| 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 and its subsidiary 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 its majority-owned subsidiary 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."
Condensed Consolidating Statements of Comprehensive Income for the 13 and 26 weeks ended July 30, 2016 and August 1, 2015, Condensed Consolidating Balance Sheets as of July 30, 2016, August 1, 2015 and January 30, 2016, and the related Condensed Consolidating Statements of Cash Flows for the 26 weeks ended July 30, 2016 and August 1, 2015 are presented on the following pages.
Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended July 30, 2016
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
2,494 |
|
|
$ |
4,989 |
|
|
$ |
(1,617 |
) |
|
$ |
5,866 |
|
Cost of sales |
— |
|
|
(1,523 |
) |
|
(3,562 |
) |
|
1,617 |
|
|
(3,468 |
) |
Gross margin |
— |
|
|
971 |
|
|
1,427 |
|
|
— |
|
|
2,398 |
|
Selling, general and administrative expenses |
— |
|
|
(941 |
) |
|
(1,085 |
) |
|
— |
|
|
(2,026 |
) |
Impairments and other costs |
— |
|
|
(184 |
) |
|
(65 |
) |
|
— |
|
|
(249 |
) |
Settlement charges |
— |
|
|
(2 |
) |
|
(4 |
) |
|
— |
|
|
(6 |
) |
Operating income (loss) |
— |
|
|
(156 |
) |
|
273 |
|
|
— |
|
|
117 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
— |
|
|
(97 |
) |
|
— |
|
|
— |
|
|
(97 |
) |
Intercompany |
— |
|
|
(57 |
) |
|
57 |
|
|
— |
|
|
— |
|
Equity in earnings of subsidiaries |
11 |
|
|
22 |
|
|
— |
|
|
(33 |
) |
|
— |
|
Income (loss) before income taxes |
11 |
|
|
(288 |
) |
|
330 |
|
|
(33 |
) |
|
20 |
|
Federal, state and local income
tax benefit (expense) |
— |
|
|
114 |
|
|
(125 |
) |
|
— |
|
|
(11 |
) |
Net income (loss) |
11 |
|
|
(174 |
) |
|
205 |
|
|
(33 |
) |
|
9 |
|
Net loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Net income (loss) attributable to
Macy's, Inc. shareholders |
$ |
11 |
|
|
$ |
(174 |
) |
|
$ |
207 |
|
|
$ |
(33 |
) |
|
$ |
11 |
|
Comprehensive income (loss) |
$ |
(6 |
) |
|
$ |
(191 |
) |
|
$ |
195 |
|
|
$ |
(6 |
) |
|
$ |
(8 |
) |
Comprehensive loss attributable to
noncontrolling interest |
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$ |
(6 |
) |
|
$ |
(191 |
) |
|
$ |
197 |
|
|
$ |
(6 |
) |
|
$ |
(6 |
) |
Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended August 1, 2015
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
2,761 |
|
|
$ |
5,049 |
|
|
$ |
(1,706 |
) |
|
$ |
6,104 |
|
Cost of sales |
— |
|
|
(1,688 |
) |
|
(3,628 |
) |
|
1,706 |
|
|
(3,610 |
) |
Gross margin |
— |
|
|
1,073 |
|
|
1,421 |
|
|
— |
|
|
2,494 |
|
Selling, general and administrative expenses |
— |
|
|
(1,025 |
) |
|
(1,033 |
) |
|
— |
|
|
(2,058 |
) |
Operating income |
— |
|
|
48 |
|
|
388 |
|
|
— |
|
|
436 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
— |
|
|
(93 |
) |
|
— |
|
|
— |
|
|
(93 |
) |
Intercompany |
— |
|
|
(57 |
) |
|
57 |
|
|
— |
|
|
— |
|
Equity in earnings of subsidiaries |
217 |
|
|
86 |
|
|
— |
|
|
(303 |
) |
|
— |
|
Income (loss) before income taxes |
217 |
|
|
(16 |
) |
|
445 |
|
|
(303 |
) |
|
343 |
|
Federal, state and local income
tax benefit (expense) |
— |
|
|
42 |
|
|
(168 |
) |
|
— |
|
|
(126 |
) |
Net income |
217 |
|
|
26 |
|
|
277 |
|
|
(303 |
) |
|
217 |
|
Net loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income attributable to
Macy's, Inc. shareholders |
$ |
217 |
|
|
$ |
26 |
|
|
$ |
277 |
|
|
$ |
(303 |
) |
|
$ |
217 |
|
Comprehensive income |
$ |
224 |
|
|
$ |
33 |
|
|
$ |
282 |
|
|
$ |
(315 |
) |
|
$ |
224 |
|
Comprehensive loss attributable to
noncontrolling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Comprehensive income attributable to
Macy's, Inc. shareholders |
$ |
224 |
|
|
$ |
33 |
|
|
$ |
282 |
|
|
$ |
(315 |
) |
|
$ |
224 |
|
Condensed Consolidating Statement of Comprehensive Income
For the 26 Weeks Ended July 30, 2016
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
4,948 |
|
|
$ |
10,363 |
|
|
$ |
(3,674 |
) |
|
$ |
11,637 |
|
Cost of sales |
— |
|
|
(3,127 |
) |
|
(7,531 |
) |
|
3,674 |
|
|
(6,984 |
) |
Gross margin |
— |
|
|
1,821 |
|
|
2,832 |
|
|
— |
|
|
4,653 |
|
Selling, general and administrative expenses |
(1 |
) |
|
(1,823 |
) |
|
(2,168 |
) |
|
— |
|
|
(3,992 |
) |
Impairments and other costs |
— |
|
|
(184 |
) |
|
(65 |
) |
|
— |
|
|
(249 |
) |
Settlement charges |
— |
|
|
(5 |
) |
|
(14 |
) |
|
— |
|
|
(19 |
) |
Operating income (loss) |
(1 |
) |
|
(191 |
) |
|
585 |
|
|
— |
|
|
393 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
1 |
|
|
(196 |
) |
|
— |
|
|
— |
|
|
(195 |
) |
Intercompany |
— |
|
|
(115 |
) |
|
115 |
|
|
— |
|
|
— |
|
Equity in earnings of subsidiaries |
127 |
|
|
32 |
|
|
— |
|
|
(159 |
) |
|
— |
|
Income (loss) before income taxes |
127 |
|
|
(470 |
) |
|
700 |
|
|
(159 |
) |
|
198 |
|
Federal, state and local income
tax benefit (expense) |
— |
|
|
175 |
|
|
(249 |
) |
|
— |
|
|
(74 |
) |
Net income (loss) |
127 |
|
|
(295 |
) |
|
451 |
|
|
(159 |
) |
|
124 |
|
Net loss attributable to noncontrolling interest |
|
|
|
— |
|
|
3 |
|
|
— |
|
|
3 |
|
Net income (loss) attributable to
Macy's, Inc. shareholders |
$ |
127 |
|
|
$ |
(295 |
) |
|
$ |
454 |
|
|
$ |
(159 |
) |
|
$ |
127 |
|
Comprehensive income (loss) |
$ |
102 |
|
|
$ |
(320 |
) |
|
$ |
436 |
|
|
$ |
(119 |
) |
|
$ |
99 |
|
Comprehensive loss attributable to
noncontrolling interest |
— |
|
|
— |
|
|
3 |
|
|
— |
|
|
3 |
|
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$ |
102 |
|
|
$ |
(320 |
) |
|
$ |
439 |
|
|
$ |
(119 |
) |
|
$ |
102 |
|
Condensed Consolidating Statement of Comprehensive Income
For the 26 Weeks Ended August 1, 2015
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
5,537 |
|
|
$ |
10,740 |
|
|
$ |
(3,941 |
) |
|
$ |
12,336 |
|
Cost of sales |
— |
|
|
(3,497 |
) |
|
(7,854 |
) |
|
3,941 |
|
|
(7,410 |
) |
Gross margin |
— |
|
|
2,040 |
|
|
2,886 |
|
|
— |
|
|
4,926 |
|
Selling, general and administrative expenses |
(1 |
) |
|
(2,005 |
) |
|
(2,075 |
) |
|
— |
|
|
(4,081 |
) |
Operating income (loss) |
(1 |
) |
|
35 |
|
|
811 |
|
|
— |
|
|
845 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
— |
|
|
(188 |
) |
|
— |
|
|
— |
|
|
(188 |
) |
Intercompany |
— |
|
|
(115 |
) |
|
115 |
|
|
— |
|
|
— |
|
Equity in earnings of subsidiaries |
411 |
|
|
146 |
|
|
— |
|
|
(557 |
) |
|
— |
|
Income (loss) before income taxes |
410 |
|
|
(122 |
) |
|
926 |
|
|
(557 |
) |
|
657 |
|
Federal, state and local income
tax benefit (expense) |
— |
|
|
79 |
|
|
(326 |
) |
|
— |
|
|
(247 |
) |
Net income (loss) |
410 |
|
|
(43 |
) |
|
600 |
|
|
(557 |
) |
|
410 |
|
Net loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) attributable to
Macy's, Inc. shareholders |
$ |
410 |
|
|
$ |
(43 |
) |
|
$ |
600 |
|
|
$ |
(557 |
) |
|
$ |
410 |
|
Comprehensive income (loss) |
$ |
425 |
|
|
$ |
(28 |
) |
|
$ |
609 |
|
|
$ |
(581 |
) |
|
$ |
425 |
|
Comprehensive loss attributable to
noncontrolling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$ |
425 |
|
|
$ |
(28 |
) |
|
$ |
609 |
|
|
$ |
(581 |
) |
|
$ |
425 |
|
Condensed Consolidating Balance Sheet
As of July 30, 2016
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
ASSETS: |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
621 |
|
|
$ |
89 |
|
|
$ |
290 |
|
|
$ |
— |
|
|
$ |
1,000 |
|
Receivables |
— |
|
|
146 |
|
|
277 |
|
|
— |
|
|
423 |
|
Merchandise inventories |
— |
|
|
2,500 |
|
|
2,822 |
|
|
— |
|
|
5,322 |
|
Income tax receivable |
8 |
|
|
11 |
|
|
— |
|
|
(19 |
) |
|
— |
|
Prepaid expenses and other current assets |
— |
|
|
84 |
|
|
387 |
|
|
— |
|
|
471 |
|
Total Current Assets |
629 |
|
|
2,830 |
|
|
3,776 |
|
|
(19 |
) |
|
7,216 |
|
Property and Equipment – net |
— |
|
|
3,586 |
|
|
3,601 |
|
|
— |
|
|
7,187 |
|
Goodwill |
— |
|
|
3,315 |
|
|
582 |
|
|
— |
|
|
3,897 |
|
Other Intangible Assets – net |
— |
|
|
49 |
|
|
453 |
|
|
— |
|
|
502 |
|
Other Assets |
— |
|
|
155 |
|
|
749 |
|
|
— |
|
|
904 |
|
Deferred Income Taxes |
23 |
|
|
— |
|
|
— |
|
|
(23 |
) |
|
— |
|
Intercompany Receivable |
— |
|
|
— |
|
|
2,710 |
|
|
(2,710 |
) |
|
— |
|
Investment in Subsidiaries |
4,524 |
|
|
3,247 |
|
|
— |
|
|
(7,771 |
) |
|
— |
|
Total Assets |
$ |
5,176 |
|
|
$ |
13,182 |
|
|
$ |
11,871 |
|
|
$ |
(10,523 |
) |
|
$ |
19,706 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
1,062 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
1,063 |
|
Merchandise accounts payable |
— |
|
|
825 |
|
|
1,052 |
|
|
— |
|
|
1,877 |
|
Accounts payable and accrued liabilities |
29 |
|
|
1,380 |
|
|
1,105 |
|
|
— |
|
|
2,514 |
|
Income taxes |
— |
|
|
— |
|
|
42 |
|
|
(19 |
) |
|
23 |
|
Total Current Liabilities |
29 |
|
|
3,267 |
|
|
2,200 |
|
|
(19 |
) |
|
5,477 |
|
Long-Term Debt |
— |
|
|
6,549 |
|
|
18 |
|
|
— |
|
|
6,567 |
|
Intercompany Payable |
1,043 |
|
|
1,667 |
|
|
— |
|
|
(2,710 |
) |
|
— |
|
Deferred Income Taxes |
— |
|
|
653 |
|
|
818 |
|
|
(23 |
) |
|
1,448 |
|
Other Liabilities |
58 |
|
|
573 |
|
|
1,533 |
|
|
— |
|
|
2,164 |
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
Macy's, Inc. |
4,046 |
|
|
473 |
|
|
7,298 |
|
|
(7,771 |
) |
|
4,046 |
|
Noncontrolling Interest |
— |
|
|
— |
|
|
4 |
|
|
— |
|
|
4 |
|
Total Shareholders' Equity |
4,046 |
|
|
473 |
|
|
7,302 |
|
|
(7,771 |
) |
|
4,050 |
|
Total Liabilities and Shareholders' Equity |
$ |
5,176 |
|
|
$ |
13,182 |
|
|
$ |
11,871 |
|
|
$ |
(10,523 |
) |
|
$ |
19,706 |
|
Condensed Consolidating Balance Sheet
As of August 1, 2015
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
ASSETS: |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
511 |
|
|
$ |
76 |
|
|
$ |
256 |
|
|
$ |
— |
|
|
$ |
843 |
|
Receivables |
— |
|
|
85 |
|
|
249 |
|
|
— |
|
|
334 |
|
Merchandise inventories |
— |
|
|
2,712 |
|
|
2,784 |
|
|
— |
|
|
5,496 |
|
Income tax receivable |
98 |
|
|
— |
|
|
— |
|
|
(98 |
) |
|
— |
|
Prepaid expenses and other current assets |
— |
|
|
104 |
|
|
333 |
|
|
— |
|
|
437 |
|
Total Current Assets |
609 |
|
|
2,977 |
|
|
3,622 |
|
|
(98 |
) |
|
7,110 |
|
Property and Equipment – net |
— |
|
|
4,230 |
|
|
3,474 |
|
|
— |
|
|
7,704 |
|
Goodwill |
— |
|
|
3,315 |
|
|
582 |
|
|
— |
|
|
3,897 |
|
Other Intangible Assets – net |
— |
|
|
62 |
|
|
461 |
|
|
— |
|
|
523 |
|
Other Assets |
2 |
|
|
44 |
|
|
680 |
|
|
— |
|
|
726 |
|
Deferred Income Taxes |
24 |
|
|
— |
|
|
— |
|
|
(24 |
) |
|
— |
|
Intercompany Receivable |
— |
|
|
— |
|
|
3,634 |
|
|
(3,634 |
) |
|
— |
|
Investment in Subsidiaries |
4,779 |
|
|
3,640 |
|
|
— |
|
|
(8,419 |
) |
|
— |
|
Total Assets |
$ |
5,414 |
|
|
$ |
14,268 |
|
|
$ |
12,453 |
|
|
$ |
(12,175 |
) |
|
$ |
19,960 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
82 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
83 |
|
Merchandise accounts payable |
— |
|
|
930 |
|
|
1,012 |
|
|
— |
|
|
1,942 |
|
Accounts payable and accrued liabilities |
23 |
|
|
980 |
|
|
1,274 |
|
|
— |
|
|
2,277 |
|
Income taxes |
— |
|
|
10 |
|
|
152 |
|
|
(98 |
) |
|
64 |
|
Total Current Liabilities |
23 |
|
|
2,002 |
|
|
2,439 |
|
|
(98 |
) |
|
4,366 |
|
Long-Term Debt |
— |
|
|
7,132 |
|
|
19 |
|
|
— |
|
|
7,151 |
|
Intercompany Payable |
483 |
|
|
3,151 |
|
|
— |
|
|
(3,634 |
) |
|
— |
|
Deferred Income Taxes |
— |
|
|
736 |
|
|
737 |
|
|
(24 |
) |
|
1,449 |
|
Other Liabilities |
64 |
|
|
551 |
|
|
1,535 |
|
|
— |
|
|
2,150 |
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
Macy's, Inc. |
4,844 |
|
|
696 |
|
|
7,723 |
|
|
(8,419 |
) |
|
4,844 |
|
Noncontrolling Interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total Shareholders' Equity |
4,844 |
|
|
696 |
|
|
7,723 |
|
|
(8,419 |
) |
|
4,844 |
|
Total Liabilities and Shareholders' Equity |
$ |
5,414 |
|
|
$ |
14,268 |
|
|
$ |
12,453 |
|
|
$ |
(12,175 |
) |
|
$ |
19,960 |
|
Condensed Consolidating Balance Sheet
As of January 30, 2016
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
ASSETS: |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
741 |
|
|
$ |
91 |
|
|
$ |
277 |
|
|
$ |
— |
|
|
$ |
1,109 |
|
Receivables |
— |
|
|
217 |
|
|
341 |
|
|
— |
|
|
558 |
|
Merchandise inventories |
— |
|
|
2,702 |
|
|
2,804 |
|
|
— |
|
|
5,506 |
|
Income tax receivable |
44 |
|
|
— |
|
|
— |
|
|
(44 |
) |
|
— |
|
Prepaid expenses and other current assets |
— |
|
|
135 |
|
|
344 |
|
|
— |
|
|
479 |
|
Total Current Assets |
785 |
|
|
3,145 |
|
|
3,766 |
|
|
(44 |
) |
|
7,652 |
|
Property and Equipment – net |
— |
|
|
3,925 |
|
|
3,691 |
|
|
— |
|
|
7,616 |
|
Goodwill |
— |
|
|
3,315 |
|
|
582 |
|
|
— |
|
|
3,897 |
|
Other Intangible Assets – net |
— |
|
|
52 |
|
|
462 |
|
|
— |
|
|
514 |
|
Other Assets |
— |
|
|
154 |
|
|
743 |
|
|
— |
|
|
897 |
|
Deferred Income Taxes |
14 |
|
|
— |
|
|
— |
|
|
(14 |
) |
|
— |
|
Intercompany Receivable |
— |
|
|
— |
|
|
3,800 |
|
|
(3,800 |
) |
|
— |
|
Investment in Subsidiaries |
4,725 |
|
|
3,804 |
|
|
— |
|
|
(8,529 |
) |
|
— |
|
Total Assets |
$ |
5,524 |
|
|
$ |
14,395 |
|
|
$ |
13,044 |
|
|
$ |
(12,387 |
) |
|
$ |
20,576 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
641 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
642 |
|
Merchandise accounts payable |
— |
|
|
667 |
|
|
859 |
|
|
— |
|
|
1,526 |
|
Accounts payable and accrued liabilities |
35 |
|
|
1,439 |
|
|
1,859 |
|
|
— |
|
|
3,333 |
|
Income taxes |
— |
|
|
41 |
|
|
230 |
|
|
(44 |
) |
|
227 |
|
Total Current Liabilities |
35 |
|
|
2,788 |
|
|
2,949 |
|
|
(44 |
) |
|
5,728 |
|
Long-Term Debt |
— |
|
|
6,976 |
|
|
19 |
|
|
— |
|
|
6,995 |
|
Intercompany Payable |
1,218 |
|
|
2,582 |
|
|
— |
|
|
(3,800 |
) |
|
— |
|
Deferred Income Taxes |
— |
|
|
693 |
|
|
798 |
|
|
(14 |
) |
|
1,477 |
|
Other Liabilities |
21 |
|
|
558 |
|
|
1,544 |
|
|
— |
|
|
2,123 |
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
Macy's, Inc. |
4,250 |
|
|
798 |
|
|
7,731 |
|
|
(8,529 |
) |
|
4,250 |
|
Noncontrolling Interest |
— |
|
|
— |
|
|
3 |
|
|
— |
|
|
3 |
|
Total Shareholders' Equity |
4,250 |
|
|
798 |
|
|
7,734 |
|
|
(8,529 |
) |
|
4,253 |
|
Total Liabilities and Shareholders' Equity |
$ |
5,524 |
|
|
$ |
14,395 |
|
|
$ |
13,044 |
|
|
$ |
(12,387 |
) |
|
$ |
20,576 |
|
Condensed Consolidating Statement of Cash Flows
For the 26 Weeks Ended July 30, 2016
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
127 |
|
|
$ |
(295 |
) |
|
$ |
451 |
|
|
$ |
(159 |
) |
|
$ |
124 |
|
Impairments and other costs |
— |
|
|
184 |
|
|
65 |
|
|
— |
|
|
249 |
|
Settlement charges |
— |
|
|
5 |
|
|
14 |
|
|
— |
|
|
19 |
|
Equity in earnings of subsidiaries |
(127 |
) |
|
(32 |
) |
|
— |
|
|
159 |
|
|
— |
|
Dividends received from subsidiaries |
303 |
|
|
575 |
|
|
— |
|
|
(878 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
205 |
|
|
315 |
|
|
— |
|
|
520 |
|
(Increase) decrease in working capital |
32 |
|
|
361 |
|
|
(733 |
) |
|
— |
|
|
(340 |
) |
Other, net |
17 |
|
|
(31 |
) |
|
2 |
|
|
— |
|
|
(12 |
) |
Net cash provided by operating activities |
352 |
|
|
972 |
|
|
114 |
|
|
(878 |
) |
|
560 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and capitalized software, net |
— |
|
|
(50 |
) |
|
(327 |
) |
|
— |
|
|
(377 |
) |
Other, net |
— |
|
|
43 |
|
|
(4 |
) |
|
— |
|
|
39 |
|
Net cash used by investing activities |
— |
|
|
(7 |
) |
|
(331 |
) |
|
— |
|
|
(338 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt repaid |
— |
|
|
(3 |
) |
|
— |
|
|
— |
|
|
(3 |
) |
Dividends paid |
(228 |
) |
|
— |
|
|
(878 |
) |
|
878 |
|
|
(228 |
) |
Common stock acquired, net of
issuance of common stock |
(103 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(103 |
) |
Proceeds from noncontrolling interest |
— |
|
|
— |
|
|
4 |
|
|
— |
|
|
4 |
|
Intercompany activity, net |
(139 |
) |
|
(937 |
) |
|
1,076 |
|
|
— |
|
|
— |
|
Other, net |
(2 |
) |
|
(27 |
) |
|
28 |
|
|
— |
|
|
(1 |
) |
Net cash provided (used) by
financing activities |
(472 |
) |
|
(967 |
) |
|
230 |
|
|
878 |
|
|
(331 |
) |
Net increase (decrease) in cash
and cash equivalents |
(120 |
) |
|
(2 |
) |
|
13 |
|
|
— |
|
|
(109 |
) |
Cash and cash equivalents at beginning of period |
741 |
|
|
91 |
|
|
277 |
|
|
— |
|
|
1,109 |
|
Cash and cash equivalents at end of period |
$ |
621 |
|
|
$ |
89 |
|
|
$ |
290 |
|
|
$ |
— |
|
|
$ |
1,000 |
|
Condensed Consolidating Statement of Cash Flows
For the 26 Weeks Ended August 1, 2015
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
410 |
|
|
$ |
(43 |
) |
|
$ |
600 |
|
|
$ |
(557 |
) |
|
$ |
410 |
|
Equity in earnings of subsidiaries |
(411 |
) |
|
(146 |
) |
|
— |
|
|
557 |
|
|
— |
|
Dividends received from subsidiaries |
337 |
|
|
— |
|
|
— |
|
|
(337 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
214 |
|
|
306 |
|
|
— |
|
|
520 |
|
Increase in working capital |
(11 |
) |
|
(17 |
) |
|
(503 |
) |
|
— |
|
|
(531 |
) |
Other, net |
24 |
|
|
2 |
|
|
(27 |
) |
|
— |
|
|
(1 |
) |
Net cash provided by operating activities |
349 |
|
|
10 |
|
|
376 |
|
|
(337 |
) |
|
398 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and capitalized software, net |
— |
|
|
(158 |
) |
|
(349 |
) |
|
— |
|
|
(507 |
) |
Other, net |
— |
|
|
9 |
|
|
(117 |
) |
|
— |
|
|
(108 |
) |
Net cash used by investing activities |
— |
|
|
(149 |
) |
|
(466 |
) |
|
— |
|
|
(615 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt repaid |
— |
|
|
(72 |
) |
|
— |
|
|
— |
|
|
(72 |
) |
Dividends paid |
(227 |
) |
|
— |
|
|
(337 |
) |
|
337 |
|
|
(227 |
) |
Common stock acquired, net of
issuance of common stock |
(751 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(751 |
) |
Intercompany activity, net |
(722 |
) |
|
262 |
|
|
460 |
|
|
— |
|
|
— |
|
Other, net |
(46 |
) |
|
(69 |
) |
|
(21 |
) |
|
— |
|
|
(136 |
) |
Net cash provided (used) by
financing activities |
(1,746 |
) |
|
121 |
|
|
102 |
|
|
337 |
|
|
(1,186 |
) |
Net increase (decrease) in cash and
cash equivalents |
(1,397 |
) |
|
(18 |
) |
|
12 |
|
|
— |
|
|
(1,403 |
) |
Cash and cash equivalents at beginning of period |
1,908 |
|
|
94 |
|
|
244 |
|
|
— |
|
|
2,246 |
|
Cash and cash equivalents at end of period |
$ |
511 |
|
|
$ |
76 |
|
|
$ |
256 |
|
|
$ |
— |
|
|
$ |
843 |
|
|