Condensed Consolidating Financial Information (Tables)
|
12 Months Ended |
Feb. 02, 2019 |
|---|
| Condensed Financial Information Disclosure [Abstract] |
|
| Condensed Consolidating Statement of Comprehensive Income |
MACY’S, INC.
Condensed Consolidating Statement of Comprehensive Income
For 2018
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
9,051 |
|
|
$ |
23,720 |
|
|
$ |
(7,800 |
) |
|
$ |
24,971 |
|
Credit card revenues (expense), net |
— |
|
|
(3 |
) |
|
771 |
|
|
— |
|
|
768 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
— |
|
|
(5,786 |
) |
|
(17,229 |
) |
|
7,800 |
|
|
(15,215 |
) |
Selling, general and administrative expenses |
— |
|
|
(3,509 |
) |
|
(5,530 |
) |
|
— |
|
|
(9,039 |
) |
Gains on sale of real estate |
— |
|
|
141 |
|
|
248 |
|
|
— |
|
|
389 |
|
Restructuring, impairment, store closing and other costs |
— |
|
|
(33 |
) |
|
(103 |
) |
|
— |
|
|
(136 |
) |
Operating income (loss) |
— |
|
|
(139 |
) |
|
1,877 |
|
|
— |
|
|
1,738 |
|
Benefit plan income, net |
— |
|
|
15 |
|
|
24 |
|
|
— |
|
|
39 |
|
Settlement charges |
(5 |
) |
|
(30 |
) |
|
(53 |
) |
|
— |
|
|
(88 |
) |
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
20 |
|
|
(260 |
) |
|
4 |
|
|
— |
|
|
(236 |
) |
Intercompany |
— |
|
|
(72 |
) |
|
72 |
|
|
— |
|
|
— |
|
Losses on early retirement of debt |
— |
|
|
(33 |
) |
|
— |
|
|
— |
|
|
(33 |
) |
Equity in earnings of subsidiaries |
1,104 |
|
|
345 |
|
|
— |
|
|
(1,449 |
) |
|
— |
|
Income (loss) before income taxes |
1,119 |
|
|
(174 |
) |
|
1,924 |
|
|
(1,449 |
) |
|
1,420 |
|
Federal, state and local income
tax benefit (expense) |
(11 |
) |
|
219 |
|
|
(530 |
) |
|
— |
|
|
(322 |
) |
Net income |
1,108 |
|
|
45 |
|
|
1,394 |
|
|
(1,449 |
) |
|
1,098 |
|
Net loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
10 |
|
|
Net income attributable to
Macy's, Inc. shareholders
|
$ |
1,108 |
|
|
$ |
45 |
|
|
$ |
1,404 |
|
|
$ |
(1,449 |
) |
|
$ |
1,108 |
|
Comprehensive income (loss) |
$ |
1,045 |
|
|
$ |
(15 |
) |
|
$ |
1,353 |
|
|
$ |
(1,348 |
) |
|
$ |
1,035 |
|
|
Comprehensive loss attributable to
noncontrolling interest
|
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
10 |
|
|
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
|
$ |
1,045 |
|
|
$ |
(15 |
) |
|
$ |
1,363 |
|
|
$ |
(1,348 |
) |
|
$ |
1,045 |
|
MACY’S, INC.
Condensed Consolidating Statement of Comprehensive Income
For 2017
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
9,490 |
|
|
$ |
23,317 |
|
|
$ |
(7,868 |
) |
|
$ |
24,939 |
|
Credit card revenues (expense), net |
— |
|
|
(2 |
) |
|
704 |
|
|
— |
|
|
702 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
— |
|
|
(6,122 |
) |
|
(16,927 |
) |
|
7,868 |
|
|
(15,181 |
) |
Selling, general and administrative expenses |
— |
|
|
(3,426 |
) |
|
(5,528 |
) |
|
— |
|
|
(8,954 |
) |
Gains on sale of real estate |
— |
|
|
201 |
|
|
343 |
|
|
— |
|
|
544 |
|
Restructuring, impairment, store closing and other costs |
— |
|
|
(40 |
) |
|
(146 |
) |
|
— |
|
|
(186 |
) |
Operating income |
— |
|
|
101 |
|
|
1,763 |
|
|
— |
|
|
1,864 |
|
Benefit plan income, net |
— |
|
|
22 |
|
|
35 |
|
|
— |
|
|
57 |
|
Settlement charges |
— |
|
|
(35 |
) |
|
(70 |
) |
|
— |
|
|
(105 |
) |
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
— |
|
|
(313 |
) |
|
3 |
|
|
— |
|
|
(310 |
) |
Intercompany |
— |
|
|
(139 |
) |
|
139 |
|
|
— |
|
|
— |
|
Gains on early retirement of debt |
— |
|
|
10 |
|
|
— |
|
|
— |
|
|
10 |
|
Equity in earnings of subsidiaries |
1,574 |
|
|
773 |
|
|
— |
|
|
(2,347 |
) |
|
— |
|
Income before income taxes |
1,574 |
|
|
419 |
|
|
1,870 |
|
|
(2,347 |
) |
|
1,516 |
|
Federal, state and local income
tax benefit (expense) |
(8 |
) |
|
356 |
|
|
(309 |
) |
|
— |
|
|
39 |
|
Net income |
1,566 |
|
|
775 |
|
|
1,561 |
|
|
(2,347 |
) |
|
1,555 |
|
Net loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
11 |
|
|
— |
|
|
11 |
|
Net income attributable to
Macy's, Inc. shareholders |
$ |
1,566 |
|
|
$ |
775 |
|
|
$ |
1,572 |
|
|
$ |
(2,347 |
) |
|
$ |
1,566 |
|
Comprehensive income |
$ |
1,738 |
|
|
$ |
935 |
|
|
$ |
1,673 |
|
|
$ |
(2,619 |
) |
|
$ |
1,727 |
|
Comprehensive loss attributable to
noncontrolling interest |
— |
|
|
— |
|
|
11 |
|
|
— |
|
|
11 |
|
Comprehensive income attributable to
Macy's, Inc. shareholders |
$ |
1,738 |
|
|
$ |
935 |
|
|
$ |
1,684 |
|
|
$ |
(2,619 |
) |
|
$ |
1,738 |
|
MACY’S, INC.
Condensed Consolidating Statement of Comprehensive Income
For 2016
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
10,735 |
|
|
$ |
23,508 |
|
|
$ |
(8,335 |
) |
|
$ |
25,908 |
|
Credit card revenues (expense), net |
— |
|
|
17 |
|
|
639 |
|
|
— |
|
|
656 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
— |
|
|
(6,818 |
) |
|
(17,183 |
) |
|
8,335 |
|
|
(15,666 |
) |
Selling, general and administrative expenses |
(2 |
) |
|
(3,899 |
) |
|
(5,356 |
) |
|
— |
|
|
(9,257 |
) |
Gains on sale of real estate |
— |
|
|
95 |
|
|
114 |
|
|
— |
|
|
209 |
|
Restructuring, impairment, store closing and other costs |
— |
|
|
(295 |
) |
|
(184 |
) |
|
— |
|
|
(479 |
) |
Operating income (loss) |
(2 |
) |
|
(165 |
) |
|
1,538 |
|
|
— |
|
|
1,371 |
|
Benefit plan income, net |
— |
|
|
21 |
|
|
34 |
|
|
— |
|
|
55 |
|
Settlement charges |
— |
|
|
(34 |
) |
|
(64 |
) |
|
— |
|
|
(98 |
) |
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
2 |
|
|
(366 |
) |
|
1 |
|
|
— |
|
|
(363 |
) |
Intercompany |
— |
|
|
(200 |
) |
|
200 |
|
|
— |
|
|
— |
|
Equity in earnings of subsidiaries |
627 |
|
|
267 |
|
|
— |
|
|
(894 |
) |
|
— |
|
Income (loss) before income taxes |
627 |
|
|
(477 |
) |
|
1,709 |
|
|
(894 |
) |
|
965 |
|
Federal, state and local income
tax benefit (expense) |
— |
|
|
278 |
|
|
(624 |
) |
|
— |
|
|
(346 |
) |
Net income (loss) |
627 |
|
|
(199 |
) |
|
1,085 |
|
|
(894 |
) |
|
619 |
|
Net loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
8 |
|
|
— |
|
|
8 |
|
Net income (loss) attributable to
Macy's, Inc. shareholders |
$ |
627 |
|
|
$ |
(199 |
) |
|
$ |
1,093 |
|
|
$ |
(894 |
) |
|
$ |
627 |
|
Comprehensive income (loss) |
$ |
774 |
|
|
$ |
(52 |
) |
|
$ |
1,164 |
|
|
$ |
(1,120 |
) |
|
$ |
766 |
|
Comprehensive loss attributable to
noncontrolling interest |
— |
|
|
— |
|
|
8 |
|
|
— |
|
|
8 |
|
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$ |
774 |
|
|
$ |
(52 |
) |
|
$ |
1,172 |
|
|
$ |
(1,120 |
) |
|
$ |
774 |
|
|
| Condensed Consolidating Balance Sheet |
MACY’S, INC.
Condensed Consolidating Balance Sheet
As of February 2, 2019
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
ASSETS: |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
889 |
|
|
$ |
59 |
|
|
$ |
214 |
|
|
$ |
— |
|
|
$ |
1,162 |
|
Receivables |
— |
|
|
68 |
|
|
332 |
|
|
— |
|
|
400 |
|
Merchandise inventories |
— |
|
|
2,342 |
|
|
2,921 |
|
|
— |
|
|
5,263 |
|
Prepaid expenses and other current assets |
— |
|
|
143 |
|
|
477 |
|
|
— |
|
|
620 |
|
Total Current Assets |
889 |
|
|
2,612 |
|
|
3,944 |
|
|
— |
|
|
7,445 |
|
Property and Equipment – net |
— |
|
|
3,287 |
|
|
3,350 |
|
|
— |
|
|
6,637 |
|
Goodwill |
— |
|
|
3,326 |
|
|
582 |
|
|
— |
|
|
3,908 |
|
Other Intangible Assets – net |
— |
|
|
38 |
|
|
440 |
|
|
— |
|
|
478 |
|
Other Assets |
— |
|
|
41 |
|
|
685 |
|
|
— |
|
|
726 |
|
Deferred Income Taxes |
12 |
|
|
— |
|
|
— |
|
|
(12 |
) |
|
— |
|
Intercompany Receivable |
1,713 |
|
|
— |
|
|
1,390 |
|
|
(3,103 |
) |
|
— |
|
Investment in Subsidiaries |
4,030 |
|
|
3,119 |
|
|
— |
|
|
(7,149 |
) |
|
— |
|
Total Assets |
$ |
6,644 |
|
|
$ |
12,423 |
|
|
$ |
10,391 |
|
|
$ |
(10,264 |
) |
|
$ |
19,194 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
42 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
43 |
|
Merchandise accounts payable |
— |
|
|
713 |
|
|
942 |
|
|
— |
|
|
1,655 |
|
Accounts payable and accrued liabilities |
170 |
|
|
950 |
|
|
2,246 |
|
|
— |
|
|
3,366 |
|
Income taxes |
14 |
|
|
52 |
|
|
102 |
|
|
— |
|
|
168 |
|
Total Current Liabilities |
184 |
|
|
1,757 |
|
|
3,291 |
|
|
— |
|
|
5,232 |
|
Long-Term Debt |
— |
|
|
4,692 |
|
|
16 |
|
|
— |
|
|
4,708 |
|
Intercompany Payable |
— |
|
|
3,103 |
|
|
— |
|
|
(3,103 |
) |
|
— |
|
Deferred Income Taxes |
— |
|
|
679 |
|
|
571 |
|
|
(12 |
) |
|
1,238 |
|
Other Liabilities |
24 |
|
|
406 |
|
|
1,150 |
|
|
— |
|
|
1,580 |
|
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
Macy's, Inc. |
6,436 |
|
|
1,786 |
|
|
5,363 |
|
|
(7,149 |
) |
|
6,436 |
|
Noncontrolling Interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total Shareholders’ Equity |
6,436 |
|
|
1,786 |
|
|
5,363 |
|
|
(7,149 |
) |
|
6,436 |
|
Total Liabilities and Shareholders’ Equity |
$ |
6,644 |
|
|
$ |
12,423 |
|
|
$ |
10,391 |
|
|
$ |
(10,264 |
) |
|
$ |
19,194 |
|
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 |
— |
|
|
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 |
|
|
— |
|
|
2,381 |
|
|
(3,265 |
) |
|
— |
|
Investment in Subsidiaries |
4,032 |
|
|
4,119 |
|
|
— |
|
|
(8,151 |
) |
|
— |
|
Total Assets |
$ |
6,037 |
|
|
$ |
13,568 |
|
|
$ |
11,405 |
|
|
$ |
(11,427 |
) |
|
$ |
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 |
— |
|
|
3,265 |
|
|
— |
|
|
(3,265 |
) |
|
— |
|
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 |
|
|
6,350 |
|
|
(8,151 |
) |
|
5,745 |
|
Noncontrolling Interest |
— |
|
|
— |
|
|
(12 |
) |
|
— |
|
|
(12 |
) |
Total Shareholders’ Equity |
5,745 |
|
|
1,801 |
|
|
6,338 |
|
|
(8,151 |
) |
|
5,733 |
|
Total Liabilities and Shareholders’ Equity |
$ |
6,037 |
|
|
$ |
13,568 |
|
|
$ |
11,405 |
|
|
$ |
(11,427 |
) |
|
$ |
19,583 |
|
|
| Condensed Consolidating Statement of Cash Flows |
MACY’S, INC.
Condensed Consolidating Statement of Cash Flows
For 2018
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
1,108 |
|
|
$ |
45 |
|
|
$ |
1,394 |
|
|
$ |
(1,449 |
) |
|
$ |
1,098 |
|
Restructuring, impairment, store closing and other costs |
— |
|
|
33 |
|
|
103 |
|
|
— |
|
|
136 |
|
Settlement charges |
5 |
|
|
30 |
|
|
53 |
|
|
— |
|
|
88 |
|
Gains on sale of real estate |
— |
|
|
(141 |
) |
|
(248 |
) |
|
— |
|
|
(389 |
) |
Equity in earnings of subsidiaries |
(1,104 |
) |
|
(345 |
) |
|
— |
|
|
1,449 |
|
|
— |
|
Dividends received from subsidiaries |
1,040 |
|
|
200 |
|
|
— |
|
|
(1,240 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
334 |
|
|
628 |
|
|
— |
|
|
962 |
|
Changes in assets, liabilities and other items not separately identified |
(91 |
) |
|
198 |
|
|
(266 |
) |
|
(1 |
) |
|
(160 |
) |
Net cash provided by
operating activities |
958 |
|
|
354 |
|
|
1,664 |
|
|
(1,241 |
) |
|
1,735 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and capitalized software, net |
— |
|
|
(135 |
) |
|
(323 |
) |
|
— |
|
|
(458 |
) |
Other, net |
— |
|
|
(16 |
) |
|
(33 |
) |
|
51 |
|
|
2 |
|
Net cash used by investing activities |
— |
|
|
(151 |
) |
|
(356 |
) |
|
51 |
|
|
(456 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt repaid |
— |
|
|
(1,098 |
) |
|
(1 |
) |
|
(50 |
) |
|
(1,149 |
) |
Dividends paid |
(463 |
) |
|
— |
|
|
(1,240 |
) |
|
1,240 |
|
|
(463 |
) |
Issuance of common stock, net of common stock acquired |
45 |
|
|
— |
|
|
— |
|
|
— |
|
|
45 |
|
Proceeds from noncontrolling interest |
— |
|
|
— |
|
|
7 |
|
|
— |
|
|
7 |
|
Intercompany activity, net |
(767 |
) |
|
875 |
|
|
(108 |
) |
|
— |
|
|
— |
|
Other, net |
7 |
|
|
5 |
|
|
4 |
|
|
— |
|
|
16 |
|
Net cash used by
financing activities |
(1,178 |
) |
|
(218 |
) |
|
(1,338 |
) |
|
1,190 |
|
|
(1,544 |
) |
Net decrease in cash, cash equivalents and restricted cash |
(220 |
) |
|
(15 |
) |
|
(30 |
) |
|
— |
|
|
(265 |
) |
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 |
$ |
889 |
|
|
$ |
64 |
|
|
$ |
295 |
|
|
$ |
— |
|
|
$ |
1,248 |
|
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 |
$ |
1,566 |
|
|
$ |
775 |
|
|
$ |
1,561 |
|
|
$ |
(2,347 |
) |
|
$ |
1,555 |
|
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 |
(1,574 |
) |
|
(773 |
) |
|
— |
|
|
2,347 |
|
|
— |
|
Dividends received from subsidiaries |
903 |
|
|
450 |
|
|
— |
|
|
(1,353 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
354 |
|
|
637 |
|
|
— |
|
|
991 |
|
Changes in assets, liabilities and other items not separately identified |
14 |
|
|
79 |
|
|
(410 |
) |
|
— |
|
|
(317 |
) |
Net cash provided by
operating activities |
909 |
|
|
759 |
|
|
1,661 |
|
|
(1,353 |
) |
|
1,976 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Disposition (purchase) of property and equipment and capitalized software, net |
— |
|
|
68 |
|
|
(417 |
) |
|
— |
|
|
(349 |
) |
Other, net |
— |
|
|
7 |
|
|
(9 |
) |
|
— |
|
|
(2 |
) |
Net cash provided (used) by
investing activities |
— |
|
|
75 |
|
|
(426 |
) |
|
— |
|
|
(351 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt repaid |
— |
|
|
(987 |
) |
|
(1 |
) |
|
— |
|
|
(988 |
) |
Dividends paid |
(461 |
) |
|
— |
|
|
(1,353 |
) |
|
1,353 |
|
|
(461 |
) |
Common stock acquired, net of
issuance of common stock |
5 |
|
|
— |
|
|
— |
|
|
— |
|
|
5 |
|
Proceeds from noncontrolling interest |
— |
|
|
— |
|
|
13 |
|
|
— |
|
|
13 |
|
Intercompany activity, net |
(427 |
) |
|
249 |
|
|
178 |
|
|
— |
|
|
— |
|
Other, net |
145 |
|
|
(98 |
) |
|
(62 |
) |
|
— |
|
|
(15 |
) |
Net cash used by financing activities |
(738 |
) |
|
(836 |
) |
|
(1,225 |
) |
|
1,353 |
|
|
(1,446 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
171 |
|
|
(2 |
) |
|
10 |
|
|
— |
|
|
179 |
|
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 |
$ |
1,109 |
|
|
$ |
79 |
|
|
$ |
325 |
|
|
$ |
— |
|
|
$ |
1,513 |
|
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) |
$ |
627 |
|
|
$ |
(199 |
) |
|
$ |
1,085 |
|
|
$ |
(894 |
) |
|
$ |
619 |
|
Restructuring, impairment, 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 |
(627 |
) |
|
(267 |
) |
|
— |
|
|
894 |
|
|
— |
|
Dividends received from subsidiaries |
957 |
|
|
575 |
|
|
— |
|
|
(1,532 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
407 |
|
|
651 |
|
|
— |
|
|
1,058 |
|
Changes in assets, liabilities and other items not separately identified |
138 |
|
|
(312 |
) |
|
(70 |
) |
|
— |
|
|
(244 |
) |
Net cash provided by
operating activities |
1,095 |
|
|
438 |
|
|
1,800 |
|
|
(1,532 |
) |
|
1,801 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Disposition (purchase) of property and equipment and capitalized software, net |
— |
|
|
13 |
|
|
(252 |
) |
|
— |
|
|
(239 |
) |
Other, net |
— |
|
|
(18 |
) |
|
14 |
|
|
— |
|
|
(4 |
) |
Net cash used by
investing activities |
— |
|
|
(5 |
) |
|
(238 |
) |
|
— |
|
|
(243 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt repaid |
— |
|
|
(753 |
) |
|
(1 |
) |
|
— |
|
|
(754 |
) |
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 |
) |
|
233 |
|
|
(89 |
) |
|
— |
|
|
— |
|
Other, net |
(15 |
) |
|
27 |
|
|
49 |
|
|
— |
|
|
61 |
|
Net cash used by
financing activities |
(898 |
) |
|
(493 |
) |
|
(1,567 |
) |
|
1,532 |
|
|
(1,426 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
197 |
|
|
(60 |
) |
|
(5 |
) |
|
— |
|
|
132 |
|
Cash, cash equivalents and restricted cash at
beginning of period |
741 |
|
|
141 |
|
|
320 |
|
|
— |
|
|
1,202 |
|
Cash, cash equivalents and restricted cash at
end of period |
$ |
938 |
|
|
$ |
81 |
|
|
$ |
315 |
|
|
$ |
— |
|
|
$ |
1,334 |
|
|