Annual Report of Employee Stock Purchase/Savings Plan (Form 11-K)

m-11k_20211231.htm

UNITED STATES

SECURITIESAND EXCHANGE COMMISSION

Washington,DC20549

FORM 11-K

(MarkOne):

ForthefiscalyearendedDecember31,2021

Or

For the transition period from to

Commissionfilenumber:1-13536

A.Fulltitleoftheplanandtheaddressoftheplan,ifdifferentfromthatoftheissuernamedbelow:

Macy's,Inc.401(k)RetirementInvestmentPlan

B.Nameofissuerofthesecuritiesheldpursuanttotheplanandtheaddressofitsprincipalexecutiveoffice:

Macy's,Inc.

151West34thStreet

NewYork, NewYork10001

SIGNATURES

PursuanttotherequirementsoftheSecuritiesExchangeActof1934,themembersofthePensionandProfitSharingCommittee(whichistheadministrativecommitteefortheMacy's,Inc.401(k)RetirementInvestmentPlan)havedulycausedthisannualreporttobesignedonitsbehalfbytheundersignedhereuntodulyauthorized.

Macy's,Inc.401(k)RetirementInvestmentPlan

MACY'S, INC.

401(k) RETIREMENTINVESTMENTPLAN

FinancialStatementsandSupplementalSchedule

December31,2021and2020

(WithReportofIndependentRegisteredPublicAccountingFirmThereon)

MACY'S INC.

401(k) RETIREMENTINVESTMENTPLAN

Index

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Participants and Pension and Profit Sharing Committee

Macy's, Inc. 401(k) Retirement Investment Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Macy's, Inc. 401(k) Retirement Investment Plan (the Plan) as of December 31, 2021 and 2020, and the related statements of changes in net assets available for benefits for the years ended December 31, 2021 and 2020, and the related notes and schedule (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the years ended December 31, 2021 and 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental schedule of assets held at end of yearhas been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Clark, Schaefer, Hackett & Co.

We have served as the Plan's auditor since 2016.

Cincinnati, Ohio

June 28, 2022

MACY'S, INC.

401(k) RETIREMENTINVESTMENTPLAN

StatementsofNetAssetsAvailableforBenefits

December31,2021and2020

(inthousands)

Theaccompanyingnotesareanintegralpartofthesefinancialstatements.

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MACY'S, INC.

401(k) RETIREMENTINVESTMENTPLAN

StatementsofChangesinNetAssetsAvailableforBenefits

Years Ended December 31, 2021 and 2020

(in thousands)

Theaccompanyingnotesareanintegralpartofthesefinancialstatements.

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MACY'S, INC.

401(k) RETIREMENT INVESTMENT PLAN

Notes to Financial Statements

December 31, 2021 and 2020

ThefollowingbriefdescriptionoftheMacy's,Inc.401(k)RetirementInvestmentPlan(the"Plan")isprovidedforgeneralinformationpurposesonly.ParticipantsshouldrefertothePlandocumentformorecompleteinformation.

General

ThePlanissponsoredandadministeredbyMacy's,Inc.("Macy's,"the"Company",the"PlanAdministrator"orthe"Employer").ThePlanisadefinedcontributionplanandissubjecttotheprovisionsoftheEmployeeRetirementIncomeSecurityActof1974,asamended("ERISA")andU.S.taxlaw. EffectiveOctober1,2006,thePlanwasamendedtoestablishaMacy'sEmployeeStockOwnershipPlan("ESOP")withintheMacy's StockFund,underSection4975(e)(7)oftheInternalRevenueCode.ThisfeatureallowsmemberswithaccountsintheMacy'sStockFundtoelecttoeitherreinvestemployerdividendsintotheirPlanaccountsortoreceivethesedividendsincasheachquarter.

Eligibility

Effective March 1, 2021, all active employees are eligible for voluntary Immediate Participation in the Plan. Effective January1,2016 through February 28, 2021, Regular, Full-Time employees were eligible to immediately participate in the Plan. After one year of service of at least 1,000 hours and after reaching a minimum age of 21, all employees are eligible for participation under the Company-Match Eligible Program in the Plan.

Contributions

Participantsmayelecttocontributeanamountequalto1%to50%(subjecttocertainlimitations)oftheparticipant'seligiblecompensation.Aparticipantmayelecttomakethesecontributionsonapre-taxbasis pursuanttoSection401(k)oftheInternalRevenueCodeoronanafter-taxbasis,includingRothcompensationdeferrals.ThePlanoffersvariousinvestmentoptionsandparticipantsdirecttheinvestmentoftheircontributionsintothevariousinvestmentoptionsofferedbythePlan.Amaximumof25%ofaparticipant'saccountbalanceand/orfuturesavingsmaybeelectedfortheMacy'sStockFund.

Companycontributionsaremadeassoonasadministrativelyfeasibleafteryearend.Companycontributions,basedontheappropriatematchingcontributionratewhencombinedwithforfeitures,arecontributedincashdirectlytothePlanfollowingtheparticipants'investmentelections.Forthe2021and2020Planyears,thecontributionsupto6%ofeligiblecompensationmadebyparticipantsnoteligibleforpensioncreditswereconsidered"basicsavings"whichwereeligibleformatchingCompanycontributions.Forsuchcontributions,theCompanycontributionrateswereequalto100%onthefirst1%ofbasicsavingsand50%onthenext5%ofbasicsavings.

Forfeitednonvestedaccountsofparticipantswhoterminateemploymentareappliedtoparticipants'accountsinaccordancewithPlanprovisions.Duringthe2021and2020Planyears,forfeitednonvestedaccountstotaledapproximately $5,818,000 and $3,323,000,respectively.

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MACY'S, INC.

401(k) RETIREMENT INVESTMENT PLAN

Notes to Financial Statements

December 31, 2021 and 2020

ParticipantAccounts

Eachparticipant'saccountiscreditedwiththeparticipant'scontributionsandanallocationofeachfund'searningsorlosses.Allocationsarebasedonparticipantaccountbalances.AssoonasadministrativelyfeasibleaftertheendofeachPlanyear,theCompany'sapplicablematchingcontributionsarecreditedtotheeligibleindividualaccounts.

Vesting

Participantsareimmediately100%vestedintheirowncontributionsandbecome100%vestedintheCompany'scontributionsafter2yearsofservice.100%vestingisalsoachievedthroughnormalretirement,deathordisability.

ParticipantLoansandWithdrawals

Participantsmayborrowfromtheiraccountsuptoamaximumamountequaltothelesserof$50,000or50%oftheirvestedaccountbalance.Allloansmustberepaidwithinfiveyearsandarealsosubjecttocertainotherconditionsastosecurity,areasonablerateofinterestandrepaymentschedules.TherateofinterestappliedtoeachloanisdeterminedonthedateoftheloanbytheMacy's,Inc.PensionandProfitSharingCommittee.

Participantsaregenerallypermittedtomakewithdrawalsoftheirafter-taxcontributionsandearningsthereonatanytime.Withdrawalsofpre-taxcontributionsaresubjecttothehardshiprulesofSection401oftheInternalRevenueCodeandRothwithdrawalsaresubjecttoafive-yearholdingperiod.Attermination,participantsmayelecttoreceivethebalanceoftheirvestedaccounteitherintheformofalumpsumpaymentorinavarietyofannuityforms.

ThePlanenteredintotheMacy's,Inc.DefinedContributionPlansMasterTrust,formerlyknownasTheFederatedDepartmentStores,Inc.DefinedContributionPlansMasterTrust(the"MasterTrust")AgreementwithJPMorganChaseBank,formerlyknownasTheChaseManhattanBank(the"Trustee").AsofDecember31,2021and2020theMasterTrustholdstheassetsofthePlanexclusively.UnderthetermsoftheMasterTrust,theTrusteeservesasTrusteecustodianfortheMasterTrust.

TheMacy's,Inc.PensionandProfitSharingCommitteeselectsagroupofinvestmentmanagerswhodeterminepurchasesandsalesofdiversifiedinvestmentsfortherespectiveportionsoftheassetsintheMasterTrustmanagedbythem.

TheaccompanyingfinancialstatementsofthePlanhavebeenpreparedontheaccrualbasisofaccountinginaccordancewithUnitedStatesgenerallyacceptedaccountingprinciples("U.S.GAAP").Investmentsheld byadefinedcontributionplanarerequiredtobereportedatfairvalue,exceptforfullybenefit-responsive investmentcontracts.Contractvalueistherelevantmeasurementfortheportionofthenetassetsavailable forbenefitsofadefinedcontributionplanattributabletofullybenefit-responsiveinvestmentcontracts becausecontractvalueistheamountparticipantsnormallywouldreceiveiftheyweretoinitiatepermittedtransactionsunderthetermsofthePlan.

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MACY'S, INC.

401(k) RETIREMENT INVESTMENT PLAN

Notes to Financial Statements

December 31, 2021 and 2020

Investments,whereapplicable,arereportedatfairvalueasdeterminedbyquotedmarketpricesonanactivemarket(seeNote3).Purchasesandsalesofsecuritiesarerecordedonatrade-datebasis.Realizedgainsandlossesonthesaleofsecuritiesarereportedontheaveragecostmethod.

ThePlanprovidesforinvestmentsinvariousinvestmentsecurities.Investmentsecurities,ingeneral,areexposedtovariousrisks,suchasinterestrate,credit,overallmarketvolatility,political,currencyandregulatoryrisks.Duetothelevelofriskassociatedwithcertaininvestmentsecurities,itisreasonablypossiblethatchangesinthevaluesofinvestmentsecuritieswilloccurintheneartermandthatsuchchangecouldmateriallyaffecttheamountsreportedintheStatementsofNetAssetsAvailableforBenefits.

Dividendincomeisrecordedontheex-dividenddate.Interestincomefromotherinvestmentsisrecordedasearnedonanaccrualbasis.

TheMasterTrustholdscertainsyntheticguaranteedinvestmentcontracts("syntheticGICs")whichmeetthefullybenefit-responsiveinvestmentcontractcriteriaandarereportedatcontractvalue.Insurance contractshavebeenputinplacetocovervariousunderlyingfixedincomeinstruments,primarilyU.S.treasurybonds,othergovernmentbonds,mortgage-backedsecurities,asset-backedsecuritiesandcorporatebonds.IndeterminingtheNetAssetsAvailableforBenefits,thesyntheticGIC'sarerecordedattheircontractvalue,whichisequaltoprincipalbalanceplusaccruedinterest.

Contractvalue,asreportedtothePlanbytheTrustee,representscontributionsmadeunderthecontract,plusearnings,lessbenefitspaidandexpensescharged.Participantsmayordinarilydirectthewithdrawalortransferofalloraportionoftheirinvestmentatcontractvalue.

Therearenoreservesagainstcontractvalueforcreditriskofthecontractissuerorotherwise.Thecrediting interestrateisbasedonaformulaagreeduponwiththeissuer.

Generally,creditinginterestratesarereviewedandresetquarterlyandguaranteeapositivereturn.Theaverageyieldwas 1.11% for 2021 and 0.48% for 2020 and the average creditingratewas1.70% and 1.98% atDecember31,2021and December 31, 2020,respectively.

CertaineventslimittheabilityofthePlantotransactatcontractvaluewiththeissuer.Sucheventsincludethefollowing:(1)amendmentstothePlandocuments(includingcompleteorpartialPlanterminationormergerwithanotherplan),(2)bankruptcyofthePlansponsororotherPlansponsorevents(forexample,divestituresorspin-offsofasubsidiary)thatcauseasignificantwithdrawalfromthePlan,or(3)thefailureofthetrusttoqualifyforexemptionfromfederalincometaxesoranyrequiredprohibitedtransaction exemptionunderERISA.ThePlanAdministratordoesnotbelievethattheoccurrenceofanysuchevent,whichwouldlimitthePlan'sabilitytotransactatcontractvaluewithparticipants,isprobable.

ThesyntheticGICsdonotpermittheinsurancecompanytoterminatetheagreementexceptundercertaincircumstancesperthetermsoftheagreement.TheCompanyandPlanmayterminatetheagreementupon30days'notice.

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MACY'S, INC.

401(k) RETIREMENT INVESTMENT PLAN

Notes to Financial Statements

December 31, 2021 and 2020

Participantloansarevaluedattheirunpaidprincipalbalanceplusanyaccruedbutunpaidinterest.

Benefitsarerecordedwhenpaid.

ThepreparationoffinancialstatementsinconformitywithU.S.GAAPrequiresthePlanAdministratortomakeestimatesandassumptionsthataffecttheamountsreportedinthefinancialstatementsandaccompanyingnotes.Suchestimatesandassumptionsaresubjecttoinherentuncertainties,whichmayresultinactualamountsdifferingfromreportedamounts.

The Plan has evaluated subsequent events through June 28, 2022, the date the financial statements were available to be issued.

AllofthePlan'sinvestmentsareincludedintheMasterTrustandareheldbytheTrustee.

TheTrusteeundertheMasterTrust,inaccordancewiththetrustagreement,investsallcontributionstothePlanamongseveralinvestmentfunds.Thefundsare:

StableValueFund-consistingprimarilyofhighqualityfixed-incomeandstablevalueproducts.

S&P500StockIndexFund-consistingprimarilyofsharesofcompaniesincludedintheS&P500CompositeStockPriceIndex.

Small/MidCapStockFund-consistingprimarilyofsmallandmediumcapitalizationdomesticequitysecurities.

InternationalStockFund-consistingprimarilyofstocksofcompaniesnotbasedintheUnitedStatesofAmerica.

Macy'sStockFund-consistingprimarilyoftheCompany'sregisteredcommonstock.

Target Retirement Date Funds- consisting primarily of institutionally priced Vanguard mutual funds, which hold a mixture of equity securities and fixed income instruments.

Self-DirectedBrokerage-consistingprimarilyofSECregisteredmutualfunds.

InvestmentsheldbythePlanarestatedatfairvalueinaccordancewithASCTopic820.Fairvalueisdefinedasthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate(anexitprice).ASCTopic 820establishesaframeworkfor measuringfairvalueandrequiresadditionaldisclosuresaboutfairvaluemeasurements.

8

MACY'S, INC.

401(k) RETIREMENT INVESTMENT PLAN

Notes to Financial Statements

December 31, 2021 and 2020

TheASCTopic 820fairvaluehierarchyconsistsofthreelevels:Level1fairvaluesarevaluationsbasedonquotedmarketpricesin activemarketsforidenticalassetsorliabilitiesthatthePlanhastheabilitytoaccess;Level2fairvaluesarethosevaluationsbasedonquotedpricesforsimilarassetsorliabilities,quotedpricesinmarketsthatarenotactive,orotherinputsthatareobservableorcanbecorroboratedbyobservabledataforsubstantiallythefulltermoftheassetsorliabilities;andLevel3fairvaluesarevaluationsbasedoninputsthataresupportedbylittleornomarketactivityandthataresignificanttothefairvalueoftheassetsorliabilities.

Macy's,Inc.commonstockisreportedatfairvalueasdeterminedbyquotedmarketpricesinactivemarketsdefinedasLevel1inaccordancewiththefairvaluehierarchysetforthinASCTopic820.Themoneymarketfundsandpooledfundsarerequiredtopublishitsnetassetvalue("NAV")onadailybasisandtotransactattheir NAV.Assuch,thePlan'sinvestmentsaredeemedtobeactivelytradedandhavereadilydeterminablefairvaluesasdefinedbyU.S.GAAP.Themoneymarketfundsincludefixed-incomesecuritieswithmaturitiesofthreemonthsorless.Thepooledfundscontainamixofdomesticcommonstocksandbonds,internationalcommonstocksandbonds,andcashandcashequivalents.ThePlancanredeemtheseinvestmentsdaily,andtherearecurrentlynoredemptionrestrictionsontheseinvestments.Theself-directedbrokeragemutualfundstradedailywithdailyliquidity.Theyincludefixedincomefunds,equityfunds,balancedfunds,indexfunds,internationalfundsandspecialtyfundssuchasrealestateandhealthfunds.ThePlanhadnounfundedfundcommitmentsatDecember31,2021 or December 31, 2020.

Theprecedingmethodsdescribedmayproduceafairvaluecalculationthatmaynotbeindicativeofnet realizablevalueorreflectiveoffuturefairvalues.Furthermore,althoughthePlanbelievesitsvaluationmethodsareappropriateandconsistentwithothermarketparticipants,theuseofdifferentmethodologiesorassumptionstodeterminethefairvalueofcertainfinancialinstrumentscouldresultinadifferentfairvaluemeasurementatthereportingdate.

TheinvestmentsofthePlanthataremeasuredatfairvalueonarecurringbasisasofDecember31,2021and December 31, 2020,andtheirlevelwithinthefairvaluehierarchy,areasfollows:

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MACY'S, INC.

401(k) RETIREMENT INVESTMENT PLAN

Notes to Financial Statements

December 31, 2021 and 2020

FortheyearsendedDecember31,2021and December 31, 2020 therewerenosignificanttransfersinoroutoflevels1,2or3investments.

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MACY'S, INC.

401(k) RETIREMENT INVESTMENT PLAN

Notes to Financial Statements

December 31, 2021 and 2020

ThePlan'sinterestinthenetassetsoftheMasterTrust was100%atDecember31,2021and December 31, 2020.ThePlan'sinterestinthenetassetsoftheMasterTrustisincludedintheaccompanyingStatementsofNetAssetsAvailableforBenefits.

DuringtheyearsendedDecember31,2021and December 31, 2020,realizedandunrealizedgains(losses)andinterestanddividendsoninvestmentsheldbytheMasterTrustwereasfollows:

CertainMasterTrustinvestmentsaresharesoftheJPMorganPrimeMoneyMarketFundtotalingapproximately$21,444,000 and $23,874,000atDecember31,2021and December 31, 2020,respectively.JPMorganChaseBankistheTrusteeofthePlanand,therefore,thesetransactionsqualifyasparty-in-interesttransactions.

Inaddition,thePlanpaidtheTrusteeapproximately$290,000inadministrativeexpenses,principallyTrusteefees,inboth2021and2020.Inadditiontoexpensesincurredbythirdpartyserviceproviders,administrativeexpensesincludesalariesandbenefitsforMacy'sassociateswhoprovideservicestothePlan.Macy'sallocatedapproximately $286,000 and $302,000 inadministrativeexpensestothePlanin2021and2020,respectively.

ThePlanholdssharesofthecommonstockofMacy's,Inc.,thePlanAdministrator.Macy's,Inc.commonstockheldbythePlanwas 5% and 3%ofthePlan'stotalinvestmentsatDecember31,2021and December 31, 2020,respectively.

11

MACY'S, INC.

401(k) RETIREMENT INVESTMENT PLAN

Notes to Financial Statements

December 31, 2021 and 2020

OnMarch27,2020,the"CoronavirusAid,Relief,andEconomicSecurity(CARES)Act"wassignedintolaw.TheCARESAct,amongotherthings,includedseveralreliefprovisionsavailabletotax-qualifiedretirementplansandtheirparticipants.PlanmanagementevaluatedthereliefprovisionsavailabletoplanparticipantsundertheCARESActandimplementedthefollowingprovisions:

The Company expects to formally adopt the provisions above by amendment in 2022.

AlthoughtheCompanyhasnotexpressedanyintenttoterminatethePlan,itmaydosoatanytime.IntheeventthePlanisterminated,theCompanywouldhavenofurtherobligationtomakecontributions,andall participants would become fully vested such that all sumscreditedtoindividualaccounts(afterexpenses)wouldbedistributedtoparticipants.

ThePlanobtaineditslatestfavorabledeterminationletteronMarch24,2015,inwhichtheInternalRevenueServicestatedthatthePlan,asthendesigned,wasincompliancewiththeapplicablerequirementsoftheInternalRevenueCode.ThePlanAdministratorandthePlan'staxcounselbelievethatthePlaniscurrentlydesignedandbeingoperatedincompliancewiththeapplicablerequirementsoftheInternalRevenueCode.Therefore,noprovisionforincometaxeshasbeenincludedinthePlan'sfinancialstatements.

U.S.GAAPrequiresmanagementtoevaluatetaxpositionstakenbythePlan.ThefinancialstatementimpactofthetaxpositioniswhenthePlanhastakenanuncertainpositionthatmorelikelythannotwouldbesustaineduponexaminationbytheInternalRevenueService.ThePlanAdministratorhasanalyzedthetaxpositionstakenbythePlanandhasconcludedthatasofDecember31,2021,therearenouncertaintaxpositionstakenorexpectedtobetaken.ThePlanissubjecttoroutineauditsbytaxingjurisdictions;however,therearecurrently noauditsforanytaxperiodsinprogress.ThePlanAdministratorbelievesthePlanisnolongersubjecttoincometaxexaminationsforyearspriorto2018.

ThePlanpaysreasonableandnecessaryexpensesincurredfortheongoingadministrationofthePlan.AdministrativeexpensesincludethirdpartyserviceprovidersandsalariesandbenefitsforMacy'sassociateswhoprovideservicestothePlan.

ThePlanisinvolvedinvariousproceedingsthatareincidentaltotheoperationsofthePlan.Asofthedateofthisreport,thePlanAdministratordoesnotexpectthatanyofsuchproceedingswillhaveamaterialadverseeffectonthePlan'sfinancialstatements.

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MACY'S INC.

401(k) RETIREMENTINVESTMENTPLAN

SCHEDULEH,LINE4i- SCHEDULEOFASSETS(HELDATENDOFYEAR)

December31,2021

NameofPlanSponsor:Macy's,Inc.

EmployerIdentificationNumber:13-3324058

Three-DigitPlanNumber:013

*Representsaparty-in-interesttothePlan.

**Historicalcostisdisclosedonlyfornonparticipant-directedinvestments.

Seeaccompanyingreportofindependentregisteredpublicaccountingfirm.

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MACY'S INC.

401(k) RETIREMENTINVESTMENTPLAN

EXHIBIT INDEX



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