| Condensed Consolidating Balance Sheet [Table Text Block] |
Condensed Consolidating Balance Sheet
As of August 3, 2019
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
ASSETS: |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
320 |
|
|
$ |
100 |
|
|
$ |
254 |
|
|
$ |
— |
|
|
$ |
674 |
|
Receivables |
1 |
|
|
44 |
|
|
195 |
|
|
— |
|
|
240 |
|
Merchandise inventories |
— |
|
|
2,138 |
|
|
2,891 |
|
|
— |
|
|
5,029 |
|
Prepaid expenses and other current assets |
— |
|
|
139 |
|
|
464 |
|
|
— |
|
|
603 |
|
Income taxes |
39 |
|
|
— |
|
|
— |
|
|
(39 |
) |
|
— |
|
Total Current Assets |
360 |
|
|
2,421 |
|
|
3,804 |
|
|
(39 |
) |
|
6,546 |
|
Property and Equipment – net |
— |
|
|
3,162 |
|
|
3,321 |
|
|
— |
|
|
6,483 |
|
Right of Use Assets |
— |
|
|
660 |
|
|
1,976 |
|
|
— |
|
|
2,636 |
|
Goodwill |
— |
|
|
3,326 |
|
|
582 |
|
|
— |
|
|
3,908 |
|
Other Intangible Assets – net |
— |
|
|
4 |
|
|
436 |
|
|
— |
|
|
440 |
|
Other Assets |
— |
|
|
39 |
|
|
689 |
|
|
— |
|
|
728 |
|
Deferred Income Taxes |
9 |
|
|
— |
|
|
— |
|
|
(9 |
) |
|
— |
|
Intercompany Receivable |
2,564 |
|
|
— |
|
|
643 |
|
|
(3,207 |
) |
|
— |
|
Investment in Subsidiaries |
3,484 |
|
|
2,957 |
|
|
— |
|
|
(6,441 |
) |
|
— |
|
Total Assets |
$ |
6,417 |
|
|
$ |
12,569 |
|
|
$ |
11,451 |
|
|
$ |
(9,696 |
) |
|
$ |
20,741 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6 |
|
Merchandise accounts payable |
— |
|
|
717 |
|
|
957 |
|
|
— |
|
|
1,674 |
|
Accounts payable and accrued liabilities |
74 |
|
|
754 |
|
|
1,911 |
|
|
— |
|
|
2,739 |
|
Income taxes |
— |
|
|
47 |
|
|
12 |
|
|
(39 |
) |
|
20 |
|
Total Current Liabilities |
74 |
|
|
1,524 |
|
|
2,880 |
|
|
(39 |
) |
|
4,439 |
|
Long-Term Debt |
— |
|
|
4,680 |
|
|
— |
|
|
— |
|
|
4,680 |
|
Long-Term Lease Liabilities |
— |
|
|
594 |
|
|
2,242 |
|
|
— |
|
|
2,836 |
|
Intercompany Payable |
— |
|
|
3,207 |
|
|
— |
|
|
(3,207 |
) |
|
— |
|
Deferred Income Taxes |
— |
|
|
643 |
|
|
572 |
|
|
(9 |
) |
|
1,206 |
|
Other Liabilities |
28 |
|
|
364 |
|
|
873 |
|
|
— |
|
|
1,265 |
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
Macy's, Inc. |
6,315 |
|
|
1,557 |
|
|
4,884 |
|
|
(6,441 |
) |
|
6,315 |
|
Noncontrolling Interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total Shareholders' Equity |
6,315 |
|
|
1,557 |
|
|
4,884 |
|
|
(6,441 |
) |
|
6,315 |
|
Total Liabilities and Shareholders' Equity |
$ |
6,417 |
|
|
$ |
12,569 |
|
|
$ |
11,451 |
|
|
$ |
(9,696 |
) |
|
$ |
20,741 |
|
Condensed Consolidating Balance Sheet
As of August 4, 2018
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
ASSETS: |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
744 |
|
|
$ |
66 |
|
|
$ |
258 |
|
|
$ |
— |
|
|
$ |
1,068 |
|
Receivables |
1 |
|
|
43 |
|
|
217 |
|
|
— |
|
|
261 |
|
Merchandise inventories |
— |
|
|
2,121 |
|
|
2,835 |
|
|
— |
|
|
4,956 |
|
Prepaid expenses and other current assets |
— |
|
|
135 |
|
|
445 |
|
|
— |
|
|
580 |
|
Income taxes |
46 |
|
|
— |
|
|
— |
|
|
(46 |
) |
|
— |
|
Total Current Assets |
791 |
|
|
2,365 |
|
|
3,755 |
|
|
(46 |
) |
|
6,865 |
|
Property and Equipment – net |
— |
|
|
3,253 |
|
|
3,294 |
|
|
— |
|
|
6,547 |
|
Goodwill |
— |
|
|
3,326 |
|
|
582 |
|
|
— |
|
|
3,908 |
|
Other Intangible Assets – net |
— |
|
|
41 |
|
|
442 |
|
|
— |
|
|
483 |
|
Other Assets |
— |
|
|
89 |
|
|
776 |
|
|
— |
|
|
865 |
|
Deferred Income Taxes |
10 |
|
|
— |
|
|
— |
|
|
(10 |
) |
|
— |
|
Intercompany Receivable |
1,347 |
|
|
— |
|
|
1,038 |
|
|
(2,385 |
) |
|
— |
|
Investment in Subsidiaries |
3,876 |
|
|
3,140 |
|
|
— |
|
|
(7,016 |
) |
|
— |
|
Total Assets |
$ |
6,024 |
|
|
$ |
12,214 |
|
|
$ |
9,887 |
|
|
$ |
(9,457 |
) |
|
$ |
18,668 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
42 |
|
|
$ |
21 |
|
|
$ |
— |
|
|
$ |
63 |
|
Merchandise accounts payable |
— |
|
|
788 |
|
|
1,007 |
|
|
— |
|
|
1,795 |
|
Accounts payable and accrued liabilities |
84 |
|
|
777 |
|
|
1,747 |
|
|
— |
|
|
2,608 |
|
Income taxes |
— |
|
|
33 |
|
|
28 |
|
|
(46 |
) |
|
15 |
|
Total Current Liabilities |
84 |
|
|
1,640 |
|
|
2,803 |
|
|
(46 |
) |
|
4,481 |
|
Long-Term Debt |
— |
|
|
5,457 |
|
|
16 |
|
|
— |
|
|
5,473 |
|
Intercompany Payable |
— |
|
|
2,385 |
|
|
— |
|
|
(2,385 |
) |
|
— |
|
Deferred Income Taxes |
— |
|
|
588 |
|
|
616 |
|
|
(10 |
) |
|
1,194 |
|
Other Liabilities |
24 |
|
|
441 |
|
|
1,161 |
|
|
— |
|
|
1,626 |
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
Macy's, Inc. |
5,916 |
|
|
1,703 |
|
|
5,313 |
|
|
(7,016 |
) |
|
5,916 |
|
Noncontrolling Interest |
— |
|
|
— |
|
|
(22 |
) |
|
— |
|
|
(22 |
) |
Total Shareholders' Equity |
5,916 |
|
|
1,703 |
|
|
5,291 |
|
|
(7,016 |
) |
|
5,894 |
|
Total Liabilities and Shareholders' Equity |
$ |
6,024 |
|
|
$ |
12,214 |
|
|
$ |
9,887 |
|
|
$ |
(9,457 |
) |
|
$ |
18,668 |
|
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 |
|
|
| Condensed Consolidating Statement of Cash Flows [Table Text Block] |
Condensed Consolidating Statement of Cash Flows
For the 26 Weeks Ended August 3, 2019
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
223 |
|
|
$ |
(207 |
) |
|
$ |
283 |
|
|
$ |
(76 |
) |
|
$ |
223 |
|
Impairment and other costs |
— |
|
|
— |
|
|
3 |
|
|
— |
|
|
3 |
|
Equity in loss (earnings) of subsidiaries |
(214 |
) |
|
138 |
|
|
— |
|
|
76 |
|
|
— |
|
Dividends received from subsidiaries |
606 |
|
|
— |
|
|
— |
|
|
(606 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
169 |
|
|
303 |
|
|
— |
|
|
472 |
|
Gains on sale of real estate |
— |
|
|
(24 |
) |
|
(25 |
) |
|
— |
|
|
(49 |
) |
Changes in assets, liabilities and other items not separately identified |
(52 |
) |
|
47 |
|
|
(294 |
) |
|
— |
|
|
(299 |
) |
Net cash provided by operating activities |
563 |
|
|
123 |
|
|
270 |
|
|
(606 |
) |
|
350 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and capitalized software, net of dispositions |
— |
|
|
(97 |
) |
|
(345 |
) |
|
— |
|
|
(442 |
) |
Other, net |
— |
|
|
(11 |
) |
|
(1 |
) |
|
— |
|
|
(12 |
) |
Net cash used by investing activities |
— |
|
|
(108 |
) |
|
(346 |
) |
|
— |
|
|
(454 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt repaid, including debt issuance costs |
— |
|
|
(42 |
) |
|
— |
|
|
— |
|
|
(42 |
) |
Dividends paid |
(233 |
) |
|
— |
|
|
(606 |
) |
|
606 |
|
|
(233 |
) |
Issuance of common stock |
6 |
|
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
Intercompany activity, net |
(813 |
) |
|
93 |
|
|
720 |
|
|
— |
|
|
— |
|
Other, net |
(92 |
) |
|
(21 |
) |
|
(15 |
) |
|
— |
|
|
(128 |
) |
Net cash provided (used) by financing activities |
(1,132 |
) |
|
30 |
|
|
99 |
|
|
606 |
|
|
(397 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
(569 |
) |
|
45 |
|
|
23 |
|
|
— |
|
|
(501 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
889 |
|
|
64 |
|
|
295 |
|
|
— |
|
|
1,248 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
320 |
|
|
$ |
109 |
|
|
$ |
318 |
|
|
$ |
— |
|
|
$ |
747 |
|
Condensed Consolidating Statement of Cash Flows
For the 26 Weeks Ended August 4, 2018
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
306 |
|
|
$ |
(122 |
) |
|
$ |
525 |
|
|
$ |
(413 |
) |
|
$ |
296 |
|
Impairment and other costs |
— |
|
|
(2 |
) |
|
38 |
|
|
— |
|
|
36 |
|
Settlement charges |
6 |
|
|
16 |
|
|
28 |
|
|
— |
|
|
50 |
|
Equity in earnings of subsidiaries |
(304 |
) |
|
(109 |
) |
|
— |
|
|
413 |
|
|
— |
|
Dividends received from subsidiaries |
492 |
|
|
— |
|
|
— |
|
|
(492 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
165 |
|
|
305 |
|
|
— |
|
|
470 |
|
Gains on sale of real estate |
— |
|
|
(42 |
) |
|
(28 |
) |
|
— |
|
|
(70 |
) |
Changes in assets, liabilities and other items not separately identified |
(154 |
) |
|
298 |
|
|
(381 |
) |
|
(1 |
) |
|
(238 |
) |
Net cash provided by operating activities |
346 |
|
|
204 |
|
|
487 |
|
|
(493 |
) |
|
544 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and capitalized software, net of dispositions |
— |
|
|
(49 |
) |
|
(271 |
) |
|
— |
|
|
(320 |
) |
Other, net |
— |
|
|
(15 |
) |
|
(28 |
) |
|
51 |
|
|
8 |
|
Net cash used by investing activities |
— |
|
|
(64 |
) |
|
(299 |
) |
|
51 |
|
|
(312 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt repaid |
— |
|
|
(306 |
) |
|
(1 |
) |
|
(50 |
) |
|
(357 |
) |
Dividends paid |
(232 |
) |
|
— |
|
|
(492 |
) |
|
492 |
|
|
(232 |
) |
Issuance of common stock |
38 |
|
|
— |
|
|
— |
|
|
— |
|
|
38 |
|
Proceeds from noncontrolling interest |
— |
|
|
— |
|
|
5 |
|
|
— |
|
|
5 |
|
Intercompany activity, net |
(441 |
) |
|
162 |
|
|
279 |
|
|
— |
|
|
— |
|
Other, net |
(76 |
) |
|
(9 |
) |
|
(5 |
) |
|
— |
|
|
(90 |
) |
Net cash used by financing activities |
(711 |
) |
|
(153 |
) |
|
(214 |
) |
|
442 |
|
|
(636 |
) |
Net decrease in cash, cash equivalents and restricted cash |
(365 |
) |
|
(13 |
) |
|
(26 |
) |
|
— |
|
|
(404 |
) |
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 |
$ |
744 |
|
|
$ |
66 |
|
|
$ |
299 |
|
|
$ |
— |
|
|
$ |
1,109 |
|
|
| Condensed Consolidating Statement of Comprehensive Income [Table Text Block] |
Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended August 3, 2019
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
2,219 |
|
|
$ |
4,416 |
|
|
$ |
(1,089 |
) |
|
$ |
5,546 |
|
Credit card revenues (expense), net |
— |
|
|
(2 |
) |
|
178 |
|
|
— |
|
|
176 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
— |
|
|
(1,341 |
) |
|
(3,143 |
) |
|
1,089 |
|
|
(3,395 |
) |
Selling, general and administrative expenses |
— |
|
|
(872 |
) |
|
(1,305 |
) |
|
— |
|
|
(2,177 |
) |
Gains on sale of real estate |
— |
|
|
— |
|
|
7 |
|
|
— |
|
|
7 |
|
Impairment and other costs |
— |
|
|
— |
|
|
(2 |
) |
|
— |
|
|
(2 |
) |
Operating income |
— |
|
|
4 |
|
|
151 |
|
|
— |
|
|
155 |
|
Benefit plan income, net |
— |
|
|
3 |
|
|
5 |
|
|
— |
|
|
8 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
4 |
|
|
(52 |
) |
|
1 |
|
|
— |
|
|
(47 |
) |
Intercompany |
— |
|
|
(18 |
) |
|
18 |
|
|
— |
|
|
— |
|
Equity in earnings (loss) of subsidiaries |
82 |
|
|
(108 |
) |
|
— |
|
|
26 |
|
|
— |
|
Income (loss) before income taxes |
86 |
|
|
(171 |
) |
|
175 |
|
|
26 |
|
|
116 |
|
Federal, state and local income
tax benefit (expense) |
— |
|
|
7 |
|
|
(37 |
) |
|
— |
|
|
(30 |
) |
Net income (loss) |
86 |
|
|
(164 |
) |
|
138 |
|
|
26 |
|
|
86 |
|
Net loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) attributable to
Macy's, Inc. shareholders |
$ |
86 |
|
|
$ |
(164 |
) |
|
$ |
138 |
|
|
$ |
26 |
|
|
$ |
86 |
|
Comprehensive income (loss) |
$ |
91 |
|
|
$ |
(159 |
) |
|
$ |
142 |
|
|
$ |
17 |
|
|
$ |
91 |
|
Comprehensive loss attributable to
noncontrolling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$ |
91 |
|
|
$ |
(159 |
) |
|
$ |
142 |
|
|
$ |
17 |
|
|
$ |
91 |
|
Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended August 4, 2018
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
2,072 |
|
|
$ |
4,914 |
|
|
$ |
(1,414 |
) |
|
$ |
5,572 |
|
Credit card revenues, net |
— |
|
|
3 |
|
|
183 |
|
|
— |
|
|
186 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
— |
|
|
(1,271 |
) |
|
(3,463 |
) |
|
1,414 |
|
|
(3,320 |
) |
Selling, general and administrative expenses |
— |
|
|
(812 |
) |
|
(1,352 |
) |
|
— |
|
|
(2,164 |
) |
Gains on sale of real estate |
— |
|
|
19 |
|
|
27 |
|
|
— |
|
|
46 |
|
Impairment and other costs |
— |
|
|
2 |
|
|
(19 |
) |
|
— |
|
|
(17 |
) |
Operating income |
— |
|
|
13 |
|
|
290 |
|
|
— |
|
|
303 |
|
Benefit plan income, net |
— |
|
|
4 |
|
|
7 |
|
|
— |
|
|
11 |
|
Settlement charges |
(6 |
) |
|
(16 |
) |
|
(28 |
) |
|
— |
|
|
(50 |
) |
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
|
External |
5 |
|
|
(69 |
) |
|
2 |
|
|
— |
|
|
(62 |
) |
Intercompany |
— |
|
|
(17 |
) |
|
17 |
|
|
— |
|
|
— |
|
Losses on early retirement of debt |
— |
|
|
(5 |
) |
|
— |
|
|
— |
|
|
(5 |
) |
Equity in earnings of subsidiaries |
167 |
|
|
8 |
|
|
— |
|
|
(175 |
) |
|
— |
|
Income (loss) before income taxes |
166 |
|
|
(82 |
) |
|
288 |
|
|
(175 |
) |
|
197 |
|
Federal, state and local income
tax benefit (expense) |
— |
|
|
30 |
|
|
(63 |
) |
|
— |
|
|
(33 |
) |
Net income (loss) |
166 |
|
|
(52 |
) |
|
225 |
|
|
(175 |
) |
|
164 |
|
Net loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Net income (loss) attributable to
Macy's, Inc. shareholders |
$ |
166 |
|
|
$ |
(52 |
) |
|
$ |
227 |
|
|
$ |
(175 |
) |
|
$ |
166 |
|
Comprehensive income (loss) |
$ |
186 |
|
|
$ |
(35 |
) |
|
$ |
236 |
|
|
$ |
(203 |
) |
|
$ |
184 |
|
Comprehensive loss attributable to
noncontrolling interest |
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$ |
186 |
|
|
$ |
(35 |
) |
|
$ |
238 |
|
|
$ |
(203 |
) |
|
$ |
186 |
|
Condensed Consolidating Statement of Comprehensive Income
For the 26 Weeks Ended August 3, 2019
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
4,373 |
|
|
$ |
9,184 |
|
|
$ |
(2,507 |
) |
|
$ |
11,050 |
|
Credit card revenues (expense), net |
— |
|
|
(5 |
) |
|
353 |
|
|
— |
|
|
348 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
— |
|
|
(2,682 |
) |
|
(6,623 |
) |
|
2,507 |
|
|
(6,798 |
) |
Selling, general and administrative expenses |
1 |
|
|
(1,674 |
) |
|
(2,614 |
) |
|
— |
|
|
(4,287 |
) |
Gains on sale of real estate |
— |
|
|
24 |
|
|
25 |
|
|
— |
|
|
49 |
|
Impairment and other costs |
— |
|
|
— |
|
|
(3 |
) |
|
— |
|
|
(3 |
) |
Operating income |
1 |
|
|
36 |
|
|
322 |
|
|
— |
|
|
359 |
|
Benefit plan income, net |
— |
|
|
6 |
|
|
9 |
|
|
— |
|
|
15 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
9 |
|
|
(105 |
) |
|
2 |
|
|
— |
|
|
(94 |
) |
Intercompany |
— |
|
|
(37 |
) |
|
37 |
|
|
— |
|
|
— |
|
Equity in earnings (loss) of subsidiaries |
214 |
|
|
(138 |
) |
|
— |
|
|
(76 |
) |
|
— |
|
Income (loss) before income taxes |
224 |
|
|
(238 |
) |
|
370 |
|
|
(76 |
) |
|
280 |
|
Federal, state and local income
tax benefit (expense) |
(1 |
) |
|
31 |
|
|
(87 |
) |
|
— |
|
|
(57 |
) |
Net income (loss) |
223 |
|
|
(207 |
) |
|
283 |
|
|
(76 |
) |
|
223 |
|
Net loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) attributable to
Macy's, Inc. shareholders |
$ |
223 |
|
|
$ |
(207 |
) |
|
$ |
283 |
|
|
$ |
(76 |
) |
|
$ |
223 |
|
Comprehensive income (loss) |
$ |
234 |
|
|
$ |
(197 |
) |
|
$ |
291 |
|
|
$ |
(94 |
) |
|
$ |
234 |
|
Comprehensive loss attributable to
noncontrolling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$ |
234 |
|
|
$ |
(197 |
) |
|
$ |
291 |
|
|
$ |
(94 |
) |
|
$ |
234 |
|
Condensed Consolidating Statement of Comprehensive Income
For the 26 Weeks Ended August 4, 2018
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
4,081 |
|
|
$ |
10,277 |
|
|
$ |
(3,246 |
) |
|
$ |
11,112 |
|
Credit card revenues (expense), net |
— |
|
|
(3 |
) |
|
346 |
|
|
— |
|
|
343 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
— |
|
|
(2,591 |
) |
|
(7,356 |
) |
|
3,246 |
|
|
(6,701 |
) |
Selling, general and administrative expenses |
— |
|
|
(1,641 |
) |
|
(2,606 |
) |
|
— |
|
|
(4,247 |
) |
Gains on sale of real estate |
— |
|
|
42 |
|
|
28 |
|
|
— |
|
|
70 |
|
Impairment and other costs |
— |
|
|
2 |
|
|
(38 |
) |
|
— |
|
|
(36 |
) |
Operating income (loss) |
— |
|
|
(110 |
) |
|
651 |
|
|
— |
|
|
541 |
|
Benefit plan income, net |
— |
|
|
8 |
|
|
14 |
|
|
— |
|
|
22 |
|
Settlement charges |
(6 |
) |
|
(16 |
) |
|
(28 |
) |
|
— |
|
|
(50 |
) |
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
9 |
|
|
(139 |
) |
|
2 |
|
|
— |
|
|
(128 |
) |
Intercompany |
— |
|
|
(36 |
) |
|
36 |
|
|
— |
|
|
— |
|
Losses on early retirement of debt |
— |
|
|
(5 |
) |
|
— |
|
|
— |
|
|
(5 |
) |
Equity in earnings of subsidiaries |
304 |
|
|
109 |
|
|
— |
|
|
(413 |
) |
|
— |
|
Income (loss) before income taxes |
307 |
|
|
(189 |
) |
|
675 |
|
|
(413 |
) |
|
380 |
|
Federal, state and local income
tax benefit (expense) |
(1 |
) |
|
67 |
|
|
(150 |
) |
|
— |
|
|
(84 |
) |
Net income (loss) |
306 |
|
|
(122 |
) |
|
525 |
|
|
(413 |
) |
|
296 |
|
Net loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
10 |
|
Net income (loss) attributable to
Macy's, Inc. shareholders |
$ |
306 |
|
|
$ |
(122 |
) |
|
$ |
535 |
|
|
$ |
(413 |
) |
|
$ |
306 |
|
Comprehensive income (loss) |
$ |
333 |
|
|
$ |
(99 |
) |
|
$ |
540 |
|
|
$ |
(451 |
) |
|
$ |
323 |
|
Comprehensive loss attributable to
noncontrolling interest |
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
10 |
|
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$ |
333 |
|
|
$ |
(99 |
) |
|
$ |
550 |
|
|
$ |
(451 |
) |
|
$ |
333 |
|
|