Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2016 | May. 28, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | M | |
Entity Registrant Name | Macy's, Inc. | |
Entity Central Index Key | 794,367 | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 308,395,235 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 5,771 | $ 6,232 |
Cost of sales | (3,516) | (3,800) |
Gross margin | 2,255 | 2,432 |
Selling, general and administrative expenses | (1,966) | (2,023) |
Settlement charges | 13 | 0 |
Operating income (loss) | 276 | 409 |
Interest expense | (99) | (95) |
Interest income | 1 | 0 |
Income (loss) before income taxes | 178 | 314 |
Federal, state and local income tax expense | (63) | (121) |
Net income (loss) | 115 | 193 |
Net loss attributable to noncontrolling interest | 1 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | $ 116 | $ 193 |
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 0.37 | $ 0.57 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 0.37 | $ 0.56 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Net income (loss) | $ 115 | $ 193 |
Actuarial loss on postretirement benefit plans, before tax | (36) | 0 |
Settlement charges, before tax | 13 | 0 |
Amortization of net actuarial loss on post employment and postretirement benefit plans, before tax | 9 | 13 |
Tax effect related to items of other comprehensive income | (6) | 5 |
Total other comprehensive income, net of tax effect | (8) | 8 |
Comprehensive income (loss) | 107 | 201 |
Comprehensive loss attributable to noncontrolling interest | 1 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ 108 | $ 201 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 | Jan. 31, 2015 |
Current Assets: | ||||
Cash and cash equivalents | $ 734 | $ 1,109 | $ 1,509 | $ 2,246 |
Receivables | 436 | 558 | 259 | |
Merchandise inventories | 5,738 | 5,506 | 5,929 | |
Income tax receivable | 19 | 0 | 0 | |
Prepaid expenses and other current assets | 490 | 479 | 471 | |
Total Current Assets | 7,417 | 7,652 | 8,168 | |
Property and Equipment - net | 7,475 | 7,616 | 7,712 | |
Goodwill | 3,897 | 3,897 | 3,897 | |
Other Intangible Assets - net | 511 | 514 | 531 | |
Other Assets | 898 | 897 | 710 | |
Total Assets | 20,198 | 20,576 | 21,018 | |
Current Liabilities: | ||||
Short-term debt | 642 | 642 | 76 | |
Merchandise accounts payable | 2,052 | 1,526 | 2,386 | |
Accounts payable and accrued liabilities | 2,690 | 3,333 | 2,411 | |
Income taxes | 0 | 227 | 74 | |
Total Current Liabilities | 5,384 | 5,728 | 4,947 | |
Long-Term Debt | 6,990 | 6,995 | 7,229 | |
Deferred Income Taxes | 1,536 | 1,477 | 1,456 | |
Other Liabilities | 2,134 | 2,123 | 2,179 | |
Shareholders' Equity, Macy's, Inc. | 4,148 | 4,250 | 5,207 | |
Shareholders' Equity, noncontrolling interest | 6 | 3 | 0 | |
Total Shareholders’ Equity | 4,154 | 4,253 | 5,207 | |
Total Liabilities and Shareholders' Equity | $ 20,198 | $ 20,576 | $ 21,018 |
Consolidated Balance Sheets (pa
Consolidated Balance Sheets (parenthetical) - USD ($) $ in Millions | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
Accumulated depreciation | $ 5,500 | $ 5,319 | $ 5,784 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Net income (loss) | $ 115 | $ 193 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Settlement charges | 13 | 0 |
Depreciation and amortization | 260 | 259 |
Stock-based compensation expense | 16 | 18 |
Amortization of financing costs and premium on acquired debt | (1) | (1) |
Changes in assets and liabilities: | ||
Decrease in receivables | 122 | 167 |
Increase in merchandise inventories | (232) | (483) |
Increase in prepaid expenses and other current assets | (22) | (42) |
Increase in other assets not separately identified | 0 | 0 |
Increase in merchandise accounts payable | 461 | 691 |
Decrease in accounts payable, accrued liabilities and other items not separately identified | (513) | (513) |
Decrease in current income taxes | (246) | (222) |
Increase (decrease) in deferred income taxes | 53 | (6) |
Decrease in other liabilities not separately identified | (18) | (8) |
Net cash provided (used) by operating activities | 8 | 53 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (153) | (180) |
Capitalized software | (75) | (63) |
Acquisition of Bluemercury, Inc., net of cash acquired | 0 | (212) |
Disposition of property and equipment | 16 | 4 |
Other, net | 1 | 70 |
Net cash used by investing activities | (211) | (381) |
Cash flows from financing activities: | ||
Debt repaid | (3) | (3) |
Dividends paid | (112) | (106) |
Increase (decrease) in outstanding checks | 43 | (41) |
Acquisition of treasury stock | (130) | (359) |
Issuance of common stock | 26 | 100 |
Proceeds from noncontrolling interest | 4 | 0 |
Net cash provided (used) by financing activities | (172) | (409) |
Net increase (decrease) in cash and cash equivalents | (375) | (737) |
Cash and cash equivalents beginning of period | 1,109 | 2,246 |
Cash and cash equivalents end of period | 734 | 1,509 |
Supplemental cash flow information: | ||
Interest paid | 80 | 81 |
Interest received | 1 | 0 |
Income taxes paid (net of refunds received) | $ 257 | $ 314 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2016 | |
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 include approximately 870 Macy's, Macy's Backstage, Bloomingdale's, Bloomingdales 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 is operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC. In August 2015, the Company established a joint venture, Macy's China Limited, of which the Company holds a sixty-five percent ownership interest and Hong Kong-based Fung Retailing Limited holds the remaining thirty-five percent ownership interest. Macy's China Limited sells merchandise in China through an e-commerce presence on Alibaba Group's Tmall Global. The Consolidated Financial Statements include the accounts of Macy's, Inc. and its 100%-owned subsidiaries and the newly established majority-owned subsidiary, Macy's China Limited. The noncontrolling interest represents the Fung Retailing Limited's thirty-five percent proportionate share of the results of Macy's China Limited. All intercompany transactions and balances have been eliminated in consolidation. 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 30, 2016 (the "2015 10-K"). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2015 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 April 30, 2016 and May 2, 2015 , 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 April 30, 2016 and May 2, 2015 (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 with the classifications of such amounts for the most recent fiscal period. 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 weeks ended April 30, 2016 and May 2, 2015 relate to post employment and postretirement plan items. The settlement charges incurred are included as a separate component of operating expenses in the Consolidated Statements of Income. The 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. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Attributable to Macy's, Inc. Shareholders The following table sets forth the computation of basic and diluted earnings per share attributable to Macy's, Inc. shareholders: 13 Weeks Ended April 30, 2016 May 2, 2015 Net Income Shares Net Income Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and $ 116 309.7 $ 193 339.8 Shares to be issued under deferred 0.9 0.9 $ 116 310.6 $ 193 340.7 Basic earnings per share attributable to $ .37 $ .57 Effect of dilutive securities: Stock options, restricted stock and restricted stock units 2.9 5.8 $ 116 313.5 $ 193 346.5 Diluted earnings per share attributable to $ .37 $ .56 In addition to the stock options, restricted stock and restricted stock units reflected in the foregoing tables, stock options to purchase 11.2 million shares of common stock and restricted stock units relating to 1.0 million shares of common stock were outstanding at April 30, 2016 , but were not included in the computation of diluted earnings per share for the 13 weeks ended April 30, 2016 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 tables, stock options to purchase 6.5 million shares of common stock and restricted stock units relating to 1.4 million shares of common stock were outstanding at May 2, 2015 , but were not included in the computation of diluted earnings per share for the 13 weeks ended May 2, 2015 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 |
Apr. 30, 2016 | |
Financing Activities [Abstract] | |
Financing Activities | Financing Activities The following table shows the detail of debt repayments: 13 Weeks Ended April 30, 2016 May 2, 2015 (millions) 9.5% amortizing debentures due 2021 $ 2 $ 2 9.75% amortizing debentures due 2021 1 1 $ 3 $ 3 During the 13 weeks ended April 30, 2016 , the Company repurchased approximately 3.0 million shares of its common stock pursuant to existing stock purchase authorizations for a total of approximately $129 million . On February 26, 2016, the Company's Board of Directors approved an additional $1,500 million in authorization to purchase its common stock. As of April 30, 2016 , the Company had $1,903 million of authorization remaining under its share repurchase program. 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. The Company entered into a credit agreement with certain financial institutions on May 6, 2016 providing for revolving credit borrowings and letters of credit in an aggregate amount not to exceed $1,500 million (which may be increased to $1,750 million at the option of the Company, subject to the willingness of existing or new lenders to provide commitments for such additional financing) outstanding at any particular time. This agreement is set to expire May 6, 2021 and replaces the prior agreement which was set to expire May 10, 2018. |
Benefit Plans
Benefit Plans | 3 Months Ended |
Apr. 30, 2016 | |
Pension and Other Postretirement Benefit Expense [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: 13 Weeks Ended April 30, 2016 May 2, 2015 (millions) 401(k) Defined Contribution Plan $ 24 $ 23 Pension Plan Service cost $ 1 $ 2 Interest cost 28 34 Expected return on assets (56 ) (59 ) Recognition of net actuarial loss 8 10 Amortization of prior service credit — — $ (19 ) $ (13 ) Supplementary Retirement Plan Service cost $ — $ — Interest cost 6 8 Recognition of net actuarial loss 2 3 Amortization of prior service cost — — $ 8 $ 11 Total Retirement Expense $ 13 $ 21 Postretirement Obligations Service cost $ — $ — Interest cost 2 2 Recognition of net actuarial gain (1 ) — Amortization of prior service cost — — $ 1 $ 2 During the 13 weeks ended April 30, 2016 , the Company also incurred $13 million of non-cash settlement charges relating to the Company's defined benefit retirement plans. These charges resulted from an increase in lump sum distributions associated with store closings, a voluntary separation program and organizational restructuring, in addition to periodic distribution activity. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2016 | |
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: April 30, 2016 May 2, 2015 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 $ 125 $ — $ 125 $ — $ 104 $ — $ 104 $ — 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: April 30, 2016 May 2, 2015 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 6,870 $ 6,962 $ 7,113 $ 7,088 $ 7,200 $ 8,020 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 3 Months Ended |
Apr. 30, 2016 | |
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 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, 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 Balance Sheets as of April 30, 2016 , May 2, 2015 and January 30, 2016 , the related Condensed Consolidating Statements of Comprehensive Income for the 13 weeks ended April 30, 2016 and May 2, 2015 , and the related Condensed Consolidating Statements of Cash Flows for the 13 weeks ended April 30, 2016 and May 2, 2015 are presented on the following pages. Condensed Consolidating Balance Sheet As of April 30, 2016 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 287 $ 112 $ 335 $ — $ 734 Receivables — 158 278 — 436 Merchandise inventories — 2,707 3,031 — 5,738 Income tax receivable 66 — — (47 ) 19 Prepaid expenses and other current assets — 121 369 — 490 Total Current Assets 353 3,098 4,013 (47 ) 7,417 Property and Equipment – net — 3,840 3,635 — 7,475 Goodwill — 3,315 582 — 3,897 Other Intangible Assets – net — 50 461 — 511 Other Assets — 154 744 — 898 Deferred Income Taxes 23 — — (23 ) — Intercompany Receivable — — 3,433 (3,433 ) — Investment in Subsidiaries 4,651 3,810 — (8,461 ) — Total Assets $ 5,027 $ 14,267 $ 12,868 $ (11,964 ) $ 20,198 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 641 $ 1 $ — $ 642 Merchandise accounts payable — 872 1,180 — 2,052 Accounts payable and accrued liabilities 34 1,192 1,464 — 2,690 Income taxes — 9 38 (47 ) — Total Current Liabilities 34 2,714 2,683 (47 ) 5,384 Long-Term Debt — 6,971 19 — 6,990 Intercompany Payable 787 2,646 — (3,433 ) — Deferred Income Taxes — 726 833 (23 ) 1,536 Other Liabilities 58 547 1,529 — 2,134 Shareholders' Equity: Macy's, Inc. 4,148 663 7,798 (8,461 ) 4,148 Noncontrolling Interest — — 6 — 6 Total Shareholders' Equity 4,148 663 7,804 (8,461 ) 4,154 Total Liabilities and Shareholders' Equity $ 5,027 $ 14,267 $ 12,868 $ (11,964 ) $ 20,198 Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended April 30, 2016 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,454 $ 5,374 $ (2,057 ) $ 5,771 Cost of sales — (1,604 ) (3,969 ) 2,057 (3,516 ) Gross margin — 850 1,405 — 2,255 Selling, general and administrative expenses (1 ) (882 ) (1,083 ) — (1,966 ) Settlement charges — (3 ) (10 ) — (13 ) Operating income (loss) (1 ) (35 ) 312 — 276 Interest (expense) income, net: External 1 (99 ) — — (98 ) Intercompany — (58 ) 58 — — Equity in earnings of subsidiaries 116 10 — (126 ) — Income (loss) before income taxes 116 (182 ) 370 (126 ) 178 Federal, state and local income — 61 (124 ) — (63 ) Net income (loss) 116 (121 ) 246 (126 ) 115 Net loss attributable to noncontrolling interest — — 1 — 1 Net income (loss) attributable to $ 116 $ (121 ) $ 247 $ (126 ) $ 116 Comprehensive income (loss) $ 108 $ (129 ) $ 241 $ (113 ) $ 107 Comprehensive loss attributable to — — 1 — 1 Comprehensive income (loss) attributable to $ 108 $ (129 ) $ 242 $ (113 ) $ 108 Condensed Consolidating Statement of Cash Flows For the 13 Weeks Ended April 30, 2016 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 116 $ (121 ) $ 246 $ (126 ) $ 115 Settlement charges — 3 10 — 13 Equity in earnings of subsidiaries (116 ) (10 ) — 126 — Dividends received from subsidiaries 182 — — (182 ) — Depreciation and amortization — 102 158 — 260 (Increase) decrease in working capital (34 ) 55 (451 ) — (430 ) Other, net 19 16 15 — 50 Net cash provided (used) by operating activities 167 45 (22 ) (182 ) 8 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — (54 ) (158 ) — (212 ) Other, net — (2 ) 3 — 1 Net cash used by investing activities — (56 ) (155 ) — (211 ) Cash flows from financing activities: Debt repaid — (3 ) — — (3 ) Dividends paid (112 ) — (182 ) 182 (112 ) Common stock acquired, net of (104 ) — — — (104 ) Proceeds from noncontrolling interest — — 4 — 4 Intercompany activity, net (415 ) 52 363 — — Other, net 10 (17 ) 50 — 43 Net cash provided (used) by (621 ) 32 235 182 (172 ) Net increase (decrease) in cash (454 ) 21 58 — (375 ) Cash and cash equivalents at beginning of period 741 91 277 — 1,109 Cash and cash equivalents at end of period $ 287 $ 112 $ 335 $ — $ 734 Condensed Consolidating Balance Sheet As of May 2, 2015 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 1,078 $ 115 $ 316 $ — $ 1,509 Receivables — 48 211 — 259 Merchandise inventories — 2,961 2,968 — 5,929 Income tax receivable 43 — — (43 ) — Prepaid expenses and other current assets — 101 370 — 471 Total Current Assets 1,121 3,225 3,865 (43 ) 8,168 Property and Equipment – net — 4,250 3,462 — 7,712 Goodwill — 3,315 582 — 3,897 Other Intangible Assets – net — 68 463 — 531 Other Assets 1 44 665 — 710 Deferred Income Taxes 22 — — (22 ) — Intercompany Receivable — — 3,588 (3,588 ) — Investment in Subsidiaries 4,701 3,549 — (8,250 ) — Total Assets $ 5,845 $ 14,451 $ 12,625 $ (11,903 ) $ 21,018 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 75 $ 1 $ — $ 76 Merchandise accounts payable — 1,139 1,247 — 2,386 Accounts payable and accrued liabilities 13 1,043 1,355 — 2,411 Income taxes — 10 107 (43 ) 74 Total Current Liabilities 13 2,267 2,710 (43 ) 4,947 Long-Term Debt — 7,209 20 — 7,229 Intercompany Payable 564 3,024 — (3,588 ) — Deferred Income Taxes — 744 734 (22 ) 1,456 Other Liabilities 61 543 1,575 — 2,179 Shareholders' Equity: Macy's, Inc. 5,207 664 7,586 (8,250 ) 5,207 Noncontrolling Interest — — — — — Total Shareholders' Equity 5,207 664 7,586 (8,250 ) 5,207 Total Liabilities and Shareholders' Equity $ 5,845 $ 14,451 $ 12,625 $ (11,903 ) $ 21,018 Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended May 2, 2015 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,776 $ 5,691 $ (2,235 ) $ 6,232 Cost of sales — (1,809 ) (4,226 ) 2,235 (3,800 ) Gross margin — 967 1,465 — 2,432 Selling, general and administrative expenses (1 ) (980 ) (1,042 ) — (2,023 ) Operating income (loss) (1 ) (13 ) 423 — 409 Interest (expense) income, net: External — (95 ) — — (95 ) Intercompany — (58 ) 58 — — Equity in earnings of subsidiaries 194 60 — (254 ) — Income (loss) before income taxes 193 (106 ) 481 (254 ) 314 Federal, state and local income — 37 (158 ) — (121 ) Net income (loss) 193 (69 ) 323 (254 ) 193 Net loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to $ 193 $ (69 ) $ 323 $ (254 ) $ 193 Comprehensive income (loss) $ 201 $ (61 ) $ 327 $ (266 ) $ 201 Comprehensive loss attributable to — — — — — Comprehensive income (loss) attributable to $ 201 $ (61 ) $ 327 $ (266 ) $ 201 Condensed Consolidating Statement of Cash Flows For the 13 Weeks Ended May 2, 2015 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 193 $ (69 ) $ 323 $ (254 ) $ 193 Equity in earnings of subsidiaries (194 ) (60 ) — 254 — Dividends received from subsidiaries 191 — — (191 ) — Depreciation and amortization — 106 153 — 259 (Increase) decrease in working capital 43 16 (461 ) — (402 ) Other, net 24 (6 ) (15 ) — 3 Net cash provided (used) by operating 257 (13 ) — (191 ) 53 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — (69 ) (170 ) — (239 ) Other, net — 7 (149 ) — (142 ) Net cash used by investing activities — (62 ) (319 ) — (381 ) Cash flows from financing activities: Debt repaid — (3 ) — — (3 ) Dividends paid (106 ) — (191 ) 191 (106 ) Common stock acquired, net of (259 ) — — — (259 ) Intercompany activity, net (669 ) 146 523 — — Other, net (53 ) (47 ) 59 — (41 ) Net cash provided (used) by (1,087 ) 96 391 191 (409 ) Net increase (decrease) in cash and (830 ) 21 72 — (737 ) Cash and cash equivalents at beginning of period 1,908 94 244 — 2,246 Cash and cash equivalents at end of period $ 1,078 $ 115 $ 316 $ — $ 1,509 Condensed Consolidating Balance Sheet As of January 30, 2016 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 741 $ 91 $ 277 $ — $ 1,109 Receivables — 217 341 — 558 Merchandise inventories — 2,702 2,804 — 5,506 Income tax receivable 44 — — (44 ) — Prepaid expenses and other current assets — 135 344 — 479 Total Current Assets 785 3,145 3,766 (44 ) 7,652 Property and Equipment – net — 3,925 3,691 — 7,616 Goodwill — 3,315 582 — 3,897 Other Intangible Assets – net — 52 462 — 514 Other Assets — 154 743 — 897 Deferred Income Taxes 14 — — (14 ) — Intercompany Receivable — — 3,800 (3,800 ) — Investment in Subsidiaries 4,725 3,804 — (8,529 ) — Total Assets $ 5,524 $ 14,395 $ 13,044 $ (12,387 ) $ 20,576 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 641 $ 1 $ — $ 642 Merchandise accounts payable — 667 859 — 1,526 Accounts payable and accrued liabilities 35 1,439 1,859 — 3,333 Income taxes — 41 230 (44 ) 227 Total Current Liabilities 35 2,788 2,949 (44 ) 5,728 Long-Term Debt — 6,976 19 — 6,995 Intercompany Payable 1,218 2,582 — (3,800 ) — Deferred Income Taxes — 693 798 (14 ) 1,477 Other Liabilities 21 558 1,544 — 2,123 Shareholders' Equity: Macy's, Inc. 4,250 798 7,731 (8,529 ) 4,250 Noncontrolling Interest — — 3 — 3 Total Shareholders' Equity 4,250 798 7,734 (8,529 ) 4,253 Total Liabilities and Shareholders' Equity $ 5,524 $ 14,395 $ 13,044 $ (12,387 ) $ 20,576 |
Summary of Significant Accoun13
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
Apr. 30, 2016 | |
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 include approximately 870 Macy's, Macy's Backstage, Bloomingdale's, Bloomingdales 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 is operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC. |
Consolidation, Subsidiaries or Other Investments | In August 2015, the Company established a joint venture, Macy's China Limited, of which the Company holds a sixty-five percent ownership interest and Hong Kong-based Fung Retailing Limited holds the remaining thirty-five percent ownership interest. Macy's China Limited sells merchandise in China through an e-commerce presence on Alibaba Group's Tmall Global. The Consolidated Financial Statements include the accounts of Macy's, Inc. and its 100%-owned subsidiaries and the newly established majority-owned subsidiary, Macy's China Limited. The noncontrolling interest represents the Fung Retailing Limited's thirty-five percent proportionate share of the results of Macy's China Limited. All intercompany transactions and balances have been eliminated in consolidation. |
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 April 30, 2016 and May 2, 2015 , 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 with the classifications of such amounts for the most recent fiscal period. |
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 weeks ended April 30, 2016 and May 2, 2015 relate to post employment and postretirement plan items. The settlement charges incurred are included as a separate component of operating expenses in the Consolidated Statements of Income. The 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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
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 attributable to Macy's, Inc. shareholders: 13 Weeks Ended April 30, 2016 May 2, 2015 Net Income Shares Net Income Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and $ 116 309.7 $ 193 339.8 Shares to be issued under deferred 0.9 0.9 $ 116 310.6 $ 193 340.7 Basic earnings per share attributable to $ .37 $ .57 Effect of dilutive securities: Stock options, restricted stock and restricted stock units 2.9 5.8 $ 116 313.5 $ 193 346.5 Diluted earnings per share attributable to $ .37 $ .56 |
Financing Activities Financing
Financing Activities Financing Activites (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Extinguishment of Debt [Line Items] | |
Detail of Debt Repayments | The following table shows the detail of debt repayments: 13 Weeks Ended April 30, 2016 May 2, 2015 (millions) 9.5% amortizing debentures due 2021 $ 2 $ 2 9.75% amortizing debentures due 2021 1 1 $ 3 $ 3 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Pension and Other Postretirement Benefit Expense [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: 13 Weeks Ended April 30, 2016 May 2, 2015 (millions) 401(k) Defined Contribution Plan $ 24 $ 23 Pension Plan Service cost $ 1 $ 2 Interest cost 28 34 Expected return on assets (56 ) (59 ) Recognition of net actuarial loss 8 10 Amortization of prior service credit — — $ (19 ) $ (13 ) Supplementary Retirement Plan Service cost $ — $ — Interest cost 6 8 Recognition of net actuarial loss 2 3 Amortization of prior service cost — — $ 8 $ 11 Total Retirement Expense $ 13 $ 21 Postretirement Obligations Service cost $ — $ — Interest cost 2 2 Recognition of net actuarial gain (1 ) — Amortization of prior service cost — — $ 1 $ 2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
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: April 30, 2016 May 2, 2015 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 $ 125 $ — $ 125 $ — $ 104 $ — $ 104 $ — |
Estimated Fair Values of Company's Long Term Debt | The following table shows the estimated fair value of the Company's long-term debt: April 30, 2016 May 2, 2015 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 6,870 $ 6,962 $ 7,113 $ 7,088 $ 7,200 $ 8,020 |
Condensed Consolidating Finan18
Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet As of January 30, 2016 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 741 $ 91 $ 277 $ — $ 1,109 Receivables — 217 341 — 558 Merchandise inventories — 2,702 2,804 — 5,506 Income tax receivable 44 — — (44 ) — Prepaid expenses and other current assets — 135 344 — 479 Total Current Assets 785 3,145 3,766 (44 ) 7,652 Property and Equipment – net — 3,925 3,691 — 7,616 Goodwill — 3,315 582 — 3,897 Other Intangible Assets – net — 52 462 — 514 Other Assets — 154 743 — 897 Deferred Income Taxes 14 — — (14 ) — Intercompany Receivable — — 3,800 (3,800 ) — Investment in Subsidiaries 4,725 3,804 — (8,529 ) — Total Assets $ 5,524 $ 14,395 $ 13,044 $ (12,387 ) $ 20,576 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 641 $ 1 $ — $ 642 Merchandise accounts payable — 667 859 — 1,526 Accounts payable and accrued liabilities 35 1,439 1,859 — 3,333 Income taxes — 41 230 (44 ) 227 Total Current Liabilities 35 2,788 2,949 (44 ) 5,728 Long-Term Debt — 6,976 19 — 6,995 Intercompany Payable 1,218 2,582 — (3,800 ) — Deferred Income Taxes — 693 798 (14 ) 1,477 Other Liabilities 21 558 1,544 — 2,123 Shareholders' Equity: Macy's, Inc. 4,250 798 7,731 (8,529 ) 4,250 Noncontrolling Interest — — 3 — 3 Total Shareholders' Equity 4,250 798 7,734 (8,529 ) 4,253 Total Liabilities and Shareholders' Equity $ 5,524 $ 14,395 $ 13,044 $ (12,387 ) $ 20,576 Condensed Consolidating Balance Sheet As of May 2, 2015 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 1,078 $ 115 $ 316 $ — $ 1,509 Receivables — 48 211 — 259 Merchandise inventories — 2,961 2,968 — 5,929 Income tax receivable 43 — — (43 ) — Prepaid expenses and other current assets — 101 370 — 471 Total Current Assets 1,121 3,225 3,865 (43 ) 8,168 Property and Equipment – net — 4,250 3,462 — 7,712 Goodwill — 3,315 582 — 3,897 Other Intangible Assets – net — 68 463 — 531 Other Assets 1 44 665 — 710 Deferred Income Taxes 22 — — (22 ) — Intercompany Receivable — — 3,588 (3,588 ) — Investment in Subsidiaries 4,701 3,549 — (8,250 ) — Total Assets $ 5,845 $ 14,451 $ 12,625 $ (11,903 ) $ 21,018 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 75 $ 1 $ — $ 76 Merchandise accounts payable — 1,139 1,247 — 2,386 Accounts payable and accrued liabilities 13 1,043 1,355 — 2,411 Income taxes — 10 107 (43 ) 74 Total Current Liabilities 13 2,267 2,710 (43 ) 4,947 Long-Term Debt — 7,209 20 — 7,229 Intercompany Payable 564 3,024 — (3,588 ) — Deferred Income Taxes — 744 734 (22 ) 1,456 Other Liabilities 61 543 1,575 — 2,179 Shareholders' Equity: Macy's, Inc. 5,207 664 7,586 (8,250 ) 5,207 Noncontrolling Interest — — — — — Total Shareholders' Equity 5,207 664 7,586 (8,250 ) 5,207 Total Liabilities and Shareholders' Equity $ 5,845 $ 14,451 $ 12,625 $ (11,903 ) $ 21,018 Condensed Consolidating Balance Sheet As of April 30, 2016 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 287 $ 112 $ 335 $ — $ 734 Receivables — 158 278 — 436 Merchandise inventories — 2,707 3,031 — 5,738 Income tax receivable 66 — — (47 ) 19 Prepaid expenses and other current assets — 121 369 — 490 Total Current Assets 353 3,098 4,013 (47 ) 7,417 Property and Equipment – net — 3,840 3,635 — 7,475 Goodwill — 3,315 582 — 3,897 Other Intangible Assets – net — 50 461 — 511 Other Assets — 154 744 — 898 Deferred Income Taxes 23 — — (23 ) — Intercompany Receivable — — 3,433 (3,433 ) — Investment in Subsidiaries 4,651 3,810 — (8,461 ) — Total Assets $ 5,027 $ 14,267 $ 12,868 $ (11,964 ) $ 20,198 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 641 $ 1 $ — $ 642 Merchandise accounts payable — 872 1,180 — 2,052 Accounts payable and accrued liabilities 34 1,192 1,464 — 2,690 Income taxes — 9 38 (47 ) — Total Current Liabilities 34 2,714 2,683 (47 ) 5,384 Long-Term Debt — 6,971 19 — 6,990 Intercompany Payable 787 2,646 — (3,433 ) — Deferred Income Taxes — 726 833 (23 ) 1,536 Other Liabilities 58 547 1,529 — 2,134 Shareholders' Equity: Macy's, Inc. 4,148 663 7,798 (8,461 ) 4,148 Noncontrolling Interest — — 6 — 6 Total Shareholders' Equity 4,148 663 7,804 (8,461 ) 4,154 Total Liabilities and Shareholders' Equity $ 5,027 $ 14,267 $ 12,868 $ (11,964 ) $ 20,198 |
Condensed Consolidating Statement of Comprehensive Income [Table Text Block] | Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended April 30, 2016 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,454 $ 5,374 $ (2,057 ) $ 5,771 Cost of sales — (1,604 ) (3,969 ) 2,057 (3,516 ) Gross margin — 850 1,405 — 2,255 Selling, general and administrative expenses (1 ) (882 ) (1,083 ) — (1,966 ) Settlement charges — (3 ) (10 ) — (13 ) Operating income (loss) (1 ) (35 ) 312 — 276 Interest (expense) income, net: External 1 (99 ) — — (98 ) Intercompany — (58 ) 58 — — Equity in earnings of subsidiaries 116 10 — (126 ) — Income (loss) before income taxes 116 (182 ) 370 (126 ) 178 Federal, state and local income — 61 (124 ) — (63 ) Net income (loss) 116 (121 ) 246 (126 ) 115 Net loss attributable to noncontrolling interest — — 1 — 1 Net income (loss) attributable to $ 116 $ (121 ) $ 247 $ (126 ) $ 116 Comprehensive income (loss) $ 108 $ (129 ) $ 241 $ (113 ) $ 107 Comprehensive loss attributable to — — 1 — 1 Comprehensive income (loss) attributable to $ 108 $ (129 ) $ 242 $ (113 ) $ 108 Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended May 2, 2015 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,776 $ 5,691 $ (2,235 ) $ 6,232 Cost of sales — (1,809 ) (4,226 ) 2,235 (3,800 ) Gross margin — 967 1,465 — 2,432 Selling, general and administrative expenses (1 ) (980 ) (1,042 ) — (2,023 ) Operating income (loss) (1 ) (13 ) 423 — 409 Interest (expense) income, net: External — (95 ) — — (95 ) Intercompany — (58 ) 58 — — Equity in earnings of subsidiaries 194 60 — (254 ) — Income (loss) before income taxes 193 (106 ) 481 (254 ) 314 Federal, state and local income — 37 (158 ) — (121 ) Net income (loss) 193 (69 ) 323 (254 ) 193 Net loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to $ 193 $ (69 ) $ 323 $ (254 ) $ 193 Comprehensive income (loss) $ 201 $ (61 ) $ 327 $ (266 ) $ 201 Comprehensive loss attributable to — — — — — Comprehensive income (loss) attributable to $ 201 $ (61 ) $ 327 $ (266 ) $ 201 |
Condensed Consolidating Statement of Cash Flows [Table Text Block] | Condensed Consolidating Statement of Cash Flows For the 13 Weeks Ended May 2, 2015 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 193 $ (69 ) $ 323 $ (254 ) $ 193 Equity in earnings of subsidiaries (194 ) (60 ) — 254 — Dividends received from subsidiaries 191 — — (191 ) — Depreciation and amortization — 106 153 — 259 (Increase) decrease in working capital 43 16 (461 ) — (402 ) Other, net 24 (6 ) (15 ) — 3 Net cash provided (used) by operating 257 (13 ) — (191 ) 53 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — (69 ) (170 ) — (239 ) Other, net — 7 (149 ) — (142 ) Net cash used by investing activities — (62 ) (319 ) — (381 ) Cash flows from financing activities: Debt repaid — (3 ) — — (3 ) Dividends paid (106 ) — (191 ) 191 (106 ) Common stock acquired, net of (259 ) — — — (259 ) Intercompany activity, net (669 ) 146 523 — — Other, net (53 ) (47 ) 59 — (41 ) Net cash provided (used) by (1,087 ) 96 391 191 (409 ) Net increase (decrease) in cash and (830 ) 21 72 — (737 ) Cash and cash equivalents at beginning of period 1,908 94 244 — 2,246 Cash and cash equivalents at end of period $ 1,078 $ 115 $ 316 $ — $ 1,509 Condensed Consolidating Statement of Cash Flows For the 13 Weeks Ended April 30, 2016 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 116 $ (121 ) $ 246 $ (126 ) $ 115 Settlement charges — 3 10 — 13 Equity in earnings of subsidiaries (116 ) (10 ) — 126 — Dividends received from subsidiaries 182 — — (182 ) — Depreciation and amortization — 102 158 — 260 (Increase) decrease in working capital (34 ) 55 (451 ) — (430 ) Other, net 19 16 15 — 50 Net cash provided (used) by operating activities 167 45 (22 ) (182 ) 8 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — (54 ) (158 ) — (212 ) Other, net — (2 ) 3 — 1 Net cash used by investing activities — (56 ) (155 ) — (211 ) Cash flows from financing activities: Debt repaid — (3 ) — — (3 ) Dividends paid (112 ) — (182 ) 182 (112 ) Common stock acquired, net of (104 ) — — — (104 ) Proceeds from noncontrolling interest — — 4 — 4 Intercompany activity, net (415 ) 52 363 — — Other, net 10 (17 ) 50 — 43 Net cash provided (used) by (621 ) 32 235 182 (172 ) Net increase (decrease) in cash (454 ) 21 58 — (375 ) Cash and cash equivalents at beginning of period 741 91 277 — 1,109 Cash and cash equivalents at end of period $ 287 $ 112 $ 335 $ — $ 734 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Narrative) (Details) | Apr. 30, 2016stores |
Number of states in which entity operates | 45 |
Minimum [Member] | |
Number of Stores | 870 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Stock Options [Member] | ||
Stock options and restricted stock units outstanding, not included in computation of diluted earnings per share | 11.2 | 6.5 |
Restricted Stock Units [Member] | ||
Stock options and restricted stock units outstanding, not included in computation of diluted earnings per share | 1 | 1.4 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to Macy's, Inc. shareholders | $ 116 | $ 193 |
Net income available to common stockholders, basic | 116 | 193 |
Net income available to common stockholders, diluted | $ 116 | $ 193 |
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 0.37 | $ 0.57 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 0.37 | $ 0.56 |
Average number of shares issued, basic | 309.7 | 339.8 |
Shares to be issued under deferred compensation and other plans | 0.9 | 0.9 |
Average number of shares outstanding, basic | 310.6 | 340.7 |
Effect of dilutive securities-stock options, restricted stock and restricted stock units | 2.9 | 5.8 |
Average number of shares outstanding, diluted | 313.5 | 346.5 |
Financing Activities (Details)
Financing Activities (Details) shares in Millions, $ in Millions | 3 Months Ended |
Apr. 30, 2016USD ($)shares | |
Financing Activities [Abstract] | |
Stock Repurchased During Period, Shares | shares | 3 |
Stock Repurchased During Period, Value | $ 129 |
Stock Repurchase Program, Authorized Amount | 1,500 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 1,903 |
Line of Credit Facility, Current Borrowing Capacity | 1,500 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,750 |
Financing Activities (Detail Of
Financing Activities (Detail Of Debt Repayments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Debt repaid | $ 3 | $ 3 |
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 |
Benefit Plans (Net Periodic Ben
Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
401(k) defined contribution plan expense | $ 24 | $ 23 |
Total Retirement Expense | 13 | 21 |
Settlement charges | 13 | 0 |
Pension Plan [Member] | ||
Service cost | 1 | 2 |
Interest cost | 28 | 34 |
Expected return on assets | (56) | (59) |
Recognition of net actuarial (gain) loss | 8 | 10 |
Amortization of prior service credit | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | (19) | (13) |
Supplemental Employee Retirement Plan [Member] | ||
Service cost | 0 | 0 |
Interest cost | 6 | 8 |
Recognition of net actuarial (gain) loss | 2 | 3 |
Amortization of prior service credit | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 8 | 11 |
Other Postretirement Benefit Plan [Member] | ||
Service cost | 0 | 0 |
Interest cost | 2 | 2 |
Recognition of net actuarial (gain) loss | (1) | 0 |
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 and Nonrecurring Basis) (Details) - USD ($) $ in Millions | Apr. 30, 2016 | May. 02, 2015 |
Marketable equity and debt securities | $ 125 | $ 104 |
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 | 125 | 104 |
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 ($) $ in Millions | Apr. 30, 2016 | May. 02, 2015 |
Long-term debt | $ 7,113 | $ 8,020 |
Carrying Amount | ||
Long-term debt | 6,962 | 7,200 |
Notional Amount | ||
Long-term debt | $ 6,870 | $ 7,088 |
Condensed Consolidating Finan27
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 | Jan. 31, 2015 |
Current Assets: | ||||
Cash and cash equivalents | $ 734 | $ 1,109 | $ 1,509 | $ 2,246 |
Receivables | 436 | 558 | 259 | |
Merchandise inventories | 5,738 | 5,506 | 5,929 | |
Prepaid expenses and other current assets | 490 | 479 | 471 | |
Income tax receivable | 19 | 0 | 0 | |
Total Current Assets | 7,417 | 7,652 | 8,168 | |
Property and Equipment - net | 7,475 | 7,616 | 7,712 | |
Goodwill | 3,897 | 3,897 | 3,897 | |
Other Intangible Assets - net | 511 | 514 | 531 | |
Other Assets | 898 | 897 | 710 | |
Deferred Income Taxes | 0 | 0 | 0 | |
Intercompany Receivable | 0 | 0 | 0 | |
Investment in Subsidiaries | 0 | 0 | 0 | |
Total Assets | 20,198 | 20,576 | 21,018 | |
Current Liabilities: | ||||
Short-term debt | 642 | 642 | 76 | |
Merchandise accounts payable | 2,052 | 1,526 | 2,386 | |
Accounts payable and accrued liabilities | 2,690 | 3,333 | 2,411 | |
Income taxes | 0 | 227 | 74 | |
Total Current Liabilities | 5,384 | 5,728 | 4,947 | |
Long-Term Debt | 6,990 | 6,995 | 7,229 | |
Intercompany Payable | 0 | 0 | 0 | |
Deferred Income Taxes | 1,536 | 1,477 | 1,456 | |
Other Liabilities | 2,134 | 2,123 | 2,179 | |
Shareholders' Equity, Macy's, Inc. | 4,148 | 4,250 | 5,207 | |
Shareholders' Equity, noncontrolling interest | 6 | 3 | 0 | |
Total Shareholders’ Equity | 4,154 | 4,253 | 5,207 | |
Total Liabilities and Shareholders' Equity | 20,198 | 20,576 | 21,018 | |
Parent | ||||
Current Assets: | ||||
Cash and cash equivalents | 287 | 741 | 1,078 | 1,908 |
Receivables | 0 | 0 | 0 | |
Merchandise inventories | 0 | 0 | 0 | |
Prepaid expenses and other current assets | 0 | 0 | 0 | |
Income tax receivable | 66 | 44 | 43 | |
Total Current Assets | 353 | 785 | 1,121 | |
Property and Equipment - net | 0 | 0 | 0 | |
Goodwill | 0 | 0 | 0 | |
Other Intangible Assets - net | 0 | 0 | 0 | |
Other Assets | 0 | 0 | 1 | |
Deferred Income Taxes | 23 | 14 | 22 | |
Intercompany Receivable | 0 | 0 | 0 | |
Investment in Subsidiaries | 4,651 | 4,725 | 4,701 | |
Total Assets | 5,027 | 5,524 | 5,845 | |
Current Liabilities: | ||||
Short-term debt | 0 | 0 | 0 | |
Merchandise accounts payable | 0 | 0 | 0 | |
Accounts payable and accrued liabilities | 34 | 35 | 13 | |
Income taxes | 0 | 0 | 0 | |
Total Current Liabilities | 34 | 35 | 13 | |
Long-Term Debt | 0 | 0 | 0 | |
Intercompany Payable | 787 | 1,218 | 564 | |
Deferred Income Taxes | 0 | 0 | 0 | |
Other Liabilities | 58 | 21 | 61 | |
Shareholders' Equity, Macy's, Inc. | 4,148 | 4,250 | 5,207 | |
Shareholders' Equity, noncontrolling interest | 0 | 0 | 0 | |
Total Shareholders’ Equity | 4,148 | 4,250 | 5,207 | |
Total Liabilities and Shareholders' Equity | 5,027 | 5,524 | 5,845 | |
Subsidiary Issuer | ||||
Current Assets: | ||||
Cash and cash equivalents | 112 | 91 | 115 | 94 |
Receivables | 158 | 217 | 48 | |
Merchandise inventories | 2,707 | 2,702 | 2,961 | |
Prepaid expenses and other current assets | 121 | 135 | 101 | |
Income tax receivable | 0 | 0 | 0 | |
Total Current Assets | 3,098 | 3,145 | 3,225 | |
Property and Equipment - net | 3,840 | 3,925 | 4,250 | |
Goodwill | 3,315 | 3,315 | 3,315 | |
Other Intangible Assets - net | 50 | 52 | 68 | |
Other Assets | 154 | 154 | 44 | |
Deferred Income Taxes | 0 | 0 | 0 | |
Intercompany Receivable | 0 | 0 | 0 | |
Investment in Subsidiaries | 3,810 | 3,804 | 3,549 | |
Total Assets | 14,267 | 14,395 | 14,451 | |
Current Liabilities: | ||||
Short-term debt | 641 | 641 | 75 | |
Merchandise accounts payable | 872 | 667 | 1,139 | |
Accounts payable and accrued liabilities | 1,192 | 1,439 | 1,043 | |
Income taxes | 9 | 41 | 10 | |
Total Current Liabilities | 2,714 | 2,788 | 2,267 | |
Long-Term Debt | 6,971 | 6,976 | 7,209 | |
Intercompany Payable | 2,646 | 2,582 | 3,024 | |
Deferred Income Taxes | 726 | 693 | 744 | |
Other Liabilities | 547 | 558 | 543 | |
Shareholders' Equity, Macy's, Inc. | 663 | 798 | 664 | |
Shareholders' Equity, noncontrolling interest | 0 | 0 | 0 | |
Total Shareholders’ Equity | 663 | 798 | 664 | |
Total Liabilities and Shareholders' Equity | 14,267 | 14,395 | 14,451 | |
Other Subsidiaries | ||||
Current Assets: | ||||
Cash and cash equivalents | 335 | 277 | 316 | 244 |
Receivables | 278 | 341 | 211 | |
Merchandise inventories | 3,031 | 2,804 | 2,968 | |
Prepaid expenses and other current assets | 369 | 344 | 370 | |
Income tax receivable | 0 | 0 | 0 | |
Total Current Assets | 4,013 | 3,766 | 3,865 | |
Property and Equipment - net | 3,635 | 3,691 | 3,462 | |
Goodwill | 582 | 582 | 582 | |
Other Intangible Assets - net | 461 | 462 | 463 | |
Other Assets | 744 | 743 | 665 | |
Deferred Income Taxes | 0 | 0 | 0 | |
Intercompany Receivable | 3,433 | 3,800 | 3,588 | |
Investment in Subsidiaries | 0 | 0 | 0 | |
Total Assets | 12,868 | 13,044 | 12,625 | |
Current Liabilities: | ||||
Short-term debt | 1 | 1 | 1 | |
Merchandise accounts payable | 1,180 | 859 | 1,247 | |
Accounts payable and accrued liabilities | 1,464 | 1,859 | 1,355 | |
Income taxes | 38 | 230 | 107 | |
Total Current Liabilities | 2,683 | 2,949 | 2,710 | |
Long-Term Debt | 19 | 19 | 20 | |
Intercompany Payable | 0 | 0 | 0 | |
Deferred Income Taxes | 833 | 798 | 734 | |
Other Liabilities | 1,529 | 1,544 | 1,575 | |
Shareholders' Equity, Macy's, Inc. | 7,798 | 7,731 | 7,586 | |
Shareholders' Equity, noncontrolling interest | 6 | 3 | 0 | |
Total Shareholders’ Equity | 7,804 | 7,734 | 7,586 | |
Total Liabilities and Shareholders' Equity | 12,868 | 13,044 | 12,625 | |
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 tax receivable | (47) | (44) | (43) | |
Total Current Assets | (47) | (44) | (43) | |
Property and Equipment - net | 0 | 0 | 0 | |
Goodwill | 0 | 0 | 0 | |
Other Intangible Assets - net | 0 | 0 | 0 | |
Other Assets | 0 | 0 | 0 | |
Deferred Income Taxes | (23) | (14) | (22) | |
Intercompany Receivable | (3,433) | (3,800) | (3,588) | |
Investment in Subsidiaries | (8,461) | (8,529) | (8,250) | |
Total Assets | (11,964) | (12,387) | (11,903) | |
Current Liabilities: | ||||
Short-term debt | 0 | 0 | 0 | |
Merchandise accounts payable | 0 | 0 | 0 | |
Accounts payable and accrued liabilities | 0 | 0 | 0 | |
Income taxes | (47) | (44) | (43) | |
Total Current Liabilities | (47) | (44) | (43) | |
Long-Term Debt | 0 | 0 | 0 | |
Intercompany Payable | (3,433) | (3,800) | (3,588) | |
Deferred Income Taxes | (23) | (14) | (22) | |
Other Liabilities | 0 | 0 | 0 | |
Shareholders' Equity, Macy's, Inc. | (8,461) | (8,529) | (8,250) | |
Shareholders' Equity, noncontrolling interest | 0 | 0 | 0 | |
Total Shareholders’ Equity | (8,461) | (8,529) | (8,250) | |
Total Liabilities and Shareholders' Equity | $ (11,964) | $ (12,387) | $ (11,903) |
Condensed Consolidating Finan28
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Net sales | $ 5,771 | $ 6,232 |
Cost of sales | (3,516) | (3,800) |
Gross margin | 2,255 | 2,432 |
Selling, general and administrative expenses | (1,966) | (2,023) |
Settlement charges | 13 | 0 |
Operating income (loss) | 276 | 409 |
Interest (expense) income, net | ||
External | (98) | (95) |
Intercompany | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 0 |
Income (loss) before income taxes | 178 | 314 |
Federal, state and local income tax benefit (expense) | (63) | (121) |
Net income (loss) | 115 | 193 |
Net loss attributable to noncontrolling interest | 1 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | 116 | 193 |
Comprehensive income (loss) | 107 | 201 |
Comprehensive loss attributable to noncontrolling interest | 1 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | 108 | 201 |
Parent | ||
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross margin | 0 | 0 |
Selling, general and administrative expenses | (1) | (1) |
Settlement charges | 0 | |
Operating income (loss) | (1) | (1) |
Interest (expense) income, net | ||
External | 1 | 0 |
Intercompany | 0 | 0 |
Equity in earnings of subsidiaries | 116 | 194 |
Income (loss) before income taxes | 116 | 193 |
Federal, state and local income tax benefit (expense) | 0 | 0 |
Net income (loss) | 116 | 193 |
Net loss attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | 116 | 193 |
Comprehensive income (loss) | 108 | 201 |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | 108 | 201 |
Subsidiary Issuer | ||
Net sales | 2,454 | 2,776 |
Cost of sales | (1,604) | (1,809) |
Gross margin | 850 | 967 |
Selling, general and administrative expenses | (882) | (980) |
Settlement charges | 3 | |
Operating income (loss) | (35) | (13) |
Interest (expense) income, net | ||
External | (99) | (95) |
Intercompany | (58) | (58) |
Equity in earnings of subsidiaries | 10 | 60 |
Income (loss) before income taxes | (182) | (106) |
Federal, state and local income tax benefit (expense) | 61 | 37 |
Net income (loss) | (121) | (69) |
Net loss attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | (121) | (69) |
Comprehensive income (loss) | (129) | (61) |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | (129) | (61) |
Other Subsidiaries | ||
Net sales | 5,374 | 5,691 |
Cost of sales | (3,969) | (4,226) |
Gross margin | 1,405 | 1,465 |
Selling, general and administrative expenses | (1,083) | (1,042) |
Settlement charges | 10 | |
Operating income (loss) | 312 | 423 |
Interest (expense) income, net | ||
External | 0 | 0 |
Intercompany | 58 | 58 |
Equity in earnings of subsidiaries | 0 | 0 |
Income (loss) before income taxes | 370 | 481 |
Federal, state and local income tax benefit (expense) | (124) | (158) |
Net income (loss) | 246 | 323 |
Net loss attributable to noncontrolling interest | 1 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | 247 | 323 |
Comprehensive income (loss) | 241 | 327 |
Comprehensive loss attributable to noncontrolling interest | 1 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | 242 | 327 |
Consolidating Adjustments | ||
Net sales | (2,057) | (2,235) |
Cost of sales | 2,057 | 2,235 |
Gross margin | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Settlement charges | 0 | |
Operating income (loss) | 0 | 0 |
Interest (expense) income, net | ||
External | 0 | 0 |
Intercompany | 0 | 0 |
Equity in earnings of subsidiaries | (126) | (254) |
Income (loss) before income taxes | (126) | (254) |
Federal, state and local income tax benefit (expense) | 0 | 0 |
Net income (loss) | (126) | (254) |
Net loss attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | (126) | (254) |
Comprehensive income (loss) | (113) | (266) |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ (113) | $ (266) |
Condensed Consolidating Finan29
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 115 | $ 193 |
Settlement charges | 13 | 0 |
Equity in earnings of subsidiaries | 0 | 0 |
Dividends received from subsidiaries | 0 | 0 |
Depreciation and amortization | 260 | 259 |
(Increase) decrease in working capital | (430) | (402) |
Other, net | 50 | 3 |
Net cash provided (used) by operating activities | 8 | 53 |
Cash flows from investing activities: | ||
Purchase of property and equipment and capitalized software, net | (212) | (239) |
Other, net | 1 | (142) |
Net cash used by investing activities | (211) | (381) |
Cash flows from financing activities: | ||
Debt repaid | (3) | (3) |
Dividends paid | (112) | (106) |
(Common stock acquired) net of issuance of common stock | (104) | (259) |
Proceeds from noncontrolling interest | 4 | 0 |
Intercompany activity, net | 0 | 0 |
Other, net | 43 | (41) |
Net cash provided (used) by financing activities | (172) | (409) |
Net increase (decrease) in cash and cash equivalents | (375) | (737) |
Cash and cash equivalents beginning of period | 1,109 | 2,246 |
Cash and cash equivalents end of period | 734 | 1,509 |
Parent | ||
Cash flows from operating activities: | ||
Net income (loss) | 116 | 193 |
Settlement charges | 0 | |
Equity in earnings of subsidiaries | (116) | (194) |
Dividends received from subsidiaries | 182 | 191 |
Depreciation and amortization | 0 | 0 |
(Increase) decrease in working capital | (34) | 43 |
Other, net | 19 | 24 |
Net cash provided (used) by operating activities | 167 | 257 |
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 | (112) | (106) |
(Common stock acquired) net of issuance of common stock | (104) | (259) |
Proceeds from noncontrolling interest | 0 | |
Intercompany activity, net | (415) | (669) |
Other, net | 10 | (53) |
Net cash provided (used) by financing activities | (621) | (1,087) |
Net increase (decrease) in cash and cash equivalents | (454) | (830) |
Cash and cash equivalents beginning of period | 741 | 1,908 |
Cash and cash equivalents end of period | 287 | 1,078 |
Subsidiary Issuer | ||
Cash flows from operating activities: | ||
Net income (loss) | (121) | (69) |
Settlement charges | 3 | |
Equity in earnings of subsidiaries | (10) | (60) |
Dividends received from subsidiaries | 0 | 0 |
Depreciation and amortization | 102 | 106 |
(Increase) decrease in working capital | 55 | 16 |
Other, net | 16 | (6) |
Net cash provided (used) by operating activities | 45 | (13) |
Cash flows from investing activities: | ||
Purchase of property and equipment and capitalized software, net | (54) | (69) |
Other, net | (2) | 7 |
Net cash used by investing activities | (56) | (62) |
Cash flows from financing activities: | ||
Debt repaid | (3) | (3) |
Dividends paid | 0 | 0 |
(Common stock acquired) net of issuance of common stock | 0 | 0 |
Proceeds from noncontrolling interest | 0 | |
Intercompany activity, net | 52 | 146 |
Other, net | (17) | (47) |
Net cash provided (used) by financing activities | 32 | 96 |
Net increase (decrease) in cash and cash equivalents | 21 | 21 |
Cash and cash equivalents beginning of period | 91 | 94 |
Cash and cash equivalents end of period | 112 | 115 |
Other Subsidiaries | ||
Cash flows from operating activities: | ||
Net income (loss) | 246 | 323 |
Settlement charges | 10 | |
Equity in earnings of subsidiaries | 0 | 0 |
Dividends received from subsidiaries | 0 | 0 |
Depreciation and amortization | 158 | 153 |
(Increase) decrease in working capital | (451) | (461) |
Other, net | 15 | (15) |
Net cash provided (used) by operating activities | (22) | 0 |
Cash flows from investing activities: | ||
Purchase of property and equipment and capitalized software, net | (158) | (170) |
Other, net | 3 | (149) |
Net cash used by investing activities | (155) | (319) |
Cash flows from financing activities: | ||
Debt repaid | 0 | 0 |
Dividends paid | (182) | (191) |
(Common stock acquired) net of issuance of common stock | 0 | 0 |
Proceeds from noncontrolling interest | 4 | |
Intercompany activity, net | 363 | 523 |
Other, net | 50 | 59 |
Net cash provided (used) by financing activities | 235 | 391 |
Net increase (decrease) in cash and cash equivalents | 58 | 72 |
Cash and cash equivalents beginning of period | 277 | 244 |
Cash and cash equivalents end of period | 335 | 316 |
Consolidating Adjustments | ||
Cash flows from operating activities: | ||
Net income (loss) | (126) | (254) |
Settlement charges | 0 | |
Equity in earnings of subsidiaries | 126 | 254 |
Dividends received from subsidiaries | (182) | (191) |
Depreciation and amortization | 0 | 0 |
(Increase) decrease in working capital | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided (used) by operating activities | (182) | (191) |
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 | 182 | 191 |
(Common stock acquired) net of issuance of common stock | 0 | 0 |
Proceeds from noncontrolling interest | 0 | |
Intercompany activity, net | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided (used) by financing activities | 182 | 191 |
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 |