Condensed Consolidating Financial Information (Tables)

9 Months Ended

Nov. 02, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheet

As of November 2, 2019

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	42	$	73	$	186	$	—		$	301
Receivables	—		30		145		—			175
Merchandise inventories	—		3,145		4,111		—			7,256
Income taxes	96		—		—		(95		)	1
Prepaid expenses and other current assets	—		126		442		—			568
Total Current Assets	138		3,374		4,884		(95		)	8,301
Property and Equipment – net	—		3,174		3,384		—			6,558
Right of Use Assets	—		653		1,943		—			2,596
Goodwill	—		3,326		582		—			3,908
Other Intangible Assets – net	—		5		435		—			440
Other Assets	—		49		695		—			744
Deferred Income Taxes	9		—		—		(9		)	—
Intercompany Receivable	2,923		—		454		(3,377		)	—
Investment in Subsidiaries	3,231		2,812		—		(6,043		)	—
Total Assets	$	6,301	$	13,393	$	12,377	$	(9,524	)	$	22,547
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	6	$	—	$	—		$	6
Merchandise accounts payable	—		1,521		1,906		—			3,427
Accounts payable and accrued liabilities	216		835		1,995		—			3,046
Income taxes	—		51		44		(95		)	—
Total Current Liabilities	216		2,413		3,945		(95		)	6,479
Long-Term Debt	—		4,677		—					4,677
Long-Term Lease Liabilities	—		589		2,230		—			2,819
Intercompany Payable	—		3,377		—		(3,377		)	—
Deferred Income Taxes	—		654		555		(9		)	1,200
Other Liabilities	28		377		910		—			1,315
Shareholders' Equity:
Macy's, Inc.	6,057		1,306		4,737		(6,043		)	6,057
Noncontrolling Interest	—		—		—		—			—
Total Shareholders' Equity	6,057		1,306		4,737		(6,043		)	6,057
Total Liabilities and Shareholders' Equity	$	6,301	$	13,393	$	12,377	$	(9,524	)	$	22,547

Condensed Consolidating Balance Sheet

As of November 3, 2018

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries			Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	426	$	74	$	236		$	—		$	736
Receivables	1		25		154			—			180
Merchandise inventories	—		3,112		4,035			—			7,147
Income taxes	81		—		—			(71		)	10
Prepaid expenses and other current assets	—		139		455			—			594
Total Current Assets	508		3,350		4,880			(71		)	8,667
Property and Equipment – net	—		3,244		3,328			—			6,572
Goodwill	—		3,326		582			—			3,908
Other Intangible Assets – net	—		40		441			—			481
Other Assets	—		39		694			—			733
Deferred Income Taxes	11		—		—			(11		)	—
Intercompany Receivable	1,725		—		882			(2,607		)	—
Investment in Subsidiaries	3,639		3,028		—			(6,667		)	—
Total Assets	$	5,883	$	13,027	$	10,807		$	(9,356	)	$	20,361
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	42	$	23		$	—		$	65
Merchandise accounts payable	—		1,515		1,866			—			3,381
Accounts payable and accrued liabilities	192		874		1,932			—			2,998
Income taxes	—		40		31			(71		)	—
Total Current Liabilities	192		2,471		3,852			(71		)	6,444
Long-Term Debt	—		5,453		16			—			5,469
Intercompany Payable	—		2,607		—			(2,607		)	—
Deferred Income Taxes	—		619		577			(11		)	1,185
Other Liabilities	24		431		1,163			—			1,618
Shareholders' Equity:
Macy's, Inc.	5,667		1,446		5,221			(6,667		)	5,667
Noncontrolling Interest	—		—		(22		)	—			(22		)
Total Shareholders' Equity	5,667		1,446		5,199			(6,667		)	5,645
Total Liabilities and Shareholders' Equity	$	5,883	$	13,027	$	10,807		$	(9,356	)	$	20,361

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 39 Weeks Ended November 2, 2019

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	224		$	(422	)	$	370		$	52		$	224
Impairment, restructuring and other costs	—			1			15			—			16
Settlement charges	—			—			12			—			12
Equity in loss (earnings) of subsidiaries	(212		)	264			—			(52		)	—
Dividends received from subsidiaries	819			—			—			(819		)	—
Depreciation and amortization	—			251			474			—			725
Gains on sale of real estate	—			(32		)	(35		)	—			(67		)
Changes in assets, liabilities and other items not separately identified	(99		)	(139		)	(500		)	—			(738		)
Net cash provided (used) by operating activities	732			(77		)	336			(819		)	172
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions	—			(179		)	(560		)	—			(739		)
Other, net	—			(2		)	12			—			10
Net cash used by investing activities	—			(181		)	(548		)	—			(729		)
Cash flows from financing activities:
Debt repaid, including debt issuance costs	—			(45		)	—			—			(45		)
Dividends paid	(349		)	—			(819		)	819			(349		)
Issuance of common stock, net of common stock acquired	5			—			—			—			5
Intercompany activity, net	(1,161		)	239			922			—			—
Other, net	(74		)	73			50			—			49
Net cash provided (used) by financing activities	(1,579		)	267			153			819			(340		)
Net increase (decrease) in cash, cash equivalents and restricted cash	(847		)	9			(59		)	—			(897		)
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	$	42		$	73		$	236		$	—		$	351

Condensed Consolidating Statement of Cash Flows

For the 39 Weeks Ended November 3, 2018

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	368		$	(289	)	$	692		$	(413	)	$	358
Impairment, restructuring and other costs	—			—			39			—			39
Settlement charges	5			24			44			—			73
Equity in earnings of subsidiaries	(362		)	(51		)	—			413			—
Dividends received from subsidiaries	689			—			—			(689		)	—
Depreciation and amortization	—			250			468			—			718
Gains on sale of real estate	—			(83		)	(28		)	—			(111		)
Changes in assets, liabilities and other items not separately identified	(191		)	115			(571		)	(1		)	(648		)
Net cash provided (used) by operating activities	509			(34		)	644			(690		)	429
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions	—			(98		)	(458		)	—			(556		)
Other, net	—			(15		)	(29		)	51			7
Net cash used by investing activities	—			(113		)	(487		)	51			(549		)
Cash flows from financing activities:
Debt repaid	—			(310		)	(1		)	(50		)	(361		)
Dividends paid	(347		)	—			(689		)	689			(347		)
Issuance of common stock	41			—			—			—			41
Proceeds from noncontrolling interest	—			—			7			—			7
Intercompany activity, net	(803		)	378			425			—			—
Other, net	(83		)	74			53			—			44
Net cash provided (used) by financing activities	(1,192		)	142			(205		)	639			(616		)
Net decrease in cash, cash equivalents and restricted cash	(683		)	(5		)	(48		)	—			(736		)
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	$	426		$	74		$	277		$	—		$	777

Condensed Consolidating Statement of Comprehensive Income [Table Text Block]

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks Ended November 2, 2019

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	2,044		$	5,245		$	(2,116	)	$	5,173
Credit card revenues (expense), net	—			(2		)	185			—			183
Cost of sales	—			(1,230		)	(3,992		)	2,116			(3,106		)
Selling, general and administrative expenses	—			(870		)	(1,332		)	—			(2,202		)
Gains on sale of real estate	—			8			9			—			17
Restructuring and other costs	—			(1		)	(12		)	—			(13		)
Operating income (loss)	—			(51		)	103			—			52
Benefit plan income, net	—			3			5			—			8
Settlement charges	—			—			(12		)	—			(12		)
Interest (expense) income, net:
External	3			(52		)	1			—			(48		)
Intercompany	—			(18		)	18			—			—
Equity in loss of subsidiaries	(3		)	(125		)	—			128			—
Income (loss) before income taxes	—			(243		)	115			128			—
Federal, state and local income tax benefit (expense)	2			30			(30		)	—			2
Net income (loss)	2			(213		)	85			128			2
Net loss attributable to noncontrolling interest	—			—			—			—			—
Net income (loss) attributable to Macy's, Inc. shareholders	$	2		$	(213	)	$	85		$	128		$	2
Comprehensive income (loss)	$	(35	)	$	(249	)	$	65		$	184		$	(35	)
Comprehensive loss attributable to noncontrolling interest	—			—			—			—			—
Comprehensive income (loss) attributable to Macy's, Inc. shareholders	$	(35	)	$	(249	)	$	65		$	184		$	(35	)

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks Ended November 3, 2018

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	2,030		$	6,185		$	(2,811	)	$	5,404
Credit card revenues, net	—			—			185			—			185
Cost of sales	—			(1,266		)	(4,771		)	2,811			(3,226		)
Selling, general and administrative expenses	—			(883		)	(1,372		)	—			(2,255		)
Gains on sale of real estate	—			41			1			—			42
Restructuring and other costs	—			—			(3		)	—			(3		)
Operating income (loss)	—			(78		)	225			—			147
Benefit plan income, net	—			3			6			—			9
Settlement charges	—			(8		)	(15		)	—			(23		)
Interest (expense) income, net:
External	4			(64		)	1			—			(59		)
Intercompany	—			(18		)	18			—			—
Equity in earnings (loss) of subsidiaries	59			(58		)	—			(1		)	—
Income (loss) before income taxes	63			(223		)	235			(1		)	74
Federal, state and local income tax benefit (expense)	(1		)	57			(68		)	—			(12		)
Net income (loss)	62			(166		)	167			(1		)	62
Net loss attributable to noncontrolling interest	—			—			—			—			—
Net income (loss) attributable to Macy's, Inc. shareholders	$	62		$	(166	)	$	167		$	(1	)	$	62
Comprehensive income (loss)	$	(37	)	$	(257	)	$	106		$	151		$	(37	)
Comprehensive loss attributable to noncontrolling interest	—			—			—			—			—
Comprehensive income (loss) attributable to Macy's, Inc. shareholders	$	(37	)	$	(257	)	$	106		$	151		$	(37	)

Condensed Consolidating Statement of Comprehensive Income

For the 39 Weeks Ended November 2, 2019

(millions)

	Parent		Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—	$	6,418		$	14,428		$	(4,623	)	$	16,223
Credit card revenues (expense), net	—		(8		)	539			—			531
Cost of sales	—		(3,913		)	(10,615		)	4,623			(9,905		)
Selling, general and administrative expenses	1		(2,544		)	(3,946		)	—			(6,489		)
Gains on sale of real estate	—		32			35			—			67
Impairment, restructuring and other costs	—		(1		)	(15		)	—			(16		)
Operating income (loss)	1		(16		)	426			—			411
Benefit plan income, net	—		9			14			—			23
Settlement charges	—		—			(12		)	—			(12		)
Interest (expense) income, net:
External	11		(157		)	3			—			(143		)
Intercompany	—		(55		)	55			—			—
Equity in earnings (loss) of subsidiaries	212		(264		)	—			52			—
Income (loss) before income taxes	224		(483		)	486			52			279
Federal, state and local income tax benefit (expense)	—		61			(116		)	—			(55		)
Net income (loss)	224		(422		)	370			52			224
Net loss attributable to noncontrolling interest	—		—			—			—			—
Net income (loss) attributable to Macy's, Inc. shareholders	$	224	$	(422	)	$	370		$	52		$	224
Comprehensive income (loss)	$	198	$	(448	)	$	358		$	90		$	198
Comprehensive loss attributable to noncontrolling interest	—		—			—			—			—
Comprehensive income (loss) attributable to Macy's, Inc. shareholders	$	198	$	(448	)	$	358		$	90		$	198

Condensed Consolidating Statement of Comprehensive Income

For the 39 Weeks Ended November 3, 2018

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	6,110		$	16,462		$	(6,056	)	$	16,516
Credit card revenues (expense), net	—			(3		)	531			—			528
Cost of sales	—			(3,857		)	(12,126		)	6,056			(9,927		)
Selling, general and administrative expenses	—			(2,522		)	(3,979		)	—			(6,501		)
Gains on sale of real estate	—			83			28			—			111
Impairment, restructuring and other costs	—			—			(39		)	—			(39		)
Operating income (loss)	—			(189		)	877			—			688
Benefit plan income, net	—			12			19			—			31
Settlement charges	(5		)	(24		)	(44		)	—			(73		)
Interest (expense) income, net:
External	13			(203		)	3			—			(187		)
Intercompany	—			(54		)	54			—			—
Losses on early retirement of debt	—			(5		)	—			—			(5		)
Equity in earnings of subsidiaries	362			51			—			(413		)	—
Income (loss) before income taxes	370			(412		)	909			(413		)	454
Federal, state and local income tax benefit (expense)	(2		)	123			(217		)	—			(96		)
Net income (loss)	368			(289		)	692			(413		)	358
Net loss attributable to noncontrolling interest	—			—			10			—			10
Net income (loss) attributable to Macy's, Inc. shareholders	$	368		$	(289	)	$	702		$	(413	)	$	368
Comprehensive income (loss)	$	296		$	(357	)	$	646		$	(299	)	$	286
Comprehensive loss attributable to noncontrolling interest	—			—			10			—			10
Comprehensive income (loss) attributable to Macy's, Inc. shareholders	$	296		$	(357	)	$	656		$	(299	)	$	296