UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number:
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices, including Zip Code)
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(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Accelerated Filer |
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Non-Accelerated Filer |
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Smaller Reporting Company |
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Emerging Growth Company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Class |
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Outstanding at November 27, 2021 |
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Common Stock, $.01 par value per share |
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
MACY’S, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(millions, except per share figures)
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13 Weeks Ended |
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39 Weeks Ended |
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October 30, 2021 |
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October 31, 2020 |
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October 30, 2021 |
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October 31, 2020 |
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Net sales |
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$ |
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$ |
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$ |
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$ |
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Credit card revenues, net |
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Cost of sales |
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( |
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( |
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Selling, general and administrative expenses |
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( |
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( |
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( |
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( |
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Gains on sale of real estate |
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Impairment, restructuring and other costs |
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( |
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( |
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( |
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Operating income (loss) |
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( |
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( |
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Benefit plan income, net |
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Settlement charges |
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( |
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( |
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( |
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( |
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Interest expense |
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( |
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( |
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( |
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( |
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Losses on early retirement of debt |
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( |
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( |
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Financing costs |
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Interest income |
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Income (loss) before income taxes |
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Federal, state and local income tax benefit (expense) |
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Net income (loss) |
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$ |
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$ |
( |
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$ |
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$ |
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Basic earnings (loss) per share |
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$ |
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$ |
( |
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$ |
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$ |
( |
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Diluted earnings (loss) per share |
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$ |
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$ |
( |
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$ |
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$ |
( |
) |
The accompanying notes are an integral part of these Consolidated Financial Statements.
2
MACY’S, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(millions)
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13 Weeks Ended |
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39 Weeks Ended |
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October 30, 2021 |
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October 31, 2020 |
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October 30, 2021 |
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October 31, 2020 |
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Net income (loss) |
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$ |
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$ |
( |
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$ |
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$ |
( |
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Other comprehensive income (loss): |
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Actuarial gain (loss) on post employment and postretirement benefit plans, before tax |
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Reclassifications to net income (loss): |
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Amortization of net actuarial loss and prior service credit on post employment and postretirement benefit plans included in net income (loss), before tax |
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Settlement charges, before tax |
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Tax effect related to items of other comprehensive income |
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Total other comprehensive income, net of tax effect |
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Comprehensive income (loss) |
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$ |
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$ |
( |
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$ |
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$ |
( |
) |
The accompanying notes are an integral part of these Consolidated Financial Statements.
3
MACY’S, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(millions)
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October 30, 2021 |
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January 30, 2021 |
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October 31, 2020 |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
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$ |
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$ |
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Receivables |
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Merchandise inventories |
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Prepaid expenses and other current assets |
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Total Current Assets |
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Property and Equipment - net of accumulated depreciation and amortization of $ |
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Right of Use Assets |
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Goodwill |
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Other Intangible Assets – net |
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Other Assets |
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Total Assets |
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$ |
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$ |
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$ |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current Liabilities: |
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Short-term debt |
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$ |
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$ |
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$ |
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Merchandise accounts payable |
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Accounts payable and accrued liabilities |
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Total Current Liabilities |
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Long-Term Debt |
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Long-Term Lease Liabilities |
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Deferred Income Taxes |
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Other Liabilities |
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Shareholders' Equity |
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Total Liabilities and Shareholders’ Equity |
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$ |
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$ |
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$ |
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The accompanying notes are an integral part of these Consolidated Financial Statements.
4
MACY’S, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
(millions)
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Common Stock |
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Additional Paid-In Capital |
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Accumulated Equity |
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Treasury Stock |
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Accumulated Other Comprehensive Income (Loss) |
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Total Shareholders' Equity |
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Balance at January 30, 2021 |
$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
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$ |
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Net income |
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Other comprehensive income |
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Stock-based compensation expense |
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Stock issued under stock plans |
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( |
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Balance at May 1, 2021 |
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( |
) |
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( |
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Net income |
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Other comprehensive income |
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Stock-based compensation expense |
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Stock issued under stock plans |
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( |
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Balance at July 31, 2021 |
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( |
) |
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( |
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Net income |
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Other comprehensive income |
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Common stock dividends ($ |
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( |
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( |
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Stock repurchases |
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( |
) |
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( |
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Stock-based compensation expense |
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Stock issued under stock plans |
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( |
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— |
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Balance at October 30, 2021 |
$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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The accompanying notes are an integral part of these Consolidated Financial Statements.
5
MACY’S, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - (Continued)
(Unaudited)
(millions)
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Common Stock |
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Additional Paid-In Capital |
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Accumulated Equity |
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Treasury Stock |
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Accumulated Other Comprehensive Income (Loss) |
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Total Shareholders' Equity |
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Balance at February 1, 2020 |
$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
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$ |
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Net loss |
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( |
) |
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( |
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Other comprehensive income |
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Common stock dividends ($ |
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( |
) |
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( |
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Stock-based compensation expense |
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Stock issued under stock plans |
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( |
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( |
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Other |
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Balance at May 2, 2020 |
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( |
) |
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( |
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Net loss |
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( |
) |
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( |
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Other comprehensive income |
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Stock-based compensation expense |
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Stock issued under stock plans |
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( |
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Balance at August 1, 2020 |
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( |
) |
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( |
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Net loss |
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( |
) |
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( |
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Other comprehensive income |
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Stock-based compensation expense |
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Stock issued under stock plans |
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( |
) |
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— |
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Balance at October 31, 2020 |
$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
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$ |
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The accompanying notes are an integral part of these Consolidated Financial Statements.
6
MACY’S, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(millions)
|
|
|
39 Weeks Ended |
|
|||||
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|
October 30, 2021 |
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October 31, 2020 |
|
||
|
Cash flows from operating activities: |
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Net income (loss) |
|
$ |
|
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$ |
( |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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Impairment, restructuring and other costs |
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Settlement charges |
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Depreciation and amortization |
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Stock-based compensation expense |
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Gains on sale of real estate |
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( |
) |
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( |
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Benefit plans |
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Amortization of financing costs and premium on acquired debt |
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Deferred income taxes |
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Changes in assets and liabilities: |
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Decrease in receivables |
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(Increase) decrease in merchandise inventories |
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(Increase) decrease in prepaid expenses and other current assets |
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