Condensed Consolidating Financial Information (Tables)
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12 Months Ended |
Jan. 28, 2012
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Condensed Consolidating Financial Information [Abstract] |
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Condensed Consolidating Balance Sheet |
MACY’S, INC. Condensed Consolidating Balance Sheet As of January 29, 2011 (millions) | | | | | | | | | | | | | | | | | | | | | | Parent | | Subsidiary Issuer | | Other Subsidiaries | | Consolidating Adjustments | | Consolidated | ASSETS: | | | | | | | | | | Current Assets: | | | | | | | | | | Cash and cash equivalents | $ | 1,174 |
| | $ | 41 |
| | $ | 249 |
| | $ | — |
| | $ | 1,464 |
| Receivables | — |
| | 89 |
| | 249 |
| | — |
| | 338 |
| Merchandise inventories | — |
| | 2,589 |
| | 2,169 |
| | — |
| | 4,758 |
| Prepaid expenses and other current assets | — |
| | 98 |
| | 241 |
| | — |
| | 339 |
| Total Current Assets | 1,174 |
| | 2,817 |
| | 2,908 |
| | — |
| | 6,899 |
| Property and Equipment – net | — |
| | 5,013 |
| | 3,800 |
| | — |
| | 8,813 |
| Goodwill | — |
| | 3,315 |
| | 428 |
| | — |
| | 3,743 |
| Other Intangible Assets – net | — |
| | 184 |
| | 453 |
| | — |
| | 637 |
| Other Assets | 4 |
| | 133 |
| | 402 |
| | — |
| | 539 |
| Deferred Income Tax Assets | 19 |
| | — |
| | — |
| | (19 | ) | | — |
| Intercompany Receivable | 1,651 |
| | — |
| | 2,737 |
| | (4,388 | ) | | — |
| Investment in Subsidiaries | 2,908 |
| | 2,598 |
| | — |
| | (5,506 | ) | | — |
| Total Assets | $ | 5,756 |
| | $ | 14,060 |
| | $ | 10,728 |
| | $ | (9,913 | ) | | $ | 20,631 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY: | | | | | | | | | | Current Liabilities: | | | | | | | | | | Short-term debt | $ | — |
| | $ | 451 |
| | $ | 3 |
| | $ | — |
| | $ | 454 |
| Merchandise accounts payable | — |
| | 680 |
| | 741 |
| | — |
| | 1,421 |
| Accounts payable and accrued liabilities | 144 |
| | 1,031 |
| | 1,350 |
| | — |
| | 2,525 |
| Income taxes | 29 |
| | 18 |
| | 135 |
| | — |
| | 182 |
| Deferred income taxes | — |
| | 299 |
| | 110 |
| | — |
| | 409 |
| Total Current Liabilities | 173 |
| | 2,479 |
| | 2,339 |
| | — |
| | 4,991 |
| Long-Term Debt | — |
| | 6,942 |
| | 29 |
| | — |
| | 6,971 |
| Intercompany Payable | — |
| | 4,388 |
| | — |
| | (4,388 | ) | | — |
| Deferred Income Taxes | — |
| | 387 |
| | 832 |
| | (19 | ) | | 1,200 |
| Other Liabilities | 53 |
| | 786 |
| | 1,100 |
| | — |
| | 1,939 |
| Shareholders’ Equity (Deficit) | 5,530 |
| | (922 | ) | | 6,428 |
| | (5,506 | ) | | 5,530 |
| Total Liabilities and Shareholders’ Equity | $ | 5,756 |
| | $ | 14,060 |
| | $ | 10,728 |
| | $ | (9,913 | ) | | $ | 20,631 |
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MACY’S, INC. Condensed Consolidating Balance Sheet As of January 28, 2012 (millions) | | | | | | | | | | | | | | | | | | | | | | Parent | | Subsidiary Issuer | | Other Subsidiaries | | Consolidating Adjustments | | Consolidated | ASSETS: | | | | | | | | | | Current Assets: | | | | | | | | | | Cash and cash equivalents | $ | 2,533 |
| | $ | 38 |
| | $ | 256 |
| | $ | — |
| | $ | 2,827 |
| Receivables | — |
| | 58 |
| | 310 |
| | — |
| | 368 |
| Merchandise inventories | — |
| | 2,722 |
| | 2,395 |
| | — |
| | 5,117 |
| Prepaid expenses and other current assets | — |
| | 152 |
| | 313 |
| | — |
| | 465 |
| Total Current Assets | 2,533 |
| | 2,970 |
| | 3,274 |
| | — |
| | 8,777 |
| Property and Equipment – net | — |
| | 4,827 |
| | 3,593 |
| | — |
| | 8,420 |
| Goodwill | — |
| | 3,315 |
| | 428 |
| | — |
| | 3,743 |
| Other Intangible Assets – net | — |
| | 153 |
| | 445 |
| | — |
| | 598 |
| Other Assets | 4 |
| | 73 |
| | 480 |
| | — |
| | 557 |
| Intercompany Receivable | 520 |
| | — |
| | 2,963 |
| | (3,483 | ) | | — |
| Investment in Subsidiaries | 3,210 |
| | 2,435 |
| | — |
| | (5,645 | ) | | — |
| Total Assets | $ | 6,267 |
| | $ | 13,773 |
| | $ | 11,183 |
| | $ | (9,128 | ) | | $ | 22,095 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY: | | | | | | | | | | Current Liabilities: | | | | | | | | | | Short-term debt | $ | — |
| | $ | 1,099 |
| | $ | 4 |
| | $ | — |
| | $ | 1,103 |
| Merchandise accounts payable | — |
| | 731 |
| | 862 |
| | — |
| | 1,593 |
| Accounts payable and accrued liabilities | 248 |
| | 1,103 |
| | 1,437 |
| | — |
| | 2,788 |
| Income taxes | 46 |
| | 29 |
| | 296 |
| | — |
| | 371 |
| Deferred income taxes | — |
| | 314 |
| | 94 |
| | — |
| | 408 |
| Total Current Liabilities | 294 |
| | 3,276 |
| | 2,693 |
| | — |
| | 6,263 |
| Long-Term Debt | — |
| | 6,630 |
| | 25 |
| | — |
| | 6,655 |
| Intercompany Payable | — |
| | 3,483 |
| | — |
| | (3,483 | ) | | — |
| Deferred Income Taxes | 4 |
| | 351 |
| | 786 |
| | — |
| | 1,141 |
| Other Liabilities | 36 |
| | 771 |
| | 1,296 |
| | — |
| | 2,103 |
| Shareholders’ Equity (Deficit) | 5,933 |
| | (738 | ) | | 6,383 |
| | (5,645 | ) | | 5,933 |
| Total Liabilities and Shareholders’ Equity | $ | 6,267 |
| | $ | 13,773 |
| | $ | 11,183 |
| | $ | (9,128 | ) | | $ | 22,095 |
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Condensed Consolidating Statement of Operations |
MACY’S, INC. Condensed Consolidating Statement of Operations For 2011 (millions) | | | | | | | | | | | | | | | | | | | | | | Parent | | Subsidiary Issuer | | Other Subsidiaries | | Consolidating Adjustments | | Consolidated | Net sales | $ | — |
| | $ | 13,405 |
| | $ | 21,312 |
| | $ | (8,312 | ) | | $ | 26,405 |
| Cost of sales | — |
| | (8,274 | ) | | (15,721 | ) | | 8,257 |
| | (15,738 | ) | Gross margin | — |
| | 5,131 |
| | 5,591 |
| | (55 | ) | | 10,667 |
| Selling, general and administrative expenses | 5 |
| | (4,585 | ) | | (3,756 | ) | | 55 |
| | (8,281 | ) | Gain on sale of properties, impairments, store closing costs and division consolidation costs | — |
| | 28 |
| | (3 | ) | | — |
| | 25 |
| Operating income (loss) | 5 |
| | 574 |
| | 1,832 |
| | — |
| | 2,411 |
| Interest (expense) income, net: | | | | | | | | | | External | 1 |
| | (443 | ) | | (1 | ) | | — |
| | (443 | ) | Intercompany | (1 | ) | | (191 | ) | | 192 |
| | — |
| | — |
| Equity in earnings of subsidiaries | 1,253 |
| | 548 |
| | — |
| | (1,801 | ) | | — |
| Income before income taxes | 1,258 |
| | 488 |
| | 2,023 |
| | (1,801 | ) | | 1,968 |
| Federal, state and local income tax benefit (expense) | (2 | ) | | 27 |
| | (737 | ) | | — |
| | (712 | ) | Net income | $ | 1,256 |
| | $ | 515 |
| | $ | 1,286 |
| | $ | (1,801 | ) | | $ | 1,256 |
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MACY’S, INC. Condensed Consolidating Statement of Operations For 2009 (millions) | | | | | | | | | | | | | | | | | | | | | | Parent | | Subsidiary Issuer | | Other Subsidiaries | | Consolidating Adjustments | | Consolidated | Net sales | $ | — |
| | $ | 12,791 |
| | $ | 16,700 |
| | $ | (6,002 | ) | | $ | 23,489 |
| Cost of sales | — |
| | (7,836 | ) | | (12,073 | ) | | 5,936 |
| | (13,973 | ) | Gross margin | — |
| | 4,955 |
| | 4,627 |
| | (66 | ) | | 9,516 |
| Selling, general and administrative expenses | (8 | ) | | (4,616 | ) | | (3,504 | ) | | 66 |
| | (8,062 | ) | Gain on sale of properties, impairments, store closing costs and division consolidation costs. | — |
| | (226 | ) | | (165 | ) | | — |
| | (391 | ) | Operating income (loss) | (8 | ) | | 113 |
| | 958 |
| | — |
| | 1,063 |
| Interest (expense) income, net: | | | | | | | | | | External | 3 |
| | (558 | ) | | (1 | ) | | — |
| | (556 | ) | Intercompany | (2 | ) | | (153 | ) | | 155 |
| | — |
| | — |
| Equity in earnings of subsidiaries | 333 |
| | 201 |
| | — |
| | (534 | ) | | — |
| Income (loss) before income taxes | 326 |
| | (397 | ) | | 1,112 |
| | (534 | ) | | 507 |
| Federal, state and local income tax benefit (expense) | 3 |
| | 232 |
| | (413 | ) | | — |
| | (178 | ) | Net income (loss) | $ | 329 |
| | $ | (165 | ) | | $ | 699 |
| | $ | (534 | ) | | $ | 329 |
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MACY’S, INC. Condensed Consolidating Statement of Operations For 2010 (millions) | | | | | | | | | | | | | | | | | | | | | | Parent | | Subsidiary Issuer | | Other Subsidiaries | | Consolidating Adjustments | | Consolidated | Net sales | $ | — |
| | $ | 13,124 |
| | $ | 19,900 |
| | $ | (8,021 | ) | | $ | 25,003 |
| Cost of sales | — |
| | (8,006 | ) | | (14,782 | ) | | 7,964 |
| | (14,824 | ) | Gross margin | — |
| | 5,118 |
| | 5,118 |
| | (57 | ) | | 10,179 |
| Selling, general and administrative expenses | (8 | ) | | (4,519 | ) | | (3,790 | ) | | 57 |
| | (8,260 | ) | Gain on sale of properties, impairments, store closing costs and division consolidation costs. | — |
| | (21 | ) | | (4 | ) | | — |
| | (25 | ) | Operating income (loss) | (8 | ) | | 578 |
| | 1,324 |
| | — |
| | 1,894 |
| Interest (expense) income, net: | | | | | | | | | | External | 2 |
| | (575 | ) | | (1 | ) | | — |
| | (574 | ) | Intercompany | (2 | ) | | (165 | ) | | 167 |
| | — |
| | — |
| Equity in earnings of subsidiaries | 852 |
| | 417 |
| | — |
| | (1,269 | ) | | — |
| Income before income taxes | 844 |
| | 255 |
| | 1,490 |
| | (1,269 | ) | | 1,320 |
| Federal, state and local income tax benefit (expense) | 3 |
| | 65 |
| | (541 | ) | | — |
| | (473 | ) | Net income | $ | 847 |
| | $ | 320 |
| | $ | 949 |
| | $ | (1,269 | ) | | $ | 847 |
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Condensed Consolidating Statement of Cash Flows |
MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2009 (millions) | | | | | | | | | | | | | | | | | | | | | | Parent | | Subsidiary Issuer | | Other Subsidiaries | | Consolidating Adjustments | | Consolidated | Cash flows from operating activities: | | | | | | | | | | Net income (loss) | $ | 329 |
| | $ | (165 | ) | | $ | 699 |
| | $ | (534 | ) | | $ | 329 |
| Gain on sale of properties, impairments, store closing costs and division consolidation costs | — |
| | 226 |
| | 165 |
| | — |
| | 391 |
| Equity in earnings of subsidiaries | (333 | ) | | (201 | ) | | — |
| | 534 |
| | — |
| Dividends received from subsidiaries | 436 |
| | 60 |
| | — |
| | (496 | ) | | — |
| Depreciation and amortization | — |
| | 619 |
| | 591 |
| | — |
| | 1,210 |
| (Increase) decrease in working capital | 114 |
| | 163 |
| | (245 | ) | | — |
| | 32 |
| Other, net | 73 |
| | (96 | ) | | (189 | ) | | — |
| | (212 | ) | Net cash provided by operating activities | 619 |
| | 606 |
| | 1,021 |
| | (496 | ) | | 1,750 |
| Cash flows from investing activities: | | | | | | | | | | Purchase of property and equipment and capitalized software, net | — |
| | (147 | ) | | (227 | ) | | — |
| | (374 | ) | Other, net | — |
| | — |
| | (3 | ) | | — |
| | (3 | ) | Net cash used by investing activities | — |
| | (147 | ) | | (230 | ) | | — |
| | (377 | ) | Cash flows from financing activities: | | | | | | | | | | Debt repaid | — |
| | (963 | ) | | (3 | ) | | — |
| | (966 | ) | Dividends paid | (84 | ) | | — |
| | (496 | ) | | 496 |
| | (84 | ) | Issuance of common stock, net of common stock acquired | 7 |
| | — |
| | — |
| | — |
| | 7 |
| Intercompany activity, net | (247 | ) | | 493 |
| | (246 | ) | | — |
| | — |
| Other, net | (24 | ) | | 3 |
| | (8 | ) | | — |
| | (29 | ) | Net cash used by financing activities | (348 | ) | | (467 | ) | | (753 | ) | | 496 |
| | (1,072 | ) | Net increase (decrease) in cash and cash equivalents | 271 |
| | (8 | ) | | 38 |
| | — |
| | 301 |
| Cash and cash equivalents at beginning of period | 1,047 |
| | 68 |
| | 270 |
| | — |
| | 1,385 |
| Cash and cash equivalents at end of period | $ | 1,318 |
| | $ | 60 |
| | $ | 308 |
| | $ | — |
| | $ | 1,686 |
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MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2011 (millions) | | | | | | | | | | | | | | | | | | | | | | Parent | | Subsidiary Issuer | | Other Subsidiaries | | Consolidating Adjustments | | Consolidated | Cash flows from operating activities: | | | | | | | | | | Net income | $ | 1,256 |
| | $ | 515 |
| | $ | 1,286 |
| | $ | (1,801 | ) | | $ | 1,256 |
| Gain on sale of properties, impairments, store closing costs and division consolidation costs | — |
| | (28 | ) | | 3 |
| | — |
| | (25 | ) | Equity in earnings of subsidiaries | (1,253 | ) | | (548 | ) | | — |
| | 1,801 |
| | — |
| Dividends received from subsidiaries | 612 |
| | 175 |
| | — |
| | (787 | ) | | — |
| Depreciation and amortization | — |
| | 517 |
| | 568 |
| | — |
| | 1,085 |
| (Increase) decrease in working capital | 5 |
| | (110 | ) | | 50 |
| | — |
| | (55 | ) | Other, net | (18 | ) | | (166 | ) | | 16 |
| | — |
| | (168 | ) | Net cash provided by operating activities | 602 |
| | 355 |
| | 1,923 |
| | (787 | ) | | 2,093 |
| Cash flows from investing activities: | | | | | | | | | | Purchase of property and equipment and capitalized software, net | — |
| | (171 | ) | | (473 | ) | | — |
| | (644 | ) | Other, net | 38 |
| | 16 |
| | (27 | ) | | — |
| | 27 |
| Net cash provided (used) by investing activities | 38 |
| | (155 | ) | | (500 | ) | | — |
| | (617 | ) | Cash flows from financing activities: | | | | | | | | | | Debt issued, net of debt repaid | — |
| | 349 |
| | (3 | ) | | — |
| | 346 |
| Dividends paid | (148 | ) | | — |
| | (787 | ) | | 787 |
| | (148 | ) | Common stock acquired, net of issuance of common stock | (340 | ) | | — |
| | — |
| | — |
| | (340 | ) | Intercompany activity, net | 1,186 |
| | (529 | ) | | (657 | ) | | — |
| | — |
| Other, net | 21 |
| | (23 | ) | | 31 |
| | — |
| | 29 |
| Net cash provided (used) by financing activities | 719 |
| | (203 | ) | | (1,416 | ) | | 787 |
| | (113 | ) | Net increase (decrease) in cash and cash equivalents | 1,359 |
| | (3 | ) | | 7 |
| | — |
| | 1,363 |
| Cash and cash equivalents at beginning of period | 1,174 |
| | 41 |
| | 249 |
| | — |
| | 1,464 |
| Cash and cash equivalents at end of period | $ | 2,533 |
| | $ | 38 |
| | $ | 256 |
| | $ | — |
| | $ | 2,827 |
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MACY’S, INC. Condensed Consolidating Statement of Cash Flows For 2010 (millions) | | | | | | | | | | | | | | | | | | | | | | Parent | | Subsidiary Issuer | | Other Subsidiaries | | Consolidating Adjustments | | Consolidated | Cash flows from operating activities: | | | | | | | | | | Net income | $ | 847 |
| | $ | 320 |
| | $ | 949 |
| | $ | (1,269 | ) | | $ | 847 |
| Gain on sale of properties, impairments, store closing costs and division consolidation costs | — |
| | 21 |
| | 4 |
| | — |
| | 25 |
| Equity in earnings of subsidiaries | (852 | ) | | (417 | ) | | — |
| | 1,269 |
| | — |
| Dividends received from subsidiaries | 541 |
| | 250 |
| | — |
| | (791 | ) | | — |
| Depreciation and amortization | — |
| | 566 |
| | 584 |
| | — |
| | 1,150 |
| (Increase) decrease in working capital | 179 |
| | (454 | ) | | 232 |
| | — |
| | (43 | ) | Other, net | 8 |
| | (526 | ) | | 45 |
| | — |
| | (473 | ) | Net cash provided (used) by operating activities | 723 |
| | (240 | ) | | 1,814 |
| | (791 | ) | | 1,506 |
| Cash flows from investing activities: | | | | | | | | | | Purchase of property and equipment and capitalized software, net | — |
| | (178 | ) | | (247 | ) | | — |
| | (425 | ) | Other, net | — |
| | — |
| | (40 | ) | | — |
| | (40 | ) | Net cash used by investing activities | — |
| | (178 | ) | | (287 | ) | | — |
| | (465 | ) | Cash flows from financing activities: | | | | | | | | | | Debt repaid | — |
| | (1,242 | ) | | (3 | ) | | — |
| | (1,245 | ) | Dividends paid | (84 | ) | | — |
| | (791 | ) | | 791 |
| | (84 | ) | Issuance of common stock, net of common stock acquired | 42 |
| | — |
| | — |
| | — |
| | 42 |
| Intercompany activity, net | (710 | ) | | 1,656 |
| | (946 | ) | | — |
| | — |
| Other, net | (115 | ) | | (15 | ) | | 154 |
| | — |
| | 24 |
| Net cash provided (used) by financing activities | (867 | ) | | 399 |
| | (1,586 | ) | | 791 |
| | (1,263 | ) | Net decrease in cash and cash equivalents | (144 | ) | | (19 | ) | | (59 | ) | | — |
| | (222 | ) | Cash and cash equivalents at beginning of period | 1,318 |
| | 60 |
| | 308 |
| | — |
| | 1,686 |
| Cash and cash equivalents at end of period | $ | 1,174 |
| | $ | 41 |
| | $ | 249 |
| | $ | — |
| | $ | 1,464 |
|
|