| Condensed Consolidating Financial Information |
Condensed Consolidating Financial Information Certain debt obligations of the Company, which constitute debt obligations of Macy's Retail Holdings, Inc. ("Subsidiary Issuer"), a 100%-owned subsidiary of Macy's, Inc. ("Parent"), are fully and unconditionally guaranteed by Parent. In the following condensed consolidating financial statements, "Other Subsidiaries" includes all other direct subsidiaries of Parent, including Bluemercury, Inc., FDS Bank, West 34th Street Insurance Company New York, Macy's Merchandising Corporation, Macy's Merchandising Group, Inc. and its subsidiaries Macy's Merchandising Group (Hong Kong) Limited, Macy's Merchandising Group Procurement, LLC, Macy's Merchandising Group International, LLC, Macy's Merchandising Group International (Hong Kong) Limited, and Macy's China Limited. "Subsidiary Issuer" includes operating divisions and non-
guarantor subsidiaries of the Subsidiary Issuer on an equity basis. The assets and liabilities and results of operations of the non-guarantor subsidiaries of the Subsidiary Issuer are also reflected in "Other Subsidiaries."
In June 2020, in conjunction with the financing discussed in Note 7, "Financing Activities," Macy's Retail Holdings, Inc. was converted into a limited liability company and in May 2020 direct, wholly-owned subsidiaries of the Parent, Macy’s Inventory Holdings LLC and Macy’s Propco Holdings, LLC, were created.
Condensed Consolidating Statements of Comprehensive Income for the 13 weeks ended May 2, 2020 and May 4, 2019, Condensed Consolidating Balance Sheets as of May 2, 2020, May 4, 2019 and February 1, 2020, and the related Condensed Consolidating Statements of Cash Flows for the 13 weeks ended May 2, 2020 and May 4, 2019 are presented on the following pages.
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the 13 Weeks Ended May 2, 2020
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
867 |
|
|
$ |
2,955 |
|
|
$ |
(805 |
) |
|
$ |
3,017 |
|
Credit card revenues (expense), net |
— |
|
|
(5 |
) |
|
136 |
|
|
— |
|
|
131 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
— |
|
|
(796 |
) |
|
(2,510 |
) |
|
805 |
|
|
(2,501 |
) |
Selling, general and administrative expenses |
— |
|
|
(562 |
) |
|
(1,036 |
) |
|
— |
|
|
(1,598 |
) |
Gains on sale of real estate |
— |
|
|
— |
|
|
16 |
|
|
— |
|
|
16 |
|
Impairment, restructuring and other costs |
— |
|
|
(2,722 |
) |
|
(462 |
) |
|
— |
|
|
(3,184 |
) |
Operating loss |
— |
|
|
(3,218 |
) |
|
(901 |
) |
|
— |
|
|
(4,119 |
) |
Benefit plan income, net |
— |
|
|
3 |
|
|
6 |
|
|
— |
|
|
9 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
1 |
|
|
(49 |
) |
|
1 |
|
|
— |
|
|
(47 |
) |
Intercompany |
— |
|
|
(18 |
) |
|
18 |
|
|
— |
|
|
— |
|
Equity in loss of subsidiaries |
(3,582 |
) |
|
(795 |
) |
|
— |
|
|
4,377 |
|
|
— |
|
Loss before income taxes |
(3,581 |
) |
|
(4,077 |
) |
|
(876 |
) |
|
4,377 |
|
|
(4,157 |
) |
Federal, state and local income
tax benefit |
— |
|
|
427 |
|
|
149 |
|
|
— |
|
|
576 |
|
Net loss |
$ |
(3,581 |
) |
|
$ |
(3,650 |
) |
|
$ |
(727 |
) |
|
$ |
4,377 |
|
|
$ |
(3,581 |
) |
|
|
|
|
|
|
|
|
|
|
Comprehensive loss |
$ |
(3,572 |
) |
|
$ |
(3,641 |
) |
|
$ |
(721 |
) |
|
$ |
4,362 |
|
|
$ |
(3,572 |
) |
Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended May 4, 2019
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
2,154 |
|
|
$ |
4,768 |
|
|
$ |
(1,418 |
) |
|
$ |
5,504 |
|
Credit card revenues, net |
— |
|
|
(2 |
) |
|
174 |
|
|
— |
|
|
172 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
— |
|
|
(1,341 |
) |
|
(3,480 |
) |
|
1,418 |
|
|
(3,403 |
) |
Selling, general and administrative expenses |
— |
|
|
(803 |
) |
|
(1,309 |
) |
|
— |
|
|
(2,112 |
) |
Gains on sale of real estate |
— |
|
|
24 |
|
|
19 |
|
|
— |
|
|
43 |
|
Impairment and other costs |
— |
|
|
— |
|
|
(1 |
) |
|
— |
|
|
(1 |
) |
Operating income |
— |
|
|
32 |
|
|
171 |
|
|
— |
|
|
203 |
|
Benefit plan income, net |
— |
|
|
3 |
|
|
4 |
|
|
— |
|
|
7 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
|
External |
5 |
|
|
(53 |
) |
|
1 |
|
|
— |
|
|
(47 |
) |
Intercompany |
— |
|
|
(19 |
) |
|
19 |
|
|
— |
|
|
— |
|
Equity in earnings (loss) of subsidiaries |
132 |
|
|
(30 |
) |
|
— |
|
|
(102 |
) |
|
— |
|
Income (loss) before income taxes |
137 |
|
|
(67 |
) |
|
195 |
|
|
(102 |
) |
|
163 |
|
Federal, state and local income
tax benefit (expense) |
(1 |
) |
|
24 |
|
|
(50 |
) |
|
— |
|
|
(27 |
) |
Net income (loss) |
$ |
136 |
|
|
$ |
(43 |
) |
|
$ |
145 |
|
|
$ |
(102 |
) |
|
$ |
136 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) |
$ |
142 |
|
|
$ |
(38 |
) |
|
$ |
149 |
|
|
$ |
(111 |
) |
|
$ |
142 |
|
Condensed Consolidating Balance Sheet
As of May 2, 2020
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
ASSETS: |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,160 |
|
|
$ |
25 |
|
|
$ |
338 |
|
|
$ |
— |
|
|
$ |
1,523 |
|
Receivables |
— |
|
|
23 |
|
|
147 |
|
|
— |
|
|
170 |
|
Merchandise inventories |
— |
|
|
2,072 |
|
|
2,851 |
|
|
— |
|
|
4,923 |
|
Income taxes |
— |
|
|
— |
|
|
3 |
|
|
(3 |
) |
|
— |
|
Prepaid expenses and other current assets |
— |
|
|
102 |
|
|
417 |
|
|
— |
|
|
519 |
|
Total Current Assets |
1,160 |
|
|
2,222 |
|
|
3,756 |
|
|
(3 |
) |
|
7,135 |
|
Property and Equipment – net |
— |
|
|
2,978 |
|
|
3,447 |
|
|
— |
|
|
6,425 |
|
Right of Use Assets |
— |
|
|
600 |
|
|
2,072 |
|
|
— |
|
|
2,672 |
|
Goodwill |
— |
|
|
670 |
|
|
168 |
|
|
— |
|
|
838 |
|
Other Intangible Assets – net |
— |
|
|
4 |
|
|
435 |
|
|
— |
|
|
439 |
|
Other Assets |
418 |
|
|
46 |
|
|
608 |
|
|
— |
|
|
1,072 |
|
Deferred Income Taxes |
11 |
|
|
— |
|
|
— |
|
|
(11 |
) |
|
— |
|
Intercompany Receivable |
1,598 |
|
|
— |
|
|
677 |
|
|
(2,275 |
) |
|
— |
|
Investment in Subsidiaries |
— |
|
|
2,010 |
|
|
— |
|
|
(2,010 |
) |
|
— |
|
Total Assets |
$ |
3,187 |
|
|
$ |
8,530 |
|
|
$ |
11,163 |
|
|
$ |
(4,299 |
) |
|
$ |
18,581 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
739 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
739 |
|
Merchandise accounts payable |
— |
|
|
928 |
|
|
1,268 |
|
|
— |
|
|
2,196 |
|
Accounts payable and accrued liabilities |
14 |
|
|
719 |
|
|
2,024 |
|
|
— |
|
|
2,757 |
|
Income taxes |
65 |
|
|
18 |
|
|
— |
|
|
(3 |
) |
|
80 |
|
Total Current Liabilities |
79 |
|
|
2,404 |
|
|
3,292 |
|
|
(3 |
) |
|
5,772 |
|
Long-Term Debt |
— |
|
|
4,918 |
|
|
— |
|
|
— |
|
|
4,918 |
|
Long-Term Lease Liabilities |
— |
|
|
548 |
|
|
2,375 |
|
|
— |
|
|
2,923 |
|
Intercompany Payable |
— |
|
|
2,275 |
|
|
— |
|
|
(2,275 |
) |
|
— |
|
Deferred Income Taxes |
— |
|
|
377 |
|
|
578 |
|
|
(11 |
) |
|
944 |
|
Other Liabilities |
25 |
|
|
407 |
|
|
895 |
|
|
— |
|
|
1,327 |
|
Accumulated Losses from Subsidiaries |
386 |
|
|
— |
|
|
— |
|
|
(386 |
) |
|
— |
|
Shareholders' Equity (Deficit) |
2,697 |
|
|
(2,399 |
) |
|
4,023 |
|
|
(1,624 |
) |
|
2,697 |
|
Total Liabilities and Shareholders' Equity |
$ |
3,187 |
|
|
$ |
8,530 |
|
|
$ |
11,163 |
|
|
$ |
(4,299 |
) |
|
$ |
18,581 |
|
Condensed Consolidating Balance Sheet
As of May 4, 2019
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
ASSETS: |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
293 |
|
|
$ |
151 |
|
|
$ |
293 |
|
|
$ |
— |
|
|
$ |
737 |
|
Receivables |
— |
|
|
40 |
|
|
197 |
|
|
— |
|
|
237 |
|
Merchandise inventories |
— |
|
|
2,369 |
|
|
3,129 |
|
|
— |
|
|
5,498 |
|
Prepaid expenses and other current assets |
— |
|
|
163 |
|
|
470 |
|
|
— |
|
|
633 |
|
Total Current Assets |
293 |
|
|
2,723 |
|
|
4,089 |
|
|
— |
|
|
7,105 |
|
Property and Equipment – net |
— |
|
|
3,202 |
|
|
3,297 |
|
|
— |
|
|
6,499 |
|
Right of Use Assets |
— |
|
|
677 |
|
|
1,954 |
|
|
— |
|
|
2,631 |
|
Goodwill |
— |
|
|
3,326 |
|
|
582 |
|
|
— |
|
|
3,908 |
|
Other Intangible Assets – net |
— |
|
|
5 |
|
|
436 |
|
|
— |
|
|
441 |
|
Other Assets |
— |
|
|
28 |
|
|
684 |
|
|
— |
|
|
712 |
|
Deferred Income Taxes |
6 |
|
|
— |
|
|
— |
|
|
(6 |
) |
|
— |
|
Intercompany Receivable |
2,436 |
|
|
— |
|
|
886 |
|
|
(3,322 |
) |
|
— |
|
Investment in Subsidiaries |
3,776 |
|
|
3,061 |
|
|
— |
|
|
(6,837 |
) |
|
— |
|
Total Assets |
$ |
6,511 |
|
|
$ |
13,022 |
|
|
$ |
11,928 |
|
|
$ |
(10,165 |
) |
|
$ |
21,296 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
41 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
41 |
|
Merchandise accounts payable |
— |
|
|
845 |
|
|
1,105 |
|
|
— |
|
|
1,950 |
|
Accounts payable and accrued liabilities |
73 |
|
|
786 |
|
|
1,987 |
|
|
— |
|
|
2,846 |
|
Income taxes |
87 |
|
|
61 |
|
|
34 |
|
|
— |
|
|
182 |
|
Total Current Liabilities |
160 |
|
|
1,733 |
|
|
3,126 |
|
|
— |
|
|
5,019 |
|
Long-Term Debt |
— |
|
|
4,680 |
|
|
— |
|
|
— |
|
|
4,680 |
|
Long-Term Lease Liabilities |
— |
|
|
607 |
|
|
2,216 |
|
|
— |
|
|
2,823 |
|
Intercompany Payable |
— |
|
|
3,322 |
|
|
— |
|
|
(3,322 |
) |
|
— |
|
Deferred Income Taxes |
— |
|
|
626 |
|
|
573 |
|
|
(6 |
) |
|
1,193 |
|
Other Liabilities |
28 |
|
|
341 |
|
|
889 |
|
|
— |
|
|
1,258 |
|
Shareholders' Equity |
6,323 |
|
|
1,713 |
|
|
5,124 |
|
|
(6,837 |
) |
|
6,323 |
|
Total Liabilities and Shareholders' Equity |
$ |
6,511 |
|
|
$ |
13,022 |
|
|
$ |
11,928 |
|
|
$ |
(10,165 |
) |
|
$ |
21,296 |
|
Condensed Consolidating Balance Sheet
As of February 1, 2020
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
ASSETS: |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
413 |
|
|
$ |
59 |
|
|
$ |
213 |
|
|
$ |
— |
|
|
$ |
685 |
|
Receivables |
— |
|
|
83 |
|
|
326 |
|
|
— |
|
|
409 |
|
Merchandise inventories |
— |
|
|
2,239 |
|
|
2,949 |
|
|
— |
|
|
5,188 |
|
Prepaid expenses and other current assets |
— |
|
|
118 |
|
|
410 |
|
|
— |
|
|
528 |
|
Total Current Assets |
413 |
|
|
2,499 |
|
|
3,898 |
|
|
— |
|
|
6,810 |
|
Property and Equipment – net |
— |
|
|
3,103 |
|
|
3,530 |
|
|
— |
|
|
6,633 |
|
Right of Use Assets |
— |
|
|
611 |
|
|
2,057 |
|
|
— |
|
|
2,668 |
|
Goodwill |
— |
|
|
3,326 |
|
|
582 |
|
|
— |
|
|
3,908 |
|
Other Intangible Assets – net |
— |
|
|
4 |
|
|
435 |
|
|
— |
|
|
439 |
|
Other Assets |
— |
|
|
37 |
|
|
677 |
|
|
— |
|
|
714 |
|
Deferred Income Taxes |
12 |
|
|
— |
|
|
— |
|
|
(12 |
) |
|
— |
|
Intercompany Receivable |
2,675 |
|
|
— |
|
|
1,128 |
|
|
(3,803 |
) |
|
— |
|
Investment in Subsidiaries |
3,433 |
|
|
2,796 |
|
|
— |
|
|
(6,229 |
) |
|
— |
|
Total Assets |
$ |
6,533 |
|
|
$ |
12,376 |
|
|
$ |
12,307 |
|
|
$ |
(10,044 |
) |
|
$ |
21,172 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
539 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
539 |
|
Merchandise accounts payable |
— |
|
|
702 |
|
|
980 |
|
|
— |
|
|
1,682 |
|
Accounts payable and accrued liabilities |
126 |
|
|
909 |
|
|
2,413 |
|
|
— |
|
|
3,448 |
|
Income taxes |
5 |
|
|
11 |
|
|
65 |
|
|
— |
|
|
81 |
|
Total Current Liabilities |
131 |
|
|
2,161 |
|
|
3,458 |
|
|
— |
|
|
5,750 |
|
Long-Term Debt |
— |
|
|
3,621 |
|
|
— |
|
|
— |
|
|
3,621 |
|
Long-Term Lease Liabilities |
— |
|
|
543 |
|
|
2,375 |
|
|
— |
|
|
2,918 |
|
Intercompany Payable |
— |
|
|
3,803 |
|
|
— |
|
|
(3,803 |
) |
|
— |
|
Deferred Income Taxes |
— |
|
|
595 |
|
|
586 |
|
|
(12 |
) |
|
1,169 |
|
Other Liabilities |
25 |
|
|
414 |
|
|
898 |
|
|
— |
|
|
1,337 |
|
Shareholders' Equity |
6,377 |
|
|
1,239 |
|
|
4,990 |
|
|
(6,229 |
) |
|
6,377 |
|
Total Liabilities and Shareholders' Equity |
$ |
6,533 |
|
|
$ |
12,376 |
|
|
$ |
12,307 |
|
|
$ |
(10,044 |
) |
|
$ |
21,172 |
|
Condensed Consolidating Statement of Cash Flows
For the 13 Weeks Ended May 2, 2020
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(3,581 |
) |
|
$ |
(3,650 |
) |
|
$ |
(727 |
) |
|
$ |
4,377 |
|
|
$ |
(3,581 |
) |
Impairment, restructuring and other costs |
— |
|
|
2,722 |
|
|
462 |
|
|
— |
|
|
3,184 |
|
Equity in loss of subsidiaries |
3,582 |
|
|
795 |
|
|
— |
|
|
(4,377 |
) |
|
— |
|
Dividends received from subsidiaries |
251 |
|
|
— |
|
|
— |
|
|
(251 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
77 |
|
|
160 |
|
|
— |
|
|
237 |
|
Gains on sale of real estate |
— |
|
|
— |
|
|
(16 |
) |
|
— |
|
|
(16 |
) |
Changes in assets, liabilities and other items not separately identified |
(353 |
) |
|
151 |
|
|
214 |
|
|
— |
|
|
12 |
|
Net cash provided (used) by operating activities |
(101 |
) |
|
95 |
|
|
93 |
|
|
(251 |
) |
|
(164 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and capitalized software, net of dispositions |
— |
|
|
(34 |
) |
|
(105 |
) |
|
— |
|
|
(139 |
) |
Other, net |
— |
|
|
— |
|
|
26 |
|
|
— |
|
|
26 |
|
Net cash used by investing activities |
— |
|
|
(34 |
) |
|
(79 |
) |
|
— |
|
|
(113 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt issued, net of debt repaid |
— |
|
|
1,497 |
|
|
(1 |
) |
|
— |
|
|
1,496 |
|
Dividends paid |
(117 |
) |
|
— |
|
|
(251 |
) |
|
251 |
|
|
(117 |
) |
Intercompany activity, net |
1,082 |
|
|
(1,529 |
) |
|
447 |
|
|
— |
|
|
— |
|
Other, net |
(117 |
) |
|
(68 |
) |
|
(46 |
) |
|
— |
|
|
(231 |
) |
Net cash provided (used) by financing activities |
848 |
|
|
(100 |
) |
|
149 |
|
|
251 |
|
|
1,148 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
747 |
|
|
(39 |
) |
|
163 |
|
|
— |
|
|
871 |
|
Cash, cash equivalents and restricted cash at beginning of period |
413 |
|
|
64 |
|
|
254 |
|
|
— |
|
|
731 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
1,160 |
|
|
$ |
25 |
|
|
$ |
417 |
|
|
$ |
— |
|
|
$ |
1,602 |
|
Condensed Consolidating Statement of Cash Flows
For the 13 Weeks Ended May 4, 2019
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
136 |
|
|
$ |
(43 |
) |
|
$ |
145 |
|
|
$ |
(102 |
) |
|
$ |
136 |
|
Impairment and other costs |
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
1 |
|
Equity in loss (earnings) of subsidiaries |
(132 |
) |
|
30 |
|
|
— |
|
|
102 |
|
|
— |
|
Dividends received from subsidiaries |
225 |
|
|
— |
|
|
— |
|
|
(225 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
85 |
|
|
151 |
|
|
— |
|
|
236 |
|
Gains on sale of real estate |
— |
|
|
(24 |
) |
|
(19 |
) |
|
— |
|
|
(43 |
) |
Changes in assets, liabilities and other items not separately identified |
78 |
|
|
(118 |
) |
|
(328 |
) |
|
— |
|
|
(368 |
) |
Net cash provided (used) by operating activities |
307 |
|
|
(70 |
) |
|
(50 |
) |
|
(225 |
) |
|
(38 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and capitalized software, net of dispositions |
— |
|
|
(52 |
) |
|
(178 |
) |
|
— |
|
|
(230 |
) |
Other, net |
— |
|
|
— |
|
|
(7 |
) |
|
— |
|
|
(7 |
) |
Net cash used by investing activities |
— |
|
|
(52 |
) |
|
(185 |
) |
|
— |
|
|
(237 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt repaid |
— |
|
|
(3 |
) |
|
— |
|
|
— |
|
|
(3 |
) |
Dividends paid |
(116 |
) |
|
— |
|
|
(225 |
) |
|
225 |
|
|
(116 |
) |
Issuance of common stock |
6 |
|
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
Intercompany activity, net |
(700 |
) |
|
214 |
|
|
486 |
|
|
— |
|
|
— |
|
Other, net |
(93 |
) |
|
28 |
|
|
20 |
|
|
— |
|
|
(45 |
) |
Net cash provided (used) by financing activities |
(903 |
) |
|
239 |
|
|
281 |
|
|
225 |
|
|
(158 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
(596 |
) |
|
117 |
|
|
46 |
|
|
— |
|
|
(433 |
) |
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 |
$ |
293 |
|
|
$ |
181 |
|
|
$ |
341 |
|
|
$ |
— |
|
|
$ |
815 |
|
|