Condensed Consolidating Financial Information (Tables)

12 Months Ended

Feb. 03, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Comprehensive Income

MACY’S, INC.

Condensed Consolidating Statement of Comprehensive Income

For 2017

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	9,441		$	23,264		$	(7,868	)	$	24,837
Cost of sales	—			(6,101		)	(16,919		)	7,868			(15,152		)
Gross margin	—			3,340			6,345			—			9,685
Selling, general and administrative expenses	—			(3,386		)	(4,745		)	—			(8,131		)
Gains on sale of real estate	—			201			343			—			544
Restructuring, impairment, store closing and other costs	—			(40		)	(146		)	—			(186		)
Settlement charges	—			(35		)	(70		)	—			(105		)
Operating income	—			80			1,727			—			1,807
Interest (expense) income, net:
External	—			(313		)	3			—			(310		)
Intercompany	—			(139		)	139			—			—
Net premiums on early retirement of debt	—			10			—			—			10
Equity in earnings of subsidiaries	1,555			767			—			(2,322		)	—
Income before income taxes	1,555			405			1,869			(2,322		)	1,507
Federal, state and local income tax benefit (expense)	(8		)	350			(313		)	—			29
Net income	1,547			755			1,556			(2,322		)	1,536
Net loss attributable to noncontrolling interest	—			—			11			—			11
Net income attributable to Macy's, Inc. shareholders	$	1,547		$	755		$	1,567		$	(2,322	)	$	1,547
Comprehensive income	$	1,719		$	915		$	1,668		$	(2,594	)	$	1,708
Comprehensive loss attributable to noncontrolling interest	—			—			11			—			11
Comprehensive income attributable to Macy's, Inc. shareholders	$	1,719		$	915		$	1,679		$	(2,594	)	$	1,719

MACY’S, INC.

Condensed Consolidating Statement of Comprehensive Income

For 2016

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	10,677		$	23,436		$	(8,335	)	$	25,778
Cost of sales	—			(6,787		)	(17,169		)	8,335			(15,621		)
Gross margin	—			3,890			6,267			—			10,157
Selling, general and administrative expenses	(2		)	(3,834		)	(4,638		)	—			(8,474		)
Gains on sale of real estate	—			95			114			—			209
Impairment, store closing and other costs	—			(295		)	(184		)	—			(479		)
Settlement charges	—			(34		)	(64		)	—			(98		)
Operating income (loss)	(2		)	(178		)	1,495			—			1,315
Interest (expense) income, net:
External	2			(366		)	1			—			(363		)
Intercompany	—			(200		)	200			—			—
Equity in earnings of subsidiaries	619			255			—			(874		)	—
Income (loss) before income taxes	619			(489		)	1,696			(874		)	952
Federal, state and local income tax benefit (expense)	—			281			(622		)	—			(341		)
Net income (loss)	619			(208		)	1,074			(874		)	611
Net loss attributable to noncontrolling interest	—			—			8			—			8
Net income (loss) attributable to Macy's, Inc. shareholders	$	619		$	(208	)	$	1,082		$	(874	)	$	619
Comprehensive income (loss)	$	766		$	(61	)	$	1,153		$	(1,100	)	$	758
Comprehensive loss attributable to noncontrolling interest	—			—			8			—			8
Comprehensive income (loss) attributable to Macy's, Inc. shareholders	$	766		$	(61	)	$	1,161		$	(1,100	)	$	766

MACY’S, INC.

Condensed Consolidating Statement of Comprehensive Income

For 2015

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	11,959		$	24,037		$	(8,917	)	$	27,079
Cost of sales	—			(7,670		)	(17,743		)	8,917			(16,496		)
Gross margin	—			4,289			6,294			—			10,583
Selling, general and administrative expenses	(2		)	(4,090		)	(4,376		)	—			(8,468		)
Gains on sale of real estate	—			110			102			—			212
Impairment, store closing and other costs	—			(170		)	(118		)	—			(288		)
Operating income (loss)	(2		)	139			1,902			—			2,039
Interest (expense) income, net:
External	1			(361		)	(1		)	—			(361		)
Intercompany	—			(230		)	230			—			—
Equity in earnings of subsidiaries	1,072			421			—			(1,493		)	—
Income (loss) before income taxes	1,071			(31		)	2,131			(1,493		)	1,678
Federal, state and local income tax benefit (expense)	1			120			(729		)	—			(608		)
Net income	1,072			89			1,402			(1,493		)	1,070
Net loss attributable to noncontrolling interest	—			—			2			—			2
Net income attributable to Macy's, Inc. shareholders	$	1,072		$	89		$	1,404		$	(1,493	)	$	1,072
Comprehensive income	$	1,101		$	118		$	1,415		$	(1,535	)	$	1,099
Comprehensive loss attributable to noncontrolling interest	—			—			2			—			2
Comprehensive income attributable to Macy's, Inc. shareholders	$	1,101		$	118		$	1,417		$	(1,535	)	$	1,101

Condensed Consolidating Balance Sheet

MACY’S, INC.

Condensed Consolidating Balance Sheet

As of February 3, 2018

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries			Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,109	$	58	$	288		$	—		$	1,455
Receivables	—		85		278			—			363
Merchandise inventories	—		2,344		2,834			—			5,178
Prepaid expenses and other current assets	—		103		345			—			448
Total Current Assets	1,109		2,590		3,745			—			7,444
Property and Equipment – net	—		3,349		3,323			—			6,672
Goodwill	—		3,315		582			—			3,897
Other Intangible Assets – net	—		44		444			—			488
Other Assets	1		89		790			—			880
Deferred Income Taxes	11		—		—			(11		)	—
Intercompany Receivable	884		—		2,382			(3,266		)	—
Investment in Subsidiaries	3,960		4,061		—			(8,021		)	—
Total Assets	$	5,965	$	13,448	$	11,266		$	(11,298	)	$	19,381
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	6	$	16		$	—		$	22
Merchandise accounts payable	—		653		937			—			1,590
Accounts payable and accrued liabilities	159		948		2,060			—			3,167
Income taxes	113		30		153			—			296
Total Current Liabilities	272		1,637		3,166			—			5,075
Long-Term Debt	—		5,844		17			—			5,861
Intercompany Payable	—		3,266		—			(3,266		)	—
Deferred Income Taxes	—		541		592			(11		)	1,122
Other Liabilities	20		430		1,212			—			1,662
Shareholders’ Equity:
Macy's, Inc.	5,673		1,730		6,291			(8,021		)	5,673
Noncontrolling Interest	—		—		(12		)	—			(12		)
Total Shareholders’ Equity	5,673		1,730		6,279			(8,021		)	5,661
Total Liabilities and Shareholders’ Equity	$	5,965	$	13,448	$	11,266		$	(11,298	)	$	19,381

MACY’S, INC.

Condensed Consolidating Balance Sheet

As of January 28, 2017

(millions)

	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
Income taxes	—		—		—			—			—
Total Current Assets	938		2,899		3,789			—			7,626
Property and Equipment – net	—		3,583		3,434			—			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		—		2,614			(2,989		)	—
Investment in Subsidiaries	3,137		3,540		—			(6,677		)	—
Total Assets	$	4,476	$	13,435	$	11,632		$	(9,692	)	$	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	—		2,989		—			(2,989		)	—
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	$	13,435	$	11,632		$	(9,692	)	$	19,851

Condensed Consolidating Statement of Cash Flows

MACY’S, INC.

Condensed Consolidating Statement of Cash Flows

For 2017

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income	$	1,547		$	755		$	1,556		$	(2,322	)	$	1,536
Restructuring, impairment, store closing and other costs	—			40			146			—			186
Settlement charges	—			35			70			—			105
Gains on sale of real estate	—			(201		)	(343		)	—			(544		)
Equity in earnings of subsidiaries	(1,555		)	(767		)	—			2,322			—
Dividends received from subsidiaries	903			450			—			(1,353		)	—
Depreciation and amortization	—			354			637			—			991
(Increase) decrease in working capital	40			344			(188		)	—			196
Other, net	(26		)	(261		)	(239		)	—			(526		)
Net cash provided by operating activities	909			749			1,639			(1,353		)	1,944
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(118		)	(231		)	—			(349		)
Other, net	—			(15		)	(9		)	—			(24		)
Net cash used by investing activities	—			(133		)	(240		)	—			(373		)
Cash flows from financing activities:
Debt repaid	—			(953		)	(1		)	—			(954		)
Dividends paid	(461		)	—			(1,353		)	1,353			(461		)
Issuance of common stock, net of common stock acquired	5			—			—			—			5
Proceeds from noncontrolling interest	—			—			13			—			13
Intercompany activity, net	(427		)	412			15			—			—
Other, net	145			(98		)	(63		)	—			(16		)
Net cash used by financing activities	(738		)	(639		)	(1,389		)	1,353			(1,413		)
Net increase (decrease) in cash and cash equivalents	171			(23		)	10			—			158
Cash and cash equivalents at beginning of period	938			81			278			—			1,297
Cash and cash equivalents at end of period	$	1,109		$	58		$	288		$	—		$	1,455

MACY’S, INC.

Condensed Consolidating Statement of Cash Flows

For 2016

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	619		$	(208	)	$	1,074		$	(874	)	$	611
Impairments, store closing and other costs	—			295			184			—			479
Settlement charges	—			34			64			—			98
Gains on sale of real estate	—			(95		)	(114		)	—			(209		)
Equity in earnings of subsidiaries	(619		)	(255		)	—			874			—
Dividends received from subsidiaries	957			575			—			(1,532		)	—
Depreciation and amortization	—			407			651			—			1,058
(Increase) decrease in working capital	110			(373		)	227			—			(36		)
Other, net	28			37			(265		)	—			(200		)
Net cash provided by operating activities	1,095			417			1,821			(1,532		)	1,801
Cash flows from investing activities:
Disposition (purchase) of property and equipment and capitalized software, net	—			13			(252		)	—			(239		)
Other, net	—			32			20			—			52
Net cash provided (used) by investing activities	—			45			(232		)	—			(187		)
Cash flows from financing activities:
Debt repaid	—			(750		)	(1		)	—			(751		)
Dividends paid	(459		)	—			(1,532		)	1,532			(459		)
Common stock acquired, net of issuance of common stock	(280		)	—			—			—			(280		)
Proceeds from noncontrolling interest	—			—			6			—			6
Intercompany activity, net	(144		)	254			(110		)	—			—
Other, net	(15		)	24			49			—			58
Net cash used by financing activities	(898		)	(472		)	(1,588		)	1,532			(1,426		)
Net increase (decrease) in cash and cash equivalents	197			(10		)	1			—			188
Cash and cash equivalents at beginning of period	741			91			277			—			1,109
Cash and cash equivalents at end of period	$	938		$	81		$	278		$	—		$	1,297

MACY’S, INC.

Condensed Consolidating Statement of Cash Flows

For 2015

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income	$	1,072		$	89		$	1,402		$	(1,493	)	$	1,070
Impairments, store closing and other costs	—			170			118			—			288
Gains on sale of real estate	—			(110		)	(102		)	—			(212		)
Equity in earnings of subsidiaries	(1,072		)	(421		)	—			1,493			—
Dividends received from subsidiaries	1,086			—			—			(1,086		)	—
Depreciation and amortization	—			440			621			—			1,061
(Increase) decrease in working capital	25			(211		)	50			—			(136		)
Other, net	(8		)	(97		)	18			—			(87		)
Net cash provided (used) by operating activities	1,103			(140		)	2,107			(1,086		)	1,984
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(180		)	(729		)	—			(909		)
Other, net	—			83			(266		)	—			(183		)
Net cash used by investing activities	—			(97		)	(995		)	—			(1,092		)
Cash flows from financing activities:
Debt issued, net of debt repaid	—			348			(1		)	—			347
Dividends paid	(456		)	—			(1,086		)	1,086			(456		)
Common stock acquired, net of issuance of common stock	(1,838		)	—			—			—			(1,838		)
Proceeds from noncontrolling interest	—			—			5			—			5
Intercompany activity, net	12			(151		)	139			—			—
Other, net	12			37			(136		)	—			(87		)
Net cash provided (used) by financing activities	(2,270		)	234			(1,079		)	1,086			(2,029		)
Net increase (decrease) in cash and cash equivalents	(1,167		)	(3		)	33			—			(1,137		)
Cash and cash equivalents at beginning of period	1,908			94			244			—			2,246
Cash and cash equivalents at end of period	$	741		$	91		$	277		$	—		$	1,109