Condensed Consolidating Financial Information (Tables)

6 Months Ended

Aug. 04, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheet

As of August 4, 2018

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries			Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	744	$	66	$	258		$	—		$	1,068
Receivables	1		43		217			—			261
Merchandise inventories	—		2,121		2,835			—			4,956
Prepaid expenses and other current assets	—		135		445			—			580
Income taxes	46		—		—			(46		)	—
Total Current Assets	791		2,365		3,755			(46		)	6,865
Property and Equipment – net	—		3,253		3,294			—			6,547
Goodwill	—		3,326		582			—			3,908
Other Intangible Assets – net	—		41		442			—			483
Other Assets	—		89		776			—			865
Deferred Income Taxes	10		—		—			(10		)	—
Intercompany Receivable	1,347		—		1,038			(2,385		)	—
Investment in Subsidiaries	3,876		3,140		—			(7,016		)	—
Total Assets	$	6,024	$	12,214	$	9,887		$	(9,457	)	$	18,668
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	42	$	21		$	—		$	63
Merchandise accounts payable	—		788		1,007			—			1,795
Accounts payable and accrued liabilities	84		777		1,747			—			2,608
Income taxes	—		33		28			(46		)	15
Total Current Liabilities	84		1,640		2,803			(46		)	4,481
Long-Term Debt	—		5,457		16			—			5,473
Intercompany Payable	—		2,385		—			(2,385		)	—
Deferred Income Taxes	—		588		616			(10		)	1,194
Other Liabilities	24		441		1,161			—			1,626
Shareholders' Equity:
Macy's, Inc.	5,916		1,703		5,313			(7,016		)	5,916
Noncontrolling Interest	—		—		(22		)	—			(22		)
Total Shareholders' Equity	5,916		1,703		5,291			(7,016		)	5,894
Total Liabilities and Shareholders' Equity	$	6,024	$	12,214	$	9,887		$	(9,457	)	$	18,668

Condensed Consolidating Balance Sheet

As of July 29, 2017

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries			Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	421	$	78	$	284		$	—		$	783
Receivables	—		132		250			—			382
Merchandise inventories	—		2,236		2,744			—			4,980
Prepaid expenses and other current assets	—		132		439			—			571
Total Current Assets	421		2,578		3,717			—			6,716
Property and Equipment – net	—		3,388		3,434			—			6,822
Goodwill	—		3,315		582			—			3,897
Other Intangible Assets – net	—		47		446			—			493
Other Assets	1		53		756			—			810
Deferred Income Taxes	25		—		—			(25		)	—
Intercompany Receivable	1,011		—		2,256			(3,267		)	—
Investment in Subsidiaries	3,110		3,743		—			(6,853		)	—
Total Assets	$	4,568	$	13,124	$	11,191		$	(10,145	)	$	18,738
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	6	$	10		$	—		$	16
Merchandise accounts payable	—		698		971			—			1,669
Accounts payable and accrued liabilities	24		917		1,998			—			2,939
Income taxes	28		2		22			—			52
Total Current Liabilities	52		1,623		3,001			—			4,676
Long-Term Debt	—		6,284		17			—			6,301
Intercompany Payable	—		3,267		—			(3,267		)	—
Deferred Income Taxes	—		746		828			(25		)	1,549
Other Liabilities	72		425		1,276			—			1,773
Shareholders' Equity:
Macy's, Inc.	4,444		779		6,074			(6,853		)	4,444
Noncontrolling Interest	—		—		(5		)	—			(5		)
Total Shareholders' Equity	4,444		779		6,069			(6,853		)	4,439
Total Liabilities and Shareholders' Equity	$	4,568	$	13,124	$	11,191		$	(10,145	)	$	18,738

Condensed Consolidating Balance Sheet

As of February 3, 2018

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries			Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,109	$	58	$	288		$	—		$	1,455
Receivables	—		85		278			—			363
Merchandise inventories	—		2,344		2,834			—			5,178
Prepaid expenses and other current assets	—		165		485			—			650
Total Current Assets	1,109		2,652		3,885			—			7,646
Property and Equipment – net	—		3,349		3,323			—			6,672
Goodwill	—		3,315		582			—			3,897
Other Intangible Assets – net	—		44		444			—			488
Other Assets	1		89		790			—			880
Deferred Income Taxes	11		—		—			(11		)	—
Intercompany Receivable	884		—		2,388			(3,272		)	—
Investment in Subsidiaries	4,032		4,126		—			(8,158		)	—
Total Assets	$	6,037	$	13,575	$	11,412		$	(11,441	)	$	19,583
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	6	$	16		$	—		$	22
Merchandise accounts payable	—		653		937			—			1,590
Accounts payable and accrued liabilities	159		980		2,132			—			3,271
Income taxes	113		30		153			—			296
Total Current Liabilities	272		1,669		3,238			—			5,179
Long-Term Debt	—		5,844		17			—			5,861
Intercompany Payable	—		3,272		—			(3,272		)	—
Deferred Income Taxes	—		559		600			(11		)	1,148
Other Liabilities	20		430		1,212			—			1,662
Shareholders' Equity:
Macy's, Inc.	5,745		1,801		6,357			(8,158		)	5,745
Noncontrolling Interest	—		—		(12		)	—			(12		)
Total Shareholders' Equity	5,745		1,801		6,345			(8,158		)	5,733
Total Liabilities and Shareholders' Equity	$	6,037	$	13,575	$	11,412		$	(11,441	)	$	19,583

Condensed Consolidating Statement of Cash Flows [Table Text Block]

Condensed Consolidating Statement of Cash Flows

For the 26 Weeks EndedAugust 4, 2018

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	306		$	(122	)	$	525		$	(413	)	$	296
Impairment and other costs	—			(2		)	38			—			36
Settlement charges	6			16			28			—			50
Equity in earnings of subsidiaries	(304		)	(109		)	—			413			—
Dividends received from subsidiaries	492			—			—			(492		)	—
Depreciation and amortization	—			165			305			—			470
Gains on sale of real estate	—			(42		)	(28		)	—			(70		)
Changes in assets, liabilities and other items not separately identified	(154		)	298			(381		)	(1		)	(238		)
Net cash provided by operating activities	346			204			487			(493		)	544
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions	—			(49		)	(271		)	—			(320		)
Other, net	—			(15		)	(28		)	51			8
Net cash used by investing activities	—			(64		)	(299		)	51			(312		)
Cash flows from financing activities:
Debt repaid	—			(306		)	(1		)	(50		)	(357		)
Dividends paid	(232		)	—			(492		)	492			(232		)
Issuance of common stock, net of common stock acquired	38			—			—			—			38
Proceeds from noncontrolling interest	—			—			5			—			5
Intercompany activity, net	(441		)	162			279			—			—
Other, net	(76		)	(9		)	(5		)	—			(90		)
Net cash used by financing activities	(711		)	(153		)	(214		)	442			(636		)
Net decrease in cash, cash equivalents and restricted cash	(365		)	(13		)	(26		)	—			(404		)
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	$	744		$	66		$	299		$	—		$	1,109

Condensed Consolidating Statement of Cash Flows

For the 26 Weeks EndedJuly 29, 2017

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	189		$	(156	)	$	371		$	(219	)	$	185
Equity in earnings of subsidiaries	(188		)	(31		)	—			219			—
Settlement charges	—			17			34			—			51
Dividends received from subsidiaries	340			—			—			(340		)	—
Depreciation and amortization	—			178			309			—			487
Gains on sale of real estate	—			(92		)	(19		)	—			(111		)
Changes in assets, liabilities and other items not separately identified	(34		)	328			(360		)	—			(66		)
Net cash provided by operating activities	307			244			335			(340		)	546
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions	—			85			(307		)	—			(222		)
Other, net	—			—			12			—			12
Net cash provided (used) by investing activities	—			85			(295		)	—			(210		)
Cash flows from financing activities:
Debt repaid	—			(560		)	—			—			(560		)
Dividends paid	(230		)	—			(340		)	340			(230		)
Issuance of common stock, net of common stock acquired	1			—			—			—			1
Proceeds from noncontrolling interest	—			—			6			—			6
Intercompany activity, net	(605		)	265			340			—			—
Other, net	10			(37		)	(37		)	—			(64		)
Net cash used by financing activities	(824		)	(332		)	(31		)	340			(847		)
Net increase (decrease) in cash, cash equivalents and restricted cash	(517		)	(3		)	9			—			(511		)
Cash, cash equivalents and restricted cash at beginning of period	938			81			315			—			1,334
Cash, cash equivalents and restricted cash at end of period	$	421		$	78		$	324		$	—		$	823

Condensed Consolidating Statement of Comprehensive Income [Table Text Block]

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks EndedAugust 4, 2018

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	2,072		$	4,914		$	(1,414	)	$	5,572
Credit card revenues, net	—			3			183			—			186
Cost of sales	—			(1,271		)	(3,463		)	1,414			(3,320		)
Selling, general and administrative expenses	—			(812		)	(1,352		)	—			(2,164		)
Gains on sale of real estate	—			19			27			—			46
Impairment and other costs	—			2			(19		)	—			(17		)
Operating income	—			13			290			—			303
Benefit plan income, net	—			4			7			—			11
Settlement charges	(6		)	(16		)	(28		)	—			(50		)
Interest (expense) income, net:
External	5			(69		)	2			—			(62		)
Intercompany	—			(17		)	17			—			—
Losses on early retirement of debt	—			(5		)	—			—			(5		)
Equity in earnings of subsidiaries	167			8			—			(175		)	—
Income (loss) before income taxes	166			(82		)	288			(175		)	197
Federal, state and local income tax benefit (expense)	—			30			(63		)	—			(33		)
Net income (loss)	166			(52		)	225			(175		)	164
Net loss attributable to noncontrolling interest	—			—			2			—			2
Net income (loss) attributable to Macy's, Inc. shareholders	$	166		$	(52	)	$	227		$	(175	)	$	166
Comprehensive income (loss)	$	186		$	(35	)	$	236		$	(203	)	$	184
Comprehensive loss attributable to noncontrolling interest	—			—			2			—			2
Comprehensive income (loss) attributable to Macy's, Inc. shareholders	$	186		$	(35	)	$	238		$	(203	)	$	186

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks EndedJuly 29, 2017

(millions)

	Parent		Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—	$	2,220		$	4,789		$	(1,373	)	$	5,636
Credit card revenues, net	—		5			162			—			167
Cost of sales	—		(1,391		)	(3,385		)	1,373			(3,403		)
Selling, general and administrative expenses	—		(856		)	(1,305		)	—			(2,161		)
Gains on sale of real estate	—		26			17			—			43
Operating income	—		4			278			—			282
Benefit plan income, net	—		5			9			—			14
Settlement charges	—		(17		)	(34		)	—			(51		)
Interest (expense) income, net:
External	2		(82		)	1			—			(79		)
Intercompany	—		(34		)	34			—			—
Gains on early retirement of debt	—		2			—			—			2
Equity in earnings of subsidiaries	109		29			—			(138		)	—
Income (loss) before income taxes	111		(93		)	288			(138		)	168
Federal, state and local income tax benefit (expense)	—		56			(116		)	—			(60		)
Net income (loss)	111		(37		)	172			(138		)	108
Net loss attributable to noncontrolling interest	—		—			3			—			3
Net income (loss) attributable to Macy's, Inc. shareholders	$	111	$	(37	)	$	175		$	(138	)	$	111
Comprehensive income	$	176	$	24		$	216		$	(243	)	$	173
Comprehensive loss attributable to noncontrolling interest	—		—			3			—			3
Comprehensive income attributable to Macy's, Inc. shareholders	$	176	$	24		$	219		$	(243	)	$	176

Condensed Consolidating Statement of Comprehensive Income

For the 26 Weeks EndedAugust 4, 2018

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	4,081		$	10,277		$	(3,246	)	$	11,112
Credit card revenues (expense), net	—			(3		)	346			—			343
Cost of sales	—			(2,591		)	(7,356		)	3,246			(6,701		)
Selling, general and administrative expenses	—			(1,641		)	(2,606		)	—			(4,247		)
Gains on sale of real estate	—			42			28			—			70
Impairment and other costs	—			2			(38		)	—			(36		)
Operating income (loss)	—			(110		)	651			—			541
Benefit plan income, net	—			8			14			—			22
Settlement charges	(6		)	(16		)	(28		)	—			(50		)
Interest (expense) income, net:
External	9			(139		)	2			—			(128		)
Intercompany	—			(36		)	36			—			—
Losses on early retirement of debt	—			(5		)	—			—			(5		)
Equity in earnings of subsidiaries	304			109			—			(413		)	—
Income (loss) before income taxes	307			(189		)	675			(413		)	380
Federal, state and local income tax benefit (expense)	(1		)	67			(150		)	—			(84		)
Net income (loss)	306			(122		)	525			(413		)	296
Net loss attributable to noncontrolling interest	—			—			10			—			10
Net income (loss) attributable to Macy's, Inc. shareholders	$	306		$	(122	)	$	535		$	(413	)	$	306
Comprehensive income (loss)	$	333		$	(99	)	$	540		$	(451	)	$	323
Comprehensive loss attributable to noncontrolling interest	—			—			10			—			10
Comprehensive income (loss) attributable to Macy's, Inc. shareholders	$	333		$	(99	)	$	550		$	(451	)	$	333

Condensed Consolidating Statement of Comprehensive Income

For the 26 Weeks EndedJuly 29, 2017

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	4,285		$	9,919		$	(3,218	)	$	10,986
Credit card revenues (expense), net	—			(2		)	330			—			328
Cost of sales	—			(2,778		)	(7,146		)	3,218			(6,706		)
Selling, general and administrative expenses	(1		)	(1,623		)	(2,594		)	—			(4,218		)
Gains on sale of real estate	—			92			19			—			111
Operating income (loss)	(1		)	(26		)	528			—			501
Benefit plan income, net	—			10			17			—			27
Settlement charges	—			(17		)	(34		)	—			(51		)
Interest (expense) income, net:
External	3			(167		)	1			—			(163		)
Intercompany	—			(69		)	69			—			—
Losses on early retirement of debt	—			(1		)	—			—			(1		)
Equity in earnings of subsidiaries	188			31			—			(219		)	—
Income (loss) before income taxes	190			(239		)	581			(219		)	313
Federal, state and local income tax benefit (expense)	(1		)	83			(210		)	—			(128		)
Net income (loss)	189			(156		)	371			(219		)	185
Net loss attributable to noncontrolling interest	—			—			4			—			4
Net income (loss) attributable to Macy's, Inc. shareholders	$	189		$	(156	)	$	375		$	(219	)	$	189
Comprehensive income (loss)	$	260		$	(89	)	$	418		$	(333	)	$	256
Comprehensive loss attributable to noncontrolling interest	—			—			4			—			4
Comprehensive income (loss) attributable to Macy's, Inc. shareholders	$	260		$	(89	)	$	422		$	(333	)	$	260