5 — 5 Intercompany activity, net 12 (243 ) 231 — — Other, net 12 37 (136 ) — (87 ) Net cash provided (used) by financing activities (2,270 ) 142 (987 ) 1,086 (2,029 ) Net increase (decrease) in (1,167 ) (3 ) 33 — (1,137 ) Cash and cash equivalents at 1,908 94 244 — 2,246 Cash and cash equivalents at $ 741 $ 91 $ 277 $ — $ 1,109 MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2014 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income $ 1,526 $ 563 $ 1,589 $ (2,152 ) $ 1,526 Impairments, store closing and other costs — 45 42 — 87 Equity in earnings of subsidiaries (1,528 ) (624 ) — 2,152 — Dividends received from subsidiaries 1,088 1 — (1,089 ) — Depreciation and amortization — 454 582 — 1,036 Increase (decrease) in working capital 9 74 (69 ) — 14 Other, net (20 ) (177 ) 243 — 46 Net cash provided by 1,075 336 2,387 (1,089 ) 2,709 Cash flows from investing activities: Purchase (disposition) of property and equipment and capitalized software, net — (260 ) (636 ) — (896 ) Other, net — (12 ) (62 ) — (74 ) Net cash used by — (272 ) (698 ) — (970 ) Cash flows from financing activities: Debt repaid, net of debt issued — 177 (3 ) — 174 Dividends paid (421 ) — (1,089 ) 1,089 (421 ) Common stock acquired, net of (1,643 ) — — — (1,643 ) Proceeds from noncontrolling interest — — — — — Intercompany activity, net 927 (283 ) (644 ) — — Other, net 15 52 57 — 124 Net cash used by (1,122 ) (54 ) (1,679 ) 1,089 (1,766 ) Net increase (decrease) in cash (47 ) 10 10 — (27 ) Cash and cash equivalents at 1,955 84 234 — 2,273 Cash and cash equivalents at $ 1,908 $ 94 $ 244 $ — $ 2,246 |
Organization and Summary of S26
Organization and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Jan. 28, 2017 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Nature Of Operations | Macy’s, Inc. and 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 children's), cosmetics, home furnishings and other consumer goods. The Company has stores in 45 states, the District of Columbia, Guam and Puerto Rico. As of January 28, 2017 , the Company’s operations and reportable segments were conducted through Macy’s, Bloomingdale’s, Bloomingdale’s The Outlet, Macy's Backstage, Bluemercury and Macy's China Limited, which are aggregated into one reporting segment in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, “Segment Reporting.” The metrics used by management to assess the performance of the Company’s operating divisions include sales trends, gross margin rates, expense rates, and rates of earnings before interest and taxes (“EBIT”) and earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company’s operating divisions have historically had similar economic characteristics and are expected to have similar economic characteristics and long-term financial performance in future periods. |
Fiscal Period | The Company’s fiscal year ends on the Saturday closest to January 31. Fiscal years 2016 , 2015 and 2014 ended on January 28, 2017 , January 30, 2016 and January 31, 2015 , respectively, and each included 52 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years. |
Consolidation | In August 2015, the Company established a joint venture, Macy's China Limited, of which the Company holds a sixty-five percent ownership interest and Hong Kong-based Fung Retailing Limited holds the remaining thirty-five percent ownership interest. Macy's China Limited sells merchandise in China through an e-commerce presence on Alibaba Group's Tmall Global. The Consolidated Financial Statements include the accounts of Macy's, Inc. and its 100%-owned subsidiaries and the newly established majority-owned subsidiary, Macy's China Limited. The noncontrolling interest represents the Fung Retailing Limited's thirty-five percent proportionate share of the results of Macy's China Limited. All significant intercompany transactions have been eliminated. |
Reclassifications | Certain reclassifications were made to prior years’ amounts to conform to the classifications of such amounts for the most recent year. |
Use Of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. |
Net Sales | Net sales include merchandise sales, licensed department income, shipping and handling fees, sales of private brand goods directly to third party retailers and sales of excess inventory to third parties. Sales of merchandise are recorded at the time of delivery to the customer and are reported net of merchandise returns. The Company licenses third parties to operate certain departments in its stores. The Company receives commissions from these licensed departments based on a percentage of net sales. Commissions are recognized as income at the time merchandise is sold to customers. Sales taxes collected from customers are not considered revenue and are included in accounts payable and accrued liabilities until remitted to the taxing authorities. |
Cost of Sales | Cost of sales consists of the cost of merchandise, including inbound freight, and shipping and handling costs. 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 $119 million at January 28, 2017 and $128 million at January 30, 2016 . |
Investments | The Company from time to time invests in debt and equity securities, including companies engaged in complementary businesses. All marketable equity and debt securities held by the Company are accounted for under ASC Topic 320, “Investments – Debt and Equity Securities.” Unrealized holding gains and losses on trading securities are recognized in the Consolidated Statements of Income and unrealized holding gains and losses on available-for-sale securities are included as a separate component of accumulated other comprehensive income, net of income tax effect, until realized. At January 28, 2017 , the Company did not hold any held-to-maturity or available-for-sale securities. |
Receivables | In connection with the sale of most of the Company’s credit assets 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 (the “Program Agreement”). Income earned under the Program Agreement is treated as a reduction of selling, general and administrative ("SG&A") expenses on the Consolidated Statements of Income. Under the Program Agreement, Citibank offers proprietary and non-proprietary credit cards to the Company’s customers through previously existing and newly opened accounts. |
Loyalty Programs | The Company maintains customer loyalty programs in which customers earn points based on their spending. Under the Macy’s brand, the Company participates in a coalition program (Plenti) whereby customers can earn points based on spending levels with bonus opportunities through various targeted offers and promotions at Macy's and other partners. Coalition partners currently include - American Express, AT&T, Direct Energy, Exxon Mobil, Hulu, Nationwide, and Rite Aid. Under the Bloomingdale’s brand, the Company offers a tender neutral points-based program. Benefits also include free delivery and gift wrap services. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales. |
Merchandise Inventories | Merchandise inventories are valued at lower of cost or market using the last-in, first-out (LIFO) retail inventory method. Under the retail inventory method, inventory is segregated into departments of merchandise having similar characteristics, and is stated at its current retail selling value. Inventory retail values are converted to a cost basis by applying specific average cost factors for each merchandise department. Cost factors represent the average cost-to-retail ratio for each merchandise department based on beginning inventory and the annual purchase activity. At January 28, 2017 and January 30, 2016 , 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 2016 , 2015 or 2014 . 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 in accordance with ASC Subtopic 605-50, “Customer Payments and Incentives.” The Company also receives advertising allowances from approximately 1,000 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 in accordance with ASC Subtopic 605-50. 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 | Department store non-direct response advertising and promotional costs are expensed either as incurred or the first time the advertising occurs. Direct response advertising and promotional costs are deferred and expensed over the period during which the sales are expected to occur, generally one to four months. Advertising and promotional costs and cooperative advertising allowances were as follows: 2016 2015 2014 (millions) Gross advertising and promotional costs $ 1,547 $ 1,587 $ 1,602 Cooperative advertising allowances 394 414 425 Advertising and promotional costs, net of $ 1,153 $ 1,173 $ 1,177 Net sales $ 25,778 $ 27,079 $ 28,105 Advertising and promotional costs, net of cooperative 4.5 % 4.3 % 4.2 % |
Property and Equipment | Depreciation of owned properties is provided primarily on a straight-line basis over the estimated asset lives, which range from fifteen to fifty years for buildings and building equipment and three to fifteen years for fixtures and equipment. Real estate taxes and interest on construction in progress and land under development are capitalized. Amounts capitalized are amortized over the estimated lives of the related depreciable assets. The Company receives contributions from developers and merchandise vendors to fund building improvement and the construction of vendor shops. Such contributions are generally netted against the capital expenditures. Buildings on leased land and leasehold improvements are amortized over the shorter of their economic lives or the lease term, beginning on the date the asset is put into use. |
Long-lived Assets | The carrying value of long-lived assets 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 | The Company recognizes operating lease minimum rentals on a straight-line basis over the lease term. Executory costs such as real estate taxes and maintenance, and contingent rentals such as those based on a percentage of sales are recognized as incurred. The lease term, which includes all renewal periods that are considered to be reasonably assured, begins on the date the Company has access to the leased property. The Company receives contributions from landlords to fund buildings and leasehold improvements. Such contributions are recorded as deferred rent and amortized as reductions to lease expense over the lease term. |
Goodwill and Other Intangible Assets | The carrying value of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment in accordance with ASC Subtopic 350-20 “Goodwill.” Goodwill and other intangible assets with indefinite lives have been assigned to reporting units for purposes of impairment testing. The reporting units are the Company’s retail operating divisions. Goodwill and other intangible assets with indefinite lives are tested for impairment annually at the end of the fiscal month of May. The Company evaluates qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value and whether it is necessary to perform the two-step goodwill impairment process. If required, the first step involves a comparison of each reporting unit’s fair value to its carrying value and the Company estimates fair value based on discounted cash flows. The reporting unit’s discounted cash flows require significant management judgment with respect to sales, gross margin and SG&A rates, capital expenditures and the selection and use of an appropriate discount rate. 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 directly resulting from the use of those assets in operations. The estimates of fair value of reporting units are based on the best information available as of the date of the assessment. If the carrying value of a reporting unit exceeds its estimated fair value in the first step, a second step is performed, in which the reporting unit’s goodwill is written down to its implied fair value. The second step requires the Company to allocate the fair value of the reporting unit derived in the first step to the fair value of the reporting unit’s net assets, with any fair value in excess of amounts allocated to such net assets representing the implied fair value of goodwill for that reporting unit. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is written down by an amount equal to such excess. |
Capitalized Software | The Company capitalizes purchased and internally developed software and amortizes such costs to expense on a straight-line basis over two to five years. Capitalized software is included in other assets on the Consolidated Balance Sheets. |
Gift Cards | The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold, 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 income from unredeemed gift cards (breakage) as a reduction of SG&A expenses, and income is recorded in proportion and 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. |
Self-Insurance Reserves | The Company, through its insurance subsidiary, is self-insured for workers compensation and general liability claims up to certain maximum liability amounts. Although the amounts accrued are actuarially determined based on analysis of historical trends of losses, settlements, litigation costs and other factors, the amounts the Company will ultimately disburse could differ from such accrued amounts. |
Pension and other Employee Benefit Plans | The Company, through its actuaries, utilizes assumptions when estimating the liabilities for pension and other employee benefit plans. These assumptions, where applicable, include the discount rates used to determine the actuarial present value of projected benefit obligations, the rate of increase in future compensation levels, the long-term rate of return on assets and the growth in health care costs. The Company measures post employment and postretirement assets and obligations using the month-end that is closest to the Company's fiscal year-end. 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 accounts payable and accrued liabilities and other liabilities on the Consolidated Balance Sheets, as appropriate. |
Income Taxes | Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Income in the period that includes the enactment date. Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized. |
Derivatives | The Company records derivative transactions according to the provisions of ASC Topic 815 “Derivatives and Hedging,” which establishes accounting and reporting standards for derivative instruments and hedging activities and requires recognition of all derivatives as either assets or liabilities and measurement of those instruments at fair value. The Company makes limited use of derivative financial instruments. The Company does not use financial instruments for trading or other speculative purposes and is not a party to any leveraged financial instruments. On the date that the Company enters into a derivative contract, the Company designates the derivative instrument as either a fair value hedge, a cash flow hedge or as a free-standing derivative instrument, each of which would receive different accounting treatment. Prior to entering into a hedge transaction, the Company formally documents the relationship between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. Derivative instruments that the Company may use as part of its interest rate risk management strategy include interest rate swap and interest rate cap agreements and Treasury lock agreements. At January 28, 2017 , the Company was not a party to any derivative financial instruments. |
Stock Based Compensation | The Company records stock-based compensation expense according to the provisions of ASC Topic 718, “Compensation – Stock Compensation.” ASC Topic 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. Under the provisions of ASC Topic 718, the Company determines the appropriate fair value model to be used for valuing share-based payments and the amortization method for compensation cost. |
Organization and Summary of S27
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Advertising Costs and Cooperative Advertising Allowances [Table Text Block] | Advertising and promotional costs and cooperative advertising allowances were as follows: 2016 2015 2014 (millions) Gross advertising and promotional costs $ 1,547 $ 1,587 $ 1,602 Cooperative advertising allowances 394 414 425 Advertising and promotional costs, net of $ 1,153 $ 1,173 $ 1,177 Net sales $ 25,778 $ 27,079 $ 28,105 Advertising and promotional costs, net of cooperative 4.5 % 4.3 % 4.2 % |
Percentage of Sales on Enterprise-Wide Basis by Merchandise Category | For 2016 , 2015 and 2014 , the following merchandise constituted the following percentages of sales: 2016 2015 2014 Women’s Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances 38 % 38 % 38 % Women’s Apparel 23 23 23 Men’s and Children’s 23 23 23 Home/Miscellaneous 16 16 16 100 % 100 % 100 % |
Impairments, Store Closing Co28
Impairments, Store Closing Costs and Gain on Sale of Leases (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Impairments, Store Closing Costs and Other Costs [Abstract] | |
Impairments, Store Closing and Other Costs | Impairments, store closing and other costs consist of the following: 2016 2015 2014 (millions) Asset Impairments $ 265 $ 148 $ 33 Severance 168 123 46 Other 46 17 8 $ 479 $ 288 $ 87 |
Properties and Leases (Tables)
Properties and Leases (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Property Plant and Equipment and Leases of Lessee [Abstract] | |
Property, Plant and Equipment | January 28, January 30, (millions) Land $ 1,541 $ 1,629 Buildings on owned land 4,212 4,690 Buildings on leased land and leasehold improvements 1,545 1,672 Fixtures and equipment 4,541 4,910 Leased properties under capitalized leases 34 34 11,873 12,935 Less accumulated depreciation and amortization 4,856 5,319 $ 7,017 $ 7,616 |
Minimum Rental Commitments (Excluding Executory Costs) for Noncancellable Leases | Minimum rental commitments (excluding executory costs) at January 28, 2017 , for noncancellable leases are: Capitalized Leases Operating Leases Total (millions) Fiscal year 2017 $ 3 $ 321 $ 324 2018 3 304 307 2019 3 283 286 2020 3 249 252 2021 3 237 240 After 2021 37 2,289 2,326 Total minimum lease payments 52 $ 3,683 $ 3,735 Less amount representing interest 24 Present value of net minimum capitalized lease payments $ 28 |
Rental Expense | Rental expense consists of: 2016 2015 2014 (millions) Real estate (excluding executory costs) Capitalized leases – Contingent rentals $ — $ — $ — Operating leases – Minimum rentals 312 288 265 Contingent rentals 12 19 22 324 307 287 Less income from subleases – Operating leases (5 ) (6 ) (8 ) $ 319 $ 301 $ 279 Personal property – Operating leases $ 11 $ 12 $ 12 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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 30, (millions) Non-amortizing intangible assets Goodwill $ 9,279 $ 9,279 Accumulated impairment losses (5,382 ) (5,382 ) 3,897 3,897 Tradenames 403 414 $ 4,300 $ 4,311 Amortizing intangible assets Favorable leases and other contractual assets $ 141 $ 149 Tradenames 43 43 184 192 Accumulated amortization Favorable leases and other contractual assets (85 ) (90 ) Tradenames (4 ) (2 ) (89 ) (92 ) $ 95 $ 100 |
Future Estimated Intangible Amortization Expense | Future estimated intangible amortization expense is shown below: (millions) Fiscal year 2017 $ 10 2018 10 2019 9 2020 8 2021 6 |
Financing (Tables)
Financing (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Company Debt | The Company’s debt is as follows: January 28, January 30, (millions) Short-term debt: 7.45% Senior debentures due 2017 $ 300 $ — 5.9% Senior notes due 2016 — 577 7.45% Senior debentures due 2016 — 59 Capital lease and current portion of other long-term obligations 9 6 $ 309 $ 642 Long-term debt: 2.875% Senior notes due 2023 $ 750 $ 750 3.875% Senior notes due 2022 550 550 4.5% Senior notes due 2034 550 550 3.45% Senior notes due 2021 500 500 3.625% Senior notes due 2024 500 500 6.375% Senior notes due 2037 500 500 4.375% Senior notes due 2023 400 400 6.9% Senior debentures due 2029 400 400 6.7% Senior debentures due 2034 400 400 7.45% Senior debentures due 2017 — 300 6.65% Senior debentures due 2024 300 300 7.0% Senior debentures due 2028 300 300 6.9% Senior debentures due 2032 250 250 5.125% Senior debentures due 2042 250 250 4.3% Senior notes due 2043 250 250 6.7% Senior debentures due 2028 200 200 6.79% Senior debentures due 2027 165 165 7.875% Senior debentures due 2036 — 108 8.75% Senior debentures due 2029 61 61 8.5% Senior debentures due 2019 36 36 10.25% Senior debentures due 2021 33 33 7.6% Senior debentures due 2025 24 24 7.875% Senior debentures due 2030 18 18 9.5% amortizing debentures due 2021 14 17 9.75% amortizing debentures due 2021 8 9 Unamortized debt issue costs (29 ) (32 ) Unamortized debt discount (16 ) (16 ) Premium on acquired debt, using an effective 121 143 Capital lease and other long-term obligations 27 29 $ 6,562 $ 6,995 |
Schedule of Interest Expense and Premium on Early Retirement of Debt | Interest expense and premium on early retirement of debt is as follows: 2016 2015 2014 (millions) Interest on debt $ 392 $ 393 $ 411 Amortization of debt premium (22 ) (21 ) (12 ) Amortization of financing costs and debt discount 5 6 7 Interest on capitalized leases 2 2 2 377 380 408 Less interest capitalized on construction 10 17 13 Interest expense $ 367 $ 363 $ 395 Premium on early retirement of debt $ — $ — $ 17 |
Future Maturities of Long-term Debt | Future maturities of long-term debt, other than capitalized leases, are shown below: (millions) Fiscal year 2018 $ 6 2019 42 2020 539 2021 553 2022 — After 2022 5,319 |
Detail of Debt Repayments | The following table shows the detail of debt repayments: 2016 2015 2014 (millions) 5.9% Senior notes due 2016 $ 577 $ — $ — 7.875% Senior notes due 2036 108 — — 7.45% Senior debentures due 2016 59 — — 7.5% Senior debentures due 2015 — 69 — 8.125% Senior debentures due 2035 — 76 — 5.75% Senior notes due 2014 — — 453 7.875% Senior debentures due 2015 — — 407 9.5% amortizing debentures due 2021 4 4 4 9.75% amortizing debentures due 2021 2 3 2 Capital leases and other obligations 1 — 4 $ 751 $ 152 $ 870 |
Accounts Payable And Accrued 32
Accounts Payable And Accrued Liabilities (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | January 28, January 30, (millions) Accounts payable $ 754 $ 814 Gift cards and customer rewards 970 920 Deferred real estate gains 340 104 Current portion of post employment and postretirement benefits 208 257 Taxes other than income taxes 166 184 Lease related liabilities 174 165 Accrued wages and vacation 215 153 Current portion of workers’ compensation and general liability reserves 119 127 Severance and relocation 166 123 Allowance for future sales returns 96 112 Accrued interest 74 88 Other 281 286 $ 3,563 $ 3,333 |
Changes in Workers' Compensation and General Liability Reserve Including Current Portion | Changes in workers’ compensation and general liability reserves, including the current portion, are as follows: 2016 2015 2014 (millions) Balance, beginning of year $ 508 $ 505 $ 497 Charged to costs and expenses 145 159 160 Payments, net of recoveries (150 ) (156 ) (152 ) Balance, end of year $ 503 $ 508 $ 505 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Taxes Payable [Abstract] | |
Schedule of Income Tax Expense (Benefit) | Income tax expense is as follows: 2016 2015 2014 Current Deferred Total Current Deferred Total Current Deferred Total (millions) Federal $ 433 $ (125 ) $ 308 $ 536 $ — $ 536 $ 743 $ 28 $ 771 State and local 37 (4 ) 33 72 — 72 92 1 93 $ 470 $ (129 ) $ 341 $ 608 $ — $ 608 $ 835 $ 29 $ 864 |
Schedule of Effective Income Tax Reconciliation | The reasons for this difference and their tax effects are as follows: 2016 2015 2014 (millions) Expected tax $ 333 $ 587 $ 836 State and local income taxes, net of federal income tax benefit 12 43 59 Historic rehabilitation tax credit (1 ) (12 ) (20 ) Change in valuation allowance 9 3 1 Other (12 ) (13 ) (12 ) $ 341 $ 608 $ 864 |
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 30, (millions) Deferred tax assets Post employment and postretirement benefits $ 405 $ 536 Accrued liabilities accounted for on a cash basis for tax purposes 379 340 Long-term debt 63 73 Unrecognized state tax benefits and accrued interest 76 79 State operating loss and credit carryforwards 79 82 Other 347 206 Valuation allowance (36 ) (27 ) Total deferred tax assets 1,313 1,289 Deferred tax liabilities Excess of book basis over tax basis of property and equipment (1,381 ) (1,485 ) Merchandise inventories (604 ) (606 ) Intangible assets (380 ) (345 ) Other (391 ) (330 ) Total deferred tax liabilities (2,756 ) (2,766 ) Net deferred tax liability $ (1,443 ) $ (1,477 ) |
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: January 28, January 30, January 31, (millions) Balance, beginning of year $ 178 $ 172 $ 189 Additions based on tax positions related to the current year 16 30 33 Additions for tax positions of prior years — — — Reductions for tax positions of prior years (12 ) (7 ) (15 ) Settlements (4 ) (3 ) (23 ) Statute expirations (11 ) (14 ) (12 ) Balance, end of year $ 167 $ 178 $ 172 Amounts recognized in the Consolidated Balance Sheets at January 28, 2017, January 30, 2016 and January 31, 2015 Current income taxes $ 6 $ 12 $ 11 Long-term deferred income taxes 4 5 6 Other liabilities 157 161 155 $ 167 $ 178 $ 172 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Schedule of Costs of Retirement Plans | Retirement expenses, excluding settlement charges, included the following components: 2016 2015 2014 (millions) 401(k) Qualified Defined Contribution Plan $ 94 $ 88 $ 89 Non-Qualified Defined Contribution Plan 2 2 2 Pension Plan (83 ) (54 ) (64 ) Supplementary Retirement Plan 31 41 38 $ 44 $ 77 $ 65 |
Pension Plan [Member] | |
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan | The following provides a reconciliation of benefit obligations, plan assets, and funded status of the Pension Plan as of January 28, 2017 and January 30, 2016 : 2016 2015 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 3,585 $ 3,966 Service cost 5 6 Interest cost 108 137 Actuarial (gain) loss 55 (282 ) Benefits paid (284 ) (242 ) Projected benefit obligation, end of year 3,469 3,585 Changes in plan assets Fair value of plan assets, beginning of year 3,256 3,636 Actual return on plan assets 402 (138 ) Company contributions — — Benefits paid (284 ) (242 ) Fair value of plan assets, end of year 3,374 3,256 Funded status at end of year $ (95 ) $ (329 ) Amounts recognized in the Consolidated Balance Sheets at Other liabilities $ (95 ) $ (329 ) Amounts recognized in accumulated other comprehensive loss at Net actuarial loss $ 1,232 $ 1,451 |
Schedule of Net Periodic Benefit Costs | Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the Pension Plan included the following actuarially determined components: 2016 2015 2014 (millions) Net Periodic Pension Cost Service cost $ 5 $ 6 $ 6 Interest cost 108 137 151 Expected return on assets (227 ) (235 ) (246 ) Amortization of net actuarial loss 31 38 25 Amortization of prior service credit — — — (83 ) (54 ) (64 ) Settlement charges 68 — — Other Changes in Plan Assets and Projected Benefit Obligation Net actuarial (gain) loss (120 ) 92 491 Amortization of net actuarial loss (31 ) (38 ) (25 ) Amortization of prior service credit — — — Settlement charges (68 ) — — (219 ) 54 466 Total recognized $ (234 ) $ — $ 402 |
Weighted Average Assumptions | The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan: 2016 2015 2014 Discount rate used to measure service cost 3.79% - 4.26% 3.55 % 4.50 % Discount rate used to measure interest cost 2.96% - 3.30% 3.55 % 4.50 % Expected long-term return on plan assets 7.00 % 7.00 % 7.50 % Rate of compensation increases 4.10 % 4.10 % 4.10 % The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at January 28, 2017 and January 30, 2016 : 2016 2015 Discount rate 4.00 % 4.17 % Rate of compensation increases 4.10 % 4.10 % |
Fair Values of Plan Assets | The fair values of the Pension Plan assets as of January 28, 2017 , excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: Fair Value Measurements Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Short term investments $ 14 $ — $ 14 $ — Money market funds 74 74 — — Equity securities: U.S. stocks 309 309 — — U.S. pooled funds (a) 654 446 — — International pooled funds (a) 649 131 — — Fixed income securities: U. S. Treasury bonds 194 — 194 — Other Government bonds 40 — 40 — Agency backed bonds 24 — 24 — Corporate bonds 453 — 453 — Mortgage-backed securities 85 — 85 — Asset-backed securities 17 — 17 — Pooled funds 461 461 — — Other types of investments: Real estate (a) 223 — — — Private equity (a) 186 — — — Derivatives in a positive position 13 — 13 — Derivatives in a negative position (19 ) — (19 ) — Total $ 3,377 $ 1,421 $ 821 $ — (a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets. The fair values of the Pension Plan assets as of January 30, 2016 , excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows: Fair Value Measurements Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Cash and cash equivalents $ 15 $ 15 $ — $ — Short term investments 36 — 36 — Money market funds 46 46 — — Equity securities: U.S. stocks 280 280 — — U.S. pooled funds (a) 391 207 — — International pooled funds (a) 575 336 — — Fixed income securities: U. S. Treasury bonds 233 — 233 — Other Government bonds 41 — 41 — Agency backed bonds 31 — 31 — Corporate bonds 433 — 433 — Mortgage-backed securities 112 — 112 — Asset-backed securities 28 — 28 — Pooled funds 427 427 — — Other types of investments: Real estate (a) 238 — — — Hedge funds (a) 179 — — — Private equity (a) 188 — — — Derivatives in a positive position 15 — 15 — Derivatives in a negative position (22 ) — (22 ) — Total $ 3,246 $ 1,311 $ 907 $ — |
Estimated Future Benefit Payments | The following benefit payments are estimated to be paid from the Pension Plan: (millions) Fiscal year 2017 $ 383 2018 309 2019 299 2020 286 2021 246 2022-2026 1,113 |
Supplemental Employee Retirement Plan | |
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan | The following provides a reconciliation of benefit obligations, plan assets and funded status of the supplementary retirement plan as of January 28, 2017 and January 30, 2016 : 2016 2015 (millions) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 823 $ 920 Service cost — — Interest cost 22 31 Actuarial (gain) loss 26 (70 ) Benefits paid (124 ) (58 ) Projected benefit obligation, end of year 747 823 Change in plan assets Fair value of plan assets, beginning of year — — Company contributions 124 58 Benefits paid (124 ) (58 ) Fair value of plan assets, end of year — — Funded status at end of year $ (747 ) $ (823 ) Amounts recognized in the Consolidated Balance Sheets at Accounts payable and accrued liabilities $ (86 ) $ (138 ) Other liabilities (661 ) (685 ) $ (747 ) $ (823 ) Amounts recognized in accumulated other comprehensive loss at Net actuarial loss $ 248 $ 261 Prior service cost 8 8 $ 256 $ 269 |
Schedule of Net Periodic Benefit Costs | Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the supplementary retirement plan included the following actuarially determined components: 2016 2015 2014 (millions) Net Periodic Pension Cost Service cost $ — $ — $ — Interest cost 22 31 33 Amortization of net actuarial loss 9 10 5 Amortization of prior service credit — — — 31 41 38 Settlement charges 30 — — Other Changes in Plan Assets and Projected Benefit Obligation Net actuarial (gain) loss 26 (70 ) 170 Prior service cost — — — Amortization of net actuarial loss (9 ) (10 ) (5 ) Amortization of prior service credit — — — Settlement charges (30 ) — — (13 ) (80 ) 165 Total recognized $ 48 $ (39 ) $ 203 |
Weighted Average Assumptions | The following weighted average assumption was used to determine the projected benefit obligations for the supplementary retirement plan at January 28, 2017 and January 30, 2016 : 2016 2015 Discount rate 4.07 % 4.23 % The following weighted average assumption was used to determine net pension costs for the supplementary retirement plan: 2016 2015 2014 Discount rate used to measure interest cost 2.65% - 3.16% 3.55 % 4.50 % |
Estimated Future Benefit Payments | The following benefit payments are estimated to be funded by the Company and paid from the supplementary retirement plan: (millions) Fiscal year 2017 $ 86 2018 78 2019 46 2020 48 2021 48 2022-2026 228 |
Postretirement Health Care an35
Postretirement Health Care and Life Insurance Benefits (Tables) - Other Postretirement Benefit Plan [Member] | 12 Months Ended |
Jan. 28, 2017 | |
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan | The following provides a reconciliation of benefit obligations, plan assets, and funded status of the postretirement obligations as of January 28, 2017 and January 30, 2016 : 2016 2015 (millions) Change in accumulated postretirement benefit obligation Accumulated postretirement benefit obligation, beginning of year $ 212 $ 243 Service cost — — Interest cost 6 8 Actuarial gain (13 ) (22 ) Medicare Part D subsidy 1 1 Benefits paid (20 ) (18 ) Accumulated postretirement benefit obligation, end of year 186 212 Change in plan assets Fair value of plan assets, beginning of year — — Company contributions 20 18 Benefits paid (20 ) (18 ) Fair value of plan assets, end of year — — Funded status at end of year $ (186 ) $ (212 ) Amounts recognized in the Consolidated Balance Sheets at Accounts payable and accrued liabilities $ (18 ) $ (20 ) Other liabilities (168 ) (192 ) $ (186 ) $ (212 ) Amounts recognized in accumulated other comprehensive loss at Net actuarial gain $ (31 ) $ (22 ) |
Schedule of Net Periodic Benefit Costs | Net postretirement benefit costs and other amounts recognized in other comprehensive loss included the following actuarially determined components: 2016 2015 2014 (millions) Net Periodic Postretirement Benefit Cost Service cost $ — $ — $ — Interest cost 6 8 10 Amortization of net actuarial gain (4 ) — (5 ) Amortization of prior service cost — — — 2 8 5 Other Changes in Plan Assets and Projected Benefit Obligation Net actuarial (gain) loss (13 ) (22 ) 30 Amortization of net actuarial gain 4 — 5 Amortization of prior service cost — — — (9 ) (22 ) 35 Total recognized $ (7 ) $ (14 ) $ 40 |
Weighted Average Assumptions | The following weighted average assumption was used to determine the net postretirement benefit costs for the postretirement obligations: 2016 2015 2014 Discount rate used to measure interest cost 3.14 % 3.55 % 4.50 % The following weighted average assumption was used to determine the accumulated postretirement benefit obligations at January 28, 2017 and January 30, 2016 : 2016 2015 Discount rate 3.99 % 4.15 % |
Schedule of Health Care Cost Trend Rates | The following provides the assumed health care cost trend rates related to the Company’s accumulated postretirement benefit obligations at January 28, 2017 and January 30, 2016 : 2016 2015 Health care cost trend rates assumed for next year 6.15% - 9.75% 6.25% - 10.0% Rates to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.0% 5.0% Year that the rate reaches the ultimate trend rate 2027 2027 |
Schedule Of Effect Of One Percentage Point Change In Assumed Health Care Cost Trend Rates | A one-percentage-point change in the assumed health care cost trend rates would have the following effects: 1 – Percentage Point Increase 1 – Percentage Point Decrease (millions) Effect on total of service and interest cost $ — $ — Effect on accumulated postretirement benefit obligations $ 11 $ (10 ) |
Estimated Future Benefit Payments | The following table reflects the benefit payments estimated to be funded by the Company and paid from the accumulated postretirement benefit obligations and estimated federal subsidies expected to be received under the Medicare Prescription Drug Improvement and Modernization Act of 2003: Expected Benefit Payments Expected Federal Subsidy (millions) Fiscal Year 2017 $ 17 $ 1 2018 17 1 2019 16 1 2020 16 — 2021 15 — 2022-2026 63 1 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | |
Components of Stock Based Compensation Expense | Stock-based compensation expense included the following components: 2016 2015 2014 (millions) Stock options $ 43 $ 52 $ 47 Restricted stock units 18 13 26 $ 61 $ 65 $ 73 |
Weighted Average Assumption Used To Estimate Fair Value of Stock Options | The fair value of stock options granted during 2016 , 2015 and 2014 and the weighted average assumptions used to estimate the fair value are as follows: 2016 2015 2014 Weighted average grant date fair value of stock options $ 12.14 $ 20.78 $ 19.07 Dividend yield 3.8 % 2.7 % 2.5 % Expected volatility 42.7 % 43.3 % 42.7 % Risk-free interest rate 1.4 % 1.7 % 1.5 % Expected life 5.7 years 5.7 years 5.7 years |
Schedule of Stock Option Activity | Activity related to stock options for 2016 is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (thousands) (years) (millions) Outstanding, beginning of period 18,829.8 $ 41.92 Granted 3,886.8 $ 42.97 Canceled or forfeited (1,116.6 ) $ 51.33 Exercised (1,122.1 ) $ 31.30 Outstanding, end of period 20,477.9 $ 42.18 Exercisable, end of period 12,541.5 $ 36.48 4.1 $ 46 Options expected to vest 6,657.5 $ 51.07 8.3 $ — |
Additional Information Relating to Stock Options | Additional information relating to stock options is as follows: 2016 2015 2014 (millions) Intrinsic value of options exercised $ 12 $ 127 $ 189 Cash received from stock options exercised 35 125 200 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Activity related to restricted stock units for 2016 is as follows: Shares Weighted Average Grant Date Fair Value (thousands) Nonvested, beginning of period 1,497.0 $ 57.06 Granted – performance-based 575.1 43.72 Performance adjustment (237.6 ) 59.82 Granted – time-based 482.8 35.61 Forfeited (250.0 ) 32.99 Vested (249.0 ) 33.70 Nonvested, end of period 1,818.3 $ 53.29 |
Restricted Stock Units [Member] | |
Activity Related to Restricted Stock and Restricted Stock Units | Restricted Stock Units The weighted average grant date fair values of restricted stock units granted during 2016 , 2015 and 2014 are as follows: 2016 2015 2014 Restricted stock units $ 40.02 $ 62.61 $ 59.41 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Stockholders' Equity Note [Abstract] | |
Changes in the Company's Common Stock Issued and Outstanding | Changes in the Company’s Common Stock issued and outstanding, including shares held by the Company’s treasury, are as follows: Treasury Stock Common Stock Issued Deferred Compensation Plans Other Total Common Stock Outstanding (thousands) Balance at February 1, 2014 410,605.8 (1,229.2 ) (44,441.6 ) (45,670.8 ) 364,935.0 Stock issued under stock plans (54.8 ) 7,490.6 7,435.8 7,435.8 Stock repurchases Repurchase program (31,874.9 ) (31,874.9 ) (31,874.9 ) Other (27.0 ) (27.0 ) (27.0 ) Deferred compensation plan distributions 104.8 104.8 104.8 Retirement of common stock (31,000.0 ) 31,000.0 31,000.0 — Balance at January 31, 2015 379,605.8 (1,179.2 ) (37,852.9 ) (39,032.1 ) 340,573.7 Stock issued under stock plans (60.4 ) 4,493.5 4,433.1 4,433.1 Stock repurchases Repurchase program (34,806.8 ) (34,806.8 ) (34,806.8 ) Other (12.7 ) (12.7 ) (12.7 ) Deferred compensation plan distributions 68.8 68.8 68.8 Retirement of common stock (38,000.0 ) 38,000.0 38,000.0 — Balance at January 30, 2016 341,605.8 (1,170.8 ) (30,178.9 ) (31,349.7 ) 310,256.1 Stock issued under stock plans (87.0 ) 1,611.7 1,524.7 1,524.7 Stock repurchases Repurchase program (7,874.3 ) (7,874.3 ) (7,874.3 ) Other (4.6 ) (4.6 ) (4.6 ) Deferred compensation plan distributions 160.9 160.9 160.9 Retirement of common stock (8,000.0 ) 8,000.0 8,000.0 — Balance at January 28, 2017 333,605.8 (1,096.9 ) (28,446.1 ) (29,543.0 ) 304,062.8 |
Fair Value Measurements and C38
Fair Value Measurements and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring 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, 2017 January 30, 2016 Fair Value Measurements Fair Value Measurements Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Marketable $ 112 $ 20 $ 92 $ — $ 132 $ 13 $ 119 $ — |
Estimated Fair Values of Company's Long Term Debt | The following table shows the estimated fair value of the Company’s long-term debt: January 28, 2017 January 30, 2016 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 6,459 $ 6,535 $ 6,438 $ 6,871 $ 6,966 $ 6,756 |
Fair Value Measurements, Nonrecurring Basis | The following table shows certain of the Company’s non-financial assets that were measured at fair value on a nonrecurring basis during 2016 and 2015 : January 28, 2017 January 30, 2016 Fair Value Measurements Fair Value Measurements Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Long-lived assets held and used $ 147 $ — $ — $ 147 $ 53 $ — $ — $ 53 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Loss Per Share | The following table sets forth the computation of basic and diluted earnings per share attributable to Macy's, Inc. shareholders: 2016 2015 2014 Net Income Shares Net Income Shares Net Income Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and average number of shares outstanding $ 619 307.6 $ 1,072 327.6 $ 1,526 354.3 Shares to be issued under deferred compensation 0.9 0.8 0.9 $ 619 308.5 $ 1,072 328.4 $ 1,526 355.2 Basic earnings per share attributable to Macy's, Inc. shareholders $ 2.01 $ 3.26 $ 4.30 Effect of dilutive securities: Stock options, restricted stock and restricted 2.3 4.6 6.5 $ 619 310.8 $ 1,072 333.0 $ 1,526 361.7 Diluted earnings per share attributable to Macy's, Inc. shareholders $ 1.99 $ 3.22 $ 4.22 |
Quarterly Results (unaudited) (
Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Results for the Last Two Years | Unaudited quarterly results for the last two years were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (millions, except per share data) 2016: Net sales $ 5,771 $ 5,866 $ 5,626 $ 8,515 Cost of sales (3,516 ) (3,468 ) (3,386 ) (5,251 ) Gross margin 2,255 2,398 2,240 3,264 Selling, general and administrative expenses (1,966 ) (2,026 ) (2,071 ) (2,202 ) Impairments, store closing and other costs — (249 ) — (230 ) Settlement charges (13 ) (6 ) (62 ) (17 ) Net income attributable to Macy's, Inc. shareholders 116 11 17 475 Basic earnings per share attributable to Macy's, Inc. shareholders .37 .03 .05 1.56 Diluted earnings per share attributable to Macy's, Inc. shareholders .37 .03 .05 1.54 2015: Net sales $ 6,232 $ 6,104 $ 5,874 $ 8,869 Cost of sales (3,800 ) (3,610 ) (3,537 ) (5,549 ) Gross margin 2,432 2,494 2,337 3,320 Selling, general and administrative expenses (2,023 ) (2,058 ) (1,968 ) (2,207 ) Impairments, store closing and other costs — — (111 ) (177 ) Net income attributable to Macy's, Inc. shareholders 193 217 118 544 Basic earnings per share attributable to .57 .65 .36 1.74 Diluted earnings per share attributable to .56 .64 .36 1.73 |
Condensed Consolidating Finan41
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | MACY’S, INC. Condensed Consolidating Balance Sheet As of January 28, 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 938 $ 81 $ 278 $ — $ 1,297 Receivables — 169 353 — 522 Merchandise inventories — 2,565 2,834 — 5,399 Prepaid expenses and other current assets — 84 324 — 408 Total Current Assets 938 2,899 3,789 — 7,626 Property and Equipment – net — 3,397 3,620 — 7,017 Goodwill — 3,315 582 — 3,897 Other Intangible Assets – net — 51 447 — 498 Other Assets — 47 766 — 813 Deferred Income Taxes 26 — — (26 ) — Intercompany Receivable 375 — 2,428 (2,803 ) — Investment in Subsidiaries 3,137 3,540 — (6,677 ) — Total Assets $ 4,476 $ 13,249 $ 11,632 $ (9,506 ) $ 19,851 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 306 $ 3 $ — $ 309 Merchandise accounts payable — 590 833 — 1,423 Accounts payable and accrued liabilities 15 1,064 2,484 — 3,563 Income taxes 71 16 265 — 352 Total Current Liabilities 86 1,976 3,585 — 5,647 Long-Term Debt — 6,544 18 — 6,562 Intercompany Payable — 2,803 — (2,803 ) — Deferred Income Taxes — 688 781 (26 ) 1,443 Other Liabilities 66 500 1,311 — 1,877 Shareholders’ Equity: Macy's, Inc. 4,323 738 5,939 (6,677 ) 4,323 Noncontrolling Interest — — (1 ) — (1 ) Total Shareholders’ Equity 4,323 738 5,938 (6,677 ) 4,322 Total Liabilities and Shareholders’ Equity $ 4,475 $ 13,249 $ 11,633 $ (9,506 ) $ 19,851 |
Condensed Consolidating Statement of Comprehensive Income | |
Condensed Consolidating Statement of Cash Flows | MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2014 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income $ 1,526 $ 563 $ 1,589 $ (2,152 ) $ 1,526 Impairments, store closing and other costs — 45 42 — 87 Equity in earnings of subsidiaries (1,528 ) (624 ) — 2,152 — Dividends received from subsidiaries 1,088 1 — (1,089 ) — Depreciation and amortization — 454 582 — 1,036 Increase (decrease) in working capital 9 74 (69 ) — 14 Other, net (20 ) (177 ) 243 — 46 Net cash provided by 1,075 336 2,387 (1,089 ) 2,709 Cash flows from investing activities: Purchase (disposition) of property and equipment and capitalized software, net — (260 ) (636 ) — (896 ) Other, net — (12 ) (62 ) — (74 ) Net cash used by — (272 ) (698 ) — (970 ) Cash flows from financing activities: Debt repaid, net of debt issued — 177 (3 ) — 174 Dividends paid (421 ) — (1,089 ) 1,089 (421 ) Common stock acquired, net of (1,643 ) — — — (1,643 ) Proceeds from noncontrolling interest — — — — — Intercompany activity, net 927 (283 ) (644 ) — — Other, net 15 52 57 — 124 Net cash used by (1,122 ) (54 ) (1,679 ) 1,089 (1,766 ) Net increase (decrease) in cash (47 ) 10 10 — (27 ) Cash and cash equivalents at 1,955 84 234 — 2,273 Cash and cash equivalents at $ 1,908 $ 94 $ 244 $ — $ 2,246 MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2015 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income $ 1,072 $ 89 $ 1,402 $ (1,493 ) $ 1,070 Impairments, store closing and other costs — 170 118 — 288 Equity in earnings of subsidiaries (1,072 ) (421 ) — 1,493 — Dividends received from subsidiaries 1,086 — — (1,086 ) — Depreciation and amortization — 440 621 — 1,061 (Increase) decrease in working capital 25 (340 ) (81 ) — (396 ) Other, net (8 ) (78 ) 47 — (39 ) Net cash provided (used) by 1,103 (140 ) 2,107 (1,086 ) 1,984 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — (88 ) (821 ) — (909 ) Other, net — 83 (266 ) — (183 ) Net cash used by — (5 ) (1,087 ) — (1,092 ) Cash flows from financing activities: Debt issued, net of debt repaid — 348 (1 ) — 347 Dividends paid (456 ) — (1,086 ) 1,086 (456 ) Common stock acquired, net of (1,838 ) — — — (1,838 ) Proceeds from noncontrolling interest — — 5 — 5 Intercompany activity, net 12 (243 ) 231 — — Other, net 12 37 (136 ) — (87 ) Net cash provided (used) by financing activities (2,270 ) 142 (987 ) 1,086 (2,029 ) Net increase (decrease) in (1,167 ) (3 ) 33 — (1,137 ) Cash and cash equivalents at 1,908 94 244 — 2,246 Cash and cash equivalents at $ 741 $ 91 $ 277 $ — $ 1,109 MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2016 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 619 $ (208 ) $ 1,074 $ (874 ) $ 611 Impairments, store closing and other costs — 295 184 — 479 Settlement charges — 34 64 — 98 Equity in earnings of subsidiaries (619 ) (255 ) — 874 — Dividends received from subsidiaries 957 575 — (1,532 ) — Depreciation and amortization — 407 651 — 1,058 (Increase) decrease in working capital 110 (482 ) 92 — (280 ) Other, net 28 51 (244 ) — (165 ) Net cash provided by 1,095 417 1,821 (1,532 ) 1,801 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — 12 (251 ) — (239 ) Other, net — 32 20 — 52 Net cash provided (used) by investing activities — 44 (231 ) — (187 ) Cash flows from financing activities: Debt repaid, net of debt issued — (750 ) 1 — (749 ) Dividends paid (459 ) — (1,532 ) 1,532 (459 ) Common stock acquired, net of (280 ) — — — (280 ) Proceeds from noncontrolling interest — — 4 — 4 Intercompany activity, net (144 ) 255 (111 ) — — Other, net (15 ) 24 49 — 58 Net cash used by (898 ) (471 ) (1,589 ) 1,532 (1,426 ) Net increase (decrease) in cash 197 (10 ) 1 — 188 Cash and cash equivalents at 741 91 277 — 1,109 Cash and cash equivalents at $ 938 $ 81 $ 278 $ — $ 1,297 |
Organization and Summary of S42
Organization and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | |
Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | |
Number of states in which entity operates | 45 | |
Maximum number of merchandise vendors providing advertising allowances | 1,000 | |
Number of years analyzed for gift card redemption patterns | 3 | |
Minimum [Member] | ||
Number of months sales are expected to occur after advertising and direct marketing programs | 1 | |
Maximum [Member] | ||
Number of months sales are expected to occur after advertising and direct marketing programs | 4 | |
Vendor allowance terms (in years) | 1 | |
Buildings and Building Equipment [Member] | Minimum [Member] | ||
Estimated useful life in years, minimum | 15 years | |
Buildings and Building Equipment [Member] | Maximum [Member] | ||
Estimated useful life in years, minimum | 50 years | |
Fixtures and Equipment [Member] | Minimum [Member] | ||
Estimated useful life in years, minimum | 3 years | |
Fixtures and Equipment [Member] | Maximum [Member] | ||
Estimated useful life in years, minimum | 15 years | |
Software and Software Development [Member] | Minimum [Member] | ||
Estimated useful life in years, minimum | 2 years | |
Software and Software Development [Member] | Maximum [Member] | ||
Estimated useful life in years, minimum | 5 years | |
Cash and Cash Equivalents [Member] | ||
Credit card sales transactions settled early | $ 119 | $ 128 |
Organization and Summary of S43
Organization and Summary of Significant Accounting Policies (Percentage of Sales by Merchandise Category) (Details) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Percentage of sales from Merchandise Categories | 100.00% | 100.00% | 100.00% |
Women's Accessories, Intimate Apparel, Shoes and Cosmetics [Member] | |||
Percentage of sales from Merchandise Categories | 38.00% | 38.00% | 38.00% |
Women's Apparel [Member] | |||
Percentage of sales from Merchandise Categories | 23.00% | 23.00% | 23.00% |
Men's and Children's [Member] | |||
Percentage of sales from Merchandise Categories | 23.00% | 23.00% | 23.00% |
Home/Miscellaneous [Member] | |||
Percentage of sales from Merchandise Categories | 16.00% | 16.00% | 16.00% |
Organization and Summary of S44
Organization and Summary of Significant Accounting Policies Advertising expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
Gross advertising and promotional costs | $ 1,547 | $ 1,587 | $ 1,602 | ||||||||
Cooperative advertising allowances | 394 | 414 | 425 | ||||||||
Advertising and promotional costs, net of cooperative advertising allowances | 1,153 | 1,173 | 1,177 | ||||||||
Net sales | $ 8,515 | $ 5,626 | $ 5,866 | $ 5,771 | $ 8,869 | $ 5,874 | $ 6,104 | $ 6,232 | $ 25,778 | $ 27,079 | $ 28,105 |
Advertising expense as a percent to sales | 4.50% | 4.30% | 4.20% |
Impairments, Store Closing Co45
Impairments, Store Closing Costs and Gain on Sale of Leases (Impairments and Store Closing Related Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Impairments, Store Closing Costs and Other Costs [Abstract] | |||||||||||
Asset impairments | $ 265 | $ 148 | $ 33 | ||||||||
Severance | 168 | 123 | 46 | ||||||||
Other | 46 | 17 | 8 | ||||||||
Impairments, store closing and other costs | $ 230 | $ 0 | $ 249 | $ 0 | $ 177 | $ 111 | $ 0 | $ 0 | $ 479 | $ 288 | $ 87 |
Impairments, Store Closing Co46
Impairments, Store Closing Costs and Gain on Sale of Leases (Narrative) (Details) - stores | 1 Months Ended | |||
Jan. 28, 2017 | Aug. 31, 2016 | Jan. 30, 2016 | Jan. 31, 2015 | |
Impairments, Store Closing Costs and Other Costs [Abstract] | ||||
Number of stores closed | 68 | 40 | 14 | |
Planned store closings | 100 |
Receivables (Narrative) (Detail
Receivables (Narrative) (Details) $ in Millions | 12 Months Ended | 24 Months Ended | ||
Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Jan. 28, 2017USD ($) | |
Receivables | $ 522 | $ 558 | $ 522 | |
Credit Card Program Agreement [Member] | ||||
Effective period of agreement, years | 10 | |||
Number of years in renewal option | 3 | |||
Amount received under agreement | $ 912 | 1,026 | $ 975 | |
Net earnings from credit operations | 736 | 831 | $ 776 | |
Name of Property [Domain] | ||||
Sale of Brooklyn real estate transaction | 270 | 270 | ||
Proceeds from sale of Brooklyn in current year | 141 | $ 68 | 209 | |
Cash receivable for Brooklyn sale, total | $ 61 | $ 61 |
Properties and Leases (Narrativ
Properties and Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Minimum operating period of some stores | 20 years | ||
Capital lease obligations included in short-term debt | $ 1 | ||
Capital lease obligations included in long-term debt | 27 | ||
Minimum sublease rentals on operating leases | 17 | ||
Deferred rent amortization | $ 9 | $ 8 | $ 7 |
Property Lease Guarantee [Member] | |||
Potential lease extension date of divested business | 2,070 | ||
Future minimum lease payments | $ 284 |
Properties and Leases (Property
Properties and Leases (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 1,541 | $ 1,629 |
Fixtures and equipment | 4,541 | 4,910 |
Leased properties under capitalized leases | 34 | 34 |
Property, plant and equipment, gross | 11,873 | 12,935 |
Less accumulated depreciation and amortization | 4,856 | 5,319 |
Property, plant and equipment, net | 7,017 | 7,616 |
Wholly Owned Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and Improvements, Gross | 4,212 | 4,690 |
Property Subject to Operating Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and Improvements, Gross | $ 1,545 | $ 1,672 |
Properties and Leases (Minimum
Properties and Leases (Minimum Rental Commitments Excluding Executory Costs for Noncancellable Leases) (Details) $ in Millions | Jan. 28, 2017USD ($) |
Property Plant and Equipment and Leases of Lessee [Abstract] | |
2017, Capitalized leases | $ 3 |
2018, Capitalized leases | 3 |
2019, Capitalized leases | 3 |
2020, Capitalized leases | 3 |
2021, Capitalized leases | 3 |
After 2021, Capitalized leases | 37 |
Total minimum lease payments, Capitalized leases | 52 |
Less amount representing interest | 24 |
Present value of net minimum capitalized lease payments | 28 |
2017, Operating leases | 321 |
2018, Operating leases | 304 |
2019, Operating leases | 283 |
2020, Operating leases | 249 |
2021, Operating leases | 237 |
After 2021, Operating leases | 2,289 |
Total minimum lease payments, Operating leases | 3,683 |
2017, Total | 324 |
2018, Total | 307 |
2019, Total | 286 |
2020, Total | 252 |
2021, Total | 240 |
After 2021, Total | 2,326 |
Total minimum lease payments, Total | $ 3,735 |
Properties and Leases (Rental E
Properties and Leases (Rental Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Property Plant and Equipment and Leases of Lessee [Abstract] | |||
Contingent rent expense related to a capitalized lease | $ 0 | $ 0 | $ 0 |
Minimum rentals, Operating leases | 312 | 288 | 265 |
Contingent rentals, Operating leases | 12 | 19 | 22 |
Lease and rental expense, Gross | 324 | 307 | 287 |
Operating leases, less income from subleases | (5) | (6) | (8) |
Lease and Rental Expense | 319 | 301 | 279 |
Personal property, Operating leases | $ 11 | $ 12 | $ 12 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Intangible amortization expense | $ 10 | $ 23 | $ 31 |
Tradenames [Member] | |||
Weighted average useful life of favorable lease intangible assets, years | 20 years | ||
Favorable Lease [Member] | |||
Weighted average useful life of favorable lease intangible assets, years | 6 years |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets (Company's Goodwill and Other Intangible Assets) (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Goodwill, gross | $ 9,279 | $ 9,279 |
Accumulated impairment losses | 5,382 | 5,382 |
Net goodwill, Non-amortizing intangible assets | 3,897 | 3,897 |
Indefinite lifed tradenames | 403 | 414 |
Net non-amortizing intangible assets | 4,300 | 4,311 |
Favorable leases, gross | 141 | 149 |
Finite-lived tradenames, gross | 43 | 43 |
Amortizing intangible assets, gross | 184 | 192 |
Accumulated amortization | (89) | (92) |
Net amortizing intangible assets | 95 | 100 |
Favorable Lease [Member] | ||
Accumulated amortization | (85) | (90) |
Tradenames [Member] | ||
Accumulated amortization | $ (4) | $ (2) |
Goodwill and Other Intangible54
Goodwill and Other Intangible Assets (Future Estimated Intangible Amortization Expense) (Details) $ in Millions | Jan. 28, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 10 |
2,018 | 10 |
2,019 | 9 |
2,020 | 8 |
2,021 | $ 6 |
Financing (Narrative) (Details)
Financing (Narrative) (Details) | Aug. 15, 2016USD ($)Rate | Dec. 07, 2015USD ($) | Aug. 17, 2015USD ($)Rate | Nov. 18, 2014USD ($) | May 23, 2014USD ($) | Jan. 28, 2017USD ($)Rate | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | May 06, 2016USD ($) |
Extinguishment of debt | $ 407,000,000 | ||||||||
Long-term debt | $ 6,438,000,000 | $ 6,756,000,000 | |||||||
Additional interest expense from early repurchase of debt | 0 | 0 | $ 17,000,000 | ||||||
Amount of outstanding debt repaid at maturity | 636,000,000 | 69,000,000 | 453,000,000 | ||||||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | ||||||||
Line of credit facility, maximum borrowing capacity at Company's option | $ 1,750,000,000 | ||||||||
Letters of Credit Outstanding, Amount | $ 0 | 1,000,000 | |||||||
Interest coverage ratio | 7.36 | ||||||||
Leverage ratio | 2.38 | ||||||||
Minimum specified interest coverage ratio in credit agreement | 3.25 | ||||||||
Maximum specified leverage ratio in credit agreement | 3.75 | ||||||||
Amount non-recurring cash charges may not exceed in credit agreement | $ 300,000,000 | ||||||||
Amount of indebtedness due prior to maturity that would result in default under credit agreements | 150,000,000 | ||||||||
Cross Default Provision In Credit Agreement Floor | 100,000,000 | ||||||||
Commercial paper | 1,500,000,000 | ||||||||
commercial paper maximum borrowings | 388,000,000 | ||||||||
Prepaid expenses and other current assets pledged as collateral for debt security | 37,000,000 | 37,000,000 | |||||||
8.125% Senior Debentures Due 2035 [Member] | |||||||||
Extinguishment of debt | $ 108,000,000 | $ 76,000,000 | $ 0 | 76,000,000 | 0 | ||||
Debt instrument interest rate, stated percentage | Rate | 7.875% | 8.125% | 8.125% | ||||||
7.875% Senior Notes Due 2015 [Member] | |||||||||
Debt instrument interest rate, stated percentage | 7.875% | ||||||||
Other Standby and Commercial Letters of Credit [Member] | |||||||||
Debt instrument, principal outstanding | $ 30,000,000 | 21,000,000 | |||||||
3.45% senior notes due 2021 [Member] | |||||||||
Proceeds from Issuance of Debt | $ 500,000,000 | ||||||||
Debt instrument interest rate, stated percentage | 3.45% | 3.45% | |||||||
Debt instrument, principal outstanding | $ 500,000,000 | 500,000,000 | |||||||
3.625% senior notes due 2024 [Member] | |||||||||
Proceeds from Issuance of Debt | $ 500,000,000 | ||||||||
Debt instrument interest rate, stated percentage | 3.625% | 3.625% | |||||||
Debt instrument, principal outstanding | $ 500,000,000 | 500,000,000 | |||||||
7.875% Senior Notes Due 2015 [Member] | |||||||||
Extinguishment of debt | $ 108,000,000 | 0 | $ 0 | ||||||
Debt instrument interest rate, stated percentage | Rate | 7.875% | ||||||||
4.375% Senior notes due 2023 [Member] | |||||||||
Debt instrument interest rate, stated percentage | Rate | 4.375% | ||||||||
Debt instrument, principal outstanding | $ 400,000,000 | 400,000,000 | |||||||
3.875% Senior notes due 2022 [Member] | |||||||||
Debt instrument interest rate, stated percentage | Rate | 3.875% | ||||||||
Debt instrument, principal outstanding | $ 550,000,000 | 550,000,000 | |||||||
5.125% Senior debentures due 2042 [Member] | |||||||||
Debt instrument interest rate, stated percentage | Rate | 5.125% | ||||||||
Debt instrument, principal outstanding | $ 250,000,000 | 250,000,000 | |||||||
2.875% Senior notes due 2023 [Member] | |||||||||
Debt instrument interest rate, stated percentage | Rate | 2.875% | ||||||||
Debt instrument, principal outstanding | $ 750,000,000 | 750,000,000 | |||||||
4.3% Senior notes due 2043 [Member] | |||||||||
Debt instrument interest rate, stated percentage | Rate | 4.30% | ||||||||
Debt instrument, principal outstanding | $ 250,000,000 | 250,000,000 | |||||||
4.5% senior notes due 2034[Member] | |||||||||
Proceeds from Issuance of Debt | $ 550,000,000 | ||||||||
Debt instrument interest rate, stated percentage | 4.50% | 4.50% | |||||||
Debt instrument, principal outstanding | $ 550,000,000 | 550,000,000 | |||||||
Carrying Amount | |||||||||
Long-term debt | 6,535,000,000 | 6,966,000,000 | |||||||
Revolving Credit Facility [Member] | |||||||||
Long-term Line of Credit | $ 0 | $ 0 |
Financing (Schedule of Company
Financing (Schedule of Company Debt) (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 | Dec. 07, 2015 | Nov. 18, 2014 | May 23, 2014 |
Unamortized debt issue costs | $ (29) | $ (32) | |||
Unamortized debt discount | (16) | (16) | |||
2.875% Senior notes due 2023 [Member] | |||||
Debt instrument, principal outstanding | $ 750 | 750 | |||
Debt instrument interest rate, stated percentage | 2.875% | ||||
3.875% Senior notes due 2022 [Member] | |||||
Debt instrument, principal outstanding | $ 550 | 550 | |||
Debt instrument interest rate, stated percentage | 3.875% | ||||
4.5% senior notes due 2034[Member] | |||||
Debt instrument, principal outstanding | $ 550 | 550 | |||
Debt instrument interest rate, stated percentage | 4.50% | 4.50% | |||
3.45% senior notes due 2021 [Member] | |||||
Debt instrument, principal outstanding | $ 500 | 500 | |||
Debt instrument interest rate, stated percentage | 3.45% | 3.45% | |||
3.625% senior notes due 2024 [Member] | |||||
Debt instrument, principal outstanding | $ 500 | 500 | |||
Debt instrument interest rate, stated percentage | 3.625% | 3.625% | |||
6.375% Senior Notes Due 2037 [Member] | |||||
Debt instrument, principal outstanding | $ 500 | 500 | |||
Debt instrument interest rate, stated percentage | 6.375% | ||||
4.375% Senior notes due 2023 [Member] | |||||
Debt instrument, principal outstanding | $ 400 | 400 | |||
Debt instrument interest rate, stated percentage | 4.375% | ||||
6.9% Senior Debentures Due 2029 [Member] | |||||
Debt instrument, principal outstanding | $ 400 | 400 | |||
Debt instrument interest rate, stated percentage | 6.90% | ||||
6.7% Senior Debentures Due 2034 [Member] | |||||
Debt instrument, principal outstanding | $ 400 | 400 | |||
Debt instrument interest rate, stated percentage | 6.70% | ||||
7.45% Senior Debentures Due 2017 [Member] | |||||
Debt instrument, principal outstanding | $ 0 | 300 | |||
Debt instrument interest rate, stated percentage | 7.45% | ||||
6.65% Senior Debentures Due 2024 [Member] | |||||
Debt instrument, principal outstanding | $ 300 | 300 | |||
Debt instrument interest rate, stated percentage | 6.65% | ||||
7.0% Senior Debentures Due 2028 [Member] | |||||
Debt instrument, principal outstanding | $ 300 | 300 | |||
Debt instrument interest rate, stated percentage | 7.00% | ||||
6.9% Senior Debentures Due 2032 [Member] | |||||
Debt instrument, principal outstanding | $ 250 | 250 | |||
Debt instrument interest rate, stated percentage | 6.90% | ||||
5.125% Senior debentures due 2042 [Member] | |||||
Debt instrument, principal outstanding | $ 250 | 250 | |||
Debt instrument interest rate, stated percentage | 5.125% | ||||
4.3% Senior notes due 2043 [Member] | |||||
Debt instrument, principal outstanding | $ 250 | 250 | |||
Debt instrument interest rate, stated percentage | 4.30% | ||||
6.7% Senior Debentures Due 2028 [Member] | |||||
Debt instrument, principal outstanding | $ 200 | 200 | |||
Debt instrument interest rate, stated percentage | 6.70% | ||||
6.79% Senior Debentures Due 2027 [Member] | |||||
Debt instrument, principal outstanding | $ 165 | 165 | |||
Debt instrument interest rate, stated percentage | 6.79% | ||||
7.875% Senior Debentures Due 2036 [Member] | |||||
Debt instrument, principal outstanding | $ 0 | 108 | |||
Debt instrument interest rate, stated percentage | 7.875% | ||||
8.75% Senior Debentures Due 2029 [Member] | |||||
Debt instrument, principal outstanding | $ 61 | 61 | |||
Debt instrument interest rate, stated percentage | 8.75% | ||||
8.5% Senior Debentures Due 2019 [Member] | |||||
Debt instrument, principal outstanding | $ 36 | 36 | |||
Debt instrument interest rate, stated percentage | 8.50% | ||||
10.25% Senior Debentures Due 2021 [Member] | |||||
Debt instrument, principal outstanding | $ 33 | 33 | |||
Debt instrument interest rate, stated percentage | 10.25% | ||||
9.5% Amortizing Debentures Due 2021 [Member] | |||||
Debt instrument, principal outstanding | $ 14 | 17 | |||
Debt instrument interest rate, stated percentage | 9.50% | ||||
7.6% Senior Debentures Due 2025 [Member] | |||||
Debt instrument, principal outstanding | $ 24 | 24 | |||
Debt instrument interest rate, stated percentage | 7.60% | ||||
9.75% Amortizing Debentures Due 2021 [Member] | |||||
Debt instrument, principal outstanding | $ 8 | 9 | |||
Debt instrument interest rate, stated percentage | 9.75% | ||||
7.875% Senior Debentures Due 2030 [Member] | |||||
Debt instrument, principal outstanding | $ 18 | 18 | |||
Debt instrument interest rate, stated percentage | 7.875% | ||||
Premium on acquired debt | |||||
Debt instrument, principal outstanding | $ 121 | 143 | |||
Premium on acquired debt | Minimum [Member] | |||||
Debt instrument interest rate, effective percentage | 5.542% | ||||
Premium on acquired debt | Maximum [Member] | |||||
Debt instrument interest rate, effective percentage | 6.021% | ||||
Capital Lease and Other Long-Term Obligations [Member] | |||||
Debt instrument, principal outstanding | $ 27 | 29 | |||
Total Of Long Term Debt [Member] | |||||
Debt instrument, principal outstanding | 6,562 | 6,995 | |||
7.45% Senior debentures due 2017 [Member] | |||||
Debt instrument, principal outstanding | $ 300 | 0 | |||
Debt instrument interest rate, stated percentage | 7.45% | ||||
5.90% Senior Notes Due 2016 [Member] | |||||
Debt instrument, principal outstanding | $ 0 | 577 | |||
Debt instrument interest rate, stated percentage | 5.90% | ||||
7.45% Senior Debentures Due 2016 [Member] | |||||
Debt instrument, principal outstanding | $ 0 | 59 | |||
Debt instrument interest rate, stated percentage | 7.45% | ||||
Capital Lease and Current Portion of Other Long-Term Obligations | |||||
Debt instrument, principal outstanding | $ 9 | 6 | |||
Short-term Debt [Member] | |||||
Debt instrument, principal outstanding | $ 309 | $ 642 |
Financing (Interest Expense) (D
Financing (Interest Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Interest on debt | $ 392 | $ 393 | $ 411 |
Amortization of debt premium | (22) | (21) | (12) |
Amortization of financing costs | 5 | 6 | 7 |
Interest on capitalized leases | 2 | 2 | 2 |
Interest expense, gross | 377 | 380 | 408 |
Less interest capitalized on construction | 10 | 17 | 13 |
Interest Expense, Total | 367 | 363 | 395 |
Premium on early retirement of long-term debt | $ 0 | $ 0 | $ 17 |
Financing (Future Maturities Of
Financing (Future Maturities Of Long-Term Debt) (Details) $ in Millions | Jan. 28, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 6 |
2,019 | 42 |
2,020 | 539 |
2,021 | 553 |
2,022 | 0 |
After 2,022 | $ 5,319 |
Financing (Detail Of Debt Repay
Financing (Detail Of Debt Repayments) (Details) - USD ($) $ in Millions | Aug. 15, 2016 | Aug. 17, 2015 | Nov. 18, 2014 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 |
Extinguishment of debt | $ 407 | |||||
Debt repaid | $ 751 | $ 152 | $ 870 | |||
8.125% Senior Debentures Due 2035 [Member] | ||||||
Extinguishment of debt | $ 108 | $ 76 | $ 0 | 76 | 0 | |
Debt instrument interest rate, stated percentage | 7.875% | 8.125% | 8.125% | |||
5.75% Senior Notes due 2014 [Member] | ||||||
Extinguishment of debt | $ 0 | 0 | 453 | |||
Debt instrument interest rate, stated percentage | 5.75% | |||||
7.625% Senior Debentures Due 2013 [Member] | ||||||
Extinguishment of debt | $ 0 | 0 | 407 | |||
Debt instrument interest rate, stated percentage | 7.875% | |||||
9.5% Amortizing Debentures Due 2021 [Member] | ||||||
Extinguishment of debt | $ 4 | 4 | 4 | |||
Debt instrument interest rate, stated percentage | 9.50% | |||||
9.75% Amortizing Debentures Due 2021 [Member] | ||||||
Extinguishment of debt | $ 2 | 3 | 2 | |||
Debt instrument interest rate, stated percentage | 9.75% | |||||
Capital Lease and Other Long-Term Obligations [Member] | ||||||
Extinguishment of debt | $ 1 | 0 | 4 | |||
5.90% Senior Notes Due 2016 [Member] | ||||||
Extinguishment of debt | $ 577 | 0 | 0 | |||
Debt instrument interest rate, stated percentage | 5.90% | |||||
7.875% Senior Notes Due 2015 [Member] | ||||||
Extinguishment of debt | $ 108 | 0 | 0 | |||
Debt instrument interest rate, stated percentage | 7.875% | |||||
7.5% Senior Debentures Due 2015 [Member] | ||||||
Extinguishment of debt | $ 0 | 69 | 0 | |||
Debt instrument interest rate, stated percentage | 7.50% | |||||
7.45% Senior Debentures Due 2016 [Member] | ||||||
Extinguishment of debt | $ 59 | $ 0 | $ 0 | |||
Debt instrument interest rate, stated percentage | 7.45% |
Accounts Payable and Accrued 60
Accounts Payable and Accrued Liabilities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||
Adjustments to reserve for sales returns | $ (16) | $ 19 | $ 8 |
Workers compensation and general liability reserves covered by deposits and receivables | $ 112 | $ 112 |
Accounts Payable and Accrued 61
Accounts Payable and Accrued Liabilities (Schedule Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accounts payable | $ 754 | $ 814 |
Gift card and customer rewards | 970 | 920 |
Deferred real estate gains | 340 | 104 |
Current portion of post employment and postretirement benefits | 208 | 257 |
Taxes other than income taxes | 166 | 184 |
Lease related liabilities | 174 | 165 |
Accrued wages and vacation | 215 | 153 |
Current portion of workers' compensation and general liability reserves | 119 | 127 |
Severance and relocation | 166 | 123 |
Allowance for future sales returns | 96 | 112 |
Accrued interest | 74 | 88 |
Other | 281 | 286 |
Accounts payable and accrued liabilities, total | $ 3,563 | $ 3,333 |
Accounts Payable and Accrued 62
Accounts Payable and Accrued Liabilities (Changes In Workers' Compensation And General Liability Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||
Balance, beginning of year | $ 508 | $ 505 | $ 497 |
Expense for workers compensation and general liability reserves | 145 | 159 | 160 |
Payments of workers compensation and general liability reserves | (150) | (156) | (152) |
Balance, end of year | $ 503 | $ 508 | $ 505 |
Taxes (Narrative) (Details)
Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Federal income tax statutory rate | 35.00% | 35.00% | 35.00% |
Net change in the valuation allowance | $ 9 | $ 3 | |
Federal net operating loss carryforwards | 0 | ||
State net operating loss carryforwards | 374 | ||
State credit carryforwards | 31 | ||
Unrecognized tax benefits that would impact effective income tax rate | 109 | 115 | |
Charges (credit) to income tax expense for federal, state and local interest and penalties | 2 | 1 | $ (3) |
Accrual for payment of federal, state and local interest and penalties | 55 | $ 53 | |
Other noncurrent liabilities [Member] | |||
Accrual for payment of federal, state and local interest and penalties | 54 | ||
Current Income Taxes [Member] | |||
Accrual for payment of federal, state and local interest and penalties | $ 1 | ||
Maximum [Member] | |||
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2036 | ||
Minimum [Member] | |||
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2017 |
Taxes (Income Tax Expense) (Det
Taxes (Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Taxes Payable [Abstract] | |||
Current federal income tax expense (benefit) | $ 433 | $ 536 | $ 743 |
Deferred federal income tax expense (benefit) | (125) | 0 | 28 |
Federal income tax expense (benefit), total | 308 | 536 | 771 |
Current state and local income tax expense (benefit) | 37 | 72 | 92 |
Deferred state and local income tax expense (benefit) | (4) | 0 | 1 |
State and local income tax expense (benefit), total | 33 | 72 | 93 |
Current income tax expense (benefit), total | 470 | 608 | 835 |
Deferred income tax expense, total | (129) | 0 | 29 |
Income tax expense (benefit), total | $ 341 | $ 608 | $ 864 |
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, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Taxes Payable [Abstract] | |||
Expected tax | $ 333 | $ 587 | $ 836 |
State and local income taxes, net of federal income tax benefit | 12 | 43 | 59 |
Historic rehabilitation tax credit | (1) | (12) | (20) |
Change in valuation allowance | 9 | 3 | 1 |
Other | (12) | (13) | (12) |
Income tax expense (benefit), total | $ 341 | $ 608 | $ 864 |
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, 2017 | Jan. 30, 2016 |
Deferred tax assets: | ||
Post employment and postretirement benefits | $ 405 | $ 536 |
Accrued liabilities accounted for on a cash basis for tax purposes | 379 | 340 |
Long-term debt | 63 | 73 |
Unrecognized state tax benefits and accrued interest | 76 | 79 |
State operating loss and credit carryforwards | 79 | 82 |
Other | 347 | 206 |
Valuation allowance | (36) | (27) |
Total deferred tax assets | 1,313 | 1,289 |
Deferred tax liabilities: | ||
Excess of book basis over tax basis of property and equipment | (1,381) | (1,485) |
Merchandise inventories | (604) | (606) |
Intangible assets | (380) | (345) |
Other | (391) | (330) |
Total deferred tax liabilities | (2,756) | (2,766) |
Net deferred tax liability | $ (1,443) | $ (1,477) |
Taxes (Reconciliation Of Beginn
Taxes (Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Balance, beginning of period | $ 178 | $ 172 | $ 189 | |||
Additions based on tax positions related to the current year | 16 | 30 | 33 | |||
Additions for tax positions of prior years | 0 | 0 | 0 | |||
Reductions for tax positions of prior years | (12) | (7) | (15) | |||
Settlements | (4) | (3) | (23) | |||
Statute expirations | (11) | (14) | (12) | |||
Balance, end of period | 167 | 178 | 172 | |||
Current income taxes | $ 6 | $ 12 | $ 11 | |||
Unrecognized tax benefits | $ 178 | $ 172 | $ 189 | 167 | 178 | 172 |
Long term deferred income taxes [Member] | ||||||
Long-term uncertian tax positions | 4 | 5 | 6 | |||
Other noncurrent liabilities [Member] | ||||||
Long-term uncertian tax positions | $ 157 | $ 161 | $ 155 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017USD ($)yrd | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | |
2016 reduction in service cost and interest cost | $ 36 | ||
Number of hours required for participation in defined benefit and defined contribution plans | 1,000 | ||
Liability under qualified defined contribution plan | $ 102 | $ 97 | |
Minimum [Member] | |||
Range of restrictions on investment redemption frequency, number of times allowed per year | d | 2 | ||
Maximum [Member] | |||
Range of restrictions on investment redemption frequency, number of times allowed per year | d | 365 | ||
Supplemental Employee Retirement Plan | |||
Discount rate | 4.07% | 4.23% | |
Accumulated benefit obligation for defined benefit plan | $ 747 | $ 823 | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 8 | ||
Company contributions to defined benefit pension plan | $ 124 | $ 58 | |
Discount rate for interest cost (percent) | 3.55% | 4.50% | |
Supplemental Employee Retirement Plan | Minimum [Member] | |||
Discount rate for interest cost (percent) | 2.65% | ||
Supplemental Employee Retirement Plan | Maximum [Member] | |||
Discount rate for interest cost (percent) | 3.16% | ||
Pension Plan [Member] | |||
Discount rate | 4.00% | 4.17% | |
Expected long-term return on plan assets | 7.00% | 7.00% | 7.50% |
Accumulated benefit obligation for defined benefit plan | $ 3,464 | $ 3,574 | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 33 | ||
Unfunded commitments to certain of these investments | 72 | 96 | |
Company contributions to defined benefit pension plan | $ 0 | $ 0 | |
Discount rate for service cost (percent) | 3.55% | 4.50% | |
Discount rate for interest cost (percent) | 3.55% | 4.50% | |
Pension Plan [Member] | Minimum [Member] | |||
Range of investment lock-up period, in years | yr | 2 | ||
Range of advance notice requirements for investment redemption, in days | d | 60 | ||
Discount rate for service cost (percent) | 3.79% | ||
Discount rate for interest cost (percent) | 2.96% | ||
Pension Plan [Member] | Maximum [Member] | |||
Range of investment lock-up period, in years | yr | 14 | ||
Range of advance notice requirements for investment redemption, in days | d | 90 | ||
Discount rate for service cost (percent) | 4.26% | ||
Discount rate for interest cost (percent) | 3.30% | ||
Pension Plan [Member] | Equity securities [Member] | |||
Target allocation for equity securities in defined benefit plan | 50.00% | ||
Pension Plan [Member] | Debt Securities [Member] | |||
Target allocation for equity securities in defined benefit plan | 40.00% | ||
Pension Plan [Member] | Real Estate Funds [Member] | |||
Target allocation for equity securities in defined benefit plan | 5.00% | ||
Pension Plan [Member] | Private equity [Member] | |||
Target allocation for equity securities in defined benefit plan | 5.00% | ||
Defined Contribution Qualified Plan [Member] | Other Postretirement Benefit Plan [Member] | |||
Employee retirement plan expense | $ 94 | $ 88 | $ 89 |
Non qualified defined contribution plan [Member] | Other Postretirement Benefit Plan [Member] | |||
Employee retirement plan expense | 2 | 2 | $ 2 |
Investments | 20 | 13 | |
Management [Member] | Other Postretirement Benefit Plan [Member] | |||
Liability for deferred compensation plan reflected in other liabilities | 37 | 39 | |
Other Liabilities [Member] | Non qualified defined contribution plan [Member] | Other Postretirement Benefit Plan [Member] | |||
Liability under non-qualified defined contribution plan | 20 | 13 | |
Accounts Payable and Accrued Liabilities [Member] | Non qualified defined contribution plan [Member] | Other Postretirement Benefit Plan [Member] | |||
Liability under non-qualified defined contribution plan | $ 2 | $ 2 | |
Previously Reported | Pension Plan [Member] | |||
Discount rate for service cost (percent) | 4.17% | ||
Discount rate for interest cost (percent) | 4.23% |
Retirement Plans (Retirement Ex
Retirement Plans (Retirement Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Total Retirement Expense | $ 44 | $ 77 | $ 65 |
Pension Plan [Member] | |||
Total net periodic benefit cost | (83) | (54) | (64) |
Supplemental Employee Retirement Plan | |||
Total net periodic benefit cost | 31 | 41 | 38 |
Non qualified defined contribution plan [Member] | Other Postretirement Benefit Plan [Member] | |||
Defined Contribution Plan, Cost Recognized | $ 2 | $ 2 | $ 2 |
Retirement Plans (Reconciliatio
Retirement Plans (Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status Of The Pension Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Supplemental Employee Retirement Plan | |||
Projected benefit obligation, beginning of year | $ 823 | $ 920 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 22 | 31 | 33 |
Actuarial (gain) loss | 26 | (70) | |
Benefits paid | (124) | (58) | |
Projected benefit obligation, end of year | 747 | 823 | 920 |
Fair value of plan assets, beginning of year | 0 | 0 | |
Company contributions | 124 | 58 | |
Fair value of plan assets, end of year | 0 | 0 | 0 |
Funded status at end of year | 747 | 823 | |
Accounts payable and accrued liabilities | (86) | (138) | |
Other liabilities | (661) | (685) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (747) | (823) | |
Net actuarial loss | 248 | 261 | |
Prior service credit | 8 | 8 | |
Total included in accumulated other comprehensive income | 256 | 269 | |
Pension Plan [Member] | |||
Projected benefit obligation, beginning of year | 3,585 | 3,966 | |
Service cost | 5 | 6 | 6 |
Interest cost | 108 | 137 | 151 |
Actuarial (gain) loss | 55 | (282) | |
Benefits paid | (284) | (242) | |
Projected benefit obligation, end of year | 3,469 | 3,585 | 3,966 |
Fair value of plan assets, beginning of year | 3,256 | 3,636 | |
Actual return on plan assets | 402 | (138) | |
Company contributions | 0 | 0 | |
Fair value of plan assets, end of year | 3,374 | 3,256 | $ 3,636 |
Funded status at end of year | 95 | 329 | |
Other liabilities | (95) | (329) | |
Net actuarial loss | $ 1,232 | $ 1,451 |
Retirement Plans (Net Periodic
Retirement Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Settlement charges | $ (17) | $ (62) | $ (6) | $ (13) | $ (98) | $ 0 | $ 0 |
Settlement charges | $ 17 | $ 62 | $ 6 | $ 13 | 98 | 0 | 0 |
Supplemental Employee Retirement Plan | |||||||
Service cost | 0 | 0 | 0 | ||||
Interest cost | 22 | 31 | 33 | ||||
Amortization of net actuarial (gain) loss | 9 | 10 | 5 | ||||
Amortization of prior service credit | 0 | 0 | 0 | ||||
Total net periodic benefit cost | 31 | 41 | 38 | ||||
Settlement charges | 30 | 0 | 0 | ||||
Net actuarial (gain) loss recognized in OCI before tax | 26 | (70) | 170 | ||||
Amortization of net actuarial loss | (9) | (10) | (5) | ||||
Amortization of prior service credit | 0 | 0 | 0 | ||||
Settlement charges | (30) | 0 | 0 | ||||
Total recognized in other comprehensive income | (13) | (80) | 165 | ||||
Total recognized in net periodic benefit cost and other comprehensive income | 48 | (39) | 203 | ||||
Pension Plan [Member] | |||||||
Service cost | 5 | 6 | 6 | ||||
Interest cost | 108 | 137 | 151 | ||||
Expected return on assets | (227) | (235) | (246) | ||||
Amortization of net actuarial (gain) loss | 31 | 38 | 25 | ||||
Amortization of prior service credit | 0 | 0 | 0 | ||||
Total net periodic benefit cost | (83) | (54) | (64) | ||||
Settlement charges | 68 | 0 | 0 | ||||
Net actuarial (gain) loss recognized in OCI before tax | (120) | 92 | 491 | ||||
Amortization of net actuarial loss | (31) | (38) | (25) | ||||
Amortization of prior service credit | 0 | 0 | 0 | ||||
Settlement charges | (68) | 0 | 0 | ||||
Total recognized in other comprehensive income | (219) | 54 | 466 | ||||
Total recognized in net periodic benefit cost and other comprehensive income | $ (234) | $ 0 | $ 402 |
Retirement Plans (Weighted Aver
Retirement Plans (Weighted Average Assumptions Used To Determine Projected Benefit Obligations For The Pension Plan) (Details) | Jan. 28, 2017 | Jan. 30, 2016 |
Supplemental Employee Retirement Plan | ||
Discount rate | 4.07% | 4.23% |
Pension Plan [Member] | ||
Discount rate | 4.00% | 4.17% |
Rate of compensation increases | 4.10% | 4.10% |
Retirement Plans (Weighted Av73
Retirement Plans (Weighted Average Assumptions Used To Determine Net Periodic Pension Costs For The Pension Plan) (Details) - Pension Plan [Member] | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Discount rate for service cost (percent) | 3.55% | 4.50% | |
Discount rate for interest cost (percent) | 3.55% | 4.50% | |
Expected long-term return on plan assets | 7.00% | 7.00% | 7.50% |
Rate of compensation increases | 4.10% | 4.10% | 4.10% |
Minimum [Member] | |||
Discount rate for service cost (percent) | 3.79% | ||
Discount rate for interest cost (percent) | 2.96% | ||
Maximum [Member] | |||
Discount rate for service cost (percent) | 4.26% | ||
Discount rate for interest cost (percent) | 3.30% |
Retirement Plans (Fair Value Of
Retirement Plans (Fair Value Of Pension Plan Assets) (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Fair value of pension plan assets | $ 112 | $ 132 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 20 | 13 |
Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 92 | 119 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | ||
Fair value of pension plan assets | 3,377 | 3,246 |
Pension Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 1,421 | 1,311 |
Pension Plan [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 821 | 907 |
Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Cash and Cash Equivalents [Member] | ||
Fair value of pension plan assets | 15 | |
Pension Plan [Member] | Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 15 | |
Pension Plan [Member] | Cash and Cash Equivalents [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | |
Pension Plan [Member] | Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | |
Pension Plan [Member] | Money market securities [Member] | ||
Fair value of pension plan assets | 14 | 36 |
Pension Plan [Member] | Money market securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Money market securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 14 | 36 |
Pension Plan [Member] | Money market securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Money market pooled funds [Member] | ||
Fair value of pension plan assets | 74 | 46 |
Pension Plan [Member] | Money market pooled funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 74 | 46 |
Pension Plan [Member] | Money market pooled funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Money market pooled funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | UNITED STATES | ||
Fair value of pension plan assets | 309 | 280 |
Pension Plan [Member] | Equity securities [Member] | United States pooled funds [Member] | ||
Fair value of pension plan assets | 654 | 391 |
Pension Plan [Member] | Equity securities [Member] | International [Member] | ||
Fair value of pension plan assets | 649 | 575 |
Pension Plan [Member] | Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | UNITED STATES | ||
Fair value of pension plan assets | 309 | 280 |
Pension Plan [Member] | Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | United States pooled funds [Member] | ||
Fair value of pension plan assets | 446 | 207 |
Pension Plan [Member] | Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | International [Member] | ||
Fair value of pension plan assets | 131 | 336 |
Pension Plan [Member] | Equity securities [Member] | Significant Observable Inputs (Level 2) [Member] | UNITED STATES | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | Significant Observable Inputs (Level 2) [Member] | United States pooled funds [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | Significant Observable Inputs (Level 2) [Member] | International [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | UNITED STATES | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | United States pooled funds [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | International [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | U.S. Treasury bonds [Member] | ||
Fair value of pension plan assets | 194 | 233 |
Pension Plan [Member] | U.S. Treasury bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | U.S. Treasury bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 194 | 233 |
Pension Plan [Member] | U.S. Treasury bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Other Government bonds [Member] | ||
Fair value of pension plan assets | 40 | 41 |
Pension Plan [Member] | Other Government bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Other Government bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 40 | 41 |
Pension Plan [Member] | Other Government bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Agency backed bonds [Member] | ||
Fair value of pension plan assets | 24 | 31 |
Pension Plan [Member] | Agency backed bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Agency backed bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 24 | 31 |
Pension Plan [Member] | Agency backed bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Corporate bonds [Member] | ||
Fair value of pension plan assets | 453 | 433 |
Pension Plan [Member] | Corporate bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Corporate bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 453 | 433 |
Pension Plan [Member] | Corporate bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Mortgage-backed securities and forwards [Member] | ||
Fair value of pension plan assets | 85 | 112 |
Pension Plan [Member] | Mortgage-backed securities and forwards [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Mortgage-backed securities and forwards [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 85 | 112 |
Pension Plan [Member] | Mortgage-backed securities and forwards [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Asset-backed securities [Member] | ||
Fair value of pension plan assets | 17 | 28 |
Pension Plan [Member] | Asset-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Asset-backed securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 17 | 28 |
Pension Plan [Member] | Asset-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Pooled funds [Member] | ||
Fair value of pension plan assets | 461 | 427 |
Pension Plan [Member] | Pooled funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 461 | 427 |
Pension Plan [Member] | Pooled funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Pooled funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Real Estate [Member] | ||
Fair value of pension plan assets | 223 | 238 |
Pension Plan [Member] | Real Estate [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Real Estate [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Hedge Funds [Member] | ||
Fair value of pension plan assets | 179 | |
Pension Plan [Member] | Hedge Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | |
Pension Plan [Member] | Hedge Funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | |
Pension Plan [Member] | Hedge Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | |
Pension Plan [Member] | Private equity [Member] | ||
Fair value of pension plan assets | 186 | 188 |
Pension Plan [Member] | Private equity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Private equity [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Private equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Derivatives in a positive position [Member] | ||
Fair value of pension plan assets | 13 | 15 |
Pension Plan [Member] | Derivatives in a positive position [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Derivatives in a positive position [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | 13 | 15 |
Pension Plan [Member] | Derivatives in a positive position [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Derivatives in a negative position [Member] | ||
Fair value of pension plan assets | (19) | (22) |
Pension Plan [Member] | Derivatives in a negative position [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension plan assets | 0 | 0 |
Pension Plan [Member] | Derivatives in a negative position [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair value of pension plan assets | (19) | (22) |
Pension Plan [Member] | Derivatives in a negative position [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension plan assets | $ 0 | $ 0 |
Retirement Plans (Estimated Pen
Retirement Plans (Estimated Pension Plan Benefit Payments) (Details) - Pension Plan [Member] $ in Millions | Jan. 28, 2017USD ($) |
2,017 | $ 383 |
2,018 | 309 |
2,019 | 299 |
2,020 | 286 |
2,021 | 246 |
2022-2026 | $ 1,113 |
Retirement Plans (Reconciliat76
Retirement Plans (Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status Of The Supplementary Retirement Plan) (Details) - Supplemental Employee Retirement Plan - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Projected benefit obligation, beginning of year | $ 823 | $ 920 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 22 | 31 | 33 |
Actuarial (gain) loss | 26 | (70) | |
Benefits paid | (124) | (58) | |
Projected benefit obligation, end of year | 747 | 823 | 920 |
Fair value of plan assets, beginning of year | 0 | 0 | |
Company contributions | 124 | 58 | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status at end of year | 747 | 823 | |
Accounts payable and accrued liabilities | (86) | (138) | |
Defined Benefit Pension Plan, Liabilities, Noncurrent | (661) | (685) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (747) | (823) | |
Net actuarial (gain) loss | 248 | 261 | |
Prior service credit | 8 | 8 | |
Total included in accumulated other comprehensive income | $ 256 | $ 269 |
Retirement Plans (Net Periodi77
Retirement Plans (Net Periodic Benefit Cost Of Supplemental Retirement Plan) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Settlement charges | $ (17) | $ (62) | $ (6) | $ (13) | $ (98) | $ 0 | $ 0 |
Settlement charges | $ 17 | $ 62 | $ 6 | $ 13 | 98 | 0 | 0 |
Supplemental Employee Retirement Plan | |||||||
Service cost | 0 | 0 | 0 | ||||
Interest cost | 22 | 31 | 33 | ||||
Amortization of net actuarial (gain) loss | 9 | 10 | 5 | ||||
Amortization of prior service credit | 0 | 0 | 0 | ||||
Total net periodic benefit cost | 31 | 41 | 38 | ||||
Settlement charges | 30 | 0 | 0 | ||||
Net actuarial (gain) loss recognized in OCI before tax | 26 | (70) | 170 | ||||
Prior service cost recognized in OCI before tax | 0 | 0 | 0 | ||||
Amortization of net actuarial loss | (9) | (10) | (5) | ||||
Amortization of prior service credit | 0 | 0 | 0 | ||||
Settlement charges | (30) | 0 | 0 | ||||
Total recognized in other comprehensive income | (13) | (80) | 165 | ||||
Total recognized in net periodic benefit cost and other comprehensive income | $ 48 | $ (39) | $ 203 |
Retirement Plans (Estimated Sup
Retirement Plans (Estimated Supplementary Retirement Plan Benefit Payments) (Details) - Supplemental Employee Retirement Plan $ in Millions | Jan. 28, 2017USD ($) |
2,017 | $ 86 |
2,018 | 78 |
2,019 | 46 |
2,020 | 48 |
2,021 | 48 |
2022-2026 | $ 228 |
Postretirement Health Care an79
Postretirement Health Care and Life Insurance Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
2016 reduction in service cost and interest cost | $ 36 | ||
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.14% | 3.55% | 4.50% |
2016 reduction in service cost and interest cost | $ 2 | ||
Previously Reported | Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.15% |
Postretirement Health Care an80
Postretirement Health Care and Life Insurance Benefits (Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status Of The Postretirement Obligations) (Details) - Other Postretirement Benefit Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Projected benefit obligation, beginning of year | $ 212 | $ 243 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 6 | 8 | 10 |
Actuarial (gain) loss | (13) | (22) | |
Medicare Part D subsidy | 1 | 1 | |
Benefits paid | (20) | (18) | |
Projected benefit obligation, end of year | 186 | 212 | 243 |
Fair value of plan assets, beginning of year | 0 | 0 | |
Company contributions | 20 | 18 | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status at end of year | 186 | 212 | |
Accounts payable and accrued liabilities | (18) | (20) | |
Other liabilities | (168) | (192) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (186) | (212) | |
Net actuarial (gain) loss | (31) | $ (22) | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | $ 4 |
Postretirement Health Care an81
Postretirement Health Care and Life Insurance Benefits (Net Periodic Benefit Cost) (Details) - Other Postretirement Benefit Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 6 | 8 | 10 |
Amortization of net actuarial (gain) loss | (4) | 0 | (5) |
Amortization of prior service credit | 0 | 0 | 0 |
Total net periodic benefit cost | 2 | 8 | 5 |
Net actuarial (gain) loss recognized in OCI before tax | (13) | (22) | 30 |
Amortization of net actuarial loss | 4 | 0 | 5 |
Amortization of prior service credit | 0 | 0 | 0 |
Total recognized in other comprehensive income | (9) | (22) | 35 |
Total recognized in net periodic benefit cost and other comprehensive income | $ (7) | $ (14) | $ 40 |
Postretirement Health Care an82
Postretirement Health Care and Life Insurance Benefits (Weighted Average Assumptions Used To Determine Projected Benefit Obligations For Postretirement Obligations) (Details) | Jan. 28, 2017 | Jan. 30, 2016 |
Other Postretirement Benefit Plan [Member] | ||
Discount rate | 3.99% | 4.15% |
Postretirement Health Care an83
Postretirement Health Care and Life Insurance Benefits (Weighted Average Assumptions Used To Determine Net Periodic Costs For Postretirement Plans) (Details) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Other Postretirement Benefit Plan [Member] | |||
Discount rate | 3.14% | 3.55% | 4.50% |
Postretirement Health Care an84
Postretirement Health Care and Life Insurance Benefits (Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | |
Jan. 28, 2017Rate | Jan. 30, 2016Rate | |
Rates to which is the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,027 | 2,027 |
Minimum [Member] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.15% | 6.25% |
Maximum [Member] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 9.75% | 10.00% |
Postretirement Health Care an85
Postretirement Health Care and Life Insurance Benefits (One Percentage Point Change In Assumed Health Care Cost Rates Would Have The Following Effects) (Details) $ in Millions | 12 Months Ended |
Jan. 28, 2017USD ($) | |
Postretirement Medical Plans with Prescription Drug Benefits [Abstract] | |
Effect on total of service and interest cost, 1 - percentage point increase | $ 0 |
Effect on total of service and interest cost, 1 - percentage point decrease | 0 |
Effect on accumulated postretirement benefit obligations, 1 - percentage point increase | 11 |
Effect on accumulated postretirement benefit obligations, 1 - percentage point decrease | $ (10) |
Postretirement Health Care an86
Postretirement Health Care and Life Insurance Benefits (Estimated Postretirement Benefit Payments In Future Years) (Details) - Other Postretirement Benefit Plan [Member] $ in Millions | Jan. 28, 2017USD ($) |
Expected Benefit | |
2,017 | $ 17 |
2,018 | 17 |
2,019 | 16 |
2,020 | 16 |
2,021 | 15 |
2022-2026 | 63 |
Expected Federal Subsidy | |
2,017 | 1 |
2,018 | 1 |
2,019 | 1 |
2,020 | 0 |
2,021 | 0 |
2022-2026 | $ 1 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) shares in Millions, $ in Millions | 12 Months Ended |
Jan. 28, 2017USD ($)yrshares | |
Number of Company equity plans prior to 2009 | 2 |
Number of years stock and stock option grant plans are active | 10 |
Shares available for additional grants under the Company's equity plan | shares | 16 |
Evaluation period of performance-based restricted stock plan for senior executives | 3 |
Restricted Stock and Time-Based Restricted Stock Unit Awards [Member] | Minimum [Member] | |
Number of years of service required to vest in stock based compensation plans | 1 |
Restricted Stock and Time-Based Restricted Stock Unit Awards [Member] | Maximum [Member] | |
Number of years of service required to vest in stock based compensation plans | 4 |
Restricted Stock Units [Member] | |
Unrecognized compensation costs related to nonvested restricted stock awards | $ | $ 21 |
Unrecognized compensation costs related to nonvested restricted stock awards | 1 year 4 months 24 days |
Employee Stock Options [Member] | |
Number of years of service required to vest in stock based compensation plans | 4 |
Unrecognized compensation costs related to nonvested restricted stock awards | $ | $ 63 |
Unrecognized compensation costs related to nonvested restricted stock awards | 1 year 8 months 12 days |
2009 Omnibus Incentive Compensation Plan [Member] | |
Common Stock Shares Authorized to be issued under stock compensation plan | shares | 51 |
CMD Committee Performance-Based Restricted Stock Plan [Member] | |
Evaluation period of performance-based restricted stock plan for senior executives | 3 |
CMD Committee Performance-Based Restricted Stock Plan [Member] | Minimum [Member] | |
Percentage range of shares received by grant recipient based on target shares granted | 0.00% |
Number of companies in executive peer group for compensation plans | |
CMD Committee Performance-Based Restricted Stock Plan [Member] | Maximum [Member] | |
Percentage range of shares received by grant recipient based on target shares granted | 150.00% |
Number of companies in executive peer group for compensation plans | 12 |
Stock Based Compensation (Stock
Stock Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Stock options | $ 43 | $ 52 | $ 47 |
Share-based compensation, total | 61 | 65 | 73 |
Restricted Stock Units [Member] | |||
Restricted stock | $ 18 | $ 13 | $ 26 |
Stock Based Compensation (Fair
Stock Based Compensation (Fair Value of Stock-Options Granted And Weighted Average Assumptions to Calculate Fair Value) (Details) - $ / shares | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation [Abstract] | |||
Weighted average grant date fair value of stock options granted during the period | $ 12.14 | $ 20.78 | $ 19.07 |
Dividend yield | 3.80% | 2.70% | 2.50% |
Expected volatility | 42.70% | 43.30% | 42.70% |
Risk-free interest rate | 1.40% | 1.70% | 1.50% |
Expected life | 5 years 8 months 12 days | 5 years 8 months 12 days | 5 years 8 months 12 days |
Stock Based Compensation (Sto90
Stock Based Compensation (Stock Option Activity) (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Jan. 28, 2017USD ($)$ / sharesshares | |
Share-based Compensation [Abstract] | |
Outstanding, beginning of period, shares | shares | 18,829,800 |
Outstanding, beginning of period, weighted average exercise price | $ / shares | $ 41.92 |
Granted, shares | shares | 3,886,800 |
Granted, weighted average exercise price | $ / shares | $ 42.97 |
Canceled or forfeited, shares | shares | (1,116,600) |
Canceled or forfeited, weighted average exercise price | $ / shares | $ 51.33 |
Exercised, shares | shares | (1,122,100) |
Exercised, weighted average exercise price | $ / shares | $ 31.30 |
Outstanding, end of period, shares | shares | 20,477,900 |
Outstanding, end of period, weighted average exercise price | $ / shares | $ 42.18 |
Exercisable, end of period, shares | shares | 12,541,500 |
Exercisable, end of period, weighted average exercise price | $ / shares | $ 36.48 |
Exercisable, end of period, weighted average remaining contractual life (years) | 4 years 1 month 6 days |
Exercisable, end of period, aggregate intrinsic value | $ | $ 46 |
Options expected to vest, shares | shares | 6,657,500 |
Options expected to vest, weighted average exercise price | $ / shares | $ 51.07 |
Options expected to vest, weighted average remaining contractual life (years) | 8 years 3 months 18 days |
Options expected to vest, aggregate intrinsic value | $ | $ 0 |
Stock Based Compensation (Addit
Stock Based Compensation (Additional Information Relating To Stock Options) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation [Abstract] | |||
Intrinsic value of options exercised | $ 12 | $ 127 | $ 189 |
Cash received from stock options exercised | $ 35 | $ 125 | $ 200 |
Stock Based Compensation (Fai92
Stock Based Compensation (Fair Value of Restricted Stock Awards During the Period) (Details) - $ / shares | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Restricted Stock Units [Member] | |||
Granted, weighted average fair value | $ 40.02 | $ 62.61 | $ 59.41 |
Stock Based Compensation (Restr
Stock Based Compensation (Restricted Stock Award and Restricted Stock Unit Activity) (Details) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Nonvested restricted stock units, beginning of period, shares | 1,497,000 | ||
Granted - performance-based, shares | 575,100 | ||
Performance adjustment, shares | (237,600) | ||
Granted - time-based, shares | 482,800 | ||
Nonvested restricted stock units, forfeited | (250,000) | ||
Vested, shares | (249,000) | ||
Nonvested restricted stock units, end of period, shares | 1,818,300 | 1,497,000 | |
Nonvested, beginning of period, weighted-average fair value | $ 57.06 | ||
Granted, weighted average fair value | 40.02 | $ 62.61 | $ 59.41 |
Granted - performance based, weighted average fair value | 43.72 | ||
Performance adjustment, weighted average fair value | 59.82 | ||
Granted - time-based, weighted average fair value | 35.61 | ||
Forfeited, weighted average fair value | 32.99 | ||
Vested, weighted average fair value | 33.70 | ||
Nonvested, end of period, weighted-average fair value | $ 53.29 | $ 57.06 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 26, 2016 | Feb. 01, 2014 | |
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized | 125,000,000 | ||||
Preferred stock, par value | $ 0.01 | ||||
Preferred stock, shares issued | 0 | ||||
Common stock, shares authorized | 1,000,000,000 | ||||
Common stock, par value | $ 0.01 | ||||
Common stock, shares issued | 333,605,800 | 341,605,800 | 379,605,800 | 410,605,800 | |
Common stock, shares outstanding | 304,062,800 | 310,256,100 | 340,573,700 | 364,935,000 | |
Retirement of common stock | 8,000,000 | 38,000,000 | 31,000,000 | ||
Stock Repurchase Program, Additional Authorized Amount | $ 1,500 | ||||
Stock repurchase program authorized amount | $ 18,000 | ||||
Stock repurchased during period, shares | 7,900,000 | 34,800,000 | 31,900,000 | ||
Stock repurchased during period, value | $ 316 | $ 2,000 | $ 1,900 | ||
Stock repurchase program remaining authorized repurchase amount | $ 1,716 |
Shareholders' Equity (Changes I
Shareholders' Equity (Changes In The Company's Common Stock Issued and Outstanding) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Common stock, shares issued | (341,605,800) | (379,605,800) | (410,605,800) |
Common stock, shares outstanding | 310,256,100 | 340,573,700 | 364,935,000 |
Stock issued under stock plans | (1,524,700) | (4,433,100) | (7,435,800) |
Stock repurchases | (4,600) | (12,700) | (27,000) |
Deferred compensation plan distributions | 160,900 | 68,800 | 104,800 |
Retirement of common stock | (8,000,000) | (38,000,000) | (31,000,000) |
Common stock, shares issued | (333,605,800) | (341,605,800) | (379,605,800) |
Common stock, shares outstanding | 304,062,800 | 310,256,100 | 340,573,700 |
Balance | $ (4,323) | $ (4,250) | |
Other comprehensive income (loss) | (147) | (29) | $ 407 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Other comprehensive income (loss) | $ (147) | $ (29) | $ 407 |
Other [Member] | |||
Stock repurchases | (7,874,300) | (34,806,800) | (31,874,900) |
Treasury Stock, Deferred Compensation Plans [Member] | |||
Common stock, shares issued | (1,170,800) | (1,179,200) | (1,229,200) |
Stock issued under stock plans | (87,000) | (60,400) | (54,800) |
Deferred compensation plan distributions | 160,900 | 68,800 | 104,800 |
Common stock, shares issued | (1,096,900) | (1,170,800) | (1,179,200) |
Treasury Stock, Other [Member] | |||
Common stock, shares issued | (30,178,900) | (37,852,900) | (44,441,600) |
Stock issued under stock plans | (1,611,700) | (4,493,500) | (7,490,600) |
Stock repurchases | (4,600) | (12,700) | (27,000) |
Common stock, shares issued | (28,446,100) | (30,178,900) | (37,852,900) |
Treasury Stock, Other [Member] | Other [Member] | |||
Stock repurchases | (7,874,300) | (34,806,800) | (31,874,900) |
Treasury Stock [Member] | |||
Common stock, shares issued | (31,349,700) | (39,032,100) | (45,670,800) |
Stock issued under stock plans | (1,524,700) | (4,433,100) | (7,435,800) |
Stock repurchases | (4,600) | (12,700) | (27,000) |
Deferred compensation plan distributions | 160,900 | 68,800 | 104,800 |
Retirement of common stock | (8,000,000) | (38,000,000) | (31,000,000) |
Common stock, shares issued | (29,543,000) | (31,349,700) | (39,032,100) |
Treasury Stock [Member] | Other [Member] | |||
Stock repurchases | (7,874,300) | (34,806,800) | (31,874,900) |
Fair Value Measurements and C96
Fair Value Measurements and Concentrations of Credit Risk (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Carrying value of long-lived assets held and used | $ 405 | $ 201 |
Long-lived assets held and used | 147 | 53 |
Impairments of properties held and used | $ 258 | $ 148 |
Fair Value Measurements and C97
Fair Value Measurements and Concentrations of Credit Risk (Financial Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Marketable equity and debt securities | $ 112 | $ 132 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Marketable equity and debt securities | 20 | 13 |
Significant Observable Inputs (Level 2) [Member] | ||
Marketable equity and debt securities | 92 | 119 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Marketable equity and debt securities | $ 0 | $ 0 |
Fair Value Measurements and C98
Fair Value Measurements and Concentrations of Credit Risk (Estimated Fair Value Of Company Long Term Debt) (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Long-term debt | $ 6,438 | $ 6,756 |
Notional Amount | ||
Long-term debt | 6,459 | 6,871 |
Carrying Amount | ||
Long-term debt | $ 6,535 | $ 6,966 |
Fair Value Measurements and C99
Fair Value Measurements and Concentrations of Credit Risk (Company Non-Financial Assets Measured On A Recurring Basis) (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Long-lived assets held and used | $ 147 | $ 53 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Long-lived assets held and used | 0 | 0 |
Significant Observable Inputs (Level 2) [Member] | ||
Long-lived assets held and used | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Long-lived assets held and used | $ 147 | $ 53 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Macy's, Inc. shareholders | $ 475 | $ 17 | $ 11 | $ 116 | $ 544 | $ 118 | $ 217 | $ 193 | $ 619 | $ 1,072 | $ 1,526 |
Net income (loss) available to common stockholders, basic | 619 | 1,072 | 1,526 | ||||||||
Net income (loss) available to common stockholders, diluted | $ 619 | $ 1,072 | $ 1,526 | ||||||||
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 1.56 | $ 0.05 | $ 0.03 | $ 0.37 | $ 1.74 | $ 0.36 | $ 0.65 | $ 0.57 | $ 2.01 | $ 3.26 | $ 4.30 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 1.54 | $ 0.05 | $ 0.03 | $ 0.37 | $ 1.73 | $ 0.36 | $ 0.64 | $ 0.56 | $ 1.99 | $ 3.22 | $ 4.22 |
Average number of shares issued, basic | 307.6 | 327.6 | 354.3 | ||||||||
Net income | $ 611 | $ 1,070 | $ 1,526 | ||||||||
Shares to be issued under deferred compensation and other plans | 0.9 | 0.8 | 0.9 | ||||||||
Average number of shares outstanding, basic | 308.5 | 328.4 | 355.2 | ||||||||
Effect of dilutive securities-stock options, restricted stock and restricted stock units | 2.3 | 4.6 | 6.5 | ||||||||
Average number of shares outstanding, diluted | 310.8 | 333 | 361.7 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Restricted Stock Units [Member] | |||
Stock options outstanding, not included in computation of diluted earnings (loss) per share | 1,100 | 140 | 600 |
Employee Stock Options [Member] | |||
Stock options outstanding, not included in computation of diluted earnings (loss) per share | 15,500 | 12,600 | 3,200 |
Quarterly Results (unaudited102
Quarterly Results (unaudited) (Unaudited Quarterly Results) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net sales | $ 8,515 | $ 5,626 | $ 5,866 | $ 5,771 | $ 8,869 | $ 5,874 | $ 6,104 | $ 6,232 | $ 25,778 | $ 27,079 | $ 28,105 |
Cost of sales | (5,251) | (3,386) | (3,468) | (3,516) | (5,549) | (3,537) | (3,610) | (3,800) | (15,621) | (16,496) | (16,863) |
Gross margin | 3,264 | 2,240 | 2,398 | 2,255 | 3,320 | 2,337 | 2,494 | 2,432 | 10,157 | 10,583 | 11,242 |
Selling, general and administrative expenses | (2,202) | (2,071) | (2,026) | (1,966) | (2,207) | (1,968) | (2,058) | (2,023) | (8,265) | (8,256) | (8,355) |
Impairments, store closing and other costs | (230) | 0 | (249) | 0 | (177) | (111) | 0 | 0 | (479) | (288) | (87) |
Settlement charges | (17) | (62) | (6) | (13) | (98) | 0 | 0 | ||||
Net income attributable to Macy's, Inc. shareholders | $ 475 | $ 17 | $ 11 | $ 116 | $ 544 | $ 118 | $ 217 | $ 193 | $ 619 | $ 1,072 | $ 1,526 |
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 1.56 | $ 0.05 | $ 0.03 | $ 0.37 | $ 1.74 | $ 0.36 | $ 0.65 | $ 0.57 | $ 2.01 | $ 3.26 | $ 4.30 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 1.54 | $ 0.05 | $ 0.03 | $ 0.37 | $ 1.73 | $ 0.36 | $ 0.64 | $ 0.56 | $ 1.99 | $ 3.22 | $ 4.22 |
Condensed Consolidating Fina103
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Current Assets: | ||||
Cash and cash equivalents | $ 1,297 | $ 1,109 | $ 2,246 | $ 2,273 |
Receivables | 522 | 558 | ||
Merchandise inventories | 5,399 | 5,506 | ||
Prepaid expenses and other current assets | 408 | 479 | ||
Income taxes | 0 | |||
Total Current Assets | 7,626 | 7,652 | ||
Property and Equipment - net | 7,017 | 7,616 | ||
Goodwill | 3,897 | 3,897 | ||
Other Intangible Assets - net | 498 | 514 | ||
Other Assets | 813 | 897 | ||
Deferred Tax Assets, Other | 0 | 0 | ||
Intercompany Receivable | 0 | 0 | ||
Investment in Subsidiaries | 0 | 0 | ||
Total Assets | 19,851 | 20,576 | ||
Current Liabilities: | ||||
Short-term debt | 309 | 642 | ||
Merchandise accounts payable | 1,423 | 1,526 | ||
Accounts payable and accrued liabilities | 3,563 | 3,333 | ||
Income taxes | 352 | 227 | ||
Total Current Liabilities | 5,647 | 5,728 | ||
Long-Term Debt | 6,562 | 6,995 | ||
Intercompany Payable | 0 | 0 | ||
Deferred Income Taxes | 1,443 | 1,477 | ||
Other Liabilities | 1,877 | 2,123 | ||
Total Macy's, Inc. Shareholders' Equity | 4,323 | 4,250 | ||
Noncontrolling interest | (1) | 3 | ||
Total Shareholders' Equity | 4,322 | 4,253 | 5,378 | 6,249 |
Total Liabilities and Shareholders' Equity | 19,851 | 20,576 | ||
Parent Company [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 938 | 741 | 1,908 | 1,955 |
Receivables | 0 | 0 | ||
Merchandise inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Income taxes | 44 | |||
Total Current Assets | 938 | 785 | ||
Property and Equipment - net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other Intangible Assets - net | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Deferred Tax Assets, Other | 26 | 14 | ||
Intercompany Receivable | 375 | 0 | ||
Investment in Subsidiaries | 3,137 | 4,725 | ||
Total Assets | 4,476 | 5,524 | ||
Current Liabilities: | ||||
Short-term debt | 0 | 0 | ||
Merchandise accounts payable | 0 | 0 | ||
Accounts payable and accrued liabilities | 15 | 35 | ||
Income taxes | 71 | 0 | ||
Total Current Liabilities | 86 | 35 | ||
Long-Term Debt | 0 | 0 | ||
Intercompany Payable | 0 | 1,218 | ||
Deferred Income Taxes | 0 | 0 | ||
Other Liabilities | 66 | 21 | ||
Total Macy's, Inc. Shareholders' Equity | 4,323 | 4,250 | ||
Noncontrolling interest | 0 | 0 | ||
Total Shareholders' Equity | 4,323 | 4,250 | ||
Total Liabilities and Shareholders' Equity | 4,475 | 5,524 | ||
Subsidiary Issuer [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 81 | 91 | 94 | 84 |
Receivables | 169 | 217 | ||
Merchandise inventories | 2,565 | 2,702 | ||
Prepaid expenses and other current assets | 84 | 135 | ||
Income taxes | 0 | |||
Total Current Assets | 2,899 | 3,145 | ||
Property and Equipment - net | 3,397 | 3,925 | ||
Goodwill | 3,315 | 3,315 | ||
Other Intangible Assets - net | 51 | 52 | ||
Other Assets | 47 | 154 | ||
Deferred Tax Assets, Other | 0 | 0 | ||
Intercompany Receivable | 0 | 0 | ||
Investment in Subsidiaries | 3,540 | 3,804 | ||
Total Assets | 13,249 | 14,395 | ||
Current Liabilities: | ||||
Short-term debt | 306 | 641 | ||
Merchandise accounts payable | 590 | 667 | ||
Accounts payable and accrued liabilities | 1,064 | 1,439 | ||
Income taxes | 16 | 41 | ||
Total Current Liabilities | 1,976 | 2,788 | ||
Long-Term Debt | 6,544 | 6,976 | ||
Intercompany Payable | 2,803 | 2,582 | ||
Deferred Income Taxes | 688 | 693 | ||
Other Liabilities | 500 | 558 | ||
Total Macy's, Inc. Shareholders' Equity | 738 | 798 | ||
Noncontrolling interest | 0 | 0 | ||
Total Shareholders' Equity | 738 | 798 | ||
Total Liabilities and Shareholders' Equity | 13,249 | 14,395 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 278 | 277 | 244 | 234 |
Receivables | 353 | 341 | ||
Merchandise inventories | 2,834 | 2,804 | ||
Prepaid expenses and other current assets | 324 | 344 | ||
Income taxes | 0 | |||
Total Current Assets | 3,789 | 3,766 | ||
Property and Equipment - net | 3,620 | 3,691 | ||
Goodwill | 582 | 582 | ||
Other Intangible Assets - net | 447 | 462 | ||
Other Assets | 766 | 743 | ||
Deferred Tax Assets, Other | 0 | 0 | ||
Intercompany Receivable | 2,428 | 3,800 | ||
Investment in Subsidiaries | 0 | 0 | ||
Total Assets | 11,632 | 13,044 | ||
Current Liabilities: | ||||
Short-term debt | 3 | 1 | ||
Merchandise accounts payable | 833 | 859 | ||
Accounts payable and accrued liabilities | 2,484 | 1,859 | ||
Income taxes | 265 | 230 | ||
Total Current Liabilities | 3,585 | 2,949 | ||
Long-Term Debt | 18 | 19 | ||
Intercompany Payable | 0 | 0 | ||
Deferred Income Taxes | 781 | 798 | ||
Other Liabilities | 1,311 | 1,544 | ||
Total Macy's, Inc. Shareholders' Equity | 5,939 | 7,731 | ||
Noncontrolling interest | (1) | 3 | ||
Total Shareholders' Equity | 5,938 | 7,734 | ||
Total Liabilities and Shareholders' Equity | 11,633 | 13,044 | ||
Consolidation, Eliminations [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Receivables | 0 | 0 | ||
Merchandise inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Income taxes | (44) | |||
Total Current Assets | 0 | (44) | ||
Property and Equipment - net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other Intangible Assets - net | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Deferred Tax Assets, Other | (26) | (14) | ||
Intercompany Receivable | (2,803) | (3,800) | ||
Investment in Subsidiaries | (6,677) | (8,529) | ||
Total Assets | (9,506) | (12,387) | ||
Current Liabilities: | ||||
Short-term debt | 0 | 0 | ||
Merchandise accounts payable | 0 | 0 | ||
Accounts payable and accrued liabilities | 0 | 0 | ||
Income taxes | 0 | (44) | ||
Total Current Liabilities | 0 | (44) | ||
Long-Term Debt | 0 | 0 | ||
Intercompany Payable | (2,803) | (3,800) | ||
Deferred Income Taxes | (26) | (14) | ||
Other Liabilities | 0 | 0 | ||
Total Macy's, Inc. Shareholders' Equity | (6,677) | (8,529) | ||
Noncontrolling interest | 0 | 0 | ||
Total Shareholders' Equity | (6,677) | (8,529) | ||
Total Liabilities and Shareholders' Equity | $ (9,506) | $ (12,387) |
Condensed Consolidating Fina104
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Net sales | $ 8,515 | $ 5,626 | $ 5,866 | $ 5,771 | $ 8,869 | $ 5,874 | $ 6,104 | $ 6,232 | $ 25,778 | $ 27,079 | $ 28,105 |
Cost of sales | (5,251) | (3,386) | (3,468) | (3,516) | (5,549) | (3,537) | (3,610) | (3,800) | (15,621) | (16,496) | (16,863) |
Gross margin | 3,264 | 2,240 | 2,398 | 2,255 | 3,320 | 2,337 | 2,494 | 2,432 | 10,157 | 10,583 | 11,242 |
Selling, general and administrative expenses | (2,202) | (2,071) | (2,026) | (1,966) | (2,207) | (1,968) | (2,058) | (2,023) | (8,265) | (8,256) | (8,355) |
Impairments, store closing and other costs | (230) | 0 | (249) | 0 | (177) | (111) | 0 | 0 | (479) | (288) | (87) |
Settlement charges | (17) | (62) | (6) | (13) | (98) | 0 | 0 | ||||
Operating income (loss) | 1,315 | 2,039 | 2,800 | ||||||||
Interest (expense) income, net | |||||||||||
External | (363) | (361) | (393) | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Premium on early retirement of debt | 0 | 0 | (17) | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Income (loss) before income taxes | 952 | 1,678 | 2,390 | ||||||||
Federal, state and local income tax benefit (expense) | (341) | (608) | (864) | ||||||||
Net income (loss) | 611 | 1,070 | 1,526 | ||||||||
Net loss attributable to noncontrolling interest | 8 | 2 | 0 | ||||||||
Net income attributable to Macy's, Inc. shareholders | $ 475 | $ 17 | $ 11 | $ 116 | $ 544 | $ 118 | $ 217 | $ 193 | 619 | 1,072 | 1,526 |
Comprehensive income | 758 | 1,099 | 1,119 | ||||||||
Comprehensive loss attributable to noncontrolling interest | 8 | 2 | 0 | ||||||||
Comprehensive income attributable to Macy's, Inc. shareholders | 766 | 1,101 | 1,119 | ||||||||
Parent Company [Member] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Gross margin | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | (2) | (2) | (3) | ||||||||
Impairments, store closing and other costs | 0 | 0 | 0 | ||||||||
Settlement charges | 0 | ||||||||||
Operating income (loss) | (2) | (2) | (3) | ||||||||
Interest (expense) income, net | |||||||||||
External | 2 | 1 | 1 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Premium on early retirement of debt | 0 | ||||||||||
Equity in earnings of subsidiaries | 619 | 1,072 | 1,528 | ||||||||
Income (loss) before income taxes | 619 | 1,071 | 1,526 | ||||||||
Federal, state and local income tax benefit (expense) | 0 | 1 | 0 | ||||||||
Net income (loss) | 619 | 1,072 | 1,526 | ||||||||
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income attributable to Macy's, Inc. shareholders | 619 | 1,072 | 1,526 | ||||||||
Comprehensive income | 766 | 1,101 | 1,119 | ||||||||
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to Macy's, Inc. shareholders | 766 | 1,101 | 1,119 | ||||||||
Subsidiary Issuer [Member] | |||||||||||
Net sales | 10,677 | 11,959 | 13,078 | ||||||||
Cost of sales | (6,787) | (7,670) | (8,127) | ||||||||
Gross margin | 3,890 | 4,289 | 4,951 | ||||||||
Selling, general and administrative expenses | (3,739) | (3,980) | (4,351) | ||||||||
Impairments, store closing and other costs | (295) | (170) | (45) | ||||||||
Settlement charges | (34) | ||||||||||
Operating income (loss) | (178) | 139 | 555 | ||||||||
Interest (expense) income, net | |||||||||||
External | (366) | (361) | (394) | ||||||||
Intercompany | (200) | (230) | (230) | ||||||||
Premium on early retirement of debt | (17) | ||||||||||
Equity in earnings of subsidiaries | 255 | 421 | 624 | ||||||||
Income (loss) before income taxes | (489) | (31) | 538 | ||||||||
Federal, state and local income tax benefit (expense) | 281 | 120 | 25 | ||||||||
Net income (loss) | (208) | 89 | 563 | ||||||||
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income attributable to Macy's, Inc. shareholders | (208) | 89 | 563 | ||||||||
Comprehensive income | (61) | 118 | 156 | ||||||||
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to Macy's, Inc. shareholders | (61) | 118 | 156 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Net sales | 23,436 | 24,037 | 23,522 | ||||||||
Cost of sales | (17,169) | (17,743) | (17,231) | ||||||||
Gross margin | 6,267 | 6,294 | 6,291 | ||||||||
Selling, general and administrative expenses | (4,524) | (4,274) | (4,001) | ||||||||
Impairments, store closing and other costs | (184) | (118) | (42) | ||||||||
Settlement charges | (64) | ||||||||||
Operating income (loss) | 1,495 | 1,902 | 2,248 | ||||||||
Interest (expense) income, net | |||||||||||
External | 1 | (1) | 0 | ||||||||
Intercompany | 200 | 230 | 230 | ||||||||
Premium on early retirement of debt | 0 | ||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Income (loss) before income taxes | 1,696 | 2,131 | 2,478 | ||||||||
Federal, state and local income tax benefit (expense) | (622) | (729) | (889) | ||||||||
Net income (loss) | 1,074 | 1,402 | 1,589 | ||||||||
Net loss attributable to noncontrolling interest | 8 | 2 | 0 | ||||||||
Net income attributable to Macy's, Inc. shareholders | 1,082 | 1,404 | 1,589 | ||||||||
Comprehensive income | 1,153 | 1,415 | 1,338 | ||||||||
Comprehensive loss attributable to noncontrolling interest | 8 | 2 | 0 | ||||||||
Comprehensive income attributable to Macy's, Inc. shareholders | 1,161 | 1,417 | 1,338 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Net sales | (8,335) | (8,917) | (8,495) | ||||||||
Cost of sales | 8,335 | 8,917 | 8,495 | ||||||||
Gross margin | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Impairments, store closing and other costs | 0 | 0 | 0 | ||||||||
Settlement charges | 0 | ||||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Interest (expense) income, net | |||||||||||
External | 0 | 0 | 0 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Premium on early retirement of debt | 0 | ||||||||||
Equity in earnings of subsidiaries | (874) | (1,493) | (2,152) | ||||||||
Income (loss) before income taxes | (874) | (1,493) | (2,152) | ||||||||
Federal, state and local income tax benefit (expense) | 0 | 0 | 0 | ||||||||
Net income (loss) | (874) | (1,493) | (2,152) | ||||||||
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income attributable to Macy's, Inc. shareholders | (874) | (1,493) | (2,152) | ||||||||
Comprehensive income | (1,100) | (1,535) | (1,494) | ||||||||
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to Macy's, Inc. shareholders | $ (1,100) | $ (1,535) | $ (1,494) |
Condensed Consolidating Fina105
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Cash flows from operating activities: | |||||||
Net income | $ 611 | $ 1,070 | $ 1,526 | ||||
Other Asset Impairment Charges | 479 | 288 | 87 | ||||
Settlement charges | $ 17 | $ 62 | $ 6 | $ 13 | 98 | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||
Dividends received from subsidiaries | 0 | 0 | 0 | ||||
Depreciation and amortization | 1,058 | 1,061 | 1,036 | ||||
(Increase) decrease in working capital | (280) | (396) | 14 | ||||
Other, net | (165) | (39) | 46 | ||||
Net cash provided by operating activities | 1,801 | 1,984 | 2,709 | ||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment and capitalized software, net | (239) | (909) | (896) | ||||
Other, net | (52) | 183 | 74 | ||||
Net cash used by investing activities | (187) | (1,092) | (970) | ||||
Cash flows from financing activities: | |||||||
Debt issued (net of debt repaid) | (749) | 347 | 174 | ||||
Dividends paid | (459) | (456) | (421) | ||||
Common stock acquired, net of issuance of common stock | (280) | (1,838) | (1,643) | ||||
Proceeds from noncontrolling interest | 4 | 5 | 0 | ||||
Intercompany activity, net | 0 | 0 | 0 | ||||
Other, net | 58 | (87) | 124 | ||||
Net cash used by financing activities | (1,426) | (2,029) | (1,766) | ||||
Net increase (decrease) in cash and cash equivalents | 188 | (1,137) | (27) | ||||
Cash and cash equivalents beginning of period | 1,109 | 1,109 | 2,246 | 2,273 | |||
Cash and cash equivalents end of period | 1,297 | 1,297 | 1,109 | 2,246 | |||
Parent Company [Member] | |||||||
Cash flows from operating activities: | |||||||
Net income | 619 | 1,072 | 1,526 | ||||
Other Asset Impairment Charges | 0 | 0 | 0 | ||||
Settlement charges | 0 | ||||||
Equity in earnings of subsidiaries | (619) | (1,072) | (1,528) | ||||
Dividends received from subsidiaries | 957 | 1,086 | 1,088 | ||||
Depreciation and amortization | 0 | 0 | 0 | ||||
(Increase) decrease in working capital | 110 | 25 | 9 | ||||
Other, net | 28 | (8) | (20) | ||||
Net cash provided by operating activities | 1,095 | 1,103 | 1,075 | ||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment and capitalized software, net | 0 | 0 | 0 | ||||
Other, net | 0 | 0 | 0 | ||||
Net cash used by investing activities | 0 | 0 | 0 | ||||
Cash flows from financing activities: | |||||||
Debt issued (net of debt repaid) | 0 | 0 | 0 | ||||
Dividends paid | (459) | (456) | (421) | ||||
Common stock acquired, net of issuance of common stock | (280) | (1,838) | (1,643) | ||||
Proceeds from noncontrolling interest | 0 | 0 | 0 | ||||
Intercompany activity, net | (144) | 12 | 927 | ||||
Other, net | (15) | 12 | 15 | ||||
Net cash used by financing activities | (898) | (2,270) | (1,122) | ||||
Net increase (decrease) in cash and cash equivalents | 197 | (1,167) | (47) | ||||
Cash and cash equivalents beginning of period | 741 | 741 | 1,908 | 1,955 | |||
Cash and cash equivalents end of period | 938 | 938 | 741 | 1,908 | |||
Subsidiary Issuer [Member] | |||||||
Cash flows from operating activities: | |||||||
Net income | (208) | 89 | 563 | ||||
Other Asset Impairment Charges | 295 | 170 | 45 | ||||
Settlement charges | 34 | ||||||
Equity in earnings of subsidiaries | (255) | (421) | (624) | ||||
Dividends received from subsidiaries | 575 | 0 | 1 | ||||
Depreciation and amortization | 407 | 440 | 454 | ||||
(Increase) decrease in working capital | (482) | (340) | 74 | ||||
Other, net | 51 | (78) | (177) | ||||
Net cash provided by operating activities | 417 | (140) | 336 | ||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment and capitalized software, net | 12 | (88) | (260) | ||||
Other, net | (32) | (83) | 12 | ||||
Net cash used by investing activities | 44 | (5) | (272) | ||||
Cash flows from financing activities: | |||||||
Debt issued (net of debt repaid) | (750) | 348 | 177 | ||||
Dividends paid | 0 | 0 | 0 | ||||
Common stock acquired, net of issuance of common stock | 0 | 0 | 0 | ||||
Proceeds from noncontrolling interest | 0 | 0 | 0 | ||||
Intercompany activity, net | 255 | (243) | (283) | ||||
Other, net | 24 | 37 | 52 | ||||
Net cash used by financing activities | (471) | 142 | (54) | ||||
Net increase (decrease) in cash and cash equivalents | (10) | (3) | 10 | ||||
Cash and cash equivalents beginning of period | 91 | 91 | 94 | 84 | |||
Cash and cash equivalents end of period | 81 | 81 | 91 | 94 | |||
Non-Guarantor Subsidiaries [Member] | |||||||
Cash flows from operating activities: | |||||||
Net income | 1,074 | 1,402 | 1,589 | ||||
Other Asset Impairment Charges | 184 | 118 | 42 | ||||
Settlement charges | 64 | ||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||
Dividends received from subsidiaries | 0 | 0 | 0 | ||||
Depreciation and amortization | 651 | 621 | 582 | ||||
(Increase) decrease in working capital | 92 | (81) | (69) | ||||
Other, net | (244) | 47 | 243 | ||||
Net cash provided by operating activities | 1,821 | 2,107 | 2,387 | ||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment and capitalized software, net | (251) | (821) | (636) | ||||
Other, net | (20) | 266 | 62 | ||||
Net cash used by investing activities | (231) | (1,087) | (698) | ||||
Cash flows from financing activities: | |||||||
Debt issued (net of debt repaid) | 1 | (1) | (3) | ||||
Dividends paid | (1,532) | (1,086) | (1,089) | ||||
Common stock acquired, net of issuance of common stock | 0 | 0 | 0 | ||||
Proceeds from noncontrolling interest | 4 | 5 | 0 | ||||
Intercompany activity, net | (111) | 231 | (644) | ||||
Other, net | 49 | (136) | 57 | ||||
Net cash used by financing activities | (1,589) | (987) | (1,679) | ||||
Net increase (decrease) in cash and cash equivalents | 1 | 33 | 10 | ||||
Cash and cash equivalents beginning of period | 277 | 277 | 244 | 234 | |||
Cash and cash equivalents end of period | 278 | 278 | 277 | 244 | |||
Consolidation, Eliminations [Member] | |||||||
Cash flows from operating activities: | |||||||
Net income | (874) | (1,493) | (2,152) | ||||
Other Asset Impairment Charges | 0 | 0 | 0 | ||||
Settlement charges | 0 | ||||||
Equity in earnings of subsidiaries | 874 | 1,493 | 2,152 | ||||
Dividends received from subsidiaries | (1,532) | (1,086) | (1,089) | ||||
Depreciation and amortization | 0 | 0 | 0 | ||||
(Increase) decrease in working capital | 0 | 0 | 0 | ||||
Other, net | 0 | 0 | 0 | ||||
Net cash provided by operating activities | (1,532) | (1,086) | (1,089) | ||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment and capitalized software, net | 0 | 0 | 0 | ||||
Other, net | 0 | 0 | 0 | ||||
Net cash used by investing activities | 0 | 0 | 0 | ||||
Cash flows from financing activities: | |||||||
Debt issued (net of debt repaid) | 0 | 0 | 0 | ||||
Dividends paid | 1,532 | 1,086 | 1,089 | ||||
Common stock acquired, net of issuance of common stock | 0 | 0 | 0 | ||||
Proceeds from noncontrolling interest | 0 | 0 | 0 | ||||
Intercompany activity, net | 0 | 0 | 0 | ||||
Other, net | 0 | 0 | 0 | ||||
Net cash used by financing activities | 1,532 | 1,086 | 1,089 | ||||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | ||||
Cash and cash equivalents beginning of period | $ 0 | 0 | 0 | 0 | |||
Cash and cash equivalents end of period | $ 0 | $ 0 | $ 0 | $ 0 |