| 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 |
|
|