Macy's 2008 Annual Report Download - page 93

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
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.
Changes in the Company’s Common Stock issued and outstanding, including shares held by the Company’s
treasury, are as follows:
Common
Stock
Issued
Treasury Stock
Common
Stock
Outstanding
Deferred
Compensation
Plans Other Total
(thousands)
Balance at January 28, 2006 .............. 598,408.8 (1,211.5) (50,411.0) (51,622.5) 546,786.3
Stock issued under stock plans ............ 5,629.7 (72.8) 6,988.8 6,916.0 12,545.7
Stock repurchases:
Repurchase program ................ (62,447.6) (62,447.6) (62,447.6)
Other ............................ (5.1) (5.1) (5.1)
Deferred compensation plan distributions . . . 45.3 45.3 45.3
Balance at February 3, 2007 .............. 604,038.5 (1,239.0) (105,874.9) (107,113.9) 496,924.6
Stock issued under stock plans ............ (81.3) 8,092.2 8,010.9 8,010.9
Stock repurchases:
Repurchase program ................ (85,219.5) (85,219.5) (85,219.5)
Other ............................ (73.2) (73.2) (73.2)
Deferred compensation plan distributions . . . 102.2 102.2 102.2
Retirement of common stock ............. (109,000.0) 109,000.0 109,000.0 –
Balance at February 2, 2008 .............. 495,038.5 (1,218.1) (74,075.4) (75,293.5) 419,745.0
Stock issued under stock plans ............ (157.6) 464.1 306.5 306.5
Stock repurchases:
Repurchase program ................ – –
Other ............................ (25.7) (25.7) (25.7)
Deferred compensation plan distributions . . . 58.0 58.0 58.0
Balance at January 31, 2009 .............. 495,038.5 (1,317.7) (73,637.0) (74,954.7) 420,083.8
18. Financial Instruments and Concentrations of Credit Risk
The following methods and assumptions were used to estimate the fair value of each class of financial
instruments for which it is practicable to estimate that value:
Cash and cash equivalents and short-term investments
The carrying amount approximates fair value because of the short maturity of these instruments.
Long-term debt
The fair values of the Company’s long-term debt, excluding capitalized leases, are estimated based on the
quoted market prices for publicly traded debt or by using discounted cash flow analysis, based on the Company’s
current incremental borrowing rates for similar types of borrowing arrangements.
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