Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.8.0.1
Condensed Consolidating Financial Information (Tables)
 9 Months Ended
Oct. 28, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet [Table Text Block]
Condensed Consolidating Balance Sheet
As of October 28, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
116

 
$
89

 
$
329

 
$
—

 
$
534

Receivables
—

 
67

 
152

 
—

 
219

Merchandise inventories
—

 
3,218

 
3,847

 
—

 
7,065

Income tax receivable
—

 
2

 
—

 
(2
)
 
—

Prepaid expenses and other current assets
—

 
86

 
346

 
—

 
432

Total Current Assets
116

 
3,462

 
4,674

 
(2
)
 
8,250

Property and Equipment – net
—

 
3,184

 
3,558

 
—

 
6,742

Goodwill
—

 
3,315

 
582

 
—

 
3,897

Other Intangible Assets – net
—

 
46

 
445

 
—

 
491

Other Assets
1

 
62

 
772

 
—

 
835

Deferred Income Taxes
26

 
—

 
—

 
(26
)
 
—

Intercompany Receivable
1,436

 
—

 
1,971

 
(3,407
)
 
—

Investment in Subsidiaries
2,882

 
3,644

 
—

 
(6,526
)
 
—

Total Assets
$
4,461

 
$
13,713

 
$
12,002

 
$
(9,961
)
 
$
20,215

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

 
$
6

 
$
16

 
$
—

 
$
22

Merchandise accounts payable
—

 
1,339

 
1,834

 
—

 
3,173

Accounts payable and accrued liabilities
139

 
975

 
2,048

 
—

 
3,162

Income taxes
20

 
—

 
16

 
(2
)
 
34

Total Current Liabilities
159

 
2,320

 
3,914

 
(2
)
 
6,391

Long-Term Debt
—

 
6,280

 
17

 
—

 
6,297

Intercompany Payable
—

 
3,407

 
—

 
(3,407
)
 
—

Deferred Income Taxes
—

 
707

 
872

 
(26
)
 
1,553

Other Liabilities
71

 
476

 
1,203

 
—

 
1,750

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
4,231

 
523

 
6,003

 
(6,526
)
 
4,231

Noncontrolling Interest
—

 
—

 
(7
)
 
—

 
(7
)
Total Shareholders' Equity
4,231

 
523

 
5,996

 
(6,526
)
 
4,224

Total Liabilities and Shareholders' Equity
$
4,461

 
$
13,713

 
$
12,002

 
$
(9,961
)
 
$
20,215








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 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 39 Weeks Ended October 28, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
222

 
$
(380
)
 
$
564

 
$
(190
)
 
$
216

Restructuring and other costs
—

 
1

 
32

 
—

 
33

Settlement charges
—

 
24

 
49

 
—

 
73

Equity in loss (earnings) of subsidiaries
(220
)
 
30

 
—

 
190

 
—

Dividends received from subsidiaries
571

 
—

 
—

 
(571
)
 
—

Depreciation and amortization
—

 
265

 
476

 
—

 
741

(Increase) decrease in working capital
(52
)
 
35

 
(633
)
 
—

 
(650
)
Other, net
8

 
2

 
(34
)
 
—

 
(24
)
Net cash provided (used) by operating activities
529

 
(23
)
 
454

 
(571
)
 
389

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Disposition (purchase) of property and equipment and capitalized software, net
—

 
30

 
(368
)
 
—

 
(338
)
Other, net
—

 
2

 
(10
)
 
—

 
(8
)
Net cash provided (used) by investing activities
—

 
32

 
(378
)
 
—

 
(346
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid
—

 
(553
)
 
(1
)
 
—

 
(554
)
Dividends paid
(346
)
 
—

 
(571
)
 
571

 
(346
)
Issuance of common stock, net of common stock acquired
2

 
—

 
—

 
—

 
2

Proceeds from noncontrolling interest
—

 
—

 
13

 
—

 
13

Intercompany activity, net
(1,016
)
 
584

 
432

 
—

 
—

Other, net
9

 
(32
)
 
102

 
—

 
79

Net cash used by financing activities
(1,351
)
 
(1
)
 
(25
)
 
571

 
(806
)
Net increase (decrease) in cash and
cash equivalents
(822
)
 
8

 
51

 
—

 
(763
)
Cash and cash equivalents at beginning of period
938

 
81

 
278

 
—

 
1,297

Cash and cash equivalents at end of period
$
116

 
$
89

 
$
329

 
$
—

 
$
534









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 loss (earnings) of subsidiaries
(144
)
 
69

 
—

 
75

 
—

Dividends received from subsidiaries
535

 
575

 
—

 
(1,110
)
 
—

Depreciation and amortization
—

 
298

 
489

 
—

 
787

Increase in working capital
(59
)
 
(572
)
 
(328
)
 
—

 
(959
)
Other, net
19

 
(36
)
 
28

 
—

 
11

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
)
 
(1
)
 
—

 
(123
)
Dividends paid
(344
)
 
—

 
(1,110
)
 
1,110

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

 
—

 
—

 
(199
)
Proceeds from noncontrolling interest
—

 
—

 
7

 
—

 
7

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 Comprehensive Income [Table Text Block]

Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended October 28, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
2,077

 
$
5,861

 
$
(2,657
)
 
$
5,281

Cost of sales
—

 
(1,391
)
 
(4,441
)
 
2,657

 
(3,175
)
Gross margin
—

 
686

 
1,420

 
—

 
2,106

Selling, general and administrative expenses
—

 
(813
)
 
(1,182
)
 
—

 
(1,995
)
Gains on sale of real estate
—

 
24

 
41

 
—

 
65

Restructuring and other costs
—

 
(1
)
 
(32
)
 
—

 
(33
)
Settlement charges
—

 
(8
)
 
(14
)
 
—

 
(22
)
Operating income (loss)
—

 
(112
)
 
233

 
—

 
121

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
1

 
(76
)
 
1

 
—

 
(74
)
Intercompany
—

 
(34
)
 
34

 
—

 
—

Equity in earnings (loss) of subsidiaries
35

 
(61
)
 
—

 
26

 
—

Income (loss) before income taxes
36

 
(283
)
 
268

 
26

 
47

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

 
59

 
(72
)
 
—

 
(13
)
Net income (loss)
36

 
(224
)
 
196

 
26

 
34

Net loss attributable to noncontrolling interest
—

 
—

 
2

 
—

 
2

Net income (loss) attributable to
Macy's, Inc. shareholders
$
36

 
$
(224
)
 
$
198

 
$
26

 
$
36

Comprehensive income (loss)
$
61

 
$
(201
)
 
$
212

 
$
(13
)
 
$
59

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
2

 
—

 
2

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
61

 
$
(201
)
 
$
214

 
$
(13
)
 
$
61


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
)
 
(950
)
 
(1,161
)
 
—

 
(2,112
)
Gains on sale of real estate
—

 
41

 
—

 
—

 
41

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 39 weeks ended October 28, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
6,319

 
$
15,727

 
$
(5,875
)
 
$
16,171

Cost of sales
—

 
(4,126
)
 
(11,543
)
 
5,875

 
(9,794
)
Gross margin
—

 
2,193

 
4,184

 
—

 
6,377

Selling, general and administrative expenses
(1
)
 
(2,430
)
 
(3,422
)
 
—

 
(5,853
)
Gains on sale of real estate
—

 
116

 
60

 
—

 
176

Restructuring and other costs
—

 
(1
)
 
(32
)
 
—

 
(33
)
Settlement charges
—

 
(24
)
 
(49
)
 
—

 
(73
)
Operating income (loss)
(1
)
 
(146
)
 
741

 
—

 
594

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
4

 
(243
)
 
2

 
—

 
(237
)
Intercompany
—

 
(102
)
 
102

 
—

 
—

Net premiums on early retirement of debt
—

 
(1
)
 
—

 
—

 
(1
)
Equity in earnings (loss) of subsidiaries
220

 
(30
)
 
—

 
(190
)
 
—

Income (loss) before income taxes
223

 
(522
)
 
845

 
(190
)
 
356

Federal, state and local income
tax benefit (expense)
(1
)
 
142

 
(281
)
 
—

 
(140
)
Net income (loss)
222

 
(380
)
 
564

 
(190
)
 
216

Net loss attributable to noncontrolling interest
—

 
—

 
6

 
—

 
6

Net income (loss) attributable to
Macy's, Inc. shareholders
$
222

 
$
(380
)
 
$
570

 
$
(190
)
 
$
222

Comprehensive income (loss)
$
318

 
$
(290
)
 
$
627

 
$
(343
)
 
$
312

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
6

 
—

 
6

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
318

 
$
(290
)
 
$
633

 
$
(343
)
 
$
318














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
)
 
(2,803
)
 
(3,334
)
 
—

 
(6,139
)
Gains on sale of real estate
—

 
71

 
5

 
—

 
76

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