Document and Entity Information
Document and Entity Information | 6 Months Ended |
Aug. 03, 2019shares | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Aug. 3, 2019 |
Entity File Number | 1-13536 |
Entity Registrant Name | Macy's, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 13-3324058 |
Entity Address, Address Line One | 7 West Seventh Street |
Entity Address, City or Town | Cincinnati |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 45202 |
City Area Code | 513 |
Local Phone Number | 579-7000 |
Title of 12(b) Security | Common Stock, $.01 par value per share |
Trading Symbol | M |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Central Index Key | 0000794367 |
Current Fiscal Year End Date | --02-01 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 308,914,893 |
Other Address [Member] | |
Entity Address, Address Line One | 151 West 34th Street |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10001 |
City Area Code | 212 |
Local Phone Number | 494-1602 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 5,546 | $ 5,572 | $ 11,050 | $ 11,112 |
Credit card revenues, net | 176 | 186 | 348 | 343 |
Cost of sales | (3,395) | (3,320) | (6,798) | (6,701) |
Selling, general and administrative expenses | (2,177) | (2,164) | (4,287) | (4,247) |
Gains on sale of real estate | 7 | 46 | 49 | 70 |
Impairment and other costs | (2) | (17) | (3) | (36) |
Operating income | 155 | 303 | 359 | 541 |
Benefit plan income, net | 8 | 11 | 15 | 22 |
Settlement charges | 0 | (50) | 0 | (50) |
Interest expense | (52) | (69) | (106) | (140) |
Loss on early retirement of debt | 0 | (5) | 0 | (5) |
Interest income | 5 | 7 | 12 | 12 |
Income before income taxes | 116 | 197 | 280 | 380 |
Federal, state and local income tax expense | (30) | (33) | (57) | (84) |
Net income | 86 | 164 | 223 | 296 |
Net loss attributable to noncontrolling interest | 0 | 2 | 0 | 10 |
Net income attributable to Macy's, Inc. shareholders | $ 86 | $ 166 | $ 223 | $ 306 |
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 0.28 | $ 0.54 | $ 0.72 | $ 0.99 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 0.28 | $ 0.53 | $ 0.71 | $ 0.98 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Net income | $ 86 | $ 164 | $ 223 | $ 296 |
Actuarial gain (loss) on postretirement benefit plans, before tax | 0 | (29) | 0 | (29) |
Amortization of net actuarial loss and prior service credit on post employment and postretirement benefit plans, before tax | 7 | 9 | 15 | 18 |
Settlement charges, before tax | 0 | 50 | 0 | 50 |
Tax effect related to items of other comprehensive income (loss) | (2) | (10) | (4) | (12) |
Total other comprehensive income, net of tax effect | 5 | 20 | 11 | 27 |
Comprehensive income | 91 | 184 | 234 | 323 |
Comprehensive loss attributable to noncontrolling interest | 0 | 2 | 0 | 10 |
Comprehensive income attributable to Macy's, Inc. shareholders | $ 91 | $ 186 | $ 234 | $ 333 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 |
Current Assets: | ||||||
Cash and cash equivalents | $ 674 | $ 1,162 | $ 1,068 | |||
Receivables | 240 | 400 | 261 | |||
Merchandise inventories | 5,029 | 5,263 | 4,956 | |||
Prepaid expenses and other current assets | 603 | 620 | 580 | |||
Total Current Assets | 6,546 | 7,445 | 6,865 | |||
Property and Equipment - net | 6,483 | 6,637 | 6,547 | |||
Right of Use Assets | 2,636 | 0 | 0 | |||
Goodwill | 3,908 | 3,908 | 3,908 | |||
Other Intangible Assets - net | 440 | 478 | 483 | |||
Other Assets | 728 | 726 | 865 | |||
Total Assets | 20,741 | 19,194 | 18,668 | |||
Current Liabilities: | ||||||
Short-term debt | 6 | 43 | 63 | |||
Merchandise accounts payable | 1,674 | 1,655 | 1,795 | |||
Accounts payable and accrued liabilities | 2,739 | 3,366 | 2,608 | |||
Income taxes | 20 | 168 | 15 | |||
Total Current Liabilities | 4,439 | 5,232 | 4,481 | |||
Long-Term Debt | 4,680 | 4,708 | 5,473 | |||
Long-Term Lease Liabilities | 2,836 | 0 | 0 | |||
Deferred Income Taxes | 1,206 | 1,238 | 1,194 | |||
Other Liabilities | 1,265 | 1,580 | 1,626 | |||
Shareholders' Equity, Macy's, Inc. | 6,315 | 6,436 | 5,916 | |||
Shareholders' Equity, noncontrolling interest | 0 | 0 | (22) | |||
Total Shareholders’ Equity | 6,315 | $ 6,323 | 6,436 | 5,894 | $ 5,801 | $ 5,733 |
Total Liabilities and Shareholders' Equity | $ 20,741 | $ 19,194 | $ 18,668 |
Consolidated Balance Sheets (pa
Consolidated Balance Sheets (parenthetical) - USD ($) $ in Millions | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Accumulated depreciation | $ 4,748 | $ 4,495 | $ 4,914 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity Statement - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Equity [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] |
Beginning balance at Feb. 03, 2018 | $ 5,733 | $ 3 | $ 676 | $ 7,246 | $ (1,456) | $ (724) | $ 5,745 | $ (12) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 131 | 139 | 139 | (8) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 7 | 7 | 7 | |||||
Common stock dividends | (116) | (116) | (116) | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 17 | 17 | 17 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 29 | (51) | 80 | 29 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 164 | (164) | 0 | ||||
Ending balance at May. 05, 2018 | 5,801 | 3 | 642 | 7,433 | (1,376) | (881) | 5,821 | (20) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 164 | 166 | 166 | (2) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 20 | 20 | 20 | |||||
Common stock dividends | (116) | (116) | (116) | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 15 | 15 | 15 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 10 | (21) | 31 | 10 | ||||
Ending balance at Aug. 04, 2018 | 5,894 | 3 | 636 | 7,483 | (1,345) | (861) | $ 5,916 | $ (22) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (158) | (158) | ||||||
Beginning balance at Feb. 02, 2019 | 6,436 | 3 | 652 | 8,050 | (1,318) | (951) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 136 | 136 | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 6 | 6 | ||||||
Common stock dividends | (117) | (117) | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 14 | 14 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 6 | (60) | 66 | |||||
Ending balance at May. 04, 2019 | 6,323 | 3 | 606 | 7,911 | (1,252) | (945) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 86 | 86 | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 5 | 5 | ||||||
Common stock dividends | (117) | (117) | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 14 | 14 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 1 | (3) | 4 | |||||
Stockholders' Equity, Other | 3 | 3 | ||||||
Ending balance at Aug. 03, 2019 | $ 6,315 | $ 3 | $ 617 | $ 7,883 | $ (1,248) | $ (940) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity Parenthetical - $ / shares | 3 Months Ended | |||
Aug. 03, 2019 | May 04, 2019 | Aug. 04, 2018 | May 05, 2018 | |
Statement of Stockholders' Equity - Parenthetical [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.3775 | $ 0.3775 | $ 0.3775 | $ 0.3775 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Aug. 03, 2019 | Aug. 04, 2018 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 223 | $ 296 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Impairment and other costs | 3 | 36 |
Settlement charges | 0 | 50 |
Depreciation and amortization | 472 | 470 |
Stock-based compensation expense | 28 | 31 |
Gains on sale of real estate | (49) | (70) |
Deferred Income Taxes | 17 | 36 |
Benefit plans | 15 | 18 |
Amortization of financing costs and premium on acquired debt | 1 | (5) |
Changes in assets and liabilities: | ||
Decrease in receivables | 160 | 88 |
Decrease in merchandise inventories | 234 | 221 |
Decrease in prepaid expenses and other current assets | 19 | 29 |
Increase in merchandise accounts payable | 55 | 219 |
Decrease in accounts payable and accrued liabilities | (619) | (510) |
Decrease in current income taxes | (149) | (271) |
Change in other assets and liabilities | (60) | (94) |
Net cash provided by operating activities | 350 | 544 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (378) | (275) |
Capitalized software | (123) | (133) |
Disposition of property and equipment | 59 | 88 |
Other, net | (12) | 8 |
Net cash used by investing activities | (454) | (312) |
Cash flows from financing activities: | ||
Debt Issuance Costs | (3) | 0 |
Debt repaid | (39) | (357) |
Dividends paid | (233) | (232) |
Decrease in outstanding checks | (128) | (90) |
Issuance of common stock | 6 | 38 |
Proceeds from noncontrolling interest | 0 | 5 |
Net cash used by financing activities | (397) | (636) |
Net decrease in cash, cash equivalents and restricted cash | (501) | (404) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 1,248 | 1,513 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 747 | 1,109 |
Supplemental cash flow information: | ||
Interest paid | 107 | 156 |
Interest received | 12 | 11 |
Income taxes paid (net of refunds received) | $ 189 | $ 319 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows - Restricted Cash Parenthetical - USD ($) $ in Millions | Aug. 03, 2019 | Aug. 04, 2018 |
Statement of Cash Flows - Restricted Cash [Abstract] | ||
Restricted Cash and Cash Equivalents | $ 73 | $ 41 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Aug. 03, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Organization and 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 kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Guam and Puerto Rico. As of August 3, 2019 , the Company's operations were conducted through Macy's, Bloomingdale's, Bloomingdale's The Outlet, Macy's Backstage and bluemercury. 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 February 2, 2019 (the "2018 10-K"). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2018 10-K. Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. The Consolidated Financial Statements for the 13 and 26 weeks ended August 3, 2019 and August 4, 2018 , in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company. Seasonality Because of the seasonal nature of the retail business, the results of operations for the 13 and 26 weeks ended August 3, 2019 and August 4, 2018 (which do not include the Christmas season) are not necessarily indicative of such results for the full fiscal year. Reclassifications Certain reclassifications were made to prior years’ amounts to conform to the classifications of such amounts in the most recent years. Comprehensive Income Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income. For the Company, the only other components of total comprehensive income for the 13 and 26 weeks ended August 3, 2019 and August 4, 2018 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of income before income taxes 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 benefit plan income, net on the Consolidated Statements of Income. See Note 6, "Benefit Plans," for further information. Newly Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended, which requires lessees to recognize substantially all leases on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a right of use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard was adopted by the Company on February 3, 2019 utilizing a modified retrospective approach that allowed for transition in the period of adoption. The Company adopted the package of practical expedients available at transition that retained the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. Contracts entered into prior to adoption were not reassessed for leases or embedded leases. Upon adoption, the Company used hindsight in determining lease term and impairment. For lease and non-lease components, the Company has elected to account for both as a single lease component. Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of $2,519 million and $2,728 million , respectively, as of February 3, 2019. The difference of $209 million between the additional net lease assets and lease liabilities, net of the deferred tax impact of $54 million , was recorded as an adjustment to retained earnings. Prepaid rent, intangible lease assets, finance lease assets, and accrued and deferred rent as of February 3, 2019 were recorded as part of the ROU asset. Finance lease obligations as of February 3, 2019 were recorded as part of the lease liabilities. The standard did not materially impact the Company's consolidated net income and had no impact on cash flows. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Aug. 03, 2019 | |
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 August 3, 2019 August 4, 2018 Net Shares Net Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and $ 86 308.9 $ 166 306.8 Shares to be issued under deferred 0.9 0.9 $ 86 309.8 $ 166 307.7 Basic earnings per share attributable to $ 0.28 $ 0.54 Effect of dilutive securities: Stock options, restricted stock and restricted stock units 1.8 4.3 $ 86 311.6 $ 166 312.0 Diluted earnings per share attributable to $ 0.28 $ 0.53 26 Weeks Ended August 3, 2019 August 4, 2018 Net Shares Net Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and $ 223 308.6 $ 306 306.2 Shares to be issued under deferred 0.9 0.9 $ 223 309.5 $ 306 307.1 Basic earnings per share attributable to $ 0.72 $ 0.99 Effect of dilutive securities: Stock options, restricted stock and restricted stock units 2.0 3.6 $ 223 311.5 $ 306 310.7 Diluted earnings per share attributable to $ 0.71 $ 0.98 In addition to the stock options and restricted stock units reflected in the foregoing tables, stock options to purchase 18.9 million shares of common stock and restricted stock units relating to 1.3 million shares of common stock were outstanding at August 3, 2019 , but were not included in the computation of diluted earnings per share because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. In addition to the stock options and restricted stock units reflected in the foregoing tables, stock options to purchase 12.8 million shares of common stock and restricted stock units relating to 1.4 million shares of common stock were outstanding at August 4, 2018 , but were not included in the computation of diluted earnings per share because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. |
Revenue
Revenue | 6 Months Ended |
Aug. 03, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Net sales Revenue is recognized when customers obtain control of goods and services promised by the Company. The amount of revenue recognized is based on the amount that reflects the consideration that is expected to be received in exchange for those respective goods and services. The Company's revenue generating activities include the following: Retail Sales Retail sales include merchandise sales, inclusive of delivery income, licensed department income, sales of private brand goods directly to third party retailers and sales of excess inventory to third parties. Sales of merchandise are recorded at the time of shipment to the customer and are reported net of estimated merchandise returns and certain customer incentives. Commissions earned on sales generated by licensed departments are included as a component of total net sales and are recognized as revenue at the time merchandise is sold to customers. Service revenues (e.g., alteration and cosmetic services) are recorded at the time the customer receives the benefit of the service. The Company has elected to present sales taxes on a net basis and, as such, sales taxes are included in accounts payable and accrued liabilities until remitted to the taxing authorities. For the 13 and 26 weeks ended August 3, 2019 , Macy's accounted for 88% of the Company's net sales. For the 13 and 26 weeks ended August 4, 2018 , Macy's accounted for 89% and 88% , respectively, of the Company's net sales. Disaggregation of the Company's net sales by family of business for the 13 and 26 weeks ended August 3, 2019 and August 4, 2018 were as follows: 13 Weeks Ended 26 Weeks Ended Net sales by family of business August 3, 2019 August 4, 2018 August 3, 2019 August 4, 2018 (millions) Women's Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 2,039 $ 2,022 $ 4,191 $ 4,181 Women's Apparel 1,269 1,322 2,582 2,672 Men's and Kids' 1,266 1,273 2,468 2,447 Home/Other (a) 972 955 1,809 1,812 Total $ 5,546 $ 5,572 $ 11,050 $ 11,112 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards. Merchandise Returns The Company estimates merchandise returns using historical data and recognizes an allowance that reduces net sales and cost of sales. The liability for merchandise returns is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $227 million , $269 million and $243 million as of August 3, 2019 , February 2, 2019 and August 4, 2018 , respectively. Included in prepaid expenses and other current assets is an asset totaling $154 million , $188 million and $165 million as of August 3, 2019 , February 2, 2019 and August 4, 2018 , respectively, for the recoverable cost of merchandise estimated to be returned by customers. Gift Cards and Customer Loyalty Programs The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold or issued, no revenue is recognized; rather, the Company records an accrued liability to customers. The liability is relieved and revenue is recognized equal to the amount redeemed at the time gift cards are redeemed for merchandise. The Company records revenue from unredeemed gift cards (breakage) in net sales on a pro-rata basis over the time period gift cards are actually redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. The Company maintains customer loyalty programs in which customers earn points based on their purchases. Under the Macy’s brand, points are earned based on customers’ spending on Macy’s private label and co-branded credit cards as well as non-proprietary cards during certain tender-neutral promotional events. Under the Bloomingdale’s brand, the Company offers a tender neutral points-based program. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales at the time of the initial transaction and as tender when the points are subsequently redeemed by a customer. The liability for unredeemed gift cards and customer loyalty programs is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $654 million , $856 million and $673 million as of August 3, 2019 , February 2, 2019 and August 4, 2018 , respectively. Credit Card Revenues, net |
Leases
Leases | 6 Months Ended |
Aug. 03, 2019 | |
Leases [Abstract] | |
Lessee, Operating and Financing Leases [Text Block] | Leases The Company leases a portion of the real estate and personal property used in its operations. Most leases require the Company to pay real estate taxes, maintenance, insurance and other similar costs; some also require additional payments based on percentages of sales and some contain purchase options. Certain of the Company’s real estate leases have terms that extend for a significant number of years and provide for rental rates that increase or decrease over time. L ease terms include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods, termination options and purchase options. Operating lease liabilities are recognized at the lease commencement date based on the present value of the fixed lease payments using the Company's incremental borrowing rates for its population of leases. Related operating ROU assets are recognized based on the initial present value of the fixed lease payments, reduced by contributions from landlords, plus any prepaid rent and direct costs from executing the leases. ROU assets are tested for impairment in the same manner as long-lived assets. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease payments are recognized as lease expense as they are incurred. Certain of the Company's leases contain covenants that restrict the ability of the tenant (typically a subsidiary of the Company) to take specified actions (including the payment of dividends or other amounts on account of its capital stock) unless the tenant satisfies certain financial tests. ROU assets and lease liabilities consist of: August 3, 2019 Classification (millions) Assets Finance lease assets (a) Right of Use Assets $ 11 Operating lease assets (b) Right of Use Assets 2,625 Total leased assets $ 2,636 Liabilities Current Finance Accounts payable and accrued liabilities $ 1 Operating (b) Accounts payable and accrued liabilities 350 Noncurrent Finance Long-Term Lease Liabilities 24 Operating (b) Long-Term Lease Liabilities 2,812 Total lease liabilities $ 3,187 (a) Finance lease assets are recorded net of accumulated amortization of $12 million as of August 3, 2019 . (b) As of August 3, 2019 , operating lease assets included $398 million of non-lease components and current and noncurrent lease liabilities included $34 million and $369 million , respectively, of non-lease components. The components of net lease expense are disclosed below. For the 13 and 26 weeks ended August 3, 2019 , expense related to non-lease components was $21 million and $42 million , respectively, and variable lease expense was $3 million and $7 million , respectively. 13 Weeks Ended 26 Weeks Ended August 3, 2019 August 3, 2019 Classification (millions) Operating lease expense (c) Selling, general and administrative expenses $ 106 $ 214 Sublease income Selling, general and administrative expenses (1 ) (1 ) Net lease expense $ 105 $ 213 (c) Certain supply chain operating lease expense amounts are included in cost of sales. As of August 3, 2019 , the maturity of lease liabilities is as follows: Finance Leases (d) Operating Leases (e and f) Total (millions) Fiscal year 2019 $ 1 $ 180 $ 181 2020 3 332 335 2021 3 333 336 2022 3 311 314 2023 3 307 310 After 2023 31 5,385 5,416 Total undiscounted lease payments 44 6,848 6,892 Less amount representing interest 19 3,686 3,705 Total lease liabilities $ 25 $ 3,162 $ 3,187 (d) Finance lease payments include $12 million related to options to extend lease terms that are reasonably certain of being exercised. (e) Operating lease payments include $3,292 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $936 million of legally binding minimum lease payments for leases signed but not yet commenced. (f) Operating lease payments include $1,172 million related to non-lease component payments, with $ 844 million related to options to extend lease terms that are reasonably certain of being exercised. Additional supplemental information regarding assumptions and cash flows for operating and finance leases is as follows: August 3, 2019 Lease Term and Discount Rate (millions) Weighted-average remaining lease term (years) Finance leases 18.0 Operating leases 23.7 Weighted-average discount rate Finance leases 6.64 % Operating leases 6.70 % 26 Weeks Ended August 3, 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used from operating leases $ 182 Financing cash flows used from financing leases 1 Leased assets obtained in exchange for new operating lease liabilities 39 As of February 2, 2019, as disclosed in the 2018 10-K, minimum rental commitments for noncancellable leases, including executed leases not yet commenced, were as follows: Capitalized Leases (g) Operating Leases Total (millions) Fiscal year 2019 $ 3 $ 325 $ 328 2020 3 315 318 2021 3 309 312 2022 3 283 286 2023 3 264 267 After 2023 31 2,758 2,789 Total minimum lease payments 46 $ 4,254 $ 4,300 Less amount representing interest 20 Present value of net minimum capitalized lease payments $ 26 (g) For purposes of the disclosure, capitalized lease is used interchangeably with finance lease. |
Financing Activities
Financing Activities | 6 Months Ended |
Aug. 03, 2019 | |
Debt Disclosure [Abstract] | |
Financing Activities | Financing Activities The following table shows the detail of debt repayments: 26 Weeks Ended August 3, 2019 August 4, 2018 (millions) 6.9% Senior debentures due 2029 $ — $ 90 4.5% Senior notes due 2034 — 80 6.7% Senior notes due 2028 — 60 6.375% Senior notes due 2037 — 43 6.7% Senior debentures due 2034 — 28 7.0% Senior debentures due 2028 — 27 6.65% Senior debentures due 2024 — 11 6.9% Senior debentures due 2032 — 5 8.5% Senior debentures due 2019 36 — 9.5% Amortizing debentures due 2021 2 2 9.75% Amortizing debentures due 2021 1 1 $ 39 $ 347 During the 26 weeks ended August 4, 2018, the Company repurchased $344 million face value of senior notes and debentures. The debt repurchases were made in the open market for a total cost of $354 million , including expenses related to the transactions. Such repurchases resulted in the recognition of expense of $5 million during the 13 and 26 weeks ended August 4, 2018 presented as losses on early retirement of debt on the Consolidated Statements of Income. On May 9, 2019, the Company entered into a new credit agreement with certain financial institutions that replaced the previous credit agreement which was set to expire on May 6, 2021. Similar to the previous agreement, the new credit agreement provides 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). The new credit agreement is scheduled to expire on May 9, 2024, subject to up to two one-year extensions that may be requested by the Company and agreed to by the lenders. |
Benefit Plans
Benefit Plans | 6 Months Ended |
Aug. 03, 2019 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Benefit Plans | Benefit Plans The Company has defined contribution plans which cover substantially all employees who work 1,000 hours or more in a year. In addition, the Company has a funded defined benefit plan ("Pension Plan") and an unfunded defined benefit supplementary retirement plan ("SERP"), which provides benefits, for certain employees, in excess of qualified plan limitations. Effective January 1, 2012, the Pension Plan was closed to new participants, with limited exceptions, and effective January 2, 2012, the SERP was closed to new participants. In February 2013, the Company announced changes to the Pension Plan and SERP whereby eligible employees no longer earn future pension service credits after December 31, 2013, with limited exceptions. All retirement benefits attributable to service in subsequent periods are provided through defined contribution plans. In addition, certain retired employees currently are provided with specified health care and life insurance benefits ("Postretirement Obligations"). Eligibility requirements for such benefits vary, but generally state that benefits are available to eligible employees who were hired prior to a certain date and retire after a certain age with specified years of service. Certain employees are subject to having such benefits modified or terminated. The defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows: 13 Weeks Ended 26 Weeks Ended August 3, 2019 August 4, 2018 August 3, 2019 August 4, 2018 (millions) (millions) 401(k) Qualified Defined Contribution Plan $ 24 $ 24 $ 49 $ 47 Non-Qualified Defined Contribution Plan $ 1 $ 1 $ 2 $ 1 Pension Plan Service cost $ 1 $ 1 $ 2 $ 3 Interest cost 26 27 52 53 Expected return on assets (48 ) (53 ) (96 ) (106 ) Recognition of net actuarial loss 7 8 14 16 Amortization of prior service credit — — — — $ (14 ) $ (17 ) $ (28 ) $ (34 ) Supplementary Retirement Plan Service cost $ — $ — $ — $ — Interest cost 6 5 12 11 Recognition of net actuarial loss 2 2 4 4 Amortization of prior service cost — — — — $ 8 $ 7 $ 16 $ 15 Total Retirement Expense $ 19 $ 15 $ 39 $ 29 Postretirement Obligations Service cost $ — $ — $ — $ — Interest cost 1 1 2 2 Recognition of net actuarial gain (2 ) (1 ) (3 ) (2 ) Amortization of prior service credit — — — — $ (1 ) $ — $ (1 ) $ — For the 13 and 26 weeks ended August 4, 2018 , the Company incurred non-cash settlement charges of $50 million related 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 the result of an increase in lump sum distributions associated with store closings, organizational restructuring and periodic distribution activity. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Aug. 03, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring 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: August 3, 2019 August 4, 2018 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 $ 112 $ 31 $ 81 $ — $ 96 $ 27 $ 69 $ — Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, certain short-term investments and other assets, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount of these financial instruments approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, are generally estimated based on quoted market prices for identical or similar instruments, and are classified as Level 2 measurements within the hierarchy as defined by applicable accounting standards. The following table shows the estimated fair value of the Company's long-term debt, excluding capital leases and other obligations: August 3, 2019 August 4, 2018 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 4,667 $ 4,680 $ 4,742 $ 5,423 $ 5,447 $ 5,314 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Aug. 03, 2019 | |
Condensed Financial Information 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 Macy's China Limited. "Subsidiary Issuer" includes operating divisions and non-guarantor subsidiaries of the Subsidiary Issuer on an equity basis. The assets and liabilities and results of operations of the non-guarantor subsidiaries of the Subsidiary Issuer are also reflected in "Other Subsidiaries." Condensed Consolidating Statements of Comprehensive Income for the 13 and 26 weeks ended August 3, 2019 and August 4, 2018 , Condensed Consolidating Balance Sheets as of August 3, 2019 , August 4, 2018 and February 2, 2019 , and the related Condensed Consolidating Statements of Cash Flows for the 26 weeks ended August 3, 2019 and August 4, 2018 are presented on the following pages. Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended August 3, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,219 $ 4,416 $ (1,089 ) $ 5,546 Credit card revenues (expense), net — (2 ) 178 — 176 Cost of sales — (1,341 ) (3,143 ) 1,089 (3,395 ) Selling, general and administrative expenses — (872 ) (1,305 ) — (2,177 ) Gains on sale of real estate — — 7 — 7 Impairment and other costs — — (2 ) — (2 ) Operating income — 4 151 — 155 Benefit plan income, net — 3 5 — 8 Interest (expense) income, net: External 4 (52 ) 1 — (47 ) Intercompany — (18 ) 18 — — Equity in earnings (loss) of subsidiaries 82 (108 ) — 26 — Income (loss) before income taxes 86 (171 ) 175 26 116 Federal, state and local income — 7 (37 ) — (30 ) Net income (loss) 86 (164 ) 138 26 86 Net loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to $ 86 $ (164 ) $ 138 $ 26 $ 86 Comprehensive income (loss) $ 91 $ (159 ) $ 142 $ 17 $ 91 Comprehensive loss attributable to — — — — — Comprehensive income (loss) attributable to $ 91 $ (159 ) $ 142 $ 17 $ 91 Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended August 4, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,072 $ 4,914 $ (1,414 ) $ 5,572 Credit card revenues, net — 3 183 — 186 Cost of sales — (1,271 ) (3,463 ) 1,414 (3,320 ) Selling, general and administrative expenses — (812 ) (1,352 ) — (2,164 ) Gains on sale of real estate — 19 27 — 46 Impairment and other costs — 2 (19 ) — (17 ) Operating income — 13 290 — 303 Benefit plan income, net — 4 7 — 11 Settlement charges (6 ) (16 ) (28 ) — (50 ) Interest (expense) income, net: External 5 (69 ) 2 — (62 ) Intercompany — (17 ) 17 — — Losses on early retirement of debt — (5 ) — — (5 ) Equity in earnings of subsidiaries 167 8 — (175 ) — Income (loss) before income taxes 166 (82 ) 288 (175 ) 197 Federal, state and local income — 30 (63 ) — (33 ) Net income (loss) 166 (52 ) 225 (175 ) 164 Net loss attributable to noncontrolling interest — — 2 — 2 Net income (loss) attributable to $ 166 $ (52 ) $ 227 $ (175 ) $ 166 Comprehensive income (loss) $ 186 $ (35 ) $ 236 $ (203 ) $ 184 Comprehensive loss attributable to — — 2 — 2 Comprehensive income (loss) attributable to $ 186 $ (35 ) $ 238 $ (203 ) $ 186 Condensed Consolidating Statement of Comprehensive Income For the 26 Weeks Ended August 3, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 4,373 $ 9,184 $ (2,507 ) $ 11,050 Credit card revenues (expense), net — (5 ) 353 — 348 Cost of sales — (2,682 ) (6,623 ) 2,507 (6,798 ) Selling, general and administrative expenses 1 (1,674 ) (2,614 ) — (4,287 ) Gains on sale of real estate — 24 25 — 49 Impairment and other costs — — (3 ) — (3 ) Operating income 1 36 322 — 359 Benefit plan income, net — 6 9 — 15 Interest (expense) income, net: External 9 (105 ) 2 — (94 ) Intercompany — (37 ) 37 — — Equity in earnings (loss) of subsidiaries 214 (138 ) — (76 ) — Income (loss) before income taxes 224 (238 ) 370 (76 ) 280 Federal, state and local income (1 ) 31 (87 ) — (57 ) Net income (loss) 223 (207 ) 283 (76 ) 223 Net loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to $ 223 $ (207 ) $ 283 $ (76 ) $ 223 Comprehensive income (loss) $ 234 $ (197 ) $ 291 $ (94 ) $ 234 Comprehensive loss attributable to — — — — — Comprehensive income (loss) attributable to $ 234 $ (197 ) $ 291 $ (94 ) $ 234 Condensed Consolidating Statement of Comprehensive Income For the 26 Weeks Ended August 4, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 4,081 $ 10,277 $ (3,246 ) $ 11,112 Credit card revenues (expense), net — (3 ) 346 — 343 Cost of sales — (2,591 ) (7,356 ) 3,246 (6,701 ) Selling, general and administrative expenses — (1,641 ) (2,606 ) — (4,247 ) Gains on sale of real estate — 42 28 — 70 Impairment and other costs — 2 (38 ) — (36 ) Operating income (loss) — (110 ) 651 — 541 Benefit plan income, net — 8 14 — 22 Settlement charges (6 ) (16 ) (28 ) — (50 ) Interest (expense) income, net: External 9 (139 ) 2 — (128 ) Intercompany — (36 ) 36 — — Losses on early retirement of debt — (5 ) — — (5 ) Equity in earnings of subsidiaries 304 109 — (413 ) — Income (loss) before income taxes 307 (189 ) 675 (413 ) 380 Federal, state and local income (1 ) 67 (150 ) — (84 ) Net income (loss) 306 (122 ) 525 (413 ) 296 Net loss attributable to noncontrolling interest — — 10 — 10 Net income (loss) attributable to $ 306 $ (122 ) $ 535 $ (413 ) $ 306 Comprehensive income (loss) $ 333 $ (99 ) $ 540 $ (451 ) $ 323 Comprehensive loss attributable to — — 10 — 10 Comprehensive income (loss) attributable to $ 333 $ (99 ) $ 550 $ (451 ) $ 333 Condensed Consolidating Balance Sheet As of August 3, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 320 $ 100 $ 254 $ — $ 674 Receivables 1 44 195 — 240 Merchandise inventories — 2,138 2,891 — 5,029 Prepaid expenses and other current assets — 139 464 — 603 Income taxes 39 — — (39 ) — Total Current Assets 360 2,421 3,804 (39 ) 6,546 Property and Equipment – net — 3,162 3,321 — 6,483 Right of Use Assets — 660 1,976 — 2,636 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 4 436 — 440 Other Assets — 39 689 — 728 Deferred Income Taxes 9 — — (9 ) — Intercompany Receivable 2,564 — 643 (3,207 ) — Investment in Subsidiaries 3,484 2,957 — (6,441 ) — Total Assets $ 6,417 $ 12,569 $ 11,451 $ (9,696 ) $ 20,741 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 6 $ — $ — $ 6 Merchandise accounts payable — 717 957 — 1,674 Accounts payable and accrued liabilities 74 754 1,911 — 2,739 Income taxes — 47 12 (39 ) 20 Total Current Liabilities 74 1,524 2,880 (39 ) 4,439 Long-Term Debt — 4,680 — — 4,680 Long-Term Lease Liabilities — 594 2,242 — 2,836 Intercompany Payable — 3,207 — (3,207 ) — Deferred Income Taxes — 643 572 (9 ) 1,206 Other Liabilities 28 364 873 — 1,265 Shareholders' Equity: Macy's, Inc. 6,315 1,557 4,884 (6,441 ) 6,315 Noncontrolling Interest — — — — — Total Shareholders' Equity 6,315 1,557 4,884 (6,441 ) 6,315 Total Liabilities and Shareholders' Equity $ 6,417 $ 12,569 $ 11,451 $ (9,696 ) $ 20,741 Condensed Consolidating Balance Sheet As of August 4, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 744 $ 66 $ 258 $ — $ 1,068 Receivables 1 43 217 — 261 Merchandise inventories — 2,121 2,835 — 4,956 Prepaid expenses and other current assets — 135 445 — 580 Income taxes 46 — — (46 ) — Total Current Assets 791 2,365 3,755 (46 ) 6,865 Property and Equipment – net — 3,253 3,294 — 6,547 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 41 442 — 483 Other Assets — 89 776 — 865 Deferred Income Taxes 10 — — (10 ) — Intercompany Receivable 1,347 — 1,038 (2,385 ) — Investment in Subsidiaries 3,876 3,140 — (7,016 ) — Total Assets $ 6,024 $ 12,214 $ 9,887 $ (9,457 ) $ 18,668 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 42 $ 21 $ — $ 63 Merchandise accounts payable — 788 1,007 — 1,795 Accounts payable and accrued liabilities 84 777 1,747 — 2,608 Income taxes — 33 28 (46 ) 15 Total Current Liabilities 84 1,640 2,803 (46 ) 4,481 Long-Term Debt — 5,457 16 — 5,473 Intercompany Payable — 2,385 — (2,385 ) — Deferred Income Taxes — 588 616 (10 ) 1,194 Other Liabilities 24 441 1,161 — 1,626 Shareholders' Equity: Macy's, Inc. 5,916 1,703 5,313 (7,016 ) 5,916 Noncontrolling Interest — — (22 ) — (22 ) Total Shareholders' Equity 5,916 1,703 5,291 (7,016 ) 5,894 Total Liabilities and Shareholders' Equity $ 6,024 $ 12,214 $ 9,887 $ (9,457 ) $ 18,668 Condensed Consolidating Balance Sheet As of February 2, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 889 $ 59 $ 214 $ — $ 1,162 Receivables — 68 332 — 400 Merchandise inventories — 2,342 2,921 — 5,263 Prepaid expenses and other current assets — 143 477 — 620 Total Current Assets 889 2,612 3,944 — 7,445 Property and Equipment – net — 3,287 3,350 — 6,637 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 38 440 — 478 Other Assets — 41 685 — 726 Deferred Income Taxes 12 — — (12 ) — Intercompany Receivable 1,713 — 1,390 (3,103 ) — Investment in Subsidiaries 4,030 3,119 — (7,149 ) — Total Assets $ 6,644 $ 12,423 $ 10,391 $ (10,264 ) $ 19,194 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 42 $ 1 $ — $ 43 Merchandise accounts payable — 713 942 — 1,655 Accounts payable and accrued liabilities 170 950 2,246 — 3,366 Income taxes 14 52 102 — 168 Total Current Liabilities 184 1,757 3,291 — 5,232 Long-Term Debt — 4,692 16 — 4,708 Intercompany Payable — 3,103 — (3,103 ) — Deferred Income Taxes — 679 571 (12 ) 1,238 Other Liabilities 24 406 1,150 — 1,580 Shareholders' Equity: Macy's, Inc. 6,436 1,786 5,363 (7,149 ) 6,436 Noncontrolling Interest — — — — — Total Shareholders' Equity 6,436 1,786 5,363 (7,149 ) 6,436 Total Liabilities and Shareholders' Equity $ 6,644 $ 12,423 $ 10,391 $ (10,264 ) $ 19,194 Condensed Consolidating Statement of Cash Flows For the 26 Weeks Ended August 3, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 223 $ (207 ) $ 283 $ (76 ) $ 223 Impairment and other costs — — 3 — 3 Equity in loss (earnings) of subsidiaries (214 ) 138 — 76 — Dividends received from subsidiaries 606 — — (606 ) — Depreciation and amortization — 169 303 — 472 Gains on sale of real estate — (24 ) (25 ) — (49 ) Changes in assets, liabilities and other items not separately identified (52 ) 47 (294 ) — (299 ) Net cash provided by operating activities 563 123 270 (606 ) 350 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net of dispositions — (97 ) (345 ) — (442 ) Other, net — (11 ) (1 ) — (12 ) Net cash used by investing activities — (108 ) (346 ) — (454 ) Cash flows from financing activities: Debt repaid, including debt issuance costs — (42 ) — — (42 ) Dividends paid (233 ) — (606 ) 606 (233 ) Issuance of common stock 6 — — — 6 Intercompany activity, net (813 ) 93 720 — — Other, net (92 ) (21 ) (15 ) — (128 ) Net cash provided (used) by financing activities (1,132 ) 30 99 606 (397 ) Net increase (decrease) in cash, cash equivalents and restricted cash (569 ) 45 23 — (501 ) Cash, cash equivalents and restricted cash at beginning of period 889 64 295 — 1,248 Cash, cash equivalents and restricted cash at end of period $ 320 $ 109 $ 318 $ — $ 747 Condensed Consolidating Statement of Cash Flows For the 26 Weeks Ended August 4, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 306 $ (122 ) $ 525 $ (413 ) $ 296 Impairment and other costs — (2 ) 38 — 36 Settlement charges 6 16 28 — 50 Equity in earnings of subsidiaries (304 ) (109 ) — 413 — Dividends received from subsidiaries 492 — — (492 ) — Depreciation and amortization — 165 305 — 470 Gains on sale of real estate — (42 ) (28 ) — (70 ) Changes in assets, liabilities and other items not separately identified (154 ) 298 (381 ) (1 ) (238 ) Net cash provided by operating activities 346 204 487 (493 ) 544 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net of dispositions — (49 ) (271 ) — (320 ) Other, net — (15 ) (28 ) 51 8 Net cash used by investing activities — (64 ) (299 ) 51 (312 ) Cash flows from financing activities: Debt repaid — (306 ) (1 ) (50 ) (357 ) Dividends paid (232 ) — (492 ) 492 (232 ) Issuance of common stock 38 — — — 38 Proceeds from noncontrolling interest — — 5 — 5 Intercompany activity, net (441 ) 162 279 — — Other, net (76 ) (9 ) (5 ) — (90 ) Net cash used by financing activities (711 ) (153 ) (214 ) 442 (636 ) Net decrease in cash, cash equivalents and restricted cash (365 ) (13 ) (26 ) — (404 ) Cash, cash equivalents and restricted cash at beginning of period 1,109 79 325 — 1,513 Cash, cash equivalents and restricted cash at end of period $ 744 $ 66 $ 299 $ — $ 1,109 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 6 Months Ended |
Aug. 03, 2019 | |
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 kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Guam and Puerto Rico. As of August 3, 2019 , the Company's operations were conducted through Macy's, Bloomingdale's, Bloomingdale's The Outlet, Macy's Backstage and bluemercury. 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 February 2, 2019 (the "2018 10-K"). The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto in the 2018 10-K. |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. The Consolidated Financial Statements for the 13 and 26 weeks ended August 3, 2019 and August 4, 2018 , in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company. |
Reclassifications | Reclassifications Certain reclassifications were made to prior years’ amounts to conform to the classifications of such amounts in the most recent years. |
Comprehensive Income | Comprehensive Income Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net income. For the Company, the only other components of total comprehensive income for the 13 and 26 weeks ended August 3, 2019 and August 4, 2018 relate to post employment and postretirement plan items. Settlement charges incurred are included as a separate component of income before income taxes 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 benefit plan income, net on the Consolidated Statements of Income. See Note 6, "Benefit Plans," for further information. |
Newly Adopted Accounting Pronouncements | Newly Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended, which requires lessees to recognize substantially all leases on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a right of use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard was adopted by the Company on February 3, 2019 utilizing a modified retrospective approach that allowed for transition in the period of adoption. The Company adopted the package of practical expedients available at transition that retained the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. Contracts entered into prior to adoption were not reassessed for leases or embedded leases. Upon adoption, the Company used hindsight in determining lease term and impairment. For lease and non-lease components, the Company has elected to account for both as a single lease component. Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of $2,519 million and $2,728 million , respectively, as of February 3, 2019. The difference of $209 million between the additional net lease assets and lease liabilities, net of the deferred tax impact of $54 million , was recorded as an adjustment to retained earnings. Prepaid rent, intangible lease assets, finance lease assets, and accrued and deferred rent as of February 3, 2019 were recorded as part of the ROU asset. Finance lease obligations as of February 3, 2019 were recorded as part of the lease liabilities. The standard did not materially impact the Company's consolidated net income and had no impact on cash flows. |
Revenue Recognition (Policies)
Revenue Recognition (Policies) | 6 Months Ended |
Aug. 03, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Net sales Revenue is recognized when customers obtain control of goods and services promised by the Company. The amount of revenue recognized is based on the amount that reflects the consideration that is expected to be received in exchange for those respective goods and services. The Company's revenue generating activities include the following: Retail Sales Retail sales include merchandise sales, inclusive of delivery income, licensed department income, sales of private brand goods directly to third party retailers and sales of excess inventory to third parties. Sales of merchandise are recorded at the time of shipment to the customer and are reported net of estimated merchandise returns and certain customer incentives. Commissions earned on sales generated by licensed departments are included as a component of total net sales and are recognized as revenue at the time merchandise is sold to customers. Service revenues (e.g., alteration and cosmetic services) are recorded at the time the customer receives the benefit of the service. The Company has elected to present sales taxes on a net basis and, as such, sales taxes are included in accounts payable and accrued liabilities until remitted to the taxing authorities. For the 13 and 26 weeks ended August 3, 2019 , Macy's accounted for 88% of the Company's net sales. For the 13 and 26 weeks ended August 4, 2018 , Macy's accounted for 89% and 88% , respectively, of the Company's net sales. Disaggregation of the Company's net sales by family of business for the 13 and 26 weeks ended August 3, 2019 and August 4, 2018 were as follows: 13 Weeks Ended 26 Weeks Ended Net sales by family of business August 3, 2019 August 4, 2018 August 3, 2019 August 4, 2018 (millions) Women's Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 2,039 $ 2,022 $ 4,191 $ 4,181 Women's Apparel 1,269 1,322 2,582 2,672 Men's and Kids' 1,266 1,273 2,468 2,447 Home/Other (a) 972 955 1,809 1,812 Total $ 5,546 $ 5,572 $ 11,050 $ 11,112 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards. Merchandise Returns The Company estimates merchandise returns using historical data and recognizes an allowance that reduces net sales and cost of sales. The liability for merchandise returns is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $227 million , $269 million and $243 million as of August 3, 2019 , February 2, 2019 and August 4, 2018 , respectively. Included in prepaid expenses and other current assets is an asset totaling $154 million , $188 million and $165 million as of August 3, 2019 , February 2, 2019 and August 4, 2018 , respectively, for the recoverable cost of merchandise estimated to be returned by customers. Gift Cards and Customer Loyalty Programs The Company only offers no-fee, non-expiring gift cards to its customers. At the time gift cards are sold or issued, no revenue is recognized; rather, the Company records an accrued liability to customers. The liability is relieved and revenue is recognized equal to the amount redeemed at the time gift cards are redeemed for merchandise. The Company records revenue from unredeemed gift cards (breakage) in net sales on a pro-rata basis over the time period gift cards are actually redeemed. At least three years of historical data, updated annually, is used to determine actual redemption patterns. The Company maintains customer loyalty programs in which customers earn points based on their purchases. Under the Macy’s brand, points are earned based on customers’ spending on Macy’s private label and co-branded credit cards as well as non-proprietary cards during certain tender-neutral promotional events. Under the Bloomingdale’s brand, the Company offers a tender neutral points-based program. The Company recognizes the estimated net amount of the rewards that will be earned and redeemed as a reduction to net sales at the time of the initial transaction and as tender when the points are subsequently redeemed by a customer. The liability for unredeemed gift cards and customer loyalty programs is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $654 million , $856 million and $673 million as of August 3, 2019 , February 2, 2019 and August 4, 2018 , respectively. Credit Card Revenues, net |
Leases (Policies)
Leases (Policies) | 6 Months Ended |
Aug. 03, 2019 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | Leases The Company leases a portion of the real estate and personal property used in its operations. Most leases require the Company to pay real estate taxes, maintenance, insurance and other similar costs; some also require additional payments based on percentages of sales and some contain purchase options. Certain of the Company’s real estate leases have terms that extend for a significant number of years and provide for rental rates that increase or decrease over time. L ease terms include the noncancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods, termination options and purchase options. Operating lease liabilities are recognized at the lease commencement date based on the present value of the fixed lease payments using the Company's incremental borrowing rates for its population of leases. Related operating ROU assets are recognized based on the initial present value of the fixed lease payments, reduced by contributions from landlords, plus any prepaid rent and direct costs from executing the leases. ROU assets are tested for impairment in the same manner as long-lived assets. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease payments are recognized as lease expense as they are incurred. Certain of the Company's leases contain covenants that restrict the ability of the tenant (typically a subsidiary of the Company) to take specified actions (including the payment of dividends or other amounts on account of its capital stock) unless the tenant satisfies certain financial tests. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
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 August 3, 2019 August 4, 2018 Net Shares Net Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and $ 86 308.9 $ 166 306.8 Shares to be issued under deferred 0.9 0.9 $ 86 309.8 $ 166 307.7 Basic earnings per share attributable to $ 0.28 $ 0.54 Effect of dilutive securities: Stock options, restricted stock and restricted stock units 1.8 4.3 $ 86 311.6 $ 166 312.0 Diluted earnings per share attributable to $ 0.28 $ 0.53 26 Weeks Ended August 3, 2019 August 4, 2018 Net Shares Net Shares (millions, except per share data) Net income attributable to Macy's, Inc. shareholders and $ 223 308.6 $ 306 306.2 Shares to be issued under deferred 0.9 0.9 $ 223 309.5 $ 306 307.1 Basic earnings per share attributable to $ 0.72 $ 0.99 Effect of dilutive securities: Stock options, restricted stock and restricted stock units 2.0 3.6 $ 223 311.5 $ 306 310.7 Diluted earnings per share attributable to $ 0.71 $ 0.98 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Sales from Merchandise Category [Table Text Block] | Disaggregation of the Company's net sales by family of business for the 13 and 26 weeks ended August 3, 2019 and August 4, 2018 were as follows: 13 Weeks Ended 26 Weeks Ended Net sales by family of business August 3, 2019 August 4, 2018 August 3, 2019 August 4, 2018 (millions) Women's Accessories, Intimate Apparel, Shoes, Cosmetics and Fragrances $ 2,039 $ 2,022 $ 4,191 $ 4,181 Women's Apparel 1,269 1,322 2,582 2,672 Men's and Kids' 1,266 1,273 2,468 2,447 Home/Other (a) 972 955 1,809 1,812 Total $ 5,546 $ 5,572 $ 11,050 $ 11,112 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Leases [Abstract] | |
Lessee Lease [Table Text Block] | ROU assets and lease liabilities consist of: August 3, 2019 Classification (millions) Assets Finance lease assets (a) Right of Use Assets $ 11 Operating lease assets (b) Right of Use Assets 2,625 Total leased assets $ 2,636 Liabilities Current Finance Accounts payable and accrued liabilities $ 1 Operating (b) Accounts payable and accrued liabilities 350 Noncurrent Finance Long-Term Lease Liabilities 24 Operating (b) Long-Term Lease Liabilities 2,812 Total lease liabilities $ 3,187 (a) Finance lease assets are recorded net of accumulated amortization of $12 million as of August 3, 2019 . |
Lease, Cost [Table Text Block] | The components of net lease expense are disclosed below. For the 13 and 26 weeks ended August 3, 2019 , expense related to non-lease components was $21 million and $42 million , respectively, and variable lease expense was $3 million and $7 million , respectively. 13 Weeks Ended 26 Weeks Ended August 3, 2019 August 3, 2019 Classification (millions) Operating lease expense (c) Selling, general and administrative expenses $ 106 $ 214 Sublease income Selling, general and administrative expenses (1 ) (1 ) Net lease expense $ 105 $ 213 (c) Certain supply chain operating lease expense amounts are included in cost of sales. |
Finance Lease, Liability, Maturity [Table Text Block] | As of August 3, 2019 , the maturity of lease liabilities is as follows: Finance Leases (d) Operating Leases (e and f) Total (millions) Fiscal year 2019 $ 1 $ 180 $ 181 2020 3 332 335 2021 3 333 336 2022 3 311 314 2023 3 307 310 After 2023 31 5,385 5,416 Total undiscounted lease payments 44 6,848 6,892 Less amount representing interest 19 3,686 3,705 Total lease liabilities $ 25 $ 3,162 $ 3,187 (d) Finance lease payments include $12 million related to options to extend lease terms that are reasonably certain of being exercised. (e) Operating lease payments include $3,292 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $936 million |
Operating Lease Liability, Maturity [Table Text Block] | As of August 3, 2019 , the maturity of lease liabilities is as follows: Finance Leases (d) Operating Leases (e and f) Total (millions) Fiscal year 2019 $ 1 $ 180 $ 181 2020 3 332 335 2021 3 333 336 2022 3 311 314 2023 3 307 310 After 2023 31 5,385 5,416 Total undiscounted lease payments 44 6,848 6,892 Less amount representing interest 19 3,686 3,705 Total lease liabilities $ 25 $ 3,162 $ 3,187 (d) Finance lease payments include $12 million related to options to extend lease terms that are reasonably certain of being exercised. (e) Operating lease payments include $3,292 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $936 million |
Schedule of Supplemental Information for Lease Assumptions and Cash Flows [Table Text Block] | Additional supplemental information regarding assumptions and cash flows for operating and finance leases is as follows: August 3, 2019 Lease Term and Discount Rate (millions) Weighted-average remaining lease term (years) Finance leases 18.0 Operating leases 23.7 Weighted-average discount rate Finance leases 6.64 % Operating leases 6.70 % 26 Weeks Ended August 3, 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used from operating leases $ 182 Financing cash flows used from financing leases 1 Leased assets obtained in exchange for new operating lease liabilities 39 |
Prior Period Disclosure: Schedule of Future Minimum Payments for Capital and Operating Leases [Table Text Block] | As of February 2, 2019, as disclosed in the 2018 10-K, minimum rental commitments for noncancellable leases, including executed leases not yet commenced, were as follows: Capitalized Leases (g) Operating Leases Total (millions) Fiscal year 2019 $ 3 $ 325 $ 328 2020 3 315 318 2021 3 309 312 2022 3 283 286 2023 3 264 267 After 2023 31 2,758 2,789 Total minimum lease payments 46 $ 4,254 $ 4,300 Less amount representing interest 20 Present value of net minimum capitalized lease payments $ 26 (g) For purposes of the disclosure, capitalized lease is used interchangeably with finance lease. |
Financing Activities (Tables)
Financing Activities (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Extinguishment of Debt [Line Items] | |
Detail of Debt Repayments | The following table shows the detail of debt repayments: 26 Weeks Ended August 3, 2019 August 4, 2018 (millions) 6.9% Senior debentures due 2029 $ — $ 90 4.5% Senior notes due 2034 — 80 6.7% Senior notes due 2028 — 60 6.375% Senior notes due 2037 — 43 6.7% Senior debentures due 2034 — 28 7.0% Senior debentures due 2028 — 27 6.65% Senior debentures due 2024 — 11 6.9% Senior debentures due 2032 — 5 8.5% Senior debentures due 2019 36 — 9.5% Amortizing debentures due 2021 2 2 9.75% Amortizing debentures due 2021 1 1 $ 39 $ 347 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Schedule of Costs of Retirement Plans | The defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows: 13 Weeks Ended 26 Weeks Ended August 3, 2019 August 4, 2018 August 3, 2019 August 4, 2018 (millions) (millions) 401(k) Qualified Defined Contribution Plan $ 24 $ 24 $ 49 $ 47 Non-Qualified Defined Contribution Plan $ 1 $ 1 $ 2 $ 1 Pension Plan Service cost $ 1 $ 1 $ 2 $ 3 Interest cost 26 27 52 53 Expected return on assets (48 ) (53 ) (96 ) (106 ) Recognition of net actuarial loss 7 8 14 16 Amortization of prior service credit — — — — $ (14 ) $ (17 ) $ (28 ) $ (34 ) Supplementary Retirement Plan Service cost $ — $ — $ — $ — Interest cost 6 5 12 11 Recognition of net actuarial loss 2 2 4 4 Amortization of prior service cost — — — — $ 8 $ 7 $ 16 $ 15 Total Retirement Expense $ 19 $ 15 $ 39 $ 29 Postretirement Obligations Service cost $ — $ — $ — $ — Interest cost 1 1 2 2 Recognition of net actuarial gain (2 ) (1 ) (3 ) (2 ) Amortization of prior service credit — — — — $ (1 ) $ — $ (1 ) $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring 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: August 3, 2019 August 4, 2018 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 $ 112 $ 31 $ 81 $ — $ 96 $ 27 $ 69 $ — |
Estimated Fair Values of Company's Long Term Debt | The following table shows the estimated fair value of the Company's long-term debt, excluding capital leases and other obligations: August 3, 2019 August 4, 2018 Notional Amount Carrying Amount Fair Value Notional Amount Carrying Amount Fair Value (millions) Long-term debt $ 4,667 $ 4,680 $ 4,742 $ 5,423 $ 5,447 $ 5,314 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet As of August 3, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 320 $ 100 $ 254 $ — $ 674 Receivables 1 44 195 — 240 Merchandise inventories — 2,138 2,891 — 5,029 Prepaid expenses and other current assets — 139 464 — 603 Income taxes 39 — — (39 ) — Total Current Assets 360 2,421 3,804 (39 ) 6,546 Property and Equipment – net — 3,162 3,321 — 6,483 Right of Use Assets — 660 1,976 — 2,636 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 4 436 — 440 Other Assets — 39 689 — 728 Deferred Income Taxes 9 — — (9 ) — Intercompany Receivable 2,564 — 643 (3,207 ) — Investment in Subsidiaries 3,484 2,957 — (6,441 ) — Total Assets $ 6,417 $ 12,569 $ 11,451 $ (9,696 ) $ 20,741 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 6 $ — $ — $ 6 Merchandise accounts payable — 717 957 — 1,674 Accounts payable and accrued liabilities 74 754 1,911 — 2,739 Income taxes — 47 12 (39 ) 20 Total Current Liabilities 74 1,524 2,880 (39 ) 4,439 Long-Term Debt — 4,680 — — 4,680 Long-Term Lease Liabilities — 594 2,242 — 2,836 Intercompany Payable — 3,207 — (3,207 ) — Deferred Income Taxes — 643 572 (9 ) 1,206 Other Liabilities 28 364 873 — 1,265 Shareholders' Equity: Macy's, Inc. 6,315 1,557 4,884 (6,441 ) 6,315 Noncontrolling Interest — — — — — Total Shareholders' Equity 6,315 1,557 4,884 (6,441 ) 6,315 Total Liabilities and Shareholders' Equity $ 6,417 $ 12,569 $ 11,451 $ (9,696 ) $ 20,741 Condensed Consolidating Balance Sheet As of August 4, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 744 $ 66 $ 258 $ — $ 1,068 Receivables 1 43 217 — 261 Merchandise inventories — 2,121 2,835 — 4,956 Prepaid expenses and other current assets — 135 445 — 580 Income taxes 46 — — (46 ) — Total Current Assets 791 2,365 3,755 (46 ) 6,865 Property and Equipment – net — 3,253 3,294 — 6,547 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 41 442 — 483 Other Assets — 89 776 — 865 Deferred Income Taxes 10 — — (10 ) — Intercompany Receivable 1,347 — 1,038 (2,385 ) — Investment in Subsidiaries 3,876 3,140 — (7,016 ) — Total Assets $ 6,024 $ 12,214 $ 9,887 $ (9,457 ) $ 18,668 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 42 $ 21 $ — $ 63 Merchandise accounts payable — 788 1,007 — 1,795 Accounts payable and accrued liabilities 84 777 1,747 — 2,608 Income taxes — 33 28 (46 ) 15 Total Current Liabilities 84 1,640 2,803 (46 ) 4,481 Long-Term Debt — 5,457 16 — 5,473 Intercompany Payable — 2,385 — (2,385 ) — Deferred Income Taxes — 588 616 (10 ) 1,194 Other Liabilities 24 441 1,161 — 1,626 Shareholders' Equity: Macy's, Inc. 5,916 1,703 5,313 (7,016 ) 5,916 Noncontrolling Interest — — (22 ) — (22 ) Total Shareholders' Equity 5,916 1,703 5,291 (7,016 ) 5,894 Total Liabilities and Shareholders' Equity $ 6,024 $ 12,214 $ 9,887 $ (9,457 ) $ 18,668 Condensed Consolidating Balance Sheet As of February 2, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated ASSETS: Current Assets: Cash and cash equivalents $ 889 $ 59 $ 214 $ — $ 1,162 Receivables — 68 332 — 400 Merchandise inventories — 2,342 2,921 — 5,263 Prepaid expenses and other current assets — 143 477 — 620 Total Current Assets 889 2,612 3,944 — 7,445 Property and Equipment – net — 3,287 3,350 — 6,637 Goodwill — 3,326 582 — 3,908 Other Intangible Assets – net — 38 440 — 478 Other Assets — 41 685 — 726 Deferred Income Taxes 12 — — (12 ) — Intercompany Receivable 1,713 — 1,390 (3,103 ) — Investment in Subsidiaries 4,030 3,119 — (7,149 ) — Total Assets $ 6,644 $ 12,423 $ 10,391 $ (10,264 ) $ 19,194 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current Liabilities: Short-term debt $ — $ 42 $ 1 $ — $ 43 Merchandise accounts payable — 713 942 — 1,655 Accounts payable and accrued liabilities 170 950 2,246 — 3,366 Income taxes 14 52 102 — 168 Total Current Liabilities 184 1,757 3,291 — 5,232 Long-Term Debt — 4,692 16 — 4,708 Intercompany Payable — 3,103 — (3,103 ) — Deferred Income Taxes — 679 571 (12 ) 1,238 Other Liabilities 24 406 1,150 — 1,580 Shareholders' Equity: Macy's, Inc. 6,436 1,786 5,363 (7,149 ) 6,436 Noncontrolling Interest — — — — — Total Shareholders' Equity 6,436 1,786 5,363 (7,149 ) 6,436 Total Liabilities and Shareholders' Equity $ 6,644 $ 12,423 $ 10,391 $ (10,264 ) $ 19,194 |
Condensed Consolidating Statement of Cash Flows [Table Text Block] | Condensed Consolidating Statement of Cash Flows For the 26 Weeks Ended August 3, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 223 $ (207 ) $ 283 $ (76 ) $ 223 Impairment and other costs — — 3 — 3 Equity in loss (earnings) of subsidiaries (214 ) 138 — 76 — Dividends received from subsidiaries 606 — — (606 ) — Depreciation and amortization — 169 303 — 472 Gains on sale of real estate — (24 ) (25 ) — (49 ) Changes in assets, liabilities and other items not separately identified (52 ) 47 (294 ) — (299 ) Net cash provided by operating activities 563 123 270 (606 ) 350 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net of dispositions — (97 ) (345 ) — (442 ) Other, net — (11 ) (1 ) — (12 ) Net cash used by investing activities — (108 ) (346 ) — (454 ) Cash flows from financing activities: Debt repaid, including debt issuance costs — (42 ) — — (42 ) Dividends paid (233 ) — (606 ) 606 (233 ) Issuance of common stock 6 — — — 6 Intercompany activity, net (813 ) 93 720 — — Other, net (92 ) (21 ) (15 ) — (128 ) Net cash provided (used) by financing activities (1,132 ) 30 99 606 (397 ) Net increase (decrease) in cash, cash equivalents and restricted cash (569 ) 45 23 — (501 ) Cash, cash equivalents and restricted cash at beginning of period 889 64 295 — 1,248 Cash, cash equivalents and restricted cash at end of period $ 320 $ 109 $ 318 $ — $ 747 Condensed Consolidating Statement of Cash Flows For the 26 Weeks Ended August 4, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Cash flows from operating activities: Net income (loss) $ 306 $ (122 ) $ 525 $ (413 ) $ 296 Impairment and other costs — (2 ) 38 — 36 Settlement charges 6 16 28 — 50 Equity in earnings of subsidiaries (304 ) (109 ) — 413 — Dividends received from subsidiaries 492 — — (492 ) — Depreciation and amortization — 165 305 — 470 Gains on sale of real estate — (42 ) (28 ) — (70 ) Changes in assets, liabilities and other items not separately identified (154 ) 298 (381 ) (1 ) (238 ) Net cash provided by operating activities 346 204 487 (493 ) 544 Cash flows from investing activities: Purchase of property and equipment and capitalized software, net of dispositions — (49 ) (271 ) — (320 ) Other, net — (15 ) (28 ) 51 8 Net cash used by investing activities — (64 ) (299 ) 51 (312 ) Cash flows from financing activities: Debt repaid — (306 ) (1 ) (50 ) (357 ) Dividends paid (232 ) — (492 ) 492 (232 ) Issuance of common stock 38 — — — 38 Proceeds from noncontrolling interest — — 5 — 5 Intercompany activity, net (441 ) 162 279 — — Other, net (76 ) (9 ) (5 ) — (90 ) Net cash used by financing activities (711 ) (153 ) (214 ) 442 (636 ) Net decrease in cash, cash equivalents and restricted cash (365 ) (13 ) (26 ) — (404 ) Cash, cash equivalents and restricted cash at beginning of period 1,109 79 325 — 1,513 Cash, cash equivalents and restricted cash at end of period $ 744 $ 66 $ 299 $ — $ 1,109 |
Condensed Consolidating Statement of Comprehensive Income [Table Text Block] | Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended August 3, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,219 $ 4,416 $ (1,089 ) $ 5,546 Credit card revenues (expense), net — (2 ) 178 — 176 Cost of sales — (1,341 ) (3,143 ) 1,089 (3,395 ) Selling, general and administrative expenses — (872 ) (1,305 ) — (2,177 ) Gains on sale of real estate — — 7 — 7 Impairment and other costs — — (2 ) — (2 ) Operating income — 4 151 — 155 Benefit plan income, net — 3 5 — 8 Interest (expense) income, net: External 4 (52 ) 1 — (47 ) Intercompany — (18 ) 18 — — Equity in earnings (loss) of subsidiaries 82 (108 ) — 26 — Income (loss) before income taxes 86 (171 ) 175 26 116 Federal, state and local income — 7 (37 ) — (30 ) Net income (loss) 86 (164 ) 138 26 86 Net loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to $ 86 $ (164 ) $ 138 $ 26 $ 86 Comprehensive income (loss) $ 91 $ (159 ) $ 142 $ 17 $ 91 Comprehensive loss attributable to — — — — — Comprehensive income (loss) attributable to $ 91 $ (159 ) $ 142 $ 17 $ 91 Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended August 4, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 2,072 $ 4,914 $ (1,414 ) $ 5,572 Credit card revenues, net — 3 183 — 186 Cost of sales — (1,271 ) (3,463 ) 1,414 (3,320 ) Selling, general and administrative expenses — (812 ) (1,352 ) — (2,164 ) Gains on sale of real estate — 19 27 — 46 Impairment and other costs — 2 (19 ) — (17 ) Operating income — 13 290 — 303 Benefit plan income, net — 4 7 — 11 Settlement charges (6 ) (16 ) (28 ) — (50 ) Interest (expense) income, net: External 5 (69 ) 2 — (62 ) Intercompany — (17 ) 17 — — Losses on early retirement of debt — (5 ) — — (5 ) Equity in earnings of subsidiaries 167 8 — (175 ) — Income (loss) before income taxes 166 (82 ) 288 (175 ) 197 Federal, state and local income — 30 (63 ) — (33 ) Net income (loss) 166 (52 ) 225 (175 ) 164 Net loss attributable to noncontrolling interest — — 2 — 2 Net income (loss) attributable to $ 166 $ (52 ) $ 227 $ (175 ) $ 166 Comprehensive income (loss) $ 186 $ (35 ) $ 236 $ (203 ) $ 184 Comprehensive loss attributable to — — 2 — 2 Comprehensive income (loss) attributable to $ 186 $ (35 ) $ 238 $ (203 ) $ 186 Condensed Consolidating Statement of Comprehensive Income For the 26 Weeks Ended August 3, 2019 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 4,373 $ 9,184 $ (2,507 ) $ 11,050 Credit card revenues (expense), net — (5 ) 353 — 348 Cost of sales — (2,682 ) (6,623 ) 2,507 (6,798 ) Selling, general and administrative expenses 1 (1,674 ) (2,614 ) — (4,287 ) Gains on sale of real estate — 24 25 — 49 Impairment and other costs — — (3 ) — (3 ) Operating income 1 36 322 — 359 Benefit plan income, net — 6 9 — 15 Interest (expense) income, net: External 9 (105 ) 2 — (94 ) Intercompany — (37 ) 37 — — Equity in earnings (loss) of subsidiaries 214 (138 ) — (76 ) — Income (loss) before income taxes 224 (238 ) 370 (76 ) 280 Federal, state and local income (1 ) 31 (87 ) — (57 ) Net income (loss) 223 (207 ) 283 (76 ) 223 Net loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to $ 223 $ (207 ) $ 283 $ (76 ) $ 223 Comprehensive income (loss) $ 234 $ (197 ) $ 291 $ (94 ) $ 234 Comprehensive loss attributable to — — — — — Comprehensive income (loss) attributable to $ 234 $ (197 ) $ 291 $ (94 ) $ 234 Condensed Consolidating Statement of Comprehensive Income For the 26 Weeks Ended August 4, 2018 (millions) Parent Subsidiary Issuer Other Subsidiaries Consolidating Adjustments Consolidated Net sales $ — $ 4,081 $ 10,277 $ (3,246 ) $ 11,112 Credit card revenues (expense), net — (3 ) 346 — 343 Cost of sales — (2,591 ) (7,356 ) 3,246 (6,701 ) Selling, general and administrative expenses — (1,641 ) (2,606 ) — (4,247 ) Gains on sale of real estate — 42 28 — 70 Impairment and other costs — 2 (38 ) — (36 ) Operating income (loss) — (110 ) 651 — 541 Benefit plan income, net — 8 14 — 22 Settlement charges (6 ) (16 ) (28 ) — (50 ) Interest (expense) income, net: External 9 (139 ) 2 — (128 ) Intercompany — (36 ) 36 — — Losses on early retirement of debt — (5 ) — — (5 ) Equity in earnings of subsidiaries 304 109 — (413 ) — Income (loss) before income taxes 307 (189 ) 675 (413 ) 380 Federal, state and local income (1 ) 67 (150 ) — (84 ) Net income (loss) 306 (122 ) 525 (413 ) 296 Net loss attributable to noncontrolling interest — — 10 — 10 Net income (loss) attributable to $ 306 $ (122 ) $ 535 $ (413 ) $ 306 Comprehensive income (loss) $ 333 $ (99 ) $ 540 $ (451 ) $ 323 Comprehensive loss attributable to — — 10 — 10 Comprehensive income (loss) attributable to $ 333 $ (99 ) $ 550 $ (451 ) $ 333 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | Aug. 03, 2019 | Feb. 03, 2019USD ($) |
Number of states in which entity operates | 43 | |
Increase of Net Right of Use Asset | $ 2,519 | |
Increase in Net Lease Liability | 2,728 | |
Cumulative Effect of New Accounting Principle, Before Tax Impact, in Period of Adoption | 209 | |
Cumulative Effect of New Accounting Principle, Tax Impact, in Period of Adoption | $ 54 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 6 Months Ended | |
Aug. 03, 2019 | Aug. 04, 2018 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 18.9 | 12.8 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.3 | 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 | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Macy's, Inc. shareholders | $ 86 | $ 166 | $ 223 | $ 306 |
Net Income (Loss) Available to Common Stockholders, Basic | 86 | 166 | 223 | 306 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 86 | $ 166 | $ 223 | $ 306 |
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 0.28 | $ 0.54 | $ 0.72 | $ 0.99 |
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 0.28 | $ 0.53 | $ 0.71 | $ 0.98 |
Weighted Average Number of Shares Issued, Basic | 308.9 | 306.8 | 308.6 | 306.2 |
Shares to be issued under deferred compensation and other plans | 0.9 | 0.9 | 0.9 | 0.9 |
Average number of shares outstanding, basic | 309.8 | 307.7 | 309.5 | 307.1 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1.8 | 4.3 | 2 | 3.6 |
Average number of shares outstanding, diluted | 311.6 | 312 | 311.5 | 310.7 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | |
Net sales | $ 5,546 | $ 5,572 | $ 11,050 | $ 11,112 | |
Contract with Customer, Liability, Current | $ 654 | $ 673 | $ 654 | $ 673 | $ 856 |
Macy's sales to total Company sales | 88.00% | 89.00% | 88.00% | 88.00% | |
Contract with Customer, Refund Liability | $ 227 | $ 243 | $ 227 | $ 243 | 269 |
Contract with Customer, Right to Recover Product | 154 | 165 | 154 | 165 | $ 188 |
Women's Accessories, Intimate Apparel, Shoes and Cosmetics [Member] | |||||
Net sales | 2,039 | 2,022 | 4,191 | 4,181 | |
Women's Apparel [Member] | |||||
Net sales | 1,269 | 1,322 | 2,582 | 2,672 | |
Men's and Children's [Member] | |||||
Net sales | 1,266 | 1,273 | 2,468 | 2,447 | |
Home and Miscellaneous [Member] | |||||
Net sales | 972 | 955 | 1,809 | 1,812 | |
Total Sales - All Categories [Member] | |||||
Net sales | $ 5,546 | $ 5,572 | $ 11,050 | $ 11,112 |
Leases (Details)
Leases (Details) $ in Millions | 6 Months Ended |
Aug. 03, 2019USD ($) | |
Leases [Abstract] | |
Finance Lease, Weighted Average Remaining Lease Term | 18 years |
Operating Lease, Weighted Average Remaining Lease Term | 23 years 8 months 12 days |
Finance Lease, Weighted Average Discount Rate, Percent | 6.64% |
Operating Lease, Weighted Average Discount Rate, Percent | 6.70% |
Operating Lease, Payments | $ 182 |
Finance Lease, Interest Payment on Liability | 1 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 39 |
Leases - Right of Use Assets a
Leases - Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Millions | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Lease Assets [Abstract] | |||
Finance Lease, Right-of-Use Asset | $ 11 | ||
Operating Lease, Right-of-Use Asset | 2,625 | ||
Right of Use Assets | 2,636 | $ 0 | $ 0 |
Lease Liabilities, Current [Abstract] | |||
Finance Lease, Liability, Current | 1 | ||
Operating Lease, Liability, Current | 350 | ||
Lease Liabilities, Noncurrent [Abstract] | |||
Finance Lease, Liability, Noncurrent | 24 | ||
Operating Lease, Liability, Noncurrent | 2,812 | ||
Total Lease Liability | 3,187 | ||
Accumulated Amortization, Finance Leases | 12 | ||
Operating Lease Asset, Non-Lease Component | 398 | ||
Operating Lease Liability, Non-Lease Component, Current | 34 | ||
Operating Lease Liability, Non-Lease Component, Non-Current | $ 369 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Aug. 03, 2019 | Aug. 03, 2019 | |
Leases [Abstract] | ||
Operating Lease, Expense, Non-Lease Component | $ 21 | $ 42 |
Variable Lease, Cost | 3 | 7 |
Operating Lease, Expense | 106 | 214 |
Sublease Income | (1) | (1) |
Net lease expense | $ 105 | $ 213 |
Leases Maturity of Lease Liabil
Leases Maturity of Lease Liabilities (Details) $ in Millions | Aug. 03, 2019USD ($) |
Finance Lease, Liability, Payment, Due [Abstract] | |
2019 | $ 1 |
2020 | 3 |
2021 | 3 |
2022 | 3 |
2023 | 3 |
After 2023 | 31 |
Total lease payments, Finance | 44 |
Less amount representing interest, finance | 19 |
Finance Lease, Liability | 25 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2019 | 180 |
2020 | 332 |
2021 | 333 |
2022 | 311 |
2023 | 307 |
After 2023 | 5,385 |
Total lease payments, operating | 6,848 |
Less amount representing interest, operating | 3,686 |
Operating Lease, Liability | 3,162 |
Total Lease Liabilities, Payments Due [Abstract] | |
2019 | 181 |
2020 | 335 |
2021 | 336 |
2022 | 314 |
2023 | 310 |
After 2023 | 5,416 |
Total lease payments, finance and operating | 6,892 |
Less amount representing interest, finance and operating | 3,705 |
Total Lease Liability | 3,187 |
Lessee, Finance Lease, Option to Extend, Reasonably Certain | 12 |
Lessee, Operating Lease, Option to Extend, Reasonably Certain | 3,292 |
Lessee, Operating Lease, Lease Not Yet Commenced | 936 |
Operating Lease, Payment, Non-Lease Component | 1,172 |
Operating Lease, Payment, Non-Lease Component, Option to Extend, Reasonably Certain | $ 844 |
Leases - Prior Period DIsclosur
Leases - Prior Period DIsclosure: Minimum Rental Commitments Excluding Executory Costs for Noncancellable Leases (Details) $ in Millions | Feb. 02, 2019USD ($) |
Leases, Capital [Abstract] | |
2019, Capitalized Leases | $ 3 |
2020, Capitalized Leases | 3 |
2021, Capitalized Leases | 3 |
2022, Capitalized Leases | 3 |
2023, Capitalized Leases | 3 |
After 2023, Capitalized Leases | 31 |
Total minimum lease payments, Capitalized Leases | 46 |
Less amount representing interest | 20 |
Present value of net minimum capitalized lease payments | 26 |
Leases, Operating [Abstract] | |
2019, Operating Leases | 325 |
2020, Operating Leases | 315 |
2021, Operating Leases | 309 |
2022, Operating Leases | 283 |
2023, Operating Leases | 264 |
After 2023, Operating Leases | 2,758 |
Total minimum lease payments, Operating Leases | 4,254 |
Leases [Abstract] | |
2019, Total | 328 |
2020, Total | 318 |
2021, Total | 312 |
2022, Total | 286 |
2023, Total | 267 |
After 2023, Total | 2,789 |
Total minimum lease payments | $ 4,300 |
Financing Activities (Details)
Financing Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | May 09, 2019 | |
Extinguishment of debt | $ 344 | ||||
Extinguishment of debt cost | $ 354 | 354 | |||
Loss on early retirement of debt | $ 0 | $ (5) | $ 0 | $ (5) | |
Minimum [Member] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,500 | ||||
Maximum [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,750 |
Financing Activities (Detail Of
Financing Activities (Detail Of Debt Repayments) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Aug. 03, 2019 | Aug. 04, 2018 | |
Extinguishment of debt | $ 344 | |
Repayments of Debt | $ 39 | 347 |
8.5% Senior Debentures due 2019 [Member] | ||
Extinguishment of debt | 36 | 0 |
6.9% Senior debentures due 2029 [Member] | ||
Extinguishment of debt | 0 | 90 |
4.5% Senior notes due 2034 [Member] | ||
Extinguishment of debt | 0 | 80 |
6.7% Senior notes due 2028 [Member] | ||
Extinguishment of debt | 0 | 60 |
6.375% Senior notes due 2037 [Member] | ||
Extinguishment of debt | 0 | 43 |
6.7% Senior debentures due 2034 [Member] | ||
Extinguishment of debt | 0 | 28 |
7.0% Senior debentures due 2028 [Member] | ||
Extinguishment of debt | 0 | 27 |
6.65% Senior debentures due 2024 [Member] | ||
Extinguishment of debt | 0 | 11 |
6.9% Senior debentures due 2032 [Member] | ||
Extinguishment of debt | 0 | 5 |
9.5% Amortizing debentures due 2021 [Member] | ||
Extinguishment of debt | 2 | 2 |
9.75% Amortizing debentures due 2021 [Member] | ||
Extinguishment of debt | $ 1 | $ 1 |
Benefit Plans (Net Periodic Ben
Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Total Retirement Expense | $ 19 | $ 15 | $ 39 | $ 29 |
Settlement charges | 0 | 50 | 0 | 50 |
Nonqualified Plan [Member] | ||||
Defined contribution plans expense | 1 | 1 | 2 | 1 |
Qualified Plan [Member] | ||||
Defined contribution plans expense | 24 | 24 | 49 | 47 |
Pension Plan [Member] | ||||
Service cost | 1 | 1 | 2 | 3 |
Interest cost | 26 | 27 | 52 | 53 |
Expected return on assets | (48) | (53) | (96) | (106) |
Recognition of net actuarial (gain) loss | 7 | 8 | 14 | 16 |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (14) | (17) | (28) | (34) |
Supplemental Employee Retirement Plan [Member] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 6 | 5 | 12 | 11 |
Recognition of net actuarial (gain) loss | 2 | 2 | 4 | 4 |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 8 | 7 | 16 | 15 |
Other Postretirement Benefits Plan [Member] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 1 | 1 | 2 | 2 |
Recognition of net actuarial (gain) loss | (2) | (1) | (3) | (2) |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (1) | $ 0 | $ (1) | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets Measured At Fair Value On A Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Millions | Aug. 03, 2019 | Aug. 04, 2018 |
Marketable equity and debt securities | $ 112 | $ 96 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Marketable equity and debt securities | 31 | 27 |
Significant Observable Inputs (Level 2) [Member] | ||
Marketable equity and debt securities | 81 | 69 |
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 | Aug. 03, 2019 | Aug. 04, 2018 |
Long-term debt | $ 4,742 | $ 5,314 |
Carrying Amount | ||
Long-term debt | 4,680 | 5,447 |
Notional Amount | ||
Long-term debt | $ 4,667 | $ 5,423 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Net sales | $ 5,546 | $ 5,572 | $ 11,050 | $ 11,112 |
Credit card revenues, net | 176 | 186 | 348 | 343 |
Cost of sales | (3,395) | (3,320) | (6,798) | (6,701) |
Selling, general and administrative expenses | (2,177) | (2,164) | (4,287) | (4,247) |
Gains on sale of real estate | 7 | 46 | 49 | 70 |
Impairment and other costs | (2) | (17) | (3) | (36) |
Operating income (loss) | 155 | 303 | 359 | 541 |
Benefit plan income, net | 8 | 11 | 15 | 22 |
Settlement charges | 0 | (50) | 0 | (50) |
Interest (expense) income, net | ||||
External | (47) | (62) | (94) | (128) |
Interest Expense, Other | 0 | 0 | 0 | 0 |
Loss on early retirement of debt | 0 | (5) | 0 | (5) |
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 116 | 197 | 280 | 380 |
Federal, state and local income tax expense | (30) | (33) | (57) | (84) |
Net income (loss) | 86 | 164 | 223 | 296 |
Net loss attributable to noncontrolling interest | 0 | 2 | 0 | 10 |
Net income (loss) attributable to Macy's, Inc. shareholders | 86 | 166 | 223 | 306 |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 91 | 184 | 234 | 323 |
Comprehensive loss attributable to noncontrolling interest | 0 | 2 | 0 | 10 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | 91 | 186 | 234 | 333 |
Parent | ||||
Net sales | 0 | 0 | 0 | 0 |
Credit card revenues, net | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 1 | 0 |
Gains on sale of real estate | 0 | 0 | 0 | 0 |
Impairment and other costs | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 1 | 0 |
Benefit plan income, net | 0 | 0 | 0 | 0 |
Settlement charges | (6) | 0 | (6) | |
Interest (expense) income, net | ||||
External | 4 | 5 | 9 | 9 |
Interest Expense, Other | 0 | 0 | 0 | 0 |
Loss on early retirement of debt | 0 | 0 | ||
Income (Loss) from Equity Method Investments | 82 | 167 | 214 | 304 |
Income (loss) before income taxes | 86 | 166 | 224 | 307 |
Federal, state and local income tax expense | 0 | 0 | (1) | (1) |
Net income (loss) | 86 | 166 | 223 | 306 |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | 86 | 166 | 223 | 306 |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 91 | 186 | 234 | 333 |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | 91 | 186 | 234 | 333 |
Subsidiary Issuer | ||||
Net sales | 2,219 | 2,072 | 4,373 | 4,081 |
Credit card revenues, net | (2) | 3 | (5) | (3) |
Cost of sales | (1,341) | (1,271) | (2,682) | (2,591) |
Selling, general and administrative expenses | (872) | (812) | (1,674) | (1,641) |
Gains on sale of real estate | 0 | 19 | 24 | 42 |
Impairment and other costs | 0 | 2 | 0 | 2 |
Operating income (loss) | 4 | 13 | 36 | (110) |
Benefit plan income, net | 3 | 4 | 6 | 8 |
Settlement charges | (16) | 0 | (16) | |
Interest (expense) income, net | ||||
External | (52) | (69) | (105) | (139) |
Interest Expense, Other | (18) | (17) | (37) | (36) |
Loss on early retirement of debt | (5) | (5) | ||
Income (Loss) from Equity Method Investments | (108) | 8 | (138) | 109 |
Income (loss) before income taxes | (171) | (82) | (238) | (189) |
Federal, state and local income tax expense | 7 | 30 | 31 | 67 |
Net income (loss) | (164) | (52) | (207) | (122) |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | (164) | (52) | (207) | (122) |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (159) | (35) | (197) | (99) |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | (159) | (35) | (197) | (99) |
Other Subsidiaries | ||||
Net sales | 4,416 | 4,914 | 9,184 | 10,277 |
Credit card revenues, net | 178 | 183 | 353 | 346 |
Cost of sales | (3,143) | (3,463) | (6,623) | (7,356) |
Selling, general and administrative expenses | (1,305) | (1,352) | (2,614) | (2,606) |
Gains on sale of real estate | 7 | 27 | 25 | 28 |
Impairment and other costs | (2) | (19) | (3) | (38) |
Operating income (loss) | 151 | 290 | 322 | 651 |
Benefit plan income, net | 5 | 7 | 9 | 14 |
Settlement charges | (28) | 0 | (28) | |
Interest (expense) income, net | ||||
External | 1 | 2 | 2 | 2 |
Interest Expense, Other | 18 | 17 | 37 | 36 |
Loss on early retirement of debt | 0 | 0 | ||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 175 | 288 | 370 | 675 |
Federal, state and local income tax expense | (37) | (63) | (87) | (150) |
Net income (loss) | 138 | 225 | 283 | 525 |
Net loss attributable to noncontrolling interest | 0 | 2 | 0 | 10 |
Net income (loss) attributable to Macy's, Inc. shareholders | 138 | 227 | 283 | 535 |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 142 | 236 | 291 | 540 |
Comprehensive loss attributable to noncontrolling interest | 0 | 2 | 0 | 10 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | 142 | 238 | 291 | 550 |
Consolidation, Eliminations [Member] | ||||
Net sales | (1,089) | (1,414) | (2,507) | (3,246) |
Credit card revenues, net | 0 | 0 | 0 | 0 |
Cost of sales | 1,089 | 1,414 | 2,507 | 3,246 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Gains on sale of real estate | 0 | 0 | 0 | 0 |
Impairment and other costs | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Benefit plan income, net | 0 | 0 | 0 | 0 |
Settlement charges | 0 | 0 | 0 | |
Interest (expense) income, net | ||||
External | 0 | 0 | 0 | 0 |
Interest Expense, Other | 0 | 0 | 0 | 0 |
Loss on early retirement of debt | 0 | 0 | ||
Income (Loss) from Equity Method Investments | 26 | (175) | (76) | (413) |
Income (loss) before income taxes | 26 | (175) | (76) | (413) |
Federal, state and local income tax expense | 0 | 0 | 0 | 0 |
Net income (loss) | 26 | (175) | (76) | (413) |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Macy's, Inc. shareholders | 26 | (175) | (76) | (413) |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 17 | (203) | (94) | (451) |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ 17 | $ (203) | $ (94) | $ (451) |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 |
Current Assets: | ||||||
Cash and cash equivalents | $ 674 | $ 1,162 | $ 1,068 | |||
Receivables | 240 | 400 | 261 | |||
Merchandise inventories | 5,029 | 5,263 | 4,956 | |||
Prepaid expenses and other current assets | 603 | 620 | 580 | |||
Income tax receivable | 0 | 0 | ||||
Total Current Assets | 6,546 | 7,445 | 6,865 | |||
Property and Equipment - net | 6,483 | 6,637 | 6,547 | |||
Right of Use Assets | 2,636 | 0 | 0 | |||
Goodwill | 3,908 | 3,908 | 3,908 | |||
Other Intangible Assets - net | 440 | 478 | 483 | |||
Other Assets | 728 | 726 | 865 | |||
Deferred Income Taxes | 0 | 0 | 0 | |||
Intercompany Receivable | 0 | 0 | 0 | |||
Investment in Subsidiaries | 0 | 0 | 0 | |||
Total Assets | 20,741 | 19,194 | 18,668 | |||
Current Liabilities: | ||||||
Short-term debt | 6 | 43 | 63 | |||
Merchandise accounts payable | 1,674 | 1,655 | 1,795 | |||
Accounts payable and accrued liabilities | 2,739 | 3,366 | 2,608 | |||
Income taxes | 20 | 168 | 15 | |||
Total Current Liabilities | 4,439 | 5,232 | 4,481 | |||
Long-Term Debt | 4,680 | 4,708 | 5,473 | |||
Long-Term Lease Liabilities | 2,836 | 0 | 0 | |||
Intercompany Payable | 0 | 0 | 0 | |||
Deferred Income Taxes | 1,206 | 1,238 | 1,194 | |||
Other Liabilities | 1,265 | 1,580 | 1,626 | |||
Shareholders' Equity, Macy's, Inc. | 6,315 | 6,436 | 5,916 | |||
Shareholders' Equity, noncontrolling interest | 0 | 0 | (22) | |||
Total Shareholders’ Equity | 6,315 | $ 6,323 | 6,436 | 5,894 | $ 5,801 | $ 5,733 |
Total Liabilities and Shareholders' Equity | 20,741 | 19,194 | 18,668 | |||
Parent | ||||||
Current Assets: | ||||||
Cash and cash equivalents | 320 | 889 | 744 | |||
Receivables | 1 | 0 | 1 | |||
Merchandise inventories | 0 | 0 | 0 | |||
Prepaid expenses and other current assets | 0 | 0 | 0 | |||
Income tax receivable | 39 | 46 | ||||
Total Current Assets | 360 | 889 | 791 | |||
Property and Equipment - net | 0 | 0 | 0 | |||
Right of Use Assets | 0 | |||||
Goodwill | 0 | 0 | 0 | |||
Other Intangible Assets - net | 0 | 0 | 0 | |||
Other Assets | 0 | 0 | 0 | |||
Deferred Income Taxes | 9 | 12 | 10 | |||
Intercompany Receivable | 2,564 | 1,713 | 1,347 | |||
Investment in Subsidiaries | 3,484 | 4,030 | 3,876 | |||
Total Assets | 6,417 | 6,644 | 6,024 | |||
Current Liabilities: | ||||||
Short-term debt | 0 | 0 | 0 | |||
Merchandise accounts payable | 0 | 0 | 0 | |||
Accounts payable and accrued liabilities | 74 | 170 | 84 | |||
Income taxes | 0 | 14 | 0 | |||
Total Current Liabilities | 74 | 184 | 84 | |||
Long-Term Debt | 0 | 0 | 0 | |||
Long-Term Lease Liabilities | 0 | |||||
Intercompany Payable | 0 | 0 | 0 | |||
Deferred Income Taxes | 0 | 0 | 0 | |||
Other Liabilities | 28 | 24 | 24 | |||
Shareholders' Equity, Macy's, Inc. | 6,315 | 6,436 | 5,916 | |||
Shareholders' Equity, noncontrolling interest | 0 | 0 | 0 | |||
Total Shareholders’ Equity | 6,315 | 6,436 | 5,916 | |||
Total Liabilities and Shareholders' Equity | 6,417 | 6,644 | 6,024 | |||
Subsidiary Issuer | ||||||
Current Assets: | ||||||
Cash and cash equivalents | 100 | 59 | 66 | |||
Receivables | 44 | 68 | 43 | |||
Merchandise inventories | 2,138 | 2,342 | 2,121 | |||
Prepaid expenses and other current assets | 139 | 143 | 135 | |||
Income tax receivable | 0 | 0 | ||||
Total Current Assets | 2,421 | 2,612 | 2,365 | |||
Property and Equipment - net | 3,162 | 3,287 | 3,253 | |||
Right of Use Assets | 660 | |||||
Goodwill | 3,326 | 3,326 | 3,326 | |||
Other Intangible Assets - net | 4 | 38 | 41 | |||
Other Assets | 39 | 41 | 89 | |||
Deferred Income Taxes | 0 | 0 | 0 | |||
Intercompany Receivable | 0 | 0 | 0 | |||
Investment in Subsidiaries | 2,957 | 3,119 | 3,140 | |||
Total Assets | 12,569 | 12,423 | 12,214 | |||
Current Liabilities: | ||||||
Short-term debt | 6 | 42 | 42 | |||
Merchandise accounts payable | 717 | 713 | 788 | |||
Accounts payable and accrued liabilities | 754 | 950 | 777 | |||
Income taxes | 47 | 52 | 33 | |||
Total Current Liabilities | 1,524 | 1,757 | 1,640 | |||
Long-Term Debt | 4,680 | 4,692 | 5,457 | |||
Long-Term Lease Liabilities | 594 | |||||
Intercompany Payable | 3,207 | 3,103 | 2,385 | |||
Deferred Income Taxes | 643 | 679 | 588 | |||
Other Liabilities | 364 | 406 | 441 | |||
Shareholders' Equity, Macy's, Inc. | 1,557 | 1,786 | 1,703 | |||
Shareholders' Equity, noncontrolling interest | 0 | 0 | 0 | |||
Total Shareholders’ Equity | 1,557 | 1,786 | 1,703 | |||
Total Liabilities and Shareholders' Equity | 12,569 | 12,423 | 12,214 | |||
Other Subsidiaries | ||||||
Current Assets: | ||||||
Cash and cash equivalents | 254 | 214 | 258 | |||
Receivables | 195 | 332 | 217 | |||
Merchandise inventories | 2,891 | 2,921 | 2,835 | |||
Prepaid expenses and other current assets | 464 | 477 | 445 | |||
Income tax receivable | 0 | 0 | ||||
Total Current Assets | 3,804 | 3,944 | 3,755 | |||
Property and Equipment - net | 3,321 | 3,350 | 3,294 | |||
Right of Use Assets | 1,976 | |||||
Goodwill | 582 | 582 | 582 | |||
Other Intangible Assets - net | 436 | 440 | 442 | |||
Other Assets | 689 | 685 | 776 | |||
Deferred Income Taxes | 0 | 0 | 0 | |||
Intercompany Receivable | 643 | 1,390 | 1,038 | |||
Investment in Subsidiaries | 0 | 0 | 0 | |||
Total Assets | 11,451 | 10,391 | 9,887 | |||
Current Liabilities: | ||||||
Short-term debt | 0 | 1 | 21 | |||
Merchandise accounts payable | 957 | 942 | 1,007 | |||
Accounts payable and accrued liabilities | 1,911 | 2,246 | 1,747 | |||
Income taxes | 12 | 102 | 28 | |||
Total Current Liabilities | 2,880 | 3,291 | 2,803 | |||
Long-Term Debt | 0 | 16 | 16 | |||
Long-Term Lease Liabilities | 2,242 | |||||
Intercompany Payable | 0 | 0 | 0 | |||
Deferred Income Taxes | 572 | 571 | 616 | |||
Other Liabilities | 873 | 1,150 | 1,161 | |||
Shareholders' Equity, Macy's, Inc. | 4,884 | 5,363 | 5,313 | |||
Shareholders' Equity, noncontrolling interest | 0 | 0 | (22) | |||
Total Shareholders’ Equity | 4,884 | 5,363 | 5,291 | |||
Total Liabilities and Shareholders' Equity | 11,451 | 10,391 | 9,887 | |||
Consolidation, Eliminations [Member] | ||||||
Current Assets: | ||||||
Cash and cash equivalents | 0 | 0 | 0 | |||
Receivables | 0 | 0 | 0 | |||
Merchandise inventories | 0 | 0 | 0 | |||
Prepaid expenses and other current assets | 0 | 0 | 0 | |||
Income tax receivable | (39) | (46) | ||||
Total Current Assets | (39) | 0 | (46) | |||
Property and Equipment - net | 0 | 0 | 0 | |||
Right of Use Assets | 0 | |||||
Goodwill | 0 | 0 | 0 | |||
Other Intangible Assets - net | 0 | 0 | 0 | |||
Other Assets | 0 | 0 | 0 | |||
Deferred Income Taxes | (9) | (12) | (10) | |||
Intercompany Receivable | (3,207) | (3,103) | (2,385) | |||
Investment in Subsidiaries | (6,441) | (7,149) | (7,016) | |||
Total Assets | (9,696) | (10,264) | (9,457) | |||
Current Liabilities: | ||||||
Short-term debt | 0 | 0 | 0 | |||
Merchandise accounts payable | 0 | 0 | 0 | |||
Accounts payable and accrued liabilities | 0 | 0 | 0 | |||
Income taxes | (39) | 0 | (46) | |||
Total Current Liabilities | (39) | 0 | (46) | |||
Long-Term Debt | 0 | 0 | 0 | |||
Long-Term Lease Liabilities | 0 | |||||
Intercompany Payable | (3,207) | (3,103) | (2,385) | |||
Deferred Income Taxes | (9) | (12) | (10) | |||
Other Liabilities | 0 | 0 | 0 | |||
Shareholders' Equity, Macy's, Inc. | (6,441) | (7,149) | (7,016) | |||
Shareholders' Equity, noncontrolling interest | 0 | 0 | 0 | |||
Total Shareholders’ Equity | (6,441) | (7,149) | (7,016) | |||
Total Liabilities and Shareholders' Equity | $ (9,696) | $ (10,264) | $ (9,457) |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Cash flows from operating activities: | ||||
Net income (loss) | $ 86 | $ 164 | $ 223 | $ 296 |
Impairment and other costs | 2 | 17 | 3 | 36 |
Settlement charges | 0 | 50 | 0 | 50 |
Equity in loss (earnings) of subsidiaries | 0 | 0 | 0 | 0 |
Dividends received from subsidiaries | 0 | 0 | ||
Depreciation and amortization | 472 | 470 | ||
Gains on sale of real estate | (7) | (46) | (49) | (70) |
Change in assets, liabilities and other items not separately identified | (299) | (238) | ||
Net cash provided by operating activities | 350 | 544 | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment and capitalized software, net of dispositions | (442) | (320) | ||
Other, net | (12) | 8 | ||
Net cash used by investing activities | (454) | (312) | ||
Cash flows from financing activities: | ||||
Debt repaid | (39) | (357) | ||
Debt repaid, including debt issuance costs | (42) | |||
Dividends paid | (233) | (232) | ||
Issuance of common stock | 6 | 38 | ||
Proceeds from noncontrolling interest | 0 | 5 | ||
Intercompany activity, net | 0 | 0 | ||
Other, net | (128) | (90) | ||
Net cash provided (used) by financing activities | (397) | (636) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (501) | (404) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 1,248 | 1,513 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 747 | 1,109 | 747 | 1,109 |
Parent | ||||
Cash flows from operating activities: | ||||
Net income (loss) | 86 | 166 | 223 | 306 |
Impairment and other costs | 0 | 0 | 0 | 0 |
Settlement charges | 6 | 0 | 6 | |
Equity in loss (earnings) of subsidiaries | (82) | (167) | (214) | (304) |
Dividends received from subsidiaries | 606 | 492 | ||
Depreciation and amortization | 0 | 0 | ||
Gains on sale of real estate | 0 | 0 | 0 | 0 |
Change in assets, liabilities and other items not separately identified | (52) | (154) | ||
Net cash provided by operating activities | 563 | 346 | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment and capitalized software, net of dispositions | 0 | 0 | ||
Other, net | 0 | 0 | ||
Net cash used by investing activities | 0 | 0 | ||
Cash flows from financing activities: | ||||
Debt repaid | 0 | |||
Debt repaid, including debt issuance costs | 0 | |||
Dividends paid | (233) | (232) | ||
Issuance of common stock | 6 | 38 | ||
Proceeds from noncontrolling interest | 0 | |||
Intercompany activity, net | (813) | (441) | ||
Other, net | (92) | (76) | ||
Net cash provided (used) by financing activities | (1,132) | (711) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (569) | (365) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 889 | 1,109 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 320 | 744 | 320 | 744 |
Subsidiary Issuer | ||||
Cash flows from operating activities: | ||||
Net income (loss) | (164) | (52) | (207) | (122) |
Impairment and other costs | 0 | (2) | 0 | (2) |
Settlement charges | 16 | 0 | 16 | |
Equity in loss (earnings) of subsidiaries | 108 | (8) | 138 | (109) |
Dividends received from subsidiaries | 0 | 0 | ||
Depreciation and amortization | 169 | 165 | ||
Gains on sale of real estate | 0 | (19) | (24) | (42) |
Change in assets, liabilities and other items not separately identified | 47 | 298 | ||
Net cash provided by operating activities | 123 | 204 | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment and capitalized software, net of dispositions | (97) | (49) | ||
Other, net | (11) | (15) | ||
Net cash used by investing activities | (108) | (64) | ||
Cash flows from financing activities: | ||||
Debt repaid | (306) | |||
Debt repaid, including debt issuance costs | (42) | |||
Dividends paid | 0 | 0 | ||
Issuance of common stock | 0 | 0 | ||
Proceeds from noncontrolling interest | 0 | |||
Intercompany activity, net | 93 | 162 | ||
Other, net | (21) | (9) | ||
Net cash provided (used) by financing activities | 30 | (153) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 45 | (13) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 64 | 79 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 109 | 66 | 109 | 66 |
Other Subsidiaries | ||||
Cash flows from operating activities: | ||||
Net income (loss) | 138 | 225 | 283 | 525 |
Impairment and other costs | 2 | 19 | 3 | 38 |
Settlement charges | 28 | 0 | 28 | |
Equity in loss (earnings) of subsidiaries | 0 | 0 | 0 | 0 |
Dividends received from subsidiaries | 0 | 0 | ||
Depreciation and amortization | 303 | 305 | ||
Gains on sale of real estate | (7) | (27) | (25) | (28) |
Change in assets, liabilities and other items not separately identified | (294) | (381) | ||
Net cash provided by operating activities | 270 | 487 | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment and capitalized software, net of dispositions | (345) | (271) | ||
Other, net | (1) | (28) | ||
Net cash used by investing activities | (346) | (299) | ||
Cash flows from financing activities: | ||||
Debt repaid | (1) | |||
Debt repaid, including debt issuance costs | 0 | |||
Dividends paid | (606) | (492) | ||
Issuance of common stock | 0 | 0 | ||
Proceeds from noncontrolling interest | 5 | |||
Intercompany activity, net | 720 | 279 | ||
Other, net | (15) | (5) | ||
Net cash provided (used) by financing activities | 99 | (214) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 23 | (26) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 295 | 325 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 318 | 299 | 318 | 299 |
Consolidating Adjustments | ||||
Cash flows from operating activities: | ||||
Net income (loss) | 26 | (175) | (76) | (413) |
Impairment and other costs | 0 | 0 | 0 | 0 |
Settlement charges | 0 | 0 | 0 | |
Equity in loss (earnings) of subsidiaries | (26) | 175 | 76 | 413 |
Dividends received from subsidiaries | (606) | (492) | ||
Depreciation and amortization | 0 | 0 | ||
Gains on sale of real estate | 0 | 0 | 0 | 0 |
Change in assets, liabilities and other items not separately identified | 0 | (1) | ||
Net cash provided by operating activities | (606) | (493) | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment and capitalized software, net of dispositions | 0 | 0 | ||
Other, net | 0 | 51 | ||
Net cash used by investing activities | 0 | 51 | ||
Cash flows from financing activities: | ||||
Debt repaid | (50) | |||
Debt repaid, including debt issuance costs | 0 | |||
Dividends paid | 606 | 492 | ||
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 | 606 | 442 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | $ 0 | $ 0 | $ 0 | $ 0 |