Macy's 2009 Annual Report Download - page 61

Download and view the complete annual report

Please find page 61 of the 2009 Macy's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 112

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
nonfinancial liabilities that are not recognized or disclosed at fair value on a recurring basis. The Company
adopted these remaining provisions on February 1, 2009. The adoption of this guidance did not have a material
impact on the Company’s consolidated financial position, results of operations or cash flows.
In December 2008, the FASB issued new authoritative guidance amending ASC Topic 715, “Compensation
– Retirement Benefits,” which expands the annual disclosure requirements about plan assets of the Company
sponsored defined benefit pension plans and postretirement plans. The Company adopted this guidance as of
January 30, 2010. The adoption of this guidance was limited to the form and content of disclosures and did not
have a material impact on the Company’s consolidated financial position, results of operations or cash flows.
In April 2009, the FASB issued new authoritative guidance amending ASC Topic 825, “Financial
Instruments,” related to interim disclosures about the fair values of financial instruments. This guidance requires
disclosures about the fair value of financial instruments whenever a public company issues financial information
for interim reporting periods. The Company adopted this guidance in the second quarter of fiscal 2009 and the
adoption did not have a material impact on the Company’s consolidated financial position, results of operations
or cash flows.
In June 2009, the FASB issued new authoritative guidance amending ASC Topic 855, “Subsequent Events,”
related to the accounting for and disclosures of subsequent events that occur after the balance sheet date but
before financial statements are issued or are available to be issued. The Company adopted this guidance in the
second quarter of fiscal 2009 and the adoption did not have a material impact on the Company’s consolidated
financial position, results of operations or cash flows.
In June 2009, the FASB issued the FASB ASC, identified as the sole source of authoritative
nongovernmental accounting principles generally accepted in the United States of America. The guidance in the
ASC was effective for interim and annual periods ending after September 15, 2009, when all then existing
non-SEC accounting standards were superseded. The adoption of the ASC did not have a material impact on the
Company’s consolidated financial position, results of operations or cash flows.
In September 2009, the FASB issued Accounting Standards Update No. 2009-12, providing investors a
practical expedient for measuring the fair value of investments in certain entities that calculate net asset value per
share. This guidance is effective for interim and annual periods ending after December 15, 2009. The Company
adopted this guidance as of January 30, 2010. The adoption of this guidance was limited to the form and content
of disclosures and did not have a material impact on the Company’s consolidated financial position, results of
operations or cash flows.
In December 2009, the FASB issued Accounting Standards Update No. 2009-16, relating to the accounting
and disclosures for transfers of financial assets. This guidance will require entities to provide more information
about sales of securitized financial assets and similar transactions, particularly if the seller retains some risk with
respect to the assets. This guidance is effective for fiscal years beginning after November 15, 2009. The
Company does not anticipate that the adoption of this guidance will have a material impact on the Company’s
consolidated financial position, results of operations or cash flows.
In December 2009, the FASB issued Accounting Standards Update No. 2009-17, with the intent to improve
financial reporting by companies involved with variable interest entities and to provide more relevant and
reliable information to users of financial statements. This guidance is effective for fiscal years beginning after
November 15, 2009. The Company does not anticipate that the adoption of this guidance will have a material
impact on the Company’s consolidated financial position, results of operations or cash flows.
F-13