Condensed Consolidating Financial Information (Tables)
|
12 Months Ended |
Feb. 03, 2018 |
|---|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Condensed Consolidating Statement of Comprehensive Income |
MACY’S, INC.
Condensed Consolidating Statement of Comprehensive Income
For 2017
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
9,441 |
|
|
$ |
23,264 |
|
|
$ |
(7,868 |
) |
|
$ |
24,837 |
|
Cost of sales |
— |
|
|
(6,101 |
) |
|
(16,919 |
) |
|
7,868 |
|
|
(15,152 |
) |
Gross margin |
— |
|
|
3,340 |
|
|
6,345 |
|
|
— |
|
|
9,685 |
|
Selling, general and administrative expenses |
— |
|
|
(3,386 |
) |
|
(4,745 |
) |
|
— |
|
|
(8,131 |
) |
Gains on sale of real estate |
— |
|
|
201 |
|
|
343 |
|
|
— |
|
|
544 |
|
Restructuring, impairment, store closing and other costs |
— |
|
|
(40 |
) |
|
(146 |
) |
|
— |
|
|
(186 |
) |
Settlement charges |
— |
|
|
(35 |
) |
|
(70 |
) |
|
— |
|
|
(105 |
) |
Operating income |
— |
|
|
80 |
|
|
1,727 |
|
|
— |
|
|
1,807 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
— |
|
|
(313 |
) |
|
3 |
|
|
— |
|
|
(310 |
) |
Intercompany |
— |
|
|
(139 |
) |
|
139 |
|
|
— |
|
|
— |
|
Net premiums on early retirement of debt |
— |
|
|
10 |
|
|
— |
|
|
— |
|
|
10 |
|
Equity in earnings of subsidiaries |
1,555 |
|
|
767 |
|
|
— |
|
|
(2,322 |
) |
|
— |
|
Income before income taxes |
1,555 |
|
|
405 |
|
|
1,869 |
|
|
(2,322 |
) |
|
1,507 |
|
Federal, state and local income
tax benefit (expense) |
(8 |
) |
|
350 |
|
|
(313 |
) |
|
— |
|
|
29 |
|
Net income |
1,547 |
|
|
755 |
|
|
1,556 |
|
|
(2,322 |
) |
|
1,536 |
|
Net loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
11 |
|
|
— |
|
|
11 |
|
|
Net income attributable to
Macy's, Inc. shareholders
|
$ |
1,547 |
|
|
$ |
755 |
|
|
$ |
1,567 |
|
|
$ |
(2,322 |
) |
|
$ |
1,547 |
|
Comprehensive income |
$ |
1,719 |
|
|
$ |
915 |
|
|
$ |
1,668 |
|
|
$ |
(2,594 |
) |
|
$ |
1,708 |
|
|
Comprehensive loss attributable to
noncontrolling interest
|
— |
|
|
— |
|
|
11 |
|
|
— |
|
|
11 |
|
|
Comprehensive income attributable to
Macy's, Inc. shareholders
|
$ |
1,719 |
|
|
$ |
915 |
|
|
$ |
1,679 |
|
|
$ |
(2,594 |
) |
|
$ |
1,719 |
|
MACY’S, INC.
Condensed Consolidating Statement of Comprehensive Income
For 2016
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
10,677 |
|
|
$ |
23,436 |
|
|
$ |
(8,335 |
) |
|
$ |
25,778 |
|
Cost of sales |
— |
|
|
(6,787 |
) |
|
(17,169 |
) |
|
8,335 |
|
|
(15,621 |
) |
Gross margin |
— |
|
|
3,890 |
|
|
6,267 |
|
|
— |
|
|
10,157 |
|
Selling, general and administrative expenses |
(2 |
) |
|
(3,834 |
) |
|
(4,638 |
) |
|
— |
|
|
(8,474 |
) |
Gains on sale of real estate |
— |
|
|
95 |
|
|
114 |
|
|
— |
|
|
209 |
|
Impairment, store closing and other costs |
— |
|
|
(295 |
) |
|
(184 |
) |
|
— |
|
|
(479 |
) |
Settlement charges |
— |
|
|
(34 |
) |
|
(64 |
) |
|
— |
|
|
(98 |
) |
Operating income (loss) |
(2 |
) |
|
(178 |
) |
|
1,495 |
|
|
— |
|
|
1,315 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
2 |
|
|
(366 |
) |
|
1 |
|
|
— |
|
|
(363 |
) |
Intercompany |
— |
|
|
(200 |
) |
|
200 |
|
|
— |
|
|
— |
|
Equity in earnings of subsidiaries |
619 |
|
|
255 |
|
|
— |
|
|
(874 |
) |
|
— |
|
Income (loss) before income taxes |
619 |
|
|
(489 |
) |
|
1,696 |
|
|
(874 |
) |
|
952 |
|
Federal, state and local income
tax benefit (expense) |
— |
|
|
281 |
|
|
(622 |
) |
|
— |
|
|
(341 |
) |
Net income (loss) |
619 |
|
|
(208 |
) |
|
1,074 |
|
|
(874 |
) |
|
611 |
|
Net loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
8 |
|
|
— |
|
|
8 |
|
Net income (loss) attributable to
Macy's, Inc. shareholders |
$ |
619 |
|
|
$ |
(208 |
) |
|
$ |
1,082 |
|
|
$ |
(874 |
) |
|
$ |
619 |
|
Comprehensive income (loss) |
$ |
766 |
|
|
$ |
(61 |
) |
|
$ |
1,153 |
|
|
$ |
(1,100 |
) |
|
$ |
758 |
|
Comprehensive loss attributable to
noncontrolling interest |
— |
|
|
— |
|
|
8 |
|
|
— |
|
|
8 |
|
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$ |
766 |
|
|
$ |
(61 |
) |
|
$ |
1,161 |
|
|
$ |
(1,100 |
) |
|
$ |
766 |
|
MACY’S, INC.
Condensed Consolidating Statement of Comprehensive Income
For 2015
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
11,959 |
|
|
$ |
24,037 |
|
|
$ |
(8,917 |
) |
|
$ |
27,079 |
|
Cost of sales |
— |
|
|
(7,670 |
) |
|
(17,743 |
) |
|
8,917 |
|
|
(16,496 |
) |
Gross margin |
— |
|
|
4,289 |
|
|
6,294 |
|
|
— |
|
|
10,583 |
|
Selling, general and administrative expenses |
(2 |
) |
|
(4,090 |
) |
|
(4,376 |
) |
|
— |
|
|
(8,468 |
) |
Gains on sale of real estate |
— |
|
|
110 |
|
|
102 |
|
|
— |
|
|
212 |
|
Impairment, store closing and other costs |
— |
|
|
(170 |
) |
|
(118 |
) |
|
— |
|
|
(288 |
) |
Operating income (loss) |
(2 |
) |
|
139 |
|
|
1,902 |
|
|
— |
|
|
2,039 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
1 |
|
|
(361 |
) |
|
(1 |
) |
|
— |
|
|
(361 |
) |
Intercompany |
— |
|
|
(230 |
) |
|
230 |
|
|
— |
|
|
— |
|
Equity in earnings of subsidiaries |
1,072 |
|
|
421 |
|
|
— |
|
|
(1,493 |
) |
|
— |
|
Income (loss) before income taxes |
1,071 |
|
|
(31 |
) |
|
2,131 |
|
|
(1,493 |
) |
|
1,678 |
|
Federal, state and local income
tax benefit (expense) |
1 |
|
|
120 |
|
|
(729 |
) |
|
— |
|
|
(608 |
) |
Net income |
1,072 |
|
|
89 |
|
|
1,402 |
|
|
(1,493 |
) |
|
1,070 |
|
Net loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Net income attributable to
Macy's, Inc. shareholders |
$ |
1,072 |
|
|
$ |
89 |
|
|
$ |
1,404 |
|
|
$ |
(1,493 |
) |
|
$ |
1,072 |
|
Comprehensive income |
$ |
1,101 |
|
|
$ |
118 |
|
|
$ |
1,415 |
|
|
$ |
(1,535 |
) |
|
$ |
1,099 |
|
Comprehensive loss attributable to
noncontrolling interest |
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Comprehensive income attributable to
Macy's, Inc. shareholders |
$ |
1,101 |
|
|
$ |
118 |
|
|
$ |
1,417 |
|
|
$ |
(1,535 |
) |
|
$ |
1,101 |
|
|
| Condensed Consolidating Balance Sheet |
MACY’S, INC.
Condensed Consolidating Balance Sheet
As of February 3, 2018
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
ASSETS: |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,109 |
|
|
$ |
58 |
|
|
$ |
288 |
|
|
$ |
— |
|
|
$ |
1,455 |
|
Receivables |
— |
|
|
85 |
|
|
278 |
|
|
— |
|
|
363 |
|
Merchandise inventories |
— |
|
|
2,344 |
|
|
2,834 |
|
|
— |
|
|
5,178 |
|
Prepaid expenses and other current assets |
— |
|
|
103 |
|
|
345 |
|
|
— |
|
|
448 |
|
Total Current Assets |
1,109 |
|
|
2,590 |
|
|
3,745 |
|
|
— |
|
|
7,444 |
|
Property and Equipment – net |
— |
|
|
3,349 |
|
|
3,323 |
|
|
— |
|
|
6,672 |
|
Goodwill |
— |
|
|
3,315 |
|
|
582 |
|
|
— |
|
|
3,897 |
|
Other Intangible Assets – net |
— |
|
|
44 |
|
|
444 |
|
|
— |
|
|
488 |
|
Other Assets |
1 |
|
|
89 |
|
|
790 |
|
|
— |
|
|
880 |
|
Deferred Income Taxes |
11 |
|
|
— |
|
|
— |
|
|
(11 |
) |
|
— |
|
Intercompany Receivable |
884 |
|
|
— |
|
|
2,382 |
|
|
(3,266 |
) |
|
— |
|
Investment in Subsidiaries |
3,960 |
|
|
4,061 |
|
|
— |
|
|
(8,021 |
) |
|
— |
|
Total Assets |
$ |
5,965 |
|
|
$ |
13,448 |
|
|
$ |
11,266 |
|
|
$ |
(11,298 |
) |
|
$ |
19,381 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
6 |
|
|
$ |
16 |
|
|
$ |
— |
|
|
$ |
22 |
|
Merchandise accounts payable |
— |
|
|
653 |
|
|
937 |
|
|
— |
|
|
1,590 |
|
Accounts payable and accrued liabilities |
159 |
|
|
948 |
|
|
2,060 |
|
|
— |
|
|
3,167 |
|
Income taxes |
113 |
|
|
30 |
|
|
153 |
|
|
— |
|
|
296 |
|
Total Current Liabilities |
272 |
|
|
1,637 |
|
|
3,166 |
|
|
— |
|
|
5,075 |
|
Long-Term Debt |
— |
|
|
5,844 |
|
|
17 |
|
|
— |
|
|
5,861 |
|
Intercompany Payable |
— |
|
|
3,266 |
|
|
— |
|
|
(3,266 |
) |
|
— |
|
Deferred Income Taxes |
— |
|
|
541 |
|
|
592 |
|
|
(11 |
) |
|
1,122 |
|
Other Liabilities |
20 |
|
|
430 |
|
|
1,212 |
|
|
— |
|
|
1,662 |
|
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
Macy's, Inc. |
5,673 |
|
|
1,730 |
|
|
6,291 |
|
|
(8,021 |
) |
|
5,673 |
|
Noncontrolling Interest |
— |
|
|
— |
|
|
(12 |
) |
|
— |
|
|
(12 |
) |
Total Shareholders’ Equity |
5,673 |
|
|
1,730 |
|
|
6,279 |
|
|
(8,021 |
) |
|
5,661 |
|
Total Liabilities and Shareholders’ Equity |
$ |
5,965 |
|
|
$ |
13,448 |
|
|
$ |
11,266 |
|
|
$ |
(11,298 |
) |
|
$ |
19,381 |
|
MACY’S, INC.
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 |
|
Income taxes |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total Current Assets |
938 |
|
|
2,899 |
|
|
3,789 |
|
|
— |
|
|
7,626 |
|
Property and Equipment – net |
— |
|
|
3,583 |
|
|
3,434 |
|
|
— |
|
|
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 |
|
|
— |
|
|
2,614 |
|
|
(2,989 |
) |
|
— |
|
Investment in Subsidiaries |
3,137 |
|
|
3,540 |
|
|
— |
|
|
(6,677 |
) |
|
— |
|
Total Assets |
$ |
4,476 |
|
|
$ |
13,435 |
|
|
$ |
11,632 |
|
|
$ |
(9,692 |
) |
|
$ |
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 |
— |
|
|
2,989 |
|
|
— |
|
|
(2,989 |
) |
|
— |
|
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 |
|
|
$ |
13,435 |
|
|
$ |
11,632 |
|
|
$ |
(9,692 |
) |
|
$ |
19,851 |
|
|
| Condensed Consolidating Statement of Cash Flows |
MACY’S, INC.
Condensed Consolidating Statement of Cash Flows
For 2017
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
1,547 |
|
|
$ |
755 |
|
|
$ |
1,556 |
|
|
$ |
(2,322 |
) |
|
$ |
1,536 |
|
Restructuring, impairment, store closing and other costs |
— |
|
|
40 |
|
|
146 |
|
|
— |
|
|
186 |
|
Settlement charges |
— |
|
|
35 |
|
|
70 |
|
|
— |
|
|
105 |
|
Gains on sale of real estate |
— |
|
|
(201 |
) |
|
(343 |
) |
|
— |
|
|
(544 |
) |
Equity in earnings of subsidiaries |
(1,555 |
) |
|
(767 |
) |
|
— |
|
|
2,322 |
|
|
— |
|
Dividends received from subsidiaries |
903 |
|
|
450 |
|
|
— |
|
|
(1,353 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
354 |
|
|
637 |
|
|
— |
|
|
991 |
|
(Increase) decrease in working capital |
40 |
|
|
344 |
|
|
(188 |
) |
|
— |
|
|
196 |
|
Other, net |
(26 |
) |
|
(261 |
) |
|
(239 |
) |
|
— |
|
|
(526 |
) |
Net cash provided by
operating activities |
909 |
|
|
749 |
|
|
1,639 |
|
|
(1,353 |
) |
|
1,944 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and capitalized software, net |
— |
|
|
(118 |
) |
|
(231 |
) |
|
— |
|
|
(349 |
) |
Other, net |
— |
|
|
(15 |
) |
|
(9 |
) |
|
— |
|
|
(24 |
) |
Net cash used by investing activities |
— |
|
|
(133 |
) |
|
(240 |
) |
|
— |
|
|
(373 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt repaid |
— |
|
|
(953 |
) |
|
(1 |
) |
|
— |
|
|
(954 |
) |
Dividends paid |
(461 |
) |
|
— |
|
|
(1,353 |
) |
|
1,353 |
|
|
(461 |
) |
Issuance of common stock, net of common stock acquired |
5 |
|
|
— |
|
|
— |
|
|
— |
|
|
5 |
|
Proceeds from noncontrolling interest |
— |
|
|
— |
|
|
13 |
|
|
— |
|
|
13 |
|
Intercompany activity, net |
(427 |
) |
|
412 |
|
|
15 |
|
|
— |
|
|
— |
|
Other, net |
145 |
|
|
(98 |
) |
|
(63 |
) |
|
— |
|
|
(16 |
) |
Net cash used by
financing activities |
(738 |
) |
|
(639 |
) |
|
(1,389 |
) |
|
1,353 |
|
|
(1,413 |
) |
Net increase (decrease) in cash
and cash equivalents |
171 |
|
|
(23 |
) |
|
10 |
|
|
— |
|
|
158 |
|
Cash and cash equivalents at
beginning of period |
938 |
|
|
81 |
|
|
278 |
|
|
— |
|
|
1,297 |
|
Cash and cash equivalents at
end of period |
$ |
1,109 |
|
|
$ |
58 |
|
|
$ |
288 |
|
|
$ |
— |
|
|
$ |
1,455 |
|
MACY’S, INC.
Condensed Consolidating Statement of Cash Flows
For 2016
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
619 |
|
|
$ |
(208 |
) |
|
$ |
1,074 |
|
|
$ |
(874 |
) |
|
$ |
611 |
|
Impairments, store closing and other costs |
— |
|
|
295 |
|
|
184 |
|
|
— |
|
|
479 |
|
Settlement charges |
— |
|
|
34 |
|
|
64 |
|
|
— |
|
|
98 |
|
Gains on sale of real estate |
— |
|
|
(95 |
) |
|
(114 |
) |
|
— |
|
|
(209 |
) |
Equity in earnings of subsidiaries |
(619 |
) |
|
(255 |
) |
|
— |
|
|
874 |
|
|
— |
|
Dividends received from subsidiaries |
957 |
|
|
575 |
|
|
— |
|
|
(1,532 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
407 |
|
|
651 |
|
|
— |
|
|
1,058 |
|
(Increase) decrease in working capital |
110 |
|
|
(373 |
) |
|
227 |
|
|
— |
|
|
(36 |
) |
Other, net |
28 |
|
|
37 |
|
|
(265 |
) |
|
— |
|
|
(200 |
) |
Net cash provided by
operating activities |
1,095 |
|
|
417 |
|
|
1,821 |
|
|
(1,532 |
) |
|
1,801 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Disposition (purchase) of property and equipment and capitalized software, net |
— |
|
|
13 |
|
|
(252 |
) |
|
— |
|
|
(239 |
) |
Other, net |
— |
|
|
32 |
|
|
20 |
|
|
— |
|
|
52 |
|
Net cash provided (used) by
investing activities |
— |
|
|
45 |
|
|
(232 |
) |
|
— |
|
|
(187 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt repaid |
— |
|
|
(750 |
) |
|
(1 |
) |
|
— |
|
|
(751 |
) |
Dividends paid |
(459 |
) |
|
— |
|
|
(1,532 |
) |
|
1,532 |
|
|
(459 |
) |
Common stock acquired, net of
issuance of common stock |
(280 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(280 |
) |
Proceeds from noncontrolling interest |
— |
|
|
— |
|
|
6 |
|
|
— |
|
|
6 |
|
Intercompany activity, net |
(144 |
) |
|
254 |
|
|
(110 |
) |
|
— |
|
|
— |
|
Other, net |
(15 |
) |
|
24 |
|
|
49 |
|
|
— |
|
|
58 |
|
Net cash used by financing activities |
(898 |
) |
|
(472 |
) |
|
(1,588 |
) |
|
1,532 |
|
|
(1,426 |
) |
Net increase (decrease) in
cash and cash equivalents |
197 |
|
|
(10 |
) |
|
1 |
|
|
— |
|
|
188 |
|
Cash and cash equivalents at
beginning of period |
741 |
|
|
91 |
|
|
277 |
|
|
— |
|
|
1,109 |
|
Cash and cash equivalents at
end of period |
$ |
938 |
|
|
$ |
81 |
|
|
$ |
278 |
|
|
$ |
— |
|
|
$ |
1,297 |
|
MACY’S, INC.
Condensed Consolidating Statement of Cash Flows
For 2015
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
1,072 |
|
|
$ |
89 |
|
|
$ |
1,402 |
|
|
$ |
(1,493 |
) |
|
$ |
1,070 |
|
Impairments, store closing and other costs |
— |
|
|
170 |
|
|
118 |
|
|
— |
|
|
288 |
|
Gains on sale of real estate |
— |
|
|
(110 |
) |
|
(102 |
) |
|
— |
|
|
(212 |
) |
Equity in earnings of subsidiaries |
(1,072 |
) |
|
(421 |
) |
|
— |
|
|
1,493 |
|
|
— |
|
Dividends received from subsidiaries |
1,086 |
|
|
— |
|
|
— |
|
|
(1,086 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
440 |
|
|
621 |
|
|
— |
|
|
1,061 |
|
(Increase) decrease in working capital |
25 |
|
|
(211 |
) |
|
50 |
|
|
— |
|
|
(136 |
) |
Other, net |
(8 |
) |
|
(97 |
) |
|
18 |
|
|
— |
|
|
(87 |
) |
Net cash provided (used) by
operating activities |
1,103 |
|
|
(140 |
) |
|
2,107 |
|
|
(1,086 |
) |
|
1,984 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and capitalized software, net |
— |
|
|
(180 |
) |
|
(729 |
) |
|
— |
|
|
(909 |
) |
Other, net |
— |
|
|
83 |
|
|
(266 |
) |
|
— |
|
|
(183 |
) |
Net cash used by
investing activities |
— |
|
|
(97 |
) |
|
(995 |
) |
|
— |
|
|
(1,092 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt issued, net of debt repaid |
— |
|
|
348 |
|
|
(1 |
) |
|
— |
|
|
347 |
|
Dividends paid |
(456 |
) |
|
— |
|
|
(1,086 |
) |
|
1,086 |
|
|
(456 |
) |
Common stock acquired, net of
issuance of common stock |
(1,838 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,838 |
) |
Proceeds from noncontrolling interest |
— |
|
|
— |
|
|
5 |
|
|
— |
|
|
5 |
|
Intercompany activity, net |
12 |
|
|
(151 |
) |
|
139 |
|
|
— |
|
|
— |
|
Other, net |
12 |
|
|
37 |
|
|
(136 |
) |
|
— |
|
|
(87 |
) |
Net cash provided (used) by
financing activities |
(2,270 |
) |
|
234 |
|
|
(1,079 |
) |
|
1,086 |
|
|
(2,029 |
) |
Net increase (decrease) in cash
and cash equivalents |
(1,167 |
) |
|
(3 |
) |
|
33 |
|
|
— |
|
|
(1,137 |
) |
Cash and cash equivalents at
beginning of period |
1,908 |
|
|
94 |
|
|
244 |
|
|
— |
|
|
2,246 |
|
Cash and cash equivalents at
end of period |
$ |
741 |
|
|
$ |
91 |
|
|
$ |
277 |
|
|
$ |
— |
|
|
$ |
1,109 |
|
|