Condensed Consolidating Financial Information (Tables)

6 Months Ended

Aug. 03, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheet

As of August 3, 2019

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	320	$	100	$	254	$	—		$	674
Receivables	1		44		195		—			240
Merchandise inventories	—		2,138		2,891		—			5,029
Prepaid expenses and other current assets	—		139		464		—			603
Income taxes	39		—		—		(39		)	—
Total Current Assets	360		2,421		3,804		(39		)	6,546
Property and Equipment – net	—		3,162		3,321		—			6,483
Right of Use Assets	—		660		1,976		—			2,636
Goodwill	—		3,326		582		—			3,908
Other Intangible Assets – net	—		4		436		—			440
Other Assets	—		39		689		—			728
Deferred Income Taxes	9		—		—		(9		)	—
Intercompany Receivable	2,564		—		643		(3,207		)	—
Investment in Subsidiaries	3,484		2,957		—		(6,441		)	—
Total Assets	$	6,417	$	12,569	$	11,451	$	(9,696	)	$	20,741
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	6	$	—	$	—		$	6
Merchandise accounts payable	—		717		957		—			1,674
Accounts payable and accrued liabilities	74		754		1,911		—			2,739
Income taxes	—		47		12		(39		)	20
Total Current Liabilities	74		1,524		2,880		(39		)	4,439
Long-Term Debt	—		4,680		—		—			4,680
Long-Term Lease Liabilities	—		594		2,242		—			2,836
Intercompany Payable	—		3,207		—		(3,207		)	—
Deferred Income Taxes	—		643		572		(9		)	1,206
Other Liabilities	28		364		873		—			1,265
Shareholders' Equity:
Macy's, Inc.	6,315		1,557		4,884		(6,441		)	6,315
Noncontrolling Interest	—		—		—		—			—
Total Shareholders' Equity	6,315		1,557		4,884		(6,441		)	6,315
Total Liabilities and Shareholders' Equity	$	6,417	$	12,569	$	11,451	$	(9,696	)	$	20,741

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 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 26 Weeks Ended August 3, 2019

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	223		$	(207	)	$	283		$	(76	)	$	223
Impairment and other costs	—			—			3			—			3
Equity in loss (earnings) of subsidiaries	(214		)	138			—			76			—
Dividends received from subsidiaries	606			—			—			(606		)	—
Depreciation and amortization	—			169			303			—			472
Gains on sale of real estate	—			(24		)	(25		)	—			(49		)
Changes in assets, liabilities and other items not separately identified	(52		)	47			(294		)	—			(299		)
Net cash provided by operating activities	563			123			270			(606		)	350
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions	—			(97		)	(345		)	—			(442		)
Other, net	—			(11		)	(1		)	—			(12		)
Net cash used by investing activities	—			(108		)	(346		)	—			(454		)
Cash flows from financing activities:
Debt repaid, including debt issuance costs	—			(42		)	—			—			(42		)
Dividends paid	(233		)	—			(606		)	606			(233		)
Issuance of common stock	6			—			—			—			6
Intercompany activity, net	(813		)	93			720			—			—
Other, net	(92		)	(21		)	(15		)	—			(128		)
Net cash provided (used) by financing activities	(1,132		)	30			99			606			(397		)
Net increase (decrease) in cash, cash equivalents and restricted cash	(569		)	45			23			—			(501		)
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	$	320		$	109		$	318		$	—		$	747

Condensed Consolidating Statement of Cash Flows

For the 26 Weeks Ended August 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	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 Comprehensive Income [Table Text Block]

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks Ended August 3, 2019

(millions)

	Parent		Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—	$	2,219		$	4,416		$	(1,089	)	$	5,546
Credit card revenues (expense), net	—		(2		)	178			—			176
Cost of sales	—		(1,341		)	(3,143		)	1,089			(3,395		)
Selling, general and administrative expenses	—		(872		)	(1,305		)	—			(2,177		)
Gains on sale of real estate	—		—			7			—			7
Impairment and other costs	—		—			(2		)	—			(2		)
Operating income	—		4			151			—			155
Benefit plan income, net	—		3			5			—			8
Interest (expense) income, net:
External	4		(52		)	1			—			(47		)
Intercompany	—		(18		)	18			—			—
Equity in earnings (loss) of subsidiaries	82		(108		)	—			26			—
Income (loss) before income taxes	86		(171		)	175			26			116
Federal, state and local income tax benefit (expense)	—		7			(37		)	—			(30		)
Net income (loss)	86		(164		)	138			26			86
Net loss attributable to noncontrolling interest	—		—			—			—			—
Net income (loss) attributable to Macy's, Inc. shareholders	$	86	$	(164	)	$	138		$	26		$	86
Comprehensive income (loss)	$	91	$	(159	)	$	142		$	17		$	91
Comprehensive loss attributable to noncontrolling interest	—		—			—			—			—
Comprehensive income (loss) attributable to Macy's, Inc. shareholders	$	91	$	(159	)	$	142		$	17		$	91

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks Ended August 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 26 Weeks Ended August 3, 2019

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	4,373		$	9,184		$	(2,507	)	$	11,050
Credit card revenues (expense), net	—			(5		)	353			—			348
Cost of sales	—			(2,682		)	(6,623		)	2,507			(6,798		)
Selling, general and administrative expenses	1			(1,674		)	(2,614		)	—			(4,287		)
Gains on sale of real estate	—			24			25			—			49
Impairment and other costs	—			—			(3		)	—			(3		)
Operating income	1			36			322			—			359
Benefit plan income, net	—			6			9			—			15
Interest (expense) income, net:
External	9			(105		)	2			—			(94		)
Intercompany	—			(37		)	37			—			—
Equity in earnings (loss) of subsidiaries	214			(138		)	—			(76		)	—
Income (loss) before income taxes	224			(238		)	370			(76		)	280
Federal, state and local income tax benefit (expense)	(1		)	31			(87		)	—			(57		)
Net income (loss)	223			(207		)	283			(76		)	223
Net loss attributable to noncontrolling interest	—			—			—			—			—
Net income (loss) attributable to Macy's, Inc. shareholders	$	223		$	(207	)	$	283		$	(76	)	$	223
Comprehensive income (loss)	$	234		$	(197	)	$	291		$	(94	)	$	234
Comprehensive loss attributable to noncontrolling interest	—			—			—			—			—
Comprehensive income (loss) attributable to Macy's, Inc. shareholders	$	234		$	(197	)	$	291		$	(94	)	$	234

Condensed Consolidating Statement of Comprehensive Income

For the 26 Weeks Ended August 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