Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.19.1
Condensed Consolidating Financial Information (Tables)
3 Months Ended
May 04, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Balance Sheet [Table Text Block]
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:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
6,323

 
1,713

 
5,124

 
(6,837
)
 
6,323

Noncontrolling Interest

 

 

 

 

Total 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 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 February 2, 2019
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
889

 
$
59

 
$
214

 
$

 
$
1,162

Receivables

 
68

 
332

 

 
400

Merchandise inventories

 
2,342

 
2,921

 

 
5,263

Prepaid expenses and other current assets

 
143

 
477

 

 
620

Total Current Assets
889

 
2,612

 
3,944

 

 
7,445

Property and Equipment – net

 
3,287

 
3,350

 

 
6,637

Goodwill

 
3,326

 
582

 

 
3,908

Other Intangible Assets – net

 
38

 
440

 

 
478

Other Assets

 
41

 
685

 

 
726

Deferred Income Taxes
12

 

 

 
(12
)
 

Intercompany Receivable
1,713

 

 
1,390

 
(3,103
)
 

Investment in Subsidiaries
4,030

 
3,119

 

 
(7,149
)
 

Total Assets
$
6,644

 
$
12,423

 
$
10,391

 
$
(10,264
)
 
$
19,194

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

 
$
42

 
$
1

 
$

 
$
43

Merchandise accounts payable

 
713

 
942

 

 
1,655

Accounts payable and accrued liabilities
170

 
950

 
2,246

 

 
3,366

Income taxes
14

 
52

 
102

 

 
168

Total Current Liabilities
184

 
1,757

 
3,291

 

 
5,232

Long-Term Debt

 
4,692

 
16

 

 
4,708

Intercompany Payable

 
3,103

 

 
(3,103
)
 

Deferred Income Taxes

 
679

 
571

 
(12
)
 
1,238

Other Liabilities
24

 
406

 
1,150

 

 
1,580

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
6,436

 
1,786

 
5,363

 
(7,149
)
 
6,436

Noncontrolling Interest

 

 

 

 

Total Shareholders' Equity
6,436

 
1,786

 
5,363

 
(7,149
)
 
6,436

Total Liabilities and Shareholders' Equity
$
6,644

 
$
12,423

 
$
10,391

 
$
(10,264
)
 
$
19,194

Condensed Consolidating Statement of Cash Flows [Table Text Block]

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

Equity in loss (earnings) of subsidiaries
(132
)
 
30

 

 
102

 

Impairment and other costs

 

 
1

 

 
1

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









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

Equity in earnings of subsidiaries
(136
)
 
(102
)
 

 
238

 

Impairment and other costs

 

 
19

 

 
19

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
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 Comprehensive Income [Table Text Block]
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 (expense), 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

Net loss attributable to noncontrolling interest

 

 

 

 

Net income (loss) attributable to
Macy's, Inc. shareholders
$
136

 
$
(43
)
 
$
145

 
$
(102
)
 
$
136

Comprehensive income (loss)
$
142

 
$
(38
)
 
$
149

 
$
(111
)
 
$
142

Comprehensive loss attributable to
noncontrolling interest

 

 

 

 

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
142

 
$
(38
)
 
$
149

 
$
(111
)
 
$
142












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