Impairment, Restructuring and Other Costs

6 Months Ended

Jul. 31, 2021

Restructuring Costs And Asset Impairment Charges [Abstract]

Impairment, Restructuring and Other Costs

2. Impairment, Restructuring and Other Costs

	13 Weeks Ended				26 Weeks Ended
	July 31, 2021		August 1, 2020		July 31, 2021			August 1, 2020
	(millions)
Impairments	$	2	$	15	$	20		$	3,164
Restructuring		—		169		(1	)		194
Other		—		58		2			68
Total	$	2	$	242	$	21		$	3,426

During the 13 and 26 weeks ended July 31, 2021, the Company incurred non-cash impairment charges totaling $2 million and $20 million, respectively, primarily related to capitalized software assets.

During the 13 and 26 weeks ended August 1, 2020, primarily as a result of the COVID-19 pandemic, the Company incurred non-cash impairment charges totaling $15 million and $3,164 million, respectively, the majority of which consisted of:

• $3,080 million of goodwill impairments, with $2,982 million attributable to the Macy's reporting unit and $98 million attributable to the bluemercury reporting unit.

• $80 million of impairments primarily related to long-lived tangible and right of use assets to adjust the carrying value of certain store locations to their estimated fair value.  

A summary of the restructuring and other cash activity for the 13 and 26 weeks ended July 31, 2021 and August 1, 2020 related to the Polaris strategy, which was announced in February 2020 and included within accounts payable and accrued liabilities, is as follows:

	Severance and other benefits			Professional fees and other related charges			Total
	(millions)
Balance at February 1, 2020	$	115		$	9		$	124
Additions charged to expense		25			7			32
Cash payments		(82	)		(6	)		(88	)
Balance at May 2, 2020		58			10			68
Additions charged to expense		15			6			21
Cash payments		(67	)		(6	)		(73	)
Balance at August 1, 2020	$	6		$	10		$	16

	Severance and other benefits			Professional fees and other related charges			Total
	(millions)
Balance at January 30, 2021	$	14		$	2		$	16
Additions charged to expense		5			—			5
Cash payments		(16	)		(2	)		(18	)
Balance at May 1, 2021		3			—			3
Additions charged to expense		—			—			—
Cash payments		(1	)		—			(1	)
Balance at July 31, 2021	$	2		$	—		$	2