o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
Incorporated in Delaware | I.R.S. Employer Identification No. | |
13-3324058 |
Large accelerated filer ý | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o | Emerging growth company o |
Class | Outstanding at November 25, 2017 | |
Common Stock, $0.01 par value per share | 304,566,377 shares |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | ||||||||||||
Net sales | $ | 5,281 | $ | 5,626 | $ | 16,171 | $ | 17,263 | |||||||
Cost of sales | (3,175 | ) | (3,386 | ) | (9,794 | ) | (10,370 | ) | |||||||
Gross margin | 2,106 | 2,240 | 6,377 | 6,893 | |||||||||||
Selling, general and administrative expenses | (1,995 | ) | (2,112 | ) | (5,853 | ) | (6,139 | ) | |||||||
Gains on sale of real estate | 65 | 41 | 176 | 76 | |||||||||||
Impairments, restructuring and other costs | (33 | ) | — | (33 | ) | (249 | ) | ||||||||
Settlement charges | (22 | ) | (62 | ) | (73 | ) | (81 | ) | |||||||
Operating income | 121 | 107 | 594 | 500 | |||||||||||
Interest expense | (76 | ) | (82 | ) | (244 | ) | (279 | ) | |||||||
Net premiums on early retirement of debt | — | — | (1 | ) | — | ||||||||||
Interest income | 2 | 1 | 7 | 3 | |||||||||||
Income before income taxes | 47 | 26 | 356 | 224 | |||||||||||
Federal, state and local income tax expense | (13 | ) | (11 | ) | (140 | ) | (85 | ) | |||||||
Net income | 34 | 15 | 216 | 139 | |||||||||||
Net loss attributable to noncontrolling interest | 2 | 2 | 6 | 5 | |||||||||||
Net income attributable to Macy's, Inc. shareholders | $ | 36 | $ | 17 | $ | 222 | $ | 144 | |||||||
Basic earnings per share attributable to Macy's, Inc. shareholders | $ | .12 | $ | .05 | $ | .73 | $ | .46 | |||||||
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ | .12 | $ | .05 | $ | .73 | $ | .46 |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | ||||||||||||
Net income | $ | 34 | $ | 15 | $ | 216 | $ | 139 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Actuarial gain (loss) on post employment and postretirement benefit plans, before tax | 10 | 3 | 57 | (74 | ) | ||||||||||
Settlement charges included in net income, before tax | 22 | 62 | 73 | 81 | |||||||||||
Amortization of net actuarial loss on post employment and postretirement benefit plans included in net income, before tax | 8 | 9 | 26 | 26 | |||||||||||
Tax effect related to items of other comprehensive income (loss) | (15 | ) | (29 | ) | (60 | ) | (13 | ) | |||||||
Total other comprehensive income, net of tax effect | 25 | 45 | 96 | 20 | |||||||||||
Comprehensive income | 59 | 60 | 312 | 159 | |||||||||||
Comprehensive loss attributable to noncontrolling interest | 2 | 2 | 6 | 5 | |||||||||||
Comprehensive income attributable to Macy's, Inc. shareholders | $ | 61 | $ | 62 | $ | 318 | $ | 164 |
October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 534 | $ | 1,297 | $ | 457 | |||||
Receivables | 219 | 522 | 262 | ||||||||
Merchandise inventories | 7,065 | 5,399 | 7,587 | ||||||||
Income tax receivable | — | — | 60 | ||||||||
Prepaid expenses and other current assets | 432 | 408 | 454 | ||||||||
Total Current Assets | 8,250 | 7,626 | 8,820 | ||||||||
Property and Equipment - net of accumulated depreciation and amortization of $5,330, $4,856 and $5,625 | 6,742 | 7,017 | 7,149 | ||||||||
Goodwill | 3,897 | 3,897 | 3,897 | ||||||||
Other Intangible Assets – net | 491 | 498 | 499 | ||||||||
Other Assets | 835 | 813 | 909 | ||||||||
Total Assets | $ | 20,215 | $ | 19,851 | $ | 21,274 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Short-term debt | $ | 22 | $ | 309 | $ | 938 | |||||
Merchandise accounts payable | 3,173 | 1,423 | 3,375 | ||||||||
Accounts payable and accrued liabilities | 3,162 | 3,563 | 2,930 | ||||||||
Income taxes | 34 | 352 | — | ||||||||
Total Current Liabilities | 6,391 | 5,647 | 7,243 | ||||||||
Long-Term Debt | 6,297 | 6,562 | 6,563 | ||||||||
Deferred Income Taxes | 1,553 | 1,443 | 1,548 | ||||||||
Other Liabilities | 1,750 | 1,877 | 2,129 | ||||||||
Shareholders' Equity: | |||||||||||
Macy's, Inc. | 4,231 | 4,323 | 3,789 | ||||||||
Noncontrolling interest | (7 | ) | (1 | ) | 2 | ||||||
Total Shareholders’ Equity | 4,224 | 4,322 | 3,791 | ||||||||
Total Liabilities and Shareholders’ Equity | $ | 20,215 | $ | 19,851 | $ | 21,274 |
39 Weeks Ended | |||||||
October 28, 2017 | October 29, 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 216 | $ | 139 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Impairments, restructuring and other costs | 33 | 249 | |||||
Settlement charges | 73 | 81 | |||||
Depreciation and amortization | 741 | 787 | |||||
Stock-based compensation expense | 46 | 56 | |||||
Gains on sale of real estate | (176 | ) | (76 | ) | |||
Amortization of financing costs and premium on acquired debt | (10 | ) | (14 | ) | |||
Changes in assets and liabilities: | |||||||
Decrease in receivables | 274 | 237 | |||||
Increase in merchandise inventories | (1,665 | ) | (2,081 | ) | |||
Increase in prepaid expenses and other current assets | (20 | ) | (37 | ) | |||
Increase in merchandise accounts payable | 1,630 | 1,665 | |||||
Decrease in accounts payable, accrued liabilities and other items not separately identified | (375 | ) | (380 | ) | |||
Decrease in current income taxes | (318 | ) | (287 | ) | |||
Increase in deferred income taxes | 49 | 45 | |||||
Change in other assets and liabilities not separately identified | (109 | ) | (76 | ) | |||
Net cash provided by operating activities | 389 | 308 | |||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (359 | ) | (451 | ) | |||
Capitalized software | (191 | ) | (230 | ) | |||
Disposition of property and equipment | 212 | 138 | |||||
Other, net | (8 | ) | 52 | ||||
Net cash used by investing activities | (346 | ) | (491 | ) | |||
Cash flows from financing activities: | |||||||
Debt issued | — | 51 | |||||
Financing costs | (1 | ) | (3 | ) | |||
Debt repaid | (554 | ) | (174 | ) | |||
Dividends paid | (346 | ) | (344 | ) | |||
Increase in outstanding checks | 80 | 193 | |||||
Acquisition of treasury stock | (1 | ) | (230 | ) | |||
Issuance of common stock | 3 | 31 | |||||
Proceeds from noncontrolling interest | 13 | 7 | |||||
Net cash used by financing activities | (806 | ) | (469 | ) | |||
Net decrease in cash and cash equivalents | (763 | ) | (652 | ) | |||
Cash and cash equivalents beginning of period | 1,297 | 1,109 | |||||
Cash and cash equivalents end of period | $ | 534 | $ | 457 | |||
Supplemental cash flow information: | |||||||
Interest paid | $ | 251 | $ | 279 | |||
Interest received | 7 | 3 | |||||
Income taxes paid (net of refunds received) | 412 | 308 |
13 Weeks Ended | |||||||||||||||||||||
October 28, 2017 | October 29, 2016 | ||||||||||||||||||||
Net Income | Shares | Net Income | Shares | ||||||||||||||||||
(millions, except per share data) | |||||||||||||||||||||
Net income attributable to Macy's, Inc. shareholders and average number of shares outstanding | $ | 36 | 304.6 | $ | 17 | 307.5 | |||||||||||||||
Shares to be issued under deferred compensation and other plans | 0.9 | 0.9 | |||||||||||||||||||
$ | 36 | 305.5 | $ | 17 | 308.4 | ||||||||||||||||
Basic earnings per share attributable to Macy's, Inc. shareholders | $ | .12 | $ | .05 | |||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock options, restricted stock and restricted stock units | 1.0 | 2.2 | |||||||||||||||||||
$ | 36 | 306.5 | $ | 17 | 310.6 | ||||||||||||||||
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ | .12 | $ | .05 |
39 Weeks Ended | |||||||||||||||||||||
October 28, 2017 | October 29, 2016 | ||||||||||||||||||||
Net Income | Shares | Net Income | Shares | ||||||||||||||||||
(millions, except per share data) | |||||||||||||||||||||
Net income attributable to Macy's, Inc. shareholders and average number of shares outstanding | $ | 222 | 304.5 | $ | 144 | 308.6 | |||||||||||||||
Shares to be issued under deferred compensation and other plans | 0.8 | 0.9 | |||||||||||||||||||
$ | 222 | 305.3 | $ | 144 | 309.5 | ||||||||||||||||
Basic earnings per share attributable to Macy's, Inc. shareholders | $ | .73 | $ | .46 | |||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock options, restricted stock and restricted stock units | 1.3 | 2.3 | |||||||||||||||||||
$ | 222 | 306.6 | $ | 144 | 311.8 | ||||||||||||||||
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ | .73 | $ | .46 |
39 Weeks Ended | |||||||
October 28, 2017 | October 29, 2016 | ||||||
(millions) | |||||||
7.45% Senior debentures due 2017 | $ | 300 | $ | — | |||
7.875% Senior debentures due 2036 | — | 108 | |||||
6.375% Senior notes due 2037 | 135 | — | |||||
7.45% Senior debentures due 2016 | — | 59 | |||||
6.9% Senior debentures due 2032 | 72 | — | |||||
6.7% Senior debentures due 2034 | 28 | — | |||||
6.65% Senior debentures due 2024 | 4 | — | |||||
6.9% Senior debentures due 2029 | 3 | — | |||||
6.7% Senior debentures due 2028 | 3 | — | |||||
7.0% Senior debentures due 2028 | 2 | — | |||||
9.5% amortizing debentures due 2021 | 4 | 4 | |||||
9.75% amortizing debentures due 2021 | 2 | 2 | |||||
Capital leases and other obligations | 1 | 1 | |||||
$ | 554 | $ | 174 |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | ||||||||||||
(millions) | (millions) | ||||||||||||||
401(k) Qualified Defined Contribution Plan | $ | 20 | $ | 22 | $ | 65 | $ | 71 | |||||||
Non-Qualified Defined Contribution Plan | $ | — | $ | — | $ | — | $ | 1 | |||||||
Pension Plan | |||||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 4 | $ | 3 | |||||||
Interest cost | 25 | 27 | 79 | 83 | |||||||||||
Expected return on assets | (55 | ) | (56 | ) | (168 | ) | (170 | ) | |||||||
Recognition of net actuarial loss | 8 | 7 | 24 | 22 | |||||||||||
Amortization of prior service credit | — | — | — | — | |||||||||||
$ | (21 | ) | $ | (21 | ) | $ | (61 | ) | $ | (62 | ) | ||||
Supplementary Retirement Plan | |||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | |||||||
Interest cost | 5 | 5 | 16 | 17 | |||||||||||
Recognition of net actuarial loss | 2 | 3 | 6 | 7 | |||||||||||
Amortization of prior service cost | — | — | — | — | |||||||||||
$ | 7 | $ | 8 | $ | 22 | $ | 24 | ||||||||
Total Retirement Expense | $ | 6 | $ | 9 | $ | 26 | $ | 34 | |||||||
Postretirement Obligations | |||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | |||||||
Interest cost | 1 | 1 | 4 | 4 | |||||||||||
Recognition of net actuarial gain | (2 | ) | (1 | ) | (4 | ) | (3 | ) | |||||||
Amortization of prior service cost | — | — | — | — | |||||||||||
$ | (1 | ) | $ | — | $ | — | $ | 1 |
October 28, 2017 | October 29, 2016 | ||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Marketable equity and debt securities | $ | 100 | $ | 23 | $ | 77 | $ | — | $ | 127 | $ | 19 | $ | 108 | $ | — |
October 28, 2017 | October 29, 2016 | ||||||||||||||||||||||
Notional Amount | Carrying Amount | Fair Value | Notional Amount | Carrying Amount | Fair Value | ||||||||||||||||||
(millions) | |||||||||||||||||||||||
Long-term debt | $ | 6,206 | $ | 6,297 | $ | 5,908 | $ | 6,459 | $ | 6,536 | $ | 6,749 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 2,077 | $ | 5,861 | $ | (2,657 | ) | $ | 5,281 | ||||||||
Cost of sales | — | (1,391 | ) | (4,441 | ) | 2,657 | (3,175 | ) | |||||||||||
Gross margin | — | 686 | 1,420 | — | 2,106 | ||||||||||||||
Selling, general and administrative expenses | — | (813 | ) | (1,182 | ) | — | (1,995 | ) | |||||||||||
Gains on sale of real estate | — | 24 | 41 | — | 65 | ||||||||||||||
Restructuring and other costs | — | (1 | ) | (32 | ) | — | (33 | ) | |||||||||||
Settlement charges | — | (8 | ) | (14 | ) | — | (22 | ) | |||||||||||
Operating income (loss) | — | (112 | ) | 233 | — | 121 | |||||||||||||
Interest (expense) income, net: | |||||||||||||||||||
External | 1 | (76 | ) | 1 | — | (74 | ) | ||||||||||||
Intercompany | — | (34 | ) | 34 | — | — | |||||||||||||
Equity in earnings (loss) of subsidiaries | 35 | (61 | ) | — | 26 | — | |||||||||||||
Income (loss) before income taxes | 36 | (283 | ) | 268 | 26 | 47 | |||||||||||||
Federal, state and local income tax benefit (expense) | — | 59 | (72 | ) | — | (13 | ) | ||||||||||||
Net income (loss) | 36 | (224 | ) | 196 | 26 | 34 | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | 2 | — | 2 | ||||||||||||||
Net income (loss) attributable to Macy's, Inc. shareholders | $ | 36 | $ | (224 | ) | $ | 198 | $ | 26 | $ | 36 | ||||||||
Comprehensive income (loss) | $ | 61 | $ | (201 | ) | $ | 212 | $ | (13 | ) | $ | 59 | |||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 2 | — | 2 | ||||||||||||||
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ | 61 | $ | (201 | ) | $ | 214 | $ | (13 | ) | $ | 61 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 2,376 | $ | 6,183 | $ | (2,933 | ) | $ | 5,626 | ||||||||
Cost of sales | — | (1,577 | ) | (4,742 | ) | 2,933 | (3,386 | ) | |||||||||||
Gross margin | — | 799 | 1,441 | — | 2,240 | ||||||||||||||
Selling, general and administrative expenses | (1 | ) | (950 | ) | (1,161 | ) | — | (2,112 | ) | ||||||||||
Gains on sale of real estate | — | 41 | — | — | 41 | ||||||||||||||
Settlement charges | — | (24 | ) | (38 | ) | — | (62 | ) | |||||||||||
Operating income (loss) | (1 | ) | (134 | ) | 242 | — | 107 | ||||||||||||
Interest (expense) income, net: | |||||||||||||||||||
External | 1 | (82 | ) | — | — | (81 | ) | ||||||||||||
Intercompany | — | (51 | ) | 51 | — | — | |||||||||||||
Equity in earnings (loss) of subsidiaries | 17 | (101 | ) | — | 84 | — | |||||||||||||
Income (loss) before income taxes | 17 | (368 | ) | 293 | 84 | 26 | |||||||||||||
Federal, state and local income tax benefit (expense) | — | 68 | (79 | ) | — | (11 | ) | ||||||||||||
Net income (loss) | 17 | (300 | ) | 214 | 84 | 15 | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | 2 | — | 2 | ||||||||||||||
Net income (loss) attributable to Macy's, Inc. shareholders | $ | 17 | $ | (300 | ) | $ | 216 | $ | 84 | $ | 17 | ||||||||
Comprehensive income (loss) | $ | 62 | $ | (255 | ) | $ | 241 | $ | 12 | $ | 60 | ||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 2 | — | 2 | ||||||||||||||
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ | 62 | $ | (255 | ) | $ | 243 | $ | 12 | $ | 62 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 6,319 | $ | 15,727 | $ | (5,875 | ) | $ | 16,171 | ||||||||
Cost of sales | — | (4,126 | ) | (11,543 | ) | 5,875 | (9,794 | ) | |||||||||||
Gross margin | — | 2,193 | 4,184 | — | 6,377 | ||||||||||||||
Selling, general and administrative expenses | (1 | ) | (2,430 | ) | (3,422 | ) | — | (5,853 | ) | ||||||||||
Gains on sale of real estate | — | 116 | 60 | — | 176 | ||||||||||||||
Restructuring and other costs | — | (1 | ) | (32 | ) | — | (33 | ) | |||||||||||
Settlement charges | — | (24 | ) | (49 | ) | — | (73 | ) | |||||||||||
Operating income (loss) | (1 | ) | (146 | ) | 741 | — | 594 | ||||||||||||
Interest (expense) income, net: | |||||||||||||||||||
External | 4 | (243 | ) | 2 | — | (237 | ) | ||||||||||||
Intercompany | — | (102 | ) | 102 | — | — | |||||||||||||
Net premiums on early retirement of debt | — | (1 | ) | — | — | (1 | ) | ||||||||||||
Equity in earnings (loss) of subsidiaries | 220 | (30 | ) | — | (190 | ) | — | ||||||||||||
Income (loss) before income taxes | 223 | (522 | ) | 845 | (190 | ) | 356 | ||||||||||||
Federal, state and local income tax benefit (expense) | (1 | ) | 142 | (281 | ) | — | (140 | ) | |||||||||||
Net income (loss) | 222 | (380 | ) | 564 | (190 | ) | 216 | ||||||||||||
Net loss attributable to noncontrolling interest | — | — | 6 | — | 6 | ||||||||||||||
Net income (loss) attributable to Macy's, Inc. shareholders | $ | 222 | $ | (380 | ) | $ | 570 | $ | (190 | ) | $ | 222 | |||||||
Comprehensive income (loss) | $ | 318 | $ | (290 | ) | $ | 627 | $ | (343 | ) | $ | 312 | |||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 6 | — | 6 | ||||||||||||||
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ | 318 | $ | (290 | ) | $ | 633 | $ | (343 | ) | $ | 318 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 7,324 | $ | 16,546 | $ | (6,607 | ) | $ | 17,263 | ||||||||
Cost of sales | — | (4,704 | ) | (12,273 | ) | 6,607 | (10,370 | ) | |||||||||||
Gross margin | — | 2,620 | 4,273 | — | 6,893 | ||||||||||||||
Selling, general and administrative expenses | (2 | ) | (2,803 | ) | (3,334 | ) | — | (6,139 | ) | ||||||||||
Gains on sale of real estate | — | 71 | 5 | — | 76 | ||||||||||||||
Impairments and other costs | — | (184 | ) | (65 | ) | — | (249 | ) | |||||||||||
Settlement charges | — | (29 | ) | (52 | ) | — | (81 | ) | |||||||||||
Operating income (loss) | (2 | ) | (325 | ) | 827 | — | 500 | ||||||||||||
Interest (expense) income, net: | |||||||||||||||||||
External | 2 | (278 | ) | — | — | (276 | ) | ||||||||||||
Intercompany | — | (166 | ) | 166 | — | — | |||||||||||||
Equity in earnings (loss) of subsidiaries | 144 | (69 | ) | — | (75 | ) | — | ||||||||||||
Income (loss) before income taxes | 144 | (838 | ) | 993 | (75 | ) | 224 | ||||||||||||
Federal, state and local income tax benefit (expense) | — | 243 | (328 | ) | — | (85 | ) | ||||||||||||
Net income (loss) | 144 | (595 | ) | 665 | (75 | ) | 139 | ||||||||||||
Net loss attributable to noncontrolling interest | — | — | 5 | — | 5 | ||||||||||||||
Net income (loss) attributable to Macy's, Inc. shareholders | $ | 144 | $ | (595 | ) | $ | 670 | $ | (75 | ) | $ | 144 | |||||||
Comprehensive income (loss) | $ | 164 | $ | (575 | ) | $ | 677 | $ | (107 | ) | $ | 159 | |||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 5 | — | 5 | ||||||||||||||
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ | 164 | $ | (575 | ) | $ | 682 | $ | (107 | ) | $ | 164 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
ASSETS: | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 116 | $ | 89 | $ | 329 | $ | — | $ | 534 | |||||||||
Receivables | — | 67 | 152 | — | 219 | ||||||||||||||
Merchandise inventories | — | 3,218 | 3,847 | — | 7,065 | ||||||||||||||
Income tax receivable | — | 2 | — | (2 | ) | — | |||||||||||||
Prepaid expenses and other current assets | — | 86 | 346 | — | 432 | ||||||||||||||
Total Current Assets | 116 | 3,462 | 4,674 | (2 | ) | 8,250 | |||||||||||||
Property and Equipment – net | — | 3,184 | 3,558 | — | 6,742 | ||||||||||||||
Goodwill | — | 3,315 | 582 | — | 3,897 | ||||||||||||||
Other Intangible Assets – net | — | 46 | 445 | — | 491 | ||||||||||||||
Other Assets | 1 | 62 | 772 | — | 835 | ||||||||||||||
Deferred Income Taxes | 26 | — | — | (26 | ) | — | |||||||||||||
Intercompany Receivable | 1,436 | — | 1,971 | (3,407 | ) | — | |||||||||||||
Investment in Subsidiaries | 2,882 | 3,644 | — | (6,526 | ) | — | |||||||||||||
Total Assets | $ | 4,461 | $ | 13,713 | $ | 12,002 | $ | (9,961 | ) | $ | 20,215 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Short-term debt | $ | — | $ | 6 | $ | 16 | $ | — | $ | 22 | |||||||||
Merchandise accounts payable | — | 1,339 | 1,834 | — | 3,173 | ||||||||||||||
Accounts payable and accrued liabilities | 139 | 975 | 2,048 | — | 3,162 | ||||||||||||||
Income taxes | 20 | — | 16 | (2 | ) | 34 | |||||||||||||
Total Current Liabilities | 159 | 2,320 | 3,914 | (2 | ) | 6,391 | |||||||||||||
Long-Term Debt | — | 6,280 | 17 | — | 6,297 | ||||||||||||||
Intercompany Payable | — | 3,407 | — | (3,407 | ) | — | |||||||||||||
Deferred Income Taxes | — | 707 | 872 | (26 | ) | 1,553 | |||||||||||||
Other Liabilities | 71 | 476 | 1,203 | — | 1,750 | ||||||||||||||
Shareholders' Equity: | |||||||||||||||||||
Macy's, Inc. | 4,231 | 523 | 6,003 | (6,526 | ) | 4,231 | |||||||||||||
Noncontrolling Interest | — | — | (7 | ) | — | (7 | ) | ||||||||||||
Total Shareholders' Equity | 4,231 | 523 | 5,996 | (6,526 | ) | 4,224 | |||||||||||||
Total Liabilities and Shareholders' Equity | $ | 4,461 | $ | 13,713 | $ | 12,002 | $ | (9,961 | ) | $ | 20,215 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
ASSETS: | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 60 | $ | 99 | $ | 298 | $ | — | $ | 457 | |||||||||
Receivables | — | 74 | 188 | — | 262 | ||||||||||||||
Merchandise inventories | — | 3,621 | 3,966 | — | 7,587 | ||||||||||||||
Income tax receivable | 99 | — | — | (39 | ) | 60 | |||||||||||||
Prepaid expenses and other current assets | — | 89 | 365 | — | 454 | ||||||||||||||
Total Current Assets | 159 | 3,883 | 4,817 | (39 | ) | 8,820 | |||||||||||||
Property and Equipment – net | — | 3,534 | 3,615 | — | 7,149 | ||||||||||||||
Goodwill | — | 3,315 | 582 | — | 3,897 | ||||||||||||||
Other Intangible Assets – net | — | 47 | 452 | — | 499 | ||||||||||||||
Other Assets | 1 | 153 | 755 | — | 909 | ||||||||||||||
Deferred Income Taxes | 24 | — | — | (24 | ) | — | |||||||||||||
Intercompany Receivable | 878 | — | 1,876 | (2,754 | ) | — | |||||||||||||
Investment in Subsidiaries | 2,954 | 3,173 | — | (6,127 | ) | — | |||||||||||||
Total Assets | $ | 4,016 | $ | 14,105 | $ | 12,097 | $ | (8,944 | ) | $ | 21,274 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Short-term debt | $ | — | $ | 935 | $ | 3 | $ | — | $ | 938 | |||||||||
Merchandise accounts payable | — | 1,481 | 1,894 | — | 3,375 | ||||||||||||||
Accounts payable and accrued liabilities | 164 | 910 | 1,856 | — | 2,930 | ||||||||||||||
Income taxes | — | 3 | 36 | (39 | ) | — | |||||||||||||
Total Current Liabilities | 164 | 3,329 | 3,789 | (39 | ) | 7,243 | |||||||||||||
Long-Term Debt | — | 6,545 | 18 | — | 6,563 | ||||||||||||||
Intercompany Payable | — | 2,754 | — | (2,754 | ) | — | |||||||||||||
Deferred Income Taxes | — | 694 | 878 | (24 | ) | 1,548 | |||||||||||||
Other Liabilities | 63 | 565 | 1,501 | — | 2,129 | ||||||||||||||
Shareholders' Equity: | |||||||||||||||||||
Macy's, Inc. | 3,789 | 218 | 5,909 | (6,127 | ) | 3,789 | |||||||||||||
Noncontrolling Interest | — | — | 2 | — | 2 | ||||||||||||||
Total Shareholders' Equity | 3,789 | 218 | 5,911 | (6,127 | ) | 3,791 | |||||||||||||
Total Liabilities and Shareholders' Equity | $ | 4,016 | $ | 14,105 | $ | 12,097 | $ | (8,944 | ) | $ | 21,274 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
ASSETS: | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 938 | $ | 81 | $ | 278 | $ | — | $ | 1,297 | |||||||||
Receivables | — | 169 | 353 | — | 522 | ||||||||||||||
Merchandise inventories | — | 2,565 | 2,834 | — | 5,399 | ||||||||||||||
Prepaid expenses and other current assets | — | 84 | 324 | — | 408 | ||||||||||||||
Total Current Assets | 938 | 2,899 | 3,789 | — | 7,626 | ||||||||||||||
Property and Equipment – net | — | 3,397 | 3,620 | — | 7,017 | ||||||||||||||
Goodwill | — | 3,315 | 582 | — | 3,897 | ||||||||||||||
Other Intangible Assets – net | — | 51 | 447 | — | 498 | ||||||||||||||
Other Assets | — | 47 | 766 | — | 813 | ||||||||||||||
Deferred Income Taxes | 26 | — | — | (26 | ) | — | |||||||||||||
Intercompany Receivable | 375 | — | 2,428 | (2,803 | ) | — | |||||||||||||
Investment in Subsidiaries | 3,137 | 3,540 | — | (6,677 | ) | — | |||||||||||||
Total Assets | $ | 4,476 | $ | 13,249 | $ | 11,632 | $ | (9,506 | ) | $ | 19,851 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Short-term debt | $ | — | $ | 306 | $ | 3 | $ | — | $ | 309 | |||||||||
Merchandise accounts payable | — | 590 | 833 | — | 1,423 | ||||||||||||||
Accounts payable and accrued liabilities | 16 | 1,064 | 2,483 | — | 3,563 | ||||||||||||||
Income taxes | 71 | 16 | 265 | — | 352 | ||||||||||||||
Total Current Liabilities | 87 | 1,976 | 3,584 | — | 5,647 | ||||||||||||||
Long-Term Debt | — | 6,544 | 18 | — | 6,562 | ||||||||||||||
Intercompany Payable | — | 2,803 | — | (2,803 | ) | — | |||||||||||||
Deferred Income Taxes | — | 688 | 781 | (26 | ) | 1,443 | |||||||||||||
Other Liabilities | 66 | 500 | 1,311 | — | 1,877 | ||||||||||||||
Shareholders' Equity: | |||||||||||||||||||
Macy's, Inc. | 4,323 | 738 | 5,939 | (6,677 | ) | 4,323 | |||||||||||||
Noncontrolling Interest | — | — | (1 | ) | — | (1 | ) | ||||||||||||
Total Shareholders' Equity | 4,323 | 738 | 5,938 | (6,677 | ) | 4,322 | |||||||||||||
Total Liabilities and Shareholders' Equity | $ | 4,476 | $ | 13,249 | $ | 11,632 | $ | (9,506 | ) | $ | 19,851 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income (loss) | $ | 222 | $ | (380 | ) | $ | 564 | $ | (190 | ) | $ | 216 | |||||||
Restructuring and other costs | — | 1 | 32 | — | 33 | ||||||||||||||
Settlement charges | — | 24 | 49 | — | 73 | ||||||||||||||
Equity in loss (earnings) of subsidiaries | (220 | ) | 30 | — | 190 | — | |||||||||||||
Dividends received from subsidiaries | 571 | — | — | (571 | ) | — | |||||||||||||
Depreciation and amortization | — | 265 | 476 | — | 741 | ||||||||||||||
(Increase) decrease in working capital | (52 | ) | 35 | (633 | ) | — | (650 | ) | |||||||||||
Other, net | 8 | 2 | (34 | ) | — | (24 | ) | ||||||||||||
Net cash provided (used) by operating activities | 529 | (23 | ) | 454 | (571 | ) | 389 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Disposition (purchase) of property and equipment and capitalized software, net | — | 30 | (368 | ) | — | (338 | ) | ||||||||||||
Other, net | — | 2 | (10 | ) | — | (8 | ) | ||||||||||||
Net cash provided (used) by investing activities | — | 32 | (378 | ) | — | (346 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Debt repaid | — | (553 | ) | (1 | ) | — | (554 | ) | |||||||||||
Dividends paid | (346 | ) | — | (571 | ) | 571 | (346 | ) | |||||||||||
Issuance of common stock, net of common stock acquired | 2 | — | — | — | 2 | ||||||||||||||
Proceeds from noncontrolling interest | — | — | 13 | — | 13 | ||||||||||||||
Intercompany activity, net | (1,016 | ) | 584 | 432 | — | — | |||||||||||||
Other, net | 9 | (32 | ) | 102 | — | 79 | |||||||||||||
Net cash used by financing activities | (1,351 | ) | (1 | ) | (25 | ) | 571 | (806 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | (822 | ) | 8 | 51 | — | (763 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 938 | 81 | 278 | — | 1,297 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 116 | $ | 89 | $ | 329 | $ | — | $ | 534 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income (loss) | $ | 144 | $ | (595 | ) | $ | 665 | $ | (75 | ) | $ | 139 | |||||||
Impairments and other costs | — | 184 | 65 | — | 249 | ||||||||||||||
Settlement charges | — | 29 | 52 | — | 81 | ||||||||||||||
Equity in loss (earnings) of subsidiaries | (144 | ) | 69 | — | 75 | — | |||||||||||||
Dividends received from subsidiaries | 535 | 575 | — | (1,110 | ) | — | |||||||||||||
Depreciation and amortization | — | 298 | 489 | — | 787 | ||||||||||||||
Increase in working capital | (59 | ) | (572 | ) | (328 | ) | — | (959 | ) | ||||||||||
Other, net | 19 | (36 | ) | 28 | — | 11 | |||||||||||||
Net cash provided (used) by operating activities | 495 | (48 | ) | 971 | (1,110 | ) | 308 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchase of property and equipment and capitalized software, net | — | (23 | ) | (520 | ) | — | (543 | ) | |||||||||||
Other, net | — | 47 | 5 | — | 52 | ||||||||||||||
Net cash provided (used) by investing activities | — | 24 | (515 | ) | — | (491 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Debt repaid, net of debt issued | — | (122 | ) | (1 | ) | — | (123 | ) | |||||||||||
Dividends paid | (344 | ) | — | (1,110 | ) | 1,110 | (344 | ) | |||||||||||
Common stock acquired, net of issuance of common stock | (199 | ) | — | — | — | (199 | ) | ||||||||||||
Proceeds from noncontrolling interest | — | — | 7 | — | 7 | ||||||||||||||
Intercompany activity, net | (642 | ) | 158 | 484 | — | — | |||||||||||||
Other, net | 9 | (4 | ) | 185 | — | 190 | |||||||||||||
Net cash provided (used) by financing activities | (1,176 | ) | 32 | (435 | ) | 1,110 | (469 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (681 | ) | 8 | 21 | — | (652 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 741 | 91 | 277 | — | 1,109 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 60 | $ | 99 | $ | 298 | $ | — | $ | 457 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
1. | From Familiar to Favorite includes everything the Company does to further its brand awareness and identity to its core customers. Actions include understanding and anticipating customers’ needs, strengthening the Company's fashion authority and executing initiatives around its loyalty and pricing strategies. |
2. | It Must Be Macy’s encompasses delivering the products and experiences customers love and are exclusive to the Company. This includes styles and home fashion for every day and special occasions, from the Company's leading private brands, as well as exclusive national brands or assortments. It celebrates the Company's iconic events and includes strategies to appeal to more value-oriented customers. |
3. | Every Experience Matters, in-store and online. The Company's competitive advantage is the ability to combine the human touch in its physical stores with cutting-edge technology in its mobile applications and websites. Key to this point is the enhancement of a customer's experience as they explore our stores, mobile applications and websites, find their favorite styles, sizes and colors, and receive their purchases through the shopping channels they prefer. |
4. | Funding our Future represents the decisions and actions the Company takes to identify and realize resources to fuel growth. This involves a focus on cost reduction and reinvestment as well as creating value from the Company's real estate portfolio. |
5. | What’s New, What’s Next explores and develops those innovations to turn consumer and technology trends to the Company's advantage and to drive growth. This includes exploring previously unmet customer needs and making smart investment decisions based on customer insights and analytics. |
• | In January 2016, the Company completed a $270 million real estate transaction to recreate Macy's Brooklyn store. The Company continues to own and operate the first four floors and lower level of its existing nine-story retail store, which is currently being reconfigured and remodeled. The remaining portion of the store and its nearby parking facility were sold to Tishman Speyer in a single sales transaction. As the sales agreement required the Company to conduct certain redevelopment activities within the store, the Company is recognizing the gain on the transaction, approximately $250 million, under the percentage of completion method of accounting over the redevelopment period. Accordingly, $166 million has been recognized to-date, of which $117 million was recognized through fiscal 2016 and $49 million has been recognized during 2017. |
• | In fiscal 2016, the Company had property and equipment sales, primarily related to real estate, totaling $673 million in cash proceeds and recognized real estate gains of $209 million. These proceeds include the cash received from the sale of the Company's 248,000 square-foot Union Square Men’s building in San Francisco for approximately $250 million in January 2017. The Company will use part of the proceeds to consolidate the Men’s store into its main Union Square store. The Company is leasing back the Men's store property as it completes the reconfiguration of the main store. The Company is expected to recognize a gain of approximately $235 million in January 2018. |
• | In January 2017, the Company finalized the formation of a strategic alliance with Brookfield Asset Management, a leading global alternative asset manager, to create increased value in its real estate portfolio. Under the alliance, Brookfield has an exclusive right for up to 24 months to create a "pre-development plan" for each of approximately 50 Macy’s real estate assets, with an option for Macy’s to continue to identify and add assets into the alliance. The breadth of opportunity within the portfolio ranges from the additional development on a portion of an asset (such as a Company-controlled land parcel adjacent to a store) to the complete redevelopment of an existing store. Once a "pre-development plan" is created, the Company has the option to accept the "pre-development plan" and then either contribute the asset into a joint venture for the development plan to commence or sell the asset to Brookfield. If the Company chooses to contribute the asset into a joint venture, the Company may elect to participate as a funding or non-funding partner. After development, the joint venture may sell the asset and distribute proceeds accordingly. Based on the analysis conducted to date, preliminary indications point to a likelihood that Brookfield will recommend proceeding with redevelopment on roughly two thirds of the assets subject to the alliance. |
• | In February 2017, the Company sold its downtown Minneapolis store and parking facility for $59 million of proceeds and recognized a gain of approximately $47 million in the first quarter of 2017. |
• | In April 2017, the Company launched a marketing effort for the upper floors of its flagship State Street Macy's store in downtown Chicago. Development and increased utilization of the upper floors are expected to drive more foot traffic to the store. |
• | In May 2017, the Company signed a contract to sell an additional two floors of the downtown Seattle Macy's store; four floors were sold in a similar transaction in fiscal 2015. This transaction closed in September 2017 for approximately $50 million of proceeds and the Company recognized a gain of approximately $40 million in the third quarter of 2017. |
Third Quarter of 2017 | Third Quarter of 2016 | ||||||||||||||||
Amount | % to Sales | Amount | % to Sales | ||||||||||||||
(dollars in millions, except per share figures) | |||||||||||||||||
Net sales | $ | 5,281 | $ | 5,626 | |||||||||||||
Decrease in sales | (6.1 | ) | % | (4.2 | ) | % | |||||||||||
Decrease in comparable sales | (4.0 | ) | % | (3.3 | ) | % | |||||||||||
Cost of sales | (3,175 | ) | (60.1 | ) | % | (3,386 | ) | (60.2 | ) | % | |||||||
Gross margin | 2,106 | 39.9 | % | 2,240 | 39.8 | % | |||||||||||
Selling, general and administrative expenses | (1,995 | ) | (37.8 | ) | % | (2,112 | ) | (37.5 | ) | % | |||||||
Gains on sale of real estate | 65 | 1.2 | % | 41 | 0.7 | % | |||||||||||
Restructuring and other costs | (33 | ) | (0.6 | ) | % | — | — | % | |||||||||
Settlement charges | (22 | ) | (0.4 | ) | % | (62 | ) | (1.1 | ) | % | |||||||
Operating income | 121 | 2.3 | % | 107 | 1.9 | % | |||||||||||
Interest expense - net | (74 | ) | (81 | ) | |||||||||||||
Income before income taxes | 47 | 26 | |||||||||||||||
Federal, state and local income tax expense | (13 | ) | (11 | ) | |||||||||||||
Net income | 34 | 15 | |||||||||||||||
Net loss attributable to noncontrolling interest | 2 | 2 | |||||||||||||||
Net income attributable to Macy's, Inc. shareholders | $ | 36 | 0.7 | % | $ | 17 | 0.3 | % | |||||||||
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ | .12 | $ | .05 | |||||||||||||
Diluted earnings per share attributable to Macy's, Inc. shareholders, excluding the impact of restructuring and other costs and settlement charges | $ | .23 | $ | .17 |
2017 | 2016 | ||||||||||||||||
Amount | % to Sales | Amount | % to Sales | ||||||||||||||
(dollars in millions, except per share figures) | |||||||||||||||||
Net sales | $ | 16,171 | $ | 17,263 | |||||||||||||
Decrease in sales | (6.3 | ) | % | (5.2 | ) | % | |||||||||||
Decrease in comparable sales | (4.0 | ) | % | (4.0 | ) | % | |||||||||||
Cost of sales | (9,794 | ) | (60.6 | ) | % | (10,370 | ) | (60.1 | ) | % | |||||||
Gross margin | 6,377 | 39.4 | % | 6,893 | 39.9 | % | |||||||||||
Selling, general and administrative expenses | (5,853 | ) | (36.1 | ) | % | (6,139 | ) | (35.5 | ) | % | |||||||
Gains on sale of real estate | 176 | 1.1 | % | 76 | 0.4 | % | |||||||||||
Impairments, restructuring and other costs | (33 | ) | (0.2 | ) | % | (249 | ) | (1.4 | ) | % | |||||||
Settlement charges | (73 | ) | (0.5 | ) | % | (81 | ) | (0.5 | ) | % | |||||||
Operating income | 594 | 3.7 | % | 500 | 2.9 | % | |||||||||||
Interest expense - net | (237 | ) | (276 | ) | |||||||||||||
Net premiums on early retirement of debt | (1 | ) | — | ||||||||||||||
Income before income taxes | 356 | 224 | |||||||||||||||
Federal, state and local income tax expense | (140 | ) | (85 | ) | |||||||||||||
Net income | 216 | 139 | |||||||||||||||
Net loss attributable to noncontrolling interest | 6 | 5 | |||||||||||||||
Net income attributable to Macy's, Inc. shareholders | $ | 222 | 1.4 | % | $ | 144 | 0.8 | % | |||||||||
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ | .73 | $ | .46 | |||||||||||||
Diluted earnings per share attributable to Macy's, Inc. shareholders, excluding the impact of impairments, restructuring and other costs, settlement charges and net premiums on early retirement of debt | $ | .95 | $ | 1.11 |
Third Quarter of 2017 | Third Quarter of 2016 | |||||
Decrease in comparable sales on an owned basis (note 1) | (4.0 | )% | (3.3 | )% | ||
Impact of growth in comparable sales of departments licensed to third parties (note 2) | 0.4 | % | 0.6 | % | ||
Decrease in comparable sales on an owned plus licensed basis | (3.6 | )% | (2.7 | )% |
2017 | 2016 | |||||
Decrease in comparable sales on an owned basis (note 1) | (4.0 | )% | (4.0 | )% | ||
Impact of growth in comparable sales of departments licensed to third parties (note 2) | 0.4 | % | 0.5 | % | ||
Decrease in comparable sales on an owned plus licensed basis | (3.6 | )% | (3.5 | )% |
(1) | Represents the period-to-period percentage change in net sales from stores in operation throughout the year presented and the immediately preceding year and all online sales, excluding commissions from departments licensed to third parties. Stores undergoing remodeling, expansion or relocation remain in the comparable sales calculation unless the store is closed for a significant period of time. Definitions and calculations of comparable sales differ among companies in the retail industry. |
(2) | Represents the impact of including the sales of departments licensed to third parties occurring in stores in operation throughout the year presented and the immediately preceding year and all online sales in the calculation of comparable sales. The Company licenses third parties to operate certain departments in its stores and online and receives commissions from these third parties based on a percentage of their net sales. In its financial statements prepared in conformity with GAAP, the Company includes these commissions (rather than the sales of the departments licensed to third parties) in its net sales. The Company does not, however, include any amounts with respect to licensed department sales (or any commissions earned on such sales) in its comparable sales in accordance with GAAP (i.e., on an owned basis). The Company believes that the amounts of commissions earned on sales of departments licensed to third parties are not material to its results of operations for the periods presented. |
Third Quarter of 2017 | Third Quarter of 2016 | |||||||
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ | .12 | $ | .05 | ||||
Add back the pre-tax impact of restructuring and other costs | .11 | — | ||||||
Add back the pre-tax impact of settlement charges | .07 | .20 | ||||||
Deduct the income tax impact of certain items identified above | (.07 | ) | (.08 | ) | ||||
Diluted earnings per share attributable to Macy's, Inc. shareholders, excluding certain items | $ | .23 | $ | .17 |
2017 | 2016 | |||||||
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ | .73 | $ | .46 | ||||
Add back the pre-tax impact of impairments, restructuring and other costs | .11 | .80 | ||||||
Add back the pre-tax impact of settlement charges | .24 | .26 | ||||||
Add back the pre-tax impact of net premiums on the early retirement of debt (note 1) | — | — | ||||||
Deduct the income tax impact of certain items identified above | (.13 | ) | (.41 | ) | ||||
Diluted earnings per share attributable to Macy's, Inc. shareholders, excluding certain items | $ | .95 | $ | 1.11 |
(1) | The impact during the 39 weeks ended October 28, 2017 represents a value less than $.01 per diluted share attributable to Macy’s, Inc. shareholders. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. | Controls and Procedures. |
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Total Number of Shares Purchased | Average Price Paid per Share ($) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Dollar Value of Shares that may yet be Purchased Under the Plans or Programs (1)($) | ||||||||
(thousands) | (thousands) | (millions) | |||||||||
July 30, 2017 – August 26, 2017 | — | — | — | 1,716 | |||||||
August 27, 2017 – September 30, 2017 | — | — | — | 1,716 | |||||||
October 1, 2017 – October 28, 2017 | — | — | — | 1,716 | |||||||
— | — | — |
(1) | Commencing in January 2000, the Company's Board of Directors has from time to time approved authorizations to purchase, in the aggregate, up to $18 billion of Common Stock as of October 28, 2017. All authorizations are cumulative and do not have an expiration date. As of October 28, 2017, $1,716 million of authorization remained unused. The Company may continue, discontinue or resume purchases of Common Stock under these or possible future authorizations in the open market, in privately negotiated transactions or otherwise at any time and from time to time without prior notice. |
Item 5. | Other Information. |
• | the possible invalidity of the underlying beliefs and assumptions; |
• | competitive pressures from department and specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, and all other retail channels, including the Internet, catalogs and television; |
• | the Company's ability to remain competitive and relevant as consumers' shopping behaviors migrate to other shopping channels; |
• | general consumer-spending levels, including the impact of general economic conditions, consumer disposable income levels, consumer confidence levels, the availability, cost and level of consumer debt, the costs of basic necessities and other goods and the effects of the weather or natural disasters; |
• | conditions to, or changes in the timing of, proposed transactions, including planned store closings, and changes in expected synergies, cost savings and non-recurring charges; |
• | the success of the Company's operational decisions (e.g., product curation, marketing programs) and strategic initiatives; |
• | the cost of employee benefits as well as attracting and retaining quality employees; |
• | transactions involving our real estate portfolio; |
• | the seasonal nature of the Company's business; |
• | possible changes or developments in social, economic, business, industry, market, legal, and regulatory circumstances and conditions; |
• | possible actions taken or omitted to be taken by third parties, including customers, suppliers, business partners, competitors and legislative, regulatory, judicial and other governmental authorities and officials; |
• | changes in relationships with vendors and other product and service providers; |
• | currency, interest and exchange rates and other capital market, economic and geo-political conditions; |
• | unstable political conditions, civil unrest, terrorist activities and armed conflicts; |
• | the possible inability of the Company's manufacturers or transporters to deliver products in a timely manner or meet the Company's quality standards; |
• | the Company's reliance on foreign sources of production, including risks related to the disruption of imports by labor disputes, regional health pandemics, and regional political and economic conditions; |
• | duties, taxes, other charges and quotas on imports; and |
• | possible systems failures and/or security breaches, including, any security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or company information, or the failure to comply with various laws applicable to the Company in the event of such a breach. |
Item 6. | Exhibits. |
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101 | The following financial statements from Macy's, Inc.'s Quarterly Report on Form 10-Q for the quarter ended October 28, 2017, filed on December 4, 2017, formatted in XBRL: (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements. |
MACY’S, INC. | ||
By: | /s/ ELISA D. GARCIA | |
Elisa D. Garcia Chief Legal Officer and Secretary | ||
By: | /s/ FELICIA WILLIAMS | |
Felicia Williams Executive Vice President, Controller and Enterprise Risk (Principal Accounting Officer) |
CERTIFICATION | |||||
I, Jeff Gennette, certify that: | |||||
1 | I have reviewed this quarterly report on Form 10-Q of Macy's, Inc.; | ||||
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||||
4 | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||||
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||||
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||||
c. | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||||
d. | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | ||||
5 | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): | ||||
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | ||||
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | ||||
December 4, 2017 | /s/ Jeff Gennette | ||||
Jeff Gennette | |||||
Chief Executive Officer |
CERTIFICATION | |||||
I, Karen M. Hoguet, certify that: | |||||
1 | I have reviewed this quarterly report on Form 10-Q of Macy's, Inc.; | ||||
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||||
4 | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||||
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||||
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||||
c. | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||||
d. | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | ||||
5 | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): | ||||
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | ||||
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | ||||
December 4, 2017 | /s/ Karen M. Hoguet | ||||
Karen M. Hoguet | |||||
Chief Financial Officer |
CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT | |||
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the filing of the Form 10-Q of Macy's, Inc. (the "Company") for the fiscal quarter ended October 28, 2017, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officer of the Company certifies that, to his knowledge: | |||
1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. | ||
Dated: December 4, 2017 | |||
/s/ Jeff Gennette | |||
Name: Jeff Gennette | |||
Title: Chief Executive Officer |
CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT | |||
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the filing of the Form 10-Q of Macy's, Inc. (the "Company") for the fiscal quarter ended October 28, 2017, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officer of the Company certifies that, to her knowledge: | |||
1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. | ||
Dated: December 4, 2017 | |||
/s/ Karen M. Hoguet | |||
Name: Karen M. Hoguet | |||
Title: Chief Financial Officer |
]FN$/DTT(MJA$YJH($I$'K#++1#H
Document and Entity Information - shares |
9 Months Ended | |
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Oct. 28, 2017 |
Nov. 25, 2017 |
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Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 28, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | M | |
Entity Registrant Name | Macy's, Inc. | |
Entity Central Index Key | 0000794367 | |
Current Fiscal Year End Date | --02-03 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 304,566,377 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Oct. 28, 2017 |
Oct. 29, 2016 |
Oct. 28, 2017 |
Oct. 29, 2016 |
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Net income (loss) | $ 34 | $ 15 | $ 216 | $ 139 |
Actuarial gain (loss) on postretirement benefit plans, before tax | 10 | 3 | 57 | (74) |
Settlement charges, before tax | 22 | 62 | 73 | 81 |
Amortization of net actuarial loss on post employment and postretirement benefit plans, before tax | 8 | 9 | 26 | 26 |
Tax effect related to items of other comprehensive income (loss) | (15) | (29) | (60) | (13) |
Total other comprehensive income (loss), net of tax effect | 25 | 45 | 96 | 20 |
Comprehensive income (loss) | 59 | 60 | 312 | 159 |
Comprehensive loss attributable to noncontrolling interest | 2 | 2 | 6 | 5 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ 61 | $ 62 | $ 318 | $ 164 |
Consolidated Balance Sheets (parenthetical) - USD ($) $ in Millions |
Oct. 28, 2017 |
Jan. 28, 2017 |
Oct. 29, 2016 |
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Accumulated depreciation | $ 5,330 | $ 4,856 | $ 5,457 |
Summary of Significant Accounting Policies |
9 Months Ended |
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Oct. 28, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations Macy's, Inc. and subsidiaries (the "Company") is an omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The Company's operations are conducted through approximately 860 Macy's, Macy's Backstage, Bloomingdale's, Bloomingdale's The Outlet and bluemercury stores in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com, bloomingdales.com and bluemercury.com. In addition, Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC. A description of the Company's significant accounting policies is included in the Company's Annual Report on Form 10-K for the fiscal year ended January 28, 2017 (the "2016 10-K"). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2016 10-K. Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. The Consolidated Financial Statements for the 13 and 39 weeks ended October 28, 2017 and October 29, 2016, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company. Seasonality Because of the seasonal nature of the retail business, the results of operations for the 13 and 39 weeks ended October 28, 2017 and October 29, 2016 (which do not include the Christmas season) are not necessarily indicative of such results for the full fiscal year. Reclassifications Certain reclassifications were made to prior years’ amounts to conform to the classifications of such amounts in the most recent years. Comprehensive Income Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income. For the Company, the only other components of total comprehensive income for the 13 and 39 weeks ended October 28, 2017 and October 29, 2016 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of operating expenses in the Consolidated Statements of Income. Amortization reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income) and are included in selling, general and administrative expenses on the Consolidated Statements of Income. See Note 4, "Benefit Plans," for further information. Newly Adopted Accounting Pronouncements The Company adopted Accounting Standards Update ("ASU") No. 2016-09, Improvements to Employee Share-Based Payment Accounting, effective January 29, 2017. This standard was issued to simplify several aspects of the accounting for share-based payment awards, including the income tax consequences, financial statement classification and forfeiture considerations of such awards. Upon adoption, the Company began to recognize, on a prospective basis, all excess tax benefits and tax deficiencies as income tax benefit or expense, respectively, in its Consolidated Statements of Income. For awards that were exercised, vested or expired during the 39 weeks ended October 28, 2017, approximately $12 million of additional income tax expense associated with net tax deficiencies was recognized. Additionally, these net tax deficiencies have been classified as an operating activity along with other income tax cash flows in the Consolidated Statements of Cash Flows. The Company has elected to adopt such presentation on a prospective basis. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Attributable to Macy's, Inc. Shareholders The following tables set forth the computation of basic and diluted earnings per share attributable to Macy's, Inc. shareholders:
For the 13 and 39 weeks ended October 28, 2017, in addition to the stock options and restricted stock units reflected in the foregoing tables, stock options to purchase 18.9 million shares of common stock and restricted stock units relating to 1.2 million shares of common stock were outstanding at October 28, 2017, but were not included in the computation of diluted earnings per share because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. For the 13 and 39 weeks ended October 29, 2016, in addition to the stock options and restricted stock units reflected in the foregoing tables, stock options to purchase 15.7 million shares of common stock and restricted stock units relating to 0.7 million shares of common stock were outstanding at October 29, 2016, but were not included in the computation of diluted earnings per share because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. |
Financing Activities |
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Financing Activities | Financing Activities The following table shows the detail of debt repayments:
During the 39 weeks ended October 28, 2017, the Company repaid, at maturity, $300 million of 7.45% senior debentures due July 2017. During the 39 weeks ended October 28, 2017, the Company repurchased $247 million face value of senior notes and debentures. The debt repurchases were made in the open market for a total cash cost of $257 million, including expenses related to the transactions. Such repurchases resulted in the recognition of expense of $1 million during the 39 weeks ended October 28, 2017 presented as net premiums on early retirement of debt on the Consolidated Statements of Income. On November 27, 2017, the Company commenced a cash tender offer ("tender offer") to purchase up to $400 million in aggregate principal amount of certain senior unsecured notes and debentures, with stated interest rates ranging from 6.375% to 10.25% and maturities ranging from fiscal years 2021 to 2037. The tender offer expires on December 22, 2017, with an early tender date on December 8, 2017. The Company expects to record the redemption premium and other costs related to these repurchases as net premiums on early retirement of debt on the Consolidated Statements of Income during the fourth quarter of 2017. |
Benefit Plans |
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Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans | Benefit Plans The Company has defined contribution plans which cover substantially all employees who work 1,000 hours or more in a year. In addition, the Company has a funded defined benefit plan ("Pension Plan") and an unfunded defined benefit supplementary retirement plan ("SERP"), which provides benefits, for certain employees, in excess of qualified plan limitations. Effective January 1, 2012, the Pension Plan was closed to new participants, with limited exceptions, and effective January 2, 2012, the SERP was closed to new participants. In February 2013, the Company announced changes to the Pension Plan and SERP whereby eligible employees no longer earn future pension service credits after December 31, 2013, with limited exceptions. All retirement benefits attributable to service in subsequent periods are provided through defined contribution plans. In addition, certain retired employees currently are provided with specified health care and life insurance benefits ("Postretirement Obligations"). Eligibility requirements for such benefits vary, but generally state that benefits are available to eligible employees who were hired prior to a certain date and retire after a certain age with specified years of service. Certain employees are subject to having such benefits modified or terminated. The defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows:
During the 13 and 39 weeks ended October 28, 2017, the Company incurred $22 million and $73 million, respectively, of non-cash settlement charges relating to the Company's defined benefit plans. During the 13 and 39 weeks ended October 29, 2016, the Company also incurred $62 million and $81 million, respectively, of non-cash settlement charges relating to the Company's defined benefit plans. These charges relate to the pro-rata recognition of net actuarial losses associated with the Company's defined benefit plans and are a result of an increase in lump sum distributions associated with a voluntary separation program, organizational restructuring, and store closings, in addition to periodic distribution activity. |
Fair Value Measurements |
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Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following table shows the Company's financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards:
Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, certain short-term investments and other assets, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount of these financial instruments approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, are generally estimated based on quoted market prices for identical or similar instruments, and are classified as Level 2 measurements within the hierarchy as defined by applicable accounting standards. The following table shows the estimated fair value of the Company's long-term debt:
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Condensed Consolidating Financial Information |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Certain debt obligations of the Company, which constitute debt obligations of Macy's Retail Holdings, Inc. ("Subsidiary Issuer"), a 100%-owned subsidiary of Macy's, Inc. ("Parent"), are fully and unconditionally guaranteed by Parent. In the following condensed consolidating financial statements, "Other Subsidiaries" includes all other direct subsidiaries of Parent, including Bluemercury, Inc., FDS Bank, West 34th Street Insurance Company New York, Macy's Merchandising Corporation, Macy's Merchandising Group, Inc. and its subsidiaries Macy's Merchandising Group (Hong Kong) Limited, Macy's Merchandising Group Procurement, LLC, Macy's Merchandising Group International, LLC, Macy's Merchandising Group International (Hong Kong) Limited, and its majority-owned subsidiary Macy's China Limited. "Subsidiary Issuer" includes operating divisions and non-guarantor subsidiaries of the Subsidiary Issuer on an equity basis. The assets and liabilities and results of operations of the non-guarantor subsidiaries of the Subsidiary Issuer are also reflected in "Other Subsidiaries." Condensed Consolidating Statements of Comprehensive Income for the 13 and 39 weeks ended October 28, 2017 and October 29, 2016, Condensed Consolidating Balance Sheets as of October 28, 2017, October 29, 2016 and January 28, 2017, and the related Condensed Consolidating Statements of Cash Flows for the 39 weeks ended October 28, 2017 and October 29, 2016 are presented on the following pages. Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended October 28, 2017 (millions)
Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended October 29, 2016 (millions)
Condensed Consolidating Statement of Comprehensive Income For the 39 weeks ended October 28, 2017 (millions)
Condensed Consolidating Statement of Comprehensive Income For the 39 weeks ended October 29, 2016 (millions)
Condensed Consolidating Balance Sheet As of October 28, 2017 (millions)
Condensed Consolidating Balance Sheet As of October 29, 2016 (millions)
Condensed Consolidating Balance Sheet As of January 28, 2017 (millions)
Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended October 28, 2017 (millions)
Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended October 29, 2016 (millions)
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Summary of Significant Accounting Policies (Policy) |
9 Months Ended |
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Oct. 28, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operations | Nature of Operations Macy's, Inc. and subsidiaries (the "Company") is an omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The Company's operations are conducted through approximately 860 Macy's, Macy's Backstage, Bloomingdale's, Bloomingdale's The Outlet and bluemercury stores in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com, bloomingdales.com and bluemercury.com. In addition, Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC. |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. The Consolidated Financial Statements for the 13 and 39 weeks ended October 28, 2017 and October 29, 2016, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company. |
Reclassifications | Reclassifications Certain reclassifications were made to prior years’ amounts to conform to the classifications of such amounts in the most recent years. |
Comprehensive Income | Comprehensive Income Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income. For the Company, the only other components of total comprehensive income for the 13 and 39 weeks ended October 28, 2017 and October 29, 2016 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of operating expenses in the Consolidated Statements of Income. Amortization reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income) and are included in selling, general and administrative expenses on the Consolidated Statements of Income. See Note 4, "Benefit Plans," for further information. |
Newly Adopted Accounting Pronouncements | Newly Adopted Accounting Pronouncements The Company adopted Accounting Standards Update ("ASU") No. 2016-09, Improvements to Employee Share-Based Payment Accounting, effective January 29, 2017. This standard was issued to simplify several aspects of the accounting for share-based payment awards, including the income tax consequences, financial statement classification and forfeiture considerations of such awards. Upon adoption, the Company began to recognize, on a prospective basis, all excess tax benefits and tax deficiencies as income tax benefit or expense, respectively, in its Consolidated Statements of Income. For awards that were exercised, vested or expired during the 39 weeks ended October 28, 2017, approximately $12 million of additional income tax expense associated with net tax deficiencies was recognized. Additionally, these net tax deficiencies have been classified as an operating activity along with other income tax cash flows in the Consolidated Statements of Cash Flows. The Company has elected to adopt such presentation on a prospective basis. |
Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | The following tables set forth the computation of basic and diluted earnings per share attributable to Macy's, Inc. shareholders:
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Financing Activities Financing Activites (Tables) |
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Extinguishment of Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Detail of Debt Repayments | The following table shows the detail of debt repayments:
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Benefit Plans (Tables) |
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Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Costs of Retirement Plans | The defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows:
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Fair Value Measurements (Tables) |
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Oct. 28, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Assets Measured on a Recurring Basis | The following table shows the Company's financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards:
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Estimated Fair Values of Company's Long Term Debt | The following table shows the estimated fair value of the Company's long-term debt:
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Condensed Consolidating Financial Information (Tables) |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet As of October 28, 2017 (millions)
Condensed Consolidating Balance Sheet As of October 29, 2016 (millions)
Condensed Consolidating Balance Sheet As of January 28, 2017 (millions)
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Condensed Consolidating Statement of Cash Flows [Table Text Block] | Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended October 28, 2017 (millions)
Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended October 29, 2016 (millions)
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Condensed Consolidating Statement of Comprehensive Income [Table Text Block] | Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended October 28, 2017 (millions)
Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended October 29, 2016 (millions)
Condensed Consolidating Statement of Comprehensive Income For the 39 weeks ended October 28, 2017 (millions)
Condensed Consolidating Statement of Comprehensive Income For the 39 weeks ended October 29, 2016 (millions)
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Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions |
9 Months Ended |
---|---|
Oct. 28, 2017
USD ($)
stores
| |
Net tax deficiencies from share based payment accounting | $ | $ 12 |
Number of states in which entity operates | 45 |
Minimum [Member] | |
Number of Stores | stores | 860 |
Earnings Per Share Earnings Per Share (Narrative) (Details) - shares shares in Millions |
9 Months Ended | |
---|---|---|
Oct. 28, 2017 |
Oct. 29, 2016 |
|
Stock Options [Member] | ||
Stock options and restricted stock units outstanding, not included in computation of diluted earnings per share | 18.9 | 15.7 |
Restricted Stock Units [Member] | ||
Stock options and restricted stock units outstanding, not included in computation of diluted earnings per share | 1.2 | 0.7 |
Financing Activities (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Feb. 03, 2018 |
Oct. 28, 2017 |
Oct. 29, 2016 |
Oct. 28, 2017 |
Oct. 29, 2016 |
|
Extinguishment of debt | $ 247 | ||||
Extinguishment of debt cost | $ 257 | 257 | |||
Net premiums on early retirement of debt | $ 0 | $ 0 | 1 | $ 0 | |
7.45% senior debentures due 2017 | |||||
Extinguishment of debt | $ 300 | $ 0 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.45% | 7.45% | |||
Subsequent Event [Member] | |||||
Extinguishment of debt | $ 400 | ||||
Minimum [Member] | Subsequent Event [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.38% | ||||
Maximum [Member] | Subsequent Event [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10.25% |
Fair Value Measurements (Financial Assets Measured At Fair Value On A Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Millions |
Oct. 28, 2017 |
Oct. 29, 2016 |
---|---|---|
Marketable equity and debt securities | $ 100 | $ 127 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Marketable equity and debt securities | 23 | 19 |
Significant Observable Inputs (Level 2) [Member] | ||
Marketable equity and debt securities | 77 | 108 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Marketable equity and debt securities | $ 0 | $ 0 |
Fair Value Measurements (Estimated Fair Value Of Company Long Term Debt) (Details) - USD ($) $ in Millions |
Oct. 28, 2017 |
Oct. 29, 2016 |
---|---|---|
Long-term debt | $ 5,908 | $ 6,749 |
Carrying Amount | ||
Long-term debt | 6,297 | 6,536 |
Notional Amount | ||
Long-term debt | $ 6,206 | $ 6,459 |
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