Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
3-May-14 | 30-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 3-May-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'M | ' |
Entity Registrant Name | 'Macy's, Inc. | ' |
Entity Central Index Key | '0000794367 | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 360,432,076 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | 3-May-14 | 4-May-13 |
Income Statement [Abstract] | ' | ' |
Net sales | $6,279 | $6,387 |
Cost of sales | -3,836 | -3,911 |
Gross margin | 2,443 | 2,476 |
Selling, general and administrative expenses | -2,000 | -2,041 |
Operating income (loss) | 443 | 435 |
Interest expense | -100 | -97 |
Interest income | 0 | 0 |
Income (loss) before income taxes | 343 | 338 |
Federal, state and local income tax expense | -119 | -121 |
Net income (loss) | $224 | $217 |
Basic earnings per share | $0.61 | $0.56 |
Diluted earnings per share | $0.60 | $0.55 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Net income (loss) | $224 | $217 |
Other comprehensive income (loss), before tax: | ' | ' |
Amortization of net actuarial loss on post employment and postretirement benefit plans, before tax | 6 | 38 |
Tax effect related to items of other comprehensive income | -2 | -14 |
Total other comprehensive income, net of tax effect | 4 | 24 |
Comprehensive income (loss) | $228 | $241 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $1,878 | $2,273 | $1,752 | $1,836 |
Receivables | 275 | 438 | 295 | ' |
Merchandise inventories | 5,897 | 5,557 | 5,631 | ' |
Prepaid expenses and other current assets | 454 | 420 | 388 | ' |
Total Current Assets | 8,504 | 8,688 | 8,066 | ' |
Property and Equipment - net | 7,792 | 7,930 | 8,063 | ' |
Goodwill | 3,743 | 3,743 | 3,743 | ' |
Other Intangible Assets - net | 519 | 527 | 552 | ' |
Other Assets | 760 | 746 | 616 | ' |
Total Assets | 21,318 | 21,634 | 21,040 | ' |
Current Liabilities: | ' | ' | ' | ' |
Short-term debt | 8 | 463 | 124 | ' |
Merchandise accounts payable | 2,390 | 1,691 | 2,426 | ' |
Accounts payable and accrued liabilities | 2,220 | 2,810 | 2,134 | ' |
Income taxes | 105 | 362 | 91 | ' |
Deferred income taxes | 381 | 400 | 426 | ' |
Total Current Liabilities | 5,104 | 5,726 | 5,201 | ' |
Long-Term Debt | 7,175 | 6,728 | 6,797 | ' |
Deferred Income Taxes | 1,304 | 1,273 | 1,240 | ' |
Other Liabilities | 1,635 | 1,658 | 1,831 | ' |
Shareholders' Equity (Deficit) | 6,100 | 6,249 | 5,971 | ' |
Total Liabilities and Shareholders' Equity | $21,318 | $21,634 | $21,040 | ' |
Consolidated_Balance_Sheets_pa
Consolidated Balance Sheets (parenthetical) (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 |
In Millions, unless otherwise specified | |||
Accumulated depreciation | $6,261 | $6,066 | $6,148 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Net income (loss) | $224 | $217 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 253 | 251 |
Stock-based compensation expense | 21 | 17 |
Amortization of financing costs and premium on acquired debt | -2 | -2 |
Changes in assets and liabilities: | ' | ' |
Decrease in receivables | 163 | 78 |
Increase in merchandise inventories | -340 | -323 |
Increase in prepaid expenses and other current assets | -31 | -31 |
(Increase) decrease in other assets not separately identified | -14 | 1 |
Increase in merchandise accounts payable | 628 | 754 |
Decrease in accounts payable and accrued liabilities not separately identified | -548 | -454 |
Decrease in current income taxes | -256 | -264 |
Increase in deferred income taxes | 8 | 5 |
Increase (decrease) in other liabilities not separately identified | -20 | 49 |
Net cash provided by operating activities | 86 | 298 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment | -63 | -65 |
Capitalized software | -49 | -50 |
Disposition of property and equipment | 10 | 4 |
Other, net | 6 | 4 |
Net cash used by investing activities | -96 | -107 |
Cash flows from financing activities: | ' | ' |
Debt repaid | -5 | -5 |
Dividends paid | -92 | -78 |
Increase (decrease) in outstanding checks | -11 | 44 |
Acquisition of treasury stock | -403 | -336 |
Issuance of common stock | 126 | 100 |
Net cash used by financing activities | -385 | -275 |
Net increase (decrease) in cash and cash equivalents | -395 | -84 |
Cash and cash equivalents beginning of period | 2,273 | 1,836 |
Cash and cash equivalents end of period | 1,878 | 1,752 |
Supplemental cash flow information: | ' | ' |
Interest paid | 83 | 70 |
Interest received | 0 | 0 |
Income taxes paid (net of refunds received) | $343 | $333 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
3-May-14 | |
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 and Internet websites under two brands (Macy's and Bloomingdale's) 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 include approximately 840 stores, including thirteen Bloomingdale's Outlets, in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com and bloomingdales.com. In addition, Bloomingdale's in Dubai, United Arab Emirates is 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 February 1, 2014 (the "2013 10-K"). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2013 10-K. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 weeks ended May 3, 2014 and May 4, 2013, 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 weeks ended May 3, 2014 and May 4, 2013 (which do not include the Christmas season) are not necessarily indicative of such results for the full fiscal year. | |
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 component of total comprehensive income for the 13 weeks ended May 3, 2014 and May 4, 2013 is the amortization of post employment and postretirement plan items. These 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. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||||||||||
13 Weeks Ended | ||||||||||||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||||||||||||
Net | Shares | Net | Shares | |||||||||||||||||||
Income | Income | |||||||||||||||||||||
(millions, except per share data) | ||||||||||||||||||||||
Net income and average number of shares outstanding | $ | 224 | 364.8 | $ | 217 | 387 | ||||||||||||||||
Shares to be issued under deferred | 1.1 | 1.2 | ||||||||||||||||||||
compensation and other plans | ||||||||||||||||||||||
$ | 224 | 365.9 | $ | 217 | 388.2 | |||||||||||||||||
Basic earnings per share | $ | 0.61 | $ | 0.56 | ||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||
Stock options, restricted stock and restricted stock units | 6.7 | 6.3 | ||||||||||||||||||||
$ | 224 | 372.6 | $ | 217 | 394.5 | |||||||||||||||||
Diluted earnings per share | $ | 0.6 | $ | 0.55 | ||||||||||||||||||
In addition to the stock options, restricted stock and restricted stock units reflected in the foregoing table, stock options to purchase 3.3 million shares of common stock, 179,000 shares of restricted stock and restricted stock units relating to 0.9 million shares of common stock were outstanding at May 3, 2014, but were not included in the computation of diluted earnings per share for the 13 weeks ended May 3, 2014 because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. | ||||||||||||||||||||||
In addition to the stock options, restricted stock and restricted stock units reflected in the foregoing table, stock options to purchase 10.9 million shares of common stock, 237,000 shares of restricted stock and restricted stock units relating to 1.8 million shares of common stock were outstanding at May 4, 2013, but were not included in the computation of diluted earnings per share for the 13 weeks ended May 4, 2013 because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. |
Financing_Activities
Financing Activities | 3 Months Ended | |||||||
3-May-14 | ||||||||
Financing Activities [Abstract] | ' | |||||||
Financing Activities | ' | |||||||
Financing Activities | ||||||||
The following table shows the detail of debt repayments: | ||||||||
13 Weeks Ended | ||||||||
May 3, 2014 | May 4, 2013 | |||||||
(millions) | ||||||||
9.5% amortizing debentures due 2021 | $ | 2 | $ | 2 | ||||
9.75% amortizing debentures due 2021 | 1 | 1 | ||||||
Capital leases and other obligations | 2 | 2 | ||||||
$ | 5 | $ | 5 | |||||
During the 13 weeks ended May 3, 2014, the Company repurchased approximately 7.4 million shares of its common stock pursuant to existing stock purchase authorizations for a total of approximately $432 million. As of May 3, 2014, the Company had $1,000 million of authorization remaining under its share repurchase program. On May 14, 2014, the Company's board of directors approved an additional $1,500 million in authorization to purchase common stock, bringing the Company's remaining authorization under its share repurchase program including this increase to $2,500 million. The Company may continue or, from time to time, suspend repurchases of shares under its share repurchase program, depending on prevailing market conditions, alternate uses of capital and other factors. | ||||||||
On May 23, 2014, the Company issued $500 million aggregate principal amount of 3.625% senior unsecured notes due 2024. The Company intends to use the proceeds of this debt to retire $453 million of 5.75% senior unsecured notes maturing July 15, 2014 and for general corporate purposes, which may include working capital, capital expenditures and the repurchase of common stock under its share repurchase program. As a result, this short-term debt was reclassified to long-term debt as of May 3, 2014. |
Benefit_Plans
Benefit Plans | 3 Months Ended | |||||||
3-May-14 | ||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||
Benefit Plans | ' | |||||||
Benefit Plans | ||||||||
The Company has a funded defined benefit plan ("Pension Plan") and defined contribution plans, which cover substantially all employees who work 1,000 hours or more in a year. Effective January 1, 2012, the Pension Plan was closed to new participants, with limited exceptions. The Company also has an unfunded defined benefit supplementary retirement plan ("SERP"), which provides benefits, for certain employees, in excess of qualified plan limitations. Effective January 2, 2012, the SERP was closed to new participants. After December 31, 2013, with limited exceptions, employees no longer earn future pension service credits under the Pension Plan and SERP, and retirement benefits attributable to service after that date are provided solely 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. | ||||||||
Expense related to matching contributions for the 401(k) defined contribution plan amounted to $25 million and $5 million for the 13 weeks ended May 3, 2014 and May 4, 2013, respectively, and the actuarially determined components of the net periodic benefit cost (income) are as follows: | ||||||||
13 Weeks Ended | ||||||||
May 3, 2014 | May 4, 2013 | |||||||
(millions) | ||||||||
Pension Plan | ||||||||
Service cost | $ | 2 | $ | 28 | ||||
Interest cost | 38 | 36 | ||||||
Expected return on assets | (61 | ) | (60 | ) | ||||
Recognition of net actuarial loss | 6 | 35 | ||||||
Amortization of prior service credit | — | — | ||||||
$ | (15 | ) | $ | 39 | ||||
Supplementary Retirement Plan | ||||||||
Service cost | $ | — | $ | 2 | ||||
Interest cost | 8 | 8 | ||||||
Recognition of net actuarial loss | 1 | 4 | ||||||
Amortization of prior service cost | — | — | ||||||
$ | 9 | $ | 14 | |||||
Postretirement Obligations | ||||||||
Service cost | $ | — | $ | — | ||||
Interest cost | 2 | 3 | ||||||
Recognition of net actuarial gain | (1 | ) | (1 | ) | ||||
Amortization of prior service cost | — | — | ||||||
$ | 1 | $ | 2 | |||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active | Observable | Unobservable | in Active | Observable | Unobservable | |||||||||||||||||||||||||||
Markets for | Inputs | Inputs | Markets for | Inputs | Inputs | |||||||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Marketable equity and debt securities | $ | 91 | $ | — | $ | 91 | $ | — | $ | 64 | $ | — | $ | 64 | $ | — | ||||||||||||||||
Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, 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 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: | ||||||||||||||||||||||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||||||||||||||||||||||
Notional | Carrying | Fair | Notional | Carrying | Fair | |||||||||||||||||||||||||||
Amount | Amount | Value | Amount | Amount | Value | |||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 6,973 | $ | 7,145 | $ | 7,797 | $ | 6,578 | $ | 6,765 | $ | 7,536 | ||||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its temporary cash investments in what it believes to be high credit quality financial instruments. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||
3-May-14 | ||||||||||||||||||||
Condensed Consolidating Financial Information [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 FDS Bank, West 34th Street Insurance Company and its subsidiary 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, and Macy's Merchandising Group International (Hong Kong) 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 Balance Sheets as of May 3, 2014, May 4, 2013 and February 1, 2014, the related Condensed Consolidating Statements of Comprehensive Income for the 13 weeks ended May 3, 2014 and May 4, 2013, and the related Condensed Consolidating Statements of Cash Flows for the 13 weeks ended May 3, 2014 and May 4, 2013 are presented on the following pages. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of May 3, 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,425 | $ | 129 | $ | 324 | $ | — | $ | 1,878 | ||||||||||
Receivables | — | 58 | 217 | — | 275 | |||||||||||||||
Merchandise inventories | — | 3,023 | 2,874 | — | 5,897 | |||||||||||||||
Prepaid expenses and other current assets | — | 94 | 360 | — | 454 | |||||||||||||||
Income taxes | 9 | — | — | (9 | ) | — | ||||||||||||||
Total Current Assets | 1,434 | 3,304 | 3,775 | (9 | ) | 8,504 | ||||||||||||||
Property and Equipment – net | — | 4,481 | 3,311 | — | 7,792 | |||||||||||||||
Goodwill | — | 3,315 | 428 | — | 3,743 | |||||||||||||||
Other Intangible Assets – net | — | 91 | 428 | — | 519 | |||||||||||||||
Other Assets | 4 | 108 | 648 | — | 760 | |||||||||||||||
Deferred income taxes | 20 | — | — | (20 | ) | — | ||||||||||||||
Intercompany Receivable | 28 | — | 3,306 | (3,334 | ) | — | ||||||||||||||
Investment in Subsidiaries | 4,687 | 3,225 | — | (7,912 | ) | — | ||||||||||||||
Total Assets | $ | 6,173 | $ | 14,524 | $ | 11,896 | $ | (11,275 | ) | $ | 21,318 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Short-term debt | $ | — | $ | 6 | $ | 2 | $ | — | $ | 8 | ||||||||||
Merchandise accounts payable | — | 1,086 | 1,304 | — | 2,390 | |||||||||||||||
Accounts payable and accrued liabilities | 7 | 980 | 1,233 | — | 2,220 | |||||||||||||||
Income taxes | — | 36 | 78 | (9 | ) | 105 | ||||||||||||||
Deferred income taxes | — | 301 | 80 | — | 381 | |||||||||||||||
Total Current Liabilities | 7 | 2,409 | 2,697 | (9 | ) | 5,104 | ||||||||||||||
Long-Term Debt | — | 7,154 | 21 | — | 7,175 | |||||||||||||||
Intercompany Payable | — | 3,330 | 4 | (3,334 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 576 | 748 | (20 | ) | 1,304 | ||||||||||||||
Other Liabilities | 66 | 489 | 1,080 | — | 1,635 | |||||||||||||||
Shareholders' Equity | 6,100 | 566 | 7,346 | (7,912 | ) | 6,100 | ||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 6,173 | $ | 14,524 | $ | 11,896 | $ | (11,275 | ) | $ | 21,318 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
For the 13 Weeks Ended May 3, 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Net sales | $ | — | $ | 2,918 | $ | 5,470 | $ | (2,109 | ) | $ | 6,279 | |||||||||
Cost of sales | — | (1,886 | ) | (4,046 | ) | 2,096 | (3,836 | ) | ||||||||||||
Gross margin | — | 1,032 | 1,424 | (13 | ) | 2,443 | ||||||||||||||
Selling, general and administrative expenses | (2 | ) | (1,008 | ) | (1,003 | ) | 13 | (2,000 | ) | |||||||||||
Operating income (loss) | (2 | ) | 24 | 421 | — | 443 | ||||||||||||||
Interest (expense) income, net: | ||||||||||||||||||||
External | — | (100 | ) | — | — | (100 | ) | |||||||||||||
Intercompany | — | (58 | ) | 58 | — | — | ||||||||||||||
Equity in earnings of subsidiaries | 225 | 66 | — | (291 | ) | — | ||||||||||||||
Income (loss) before income taxes | 223 | (68 | ) | 479 | (291 | ) | 343 | |||||||||||||
Federal, state and local income | 1 | 38 | (158 | ) | — | (119 | ) | |||||||||||||
tax benefit (expense) | ||||||||||||||||||||
Net income (loss) | $ | 224 | $ | (30 | ) | $ | 321 | $ | (291 | ) | $ | 224 | ||||||||
Comprehensive income (loss) | $ | 228 | $ | (26 | ) | $ | 323 | $ | (297 | ) | $ | 228 | ||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the 13 Weeks Ended May 3, 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 224 | $ | (30 | ) | $ | 321 | $ | (291 | ) | $ | 224 | ||||||||
Equity in earnings of subsidiaries | (225 | ) | (66 | ) | — | 291 | — | |||||||||||||
Dividends received from subsidiaries | 167 | — | — | (167 | ) | — | ||||||||||||||
Depreciation and amortization | — | 113 | 140 | — | 253 | |||||||||||||||
(Increase) decrease in working capital | 87 | (53 | ) | (418 | ) | — | (384 | ) | ||||||||||||
Other, net | 5 | (15 | ) | 3 | — | (7 | ) | |||||||||||||
Net cash provided (used) by operating activities | 258 | (51 | ) | 46 | (167 | ) | 86 | |||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of property and equipment and capitalized software, net | — | 1 | (103 | ) | — | (102 | ) | |||||||||||||
Other, net | — | 1 | 5 | — | 6 | |||||||||||||||
Net cash provided (used) by investing activities | — | 2 | (98 | ) | — | (96 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt repaid | — | (4 | ) | (1 | ) | — | (5 | ) | ||||||||||||
Dividends paid | (92 | ) | — | (167 | ) | 167 | (92 | ) | ||||||||||||
Common stock acquired, net of | (277 | ) | — | — | — | (277 | ) | |||||||||||||
issuance of common stock | ||||||||||||||||||||
Intercompany activity, net | (370 | ) | 121 | 249 | — | — | ||||||||||||||
Other, net | (49 | ) | (23 | ) | 61 | — | (11 | ) | ||||||||||||
Net cash provided (used) by | (788 | ) | 94 | 142 | 167 | (385 | ) | |||||||||||||
financing activities | ||||||||||||||||||||
Net increase (decrease) in cash | (530 | ) | 45 | 90 | — | (395 | ) | |||||||||||||
and cash equivalents | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 1,955 | 84 | 234 | — | 2,273 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 1,425 | $ | 129 | $ | 324 | $ | — | $ | 1,878 | ||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of May 4, 2013 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,404 | $ | 43 | $ | 305 | $ | — | $ | 1,752 | ||||||||||
Receivables | — | 50 | 245 | — | 295 | |||||||||||||||
Merchandise inventories | — | 2,909 | 2,722 | — | 5,631 | |||||||||||||||
Prepaid expenses and other current assets | — | 89 | 299 | — | 388 | |||||||||||||||
Income taxes | 36 | — | — | (36 | ) | — | ||||||||||||||
Total Current Assets | 1,440 | 3,091 | 3,571 | (36 | ) | 8,066 | ||||||||||||||
Property and Equipment – net | — | 4,583 | 3,480 | — | 8,063 | |||||||||||||||
Goodwill | — | 3,315 | 428 | — | 3,743 | |||||||||||||||
Other Intangible Assets – net | — | 116 | 436 | — | 552 | |||||||||||||||
Other Assets | 4 | 69 | 543 | — | 616 | |||||||||||||||
Intercompany Receivable | 566 | — | 3,095 | (3,661 | ) | — | ||||||||||||||
Investment in Subsidiaries | 4,109 | 2,660 | — | (6,769 | ) | — | ||||||||||||||
Total Assets | $ | 6,119 | $ | 13,834 | $ | 11,553 | $ | (10,466 | ) | $ | 21,040 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Short-term debt | $ | — | $ | 122 | $ | 2 | $ | — | $ | 124 | ||||||||||
Merchandise accounts payable | — | 1,124 | 1,302 | — | 2,426 | |||||||||||||||
Accounts payable and accrued liabilities | 71 | 821 | 1,242 | — | 2,134 | |||||||||||||||
Income taxes | — | 49 | 78 | (36 | ) | 91 | ||||||||||||||
Deferred income taxes | — | 324 | 102 | — | 426 | |||||||||||||||
Total Current Liabilities | 71 | 2,440 | 2,726 | (36 | ) | 5,201 | ||||||||||||||
Long-Term Debt | — | 6,774 | 23 | — | 6,797 | |||||||||||||||
Intercompany Payable | — | 3,661 | — | (3,661 | ) | — | ||||||||||||||
Deferred Income Taxes | 8 | 433 | 799 | — | 1,240 | |||||||||||||||
Other Liabilities | 69 | 605 | 1,157 | — | 1,831 | |||||||||||||||
Shareholders' Equity (Deficit) | 5,971 | (79 | ) | 6,848 | (6,769 | ) | 5,971 | |||||||||||||
Total Liabilities and Shareholders' Equity | $ | 6,119 | $ | 13,834 | $ | 11,553 | $ | (10,466 | ) | $ | 21,040 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
For the 13 Weeks Ended May 4, 2013 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Net sales | $ | — | $ | 3,034 | $ | 5,548 | $ | (2,195 | ) | $ | 6,387 | |||||||||
Cost of sales | — | (1,897 | ) | (4,196 | ) | 2,182 | (3,911 | ) | ||||||||||||
Gross margin | — | 1,137 | 1,352 | (13 | ) | 2,476 | ||||||||||||||
Selling, general and administrative expenses | (3 | ) | (1,050 | ) | (1,001 | ) | 13 | (2,041 | ) | |||||||||||
Operating income (loss) | (3 | ) | 87 | 351 | — | 435 | ||||||||||||||
Interest (expense) income, net: | ||||||||||||||||||||
External | — | (97 | ) | — | — | (97 | ) | |||||||||||||
Intercompany | — | (40 | ) | 40 | — | — | ||||||||||||||
Equity in earnings of subsidiaries | 219 | 55 | — | (274 | ) | — | ||||||||||||||
Income before income taxes | 216 | 5 | 391 | (274 | ) | 338 | ||||||||||||||
Federal, state and local income | 1 | 27 | (149 | ) | — | (121 | ) | |||||||||||||
tax benefit (expense) | ||||||||||||||||||||
Net income | $ | 217 | $ | 32 | $ | 242 | $ | (274 | ) | $ | 217 | |||||||||
Comprehensive income | $ | 241 | $ | 56 | $ | 252 | $ | (308 | ) | $ | 241 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the 13 Weeks Ended May 4, 2013 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 217 | $ | 32 | $ | 242 | $ | (274 | ) | $ | 217 | |||||||||
Equity in earnings of subsidiaries | (219 | ) | (55 | ) | — | 274 | — | |||||||||||||
Dividends received from subsidiaries | 161 | — | — | (161 | ) | — | ||||||||||||||
Depreciation and amortization | — | 118 | 133 | — | 251 | |||||||||||||||
(Increase) decrease in working capital | (31 | ) | 81 | (290 | ) | — | (240 | ) | ||||||||||||
Other, net | 9 | 48 | 13 | — | 70 | |||||||||||||||
Net cash provided by operating activities | 137 | 224 | 98 | (161 | ) | 298 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of property and equipment and capitalized software, net | — | (43 | ) | (68 | ) | — | (111 | ) | ||||||||||||
Other, net | — | — | 4 | — | 4 | |||||||||||||||
Net cash used by investing activities | — | (43 | ) | (64 | ) | — | (107 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt repaid | — | (5 | ) | — | — | (5 | ) | |||||||||||||
Dividends paid | (78 | ) | — | (161 | ) | 161 | (78 | ) | ||||||||||||
Common stock acquired, net of | (236 | ) | — | — | — | (236 | ) | |||||||||||||
issuance of common stock | ||||||||||||||||||||
Intercompany activity, net | 91 | (173 | ) | 82 | — | — | ||||||||||||||
Other, net | (48 | ) | (1 | ) | 93 | — | 44 | |||||||||||||
Net cash provided (used) by | (271 | ) | (179 | ) | 14 | 161 | (275 | ) | ||||||||||||
financing activities | ||||||||||||||||||||
Net increase (decrease) in cash and | (134 | ) | 2 | 48 | — | (84 | ) | |||||||||||||
cash equivalents | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 1,538 | 41 | 257 | — | 1,836 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 1,404 | $ | 43 | $ | 305 | $ | — | $ | 1,752 | ||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of February 1, 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,955 | $ | 84 | $ | 234 | $ | — | $ | 2,273 | ||||||||||
Receivables | — | 102 | 336 | — | 438 | |||||||||||||||
Merchandise inventories | — | 2,896 | 2,661 | — | 5,557 | |||||||||||||||
Prepaid expenses and other current assets | — | 103 | 317 | — | 420 | |||||||||||||||
Income taxes | 80 | — | — | (80 | ) | — | ||||||||||||||
Total Current Assets | 2,035 | 3,185 | 3,548 | (80 | ) | 8,688 | ||||||||||||||
Property and Equipment – net | — | 4,590 | 3,340 | — | 7,930 | |||||||||||||||
Goodwill | — | 3,315 | 428 | — | 3,743 | |||||||||||||||
Other Intangible Assets – net | — | 97 | 430 | — | 527 | |||||||||||||||
Other Assets | 4 | 101 | 641 | — | 746 | |||||||||||||||
Deferred Income Taxes | 19 | — | — | (19 | ) | — | ||||||||||||||
Intercompany Receivable | — | — | 3,561 | (3,561 | ) | — | ||||||||||||||
Investment in Subsidiaries | 4,625 | 3,157 | — | (7,782 | ) | — | ||||||||||||||
Total Assets | $ | 6,683 | $ | 14,445 | $ | 11,948 | $ | (11,442 | ) | $ | 21,634 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Short-term debt | $ | — | $ | 461 | $ | 2 | $ | — | $ | 463 | ||||||||||
Merchandise accounts payable | — | 760 | 931 | — | 1,691 | |||||||||||||||
Accounts payable and accrued liabilities | 10 | 1,265 | 1,535 | — | 2,810 | |||||||||||||||
Income taxes | — | 80 | 362 | (80 | ) | 362 | ||||||||||||||
Deferred income taxes | — | 315 | 85 | — | 400 | |||||||||||||||
Total Current Liabilities | 10 | 2,881 | 2,915 | (80 | ) | 5,726 | ||||||||||||||
Long-Term Debt | — | 6,708 | 20 | — | 6,728 | |||||||||||||||
Intercompany Payable | 362 | 3,199 | — | (3,561 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 544 | 748 | (19 | ) | 1,273 | ||||||||||||||
Other Liabilities | 62 | 522 | 1,074 | — | 1,658 | |||||||||||||||
Shareholders' Equity (Deficit) | 6,249 | 591 | 7,191 | (7,782 | ) | 6,249 | ||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 6,683 | $ | 14,445 | $ | 11,948 | $ | (11,442 | ) | $ | 21,634 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
3-May-14 | |
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 and Internet websites under two brands (Macy's and Bloomingdale's) 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 include approximately 840 stores, including thirteen Bloomingdale's Outlets, in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com and bloomingdales.com. In addition, Bloomingdale's in Dubai, United Arab Emirates is 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 accounting principles generally accepted in the United States of America 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 weeks ended May 3, 2014 and May 4, 2013, 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. | |
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 component of total comprehensive income for the 13 weeks ended May 3, 2014 and May 4, 2013 is the amortization of post employment and postretirement plan items. These 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. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | |||||||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||||||||||
13 Weeks Ended | ||||||||||||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||||||||||||
Net | Shares | Net | Shares | |||||||||||||||||||
Income | Income | |||||||||||||||||||||
(millions, except per share data) | ||||||||||||||||||||||
Net income and average number of shares outstanding | $ | 224 | 364.8 | $ | 217 | 387 | ||||||||||||||||
Shares to be issued under deferred | 1.1 | 1.2 | ||||||||||||||||||||
compensation and other plans | ||||||||||||||||||||||
$ | 224 | 365.9 | $ | 217 | 388.2 | |||||||||||||||||
Basic earnings per share | $ | 0.61 | $ | 0.56 | ||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||
Stock options, restricted stock and restricted stock units | 6.7 | 6.3 | ||||||||||||||||||||
$ | 224 | 372.6 | $ | 217 | 394.5 | |||||||||||||||||
Diluted earnings per share | $ | 0.6 | $ | 0.55 | ||||||||||||||||||
Financing_Activities_Financing
Financing Activities Financing Activites (Tables) | 3 Months Ended | |||||||
3-May-14 | ||||||||
Extinguishment of Debt [Line Items] | ' | |||||||
Detail of Debt Repayments | ' | |||||||
The following table shows the detail of debt repayments: | ||||||||
13 Weeks Ended | ||||||||
May 3, 2014 | May 4, 2013 | |||||||
(millions) | ||||||||
9.5% amortizing debentures due 2021 | $ | 2 | $ | 2 | ||||
9.75% amortizing debentures due 2021 | 1 | 1 | ||||||
Capital leases and other obligations | 2 | 2 | ||||||
$ | 5 | $ | 5 | |||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 3 Months Ended | |||||||
3-May-14 | ||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||
Schedule of Net Periodic Benefit Costs | ' | |||||||
the actuarially determined components of the net periodic benefit cost (income) are as follows: | ||||||||
13 Weeks Ended | ||||||||
May 3, 2014 | May 4, 2013 | |||||||
(millions) | ||||||||
Pension Plan | ||||||||
Service cost | $ | 2 | $ | 28 | ||||
Interest cost | 38 | 36 | ||||||
Expected return on assets | (61 | ) | (60 | ) | ||||
Recognition of net actuarial loss | 6 | 35 | ||||||
Amortization of prior service credit | — | — | ||||||
$ | (15 | ) | $ | 39 | ||||
Supplementary Retirement Plan | ||||||||
Service cost | $ | — | $ | 2 | ||||
Interest cost | 8 | 8 | ||||||
Recognition of net actuarial loss | 1 | 4 | ||||||
Amortization of prior service cost | — | — | ||||||
$ | 9 | $ | 14 | |||||
Postretirement Obligations | ||||||||
Service cost | $ | — | $ | — | ||||
Interest cost | 2 | 3 | ||||||
Recognition of net actuarial gain | (1 | ) | (1 | ) | ||||
Amortization of prior service cost | — | — | ||||||
$ | 1 | $ | 2 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value of Plan 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: | ||||||||||||||||||||||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active | Observable | Unobservable | in Active | Observable | Unobservable | |||||||||||||||||||||||||||
Markets for | Inputs | Inputs | Markets for | Inputs | Inputs | |||||||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Marketable equity and debt securities | $ | 91 | $ | — | $ | 91 | $ | — | $ | 64 | $ | — | $ | 64 | $ | — | ||||||||||||||||
Estimated Fair Values of Company's Long Term Debt | ' | |||||||||||||||||||||||||||||||
The following table shows the estimated fair value of the Company's long-term debt: | ||||||||||||||||||||||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||||||||||||||||||||||
Notional | Carrying | Fair | Notional | Carrying | Fair | |||||||||||||||||||||||||||
Amount | Amount | Value | Amount | Amount | Value | |||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 6,973 | $ | 7,145 | $ | 7,797 | $ | 6,578 | $ | 6,765 | $ | 7,536 | ||||||||||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||
3-May-14 | ||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of May 3, 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,425 | $ | 129 | $ | 324 | $ | — | $ | 1,878 | ||||||||||
Receivables | — | 58 | 217 | — | 275 | |||||||||||||||
Merchandise inventories | — | 3,023 | 2,874 | — | 5,897 | |||||||||||||||
Prepaid expenses and other current assets | — | 94 | 360 | — | 454 | |||||||||||||||
Income taxes | 9 | — | — | (9 | ) | — | ||||||||||||||
Total Current Assets | 1,434 | 3,304 | 3,775 | (9 | ) | 8,504 | ||||||||||||||
Property and Equipment – net | — | 4,481 | 3,311 | — | 7,792 | |||||||||||||||
Goodwill | — | 3,315 | 428 | — | 3,743 | |||||||||||||||
Other Intangible Assets – net | — | 91 | 428 | — | 519 | |||||||||||||||
Other Assets | 4 | 108 | 648 | — | 760 | |||||||||||||||
Deferred income taxes | 20 | — | — | (20 | ) | — | ||||||||||||||
Intercompany Receivable | 28 | — | 3,306 | (3,334 | ) | — | ||||||||||||||
Investment in Subsidiaries | 4,687 | 3,225 | — | (7,912 | ) | — | ||||||||||||||
Total Assets | $ | 6,173 | $ | 14,524 | $ | 11,896 | $ | (11,275 | ) | $ | 21,318 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Short-term debt | $ | — | $ | 6 | $ | 2 | $ | — | $ | 8 | ||||||||||
Merchandise accounts payable | — | 1,086 | 1,304 | — | 2,390 | |||||||||||||||
Accounts payable and accrued liabilities | 7 | 980 | 1,233 | — | 2,220 | |||||||||||||||
Income taxes | — | 36 | 78 | (9 | ) | 105 | ||||||||||||||
Deferred income taxes | — | 301 | 80 | — | 381 | |||||||||||||||
Total Current Liabilities | 7 | 2,409 | 2,697 | (9 | ) | 5,104 | ||||||||||||||
Long-Term Debt | — | 7,154 | 21 | — | 7,175 | |||||||||||||||
Intercompany Payable | — | 3,330 | 4 | (3,334 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 576 | 748 | (20 | ) | 1,304 | ||||||||||||||
Other Liabilities | 66 | 489 | 1,080 | — | 1,635 | |||||||||||||||
Shareholders' Equity | 6,100 | 566 | 7,346 | (7,912 | ) | 6,100 | ||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 6,173 | $ | 14,524 | $ | 11,896 | $ | (11,275 | ) | $ | 21,318 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of May 4, 2013 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,404 | $ | 43 | $ | 305 | $ | — | $ | 1,752 | ||||||||||
Receivables | — | 50 | 245 | — | 295 | |||||||||||||||
Merchandise inventories | — | 2,909 | 2,722 | — | 5,631 | |||||||||||||||
Prepaid expenses and other current assets | — | 89 | 299 | — | 388 | |||||||||||||||
Income taxes | 36 | — | — | (36 | ) | — | ||||||||||||||
Total Current Assets | 1,440 | 3,091 | 3,571 | (36 | ) | 8,066 | ||||||||||||||
Property and Equipment – net | — | 4,583 | 3,480 | — | 8,063 | |||||||||||||||
Goodwill | — | 3,315 | 428 | — | 3,743 | |||||||||||||||
Other Intangible Assets – net | — | 116 | 436 | — | 552 | |||||||||||||||
Other Assets | 4 | 69 | 543 | — | 616 | |||||||||||||||
Intercompany Receivable | 566 | — | 3,095 | (3,661 | ) | — | ||||||||||||||
Investment in Subsidiaries | 4,109 | 2,660 | — | (6,769 | ) | — | ||||||||||||||
Total Assets | $ | 6,119 | $ | 13,834 | $ | 11,553 | $ | (10,466 | ) | $ | 21,040 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Short-term debt | $ | — | $ | 122 | $ | 2 | $ | — | $ | 124 | ||||||||||
Merchandise accounts payable | — | 1,124 | 1,302 | — | 2,426 | |||||||||||||||
Accounts payable and accrued liabilities | 71 | 821 | 1,242 | — | 2,134 | |||||||||||||||
Income taxes | — | 49 | 78 | (36 | ) | 91 | ||||||||||||||
Deferred income taxes | — | 324 | 102 | — | 426 | |||||||||||||||
Total Current Liabilities | 71 | 2,440 | 2,726 | (36 | ) | 5,201 | ||||||||||||||
Long-Term Debt | — | 6,774 | 23 | — | 6,797 | |||||||||||||||
Intercompany Payable | — | 3,661 | — | (3,661 | ) | — | ||||||||||||||
Deferred Income Taxes | 8 | 433 | 799 | — | 1,240 | |||||||||||||||
Other Liabilities | 69 | 605 | 1,157 | — | 1,831 | |||||||||||||||
Shareholders' Equity (Deficit) | 5,971 | (79 | ) | 6,848 | (6,769 | ) | 5,971 | |||||||||||||
Total Liabilities and Shareholders' Equity | $ | 6,119 | $ | 13,834 | $ | 11,553 | $ | (10,466 | ) | $ | 21,040 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of February 1, 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,955 | $ | 84 | $ | 234 | $ | — | $ | 2,273 | ||||||||||
Receivables | — | 102 | 336 | — | 438 | |||||||||||||||
Merchandise inventories | — | 2,896 | 2,661 | — | 5,557 | |||||||||||||||
Prepaid expenses and other current assets | — | 103 | 317 | — | 420 | |||||||||||||||
Income taxes | 80 | — | — | (80 | ) | — | ||||||||||||||
Total Current Assets | 2,035 | 3,185 | 3,548 | (80 | ) | 8,688 | ||||||||||||||
Property and Equipment – net | — | 4,590 | 3,340 | — | 7,930 | |||||||||||||||
Goodwill | — | 3,315 | 428 | — | 3,743 | |||||||||||||||
Other Intangible Assets – net | — | 97 | 430 | — | 527 | |||||||||||||||
Other Assets | 4 | 101 | 641 | — | 746 | |||||||||||||||
Deferred Income Taxes | 19 | — | — | (19 | ) | — | ||||||||||||||
Intercompany Receivable | — | — | 3,561 | (3,561 | ) | — | ||||||||||||||
Investment in Subsidiaries | 4,625 | 3,157 | — | (7,782 | ) | — | ||||||||||||||
Total Assets | $ | 6,683 | $ | 14,445 | $ | 11,948 | $ | (11,442 | ) | $ | 21,634 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Short-term debt | $ | — | $ | 461 | $ | 2 | $ | — | $ | 463 | ||||||||||
Merchandise accounts payable | — | 760 | 931 | — | 1,691 | |||||||||||||||
Accounts payable and accrued liabilities | 10 | 1,265 | 1,535 | — | 2,810 | |||||||||||||||
Income taxes | — | 80 | 362 | (80 | ) | 362 | ||||||||||||||
Deferred income taxes | — | 315 | 85 | — | 400 | |||||||||||||||
Total Current Liabilities | 10 | 2,881 | 2,915 | (80 | ) | 5,726 | ||||||||||||||
Long-Term Debt | — | 6,708 | 20 | — | 6,728 | |||||||||||||||
Intercompany Payable | 362 | 3,199 | — | (3,561 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 544 | 748 | (19 | ) | 1,273 | ||||||||||||||
Other Liabilities | 62 | 522 | 1,074 | — | 1,658 | |||||||||||||||
Shareholders' Equity (Deficit) | 6,249 | 591 | 7,191 | (7,782 | ) | 6,249 | ||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 6,683 | $ | 14,445 | $ | 11,948 | $ | (11,442 | ) | $ | 21,634 | |||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ' | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
For the 13 Weeks Ended May 4, 2013 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Net sales | $ | — | $ | 3,034 | $ | 5,548 | $ | (2,195 | ) | $ | 6,387 | |||||||||
Cost of sales | — | (1,897 | ) | (4,196 | ) | 2,182 | (3,911 | ) | ||||||||||||
Gross margin | — | 1,137 | 1,352 | (13 | ) | 2,476 | ||||||||||||||
Selling, general and administrative expenses | (3 | ) | (1,050 | ) | (1,001 | ) | 13 | (2,041 | ) | |||||||||||
Operating income (loss) | (3 | ) | 87 | 351 | — | 435 | ||||||||||||||
Interest (expense) income, net: | ||||||||||||||||||||
External | — | (97 | ) | — | — | (97 | ) | |||||||||||||
Intercompany | — | (40 | ) | 40 | — | — | ||||||||||||||
Equity in earnings of subsidiaries | 219 | 55 | — | (274 | ) | — | ||||||||||||||
Income before income taxes | 216 | 5 | 391 | (274 | ) | 338 | ||||||||||||||
Federal, state and local income | 1 | 27 | (149 | ) | — | (121 | ) | |||||||||||||
tax benefit (expense) | ||||||||||||||||||||
Net income | $ | 217 | $ | 32 | $ | 242 | $ | (274 | ) | $ | 217 | |||||||||
Comprehensive income | $ | 241 | $ | 56 | $ | 252 | $ | (308 | ) | $ | 241 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
For the 13 Weeks Ended May 3, 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Net sales | $ | — | $ | 2,918 | $ | 5,470 | $ | (2,109 | ) | $ | 6,279 | |||||||||
Cost of sales | — | (1,886 | ) | (4,046 | ) | 2,096 | (3,836 | ) | ||||||||||||
Gross margin | — | 1,032 | 1,424 | (13 | ) | 2,443 | ||||||||||||||
Selling, general and administrative expenses | (2 | ) | (1,008 | ) | (1,003 | ) | 13 | (2,000 | ) | |||||||||||
Operating income (loss) | (2 | ) | 24 | 421 | — | 443 | ||||||||||||||
Interest (expense) income, net: | ||||||||||||||||||||
External | — | (100 | ) | — | — | (100 | ) | |||||||||||||
Intercompany | — | (58 | ) | 58 | — | — | ||||||||||||||
Equity in earnings of subsidiaries | 225 | 66 | — | (291 | ) | — | ||||||||||||||
Income (loss) before income taxes | 223 | (68 | ) | 479 | (291 | ) | 343 | |||||||||||||
Federal, state and local income | 1 | 38 | (158 | ) | — | (119 | ) | |||||||||||||
tax benefit (expense) | ||||||||||||||||||||
Net income (loss) | $ | 224 | $ | (30 | ) | $ | 321 | $ | (291 | ) | $ | 224 | ||||||||
Comprehensive income (loss) | $ | 228 | $ | (26 | ) | $ | 323 | $ | (297 | ) | $ | 228 | ||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the 13 Weeks Ended May 4, 2013 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 217 | $ | 32 | $ | 242 | $ | (274 | ) | $ | 217 | |||||||||
Equity in earnings of subsidiaries | (219 | ) | (55 | ) | — | 274 | — | |||||||||||||
Dividends received from subsidiaries | 161 | — | — | (161 | ) | — | ||||||||||||||
Depreciation and amortization | — | 118 | 133 | — | 251 | |||||||||||||||
(Increase) decrease in working capital | (31 | ) | 81 | (290 | ) | — | (240 | ) | ||||||||||||
Other, net | 9 | 48 | 13 | — | 70 | |||||||||||||||
Net cash provided by operating activities | 137 | 224 | 98 | (161 | ) | 298 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of property and equipment and capitalized software, net | — | (43 | ) | (68 | ) | — | (111 | ) | ||||||||||||
Other, net | — | — | 4 | — | 4 | |||||||||||||||
Net cash used by investing activities | — | (43 | ) | (64 | ) | — | (107 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt repaid | — | (5 | ) | — | — | (5 | ) | |||||||||||||
Dividends paid | (78 | ) | — | (161 | ) | 161 | (78 | ) | ||||||||||||
Common stock acquired, net of | (236 | ) | — | — | — | (236 | ) | |||||||||||||
issuance of common stock | ||||||||||||||||||||
Intercompany activity, net | 91 | (173 | ) | 82 | — | — | ||||||||||||||
Other, net | (48 | ) | (1 | ) | 93 | — | 44 | |||||||||||||
Net cash provided (used) by | (271 | ) | (179 | ) | 14 | 161 | (275 | ) | ||||||||||||
financing activities | ||||||||||||||||||||
Net increase (decrease) in cash and | (134 | ) | 2 | 48 | — | (84 | ) | |||||||||||||
cash equivalents | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 1,538 | 41 | 257 | — | 1,836 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 1,404 | $ | 43 | $ | 305 | $ | — | $ | 1,752 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the 13 Weeks Ended May 3, 2014 | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Parent | Subsidiary | Other | Consolidating | Consolidated | ||||||||||||||||
Issuer | Subsidiaries | Adjustments | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 224 | $ | (30 | ) | $ | 321 | $ | (291 | ) | $ | 224 | ||||||||
Equity in earnings of subsidiaries | (225 | ) | (66 | ) | — | 291 | — | |||||||||||||
Dividends received from subsidiaries | 167 | — | — | (167 | ) | — | ||||||||||||||
Depreciation and amortization | — | 113 | 140 | — | 253 | |||||||||||||||
(Increase) decrease in working capital | 87 | (53 | ) | (418 | ) | — | (384 | ) | ||||||||||||
Other, net | 5 | (15 | ) | 3 | — | (7 | ) | |||||||||||||
Net cash provided (used) by operating activities | 258 | (51 | ) | 46 | (167 | ) | 86 | |||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of property and equipment and capitalized software, net | — | 1 | (103 | ) | — | (102 | ) | |||||||||||||
Other, net | — | 1 | 5 | — | 6 | |||||||||||||||
Net cash provided (used) by investing activities | — | 2 | (98 | ) | — | (96 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt repaid | — | (4 | ) | (1 | ) | — | (5 | ) | ||||||||||||
Dividends paid | (92 | ) | — | (167 | ) | 167 | (92 | ) | ||||||||||||
Common stock acquired, net of | (277 | ) | — | — | — | (277 | ) | |||||||||||||
issuance of common stock | ||||||||||||||||||||
Intercompany activity, net | (370 | ) | 121 | 249 | — | — | ||||||||||||||
Other, net | (49 | ) | (23 | ) | 61 | — | (11 | ) | ||||||||||||
Net cash provided (used) by | (788 | ) | 94 | 142 | 167 | (385 | ) | |||||||||||||
financing activities | ||||||||||||||||||||
Net increase (decrease) in cash | (530 | ) | 45 | 90 | — | (395 | ) | |||||||||||||
and cash equivalents | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 1,955 | 84 | 234 | — | 2,273 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 1,425 | $ | 129 | $ | 324 | $ | — | $ | 1,878 | ||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) | 3-May-14 |
Number of states in which entity operates | 45 |
Bloomingdale's Outlet Store [Member] | ' |
Number of Stores | 13 |
Minimum [Member] | ' |
Number of Stores | 840 |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Narrative) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Stock Options [Member] | ' | ' |
Stock options and restricted stock units outstanding, not included in computation of diluted earnings per share | 3,300 | 10,900 |
Restricted Stock [Member] | ' | ' |
Stock options and restricted stock units outstanding, not included in computation of diluted earnings per share | 179 | 237 |
Performance-Based Restricted Stock Units [Member] | ' | ' |
Stock options and restricted stock units outstanding, not included in computation of diluted earnings per share | 900 | 1,800 |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | 3-May-14 | 4-May-13 |
Earnings Per Share [Abstract] | ' | ' |
Net income (loss) | $224 | $217 |
Net income available to common stockholders, basic | 224 | 217 |
Net income available to common stockholders, diluted | $224 | $217 |
Basic earnings per share | $0.61 | $0.56 |
Diluted earnings per share | $0.60 | $0.55 |
Average number of shares issued, basic | 364.8 | 387 |
Shares to be issued under deferred compensation and other plans | 1.1 | 1.2 |
Average number of shares outstanding, basic | 365.9 | 388.2 |
Effect of dilutive securities-stock options, restricted stock and restricted stock units | 6.7 | 6.3 |
Average number of shares outstanding, diluted | 372.6 | 394.5 |
Financing_Activities_Details
Financing Activities (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | 3-May-14 | 14-May-14 | Jul. 15, 2014 | Aug. 02, 2014 | 23-May-14 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Rate | Rate | ||||
Stock Repurchased During Period, Shares | 7.4 | ' | ' | ' | ' |
Stock Repurchased During Period, Value | $432 | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | 1,500 | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 1,000 | 2,500 | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | 500 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 5.75% | ' | 3.63% |
Short-term Debt, Refinanced, Amount | ' | ' | $453 | ' | ' |
Financing_Activities_Detail_Of
Financing Activities (Detail Of Debt Repayments) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Debt repaid | $5 | $5 |
9.5% Amortizing Debentures due Two Thousand Twenty One [Member] | ' | ' |
Extinguishment of debt | 2 | 2 |
9.75% Amortizing Debentures Due Two Thousand Twenty One [Member] | ' | ' |
Extinguishment of debt | 1 | 1 |
Capital Lease and Other Long-Term Obligations [Member] | ' | ' |
Extinguishment of debt | $2 | $2 |
Benefit_Plans_Net_Periodic_Ben
Benefit Plans (Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Defined contribution plan, periodic cost recognized | $25 | $5 |
Pension Plan [Member] | ' | ' |
Service cost | 2 | 28 |
Interest cost | 38 | 36 |
Expected return on assets | -61 | -60 |
Recognition of net actuarial (gain) loss | 6 | 35 |
Amortization of prior service credit | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | -15 | 39 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Service cost | 0 | 2 |
Interest cost | 8 | 8 |
Recognition of net actuarial (gain) loss | 1 | 4 |
Amortization of prior service credit | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 9 | 14 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Service cost | 0 | 0 |
Interest cost | 2 | 3 |
Recognition of net actuarial (gain) loss | -1 | -1 |
Amortization of prior service credit | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | $1 | $2 |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets Measured At Fair Value On A Recurring Basis) (Details) (USD $) | 3-May-14 | 4-May-13 |
In Millions, unless otherwise specified | ||
Marketable equity and debt securities | $91 | $64 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Marketable equity and debt securities | 0 | 0 |
Significant Observable Inputs (Level 2) [Member] | ' | ' |
Marketable equity and debt securities | 91 | 64 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Marketable equity and debt securities | $0 | $0 |
Fair_Value_Measurements_Estima
Fair Value Measurements (Estimated Fair Value Of Company Long Term Debt) (Details) (USD $) | 3-May-14 | 4-May-13 |
In Millions, unless otherwise specified | ||
Notional Amount | ' | ' |
Long-term debt | $6,973 | $6,578 |
Carrying Amount | ' | ' |
Long-term debt | 7,145 | 6,765 |
Fair Value | ' | ' |
Long-term debt | $7,797 | $7,536 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $1,878 | $2,273 | $1,752 | $1,836 |
Receivables | 275 | 438 | 295 | ' |
Merchandise inventories | 5,897 | 5,557 | 5,631 | ' |
Prepaid expenses and other current assets | 454 | 420 | 388 | ' |
Income taxes | 0 | 0 | 0 | ' |
Total Current Assets | 8,504 | 8,688 | 8,066 | ' |
Property and Equipment - net | 7,792 | 7,930 | 8,063 | ' |
Goodwill | 3,743 | 3,743 | 3,743 | ' |
Other Intangible Assets - net | 519 | 527 | 552 | ' |
Other Assets | 760 | 746 | 616 | ' |
Deferred Tax Assets, Net | 0 | 0 | ' | ' |
Intercompany Receivable | 0 | 0 | 0 | ' |
Investment in Subsidiaries | 0 | 0 | 0 | ' |
Total Assets | 21,318 | 21,634 | 21,040 | ' |
Current Liabilities: | ' | ' | ' | ' |
Short-term debt | 8 | 463 | 124 | ' |
Merchandise accounts payable | 2,390 | 1,691 | 2,426 | ' |
Accounts payable and accrued liabilities | 2,220 | 2,810 | 2,134 | ' |
Income taxes | 105 | 362 | 91 | ' |
Deferred income taxes | 381 | 400 | 426 | ' |
Total Current Liabilities | 5,104 | 5,726 | 5,201 | ' |
Long-Term Debt | 7,175 | 6,728 | 6,797 | ' |
Intercompany Payable | 0 | 0 | 0 | ' |
Deferred Income Taxes | 1,304 | 1,273 | 1,240 | ' |
Other Liabilities | 1,635 | 1,658 | 1,831 | ' |
Shareholders' Equity (Deficit) | 6,100 | 6,249 | 5,971 | ' |
Total Liabilities and Shareholders' Equity | 21,318 | 21,634 | 21,040 | ' |
Parent | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1,425 | 1,955 | 1,404 | 1,538 |
Receivables | 0 | 0 | 0 | ' |
Merchandise inventories | 0 | 0 | 0 | ' |
Prepaid expenses and other current assets | 0 | 0 | 0 | ' |
Income taxes | 9 | 80 | 36 | ' |
Total Current Assets | 1,434 | 2,035 | 1,440 | ' |
Property and Equipment - net | 0 | 0 | 0 | ' |
Goodwill | 0 | 0 | 0 | ' |
Other Intangible Assets - net | 0 | 0 | 0 | ' |
Other Assets | 4 | 4 | 4 | ' |
Deferred Tax Assets, Net | 20 | 19 | ' | ' |
Intercompany Receivable | 28 | 0 | 566 | ' |
Investment in Subsidiaries | 4,687 | 4,625 | 4,109 | ' |
Total Assets | 6,173 | 6,683 | 6,119 | ' |
Current Liabilities: | ' | ' | ' | ' |
Short-term debt | 0 | 0 | 0 | ' |
Merchandise accounts payable | 0 | 0 | 0 | ' |
Accounts payable and accrued liabilities | 7 | 10 | 71 | ' |
Income taxes | 0 | 0 | 0 | ' |
Deferred income taxes | 0 | 0 | 0 | ' |
Total Current Liabilities | 7 | 10 | 71 | ' |
Long-Term Debt | 0 | 0 | 0 | ' |
Intercompany Payable | 0 | 362 | 0 | ' |
Deferred Income Taxes | 0 | 0 | 8 | ' |
Other Liabilities | 66 | 62 | 69 | ' |
Shareholders' Equity (Deficit) | 6,100 | 6,249 | 5,971 | ' |
Total Liabilities and Shareholders' Equity | 6,173 | 6,683 | 6,119 | ' |
Subsidiary Issuer | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 129 | 84 | 43 | 41 |
Receivables | 58 | 102 | 50 | ' |
Merchandise inventories | 3,023 | 2,896 | 2,909 | ' |
Prepaid expenses and other current assets | 94 | 103 | 89 | ' |
Income taxes | 0 | 0 | 0 | ' |
Total Current Assets | 3,304 | 3,185 | 3,091 | ' |
Property and Equipment - net | 4,481 | 4,590 | 4,583 | ' |
Goodwill | 3,315 | 3,315 | 3,315 | ' |
Other Intangible Assets - net | 91 | 97 | 116 | ' |
Other Assets | 108 | 101 | 69 | ' |
Deferred Tax Assets, Net | 0 | 0 | ' | ' |
Intercompany Receivable | 0 | 0 | 0 | ' |
Investment in Subsidiaries | 3,225 | 3,157 | 2,660 | ' |
Total Assets | 14,524 | 14,445 | 13,834 | ' |
Current Liabilities: | ' | ' | ' | ' |
Short-term debt | 6 | 461 | 122 | ' |
Merchandise accounts payable | 1,086 | 760 | 1,124 | ' |
Accounts payable and accrued liabilities | 980 | 1,265 | 821 | ' |
Income taxes | 36 | 80 | 49 | ' |
Deferred income taxes | 301 | 315 | 324 | ' |
Total Current Liabilities | 2,409 | 2,881 | 2,440 | ' |
Long-Term Debt | 7,154 | 6,708 | 6,774 | ' |
Intercompany Payable | 3,330 | 3,199 | 3,661 | ' |
Deferred Income Taxes | 576 | 544 | 433 | ' |
Other Liabilities | 489 | 522 | 605 | ' |
Shareholders' Equity (Deficit) | 566 | 591 | -79 | ' |
Total Liabilities and Shareholders' Equity | 14,524 | 14,445 | 13,834 | ' |
Other Subsidiaries | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 324 | 234 | 305 | 257 |
Receivables | 217 | 336 | 245 | ' |
Merchandise inventories | 2,874 | 2,661 | 2,722 | ' |
Prepaid expenses and other current assets | 360 | 317 | 299 | ' |
Income taxes | 0 | 0 | 0 | ' |
Total Current Assets | 3,775 | 3,548 | 3,571 | ' |
Property and Equipment - net | 3,311 | 3,340 | 3,480 | ' |
Goodwill | 428 | 428 | 428 | ' |
Other Intangible Assets - net | 428 | 430 | 436 | ' |
Other Assets | 648 | 641 | 543 | ' |
Deferred Tax Assets, Net | 0 | 0 | ' | ' |
Intercompany Receivable | 3,306 | 3,561 | 3,095 | ' |
Investment in Subsidiaries | 0 | 0 | 0 | ' |
Total Assets | 11,896 | 11,948 | 11,553 | ' |
Current Liabilities: | ' | ' | ' | ' |
Short-term debt | 2 | 2 | 2 | ' |
Merchandise accounts payable | 1,304 | 931 | 1,302 | ' |
Accounts payable and accrued liabilities | 1,233 | 1,535 | 1,242 | ' |
Income taxes | 78 | 362 | 78 | ' |
Deferred income taxes | 80 | 85 | 102 | ' |
Total Current Liabilities | 2,697 | 2,915 | 2,726 | ' |
Long-Term Debt | 21 | 20 | 23 | ' |
Intercompany Payable | 4 | 0 | 0 | ' |
Deferred Income Taxes | 748 | 748 | 799 | ' |
Other Liabilities | 1,080 | 1,074 | 1,157 | ' |
Shareholders' Equity (Deficit) | 7,346 | 7,191 | 6,848 | ' |
Total Liabilities and Shareholders' Equity | 11,896 | 11,948 | 11,553 | ' |
Consolidating Adjustments | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | 0 | ' |
Merchandise inventories | 0 | 0 | 0 | ' |
Prepaid expenses and other current assets | 0 | 0 | 0 | ' |
Income taxes | -9 | -80 | -36 | ' |
Total Current Assets | -9 | -80 | -36 | ' |
Property and Equipment - net | 0 | 0 | 0 | ' |
Goodwill | 0 | 0 | 0 | ' |
Other Intangible Assets - net | 0 | 0 | 0 | ' |
Other Assets | 0 | 0 | 0 | ' |
Deferred Tax Assets, Net | -20 | -19 | ' | ' |
Intercompany Receivable | -3,334 | -3,561 | -3,661 | ' |
Investment in Subsidiaries | -7,912 | -7,782 | -6,769 | ' |
Total Assets | -11,275 | -11,442 | -10,466 | ' |
Current Liabilities: | ' | ' | ' | ' |
Short-term debt | 0 | 0 | 0 | ' |
Merchandise accounts payable | 0 | 0 | 0 | ' |
Accounts payable and accrued liabilities | 0 | 0 | 0 | ' |
Income taxes | -9 | -80 | -36 | ' |
Deferred income taxes | 0 | 0 | 0 | ' |
Total Current Liabilities | -9 | -80 | -36 | ' |
Long-Term Debt | 0 | 0 | 0 | ' |
Intercompany Payable | -3,334 | -3,561 | -3,661 | ' |
Deferred Income Taxes | -20 | -19 | 0 | ' |
Other Liabilities | 0 | 0 | 0 | ' |
Shareholders' Equity (Deficit) | -7,912 | -7,782 | -6,769 | ' |
Total Liabilities and Shareholders' Equity | ($11,275) | ($11,442) | ($10,466) | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Net sales | $6,279 | $6,387 |
Cost of sales | -3,836 | -3,911 |
Gross margin | 2,443 | 2,476 |
Selling, general and administrative expenses | -2,000 | -2,041 |
Operating income (loss) | 443 | 435 |
Interest (expense) income, net | ' | ' |
External | -100 | -97 |
Intercompany | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 0 |
Income (loss) before income taxes | 343 | 338 |
Federal, state and local income tax benefit (expense) | -119 | -121 |
Net income (loss) | 224 | 217 |
Comprehensive income (loss) | 228 | 241 |
Parent | ' | ' |
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross margin | 0 | 0 |
Selling, general and administrative expenses | -2 | -3 |
Operating income (loss) | -2 | -3 |
Interest (expense) income, net | ' | ' |
External | 0 | 0 |
Intercompany | 0 | 0 |
Equity in earnings of subsidiaries | 225 | 219 |
Income (loss) before income taxes | 223 | 216 |
Federal, state and local income tax benefit (expense) | 1 | 1 |
Net income (loss) | 224 | 217 |
Comprehensive income (loss) | 228 | 241 |
Subsidiary Issuer | ' | ' |
Net sales | 2,918 | 3,034 |
Cost of sales | -1,886 | -1,897 |
Gross margin | 1,032 | 1,137 |
Selling, general and administrative expenses | -1,008 | -1,050 |
Operating income (loss) | 24 | 87 |
Interest (expense) income, net | ' | ' |
External | -100 | -97 |
Intercompany | -58 | -40 |
Equity in earnings of subsidiaries | 66 | 55 |
Income (loss) before income taxes | -68 | 5 |
Federal, state and local income tax benefit (expense) | 38 | 27 |
Net income (loss) | -30 | 32 |
Comprehensive income (loss) | -26 | 56 |
Other Subsidiaries | ' | ' |
Net sales | 5,470 | 5,548 |
Cost of sales | -4,046 | -4,196 |
Gross margin | 1,424 | 1,352 |
Selling, general and administrative expenses | -1,003 | -1,001 |
Operating income (loss) | 421 | 351 |
Interest (expense) income, net | ' | ' |
External | 0 | 0 |
Intercompany | 58 | 40 |
Equity in earnings of subsidiaries | 0 | 0 |
Income (loss) before income taxes | 479 | 391 |
Federal, state and local income tax benefit (expense) | -158 | -149 |
Net income (loss) | 321 | 242 |
Comprehensive income (loss) | 323 | 252 |
Consolidating Adjustments | ' | ' |
Net sales | -2,109 | -2,195 |
Cost of sales | 2,096 | 2,182 |
Gross margin | -13 | -13 |
Selling, general and administrative expenses | 13 | 13 |
Operating income (loss) | 0 | 0 |
Interest (expense) income, net | ' | ' |
External | 0 | 0 |
Intercompany | 0 | 0 |
Equity in earnings of subsidiaries | -291 | -274 |
Income (loss) before income taxes | -291 | -274 |
Federal, state and local income tax benefit (expense) | 0 | 0 |
Net income (loss) | -291 | -274 |
Comprehensive income (loss) | ($297) | ($308) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $224 | $217 |
Equity in earnings of subsidiaries | 0 | 0 |
Dividends received from subsidiaries | 0 | 0 |
Depreciation and amortization | 253 | 251 |
Increase in working capital | -384 | -240 |
Other, net | -7 | 70 |
Net cash provided by operating activities | 86 | 298 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment and capitalized software, net | -102 | -111 |
Other, net | 6 | 4 |
Net cash used by investing activities | -96 | -107 |
Cash flows from financing activities: | ' | ' |
Debt repaid | -5 | -5 |
Dividends paid | -92 | -78 |
(Common stock acquired) net of issuance of common stock | -277 | -236 |
Intercompany activity, net | 0 | 0 |
Other, net | -11 | 44 |
Net cash used by financing activities | -385 | -275 |
Net increase (decrease) in cash and cash equivalents | -395 | -84 |
Cash and cash equivalents beginning of period | 2,273 | 1,836 |
Cash and cash equivalents end of period | 1,878 | 1,752 |
Parent | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | 224 | 217 |
Equity in earnings of subsidiaries | -225 | -219 |
Dividends received from subsidiaries | 167 | 161 |
Depreciation and amortization | 0 | 0 |
Increase in working capital | 87 | -31 |
Other, net | 5 | 9 |
Net cash provided by operating activities | 258 | 137 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment and capitalized software, net | 0 | 0 |
Other, net | 0 | 0 |
Net cash used by investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Debt repaid | 0 | 0 |
Dividends paid | -92 | -78 |
(Common stock acquired) net of issuance of common stock | -277 | -236 |
Intercompany activity, net | -370 | 91 |
Other, net | -49 | -48 |
Net cash used by financing activities | -788 | -271 |
Net increase (decrease) in cash and cash equivalents | -530 | -134 |
Cash and cash equivalents beginning of period | 1,955 | 1,538 |
Cash and cash equivalents end of period | 1,425 | 1,404 |
Subsidiary Issuer | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | -30 | 32 |
Equity in earnings of subsidiaries | -66 | -55 |
Dividends received from subsidiaries | 0 | 0 |
Depreciation and amortization | 113 | 118 |
Increase in working capital | -53 | 81 |
Other, net | -15 | 48 |
Net cash provided by operating activities | -51 | 224 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment and capitalized software, net | 1 | -43 |
Other, net | 1 | 0 |
Net cash used by investing activities | 2 | -43 |
Cash flows from financing activities: | ' | ' |
Debt repaid | -4 | -5 |
Dividends paid | 0 | 0 |
(Common stock acquired) net of issuance of common stock | 0 | 0 |
Intercompany activity, net | 121 | -173 |
Other, net | -23 | -1 |
Net cash used by financing activities | 94 | -179 |
Net increase (decrease) in cash and cash equivalents | 45 | 2 |
Cash and cash equivalents beginning of period | 84 | 41 |
Cash and cash equivalents end of period | 129 | 43 |
Other Subsidiaries | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | 321 | 242 |
Equity in earnings of subsidiaries | 0 | 0 |
Dividends received from subsidiaries | 0 | 0 |
Depreciation and amortization | 140 | 133 |
Increase in working capital | -418 | -290 |
Other, net | 3 | 13 |
Net cash provided by operating activities | 46 | 98 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment and capitalized software, net | -103 | -68 |
Other, net | 5 | 4 |
Net cash used by investing activities | -98 | -64 |
Cash flows from financing activities: | ' | ' |
Debt repaid | -1 | 0 |
Dividends paid | -167 | -161 |
(Common stock acquired) net of issuance of common stock | 0 | 0 |
Intercompany activity, net | 249 | 82 |
Other, net | 61 | 93 |
Net cash used by financing activities | 142 | 14 |
Net increase (decrease) in cash and cash equivalents | 90 | 48 |
Cash and cash equivalents beginning of period | 234 | 257 |
Cash and cash equivalents end of period | 324 | 305 |
Consolidating Adjustments | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | -291 | -274 |
Equity in earnings of subsidiaries | 291 | 274 |
Dividends received from subsidiaries | -167 | -161 |
Depreciation and amortization | 0 | 0 |
Increase in working capital | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by operating activities | -167 | -161 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment and capitalized software, net | 0 | 0 |
Other, net | 0 | 0 |
Net cash used by investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Debt repaid | 0 | 0 |
Dividends paid | 167 | 161 |
(Common stock acquired) net of issuance of common stock | 0 | 0 |
Intercompany activity, net | 0 | 0 |
Other, net | 0 | 0 |
Net cash used by financing activities | 167 | 161 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents beginning of period | 0 | 0 |
Cash and cash equivalents end of period | $0 | $0 |