Annual report pursuant to Section 13 and 15(d)

Condensed Consolidating Financial Information (Tables)

v2.4.1.9
Condensed Consolidating Financial Information (Tables)
12 Months Ended
Jan. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet
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 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

Condensed Consolidating Statement of Comprehensive Income
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 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 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

Condensed Consolidating Statement of Cash Flows
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



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 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