MACY'S, INC., 10-K filed on 3/21/2025
Annual Report
v3.25.1
Cover Page - USD ($)
 12 Months Ended
Feb. 01, 2025
Mar. 01, 2025
Aug. 02, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Feb. 01, 2025    
Current Fiscal Year End Date --02-01    
Document Transition Report false    
Entity File Number 1-13536    
Entity Registrant Name Macy's, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 13-3324058    
Entity Address, Address Line One 151 West 34th Street    
Entity Address, City or Town New York    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 10001    
City Area Code 212    
Local Phone Number 494-1621    
Title of 12(b) Security Common Stock, $.01 par value per share    
Trading Symbol M    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Emerging Growth Company false    
Entity Small Business false    
Document Financial Statement Error Correction [Flag] true    
Document Financial Statement Restatement Recovery Analysis [Flag] true    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 4,418,558,517
Entity Common Stock, Shares Outstanding   277,717,637  
Documents Incorporated by Reference
DocumentParts Into Which Incorporated
Proxy Statement for the Annual Meeting of Stockholders to be held
May 16, 2025		Part III
    
Entity Central Index Key 0000794367    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.1
Audit Information
 12 Months Ended
Feb. 01, 2025
Audit Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG, LLP
Auditor Location Cincinnati, OH
v3.25.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Income Statement [Abstract]      
Net sales $ 22,293 $ 23,092 $ 24,442
Other revenue 713 774 1,007
Total revenue 23,006 23,866 25,449
Cost of sales (13,740) (14,224) (15,347)
Selling, general and administrative expenses (8,330) (8,375) (8,461)
Gains on sale of real estate 144 61 89
Impairment, restructuring and other costs (171) (1,027) (41)
Operating income 909 301 1,689
Benefit plan income, net 16 11 20
Settlement charges (46) (134) (39)
Interest expense, net (115) (135) (162)
Losses on early retirement of debt (1) 0 (31)
Income before income taxes 763 43 1,477
Federal, state and local income tax (expense) benefit (181) 2 (331)
Net income $ 582 $ 45 $ 1,146
Basic earnings per share (in dollars per share) $ 2.10 $ 0.16 $ 4.17
Diluted earnings per share (in dollars per share) $ 2.07 $ 0.16 $ 4.08
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 582 $ 45 $ 1,146
Net actuarial gain (loss) and prior service credit on post employment and postretirement benefit plans, net of tax effect of $5 million, $7 million and $(12) million 12 19 (38)
Net actuarial loss and prior service cost on post employment and postretirement benefit plans, net of tax effect of $1 million, $1 million and $4 million 1 3 13
Settlement charges, net of tax effect of $12 million, $34 million and $10 million 34 100 29
Total other comprehensive income 47 122 4
Comprehensive income $ 629 $ 167 $ 1,150
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Statement of Comprehensive Income [Abstract]      
Actuarial gain (loss) and prior service cost, tax effect $ 5 $ 7 $ (12)
Net actuarial loss on post-employment and postretirement benefit plans, tax effect 1 1 4
Settlement charges, tax effect $ 12 $ 34 $ 10
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Current Assets:    
Cash and cash equivalents $ 1,306 $ 1,034
Receivables 303 293
Merchandise inventories 4,468 4,361
Prepaid expenses and other current assets 385 401
Income taxes receivable 17 0
Total Current Assets 6,479 6,089
Property and Equipment – net 5,070 5,308
Right of Use Assets 2,243 2,305
Goodwill 828 828
Other Intangible Assets – net 425 430
Other Assets 1,357 1,286
Total Assets 16,402 16,246
Current Liabilities:    
Short-term debt 6 0
Merchandise accounts payable 1,893 1,913
Accounts payable and accrued liabilities 2,625 2,571
Income taxes payable 0 48
Total Current Liabilities 4,524 4,532
Long-Term Debt 2,773 2,998
Long-Term Lease Liabilities 2,927 2,986
Deferred Income Taxes 724 745
Other Liabilities 902 950
Shareholders’ Equity:    
Common stock (277.7 and 274.2 shares outstanding) 3 3
Additional paid-in capital 300 352
Accumulated equity 6,499 6,088
Treasury stock (1,801) (1,912)
Accumulated other comprehensive loss (449) (496)
Total Shareholders' Equity 4,552 4,035
Total Liabilities and Shareholders’ Equity $ 16,402 $ 16,246
v3.25.1
Consolidated Balance Sheets (Parenthetical) - shares
shares in Thousands
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Statement of Financial Position [Abstract]        
Common stock, shares outstanding (in shares) 277,690 274,227 271,350 292,359
v3.25.1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Inventory Valuation and Obsolescence
 [1]
Common Stock
Additional Paid-In Capital
Accumulated Equity
Accumulated Equity
Inventory Valuation and Obsolescence
 [1]
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Beginning balance at Jan. 29, 2022 $ 3,610   $ 3 $ 517 $ 5,257   $ (1,545) $ (622)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 1,146       1,146      
Other comprehensive income 4             4
Common stock dividends (173)     4 (177)      
Stock repurchases (601)           (601)  
Stock-based compensation expense 54     54        
Stock issued under stock plans     (108)     108  
Ending balance at Jan. 28, 2023 $ 4,040   3 467 6,226   (2,038) (618)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock dividends (in USD per share) $ 0.63              
Net income $ 45       45      
Other comprehensive income 122             122
Common stock dividends (181)     2 (183)      
Stock repurchases (38)           (38)  
Stock-based compensation expense 47     47        
Stock issued under stock plans 0     (164)     164  
Ending balance at Feb. 03, 2024 $ 4,035   3 352 6,088   (1,912) (496)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock dividends (in USD per share) $ 0.66              
Stockholders' Equity Attributable to Parent $ 4,035 $ 23       $ 23    
Net income 582       582      
Other comprehensive income 47             47
Common stock dividends (192)     2 (194)      
Stock repurchases (1)           (1)  
Stock-based compensation expense 58     58        
Stock issued under stock plans 0     (112)     112  
Ending balance at Feb. 01, 2025 $ 4,552   $ 3 $ 300 $ 6,499   $ (1,801) $ (449)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock dividends (in USD per share) $ 0.69              
Stockholders' Equity Attributable to Parent $ 4,552              
[1] Represents the cumulative-effect adjustment for the change in inventory valuation method.
v3.25.1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Statement of Stockholders' Equity [Abstract]      
Common stock dividends (in USD per share) $ 0.69 $ 0.66 $ 0.63
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Cash flows from operating activities:      
Net income $ 582 $ 45 $ 1,146
Adjustments to reconcile net income to net cash provided by operating activities:      
Impairment, restructuring and other costs 171 1,027 41
Settlement charges 46 134 39
Depreciation and amortization 881 897 857
Benefit plans 2 4 17
Stock-based compensation expense 58 47 54
Gains on sale of real estate (144) (61) (89)
Deferred income taxes (52) (244) (38)
Amortization of financing costs and premium on acquired debt 11 10 11
Changes in assets and liabilities:      
Decrease (increase) in receivables 2 7 (3)
(Increase) decrease in merchandise inventories (51) (99) 116
Decrease (increase) in prepaid expenses and other current assets 11 18 (66)
Decrease in merchandise accounts payable (11) (113) (129)
Decrease in accounts payable and accrued liabilities (49) (266) (133)
(Decrease) increase in current income taxes (69) 3 (85)
Change in other assets and liabilities (110) (104) (123)
Net cash provided by operating activities 1,278 1,305 1,615
Cash flows from investing activities:      
Purchase of property and equipment (518) (631) (888)
Capitalized software (364) (362) (407)
Proceeds from disposition of assets, net 283 86 137
Other, net 7 (6) (11)
Net cash used by investing activities (592) (913) (1,169)
Cash flows from financing activities:      
Debt issued 301 961 2,809
Debt issuance costs (1) (1) (21)
Debt repaid (524) (963) (3,100)
Debt repurchase premium and expenses 1 0 (29)
Dividends paid (192) (181) (173)
Increase (decrease) in outstanding checks 3 2 (181)
Acquisition of treasury stock (1) (38) (601)
Net cash used by financing activities (413) (220) (1,296)
Net increase (decrease) in cash, cash equivalents and restricted cash 273 172 (850)
Cash, cash equivalents and restricted cash beginning of period 1,037 865 1,715
Cash, cash equivalents and restricted cash end of period 1,310 1,037 865
Supplemental cash flow information:      
Interest paid 155 157 188
Interest received 40 38 9
Income taxes paid, net 304 240 455
Restricted cash, end of period $ 4 $ 3 $ 3
v3.25.1
Organization and Summary of Significant Accounting Policies
 12 Months Ended
Feb. 01, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Summary of Significant Accounting Policies Organization and Summary of Significant Accounting Policies
Nature of Operations
Macy's, Inc., together with its subsidiaries (the Company), is an omni-channel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and Bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Puerto Rico and Guam. As of February 1, 2025, the Company's operations and operating segments were conducted through Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, Bloomingdale's The Outlet, Bloomie's, and Bluemercury, which are aggregated into one reporting segment. The metrics used by management to assess the performance of the Company's operating divisions include sales trends, gross margin rates, expense rates, and rates of earnings before interest and taxes (EBIT) and earnings before interest, taxes, depreciation and amortization (EBITDA). The Company's operating divisions have historically had similar economic characteristics and are expected to have similar economic characteristics and long-term financial performance in future periods.
Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC.
Fiscal Year
The Company's fiscal year ends on the Saturday closest to January 31. Fiscal years 2024, 2023 and 2022 ended on February 1, 2025, February 3, 2024 and January 28, 2023, respectively. Fiscal year 2024 included 52 weeks, fiscal year 2023 included 53 weeks and fiscal year 2022 included 52 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years.
Basis of Presentation
The Consolidated Financial Statements include the accounts of Macy's, Inc. and its 100%-owned subsidiaries.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties that may result in actual amounts differing from reported amounts.
Reclassifications
Certain reclassifications were made to prior years' amounts to conform with the classifications of such amounts in the most recent years.
Revision of Consolidated Financial Statements for the Correction of Immaterial Misstatements
As a result of the immaterial misstatements related to delivery expense, a component of cost of sales, disclosed within the Company's Form 10-Q filed on December 12, 2024, the Company made revisions to its historical Consolidated Financial Statements and related notes to the Consolidated Financial Statements that were impacted by this misstatement to properly report delivery expense, the related accrual and tax effects.
Net Sales
Revenue is recognized when customers obtain control of goods and services promised by the Company. The amount of revenue recognized is based on the amount that reflects the consideration that is expected to be received in exchange for those respective goods and services. See Note 2, Revenue, for further discussion of the Company's accounting policies for revenue from contracts with customers.
Cost of Sales
Cost of sales consists of the cost of merchandise, including inbound freight, shipping and handling costs, and certain depreciation. An estimated allowance for future sales returns is recorded and cost of sales is adjusted accordingly.
Cash and Cash Equivalents
Cash and cash equivalents include cash and liquid investments with original maturities of three months or less. Cash and cash equivalents includes amounts due in respect of credit card sales transactions that are settled early in the following period in the amount of $109 million at February 1, 2025 and $102 million at February 3, 2024.
Investments
The Company from time to time invests in debt and equity securities, including companies engaged in complementary businesses. Debt and equity securities held by the Company are accounted for at fair value if classified as trading or available-for-sale. Unrealized holding gains and losses on trading securities and equity securities with a readily determinable fair value are recognized in the Consolidated Statements of Operations. Equity securities without a readily determinable fair value are generally recorded at cost and subsequently adjusted, in net income, for observable price changes (i.e., prices in orderly transactions for the identical investment or similar investment of the same issuer).
Receivables
Receivables were $303 million as of February 1, 2025, compared to $293 million as of February 3, 2024.
The Company and Citibank, the owner of most of the Company's credit assets, are party to a long-term marketing and servicing alliance pursuant to the terms of the Program Agreement. Income earned under the Program Agreement is treated as a component of other revenue on the Consolidated Statements of Income. Under the Program Agreement, Citibank offers proprietary and non-proprietary credit cards to the Company's customers.
Merchandise Inventories
On February 4, 2024, the Company changed its inventory valuation method. Previously, merchandise inventories were principally valued at lower of cost or market using the last-in, first-out (LIFO) retail inventory method (RIM). Commencing in fiscal 2024, inventories are valued at the lower of cost or market using the LIFO cost method and as such are not directly comparable to the prior year. The LIFO cost method is preferable compared to LIFO RIM because it improves the cost accuracy and transparency of inventory at the unit level and better allows the organization to evaluate selling margin realized on each sale. Additionally, it is consistent with the practices of many other retailers, improving comparability. Reported results for periods prior to fiscal year 2024 have not been restated due to impracticability as the Company's systems did not capture historical period-specific information necessary to value the inventory under the cost method. The impact of the change in accounting method had an immaterial effect on the Consolidated Financial Statements as of February 4, 2024.
Under the LIFO cost method, the item-cost method is used to determine inventory cost before the application of any LIFO adjustment, as necessary. This method involves assigning costs to each item individually based on the actual purchase cost of that item. The Company continuously monitors whether the carrying cost of inventory exceeds its market value. Excess inventories may be disposed of through the normal course of business. The Company writes down the carrying value of inventories that are not expected to be sold at or above cost based on historical results. The application of the LIFO cost inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales for 2024.
Prior to February 4, 2024, merchandise inventories were valued at lower of cost or market using the last-in, first-out (LIFO) retail inventory method. Under the retail inventory method, inventory is segregated into departments of merchandise having similar characteristics, and its cost value is derived from the current retail selling value. Inventory retail values were converted to a cost basis by applying specific average cost factors for each merchandise department. Cost factors represent the average cost-to-retail ratio for each merchandise department based on beginning inventory and the annual purchase activity. At February 3, 2024, merchandise inventories valued at LIFO, including adjustments as necessary to record inventory at the lower of cost or market, approximated the cost of such inventories using the first-in, first-out (FIFO) retail inventory method. The application of the LIFO retail inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales for 2023 or 2022.
Vendor Allowances
The Company receives certain allowances as reimbursement for markdowns taken and/or to support the gross margins earned in connection with the sales of merchandise. These allowances are recognized when earned. The Company also receives advertising allowances pursuant to cooperative advertising programs, with some vendors participating in multiple programs. These allowances represent reimbursements by vendors of costs incurred by the Company to promote the vendors' merchandise and are netted against advertising and promotional costs when the related costs are incurred. Advertising allowances in excess of costs incurred are recorded as a reduction of merchandise costs and, ultimately, through cost of sales when the merchandise is sold.
The arrangements pursuant to which the Company's vendors provide allowances, while binding, are generally one year or less in duration. The terms and conditions of these arrangements vary significantly from vendor to vendor and are influenced by, among other things, the type of merchandise to be supported.
Advertising
Advertising and promotional costs are generally expensed at first showing. Advertising and promotional costs and cooperative advertising allowances were as follows:
202420232022
(millions)
Gross advertising and promotional costs$1,213 $1,210 $1,265 
Cooperative advertising allowances111 103 102 
Advertising and promotional costs, net of cooperative advertising allowances
$1,102 $1,107 $1,163 
Net sales$22,293 $23,092 $24,442 
Advertising and promotional costs, net of cooperative advertising allowances, as a percent to net sales
4.9 %4.8 %4.8 %
Property and Equipment
Depreciation of owned properties is provided primarily on a straight-line basis over the estimated asset lives, which range from 15 to 50 years for buildings and building equipment and three to 15 years for fixtures and equipment. Real estate taxes and interest on construction in progress and land under development are capitalized. Amounts capitalized are amortized over the estimated lives of the related depreciable assets. The Company receives contributions from developers and merchandise vendors to fund building improvements and the construction of vendor shops. Such contributions are generally netted against the capital expenditures.
Buildings on leased land and leasehold improvements are amortized over the shorter of their economic lives or the lease term, beginning on the date the asset is put into use.
The carrying value of long-lived assets, inclusive of ROU assets, is periodically reviewed by the Company whenever events or changes in circumstances indicate that a potential impairment has occurred. Refer to Note 3 herein for further detail. For long-lived assets held for use, a potential impairment has occurred if projected future undiscounted cash flows are less than the carrying value of the assets. The estimate of cash flows includes management's assumptions of cash inflows and outflows directly resulting from the use of those assets in operations. When a potential impairment has occurred, an impairment write-down is recorded if the carrying value of the long-lived asset exceeds its fair value. In both fiscal 2024 and fiscal 2023, the Company determined impairment charges were necessary for certain of its long-lived assets as disclosed further in Note 3. If estimated cash flows significantly differ in the future, the Company may be required to record additional asset impairment write-downs.
If the Company commits to a plan to dispose of a long-lived asset before the end of its previously estimated useful life, estimated cash flows and useful life are revised accordingly, and the Company may be required to record an asset impairment write-down. Additionally, related liabilities arise such as severance, contractual obligations and other accruals associated with store closings from decisions to dispose of assets. The Company estimates these liabilities based on the facts and circumstances in existence for each restructuring decision. The amounts the Company will ultimately realize or disburse could differ from the amounts assumed in arriving at the asset impairment and restructuring charge recorded.
The Company classifies certain long-lived assets as held for disposal by sale and ceases depreciation when the particular criteria for such classification are met, including the probable sale within one year. For long-lived assets to be disposed of by sale, an impairment charge is recorded if the carrying amount of the asset exceeds its fair value less costs to sell. Such valuations include estimations of fair values and incremental direct costs to transact a sale.
Leases
Operating lease liabilities are recognized at the lease commencement date based on the present value of the fixed lease payments using the Company's incremental borrowing rates for its population of leases. Related operating ROU assets are recognized based on the initial present value of the fixed lease payments, reduced by contributions from landlords, plus any prepaid rent and direct costs from executing the leases. ROU assets are tested for impairment in the same manner as long-lived assets. Certain of the Company's real estate leases have terms that extend for a significant number of years and provide for rental rates that increase, in which case the lease expense is recognized on a straight-line basis, or decrease over time. Lease terms include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods, termination options and purchase options. Lease agreements with lease and non-lease components are combined as a single lease component for all classes of underlying assets.
Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease payments are recognized as lease expense as they are incurred.
Goodwill and Other Intangible Assets
The carrying value of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment. Goodwill and other intangible assets with indefinite lives have been assigned to reporting units for purposes of impairment testing. The reporting units are the Company's retail operating divisions. Goodwill and other intangible assets with indefinite lives are tested for impairment annually at the end of the fiscal month of May.
The Company evaluates qualitative factors to determine if it is more likely than not that the fair value of a reporting unit or other intangible assets with indefinite lives is less than its carrying value and whether it is necessary to perform the quantitative impairment test. If required, the Company performs a quantitative impairment test which involves a comparison of each reporting unit's or other intangible assets with indefinite lives' fair values to its carrying value. Estimating the fair values of the reporting units or other intangible assets with indefinite lives involves the use of significant assumptions, estimates and judgments with respect to a variety of factors, including sales, gross margin and SG&A expense rates, capital expenditures, cash flows and the selection and use of an appropriate discount rate and market values and multiples of earnings and revenues of similar public companies. The projected sales, gross margin and SG&A expense rate assumptions and capital expenditures are based on the Company's annual business plan or other forecasted results. Discount rates reflect market-based estimates of the risks associated with the projected cash flows of the reporting unit or indefinite lived intangible asset.
The estimates of fair value of reporting units or other intangible assets with indefinite lives are based on the best information available as of the date of the assessment. If the carrying value of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to such excess, limited to the total amount of goodwill allocated to the reporting unit. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is written down by an amount equal to such excess.
Capitalized Software
The Company capitalizes purchased and internally-developed software as well as implementation costs associated with cloud computing arrangements and amortizes such costs to expense on a straight-line basis generally over four to five years. Capitalized software is included in other assets on the Consolidated Balance Sheets.
Gift Cards
The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold or issued, no revenue is recognized; rather, the Company records an accrued liability to customers. The liability is relieved and revenue is recognized equal to the amount redeemed for merchandise. The Company records revenue from unredeemed gift cards (breakage) in net sales on a pro-rata basis over the time period gift cards are actually redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. The Company records breakage income within net sales on the Consolidated Statements of Income.
Loyalty Programs
The Company maintains customer loyalty programs in which customers earn points based on their purchases. Under the Macy's Star Rewards loyalty program, points are earned based on customers' spending on Macy's private label and co-branded credit cards as well as non-proprietary cards and other forms of tender. The Company's Bloomingdale's Loyallist and Bluemercury BlueRewards programs provide tender neutral points-based programs to their customers. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales at the time of the initial transaction and as tender when the points are subsequently redeemed by a customer.
Self-Insurance Reserves
The Company, through its insurance subsidiary, is self-insured for workers compensation and general liability claims up to certain maximum liability amounts. Although the amounts accrued are actuarially determined based on analysis of historical trends of losses, settlements, litigation costs and other factors, the amounts the Company will ultimately disburse could differ from such accrued amounts.
Post-Employment Obligations
The Company, through its actuaries, utilizes assumptions when estimating the liabilities for pension and other employee benefit plans. These assumptions, where applicable, include the discount rates used to determine the actuarial present value of projected benefit obligations, the rate of increase in future compensation levels, mortality rates and the long-term rate of return on assets. The Company measures post-employment assets and obligations using the month-end that is closest to the Company's fiscal year-end or an interim period quarter-end if a plan is determined to qualify for a remeasurement. The benefit expense is generally recognized in the Consolidated Financial Statements on an accrual basis over the average remaining lifetime of participants, and the accrued benefits are reported in other assets, accounts payable and accrued liabilities and other liabilities on the Consolidated Balance Sheets, as appropriate.
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Income in the period that includes the enactment date. Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized.
Stock Based Compensation
The Company records stock-based compensation expense for awards that include share-based payments to employees, including grants of employee stock options and restricted stock units, in accordance with their fair values. The Company determines the appropriate fair value model to be used for valuing share-based payments and the amortization method for compensation cost based on nature of the award.
Comprehensive Income
Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income. For the Company, the only other components of total comprehensive income for 2024, 2023 and 2022 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of income before income taxes in the Consolidated Statements of Operations. Amortization reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic benefit cost and are included in benefit plan income, net on the Consolidated Statements of Operations.
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update enhance segment reporting by expanding the breadth and frequency of segment disclosures required by public entities. Most notable, registrants will be required to disclose: (1) significant segment expenses regularly provided to the Chief Operating Decisions Maker ("CODM") and included within the reported measure(s) of a segment's profit or loss, (2) the amount and composition of other segment items, (3) how the CODM uses the reported measure(s) of a segment's profit or loss to assess segment performance and decide how to allocate resources, (4) on an interim basis, all segment profit or loss and asset disclosures currently required annually by Topic 280, as well as those introduced by the ASU, and (5) the CODM's title and position. The Company adopted ASU 2023-07 in the fourth quarter of fiscal 2024. See Note 16, Segments, in the notes to the Consolidated Financial Statements.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" (ASU 2023-09). The amendments in this update enhance the transparency and decision usefulness of income tax disclosures, primarily through improvements to the rate reconciliation and income taxes paid information, specifically requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid disaggregation by jurisdiction. These amendments allow investors to better assess how an entity's operations and related tax risks and tax planning and operational opportunities affects its income tax rate and prospects for future cash flows. ASU 2023-09 is effective for the Company beginning in the fiscal year ending January 31, 2026. The Company is currently evaluating the impacts of the adoption of ASU 2023-09 on the notes to the Consolidated Financial Statements.
In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"). The amendments in this update enhance disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses included in certain expense captions in the Consolidated Financial Statements. ASU 2024-03 is effective for the Company beginning in the fiscal year ending January 29, 2028. The Company is currently evaluating the impacts of the adoption of ASU 2024-03 on the notes to the Consolidated Financial Statements.
v3.25.1
Revenue
 12 Months Ended
Feb. 01, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Net sales
Net sales, which mainly consists of retail sales but also includes merchandise returns, gift cards and loyalty programs, represented 97% of total revenue for both 2024 and 2023, and 96% of total revenue for 2022. Other revenue generating activities consist of credit card revenues as well as Macy's Media Network.
Net sales by family of business 202420232022
(millions)
Women’s Accessories, Shoes, Cosmetics and Fragrances$9,333 $9,520 $9,597 
Women’s Apparel4,826 4,861 5,349 
Men’s and Kids’4,753 4,918 5,297 
Home/Other (a)3,381 3,793 4,199 
Total Net Sales22,293 23,092 24,442 
Credit card revenues, net537 619 863 
Macy's Media Network revenue, net (b)176 155 144 
Other Revenue713 774 1,007 
Total Revenue$23,006 $23,866 $25,449 
(a)Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards.
(b)Macy's Media Network ("MMN") is an in-house media platform supporting both Macy's and Bloomingdale's customers through a broad variety of advertising formats running both on owned and operated platforms as well as offsite.
Macy's accounted for approximately 85%, 86%, and 87% of the Company's net sales for 2024, 2023 and 2022, respectively. In addition, digital sales accounted for approximately 33% of net sales in each of 2024, 2023, and 2022.
Retail Sales
Retail sales include merchandise sales, inclusive of delivery income, licensed department income, Marketplace income, sales of private brand goods directly to third party retailers and sales of excess inventory to third parties. Sales of merchandise are recorded at point of sale for in-store purchases or at the time of shipment to the customer for digital purchases and are reported net of estimated merchandise returns and certain customer incentives. Commissions earned on sales generated by licensed departments are included as a component of total net sales and are recognized as revenue at the time merchandise is sold to customers. Service revenues (e.g., alteration and cosmetic services) are recorded at the time the customer receives the benefit of the service. The Company has elected to present sales taxes on a net basis and, as such, sales taxes are included in accounts payable and accrued liabilities until remitted to the taxing authorities.
Merchandise Returns
The Company estimates merchandise returns using historical data and recognizes an allowance that reduces net sales and cost of sales. The liability for merchandise returns is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $114 million as of February 1, 2025 and $136 million as of February 3, 2024. Included in prepaid expenses and other current assets is an asset totaling $72 million as of February 1, 2025 and $83 million as of February 3, 2024, for the recoverable cost of merchandise estimated to be returned by customers.
Gift Cards and Customer Loyalty Programs
The liability for unredeemed gift cards and customer loyalty programs is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $353 million as of February 1, 2025, and $384 million as of February 3, 2024. There were no material changes to the Company's breakage rate estimates in 2024 or 2023. Changes in the liability for unredeemed gift cards and customer loyalty programs are as follows:
202420232022
(millions)
Balance, beginning of year$384 $399 $481 
Liabilities issued but not redeemed (a)287 326 324 
Revenue recognized from beginning liability(318)(341)(406)
Balance, end of year$353 $384 $399 
(a)Net of estimated breakage income.
Credit Card Revenues, net
In 2005, in connection with the sale of most of the Company's credit card accounts and related receivable balances to Citibank, the Company and Citibank entered into a long-term marketing and servicing alliance pursuant to the terms of a Credit Card Program Agreement (Credit Card Program). Subsequent to this initial arrangement and associated amendments, on December 13, 2021, the Company entered into the sixth amendment to the amended and restated Credit Card Program with Citibank (the Program Agreement). The changes to the Credit Card Program's financial structure are not materially different from its previous terms. As part of the Program Agreement, the Company receives payments for providing a combination of interrelated services and intellectual property to Citibank in support of the underlying Credit Card Program. Revenue based on the spending activity of the underlying accounts is recognized as the respective card purchases occur and the Company's profit share is recognized based on the performance of the underlying portfolio. Revenue associated with the establishment of new credit accounts and assisting in the receipt of payments for existing accounts is recognized as such activities occur. Credit card revenues include finance charges, late fees and other revenue generated by the Company's Credit Card Program, net of fraud losses and expenses associated with establishing new accounts, credit card funding costs and bad debt reserves and are a component of other revenue on the consolidated statements of income.
The Program Agreement expires March 31, 2030, subject to an additional renewal term of three years. The Program Agreement provides for, among other things, (i) the ownership by Citibank of the accounts purchased by Citibank, (ii) the ownership by Citibank of new accounts opened by the Company's customers, (iii) the provision of credit by Citibank to the holders of the credit cards associated with the foregoing accounts, (iv) the servicing of the foregoing accounts, and (v) the allocation between Citibank and the Company of the economic benefits and burdens associated with the foregoing and other aspects of the alliance. Pursuant to the Program Agreement, the Company continues to provide certain servicing functions related to the accounts and related receivables owned by Citibank and receives compensation from Citibank for these services. The amounts earned under the Program Agreement related to the servicing functions are deemed adequate compensation and, accordingly, no servicing asset or liability has been recorded on the Consolidated Balance Sheets.
The Company's credit card revenues, net were $537 million, $619 million, and $863 million for 2024, 2023 and 2022, respectively. Amounts received under the Program Agreement were $630 million, $722 million, and $978 million for 2024, 2023 and 2022, respectively.
v3.25.1
Impairment, Restructuring and Other Costs
 12 Months Ended
Feb. 01, 2025
Restructuring Costs and Asset Impairment Charges [Abstract]  
Impairment, Restructuring and Other Costs Impairment, Restructuring and Other Costs
Impairment, restructuring and other costs consist of the following:
202420232022
(millions)
Asset Impairments$88 $957 $15 
Restructuring44 55 5 
Other39 15 21 
$171 $1,027 $41 
On February 27, 2024, the Company announced its new strategy, A Bold New Chapter, which is designed to return the Company to enterprise growth, unlock shareholder value, and better serve its customers. The $171 million and $1.0 billion of impairment, restructuring and other costs recognized in fiscal 2024 and 2023, respectively, primarily relate to actions that align with A Bold New Chapter. The $88 million and $957 million non-cash asset impairment charge recognized in fiscal 2024 and 2023, respectively, primarily related to approximately 150 locations planned for closure as part of the A Bold New Chapter strategy, which is inclusive of both leased and owned locations, and the remaining amount is associated with corporate and other assets.
The charges recognized in 2022 primarily related to the write-off of capitalized software assets.
A summary of the restructuring cash activity from the Company's A Bold New Chapter strategy in 2024 and 2023, which are included within accounts payable and accrued liabilities, is as follows:
Restructuring
Additions charged to expense$55 
Cash payments(9)
Balance at February 3, 202446 
Additions charged to expense44 
Cash payments(59)
Balance at February 1, 2025$31 
v3.25.1
Properties and Leases
 12 Months Ended
Feb. 01, 2025
Property Plant and Equipment and Leases of Lessee [Abstract]  
Properties and Leases Properties and Leases
Property and Equipment, net
The major classes of property and equipment, net as of February 1, 2025 and February 3, 2024 are as follows:
February 1,
2025		February 3,
2024
(millions)
Land$1,168 $1,262 
Buildings on owned land3,134 3,205 
Buildings on leased land and leasehold improvements1,334 1,332 
Fixtures and equipment3,611 3,785 
9,247 9,584 
Less accumulated depreciation and amortization4,177 4,276 
$5,070 $5,308 
In connection with various shopping center agreements, the Company is obligated to operate certain stores within the centers for periods of up to 15 years. Some of these agreements require that the stores be operated under a particular name.
Leases
The Company leases a portion of the real estate and personal property used in its operations. Most leases require the Company to pay real estate taxes, maintenance, insurance, and other similar costs; some also require additional payments based on percentages of sales and some contain purchase options. Certain of the Company's leases contain covenants that restrict the ability of the tenant (typically a subsidiary of the Company) to take specified actions (including the payment of dividends or other amounts on account of its capital stock) unless the tenant satisfies certain financial tests.
ROU assets and lease liabilities consist of:
ClassificationFebruary 1,
2025		February 3,
2024
(millions)
Assets
Finance lease assets (a)Right of Use Assets$10 $8 
Operating lease assets (b)Right of Use Assets2,233 2,297 
Total lease assets$2,243 $2,305 
Liabilities
Current
Finance (a)Accounts payable and accrued liabilities$2 $2 
Operating (b)Accounts payable and accrued liabilities365 356 
Noncurrent
Finance (a)Long-Term Lease Liabilities13 12 
Operating (b)Long-Term Lease Liabilities2,914 2,974 
Total lease liabilities$3,294 $3,344 
(a)
Finance lease assets are recorded net of accumulated amortization of $11 million and $14 million as of February 1, 2025 and February 3, 2024, respectively. As of both February 1, 2025 and February 3, 2024, finance lease assets included $1 million and noncurrent lease liabilities included $1 million of non-lease components.
(b)
As of February 1, 2025, operating lease assets included $317 million of non-lease components and current and noncurrent lease liabilities included $36 million and $356 million, respectively, of non-lease components. As of February 3, 2024, operating lease assets included $322 million of non-lease components and current and noncurrent lease liabilities included $36 million and $356 million, respectively, of non-lease components.
The components of net lease expense, recognized primarily within selling, general and administrative expenses are disclosed below. For 2024, 2023 and 2022, lease expense included $89 million, $84 million and $79 million, respectively, related to non-lease components.
202420232022
(millions)
Real estate
Operating leases (c) –
Minimum rents$375 $372 $361 
Variable rents63 55 54 
438 427 415 
Less income from subleases –
Operating leases (d)(50)(46)(39)
$388 $381 $376 
Personal property – Operating leases$5 $6 $7 
(c)Certain supply chain operating lease expense amounts are included in cost of sales.
(d)Represents sublease income from certain corporate office locations.
As of February 1, 2025, the maturity of lease liabilities is as follows:
Finance
Leases		Operating
Leases
(e and f)		Total
(millions)
Fiscal year
2025$3 $365 $368 
20263 388 391 
20273 369 372 
20282 349 351 
20292 321 323 
After 202910 4,535 4,545 
Total undiscounted lease payments23 6,327 6,350 
Less amount representing interest8 3,048 3,056 
Total lease liabilities$15 $3,279 $3,294 
(e)
Operating lease payments include $2,552 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $40 million of legally binding minimum lease payments for leases signed but not yet commenced.
(f)
Operating lease payments include $955 million related to non-lease component payments, with $659 million of such payments related to options to extend lease terms that are reasonably certain of being exercised.
Additional supplemental information regarding assumptions and cash flows for operating and finance leases is as follows:
Lease Term and Discount RateFebruary 1,
2025		February 3,
2024
Weighted-average remaining lease term (years)
Finance leases10.811.2
Operating leases19.620.4
Weighted-average discount rate
Finance leases7.15 %6.75 %
Operating leases6.80 %6.71 %
Other Information52 Weeks Ended February 1, 202553 Weeks Ended
February 3, 2024
(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used from operating leases$362 $370 
Financing cash flows used from financing leases3 3 
Leased assets obtained in exchange for new operating lease liabilities117 214 
The Company is a guarantor with respect to certain lease obligations associated with The May Department Stores Company and previously disposed subsidiaries or businesses. The leases have future minimum lease payments aggregating approximately $158 million and are offset by payments from existing tenants and subtenants. In addition, the Company is contingently liable for other expenses related to the above leases, such as property taxes and common area maintenance, which are also payable by existing tenants and subtenants. Potential liabilities related to these guarantees are subject to certain defenses by the Company. The Company believes that the risk of significant loss from the guarantees of these lease obligations is remote.
v3.25.1
Goodwill and Other Intangible Assets
 12 Months Ended
Feb. 01, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The following summarizes the Company's goodwill and other intangible assets:
February 1,
2025		February 3,
2024
(millions)
Non-amortizing intangible assets
Goodwill$9,290 $9,290 
Accumulated impairment losses(8,462)(8,462)
828 828 
Tradenames376 376 
$1,204 $1,204 
Amortizing intangible assets
Favorable leases and other contractual assets$5 $5 
Tradenames70 70 
75 75 
Accumulated amortization
Favorable leases and other contractual assets(2)(1)
Tradenames(24)(20)
(26)(21)
$49 $54 
Capitalized software
Gross balance$1,431 $1,203 
Accumulated amortization(629)(447)
$802 $757 
For the Company's annual impairment assessment as of the end of fiscal May 2024 and 2023, 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 therefore goodwill and intangible assets with indefinite lives were not impaired.
During the third quarter of fiscal 2023, the Company observed a general decline in the market valuation of the Company’s common shares and performed an interim qualitative impairment test on its reporting units. As a result of this test, the Company concluded that it was more likely than not that the fair values of its reporting units exceeded the carrying values and goodwill was not impaired.
Finite lived tradenames are being amortized over their respective useful lives ranging from 10 years to 20 years. Favorable lease intangible assets and other contractual assets are being amortized over their respective lease or contract terms.
Other contractual assets and tradenames amortization expense amounted to $5 million for 2024 and $2 million for each of 2023 and 2022. Capitalized software amortization expense amounted to $310 million for 2024, $269 million for 2023 and $235 million for 2022.
Future estimated amortization expense for assets, excluding in-process capitalized software of $95 million not yet placed in service as of February 1, 2025, is shown below:
Amortizing
intangible assets		Capitalized
Software
(millions)
Fiscal year
2025$5 $309 
20265 229 
20275 127 
20285 41 
20295 1 
v3.25.1
Financing
 12 Months Ended
Feb. 01, 2025
Debt Disclosure [Abstract]  
Financing Financing
The Company's debt is as follows:
February 1,
2025		February 3,
2024
(millions)
Short-term debt:
7.60% Senior debentures due 2025
$6 $— 
$6 $— 
Long-term debt:  
7.60% Senior debentures due 2025
$— $6 
6.79% Senior debentures due 2027
61 71 
6.70% Senior debentures due 2028
28 29 
7.00% Senior debentures due 2028
94 105 
6.70% Senior exchanged debentures due 2028
54 73 
8.75% Senior exchanged debentures due 2029
13 13 
6.90% Senior debentures due 2029
72 79 
5.875% Senior notes due 2029
326 500 
5.875% Senior notes due 2030
425 425 
7.875% Senior exchanged debentures due 2030
5 5 
7.875% Senior debentures due 2030
5 5 
6.90% Senior debentures due 2032
12 12 
6.125% Senior notes due 2032
425 425 
6.90% Senior exchanged debentures due 2032
1 1 
4.50% Senior notes due 2034
367 367 
6.70% Senior exchanged debentures due 2034
181 181 
6.70% Senior debentures due 2034
18 18 
6.375% Senior notes due 2037
192 192 
5.125% Senior notes due 2042
250 250 
4.30% Senior notes due 2043
250 250 
Unamortized debt issue costs and discount(20)(25)
Premium on acquired debt, using an effective interest yield of 6.021% to 7.654%
1416
$2,773 $2,998 
Interest expense and losses on early retirement of debt are as follows:
202420232022
(millions)
Interest on debt$178 $187 $185 
Amortization of debt premium(2)(2)(2)
Amortization of financing costs and debt discount12 12 13 
Interest on finance leases1 1 1 
188 198 197 
Less interest capitalized on construction30 28 22 
Interest expense$158 $170 $175 
Losses on early retirement of debt$1 $— $31 
Debt Obligations
ABL Credit Facility
On March 3, 2022, the Company entered into a third amendment to the ABL Credit Facility which provides for a new Revolving Credit Facility of $3.0 billion (the New ABL Credit Facility). Amounts borrowed under the New ABL Credit Facility are subject to interest at a rate per annum equal to, at the ABL Borrower's option, either (i) adjusted SOFR (calculated to include a 0.10% credit adjustment spread) plus a margin of 1.25% to 1.50% or (ii) a base rate plus a margin of 0.25% to 0.50%, in each case depending on revolving line utilization. The New ABL Credit Facility matures in March 2027. The Company borrowed and repaid $301 million and $961 million of debt under its revolving credit facility during 2024 and 2023, respectively. As of February 1, 2025 and February 3, 2024, there were no outstanding borrowings under the agreement.
Bank Credit Agreement
On March 22, 2023, the Company amended its existing credit agreement, which extended the term of the credit agreement to expire in March 2027, subject to up to two one-year extensions that could be requested by the Company and agreed to by the lenders. The agreement provides for revolving credit borrowings and letters of credit in an aggregate amount not to exceed $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. As of February 1, 2025 and February 3, 2024, there were no revolving credit loans outstanding under the credit agreement.
Senior Notes and Debentures
The senior notes and the senior debentures are unsecured obligations of a 100%-owned subsidiary of Macy's, Inc. and Macy's Inc. has fully and unconditionally guaranteed these obligations.
Other Financing Arrangements
There were $144 million and $148 million of other standby letters of credit outstanding as of February 1, 2025 and February 3, 2024, respectively.
2024 Debt Financing Activities
On September 18, 2024, Macy’s Retail Holdings, LLC (“MRH”), a direct, wholly owned subsidiary of Macy’s, Inc., completed a tender offer in which $221 million aggregate principal amount of certain senior notes and debentures were tendered for early settlement and purchased by MRH. The total cash cost for the tender offer was $225 million and was funded using cash on hand. The Company recognized $1 million of losses on early retirement of debt on the Consolidated Statements of Income during the third quarter of 2024.
2023 Debt Financing Activities
Other than borrowings under the ABL Credit Facility, the Company did not engage in other material debt financing activities during fiscal 2023.
Long-Term Debt Maturities
Future maturities of long-term debt are shown below:
(millions)
Fiscal year
2025$6 
2026— 
202761 
2028176 
2029411 
After 20292,131 
Debt Repayments
The following table shows the detail of debt repayments:
202420232022
(millions)
Revolving credit facility$301 $961 $1,959 
2.875% Senior notes due 2023
— — 504 
3.625% Senior notes due 2024
— — 350 
4.375% Senior notes due 2023
— — 161 
6.65% Senior debentures due 2024
— — 81 
6.65% Debentures due 2024
— — 36 
6.90% Senior debentures due 2032
— — 4 
6.70% Senior debentures due 2034
— — 2 
6.70% Senior debentures due 2028
— — 1 
5.875% Senior notes due 2029
174 — — 
6.70% Senior exchanged debentures due 2028
19 — — 
6.79% Senior debentures due 2027
10 — — 
7.0% Senior debentures due 2028
10 — — 
6.9% Senior debentures due 2029
7 — — 
6.7% Senior debentures due 2028
1 — — 
$522 $961 $3,098 
v3.25.1
Accounts Payable and Accrued Liabilities
 12 Months Ended
Feb. 01, 2025
Accounts Payable and Accrued Liabilities, Current [Abstract]  
Accounts Payable and Accrued Liabilities Accounts Payable and Accrued Liabilities
February 1,
2025		February 3,
2024
(millions)
Accounts payable$853 $747 
Property related liabilities446 424 
Gift cards and customer rewards353 384 
Accrued wages and vacation233 177 
Current portion of post employment and postretirement benefits156 163 
Allowance for future sales returns114 136 
Taxes other than income taxes110 136 
Current portion of workers' compensation and general liability reserves87 85 
Accrued interest48 53 
Restructuring accruals, including severance31 47 
Other194 219 
$2,625 $2,571 
Changes in workers' compensation and general liability reserves, including the non-current portion, are as follows:
202420232022
(millions)
Balance, beginning of year$375 $378 $387 
Charged to costs and expenses159 148 123 
Payments, net of recoveries(154)(151)(132)
Balance, end of year$379 $375 $378 
The non-current portion of workers' compensation and general liability reserves is included in other liabilities on the Consolidated Balance Sheets. At February 1, 2025 and February 3, 2024, workers' compensation and general liability reserves of $105 million and $106 million, respectively, are covered by deposits and receivables included in current assets on the Consolidated Balance Sheets.
v3.25.1
Taxes
 12 Months Ended
Feb. 01, 2025
Taxes Payable [Abstract]  
Taxes Taxes
Income tax expense (benefit) is as follows:
202420232022
CurrentDeferred TotalCurrent Deferred Total CurrentDeferred Total
(millions)
Federal$203 $(50)$153 $188 $(193)$(5)$352 $(56)$296 
State and local30 (2)28 54 (51)3 17 18 35 
$233 $(52)$181 $242 $(244)$(2)$369 $(38)$331 
The income tax expense (benefit) reported differs from the expected tax computed by applying the federal income tax statutory rate of 21% to income before income taxes. The reasons for this difference and their tax effects are as follows:
202420232022
(millions)
Expected tax$160 $9 $310 
State and local income taxes, net of federal income taxes (a)37 (4)22 
Tax impact of equity awards5 (1)— 
Federal tax credits(8)(13)(4)
Change in valuation allowance(15)5 5 
Other2 2 (2)
$181 $(2)$331 
(a)2022 includes an income tax benefit from the favorable resolution of state income tax litigation.
The Company participates in the Internal Revenue Service (IRS) Compliance Assurance Program (CAP). As part of the CAP, tax years are audited on a contemporaneous basis so that all or most issues are resolved prior to the filing of the tax return. The IRS has completed examinations of 2023 and all prior tax years.
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:
February 1,
2025		February 3,
2024
(millions)
Deferred tax assets
Post employment and postretirement benefits$1 $25 
Accrued liabilities accounted for on a cash basis for tax purposes94 109 
Lease liabilities888 897 
Unrecognized state tax benefits and accrued interest21 22 
State operating loss and credit carryforwards110 122 
Other98 102 
Valuation allowance(85)(100)
Total deferred tax assets1,127 1,177 
Deferred tax liabilities  
Excess of book basis over tax basis of property and equipment(755)(784)
Right of use assets(605)(619)
Merchandise inventories(348)(335)
Intangible assets(115)(115)
Other(28)(69)
Total deferred tax liabilities(1,851)(1,922)
Net deferred tax liability$(724)$(745)
The valuation allowance at February 1, 2025 and February 3, 2024 relates to net deferred tax assets for certain state net operating loss and credit carryforwards. The net change in the valuation allowance amounted to a decrease of $15 million in 2024 and an increase of $6 million in 2023.
As of February 1, 2025, the Company had no federal net operating loss carryforwards and state net operating loss carryforwards, net of valuation allowances of $517 million, which will expire between 2025 and 2042. The Company has a full valuation allowance against state credit carryforwards which will expire between 2025 and 2029.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
February 1,
2025		February 3,
2024		January 28,
2023
(millions)
Balance, beginning of year$76 $80 $102 
Additions based on tax positions related to the current year11 10 13 
Reductions for tax positions of prior years(4)(2)(20)
Settlements(1)— (4)
Statute expirations(13)(12)(11)
Balance, end of year$69 $76 $80 
Amounts recognized in the Consolidated Balance Sheets   
Current income taxes$3 $4 $4 
Deferred income taxes— 1 1 
Other liabilities (b)66 71 75 
$69 $76 $80 
(b)Unrecognized tax benefits not expected to be settled within one year are included within other liabilities on the Consolidated Balance Sheets.
Additional information regarding unrecognized benefits and related interest and penalties is as follows:
February 1,
2025		February 3,
2024
(millions)
Amount of unrecognized tax benefits, net of deferred tax assets, that if recognized would affect the effective tax rate
$55 $59 
Accrued federal, state and local interest and penalties25 26 
Amounts recognized in the Consolidated Balance Sheets  
Current income taxes5 6 
Other liabilities20 20 
The Company classifies federal, state and local interest and penalties not expected to be settled within one year as other liabilities on the Consolidated Balance Sheets and follows a policy of recognizing all interest and penalties related to unrecognized tax benefits in income tax expense. The accrued federal, state and local interest and penalties primarily relate to state tax issues and the amount of penalties paid in prior periods, and the amounts of penalties accrued at February 1, 2025 and February 3, 2024, are insignificant. Federal, state and local interest and penalties amounted to income of $1 million for 2024, expense of $3 million for 2023, and income of $38 million for 2022.
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2021. With respect to state and local jurisdictions, with limited exceptions, the Company and its subsidiaries are no longer subject to income tax audits for years before 2015. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties have been accrued for any adjustments that are expected to result from the years still subject to examination.
v3.25.1
Retirement Plans
 12 Months Ended
Feb. 01, 2025
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
Retirement Plans Retirement Plans
The Company has defined contribution plans that cover substantially all employees who work 1,000 hours or more in a year. In addition, the Company has a funded defined benefit plan (Pension Plan) and an unfunded defined benefit supplementary retirement plan (SERP), which provides benefits, for certain employees, in excess of qualified plan limitations. Effective January 1, 2012, the Pension Plan was closed to new participants, with limited exceptions, and effective January 2, 2012, the SERP was closed to new participants.
In February 2013, the Company announced changes to the Pension Plan and SERP whereby eligible employees no longer earn future pension service credits after December 31, 2013, with limited exceptions. All retirement benefits attributable to service in subsequent periods are provided through defined contribution plans.
Retirement expenses (income), excluding settlement charges, included the following components:
202420232022
(millions)
401(k) Qualified Defined Contribution Plan$89 $85 $86 
Non-Qualified Defined Contribution Plan1 1 1 
Pension Plan(40)(38)(42)
Supplementary Retirement Plan28 30 26 
Postretirement Obligations(4)(3)(4)
$74 $75 $67 
The Company estimates the service and interest cost components of net periodic benefit costs for the Pension Plan and SERP. This method uses a full yield curve approach in the estimation of these components of net periodic benefit costs. Under this approach, the Company applies discounting using individual spot rates from the yield curve composed of the rates of return from a portfolio of high quality corporate debt securities available at the measurement date. These spot rates align to each of the projected benefit obligation and service cost cash flows.
Defined Contribution Plans
The Company has a qualified plan that permits participating associates to defer eligible compensation up to the maximum limits allowable under the Internal Revenue Code. Beginning January 1, 2014, the Company has a non-qualified plan that permits participating associates to defer eligible compensation above the limits of the qualified plan. The Company contributes a matching percentage of employee contributions under both the qualified and non-qualified plans. Effective January 1, 2014, the Company's matching contribution to the qualified plan was enhanced for all participating employees, with limited exceptions. Prior to January 1, 2014, the matching contribution rate under the qualified plan was higher for those employees not eligible for the Pension Plan than for employees eligible for the Pension Plan.
The liability related to the qualified plan matching contribution, which is reflected in accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $98 million at February 1, 2025 and $94 million at February 3, 2024. Expense related to matching contributions for the qualified plan amounted to $89 million for 2024, $85 million for 2023 and $86 million for 2022.
At February 1, 2025 and February 3, 2024, the liability under the non-qualified plan, which is reflected in other liabilities on the Consolidated Balance Sheets, was $43 million and $42 million, respectively. The liability related to the non-qualified plan matching contribution, which is reflected in accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $1 million at both February 1, 2025 and February 3, 2024. Expense related to matching contributions for the non-qualified plan amounted to $1 million in each of 2024, 2023 and 2022. In connection with the non-qualified plan, the Company had mutual fund investments at February 1, 2025 and February 3, 2024 of $43 million and $42 million, respectively, which are included in prepaid expenses and other current assets on the Consolidated Balance Sheets.
The following provides a reconciliation of benefit obligations, plan assets, and funded status of the Pension Plan and SERP as of February 1, 2025 and February 3, 2024:
Pension Plan SERP
2024202320242023
(millions)
Change in projected benefit obligation
Projected benefit obligation, beginning of year$1,556 $1,979 $467 $508 
Interest cost73 83 22 23 
Actuarial gain(57)(65)(17)(19)
Benefits paid(181)(441)(47)(45)
Projected benefit obligation, end of year1,391 1,556 425 467 
Changes in plan assets    
Fair value of plan assets, beginning of year2,011 2,389 — — 
Actual return on plan assets51 63 — — 
Company contributions— — 47 45 
Benefits paid(181)(441)(47)(45)
Fair value of plan assets, end of year1,881 2,011 — — 
Funded status at end of year$490 $455 $(425)$(467)
Amounts recognized in the Consolidated Balance Sheets at February 1, 2025 and February 3, 2024
    
Other assets$490 $455 $— $— 
Accounts payable and accrued liabilities— — (43)(53)
Other liabilities— — (382)(414)
$490 $455 $(425)$(467)
Amounts recognized in accumulated other comprehensive loss at February 1, 2025 and February 3, 2024
    
Net actuarial loss$521 $563 $126 $149 
Prior service cost— — 4 4 
$521 $563 $130 $153 
Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the Pension Plan and SERP included the following actuarially determined components:
Pension Plan SERP
202420232022202420232022
(millions)
Net Periodic Pension Cost
Interest cost$73 $83 $68 $22 $23 $15 
Expected return on assets(116)(125)(122)— — — 
Amortization of net actuarial loss3 4 12 6 7 11 
(40)(38)(42)28 30 26 
      
Settlement charges46 134 39 — — — 
Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Income (Loss)      
Net actuarial (gain) loss7 (3)138 (17)(19)(71)
Amortization of net actuarial loss(3)(4)(12)(6)(7)(11)
Settlement charges(46)(134)(39)— — — 
(42)(141)87 (23)(26)(82)
Total recognized$(36)$(45)$84 $5 $4 $(56)
In 2024 and 2023, the Company incurred non-cash settlement charges of $46 million and $134 million, respectively. For 2024, these charges related to the pro-rata recognition of net actuarial losses associated with the Company's Pension Plan and were the result of an increase in lump sum distributions associated with retiree distribution elections. For 2023, these charges relate to the pro-rata recognition of net actuarial losses associated with the Company's Pension Plan and are the result of the transfer of pension obligations for certain retirees and beneficiaries under the Pension Plan through the purchase of a group annuity contract with an insurance company. The Company transferred $294 million of Pension Plan assets to the insurance company in the second quarter of 2023, thereby reducing its Pension Plan benefit obligations.
The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan and SERP at February 1, 2025 and February 3, 2024:
Pension Plan SERP
2024202320242023
Discount rate5.52 %5.06 %5.54 %5.08 %
Rate of compensation increases3.00 %3.50 %— — 
Cash balance plan interest crediting rate5.00 %5.00 %— — 
The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan and SERP:
Pension Plan SERP
202420232022202420232022
Discount rate used to measure service cost5.24 %
4.88% - 6.27%
3.35% - 5.76%
— — — 
Discount rate used to measure interest cost4.98 %
4.72% - 5.96%
2.55% - 5.49%
4.96 %4.71 %2.53 %
Expected long-term return on plan assets5.30 %5.30 %4.60 %— — — 
Rate of compensation increases3.50 %3.50 %3.50 %— — — 
Cash balance plan interest crediting rate5.00 %5.00 %5.00 %— — — 
The Pension Plan and SERP's assumptions are evaluated annually, and at interim re-measurements if required, and updated as necessary. Due to settlement accounting and re-measurements occurring mid-year during 2023 and 2022 for the Pension Plan, the discount rate used to measure service cost and the discount rate used to measure interest cost varied between periods. The table above shows the range of rates used to determine net periodic expense for the plans in those two years.
The discount rates used to determine the present value of the projected benefit obligation for the Pension Plan and SERP are based on a yield curve constructed from a portfolio of high quality corporate debt securities with various maturities. Each year's expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate for the projected benefit obligation.
The Company develops its expected long-term rate of return on plan asset assumption by evaluating input from several professional advisors taking into account the asset allocation of the portfolio and long-term asset class return expectations, as well as long-term inflation assumptions. Expected returns for each major asset class are considered along with their volatility and the expected correlations among them. These expectations are based upon historical relationships as well as forecasts of how future returns may vary from historical returns. Returns by asset class and correlations among asset classes are combined using the target asset allocation to derive an expected return for the portfolio as a whole. Long- term historical returns of the portfolio are also considered. Portfolio returns are calculated net of all expenses, therefore, the Company also analyzes expected costs and expenses, including investment management fees, administrative expenses, Pension Benefit Guaranty Corporation premiums and other costs and expenses. As of February 1, 2025, the Company increased the assumed annual long-term rate of return for the Pension Plan's assets to 5.50% based on expected future returns on the portfolio of assets.
The assets of the Pension Plan are managed by investment specialists with the primary objectives of payment of benefit obligations to Plan participants and an ultimate realization of investment returns over longer periods consistent with available market opportunities, a quality standard of investment, and moderate levels of risk. The Pension Plan employs an investment approach whereby a mix of domestic and foreign equity securities, fixed income securities and other investments is used to maximize the long-term return on the assets of the Pension Plan for a prudent level of risk. Risks are mitigated through a liability matching strategy to hedge against interest rate and credit spread risk, asset diversification and the use of multiple investment managers. The target allocation for plan assets is currently 6% equity securities, 88% debt securities, 1% real estate and 5% private equities.
The Company generally employs investment managers to specialize in a specific asset class. These managers are chosen and monitored with the assistance of professional advisors, using criteria that include organizational structure, investment philosophy, investment process, performance compared to market benchmarks and peer groups.
The Company periodically conducts an analysis of the behavior of the Pension Plan's assets and liabilities under various economic and interest rate scenarios to ensure that the long-term target asset allocation is appropriate given the liabilities.
The fair values of the Pension Plan assets as of February 1, 2025 and February 3, 2024, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows:
Fair Value Category20242023
(millions)
Money market fundsLevel 1$154 $82 
Equity securities:   
U.S. pooled fundsLevel 165 62 
International pooled fundsLevel 126 27 
Fixed income securities:   
U.S. Treasury bondsLevel 236 20 
Other Government bondsLevel 255 58 
Agency backed bondsLevel 22 — 
Corporate bondsLevel 21,080 1,270 
Mortgage-backed securitiesLevel 240 33 
Asset-backed securitiesLevel 21 1 
Pooled fundsLevel 139 37 
Other types of investments:   
Derivatives in a positive positionLevel 213 9 
Derivatives in a negative positionLevel 2(3)(2)
Pooled funds (a)273 274 
Real estate (a)12 15 
Private equity (a)81 114 
Total$1,874 $2,000 
(a)Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets.
Corporate bonds consist primarily of investment grade bonds of U.S. issuers from diverse industries.
The fair value of certain pooled funds including equity securities, real estate and private equity investments represents the reported net asset value of shares or underlying assets of the investment as a practical expedient to estimate fair value. U.S. and international equity pooled funds seek to provide long-term capital growth and income by investing in equity securities of companies located both in developed and emerging markets. There are generally no redemption restrictions or unfunded commitments related to these equity securities.
Real estate investments include several funds that seek risk-adjusted return by providing a stable, income-driven rate of return over the long term with high potential for growth of net investment income and appreciation of value. The real estate investments are diversified across property types and geographical areas primarily in the United States of America. Private equity investments have an objective of realizing aggregate long-term returns in excess of those available from investments in the public equity markets. Private equity investments generally consist of limited partnerships in the United States of America, Europe and Asia. Private equity and real estate investments are valued using fair values per the most recent financial reports provided by the investment sponsor, adjusted as appropriate for any lag between the date of the financial reports and the Company's reporting date.
Due to the nature of the underlying assets of the real estate and private equity investments, changes in market conditions and the economic environment may significantly impact the net asset value of these investments and, consequently, the fair value of the Pension Plan's investments. These investments are redeemable at net asset value to the extent provided in the documentation governing the investments. However, these redemption rights may be restricted in accordance with the governing documents. Redemption of these investments is subject to restrictions including lock-up periods where no redemptions are allowed, restrictions on redemption frequency and advance notice periods for redemptions.
The Company does not anticipate making funding contributions to the Pension Plan in 2025.
The following benefit payments are estimated to be paid from the Pension Plan and from the SERP:
Pension PlanSERP
(millions)
Fiscal year
2025$159 $43 
2026146 47 
2027141 38 
2028137 42 
2029132 38 
2030-2034546 165 
v3.25.1
Stock Based Compensation
 12 Months Ended
Feb. 01, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock Based Compensation Stock-Based Compensation
The following disclosures present the Company's equity plans on a combined basis. The equity plans are administered by the Compensation and Management Development Committee of the Board of Directors (the CMD Committee). The CMD Committee is authorized to grant options, stock appreciation rights, restricted stock and restricted stock units to officers and key employees of the Company and its subsidiaries and to non-employee directors. The equity plans are intended to help the Company attract and retain directors, officers, other key executives and employees and is also intended to provide incentives and rewards relating to the Company's business plans to encourage such persons to devote themselves to the business of the Company. There have been no grants of stock appreciation rights under the equity plans.
Stock option grants have an exercise price at least equal to the market value of the underlying common stock on the date of grant, have ten-year terms and typically vest ratably over four years of continued employment. Restricted stock and time-based restricted stock unit awards generally vest one to four years from the date of grant. Performance-based restricted stock units generally are earned based on the attainment of specified goals achieved over the performance period.
As of February 1, 2025, approximately 22.8 million shares of common stock were available for additional grants pursuant to the Company's equity plans. Shares awarded are generally issued from the Company's treasury stock.
Stock-based compensation expense included the following components:
202420232022
(millions)
Stock options$— $1 $3 
Restricted stock units58 46 51 
$58 $47 $54 
All stock-based compensation expense is recorded in SG&A expense in the Consolidated Statements of Income. There were no grants of stock options during 2024, 2023 or 2022.
Restricted Stock Units
The weighted average grant date fair values of performance-based and time-based restricted stock units granted during 2024, 2023 and 2022 are as follows:
202420232022
Restricted stock units (performance-based)$18.79 $16.16 $25.32 
Restricted stock units (time-based)18.15 15.93 24.01 
During 2024, 2023 and 2022, the CMD Committee approved awards of performance-based restricted stock units to certain senior executives of the Company. Each award reflects a target number of shares (Target Shares) that may be issued to the award recipient. These awards may be earned upon the completion of approximate three-year performance periods ending February 2, 2027, January 31, 2026, and February 1, 2025, respectively. Whether units are earned at the end of the performance period will be determined based on the achievement of certain performance objectives over the performance period. The performance objectives for the 2024, 2023 and 2022 awards include achieving a relative total shareholder return (TSR) external metric. The 2024 and 2023 awards also include an internal metric of adjusted EBITDA margin and the 2022 awards include internal metrics of digital sales and comparable store sales. Relative TSR reflects the change in the value of the Company's common stock over the performance period in relation to the change in the value of the common stock of a peer group index over the performance period, assuming the reinvestment of dividends. Depending on the results achieved during the approximate three-year performance periods, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the Target Shares granted for the 2024, 2023 and 2022 performance-based restricted stock units,
The fair value of the Target Shares and restricted stock awards are based on the fair value of the underlying shares on the date of grant. The fair value of the portion of the Target Shares that relate to a relative TSR performance objective was determined using a Monte Carlo simulation analysis to estimate the total shareholder return ranking of the Company among a peer group over the remaining performance periods. The expected volatility of the Company's common stock at the date of grant was estimated based on a historical average volatility rate for the approximate three-year performance period. The dividend yield assumption was based on historical and anticipated dividend payouts. The risk-free interest rate assumption was based on observed interest rates consistent with the approximate three-year performance measurement period.
The fair value of a restricted stock unit award at the grant date is equal to the market price of the Company's common stock on the grant date. Compensation expense is recorded for all restricted stock unit awards based on the amortization of the fair market value at the date of grant over the period the restrictions lapse or over the performance period of the performance-based restricted stock units. As of February 1, 2025, the Company had $55.0 million of unrecognized compensation costs related to nonvested restricted stock units, which is expected to be recognized over a weighted average period of approximately 2.4 years.
Activity related to restricted stock units for 2024 is as follows:
Shares Weighted Average Grant Date
Fair Value
(thousands)
Nonvested, beginning of period8,647$17.19 
Granted – performance-based94018.79 
Performance adjustment4520.36 
Granted – time-based3,13618.15 
Forfeited(783)18.50 
Vested(3,251)16.35 
Nonvested, end of period8,734$17.92 
v3.25.1
Shareholders' Equity
 12 Months Ended
Feb. 01, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders' Equity
The authorized shares of the Company consist of 125 million shares of Preferred Stock, par value of $0.01 per share, with no shares issued, and 1,000 million shares of common stock, par value of $0.01 per share, with 333.6 million shares of common stock issued and 277.7 million shares of common stock outstanding at February 1, 2025, and with 333.6 million shares of common stock issued and 274.2 million shares of common stock outstanding at February 3, 2024 (with shares held in the Company's treasury being treated as issued, but not outstanding).
Common Stock
The holders of the common stock are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders. Subject to preferential rights that may be applicable to any Preferred Stock, holders of common stock are entitled to receive ratably such dividends as may be declared by the Board of Directors in its discretion, out of funds legally available. No shares of common stock were retired during 2024, 2023 and 2022.
Treasury Stock
Treasury stock contains shares repurchased under the share repurchase program, shares repurchased to cover employee tax liabilities related to stock plan activity and shares maintained in a trust related to deferred compensation plans. Under the deferred compensation plans, shares are maintained in a trust to cover the number estimated to be needed for distribution on account of stock credits currently outstanding.
On February 22, 2022, the Company announced that its Board of Directors authorized a new $2.0 billion share repurchase program, which does not have an expiration date. During 2024 the Company did not repurchase shares of its common stock under the share repurchase program. Share repurchase activity during 2023 and 2022 under the share repurchase program are as follows:
20232022
(millions, except per share data)
Total number of shares purchased1.424.0
Average price paid per share$17.57 $24.98 
Total investment$25 $600 
    
Changes in the Company's common stock issued and outstanding, including shares held by the Company's treasury, are as follows:
Treasury Stock
Common
Stock
Issued		Deferred
Compensation
Plans		Other Total Common
Stock
Outstanding
(thousands)
Balance at January 29, 2022333,606(1,015)(40,232)(41,247)292,359
Stock issued under stock plans(117)3,0012,8842,884
Stock repurchases(24,058)(24,058)(24,058)
Deferred compensation plan distributions165165165
Balance at January 28, 2023333,606(967)(61,289)(62,256)271,350
Stock issued under stock plans(163)4,9654,8024,802
Stock repurchases(2,160)(2,160)(2,160)
Deferred compensation plan distributions235235235
Balance at February 3, 2024333,606(895)(58,484)(59,379)274,227
Stock issued under stock plans(183)3,4543,2713,271
Stock repurchases(12)(12)(12)
Deferred compensation plan distributions204204204
Balance at February 1, 2025333,606(874)(55,042)(55,916)277,690
Accumulated Other Comprehensive Loss
For the Company, the only component of accumulated other comprehensive loss for 2024, 2023 and 2022 relates to post employment and postretirement plan items. The net actuarial gains and losses and prior service costs and credits related to post employment and postretirement benefit plans are reclassified out of accumulated other comprehensive loss and included in the computation of net periodic benefit cost and are included in benefit plan income, net in the Consolidated Statements of Income. In addition, the Company incurred the pro-rata recognition of net actuarial losses associated with an increase in lump sum distributions associated with store closings, organizational restructuring, and periodic distribution activity as settlement charges in the Consolidated Statements of Income. See Note 9, Retirement Plans, for further information.
v3.25.1
Fair Value Measurements and Concentrations of Credit Risk
 12 Months Ended
Feb. 01, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Fair Value Measurements and Concentrations of Credit Risk Fair Value Measurements and Concentrations of Credit Risk
The 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
The following table shows the estimated fair value of the Company's marketable equity and debt securities:
Fair Value Measurements
Total(Level 1)(Level 2)(Level 3)
(millions)
February 1, 2025$43 $43 $— $— 
February 3, 202442 42 — — 
Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, certain-short term investments and other assets, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount of these financial instruments approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, are generally estimated based on quoted market prices for identical or similar instruments, and are classified as Level 2 measurements within the hierarchy as defined by applicable accounting standards.
The following table shows the estimated fair value of the Company's long-term debt, including the current portion of long-term debt:
Notional AmountCarrying AmountFair Value
(millions)
February 1, 2025$2,785 $2,779 $2,467 
February 3, 20243,007 2,998 2,706 
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its temporary cash investments in what it believes to be high credit quality financial instruments.
v3.25.1
Earnings Per Share
 12 Months Ended
Feb. 01, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
202420232022
Net
Income		SharesNet
Income		SharesNet
Income		Shares
(millions, except per share data)
Net income and average number of shares outstanding$582 276.8$45 273.2$1,146 273.7
Shares to be issued under deferred compensation and other plans0.91.0 1.0
$582 277.7$45 274.2$1,146 274.7
Basic earnings per share$2.10 $0.16 $4.17 
Effect of dilutive securities:
Stock options and restricted stock units3.94.06.4
$582 281.6$45 278.2$1,146 281.1
Diluted earnings per share$2.07 $0.16 $4.08 
In addition to the stock options and restricted stock units in the foregoing table, stock options to purchase 7.8 million shares of common stock and restricted stock units relating to 0.6 million shares of common stock were outstanding at February 1, 2025, stock options to purchase 9.9 million shares of common stock and restricted stock units relating to 1.6 million shares of common stock were outstanding at February 3, 2024, and stock options to purchase 12.1 million of shares of common stock and restricted stock units relating to 0.7 million shares of common stock were outstanding at January 28, 2023, but were not included in the computation of diluted earnings per share for 2024, 2023, or 2022, respectively, because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met.
v3.25.1
Commitments
 12 Months Ended
Feb. 01, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments Commitments
Our estimated total purchase obligations, which primarily consist of merchandise purchase obligations and obligations under outsourcing arrangements, software license and other service commitments, energy and other supply agreements identified by the Company, and construction contracts, were approximately $2,900 million and $2,800 million as of February 1, 2025 and February 3, 2024, respectively. These purchase obligations are primarily due within 1 year and recorded as liabilities when goods are received or services rendered. The Company's merchandise purchase obligations fluctuate on a seasonal basis, typically being higher in the summer and early fall and being lower in the late winter and early spring. The Company purchases a substantial portion of its merchandise inventories and other goods and services in ways other than through binding contracts.
v3.25.1
Supplier Finance Programs
 12 Months Ended
Feb. 01, 2025
Payables and Accruals [Abstract]  
Supplier Finance Programs Supplier Finance Programs
The Company has agreements with third-party financial institutions to facilitate supply chain finance ("SCF") programs. The programs allow qualifying suppliers to sell their receivables, on an invoice level at the selection of the supplier, from the Company to the financial institution and negotiate their outstanding receivable arrangements and associated fees directly with the financial institution. Macy's, Inc. is not party to the agreements between the supplier and the financial institution. The supplier invoices that have been confirmed as valid under the SCF programs require payment in full by the financial institution to the supplier by the original maturity date of the invoice, or discounted payment at an earlier date as agreed upon with the supplier. The Company's obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted by a supplier's participation in the SCF programs.
All outstanding amounts related to suppliers participating in the SCF programs are recorded within merchandise accounts payable in the Consolidated Balance Sheets and associated payments are included in operating activities in the Consolidated Statements of Cash Flows.
The following table sets forth the changes in the outstanding obligations under the SCF programs:
February 1, 2025February 3, 2024
(millions)
Confirmed obligations outstanding at the beginning of the year$112 $63 
Invoices confirmed during the year854809
Confirmed invoices paid during the year(850)(760)
Confirmed obligations outstanding at the end of the year$116 $112 
v3.25.1
Segment Reporting
 12 Months Ended
Feb. 01, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure Segments
Macy's, Inc., together with its subsidiaries, is an omni-channel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and Bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. As of February 1, 2025, the Company's operations and operating segments were conducted through Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, Bloomingdale's The Outlet, Bloomie's, and Bluemercury.
All operating segments engage in similar business activities, operate in similar economic environments and have materially similar key economic metrics, among other similarities. As such, the Company aggregates all operations into a single reporting segment under the aggregation criteria.
The Company's Chief Executive Officer, Tony Spring, is its Chief Operating Decision Maker (CODM) and reviews segment performance to make resource allocation decisions and to guide strategic decisions based on net income, which is reported on the Consolidated Statements of Income. The components of segment net income that the CODM considers is consistent with the components of net income as reported on the Consolidated Statements of Income with the additional disaggregation of depreciation and amortization from selling, general and administrative expenses. Depreciation and amortization expense represented $881 million, $897 million, and $857 million of the total selling, general and administrative expenses in fiscal 2024, 2023, and 2022, respectively.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Pay vs Performance Disclosure      
Net income and average number of shares outstanding $ 582 $ 45 $ 1,146
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Feb. 01, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Feb. 01, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Macy's, Inc. is committed to protecting information that is valuable to our customers and critical to business operations from unauthorized access and disclosure.
Risk Management and Strategy
Macy's, Inc. operates a security operations program that employs a defense-in-depth strategy to provide layers of safeguards against cybersecurity threats. We apply a hybrid security framework model using the National Institute of Standards and Technologies (NIST), International Organization for Standardization (ISO) 27001, Control Objectives for Information and Related Technologies (COBIT) and Payment Card Industry Data Security Standard (PCI DSS) frameworks as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
We conduct ongoing risk assessments, as well as internal and external vulnerability scanning and penetration testing of select systems and platforms. We work with our cloud platform providers to implement a consistent security and control environment through a combination of internal, front-end and additional controls, such as access, firewall and authentication controls.
We undertake other activities to manage risks from cybersecurity threats, including: managing access to Company data; use of encryption; procedures to manage information security incidents, both actual and suspected; establishing security standards and procedures for day-to-day operations to promote optimal system performance and maintain the integrity of operational systems; implementing detection, prevention and recovery controls to protect information technology assets; backup procedures to prevent the loss of critical data; and restrictions on software installations, among other practices.
We have an enterprise risk management program that identifies and prioritizes enterprise risks. At committee and Board meetings periodically throughout the year, management discusses the risk exposures identified as being most significant to the Company and the related actions that management may take to monitor such exposures. The program utilizes a network of functional experts with managerial responsibility for various aspects of enterprise risk management. Our oversight of risks from cybersecurity threats have been implemented into our enterprise risk management program.
We have established data security breach preparedness and response plans that are tested and practiced regularly and address a range of scenarios that include data breaches and ransomware attacks. We are subject to regular information technology and security audits by internal and external audit staff.
Our policy is to vet and train colleagues and relevant contractors and to protect Company data. A pre-employment screening process is conducted for candidates, including contractors and third parties, with background verification checks on some candidates for employment. Colleagues, including relevant contractors, must receive appropriate security training and be made aware of organizational policies and procedures relevant for their job function.
We engage independent third-party security partners to evaluate, measure, and assist in the development and continuous enhancement of our security program. This includes, but is not limited to, program reviews, compromise assessments, breach response planning, and tabletop exercises.
In the event we experience an actual or threatened cybersecurity incident or attack, our Security team will consult with a third-party security firm when appropriate, perform a root cause analysis and determine both how to address the threat and whether we could take additional steps to improve our security posture. In this regard prior cybersecurity incidents have informed changes to our processes to minimize vulnerabilities. As of the filing of this Annual Report on Form 10-K, we have not experienced a cybersecurity incident or attack, or any risk from cybersecurity threats, that has materially affected, or is reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. However, if as a result of any future attacks our information technology systems are significantly damaged, cease to function properly or are subject to a significant cybersecurity breach, we may suffer an interruption in our ability to manage and operate the business, and our business strategy, results of operations or financial condition could be adversely affected. For additional information about risks related to actual or threatened cybersecurity incidents, see “Information Security, Cybersecurity, Privacy and Data Management Risks” in the “Risk Factors” section of this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We conduct ongoing risk assessments, as well as internal and external vulnerability scanning and penetration testing of select systems and platforms. We work with our cloud platform providers to implement a consistent security and control environment through a combination of internal, front-end and additional controls, such as access, firewall and authentication controls.
We undertake other activities to manage risks from cybersecurity threats, including: managing access to Company data; use of encryption; procedures to manage information security incidents, both actual and suspected; establishing security standards and procedures for day-to-day operations to promote optimal system performance and maintain the integrity of operational systems; implementing detection, prevention and recovery controls to protect information technology assets; backup procedures to prevent the loss of critical data; and restrictions on software installations, among other practices.
We have an enterprise risk management program that identifies and prioritizes enterprise risks. At committee and Board meetings periodically throughout the year, management discusses the risk exposures identified as being most significant to the Company and the related actions that management may take to monitor such exposures. The program utilizes a network of functional experts with managerial responsibility for various aspects of enterprise risk management. Our oversight of risks from cybersecurity threats have been implemented into our enterprise risk management program.
We have established data security breach preparedness and response plans that are tested and practiced regularly and address a range of scenarios that include data breaches and ransomware attacks. We are subject to regular information technology and security audits by internal and external audit staff.
Our policy is to vet and train colleagues and relevant contractors and to protect Company data. A pre-employment screening process is conducted for candidates, including contractors and third parties, with background verification checks on some candidates for employment. Colleagues, including relevant contractors, must receive appropriate security training and be made aware of organizational policies and procedures relevant for their job function.
We engage independent third-party security partners to evaluate, measure, and assist in the development and continuous enhancement of our security program. This includes, but is not limited to, program reviews, compromise assessments, breach response planning, and tabletop exercises.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance
The Audit Committee of our Board of Directors is responsible for addressing policies with respect to the Company's risk assessment and risk management, including risks related to data privacy, computerized information controls and cybersecurity, and to consider any recommendations for improvement of such controls. The chairperson of the Audit Committee updates the full Board of Directors on these discussions.
The Audit Committee, and the full Board of Directors when appropriate, receive regular updates from management on IT security, internal and external security reviews, data protection, risk assessments, breach preparedness, systems disruption risk, threat assessments, response plans and consumer privacy compliance.
Senior management, including the Chief Operating Officer/Chief Financial Officer, Chief Legal Officer, and Chief Information Officer are closely involved with our breach response plans and are a critical part of our decision-making process. These executives attend annual tabletop exercises on response processes and our playbook.
The Macy's, Inc. Security team is responsible for assessing and managing material risks from cybersecurity threats, including the prevention, mitigation, detection and remediation of cybersecurity incidents. The Macy's, Inc. Security team is comprised of security professionals with a variety of backgrounds, including former law enforcement, government and military.
Users with access to Company data and information technology assets are required to promptly report known or suspected security incidents. Our incident response process escalates reporting of cybersecurity incidents to senior management and disclosure controls and procedures are in place to review impact on the Company.
Our Chief Information Security Officer (CISO) leads our data protection programs. Our CISO is head of information security, privacy, IT risk, identity and access management and has 33 years with the Company in various roles of increasing responsibilities including Audit Assurance, Computer Operations, Networking and System platforms, including 14 years developing and managing the cybersecurity program. He holds a bachelor’s degree in computer science. The CISO provides cybersecurity updates at least three times per year to the Audit Committee and an annual review with the full Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.1
Organization and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Feb. 01, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Fiscal Year
Fiscal Year
The Company's fiscal year ends on the Saturday closest to January 31. Fiscal years 2024, 2023 and 2022 ended on February 1, 2025, February 3, 2024 and January 28, 2023, respectively. Fiscal year 2024 included 52 weeks, fiscal year 2023 included 53 weeks and fiscal year 2022 included 52 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years.
Basis of Presentation
Basis of Presentation
The Consolidated Financial Statements include the accounts of Macy's, Inc. and its 100%-owned subsidiaries.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties that may result in actual amounts differing from reported amounts.
Reclassifications
Reclassifications
Certain reclassifications were made to prior years' amounts to conform with the classifications of such amounts in the most recent years.
Revision of Consolidated Financial Statements for the Correction of Immaterial Misstatements
Revision of Consolidated Financial Statements for the Correction of Immaterial Misstatements
As a result of the immaterial misstatements related to delivery expense, a component of cost of sales, disclosed within the Company's Form 10-Q filed on December 12, 2024, the Company made revisions to its historical Consolidated Financial Statements and related notes to the Consolidated Financial Statements that were impacted by this misstatement to properly report delivery expense, the related accrual and tax effects.
Net Sales, Gift Cards, Loyalty Programs
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.
Gift Cards
The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold or issued, no revenue is recognized; rather, the Company records an accrued liability to customers. The liability is relieved and revenue is recognized equal to the amount redeemed for merchandise. The Company records revenue from unredeemed gift cards (breakage) in net sales on a pro-rata basis over the time period gift cards are actually redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. The Company records breakage income within net sales on the Consolidated Statements of Income.
Loyalty Programs
The Company maintains customer loyalty programs in which customers earn points based on their purchases. Under the Macy's Star Rewards loyalty program, points are earned based on customers' spending on Macy's private label and co-branded credit cards as well as non-proprietary cards and other forms of tender. The Company's Bloomingdale's Loyallist and Bluemercury BlueRewards programs provide tender neutral points-based programs to their customers. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales at the time of the initial transaction and as tender when the points are subsequently redeemed by a customer.
Cost of Sales
Cost of Sales
Cost of sales consists of the cost of merchandise, including inbound freight, shipping and handling costs, and certain depreciation. An estimated allowance for future sales returns is recorded and cost of sales is adjusted accordingly.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents include cash and liquid investments with original maturities of three months or less. Cash and cash equivalents includes amounts due in respect of credit card sales transactions that are settled early in the following period in the amount of $109 million at February 1, 2025 and $102 million at February 3, 2024.
Investments
Investments
The Company from time to time invests in debt and equity securities, including companies engaged in complementary businesses. Debt and equity securities held by the Company are accounted for at fair value if classified as trading or available-for-sale. Unrealized holding gains and losses on trading securities and equity securities with a readily determinable fair value are recognized in the Consolidated Statements of Operations. Equity securities without a readily determinable fair value are generally recorded at cost and subsequently adjusted, in net income, for observable price changes (i.e., prices in orderly transactions for the identical investment or similar investment of the same issuer).
Receivables
Receivables
The Company and Citibank, the owner of most of the Company's credit assets, are party to a long-term marketing and servicing alliance pursuant to the terms of the Program Agreement. Income earned under the Program Agreement is treated as a component of other revenue on the Consolidated Statements of Income. Under the Program Agreement, Citibank offers proprietary and non-proprietary credit cards to the Company's customers.
Merchandise Inventories
Merchandise Inventories
On February 4, 2024, the Company changed its inventory valuation method. Previously, merchandise inventories were principally valued at lower of cost or market using the last-in, first-out (LIFO) retail inventory method (RIM). Commencing in fiscal 2024, inventories are valued at the lower of cost or market using the LIFO cost method and as such are not directly comparable to the prior year. The LIFO cost method is preferable compared to LIFO RIM because it improves the cost accuracy and transparency of inventory at the unit level and better allows the organization to evaluate selling margin realized on each sale. Additionally, it is consistent with the practices of many other retailers, improving comparability. Reported results for periods prior to fiscal year 2024 have not been restated due to impracticability as the Company's systems did not capture historical period-specific information necessary to value the inventory under the cost method. The impact of the change in accounting method had an immaterial effect on the Consolidated Financial Statements as of February 4, 2024.
Under the LIFO cost method, the item-cost method is used to determine inventory cost before the application of any LIFO adjustment, as necessary. This method involves assigning costs to each item individually based on the actual purchase cost of that item. The Company continuously monitors whether the carrying cost of inventory exceeds its market value. Excess inventories may be disposed of through the normal course of business. The Company writes down the carrying value of inventories that are not expected to be sold at or above cost based on historical results. The application of the LIFO cost inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales for 2024.
Prior to February 4, 2024, merchandise inventories were valued at lower of cost or market using the last-in, first-out (LIFO) retail inventory method. Under the retail inventory method, inventory is segregated into departments of merchandise having similar characteristics, and its cost value is derived from the current retail selling value. Inventory retail values were converted to a cost basis by applying specific average cost factors for each merchandise department. Cost factors represent the average cost-to-retail ratio for each merchandise department based on beginning inventory and the annual purchase activity. At February 3, 2024, merchandise inventories valued at LIFO, including adjustments as necessary to record inventory at the lower of cost or market, approximated the cost of such inventories using the first-in, first-out (FIFO) retail inventory method. The application of the LIFO retail inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales for 2023 or 2022.
Vendor Allowances
Vendor Allowances
The Company receives certain allowances as reimbursement for markdowns taken and/or to support the gross margins earned in connection with the sales of merchandise. These allowances are recognized when earned. The Company also receives advertising allowances pursuant to cooperative advertising programs, with some vendors participating in multiple programs. These allowances represent reimbursements by vendors of costs incurred by the Company to promote the vendors' merchandise and are netted against advertising and promotional costs when the related costs are incurred. Advertising allowances in excess of costs incurred are recorded as a reduction of merchandise costs and, ultimately, through cost of sales when the merchandise is sold.
The arrangements pursuant to which the Company's vendors provide allowances, while binding, are generally one year or less in duration. The terms and conditions of these arrangements vary significantly from vendor to vendor and are influenced by, among other things, the type of merchandise to be supported.
Property and Equipment
Property and Equipment
Depreciation of owned properties is provided primarily on a straight-line basis over the estimated asset lives, which range from 15 to 50 years for buildings and building equipment and three to 15 years for fixtures and equipment. Real estate taxes and interest on construction in progress and land under development are capitalized. Amounts capitalized are amortized over the estimated lives of the related depreciable assets. The Company receives contributions from developers and merchandise vendors to fund building improvements and the construction of vendor shops. Such contributions are generally netted against the capital expenditures.
Buildings on leased land and leasehold improvements are amortized over the shorter of their economic lives or the lease term, beginning on the date the asset is put into use.
Impairment or Disposal of Long Lived Assets
The carrying value of long-lived assets, inclusive of ROU assets, is periodically reviewed by the Company whenever events or changes in circumstances indicate that a potential impairment has occurred. Refer to Note 3 herein for further detail. For long-lived assets held for use, a potential impairment has occurred if projected future undiscounted cash flows are less than the carrying value of the assets. The estimate of cash flows includes management's assumptions of cash inflows and outflows directly resulting from the use of those assets in operations. When a potential impairment has occurred, an impairment write-down is recorded if the carrying value of the long-lived asset exceeds its fair value. In both fiscal 2024 and fiscal 2023, the Company determined impairment charges were necessary for certain of its long-lived assets as disclosed further in Note 3. If estimated cash flows significantly differ in the future, the Company may be required to record additional asset impairment write-downs.
If the Company commits to a plan to dispose of a long-lived asset before the end of its previously estimated useful life, estimated cash flows and useful life are revised accordingly, and the Company may be required to record an asset impairment write-down. Additionally, related liabilities arise such as severance, contractual obligations and other accruals associated with store closings from decisions to dispose of assets. The Company estimates these liabilities based on the facts and circumstances in existence for each restructuring decision. The amounts the Company will ultimately realize or disburse could differ from the amounts assumed in arriving at the asset impairment and restructuring charge recorded.
The Company classifies certain long-lived assets as held for disposal by sale and ceases depreciation when the particular criteria for such classification are met, including the probable sale within one year. For long-lived assets to be disposed of by sale, an impairment charge is recorded if the carrying amount of the asset exceeds its fair value less costs to sell. Such valuations include estimations of fair values and incremental direct costs to transact a sale.
Leases
Leases
Operating lease liabilities are recognized at the lease commencement date based on the present value of the fixed lease payments using the Company's incremental borrowing rates for its population of leases. Related operating ROU assets are recognized based on the initial present value of the fixed lease payments, reduced by contributions from landlords, plus any prepaid rent and direct costs from executing the leases. ROU assets are tested for impairment in the same manner as long-lived assets. Certain of the Company's real estate leases have terms that extend for a significant number of years and provide for rental rates that increase, in which case the lease expense is recognized on a straight-line basis, or decrease over time. Lease terms include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods, termination options and purchase options. Lease agreements with lease and non-lease components are combined as a single lease component for all classes of underlying assets.
Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease payments are recognized as lease expense as they are incurred.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
The carrying value of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment. Goodwill and other intangible assets with indefinite lives have been assigned to reporting units for purposes of impairment testing. The reporting units are the Company's retail operating divisions. Goodwill and other intangible assets with indefinite lives are tested for impairment annually at the end of the fiscal month of May.
The Company evaluates qualitative factors to determine if it is more likely than not that the fair value of a reporting unit or other intangible assets with indefinite lives is less than its carrying value and whether it is necessary to perform the quantitative impairment test. If required, the Company performs a quantitative impairment test which involves a comparison of each reporting unit's or other intangible assets with indefinite lives' fair values to its carrying value. Estimating the fair values of the reporting units or other intangible assets with indefinite lives involves the use of significant assumptions, estimates and judgments with respect to a variety of factors, including sales, gross margin and SG&A expense rates, capital expenditures, cash flows and the selection and use of an appropriate discount rate and market values and multiples of earnings and revenues of similar public companies. The projected sales, gross margin and SG&A expense rate assumptions and capital expenditures are based on the Company's annual business plan or other forecasted results. Discount rates reflect market-based estimates of the risks associated with the projected cash flows of the reporting unit or indefinite lived intangible asset.
The estimates of fair value of reporting units or other intangible assets with indefinite lives are based on the best information available as of the date of the assessment. If the carrying value of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to such excess, limited to the total amount of goodwill allocated to the reporting unit. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is written down by an amount equal to such excess.
Capitalized Software
Capitalized Software
The Company capitalizes purchased and internally-developed software as well as implementation costs associated with cloud computing arrangements and amortizes such costs to expense on a straight-line basis generally over four to five years. Capitalized software is included in other assets on the Consolidated Balance Sheets.
Self-Insurance Reserves
Self-Insurance Reserves
The Company, through its insurance subsidiary, is self-insured for workers compensation and general liability claims up to certain maximum liability amounts. Although the amounts accrued are actuarially determined based on analysis of historical trends of losses, settlements, litigation costs and other factors, the amounts the Company will ultimately disburse could differ from such accrued amounts.
Post Employment Obligations
Post-Employment Obligations
The Company, through its actuaries, utilizes assumptions when estimating the liabilities for pension and other employee benefit plans. These assumptions, where applicable, include the discount rates used to determine the actuarial present value of projected benefit obligations, the rate of increase in future compensation levels, mortality rates and the long-term rate of return on assets. The Company measures post-employment assets and obligations using the month-end that is closest to the Company's fiscal year-end or an interim period quarter-end if a plan is determined to qualify for a remeasurement. The benefit expense is generally recognized in the Consolidated Financial Statements on an accrual basis over the average remaining lifetime of participants, and the accrued benefits are reported in other assets, accounts payable and accrued liabilities and other liabilities on the Consolidated Balance Sheets, as appropriate.
Income Taxes
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Income in the period that includes the enactment date. Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized.
Stock Based Compensation
Stock Based Compensation
The Company records stock-based compensation expense for awards that include share-based payments to employees, including grants of employee stock options and restricted stock units, in accordance with their fair values. The Company determines the appropriate fair value model to be used for valuing share-based payments and the amortization method for compensation cost based on nature of the award.
Comprehensive Income
Comprehensive Income
Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income. For the Company, the only other components of total comprehensive income for 2024, 2023 and 2022 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of income before income taxes in the Consolidated Statements of Operations. Amortization reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic benefit cost and are included in benefit plan income, net on the Consolidated Statements of Operations.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update enhance segment reporting by expanding the breadth and frequency of segment disclosures required by public entities. Most notable, registrants will be required to disclose: (1) significant segment expenses regularly provided to the Chief Operating Decisions Maker ("CODM") and included within the reported measure(s) of a segment's profit or loss, (2) the amount and composition of other segment items, (3) how the CODM uses the reported measure(s) of a segment's profit or loss to assess segment performance and decide how to allocate resources, (4) on an interim basis, all segment profit or loss and asset disclosures currently required annually by Topic 280, as well as those introduced by the ASU, and (5) the CODM's title and position. The Company adopted ASU 2023-07 in the fourth quarter of fiscal 2024. See Note 16, Segments, in the notes to the Consolidated Financial Statements.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" (ASU 2023-09). The amendments in this update enhance the transparency and decision usefulness of income tax disclosures, primarily through improvements to the rate reconciliation and income taxes paid information, specifically requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid disaggregation by jurisdiction. These amendments allow investors to better assess how an entity's operations and related tax risks and tax planning and operational opportunities affects its income tax rate and prospects for future cash flows. ASU 2023-09 is effective for the Company beginning in the fiscal year ending January 31, 2026. The Company is currently evaluating the impacts of the adoption of ASU 2023-09 on the notes to the Consolidated Financial Statements.
In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"). The amendments in this update enhance disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses included in certain expense captions in the Consolidated Financial Statements. ASU 2024-03 is effective for the Company beginning in the fiscal year ending January 29, 2028. The Company is currently evaluating the impacts of the adoption of ASU 2024-03 on the notes to the Consolidated Financial Statements.
v3.25.1
Organization and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Feb. 01, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Advertising and Promotional Costs and Cooperative Advertising Allowances
Advertising and promotional costs are generally expensed at first showing. Advertising and promotional costs and cooperative advertising allowances were as follows:
202420232022
(millions)
Gross advertising and promotional costs$1,213 $1,210 $1,265 
Cooperative advertising allowances111 103 102 
Advertising and promotional costs, net of cooperative advertising allowances
$1,102 $1,107 $1,163 
Net sales$22,293 $23,092 $24,442 
Advertising and promotional costs, net of cooperative advertising allowances, as a percent to net sales
4.9 %4.8 %4.8 %
v3.25.1
Revenue (Tables)
 12 Months Ended
Feb. 01, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Sales From Merchandise Category
Net sales by family of business 202420232022
(millions)
Women’s Accessories, Shoes, Cosmetics and Fragrances$9,333 $9,520 $9,597 
Women’s Apparel4,826 4,861 5,349 
Men’s and Kids’4,753 4,918 5,297 
Home/Other (a)3,381 3,793 4,199 
Total Net Sales22,293 23,092 24,442 
Credit card revenues, net537 619 863 
Macy's Media Network revenue, net (b)176 155 144 
Other Revenue713 774 1,007 
Total Revenue$23,006 $23,866 $25,449 
(a)Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards.
(b)Macy's Media Network ("MMN") is an in-house media platform supporting both Macy's and Bloomingdale's customers through a broad variety of advertising formats running both on owned and operated platforms as well as offsite.
Schedule of Changes in the Liability for Unredeemed Gift Cards and Customer Loyalty Program Changes in the liability for unredeemed gift cards and customer loyalty programs are as follows:
202420232022
(millions)
Balance, beginning of year$384 $399 $481 
Liabilities issued but not redeemed (a)287 326 324 
Revenue recognized from beginning liability(318)(341)(406)
Balance, end of year$353 $384 $399 
(a)Net of estimated breakage income.
v3.25.1
Impairment, Restructuring and Other Costs (Tables)
 12 Months Ended
Feb. 01, 2025
Restructuring Costs and Asset Impairment Charges [Abstract]  
Schedule of Impairments, Restructuring and Other Costs
Impairment, restructuring and other costs consist of the following:
202420232022
(millions)
Asset Impairments$88 $957 $15 
Restructuring44 55 5 
Other39 15 21 
$171 $1,027 $41 
Schedule of Restructuring and Other Cash Activity
A summary of the restructuring cash activity from the Company's A Bold New Chapter strategy in 2024 and 2023, which are included within accounts payable and accrued liabilities, is as follows:
Restructuring
Additions charged to expense$55 
Cash payments(9)
Balance at February 3, 202446 
Additions charged to expense44 
Cash payments(59)
Balance at February 1, 2025$31 
v3.25.1
Properties and Leases (Tables)
 12 Months Ended
Feb. 01, 2025
Property Plant and Equipment and Leases of Lessee [Abstract]  
Schedule of Major Classes of Property, Plant and Equipment, Net
The major classes of property and equipment, net as of February 1, 2025 and February 3, 2024 are as follows:
February 1,
2025		February 3,
2024
(millions)
Land$1,168 $1,262 
Buildings on owned land3,134 3,205 
Buildings on leased land and leasehold improvements1,334 1,332 
Fixtures and equipment3,611 3,785 
9,247 9,584 
Less accumulated depreciation and amortization4,177 4,276 
$5,070 $5,308 
Schedule of ROU Assets and Lease Liabilities
ROU assets and lease liabilities consist of:
ClassificationFebruary 1,
2025		February 3,
2024
(millions)
Assets
Finance lease assets (a)Right of Use Assets$10 $8 
Operating lease assets (b)Right of Use Assets2,233 2,297 
Total lease assets$2,243 $2,305 
Liabilities
Current
Finance (a)Accounts payable and accrued liabilities$2 $2 
Operating (b)Accounts payable and accrued liabilities365 356 
Noncurrent
Finance (a)Long-Term Lease Liabilities13 12 
Operating (b)Long-Term Lease Liabilities2,914 2,974 
Total lease liabilities$3,294 $3,344 
(a)
Finance lease assets are recorded net of accumulated amortization of $11 million and $14 million as of February 1, 2025 and February 3, 2024, respectively. As of both February 1, 2025 and February 3, 2024, finance lease assets included $1 million and noncurrent lease liabilities included $1 million of non-lease components.
(b)
As of February 1, 2025, operating lease assets included $317 million of non-lease components and current and noncurrent lease liabilities included $36 million and $356 million, respectively, of non-lease components. As of February 3, 2024, operating lease assets included $322 million of non-lease components and current and noncurrent lease liabilities included $36 million and $356 million, respectively, of non-lease components.
Schedule of Components of Net Lease Expense
The components of net lease expense, recognized primarily within selling, general and administrative expenses are disclosed below. For 2024, 2023 and 2022, lease expense included $89 million, $84 million and $79 million, respectively, related to non-lease components.
202420232022
(millions)
Real estate
Operating leases (c) –
Minimum rents$375 $372 $361 
Variable rents63 55 54 
438 427 415 
Less income from subleases –
Operating leases (d)(50)(46)(39)
$388 $381 $376 
Personal property – Operating leases$5 $6 $7 
(c)Certain supply chain operating lease expense amounts are included in cost of sales.
(d)Represents sublease income from certain corporate office locations.
Schedule of Maturity of Lease Liabilities
As of February 1, 2025, the maturity of lease liabilities is as follows:
Finance
Leases		Operating
Leases
(e and f)		Total
(millions)
Fiscal year
2025$3 $365 $368 
20263 388 391 
20273 369 372 
20282 349 351 
20292 321 323 
After 202910 4,535 4,545 
Total undiscounted lease payments23 6,327 6,350 
Less amount representing interest8 3,048 3,056 
Total lease liabilities$15 $3,279 $3,294 
(e)
Operating lease payments include $2,552 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $40 million of legally binding minimum lease payments for leases signed but not yet commenced.
(f)
Operating lease payments include $955 million related to non-lease component payments, with $659 million of such payments related to options to extend lease terms that are reasonably certain of being exercised.
Schedule of Maturity of Lease Liabilities
As of February 1, 2025, the maturity of lease liabilities is as follows:
Finance
Leases		Operating
Leases
(e and f)		Total
(millions)
Fiscal year
2025$3 $365 $368 
20263 388 391 
20273 369 372 
20282 349 351 
20292 321 323 
After 202910 4,535 4,545 
Total undiscounted lease payments23 6,327 6,350 
Less amount representing interest8 3,048 3,056 
Total lease liabilities$15 $3,279 $3,294 
(e)
Operating lease payments include $2,552 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $40 million of legally binding minimum lease payments for leases signed but not yet commenced.
(f)
Operating lease payments include $955 million related to non-lease component payments, with $659 million of such payments related to options to extend lease terms that are reasonably certain of being exercised.
Schedule of Supplemental Information Regarding Assumptions and Cash Flows
Additional supplemental information regarding assumptions and cash flows for operating and finance leases is as follows:
Lease Term and Discount RateFebruary 1,
2025		February 3,
2024
Weighted-average remaining lease term (years)
Finance leases10.811.2
Operating leases19.620.4
Weighted-average discount rate
Finance leases7.15 %6.75 %
Operating leases6.80 %6.71 %
Other Information52 Weeks Ended February 1, 202553 Weeks Ended
February 3, 2024
(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used from operating leases$362 $370 
Financing cash flows used from financing leases3 3 
Leased assets obtained in exchange for new operating lease liabilities117 214 
v3.25.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Feb. 01, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Company's Goodwill and Other Intangible Assets
The following summarizes the Company's goodwill and other intangible assets:
February 1,
2025		February 3,
2024
(millions)
Non-amortizing intangible assets
Goodwill$9,290 $9,290 
Accumulated impairment losses(8,462)(8,462)
828 828 
Tradenames376 376 
$1,204 $1,204 
Amortizing intangible assets
Favorable leases and other contractual assets$5 $5 
Tradenames70 70 
75 75 
Accumulated amortization
Favorable leases and other contractual assets(2)(1)
Tradenames(24)(20)
(26)(21)
$49 $54 
Capitalized software
Gross balance$1,431 $1,203 
Accumulated amortization(629)(447)
$802 $757 
Schedule of Future Estimated Intangible Amortization Expense
Future estimated amortization expense for assets, excluding in-process capitalized software of $95 million not yet placed in service as of February 1, 2025, is shown below:
Amortizing
intangible assets		Capitalized
Software
(millions)
Fiscal year
2025$5 $309 
20265 229 
20275 127 
20285 41 
20295 1 
v3.25.1
Financing (Tables)
 12 Months Ended
Feb. 01, 2025
Debt Disclosure [Abstract]  
Schedule of Company Debt
The Company's debt is as follows:
February 1,
2025		February 3,
2024
(millions)
Short-term debt:
7.60% Senior debentures due 2025
$6 $— 
$6 $— 
Long-term debt:  
7.60% Senior debentures due 2025
$— $6 
6.79% Senior debentures due 2027
61 71 
6.70% Senior debentures due 2028
28 29 
7.00% Senior debentures due 2028
94 105 
6.70% Senior exchanged debentures due 2028
54 73 
8.75% Senior exchanged debentures due 2029
13 13 
6.90% Senior debentures due 2029
72 79 
5.875% Senior notes due 2029
326 500 
5.875% Senior notes due 2030
425 425 
7.875% Senior exchanged debentures due 2030
5 5 
7.875% Senior debentures due 2030
5 5 
6.90% Senior debentures due 2032
12 12 
6.125% Senior notes due 2032
425 425 
6.90% Senior exchanged debentures due 2032
1 1 
4.50% Senior notes due 2034
367 367 
6.70% Senior exchanged debentures due 2034
181 181 
6.70% Senior debentures due 2034
18 18 
6.375% Senior notes due 2037
192 192 
5.125% Senior notes due 2042
250 250 
4.30% Senior notes due 2043
250 250 
Unamortized debt issue costs and discount(20)(25)
Premium on acquired debt, using an effective interest yield of 6.021% to 7.654%
1416
$2,773 $2,998 
Schedule of Interest Expense and Losses on Early Retirement
Interest expense and losses on early retirement of debt are as follows:
202420232022
(millions)
Interest on debt$178 $187 $185 
Amortization of debt premium(2)(2)(2)
Amortization of financing costs and debt discount12 12 13 
Interest on finance leases1 1 1 
188 198 197 
Less interest capitalized on construction30 28 22 
Interest expense$158 $170 $175 
Losses on early retirement of debt$1 $— $31 
Schedule of Future Maturities of Long-term Debt
Future maturities of long-term debt are shown below:
(millions)
Fiscal year
2025$6 
2026— 
202761 
2028176 
2029411 
After 20292,131 
Schedule of Debt Repayments
The following table shows the detail of debt repayments:
202420232022
(millions)
Revolving credit facility$301 $961 $1,959 
2.875% Senior notes due 2023
— — 504 
3.625% Senior notes due 2024
— — 350 
4.375% Senior notes due 2023
— — 161 
6.65% Senior debentures due 2024
— — 81 
6.65% Debentures due 2024
— — 36 
6.90% Senior debentures due 2032
— — 4 
6.70% Senior debentures due 2034
— — 2 
6.70% Senior debentures due 2028
— — 1 
5.875% Senior notes due 2029
174 — — 
6.70% Senior exchanged debentures due 2028
19 — — 
6.79% Senior debentures due 2027
10 — — 
7.0% Senior debentures due 2028
10 — — 
6.9% Senior debentures due 2029
7 — — 
6.7% Senior debentures due 2028
1 — — 
$522 $961 $3,098 
v3.25.1
Accounts Payable And Accrued Liabilities (Tables)
 12 Months Ended
Feb. 01, 2025
Accounts Payable and Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Liabilities
February 1,
2025		February 3,
2024
(millions)
Accounts payable$853 $747 
Property related liabilities446 424 
Gift cards and customer rewards353 384 
Accrued wages and vacation233 177 
Current portion of post employment and postretirement benefits156 163 
Allowance for future sales returns114 136 
Taxes other than income taxes110 136 
Current portion of workers' compensation and general liability reserves87 85 
Accrued interest48 53 
Restructuring accruals, including severance31 47 
Other194 219 
$2,625 $2,571 
Schedule of Changes In Workers Compensation And General Liability Reserve Including Non-current Portion
Changes in workers' compensation and general liability reserves, including the non-current portion, are as follows:
202420232022
(millions)
Balance, beginning of year$375 $378 $387 
Charged to costs and expenses159 148 123 
Payments, net of recoveries(154)(151)(132)
Balance, end of year$379 $375 $378 
v3.25.1
Taxes (Tables)
 12 Months Ended
Feb. 01, 2025
Taxes Payable [Abstract]  
Schedule of Income Tax Expense (Benefit)
Income tax expense (benefit) is as follows:
202420232022
CurrentDeferred TotalCurrent Deferred Total CurrentDeferred Total
(millions)
Federal$203 $(50)$153 $188 $(193)$(5)$352 $(56)$296 
State and local30 (2)28 54 (51)3 17 18 35 
$233 $(52)$181 $242 $(244)$(2)$369 $(38)$331 
Schedule of Effective Income Tax Reconciliation The reasons for this difference and their tax effects are as follows:
202420232022
(millions)
Expected tax$160 $9 $310 
State and local income taxes, net of federal income taxes (a)37 (4)22 
Tax impact of equity awards5 (1)— 
Federal tax credits(8)(13)(4)
Change in valuation allowance(15)5 5 
Other2 2 (2)
$181 $(2)$331 
(a)2022 includes an income tax benefit from the favorable resolution of state income tax litigation.
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:
February 1,
2025		February 3,
2024
(millions)
Deferred tax assets
Post employment and postretirement benefits$1 $25 
Accrued liabilities accounted for on a cash basis for tax purposes94 109 
Lease liabilities888 897 
Unrecognized state tax benefits and accrued interest21 22 
State operating loss and credit carryforwards110 122 
Other98 102 
Valuation allowance(85)(100)
Total deferred tax assets1,127 1,177 
Deferred tax liabilities  
Excess of book basis over tax basis of property and equipment(755)(784)
Right of use assets(605)(619)
Merchandise inventories(348)(335)
Intangible assets(115)(115)
Other(28)(69)
Total deferred tax liabilities(1,851)(1,922)
Net deferred tax liability$(724)$(745)
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
February 1,
2025		February 3,
2024		January 28,
2023
(millions)
Balance, beginning of year$76 $80 $102 
Additions based on tax positions related to the current year11 10 13 
Reductions for tax positions of prior years(4)(2)(20)
Settlements(1)— (4)
Statute expirations(13)(12)(11)
Balance, end of year$69 $76 $80 
Amounts recognized in the Consolidated Balance Sheets   
Current income taxes$3 $4 $4 
Deferred income taxes— 1 1 
Other liabilities (b)66 71 75 
$69 $76 $80 
(b)Unrecognized tax benefits not expected to be settled within one year are included within other liabilities on the Consolidated Balance Sheets.
Schedule of Unrecognized Benefits and Related Interest and Penalties
Additional information regarding unrecognized benefits and related interest and penalties is as follows:
February 1,
2025		February 3,
2024
(millions)
Amount of unrecognized tax benefits, net of deferred tax assets, that if recognized would affect the effective tax rate
$55 $59 
Accrued federal, state and local interest and penalties25 26 
Amounts recognized in the Consolidated Balance Sheets  
Current income taxes5 6 
Other liabilities20 20 
v3.25.1
Retirement Plans (Tables)
 12 Months Ended
Feb. 01, 2025
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
Schedule of Costs of Retirement Plans
Retirement expenses (income), excluding settlement charges, included the following components:
202420232022
(millions)
401(k) Qualified Defined Contribution Plan$89 $85 $86 
Non-Qualified Defined Contribution Plan1 1 1 
Pension Plan(40)(38)(42)
Supplementary Retirement Plan28 30 26 
Postretirement Obligations(4)(3)(4)
$74 $75 $67 
Schedule of Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan and SERP
The following provides a reconciliation of benefit obligations, plan assets, and funded status of the Pension Plan and SERP as of February 1, 2025 and February 3, 2024:
Pension Plan SERP
2024202320242023
(millions)
Change in projected benefit obligation
Projected benefit obligation, beginning of year$1,556 $1,979 $467 $508 
Interest cost73 83 22 23 
Actuarial gain(57)(65)(17)(19)
Benefits paid(181)(441)(47)(45)
Projected benefit obligation, end of year1,391 1,556 425 467 
Changes in plan assets    
Fair value of plan assets, beginning of year2,011 2,389 — — 
Actual return on plan assets51 63 — — 
Company contributions— — 47 45 
Benefits paid(181)(441)(47)(45)
Fair value of plan assets, end of year1,881 2,011 — — 
Funded status at end of year$490 $455 $(425)$(467)
Amounts recognized in the Consolidated Balance Sheets at February 1, 2025 and February 3, 2024
    
Other assets$490 $455 $— $— 
Accounts payable and accrued liabilities— — (43)(53)
Other liabilities— — (382)(414)
$490 $455 $(425)$(467)
Amounts recognized in accumulated other comprehensive loss at February 1, 2025 and February 3, 2024
    
Net actuarial loss$521 $563 $126 $149 
Prior service cost— — 4 4 
$521 $563 $130 $153 
Schedule of Net Periodic Benefit Costs
Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the Pension Plan and SERP included the following actuarially determined components:
Pension Plan SERP
202420232022202420232022
(millions)
Net Periodic Pension Cost
Interest cost$73 $83 $68 $22 $23 $15 
Expected return on assets(116)(125)(122)— — — 
Amortization of net actuarial loss3 4 12 6 7 11 
(40)(38)(42)28 30 26 
      
Settlement charges46 134 39 — — — 
Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Income (Loss)      
Net actuarial (gain) loss7 (3)138 (17)(19)(71)
Amortization of net actuarial loss(3)(4)(12)(6)(7)(11)
Settlement charges(46)(134)(39)— — — 
(42)(141)87 (23)(26)(82)
Total recognized$(36)$(45)$84 $5 $4 $(56)
Schedule of Weighted Average Assumptions
The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan and SERP at February 1, 2025 and February 3, 2024:
Pension Plan SERP
2024202320242023
Discount rate5.52 %5.06 %5.54 %5.08 %
Rate of compensation increases3.00 %3.50 %— — 
Cash balance plan interest crediting rate5.00 %5.00 %— — 
The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan and SERP:
Pension Plan SERP
202420232022202420232022
Discount rate used to measure service cost5.24 %
4.88% - 6.27%
3.35% - 5.76%
— — — 
Discount rate used to measure interest cost4.98 %
4.72% - 5.96%
2.55% - 5.49%
4.96 %4.71 %2.53 %
Expected long-term return on plan assets5.30 %5.30 %4.60 %— — — 
Rate of compensation increases3.50 %3.50 %3.50 %— — — 
Cash balance plan interest crediting rate5.00 %5.00 %5.00 %— — — 
Schedule of Fair Values of Plan Assets
The fair values of the Pension Plan assets as of February 1, 2025 and February 3, 2024, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows:
Fair Value Category20242023
(millions)
Money market fundsLevel 1$154 $82 
Equity securities:   
U.S. pooled fundsLevel 165 62 
International pooled fundsLevel 126 27 
Fixed income securities:   
U.S. Treasury bondsLevel 236 20 
Other Government bondsLevel 255 58 
Agency backed bondsLevel 22 — 
Corporate bondsLevel 21,080 1,270 
Mortgage-backed securitiesLevel 240 33 
Asset-backed securitiesLevel 21 1 
Pooled fundsLevel 139 37 
Other types of investments:   
Derivatives in a positive positionLevel 213 9 
Derivatives in a negative positionLevel 2(3)(2)
Pooled funds (a)273 274 
Real estate (a)12 15 
Private equity (a)81 114 
Total$1,874 $2,000 
(a)Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets.
Schedule of Estimated Future Benefit Payments
The following benefit payments are estimated to be paid from the Pension Plan and from the SERP:
Pension PlanSERP
(millions)
Fiscal year
2025$159 $43 
2026146 47 
2027141 38 
2028137 42 
2029132 38 
2030-2034546 165 
v3.25.1
Stock Based Compensation (Tables)
 12 Months Ended
Feb. 01, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Components of Stock Based Compensation Expense
Stock-based compensation expense included the following components:
202420232022
(millions)
Stock options$— $1 $3 
Restricted stock units58 46 51 
$58 $47 $54 
Restricted Stock Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Activity Related to Restricted Stock and Restricted Stock Units
The weighted average grant date fair values of performance-based and time-based restricted stock units granted during 2024, 2023 and 2022 are as follows:
202420232022
Restricted stock units (performance-based)$18.79 $16.16 $25.32 
Restricted stock units (time-based)18.15 15.93 24.01 
Schedule of Nonvested Restricted Stock Units Activity
Activity related to restricted stock units for 2024 is as follows:
Shares Weighted Average Grant Date
Fair Value
(thousands)
Nonvested, beginning of period8,647$17.19 
Granted – performance-based94018.79 
Performance adjustment4520.36 
Granted – time-based3,13618.15 
Forfeited(783)18.50 
Vested(3,251)16.35 
Nonvested, end of period8,734$17.92 
v3.25.1
Shareholders' Equity (Tables)
 12 Months Ended
Feb. 01, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Class of Treasury Stock
20232022
(millions, except per share data)
Total number of shares purchased1.424.0
Average price paid per share$17.57 $24.98 
Total investment$25 $600 
Schedule of Changes in the Company's Common Stock Issued and Outstanding
Changes in the Company's common stock issued and outstanding, including shares held by the Company's treasury, are as follows:
Treasury Stock
Common
Stock
Issued		Deferred
Compensation
Plans		Other Total Common
Stock
Outstanding
(thousands)
Balance at January 29, 2022333,606(1,015)(40,232)(41,247)292,359
Stock issued under stock plans(117)3,0012,8842,884
Stock repurchases(24,058)(24,058)(24,058)
Deferred compensation plan distributions165165165
Balance at January 28, 2023333,606(967)(61,289)(62,256)271,350
Stock issued under stock plans(163)4,9654,8024,802
Stock repurchases(2,160)(2,160)(2,160)
Deferred compensation plan distributions235235235
Balance at February 3, 2024333,606(895)(58,484)(59,379)274,227
Stock issued under stock plans(183)3,4543,2713,271
Stock repurchases(12)(12)(12)
Deferred compensation plan distributions204204204
Balance at February 1, 2025333,606(874)(55,042)(55,916)277,690
v3.25.1
Fair Value Measurements and Concentrations of Credit Risk (Tables)
 12 Months Ended
Feb. 01, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Schedule of Fair Value of Plan Assets Measured on a Recurring Basis
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
The following table shows the estimated fair value of the Company's marketable equity and debt securities:
Fair Value Measurements
Total(Level 1)(Level 2)(Level 3)
(millions)
February 1, 2025$43 $43 $— $— 
February 3, 202442 42 — — 
Schedule of Estimated Fair Values of Company's Long Term Debt
The following table shows the estimated fair value of the Company's long-term debt, including the current portion of long-term debt:
Notional AmountCarrying AmountFair Value
(millions)
February 1, 2025$2,785 $2,779 $2,467 
February 3, 20243,007 2,998 2,706 
v3.25.1
Earnings Per Share (Tables)
 12 Months Ended
Feb. 01, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
202420232022
Net
Income		SharesNet
Income		SharesNet
Income		Shares
(millions, except per share data)
Net income and average number of shares outstanding$582 276.8$45 273.2$1,146 273.7
Shares to be issued under deferred compensation and other plans0.91.0 1.0
$582 277.7$45 274.2$1,146 274.7
Basic earnings per share$2.10 $0.16 $4.17 
Effect of dilutive securities:
Stock options and restricted stock units3.94.06.4
$582 281.6$45 278.2$1,146 281.1
Diluted earnings per share$2.07 $0.16 $4.08 
v3.25.1
Supplier Finance Programs (Tables)
 12 Months Ended
Feb. 01, 2025
Payables and Accruals [Abstract]  
Schedule of Supplier Chain Finance Program
The following table sets forth the changes in the outstanding obligations under the SCF programs:
February 1, 2025February 3, 2024
(millions)
Confirmed obligations outstanding at the beginning of the year$112 $63 
Invoices confirmed during the year854809
Confirmed invoices paid during the year(850)(760)
Confirmed obligations outstanding at the end of the year$116 $112 
v3.25.1
Organization and Summary of Significant Accounting Policies - Narrative (Details)
$ in Millions
 12 Months Ended
Feb. 01, 2025
USD ($)
state
segment
Feb. 03, 2024
USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]    
Number of states in which entity operates | state 43  
Number of reportable segments | segment 1  
Receivables $ 303 $ 293
Buildings and Building Equipment | Minimum    
Organization And Summary Of Significant Accounting Policies [Line Items]    
Estimated useful life in years 15 years  
Buildings and Building Equipment | Maximum    
Organization And Summary Of Significant Accounting Policies [Line Items]    
Estimated useful life in years 50 years  
Fixtures and equipment | Minimum    
Organization And Summary Of Significant Accounting Policies [Line Items]    
Estimated useful life in years 3 years  
Fixtures and equipment | Maximum    
Organization And Summary Of Significant Accounting Policies [Line Items]    
Estimated useful life in years 15 years  
Software and Software Development | Minimum    
Organization And Summary Of Significant Accounting Policies [Line Items]    
Estimated useful life in years 4 years  
Software and Software Development | Maximum    
Organization And Summary Of Significant Accounting Policies [Line Items]    
Estimated useful life in years 5 years  
Cash and Cash Equivalents    
Organization And Summary Of Significant Accounting Policies [Line Items]    
Credit card sales transactions settled early $ 109 $ 102
v3.25.1
Organization and Summary of Significant Accounting Policies - Advertising and Promotional Costs and Cooperative Advertising Allowances (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Gross advertising and promotional costs $ 1,213 $ 1,210 $ 1,265
Cooperative advertising allowances 111 103 102
Advertising and promotional costs, net of cooperative advertising allowances 1,102 1,107 1,163
Net sales $ 22,293 $ 23,092 $ 24,442
Advertising and promotional costs, net of cooperative advertising allowances, as a percent to net sales 4.90% 4.80% 4.80%
v3.25.1
Revenue - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Disaggregation of Revenue [Line Items]        
Percentage of net sales revenue 97.00% 97.00% 96.00%  
Macy's sales to total company sales 85.00% 86.00% 87.00%  
Percentage of digital sales 33.00% 33.00% 33.00%  
Contract with customer, refund liability $ 114 $ 136    
Contract with customer, right to recover product 72 83    
Contract with customer, liability, current 353 384 $ 399 $ 481
Breakage income related to changes in breakage rate estimates 0 0    
Other revenue 537 619 863  
Amount received under agreement $ 630 $ 722 $ 978  
Credit Card Intermediary        
Disaggregation of Revenue [Line Items]        
Agreement renewal option number of years 3 years      
v3.25.1
Revenue - Sales From Merchandise Category (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Disaggregation of Revenue [Line Items]      
Net sales $ 22,293 $ 23,092 $ 24,442
Other revenue 713 774 1,007
Total revenue 23,006 23,866 25,449
Women’s Accessories, Shoes, Cosmetics and Fragrances      
Disaggregation of Revenue [Line Items]      
Net sales 9,333 9,520 9,597
Women’s Apparel      
Disaggregation of Revenue [Line Items]      
Net sales 4,826 4,861 5,349
Men’s and Kids’      
Disaggregation of Revenue [Line Items]      
Net sales 4,753 4,918 5,297
Home/Other      
Disaggregation of Revenue [Line Items]      
Net sales 3,381 3,793 4,199
Credit Card Revenues, Net      
Disaggregation of Revenue [Line Items]      
Other revenue 537 619 863
Macy's Media Network Revenue, Net      
Disaggregation of Revenue [Line Items]      
Other revenue $ 176 $ 155 $ 144
v3.25.1
Revenue - Changes in the Liability for Unredeemed Gift Cards and Customer Loyalty Program (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Revenue From Contract with Customer [Roll Forward]      
Balance, beginning of year $ 384 $ 399 $ 481
Liabilities issued but not redeemed 287 326 324
Revenue recognized from beginning liability (318) (341) (406)
Balance, end of year $ 353 $ 384 $ 399
v3.25.1
Impairment, Restructuring and Other Costs - Impairment, Restructuring and Other Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Restructuring Costs and Asset Impairment Charges [Abstract]      
Asset Impairments $ 88 $ 957 $ 15
Restructuring 44 55 5
Other 39 15 21
Total $ 171 $ 1,027 $ 41
v3.25.1
Impairment, Restructuring and Other Costs - Narrative (Details)
$ in Millions
 12 Months Ended
Feb. 01, 2025
USD ($)
Store
Feb. 03, 2024
USD ($)
Jan. 28, 2023
USD ($)
Restructuring Cost And Reserve [Line Items]      
Impairment, restructuring and other costs $ 171 $ 1,027 $ 41
Asset Impairments 88 957 15
Restructuring charges 44 $ 55 $ 5
A Bold New Chapter      
Restructuring Cost And Reserve [Line Items]      
Asset Impairments $ 957    
Number of locations planned for closure | Store 150    
v3.25.1
Impairment, Restructuring and Other Costs - Restructuring and Other Cash Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Restructuring Reserve [Roll Forward]      
Additions charged to expense $ 39 $ 15 $ 21
Polaris Strategy | Restructuring      
Restructuring Reserve [Roll Forward]      
Beginning Balance 46    
Additions charged to expense 44 55  
Cash payments (59) (9)  
Ending Balance $ 31 $ 46  
v3.25.1
Properties and Leases - Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 9,247 $ 9,584
Less accumulated depreciation and amortization 4,177 4,276
Property, plant and equipment, net 5,070 5,308
Finance lease assets, accumulated amortization 11 14
Finance lease asset, non-lease component 1 1
Finance lease liability, non-lease component noncurrent 1 1
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 1,168 1,262
Buildings on owned land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 3,134 3,205
Buildings on leased land and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 1,334 1,332
Fixtures and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 3,611 $ 3,785
v3.25.1
Properties and Leases - Narrative (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Guarantee Obligations [Line Items]    
Minimum operating period of some stores 15 years  
Finance lease asset, non-lease component $ 1 $ 1
Finance lease liability, non-lease component noncurrent 1 1
Finance lease assets, accumulated amortization 11 $ 14
Property Lease Guarantee    
Guarantee Obligations [Line Items]    
Guarantor obligation exposure $ 158  
v3.25.1
Properties and Leases - Right of Use Asset and Liabilities (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Property Plant and Equipment and Leases of Lessee [Abstract]    
Finance lease, assets $ 10 $ 8
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total lease assets Total lease assets
Operating lease assets $ 2,233 $ 2,297
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total lease assets Total lease assets
Total lease assets $ 2,243 $ 2,305
Finance lease, liability, current $ 2 $ 2
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accounts payable and accrued liabilities Accounts payable and accrued liabilities
Operating lease, liability, current $ 365 $ 356
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accounts payable and accrued liabilities Accounts payable and accrued liabilities
Finance lease, liability, noncurrent $ 13 $ 12
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Noncurrent Lease Liability Noncurrent Lease Liability
Operating lease, liability, noncurrent $ 2,914 $ 2,974
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Noncurrent Lease Liability Noncurrent Lease Liability
Total lease liabilities $ 3,294 $ 3,344
Finance lease assets, accumulated amortization 11 14
Finance lease asset, non-lease component 1 1
Finance lease liability, non-lease component noncurrent 1 1
Operating lease asset, non-lease component 317 322
Operating lease liability, non-lease component, current 36 36
Operating lease liability, non-lease component, non-current $ 356 $ 356
v3.25.1
Properties and Leases - Components of Net Lease Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Property Plant and Equipment and Leases of Lessee [Abstract]      
Non-lease component expense $ 89 $ 84 $ 79
Minimum rents 375 372 361
Variable rents 63 55 54
Operating and variable rents 438 427 415
Operating leases (50) (46) (39)
Operating lease, cost 388 381 376
Personal property – Operating leases $ 5 $ 6 $ 7
v3.25.1
Properties and Leases - Lease Liability Maturity (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Finance Leases    
2024 $ 3  
2026 3  
2027 3  
2028 2  
2029 2  
After 2029 10  
Total undiscounted lease payments 23  
Less amount representing interest 8  
Total lease liabilities 15  
Operating Leases    
2024 365  
2026 388  
2027 369  
2028 349  
2029 321  
After 2029 4,535  
Total undiscounted lease payments 6,327  
Less amount representing interest 3,048  
Total lease liabilities 3,279  
Total    
2024 368  
2026 391  
2027 372  
2028 351  
2029 323  
After 2029 4,545  
Total undiscounted lease payments 6,350  
Less amount representing interest 3,056  
Total lease liabilities 3,294 $ 3,344
Lessee, operating lease, option to extend, reasonably certain 2,552  
Lessee, operating lease, lease not yet commenced, liability incurred 40  
Operating lease, payment, non-lease component 955  
Operating lease, payment, non-lease component, option to extend, reasonably certain $ 659  
v3.25.1
Properties and Leases - Additional Information Regarding Assumptions (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Property Plant and Equipment and Leases of Lessee [Abstract]    
Weighted-average remaining lease term, finance leases (years) 10 years 9 months 18 days 11 years 2 months 12 days
Weighted-average remaining lease term, operating leases (years) 19 years 7 months 6 days 20 years 4 months 24 days
Weighted-average discount rate, finance leases (in percent) 7.15% 6.75%
Weighted-average discount rate, operating leases (in percent) 6.80% 6.71%
Other Information    
Operating cash flows used from operating leases $ 362 $ 370
Financing cash flows used from financing leases 3 3
Leased assets obtained in exchange for new operating lease liabilities $ 117 $ 214
v3.25.1
Goodwill and Other Intangible Assets - Company's Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Finite And Indefinite Lived Intangible Asset [Line Items]    
Goodwill $ 9,290 $ 9,290
Accumulated impairment losses (8,462) (8,462)
Net goodwill, Non-amortizing intangible assets 828 828
Tradenames 376 376
Net non-amortizing intangible assets 1,204 1,204
Favorable leases and other contractual assets 5 5
Tradenames 70 70
Amortizing intangible assets, gross 75 75
Accumulated amortization (26) (21)
Net amortizing intangible assets 49 54
Gross balance 1,431 1,203
Capitalized software, accumulated amortization (629) (447)
Net capitalized computer software 802 757
Favorable leases and other contractual assets    
Finite And Indefinite Lived Intangible Asset [Line Items]    
Accumulated amortization (2) (1)
Tradenames    
Finite And Indefinite Lived Intangible Asset [Line Items]    
Accumulated amortization $ (24) $ (20)
v3.25.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Finite And Indefinite Lived Intangible Asset [Line Items]      
Intangible amortization expense $ 5 $ 2 $ 2
Capitalized software amortization expense 310 269 $ 235
Gross balance $ 1,431 $ 1,203  
Tradenames | Minimum      
Finite And Indefinite Lived Intangible Asset [Line Items]      
Acquired finite-lived intangible assets, weighted average useful life (in years) 10 years    
Tradenames | Maximum      
Finite And Indefinite Lived Intangible Asset [Line Items]      
Acquired finite-lived intangible assets, weighted average useful life (in years) 20 years    
Capitalized Software      
Finite And Indefinite Lived Intangible Asset [Line Items]      
Gross balance $ 95    
v3.25.1
Goodwill and Other Intangible Assets - Future Estimated Intangible Amortization Expense (Details)
$ in Millions
Feb. 01, 2025
USD ($)
Intangible Assets Excluding Computer Software  
Finite Lived Intangible Assets [Line Items]  
2025 $ 5
2026 5
2027 5
2028 5
2029 5
Capitalized Software  
Finite Lived Intangible Assets [Line Items]  
2025 309
2026 229
2027 127
2028 41
2029 $ 1
v3.25.1
Financing - Company Debt (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Debt Instrument [Line Items]    
Unamortized debt issue costs and discount $ (20) $ (25)
Premium on acquired debt, using an effect interest yield 14 16
Long-Term Debt 2,773 2,998
Short-term debt $ 6 $ 0
Minimum    
Debt Instrument [Line Items]    
Debt instrument interest rate, effective percentage 6.021% 6.021%
Maximum    
Debt Instrument [Line Items]    
Debt instrument interest rate, effective percentage 7.654% 7.654%
5.875% Senior notes due 2029    
Debt Instrument [Line Items]    
Long-term debt, gross $ 326 $ 500
Debt instrument interest rate, stated percentage 5.875% 5.875%
5.875% Senior notes due 2030    
Debt Instrument [Line Items]    
Long-term debt, gross $ 425 $ 425
Debt instrument interest rate, stated percentage 5.875% 5.875%
6.125% Senior notes due 2032    
Debt Instrument [Line Items]    
Long-term debt, gross $ 425 $ 425
Debt instrument interest rate, stated percentage 6.125% 6.125%
4.50% Senior notes due 2034    
Debt Instrument [Line Items]    
Long-term debt, gross $ 367 $ 367
Debt instrument interest rate, stated percentage 4.50% 4.50%
5.125% Senior notes due 2042    
Debt Instrument [Line Items]    
Long-term debt, gross $ 250 $ 250
Debt instrument interest rate, stated percentage 5.125% 5.125%
4.30% Senior notes due 2043    
Debt Instrument [Line Items]    
Long-term debt, gross $ 250 $ 250
Debt instrument interest rate, stated percentage 4.30% 4.30%
6.375% Senior notes due 2037    
Debt Instrument [Line Items]    
Long-term debt, gross $ 192 $ 192
Debt instrument interest rate, stated percentage 6.375% 6.375%
6.70% Senior exchanged debentures due 2034    
Debt Instrument [Line Items]    
Long-term debt, gross $ 181 $ 181
Debt instrument interest rate, stated percentage 6.70% 6.70%
7.00% Senior debentures due 2028    
Debt Instrument [Line Items]    
Long-term debt, gross $ 94 $ 105
Debt instrument interest rate, stated percentage 7.00% 7.00%
6.90% Senior debentures due 2029    
Debt Instrument [Line Items]    
Long-term debt, gross $ 72 $ 79
Debt instrument interest rate, stated percentage 6.90% 6.90%
6.70% Senior exchanged debentures due 2028    
Debt Instrument [Line Items]    
Long-term debt, gross $ 54 $ 73
Debt instrument interest rate, stated percentage 6.70% 6.70%
6.79% Senior debentures due 2027    
Debt Instrument [Line Items]    
Long-term debt, gross $ 61 $ 71
Debt instrument interest rate, stated percentage 6.79% 6.79%
6.7% Senior debentures due 2028    
Debt Instrument [Line Items]    
Long-term debt, gross $ 28 $ 29
Debt instrument interest rate, stated percentage 6.70% 6.70%
6.70% Senior debentures due 2034    
Debt Instrument [Line Items]    
Long-term debt, gross $ 18 $ 18
Debt instrument interest rate, stated percentage 6.70% 6.70%
8.75% Senior exchanged debentures due 2029    
Debt Instrument [Line Items]    
Long-term debt, gross $ 13 $ 13
Debt instrument interest rate, stated percentage 8.75% 8.75%
6.90% Senior debentures due 2032    
Debt Instrument [Line Items]    
Long-term debt, gross $ 12 $ 12
Debt instrument interest rate, stated percentage 6.90% 6.90%
7.60% Senior debentures due 2025    
Debt Instrument [Line Items]    
Long-term debt, gross $ 0 $ 6
Debt instrument interest rate, stated percentage 7.60% 7.60%
7.60% Senior debentures due 2025 | Current Portion Of Other Long Term Obligations [Member]    
Debt Instrument [Line Items]    
Short-term debt $ 6 $ 0
Debt instrument interest rate, stated percentage 7.60% 7.60%
7.875% Senior exchanged debentures due 2030    
Debt Instrument [Line Items]    
Long-term debt, gross $ 5 $ 5
Debt instrument interest rate, stated percentage 7.875% 7.875%
7.875% Senior debentures due 2030    
Debt Instrument [Line Items]    
Long-term debt, gross $ 5 $ 5
Debt instrument interest rate, stated percentage 7.875% 7.875%
6.90% Senior exchanged debentures due 2032    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1 $ 1
Debt instrument interest rate, stated percentage 6.90% 6.90%
v3.25.1
Financing - Interest Expense and Losses on Early Retirement of Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 18, 2024
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Debt Disclosure [Abstract]        
Interest on debt   $ 178 $ 187 $ 185
Amortization of debt premium   (2) (2) (2)
Amortization of financing costs and debt discount   12 12 13
Interest on finance leases   1 1 1
Interest expense, gross   188 198 197
Less interest capitalized on construction   30 28 22
Interest expense   158 170 175
Losses on early retirement of debt $ 1 $ 1 $ 0 $ 31
v3.25.1
Financing - Narrative (Details)
 12 Months Ended
Sep. 18, 2024
USD ($)
Mar. 22, 2023
USD ($)
option
Mar. 03, 2022
USD ($)
Feb. 01, 2025
USD ($)
Feb. 03, 2024
USD ($)
Jan. 28, 2023
USD ($)
Debt Instrument [Line Items]            
Repayments of debt       $ 522,000,000 $ 961,000,000 $ 3,098,000,000
Debt issued       301,000,000 961,000,000 2,809,000,000
Letters of credit outstanding       144,000,000 148,000,000  
Extinguishment of debt $ 221,000,000          
Losses on early retirement of debt 1,000,000     1,000,000 0 31,000,000
Debt Instrument, Repurchase Amount $ 225,000,000          
New ABL Credit Facility            
Debt Instrument [Line Items]            
Repayments of debt       $ 301,000,000 $ 961,000,000 $ 1,959,000,000
5.875% Senior notes due 2030            
Debt Instrument [Line Items]            
Debt instrument interest rate, stated percentage       5.875% 5.875%  
6.125% Senior notes due 2032            
Debt Instrument [Line Items]            
Debt instrument interest rate, stated percentage       6.125% 6.125%  
Revolving Credit Facility | Revolving ABL Facility | Line of Credit            
Debt Instrument [Line Items]            
Repayments of debt       $ 301,000,000 $ 961,000,000  
Debt issued       301,000,000 961,000,000  
Line of Credit | Bank Credit Agreement            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity   $ 1,000,000        
Line of credit facility, option to extend, maturity date | option   2        
Line of credit facility, extension term   1 year        
Line of Credit | Revolving Credit Facility | New ABL Credit Facility            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity     $ 3,000,000,000.0      
Amount outstanding under credit facility       0 0  
Line of Credit | Revolving Credit Facility | New ABL Credit Facility | SOFR            
Debt Instrument [Line Items]            
Credit adjustment on variable rate     0.10%      
Line of Credit | Revolving Credit Facility | New ABL Credit Facility | SOFR | Minimum            
Debt Instrument [Line Items]            
Basis spread on variable rate     1.25%      
Line of Credit | Revolving Credit Facility | New ABL Credit Facility | SOFR | Maximum            
Debt Instrument [Line Items]            
Basis spread on variable rate     1.50%      
Line of Credit | Revolving Credit Facility | New ABL Credit Facility | Base Rate | Minimum            
Debt Instrument [Line Items]            
Basis spread on variable rate     0.25%      
Line of Credit | Revolving Credit Facility | New ABL Credit Facility | Base Rate | Maximum            
Debt Instrument [Line Items]            
Basis spread on variable rate     0.50%      
Line of Credit | Revolving Credit Facility | Bank Credit Agreement            
Debt Instrument [Line Items]            
Long-term line of credit       $ 0 $ 0  
v3.25.1
Financing - Future Maturities of Long-Term Debt (Details)
$ in Millions
Feb. 01, 2025
USD ($)
Debt Disclosure [Abstract]  
2025 $ 6
2026 0
2027 61
2028 176
2029 411
After 2029 $ 2,131
v3.25.1
Financing - Detail of Debt Repayments (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Debt Instrument [Line Items]      
Repayments of debt $ 522 $ 961 $ 3,098
New ABL Credit Facility      
Debt Instrument [Line Items]      
Repayments of debt $ 301 $ 961 $ 1,959
2.875% Senior notes due 2023      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 2.875% 2.875% 2.875%
Repayments of debt $ 0 $ 0 $ 504
3.625% Senior notes due 2024      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 3.625% 3.625% 3.625%
Repayments of debt $ 0 $ 0 $ 350
4.375% Senior notes due 2023      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 4.375% 4.375% 4.375%
Repayments of debt $ 0 $ 0 $ 161
6.65% Senior debentures due 2024      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 6.65% 6.65% 6.65%
Repayments of debt $ 0 $ 0 $ 81
6.65% Debentures due 2024      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 6.65% 6.65% 6.65%
Repayments of debt $ 0 $ 0 $ 36
6.90% Senior debentures due 2032      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 6.90% 6.90% 6.90%
Repayments of debt $ 0 $ 0 $ 4
6.70% Senior debentures due 2034      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 6.70% 6.70% 6.70%
Repayments of debt $ 0 $ 0 $ 2
7.60% Senior debentures due 2025      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 7.60% 7.60%  
7.00% Senior debentures due 2028      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 7.00% 7.00%  
Repayments of debt $ 10 $ 0 0
5.875% Senior notes due 2029      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 5.875% 5.875%  
Repayments of debt $ 174 $ 0 0
6.70% Senior exchanged debentures due 2028      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 6.70% 6.70%  
Repayments of debt $ 19 $ 0 0
6.79% Senior debentures due 2027      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 6.79% 6.79%  
Repayments of debt $ 10 $ 0 0
6.90% Senior debentures due 2029      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 6.90% 6.90%  
Repayments of debt $ 7 $ 0 0
6.7% Senior debentures due 2028      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 6.70% 6.70%  
Repayments of debt $ 1 $ 0 $ 0
6.70% Senior debentures due 2028      
Debt Instrument [Line Items]      
Debt instrument interest rate, stated percentage 6.70% 6.70% 6.70%
Repayments of debt $ 0 $ 0 $ 1
v3.25.1
Accounts Payable and Accrued Liabilities - Accounts Payable And Accrued Liabilities (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]        
Accounts payable $ 853 $ 747    
Gift cards and customer rewards 353 384 $ 399 $ 481
Property related liabilities 446 424    
Accrued wages and vacation 233 177    
Allowance for future sales returns 114 136    
Current portion of post employment and postretirement benefits 156 163    
Taxes other than income taxes 110 136    
Current portion of workers' compensation and general liability reserves 87 85    
Accrued interest 48 53    
Restructuring accruals, including severance 31 47    
Other 194 219    
Accounts payable and accrued liabilities, total $ 2,625 $ 2,571    
v3.25.1
Accounts Payable and Accrued Liabilities - Changes In Workers' Compensation And General Liability Reserves (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Workers' Compensation Liabilities [Roll Forward]      
Balance, beginning of year $ 375 $ 378 $ 387
Charged to costs and expenses 159 148 123
Payments, net of recoveries (154) (151) (132)
Balance, end of year $ 379 $ 375 $ 378
v3.25.1
Accounts Payable and Accrued Liabilities - Narrative (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]    
Workers compensation and general liability reserves covered by deposits and receivables $ 105 $ 106
v3.25.1
Taxes - Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Taxes Payable [Abstract]      
Current federal income tax expense (benefit) $ 203 $ 188 $ 352
Deferred federal income tax expense (benefit) (50) (193) (56)
Federal income tax expense (benefit), total 153 (5) 296
Current state and local income tax expense (benefit) 30 54 17
Deferred state and local income tax expense (benefit) (2) (51) 18
State and local income tax expense (benefit), total 28 3 35
Current income tax expense (benefit), total 233 242 369
Deferred income taxes (52) (244) (38)
Income tax expense (benefit), total $ 181 $ (2) $ 331
v3.25.1
Taxes - Reason For Difference Between Expected Tax Computed And Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Taxes Payable [Abstract]      
Expected tax $ 160 $ 9 $ 310
State and local income taxes, net of federal income taxes 37 (4) 22
Tax impact of equity awards 5 (1) 0
Federal tax credits (8) (13) (4)
Change in valuation allowance (15) 5 5
Other 2 2 (2)
Income tax expense (benefit), total $ 181 $ (2) $ 331
v3.25.1
Taxes - Tax Effects That Give Rise To Significant Portions Of Deferred Tax Assets And Liabilities (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Deferred tax assets    
Post employment and postretirement benefits $ 1 $ 25
Accrued liabilities accounted for on a cash basis for tax purposes 94 109
Lease liabilities 888 897
Unrecognized state tax benefits and accrued interest 21 22
State operating loss and credit carryforwards 110 122
Other 98 102
Valuation allowance (85) (100)
Total deferred tax assets 1,127 1,177
Deferred tax liabilities    
Excess of book basis over tax basis of property and equipment (755) (784)
Right of use assets (605) (619)
Merchandise inventories (348) (335)
Intangible assets (115) (115)
Other (28) (69)
Total deferred tax liabilities (1,851) (1,922)
Net deferred tax liability $ (724) $ (745)
v3.25.1
Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Income Tax Contingency [Line Items]      
Net change in the valuation allowance $ (15,000,000) $ 6,000,000  
Federal net operating loss carryforwards 0    
Operating loss carryforwards 517,000,000    
Income tax penalties and interest expense (income) $ (1,000,000) $ 3,000,000 $ (38,000,000)
Maximum      
Income Tax Contingency [Line Items]      
Operating loss carryforwards, expiration dates Dec. 31, 2042    
Minimum      
Income Tax Contingency [Line Items]      
Operating loss carryforwards, expiration dates Feb. 02, 2025    
v3.25.1
Taxes - Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance, beginning of year $ 76 $ 80 $ 102
Additions based on tax positions related to the current year 11 10 13
Reductions for tax positions of prior years (4) (2) (20)
Settlements (1) 0 (4)
Statute expirations (13) (12) (11)
Balance, end of year 69 76 80
Total unrecognized tax benefits 69 76 80
Current income taxes      
Unrecognized Tax Benefits [Roll Forward]      
Current income taxes 3 4 4
Deferred income taxes      
Unrecognized Tax Benefits [Roll Forward]      
Long-term uncertain tax positions 0 1 1
Other liabilities      
Unrecognized Tax Benefits [Roll Forward]      
Long-term uncertain tax positions $ 66 $ 71 $ 75
v3.25.1
Taxes - Unrecognized Benefits and Related Interest Penalties (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Income Tax Examination [Line Items]    
Amount of unrecognized tax benefits, net of deferred tax assets, that if recognized would affect the effective tax rate $ 55 $ 59
Accrued federal, state and local interest and penalties 25 26
Current income taxes    
Income Tax Examination [Line Items]    
Accrued federal, state and local interest and penalties 5 6
Other liabilities    
Income Tax Examination [Line Items]    
Accrued federal, state and local interest and penalties $ 20 $ 20
v3.25.1
Retirement Plans - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Jul. 29, 2023
USD ($)
Feb. 01, 2025
USD ($)
h
Feb. 03, 2024
USD ($)
Jan. 28, 2023
USD ($)
Defined Benefit Plan Disclosure [Line Items]        
Number of hours required for participation in defined benefit and defined contribution plans | h   1,000    
Liability under qualified defined contribution plan   $ 98 $ 94  
Settlement charges   46 134 $ 39
Pension plan assets transferred from plan $ 294      
Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Settlement charges   $ 46 134 39
Expected long-term return on plan assets   5.50%    
Pension Plan | Equity securities        
Defined Benefit Plan Disclosure [Line Items]        
Target allocation for equity securities in defined benefit plan   6.00%    
Pension Plan | Debt Securities        
Defined Benefit Plan Disclosure [Line Items]        
Target allocation for equity securities in defined benefit plan   88.00%    
Pension Plan | Real Estate        
Defined Benefit Plan Disclosure [Line Items]        
Target allocation for equity securities in defined benefit plan   1.00%    
Pension Plan | Private equity        
Defined Benefit Plan Disclosure [Line Items]        
Target allocation for equity securities in defined benefit plan   5.00%    
401(k) Qualified Defined Contribution Plan | Other Postretirement Benefits Plan        
Defined Benefit Plan Disclosure [Line Items]        
Employee retirement plan expense   $ 89 85 86
Non-Qualified Defined Contribution Plan | Other Postretirement Benefits Plan        
Defined Benefit Plan Disclosure [Line Items]        
Employee retirement plan expense   1 1 $ 1
Investments   43 42  
Non-Qualified Defined Contribution Plan | Other Postretirement Benefits Plan | Other Liabilities        
Defined Benefit Plan Disclosure [Line Items]        
Liability under non-qualified defined contribution plan   43 42  
Non-Qualified Defined Contribution Plan | Other Postretirement Benefits Plan | Accounts Payable and Accrued Liabilities        
Defined Benefit Plan Disclosure [Line Items]        
Liability under non-qualified defined contribution plan   $ 1 $ 1  
v3.25.1
Retirement Plans -Retirement Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Defined Benefit Plan Disclosure [Line Items]      
Total retirement expense $ 74 $ 75 $ 67
Other Postretirement Benefits Plan      
Defined Benefit Plan Disclosure [Line Items]      
Total net periodic benefit cost (4) (3) (4)
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Total net periodic benefit cost (40) (38) (42)
Supplementary Retirement Plan      
Defined Benefit Plan Disclosure [Line Items]      
Total net periodic benefit cost 28 30 26
401(k) Qualified Defined Contribution Plan | Other Postretirement Benefits Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan, cost 89 85 86
Non-Qualified Defined Contribution Plan | Other Postretirement Benefits Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan, cost $ 1 $ 1 $ 1
v3.25.1
Retirement Plans - Reconciliation of Benefit Obligations, Plan Assets, and Funded Status of The Pension Plan and SERP (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Pension Plan      
Change in projected benefit obligation      
Projected benefit obligation, beginning of year $ 1,556 $ 1,979  
Interest cost 73 83 $ 68
Actuarial gain (57) (65)  
Benefits paid (181) (441)  
Projected benefit obligation, end of year 1,391 1,556 1,979
Changes in plan assets      
Fair value of plan assets, beginning of year 2,011 2,389  
Actual return on plan assets 51 63  
Company contributions 0 0  
Benefits paid (181) (441)  
Fair value of plan assets, end of year 1,881 2,011 2,389
Funded status at end of year 490 455  
Amounts recognized in the Consolidated Balance Sheets at February 1, 2025 and February 3, 2024      
Other assets 490 455  
Accounts payable and accrued liabilities 0 0  
Other liabilities 0 0  
Defined benefit plan, asset (liability) recognized in the Consolidated Balance Sheets 490 455  
Amounts recognized in accumulated other comprehensive loss at February 1, 2025 and February 3, 2024      
Net actuarial loss 521 563  
Prior service cost 0 0  
Defined benefit plan, amounts recognized in accumulated other comprehensive loss 521 563  
SERP      
Change in projected benefit obligation      
Projected benefit obligation, beginning of year 467 508  
Interest cost 22 23 15
Actuarial gain (17) (19)  
Benefits paid (47) (45)  
Projected benefit obligation, end of year 425 467 508
Changes in plan assets      
Fair value of plan assets, beginning of year 0 0  
Actual return on plan assets 0 0  
Company contributions 47 45  
Benefits paid (47) (45)  
Fair value of plan assets, end of year 0 0 $ 0
Funded status at end of year (425) (467)  
Amounts recognized in the Consolidated Balance Sheets at February 1, 2025 and February 3, 2024      
Other assets 0 0  
Accounts payable and accrued liabilities (43) (53)  
Other liabilities (382) (414)  
Defined benefit plan, asset (liability) recognized in the Consolidated Balance Sheets (425) (467)  
Amounts recognized in accumulated other comprehensive loss at February 1, 2025 and February 3, 2024      
Net actuarial loss 126 149  
Prior service cost 4 4  
Defined benefit plan, amounts recognized in accumulated other comprehensive loss $ 130 $ 153  
v3.25.1
Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Defined Benefit Plan Disclosure [Line Items]      
Settlement charges $ (46) $ (134) $ (39)
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Interest cost 73 83 68
Expected return on assets (116) (125) (122)
Amortization of net actuarial loss 3 4 12
Total net periodic benefit cost (40) (38) (42)
Settlement charges (46) (134) (39)
Net actuarial (gain) loss 7 (3) 138
Amortization of net actuarial loss (3) (4) (12)
Settlement charges (46) (134) (39)
Total recognized in other comprehensive income (42) (141) 87
Total recognized (36) (45) 84
SERP      
Defined Benefit Plan Disclosure [Line Items]      
Interest cost 22 23 15
Expected return on assets 0 0 0
Amortization of net actuarial loss 6 7 11
Total net periodic benefit cost 28 30 26
Settlement charges 0 0 0
Net actuarial (gain) loss (17) (19) (71)
Amortization of net actuarial loss (6) (7) (11)
Settlement charges 0 0 0
Total recognized in other comprehensive income (23) (26) (82)
Total recognized $ 5 $ 4 $ (56)
v3.25.1
Retirement Plans - Weighted Average Assumptions used to determine Projected Benefit Obligations for the Pension Plan and SERP (Details)
Feb. 01, 2025
Feb. 03, 2024
Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.52% 5.06%
Rate of compensation increases 3.00% 3.50%
Cash balance plan interest crediting rate 5.00% 5.00%
SERP    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.54% 5.08%
Rate of compensation increases 0.00% 0.00%
Cash balance plan interest crediting rate 0.00% 0.00%
v3.25.1
Retirement Plans - Weighted Average Assumptions used to determine Net Periodic Pension Costs for the Pension Plan and SERP (Details)
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate used to measure service cost 5.24%    
Discount rate used to measure interest cost 4.98%    
Expected long-term return on plan assets 5.30% 5.30% 4.60%
Rate of compensation increases 3.50% 3.50% 3.50%
Cash balance plan interest crediting rate 5.00% 5.00% 5.00%
SERP      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate used to measure service cost 0.00% 0.00% 0.00%
Discount rate used to measure interest cost 4.96% 4.71% 2.53%
Expected long-term return on plan assets 0.00% 0.00% 0.00%
Rate of compensation increases 0.00% 0.00% 0.00%
Cash balance plan interest crediting rate 0.00% 0.00% 0.00%
Minimum | Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate used to measure service cost   4.88% 3.35%
Discount rate used to measure interest cost   4.72% 2.55%
Maximum | Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate used to measure service cost   6.27% 5.76%
Discount rate used to measure interest cost   5.96% 5.49%
v3.25.1
Retirement Plans - Fair Value of Pension Plan Assets (Details) - Pension Plans Defined Benefit Excluding Interest and Dividend Receivables and Pending Investment Purchases and Sales - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets $ 1,874 $ 2,000
Level 1 | Money market funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets 154 82
Level 1 | U.S. pooled funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets 65 62
Level 1 | International pooled funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets 26 27
Level 1 | Pooled funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets 39 37
Level 2 | U.S. Treasury bonds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets 36 20
Level 2 | Other Government bonds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets 55 58
Level 2 | Corporate bonds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets 1,080 1,270
Level 2 | Mortgage-backed securities    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets 40 33
Level 2 | Derivatives in a positive position    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets 13 9
Level 2 | Derivatives in a negative position    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets (3) (2)
Level 2 | Asset-backed securities    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets 1 1
Level 2 | Agency Backed Bonds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets 2 0
Fair Value Measured at Net Asset Value Per Share | Pooled funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets 273 274
Fair Value Measured at Net Asset Value Per Share | Real Estate    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets 12 15
Fair Value Measured at Net Asset Value Per Share | Private equity    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of pension plan assets $ 81 $ 114
v3.25.1
Retirement Plans - Estimated Pension Plan and SERP Benefit Payments (Details)
$ in Millions
Feb. 01, 2025
USD ($)
Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
2024 $ 159
2025 146
2026 141
2027 137
2028 132
2029-2033 546
SERP  
Defined Benefit Plan Disclosure [Line Items]  
2024 43
2025 47
2026 38
2027 42
2028 38
2029-2033 $ 165
v3.25.1
Stock Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Shares available for additional grants under the Company's equity plan 22,800,000    
Share-based payment award, stock options, grants in period (in shares) 0 0 0
Employee Stock Options      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Share-based compensation, expiration period 10 years    
Number of years of service required to vest in stock based compensation plans 4 years    
Restricted Stock and Time-Based Restricted Stock Unit Awards | Minimum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Number of years of service required to vest in stock based compensation plans 1 year    
Restricted Stock and Time-Based Restricted Stock Unit Awards | Maximum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Number of years of service required to vest in stock based compensation plans 4 years    
CMD Committee Performance-Based Restricted Stock Plan      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Evaluation period of performance-based restricted stock plan for senior executives 3 years    
CMD Committee Performance-Based Restricted Stock Plan | Minimum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Percentage range of shares received by grant recipient based on target shares granted 0.00%    
CMD Committee Performance-Based Restricted Stock Plan | Maximum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Percentage range of shares received by grant recipient based on target shares granted 200.00%    
Restricted Stock Units      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Unrecognized compensation costs related to nonvested restricted stock awards $ 55.0    
Unrecognized compensation costs related to nonvested restricted stock awards 2 years 4 months 24 days    
v3.25.1
Stock Based Compensation - Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]      
Stock options $ 0 $ 1 $ 3
Restricted stock units 58 46 51
Share-based compensation, total $ 58 $ 47 $ 54
v3.25.1
Stock Based Compensation - Fair Value of Restricted Stock Awards During the Period (Details) - Restricted Stock Units - $ / shares
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Restricted stock units (performance-based) $ 18.79 $ 16.16 $ 25.32
Restricted stock units (time-based) $ 18.15 $ 15.93 $ 24.01
v3.25.1
Stock Based Compensation - Restricted Stock Award and Restricted Stock Unit Activity (Details) - Restricted Stock Units - $ / shares
shares in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Shares      
Nonvested restricted stock units, beginning of period (in shares) 8,647    
Granted - performance-based (in shares) 940    
Performance adjustment (in shares) 45    
Granted - time-based (in shares) 3,136    
Forfeited (in shares) (783)    
Vested (in shares) (3,251)    
Nonvested restricted stock units, end of period (in shares) 8,734 8,647  
Weighted Average Grant Date Fair Value      
Nonvested, beginning of period, weighted average grant date fair value (in USD per share) $ 17.19    
Granted - performance-based, weighted average grant date fair value (in USD per share) 18.79 $ 16.16 $ 25.32
Performance adjustment, weighted average grant date fair value (in USD per share) 20.36    
Granted, weighted average grant date fair value (in USD per share) 18.15 15.93 $ 24.01
Forfeited, weighted average grant date fair value (in USD per share) 18.50    
Vested, weighted average grant date fair value (in USD per share) 16.35    
Nonvested, end of period, weighted average grant date fair value (in USD per share) $ 17.92 $ 17.19  
v3.25.1
Shareholders' Equity - Narrative (Details)
$ / shares in Units, $ in Billions
 12 Months Ended
Feb. 01, 2025
vote
$ / shares
shares
Feb. 03, 2024
shares
Jan. 28, 2023
shares
Feb. 22, 2022
USD ($)
Equity, Class of Treasury Stock [Line Items]        
Preferred stock, shares authorized (in shares) 125,000,000      
Preferred stock, par value (in usd per share) | $ / shares $ 0.01      
Preferred stock, shares issued (in shares) 0      
Common stock, shares authorized (in shares) 1,000,000,000      
Common stock, par value (in usd per share) | $ / shares $ 0.01      
Number of votes per share | vote 1      
Stock repurchases (in shares) 12,000 2,160,000 24,058,000  
Authorized Share Repurchase Program        
Equity, Class of Treasury Stock [Line Items]        
Total investment | $       $ 2.0
Stock repurchases (in shares) 0 1,400,000 24,000,000.0  
v3.25.1
Shareholders' Equity - Treasury Stock (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Equity, Class of Treasury Stock [Line Items]      
Stock repurchases (in shares) 12 2,160 24,058
Stock repurchases $ 1 $ 38 $ 601
Authorized Share Repurchase Program      
Equity, Class of Treasury Stock [Line Items]      
Stock repurchases (in shares) 0 1,400 24,000
Average cost (in usd per share)   $ 17.57 $ 24.98
Stock repurchases   $ 25 $ 600
v3.25.1
Shareholders' Equity - Changes in the Company's Common Stock Issued and Outstanding (Details) - shares
shares in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Common stock, shares issued (in shares) 333,606 333,606 333,606
Treasury stock, common (in shares) (59,379) (62,256) (41,247)
Common stock, shares outstanding (in shares) 274,227 271,350 292,359
Stock issued under stock plans (in shares) 3,271 4,802 2,884
Stock repurchases (in shares) (12) (2,160) (24,058)
Deferred compensation plan distributions (in shares) 204 235 165
Common stock, shares issued (in shares) 333,606 333,606 333,606
Treasury stock, common (in shares) (55,916) (59,379) (62,256)
Common stock, shares outstanding (in shares) 277,690 274,227 271,350
Deferred Compensation Plans      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Treasury stock, common (in shares) (895) (967) (1,015)
Treasury stock, common (in shares) (874) (895) (967)
Other      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Treasury stock, common (in shares) (58,484) (61,289) (40,232)
Treasury stock, common (in shares) (55,042) (58,484) (61,289)
Treasury Stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Stock issued under stock plans (in shares) 3,271 4,802 2,884
Stock repurchases (in shares) (12) (2,160) (24,058)
Deferred compensation plan distributions (in shares) 204 235 165
Treasury Stock | Deferred Compensation Plans      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Stock issued under stock plans (in shares) (183) (163) (117)
Deferred compensation plan distributions (in shares) 204 235 165
Treasury Stock | Other      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Stock issued under stock plans (in shares) 3,454 4,965 3,001
Stock repurchases (in shares) (12) (2,160) (24,058)
v3.25.1
Fair Value Measurements and Concentrations of Credit Risk - Financial Assets Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable equity and debt securities $ 43 $ 42
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable equity and debt securities 43 42
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable equity and debt securities 0 0
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Marketable equity and debt securities $ 0 $ 0
v3.25.1
Fair Value Measurements and Concentrations of Credit Risk - Estimated Fair Value of Company Long Term Debt (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Notional amount $ 2,785 $ 3,007
Carrying amount 2,779 2,998
Fair value $ 2,467 $ 2,706
v3.25.1
Earnings Per Share - Computation Of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Earnings Per Share [Abstract]      
Net income and average number of shares outstanding $ 582 $ 45 $ 1,146
Net income available to common stockholders, basic $ 582 $ 45 $ 1,146
Basic earnings per share (in dollars per share) $ 2.10 $ 0.16 $ 4.17
Weighted average number of shares issued, basic (in shares) 276.8 273.2 273.7
Shares to be issued under deferred compensation and other plans (in shares) 0.9 1.0 1.0
Average number of shares outstanding, basic (in shares) 277.7 274.2 274.7
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]      
Net income available to common stockholders, diluted $ 582 $ 45 $ 1,146
Diluted earnings per share (in dollars per share) $ 2.07 $ 0.16 $ 4.08
Stock options and restricted stock units (in shares) 3.9 4.0 6.4
Average number of shares outstanding, diluted (in shares) 281.6 278.2 281.1
v3.25.1
Earnings Per Share - Narrative (Details) - shares
shares in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Employee Stock Options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings (in USD per share) 7.8 9.9 12.1
Restricted Stock Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings (in USD per share) 0.6 1.6 0.7
v3.25.1
Commitments (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Commitments and Contingencies Disclosure [Abstract]    
Purchase obligations $ 2,900 $ 2,800
Purchase obligations due, term 1 year  
v3.25.1
Supplier Finance Programs (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Payables and Accruals [Abstract]    
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]    
Supplier Finance Program, Obligation [Roll Forward]    
Confirmed obligations outstanding at the beginning of the year $ 112 $ 63
Invoices confirmed during the year 854 809
Confirmed invoices paid during the year (850) (760)
Confirmed obligations outstanding at the end of the year $ 116 $ 112
v3.25.1
Segment Reporting (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Segment Reporting [Abstract]      
Depreciation and amortization $ 881 $ 897 $ 857