Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.10.0.1
Condensed Consolidating Financial Information (Tables)
 6 Months Ended
Aug. 04, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet [Table Text Block]
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 July 29, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
421

 
$
78

 
$
284

 
$
—

 
$
783

Receivables
—

 
132

 
250

 
—

 
382

Merchandise inventories
—

 
2,236

 
2,744

 
—

 
4,980

Prepaid expenses and other current assets
—

 
132

 
439

 
—

 
571

Total Current Assets
421

 
2,578

 
3,717

 
—

 
6,716

Property and Equipment – net
—

 
3,388

 
3,434

 
—

 
6,822

Goodwill
—

 
3,315

 
582

 
—

 
3,897

Other Intangible Assets – net
—

 
47

 
446

 
—

 
493

Other Assets
1

 
53

 
756

 
—

 
810

Deferred Income Taxes
25

 
—

 
—

 
(25
)
 
—

Intercompany Receivable
1,011

 
—

 
2,256

 
(3,267
)
 
—

Investment in Subsidiaries
3,110

 
3,743

 
—

 
(6,853
)
 
—

Total Assets
$
4,568

 
$
13,124

 
$
11,191

 
$
(10,145
)
 
$
18,738

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

 
$
6

 
$
10

 
$
—

 
$
16

Merchandise accounts payable
—

 
698

 
971

 
—

 
1,669

Accounts payable and accrued liabilities
24

 
917

 
1,998

 
—

 
2,939

Income taxes
28

 
2

 
22

 
—

 
52

Total Current Liabilities
52

 
1,623

 
3,001

 
—

 
4,676

Long-Term Debt
—

 
6,284

 
17

 
—

 
6,301

Intercompany Payable
—

 
3,267

 
—

 
(3,267
)
 
—

Deferred Income Taxes
—

 
746

 
828

 
(25
)
 
1,549

Other Liabilities
72

 
425

 
1,276

 
—

 
1,773

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
4,444

 
779

 
6,074

 
(6,853
)
 
4,444

Noncontrolling Interest
—

 
—

 
(5
)
 
—

 
(5
)
Total Shareholders' Equity
4,444

 
779

 
6,069

 
(6,853
)
 
4,439

Total Liabilities and Shareholders' Equity
$
4,568

 
$
13,124

 
$
11,191

 
$
(10,145
)
 
$
18,738







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 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, net of common stock acquired
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 Cash Flows
For the 26 Weeks Ended July 29, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
189

 
$
(156
)
 
$
371

 
$
(219
)
 
$
185

Equity in earnings of subsidiaries
(188
)
 
(31
)
 
—

 
219

 
—

Settlement charges
—

 
17

 
34

 
—

 
51

Dividends received from subsidiaries
340

 
—

 
—

 
(340
)
 
—

Depreciation and amortization
—

 
178

 
309

 
—

 
487

Gains on sale of real estate
—

 
(92
)
 
(19
)
 
—

 
(111
)
Changes in assets, liabilities and other items not separately identified
(34
)
 
328

 
(360
)
 
—

 
(66
)
Net cash provided by operating activities
307

 
244

 
335

 
(340
)
 
546

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

 
85

 
(307
)
 
—

 
(222
)
Other, net
—

 
—

 
12

 
—

 
12

Net cash provided (used) by investing activities
—

 
85

 
(295
)
 
—

 
(210
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid
—

 
(560
)
 
—

 
—

 
(560
)
Dividends paid
(230
)
 
—

 
(340
)
 
340

 
(230
)
Issuance of common stock, net of common stock acquired
1

 
—

 
—

 
—

 
1

Proceeds from noncontrolling interest
—

 
—

 
6

 
—

 
6

Intercompany activity, net
(605
)
 
265

 
340

 
—

 
—

Other, net
10

 
(37
)
 
(37
)
 
—

 
(64
)
Net cash used by financing activities
(824
)
 
(332
)
 
(31
)
 
340

 
(847
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(517
)
 
(3
)
 
9

 
—

 
(511
)
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
$
421

 
$
78

 
$
324

 
$
—

 
$
823

Condensed Consolidating Statement of Comprehensive Income [Table Text Block]
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 13 Weeks Ended July 29, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
2,220

 
$
4,789

 
$
(1,373
)
 
$
5,636

Credit card revenues, net
—

 
5

 
162

 
—

 
167

 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
(1,391
)
 
(3,385
)
 
1,373

 
(3,403
)
Selling, general and administrative expenses
—

 
(856
)
 
(1,305
)
 
—

 
(2,161
)
Gains on sale of real estate
—

 
26

 
17

 
—

 
43

Operating income
—

 
4

 
278

 
—

 
282

Benefit plan income, net
—

 
5

 
9

 
—

 
14

Settlement charges
—

 
(17
)
 
(34
)
 
—

 
(51
)
Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
2

 
(82
)
 
1

 
—

 
(79
)
Intercompany
—

 
(34
)
 
34

 
—

 
—

Gains on early retirement of debt
—

 
2

 
—

 
—

 
2

Equity in earnings of subsidiaries
109

 
29

 
—

 
(138
)
 
—

Income (loss) before income taxes
111

 
(93
)
 
288

 
(138
)
 
168

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

 
56

 
(116
)
 
—

 
(60
)
Net income (loss)
111

 
(37
)
 
172

 
(138
)
 
108

Net loss attributable to noncontrolling interest
—

 
—

 
3

 
—

 
3

Net income (loss) attributable to
Macy's, Inc. shareholders
$
111

 
$
(37
)
 
$
175

 
$
(138
)
 
$
111

Comprehensive income
$
176

 
$
24

 
$
216

 
$
(243
)
 
$
173

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
3

 
—

 
3

Comprehensive income attributable to
Macy's, Inc. shareholders
$
176

 
$
24

 
$
219

 
$
(243
)
 
$
176














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












Condensed Consolidating Statement of Comprehensive Income
For the 26 Weeks Ended July 29, 2017
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
4,285

 
$
9,919

 
$
(3,218
)
 
$
10,986

Credit card revenues (expense), net
—

 
(2
)
 
330

 
—

 
328

 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
(2,778
)
 
(7,146
)
 
3,218

 
(6,706
)
Selling, general and administrative expenses
(1
)
 
(1,623
)
 
(2,594
)
 
—

 
(4,218
)
Gains on sale of real estate
—

 
92

 
19

 
—

 
111

Operating income (loss)
(1
)
 
(26
)
 
528

 
—

 
501

Benefit plan income, net
—

 
10

 
17

 
—

 
27

Settlement charges
—

 
(17
)
 
(34
)
 
—

 
(51
)
Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
3

 
(167
)
 
1

 
—

 
(163
)
Intercompany
—

 
(69
)
 
69

 
—

 
—

Losses on early retirement of debt
—

 
(1
)
 
—

 
—

 
(1
)
Equity in earnings of subsidiaries
188

 
31

 
—

 
(219
)
 
—

Income (loss) before income taxes
190

 
(239
)
 
581

 
(219
)
 
313

Federal, state and local income
tax benefit (expense)
(1
)
 
83

 
(210
)
 
—

 
(128
)
Net income (loss)
189

 
(156
)
 
371

 
(219
)
 
185

Net loss attributable to noncontrolling interest
—

 
—

 
4

 
—

 
4

Net income (loss) attributable to
Macy's, Inc. shareholders
$
189

 
$
(156
)
 
$
375

 
$
(219
)
 
$
189

Comprehensive income (loss)
$
260

 
$
(89
)
 
$
418

 
$
(333
)
 
$
256

Comprehensive loss attributable to
noncontrolling interest
—

 
—

 
4

 
—

 
4

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
260

 
$
(89
)
 
$
422

 
$
(333
)
 
$
260