| Condensed Consolidating Financial Information |
Condensed Consolidating Financial Information
Certain debt obligations of the Company described in Note 6, which constitute debt obligations of Parent’s 100%-owned subsidiary, Macy’s Retail Holdings, Inc. (“Subsidiary Issuer”) are fully and unconditionally guaranteed by Parent. In the following condensed consolidating financial statements, “Other Subsidiaries” includes all other direct subsidiaries of Parent, including 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, and Macy's Merchandising Group International (Hong Kong) 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 Balance Sheets as of January 31, 2015 and February 1, 2014, the related Condensed Consolidating Statements of Comprehensive Income for 2014, 2013 and 2012, and the related Condensed Consolidating Statements of Cash Flows for 2014, 2013, and 2012 are presented on the following pages.
MACY’S, INC.
Condensed Consolidating Balance Sheet
As of January 31, 2015
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
ASSETS: |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,908 |
|
|
$ |
94 |
|
|
$ |
244 |
|
|
$ |
— |
|
|
$ |
2,246 |
|
Receivables |
— |
|
|
97 |
|
|
327 |
|
|
— |
|
|
424 |
|
Merchandise inventories |
— |
|
|
2,817 |
|
|
2,699 |
|
|
— |
|
|
5,516 |
|
Prepaid expenses and other current assets |
— |
|
|
113 |
|
|
380 |
|
|
— |
|
|
493 |
|
Income taxes |
88 |
|
|
— |
|
|
— |
|
|
(88 |
) |
|
— |
|
Total Current Assets |
1,996 |
|
|
3,121 |
|
|
3,650 |
|
|
(88 |
) |
|
8,679 |
|
Property and Equipment – net |
— |
|
|
4,315 |
|
|
3,485 |
|
|
— |
|
|
7,800 |
|
Goodwill |
— |
|
|
3,315 |
|
|
428 |
|
|
— |
|
|
3,743 |
|
Other Intangible Assets – net |
— |
|
|
73 |
|
|
423 |
|
|
— |
|
|
496 |
|
Other Assets |
1 |
|
|
74 |
|
|
668 |
|
|
— |
|
|
743 |
|
Deferred Income Taxes |
10 |
|
|
— |
|
|
— |
|
|
(10 |
) |
|
— |
|
Intercompany Receivable |
— |
|
|
— |
|
|
4,140 |
|
|
(4,140 |
) |
|
— |
|
Investment in Subsidiaries |
4,655 |
|
|
3,526 |
|
|
— |
|
|
(8,181 |
) |
|
— |
|
Total Assets |
$ |
6,662 |
|
|
$ |
14,424 |
|
|
$ |
12,794 |
|
|
$ |
(12,419 |
) |
|
$ |
21,461 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
75 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
76 |
|
Merchandise accounts payable |
— |
|
|
784 |
|
|
909 |
|
|
— |
|
|
1,693 |
|
Accounts payable and accrued liabilities |
42 |
|
|
1,360 |
|
|
1,707 |
|
|
— |
|
|
3,109 |
|
Income taxes |
— |
|
|
22 |
|
|
362 |
|
|
(88 |
) |
|
296 |
|
Deferred income taxes |
— |
|
|
295 |
|
|
67 |
|
|
— |
|
|
362 |
|
Total Current Liabilities |
42 |
|
|
2,536 |
|
|
3,046 |
|
|
(88 |
) |
|
5,536 |
|
Long-Term Debt |
— |
|
|
7,245 |
|
|
20 |
|
|
— |
|
|
7,265 |
|
Intercompany Payable |
1,215 |
|
|
2,925 |
|
|
— |
|
|
(4,140 |
) |
|
— |
|
Deferred Income Taxes |
— |
|
|
414 |
|
|
677 |
|
|
(10 |
) |
|
1,081 |
|
Other Liabilities |
27 |
|
|
593 |
|
|
1,581 |
|
|
— |
|
|
2,201 |
|
Shareholders’ Equity |
5,378 |
|
|
711 |
|
|
7,470 |
|
|
(8,181 |
) |
|
5,378 |
|
Total Liabilities and Shareholders’ Equity |
$ |
6,662 |
|
|
$ |
14,424 |
|
|
$ |
12,794 |
|
|
$ |
(12,419 |
) |
|
$ |
21,461 |
|
MACY’S, INC.
Condensed Consolidating Statement of Comprehensive Income
For 2014
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
13,078 |
|
|
$ |
23,522 |
|
|
$ |
(8,495 |
) |
|
$ |
28,105 |
|
Cost of sales |
— |
|
|
(8,127 |
) |
|
(17,231 |
) |
|
8,495 |
|
|
(16,863 |
) |
Gross margin |
— |
|
|
4,951 |
|
|
6,291 |
|
|
— |
|
|
11,242 |
|
Selling, general and administrative expenses |
(3 |
) |
|
(4,351 |
) |
|
(4,001 |
) |
|
— |
|
|
(8,355 |
) |
Impairments, store closing and other costs |
— |
|
|
(45 |
) |
|
(42 |
) |
|
— |
|
|
(87 |
) |
Operating income (loss) |
(3 |
) |
|
555 |
|
|
2,248 |
|
|
— |
|
|
2,800 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
1 |
|
|
(394 |
) |
|
— |
|
|
— |
|
|
(393 |
) |
Intercompany |
— |
|
|
(230 |
) |
|
230 |
|
|
— |
|
|
— |
|
Premium on early retirement of debt |
— |
|
|
(17 |
) |
|
— |
|
|
— |
|
|
(17 |
) |
Equity in earnings of subsidiaries |
1,528 |
|
|
624 |
|
|
— |
|
|
(2,152 |
) |
|
— |
|
Income before income taxes |
1,526 |
|
|
538 |
|
|
2,478 |
|
|
(2,152 |
) |
|
2,390 |
|
Federal, state and local income
tax benefit (expense) |
— |
|
|
25 |
|
|
(889 |
) |
|
— |
|
|
(864 |
) |
Net income |
$ |
1,526 |
|
|
$ |
563 |
|
|
$ |
1,589 |
|
|
$ |
(2,152 |
) |
|
$ |
1,526 |
|
Comprehensive income |
$ |
1,119 |
|
|
$ |
156 |
|
|
$ |
1,338 |
|
|
$ |
(1,494 |
) |
|
$ |
1,119 |
|
MACY’S, INC.
Condensed Consolidating Statement of Cash Flows
For 2014
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
1,526 |
|
|
$ |
563 |
|
|
$ |
1,589 |
|
|
$ |
(2,152 |
) |
|
$ |
1,526 |
|
Impairments, store closing and other costs |
— |
|
|
45 |
|
|
42 |
|
|
— |
|
|
87 |
|
Equity in earnings of subsidiaries |
(1,528 |
) |
|
(624 |
) |
|
— |
|
|
2,152 |
|
|
— |
|
Dividends received from subsidiaries |
1,088 |
|
|
1 |
|
|
— |
|
|
(1,089 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
454 |
|
|
582 |
|
|
— |
|
|
1,036 |
|
(Increase) decrease in working capital |
9 |
|
|
74 |
|
|
(69 |
) |
|
— |
|
|
14 |
|
Other, net |
(20 |
) |
|
(177 |
) |
|
243 |
|
|
— |
|
|
46 |
|
Net cash provided by
operating activities |
1,075 |
|
|
336 |
|
|
2,387 |
|
|
(1,089 |
) |
|
2,709 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and capitalized software, net |
— |
|
|
(260 |
) |
|
(636 |
) |
|
— |
|
|
(896 |
) |
Other, net |
— |
|
|
(12 |
) |
|
(62 |
) |
|
— |
|
|
(74 |
) |
Net cash used by investing activities |
— |
|
|
(272 |
) |
|
(698 |
) |
|
— |
|
|
(970 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt issued, net of debt repaid |
— |
|
|
177 |
|
|
(3 |
) |
|
— |
|
|
174 |
|
Dividends paid |
(421 |
) |
|
— |
|
|
(1,089 |
) |
|
1,089 |
|
|
(421 |
) |
Common stock acquired, net of
issuance of common stock |
(1,643 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,643 |
) |
Intercompany activity, net |
927 |
|
|
(283 |
) |
|
(644 |
) |
|
— |
|
|
— |
|
Other, net |
15 |
|
|
52 |
|
|
57 |
|
|
— |
|
|
124 |
|
Net cash used by financing activities |
(1,122 |
) |
|
(54 |
) |
|
(1,679 |
) |
|
1,089 |
|
|
(1,766 |
) |
Net increase (decrease) in cash
and cash equivalents |
(47 |
) |
|
10 |
|
|
10 |
|
|
— |
|
|
(27 |
) |
Cash and cash equivalents at
beginning of period |
1,955 |
|
|
84 |
|
|
234 |
|
|
— |
|
|
2,273 |
|
Cash and cash equivalents at
end of period |
$ |
1,908 |
|
|
$ |
94 |
|
|
$ |
244 |
|
|
$ |
— |
|
|
$ |
2,246 |
|
MACY’S, INC.
Condensed Consolidating Balance Sheet
As of February 1, 2014
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
ASSETS: |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,955 |
|
|
$ |
84 |
|
|
$ |
234 |
|
|
$ |
— |
|
|
$ |
2,273 |
|
Receivables |
— |
|
|
102 |
|
|
336 |
|
|
— |
|
|
438 |
|
Merchandise inventories |
— |
|
|
2,896 |
|
|
2,661 |
|
|
— |
|
|
5,557 |
|
Prepaid expenses and other current assets |
— |
|
|
103 |
|
|
317 |
|
|
— |
|
|
420 |
|
Income taxes |
80 |
|
|
— |
|
|
— |
|
|
(80 |
) |
|
— |
|
Total Current Assets |
2,035 |
|
|
3,185 |
|
|
3,548 |
|
|
(80 |
) |
|
8,688 |
|
Property and Equipment – net |
— |
|
|
4,590 |
|
|
3,340 |
|
|
— |
|
|
7,930 |
|
Goodwill |
— |
|
|
3,315 |
|
|
428 |
|
|
— |
|
|
3,743 |
|
Other Intangible Assets – net |
— |
|
|
97 |
|
|
430 |
|
|
— |
|
|
527 |
|
Other Assets |
4 |
|
|
87 |
|
|
641 |
|
|
— |
|
|
732 |
|
Deferred Income Taxes |
19 |
|
|
— |
|
|
— |
|
|
(19 |
) |
|
— |
|
Intercompany Receivable |
— |
|
|
— |
|
|
3,561 |
|
|
(3,561 |
) |
|
— |
|
Investment in Subsidiaries |
4,625 |
|
|
3,157 |
|
|
— |
|
|
(7,782 |
) |
|
— |
|
Total Assets |
$ |
6,683 |
|
|
$ |
14,431 |
|
|
$ |
11,948 |
|
|
$ |
(11,442 |
) |
|
$ |
21,620 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
461 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
463 |
|
Merchandise accounts payable |
— |
|
|
760 |
|
|
931 |
|
|
— |
|
|
1,691 |
|
Accounts payable and accrued liabilities |
10 |
|
|
1,265 |
|
|
1,535 |
|
|
— |
|
|
2,810 |
|
Income taxes |
— |
|
|
80 |
|
|
362 |
|
|
(80 |
) |
|
362 |
|
Deferred income taxes |
— |
|
|
315 |
|
|
85 |
|
|
— |
|
|
400 |
|
Total Current Liabilities |
10 |
|
|
2,881 |
|
|
2,915 |
|
|
(80 |
) |
|
5,726 |
|
Long-Term Debt |
— |
|
|
6,694 |
|
|
20 |
|
|
— |
|
|
6,714 |
|
Intercompany Payable |
362 |
|
|
3,199 |
|
|
— |
|
|
(3,561 |
) |
|
— |
|
Deferred Income Taxes |
— |
|
|
544 |
|
|
748 |
|
|
(19 |
) |
|
1,273 |
|
Other Liabilities |
62 |
|
|
522 |
|
|
1,074 |
|
|
— |
|
|
1,658 |
|
Shareholders’ Equity |
6,249 |
|
|
591 |
|
|
7,191 |
|
|
(7,782 |
) |
|
6,249 |
|
Total Liabilities and Shareholders’ Equity |
$ |
6,683 |
|
|
$ |
14,431 |
|
|
$ |
11,948 |
|
|
$ |
(11,442 |
) |
|
$ |
21,620 |
|
MACY’S, INC.
Condensed Consolidating Statement of Comprehensive Income
For 2013
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
13,233 |
|
|
$ |
23,417 |
|
|
$ |
(8,719 |
) |
|
$ |
27,931 |
|
Cost of sales |
— |
|
|
(8,168 |
) |
|
(17,276 |
) |
|
8,719 |
|
|
(16,725 |
) |
Gross margin |
— |
|
|
5,065 |
|
|
6,141 |
|
|
— |
|
|
11,206 |
|
Selling, general and administrative expenses |
(8 |
) |
|
(4,443 |
) |
|
(3,989 |
) |
|
— |
|
|
(8,440 |
) |
Impairments, store closing and other costs |
— |
|
|
(37 |
) |
|
(51 |
) |
|
— |
|
|
(88 |
) |
Operating income (loss) |
(8 |
) |
|
585 |
|
|
2,101 |
|
|
— |
|
|
2,678 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
1 |
|
|
(388 |
) |
|
(1 |
) |
|
— |
|
|
(388 |
) |
Intercompany |
(2 |
) |
|
(176 |
) |
|
178 |
|
|
— |
|
|
— |
|
Equity in earnings of subsidiaries |
1,492 |
|
|
557 |
|
|
— |
|
|
(2,049 |
) |
|
— |
|
Income before income taxes |
1,483 |
|
|
578 |
|
|
2,278 |
|
|
(2,049 |
) |
|
2,290 |
|
Federal, state and local income
tax benefit (expense) |
3 |
|
|
33 |
|
|
(840 |
) |
|
— |
|
|
(804 |
) |
Net income |
$ |
1,486 |
|
|
$ |
611 |
|
|
$ |
1,438 |
|
|
$ |
(2,049 |
) |
|
$ |
1,486 |
|
Comprehensive income |
$ |
1,752 |
|
|
$ |
877 |
|
|
$ |
1,434 |
|
|
$ |
(2,311 |
) |
|
$ |
1,752 |
|
MACY’S, INC.
Condensed Consolidating Statement of Cash Flows
For 2013
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
1,486 |
|
|
$ |
611 |
|
|
$ |
1,438 |
|
|
$ |
(2,049 |
) |
|
$ |
1,486 |
|
Impairments, store closing and other costs |
— |
|
|
37 |
|
|
51 |
|
|
— |
|
|
88 |
|
Equity in earnings of subsidiaries |
(1,492 |
) |
|
(557 |
) |
|
— |
|
|
2,049 |
|
|
— |
|
Dividends received from subsidiaries |
911 |
|
|
4 |
|
|
— |
|
|
(915 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
467 |
|
|
553 |
|
|
— |
|
|
1,020 |
|
(Increase) decrease in working capital |
(54 |
) |
|
12 |
|
|
(111 |
) |
|
— |
|
|
(153 |
) |
Other, net |
(25 |
) |
|
158 |
|
|
(25 |
) |
|
— |
|
|
108 |
|
Net cash provided by
operating activities |
826 |
|
|
732 |
|
|
1,906 |
|
|
(915 |
) |
|
2,549 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and capitalized software, net |
— |
|
|
(289 |
) |
|
(442 |
) |
|
— |
|
|
(731 |
) |
Other, net |
— |
|
|
(6 |
) |
|
(51 |
) |
|
— |
|
|
(57 |
) |
Net cash used by
investing activities |
— |
|
|
(295 |
) |
|
(493 |
) |
|
— |
|
|
(788 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt issued, net of debt repaid |
— |
|
|
278 |
|
|
(2 |
) |
|
— |
|
|
276 |
|
Dividends paid |
(359 |
) |
|
— |
|
|
(915 |
) |
|
915 |
|
|
(359 |
) |
Common stock acquired, net of
issuance of common stock |
(1,256 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,256 |
) |
Intercompany activity, net |
1,310 |
|
|
(728 |
) |
|
(582 |
) |
|
— |
|
|
— |
|
Other, net |
(104 |
) |
|
56 |
|
|
63 |
|
|
— |
|
|
15 |
|
Net cash used by financing activities |
(409 |
) |
|
(394 |
) |
|
(1,436 |
) |
|
915 |
|
|
(1,324 |
) |
Net increase (decrease) in
cash and cash equivalents |
417 |
|
|
43 |
|
|
(23 |
) |
|
— |
|
|
437 |
|
Cash and cash equivalents at
beginning of period |
1,538 |
|
|
41 |
|
|
257 |
|
|
— |
|
|
1,836 |
|
Cash and cash equivalents at
end of period |
$ |
1,955 |
|
|
$ |
84 |
|
|
$ |
234 |
|
|
$ |
— |
|
|
$ |
2,273 |
|
MACY’S, INC.
Condensed Consolidating Statement of Comprehensive Income
For 2012
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
13,594 |
|
|
$ |
22,439 |
|
|
$ |
(8,347 |
) |
|
$ |
27,686 |
|
Cost of sales |
— |
|
|
(8,385 |
) |
|
(16,500 |
) |
|
8,347 |
|
|
(16,538 |
) |
Gross margin |
— |
|
|
5,209 |
|
|
5,939 |
|
|
— |
|
|
11,148 |
|
Selling, general and administrative expenses |
(9 |
) |
|
(4,584 |
) |
|
(3,889 |
) |
|
— |
|
|
(8,482 |
) |
Impairments, store closing and other costs |
— |
|
|
(8 |
) |
|
3 |
|
|
— |
|
|
(5 |
) |
Operating income (loss) |
(9 |
) |
|
617 |
|
|
2,053 |
|
|
— |
|
|
2,661 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
1 |
|
|
(422 |
) |
|
(1 |
) |
|
— |
|
|
(422 |
) |
Intercompany |
(2 |
) |
|
(146 |
) |
|
148 |
|
|
— |
|
|
— |
|
Premium on early retirement of debt |
— |
|
|
(137 |
) |
|
— |
|
|
— |
|
|
(137 |
) |
Equity in earnings of subsidiaries |
1,342 |
|
|
638 |
|
|
— |
|
|
(1,980 |
) |
|
— |
|
Income before income taxes |
1,332 |
|
|
550 |
|
|
2,200 |
|
|
(1,980 |
) |
|
2,102 |
|
Federal, state and local income
tax benefit (expense) |
3 |
|
|
24 |
|
|
(794 |
) |
|
— |
|
|
(767 |
) |
Net income |
$ |
1,335 |
|
|
$ |
574 |
|
|
$ |
1,406 |
|
|
$ |
(1,980 |
) |
|
$ |
1,335 |
|
Comprehensive income |
$ |
1,465 |
|
|
$ |
704 |
|
|
$ |
1,477 |
|
|
$ |
(2,181 |
) |
|
$ |
1,465 |
|
MACY’S, INC.
Condensed Consolidating Statement of Cash Flows
For 2012
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
1,335 |
|
|
$ |
574 |
|
|
$ |
1,406 |
|
|
$ |
(1,980 |
) |
|
$ |
1,335 |
|
Impairments, store closing and other costs |
— |
|
|
8 |
|
|
(3 |
) |
|
— |
|
|
5 |
|
Equity in earnings of subsidiaries |
(1,342 |
) |
|
(638 |
) |
|
— |
|
|
1,980 |
|
|
— |
|
Dividends received from subsidiaries |
783 |
|
|
125 |
|
|
— |
|
|
(908 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
484 |
|
|
565 |
|
|
— |
|
|
1,049 |
|
Increase in working capital |
(76 |
) |
|
(75 |
) |
|
(66 |
) |
|
— |
|
|
(217 |
) |
Other, net |
31 |
|
|
(31 |
) |
|
7 |
|
|
— |
|
|
7 |
|
Net cash provided by
operating activities |
731 |
|
|
447 |
|
|
1,909 |
|
|
(908 |
) |
|
2,179 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and capitalized software, net |
— |
|
|
(324 |
) |
|
(552 |
) |
|
— |
|
|
(876 |
) |
Other, net |
— |
|
|
51 |
|
|
44 |
|
|
— |
|
|
95 |
|
Net cash used by
investing activities |
— |
|
|
(273 |
) |
|
(508 |
) |
|
— |
|
|
(781 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt repaid, net of debt issued |
— |
|
|
(799 |
) |
|
(4 |
) |
|
— |
|
|
(803 |
) |
Dividends paid |
(324 |
) |
|
— |
|
|
(908 |
) |
|
908 |
|
|
(324 |
) |
Common stock acquired, net of
issuance of common stock |
(1,163 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,163 |
) |
Intercompany activity, net |
(194 |
) |
|
642 |
|
|
(448 |
) |
|
— |
|
|
— |
|
Other, net |
(45 |
) |
|
(14 |
) |
|
(40 |
) |
|
— |
|
|
(99 |
) |
Net cash used by
financing activities |
(1,726 |
) |
|
(171 |
) |
|
(1,400 |
) |
|
908 |
|
|
(2,389 |
) |
Net increase (decrease) in cash
and cash equivalents |
(995 |
) |
|
3 |
|
|
1 |
|
|
— |
|
|
(991 |
) |
Cash and cash equivalents at
beginning of period |
2,533 |
|
|
38 |
|
|
256 |
|
|
— |
|
|
2,827 |
|
Cash and cash equivalents at
end of period |
$ |
1,538 |
|
|
$ |
41 |
|
|
$ |
257 |
|
|
$ |
— |
|
|
$ |
1,836 |
|
|