Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.7.0.1
Condensed Consolidating Financial Information (Tables)
 3 Months Ended
Apr. 29, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet [Table Text Block]
Condensed Consolidating Balance Sheet
As of April 29, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
779

 
$
99

 
$
323

 
$
—

 
$
1,201

Receivables
—

 
118

 
227

 
—

 
345

Merchandise inventories
—

 
2,560

 
3,066

 
—

 
5,626

Prepaid expenses and other current assets
—

 
71

 
326

 
—

 
397

Total Current Assets
779

 
2,848

 
3,942

 
—

 
7,569

Property and Equipment – net
—

 
3,293

 
3,593

 
—

 
6,886

Goodwill
—

 
3,315

 
582

 
—

 
3,897

Other Intangible Assets – net
—

 
49

 
447

 
—

 
496

Other Assets
—

 
45

 
748

 
—

 
793

Deferred Income Taxes
24

 
—

 
—

 
(24
)
 
—

Intercompany Receivable
920

 
—

 
1,833

 
(2,753
)
 
—

Investment in Subsidiaries
3,003

 
3,535

 
—

 
(6,538
)
 
—

Total Assets
$
4,726

 
$
13,085

 
$
11,145

 
$
(9,315
)
 
$
19,641

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

 
$
306

 
$
7

 
$
—

 
$
313

Merchandise accounts payable
—

 
841

 
1,187

 
—

 
2,028

Accounts payable and accrued liabilities
22

 
916

 
1,967

 
—

 
2,905

Income taxes
317

 
6

 
32

 
—

 
355

Total Current Liabilities
339

 
2,069

 
3,193

 
—

 
5,601

Long-Term Debt
—

 
6,395

 
17

 
—

 
6,412

Intercompany Payable
18

 
2,801

 
(66
)
 
(2,753
)
 
—

Deferred Income Taxes
—

 
704

 
802

 
(24
)
 
1,482

Other Liabilities
67

 
498

 
1,281

 
—

 
1,846

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
4,302

 
618

 
5,920

 
(6,538
)
 
4,302

Noncontrolling Interest
—

 
—

 
(2
)
 
—

 
(2
)
Total Shareholders' Equity
4,302

 
618

 
5,918

 
(6,538
)
 
4,300

Total Liabilities and Shareholders' Equity
$
4,726

 
$
13,085

 
$
11,145

 
$
(9,315
)
 
$
19,641








Condensed Consolidating Balance Sheet
As of April 30, 2016
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
287

 
$
112

 
$
335

 
$
—

 
$
734

Receivables
—

 
158

 
241

 
—

 
399

Merchandise inventories
—

 
2,707

 
3,031

 
—

 
5,738

Income tax receivable
66

 
—

 
—

 
(47
)
 
19

Prepaid expenses and other current assets
—

 
121

 
369

 
—

 
490

Total Current Assets
353

 
3,098

 
3,976

 
(47
)
 
7,380

Property and Equipment – net
—

 
3,840

 
3,635

 
—

 
7,475

Goodwill
—

 
3,315

 
582

 
—

 
3,897

Other Intangible Assets – net
—

 
50

 
461

 
—

 
511

Other Assets
—

 
154

 
744

 
—

 
898

Deferred Income Taxes
23

 
—

 
—

 
(23
)
 
—

Intercompany Receivable
—

 
—

 
3,433

 
(3,433
)
 
—

Investment in Subsidiaries
4,651

 
3,810

 
—

 
(8,461
)
 
—

Total Assets
$
5,027

 
$
14,267

 
$
12,831

 
$
(11,964
)
 
$
20,161

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

 
$
641

 
$
1

 
$
—

 
$
642

Merchandise accounts payable
—

 
872

 
1,143

 
—

 
2,015

Accounts payable and accrued liabilities
34

 
1,192

 
1,464

 
—

 
2,690

Income taxes
—

 
9

 
38

 
(47
)
 
—

Total Current Liabilities
34

 
2,714

 
2,646

 
(47
)
 
5,347

Long-Term Debt
—

 
6,971

 
19

 
—

 
6,990

Intercompany Payable
787

 
2,646

 
—

 
(3,433
)
 
—

Deferred Income Taxes
—

 
726

 
833

 
(23
)
 
1,536

Other Liabilities
58

 
547

 
1,529

 
—

 
2,134

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
4,148

 
663

 
7,798

 
(8,461
)
 
4,148

Noncontrolling Interest
—

 
—

 
6

 
—

 
6

Total Shareholders' Equity
4,148

 
663

 
7,804

 
(8,461
)
 
4,154

Total Liabilities and Shareholders' Equity
$
5,027

 
$
14,267

 
$
12,831

 
$
(11,964
)
 
$
20,161






Condensed Consolidating Balance Sheet
As of January 28, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
938

 
$
81

 
$
278

 
$
—

 
$
1,297

Receivables
—

 
169

 
353

 
—

 
522

Merchandise inventories
—

 
2,565

 
2,834

 
—

 
5,399

Prepaid expenses and other current assets
—

 
84

 
324

 
—

 
408

Total Current Assets
938

 
2,899

 
3,789

 
—

 
7,626

Property and Equipment – net
—

 
3,397

 
3,620

 
—

 
7,017

Goodwill
—

 
3,315

 
582

 
—

 
3,897

Other Intangible Assets – net
—

 
51

 
447

 
—

 
498

Other Assets
—

 
47

 
766

 
—

 
813

Deferred Income Taxes
26

 
—

 
—

 
(26
)
 
—

Intercompany Receivable
375

 
—

 
2,428

 
(2,803
)
 
—

Investment in Subsidiaries
3,137

 
3,540

 
—

 
(6,677
)
 
—

Total Assets
$
4,476

 
$
13,249

 
$
11,632

 
$
(9,506
)
 
$
19,851

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

 
$
306

 
$
3

 
$
—

 
$
309

Merchandise accounts payable
—

 
590

 
833

 
—

 
1,423

Accounts payable and accrued liabilities
16

 
1,064

 
2,483

 
—

 
3,563

Income taxes
71

 
16

 
265

 
—

 
352

Total Current Liabilities
87

 
1,976

 
3,584

 
—

 
5,647

Long-Term Debt
—

 
6,544

 
18

 
—

 
6,562

Intercompany Payable
—

 
2,803

 
—

 
(2,803
)
 
—

Deferred Income Taxes
—

 
688

 
781

 
(26
)
 
1,443

Other Liabilities
66

 
500

 
1,311

 
—

 
1,877

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
4,323

 
738

 
5,939

 
(6,677
)
 
4,323

Noncontrolling Interest
—

 
—

 
(1
)
 
—

 
(1
)
Total Shareholders' Equity
4,323

 
738

 
5,938

 
(6,677
)
 
4,322

Total Liabilities and Shareholders' Equity
$
4,476

 
$
13,249

 
$
11,632

 
$
(9,506
)
 
$
19,851

Condensed Consolidating Statement of Cash Flows [Table Text Block]

Condensed Consolidating Statement of Cash Flows
For the 13 Weeks Ended April 29, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
71

 
$
(127
)
 
$
188

 
$
(62
)
 
$
70

Equity in (earnings) loss of subsidiaries
(71
)
 
9

 
—

 
62

 
—

Dividends received from subsidiaries
211

 
—

 
—

 
(211
)
 
—

Depreciation and amortization
—

 
89

 
154

 
—

 
243

(Increase) decrease in working capital
244

 
130

 
(485
)
 
—

 
(111
)
Other, net
7

 
22

 
3

 
—

 
32

Net cash provided (used) by operating activities
462

 
123

 
(140
)
 
(211
)
 
234

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

 
93

 
(174
)
 
—

 
(81
)
Other, net
—

 
—

 
21

 
—

 
21

Net cash provided (used) by investing activities
—

 
93

 
(153
)
 
—

 
(60
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid, net of debt issued
—

 
(149
)
 
3

 
—

 
(146
)
Dividends paid
(155
)
 
—

 
(171
)
 
211

 
(115
)
Common stock acquired, net of
issuance of common stock
2

 
—

 
(1
)
 
—

 
1

Intercompany activity, net
(476
)
 
(18
)
 
494

 
—

 
—

Other, net
8

 
(31
)
 
13

 
—

 
(10
)
Net cash provided (used) by
financing activities
(621
)
 
(198
)
 
338

 
211

 
(270
)
Net increase (decrease) in cash
and cash equivalents
(159
)
 
18

 
45

 
—

 
(96
)
Cash and cash equivalents at beginning of period
938

 
81

 
278

 
—

 
1,297

Cash and cash equivalents at end of period
$
779

 
$
99

 
$
323

 
$
—

 
$
1,201









Condensed Consolidating Statement of Cash Flows
For the 13 Weeks Ended April 30, 2016
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
116

 
$
(121
)
 
$
246

 
$
(126
)
 
$
115

Impairments and other charges
—

 
3

 
10

 
—

 
13

Equity in earnings of subsidiaries
(116
)
 
(10
)
 
—

 
126

 
—

Dividends received from subsidiaries
182

 
—

 
—

 
(182
)
 
—

Depreciation and amortization
—

 
102

 
158

 
—

 
260

(Increase) decrease in working capital
(34
)
 
55

 
(451
)
 
—

 
(430
)
Other, net
19

 
16

 
15

 
—

 
50

Net cash provided (used) by operating activities
167

 
45

 
(22
)
 
(182
)
 
8

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

 
(54
)
 
(158
)
 
—

 
(212
)
Other, net
—

 
(2
)
 
3

 
—

 
1

Net cash used by investing activities
—

 
(56
)
 
(155
)
 
—

 
(211
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt issued, net of debt repaid
—

 
(3
)
 
—

 
—

 
(3
)
Dividends paid
(112
)
 
—

 
(182
)
 
182

 
(112
)
Common stock acquired, net of
issuance of common stock
(104
)
 
—

 
—

 
—

 
(104
)
Proceeds from noncontrolling interest
—

 
—

 
4

 
—

 
4

Intercompany activity, net
(415
)
 
52

 
363

 
—

 
—

Other, net
10

 
(17
)
 
50

 
—

 
43

Net cash provided (used) by
financing activities
(621
)
 
32

 
235

 
182

 
(172
)
Net increase (decrease) in cash and
cash equivalents
(454
)
 
21

 
58

 
—

 
(375
)
Cash and cash equivalents at beginning of period
741

 
91

 
277

 
—

 
1,109

Cash and cash equivalents at end of period
$
287

 
$
112

 
$
335

 
$
—

 
$
734

Condensed Consolidating Statement of Comprehensive Income [Table Text Block]

Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended April 29, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
2,056

 
$
5,126

 
$
(1,844
)
 
$
5,338

Cost of sales
—

 
(1,378
)
 
(3,772
)
 
1,844

 
(3,306
)
Gross margin
—

 
678

 
1,354

 
—

 
2,032

Selling, general and administrative expenses
(1
)
 
(704
)
 
(1,107
)
 
—

 
(1,812
)
Operating income (loss)
(1
)
 
(26
)
 
247

 
—

 
220

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
1

 
(85
)
 
—

 
—

 
(84
)
Intercompany
—

 
(34
)
 
34

 
—

 
—

Premium on early retirement of debt
—

 
(3
)
 
—

 
—

 
(3
)
Equity in earnings (loss) of subsidiaries
71

 
(9
)
 
—

 
(62
)
 
—

Income (loss) before income taxes
71

 
(157
)
 
281

 
(62
)
 
133

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

 
30

 
(93
)
 
—

 
(63
)
Net income (loss)
71

 
(127
)
 
188

 
(62
)
 
70

Net loss attributable to noncontrolling interest
—

 
—

 
1

 
—

 
1

Net income (loss) attributable to
Macy's, Inc. shareholders
$
71

 
$
(127
)
 
$
189

 
$
(62
)
 
$
71

Comprehensive income (loss)
$
77

 
$
(121
)
 
$
192

 
$
(72
)
 
$
76

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
1

 
—

 
1

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
77

 
$
(121
)
 
$
193

 
$
(72
)
 
$
77


Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended April 30, 2016
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
2,454

 
$
5,374

 
$
(2,057
)
 
$
5,771

Cost of sales
—

 
(1,604
)
 
(3,969
)
 
2,057

 
(3,516
)
Gross margin
—

 
850

 
1,405

 
—

 
2,255

Selling, general and administrative expenses
(1
)
 
(882
)
 
(1,083
)
 
—

 
(1,966
)
Settlement charges
—

 
(3
)
 
(10
)
 
—


(13
)
Operating income (loss)
(1
)
 
(35
)
 
312

 
—

 
276

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
1

 
(99
)
 
—

 
—

 
(98
)
Intercompany
—

 
(58
)
 
58

 
—

 
—

Equity in earnings (loss) of subsidiaries
116

 
10

 
—

 
(126
)
 
—

Income (loss) before income taxes
116

 
(182
)
 
370

 
(126
)
 
178

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

 
61

 
(124
)
 
—

 
(63
)
Net income (loss)
116

 
(121
)
 
246

 
(126
)
 
115

Net loss attributable to noncontrolling interest
—

 
—

 
1

 
—

 
1

Net income (loss) attributable to
Macy's, Inc. shareholders
$
116

 
$
(121
)
 
$
247

 
$
(126
)
 
$
116

Comprehensive income (loss)
$
108

 
$
(129
)
 
$
241

 
$
(113
)
 
$
107

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
1

 
—

 
1

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
108

 
$
(129
)
 
$
242

 
$
(113
)
 
$
108