Condensed Consolidating Financial Information (Tables)

12 Months Ended

Jan. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet

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	—		2,762		2,655		—			5,417
Prepaid expenses and other current assets	—		113		380		—			493
Income taxes	88		—		—		(88		)	—
Total Current Assets	1,996		3,066		3,606		(88		)	8,580
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		42		668		—			711
Deferred Income Taxes	10		—		—		(10		)	—
Intercompany Receivable	—		—		4,140		(4,140		)	—
Investment in Subsidiaries	4,655		3,526		—		(8,181		)	—
Total Assets	$	6,662	$	14,337	$	12,750	$	(12,419	)	$	21,330
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	75	$	1	$	—		$	76
Merchandise accounts payable	—		729		865		—			1,594
Accounts payable and accrued liabilities	42		1,360		1,707		—			3,109
Income taxes	—		22		362		(88		)	296
Total Current Liabilities	42		2,186		2,935		(88		)	5,075
Long-Term Debt	—		7,213		20		—			7,233
Intercompany Payable	1,215		2,925		—		(4,140		)	—
Deferred Income Taxes	—		709		744		(10		)	1,443
Other Liabilities	27		593		1,581		—			2,201
Shareholders’ Equity:
Macy's, Inc.	5,378		711		7,470		(8,181		)	5,378
Noncontrolling Interest	—		—		—		—			—
Total Shareholders’ Equity	5,378		711		7,470		(8,181		)	5,378
Total Liabilities and Shareholders’ Equity	$	6,662	$	14,337	$	12,750	$	(12,419	)	$	21,330

MACY’S, INC.

Condensed Consolidating Balance Sheet

As of January 30, 2016

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	741	$	91	$	277	$	—		$	1,109
Receivables	—		217		341		—			558
Merchandise inventories	—		2,702		2,804		—			5,506
Prepaid expenses and other current assets	—		135		344		—			479
Income taxes	44		—		—		(44		)	—
Total Current Assets	785		3,145		3,766		(44		)	7,652
Property and Equipment – net	—		3,925		3,691		—			7,616
Goodwill	—		3,315		582		—			3,897
Other Intangible Assets – net	—		52		462		—			514
Other Assets	—		154		743		—			897
Deferred Income Taxes	14		—		—		(14		)	—
Intercompany Receivable	—		—		3,800		(3,800		)	—
Investment in Subsidiaries	4,725		3,804		—		(8,529		)	—
Total Assets	$	5,524	$	14,395	$	13,044	$	(12,387	)	$	20,576
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	641	$	1	$	—		$	642
Merchandise accounts payable	—		667		859		—			1,526
Accounts payable and accrued liabilities	35		1,439		1,859		—			3,333
Income taxes	—		41		230		(44		)	227
Total Current Liabilities	35		2,788		2,949		(44		)	5,728
Long-Term Debt	—		6,976		19		—			6,995
Intercompany Payable	1,218		2,582		—		(3,800		)	—
Deferred Income Taxes	—		693		798		(14		)	1,477
Other Liabilities	21		558		1,544		—			2,123
Shareholders’ Equity:
Macy's, Inc.	4,250		798		7,731		(8,529		)	4,250
Noncontrolling Interest	—		—		3		—			3
Total Shareholders’ Equity	4,250		798		7,734		(8,529		)	4,253
Total Liabilities and Shareholders’ Equity	$	5,524	$	14,395	$	13,044	$	(12,387	)	$	20,576

Condensed Consolidating Statement of Comprehensive Income

MACY’S, INC.

Condensed Consolidating Statement of Comprehensive Income

For 2015

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	11,959		$	24,037		$	(8,917	)	$	27,079
Cost of sales	—			(7,670		)	(17,743		)	8,917			(16,496		)
Gross margin	—			4,289			6,294			—			10,583
Selling, general and administrative expenses	(2		)	(3,980		)	(4,274		)	—			(8,256		)
Impairments, store closing and other costs	—			(170		)	(118		)	—			(288		)
Operating income (loss)	(2		)	139			1,902			—			2,039
Interest (expense) income, net:
External	1			(361		)	(1		)	—			(361		)
Intercompany	—			(230		)	230			—			—
Equity in earnings of subsidiaries	1,072			421			—			(1,493		)	—
Income before income taxes	1,071			(31		)	2,131			(1,493		)	1,678
Federal, state and local income tax benefit (expense)	1			120			(729		)	—			(608		)
Net income	1,072			89			1,402			(1,493		)	1,070
Net loss attributable to noncontrolling interest	—			—			2			—			2
Net income attributable to Macy's, Inc. shareholders	$	1,072		$	89		$	1,404		$	(1,493	)	$	1,072
Comprehensive income	$	1,101		$	118		$	1,415		$	(1,535	)	$	1,099
Comprehensive loss attributable to noncontrolling interest	—			—			2			—			2
Comprehensive income attributable to Macy's, Inc. shareholders	$	1,101		$	118		$	1,417		$	(1,535	)	$	1,101

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
Net loss attributable to noncontrolling interest	—			—			—			—			—
Net income attributable to Macy's, Inc. shareholders	$	1,526		$	563		$	1,589		$	(2,152	)	$	1,526
Comprehensive income	$	1,119		$	156		$	1,338		$	(1,494	)	$	1,119
Comprehensive loss attributable to noncontrolling interest	—			—			—			—			—
Comprehensive income attributable to Macy's, Inc. shareholders	$	1,119		$	156		$	1,338		$	(1,494	)	$	1,119

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
Net loss attributable to noncontrolling interest	—			—			—			—			—
Net income attributable to Macy's, Inc. shareholders	$	1,486		$	611		$	1,438		$	(2,049	)	$	1,486
Comprehensive income	$	1,752		$	877		$	1,434		$	(2,311	)	$	1,752
Comprehensive loss attributable to noncontrolling interest	—			—			—			—			—
Comprehensive income attributable to Macy's, Inc. shareholders	$	1,752		$	877		$	1,434		$	(2,311	)	$	1,752

Condensed Consolidating Statement of Cash Flows

MACY’S, INC.

Condensed Consolidating Statement of Cash Flows

For 2015

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income	$	1,072		$	89		$	1,402		$	(1,493	)	$	1,070
Impairments, store closing and other costs	—			170			118			—			288
Equity in earnings of subsidiaries	(1,072		)	(421		)	—			1,493			—
Dividends received from subsidiaries	1,086			—			—			(1,086		)	—
Depreciation and amortization	—			440			621			—			1,061
(Increase) decrease in working capital	25			(340		)	(81		)	—			(396		)
Other, net	(8		)	(78		)	47			—			(39		)
Net cash provided (used) by operating activities	1,103			(140		)	2,107			(1,086		)	1,984
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(88		)	(821		)	—			(909		)
Other, net	—			83			(266		)	—			(183		)
Net cash used by investing activities	—			(5		)	(1,087		)	—			(1,092		)
Cash flows from financing activities:
Debt issued, net of debt repaid	—			348			(1		)	—			347
Dividends paid	(456		)	—			(1,086		)	1,086			(456		)
Common stock acquired, net of issuance of common stock	(1,838		)	—			—			—			(1,838		)
Proceeds from noncontrolling interest	—			—			5			—			5
Intercompany activity, net	12			(243		)	231			—			—
Other, net	12			37			(136		)	—			(87		)
Net cash provided (used) by financing activities	(2,270		)	142			(987		)	1,086			(2,029		)
Net increase (decrease) in cash and cash equivalents	(1,167		)	(3		)	33			—			(1,137		)
Cash and cash equivalents at beginning of period	1,908			94			244			—			2,246
Cash and cash equivalents at end of period	$	741		$	91		$	277		$	—		$	1,109

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		)
Proceeds from noncontrolling interest	—			—			—			—			—
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 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 repaid, net of debt issued	—			278			(2		)	—			276
Dividends paid	(359		)	—			(915		)	915			(359		)
Common stock acquired, net of issuance of common stock	(1,256		)	—			—			—			(1,256		)
Proceeds from noncontrolling interest	—			—			—			—			—
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