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Financing
 12 Months Ended
Feb. 03, 2024
Debt Disclosure [Abstract]  
Financing Financing
The Company's debt is as follows:
February 3,
2024		January 28,
2023
(millions)
Long-term debt:  
5.875% Senior notes due 2029
$500 $500 
5.875% Senior notes due 2030
425 425 
6.125% Senior notes due 2032
425 425 
4.5% Senior notes due 2034
367 367 
5.125% Senior notes due 2042
250 250 
4.3% Senior notes due 2043
250 250 
6.375% Senior notes due 2037
192 192 
6.7% Senior exchanged debentures due 2034
181 181 
7.0% Senior debentures due 2028
105 105 
6.9% Senior debentures due 2029
79 79 
6.7% Senior exchanged debentures due 2028
73 73 
6.79% Senior debentures due 2027
71 71 
6.7% Senior debentures due 2028
29 29 
6.7% Senior debentures due 2034
18 18 
8.75% Senior exchanged debentures due 2029
13 13 
6.9% Senior debentures due 2032
12 12 
7.6% Senior debentures due 2025
6 6 
7.875% Senior exchanged debentures due 2030
5 5 
7.875% Senior debentures due 2030
5 5 
6.9% Senior exchanged debentures due 2032
1 1 
Unamortized debt issue costs and discount(25)(28)
Premium on acquired debt, using an effective interest yield of 5.76% to 6.021%
1617
$2,998 $2,996 
Interest expense and losses on early retirement of debt are as follows:
202320222021
(millions)
Interest on debt$187 $185 $246 
Amortization of debt premium(2)(2)(3)
Amortization of financing costs and debt discount12 13 26 
Interest on finance leases1 1 1 
198 197 270 
Less interest capitalized on construction28 22 14 
Interest expense$170 $175 $256 
Losses on early retirement of debt$— $31 $199 
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 $961 million and $1,959 million of debt under its revolving credit facility during 2023 and 2022, respectively. As of February 3, 2024 and January 28, 2023, 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 3, 2024 and January 28, 2023, 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 $148 million and $65 million of other standby letters of credit outstanding as of February 3, 2024 and January 28, 2023, respectively.
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.
2022 Debt Financing Activities
Senior Secured and Unsecured Notes
On March 8, 2022, the Company completed a tender offer in which $8 million of certain senior secured notes were tendered for early settlement and the collateral that secured the remaining $352 million of the Company's senior secured notes was automatically released.
On March 10, 2022, the Company issued $425 million of 5.875% senior notes due 2030 (the 2030 Notes) and $425 million of 6.125% senior notes due 2032 (the 2032 Notes) in a private offering. Proceeds from the issuance, together with cash on hand, were used to redeem $1.1 billion of certain of its outstanding senior notes and pay fees and expenses in connection with the offering. The Company recognized $31 million of losses related to the early retirement of debt on the Consolidated Statement of Income. Each of the 2030 Notes and 2032 Notes are senior unsecured obligations of MRH and are unconditionally guaranteed on an unsecured basis by Macy's, Inc.
Long-Term Debt Maturities
Future maturities of long-term debt are shown below:
(millions)
Fiscal year
2025$6 
2026— 
202771 
2028207 
2029592 
After 20292,131 
Debt Repayments
The following table shows the detail of debt repayments:
202320222021
(millions)
Revolving credit facility$961 $1,959 $585 
2.875% Senior notes due 2023
— 504 136 
3.625% Senior notes due 2024
— 350 150 
4.375% Senior notes due 2023
— 161 49 
6.65% Senior debentures due 2024
— 81 5 
6.65% Debentures due 2024
— 36 — 
6.9% Senior debentures due 2032
— 4 — 
6.7% Senior debentures due 2034
— 2 — 
6.7% Senior debentures due 2028
— 1 — 
8.375% Senior secured notes due 2025
— — 1,300 
3.875% Senior notes due 2022
— — 450 
7.6% Senior debentures due 2025
— — 18 
9.5% amortizing debentures due 2021
— — 2 
9.75% amortizing debentures due 2021
— — 1 
$961 $3,098 $2,696