Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 29, 2017 | May 26, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 29, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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 | --02-03 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 304,506,714 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 5,338 | $ 5,771 |
Cost of sales | (3,306) | (3,516) |
Gross margin | 2,032 | 2,255 |
Selling, general and administrative expenses | (1,812) | (1,966) |
Settlement charges | 0 | (13) |
Operating income (loss) | 220 | 276 |
Interest expense | (86) | (99) |
Premiums on early retirement of debt | (3) | 0 |
Interest income | 2 | 1 |
Income (loss) before income taxes | 133 | 178 |
Federal, state and local income tax expense | (63) | (63) |
Net income (loss) | 70 | 115 |
Net loss attributable to noncontrolling interest | 1 | 1 |
Net income (loss) attributable to Macy's, Inc. shareholders | $ 71 | $ 116 |
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 0.23 | $ 0.37 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 0.23 | $ 0.37 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Net income (loss) | $ 70 | $ 115 |
Actuarial loss on postretirement benefit plans, before tax | 0 | (36) |
Settlement charges, before tax | 0 | 13 |
Amortization of net actuarial loss on post employment and postretirement benefit plans, before tax | 9 | 9 |
Tax effect related to items of other comprehensive income | (3) | 6 |
Total other comprehensive income, net of tax effect | 6 | (8) |
Comprehensive income (loss) | 76 | 107 |
Comprehensive loss attributable to noncontrolling interest | 1 | 1 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ 77 | $ 108 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 | Jan. 30, 2016 |
Current Assets: | ||||
Cash and cash equivalents | $ 1,201 | $ 1,297 | $ 734 | $ 1,109 |
Receivables | 345 | 522 | 399 | |
Merchandise inventories | 5,626 | 5,399 | 5,738 | |
Income tax receivable | 0 | 0 | 19 | |
Prepaid expenses and other current assets | 397 | 408 | 490 | |
Total Current Assets | 7,569 | 7,626 | 7,380 | |
Property and Equipment - net | 6,886 | 7,017 | 7,475 | |
Goodwill | 3,897 | 3,897 | 3,897 | |
Other Intangible Assets - net | 496 | 498 | 511 | |
Other Assets | 793 | 813 | 898 | |
Total Assets | 19,641 | 19,851 | 20,161 | |
Current Liabilities: | ||||
Short-term debt | 313 | 309 | 642 | |
Merchandise accounts payable | 2,028 | 1,423 | 2,015 | |
Accounts payable and accrued liabilities | 2,905 | 3,563 | 2,690 | |
Income taxes | 355 | 352 | 0 | |
Total Current Liabilities | 5,601 | 5,647 | 5,347 | |
Long-Term Debt | 6,412 | 6,562 | 6,990 | |
Deferred Income Taxes | 1,482 | 1,443 | 1,536 | |
Other Liabilities | 1,846 | 1,877 | 2,134 | |
Shareholders' Equity, Macy's, Inc. | 4,302 | 4,323 | 4,148 | |
Shareholders' Equity, noncontrolling interest | (2) | (1) | 6 | |
Total Shareholders’ Equity | 4,300 | 4,322 | 4,154 | |
Total Liabilities and Shareholders' Equity | $ 19,641 | $ 19,851 | $ 20,161 |
Consolidated Balance Sheets (pa
Consolidated Balance Sheets (parenthetical) - USD ($) $ in Millions | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 |
Accumulated depreciation | $ 5,013 | $ 4,856 | $ 5,500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Net income (loss) | $ 70 | $ 115 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Settlement charges | 0 | 13 |
Depreciation and amortization | 243 | 260 |
Stock-based compensation expense | 13 | 16 |
Gains on sale of real estate | (68) | (14) |
Amortization of financing costs and premium on acquired debt | 0 | (1) |
Changes in assets and liabilities: | ||
Decrease in receivables | 170 | 158 |
Increase in merchandise inventories | (227) | (232) |
Increase in prepaid expenses and other current assets | (11) | (22) |
Increase in merchandise accounts payable | 573 | 425 |
Decrease in accounts payable, accrued liabilities and other items not separately identified | (551) | (499) |
Increase (decrease) in current income taxes | 3 | (246) |
Increase in deferred income taxes | 36 | 53 |
Decrease in other liabilities not separately identified | (17) | (18) |
Net cash provided (used) by operating activities | 234 | 8 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (117) | (153) |
Capitalized software | (60) | (75) |
Disposition of property and equipment | 96 | 16 |
Other, net | 21 | 1 |
Net cash used by investing activities | (60) | (211) |
Cash flows from financing activities: | ||
Debt issued | 3 | 0 |
Debt repaid | (149) | (3) |
Dividends paid | (115) | (112) |
Increase (decrease) in outstanding checks | (10) | 43 |
Acquisition of treasury stock | (1) | (130) |
Issuance of common stock | 2 | 26 |
Proceeds from noncontrolling interest | 0 | 4 |
Net cash provided (used) by financing activities | (270) | (172) |
Net increase (decrease) in cash and cash equivalents | (96) | (375) |
Cash and cash equivalents beginning of period | 1,297 | 1,109 |
Cash and cash equivalents end of period | 1,201 | 734 |
Supplemental cash flow information: | ||
Interest paid | 76 | 80 |
Interest received | 2 | 1 |
Income taxes paid (net of refunds received) | $ 16 | $ 257 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations Macy's, Inc. and subsidiaries (the "Company") is an omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The Company's operations are conducted through approximately 840 Macy's, Macy's Backstage, Bloomingdale's, Bloomingdale's The Outlet and bluemercury stores in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com, bloomingdales.com and bluemercury.com. In addition, Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC. A description of the Company's significant accounting policies is included in the Company's Annual Report on Form 10-K for the fiscal year ended January 28, 2017 (the "2016 10-K"). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2016 10-K. Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. The Consolidated Financial Statements for the 13 weeks ended April 29, 2017 and April 30, 2016 , in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company. Seasonality Because of the seasonal nature of the retail business, the results of operations for the 13 weeks ended April 29, 2017 and April 30, 2016 (which do not include the Christmas season) are not necessarily indicative of such results for the full fiscal year. Reclassifications Certain reclassifications were made to prior years’ amounts to conform to the classifications of such amounts 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 29, 2017 and April 30, 2016 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of operating expenses in the Consolidated Statements of Income. Amortization reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income) and are included in selling, general and administrative expenses on the Consolidated Statements of Income. See Note 4, "Benefit Plans," for further information. Newly Adopted Accounting Pronouncements The Company adopted Accounting Standards Update ("ASU") No. 2016-09, Improvements to Employee Share-Based Payment Accounting , effective January 29, 2017. This standard was issued to simplify several aspects of the accounting for share-based payment awards, including the income tax consequences, financial statement classification and forfeiture considerations of such awards. Upon adoption, the Company began to recognize, on a prospective basis, all excess tax benefits and tax deficiencies as income tax benefit or expense, respectively, in its Consolidated Statements of Income. This resulted in the recognition of approximately $11 million of additional income tax expense associated with net tax deficiencies for awards that were exercised, vested or expired in the 13 weeks ended April 29, 2017. Additionally, excess tax benefits have been classified as an operating activity along with other income tax cash flows in the Consolidated Statements of Cash Flows. The Company has elected to adopt such presentation on a prospective basis. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 29, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Attributable to Macy's, Inc. Shareholders The following tables set forth the computation of basic and diluted earnings per share attributable to Macy's, Inc. shareholders: 13 Weeks Ended April 29, 2017 April 30, 2016 Net Shares Net Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and $ 71 305.0 $ 116 309.7 Shares to be issued under deferred — 0.9 $ 71 305.0 $ 116 310.6 Basic earnings per share attributable to $ .23 $ .37 Effect of dilutive securities: Stock options, restricted stock and restricted stock units 1.9 2.9 $ 71 306.9 $ 116 313.5 Diluted earnings per share attributable to $ .23 $ .37 In addition to the stock options, restricted stock and restricted stock units reflected in the foregoing tables, stock options to purchase 16.2 million shares of common stock and restricted stock units relating to 1.6 million shares of common stock were outstanding at April 29, 2017 , but were not included in the computation of diluted earnings per share for the 13 weeks ended April 29, 2017 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 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. |
Financing Activities
Financing Activities | 3 Months Ended |
Apr. 29, 2017 | |
Financing Activities [Abstract] | |
Financing Activities | Financing Activities The following table shows the detail of debt repayments: 13 Weeks Ended April 29, 2017 April 30, 2016 (millions) 6.7% debentures due 2034 $ 11 $ — 6.375% senior notes due 2037 135 — 9.5% amortizing debentures due 2021 2 2 9.75% amortizing debentures due 2021 1 1 $ 149 $ 3 During the 13 weeks ended April 29, 2017, the Company repurchased $146 million face value of senior notes and debentures. The debt repurchases were made in the open market for a total cost of $149 million , including expenses related to the transactions. Such repurchases resulted in the recognition of additional interest expense of $3 million during the 13 weeks ended April 29, 2017. This additional interest expense is presented as premium on early retirement of debt on the Consolidated Statements of Income. |
Benefit Plans
Benefit Plans | 3 Months Ended |
Apr. 29, 2017 | |
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 29, 2017 April 30, 2016 (millions) 401(k) Qualified Defined Contribution Plan $ 21 $ 24 Non-Qualified Defined Contribution Plan $ — $ — Pension Plan Service cost $ 1 $ 1 Interest cost 27 28 Expected return on assets (56 ) (56 ) Recognition of net actuarial loss 8 8 Amortization of prior service credit — — $ (20 ) $ (19 ) Supplementary Retirement Plan Service cost $ — $ — Interest cost 6 6 Recognition of net actuarial loss 2 2 Amortization of prior service cost — — $ 8 $ 8 Total Retirement Expense $ 9 $ 13 Postretirement Obligations Service cost $ — $ — Interest cost 1 2 Recognition of net actuarial gain (1 ) (1 ) Amortization of prior service cost — — $ — $ 1 During the 13 weeks ended April 30, 2016, the Company incurred $13 million of non-cash settlement charges relating to the Company's defined benefit plans. These charges relate to the pro-rata recognition of net actuarial losses associated with the Company's defined benefit plans and are a result of an increase in lump sum distributions associated with 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. 29, 2017 | |
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 29, 2017 April 30, 2016 Fair Value Measurements Fair Value Measurements Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Marketable equity and debt securities $ 90 $ 21 $ 69 $ — $ 125 $ 17 $ 108 $ — 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 of these financial instruments approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, are generally estimated based on quoted market prices for identical or similar instruments, and are classified as Level 2 measurements within the hierarchy as defined by applicable accounting standards. The following table shows the estimated fair value of the Company's long-term debt: April 29, 2017 April 30, 2016 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 6,310 $ 6,385 $ 6,251 $ 6,870 $ 6,962 $ 7,113 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 3 Months Ended |
Apr. 29, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Certain debt obligations of the Company, which constitute debt obligations of Macy's Retail Holdings, Inc. ("Subsidiary Issuer"), a 100%-owned subsidiary of Macy's, Inc. ("Parent"), are fully and unconditionally guaranteed by Parent. In the following condensed consolidating financial statements, "Other Subsidiaries" includes all other direct subsidiaries of Parent, including bluemercury, Inc., FDS Bank, West 34th Street Insurance Company New York, Macy's Merchandising Corporation, Macy's Merchandising Group, Inc. and its subsidiaries Macy's Merchandising Group (Hong Kong) Limited, Macy's Merchandising Group Procurement, LLC, Macy's Merchandising Group International, LLC, Macy's Merchandising Group International (Hong Kong) Limited, and its majority-owned subsidiary Macy's China Limited. "Subsidiary Issuer" includes operating divisions and non-guarantor subsidiaries of the Subsidiary Issuer on an equity basis. The assets and liabilities and results of operations of the non-guarantor subsidiaries of the Subsidiary Issuer are also reflected in "Other Subsidiaries." Condensed Consolidating Statements of Comprehensive Income for the 13 weeks ended April 29, 2017 and April 30, 2016 , Condensed Consolidating Balance Sheets as of April 29, 2017 , April 30, 2016 and January 28, 2017 , and the related Condensed Consolidating Statements of Cash Flows for the 13 weeks ended April 29, 2017 and April 30, 2016 are presented on the following pages. Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended April 29, 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,056 $ 5,126 $ (1,844 ) $ 5,338 Cost of sales — (1,378 ) (3,772 ) 1,844 (3,306 ) Gross margin — 678 1,354 — 2,032 Selling, general and administrative expenses (1 ) (704 ) (1,107 ) — (1,812 ) Operating income (loss) (1 ) (26 ) 247 — 220 Interest (expense) income, net: External 1 (85 ) — — (84 ) Intercompany — (34 ) 34 — — Premium on early retirement of debt — (3 ) — — (3 ) Equity in earnings (loss) of subsidiaries 71 (9 ) — (62 ) — Income (loss) before income taxes 71 (157 ) 281 (62 ) 133 Federal, state and local income — 30 (93 ) — (63 ) Net income (loss) 71 (127 ) 188 (62 ) 70 Net loss attributable to noncontrolling interest — — 1 — 1 Net income (loss) attributable to $ 71 $ (127 ) $ 189 $ (62 ) $ 71 Comprehensive income (loss) $ 77 $ (121 ) $ 192 $ (72 ) $ 76 Comprehensive loss attributable to — — 1 — 1 Comprehensive income (loss) attributable to $ 77 $ (121 ) $ 193 $ (72 ) $ 77 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 (loss) 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 Balance Sheet As of April 29, 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 779 $ 99 $ 323 $ — $ 1,201 Receivables — 118 227 — 345 Merchandise inventories — 2,560 3,066 — 5,626 Prepaid expenses and other current assets — 71 326 — 397 Total Current Assets 779 2,848 3,942 — 7,569 Property and Equipment – net — 3,293 3,593 — 6,886 Goodwill — 3,315 582 — 3,897 Other Intangible Assets – net — 49 447 — 496 Other Assets — 45 748 — 793 Deferred Income Taxes 24 — — (24 ) — Intercompany Receivable 920 — 1,833 (2,753 ) — Investment in Subsidiaries 3,003 3,535 — (6,538 ) — Total Assets $ 4,726 $ 13,085 $ 11,145 $ (9,315 ) $ 19,641 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 306 $ 7 $ — $ 313 Merchandise accounts payable — 841 1,187 — 2,028 Accounts payable and accrued liabilities 22 916 1,967 — 2,905 Income taxes 317 6 32 — 355 Total Current Liabilities 339 2,069 3,193 — 5,601 Long-Term Debt — 6,395 17 — 6,412 Intercompany Payable 18 2,801 (66 ) (2,753 ) — Deferred Income Taxes — 704 802 (24 ) 1,482 Other Liabilities 67 498 1,281 — 1,846 Shareholders' Equity: Macy's, Inc. 4,302 618 5,920 (6,538 ) 4,302 Noncontrolling Interest — — (2 ) — (2 ) Total Shareholders' Equity 4,302 618 5,918 (6,538 ) 4,300 Total Liabilities and Shareholders' Equity $ 4,726 $ 13,085 $ 11,145 $ (9,315 ) $ 19,641 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 — 158 241 — 399 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 3,976 (47 ) 7,380 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 $ 12,831 $ (11,964 ) $ 20,161 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 641 $ 1 $ — $ 642 Merchandise accounts payable — 872 1,143 — 2,015 Accounts payable and accrued liabilities 34 1,192 1,464 — 2,690 Income taxes — 9 38 (47 ) — Total Current Liabilities 34 2,714 2,646 (47 ) 5,347 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 $ 12,831 $ (11,964 ) $ 20,161 Condensed Consolidating Balance Sheet As of January 28, 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 938 $ 81 $ 278 $ — $ 1,297 Receivables — 169 353 — 522 Merchandise inventories — 2,565 2,834 — 5,399 Prepaid expenses and other current assets — 84 324 — 408 Total Current Assets 938 2,899 3,789 — 7,626 Property and Equipment – net — 3,397 3,620 — 7,017 Goodwill — 3,315 582 — 3,897 Other Intangible Assets – net — 51 447 — 498 Other Assets — 47 766 — 813 Deferred Income Taxes 26 — — (26 ) — Intercompany Receivable 375 — 2,428 (2,803 ) — Investment in Subsidiaries 3,137 3,540 — (6,677 ) — Total Assets $ 4,476 $ 13,249 $ 11,632 $ (9,506 ) $ 19,851 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 306 $ 3 $ — $ 309 Merchandise accounts payable — 590 833 — 1,423 Accounts payable and accrued liabilities 16 1,064 2,483 — 3,563 Income taxes 71 16 265 — 352 Total Current Liabilities 87 1,976 3,584 — 5,647 Long-Term Debt — 6,544 18 — 6,562 Intercompany Payable — 2,803 — (2,803 ) — Deferred Income Taxes — 688 781 (26 ) 1,443 Other Liabilities 66 500 1,311 — 1,877 Shareholders' Equity: Macy's, Inc. 4,323 738 5,939 (6,677 ) 4,323 Noncontrolling Interest — — (1 ) — (1 ) Total Shareholders' Equity 4,323 738 5,938 (6,677 ) 4,322 Total Liabilities and Shareholders' Equity $ 4,476 $ 13,249 $ 11,632 $ (9,506 ) $ 19,851 Condensed Consolidating Statement of Cash Flows For the 13 Weeks Ended April 29, 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 71 $ (127 ) $ 188 $ (62 ) $ 70 Equity in (earnings) loss of subsidiaries (71 ) 9 — 62 — Dividends received from subsidiaries 211 — — (211 ) — Depreciation and amortization — 89 154 — 243 (Increase) decrease in working capital 244 130 (485 ) — (111 ) Other, net 7 22 3 — 32 Net cash provided (used) by operating activities 462 123 (140 ) (211 ) 234 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — 93 (174 ) — (81 ) Other, net — — 21 — 21 Net cash provided (used) by investing activities — 93 (153 ) — (60 ) Cash flows from financing activities: Debt repaid, net of debt issued — (149 ) 3 — (146 ) Dividends paid (155 ) — (171 ) 211 (115 ) Common stock acquired, net of 2 — (1 ) — 1 Intercompany activity, net (476 ) (18 ) 494 — — Other, net 8 (31 ) 13 — (10 ) Net cash provided (used) by (621 ) (198 ) 338 211 (270 ) Net increase (decrease) in cash (159 ) 18 45 — (96 ) Cash and cash equivalents at beginning of period 938 81 278 — 1,297 Cash and cash equivalents at end of period $ 779 $ 99 $ 323 $ — $ 1,201 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 Impairments and other 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 issued, net of 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 and (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 Accoun13
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
Apr. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operations | Nature of Operations Macy's, Inc. and subsidiaries (the "Company") is an omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The Company's operations are conducted through approximately 840 Macy's, Macy's Backstage, Bloomingdale's, Bloomingdale's The Outlet and bluemercury stores in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com, bloomingdales.com and bluemercury.com. In addition, Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC. |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. The Consolidated Financial Statements for the 13 weeks ended April 29, 2017 and April 30, 2016 , in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company. |
Reclassifications | Reclassifications Certain reclassifications were made to prior years’ amounts to conform to the classifications of such amounts 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 29, 2017 and April 30, 2016 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of operating expenses in the Consolidated Statements of Income. Amortization reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (income) and are included in selling, general and administrative expenses on the Consolidated Statements of Income. See Note 4, "Benefit Plans," for further information. |
Newly Adopted Accounting Pronouncements | Newly Adopted Accounting Pronouncements The Company adopted Accounting Standards Update ("ASU") No. 2016-09, Improvements to Employee Share-Based Payment Accounting , effective January 29, 2017. This standard was issued to simplify several aspects of the accounting for share-based payment awards, including the income tax consequences, financial statement classification and forfeiture considerations of such awards. Upon adoption, the Company began to recognize, on a prospective basis, all excess tax benefits and tax deficiencies as income tax benefit or expense, respectively, in its Consolidated Statements of Income. This resulted in the recognition of approximately $11 million of additional income tax expense associated with net tax deficiencies for awards that were exercised, vested or expired in the 13 weeks ended April 29, 2017. Additionally, excess tax benefits have been classified as an operating activity along with other income tax cash flows in the Consolidated Statements of Cash Flows. The Company has elected to adopt such presentation on a prospective basis. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following tables set forth the computation of basic and diluted earnings per share attributable to Macy's, Inc. shareholders: 13 Weeks Ended April 29, 2017 April 30, 2016 Net Shares Net Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and $ 71 305.0 $ 116 309.7 Shares to be issued under deferred — 0.9 $ 71 305.0 $ 116 310.6 Basic earnings per share attributable to $ .23 $ .37 Effect of dilutive securities: Stock options, restricted stock and restricted stock units 1.9 2.9 $ 71 306.9 $ 116 313.5 Diluted earnings per share attributable to $ .23 $ .37 |
Financing Activities Financing
Financing Activities Financing Activites (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Extinguishment of Debt [Line Items] | |
Detail of Debt Repayments | The following table shows the detail of debt repayments: 13 Weeks Ended April 29, 2017 April 30, 2016 (millions) 6.7% debentures due 2034 $ 11 $ — 6.375% senior notes due 2037 135 — 9.5% amortizing debentures due 2021 2 2 9.75% amortizing debentures due 2021 1 1 $ 149 $ 3 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
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 29, 2017 April 30, 2016 (millions) 401(k) Qualified Defined Contribution Plan $ 21 $ 24 Non-Qualified Defined Contribution Plan $ — $ — Pension Plan Service cost $ 1 $ 1 Interest cost 27 28 Expected return on assets (56 ) (56 ) Recognition of net actuarial loss 8 8 Amortization of prior service credit — — $ (20 ) $ (19 ) Supplementary Retirement Plan Service cost $ — $ — Interest cost 6 6 Recognition of net actuarial loss 2 2 Amortization of prior service cost — — $ 8 $ 8 Total Retirement Expense $ 9 $ 13 Postretirement Obligations Service cost $ — $ — Interest cost 1 2 Recognition of net actuarial gain (1 ) (1 ) Amortization of prior service cost — — $ — $ 1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Fair Value of Assets Measured on a Recurring Basis | The following table shows the Company's financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards: April 29, 2017 April 30, 2016 Fair Value Measurements Fair Value Measurements Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions) Marketable equity and debt securities $ 90 $ 21 $ 69 $ — $ 125 $ 17 $ 108 $ — |
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 29, 2017 April 30, 2016 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 6,310 $ 6,385 $ 6,251 $ 6,870 $ 6,962 $ 7,113 |
Condensed Consolidating Finan18
Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet As of April 29, 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 779 $ 99 $ 323 $ — $ 1,201 Receivables — 118 227 — 345 Merchandise inventories — 2,560 3,066 — 5,626 Prepaid expenses and other current assets — 71 326 — 397 Total Current Assets 779 2,848 3,942 — 7,569 Property and Equipment – net — 3,293 3,593 — 6,886 Goodwill — 3,315 582 — 3,897 Other Intangible Assets – net — 49 447 — 496 Other Assets — 45 748 — 793 Deferred Income Taxes 24 — — (24 ) — Intercompany Receivable 920 — 1,833 (2,753 ) — Investment in Subsidiaries 3,003 3,535 — (6,538 ) — Total Assets $ 4,726 $ 13,085 $ 11,145 $ (9,315 ) $ 19,641 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 306 $ 7 $ — $ 313 Merchandise accounts payable — 841 1,187 — 2,028 Accounts payable and accrued liabilities 22 916 1,967 — 2,905 Income taxes 317 6 32 — 355 Total Current Liabilities 339 2,069 3,193 — 5,601 Long-Term Debt — 6,395 17 — 6,412 Intercompany Payable 18 2,801 (66 ) (2,753 ) — Deferred Income Taxes — 704 802 (24 ) 1,482 Other Liabilities 67 498 1,281 — 1,846 Shareholders' Equity: Macy's, Inc. 4,302 618 5,920 (6,538 ) 4,302 Noncontrolling Interest — — (2 ) — (2 ) Total Shareholders' Equity 4,302 618 5,918 (6,538 ) 4,300 Total Liabilities and Shareholders' Equity $ 4,726 $ 13,085 $ 11,145 $ (9,315 ) $ 19,641 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 — 158 241 — 399 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 3,976 (47 ) 7,380 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 $ 12,831 $ (11,964 ) $ 20,161 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 641 $ 1 $ — $ 642 Merchandise accounts payable — 872 1,143 — 2,015 Accounts payable and accrued liabilities 34 1,192 1,464 — 2,690 Income taxes — 9 38 (47 ) — Total Current Liabilities 34 2,714 2,646 (47 ) 5,347 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 $ 12,831 $ (11,964 ) $ 20,161 Condensed Consolidating Balance Sheet As of January 28, 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 938 $ 81 $ 278 $ — $ 1,297 Receivables — 169 353 — 522 Merchandise inventories — 2,565 2,834 — 5,399 Prepaid expenses and other current assets — 84 324 — 408 Total Current Assets 938 2,899 3,789 — 7,626 Property and Equipment – net — 3,397 3,620 — 7,017 Goodwill — 3,315 582 — 3,897 Other Intangible Assets – net — 51 447 — 498 Other Assets — 47 766 — 813 Deferred Income Taxes 26 — — (26 ) — Intercompany Receivable 375 — 2,428 (2,803 ) — Investment in Subsidiaries 3,137 3,540 — (6,677 ) — Total Assets $ 4,476 $ 13,249 $ 11,632 $ (9,506 ) $ 19,851 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 306 $ 3 $ — $ 309 Merchandise accounts payable — 590 833 — 1,423 Accounts payable and accrued liabilities 16 1,064 2,483 — 3,563 Income taxes 71 16 265 — 352 Total Current Liabilities 87 1,976 3,584 — 5,647 Long-Term Debt — 6,544 18 — 6,562 Intercompany Payable — 2,803 — (2,803 ) — Deferred Income Taxes — 688 781 (26 ) 1,443 Other Liabilities 66 500 1,311 — 1,877 Shareholders' Equity: Macy's, Inc. 4,323 738 5,939 (6,677 ) 4,323 Noncontrolling Interest — — (1 ) — (1 ) Total Shareholders' Equity 4,323 738 5,938 (6,677 ) 4,322 Total Liabilities and Shareholders' Equity $ 4,476 $ 13,249 $ 11,632 $ (9,506 ) $ 19,851 |
Condensed Consolidating Statement of Cash Flows [Table Text Block] | Condensed Consolidating Statement of Cash Flows For the 13 Weeks Ended April 29, 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 71 $ (127 ) $ 188 $ (62 ) $ 70 Equity in (earnings) loss of subsidiaries (71 ) 9 — 62 — Dividends received from subsidiaries 211 — — (211 ) — Depreciation and amortization — 89 154 — 243 (Increase) decrease in working capital 244 130 (485 ) — (111 ) Other, net 7 22 3 — 32 Net cash provided (used) by operating activities 462 123 (140 ) (211 ) 234 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net — 93 (174 ) — (81 ) Other, net — — 21 — 21 Net cash provided (used) by investing activities — 93 (153 ) — (60 ) Cash flows from financing activities: Debt repaid, net of debt issued — (149 ) 3 — (146 ) Dividends paid (155 ) — (171 ) 211 (115 ) Common stock acquired, net of 2 — (1 ) — 1 Intercompany activity, net (476 ) (18 ) 494 — — Other, net 8 (31 ) 13 — (10 ) Net cash provided (used) by (621 ) (198 ) 338 211 (270 ) Net increase (decrease) in cash (159 ) 18 45 — (96 ) Cash and cash equivalents at beginning of period 938 81 278 — 1,297 Cash and cash equivalents at end of period $ 779 $ 99 $ 323 $ — $ 1,201 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 Impairments and other 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 issued, net of 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 and (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 Statement of Comprehensive Income [Table Text Block] | Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended April 29, 2017 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,056 $ 5,126 $ (1,844 ) $ 5,338 Cost of sales — (1,378 ) (3,772 ) 1,844 (3,306 ) Gross margin — 678 1,354 — 2,032 Selling, general and administrative expenses (1 ) (704 ) (1,107 ) — (1,812 ) Operating income (loss) (1 ) (26 ) 247 — 220 Interest (expense) income, net: External 1 (85 ) — — (84 ) Intercompany — (34 ) 34 — — Premium on early retirement of debt — (3 ) — — (3 ) Equity in earnings (loss) of subsidiaries 71 (9 ) — (62 ) — Income (loss) before income taxes 71 (157 ) 281 (62 ) 133 Federal, state and local income — 30 (93 ) — (63 ) Net income (loss) 71 (127 ) 188 (62 ) 70 Net loss attributable to noncontrolling interest — — 1 — 1 Net income (loss) attributable to $ 71 $ (127 ) $ 189 $ (62 ) $ 71 Comprehensive income (loss) $ 77 $ (121 ) $ 192 $ (72 ) $ 76 Comprehensive loss attributable to — — 1 — 1 Comprehensive income (loss) attributable to $ 77 $ (121 ) $ 193 $ (72 ) $ 77 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 (loss) 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 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Narrative) (Details) | Apr. 29, 2017stores |
Number of states in which entity operates | 45 |
Minimum [Member] | |
Number of Stores | 840 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Stock Options [Member] | ||
Stock options and restricted stock units outstanding, not included in computation of diluted earnings per share | 16.2 | 11.2 |
Restricted Stock Units [Member] | ||
Stock options and restricted stock units outstanding, not included in computation of diluted earnings per share | 1.6 | 1 |
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. 29, 2017 | Apr. 30, 2016 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to Macy's, Inc. shareholders | $ 71 | $ 116 |
Net income available to common stockholders, basic | 71 | 116 |
Net income available to common stockholders, diluted | $ 71 | $ 116 |
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 0.23 | $ 0.37 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 0.23 | $ 0.37 |
Average number of shares issued, basic | 305 | 309.7 |
Shares to be issued under deferred compensation and other plans | 0 | 0.9 |
Average number of shares outstanding, basic | 305 | 310.6 |
Effect of dilutive securities-stock options, restricted stock and restricted stock units | 1.9 | 2.9 |
Average number of shares outstanding, diluted | 306.9 | 313.5 |
Financing Activities (Details)
Financing Activities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Extinguishment of debt | $ 146 | |
Extinguishment of debt cost | 149 | |
Premiums on early retirement of debt | $ 3 | $ 0 |
Financing Activities (Detail Of
Financing Activities (Detail Of Debt Repayments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Extinguishment of debt | $ 146 | |
Debt repaid | 149 | $ 3 |
9.5% Amortizing Debentures due 2021 | ||
Extinguishment of debt | 2 | 2 |
9.75% Amortizing Debentures Due 2021 | ||
Extinguishment of debt | 1 | 1 |
6.7% Senior Debentures Due 2034 | ||
Extinguishment of debt | 11 | 0 |
6.375% Senior Notes Due 2037 | ||
Extinguishment of debt | $ 135 | $ 0 |
Benefit Plans (Net Periodic Ben
Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Total Retirement Expense | $ 9 | $ 13 |
Settlement charges | 0 | 13 |
Pension Plan [Member] | ||
Service cost | 1 | 1 |
Interest cost | 27 | 28 |
Expected return on assets | (56) | (56) |
Recognition of net actuarial (gain) loss | 8 | 8 |
Amortization of prior service credit | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | (20) | (19) |
Supplemental Employee Retirement Plan [Member] | ||
Service cost | 0 | 0 |
Interest cost | 6 | 6 |
Recognition of net actuarial (gain) loss | 2 | 2 |
Amortization of prior service credit | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 8 | 8 |
Other Postretirement Benefit Plan [Member] | ||
Service cost | 0 | 0 |
Interest cost | 1 | 2 |
Recognition of net actuarial (gain) loss | (1) | (1) |
Amortization of prior service credit | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 0 | 1 |
Defined Contribution Qualified Plan [Member] | ||
Defined contribution plans expense | 21 | 24 |
Non qualified defined contribution plan [Member] | ||
Defined contribution plans expense | $ 0 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets Measured At Fair Value On A Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Millions | Apr. 29, 2017 | Apr. 30, 2016 |
Marketable equity and debt securities | $ 90 | $ 125 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Marketable equity and debt securities | 21 | 17 |
Significant Observable Inputs (Level 2) [Member] | ||
Marketable equity and debt securities | 69 | 108 |
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. 29, 2017 | Apr. 30, 2016 |
Long-term debt | $ 6,251 | $ 7,113 |
Carrying Amount | ||
Long-term debt | 6,385 | 6,962 |
Notional Amount | ||
Long-term debt | $ 6,310 | $ 6,870 |
Condensed Consolidating Finan27
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 | Jan. 30, 2016 |
Current Assets: | ||||
Cash and cash equivalents | $ 1,201 | $ 1,297 | $ 734 | $ 1,109 |
Receivables | 345 | 522 | 399 | |
Merchandise inventories | 5,626 | 5,399 | 5,738 | |
Income tax receivable | 0 | 0 | 19 | |
Prepaid expenses and other current assets | 397 | 408 | 490 | |
Total Current Assets | 7,569 | 7,626 | 7,380 | |
Property and Equipment - net | 6,886 | 7,017 | 7,475 | |
Goodwill | 3,897 | 3,897 | 3,897 | |
Other Intangible Assets - net | 496 | 498 | 511 | |
Other Assets | 793 | 813 | 898 | |
Deferred Income Taxes | 0 | 0 | 0 | |
Intercompany Receivable | 0 | 0 | 0 | |
Investment in Subsidiaries | 0 | 0 | 0 | |
Total Assets | 19,641 | 19,851 | 20,161 | |
Current Liabilities: | ||||
Short-term debt | 313 | 309 | 642 | |
Merchandise accounts payable | 2,028 | 1,423 | 2,015 | |
Accounts payable and accrued liabilities | 2,905 | 3,563 | 2,690 | |
Income taxes | 355 | 352 | 0 | |
Total Current Liabilities | 5,601 | 5,647 | 5,347 | |
Long-Term Debt | 6,412 | 6,562 | 6,990 | |
Intercompany Payable | 0 | 0 | 0 | |
Deferred Income Taxes | 1,482 | 1,443 | 1,536 | |
Other Liabilities | 1,846 | 1,877 | 2,134 | |
Shareholders' Equity, Macy's, Inc. | 4,302 | 4,323 | 4,148 | |
Shareholders' Equity, noncontrolling interest | (2) | (1) | 6 | |
Total Shareholders’ Equity | 4,300 | 4,322 | 4,154 | |
Total Liabilities and Shareholders' Equity | 19,641 | 19,851 | 20,161 | |
Parent | ||||
Current Assets: | ||||
Cash and cash equivalents | 779 | 938 | 287 | 741 |
Receivables | 0 | 0 | 0 | |
Merchandise inventories | 0 | 0 | 0 | |
Income tax receivable | 66 | |||
Prepaid expenses and other current assets | 0 | 0 | 0 | |
Total Current Assets | 779 | 938 | 353 | |
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 | 24 | 26 | 23 | |
Intercompany Receivable | 920 | 375 | 0 | |
Investment in Subsidiaries | 3,003 | 3,137 | 4,651 | |
Total Assets | 4,726 | 4,476 | 5,027 | |
Current Liabilities: | ||||
Short-term debt | 0 | 0 | 0 | |
Merchandise accounts payable | 0 | 0 | 0 | |
Accounts payable and accrued liabilities | 22 | 16 | 34 | |
Income taxes | 317 | 71 | 0 | |
Total Current Liabilities | 339 | 87 | 34 | |
Long-Term Debt | 0 | 0 | 0 | |
Intercompany Payable | 18 | 0 | 787 | |
Deferred Income Taxes | 0 | 0 | 0 | |
Other Liabilities | 67 | 66 | 58 | |
Shareholders' Equity, Macy's, Inc. | 4,302 | 4,323 | 4,148 | |
Shareholders' Equity, noncontrolling interest | 0 | 0 | 0 | |
Total Shareholders’ Equity | 4,302 | 4,323 | 4,148 | |
Total Liabilities and Shareholders' Equity | 4,726 | 4,476 | 5,027 | |
Subsidiary Issuer | ||||
Current Assets: | ||||
Cash and cash equivalents | 99 | 81 | 112 | 91 |
Receivables | 118 | 169 | 158 | |
Merchandise inventories | 2,560 | 2,565 | 2,707 | |
Income tax receivable | 0 | |||
Prepaid expenses and other current assets | 71 | 84 | 121 | |
Total Current Assets | 2,848 | 2,899 | 3,098 | |
Property and Equipment - net | 3,293 | 3,397 | 3,840 | |
Goodwill | 3,315 | 3,315 | 3,315 | |
Other Intangible Assets - net | 49 | 51 | 50 | |
Other Assets | 45 | 47 | 154 | |
Deferred Income Taxes | 0 | 0 | 0 | |
Intercompany Receivable | 0 | 0 | 0 | |
Investment in Subsidiaries | 3,535 | 3,540 | 3,810 | |
Total Assets | 13,085 | 13,249 | 14,267 | |
Current Liabilities: | ||||
Short-term debt | 306 | 306 | 641 | |
Merchandise accounts payable | 841 | 590 | 872 | |
Accounts payable and accrued liabilities | 916 | 1,064 | 1,192 | |
Income taxes | 6 | 16 | 9 | |
Total Current Liabilities | 2,069 | 1,976 | 2,714 | |
Long-Term Debt | 6,395 | 6,544 | 6,971 | |
Intercompany Payable | 2,801 | 2,803 | 2,646 | |
Deferred Income Taxes | 704 | 688 | 726 | |
Other Liabilities | 498 | 500 | 547 | |
Shareholders' Equity, Macy's, Inc. | 618 | 738 | 663 | |
Shareholders' Equity, noncontrolling interest | 0 | 0 | 0 | |
Total Shareholders’ Equity | 618 | 738 | 663 | |
Total Liabilities and Shareholders' Equity | 13,085 | 13,249 | 14,267 | |
Other Subsidiaries | ||||
Current Assets: | ||||
Cash and cash equivalents | 323 | 278 | 335 | 277 |
Receivables | 227 | 353 | 241 | |
Merchandise inventories | 3,066 | 2,834 | 3,031 | |
Income tax receivable | 0 | |||
Prepaid expenses and other current assets | 326 | 324 | 369 | |
Total Current Assets | 3,942 | 3,789 | 3,976 | |
Property and Equipment - net | 3,593 | 3,620 | 3,635 | |
Goodwill | 582 | 582 | 582 | |
Other Intangible Assets - net | 447 | 447 | 461 | |
Other Assets | 748 | 766 | 744 | |
Deferred Income Taxes | 0 | 0 | 0 | |
Intercompany Receivable | 1,833 | 2,428 | 3,433 | |
Investment in Subsidiaries | 0 | 0 | 0 | |
Total Assets | 11,145 | 11,632 | 12,831 | |
Current Liabilities: | ||||
Short-term debt | 7 | 3 | 1 | |
Merchandise accounts payable | 1,187 | 833 | 1,143 | |
Accounts payable and accrued liabilities | 1,967 | 2,483 | 1,464 | |
Income taxes | 32 | 265 | 38 | |
Total Current Liabilities | 3,193 | 3,584 | 2,646 | |
Long-Term Debt | 17 | 18 | 19 | |
Intercompany Payable | (66) | 0 | 0 | |
Deferred Income Taxes | 802 | 781 | 833 | |
Other Liabilities | 1,281 | 1,311 | 1,529 | |
Shareholders' Equity, Macy's, Inc. | 5,920 | 5,939 | 7,798 | |
Shareholders' Equity, noncontrolling interest | (2) | (1) | 6 | |
Total Shareholders’ Equity | 5,918 | 5,938 | 7,804 | |
Total Liabilities and Shareholders' Equity | 11,145 | 11,632 | 12,831 | |
Consolidating Adjustments | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | $ 0 |
Receivables | 0 | 0 | 0 | |
Merchandise inventories | 0 | 0 | 0 | |
Income tax receivable | (47) | |||
Prepaid expenses and other current assets | 0 | 0 | 0 | |
Total Current Assets | 0 | 0 | (47) | |
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 | (24) | (26) | (23) | |
Intercompany Receivable | (2,753) | (2,803) | (3,433) | |
Investment in Subsidiaries | (6,538) | (6,677) | (8,461) | |
Total Assets | (9,315) | (9,506) | (11,964) | |
Current Liabilities: | ||||
Short-term debt | 0 | 0 | 0 | |
Merchandise accounts payable | 0 | 0 | 0 | |
Accounts payable and accrued liabilities | 0 | 0 | 0 | |
Income taxes | 0 | 0 | (47) | |
Total Current Liabilities | 0 | 0 | (47) | |
Long-Term Debt | 0 | 0 | 0 | |
Intercompany Payable | (2,753) | (2,803) | (3,433) | |
Deferred Income Taxes | (24) | (26) | (23) | |
Other Liabilities | 0 | 0 | 0 | |
Shareholders' Equity, Macy's, Inc. | (6,538) | (6,677) | (8,461) | |
Shareholders' Equity, noncontrolling interest | 0 | 0 | 0 | |
Total Shareholders’ Equity | (6,538) | (6,677) | (8,461) | |
Total Liabilities and Shareholders' Equity | $ (9,315) | $ (9,506) | $ (11,964) |
Condensed Consolidating Finan28
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Net sales | $ 5,338 | $ 5,771 |
Cost of sales | (3,306) | (3,516) |
Gross margin | 2,032 | 2,255 |
Selling, general and administrative expenses | (1,812) | (1,966) |
Settlement charges | 0 | (13) |
Operating Income (Loss) | 220 | 276 |
Interest (expense) income, net | ||
External | (84) | (98) |
Intercompany | 0 | 0 |
Income (Loss) from Equity Method Investments | 0 | 0 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 133 | 178 |
Federal, state and local income tax expense | (63) | (63) |
Net income (loss) | 70 | 115 |
Net loss attributable to noncontrolling interest | 1 | 1 |
Net income (loss) attributable to Macy's, Inc. shareholders | 71 | 116 |
Comprehensive income (loss) | 76 | 107 |
Comprehensive loss attributable to noncontrolling interest | 1 | 1 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | 77 | 108 |
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 | 1 |
Intercompany | 0 | 0 |
Income (Loss) from Equity Method Investments | 71 | 116 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 71 | 116 |
Federal, state and local income tax expense | 0 | 0 |
Net income (loss) | 71 | 116 |
Net loss attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | 71 | 116 |
Comprehensive income (loss) | 77 | 108 |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | 77 | 108 |
Subsidiary Issuer | ||
Net sales | 2,056 | 2,454 |
Cost of sales | (1,378) | (1,604) |
Gross margin | 678 | 850 |
Selling, general and administrative expenses | (704) | (882) |
Settlement charges | (3) | |
Operating Income (Loss) | (26) | (35) |
Interest (expense) income, net | ||
External | (85) | (99) |
Intercompany | (34) | (58) |
Income (Loss) from Equity Method Investments | (9) | 10 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (157) | (182) |
Federal, state and local income tax expense | 30 | 61 |
Net income (loss) | (127) | (121) |
Net loss attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | (127) | (121) |
Comprehensive income (loss) | (121) | (129) |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | (121) | (129) |
Other Subsidiaries | ||
Net sales | 5,126 | 5,374 |
Cost of sales | (3,772) | (3,969) |
Gross margin | 1,354 | 1,405 |
Selling, general and administrative expenses | (1,107) | (1,083) |
Settlement charges | (10) | |
Operating Income (Loss) | 247 | 312 |
Interest (expense) income, net | ||
External | 0 | 0 |
Intercompany | 34 | 58 |
Income (Loss) from Equity Method Investments | 0 | 0 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 281 | 370 |
Federal, state and local income tax expense | (93) | (124) |
Net income (loss) | 188 | 246 |
Net loss attributable to noncontrolling interest | 1 | 1 |
Net income (loss) attributable to Macy's, Inc. shareholders | 189 | 247 |
Comprehensive income (loss) | 192 | 241 |
Comprehensive loss attributable to noncontrolling interest | 1 | 1 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | 193 | 242 |
Consolidating Adjustments | ||
Net sales | (1,844) | (2,057) |
Cost of sales | 1,844 | 2,057 |
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 |
Income (Loss) from Equity Method Investments | (62) | (126) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (62) | (126) |
Federal, state and local income tax expense | 0 | 0 |
Net income (loss) | (62) | (126) |
Net loss attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | (62) | (126) |
Comprehensive income (loss) | (72) | (113) |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ (72) | $ (113) |
Condensed Consolidating Finan29
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 70 | $ 115 |
Settlement charges | 0 | 13 |
Equity in earnings of subsidiaries | 0 | 0 |
Dividends received from subsidiaries | 0 | 0 |
Depreciation and amortization | 243 | 260 |
(Increase) decrease in working capital | (111) | (430) |
Other, net | 32 | 50 |
Net cash provided (used) by operating activities | 234 | 8 |
Cash flows from investing activities: | ||
Purchase of property and equipment and capitalized software, net | (81) | (212) |
Other, net | 21 | 1 |
Net cash used by investing activities | (60) | (211) |
Cash flows from financing activities: | ||
Debt repaid, net of debt issued | (146) | (3) |
Dividends paid | (115) | (112) |
(Common stock acquired) net of issuance of common stock | 1 | (104) |
Proceeds from noncontrolling interest | 0 | 4 |
Intercompany activity, net | 0 | 0 |
Other, net | (10) | 43 |
Net cash provided (used) by financing activities | (270) | (172) |
Net increase (decrease) in cash and cash equivalents | (96) | (375) |
Cash and cash equivalents beginning of period | 1,297 | 1,109 |
Cash and cash equivalents end of period | 1,201 | 734 |
Parent | ||
Cash flows from operating activities: | ||
Net income (loss) | 71 | 116 |
Settlement charges | 0 | |
Equity in earnings of subsidiaries | (71) | (116) |
Dividends received from subsidiaries | 211 | 182 |
Depreciation and amortization | 0 | 0 |
(Increase) decrease in working capital | 244 | (34) |
Other, net | 7 | 19 |
Net cash provided (used) by operating activities | 462 | 167 |
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, net of debt issued | 0 | 0 |
Dividends paid | (155) | (112) |
(Common stock acquired) net of issuance of common stock | 2 | (104) |
Proceeds from noncontrolling interest | 0 | |
Intercompany activity, net | (476) | (415) |
Other, net | 8 | 10 |
Net cash provided (used) by financing activities | (621) | (621) |
Net increase (decrease) in cash and cash equivalents | (159) | (454) |
Cash and cash equivalents beginning of period | 938 | 741 |
Cash and cash equivalents end of period | 779 | 287 |
Subsidiary Issuer | ||
Cash flows from operating activities: | ||
Net income (loss) | (127) | (121) |
Settlement charges | 3 | |
Equity in earnings of subsidiaries | 9 | (10) |
Dividends received from subsidiaries | 0 | 0 |
Depreciation and amortization | 89 | 102 |
(Increase) decrease in working capital | 130 | 55 |
Other, net | 22 | 16 |
Net cash provided (used) by operating activities | 123 | 45 |
Cash flows from investing activities: | ||
Purchase of property and equipment and capitalized software, net | 93 | (54) |
Other, net | 0 | (2) |
Net cash used by investing activities | 93 | (56) |
Cash flows from financing activities: | ||
Debt repaid, net of debt issued | (149) | (3) |
Dividends paid | 0 | 0 |
(Common stock acquired) net of issuance of common stock | 0 | 0 |
Proceeds from noncontrolling interest | 0 | |
Intercompany activity, net | (18) | 52 |
Other, net | (31) | (17) |
Net cash provided (used) by financing activities | (198) | 32 |
Net increase (decrease) in cash and cash equivalents | 18 | 21 |
Cash and cash equivalents beginning of period | 81 | 91 |
Cash and cash equivalents end of period | 99 | 112 |
Other Subsidiaries | ||
Cash flows from operating activities: | ||
Net income (loss) | 188 | 246 |
Settlement charges | 10 | |
Equity in earnings of subsidiaries | 0 | 0 |
Dividends received from subsidiaries | 0 | 0 |
Depreciation and amortization | 154 | 158 |
(Increase) decrease in working capital | (485) | (451) |
Other, net | 3 | 15 |
Net cash provided (used) by operating activities | (140) | (22) |
Cash flows from investing activities: | ||
Purchase of property and equipment and capitalized software, net | (174) | (158) |
Other, net | 21 | 3 |
Net cash used by investing activities | (153) | (155) |
Cash flows from financing activities: | ||
Debt repaid, net of debt issued | 3 | 0 |
Dividends paid | (171) | (182) |
(Common stock acquired) net of issuance of common stock | (1) | 0 |
Proceeds from noncontrolling interest | 4 | |
Intercompany activity, net | 494 | 363 |
Other, net | 13 | 50 |
Net cash provided (used) by financing activities | 338 | 235 |
Net increase (decrease) in cash and cash equivalents | 45 | 58 |
Cash and cash equivalents beginning of period | 278 | 277 |
Cash and cash equivalents end of period | 323 | 335 |
Consolidating Adjustments | ||
Cash flows from operating activities: | ||
Net income (loss) | (62) | (126) |
Settlement charges | 0 | |
Equity in earnings of subsidiaries | 62 | 126 |
Dividends received from subsidiaries | (211) | (182) |
Depreciation and amortization | 0 | 0 |
(Increase) decrease in working capital | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided (used) by operating activities | (211) | (182) |
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, net of debt issued | 0 | 0 |
Dividends paid | 211 | 182 |
(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 | 211 | 182 |
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 |