Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.19.3.a.u2
Condensed Consolidating Financial Information (Tables)
9 Months Ended
Nov. 02, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheet
As of November 2, 2019
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
42

 
$
73

 
$
186

 
$

 
$
301

Receivables

 
30

 
145

 

 
175

Merchandise inventories

 
3,145

 
4,111

 

 
7,256

Income taxes
96

 

 

 
(95
)
 
1

Prepaid expenses and other current assets

 
126

 
442

 

 
568

Total Current Assets
138

 
3,374

 
4,884

 
(95
)
 
8,301

Property and Equipment – net

 
3,174

 
3,384

 

 
6,558

Right of Use Assets

 
653

 
1,943

 

 
2,596

Goodwill

 
3,326

 
582

 

 
3,908

Other Intangible Assets – net

 
5

 
435

 

 
440

Other Assets

 
49

 
695

 

 
744

Deferred Income Taxes
9

 

 

 
(9
)
 

Intercompany Receivable
2,923

 

 
454

 
(3,377
)
 

Investment in Subsidiaries
3,231

 
2,812

 

 
(6,043
)
 

Total Assets
$
6,301

 
$
13,393

 
$
12,377

 
$
(9,524
)
 
$
22,547

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

 
$
6

 
$

 
$

 
$
6

Merchandise accounts payable

 
1,521

 
1,906

 

 
3,427

Accounts payable and accrued liabilities
216

 
835

 
1,995

 

 
3,046

Income taxes

 
51

 
44

 
(95
)
 

Total Current Liabilities
216

 
2,413

 
3,945

 
(95
)
 
6,479

Long-Term Debt

 
4,677

 

 


 
4,677

Long-Term Lease Liabilities

 
589

 
2,230

 

 
2,819

Intercompany Payable

 
3,377

 

 
(3,377
)
 

Deferred Income Taxes

 
654

 
555

 
(9
)
 
1,200

Other Liabilities
28

 
377

 
910

 

 
1,315

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
6,057

 
1,306

 
4,737

 
(6,043
)
 
6,057

Noncontrolling Interest

 

 

 

 

Total Shareholders' Equity
6,057

 
1,306

 
4,737

 
(6,043
)
 
6,057

Total Liabilities and Shareholders' Equity
$
6,301

 
$
13,393

 
$
12,377

 
$
(9,524
)
 
$
22,547




Condensed Consolidating Balance Sheet
As of November 3, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
426

 
$
74

 
$
236

 
$

 
$
736

Receivables
1

 
25

 
154

 

 
180

Merchandise inventories

 
3,112

 
4,035

 

 
7,147

Income taxes
81

 

 

 
(71
)
 
10

Prepaid expenses and other current assets

 
139

 
455

 

 
594

Total Current Assets
508

 
3,350

 
4,880

 
(71
)
 
8,667

Property and Equipment – net

 
3,244

 
3,328

 

 
6,572

Goodwill

 
3,326

 
582

 

 
3,908

Other Intangible Assets – net

 
40

 
441

 

 
481

Other Assets

 
39

 
694

 

 
733

Deferred Income Taxes
11

 

 

 
(11
)
 

Intercompany Receivable
1,725

 

 
882

 
(2,607
)
 

Investment in Subsidiaries
3,639

 
3,028

 

 
(6,667
)
 

Total Assets
$
5,883

 
$
13,027

 
$
10,807

 
$
(9,356
)
 
$
20,361

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

 
$
42

 
$
23

 
$

 
$
65

Merchandise accounts payable

 
1,515

 
1,866

 

 
3,381

Accounts payable and accrued liabilities
192

 
874

 
1,932

 

 
2,998

Income taxes

 
40

 
31

 
(71
)
 

Total Current Liabilities
192

 
2,471

 
3,852

 
(71
)
 
6,444

Long-Term Debt

 
5,453

 
16

 

 
5,469

Intercompany Payable

 
2,607

 

 
(2,607
)
 

Deferred Income Taxes

 
619

 
577

 
(11
)
 
1,185

Other Liabilities
24

 
431

 
1,163

 

 
1,618

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
5,667

 
1,446

 
5,221

 
(6,667
)
 
5,667

Noncontrolling Interest

 

 
(22
)
 

 
(22
)
Total Shareholders' Equity
5,667

 
1,446

 
5,199

 
(6,667
)
 
5,645

Total Liabilities and Shareholders' Equity
$
5,883

 
$
13,027

 
$
10,807

 
$
(9,356
)
 
$
20,361







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 39 Weeks Ended November 2, 2019
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
224

 
$
(422
)
 
$
370

 
$
52

 
$
224

Impairment, restructuring and other costs

 
1

 
15

 

 
16

Settlement charges

 

 
12

 

 
12

Equity in loss (earnings) of subsidiaries
(212
)
 
264

 

 
(52
)
 

Dividends received from subsidiaries
819

 

 

 
(819
)
 

Depreciation and amortization

 
251

 
474

 

 
725

Gains on sale of real estate

 
(32
)
 
(35
)
 

 
(67
)
Changes in assets, liabilities and other items not separately identified
(99
)
 
(139
)
 
(500
)
 

 
(738
)
Net cash provided (used) by operating activities
732

 
(77
)
 
336

 
(819
)
 
172

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of property and equipment and capitalized software, net of dispositions

 
(179
)
 
(560
)
 

 
(739
)
Other, net

 
(2
)
 
12

 

 
10

Net cash used by investing activities

 
(181
)
 
(548
)
 

 
(729
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid, including debt issuance costs

 
(45
)
 

 

 
(45
)
Dividends paid
(349
)
 

 
(819
)
 
819

 
(349
)
Issuance of common stock, net of common stock acquired
5

 

 

 

 
5

Intercompany activity, net
(1,161
)
 
239

 
922

 

 

Other, net
(74
)
 
73

 
50

 

 
49

Net cash provided (used) by financing activities
(1,579
)
 
267

 
153

 
819

 
(340
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(847
)
 
9

 
(59
)
 

 
(897
)
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
$
42

 
$
73

 
$
236

 
$

 
$
351









Condensed Consolidating Statement of Cash Flows
For the 39 Weeks Ended November 3, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
368

 
$
(289
)
 
$
692

 
$
(413
)
 
$
358

Impairment, restructuring and other costs

 

 
39

 

 
39

Settlement charges
5

 
24

 
44

 

 
73

Equity in earnings of subsidiaries
(362
)
 
(51
)
 

 
413

 

Dividends received from subsidiaries
689

 

 

 
(689
)
 

Depreciation and amortization

 
250

 
468

 

 
718

Gains on sale of real estate

 
(83
)
 
(28
)
 

 
(111
)
Changes in assets, liabilities and other items not separately identified
(191
)
 
115

 
(571
)
 
(1
)
 
(648
)
Net cash provided (used) by operating activities
509

 
(34
)
 
644

 
(690
)
 
429

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of property and equipment and capitalized software, net of dispositions

 
(98
)
 
(458
)
 

 
(556
)
Other, net

 
(15
)
 
(29
)
 
51

 
7

Net cash used by investing activities

 
(113
)
 
(487
)
 
51

 
(549
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid

 
(310
)
 
(1
)
 
(50
)
 
(361
)
Dividends paid
(347
)
 

 
(689
)
 
689

 
(347
)
Issuance of common stock
41

 

 

 

 
41

Proceeds from noncontrolling interest

 

 
7

 

 
7

Intercompany activity, net
(803
)
 
378

 
425

 

 

Other, net
(83
)
 
74

 
53

 

 
44

Net cash provided (used) by financing activities
(1,192
)
 
142

 
(205
)
 
639

 
(616
)
Net decrease in cash, cash equivalents and restricted cash
(683
)
 
(5
)
 
(48
)
 

 
(736
)
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
$
426

 
$
74

 
$
277

 
$

 
$
777


Condensed Consolidating Statement of Comprehensive Income [Table Text Block]
Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended November 2, 2019
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$

 
$
2,044

 
$
5,245

 
$
(2,116
)
 
$
5,173

Credit card revenues (expense), net

 
(2
)
 
185

 

 
183

 
 
 
 
 
 
 
 
 
 
Cost of sales

 
(1,230
)
 
(3,992
)
 
2,116

 
(3,106
)
Selling, general and administrative expenses

 
(870
)
 
(1,332
)
 

 
(2,202
)
Gains on sale of real estate

 
8

 
9

 

 
17

Restructuring and other costs

 
(1
)
 
(12
)
 

 
(13
)
Operating income (loss)

 
(51
)
 
103

 

 
52

Benefit plan income, net

 
3

 
5

 

 
8

Settlement charges

 

 
(12
)
 

 
(12
)
Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
3

 
(52
)
 
1

 

 
(48
)
Intercompany

 
(18
)
 
18

 

 

Equity in loss of subsidiaries
(3
)
 
(125
)
 

 
128

 

Income (loss) before income taxes

 
(243
)
 
115

 
128

 

Federal, state and local income
tax benefit (expense)
2

 
30

 
(30
)
 

 
2

Net income (loss)
2

 
(213
)
 
85

 
128

 
2

Net loss attributable to noncontrolling interest

 

 

 

 

Net income (loss) attributable to
Macy's, Inc. shareholders
$
2

 
$
(213
)
 
$
85

 
$
128

 
$
2

Comprehensive income (loss)
$
(35
)
 
$
(249
)
 
$
65

 
$
184

 
$
(35
)
Comprehensive loss attributable to
noncontrolling interest

 

 

 

 

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
(35
)
 
$
(249
)
 
$
65

 
$
184

 
$
(35
)
Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended November 3, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$

 
$
2,030

 
$
6,185

 
$
(2,811
)
 
$
5,404

Credit card revenues, net

 

 
185

 

 
185

 
 
 
 
 
 
 
 
 
 
Cost of sales

 
(1,266
)
 
(4,771
)
 
2,811

 
(3,226
)
Selling, general and administrative expenses

 
(883
)
 
(1,372
)
 

 
(2,255
)
Gains on sale of real estate

 
41

 
1

 

 
42

Restructuring and other costs

 

 
(3
)
 

 
(3
)
Operating income (loss)

 
(78
)
 
225

 

 
147

Benefit plan income, net

 
3

 
6

 

 
9

Settlement charges

 
(8
)
 
(15
)
 

 
(23
)
Interest (expense) income, net:
 
 
 
 
 
 
 
 


External
4

 
(64
)
 
1

 

 
(59
)
Intercompany

 
(18
)
 
18

 

 

Equity in earnings (loss) of subsidiaries
59

 
(58
)
 

 
(1
)
 

Income (loss) before income taxes
63

 
(223
)
 
235

 
(1
)
 
74

Federal, state and local income
tax benefit (expense)
(1
)
 
57

 
(68
)
 

 
(12
)
Net income (loss)
62

 
(166
)
 
167

 
(1
)
 
62

Net loss attributable to noncontrolling interest

 

 

 

 

Net income (loss) attributable to
Macy's, Inc. shareholders
$
62

 
$
(166
)
 
$
167

 
$
(1
)
 
$
62

Comprehensive income (loss)
$
(37
)
 
$
(257
)
 
$
106

 
$
151

 
$
(37
)
Comprehensive loss attributable to
noncontrolling interest

 

 

 

 

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
(37
)
 
$
(257
)
 
$
106

 
$
151

 
$
(37
)









Condensed Consolidating Statement of Comprehensive Income
For the 39 Weeks Ended November 2, 2019
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$

 
$
6,418

 
$
14,428

 
$
(4,623
)
 
$
16,223

Credit card revenues (expense), net

 
(8
)
 
539

 

 
531

 
 
 
 
 
 
 
 
 
 
Cost of sales

 
(3,913
)
 
(10,615
)
 
4,623

 
(9,905
)
Selling, general and administrative expenses
1

 
(2,544
)
 
(3,946
)
 

 
(6,489
)
Gains on sale of real estate

 
32

 
35

 

 
67

Impairment, restructuring and other costs

 
(1
)
 
(15
)
 

 
(16
)
Operating income (loss)
1

 
(16
)
 
426

 

 
411

Benefit plan income, net

 
9

 
14

 

 
23

Settlement charges

 

 
(12
)
 

 
(12
)
Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
11

 
(157
)
 
3

 

 
(143
)
Intercompany

 
(55
)
 
55

 

 

Equity in earnings (loss) of subsidiaries
212

 
(264
)
 

 
52

 

Income (loss) before income taxes
224

 
(483
)
 
486

 
52

 
279

Federal, state and local income
tax benefit (expense)

 
61

 
(116
)
 

 
(55
)
Net income (loss)
224

 
(422
)
 
370

 
52

 
224

Net loss attributable to noncontrolling interest

 

 

 

 

Net income (loss) attributable to
Macy's, Inc. shareholders
$
224

 
$
(422
)
 
$
370

 
$
52

 
$
224

Comprehensive income (loss)
$
198

 
$
(448
)
 
$
358

 
$
90

 
$
198

Comprehensive loss attributable to
noncontrolling interest

 

 

 

 

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
198

 
$
(448
)
 
$
358

 
$
90

 
$
198












Condensed Consolidating Statement of Comprehensive Income
For the 39 Weeks Ended November 3, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$

 
$
6,110

 
$
16,462

 
$
(6,056
)
 
$
16,516

Credit card revenues (expense), net

 
(3
)
 
531

 

 
528

 
 
 
 
 
 
 
 
 
 
Cost of sales

 
(3,857
)
 
(12,126
)
 
6,056

 
(9,927
)
Selling, general and administrative expenses

 
(2,522
)
 
(3,979
)
 

 
(6,501
)
Gains on sale of real estate

 
83

 
28

 

 
111

Impairment, restructuring and other costs

 

 
(39
)
 

 
(39
)
Operating income (loss)

 
(189
)
 
877

 

 
688

Benefit plan income, net

 
12

 
19

 

 
31

Settlement charges
(5
)
 
(24
)
 
(44
)
 

 
(73
)
Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
13

 
(203
)
 
3

 

 
(187
)
Intercompany

 
(54
)
 
54

 

 

Losses on early retirement of debt

 
(5
)
 

 

 
(5
)
Equity in earnings of subsidiaries
362

 
51

 

 
(413
)
 

Income (loss) before income taxes
370

 
(412
)
 
909

 
(413
)
 
454

Federal, state and local income
tax benefit (expense)
(2
)
 
123

 
(217
)
 

 
(96
)
Net income (loss)
368

 
(289
)
 
692

 
(413
)
 
358

Net loss attributable to noncontrolling interest

 

 
10

 

 
10

Net income (loss) attributable to
Macy's, Inc. shareholders
$
368

 
$
(289
)
 
$
702

 
$
(413
)
 
$
368

Comprehensive income (loss)
$
296

 
$
(357
)
 
$
646

 
$
(299
)
 
$
286

Comprehensive loss attributable to
noncontrolling interest

 

 
10

 

 
10

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
296

 
$
(357
)
 
$
656

 
$
(299
)
 
$
296