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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Macys Inc | NYSE:M | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.34 | -1.75% | 19.06 | 19.23 | 18.86 | 19.16 | 3,159,010 | 22:41:32 |
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
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|
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Incorporated in Delaware
|
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I.R.S. Employer Identification No.
|
|
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13-3324058
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Large accelerated filer
ý
|
|
Accelerated filer
o
|
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Class
|
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Outstanding at July 30, 2016
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Common Stock, $0.01 par value per share
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308,467,833 shares
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||||||||
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13 Weeks Ended
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26 Weeks Ended
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||||||||||||
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July 30, 2016
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August 1, 2015
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July 30, 2016
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|
August 1, 2015
|
||||||||
Net sales
|
$
|
5,866
|
|
|
$
|
6,104
|
|
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$
|
11,637
|
|
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$
|
12,336
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|
Cost of sales
|
(3,468
|
)
|
|
(3,610
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)
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(6,984
|
)
|
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(7,410
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)
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||||
Gross margin
|
2,398
|
|
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2,494
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|
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4,653
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4,926
|
|
||||
Selling, general and administrative expenses
|
(2,026
|
)
|
|
(2,058
|
)
|
|
(3,992
|
)
|
|
(4,081
|
)
|
||||
Impairments and other costs
|
(249
|
)
|
|
—
|
|
|
(249
|
)
|
|
—
|
|
||||
Settlement charges
|
(6
|
)
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
||||
Operating income
|
117
|
|
|
436
|
|
|
393
|
|
|
845
|
|
||||
Interest expense
|
(98
|
)
|
|
(94
|
)
|
|
(197
|
)
|
|
(189
|
)
|
||||
Interest income
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
||||
Income before income taxes
|
20
|
|
|
343
|
|
|
198
|
|
|
657
|
|
||||
Federal, state and local income tax expense
|
(11
|
)
|
|
(126
|
)
|
|
(74
|
)
|
|
(247
|
)
|
||||
Net income
|
9
|
|
|
217
|
|
|
124
|
|
|
410
|
|
||||
Net loss attributable to noncontrolling interest
|
2
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Net income attributable to Macy's, Inc. shareholders
|
$
|
11
|
|
|
$
|
217
|
|
|
$
|
127
|
|
|
$
|
410
|
|
Basic earnings per share attributable to Macy's, Inc. shareholders
|
$
|
.03
|
|
|
$
|
.65
|
|
|
$
|
.41
|
|
|
$
|
1.21
|
|
Diluted earnings per share attributable to Macy's, Inc. shareholders
|
$
|
.03
|
|
|
$
|
.64
|
|
|
$
|
.41
|
|
|
$
|
1.19
|
|
|
|
|
|
|
|
|
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||||||||
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13 Weeks Ended
|
|
26 Weeks Ended
|
||||||||||||
|
July 30, 2016
|
|
August 1, 2015
|
|
July 30, 2016
|
|
August 1, 2015
|
||||||||
Net income
|
$
|
9
|
|
|
$
|
217
|
|
|
$
|
124
|
|
|
$
|
410
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Actuarial loss on postretirement benefit plans, before tax
|
(41
|
)
|
|
—
|
|
|
(77
|
)
|
|
—
|
|
||||
Settlement charges, before tax
|
6
|
|
|
—
|
|
|
19
|
|
|
—
|
|
||||
Amortization of net actuarial loss on post employment
and postretirement benefit plans included in net income, before tax |
8
|
|
|
11
|
|
|
17
|
|
|
24
|
|
||||
Tax effect related to items of other comprehensive
income (loss) |
10
|
|
|
(4
|
)
|
|
16
|
|
|
(9
|
)
|
||||
Total other comprehensive income (loss), net of tax effect
|
(17
|
)
|
|
7
|
|
|
(25
|
)
|
|
15
|
|
||||
Comprehensive income (loss)
|
(8
|
)
|
|
224
|
|
|
99
|
|
|
425
|
|
||||
Comprehensive loss attributable to noncontrolling interest
|
2
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$
|
(6
|
)
|
|
$
|
224
|
|
|
$
|
102
|
|
|
$
|
425
|
|
|
|
|
|
||||
|
26 Weeks Ended
|
||||||
|
July 30, 2016
|
|
August 1, 2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
124
|
|
|
$
|
410
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Impairments and other costs
|
249
|
|
|
—
|
|
||
Settlement charges
|
19
|
|
|
—
|
|
||
Depreciation and amortization
|
520
|
|
|
520
|
|
||
Stock-based compensation expense
|
37
|
|
|
47
|
|
||
Amortization of financing costs and premium on acquired debt
|
(1
|
)
|
|
(2
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Decrease in receivables
|
99
|
|
|
92
|
|
||
(Increase) decrease in merchandise inventories
|
184
|
|
|
(50
|
)
|
||
Increase in prepaid expenses and other current assets
|
(40
|
)
|
|
(29
|
)
|
||
Increase in other assets not separately identified
|
—
|
|
|
—
|
|
||
Increase in merchandise accounts payable
|
307
|
|
|
314
|
|
||
Decrease in accounts payable, accrued liabilities
and other items not separately identified |
(686
|
)
|
|
(626
|
)
|
||
Decrease in current income taxes
|
(204
|
)
|
|
(232
|
)
|
||
Decrease in deferred income taxes
|
(26
|
)
|
|
(20
|
)
|
||
Decrease in other liabilities not separately identified
|
(22
|
)
|
|
(26
|
)
|
||
Net cash provided by operating activities
|
560
|
|
|
398
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchase of property and equipment
|
(293
|
)
|
|
(367
|
)
|
||
Capitalized software
|
(151
|
)
|
|
(144
|
)
|
||
Acquisition of Bluemercury, Inc., net of cash acquired
|
—
|
|
|
(212
|
)
|
||
Disposition of property and equipment
|
67
|
|
|
4
|
|
||
Other, net
|
39
|
|
|
104
|
|
||
Net cash used by investing activities
|
(338
|
)
|
|
(615
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Debt repaid
|
(3
|
)
|
|
(72
|
)
|
||
Financing costs
|
(3
|
)
|
|
—
|
|
||
Dividends paid
|
(228
|
)
|
|
(227
|
)
|
||
Increase (decrease) in outstanding checks
|
2
|
|
|
(136
|
)
|
||
Acquisition of treasury stock
|
(130
|
)
|
|
(909
|
)
|
||
Issuance of common stock
|
27
|
|
|
158
|
|
||
Proceeds from noncontrolling interest
|
4
|
|
|
—
|
|
||
Net cash used by financing activities
|
(331
|
)
|
|
(1,186
|
)
|
||
|
|
|
|
||||
Net decrease in cash and cash equivalents
|
(109
|
)
|
|
(1,403
|
)
|
||
Cash and cash equivalents beginning of period
|
1,109
|
|
|
2,246
|
|
||
Cash and cash equivalents end of period
|
$
|
1,000
|
|
|
$
|
843
|
|
Supplemental cash flow information:
|
|
|
|
||||
Interest paid
|
$
|
200
|
|
|
$
|
194
|
|
Interest received
|
2
|
|
|
1
|
|
||
Income taxes paid (net of refunds received)
|
292
|
|
|
450
|
|
|
|
|
13 Weeks Ended
|
||||||||||||||||||||
|
July 30, 2016
|
|
August 1, 2015
|
||||||||||||||||||
|
Net
Income |
|
|
|
Shares
|
|
Net
Income |
|
|
|
Shares
|
||||||||||
|
(millions, except per share data)
|
||||||||||||||||||||
Net income attributable to Macy's, Inc. shareholders and
average number of shares outstanding |
$
|
11
|
|
|
|
|
308.5
|
|
|
$
|
217
|
|
|
|
|
334.9
|
|
||||
Shares to be issued under deferred
compensation and other plans |
|
|
|
|
0.9
|
|
|
|
|
|
|
0.8
|
|
||||||||
|
$
|
11
|
|
|
|
|
309.4
|
|
|
$
|
217
|
|
|
|
|
335.7
|
|
||||
Basic earnings per share attributable to
Macy's, Inc. shareholders |
|
|
$
|
.03
|
|
|
|
|
|
|
$
|
.65
|
|
|
|
||||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock options, restricted stock and restricted stock units
|
|
|
|
|
1.9
|
|
|
|
|
|
|
5.3
|
|
||||||||
|
$
|
11
|
|
|
|
|
311.3
|
|
|
$
|
217
|
|
|
|
|
341.0
|
|
||||
Diluted earnings per share attributable to
Macy's, Inc. shareholders |
|
|
$
|
.03
|
|
|
|
|
|
|
$
|
.64
|
|
|
|
|
26 Weeks Ended
|
||||||||||||||||||||
|
July 30, 2016
|
|
August 1, 2015
|
||||||||||||||||||
|
Net
Income
|
|
|
|
Shares
|
|
Net
Income
|
|
|
|
Shares
|
||||||||||
|
(millions, except per share data)
|
||||||||||||||||||||
Net income attributable to Macy's, Inc. shareholders and
average number of shares outstanding |
$
|
127
|
|
|
|
|
309.1
|
|
|
$
|
410
|
|
|
|
|
337.3
|
|
||||
Shares to be issued under deferred
compensation and other plans |
|
|
|
|
0.9
|
|
|
|
|
|
|
0.9
|
|
||||||||
|
$
|
127
|
|
|
|
|
310.0
|
|
|
$
|
410
|
|
|
|
|
338.2
|
|
||||
Basic earnings per share attributable to
Macy's, Inc. shareholders |
|
|
$
|
.41
|
|
|
|
|
|
|
$
|
1.21
|
|
|
|
||||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock options, restricted stock and restricted stock units
|
|
|
|
|
2.4
|
|
|
|
|
|
|
5.5
|
|
||||||||
|
$
|
127
|
|
|
|
|
312.4
|
|
|
$
|
410
|
|
|
|
|
343.7
|
|
||||
Diluted earnings per share attributable to
Macy's, Inc. shareholders |
|
|
$
|
.41
|
|
|
|
|
|
|
$
|
1.19
|
|
|
|
|
|
26 Weeks Ended
|
||||||
|
July 30, 2016
|
|
August 1, 2015
|
||||
|
(millions)
|
||||||
7.5% Senior debentures due 2015
|
$
|
—
|
|
|
$
|
69
|
|
9.5% amortizing debentures due 2021
|
2
|
|
|
2
|
|
||
9.75% amortizing debentures due 2021
|
1
|
|
|
1
|
|
||
|
$
|
3
|
|
|
$
|
72
|
|
|
|
13 Weeks Ended
|
|
26 Weeks Ended
|
||||||||||||
|
July 30, 2016
|
|
August 1, 2015
|
|
July 30, 2016
|
|
August 1, 2015
|
||||||||
|
(millions)
|
|
|
|
|
||||||||||
401(k) Qualified Defined Contribution Plan
|
$
|
25
|
|
|
$
|
24
|
|
|
$
|
49
|
|
|
$
|
47
|
|
|
|
|
|
|
|
|
|
||||||||
Non-Qualified Defined Contribution Plan
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
||||||||
Pension Plan
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
3
|
|
Interest cost
|
28
|
|
|
34
|
|
|
56
|
|
|
68
|
|
||||
Expected return on assets
|
(58
|
)
|
|
(58
|
)
|
|
(114
|
)
|
|
(117
|
)
|
||||
Recognition of net actuarial loss
|
7
|
|
|
9
|
|
|
15
|
|
|
19
|
|
||||
Amortization of prior service credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
(22
|
)
|
|
$
|
(14
|
)
|
|
$
|
(41
|
)
|
|
$
|
(27
|
)
|
Supplementary Retirement Plan
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
6
|
|
|
8
|
|
|
12
|
|
|
16
|
|
||||
Recognition of net actuarial loss
|
2
|
|
|
2
|
|
|
4
|
|
|
5
|
|
||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
8
|
|
|
$
|
10
|
|
|
$
|
16
|
|
|
$
|
21
|
|
|
|
|
|
|
|
|
|
||||||||
Total Retirement Expense
|
$
|
12
|
|
|
$
|
21
|
|
|
$
|
25
|
|
|
$
|
42
|
|
|
|
|
|
|
|
|
|
||||||||
Postretirement Obligations
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
1
|
|
|
2
|
|
|
3
|
|
|
4
|
|
||||
Recognition of net actuarial gain
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
|
July 30, 2016
|
|
August 1, 2015
|
||||||||||||||||||||||||||||
|
|
|
Fair Value Measurements
|
|
|
|
Fair Value Measurements
|
||||||||||||||||||||||||
|
Total
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||
Marketable equity and debt securities
|
$
|
141
|
|
|
$
|
—
|
|
|
$
|
141
|
|
|
$
|
—
|
|
|
$
|
101
|
|
|
$
|
—
|
|
|
$
|
101
|
|
|
$
|
—
|
|
|
July 30, 2016
|
|
August 1, 2015
|
||||||||||||||||||||
|
Notional
Amount
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Notional
Amount
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Long-term debt
|
$
|
6,461
|
|
|
$
|
6,540
|
|
|
$
|
6,822
|
|
|
$
|
7,012
|
|
|
$
|
7,123
|
|
|
$
|
7,585
|
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
2,494
|
|
|
$
|
4,989
|
|
|
$
|
(1,617
|
)
|
|
$
|
5,866
|
|
Cost of sales
|
—
|
|
|
(1,523
|
)
|
|
(3,562
|
)
|
|
1,617
|
|
|
(3,468
|
)
|
|||||
Gross margin
|
—
|
|
|
971
|
|
|
1,427
|
|
|
—
|
|
|
2,398
|
|
|||||
Selling, general and administrative expenses
|
—
|
|
|
(941
|
)
|
|
(1,085
|
)
|
|
—
|
|
|
(2,026
|
)
|
|||||
Impairments and other costs
|
—
|
|
|
(184
|
)
|
|
(65
|
)
|
|
—
|
|
|
(249
|
)
|
|||||
Settlement charges
|
—
|
|
|
(2
|
)
|
|
(4
|
)
|
|
—
|
|
|
(6
|
)
|
|||||
Operating income (loss)
|
—
|
|
|
(156
|
)
|
|
273
|
|
|
—
|
|
|
117
|
|
|||||
Interest (expense) income, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
External
|
—
|
|
|
(97
|
)
|
|
—
|
|
|
—
|
|
|
(97
|
)
|
|||||
Intercompany
|
—
|
|
|
(57
|
)
|
|
57
|
|
|
—
|
|
|
—
|
|
|||||
Equity in earnings of subsidiaries
|
11
|
|
|
22
|
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|||||
Income (loss) before income taxes
|
11
|
|
|
(288
|
)
|
|
330
|
|
|
(33
|
)
|
|
20
|
|
|||||
Federal, state and local income
tax benefit (expense) |
—
|
|
|
114
|
|
|
(125
|
)
|
|
—
|
|
|
(11
|
)
|
|||||
Net income (loss)
|
11
|
|
|
(174
|
)
|
|
205
|
|
|
(33
|
)
|
|
9
|
|
|||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||||
Net income (loss) attributable to
Macy's, Inc. shareholders |
$
|
11
|
|
|
$
|
(174
|
)
|
|
$
|
207
|
|
|
$
|
(33
|
)
|
|
$
|
11
|
|
Comprehensive income (loss)
|
$
|
(6
|
)
|
|
$
|
(191
|
)
|
|
$
|
195
|
|
|
$
|
(6
|
)
|
|
$
|
(8
|
)
|
Comprehensive loss attributable to
noncontrolling interest |
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||||
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$
|
(6
|
)
|
|
$
|
(191
|
)
|
|
$
|
197
|
|
|
$
|
(6
|
)
|
|
$
|
(6
|
)
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
2,761
|
|
|
$
|
5,049
|
|
|
$
|
(1,706
|
)
|
|
$
|
6,104
|
|
Cost of sales
|
—
|
|
|
(1,688
|
)
|
|
(3,628
|
)
|
|
1,706
|
|
|
(3,610
|
)
|
|||||
Gross margin
|
—
|
|
|
1,073
|
|
|
1,421
|
|
|
—
|
|
|
2,494
|
|
|||||
Selling, general and administrative expenses
|
—
|
|
|
(1,025
|
)
|
|
(1,033
|
)
|
|
—
|
|
|
(2,058
|
)
|
|||||
Operating income
|
—
|
|
|
48
|
|
|
388
|
|
|
—
|
|
|
436
|
|
|||||
Interest (expense) income, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
External
|
—
|
|
|
(93
|
)
|
|
—
|
|
|
—
|
|
|
(93
|
)
|
|||||
Intercompany
|
—
|
|
|
(57
|
)
|
|
57
|
|
|
—
|
|
|
—
|
|
|||||
Equity in earnings of subsidiaries
|
217
|
|
|
86
|
|
|
—
|
|
|
(303
|
)
|
|
—
|
|
|||||
Income (loss) before income taxes
|
217
|
|
|
(16
|
)
|
|
445
|
|
|
(303
|
)
|
|
343
|
|
|||||
Federal, state and local income
tax benefit (expense) |
—
|
|
|
42
|
|
|
(168
|
)
|
|
—
|
|
|
(126
|
)
|
|||||
Net income
|
217
|
|
|
26
|
|
|
277
|
|
|
(303
|
)
|
|
217
|
|
|||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income attributable to
Macy's, Inc. shareholders |
$
|
217
|
|
|
$
|
26
|
|
|
$
|
277
|
|
|
$
|
(303
|
)
|
|
$
|
217
|
|
Comprehensive income
|
$
|
224
|
|
|
$
|
33
|
|
|
$
|
282
|
|
|
$
|
(315
|
)
|
|
$
|
224
|
|
Comprehensive loss attributable to
noncontrolling interest |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Comprehensive income attributable to
Macy's, Inc. shareholders |
$
|
224
|
|
|
$
|
33
|
|
|
$
|
282
|
|
|
$
|
(315
|
)
|
|
$
|
224
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
4,948
|
|
|
$
|
10,363
|
|
|
$
|
(3,674
|
)
|
|
$
|
11,637
|
|
Cost of sales
|
—
|
|
|
(3,127
|
)
|
|
(7,531
|
)
|
|
3,674
|
|
|
(6,984
|
)
|
|||||
Gross margin
|
—
|
|
|
1,821
|
|
|
2,832
|
|
|
—
|
|
|
4,653
|
|
|||||
Selling, general and administrative expenses
|
(1
|
)
|
|
(1,823
|
)
|
|
(2,168
|
)
|
|
—
|
|
|
(3,992
|
)
|
|||||
Impairments and other costs
|
—
|
|
|
(184
|
)
|
|
(65
|
)
|
|
—
|
|
|
(249
|
)
|
|||||
Settlement charges
|
—
|
|
|
(5
|
)
|
|
(14
|
)
|
|
—
|
|
|
(19
|
)
|
|||||
Operating income (loss)
|
(1
|
)
|
|
(191
|
)
|
|
585
|
|
|
—
|
|
|
393
|
|
|||||
Interest (expense) income, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
External
|
1
|
|
|
(196
|
)
|
|
—
|
|
|
—
|
|
|
(195
|
)
|
|||||
Intercompany
|
—
|
|
|
(115
|
)
|
|
115
|
|
|
—
|
|
|
—
|
|
|||||
Equity in earnings of subsidiaries
|
127
|
|
|
32
|
|
|
—
|
|
|
(159
|
)
|
|
—
|
|
|||||
Income (loss) before income taxes
|
127
|
|
|
(470
|
)
|
|
700
|
|
|
(159
|
)
|
|
198
|
|
|||||
Federal, state and local income
tax benefit (expense) |
—
|
|
|
175
|
|
|
(249
|
)
|
|
—
|
|
|
(74
|
)
|
|||||
Net income (loss)
|
127
|
|
|
(295
|
)
|
|
451
|
|
|
(159
|
)
|
|
124
|
|
|||||
Net loss attributable to noncontrolling interest
|
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||
Net income (loss) attributable to
Macy's, Inc. shareholders |
$
|
127
|
|
|
$
|
(295
|
)
|
|
$
|
454
|
|
|
$
|
(159
|
)
|
|
$
|
127
|
|
Comprehensive income (loss)
|
$
|
102
|
|
|
$
|
(320
|
)
|
|
$
|
436
|
|
|
$
|
(119
|
)
|
|
$
|
99
|
|
Comprehensive loss attributable to
noncontrolling interest |
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$
|
102
|
|
|
$
|
(320
|
)
|
|
$
|
439
|
|
|
$
|
(119
|
)
|
|
$
|
102
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
5,537
|
|
|
$
|
10,740
|
|
|
$
|
(3,941
|
)
|
|
$
|
12,336
|
|
Cost of sales
|
—
|
|
|
(3,497
|
)
|
|
(7,854
|
)
|
|
3,941
|
|
|
(7,410
|
)
|
|||||
Gross margin
|
—
|
|
|
2,040
|
|
|
2,886
|
|
|
—
|
|
|
4,926
|
|
|||||
Selling, general and administrative expenses
|
(1
|
)
|
|
(2,005
|
)
|
|
(2,075
|
)
|
|
—
|
|
|
(4,081
|
)
|
|||||
Operating income (loss)
|
(1
|
)
|
|
35
|
|
|
811
|
|
|
—
|
|
|
845
|
|
|||||
Interest (expense) income, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
External
|
—
|
|
|
(188
|
)
|
|
—
|
|
|
—
|
|
|
(188
|
)
|
|||||
Intercompany
|
—
|
|
|
(115
|
)
|
|
115
|
|
|
—
|
|
|
—
|
|
|||||
Equity in earnings of subsidiaries
|
411
|
|
|
146
|
|
|
—
|
|
|
(557
|
)
|
|
—
|
|
|||||
Income (loss) before income taxes
|
410
|
|
|
(122
|
)
|
|
926
|
|
|
(557
|
)
|
|
657
|
|
|||||
Federal, state and local income
tax benefit (expense) |
—
|
|
|
79
|
|
|
(326
|
)
|
|
—
|
|
|
(247
|
)
|
|||||
Net income (loss)
|
410
|
|
|
(43
|
)
|
|
600
|
|
|
(557
|
)
|
|
410
|
|
|||||
Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income (loss) attributable to
Macy's, Inc. shareholders |
$
|
410
|
|
|
$
|
(43
|
)
|
|
$
|
600
|
|
|
$
|
(557
|
)
|
|
$
|
410
|
|
Comprehensive income (loss)
|
$
|
425
|
|
|
$
|
(28
|
)
|
|
$
|
609
|
|
|
$
|
(581
|
)
|
|
$
|
425
|
|
Comprehensive loss attributable to
noncontrolling interest |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Comprehensive income (loss) attributable to
Macy's, Inc. shareholders |
$
|
425
|
|
|
$
|
(28
|
)
|
|
$
|
609
|
|
|
$
|
(581
|
)
|
|
$
|
425
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
ASSETS:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
621
|
|
|
$
|
89
|
|
|
$
|
290
|
|
|
$
|
—
|
|
|
$
|
1,000
|
|
Receivables
|
—
|
|
|
146
|
|
|
277
|
|
|
—
|
|
|
423
|
|
|||||
Merchandise inventories
|
—
|
|
|
2,500
|
|
|
2,822
|
|
|
—
|
|
|
5,322
|
|
|||||
Income tax receivable
|
8
|
|
|
11
|
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|||||
Prepaid expenses and other current assets
|
—
|
|
|
84
|
|
|
387
|
|
|
—
|
|
|
471
|
|
|||||
Total Current Assets
|
629
|
|
|
2,830
|
|
|
3,776
|
|
|
(19
|
)
|
|
7,216
|
|
|||||
Property and Equipment – net
|
—
|
|
|
3,586
|
|
|
3,601
|
|
|
—
|
|
|
7,187
|
|
|||||
Goodwill
|
—
|
|
|
3,315
|
|
|
582
|
|
|
—
|
|
|
3,897
|
|
|||||
Other Intangible Assets – net
|
—
|
|
|
49
|
|
|
453
|
|
|
—
|
|
|
502
|
|
|||||
Other Assets
|
—
|
|
|
155
|
|
|
749
|
|
|
—
|
|
|
904
|
|
|||||
Deferred Income Taxes
|
23
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|||||
Intercompany Receivable
|
—
|
|
|
—
|
|
|
2,710
|
|
|
(2,710
|
)
|
|
—
|
|
|||||
Investment in Subsidiaries
|
4,524
|
|
|
3,247
|
|
|
—
|
|
|
(7,771
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
5,176
|
|
|
$
|
13,182
|
|
|
$
|
11,871
|
|
|
$
|
(10,523
|
)
|
|
$
|
19,706
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term debt
|
$
|
—
|
|
|
$
|
1,062
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1,063
|
|
Merchandise accounts payable
|
—
|
|
|
825
|
|
|
1,052
|
|
|
—
|
|
|
1,877
|
|
|||||
Accounts payable and accrued liabilities
|
29
|
|
|
1,380
|
|
|
1,105
|
|
|
—
|
|
|
2,514
|
|
|||||
Income taxes
|
—
|
|
|
—
|
|
|
42
|
|
|
(19
|
)
|
|
23
|
|
|||||
Total Current Liabilities
|
29
|
|
|
3,267
|
|
|
2,200
|
|
|
(19
|
)
|
|
5,477
|
|
|||||
Long-Term Debt
|
—
|
|
|
6,549
|
|
|
18
|
|
|
—
|
|
|
6,567
|
|
|||||
Intercompany Payable
|
1,043
|
|
|
1,667
|
|
|
—
|
|
|
(2,710
|
)
|
|
—
|
|
|||||
Deferred Income Taxes
|
—
|
|
|
653
|
|
|
818
|
|
|
(23
|
)
|
|
1,448
|
|
|||||
Other Liabilities
|
58
|
|
|
573
|
|
|
1,533
|
|
|
—
|
|
|
2,164
|
|
|||||
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Macy's, Inc.
|
4,046
|
|
|
473
|
|
|
7,298
|
|
|
(7,771
|
)
|
|
4,046
|
|
|||||
Noncontrolling Interest
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|||||
Total Shareholders' Equity
|
4,046
|
|
|
473
|
|
|
7,302
|
|
|
(7,771
|
)
|
|
4,050
|
|
|||||
Total Liabilities and Shareholders' Equity
|
$
|
5,176
|
|
|
$
|
13,182
|
|
|
$
|
11,871
|
|
|
$
|
(10,523
|
)
|
|
$
|
19,706
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
ASSETS:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
511
|
|
|
$
|
76
|
|
|
$
|
256
|
|
|
$
|
—
|
|
|
$
|
843
|
|
Receivables
|
—
|
|
|
85
|
|
|
249
|
|
|
—
|
|
|
334
|
|
|||||
Merchandise inventories
|
—
|
|
|
2,712
|
|
|
2,784
|
|
|
—
|
|
|
5,496
|
|
|||||
Income tax receivable
|
98
|
|
|
—
|
|
|
—
|
|
|
(98
|
)
|
|
—
|
|
|||||
Prepaid expenses and other current assets
|
—
|
|
|
104
|
|
|
333
|
|
|
—
|
|
|
437
|
|
|||||
Total Current Assets
|
609
|
|
|
2,977
|
|
|
3,622
|
|
|
(98
|
)
|
|
7,110
|
|
|||||
Property and Equipment – net
|
—
|
|
|
4,230
|
|
|
3,474
|
|
|
—
|
|
|
7,704
|
|
|||||
Goodwill
|
—
|
|
|
3,315
|
|
|
582
|
|
|
—
|
|
|
3,897
|
|
|||||
Other Intangible Assets – net
|
—
|
|
|
62
|
|
|
461
|
|
|
—
|
|
|
523
|
|
|||||
Other Assets
|
2
|
|
|
44
|
|
|
680
|
|
|
—
|
|
|
726
|
|
|||||
Deferred Income Taxes
|
24
|
|
|
—
|
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|||||
Intercompany Receivable
|
—
|
|
|
—
|
|
|
3,634
|
|
|
(3,634
|
)
|
|
—
|
|
|||||
Investment in Subsidiaries
|
4,779
|
|
|
3,640
|
|
|
—
|
|
|
(8,419
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
5,414
|
|
|
$
|
14,268
|
|
|
$
|
12,453
|
|
|
$
|
(12,175
|
)
|
|
$
|
19,960
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term debt
|
$
|
—
|
|
|
$
|
82
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
83
|
|
Merchandise accounts payable
|
—
|
|
|
930
|
|
|
1,012
|
|
|
—
|
|
|
1,942
|
|
|||||
Accounts payable and accrued liabilities
|
23
|
|
|
980
|
|
|
1,274
|
|
|
—
|
|
|
2,277
|
|
|||||
Income taxes
|
—
|
|
|
10
|
|
|
152
|
|
|
(98
|
)
|
|
64
|
|
|||||
Total Current Liabilities
|
23
|
|
|
2,002
|
|
|
2,439
|
|
|
(98
|
)
|
|
4,366
|
|
|||||
Long-Term Debt
|
—
|
|
|
7,132
|
|
|
19
|
|
|
—
|
|
|
7,151
|
|
|||||
Intercompany Payable
|
483
|
|
|
3,151
|
|
|
—
|
|
|
(3,634
|
)
|
|
—
|
|
|||||
Deferred Income Taxes
|
—
|
|
|
736
|
|
|
737
|
|
|
(24
|
)
|
|
1,449
|
|
|||||
Other Liabilities
|
64
|
|
|
551
|
|
|
1,535
|
|
|
—
|
|
|
2,150
|
|
|||||
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Macy's, Inc.
|
4,844
|
|
|
696
|
|
|
7,723
|
|
|
(8,419
|
)
|
|
4,844
|
|
|||||
Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total Shareholders' Equity
|
4,844
|
|
|
696
|
|
|
7,723
|
|
|
(8,419
|
)
|
|
4,844
|
|
|||||
Total Liabilities and Shareholders' Equity
|
$
|
5,414
|
|
|
$
|
14,268
|
|
|
$
|
12,453
|
|
|
$
|
(12,175
|
)
|
|
$
|
19,960
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
ASSETS:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
741
|
|
|
$
|
91
|
|
|
$
|
277
|
|
|
$
|
—
|
|
|
$
|
1,109
|
|
Receivables
|
—
|
|
|
217
|
|
|
341
|
|
|
—
|
|
|
558
|
|
|||||
Merchandise inventories
|
—
|
|
|
2,702
|
|
|
2,804
|
|
|
—
|
|
|
5,506
|
|
|||||
Income tax receivable
|
44
|
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
—
|
|
|||||
Prepaid expenses and other current assets
|
—
|
|
|
135
|
|
|
344
|
|
|
—
|
|
|
479
|
|
|||||
Total Current Assets
|
785
|
|
|
3,145
|
|
|
3,766
|
|
|
(44
|
)
|
|
7,652
|
|
|||||
Property and Equipment – net
|
—
|
|
|
3,925
|
|
|
3,691
|
|
|
—
|
|
|
7,616
|
|
|||||
Goodwill
|
—
|
|
|
3,315
|
|
|
582
|
|
|
—
|
|
|
3,897
|
|
|||||
Other Intangible Assets – net
|
—
|
|
|
52
|
|
|
462
|
|
|
—
|
|
|
514
|
|
|||||
Other Assets
|
—
|
|
|
154
|
|
|
743
|
|
|
—
|
|
|
897
|
|
|||||
Deferred Income Taxes
|
14
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|||||
Intercompany Receivable
|
—
|
|
|
—
|
|
|
3,800
|
|
|
(3,800
|
)
|
|
—
|
|
|||||
Investment in Subsidiaries
|
4,725
|
|
|
3,804
|
|
|
—
|
|
|
(8,529
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
5,524
|
|
|
$
|
14,395
|
|
|
$
|
13,044
|
|
|
$
|
(12,387
|
)
|
|
$
|
20,576
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term debt
|
$
|
—
|
|
|
$
|
641
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
642
|
|
Merchandise accounts payable
|
—
|
|
|
667
|
|
|
859
|
|
|
—
|
|
|
1,526
|
|
|||||
Accounts payable and accrued liabilities
|
35
|
|
|
1,439
|
|
|
1,859
|
|
|
—
|
|
|
3,333
|
|
|||||
Income taxes
|
—
|
|
|
41
|
|
|
230
|
|
|
(44
|
)
|
|
227
|
|
|||||
Total Current Liabilities
|
35
|
|
|
2,788
|
|
|
2,949
|
|
|
(44
|
)
|
|
5,728
|
|
|||||
Long-Term Debt
|
—
|
|
|
6,976
|
|
|
19
|
|
|
—
|
|
|
6,995
|
|
|||||
Intercompany Payable
|
1,218
|
|
|
2,582
|
|
|
—
|
|
|
(3,800
|
)
|
|
—
|
|
|||||
Deferred Income Taxes
|
—
|
|
|
693
|
|
|
798
|
|
|
(14
|
)
|
|
1,477
|
|
|||||
Other Liabilities
|
21
|
|
|
558
|
|
|
1,544
|
|
|
—
|
|
|
2,123
|
|
|||||
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Macy's, Inc.
|
4,250
|
|
|
798
|
|
|
7,731
|
|
|
(8,529
|
)
|
|
4,250
|
|
|||||
Noncontrolling Interest
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||
Total Shareholders' Equity
|
4,250
|
|
|
798
|
|
|
7,734
|
|
|
(8,529
|
)
|
|
4,253
|
|
|||||
Total Liabilities and Shareholders' Equity
|
$
|
5,524
|
|
|
$
|
14,395
|
|
|
$
|
13,044
|
|
|
$
|
(12,387
|
)
|
|
$
|
20,576
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
127
|
|
|
$
|
(295
|
)
|
|
$
|
451
|
|
|
$
|
(159
|
)
|
|
$
|
124
|
|
Impairments and other costs
|
—
|
|
|
184
|
|
|
65
|
|
|
—
|
|
|
249
|
|
|||||
Settlement charges
|
—
|
|
|
5
|
|
|
14
|
|
|
—
|
|
|
19
|
|
|||||
Equity in earnings of subsidiaries
|
(127
|
)
|
|
(32
|
)
|
|
—
|
|
|
159
|
|
|
—
|
|
|||||
Dividends received from subsidiaries
|
303
|
|
|
575
|
|
|
—
|
|
|
(878
|
)
|
|
—
|
|
|||||
Depreciation and amortization
|
—
|
|
|
205
|
|
|
315
|
|
|
—
|
|
|
520
|
|
|||||
(Increase) decrease in working capital
|
32
|
|
|
361
|
|
|
(733
|
)
|
|
—
|
|
|
(340
|
)
|
|||||
Other, net
|
17
|
|
|
(31
|
)
|
|
2
|
|
|
—
|
|
|
(12
|
)
|
|||||
Net cash provided by operating activities
|
352
|
|
|
972
|
|
|
114
|
|
|
(878
|
)
|
|
560
|
|
|||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase of property and equipment and capitalized software, net
|
—
|
|
|
(50
|
)
|
|
(327
|
)
|
|
—
|
|
|
(377
|
)
|
|||||
Other, net
|
—
|
|
|
43
|
|
|
(4
|
)
|
|
—
|
|
|
39
|
|
|||||
Net cash used by investing activities
|
—
|
|
|
(7
|
)
|
|
(331
|
)
|
|
—
|
|
|
(338
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt repaid
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||
Dividends paid
|
(228
|
)
|
|
—
|
|
|
(878
|
)
|
|
878
|
|
|
(228
|
)
|
|||||
Common stock acquired, net of
issuance of common stock |
(103
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(103
|
)
|
|||||
Proceeds from noncontrolling interest
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|||||
Intercompany activity, net
|
(139
|
)
|
|
(937
|
)
|
|
1,076
|
|
|
—
|
|
|
—
|
|
|||||
Other, net
|
(2
|
)
|
|
(27
|
)
|
|
28
|
|
|
—
|
|
|
(1
|
)
|
|||||
Net cash provided (used) by
financing activities |
(472
|
)
|
|
(967
|
)
|
|
230
|
|
|
878
|
|
|
(331
|
)
|
|||||
Net increase (decrease) in cash
and cash equivalents |
(120
|
)
|
|
(2
|
)
|
|
13
|
|
|
—
|
|
|
(109
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
741
|
|
|
91
|
|
|
277
|
|
|
—
|
|
|
1,109
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
621
|
|
|
$
|
89
|
|
|
$
|
290
|
|
|
$
|
—
|
|
|
$
|
1,000
|
|
|
|
Parent
|
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
410
|
|
|
$
|
(43
|
)
|
|
$
|
600
|
|
|
$
|
(557
|
)
|
|
$
|
410
|
|
Equity in earnings of subsidiaries
|
(411
|
)
|
|
(146
|
)
|
|
—
|
|
|
557
|
|
|
—
|
|
|||||
Dividends received from subsidiaries
|
337
|
|
|
—
|
|
|
—
|
|
|
(337
|
)
|
|
—
|
|
|||||
Depreciation and amortization
|
—
|
|
|
214
|
|
|
306
|
|
|
—
|
|
|
520
|
|
|||||
Increase in working capital
|
(11
|
)
|
|
(17
|
)
|
|
(503
|
)
|
|
—
|
|
|
(531
|
)
|
|||||
Other, net
|
24
|
|
|
2
|
|
|
(27
|
)
|
|
—
|
|
|
(1
|
)
|
|||||
Net cash provided by operating activities
|
349
|
|
|
10
|
|
|
376
|
|
|
(337
|
)
|
|
398
|
|
|||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase of property and equipment and capitalized software, net
|
—
|
|
|
(158
|
)
|
|
(349
|
)
|
|
—
|
|
|
(507
|
)
|
|||||
Other, net
|
—
|
|
|
9
|
|
|
(117
|
)
|
|
—
|
|
|
(108
|
)
|
|||||
Net cash used by investing activities
|
—
|
|
|
(149
|
)
|
|
(466
|
)
|
|
—
|
|
|
(615
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt repaid
|
—
|
|
|
(72
|
)
|
|
—
|
|
|
—
|
|
|
(72
|
)
|
|||||
Dividends paid
|
(227
|
)
|
|
—
|
|
|
(337
|
)
|
|
337
|
|
|
(227
|
)
|
|||||
Common stock acquired, net of
issuance of common stock |
(751
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(751
|
)
|
|||||
Intercompany activity, net
|
(722
|
)
|
|
262
|
|
|
460
|
|
|
—
|
|
|
—
|
|
|||||
Other, net
|
(46
|
)
|
|
(69
|
)
|
|
(21
|
)
|
|
—
|
|
|
(136
|
)
|
|||||
Net cash provided (used) by
financing activities |
(1,746
|
)
|
|
121
|
|
|
102
|
|
|
337
|
|
|
(1,186
|
)
|
|||||
Net increase (decrease) in cash and
cash equivalents |
(1,397
|
)
|
|
(18
|
)
|
|
12
|
|
|
—
|
|
|
(1,403
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
1,908
|
|
|
94
|
|
|
244
|
|
|
—
|
|
|
2,246
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
511
|
|
|
$
|
76
|
|
|
$
|
256
|
|
|
$
|
—
|
|
|
$
|
843
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
Second Quarter of 2016
|
|
|
Second Quarter of 2015
|
|
|
||||||||||
|
|
Amount
|
|
% to Sales
|
|
|
Amount
|
|
% to Sales
|
|
|
||||||
|
|
(dollars in millions, except per share figures)
|
|||||||||||||||
Net sales
|
|
$
|
5,866
|
|
|
|
|
|
$
|
6,104
|
|
|
|
|
|
||
Decrease in sales
|
|
(3.9
|
)
|
%
|
|
|
(2.6
|
)
|
%
|
|
|
||||||
Decrease in comparable sales
|
|
(2.6
|
)
|
%
|
|
|
(2.1
|
)
|
%
|
|
|
||||||
Cost of sales
|
|
(3,468
|
)
|
|
(59.1
|
)
|
%
|
(3,610
|
)
|
|
(59.1
|
)
|
%
|
||||
Gross margin
|
|
2,398
|
|
|
40.9
|
|
%
|
2,494
|
|
|
40.9
|
|
%
|
||||
Selling, general and administrative expenses
|
|
(2,026
|
)
|
|
(34.5
|
)
|
%
|
(2,058
|
)
|
|
(33.8
|
)
|
%
|
||||
Impairments and other costs
|
|
(249
|
)
|
|
(4.3
|
)
|
%
|
—
|
|
|
—
|
|
|
||||
Settlement charges
|
|
(6
|
)
|
|
(0.1
|
)
|
%
|
—
|
|
|
—
|
|
%
|
||||
Operating income
|
|
117
|
|
|
2.0
|
|
%
|
436
|
|
|
7.1
|
|
%
|
||||
Interest expense - net
|
|
(97
|
)
|
|
|
|
|
(93
|
)
|
|
|
|
|
||||
Income before income taxes
|
|
20
|
|
|
|
|
|
343
|
|
|
|
|
|
||||
Federal, state and local income tax expense
|
|
(11
|
)
|
|
|
|
|
(126
|
)
|
|
|
|
|
||||
Net income
|
|
9
|
|
|
|
|
217
|
|
|
|
|
||||||
Net loss attributable to noncontrolling interest
|
|
2
|
|
|
|
|
|
—
|
|
|
|
|
|
||||
Net income attributable to Macy's, Inc. shareholders
|
|
$
|
11
|
|
|
0.2
|
|
%
|
$
|
217
|
|
|
3.6
|
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share attributable to
Macy's, Inc. shareholders
|
|
$
|
.03
|
|
|
|
|
|
$
|
.64
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share attributable to
Macy's, Inc. shareholders, excluding the impact of impairments and other costs and settlement charges |
|
$
|
.54
|
|
|
|
|
|
$
|
.64
|
|
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
||||||||||
|
|
Amount
|
|
% to Sales
|
|
|
Amount
|
|
% to Sales
|
|
|
||||||
|
|
(dollars in millions, except per share figures)
|
|||||||||||||||
Net sales
|
|
$
|
11,637
|
|
|
|
|
|
$
|
12,336
|
|
|
|
|
|
||
Decrease in sales
|
|
(5.7
|
)
|
%
|
|
|
(1.7
|
)
|
%
|
|
|
||||||
Decrease in comparable sales
|
|
(4.4
|
)
|
%
|
|
|
(1.4
|
)
|
%
|
|
|
||||||
Cost of sales
|
|
(6,984
|
)
|
|
(60.0
|
)
|
%
|
(7,410
|
)
|
|
(60.1
|
)
|
%
|
||||
Gross margin
|
|
4,653
|
|
|
40.0
|
|
%
|
4,926
|
|
|
39.9
|
|
%
|
||||
Selling, general and administrative expenses
|
|
(3,992
|
)
|
|
(34.3
|
)
|
%
|
(4,081
|
)
|
|
(33.1
|
)
|
%
|
||||
Impairments and other costs
|
|
(249
|
)
|
|
(2.1
|
)
|
%
|
—
|
|
|
—
|
|
|
||||
Settlement charges
|
|
(19
|
)
|
|
(0.2
|
)
|
%
|
—
|
|
|
—
|
|
%
|
||||
Operating income
|
|
393
|
|
|
3.4
|
|
%
|
845
|
|
|
6.8
|
|
%
|
||||
Interest expense - net
|
|
(195
|
)
|
|
|
|
|
(188
|
)
|
|
|
|
|
||||
Income before income taxes
|
|
198
|
|
|
|
|
|
657
|
|
|
|
|
|
||||
Federal, state and local income tax expense
|
|
(74
|
)
|
|
|
|
|
(247
|
)
|
|
|
|
|
||||
Net income
|
|
124
|
|
|
|
|
410
|
|
|
|
|
||||||
Net loss attributable to noncontrolling interest
|
|
3
|
|
|
|
|
|
—
|
|
|
|
|
|
||||
Net income attributable to Macy's, Inc. shareholders
|
|
$
|
127
|
|
|
1.1
|
|
%
|
$
|
410
|
|
|
3.3
|
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share attributable to
Macy's, Inc. shareholders
|
|
$
|
.41
|
|
|
|
|
|
$
|
1.19
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share attributable to
Macy's, Inc. shareholders, excluding the impact of impairments and other costs and settlement charges |
|
$
|
.94
|
|
|
|
|
|
$
|
1.19
|
|
|
|
|
|
|
|
Second Quarter of 2016
|
|
Second Quarter of 2015
|
||
|
|
|
|
|
||
Decrease in comparable sales on an owned basis (note 1)
|
|
(2.6
|
)%
|
|
(2.1
|
)%
|
Impact of growth in comparable sales of departments licensed to third parties (note 2)
|
|
0.6
|
%
|
|
0.6
|
%
|
Decrease in comparable sales on an owned plus licensed basis
|
|
(2.0
|
)%
|
|
(1.5
|
)%
|
|
|
2016
|
|
2015
|
||
|
|
|
|
|
||
Decrease in comparable sales on an owned basis (note 1)
|
|
(4.4
|
)%
|
|
(1.4
|
)%
|
Impact of growth in comparable sales of departments licensed to third parties (note 2)
|
|
0.6
|
%
|
|
0.6
|
%
|
Decrease in comparable sales on an owned plus licensed basis
|
|
(3.8
|
)%
|
|
(0.8
|
)%
|
(1)
|
Represents the period-to-period percentage change in net sales from stores in operation throughout the year presented and the immediately preceding year and all online sales, excluding commissions from departments licensed to third parties. Stores undergoing remodeling, expansion or relocation remain in the comparable sales calculation unless the store is closed for a significant period of time. Definitions and calculations of comparable sales differ among companies in the retail industry.
|
(2)
|
Represents the impact of including the sales of departments licensed to third parties occurring in stores in operation throughout the year presented and the immediately preceding year and via the Internet in the calculation of comparable sales. The Company licenses third parties to operate certain departments in its stores and online and receives commissions from these third parties based on a percentage of their net sales. In its financial statements prepared in conformity with GAAP, the Company includes these commissions (rather than the sales of the departments licensed to third parties) in its net sales. The Company does not, however, include any amounts in respect of licensed department sales (or any commissions earned on such sales) in its comparable sales in accordance with GAAP (i.e., on an owned basis). The Company believes that the amounts of commissions earned on sales of departments licensed to third parties are not material to its results of operations for the periods presented.
|
|
|
Second Quarter of 2016
|
|
Second Quarter of 2015
|
||||
|
|
|
|
|
||||
Diluted earnings per share attributable to Macy's, Inc. shareholders
|
|
$
|
.03
|
|
|
$
|
.64
|
|
Add back the pre-tax impact of impairments and other costs
|
|
.80
|
|
|
—
|
|
||
Add back the pre-tax impact of settlement charges
|
|
.02
|
|
|
—
|
|
||
Deduct the income tax impact of impairments and other costs and settlement charges
|
|
(.31
|
)
|
|
—
|
|
||
Diluted earnings per share attributable to Macy's, Inc. shareholders,
excluding the impact of impairments and other costs and settlement charges |
|
$
|
.54
|
|
|
$
|
.64
|
|
|
|
2016
|
|
2015
|
||||
|
|
|
|
|
||||
Diluted earnings per share attributable to Macy's, Inc. shareholders
|
|
$
|
.41
|
|
|
$
|
1.19
|
|
Add back the pre-tax impact of impairments and other costs
|
|
.80
|
|
|
—
|
|
||
Add back the pre-tax impact of settlement charges
|
|
.06
|
|
|
—
|
|
||
Deduct the income tax impact of impairments and other costs and settlement charges
|
|
(.33
|
)
|
|
—
|
|
||
Diluted earnings per share attributable to Macy's, Inc. shareholders,
excluding the impact of impairments and other costs and settlement charges |
|
$
|
.94
|
|
|
$
|
1.19
|
|
Item 4.
|
Controls and Procedures.
|
Item 1.
|
Legal Proceedings.
|
Item 1A.
|
Risk Factors.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
|
Total
Number
of Shares
Purchased
|
|
Average
Price Paid
per Share ($)
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
|
|
Maximum Dollar Value of Shares that may yet be Purchased Under the Plans or Programs (1)($)
|
||||
|
(thousands)
|
|
|
|
(thousands)
|
|
(millions)
|
||||
May 1, 2016 – May 28, 2016
|
—
|
|
|
—
|
|
|
—
|
|
|
1,903
|
|
May 29, 2016 – July 2, 2016
|
—
|
|
|
—
|
|
|
—
|
|
|
1,903
|
|
July 3, 2016 – July 30, 2016
|
—
|
|
|
—
|
|
|
—
|
|
|
1,903
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(1)
|
Commencing in January 2000, the Company's Board of Directors has from time to time approved authorizations to purchase, in the aggregate, up to $18 billion of Common Stock as of
July 30, 2016
. All authorizations are cumulative and do not have an expiration date. As of
July 30, 2016
,
$1,903 million
of authorization remained unused. The Company may continue, discontinue or resume purchases of Common Stock under these or possible future authorizations in the open market, in privately negotiated transactions or otherwise at any time and from time to time without prior notice.
|
Item 5.
|
Other Information.
|
•
|
the possible invalidity of the underlying beliefs and assumptions;
|
•
|
competitive pressures from department and specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, and all other retail channels, including the Internet, catalogs and television;
|
•
|
general consumer-spending levels, including the impact of general economic conditions, consumer disposable income levels, consumer confidence levels, the availability, cost and level of consumer debt, the costs of basic necessities and other goods and the effects of the weather or natural disasters;
|
•
|
conditions to, or changes in the timing of, proposed transactions, including planned store closings, and changes in expected synergies, cost savings and non-recurring charges;
|
•
|
transactions involving our real estate portfolio;
|
•
|
possible changes or developments in social, economic, business, industry, market, legal and regulatory circumstances and conditions;
|
•
|
possible actions taken or omitted to be taken by third parties, including customers, suppliers, business partners, competitors and legislative, regulatory, judicial and other governmental authorities and officials;
|
•
|
changes in relationships with vendors and other product and service providers;
|
•
|
currency, interest and exchange rates and other capital market, economic and geo-political conditions;
|
•
|
severe or unseasonable weather, possible outbreaks of epidemic or pandemic diseases and natural disasters;
|
•
|
unstable political conditions, civil unrest, terrorist activities and armed conflicts;
|
•
|
the possible inability of the Company's manufacturers or transporters to deliver products in a timely manner or meet the Company's quality standards;
|
•
|
the Company's reliance on foreign sources of production, including risks related to the disruption of imports by labor disputes, regional health pandemics, and regional political and economic conditions;
|
•
|
duties, taxes, other charges and quotas on imports; and
|
•
|
possible systems failures and/or security breaches, including, any security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or company information, or the failure to comply with various laws applicable to the Company in the event of such a breach.
|
Item 6.
|
Exhibits.
|
10.01
|
|
Credit Agreement, dated as of May 6, 2016, among Macy's, Inc., Macy's Retail Holdings, Inc., and the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and paying agent, the Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.01 to the Company's Current Report on Form 8-K filed on May 11, 2016)
|
|
|
|
10.02
|
|
Guarantee Agreement, dated as of May 6, 2016, among Macy's, Inc., Macy's Retail Holdings, Inc. and JPMorgan Chase Bank, N.A., as paying agent (incorporated by reference to Exhibit 10.02 to the Company's Current Report on Form 8-K filed on May 11, 2016)
|
|
|
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a)
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a)
|
|
|
|
32.1
|
|
Certification by Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act
|
|
|
|
32.2
|
|
Certification by Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act
|
|
|
|
101
|
|
The following financial statements from Macy's, Inc.'s Quarterly Report on Form 10-Q for the quarter ended July 30, 2016, filed on August 26, 2016, formatted in XBRL: (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements.
|
|
MACY’S, INC.
|
|
|
|
|
|
By:
|
/s/ D
ENNIS
J. B
RODERICK
|
|
|
Dennis J. Broderick
Executive Vice President, General Counsel and
Secretary
|
|
|
|
|
By:
|
/s/ F
ELICIA
W
ILLIAMS
|
|
|
Felicia Williams
Executive Vice President, Controller and Enterprise Risk
(Principal Accounting Officer)
|
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