Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.5.0.2
Condensed Consolidating Financial Information (Tables)
 9 Months Ended
Oct. 29, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet [Table Text Block]
Condensed Consolidating Balance Sheet
As of October 29, 2016
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
60

 
$
99

 
$
298

 
$
—

 
$
457

Receivables
—

 
74

 
188

 
—

 
262

Merchandise inventories
—

 
3,621

 
3,966

 
—

 
7,587

Income tax receivable
99

 
—

 
—

 
(39
)
 
60

Prepaid expenses and other current assets
—

 
89

 
365

 
—

 
454

Total Current Assets
159

 
3,883

 
4,817

 
(39
)
 
8,820

Property and Equipment – net
—

 
3,534

 
3,615

 
—

 
7,149

Goodwill
—

 
3,315

 
582

 
—

 
3,897

Other Intangible Assets – net
—

 
47

 
452

 
—

 
499

Other Assets
1

 
153

 
755

 
—

 
909

Deferred Income Taxes
24

 
—

 
—

 
(24
)
 
—

Intercompany Receivable
878

 
—

 
1,876

 
(2,754
)
 
—

Investment in Subsidiaries
2,954

 
3,173

 
—

 
(6,127
)
 
—

Total Assets
$
4,016

 
$
14,105

 
$
12,097

 
$
(8,944
)
 
$
21,274

LIABILITIES AND SHAREHOLDERS’ EQUITY:
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$
—

 
$
935

 
$
3

 
$
—

 
$
938

Merchandise accounts payable
—

 
1,481

 
1,894

 
—

 
3,375

Accounts payable and accrued liabilities
164

 
910

 
1,856

 
—

 
2,930

Income taxes
—

 
3

 
36

 
(39
)
 
—

Total Current Liabilities
164

 
3,329

 
3,789

 
(39
)
 
7,243

Long-Term Debt
—

 
6,545

 
18

 
—

 
6,563

Intercompany Payable
—

 
2,754

 
—

 
(2,754
)
 
—

Deferred Income Taxes
—

 
694

 
878

 
(24
)
 
1,548

Other Liabilities
63

 
565

 
1,501

 
—

 
2,129

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
3,789

 
218

 
5,909

 
(6,127
)
 
3,789

Noncontrolling Interest
—

 
—

 
2

 
—

 
2

Total Shareholders' Equity
3,789

 
218

 
5,911

 
(6,127
)
 
3,791

Total Liabilities and Shareholders' Equity
$
4,016

 
$
14,105

 
$
12,097

 
$
(8,944
)
 
$
21,274








Condensed Consolidating Balance Sheet
As of October 31, 2015
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
11

 
$
94

 
$
369

 
$
—

 
$
474

Receivables
—

 
38

 
162

 
—

 
200

Merchandise inventories
—

 
3,959

 
4,012

 
—

 
7,971

Income tax receivable
32

 
—

 
—

 
(32
)
 
—

Prepaid expenses and other current assets
—

 
93

 
333

 
—

 
426

Total Current Assets
43

 
4,184

 
4,876

 
(32
)
 
9,071

Property and Equipment – net
—

 
4,112

 
3,517

 
—

 
7,629

Goodwill
—

 
3,315

 
582

 
—

 
3,897

Other Intangible Assets – net
—

 
59

 
459

 
—

 
518

Other Assets
2

 
44

 
722

 
—

 
768

Deferred Income Taxes
17

 
—

 
—

 
(17
)
 
—

Intercompany Receivable
—

 
—

 
3,413

 
(3,413
)
 
—

Investment in Subsidiaries
4,644

 
3,621

 
—

 
(8,265
)
 
—

Total Assets
$
4,706

 
$
15,335

 
$
13,569

 
$
(11,727
)
 
$
21,883

LIABILITIES AND SHAREHOLDERS’ EQUITY:
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$
—

 
$
856

 
$
1

 
$
—

 
$
857

Merchandise accounts payable
—

 
1,734

 
1,874

 
—

 
3,608

Accounts payable and accrued liabilities
103

 
1,116

 
1,468

 
—

 
2,687

Income taxes
—

 
4

 
130

 
(32
)
 
102

Total Current Liabilities
103

 
3,710

 
3,473

 
(32
)
 
7,254

Long-Term Debt
—

 
7,057

 
19

 
—

 
7,076

Intercompany Payable
601

 
2,812

 
—

 
(3,413
)
 
—

Deferred Income Taxes
—

 
700

 
770

 
(17
)
 
1,453

Other Liabilities
31

 
580

 
1,514

 
—

 
2,125

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
3,971

 
476

 
7,789

 
(8,265
)
 
3,971

Noncontrolling Interest
—

 
—

 
4

 
—

 
4

Total Shareholders' Equity
3,971

 
476

 
7,793

 
(8,265
)
 
3,975

Total Liabilities and Shareholders' Equity
$
4,706

 
$
15,335

 
$
13,569

 
$
(11,727
)
 
$
21,883






Condensed Consolidating Balance Sheet
As of January 30, 2016
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
741

 
$
91

 
$
277

 
$
—

 
$
1,109

Receivables
—

 
217

 
341

 
—

 
558

Merchandise inventories
—

 
2,702

 
2,804

 
—

 
5,506

Income tax receivable
44

 
—

 
—

 
(44
)
 
—

Prepaid expenses and other current assets
—

 
135

 
344

 
—

 
479

Total Current Assets
785

 
3,145

 
3,766

 
(44
)
 
7,652

Property and Equipment – net
—

 
3,925

 
3,691

 
—

 
7,616

Goodwill
—

 
3,315

 
582

 
—

 
3,897

Other Intangible Assets – net
—

 
52

 
462

 
—

 
514

Other Assets
—

 
154

 
743

 
—

 
897

Deferred Income Taxes
14

 
—

 
—

 
(14
)
 
—

Intercompany Receivable
—

 
—

 
3,800

 
(3,800
)
 
—

Investment in Subsidiaries
4,725

 
3,804

 
—

 
(8,529
)
 
—

Total Assets
$
5,524

 
$
14,395

 
$
13,044

 
$
(12,387
)
 
$
20,576

LIABILITIES AND SHAREHOLDERS’ EQUITY:
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$
—

 
$
641

 
$
1

 
$
—

 
$
642

Merchandise accounts payable
—

 
667

 
859

 
—

 
1,526

Accounts payable and accrued liabilities
35

 
1,439

 
1,859

 
—

 
3,333

Income taxes
—

 
41

 
230

 
(44
)
 
227

Total Current Liabilities
35

 
2,788

 
2,949

 
(44
)
 
5,728

Long-Term Debt
—

 
6,976

 
19

 
—

 
6,995

Intercompany Payable
1,218

 
2,582

 
—

 
(3,800
)
 
—

Deferred Income Taxes
—

 
693

 
798

 
(14
)
 
1,477

Other Liabilities
21

 
558

 
1,544

 
—

 
2,123

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
4,250

 
798

 
7,731

 
(8,529
)
 
4,250

Noncontrolling Interest
—

 
—

 
3

 
—

 
3

Total Shareholders' Equity
4,250

 
798

 
7,734

 
(8,529
)
 
4,253

Total Liabilities and Shareholders' Equity
$
5,524

 
$
14,395

 
$
13,044

 
$
(12,387
)
 
$
20,576

Condensed Consolidating Statement of Cash Flows [Table Text Block]

Condensed Consolidating Statement of Cash Flows
For the 39 Weeks Ended October 29, 2016
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
144

 
$
(595
)
 
$
665

 
$
(75
)
 
$
139

Impairments and other costs
—

 
184

 
65

 
—

 
249

Settlement charges
—

 
29

 
52

 
—

 
81

Equity in (earnings) loss of subsidiaries
(144
)
 
69

 
—

 
75

 
—

Dividends received from subsidiaries
535

 
575

 
—

 
(1,110
)
 
—

Depreciation and amortization
—

 
298

 
489

 
—

 
787

Increase in working capital
(59
)
 
(582
)
 
(344
)
 
—

 
(985
)
Other, net
19

 
(26
)
 
44

 
—

 
37

Net cash provided (used) by operating activities
495

 
(48
)
 
971

 
(1,110
)
 
308

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of property and equipment and capitalized software, net
—

 
(23
)
 
(520
)
 
—

 
(543
)
Other, net
—

 
47

 
5

 
—

 
52

Net cash provided (used) by investing activities
—

 
24

 
(515
)
 
—

 
(491
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid, net of debt issued
—

 
(122
)
 
2

 
—

 
(120
)
Dividends paid
(344
)
 
—

 
(1,110
)
 
1,110

 
(344
)
Common stock acquired, net of
issuance of common stock
(199
)
 
—

 
—

 
—

 
(199
)
Proceeds from noncontrolling interest
—

 
—

 
4

 
—

 
4

Intercompany activity, net
(642
)
 
158

 
484

 
—

 
—

Other, net
9

 
(4
)
 
185

 
—

 
190

Net cash provided (used) by
financing activities
(1,176
)
 
32

 
(435
)
 
1,110

 
(469
)
Net increase (decrease) in cash
and cash equivalents
(681
)
 
8

 
21

 
—

 
(652
)
Cash and cash equivalents at beginning of period
741

 
91

 
277

 
—

 
1,109

Cash and cash equivalents at end of period
$
60

 
$
99

 
$
298

 
$
—

 
$
457









Condensed Consolidating Statement of Cash Flows
For the 39 Weeks Ended October 31, 2015
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
528

 
$
(271
)
 
$
935

 
$
(665
)
 
$
527

Impairments and other charges
—

 
102

 
9

 
—

 
111

Equity in earnings of subsidiaries
(528
)
 
(137
)
 
—

 
665

 
—

Dividends received from subsidiaries
597

 
—

 
—

 
(597
)
 
—

Depreciation and amortization
—

 
330

 
461

 
—

 
791

(Increase) decrease in working capital
55

 
(329
)
 
(867
)
 
—

 
(1,141
)
Other, net
(3
)
 
2

 
(9
)
 
—

 
(10
)
Net cash provided (used) by operating activities
649

 
(303
)
 
529

 
(597
)
 
278

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of property and equipment and capitalized software, net
—

 
(216
)
 
(530
)
 
—

 
(746
)
Other, net
—

 
14

 
(129
)
 
—

 
(115
)
Net cash used by investing activities
—

 
(202
)
 
(659
)
 
—

 
(861
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt issued, net of debt repaid
—

 
640

 
(1
)
 
—

 
639

Dividends paid
(344
)
 
—

 
(597
)
 
597

 
(344
)
Common stock acquired, net of
issuance of common stock
(1,625
)
 
—

 
—

 
—

 
(1,625
)
Proceeds from noncontrolling interest
—

 
—

 
5

 
—

 
5

Intercompany activity, net
(587
)
 
(73
)
 
660

 
—

 
—

Other, net
10

 
(62
)
 
188

 
—

 
136

Net cash provided (used) by
financing activities
(2,546
)
 
505

 
255

 
597

 
(1,189
)
Net increase (decrease) in cash and
cash equivalents
(1,897
)
 
—

 
125

 
—

 
(1,772
)
Cash and cash equivalents at beginning of period
1,908

 
94

 
244

 
—

 
2,246

Cash and cash equivalents at end of period
$
11

 
$
94

 
$
369

 
$
—

 
$
474

Condensed Consolidating Statement of Comprehensive Income [Table Text Block]

Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended October 29, 2016
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
2,376

 
$
6,183

 
$
(2,933
)
 
$
5,626

Cost of sales
—

 
(1,577
)
 
(4,742
)
 
2,933

 
(3,386
)
Gross margin
—

 
799

 
1,441

 
—

 
2,240

Selling, general and administrative expenses
(1
)
 
(909
)
 
(1,161
)
 
—

 
(2,071
)
Settlement charges
—

 
(24
)
 
(38
)
 
—

 
(62
)
Operating income (loss)
(1
)
 
(134
)
 
242

 
—

 
107

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
1

 
(82
)
 
—

 
—

 
(81
)
Intercompany
—

 
(51
)
 
51

 
—

 
—

Equity in earnings (loss) of subsidiaries
17

 
(101
)
 
—

 
84

 
—

Income (loss) before income taxes
17

 
(368
)
 
293

 
84

 
26

Federal, state and local income
tax benefit (expense)
—

 
68

 
(79
)
 
—

 
(11
)
Net income (loss)
17

 
(300
)
 
214

 
84

 
15

Net loss attributable to noncontrolling interest
—

 
—

 
2

 
—

 
2

Net income (loss) attributable to
Macy's, Inc. shareholders
$
17

 
$
(300
)
 
$
216

 
$
84

 
$
17

Comprehensive income (loss)
$
62

 
$
(255
)
 
$
241

 
$
12

 
$
60

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
2

 
—

 
2

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
62

 
$
(255
)
 
$
243

 
$
12

 
$
62


Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended October 31, 2015
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
2,654

 
$
6,366

 
$
(3,146
)
 
$
5,874

Cost of sales
—

 
(1,761
)
 
(4,922
)
 
3,146

 
(3,537
)
Gross margin
—

 
893

 
1,444

 
—

 
2,337

Selling, general and administrative expenses
—

 
(957
)
 
(1,011
)
 
—

 
(1,968
)
Impairments and other costs
—

 
(102
)
 
(9
)
 
—


(111
)
Operating income (loss)
—

 
(166
)
 
424

 
—

 
258

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
—

 
(79
)
 
(1
)
 
—

 
(80
)
Intercompany
—

 
(58
)
 
58

 
—

 
—

Equity in earnings (loss) of subsidiaries
117

 
(9
)
 
—

 
(108
)
 
—

Income (loss) before income taxes
117

 
(312
)
 
481

 
(108
)
 
178

Federal, state and local income
tax benefit (expense)
1

 
84

 
(146
)
 
—

 
(61
)
Net income (loss)
118

 
(228
)
 
335

 
(108
)
 
117

Net loss attributable to noncontrolling interest
—

 
—

 
1

 
—

 
1

Net income (loss) attributable to
Macy's, Inc. shareholders
$
118

 
$
(228
)
 
$
336

 
$
(108
)
 
$
118

Comprehensive income (loss)
$
125

 
$
(221
)
 
$
339

 
$
(119
)
 
$
124

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
1

 
—

 
1

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
125

 
$
(221
)
 
$
340

 
$
(119
)
 
$
125



Condensed Consolidating Statement of Comprehensive Income
For the 39 Weeks Ended October 29, 2016
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
7,324

 
$
16,546

 
$
(6,607
)
 
$
17,263

Cost of sales
—

 
(4,704
)
 
(12,273
)
 
6,607

 
(10,370
)
Gross margin
—

 
2,620

 
4,273

 
—

 
6,893

Selling, general and administrative expenses
(2
)
 
(2,732
)
 
(3,329
)
 
—

 
(6,063
)
Impairments and other costs
—

 
(184
)
 
(65
)
 
—

 
(249
)
Settlement charges
—

 
(29
)
 
(52
)
 
—

 
(81
)
Operating income (loss)
(2
)
 
(325
)
 
827

 
—

 
500

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
2

 
(278
)
 
—

 
—

 
(276
)
Intercompany
—

 
(166
)
 
166

 
—

 
—

Equity in earnings (loss) of subsidiaries
144

 
(69
)
 
—

 
(75
)
 
—

Income (loss) before income taxes
144

 
(838
)
 
993

 
(75
)
 
224

Federal, state and local income
tax benefit (expense)
—

 
243

 
(328
)
 
—

 
(85
)
Net income (loss)
144

 
(595
)
 
665

 
(75
)
 
139

Net loss attributable to noncontrolling interest


 
—

 
5

 
—

 
5

Net income (loss) attributable to
Macy's, Inc. shareholders
$
144

 
$
(595
)
 
$
670

 
$
(75
)
 
$
144

Comprehensive income (loss)
$
164

 
$
(575
)
 
$
677

 
$
(107
)
 
$
159

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
5

 
—

 
5

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
164

 
$
(575
)
 
$
682

 
$
(107
)
 
$
164


Condensed Consolidating Statement of Comprehensive Income
For the 39 Weeks Ended October 31, 2015
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
8,191

 
$
17,106

 
$
(7,087
)
 
$
18,210

Cost of sales
—

 
(5,258
)
 
(12,776
)
 
7,087

 
(10,947
)
Gross margin
—

 
2,933

 
4,330

 
—

 
7,263

Selling, general and administrative expenses
(1
)
 
(2,962
)
 
(3,086
)
 
—

 
(6,049
)
Impairments and other costs
—

 
(102
)
 
(9
)
 
—

 
(111
)
Operating income (loss)
(1
)
 
(131
)
 
1,235

 
—

 
1,103

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
—

 
(267
)
 
(1
)
 
—

 
(268
)
Intercompany
—

 
(173
)
 
173

 
—

 
—

Equity in earnings of subsidiaries
528

 
137

 
—

 
(665
)
 
—

Income (loss) before income taxes
527

 
(434
)
 
1,407

 
(665
)
 
835

Federal, state and local income
tax benefit (expense)
1

 
163

 
(472
)
 
—

 
(308
)
Net income (loss)
528

 
(271
)
 
935

 
(665
)
 
527

Net loss attributable to noncontrolling interest
—

 
—

 
1

 
—

 
1

Net income (loss) attributable to
Macy's, Inc. shareholders
$
528

 
$
(271
)
 
$
936

 
$
(665
)
 
$
528

Comprehensive income (loss)
$
550

 
$
(249
)
 
$
948

 
$
(700
)
 
$
549

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
1

 
—

 
1

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
550

 
$
(249
)
 
$
949

 
$
(700
)
 
$
550