Condensed Consolidating Financial Information (Tables)

12 Months Ended

Feb. 02, 2013

Condensed Consolidating Financial Information [Abstract]

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

MACY’S, INC.

Condensed Consolidating Balance Sheet

As of February 2, 2013

(millions)



	Parent		Subsidiary Issuer			Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,538	$	41		$	257	$	—		$	1,836
Receivables	—		58			313		—			371
Merchandise inventories	—		2,804			2,504		—			5,308
Prepaid expenses and other current assets	—		97			264		—			361
Income taxes	30		—			—		(30		)	—
Total Current Assets	1,568		3,000			3,338		(30		)	7,876
Property and Equipment – net	—		4,649			3,547		—			8,196
Goodwill	—		3,315			428		—			3,743
Other Intangible Assets – net	—		124			437		—			561
Other Assets	3		71			541		—			615
Intercompany Receivable	641		—			3,190		(3,831		)	—
Investment in Subsidiaries	4,027		2,595			—		(6,622		)	—
Total Assets	$	6,239	$	13,754		$	11,481	$	(10,483	)	$	20,991
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	121		$	3	$	—		$	124
Merchandise accounts payable	—		733			846		—			1,579
Accounts payable and accrued liabilities	119		1,023			1,468		—			2,610
Income taxes	—		69			316		(30		)	355
Deferred income taxes	—		323			84		—			407
Total Current Liabilities	119		2,269			2,717		(30		)	5,075
Long-Term Debt	—		6,783			23		—			6,806
Intercompany Payable	—		3,831			—		(3,831		)	—
Deferred Income Taxes	11		410			817		—			1,238
Other Liabilities	58		596			1,167		—			1,821
Shareholders’ Equity (Deficit)	6,051		(135		)	6,757		(6,622		)	6,051
Total Liabilities and Shareholders’ Equity	$	6,239	$	13,754		$	11,481	$	(10,483	)	$	20,991

Condensed Consolidating Statement of Comprehensive Income

MACY’S, INC.

Condensed Consolidating Statement of Comprehensive Income

For 2012

(millions)



	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	13,594		$	22,493		$	(8,401	)	$	27,686
Cost of sales	—			(8,385		)	(16,500		)	8,347			(16,538		)
Gross margin	—			5,209			5,993			(54		)	11,148
Selling, general and administrative expenses	(9		)	(4,584		)	(3,943		)	54			(8,482		)
Impairments, store closing costs and gain on sale of leases	—			(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 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		)
Impairments, store closing costs and gain on sale of leases	—			(21		)	(4		)	—			(25		)
Operating income (loss)	(8		)	578			1,324			—			1,894
Interest (expense) income, net:
External	2			(509		)	(1		)	—			(508		)
Intercompany	(2		)	(165		)	167			—			—
Premium on early retirement of debt	—			(66		)	—			—			(66		)
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
Comprehensive income	$	870		$	343		$	962		$	(1,305	)	$	870

MACY’S, INC.

Condensed Consolidating Statement of Comprehensive Income

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		)
Impairments, store closing costs and gain on sale of leases	—			28			(3		)	—			25
Operating income	5			574			1,832			—			2,411
Interest (expense) income, net:
External	1			(443		)	(1		)	—			(443		)
Intercompany	(1		)	(191		)	192			—			—
Premium on early retirement of debt	—			—			—			—			—
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
Comprehensive income	$	925		$	184		$	1,150		$	(1,334	)	$	925

Condensed Consolidating Statement of Cash Flows

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
Impairments, store closing costs and gain on sale of leases	—			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

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 costs and gain on sale of leases	—			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		)	(24		)	(35		)	—			(135		)
Other, net	31			(31		)	7			—			7
Net cash provided by operating activities	731			498			1,940			(908		)	2,261
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(324		)	(552		)	—			(876		)
Other, net	—			—			13			—			13
Net cash used by investing activities	—			(324		)	(539		)	—			(863		)
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 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
Impairments, store closing costs and gain on sale of leases	—			(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