Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.10.0.1
Condensed Consolidating Financial Information (Tables)
 9 Months Ended
Nov. 03, 2018
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Balance Sheet [Table Text Block]
Condensed Consolidating Balance Sheet
As of November 3, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
426

 
$
74

 
$
236

 
$
—

 
$
736

Receivables
1

 
25

 
154

 
—

 
180

Merchandise inventories
—

 
3,112

 
4,035

 
—

 
7,147

Income tax receivable
81

 
—

 
—

 
(71
)
 
10

Prepaid expenses and other current assets
—

 
139

 
455

 
—

 
594

Total Current Assets
508

 
3,350

 
4,880

 
(71
)
 
8,667

Property and Equipment – net
—

 
3,244

 
3,328

 
—

 
6,572

Goodwill
—

 
3,326

 
582

 
—

 
3,908

Other Intangible Assets – net
—

 
40

 
441

 
—

 
481

Other Assets
—

 
39

 
694

 
—

 
733

Deferred Income Taxes
11

 
—

 
—

 
(11
)
 
—

Intercompany Receivable
1,725

 
—

 
882

 
(2,607
)
 
—

Investment in Subsidiaries
3,639

 
3,028

 
—

 
(6,667
)
 
—

Total Assets
$
5,883

 
$
13,027

 
$
10,807

 
$
(9,356
)
 
$
20,361

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

 
$
42

 
$
23

 
$
—

 
$
65

Merchandise accounts payable
—

 
1,515

 
1,866

 
—

 
3,381

Accounts payable and accrued liabilities
192

 
874

 
1,932

 
—

 
2,998

Income taxes
—

 
40

 
31

 
(71
)
 
—

Total Current Liabilities
192

 
2,471

 
3,852

 
(71
)
 
6,444

Long-Term Debt
—

 
5,453

 
16

 
—

 
5,469

Intercompany Payable
—

 
2,607

 
—

 
(2,607
)
 
—

Deferred Income Taxes
—

 
619

 
577

 
(11
)
 
1,185

Other Liabilities
24

 
431

 
1,163

 
—

 
1,618

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
5,667

 
1,446

 
5,221

 
(6,667
)
 
5,667

Noncontrolling Interest
—

 
—

 
(22
)
 
—

 
(22
)
Total Shareholders' Equity
5,667

 
1,446

 
5,199

 
(6,667
)
 
5,645

Total Liabilities and Shareholders' Equity
$
5,883

 
$
13,027

 
$
10,807

 
$
(9,356
)
 
$
20,361








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
—

 
141

 
469

 
—

 
610

Total Current Assets
116

 
3,517

 
4,797

 
(2
)
 
8,428

Property and Equipment – net
—

 
3,370

 
3,372

 
—

 
6,742

Goodwill
—

 
3,315

 
582

 
—

 
3,897

Other Intangible Assets – net
—

 
46

 
445

 
—

 
491

Other Assets
1

 
62

 
772

 
—

 
835

Deferred Income Taxes
27

 
—

 
—

 
(27
)
 
—

Intercompany Receivable
1,436

 
—

 
2,161

 
(3,597
)
 
—

Investment in Subsidiaries
2,932

 
3,700

 
—

 
(6,632
)
 
—

Total Assets
$
4,512

 
$
14,010

 
$
12,129

 
$
(10,258
)
 
$
20,393

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

 
1,008

 
2,110

 
—

 
3,257

Income taxes
20

 
—

 
16

 
(2
)
 
34

Total Current Liabilities
159

 
2,353

 
3,976

 
(2
)
 
6,486

Long-Term Debt
—

 
6,280

 
17

 
—

 
6,297

Intercompany Payable
—

 
3,597

 
—

 
(3,597
)
 
—

Deferred Income Taxes
—

 
731

 
882

 
(27
)
 
1,586

Other Liabilities
71

 
476

 
1,203

 
—

 
1,750

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
4,282

 
573

 
6,059

 
(6,632
)
 
4,282

Noncontrolling Interest
—

 
—

 
(8
)
 
—

 
(8
)
Total Shareholders' Equity
4,282

 
573

 
6,051

 
(6,632
)
 
4,274

Total Liabilities and Shareholders' Equity
$
4,512

 
$
14,010

 
$
12,129

 
$
(10,258
)
 
$
20,393







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
—

 
165

 
485

 
—

 
650

Total Current Assets
1,109

 
2,652

 
3,885

 
—

 
7,646

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

 
—

 
2,388

 
(3,272
)
 
—

Investment in Subsidiaries
4,032

 
4,126

 
—

 
(8,158
)
 
—

Total Assets
$
6,037

 
$
13,575

 
$
11,412

 
$
(11,441
)
 
$
19,583

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

 
980

 
2,132

 
—

 
3,271

Income taxes
113

 
30

 
153

 
—

 
296

Total Current Liabilities
272

 
1,669

 
3,238

 
—

 
5,179

Long-Term Debt
—

 
5,844

 
17

 
—

 
5,861

Intercompany Payable
—

 
3,272

 
—

 
(3,272
)
 
—

Deferred Income Taxes
—

 
559

 
600

 
(11
)
 
1,148

Other Liabilities
20

 
430

 
1,212

 
—

 
1,662

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
5,745

 
1,801

 
6,357

 
(8,158
)
 
5,745

Noncontrolling Interest
—

 
—

 
(12
)
 
—

 
(12
)
Total Shareholders' Equity
5,745

 
1,801

 
6,345

 
(8,158
)
 
5,733

Total Liabilities and Shareholders' Equity
$
6,037

 
$
13,575

 
$
11,412

 
$
(11,441
)
 
$
19,583

Condensed Consolidating Statement of Cash Flows [Table Text Block]

Condensed Consolidating Statement of Cash Flows
For the 39 Weeks Ended November 3, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
368

 
$
(289
)
 
$
692

 
$
(413
)
 
$
358

Equity in earnings of subsidiaries
(362
)
 
(51
)
 
—

 
413

 
—

Impairment, restructuring and other costs
—

 
—

 
39

 
—

 
39

Settlement charges
5

 
24

 
44

 
—

 
73

Dividends received from subsidiaries
689

 
—

 
—

 
(689
)
 
—

Depreciation and amortization
—

 
250

 
468

 
—

 
718

Gains on sale of real estate
—

 
(83
)
 
(28
)
 
—

 
(111
)
Changes in assets, liabilities and other items not separately identified
(191
)
 
115

 
(571
)
 
(1
)
 
(648
)
Net cash provided (used) by operating activities
509

 
(34
)
 
644

 
(690
)
 
429

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

 
(98
)
 
(458
)
 
—

 
(556
)
Other, net
—

 
(15
)
 
(29
)
 
51

 
7

Net cash used by investing activities
—

 
(113
)
 
(487
)
 
51

 
(549
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid
—

 
(310
)
 
(1
)
 
(50
)
 
(361
)
Dividends paid
(347
)
 
—

 
(689
)
 
689

 
(347
)
Issuance of common stock
41

 
—

 
—

 
—

 
41

Proceeds from noncontrolling interest
—

 
—

 
7

 
—

 
7

Intercompany activity, net
(803
)
 
378

 
425

 
—

 
—

Other, net
(83
)
 
74

 
53

 
—

 
44

Net cash provided (used) by financing activities
(1,192
)
 
142

 
(205
)
 
639

 
(616
)
Net decrease in cash, cash equivalents and restricted cash
(683
)
 
(5
)
 
(48
)
 
—

 
(736
)
Cash, cash equivalents and restricted cash at beginning of period
1,109

 
79

 
325

 
—

 
1,513

Cash, cash equivalents and restricted cash at end of period
$
426

 
$
74

 
$
277

 
$
—

 
$
777









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)
$
219

 
$
(385
)
 
$
569

 
$
(191
)
 
$
212

Equity in loss (earnings) of subsidiaries
(217
)
 
26

 
—

 
191

 
—

Restructuring and other costs
—

 
1

 
32

 
—

 
33

Settlement charges
—

 
24

 
49

 
—

 
73

Dividends received from subsidiaries
571

 
—

 
—

 
(571
)
 
—

Depreciation and amortization
—

 
265

 
476

 
—

 
741

Gains on sale of real estate
—

 
(116
)
 
(60
)
 
—

 
(176
)
Changes in assets, liabilities and other items not separately identified
(44
)
 
167

 
(607
)
 
—

 
(484
)
Net cash provided (used) by operating activities
529

 
(18
)
 
459

 
(571
)
 
399

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

 
30

 
(368
)
 
—

 
(338
)
Other, net
—

 
2

 
7

 
—

 
9

Net cash provided (used) by investing activities
—

 
32

 
(361
)
 
—

 
(329
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid
—

 
(563
)
 
(1
)
 
—

 
(564
)
Dividends paid
(346
)
 
—

 
(571
)
 
571

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

 
—

 
—

 
—

 
2

Proceeds from noncontrolling interest
—

 
—

 
12

 
—

 
12

Intercompany activity, net
(1,016
)
 
589

 
427

 
—

 
—

Other, net
9

 
(32
)
 
103

 
—

 
80

Net cash used by financing activities
(1,351
)
 
(6
)
 
(30
)
 
571

 
(816
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(822
)
 
8

 
68

 
—

 
(746
)
Cash, cash equivalents and restricted cash at beginning of period
938

 
81

 
315

 
—

 
1,334

Cash, cash equivalents and restricted cash at end of period
$
116

 
$
89

 
$
383

 
$
—

 
$
588

Condensed Consolidating Statement of Comprehensive Income [Table Text Block]
Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended November 3, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
2,030

 
$
6,185

 
$
(2,811
)
 
$
5,404

Credit card revenues, net
—

 
—

 
185

 
—

 
185

 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
(1,266
)
 
(4,771
)
 
2,811

 
(3,226
)
Selling, general and administrative expenses
—

 
(883
)
 
(1,372
)
 
—

 
(2,255
)
Gains on sale of real estate
—

 
41

 
1

 
—

 
42

Restructuring and other costs
—

 
—

 
(3
)
 
—

 
(3
)
Operating income (loss)
—

 
(78
)
 
225

 
—

 
147

Benefit plan income, net
—

 
3

 
6

 
—

 
9

Settlement charges
—

 
(8
)
 
(15
)
 
—

 
(23
)
Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
4

 
(64
)
 
1

 
—

 
(59
)
Intercompany
—

 
(18
)
 
18

 
—

 
—

Equity in earnings (loss) of subsidiaries
59

 
(58
)
 
—

 
(1
)
 
—

Income (loss) before income taxes
63

 
(223
)
 
235

 
(1
)
 
74

Federal, state and local income
tax benefit (expense)
(1
)
 
57

 
(68
)
 
—

 
(12
)
Net income (loss)
62

 
(166
)
 
167

 
(1
)
 
62

Net loss attributable to noncontrolling interest
—

 
—

 
—

 
—

 
—

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

 
$
(166
)
 
$
167

 
$
(1
)
 
$
62

Comprehensive income (loss)
$
(37
)
 
$
(257
)
 
$
106

 
$
151

 
$
(37
)
Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
—

 
—

 
—

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
(37
)
 
$
(257
)
 
$
106

 
$
151

 
$
(37
)

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
$
—

 
$
2,073

 
$
5,865

 
$
(2,657
)
 
$
5,281

Credit card revenues, net
—

 
—

 
145

 
—

 
145

 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
(1,382
)
 
(4,427
)
 
2,657

 
(3,152
)
Selling, general and administrative expenses
—

 
(834
)
 
(1,354
)
 
—

 
(2,188
)
Gains on sale of real estate
—

 
24

 
41

 
—

 
65

Restructuring and other costs
—

 
(1
)
 
(32
)
 
—

 
(33
)
Operating income (loss)
—

 
(120
)
 
238

 
—

 
118

Benefit plan income, net
—

 
6

 
9

 
—

 
15

Settlement charges
—

 
(8
)
 
(14
)
 
—

 
(22
)
Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
1

 
(76
)
 
1

 
—

 
(74
)
Intercompany
—

 
(34
)
 
34

 
—

 
—

Equity in earnings (loss) of subsidiaries
29

 
(57
)
 
—

 
28

 
—

Income (loss) before income taxes
30

 
(289
)
 
268

 
28

 
37

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

 
59

 
(69
)
 
—

 
(10
)
Net income (loss)
30

 
(230
)
 
199

 
28

 
27

Net loss attributable to noncontrolling interest
—

 
—

 
3

 
—

 
3

Net income (loss) attributable to
Macy's, Inc. shareholders
$
30

 
$
(230
)
 
$
202

 
$
28

 
$
30

Comprehensive income (loss)
$
55

 
$
(207
)
 
$
215

 
$
(11
)
 
$
52

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
3

 
—

 
3

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
55

 
$
(207
)
 
$
218

 
$
(11
)
 
$
55














Condensed Consolidating Statement of Comprehensive Income
For the 39 Weeks Ended November 3, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
6,110

 
$
16,462

 
$
(6,056
)
 
$
16,516

Credit card revenues (expense), net
—

 
(3
)
 
531

 
—

 
528

 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
(3,857
)
 
(12,126
)
 
6,056

 
(9,927
)
Selling, general and administrative expenses
—

 
(2,522
)
 
(3,979
)
 
—

 
(6,501
)
Gains on sale of real estate
—

 
83

 
28

 
—

 
111

Impairment, restructuring and other costs
—

 
—

 
(39
)
 
—

 
(39
)
Operating income (loss)
—

 
(189
)
 
877

 
—

 
688

Benefit plan income, net
—

 
12

 
19

 
—

 
31

Settlement charges
(5
)
 
(24
)
 
(44
)
 
—

 
(73
)
Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
13

 
(203
)
 
3

 
—

 
(187
)
Intercompany
—

 
(54
)
 
54

 
—

 
—

Losses on early retirement of debt
—

 
(5
)
 
—

 
—

 
(5
)
Equity in earnings of subsidiaries
362

 
51

 
—

 
(413
)
 
—

Income (loss) before income taxes
370

 
(412
)
 
909

 
(413
)
 
454

Federal, state and local income
tax benefit (expense)
(2
)
 
123

 
(217
)
 
—

 
(96
)
Net income (loss)
368

 
(289
)
 
692

 
(413
)
 
358

Net loss attributable to noncontrolling interest
—

 
—

 
10

 
—

 
10

Net income (loss) attributable to
Macy's, Inc. shareholders
$
368

 
$
(289
)
 
$
702

 
$
(413
)
 
$
368

Comprehensive income (loss)
$
296

 
$
(357
)
 
$
646

 
$
(299
)
 
$
286

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
10

 
—

 
10

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
296

 
$
(357
)
 
$
656

 
$
(299
)
 
$
296












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
$
—

 
$
6,358

 
$
15,784

 
$
(5,875
)
 
$
16,267

Credit card revenues (expense), net
—

 
(2
)
 
475

 
—

 
473

 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
(4,160
)
 
(11,573
)
 
5,875

 
(9,858
)
Selling, general and administrative expenses
(1
)
 
(2,458
)
 
(3,947
)
 
—

 
(6,406
)
Gains on sale of real estate
—

 
116

 
60

 
—

 
176

Restructuring and other costs
—

 
(1
)
 
(32
)
 
—

 
(33
)
Operating income (loss)
(1
)
 
(147
)
 
767

 
—

 
619

Benefit plan income, net
—

 
16

 
26

 
—

 
42

Settlement charges
—

 
(24
)
 
(49
)
 
—

 
(73
)
Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
4

 
(243
)
 
2

 
—

 
(237
)
Intercompany
—

 
(102
)
 
102

 
—

 
—

Losses on early retirement of debt
—

 
(1
)
 
—

 
—

 
(1
)
Equity in earnings (loss) of subsidiaries
217

 
(26
)
 
—

 
(191
)
 
—

Income (loss) before income taxes
220

 
(527
)
 
848

 
(191
)
 
350

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

 
(279
)
 
—

 
(138
)
Net income (loss)
219

 
(385
)
 
569

 
(191
)
 
212

Net loss attributable to noncontrolling interest
—

 
—

 
7

 
—

 
7

Net income (loss) attributable to
Macy's, Inc. shareholders
$
219

 
$
(385
)
 
$
576

 
$
(191
)
 
$
219

Comprehensive income (loss)
$
315

 
$
(295
)
 
$
632

 
$
(344
)
 
$
308

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
7

 
—

 
7

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
315

 
$
(295
)
 
$
639

 
$
(344
)
 
$
315