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M Macy`s

Document and Entity Information

Document and Entity Information - shares9 Months Ended
Oct. 31, 2020Nov. 28, 2020
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateOct. 31,
2020
Entity File Number1-13536
Entity Registrant NameMacy's, Inc.
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number13-3324058
Entity Address, Address Line One151 West 34th Street
Entity Address, City or TownNew York
Entity Address, State or ProvinceNY
Entity Address, Postal Zip Code10001
City Area Code513
Local Phone Number579-7780
Title of 12(b) SecurityCommon Stock, $.01 par value per share
Trading SymbolM
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Central Index Key0000794367
Current Fiscal Year End Date--01-30
Document Fiscal Year Focus2020
Document Fiscal Period FocusQ3
Amendment Flagfalse
Entity Common Stock, Shares Outstanding310,477,909

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions3 Months Ended9 Months Ended
Oct. 31, 2020Nov. 02, 2019Oct. 31, 2020Nov. 02, 2019
Income Statement [Abstract]
Net sales $ 3,990 $ 5,173 $ 10,566 $ 16,223
Credit card revenues, net195 183 494 531
Cost of sales(2,569)(3,106)(7,788)(9,905)
Selling, general and administrative expenses(1,726)(2,202)(4,723)(6,489)
Gains on sale of real estate3 17 20 67
Impairment, restructuring and other costs(20)(13)(3,445)(16)
Operating income (loss)(127)52 (4,876)411
Benefit plan income, net16 8 37 23
Settlement charges(26)(12)(65)(12)
Interest expense(80)(52)(199)(159)
Financing costs0 0 (4)0
Interest income0 4 3 16
Income (loss) before income taxes(217)0 (5,104)279
Federal, state and local income tax benefit (expense)126 2 1,000 (55)
Net income (loss) $ (91) $ 2 $ (4,104) $ 224
Basic earnings (loss) per share $ (0.29) $ 0.01 $ (13.20) $ 0.72
Diluted earnings (loss) per share $ (0.29) $ 0.01 $ (13.20) $ 0.72

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions3 Months Ended9 Months Ended
Oct. 31, 2020Nov. 02, 2019Oct. 31, 2020Nov. 02, 2019
Net income (loss) $ (91) $ 2 $ (4,104) $ 224
Actuarial loss on post employment and postretirement benefit plans, before tax(36)(70)(17)(70)
Amortization of net actuarial loss and prior service credit on post employment and postretirement benefit plans included in net income, before tax13 8 36 23
Settlement charges, before tax26 12 65 12
Tax effect related to items of other comprehensive income (loss)(1)13 (21)9
Total other comprehensive income (loss), net of tax effect2 (37)63 (26)
Comprehensive Income (Loss) $ (89) $ (35) $ (4,041) $ 198

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in MillionsOct. 31, 2020Feb. 01, 2020Nov. 02, 2019
Current Assets:
Cash and cash equivalents $ 1,551 $ 685 $ 301
Receivables185 409 175
Merchandise inventories5,144 5,188 7,256
Prepaid expenses and other current assets477 528 569
Total Current Assets7,357 6,810 8,301
Property and Equipment - net6,122 6,633 6,558
Right of Use Assets3,028 2,668 2,596
Goodwill828 3,908 3,908
Other Intangible Assets - net437 439 440
Other Assets1,442 714 744
Total Assets19,214 21,172 22,547
Current Liabilities:
Short-term debt536 539 6
Merchandise accounts payable3,267 1,682 3,427
Accounts Payable and Accrued Liabilities2,848 3,448 3,046
Income taxes0 81 0
Total Current Liabilities6,651 5,750 6,479
Long-Term Debt4,852 3,621 4,677
Long-Term Lease Liabilities3,266 2,918 2,819
Deferred Income Taxes917 1,169 1,200
Other Liabilities1,285 1,337 1,315
Shareholders' Equity2,243 6,377 6,057
Total Liabilities and Shareholders' Equity $ 19,214 $ 21,172 $ 22,547

Consolidated Balance Sheets (pa

Consolidated Balance Sheets (parenthetical) - USD ($) $ in MillionsOct. 31, 2020Feb. 01, 2020Nov. 02, 2019
Accumulated depreciation and amortization $ 4,816 $ 4,392 $ 4,926

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders' Equity Statement - USD ($) $ in MillionsTotalCumulative Effect of New Accounting Principle in Period of AdoptionCommon Stock [Member]Additional Paid-in Capital [Member]Accumulated Equity [Member]Accumulated Equity [Member]Cumulative Effect of New Accounting Principle in Period of AdoptionTreasury Stock [Member]Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance at Feb. 02, 2019 $ 6,436 $ 3 $ 652 $ 8,050 $ (1,318) $ (951)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
New Accounting Pronouncement, effect of adoption $ (158) $ (158)
Net Income (Loss)136 136
Other Comprehensive Income (Loss) $ 6 6
Common Stock, Dividends, Per Share, Declared $ 0.3775
Common stock dividends $ (117)(117)
Stock-based compensation expense14 14
Stock issued under stock plans6 (60)66
Ending balance at May. 04, 20196,323 3 606 7,911 (1,252)(945)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)86 86
Other Comprehensive Income (Loss) $ 5 5
Common Stock, Dividends, Per Share, Declared $ 0.3775
Common stock dividends $ (117)(117)
Stock-based compensation expense14 14
Stock issued under stock plans1 (3)4
Stockholders' Equity, Other3 3
Ending balance at Aug. 03, 20196,315 3 617 7,883 (1,248)(940)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)2 2
Other Comprehensive Income (Loss) $ (37)(37)
Common Stock, Dividends, Per Share, Declared $ 0.7550
Common stock dividends $ (236)(236)
Stock-based compensation expense12 12
Stock issued under stock plans1 (3)4
Ending balance at Nov. 02, 20196,057 3 626 7,649 (1,244)(977)
Beginning balance at Feb. 01, 20206,377 3 621 7,989 (1,241)(995)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)(3,581)(3,581)
Other Comprehensive Income (Loss) $ 9 9
Common Stock, Dividends, Per Share, Declared $ 0.3775
Common stock dividends $ (117)(117)
Stock-based compensation expense6 6
Stock issued under stock plans(1)(62)61
Stockholders' Equity, Other4 4
Ending balance at May. 02, 20202,697 3 565 4,291 (1,180)(982)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)(431)(431)
Other Comprehensive Income (Loss)51 51
Stock-based compensation expense7 7
Stock issued under stock plans0 (4)4
Ending balance at Aug. 01, 20202,324 3 568 3,860 (1,176)(931)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)(91)(91)
Other Comprehensive Income (Loss)2 2
Stock-based compensation expense8 8
Stock issued under stock plans0 (1)1
Ending balance at Oct. 31, 2020 $ 2,243 $ 3 $ 575 $ 3,769 $ (1,175) $ (929)

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Shareholders' Equity Parenthetical - $ / shares3 Months Ended
May 02, 2020Nov. 02, 2019Aug. 03, 2019May 04, 2019
Common Stock, Dividends, Per Share, Declared $ 0.3775 $ 0.7550 $ 0.3775 $ 0.3775

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions9 Months Ended
Oct. 31, 2020Nov. 02, 2019
Statement of Cash Flows [Abstract]
Net income (loss) $ (4,104) $ 224
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Impairment, restructuring and other costs3,445 16
Settlement charges65 12
Depreciation and amortization722 725
Stock-based compensation expense21 40
Gains on sale of real estate(20)(67)
Benefit plans36 23
Deferred Income Taxes(270)25
Amortization of financing costs and premium on acquired debt11 1
Changes in assets and liabilities:
Decrease in receivables223 224
(Increase) decrease in merchandise inventories34 (1,993)
Decrease in prepaid expenses and other current assets29 13
Increase in merchandise accounts payable1,612 1,648
Decrease in accounts payable and accrued liabilities(598)(470)
Decrease in current income taxes(818)(168)
Change in other assets and liabilities(144)(81)
Net cash provided (used) by operating activities244 172
Cash flows from investing activities:
Purchase of property and equipment(290)(623)
Capitalized software(96)(189)
Disposition of property and equipment39 73
Other, net33 10
Net cash used by investing activities(314)(729)
Cash flows from financing activities:
Debt issued2,780 0
Debt issuance costs(102)(3)
Debt repaid(1,508)(42)
Dividends paid(117)(349)
Increase (decrease) in outstanding checks(90)49
Acquisition of treasury stock0 (1)
Issuance of common stock0 6
Net cash provided (used) by financing activities963 (340)
Net increase (decrease) in cash, cash equivalents and restricted cash893 (897)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period731 1,248
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period1,624 351
Supplemental cash flow information:
Interest paid140 152
Interest received4 16
Income taxes paid (net of refunds received) $ 88 $ 199

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows - Restricted Cash Parenthetical - USD ($) $ in MillionsOct. 31, 2020Nov. 02, 2019
Statement of Cash Flows - Restricted Cash [Abstract]
Restricted Cash and Cash Equivalents $ 73 $ 50

Summary of Significant Accounti

Summary of Significant Accounting Policies9 Months Ended
Oct. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting PoliciesOrganization 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 kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Guam and Puerto Rico. As of October 31, 2020, the Company's operations were conducted through Macy's, Bloomingdale's, Bloomingdale's The Outlet, Macy's Backstage and bluemercury. Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC. A description of the Company's significant accounting policies is included in the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2020 (the "2019 10-K"). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2019 10-K. Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company considered the novel coronavirus ("COVID-19") related impacts to its estimates, as appropriate, within its Consolidated Financial Statements and there may be changes to those estimates in future periods. The Company believes that the accounting estimates are appropriate after giving consideration to the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. The Consolidated Financial Statements for the 13 and 39 weeks ended October 31, 2020 and November 2, 2019, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company. Seasonality Because of the seasonal nature of the retail business, the results of operations for the 13 and 39 weeks ended October 31, 2020 and November 2, 2019 are not necessarily indicative of such results for the full fiscal year. Reclassifications Certain reclassifications were made to the prior period's amounts to conform to the classifications of such amounts in the most recent period. Comprehensive Income (Loss) Total comprehensive income (loss) represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income (loss). For the Company, the only other components of total comprehensive income (loss) for the 13 and 39 weeks ended October 31, 2020 and November 2, 2019 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of income (loss) before income taxes in the Consolidated Statements of Operations. Amortization reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income) and are included in benefit plan income, net on the Consolidated Statements of Operations. See Note 8, "Benefit Plans," for further information.

Impact of COVID-19

Impact of COVID-199 Months Ended
Oct. 31, 2020
Unusual or Infrequent Items, or Both [Abstract]
Impact of COVID-19Impact of COVID-19 In March 2020, the World Health Organization declared the outbreak of COVID-19 as a global pandemic, which continues to spread throughout the United States. The COVID-19 pandemic has had a negative impact on the Company's fiscal 2020 operations and financial results to date, and the full financial impact of the pandemic cannot be reasonably estimated at this time due to uncertainty as to the severity and duration of the pandemic. The following summarizes the actions taken and impacts from the COVID-19 pandemic during the 13 and 39 weeks ended October 31, 2020. • The Company temporarily closed all stores on March 18, 2020, which included all Macy’s, Bloomingdale’s, bluemercury, Macy’s Backstage, Bloomingdales the Outlet and Market by Macy’s stores. Stores began reopening on May 4, 2020 and substantially all of the Company's stores were open by the end of the second quarter of 2020. • In an effort to increase liquidity, the Company fully drew on its $1,500 million credit facility, announced the suspension of quarterly cash dividends beginning in the second quarter of 2020 and took additional steps to reduce discretionary spending. The Company's Board of Directors also rescinded its authorization of any unused amounts under the Company's share repurchase program. In June 2020, the Company completed financing activities totaling nearly $4.5 billion and used a portion of the proceeds from these activities, as well as cash on hand, to repay its credit facility. To create greater flexibility for future liquidity needs, the Company executed an exchange offer and consent solicitation in July 2020 for $465 million of previously issued unsecured notes. See Note 7, "Financing Activities," for further discussion on these activities. • To improve the Company's cash position and reduce its cash expenditures, the Company's Board of Directors and Chief Executive Officer did not receive compensation from April 1, 2020 through June 30, 2020. In addition, the Company deferred cash expenditures where possible and temporarily implemented a furlough for the majority of its colleague population which ended for most colleagues at the beginning of July 2020. Certain executives not impacted by the furlough took a temporary reduction of their pay through June 30, 2020. • In June 2020, the Company announced a restructuring that aligns its cost base with anticipated near-term sales as the business recovers from the impact of the COVID-19 pandemic. The Company reduced corporate and management headcount by approximately 3,900. Additionally, the Company reduced staffing across its stores portfolio, supply chain and customer support network, which it will adjust as sales recover. During the second quarter of 2020, the Company recognized $154 million of expense for severance related to this reduction in force, of which substantially all has been paid as of October 31, 2020. • Through October 31, 2020, the Company has deferred approximately $75 million of occupancy payments for a significant number of its stores. COVID-19 pandemic-related rent deferrals are included in accounts payable and accrued liabilities. The Company continues to recognize expense during the deferral periods based on the contractual terms of the lease agreements. • During the 39 weeks ended October 31, 2020, the Company incurred non-cash impairment charges primarily related to long-lived tangible and right of use assets to adjust the carrying value of certain store locations to their estimated fair value. The Company also incurred non-cash impairment charges during the 39 weeks ended October 31, 2020 on goodwill as a result of the sustained decline in the Company's market capitalization and decline in projected cash flows primarily as a result of the COVID-19 pandemic. See Note 3, "Impairment, Restructuring and Other Costs" and Note 4, "Goodwill and Indefinite Lived Intangible Assets," respectively, for further discussion of these charges. • On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("the CARES Act") was signed into law, which included payroll tax credits for employee retention, deferral of payroll taxes, and several income tax provisions, including modifications to the net interest deduction limitation, changes to certain property depreciation and carryback of certain operating losses. The impacts of the CARES Act have been included in the estimation of the Company's annual effective tax rate and the income tax benefit recognized during the 13 and 39 weeks ended October 31, 2020. Specifically, the Company has estimated an annual net operating loss that will be available for carryback at a 35% federal income tax rate rather than the current 21% federal income tax rate. During the 39 weeks ended October 31, 2020, the resultant benefit of this rate differential was offset by the impact of the non-tax deductible component of the goodwill impairment charge and additional income tax expense associated with deferred tax remeasurement during the first quarter of 2020. The net impact of these items is the primary driver of the effective tax rate decrease when compared to the same period in 2019. As of October 31, 2020, the Company recognized a $705 million income tax receivable, which is included within Other Assets on the Consolidated Balance Sheets. In addition, during the 39 weeks ended October 31, 2020, the Company recognized $60 million in employee retention payroll tax credits and elected to defer payment of approximately $100 million of the employer portion of social security taxes. The Company expects to repay the deferred payroll taxes in the third quarter of fiscal 2021.

Impairment, Restructuring and O

Impairment, Restructuring and Other Costs9 Months Ended
Oct. 31, 2020
Restructuring Costs and Asset Impairment Charges [Abstract]
Impairment, Restructuring and Other CostsImpairment, Restructuring and Other Costs 13 Weeks Ended 39 Weeks Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 (millions) Impairments $ 6 $ — $ 3,170 $ 1 Restructuring 2 5 196 5 Other 12 8 79 10 Total $ 20 $ 13 $ 3,445 $ 16 During the 39 weeks ended October 31, 2020, primarily as a result of the COVID-19 pandemic, the Company incurred non-cash impairment charges totaling $3,170 million, the majority of which was recognized during the first quarter of 2020 and consisted of: • $3,080 million of goodwill impairments, with $2,982 million attributable to the Macy's reporting unit and $98 million attributable to the bluemercury reporting unit. See discussion at Note 4, "Goodwill and Indefinite Lived Intangible Assets." • $90 million of impairments primarily related to long-lived tangible and right of use assets to adjust the carrying value of certain store locations to their estimated fair value. The Company also recognized $154 million of expense for severance during the second quarter of 2020 associated with the reduction in force in response to the COVID-19 pandemic. Substantially all of this severance was paid as of October 31, 2020. A summary of the restructuring and other cash activity for the 13 and 39 weeks ended October 31, 2020 related to the Polaris strategy, which was announced in February 2020 and are included within accounts payable and accrued liabilities, is as follows: Severance and other benefits Professional fees and other related charges Total (millions) Balance at February 1, 2020 $ 115 $ 9 $ 124 Additions charged to expense 25 7 32 Cash payments (82) (6) (88) Balance at May 2, 2020 58 10 68 Additions charged to expense 15 6 21 Cash payments (67) (6) (73) Balance at August 1, 2020 6 10 16 Additions charged to expense 1 4 5 Cash payments (6) (10) (16) Balance at October 31, 2020 $ 1 $ 4 $ 5

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets9 Months Ended
Oct. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible AssetsGoodwill and Indefinite Lived Intangible Assets October 31, February 1, November 2, (millions) Non-amortizing intangible assets Goodwill $ 9,290 $ 9,290 $ 9,290 Accumulated impairment losses (8,462) (5,382) (5,382) 828 3,908 3,908 Tradenames 403 403 403 $ 1,231 $ 4,311 $ 4,311 As a result of the sustained decline in the Company's market capitalization and changes in the Company's long-term projections driven largely by the impacts of the COVID-19 pandemic, the Company determined a triggering event had occurred that required an interim impairment assessment for all of its reporting units and indefinite lived intangible assets during the first quarter of 2020. The Company determined the fair value of each of its reporting units using a market approach or a combination of a market approach and income approach, as appropriate. Relative to the prior assessment, as part of this current assessment, it was determined that an increase in the discount rate applied i n the valuation was required to align with market-based assumptions and company-specific risk. This higher discount rate, in conjunction with revised long-term projections, resulted in lower fair values of the reporting units. As a result, the Company recognized $2,982 million and $98 million of good will impairment for the Macy's and bluemercury reporting units, respectively, primarily during the first quarter of 2020. As of May 2, 2020, the Company elected to perform a qualitative impairment test on its intangible assets with indefinite lives and concluded that it is more likely than not that the fair values exceeded the carrying values and the intangible assets with indefinite lives were not impaired. For the Company's annual impairment assessment as of the end of fiscal May, the Company elected to perform a qualitative impairment test on its goodwill and intangible assets with indefinite lives and concluded that it is more likely than not that the fair values exceeded the carrying values and goodwill and intangible assets with indefinite lives were not impaired.

Earnings Per Share

Earnings Per Share9 Months Ended
Oct. 31, 2020
Earnings Per Share [Abstract]
Earnings Per ShareEarnings (Loss) Per Share The following tables set forth the computation of basic and diluted earnings (loss) per share: 13 Weeks Ended October 31, 2020 November 2, 2019 Net Shares Net Shares (millions, except per share data) Net income (loss) $ (91) 310.2 $ 2 308.9 Shares to be issued under deferred compensation and other plans 1.0 1.0 $ (91) 311.2 $ 2 309.9 Basic earnings (loss) per share $ (0.29) $ 0.01 Effect of dilutive securities: Stock options and restricted stock units — 1.1 $ (91) 311.2 $ 2 311.0 Diluted earnings (loss) per share $ (0.29) $ 0.01 39 Weeks Ended October 31, 2020 November 2, 2019 Net Shares Net Shares (millions, except per share data) Net income (loss) $ (4,104) 310.1 $ 224 308.7 Shares to be issued under deferred compensation and other plans 0.9 0.9 $ (4,104) 311.0 $ 224 309.6 Basic earnings (loss) per share $ (13.20) $ 0.72 Effect of dilutive securities: Stock options and restricted stock units — 1.7 $ (4,104) 311.0 $ 224 311.3 Diluted earnings (loss) per share $ (13.20) $ 0.72 For the 13 and 39 weeks ended October 31, 2020, as a result of the net loss for the quarter and year to date period, all options and restricted stock units have been excluded from the calculation of diluted earnings per share and, therefore, there was no difference in the weighted average number of common shares for basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive. Stock options to purchase 16.4 million shares of common stock and restricted stock units relating to 10.0 million shares of common stock outstanding at October 31, 2020 were excluded from the computation of diluted earnings per share. In addition to the stock options and restricted stock units reflected in the foregoing tables, stock options to purchase 19.4 million shares of common stock and restricted stock units relating to 1.9 million shares of common stock were outstanding at November 2, 2019, but were not included in the computation of diluted earnings per share because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met.

Revenue

Revenue9 Months Ended
Oct. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]Revenue Net sales Revenue is recognized when customers obtain control of goods and services promised by the Company. The amount of revenue recognized is based on the amount that reflects the consideration that is expected to be received in exchange for those respective goods and services. The Company's revenue generating activities include the following: Retail Sales Retail sales include merchandise sales, inclusive of delivery income, licensed department income, sales of private brand goods directly to third party retailers and sales of excess inventory to third parties. Sales of merchandise are recorded at the time of shipment to the customer and are reported net of estimated merchandise returns and certain customer incentives. Commissions earned on sales generated by licensed departments are included as a component of total net sales and are recognized as revenue at the time merchandise is sold to customers. Service revenues (e.g., alteration and cosmetic services) are recorded at the time the customer receives the benefit of the service. The Company has elected to present sales taxes on a net basis and, as such, sales taxes are included in accounts payable and accrued liabilities until remitted to the taxing authorities. For each of the 13 and 39 weeks ended October 31, 2020, Macy's accounted for 88% of the Company's net sales. For the 13 and 39 weeks ended November 2, 2019, Macy's accounted for 87% and 88%, respectively, of the Company's net sales. Disaggregation of the Company's net sales by family of business for the 13 and 39 weeks ended October 31, 2020 and November 2, 2019 were as follows: 13 Weeks Ended 39 Weeks Ended Net sales by family of business October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 (millions) Women's Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 1,677 $ 1,960 $ 4,273 $ 6,152 Women's Apparel 690 1,197 1,895 3,779 Men's and Kids' 790 1,195 2,089 3,663 Home/Other (a) 833 821 2,309 2,629 Total $ 3,990 $ 5,173 $ 10,566 $ 16,223 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards. Merchandise Returns The Company estimates merchandise returns using historical data and recognizes an allowance that reduces net sales and cost of sales. The liability for merchandise returns is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $182 million, $213 million and $245 million as of October 31, 2020, February 1, 2020 and November 2, 2019, respectively. Included in prepaid expenses and other current assets is an asset totaling $116 million, $147 million and $164 million as of October 31, 2020, February 1, 2020 and November 2, 2019, respectively, for the recoverable cost of merchandise estimated to be returned by customers. Gift Cards and Customer Loyalty Programs The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold or issued, no revenue is recognized; rather, the Company records an accrued liability to customers. The liability is relieved and revenue is recognized equal to the amount redeemed at the time gift cards are redeemed for merchandise. The Company records revenue from unredeemed gift cards (breakage) in net sales on a pro-rata basis over the time period gift cards are actually redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. The Company maintains customer loyalty programs in which customers earn points based on their purchases. Under both the Macy’s and Bloomingdale's brands, points are earned based on customers’ spending regardless of tender type. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales at the time of the initial transaction and as tender when the points are subsequently redeemed by a customer. The liability for unredeemed gift cards and customer loyalty programs is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $639 million, $839 million and $705 million as of October 31, 2020, February 1, 2020 and November 2, 2019, respectively. Credit Card Revenues, net

Financing Activities

Financing Activities9 Months Ended
Oct. 31, 2020
Debt Disclosure [Abstract]
Financing ActivitiesFinancing ActivitiesPrior to June 2020, the Company was party to a credit agreement with certain financial institutions. The credit agreement provided for revolving credit borrowings and letters of credit in an aggregate amount not to exceed $1,500 million. The credit agreement was scheduled to expire on May 9, 2024, subject to up to two one-year extensions that could be requested by the Company and agreed to by the lenders. On March 19, 2020, due to the impacts of the COVID-19 pandemic, the Company elected to draw on the full $1,500 million available under the agreement. As discussed further below, during the second quarter of 2020, this amount was repaid and the credit agreement amended. 2020 Financing Activities Secured Debt Issuance On June 8, 2020, the Company issued $1,300 million aggregate principal amount of 8.375% senior secured notes due 2025 (the "Notes"). The Notes bear interest at a rate of 8.375% per annum, which accrues from June 8, 2020 and is payable in arrears on June 15 and December 15 of each year, commencing on December 15, 2020. The Notes mature on June 15, 2025, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the related indenture. The Notes were issued by Macy’s, Inc. and are secured on a first-priority basis by (i) a first mortgage/deed of trust in certain real property of subsidiaries of Macy’s, Inc. that was transferred to subsidiaries of Macy’s Propco Holdings, LLC, a newly created direct, wholly owned subsidiary of Macy’s, Inc. (“Propco”), and (ii) a pledge by Propco of the equity interests in its subsidiaries that own such transferred real property. The Notes are, jointly and severally, unconditionally guaranteed on a secured basis by Propco and its subsidiaries and unconditionally guaranteed on an unsecured basis by Macy’s Retail Holdings, LLC (f/k/a Macy’s Retail Holdings, Inc.) (“MRH”), a direct, wholly owned subsidiary of Macy’s, Inc. The Company used the proceeds of the Notes offering, along with cash on hand, to repay the outstanding borrowings under the existing $1,500 million unsecured credit agreement. Entry into Asset-Based Credit Facility On June 8, 2020, Macy’s Inventory Funding LLC (the “ABL Borrower”), an indirect wholly owned subsidiary of the Company, and its parent, Mac y’s Inventory Holdings LLC (the “ABL Parent”), entered into an asset-based credit agreement (the “ABL Credit Facility”) with Bank of America, N.A., as administrative agent and collateral agent, and the lenders party thereto. As of October 31, 2020, the ABL Credit Facility provides the ABL Borrower with (i) a $2,941 million r evolving credit facility (the “Revolving ABL Facility”), including a swingline sub-facility and a letter of credit sub-facility, and (ii) a bridge revolving credit facility of up to $300 million (the “Bridge Facility”). The ABL Borrower may request increases in the size of the Revolving ABL Facility up to an additional aggregate principal amount of $750 million. As of October 31, 2020, the Company had $124 million of standby letters of credit outstanding under the ABL Credit Facility, which reduces the available borrowing capacity. The Company had no borrowings outstanding under the ABL Credit Facility as of October 31, 2020. Additionally on June 8, 2020 and concurrently with closing the ABL Credit Facility, the ABL Borrower purchased all presently existing inventory, and assumed the liabilities in respect of all presently existing and outstanding trade payables owed to vendors in respect of such inventory, from MRH and certain wholly owned subsidiaries of MRH. The ABL Credit Facility is secured on a first priority basis (subject to customary exceptions) by (i) all assets of the ABL Borrower including all such inventory and the proceeds thereof and (ii) the equity of the ABL Borrower. The ABL Parent guaranteed the ABL Borrower’s obligations under the ABL Credit Facility. The Revolving ABL Facility matures on May 9, 2024, and the Bridge Facility matures on December 30, 2020. The ABL Credit Facility contains customary borrowing conditions including a borrowing base equal to the sum of (a) 80% (which shall automatically increase to 90% upon the satisfaction of certain conditions, including the delivery of an initial appraisal of the inventory) of the net orderly liquidation percentage of eligible inventory, minus (b) customary reserves. Amounts borrowed under the ABL Credit Facility are subject to interest at a rate per annum equal to (i) prior to the Step Down Date (as defined in the ABL Credit Facility), at the ABL Borrower’s option, either (a) adjusted LIBOR plus a margin of 2.75% to 3.00% or (b) a base rate plus a margin of 1.75% to 2.00%, in each case depending on revolving line utilization and (ii) after the Step Down Date, at the ABL Borrower’s option, either (a) adjusted LIBOR plus a margin of 2.25% to 2.50% or (b) a base rate plus a margin of 1.25% to 1.50%, in each case depending on revolving line utilization. The ABL Credit Facility also contains customary covenants that provide for, among other things, limitations on indebtedness, liens, fundamental changes, restricted payments, cash hoarding, and prepayment of certain indebtedness as well as customary representations and warranties and events of default typical for credit facilities of this type. The ABL Credit Facility also requires (1) the Company and its restricted subsidiaries to maintain a fixed charge coverage ratio of at least 1.00 to 1.00 as of the end of any fiscal quarter on or after April 30, 2021 if (a) certain events of default have occurred and are continuing or (b) Availability plus Suppressed Availability (each as defined in the ABL Credit Facility) is less than the greater of (x) 10% of the Loan Cap (as defined in the ABL Credit Facility) and (y) $250 million, in each case, as of the end of such fiscal quarter and (2) prior to April 30, 2021, that the ABL Borrower not permit Availability plus Suppressed Availability to be lower than the greater of (x) 10% of the Loan Cap and (y) $250 million. Amendment to Existing Credit Agreement On June 8, 2020, the Company substantially reduced the credit commitments of its existing $1,500 million unsecured credit agreement, which as of October 31, 2020 provided the Company with unsecured revolving credit of up to $1 million. The unsecured revolving credit facility contains covenants that provide for, among other things, limitations on fundamental changes, use of proceeds, and maintenance of property, as well as customary representations and warranties and events of default. Exchange Offers and Consent Solicitations for Certain Outstanding Debt Securities of MRH During the second quarter of 2020, MRH completed exchange offers (each, an “Exchange Offer” and, collectively, the “Exchange Offers”) with eligible holders and received related consents in consent solicitations for each series of notes as follows: (i) $81 million aggregate principal amount of 6.65% Senior Secured Debentures due 2024 (“New 2024 Notes”) issued by MRH for validly tendered (and not validly withdrawn) outstanding 6.65% Senior Debentures due 2024 issued by MRH (“Old 2024 Notes”); (ii) $74 million aggregate principal amount of 6.7% Senior Secured Debentures due 2028 (“New 2028 Notes”) issued by MRH for validly tendered (and not validly withdrawn) outstanding 6.7% Senior Debentures due 2028 issued by MRH (“Old 2028 Notes”); (iii) $13 million aggregate principal amount of 8.75% Senior Secured Debentures due 2029 (“New 2029 Notes”) issued by MRH for validly tendered (and not validly withdrawn) outstanding 8.75% Senior Debentures due 2029 issued by MRH (“Old 2029 Notes”); (iv) $5 million aggregate principal amount of 7.875% Senior Secured Debentures due 2030 (“New 2030 Notes”) issued by MRH for validly tendered (and not validly withdrawn) outstanding 7.875% Senior Debentures due 2030 issued by MRH (“Old 2030 Notes”); (v) $5 million aggregate principal amount of 6.9% Senior Secured Debentures due 2032 (“New 2032 Notes”) issued by MRH for validly tendered (and not validly withdrawn) outstanding 6.9% Senior Debentures due 2032 issued by MRH (“Old 2032 Notes”); and (vi) $183 million aggregate principal amount of 6.7% Senior Secured Debentures due 2034 (“New 2034 Notes” and, together with the New 2024 Notes, New 2028 Notes, New 2029 Notes, New 2030 Notes and New 2032 Notes, the “New Notes” and each series, a “series of New Notes”) issued by MRH for validly tendered (and not validly withdrawn) outstanding 6.7% Senior Debentures due 2034 issued by MRH (“Old 2034 Notes” and, together with the Old 2024 Notes, Old 2028 Notes, Old 2029 Notes, Old 2030 Notes and Old 2032 Notes, the “Old Notes” and each series, a “series of Old Notes”). Each New Note issued in the Exchange Offers for a validly tendered Old Note has an interest rate and maturity date that is identical to the interest rate and maturity date of the tendered Old Note, as well as identical interest payment dates and optional redemption prices. The New Notes are MRH’s and Macy’s general, senior obligations and are secured by a second-priority lien on the same collateral securing the Notes. Following the settlement, the aggregate principal amounts of each series of Old Notes outstanding are: (i) $41 million Old 2024 Notes, (ii) $29 million Old 2028 Notes, (iii) $5 million Old 2030 Notes, (iv) $12 million Old 2032 Notes and (v) $18 million Old 2034 Notes. In addition, MRH solicited and received consents from holders of each series of Old Notes (each, a “Consent Solicitation” and, collectively, the “Consent Solicitations”) pursuant to a separate Consent Solicitation Statement to adopt certain proposed amendments to the indenture governing the Old Notes (the “Existing Indenture”) to conform certain provisions in the negative pledge covenant in the Existing Indenture to the provisions of the negative pledge covenant in MRH’s most recent indenture (the “Proposed Amendments”). MRH received consents from holders of (i) $85 million aggregate principal amount of outstanding Old 2024 Notes, (ii) $77 million aggregate principal amount of outstanding Old 2028 Notes, (iii) $13 million aggregate principal amount of outstanding Old 2029 Notes, (iv) $5 million aggregate principal amount of outstanding Old 2030 Notes, (v) $6 million aggregate principal amount of outstanding Old 2032 Notes and (vi) $185 million aggregate principal amount of outstanding Old 2034 Notes. Debt Repayments The following table shows the detail of debt repayments: 39 Weeks Ended October 31, 2020 November 2, 2019 (millions) Revolving credit agreement $ 1,500 $ — 8.5% Senior debentures due 2019 — 36 9.5% amortizing debentures due 2021 4 4 9.75% amortizing debentures due 2021 2 2 $ 1,506 $ 42

Benefit Plans

Benefit Plans9 Months Ended
Oct. 31, 2020
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]
Benefit PlansBenefit Plans The Company has defined contribution plans which cover substantially all colleagues 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 colleagues, 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 colleagues no longer earn future pension service credits after December 31, 2013, with limited exceptions. All retirement benefits attributable to service in subsequent periods are provided through defined contribution plans. In addition, certain retired colleagues currently are provided with specified health care and life insurance benefits ("Postretirement Obligations"). Eligibility requirements for such benefits vary, but generally state that benefits are available to eligible colleagues who were hired prior to a certain date and retire after a certain age with specified years of service. Certain colleagues are subject to having such benefits modified or terminated. The defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows: 13 Weeks Ended 39 Weeks Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 (millions) (millions) 401(k) Qualified Defined Contribution Plan $ 17 $ 25 $ 49 $ 74 Non-Qualified Defined Contribution Plan $ — $ — $ — $ 2 Pension Plan Service cost $ 1 $ 2 $ 4 $ 4 Interest cost 13 26 51 78 Expected return on assets (46) (48) (138) (144) Recognition of net actuarial loss 11 7 31 21 Amortization of prior service credit — — — — $ (21) $ (13) $ (52) $ (41) Supplementary Retirement Plan Service cost $ — $ — $ — $ — Interest cost 3 5 11 17 Recognition of net actuarial loss 3 2 9 6 Amortization of prior service cost — — — — $ 6 $ 7 $ 20 $ 23 Total Retirement Expense $ 2 $ 19 $ 17 $ 58 Postretirement Obligations Service cost $ — $ — $ — $ — Interest cost 1 1 3 3 Recognition of net actuarial gain (1) (1) (4) (4) Amortization of prior service credit — — — — $ — $ — $ (1) $ (1) In connection with the Company's defined benefit plans, for the 13 and 39 weeks ended October 31, 2020, the Company incurred non-cash settlement charges of $26 million and $65 million, respectively. For the 13 and 39 weeks ended November 2, 2019, the Company incurred a non-cash settlement charge of $12 million. These charges relate to the pro-rata recognition of net actuarial losses associated with the Company's defined benefit plans and are the result of an increase in lump sum distributions associated with retiree distribution elections and restructuring activity.

Fair Value Measurements

Fair Value Measurements9 Months Ended
Oct. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value MeasurementsFair Value Measurements The following table shows the Company's financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards: Level 1: Quoted prices in active markets for identical assets Level 2: Significant observable inputs for the assets Level 3: Significant unobservable inputs for the assets October 31, 2020 November 2, 2019 Fair Value Measurements Fair Value Measurements Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (millions) Marketable equity and debt securities $ 95 $ 32 $ 63 $ — $ 92 $ 33 $ 59 $ — Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, certain short-term investments and other assets, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount of these financial instruments approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, are generally estimated based on quoted market prices for identical or similar instruments, and are classified as Level 2 measurements within the hierarchy as defined by applicable accounting standards. Goodwill and other indefinite-lived intangible assets are evaluated for impairment annually or more frequently if events or conditions indicate the carrying value of a reporting unit or an indefinite-lived intangible asset may not be recoverable. Impairment testing compares the carrying amount of the reporting unit or other intangible assets with its fair value. During the first quarter of 2020, the Company performed an interim quantitative impairment test for goodwill. The fair value was calculated using a market approach or a combination of a market approach and income approach, as appropriate, for the reporting units. The fair value of goodwill is a Level 3 valuation based on certain unobservable inputs including projected cash flows and estimated risk-adjusted rates of return that would be utilized by market participants in valuing these assets or prices of similar assets. During th e first quarter of 2020, long-liv ed and right of use assets were tested for impairment. The fair values of these assets is a Level 3 valuation based on certain unobservable inputs including projected cash flows and an estimated risk-adjusted rate of return that would be utilized by market participants in valuing these assets or prices of similar assets. The following table shows the estimated fair value of the Company's long-term debt: October 31, 2020 November 2, 2019 Notional Carrying Fair Notional Carrying Fair (millions) Long-term debt $ 4,903 $ 4,852 $ 3,967 $ 4,664 $ 4,677 $ 4,716

Condensed Consolidating Financi

Condensed Consolidating Financial Information9 Months Ended
Oct. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Financial InformationCondensed Consolidating Financial Information Certain debt obligations of the Company, which constitute debt obligations of Macy's Retail Holdings, Inc. ("Subsidiary Issuer"), a 100%-owned subsidiary of Macy's, Inc. ("Parent"), are fully and unconditionally guaranteed by Parent. In the following condensed consolidating financial statements, "Other Subsidiaries" includes all other direct subsidiaries of Parent, including 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 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." "Consolidating Adjustments" represent adjustments to eliminate investments in subsidiaries and intercompany balances and transactions between the parent guarantor, subsidiary issuer, and the non-guarantor subsidiaries. In June 2020, in conjunction with the financing discussed in Note 7, "Financing Activities," Macy's Retail Holdings, Inc. was converted into a limited liability company and in May 2020 direct, wholly-owned subsidiaries of the Parent, ABL Parent and Propco were created. In conjunction with the June 2020 financings transactions, ABL Parent was transferred certain inventory and related trade payables of MRH and its subsidiaries, while Propco was transferred certain real property of MRH and its subsidiaries, both of which serve as collateral for the new debt agreements. In March 2020, the SEC amended Rule 3-10 of Regulation S-X regarding financial disclosure requirements for certain debt securities. The new rules affect those disclosures related to registered securities that are guaranteed and those that are collateralized by the securities of an affiliate. The changes include expanding the population of subsidiary issuers and guarantors that can use the SEC's guarantee-related disclosure framework, simplifying the disclosure models and allowing for disclosures to be made outside of the financial statements. This rule is effective January 4, 2021 with early adoption permitted. The Company is currently evaluating the impact this new rule will have on the financial statements and related disclosures when it is adopted for the Company's Annual Report on Form 10-K for the fiscal year ended January 30, 2021. Condensed Consolidating Statements of Comprehensive Income for the 13 and 39 weeks ended October 31, 2020 and November 2, 2019, Condensed Consolidating Balance Sheets as of October 31, 2020, November 2, 2019 and February 1, 2020, and the related Condensed Consolidating Statements of Cash Flows for the 39 weeks ended October 31, 2020 and November 2, 2019 are presented on the following pages. Condensed Consolidating Statement of Comprehensive Income (Loss) For the 13 Weeks Ended October 31, 2020 (millions) Parent Subsidiary Other Consolidating Consolidated Net sales $ — $ 97 $ 3,893 $ — $ 3,990 Consignment commission income — 353 — (353) — Credit card revenues, net — 2 193 — 195 Cost of sales — (32) (2,537) — (2,569) Selling, general and administrative expenses — (624) (1,455) 353 (1,726) Gains on sale of real estate — — 3 — 3 Restructuring, impairment and other costs — (5) (15) — (20) Operating income (loss) — (209) 82 — (127) Benefit plan income, net — 6 10 — 16 Settlement charges — (12) (14) — (26) Interest (expense) income, net: External (29) (44) (7) — (80) Intercompany (33) 26 7 — — Equity in loss of subsidiaries (53) (92) — 145 — Income (loss) before income taxes (115) (325) 78 145 (217) Federal, state and local income 24 95 7 — 126 Net income (loss) $ (91) $ (230) $ 85 $ 145 $ (91) Comprehensive income (loss) $ (89) $ (227) $ 85 $ 142 $ (89) Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended November 2, 2019 (millions) Parent Subsidiary Other Consolidating Consolidated Net sales $ — $ 2,044 $ 5,245 $ (2,116) $ 5,173 Credit card revenues (expense), net — (2) 185 — 183 Cost of sales — (1,230) (3,992) 2,116 (3,106) Selling, general and administrative expenses — (870) (1,332) — (2,202) Gains on sale of real estate — 8 9 — 17 Impairment and other costs — (1) (12) — (13) Operating income (loss) — (51) 103 — 52 Benefit plan income, net — 3 5 — 8 Settlement charges — — (12) — (12) Interest (expense) income, net: External 3 (52) 1 — (48) Intercompany — (18) 18 — — Equity in loss of subsidiaries (3) (125) — 128 — Income (loss) before income taxes — (243) 115 128 — Federal, state and local income 2 30 (30) — 2 Net income (loss) $ 2 $ (213) $ 85 $ 128 $ 2 Comprehensive income (loss) $ (35) $ (249) $ 65 $ 184 $ (35) Condensed Consolidating Statement of Comprehensive Income (Loss) For the 39 Weeks Ended October 31, 2020 (millions) Parent Subsidiary Other Consolidating Consolidated Net sales $ — $ 1,131 $ 10,274 $ (839) $ 10,566 Consignment commission income — 572 — (572) — Credit card revenues (expense), net — (4) 498 — 494 Cost of sales — (814) (7,813) 839 (7,788) Selling, general and administrative expenses — (1,651) (3,644) 572 (4,723) Gains on sale of real estate — 1 19 — 20 Impairment, restructuring and other costs — (2,811) (634) — (3,445) Operating loss — (3,576) (1,300) — (4,876) Benefit plan income, net — 14 23 — 37 Settlement charges — (26) (39) — (65) Interest (expense) income, net: External (44) (141) (11) — (196) Intercompany (55) 18 37 — — Financing costs — (4) — — (4) Equity in loss of subsidiaries (4,041) (1,360) — 5,401 — Loss before income taxes (4,140) (5,075) (1,290) 5,401 (5,104) Federal, state and local income 36 597 367 — 1,000 Net loss $ (4,104) $ (4,478) $ (923) $ 5,401 $ (4,104) Comprehensive loss $ (4,041) $ (4,420) $ (884) $ 5,304 $ (4,041) Condensed Consolidating Statement of Comprehensive Income For the 39 Weeks Ended November 2, 2019 (millions) Parent Subsidiary Other Consolidating Consolidated Net sales $ — $ 6,418 $ 14,428 $ (4,623) $ 16,223 Credit card revenues (expense), net — (8) 539 — 531 Cost of sales — (3,913) (10,615) 4,623 (9,905) Selling, general and administrative expenses 1 (2,544) (3,946) — (6,489) Gains on sale of real estate — 32 35 — 67 Impairment, restructuring and other costs — (1) (15) — (16) Operating income (loss) 1 (16) 426 — 411 Benefit plan income, net — 9 14 — 23 Settlement charges — — (12) — (12) Interest (expense) income, net: External 11 (157) 3 — (143) Intercompany — (55) 55 — — Equity in earnings (loss) of subsidiaries 212 (264) — 52 — Income (loss) before income taxes 224 (483) 486 52 279 Federal, state and local income — 61 (116) — (55) Net income (loss) $ 224 $ (422) $ 370 $ 52 $ 224 Comprehensive income (loss) $ 198 $ (448) $ 358 $ 90 $ 198 Condensed Consolidating Balance Sheet As of October 31, 2020 (millions) Parent Subsidiary Other Consolidating Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 566 $ 52 $ 933 $ — $ 1,551 Receivables — 41 144 — 185 Merchandise inventories — 244 4,900 — 5,144 Prepaid expenses and other current assets 84 109 308 (24) 477 Total Current Assets 650 446 6,285 (24) 7,357 Property and Equipment – net — 2,391 3,731 — 6,122 Right of Use Assets — 979 2,399 (350) 3,028 Goodwill — 661 167 — 828 Other Intangible Assets – net — 4 433 — 437 Other Assets 760 74 608 — 1,442 Deferred Income Taxes 11 — — (11) — Intercompany Receivable 436 — 2,341 (2,777) — Investment in Subsidiaries 1,750 3,815 — (5,565) — Total Assets $ 3,607 $ 8,370 $ 15,964 $ (8,727) $ 19,214 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 536 $ — $ — $ 536 Merchandise accounts payable — 220 3,047 — 3,267 Accounts payable and accrued liabilities 97 893 1,939 (81) 2,848 Total Current Liabilities 97 1,649 4,986 (81) 6,651 Long-Term Debt 1,242 3,610 — — 4,852 Long-Term Lease Liabilities — 872 2,687 (293) 3,266 Intercompany Payable — 2,777 — (2,777) — Deferred Income Taxes — 403 525 (11) 917 Other Liabilities 25 327 933 — 1,285 Shareholders' Equity (Deficit) 2,243 (1,268) 6,833 (5,565) 2,243 Total Liabilities and Shareholders' Equity $ 3,607 $ 8,370 $ 15,964 $ (8,727) $ 19,214 Condensed Consolidating Balance Sheet As of November 2, 2019 (millions) Parent Subsidiary Other Consolidating Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 42 $ 73 $ 186 $ — $ 301 Receivables — 30 145 — 175 Merchandise inventories — 3,145 4,111 — 7,256 Prepaid expenses and other current assets 96 126 442 (95) 569 Total Current Assets 138 3,374 4,884 (95) 8,301 Property and Equipment – net — 3,174 3,384 — 6,558 Right of Use Assets — 653 1,943 — 2,596 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 5 435 — 440 Other Assets — 49 695 — 744 Deferred Income Taxes 9 — — (9) — Intercompany Receivable 2,923 — 454 (3,377) — Investment in Subsidiaries 3,231 2,812 — (6,043) — Total Assets $ 6,301 $ 13,393 $ 12,377 $ (9,524) $ 22,547 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 6 $ — $ — $ 6 Merchandise accounts payable — 1,521 1,906 — 3,427 Accounts payable and accrued liabilities 216 835 1,995 — 3,046 Income taxes — 51 44 (95) — Total Current Liabilities 216 2,413 3,945 (95) 6,479 Long-Term Debt — 4,677 — — 4,677 Long-Term Lease Liabilities — 589 2,230 — 2,819 Intercompany Payable — 3,377 — (3,377) — Deferred Income Taxes — 654 555 (9) 1,200 Other Liabilities 28 377 910 — 1,315 Shareholders' Equity 6,057 1,306 4,737 (6,043) 6,057 Total Liabilities and Shareholders' Equity $ 6,301 $ 13,393 $ 12,377 $ (9,524) $ 22,547 Condensed Consolidating Balance Sheet As of February 1, 2020 (millions) Parent Subsidiary Issuer Other Consolidating Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 413 59 $ 213 $ — $ 685 Receivables — 83 326 — 409 Merchandise inventories — 2,239 2,949 — 5,188 Prepaid expenses and other current assets — 118 410 — 528 Total Current Assets 413 2,499 3,898 — 6,810 Property and Equipment – net — 3,103 3,530 — 6,633 Right of Use Assets — 611 2,057 — 2,668 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 4 435 — 439 Other Assets — 37 677 — 714 Deferred Income Taxes 12 — — (12) — Intercompany Receivable 2,675 — 1,128 (3,803) — Investment in Subsidiaries 3,433 2,796 — (6,229) — Total Assets $ 6,533 $ 12,376 $ 12,307 $ (10,044) $ 21,172 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 539 $ — $ — $ 539 Merchandise accounts payable — 702 980 — 1,682 Accounts payable and accrued liabilities 126 909 2,413 — 3,448 Income taxes 5 11 65 — 81 Total Current Liabilities 131 2,161 3,458 — 5,750 Long-Term Debt — 3,621 — — 3,621 Long-Term Lease Liabilities — 543 2,375 — 2,918 Intercompany Payable — 3,803 — (3,803) — Deferred Income Taxes — 595 586 (12) 1,169 Other Liabilities 25 414 898 — 1,337 Shareholders' Equity 6,377 1,239 4,990 (6,229) 6,377 Total Liabilities and Shareholders' Equity $ 6,533 $ 12,376 $ 12,307 $ (10,044) $ 21,172 Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended October 31, 2020 (millions) Parent Subsidiary Other Consolidating Consolidated Cash flows from operating activities: Net loss $ (4,104) $ (4,478) $ (923) $ 5,401 $ (4,104) Impairment, restructuring and other costs — 2,811 634 — 3,445 Settlement charges — 26 39 — 65 Equity in loss of subsidiaries 4,041 1,360 — (5,401) — Dividends received from subsidiaries 608 300 — (908) — Depreciation and amortization — 225 497 — 722 Gains on sale of real estate — (1) (19) — (20) Changes in assets, liabilities and other items not separately identified (750) 1,058 (172) — 136 Net cash provided (used) by operating activities (205) 1,301 56 (908) 244 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net of dispositions — (63) (284) — (347) Other, net — (1) 34 — 33 Net cash used by investing activities — (64) (250) — (314) Cash flows from financing activities: Debt issued, net of debt issuance costs 1,238 1,492 (52) — 2,678 Debt repaid — (1,506) (2) — (1,508) Dividends paid (117) — (908) 908 (117) Intercompany activity, net (641) (1,210) 1,851 — — Other, net (63) (15) (12) — (90) Net cash provided (used) by financing activities 417 (1,239) 877 908 963 Net increase (decrease) in cash, cash equivalents and restricted cash 212 (2) 683 — 893 Cash, cash equivalents and restricted cash at beginning of period 413 64 254 — 731 Cash, cash equivalents and restricted cash at end of period $ 625 $ 62 $ 937 $ — $ 1,624 Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended November 2, 2019 (millions) Parent Subsidiary Other Consolidating Consolidated Cash flows from operating activities: Net income (loss) $ 224 $ (422) $ 370 $ 52 $ 224 Impairment, restructuring and other costs — 1 15 — 16 Settlement charges — — 12 — 12 Equity in loss (earnings) of subsidiaries (212) 264 — (52) — Dividends received from subsidiaries 819 — — (819) — Depreciation and amortization — 251 474 — 725 Gains on sale of real estate — (32) (35) — (67) Changes in assets, liabilities and other items not separately identified (99) (139) (500) — (738) Net cash provided (used) by operating activities 732 (77) 336 (819) 172 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net of dispositions — (179) (560) — (739) Other, net — (2) 12 — 10 Net cash used by investing activities — (181) (548) — (729) Cash flows from financing activities: Debt repaid — (45) — — (45) Dividends paid (349) — (819) 819 (349) Issuance of common stock 5 — — — 5 Intercompany activity, net (1,161) 239 922 — — Other, net (74) 73 50 — 49 Net cash provided (used) by financing activities (1,579) 267 153 819 (340) Net increase (decrease) in cash, cash equivalents and restricted cash (847) 9 (59) — (897) Cash, cash equivalents and restricted cash at beginning of period 889 64 295 — 1,248 Cash, cash equivalents and restricted cash at end of period $ 42 $ 73 $ 236 $ — $ 351

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)9 Months Ended
Oct. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature Of OperationsNature 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 kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Guam and Puerto Rico. As of October 31, 2020, the Company's operations were conducted through Macy's, Bloomingdale's, Bloomingdale's The Outlet, Macy's Backstage and bluemercury. Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC. A description of the Company's significant accounting policies is included in the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2020 (the "2019 10-K"). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2019 10-K.
Use Of EstimatesUse of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company considered the novel coronavirus ("COVID-19") related impacts to its estimates, as appropriate, within its Consolidated Financial Statements and there may be changes to those estimates in future periods. The Company believes that the accounting estimates are appropriate after giving consideration to the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. The Consolidated Financial Statements for the 13 and 39 weeks ended October 31, 2020 and November 2, 2019, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company.
ReclassificationReclassifications Certain reclassifications were made to the prior period's amounts to conform to the classifications of such amounts in the most recent period.
Comprehensive IncomeComprehensive Income (Loss) Total comprehensive income (loss) represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income (loss). For the Company, the only other components of total comprehensive income (loss) for the 13 and 39 weeks ended October 31, 2020 and November 2, 2019 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of income (loss) before income taxes in the Consolidated Statements of Operations. Amortization reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income) and are included in benefit plan income, net on the Consolidated Statements of Operations. See Note 8, "Benefit Plans," for further information.

Revenue Recognition (Policies)

Revenue Recognition (Policies)9 Months Ended
Oct. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]Revenue Net sales Revenue is recognized when customers obtain control of goods and services promised by the Company. The amount of revenue recognized is based on the amount that reflects the consideration that is expected to be received in exchange for those respective goods and services. The Company's revenue generating activities include the following: Retail Sales Retail sales include merchandise sales, inclusive of delivery income, licensed department income, sales of private brand goods directly to third party retailers and sales of excess inventory to third parties. Sales of merchandise are recorded at the time of shipment to the customer and are reported net of estimated merchandise returns and certain customer incentives. Commissions earned on sales generated by licensed departments are included as a component of total net sales and are recognized as revenue at the time merchandise is sold to customers. Service revenues (e.g., alteration and cosmetic services) are recorded at the time the customer receives the benefit of the service. The Company has elected to present sales taxes on a net basis and, as such, sales taxes are included in accounts payable and accrued liabilities until remitted to the taxing authorities. For each of the 13 and 39 weeks ended October 31, 2020, Macy's accounted for 88% of the Company's net sales. For the 13 and 39 weeks ended November 2, 2019, Macy's accounted for 87% and 88%, respectively, of the Company's net sales. Disaggregation of the Company's net sales by family of business for the 13 and 39 weeks ended October 31, 2020 and November 2, 2019 were as follows: 13 Weeks Ended 39 Weeks Ended Net sales by family of business October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 (millions) Women's Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 1,677 $ 1,960 $ 4,273 $ 6,152 Women's Apparel 690 1,197 1,895 3,779 Men's and Kids' 790 1,195 2,089 3,663 Home/Other (a) 833 821 2,309 2,629 Total $ 3,990 $ 5,173 $ 10,566 $ 16,223 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards. Merchandise Returns The Company estimates merchandise returns using historical data and recognizes an allowance that reduces net sales and cost of sales. The liability for merchandise returns is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $182 million, $213 million and $245 million as of October 31, 2020, February 1, 2020 and November 2, 2019, respectively. Included in prepaid expenses and other current assets is an asset totaling $116 million, $147 million and $164 million as of October 31, 2020, February 1, 2020 and November 2, 2019, respectively, for the recoverable cost of merchandise estimated to be returned by customers. Gift Cards and Customer Loyalty Programs The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold or issued, no revenue is recognized; rather, the Company records an accrued liability to customers. The liability is relieved and revenue is recognized equal to the amount redeemed at the time gift cards are redeemed for merchandise. The Company records revenue from unredeemed gift cards (breakage) in net sales on a pro-rata basis over the time period gift cards are actually redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. The Company maintains customer loyalty programs in which customers earn points based on their purchases. Under both the Macy’s and Bloomingdale's brands, points are earned based on customers’ spending regardless of tender type. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales at the time of the initial transaction and as tender when the points are subsequently redeemed by a customer. The liability for unredeemed gift cards and customer loyalty programs is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $639 million, $839 million and $705 million as of October 31, 2020, February 1, 2020 and November 2, 2019, respectively. Credit Card Revenues, net

Impairment, Restructuring and_2

Impairment, Restructuring and Other Costs (Tables)9 Months Ended
Oct. 31, 2020
Restructuring Costs and Asset Impairment Charges [Abstract]
Restructuring, Impairments, Store Closing and Other Costs13 Weeks Ended 39 Weeks Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 (millions) Impairments $ 6 $ — $ 3,170 $ 1 Restructuring 2 5 196 5 Other 12 8 79 10 Total $ 20 $ 13 $ 3,445 $ 16
Schedule of Restructuring Reserve by Type of CostA summary of the restructuring and other cash activity for the 13 and 39 weeks ended October 31, 2020 related to the Polaris strategy, which was announced in February 2020 and are included within accounts payable and accrued liabilities, is as follows: Severance and other benefits Professional fees and other related charges Total (millions) Balance at February 1, 2020 $ 115 $ 9 $ 124 Additions charged to expense 25 7 32 Cash payments (82) (6) (88) Balance at May 2, 2020 58 10 68 Additions charged to expense 15 6 21 Cash payments (67) (6) (73) Balance at August 1, 2020 6 10 16 Additions charged to expense 1 4 5 Cash payments (6) (10) (16) Balance at October 31, 2020 $ 1 $ 4 $ 5

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)9 Months Ended
Oct. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Company's Goodwill and Other Intangible AssetsOctober 31, February 1, November 2, (millions) Non-amortizing intangible assets Goodwill $ 9,290 $ 9,290 $ 9,290 Accumulated impairment losses (8,462) (5,382) (5,382) 828 3,908 3,908 Tradenames 403 403 403 $ 1,231 $ 4,311 $ 4,311

Earnings Per Share (Tables)

Earnings Per Share (Tables)9 Months Ended
Oct. 31, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per ShareThe following tables set forth the computation of basic and diluted earnings (loss) per share: 13 Weeks Ended October 31, 2020 November 2, 2019 Net Shares Net Shares (millions, except per share data) Net income (loss) $ (91) 310.2 $ 2 308.9 Shares to be issued under deferred compensation and other plans 1.0 1.0 $ (91) 311.2 $ 2 309.9 Basic earnings (loss) per share $ (0.29) $ 0.01 Effect of dilutive securities: Stock options and restricted stock units — 1.1 $ (91) 311.2 $ 2 311.0 Diluted earnings (loss) per share $ (0.29) $ 0.01 39 Weeks Ended October 31, 2020 November 2, 2019 Net Shares Net Shares (millions, except per share data) Net income (loss) $ (4,104) 310.1 $ 224 308.7 Shares to be issued under deferred compensation and other plans 0.9 0.9 $ (4,104) 311.0 $ 224 309.6 Basic earnings (loss) per share $ (13.20) $ 0.72 Effect of dilutive securities: Stock options and restricted stock units — 1.7 $ (4,104) 311.0 $ 224 311.3 Diluted earnings (loss) per share $ (13.20) $ 0.72

Revenue (Tables)

Revenue (Tables)9 Months Ended
Oct. 31, 2020
Revenue from Contract with Customer [Abstract]
Sales from Merchandise Category [Table Text Block]Disaggregation of the Company's net sales by family of business for the 13 and 39 weeks ended October 31, 2020 and November 2, 2019 were as follows: 13 Weeks Ended 39 Weeks Ended Net sales by family of business October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 (millions) Women's Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 1,677 $ 1,960 $ 4,273 $ 6,152 Women's Apparel 690 1,197 1,895 3,779 Men's and Kids' 790 1,195 2,089 3,663 Home/Other (a) 833 821 2,309 2,629 Total $ 3,990 $ 5,173 $ 10,566 $ 16,223 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards.

Financing Activities (Tables)

Financing Activities (Tables)9 Months Ended
Oct. 31, 2020
Debt Disclosure [Abstract]
Detail of Debt RepaymentsThe following table shows the detail of debt repayments: 39 Weeks Ended October 31, 2020 November 2, 2019 (millions) Revolving credit agreement $ 1,500 $ — 8.5% Senior debentures due 2019 — 36 9.5% amortizing debentures due 2021 4 4 9.75% amortizing debentures due 2021 2 2 $ 1,506 $ 42

Benefit Plans (Tables)

Benefit Plans (Tables)9 Months Ended
Oct. 31, 2020
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]
Schedule of Costs of Retirement PlansThe defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows: 13 Weeks Ended 39 Weeks Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 (millions) (millions) 401(k) Qualified Defined Contribution Plan $ 17 $ 25 $ 49 $ 74 Non-Qualified Defined Contribution Plan $ — $ — $ — $ 2 Pension Plan Service cost $ 1 $ 2 $ 4 $ 4 Interest cost 13 26 51 78 Expected return on assets (46) (48) (138) (144) Recognition of net actuarial loss 11 7 31 21 Amortization of prior service credit — — — — $ (21) $ (13) $ (52) $ (41) Supplementary Retirement Plan Service cost $ — $ — $ — $ — Interest cost 3 5 11 17 Recognition of net actuarial loss 3 2 9 6 Amortization of prior service cost — — — — $ 6 $ 7 $ 20 $ 23 Total Retirement Expense $ 2 $ 19 $ 17 $ 58 Postretirement Obligations Service cost $ — $ — $ — $ — Interest cost 1 1 3 3 Recognition of net actuarial gain (1) (1) (4) (4) Amortization of prior service credit — — — — $ — $ — $ (1) $ (1)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)9 Months Ended
Oct. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value of Assets Measured on a Recurring BasisThe following table shows the Company's financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards: Level 1: Quoted prices in active markets for identical assets Level 2: Significant observable inputs for the assets Level 3: Significant unobservable inputs for the assets October 31, 2020 November 2, 2019 Fair Value Measurements Fair Value Measurements Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (millions) Marketable equity and debt securities $ 95 $ 32 $ 63 $ — $ 92 $ 33 $ 59 $ —
Estimated Fair Values of Company's Long Term DebtThe following table shows the estimated fair value of the Company's long-term debt: October 31, 2020 November 2, 2019 Notional Carrying Fair Notional Carrying Fair (millions) Long-term debt $ 4,903 $ 4,852 $ 3,967 $ 4,664 $ 4,677 $ 4,716

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)9 Months Ended
Oct. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Statement of Comprehensive Income [Table Text Block]Condensed Consolidating Statement of Comprehensive Income (Loss) For the 13 Weeks Ended October 31, 2020 (millions) Parent Subsidiary Other Consolidating Consolidated Net sales $ — $ 97 $ 3,893 $ — $ 3,990 Consignment commission income — 353 — (353) — Credit card revenues, net — 2 193 — 195 Cost of sales — (32) (2,537) — (2,569) Selling, general and administrative expenses — (624) (1,455) 353 (1,726) Gains on sale of real estate — — 3 — 3 Restructuring, impairment and other costs — (5) (15) — (20) Operating income (loss) — (209) 82 — (127) Benefit plan income, net — 6 10 — 16 Settlement charges — (12) (14) — (26) Interest (expense) income, net: External (29) (44) (7) — (80) Intercompany (33) 26 7 — — Equity in loss of subsidiaries (53) (92) — 145 — Income (loss) before income taxes (115) (325) 78 145 (217) Federal, state and local income 24 95 7 — 126 Net income (loss) $ (91) $ (230) $ 85 $ 145 $ (91) Comprehensive income (loss) $ (89) $ (227) $ 85 $ 142 $ (89) Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended November 2, 2019 (millions) Parent Subsidiary Other Consolidating Consolidated Net sales $ — $ 2,044 $ 5,245 $ (2,116) $ 5,173 Credit card revenues (expense), net — (2) 185 — 183 Cost of sales — (1,230) (3,992) 2,116 (3,106) Selling, general and administrative expenses — (870) (1,332) — (2,202) Gains on sale of real estate — 8 9 — 17 Impairment and other costs — (1) (12) — (13) Operating income (loss) — (51) 103 — 52 Benefit plan income, net — 3 5 — 8 Settlement charges — — (12) — (12) Interest (expense) income, net: External 3 (52) 1 — (48) Intercompany — (18) 18 — — Equity in loss of subsidiaries (3) (125) — 128 — Income (loss) before income taxes — (243) 115 128 — Federal, state and local income 2 30 (30) — 2 Net income (loss) $ 2 $ (213) $ 85 $ 128 $ 2 Comprehensive income (loss) $ (35) $ (249) $ 65 $ 184 $ (35) Condensed Consolidating Statement of Comprehensive Income (Loss) For the 39 Weeks Ended October 31, 2020 (millions) Parent Subsidiary Other Consolidating Consolidated Net sales $ — $ 1,131 $ 10,274 $ (839) $ 10,566 Consignment commission income — 572 — (572) — Credit card revenues (expense), net — (4) 498 — 494 Cost of sales — (814) (7,813) 839 (7,788) Selling, general and administrative expenses — (1,651) (3,644) 572 (4,723) Gains on sale of real estate — 1 19 — 20 Impairment, restructuring and other costs — (2,811) (634) — (3,445) Operating loss — (3,576) (1,300) — (4,876) Benefit plan income, net — 14 23 — 37 Settlement charges — (26) (39) — (65) Interest (expense) income, net: External (44) (141) (11) — (196) Intercompany (55) 18 37 — — Financing costs — (4) — — (4) Equity in loss of subsidiaries (4,041) (1,360) — 5,401 — Loss before income taxes (4,140) (5,075) (1,290) 5,401 (5,104) Federal, state and local income 36 597 367 — 1,000 Net loss $ (4,104) $ (4,478) $ (923) $ 5,401 $ (4,104) Comprehensive loss $ (4,041) $ (4,420) $ (884) $ 5,304 $ (4,041) Condensed Consolidating Statement of Comprehensive Income For the 39 Weeks Ended November 2, 2019 (millions) Parent Subsidiary Other Consolidating Consolidated Net sales $ — $ 6,418 $ 14,428 $ (4,623) $ 16,223 Credit card revenues (expense), net — (8) 539 — 531 Cost of sales — (3,913) (10,615) 4,623 (9,905) Selling, general and administrative expenses 1 (2,544) (3,946) — (6,489) Gains on sale of real estate — 32 35 — 67 Impairment, restructuring and other costs — (1) (15) — (16) Operating income (loss) 1 (16) 426 — 411 Benefit plan income, net — 9 14 — 23 Settlement charges — — (12) — (12) Interest (expense) income, net: External 11 (157) 3 — (143) Intercompany — (55) 55 — — Equity in earnings (loss) of subsidiaries 212 (264) — 52 — Income (loss) before income taxes 224 (483) 486 52 279 Federal, state and local income — 61 (116) — (55) Net income (loss) $ 224 $ (422) $ 370 $ 52 $ 224 Comprehensive income (loss) $ 198 $ (448) $ 358 $ 90 $ 198
Condensed Consolidating Balance Sheet [Table Text Block]Condensed Consolidating Balance Sheet As of October 31, 2020 (millions) Parent Subsidiary Other Consolidating Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 566 $ 52 $ 933 $ — $ 1,551 Receivables — 41 144 — 185 Merchandise inventories — 244 4,900 — 5,144 Prepaid expenses and other current assets 84 109 308 (24) 477 Total Current Assets 650 446 6,285 (24) 7,357 Property and Equipment – net — 2,391 3,731 — 6,122 Right of Use Assets — 979 2,399 (350) 3,028 Goodwill — 661 167 — 828 Other Intangible Assets – net — 4 433 — 437 Other Assets 760 74 608 — 1,442 Deferred Income Taxes 11 — — (11) — Intercompany Receivable 436 — 2,341 (2,777) — Investment in Subsidiaries 1,750 3,815 — (5,565) — Total Assets $ 3,607 $ 8,370 $ 15,964 $ (8,727) $ 19,214 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 536 $ — $ — $ 536 Merchandise accounts payable — 220 3,047 — 3,267 Accounts payable and accrued liabilities 97 893 1,939 (81) 2,848 Total Current Liabilities 97 1,649 4,986 (81) 6,651 Long-Term Debt 1,242 3,610 — — 4,852 Long-Term Lease Liabilities — 872 2,687 (293) 3,266 Intercompany Payable — 2,777 — (2,777) — Deferred Income Taxes — 403 525 (11) 917 Other Liabilities 25 327 933 — 1,285 Shareholders' Equity (Deficit) 2,243 (1,268) 6,833 (5,565) 2,243 Total Liabilities and Shareholders' Equity $ 3,607 $ 8,370 $ 15,964 $ (8,727) $ 19,214 Condensed Consolidating Balance Sheet As of November 2, 2019 (millions) Parent Subsidiary Other Consolidating Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 42 $ 73 $ 186 $ — $ 301 Receivables — 30 145 — 175 Merchandise inventories — 3,145 4,111 — 7,256 Prepaid expenses and other current assets 96 126 442 (95) 569 Total Current Assets 138 3,374 4,884 (95) 8,301 Property and Equipment – net — 3,174 3,384 — 6,558 Right of Use Assets — 653 1,943 — 2,596 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 5 435 — 440 Other Assets — 49 695 — 744 Deferred Income Taxes 9 — — (9) — Intercompany Receivable 2,923 — 454 (3,377) — Investment in Subsidiaries 3,231 2,812 — (6,043) — Total Assets $ 6,301 $ 13,393 $ 12,377 $ (9,524) $ 22,547 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 6 $ — $ — $ 6 Merchandise accounts payable — 1,521 1,906 — 3,427 Accounts payable and accrued liabilities 216 835 1,995 — 3,046 Income taxes — 51 44 (95) — Total Current Liabilities 216 2,413 3,945 (95) 6,479 Long-Term Debt — 4,677 — — 4,677 Long-Term Lease Liabilities — 589 2,230 — 2,819 Intercompany Payable — 3,377 — (3,377) — Deferred Income Taxes — 654 555 (9) 1,200 Other Liabilities 28 377 910 — 1,315 Shareholders' Equity 6,057 1,306 4,737 (6,043) 6,057 Total Liabilities and Shareholders' Equity $ 6,301 $ 13,393 $ 12,377 $ (9,524) $ 22,547 Condensed Consolidating Balance Sheet As of February 1, 2020 (millions) Parent Subsidiary Issuer Other Consolidating Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 413 59 $ 213 $ — $ 685 Receivables — 83 326 — 409 Merchandise inventories — 2,239 2,949 — 5,188 Prepaid expenses and other current assets — 118 410 — 528 Total Current Assets 413 2,499 3,898 — 6,810 Property and Equipment – net — 3,103 3,530 — 6,633 Right of Use Assets — 611 2,057 — 2,668 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 4 435 — 439 Other Assets — 37 677 — 714 Deferred Income Taxes 12 — — (12) — Intercompany Receivable 2,675 — 1,128 (3,803) — Investment in Subsidiaries 3,433 2,796 — (6,229) — Total Assets $ 6,533 $ 12,376 $ 12,307 $ (10,044) $ 21,172 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 539 $ — $ — $ 539 Merchandise accounts payable — 702 980 — 1,682 Accounts payable and accrued liabilities 126 909 2,413 — 3,448 Income taxes 5 11 65 — 81 Total Current Liabilities 131 2,161 3,458 — 5,750 Long-Term Debt — 3,621 — — 3,621 Long-Term Lease Liabilities — 543 2,375 — 2,918 Intercompany Payable — 3,803 — (3,803) — Deferred Income Taxes — 595 586 (12) 1,169 Other Liabilities 25 414 898 — 1,337 Shareholders' Equity 6,377 1,239 4,990 (6,229) 6,377 Total Liabilities and Shareholders' Equity $ 6,533 $ 12,376 $ 12,307 $ (10,044) $ 21,172
Condensed Consolidating Statement of Cash Flows [Table Text Block]Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended October 31, 2020 (millions) Parent Subsidiary Other Consolidating Consolidated Cash flows from operating activities: Net loss $ (4,104) $ (4,478) $ (923) $ 5,401 $ (4,104) Impairment, restructuring and other costs — 2,811 634 — 3,445 Settlement charges — 26 39 — 65 Equity in loss of subsidiaries 4,041 1,360 — (5,401) — Dividends received from subsidiaries 608 300 — (908) — Depreciation and amortization — 225 497 — 722 Gains on sale of real estate — (1) (19) — (20) Changes in assets, liabilities and other items not separately identified (750) 1,058 (172) — 136 Net cash provided (used) by operating activities (205) 1,301 56 (908) 244 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net of dispositions — (63) (284) — (347) Other, net — (1) 34 — 33 Net cash used by investing activities — (64) (250) — (314) Cash flows from financing activities: Debt issued, net of debt issuance costs 1,238 1,492 (52) — 2,678 Debt repaid — (1,506) (2) — (1,508) Dividends paid (117) — (908) 908 (117) Intercompany activity, net (641) (1,210) 1,851 — — Other, net (63) (15) (12) — (90) Net cash provided (used) by financing activities 417 (1,239) 877 908 963 Net increase (decrease) in cash, cash equivalents and restricted cash 212 (2) 683 — 893 Cash, cash equivalents and restricted cash at beginning of period 413 64 254 — 731 Cash, cash equivalents and restricted cash at end of period $ 625 $ 62 $ 937 $ — $ 1,624 Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended November 2, 2019 (millions) Parent Subsidiary Other Consolidating Consolidated Cash flows from operating activities: Net income (loss) $ 224 $ (422) $ 370 $ 52 $ 224 Impairment, restructuring and other costs — 1 15 — 16 Settlement charges — — 12 — 12 Equity in loss (earnings) of subsidiaries (212) 264 — (52) — Dividends received from subsidiaries 819 — — (819) — Depreciation and amortization — 251 474 — 725 Gains on sale of real estate — (32) (35) — (67) Changes in assets, liabilities and other items not separately identified (99) (139) (500) — (738) Net cash provided (used) by operating activities 732 (77) 336 (819) 172 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net of dispositions — (179) (560) — (739) Other, net — (2) 12 — 10 Net cash used by investing activities — (181) (548) — (729) Cash flows from financing activities: Debt repaid — (45) — — (45) Dividends paid (349) — (819) 819 (349) Issuance of common stock 5 — — — 5 Intercompany activity, net (1,161) 239 922 — — Other, net (74) 73 50 — 49 Net cash provided (used) by financing activities (1,579) 267 153 819 (340) Net increase (decrease) in cash, cash equivalents and restricted cash (847) 9 (59) — (897) Cash, cash equivalents and restricted cash at beginning of period 889 64 295 — 1,248 Cash, cash equivalents and restricted cash at end of period $ 42 $ 73 $ 236 $ — $ 351

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Narrative) (Details)Oct. 31, 2020
Number of states in which entity operates43

Impact of COVID-19 (Details)

Impact of COVID-19 (Details) $ in Millions1 Months Ended3 Months Ended9 Months Ended
Jun. 30, 2020USD ($)employeeAug. 01, 2020USD ($)Oct. 31, 2020USD ($)Rate
Unusual or Infrequent Item, or Both [Line Items]
Total financing activities, COVID-19 $ 4,500
Notes subject to exchange and consent offer $ 465
Headcount reduction, COVID-19 | employee3,900
Restructuring expense, COVID-19 $ 154
Deferred Occupancy Payments, COVID-19 $ 75
Tax carryback rate, COVID-19 | Rate35.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | Rate21.00%
Income tax receivable, COVID-19 $ 705
Employee retention payroll tax credits, COVID-1960
Deferred Employer Portion of Social Security Taxes, COVID-19100
Revolving Credit Facility [Member]
Unusual or Infrequent Item, or Both [Line Items]
Proceeds from Lines of Credit $ 1,500

Impairment, Restructuring and_3

Impairment, Restructuring and Other Costs - Schedule of Restructuring, Impairment, Store Closing and Other Costs (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Oct. 31, 2020Nov. 02, 2019Oct. 31, 2020Nov. 02, 2019
Restructuring Costs and Asset Impairment Charges [Abstract]
Impairments $ 6 $ 0 $ 3,170 $ 1
Restructuring2 5 196 5
Other12 8 79 10
Total $ 20 $ 13 $ 3,445 $ 16

Impairment, Restructuring and_4

Impairment, Restructuring and Other Costs - Narrative (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Oct. 31, 2020Aug. 01, 2020Nov. 02, 2019Oct. 31, 2020Nov. 02, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring expense, COVID-19 $ 154
Tangible Asset Impairment, COVID-19 $ 90
Goodwill impairment, COVID-193,080
Impairments $ 6 $ 0 3,170 $ 1
Macy's Reporting Unit
Restructuring Cost and Reserve [Line Items]
Goodwill impairment, COVID-192,982
Bluemercury Reporting Unit
Restructuring Cost and Reserve [Line Items]
Goodwill impairment, COVID-19 $ 98

Impairment, Restructuring and_5

Impairment, Restructuring and Other Costs - Restructuring Reserve Activity (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Oct. 31, 2020Aug. 01, 2020May 02, 2020Nov. 02, 2019Oct. 31, 2020Nov. 02, 2019
Restructuring Reserve [Roll Forward]
Additions charged to expense $ 12 $ 8 $ 79 $ 10
Polaris Strategy
Restructuring Reserve [Roll Forward]
Beginning Balance16 $ 68 $ 124 124
Additions charged to expense5 21 32
Cash payments(16)(73)(88)
Ending Balance5 16 68 5
Employee Severance | Polaris Strategy
Restructuring Reserve [Roll Forward]
Beginning Balance6 58 115 115
Additions charged to expense1 15 25
Cash payments(6)(67)(82)
Ending Balance1 6 58 1
Other Restructuring | Polaris Strategy
Restructuring Reserve [Roll Forward]
Beginning Balance10 10 9 9
Additions charged to expense4 6 7
Cash payments(10)(6)(6)
Ending Balance $ 4 $ 10 $ 10 $ 4

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Company's Goodwill and Other Intangible Assets (Details) - USD ($) $ in MillionsOct. 31, 2020Feb. 01, 2020Nov. 02, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill $ 9,290 $ 9,290 $ 9,290
Accumulated impairment losses(8,462)(5,382)(5,382)
Net goodwill, Non-amortizing intangible assets828 3,908 3,908
Tradenames403 403 403
Net non-amortizing intangible assets $ 1,231 $ 4,311 $ 4,311

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions9 Months Ended
Oct. 31, 2020USD ($)
Goodwill impairment, COVID-19 $ 3,080
Macy's Reporting Unit
Goodwill impairment, COVID-192,982
Bluemercury Reporting Unit
Goodwill impairment, COVID-19 $ 98

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares shares in Millions9 Months Ended
Oct. 31, 2020Nov. 02, 2019
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount16.4 19.4
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount10 1.9

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions3 Months Ended9 Months Ended
Oct. 31, 2020Nov. 02, 2019Oct. 31, 2020Nov. 02, 2019
Earnings Per Share [Abstract]
Net income (loss) $ (91) $ 2 $ (4,104) $ 224
Net Income (Loss) Available to Common Stockholders, Basic(91)2 (4,104)224
Net Income (Loss) Available to Common Stockholders, Diluted $ (91) $ 2 $ (4,104) $ 224
Basic earnings (loss) per share $ (0.29) $ 0.01 $ (13.20) $ 0.72
Diluted earnings (loss) per share $ (0.29) $ 0.01 $ (13.20) $ 0.72
Weighted Average Number of Shares Issued, Basic310.2 308.9 310.1 308.7
Shares to be issued under deferred compensation and other plans1 1 0.9 0.9
Average number of shares outstanding, basic311.2 309.9 311 309.6
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements0 1.1 0 1.7
Average number of shares outstanding, diluted311.2 311 311 311.3

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Oct. 31, 2020Nov. 02, 2019Oct. 31, 2020Nov. 02, 2019Feb. 01, 2020
Net sales $ 3,990 $ 5,173 $ 10,566 $ 16,223
Contract with Customer, Liability, Current $ 639 $ 705 $ 639 $ 705 $ 839
Macy's sales to total Company sales88.00%87.00%88.00%88.00%
Contract with Customer, Refund Liability $ 182 $ 245 $ 182 $ 245 213
Contract with Customer, Right to Recover Product116 164 116 164 $ 147
Women's Accessories, Intimate Apparel, Shoes and Cosmetics [Member]
Net sales1,677 1,960 4,273 6,152
Women's Apparel [Member]
Net sales690 1,197 1,895 3,779
Men's and Kids' [Member]
Net sales790 1,195 2,089 3,663
Home/Other [Member]
Net sales833 821 2,309 2,629
Total Sales - All Categories [Member]
Net sales $ 3,990 $ 5,173 $ 10,566 $ 16,223

Financing Activities - Detail O

Financing Activities - Detail Of Debt Repayments (Details) - USD ($) $ in Millions9 Months Ended
Oct. 31, 2020Nov. 02, 2019
Repayments of Debt $ 1,506 $ 42
9.5% Amortizing debentures due 2021
Interest rate stated percentage9.50%
Repayments of Debt4 $ 4
9.75% Amortizing Debentures due 2021
Interest rate stated percentage9.75%
Repayments of Debt2 $ 2
Line of Credit
Repayments of Debt1,500 $ 0
8.5% Amortizing debentures due 2019
Interest rate stated percentage8.50%
Repayments of Debt $ 0 $ 36

Financing Activities - Narrativ

Financing Activities - Narrative (Details) - USD ($)Jun. 08, 2020Aug. 01, 2020Oct. 31, 2020Nov. 02, 2019
Line of Credit Facility, Maximum Borrowing Capacity $ 1,500,000,000
Debt issued2,780,000,000 $ 0
New 2024 Notes
Interest rate stated percentage6.65%
Long-term Debt, Gross $ 81,000,000
Old 2024 Notes
Interest rate stated percentage6.65%
New 2028 Notes
Interest rate stated percentage6.70%
Long-term Debt, Gross $ 74,000,000
Old 2028 Notes
Interest rate stated percentage6.70%
New 2029 Notes
Interest rate stated percentage8.75%
Long-term Debt, Gross $ 13,000,000
Old 2029 Notes
Interest rate stated percentage8.75%
New 2030 Notes
Interest rate stated percentage7.875%
Long-term Debt, Gross $ 5,000,000
Old 2030 Notes
Interest rate stated percentage7.875%
New 2032 Notes
Interest rate stated percentage6.90%
Long-term Debt, Gross $ 5,000,000
Old 2032 Notes
Interest rate stated percentage6.90%
New 2034 Notes
Interest rate stated percentage6.70%
Long-term Debt, Gross $ 183,000,000
Old 2034 Notes
Interest rate stated percentage6.70%
Revolving Credit Facility [Member]
Proceeds from Lines of Credit1,500,000,000
Revolving Credit Facility [Member] | April 30, 2021 or After
Percent of loan cap10.00%
Availability plus suppressed availability $ 250,000,000
Revolving Credit Facility [Member] | Prior to April 30, 2021
Percent of loan cap10.00%
Availability plus suppressed availability $ 250,000,000
ABL Borrower | Revolving Credit Facility [Member]
Additional borrowing capacity available750,000,000
Liquidation percentage80.00%
Liquidation percentage, upon satisfaction of certain conditions90.00%
ABL Borrower | Revolving Credit Facility [Member] | Revolving ABL Facility
Line of Credit Facility, Maximum Borrowing Capacity2,941,000,000
Letters of Credit Outstanding, Amount124,000,000
Amount Outstanding Under Credit Facility0
ABL Borrower | Revolving Credit Facility [Member] | Bridge Facility
Line of Credit Facility, Maximum Borrowing Capacity300,000,000
Senior Notes
Face amount $ 1,300,000,000
Interest rate stated percentage8.375%
Old 2024 Notes
Long-term Debt, Gross $ 41,000,000
Debt subject to consent offer85,000,000
Old 2028 Notes
Long-term Debt, Gross29,000,000
Debt subject to consent offer77,000,000
Old 2029 Notes
Debt subject to consent offer13,000,000
Old 2030 Notes
Long-term Debt, Gross5,000,000
Debt subject to consent offer5,000,000
Old 2032 Notes
Long-term Debt, Gross12,000,000
Debt subject to consent offer6,000,000
Old 2034 Notes
Long-term Debt, Gross18,000,000
Debt subject to consent offer $ 185,000,000
Minimum
Current borrowing capacity $ 1,000,000
Minimum | ABL Borrower
Coverage ratio1
Minimum | ABL Borrower | Revolving Credit Facility [Member] | Prior to Step Down Date | London Interbank Offered Rate (LIBOR)
Basis spread on variable rate2.75%
Minimum | ABL Borrower | Revolving Credit Facility [Member] | Prior to Step Down Date | Base Rate
Basis spread on variable rate1.75%
Minimum | ABL Borrower | Revolving Credit Facility [Member] | After Step Down Date | London Interbank Offered Rate (LIBOR)
Basis spread on variable rate2.25%
Minimum | ABL Borrower | Revolving Credit Facility [Member] | After Step Down Date | Base Rate
Basis spread on variable rate1.25%
Maximum | ABL Borrower
Coverage ratio1
Maximum | ABL Borrower | Revolving Credit Facility [Member] | Prior to Step Down Date | London Interbank Offered Rate (LIBOR)
Basis spread on variable rate3.00%
Maximum | ABL Borrower | Revolving Credit Facility [Member] | Prior to Step Down Date | Base Rate
Basis spread on variable rate2.00%
Maximum | ABL Borrower | Revolving Credit Facility [Member] | After Step Down Date | London Interbank Offered Rate (LIBOR)
Basis spread on variable rate2.50%
Maximum | ABL Borrower | Revolving Credit Facility [Member] | After Step Down Date | Base Rate
Basis spread on variable rate1.50%

Benefit Plans (Net Periodic Ben

Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Oct. 31, 2020Nov. 02, 2019Oct. 31, 2020Nov. 02, 2019
Total Retirement Expense $ 2 $ 19 $ 17 $ 58
Settlement charges26 12 65 12
Nonqualified Plan [Member]
Defined contribution plans expense0 0 0 2
Qualified Plan [Member]
Defined contribution plans expense17 25 49 74
Pension Plan [Member]
Service cost1 2 4 4
Interest cost13 26 51 78
Expected return on assets(46)(48)(138)(144)
Recognition of net actuarial (gain) loss11 7 31 21
Amortization of prior service credit0 0 0 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)(21)(13)(52)(41)
Supplemental Employee Retirement Plan [Member]
Service cost0 0 0 0
Interest cost3 5 11 17
Recognition of net actuarial (gain) loss3 2 9 6
Amortization of prior service credit0 0 0 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)6 7 20 23
Other Postretirement Benefits Plan [Member]
Service cost0 0 0 0
Interest cost1 1 3 3
Recognition of net actuarial (gain) loss(1)(1)(4)(4)
Amortization of prior service credit0 0 0 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ 0 $ 0 $ (1) $ (1)

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets Measured At Fair Value On A Recurring and Nonrecurring Basis) (Details) - USD ($) $ in MillionsOct. 31, 2020Nov. 02, 2019
Marketable equity and debt securities $ 95 $ 92
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Marketable equity and debt securities32 33
Significant Observable Inputs (Level 2) [Member]
Marketable equity and debt securities63 59
Significant Unobservable Inputs (Level 3) [Member]
Marketable equity and debt securities $ 0 $ 0

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Value Of Company Long Term Debt) (Details) - USD ($) $ in MillionsOct. 31, 2020Nov. 02, 2019
Long-term debt $ 3,967 $ 4,716
Carrying Amount
Long-term debt4,852 4,677
Notional Amount
Long-term debt $ 4,903 $ 4,664

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Oct. 31, 2020Nov. 02, 2019Oct. 31, 2020Nov. 02, 2019
Net sales $ 3,990 $ 5,173 $ 10,566 $ 16,223
Consignment Commission Income0 0
Credit card revenues, net195 183 494 531
Cost of sales(2,569)(3,106)(7,788)(9,905)
Selling, general and administrative expenses(1,726)(2,202)(4,723)(6,489)
Gains on sale of real estate3 17 20 67
Impairment, restructuring and other costs(20)(13)(3,445)(16)
Operating income (loss)(127)52 (4,876)411
Benefit plan income, net16 8 37 23
Settlement charges(26)(12)(65)(12)
Interest (expense) income, net
External(80)(48)(196)(143)
Interest Expense, Other0 0 0 0
Financing costs0 0 (4)0
Income (Loss) from Equity Method Investments0 0 0 0
Income (loss) before income taxes(217)0 (5,104)279
Federal, state and local income tax benefit (expense)126 2 1,000 (55)
Net income (loss)(91)2 (4,104)224
Comprehensive Income (Loss)(89)(35)(4,041)198
Parent
Net sales0 0 0 0
Consignment Commission Income0
Credit card revenues, net0 0 0 0
Cost of sales0 0 0 0
Selling, general and administrative expenses0 0 0 1
Gains on sale of real estate0 0 0 0
Impairment, restructuring and other costs0 0 0 0
Operating income (loss)0 0 0 1
Benefit plan income, net0 0 0 0
Settlement charges0 0 0 0
Interest (expense) income, net
External(29)3 (44)11
Interest Expense, Other(33)0 (55)0
Financing costs0
Income (Loss) from Equity Method Investments(53)(3)(4,041)212
Income (loss) before income taxes(115)0 (4,140)224
Federal, state and local income tax benefit (expense)24 2 36 0
Net income (loss)(91)2 (4,104)224
Comprehensive Income (Loss)(89)(35)(4,041)198
Subsidiary Issuer
Net sales97 2,044 1,131 6,418
Consignment Commission Income353 572
Credit card revenues, net2 (2)(4)(8)
Cost of sales(32)(1,230)(814)(3,913)
Selling, general and administrative expenses(624)(870)(1,651)(2,544)
Gains on sale of real estate0 8 1 32
Impairment, restructuring and other costs(5)(1)(2,811)(1)
Operating income (loss)(209)(51)(3,576)(16)
Benefit plan income, net6 3 14 9
Settlement charges(12)0 (26)0
Interest (expense) income, net
External(44)(52)(141)(157)
Interest Expense, Other26 (18)18 (55)
Financing costs(4)
Income (Loss) from Equity Method Investments(92)(125)(1,360)(264)
Income (loss) before income taxes(325)(243)(5,075)(483)
Federal, state and local income tax benefit (expense)95 30 597 61
Net income (loss)(230)(213)(4,478)(422)
Comprehensive Income (Loss)(227)(249)(4,420)(448)
Other Subsidiaries
Net sales3,893 5,245 10,274 14,428
Consignment Commission Income0 0
Credit card revenues, net193 185 498 539
Cost of sales(2,537)(3,992)(7,813)(10,615)
Selling, general and administrative expenses(1,455)(1,332)(3,644)(3,946)
Gains on sale of real estate3 9 19 35
Impairment, restructuring and other costs(15)(12)(634)(15)
Operating income (loss)82 103 (1,300)426
Benefit plan income, net10 5 23 14
Settlement charges(14)(12)(39)(12)
Interest (expense) income, net
External(7)1 (11)3
Interest Expense, Other7 18 37 55
Financing costs0
Income (Loss) from Equity Method Investments0 0 0 0
Income (loss) before income taxes78 115 (1,290)486
Federal, state and local income tax benefit (expense)7 (30)367 (116)
Net income (loss)85 85 (923)370
Comprehensive Income (Loss)85 65 (884)358
Consolidation, Eliminations [Member]
Net sales0 (2,116)(839)(4,623)
Consignment Commission Income(353)(572)
Credit card revenues, net0 0 0 0
Cost of sales0 2,116 839 4,623
Selling, general and administrative expenses353 0 572 0
Gains on sale of real estate0 0 0 0
Impairment, restructuring and other costs0 0 0 0
Operating income (loss)0 0 0 0
Benefit plan income, net0 0 0 0
Settlement charges0 0 0 0
Interest (expense) income, net
External0 0 0 0
Interest Expense, Other0 0 0 0
Financing costs0
Income (Loss) from Equity Method Investments145 128 5,401 52
Income (loss) before income taxes145 128 5,401 52
Federal, state and local income tax benefit (expense)0 0 0 0
Net income (loss)145 128 5,401 52
Comprehensive Income (Loss) $ 142 $ 184 $ 5,304 $ 90

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in MillionsOct. 31, 2020Feb. 01, 2020Nov. 02, 2019
Current Assets:
Cash and cash equivalents $ 1,551 $ 685 $ 301
Receivables185 409 175
Merchandise inventories5,144 5,188 7,256
Prepaid expenses and other current assets477 528 569
Total Current Assets7,357 6,810 8,301
Property and Equipment - net6,122 6,633 6,558
Right of Use Assets3,028 2,668 2,596
Goodwill828 3,908 3,908
Other Intangible Assets - net437 439 440
Other Assets1,442 714 744
Deferred Income Taxes0 0 0
Intercompany Receivable0 0 0
Investment in Subsidiaries0 0 0
Total Assets19,214 21,172 22,547
Current Liabilities:
Short-term debt536 539 6
Merchandise accounts payable3,267 1,682 3,427
Accounts Payable and Accrued Liabilities2,848 3,448 3,046
Income taxes0 81 0
Total Current Liabilities6,651 5,750 6,479
Long-Term Debt4,852 3,621 4,677
Long-Term Lease Liabilities3,266 2,918 2,819
Intercompany Payable0 0 0
Deferred Income Taxes917 1,169 1,200
Other Liabilities1,285 1,337 1,315
Shareholders' Equity2,243 6,377 6,057
Total Liabilities and Shareholders' Equity19,214 21,172 22,547
Parent
Current Assets:
Cash and cash equivalents566 413 42
Receivables0 0 0
Merchandise inventories0 0 0
Prepaid expenses and other current assets84 0 96
Total Current Assets650 413 138
Property and Equipment - net0 0 0
Right of Use Assets0 0 0
Goodwill0 0 0
Other Intangible Assets - net0 0 0
Other Assets760 0 0
Deferred Income Taxes11 12 9
Intercompany Receivable436 2,675 2,923
Investment in Subsidiaries1,750 3,433 3,231
Total Assets3,607 6,533 6,301
Current Liabilities:
Short-term debt0 0 0
Merchandise accounts payable0 0 0
Accounts Payable and Accrued Liabilities97 126 216
Income taxes5 0
Total Current Liabilities97 131 216
Long-Term Debt1,242 0 0
Long-Term Lease Liabilities0 0 0
Intercompany Payable0 0 0
Deferred Income Taxes0 0 0
Other Liabilities25 25 28
Shareholders' Equity2,243 6,377 6,057
Total Liabilities and Shareholders' Equity3,607 6,533 6,301
Subsidiary Issuer
Current Assets:
Cash and cash equivalents52 59 73
Receivables41 83 30
Merchandise inventories244 2,239 3,145
Prepaid expenses and other current assets109 118 126
Total Current Assets446 2,499 3,374
Property and Equipment - net2,391 3,103 3,174
Right of Use Assets979 611 653
Goodwill661 3,326 3,326
Other Intangible Assets - net4 4 5
Other Assets74 37 49
Deferred Income Taxes0 0 0
Intercompany Receivable0 0 0
Investment in Subsidiaries3,815 2,796 2,812
Total Assets8,370 12,376 13,393
Current Liabilities:
Short-term debt536 539 6
Merchandise accounts payable220 702 1,521
Accounts Payable and Accrued Liabilities893 909 835
Income taxes11 51
Total Current Liabilities1,649 2,161 2,413
Long-Term Debt3,610 3,621 4,677
Long-Term Lease Liabilities872 543 589
Intercompany Payable2,777 3,803 3,377
Deferred Income Taxes403 595 654
Other Liabilities327 414 377
Shareholders' Equity(1,268)1,239 1,306
Total Liabilities and Shareholders' Equity8,370 12,376 13,393
Other Subsidiaries
Current Assets:
Cash and cash equivalents933 213 186
Receivables144 326 145
Merchandise inventories4,900 2,949 4,111
Prepaid expenses and other current assets308 410 442
Total Current Assets6,285 3,898 4,884
Property and Equipment - net3,731 3,530 3,384
Right of Use Assets2,399 2,057 1,943
Goodwill167 582 582
Other Intangible Assets - net433 435 435
Other Assets608 677 695
Deferred Income Taxes0 0 0
Intercompany Receivable2,341 1,128 454
Investment in Subsidiaries0 0 0
Total Assets15,964 12,307 12,377
Current Liabilities:
Short-term debt0 0 0
Merchandise accounts payable3,047 980 1,906
Accounts Payable and Accrued Liabilities1,939 2,413 1,995
Income taxes65 44
Total Current Liabilities4,986 3,458 3,945
Long-Term Debt0 0 0
Long-Term Lease Liabilities2,687 2,375 2,230
Intercompany Payable0 0 0
Deferred Income Taxes525 586 555
Other Liabilities933 898 910
Shareholders' Equity6,833 4,990 4,737
Total Liabilities and Shareholders' Equity15,964 12,307 12,377
Consolidation, Eliminations [Member]
Current Assets:
Cash and cash equivalents0 0 0
Receivables0 0 0
Merchandise inventories0 0 0
Prepaid expenses and other current assets(24)0 (95)
Total Current Assets(24)0 (95)
Property and Equipment - net0 0 0
Right of Use Assets(350)0 0
Goodwill0 0 0
Other Intangible Assets - net0 0 0
Other Assets0 0 0
Deferred Income Taxes(11)(12)(9)
Intercompany Receivable(2,777)(3,803)(3,377)
Investment in Subsidiaries(5,565)(6,229)(6,043)
Total Assets(8,727)(10,044)(9,524)
Current Liabilities:
Short-term debt0 0 0
Merchandise accounts payable0 0 0
Accounts Payable and Accrued Liabilities(81)0 0
Income taxes0 (95)
Total Current Liabilities(81)0 (95)
Long-Term Debt0 0 0
Long-Term Lease Liabilities(293)0 0
Intercompany Payable(2,777)(3,803)(3,377)
Deferred Income Taxes(11)(12)(9)
Other Liabilities0 0 0
Shareholders' Equity(5,565)(6,229)(6,043)
Total Liabilities and Shareholders' Equity $ (8,727) $ (10,044) $ (9,524)

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Oct. 31, 2020Nov. 02, 2019Oct. 31, 2020Nov. 02, 2019
Cash flows from operating activities:
Net income (loss) $ (91) $ 2 $ (4,104) $ 224
Impairment, restructuring and other costs20 13 3,445 16
Settlement charges26 12 65 12
Equity in loss (earnings) of subsidiaries0 0 0 0
Dividends received from subsidiaries0 0
Depreciation and amortization722 725
Gains on sale of real estate(3)(17)(20)(67)
Increase (Decrease) in Other Operating Assets and Liabilities, Net136 (738)
Net cash provided (used) by operating activities244 172
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions(347)(739)
Other, net33 10
Net cash used by investing activities(314)(729)
Cash flows from financing activities:
Debt issued, net of debt issuance costs2,678
Debt repaid(1,508)(45)
Dividends paid(117)(349)
Issuance of common stock5
Intercompany activity, net0 0
Other, net(90)49
Net cash provided (used) by financing activities963 (340)
Net increase (decrease) in cash, cash equivalents and restricted cash893 (897)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period731 1,248
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period1,624 351 1,624 351
Parent
Cash flows from operating activities:
Net income (loss)(91)2 (4,104)224
Impairment, restructuring and other costs0 0 0 0
Settlement charges0 0 0 0
Equity in loss (earnings) of subsidiaries53 3 4,041 (212)
Dividends received from subsidiaries608 819
Depreciation and amortization0 0
Gains on sale of real estate0 0 0 0
Increase (Decrease) in Other Operating Assets and Liabilities, Net(750)(99)
Net cash provided (used) by operating activities(205)732
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions0 0
Other, net0 0
Net cash used by investing activities0 0
Cash flows from financing activities:
Debt issued, net of debt issuance costs1,238
Debt repaid0 0
Dividends paid(117)(349)
Issuance of common stock5
Intercompany activity, net(641)(1,161)
Other, net(63)(74)
Net cash provided (used) by financing activities417 (1,579)
Net increase (decrease) in cash, cash equivalents and restricted cash212 (847)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period413 889
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period625 42 625 42
Subsidiary Issuer
Cash flows from operating activities:
Net income (loss)(230)(213)(4,478)(422)
Impairment, restructuring and other costs5 1 2,811 1
Settlement charges12 0 26 0
Equity in loss (earnings) of subsidiaries92 125 1,360 264
Dividends received from subsidiaries300 0
Depreciation and amortization225 251
Gains on sale of real estate0 (8)(1)(32)
Increase (Decrease) in Other Operating Assets and Liabilities, Net1,058 (139)
Net cash provided (used) by operating activities1,301 (77)
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions(63)(179)
Other, net(1)(2)
Net cash used by investing activities(64)(181)
Cash flows from financing activities:
Debt issued, net of debt issuance costs1,492
Debt repaid(1,506)(45)
Dividends paid0 0
Issuance of common stock0
Intercompany activity, net(1,210)239
Other, net(15)73
Net cash provided (used) by financing activities(1,239)267
Net increase (decrease) in cash, cash equivalents and restricted cash(2)9
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period64 64
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period62 73 62 73
Other Subsidiaries
Cash flows from operating activities:
Net income (loss)85 85 (923)370
Impairment, restructuring and other costs15 12 634 15
Settlement charges14 12 39 12
Equity in loss (earnings) of subsidiaries0 0 0 0
Dividends received from subsidiaries0 0
Depreciation and amortization497 474
Gains on sale of real estate(3)(9)(19)(35)
Increase (Decrease) in Other Operating Assets and Liabilities, Net(172)(500)
Net cash provided (used) by operating activities56 336
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions(284)(560)
Other, net34 12
Net cash used by investing activities(250)(548)
Cash flows from financing activities:
Debt issued, net of debt issuance costs(52)
Debt repaid(2)0
Dividends paid(908)(819)
Issuance of common stock0
Intercompany activity, net1,851 922
Other, net(12)50
Net cash provided (used) by financing activities877 153
Net increase (decrease) in cash, cash equivalents and restricted cash683 (59)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period254 295
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period937 236 937 236
Consolidating Adjustments
Cash flows from financing activities:
Debt repaid0
Consolidating Adjustments
Cash flows from operating activities:
Net income (loss)145 128 5,401 52
Impairment, restructuring and other costs0 0 0 0
Settlement charges0 0 0 0
Equity in loss (earnings) of subsidiaries(145)(128)(5,401)(52)
Dividends received from subsidiaries(908)(819)
Depreciation and amortization0 0
Gains on sale of real estate0 0 0 0
Increase (Decrease) in Other Operating Assets and Liabilities, Net0 0
Net cash provided (used) by operating activities(908)(819)
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions0 0
Other, net0 0
Net cash used by investing activities0 0
Cash flows from financing activities:
Debt issued, net of debt issuance costs0
Debt repaid0
Dividends paid908 819
Issuance of common stock0
Intercompany activity, net0 0
Other, net0 0
Net cash provided (used) by financing activities908 819
Net increase (decrease) in cash, cash equivalents and restricted cash0 0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period0 0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period $ 0 $ 0 $ 0 $ 0