Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.8.0.1
Condensed Consolidating Financial Information (Tables)
 3 Months Ended
May 05, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet [Table Text Block]
Condensed Consolidating Balance Sheet
As of May 5, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,070

 
$
79

 
$
382

 
$
—

 
$
1,531

Receivables
—

 
48

 
202

 
—

 
250

Merchandise inventories
—

 
2,283

 
3,008

 
—

 
5,291

Prepaid expenses and other current assets
—

 
150

 
488

 
—

 
638

Total Current Assets
1,070

 
2,560

 
4,080

 
—

 
7,710

Property and Equipment – net
—

 
3,298

 
3,277

 
—

 
6,575

Goodwill
—

 
3,326

 
582

 
—

 
3,908

Other Intangible Assets – net
—

 
43

 
443

 
—

 
486

Other Assets
1

 
96

 
792

 
—

 
889

Deferred Income Taxes
5

 
—

 
—

 
(5
)
 
—

Intercompany Receivable
1,156

 
—

 
2,113

 
(3,269
)
 
—

Investment in Subsidiaries
3,975

 
4,232

 
—

 
(8,207
)
 
—

Total Assets
$
6,207

 
$
13,555

 
$
11,287

 
$
(11,481
)
 
$
19,568

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

 
$
6

 
$
19

 
$
—

 
$
25

Merchandise accounts payable
—

 
896

 
1,149

 
—

 
2,045

Accounts payable and accrued liabilities
109

 
784

 
1,802

 
—

 
2,695

Income taxes
253

 
35

 
24

 
—

 
312

Total Current Liabilities
362

 
1,721

 
2,994

 
—

 
5,077

Long-Term Debt
—

 
5,841

 
16

 
—

 
5,857

Intercompany Payable
—

 
3,269

 
—

 
(3,269
)
 
—

Deferred Income Taxes
—

 
570

 
604

 
(5
)
 
1,169

Other Liabilities
24

 
416

 
1,224

 
—

 
1,664

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
5,821

 
1,738

 
6,469

 
(8,207
)
 
5,821

Noncontrolling Interest
—

 
—

 
(20
)
 
—

 
(20
)
Total Shareholders' Equity
5,821

 
1,738

 
6,449

 
(8,207
)
 
5,801

Total Liabilities and Shareholders' Equity
$
6,207

 
$
13,555

 
$
11,287

 
$
(11,481
)
 
$
19,568








Condensed Consolidating Balance Sheet
As of April 29, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
779

 
$
99

 
$
323

 
$
—

 
$
1,201

Receivables
—

 
118

 
227

 
—

 
345

Merchandise inventories
—

 
2,560

 
3,066

 
—

 
5,626

Prepaid expenses and other current assets
—

 
150

 
484

 
—

 
634

Total Current Assets
779

 
2,927

 
4,100

 
—

 
7,806

Property and Equipment – net
—

 
3,479

 
3,407

 
—

 
6,886

Goodwill
—

 
3,315

 
582

 
—

 
3,897

Other Intangible Assets – net
—

 
49

 
447

 
—

 
496

Other Assets
—

 
45

 
748

 
—

 
793

Deferred Income Taxes
24

 
—

 
—

 
(24
)
 
—

Intercompany Receivable
902

 
—

 
2,092

 
(2,994
)
 
—

Investment in Subsidiaries
3,063

 
3,598

 
—

 
(6,661
)
 
—

Total Assets
$
4,768

 
$
13,413

 
$
11,376

 
$
(9,679
)
 
$
19,878

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

 
$
306

 
$
7

 
$
—

 
$
313

Merchandise accounts payable
—

 
841

 
1,187

 
—

 
2,028

Accounts payable and accrued liabilities
22

 
962

 
2,058

 
—

 
3,042

Income taxes
317

 
6

 
32

 
—

 
355

Total Current Liabilities
339

 
2,115

 
3,284

 
—

 
5,738

Long-Term Debt
—

 
6,395

 
17

 
—

 
6,412

Intercompany Payable
—

 
2,994

 
—

 
(2,994
)
 
—

Deferred Income Taxes
—

 
733

 
813

 
(24
)
 
1,522

Other Liabilities
67

 
498

 
1,281

 
—

 
1,846

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
4,362

 
678

 
5,983

 
(6,661
)
 
4,362

Noncontrolling Interest
—

 
—

 
(2
)
 
—

 
(2
)
Total Shareholders' Equity
4,362

 
678

 
5,981

 
(6,661
)
 
4,360

Total Liabilities and Shareholders' Equity
$
4,768

 
$
13,413

 
$
11,376

 
$
(9,679
)
 
$
19,878







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 13 weeks ended May 5, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
139

 
$
(69
)
 
$
299

 
$
(238
)
 
$
131

Impairment and other costs
—

 
—

 
19

 
—

 
19

Equity in earnings of subsidiaries
(136
)
 
(102
)
 
—

 
238

 
—

Dividends received from subsidiaries
200

 
—

 
—

 
(200
)
 
—

Depreciation and amortization
—

 
82

 
153

 
—

 
235

Gains on sale of real estate
—

 
(23
)
 
(1
)
 
—

 
(24
)
Changes in assets, liabilities and other items not separately identified
150

 
175

 
(364
)
 
—

 
(39
)
Net cash provided by operating activities
353

 
63

 
106

 
(200
)
 
322

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

 
(50
)
 
(117
)
 
—

 
(167
)
Other, net
—

 
(10
)
 
21

 
—

 
11

Net cash used by investing activities
—

 
(60
)
 
(96
)
 
—

 
(156
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid
—

 
(3
)
 
—

 
—

 
(3
)
Dividends paid
(116
)
 
—

 
(200
)
 
200

 
(116
)
Issuance of common stock, net of common stock acquired
28

 
—

 
—

 
—

 
28

Proceeds from noncontrolling interest
—

 
—

 
2

 
—

 
2

Intercompany activity, net
(254
)
 
(10
)
 
264

 
—

 
—

Other, net
(50
)
 
23

 
17

 
—

 
(10
)
Net cash provided (used) by financing activities
(392
)
 
10

 
83

 
200

 
(99
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(39
)
 
13

 
93

 
—

 
67

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
$
1,070

 
$
92

 
$
418

 
$
—

 
$
1,580









Condensed Consolidating Statement of Cash Flows
For the 13 weeks ended April 29, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
78

 
$
(120
)
 
$
198

 
$
(79
)
 
$
77

Equity in earnings of subsidiaries
(78
)
 
(1
)
 
—

 
79

 
—

Dividends received from subsidiaries
211

 
—

 
—

 
(211
)
 
—

Depreciation and amortization
—

 
89

 
154

 
—

 
243

Gains on sale of real estate
—

 
(65
)
 
(3
)
 
—

 
(68
)
Changes in assets, liabilities and other items not separately identified
251

 
241

 
(507
)
 
—

 
(15
)
Net cash provided (used) by operating activities
462

 
144

 
(158
)
 
(211
)
 
237

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

 
58

 
(139
)
 
—

 
(81
)
Other, net
—

 
—

 
21

 
—

 
21

Net cash provided (used) by investing activities
—

 
58

 
(118
)
 
—

 
(60
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid
—

 
(152
)
 
—

 
—

 
(152
)
Dividends paid
(115
)
 
—

 
(211
)
 
211

 
(115
)
Issuance of common stock, net of common stock acquired
1

 
—

 
—

 
—

 
1

Proceeds from noncontrolling interest
—

 
—

 
3

 
—

 
3

Intercompany activity, net
(515
)
 
(1
)
 
516

 
—

 
—

Other, net
8

 
(31
)
 
13

 
—

 
(10
)
Net cash provided (used) by
financing activities
(621
)
 
(184
)
 
321

 
211

 
(273
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(159
)
 
18

 
45

 
—

 
(96
)
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
$
779

 
$
99

 
$
360

 
$
—

 
$
1,238

Condensed Consolidating Statement of Comprehensive Income [Table Text Block]

Condensed Consolidating Statement of Comprehensive Income
For the 13 weeks ended May 5, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
2,008

 
$
5,363

 
$
(1,830
)
 
$
5,541

Credit card revenues (expense), net
—

 
(6
)
 
163

 
—

 
157

 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
(1,320
)
 
(3,892
)
 
1,830

 
(3,382
)
Selling, general and administrative expenses
—

 
(828
)
 
(1,255
)
 
—

 
(2,083
)
Gains on sale of real estate
—

 
23

 
1

 
—

 
24

Impairment and other costs
—

 
—

 
(19
)
 
—

 
(19
)
Operating income (loss)
—

 
(123
)
 
361

 
—

 
238

Benefit plan income, net
—

 
4

 
7

 
—

 
11

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
4

 
(71
)
 
1

 
—

 
(66
)
Intercompany
—

 
(18
)
 
18

 
—

 
—

Equity in earnings of subsidiaries
136

 
102

 
—

 
(238
)
 
—

Income (loss) before income taxes
140

 
(106
)
 
387

 
(238
)
 
183

Federal, state and local income
tax benefit (expense)
(1
)
 
37

 
(88
)
 
—

 
(52
)
Net income (loss)
139

 
(69
)
 
299

 
(238
)
 
131

Net loss attributable to noncontrolling interest
—

 
—

 
8

 
—

 
8

Net income (loss) attributable to
Macy's, Inc. shareholders
$
139

 
$
(69
)
 
$
307

 
$
(238
)
 
$
139

Comprehensive income (loss)
$
146

 
$
(63
)
 
$
303

 
$
(248
)
 
$
138

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
8

 
—

 
8

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
146

 
$
(63
)
 
$
311

 
$
(248
)
 
$
146


Condensed Consolidating Statement of Comprehensive Income
For the 13 weeks ended April 29, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
2,064

 
$
5,130

 
$
(1,844
)
 
$
5,350

Credit card revenues (expense), net
—

 
(6
)
 
167

 
—

 
161

 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
(1,386
)
 
(3,761
)
 
1,844

 
(3,303
)
Selling, general and administrative expenses
(1
)
 
(767
)
 
(1,289
)
 
—

 
(2,057
)
Gains on sale of real estate
—

 
65

 
3

 
—

 
68

Operating income (loss)
(1
)
 
(30
)
 
250

 
—

 
219

Benefit plan income, net
—

 
5

 
8

 
—

 
13

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
1

 
(85
)
 
—

 
—

 
(84
)
Intercompany
—

 
(34
)
 
34

 
—

 
—

Premiums on early retirement of debt
—

 
(3
)
 
—

 
—

 
(3
)
Equity in earnings of subsidiaries
78

 
1

 
—

 
(79
)
 
—

Income (loss) before income taxes
78

 
(146
)
 
292

 
(79
)
 
145

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

 
26

 
(94
)
 
—

 
(68
)
Net income (loss)
78

 
(120
)
 
198

 
(79
)
 
77

Net loss attributable to noncontrolling interest
—

 
—

 
1

 
—

 
1

Net income (loss) attributable to
Macy's, Inc. shareholders
$
78

 
$
(120
)
 
$
199

 
$
(79
)
 
$
78

Comprehensive income (loss)
$
84

 
$
(114
)
 
$
202

 
$
(89
)
 
$
83

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
1

 
—

 
1

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
84

 
$
(114
)
 
$
203

 
$
(89
)
 
$
84