Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.7.0.1
Condensed Consolidating Financial Information (Tables)
 6 Months Ended
Jul. 29, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet [Table Text Block]
Condensed Consolidating Balance Sheet
As of July 29, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
421

 
$
78

 
$
284

 
$
—

 
$
783

Receivables
—

 
132

 
250

 
—

 
382

Merchandise inventories
—

 
2,236

 
2,744

 
—

 
4,980

Prepaid expenses and other current assets
—

 
82

 
330

 
—

 
412

Total Current Assets
421

 
2,528

 
3,608

 
—

 
6,557

Property and Equipment – net
—

 
3,202

 
3,620

 
—

 
6,822

Goodwill
—

 
3,315

 
582

 
—

 
3,897

Other Intangible Assets – net
—

 
47

 
446

 
—

 
493

Other Assets
1

 
53

 
756

 
—

 
810

Deferred Income Taxes
25

 
—

 
—

 
(25
)
 
—

Intercompany Receivable
1,011

 
—

 
2,065

 
(3,076
)
 
—

Investment in Subsidiaries
3,054

 
3,690

 
—

 
(6,744
)
 
—

Total Assets
$
4,512

 
$
12,835

 
$
11,077

 
$
(9,845
)
 
$
18,579

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

 
$
6

 
$
10

 
$
—

 
$
16

Merchandise accounts payable
—

 
698

 
971

 
—

 
1,669

Accounts payable and accrued liabilities
24

 
900

 
1,949

 
—

 
2,873

Income taxes
28

 
2

 
22

 
—

 
52

Total Current Liabilities
52

 
1,606

 
2,952

 
—

 
4,610

Long-Term Debt
—

 
6,284

 
17

 
—

 
6,301

Intercompany Payable
—

 
3,076

 
—

 
(3,076
)
 
—

Deferred Income Taxes
—

 
720

 
817

 
(25
)
 
1,512

Other Liabilities
72

 
425

 
1,276

 
—

 
1,773

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
4,388

 
724

 
6,020

 
(6,744
)
 
4,388

Noncontrolling Interest
—

 
—

 
(5
)
 
—

 
(5
)
Total Shareholders' Equity
4,388

 
724

 
6,015

 
(6,744
)
 
4,383

Total Liabilities and Shareholders' Equity
$
4,512

 
$
12,835

 
$
11,077

 
$
(9,845
)
 
$
18,579








Condensed Consolidating Balance Sheet
As of July 30, 2016
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
621

 
$
89

 
$
290

 
$
—

 
$
1,000

Receivables
—

 
146

 
277

 
—

 
423

Merchandise inventories
—

 
2,500

 
2,822

 
—

 
5,322

Income tax receivable
8

 
11

 
—

 
(19
)
 
—

Prepaid expenses and other current assets
—

 
84

 
387

 
—

 
471

Total Current Assets
629

 
2,830

 
3,776

 
(19
)
 
7,216

Property and Equipment – net
—

 
3,586

 
3,601

 
—

 
7,187

Goodwill
—

 
3,315

 
582

 
—

 
3,897

Other Intangible Assets – net
—

 
49

 
453

 
—

 
502

Other Assets
—

 
155

 
749

 
—

 
904

Deferred Income Taxes
23

 
—

 
—

 
(23
)
 
—

Intercompany Receivable
—

 
—

 
2,710

 
(2,710
)
 
—

Investment in Subsidiaries
4,524

 
3,247

 
—

 
(7,771
)
 
—

Total Assets
$
5,176

 
$
13,182

 
$
11,871

 
$
(10,523
)
 
$
19,706

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

 
$
1,062

 
$
1

 
$
—

 
$
1,063

Merchandise accounts payable
—

 
825

 
1,052

 
—

 
1,877

Accounts payable and accrued liabilities
29

 
1,380

 
1,105

 
—

 
2,514

Income taxes
—

 
—

 
42

 
(19
)
 
23

Total Current Liabilities
29

 
3,267

 
2,200

 
(19
)
 
5,477

Long-Term Debt
—

 
6,549

 
18

 
—

 
6,567

Intercompany Payable
1,043

 
1,667

 
—

 
(2,710
)
 
—

Deferred Income Taxes
—

 
653

 
818

 
(23
)
 
1,448

Other Liabilities
58

 
573

 
1,533

 
—

 
2,164

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
4,046

 
473

 
7,298

 
(7,771
)
 
4,046

Noncontrolling Interest
—

 
—

 
4

 
—

 
4

Total Shareholders' Equity
4,046

 
473

 
7,302

 
(7,771
)
 
4,050

Total Liabilities and Shareholders' Equity
$
5,176

 
$
13,182

 
$
11,871

 
$
(10,523
)
 
$
19,706







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 26 Weeks Ended July 29, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
187

 
$
(158
)
 
$
370

 
$
(216
)
 
$
183

Settlement charges
—

 
17

 
34

 
—

 
51

Equity in earnings of subsidiaries
(186
)
 
(30
)
 
—

 
216

 
—

Dividends received from subsidiaries
340

 
—

 
—

 
(340
)
 
—

Depreciation and amortization
—

 
178

 
309

 
—

 
487

(Increase) decrease in working capital
(46
)
 
262

 
(382
)
 
—

 
(166
)
Other, net
12

 
(29
)
 
(2
)
 
—

 
(19
)
Net cash provided by operating activities
307

 
240

 
329

 
(340
)
 
536

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

 
85

 
(307
)
 
—

 
(222
)
Other, net
—

 
—

 
9

 
—

 
9

Net cash provided (used) by investing activities
—

 
85

 
(298
)
 
—

 
(213
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid
—

 
(550
)
 
—

 
—

 
(550
)
Dividends paid
(230
)
 
—

 
(340
)
 
340

 
(230
)
Common stock acquired, net of
issuance of common stock
1

 
—

 
—

 
—

 
1

Proceeds from noncontrolling interest
—

 
—

 
6

 
—

 
6

Intercompany activity, net
(605
)
 
259

 
346

 
—

 
—

Other, net
10

 
(37
)
 
(37
)
 
—

 
(64
)
Net cash used by financing activities
(824
)
 
(328
)
 
(25
)
 
340

 
(837
)
Net increase (decrease) in cash and
cash equivalents
(517
)
 
(3
)
 
6

 
—

 
(514
)
Cash and cash equivalents at beginning of period
938

 
81

 
278

 
—

 
1,297

Cash and cash equivalents at end of period
$
421

 
$
78

 
$
284

 
$
—

 
$
783









Condensed Consolidating Statement of Cash Flows
For the 26 Weeks Ended July 30, 2016
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
127

 
$
(295
)
 
$
451

 
$
(159
)
 
$
124

Impairments and other costs
—

 
184

 
65

 
—

 
249

Settlement charges
—

 
5

 
14

 
—

 
19

Equity in earnings of subsidiaries
(127
)
 
(32
)
 
—

 
159

 
—

Dividends received from subsidiaries
303

 
575

 
—

 
(878
)
 
—

Depreciation and amortization
—

 
205

 
315

 
—

 
520

(Increase) decrease in working capital
32

 
367

 
(722
)
 
—

 
(323
)
Other, net
17

 
(37
)
 
(9
)
 
—

 
(29
)
Net cash provided by operating activities
352

 
972

 
114

 
(878
)
 
560

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

 
(50
)
 
(327
)
 
—

 
(377
)
Other, net
—

 
43

 
(4
)
 
—

 
39

Net cash used by investing activities
—

 
(7
)
 
(331
)
 
—

 
(338
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid
—

 
(3
)
 
—

 
—

 
(3
)
Dividends paid
(228
)
 
—

 
(878
)
 
878

 
(228
)
Common stock acquired, net of
issuance of common stock
(103
)
 
—

 
—

 
—

 
(103
)
Proceeds from noncontrolling interest
—

 
—

 
4

 
—

 
4

Intercompany activity, net
(139
)
 
(937
)
 
1,076

 
—

 
—

Other, net
(2
)
 
(27
)
 
28

 
—

 
(1
)
Net cash provided (used) by
financing activities
(472
)
 
(967
)
 
230

 
878

 
(331
)
Net increase (decrease) in cash and
cash equivalents
(120
)
 
(2
)
 
13

 
—

 
(109
)
Cash and cash equivalents at beginning of period
741

 
91

 
277

 
—

 
1,109

Cash and cash equivalents at end of period
$
621

 
$
89

 
$
290

 
$
—

 
$
1,000

Condensed Consolidating Statement of Comprehensive Income [Table Text Block]

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

 
$
2,186

 
$
4,739

 
$
(1,373
)
 
$
5,552

Cost of sales
—

 
(1,356
)
 
(3,330
)
 
1,373

 
(3,313
)
Gross margin
—

 
830

 
1,409

 
—

 
2,239

Selling, general and administrative expenses
—

 
(848
)
 
(1,129
)
 
—

 
(1,977
)
Gains on sale of real estate
—

 
26

 
17

 
—

 
43

Settlement charges
—

 
(17
)
 
(34
)
 
—

 
(51
)
Operating income (loss)
—

 
(9
)
 
263

 
—

 
254

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
2

 
(82
)
 
1

 
—

 
(79
)
Intercompany
—

 
(34
)
 
34

 
—

 
—

Net premiums on early retirement of debt
—

 
2

 
—

 
—

 
2

Equity in earnings of subsidiaries
114

 
39

 
—

 
(153
)
 
—

Income (loss) before income taxes
116

 
(84
)
 
298

 
(153
)
 
177

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

 
52

 
(116
)
 
—

 
(64
)
Net income (loss)
116

 
(32
)
 
182

 
(153
)
 
113

Net loss attributable to noncontrolling interest
—

 
—

 
3

 
—

 
3

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

 
$
(32
)
 
$
185

 
$
(153
)
 
$
116

Comprehensive income (loss)
$
181

 
$
29

 
$
226

 
$
(258
)
 
$
178

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
3

 
—

 
3

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
181

 
$
29

 
$
229

 
$
(258
)
 
$
181


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

 
$
2,494

 
$
4,989

 
$
(1,617
)
 
$
5,866

Cost of sales
—

 
(1,523
)
 
(3,562
)
 
1,617

 
(3,468
)
Gross margin
—

 
971

 
1,427

 
—

 
2,398

Selling, general and administrative expenses
—

 
(957
)
 
(1,090
)
 
—

 
(2,047
)
Gains on sale of real estate
—

 
16

 
5

 
—

 
21

Impairments and other costs
—

 
(184
)
 
(65
)
 
—

 
(249
)
Settlement charges
—

 
(2
)
 
(4
)
 
—

 
(6
)
Operating income (loss)
—

 
(156
)
 
273

 
—

 
117

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
—

 
(97
)
 
—

 
—

 
(97
)
Intercompany
—

 
(57
)
 
57

 
—

 
—

Equity in earnings of subsidiaries
11

 
22

 
—

 
(33
)
 
—

Income (loss) before income taxes
11

 
(288
)
 
330

 
(33
)
 
20

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

 
114

 
(125
)
 
—

 
(11
)
Net income (loss)
11

 
(174
)
 
205

 
(33
)
 
9

Net loss attributable to noncontrolling interest
—

 
—

 
2

 
—

 
2

Net income (loss) attributable to
Macy's, Inc. shareholders
$
11

 
$
(174
)
 
$
207

 
$
(33
)
 
$
11

Comprehensive income (loss)
$
(6
)
 
$
(191
)
 
$
195

 
$
(6
)
 
$
(8
)
Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
2

 
—

 
2

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
(6
)
 
$
(191
)
 
$
197

 
$
(6
)
 
$
(6
)



Condensed Consolidating Statement of Comprehensive Income
For the 26 weeks ended July 29, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
4,242

 
$
9,866

 
$
(3,218
)
 
$
10,890

Cost of sales
—

 
(2,735
)
 
(7,102
)
 
3,218

 
(6,619
)
Gross margin
—

 
1,507

 
2,764

 
—

 
4,271

Selling, general and administrative expenses
(1
)
 
(1,617
)
 
(2,239
)
 
—

 
(3,857
)
Gains on sale of real estate
—

 
92

 
19

 
—

 
111

Settlement charges
—

 
(17
)
 
(34
)
 
—

 
(51
)
Operating income (loss)
(1
)
 
(35
)
 
510

 
—

 
474

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
3

 
(167
)
 
1

 
—

 
(163
)
Intercompany
—

 
(69
)
 
69

 
—

 
—

Net premiums on early retirement of debt
—

 
(1
)
 
—

 
—

 
(1
)
Equity in earnings of subsidiaries
186

 
30

 
—

 
(216
)
 
—

Income (loss) before income taxes
188

 
(242
)
 
580

 
(216
)
 
310

Federal, state and local income
tax benefit (expense)
(1
)
 
84

 
(210
)
 
—

 
(127
)
Net income (loss)
187

 
(158
)
 
370

 
(216
)
 
183

Net loss attributable to noncontrolling interest
—

 
—

 
4

 
—

 
4

Net income (loss) attributable to
Macy's, Inc. shareholders
$
187

 
$
(158
)
 
$
374

 
$
(216
)
 
$
187

Comprehensive income (loss)
$
258

 
$
(91
)
 
$
417

 
$
(330
)
 
$
254

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
4

 
—

 
4

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
258

 
$
(91
)
 
$
421

 
$
(330
)
 
$
258















Condensed Consolidating Statement of Comprehensive Income
For the 26 weeks ended July 30, 2016
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
4,948

 
$
10,363

 
$
(3,674
)
 
$
11,637

Cost of sales
—

 
(3,127
)
 
(7,531
)
 
3,674

 
(6,984
)
Gross margin
—

 
1,821

 
2,832

 
—

 
4,653

Selling, general and administrative expenses
(1
)
 
(1,853
)
 
(2,173
)
 
—

 
(4,027
)
Gains on sale of real estate
—

 
30

 
5

 
—

 
35

Impairments and other costs
—

 
(184
)
 
(65
)
 
—

 
(249
)
Settlement charges
—

 
(5
)
 
(14
)
 
—

 
(19
)
Operating income (loss)
(1
)
 
(191
)
 
585

 
—

 
393

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
1

 
(196
)
 
—

 
—

 
(195
)
Intercompany
—

 
(115
)
 
115

 
—

 
—

Equity in earnings of subsidiaries
127

 
32

 
—

 
(159
)
 
—

Income (loss) before income taxes
127

 
(470
)
 
700

 
(159
)
 
198

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

 
175

 
(249
)
 
—

 
(74
)
Net income (loss)
127

 
(295
)
 
451

 
(159
)
 
124

Net loss attributable to noncontrolling interest
—

 
—

 
3

 
—

 
3

Net income (loss) attributable to
Macy's, Inc. shareholders
$
127

 
$
(295
)
 
$
454

 
$
(159
)
 
$
127

Comprehensive income (loss)
$
102

 
$
(320
)
 
$
436

 
$
(119
)
 
$
99

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
3

 
—

 
3

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
102

 
$
(320
)
 
$
439

 
$
(119
)
 
$
102