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v3.25.2

Financing Activities | 6 Months Ended
--- | ---
Aug. 02, 2025
Debt Disclosure [Abstract] |
Financing Activities | Financing Activities Q2 2025 Debt Financing Activities The following table details the Company's debt repayments during the 26 weeks ended August 2, 2025 and August 3, 2024:
| 26 and 13 weeks ended
| August 2, 2025 |  | August 3, 2024
(millions)
Short-term debt |  |  |
7.60% Debentures due 2025 | $ | 6 |  |  | $ | — |
| 6 |  |  | — |
Long-term debt |  |  |
6.79% Senior debentures due 2027 | 27 |  |  | — |
6.70% Senior exchanged debentures due 2028 | 54 |  |  | — |
8.75% Senior exchanged debentures due 2029 | 13 |  |  | — |
5.875% Senior notes due 2029 | 326 |  |  | — |
5.875% Senior notes due 2030 | 224 |  |  | — |
| 644 |  |  | — |
Total debt | $ | 650 |  |  | $ | — |
On July 29, 2025, Macy’s Retail Holdings, LLC (“MRH”), a wholly owned subsidiary of Macy’s, Inc., completed an offering of $500 million in aggregate principal amount of 7.375% senior notes due 2033 (the “2033 Notes”) in a private offering (the “Notes Offering”). The 2033 Notes mature on August 1, 2033. The 2033 Notes are senior unsecured obligations of MRH and are unconditionally guaranteed on a senior unsecured basis by Macy’s, Inc. MRH used the net proceeds from the Notes Offering, together with cash on hand, to (i) fund a tender offer for certain outstanding senior notes and debentures, (ii) redeem approximately $587 million of certain other outstanding senior notes and debentures, and (iii) to pay fees, premiums and expenses in connection with the Notes Offering, tender offer and redemption. On July 29, 2025, the Company completed a tender offer in which $251 million aggregate principal amount of certain senior notes and debentures were tendered for early settlement and purchased by MRH for a total total cash cost of $255 million. On July 29, 2025, the Company redeemed $393 million aggregate principal amount of certain senior notes and debentures due in 2028 and 2029. In addition, prior to August 2, 2025, the Company issued an irrevocable notice of redemption to redeem $194 million aggregate principal amount of senior debentures due in 2028 and 2029. Redemption occurred after the end of the second quarter of 2025, resulting in a total redemption of $587 million of senior notes and debentures. As a result of the irrevocable notice of redemption, $194 million of debt has been classified as short-term debt on the Consolidated Balance Sheet as of August 2, 2025. The Company recognized a $13 million loss related to the extinguishment of debt on the Consolidated Statements of Income during the second quarter of 2025 as a result of the transactions above. ABL Credit Facility On April 9, 2025, Macy’s Inventory Funding LLC (the “ABL Borrower”), an indirect subsidiary of the Company, and Macy’s Inventory Holdings LLC (the “ABL Parent”), a direct subsidiary of the Company and the direct parent of the ABL Borrower, entered into an amendment (the “Amendment”) to the credit agreement governing the existing $3,000 million asset-based credit facility (the “Existing ABL Credit Facility”), which was set to expire in March 2027. The Amendment reduced the asset-based credit facility to $2,100 million (the “Amended & Extended ABL Credit Facility”) and extended the maturity date to April 2030. The Amendment therefore provides the Company with access to $2,100 million of committed liquidity for the next five years. The ABL Borrower may request increases in the size of the Amended & Extended ABL Credit Facility up to an additional aggregate principal amount of $1,750 million. The Amended & Extended ABL Credit Facility replaces the Existing ABL Credit Facility, with similar collateral support, but reduced commercial letter of credit fees and unused facility fees. The Amended & Extended ABL Credit Facility is secured on a first priority basis (subject to customary exceptions) by (i) all assets of the ABL Borrower including all such inventory and the proceeds thereof and (ii) the equity of the ABL Borrower. The ABL Parent guarantees the ABL Borrower’s obligations under the Amended & Extended ABL Credit Facility. The Amended & Extended ABL Credit Facility contains customary borrowing conditions including a borrowing base equal to the sum of (i) 90% of the net orderly liquidation percentage of eligible inventory, minus (ii) customary reserves. Amounts borrowed under the Amended & Extended 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 Amended & Extended ABL Credit Facility also contains customary covenants that provide for, among other things, limitations on indebtedness, liens, fundamental changes, restricted payments, and prepayment of certain indebtedness as well as customary representations and warranties and events of default typical for credit facilities of this type. The Amended & Extended ABL Credit Facility also requires Macy’s, Inc. and its restricted subsidiaries to maintain a fixed charge coverage ratio of at least 1.00 to 1.00 as of the end of any fiscal quarter if Availability plus Suppressed Availability (each as defined in the Amended & Extended ABL Credit Facility) is less than the greater of (a) 10% of the Loan Cap (as defined in the Amended & Extended ABL Credit Facility) and (b) $175 million, in each case, as of the end of such fiscal quarter. As of August 2, 2025 and August 3, 2024, the Company had $143 million and $144 million of standby letters of credit outstanding under the ABL Credit Facility, respectively, which reduced the available borrowing capacity to $1,957 million and $2,856 million, respectively. The Company had no outstanding borrowings under the ABL Credit Facility as of August 2, 2025 and August 3, 2024. Other Financing Activities During the 13 and 26 weeks ended August 2, 2025, the Company repurchased approximately 4.0 million and 12.6 million shares of its common stock pursuant to its existing stock purchase authorization for a total of approximately $50 million and $151 million, respectively. During the 13 and 26 weeks ended August 3, 2024, the Company did not repurchase shares of its common stock. As of August 2, 2025, the Company had $1,224 million of authorization remaining under its share repurchase program. The Company may continue or, from time to time, suspend repurchases of shares under its share repurchase program, depending on prevailing market conditions, alternate uses of capital and other factors.

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