Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.5.0.2
Condensed Consolidating Financial Information (Tables)
 6 Months Ended
Jul. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet [Table Text Block]
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 Comprehensive Income [Table Text Block]

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 Statement of Cash Flows [Table Text Block]

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