Macy's 2014 Annual Report Download - page 69
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-22
7. Accounts Payable and Accrued Liabilities
January 31,
2015 February 1,
2014
(millions)
Accounts payable................................................................................................................ $ 833 $ 746
Gift cards and customer award certificates......................................................................... 907 840
Accrued wages and vacation .............................................................................................. 193 190
Current portion of post employment and postretirement benefits...................................... 190 110
Taxes other than income taxes............................................................................................ 187 157
Lease related liabilities ....................................................................................................... 155 153
Current portion of workers’ compensation and general liability reserves.......................... 128 131
Accrued interest.................................................................................................................. 93 89
Allowance for future sales returns...................................................................................... 93 85
Severance and relocation.................................................................................................... 46 43
Other ................................................................................................................................... 284 266
$ 3,109 $ 2,810
Adjustments to the allowance for future sales returns, which amounted to charges of $8 million, $4 million and $5
million for 2014, 2013 and 2012, respectively, are reflected in cost of sales.
Changes in workers’ compensation and general liability reserves, including the current portion, are as follows:
2014 2013 2012
(millions)
Balance, beginning of year....................................................................... $ 497 $ 497 $ 493
Charged to costs and expenses................................................................. 160 147 157
Payments, net of recoveries...................................................................... (152)(147)(153)
Balance, end of year................................................................................. $ 505 $ 497 $ 497
The non-current portion of workers’ compensation and general liability reserves is included in other liabilities on the
Consolidated Balance Sheets. At January 31, 2015 and February 1, 2014, workers’ compensation and general liability
reserves included $111 million and $107 million, respectively, of liabilities which are covered by deposits and receivables
included in current assets on the Consolidated Balance Sheets.
8. Taxes
Income tax expense is as follows:
2014 2013 2012
Current Deferred Total Current Deferred Total Current Deferred Total
(millions)
Federal .......................... $ 767 $ 5 $ 772 $ 859 $ (98) $ 761 $ 697 $ 2 $ 699
State and local............... 95 (3) 92 107 (64) 43 70 (2) 68
$ 862 $ 2 $ 864 $ 966 $ (162) $ 804 $ 767 $ — $ 767