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v3.19.3.a.u2

Condensed Consolidating Financial Information (Tables) | 9 Months Ended
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Nov. 02, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet As of November 2, 2019 (millions)
| Parent |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS: |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 42 |  |  | $ | 73 |  |  | $ | 186 |  |  | $ | — |  |  | $ | 301 |
Receivables | — |  |  | 30 |  |  | 145 |  |  | — |  |  | 175 |
Merchandise inventories | — |  |  | 3,145 |  |  | 4,111 |  |  | — |  |  | 7,256 |
Income taxes | 96 |  |  | — |  |  | — |  |  | (95 | ) |  | 1 |
Prepaid expenses and other current assets | — |  |  | 126 |  |  | 442 |  |  | — |  |  | 568 |
Total Current Assets | 138 |  |  | 3,374 |  |  | 4,884 |  |  | (95 | ) |  | 8,301 |
Property and Equipment – net | — |  |  | 3,174 |  |  | 3,384 |  |  | — |  |  | 6,558 |
Right of Use Assets | — |  |  | 653 |  |  | 1,943 |  |  | — |  |  | 2,596 |
Goodwill | — |  |  | 3,326 |  |  | 582 |  |  | — |  |  | 3,908 |
Other Intangible Assets – net | — |  |  | 5 |  |  | 435 |  |  | — |  |  | 440 |
Other Assets | — |  |  | 49 |  |  | 695 |  |  | — |  |  | 744 |
Deferred Income Taxes | 9 |  |  | — |  |  | — |  |  | (9 | ) |  | — |
Intercompany Receivable | 2,923 |  |  | — |  |  | 454 |  |  | (3,377 | ) |  | — |
Investment in Subsidiaries | 3,231 |  |  | 2,812 |  |  | — |  |  | (6,043 | ) |  | — |
Total Assets | $ | 6,301 |  |  | $ | 13,393 |  |  | $ | 12,377 |  |  | $ | (9,524 | ) |  | $ | 22,547 |
LIABILITIES AND SHAREHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |
Merchandise accounts payable | — |  |  | 1,521 |  |  | 1,906 |  |  | — |  |  | 3,427 |
Accounts payable and accrued liabilities | 216 |  |  | 835 |  |  | 1,995 |  |  | — |  |  | 3,046 |
Income taxes | — |  |  | 51 |  |  | 44 |  |  | (95 | ) |  | — |
Total Current Liabilities | 216 |  |  | 2,413 |  |  | 3,945 |  |  | (95 | ) |  | 6,479 |
Long-Term Debt | — |  |  | 4,677 |  |  | — |  |  |  |  |  | 4,677 |
Long-Term Lease Liabilities | — |  |  | 589 |  |  | 2,230 |  |  | — |  |  | 2,819 |
Intercompany Payable | — |  |  | 3,377 |  |  | — |  |  | (3,377 | ) |  | — |
Deferred Income Taxes | — |  |  | 654 |  |  | 555 |  |  | (9 | ) |  | 1,200 |
Other Liabilities | 28 |  |  | 377 |  |  | 910 |  |  | — |  |  | 1,315 |
Shareholders' Equity: |  |  |  |  |  |  |  |  |
Macy's, Inc. | 6,057 |  |  | 1,306 |  |  | 4,737 |  |  | (6,043 | ) |  | 6,057 |
Noncontrolling Interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Shareholders' Equity | 6,057 |  |  | 1,306 |  |  | 4,737 |  |  | (6,043 | ) |  | 6,057 |
Total Liabilities and Shareholders' Equity | $ | 6,301 |  |  | $ | 13,393 |  |  | $ | 12,377 |  |  | $ | (9,524 | ) |  | $ | 22,547 |
Condensed Consolidating Balance Sheet As of November 3, 2018 (millions)
| Parent |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS: |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 426 |  |  | $ | 74 |  |  | $ | 236 |  |  | $ | — |  |  | $ | 736 |
Receivables | 1 |  |  | 25 |  |  | 154 |  |  | — |  |  | 180 |
Merchandise inventories | — |  |  | 3,112 |  |  | 4,035 |  |  | — |  |  | 7,147 |
Income taxes | 81 |  |  | — |  |  | — |  |  | (71 | ) |  | 10 |
Prepaid expenses and other current assets | — |  |  | 139 |  |  | 455 |  |  | — |  |  | 594 |
Total Current Assets | 508 |  |  | 3,350 |  |  | 4,880 |  |  | (71 | ) |  | 8,667 |
Property and Equipment – net | — |  |  | 3,244 |  |  | 3,328 |  |  | — |  |  | 6,572 |
Goodwill | — |  |  | 3,326 |  |  | 582 |  |  | — |  |  | 3,908 |
Other Intangible Assets – net | — |  |  | 40 |  |  | 441 |  |  | — |  |  | 481 |
Other Assets | — |  |  | 39 |  |  | 694 |  |  | — |  |  | 733 |
Deferred Income Taxes | 11 |  |  | — |  |  | — |  |  | (11 | ) |  | — |
Intercompany Receivable | 1,725 |  |  | — |  |  | 882 |  |  | (2,607 | ) |  | — |
Investment in Subsidiaries | 3,639 |  |  | 3,028 |  |  | — |  |  | (6,667 | ) |  | — |
Total Assets | $ | 5,883 |  |  | $ | 13,027 |  |  | $ | 10,807 |  |  | $ | (9,356 | ) |  | $ | 20,361 |
LIABILITIES AND SHAREHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | 42 |  |  | $ | 23 |  |  | $ | — |  |  | $ | 65 |
Merchandise accounts payable | — |  |  | 1,515 |  |  | 1,866 |  |  | — |  |  | 3,381 |
Accounts payable and accrued liabilities | 192 |  |  | 874 |  |  | 1,932 |  |  | — |  |  | 2,998 |
Income taxes | — |  |  | 40 |  |  | 31 |  |  | (71 | ) |  | — |
Total Current Liabilities | 192 |  |  | 2,471 |  |  | 3,852 |  |  | (71 | ) |  | 6,444 |
Long-Term Debt | — |  |  | 5,453 |  |  | 16 |  |  | — |  |  | 5,469 |
Intercompany Payable | — |  |  | 2,607 |  |  | — |  |  | (2,607 | ) |  | — |
Deferred Income Taxes | — |  |  | 619 |  |  | 577 |  |  | (11 | ) |  | 1,185 |
Other Liabilities | 24 |  |  | 431 |  |  | 1,163 |  |  | — |  |  | 1,618 |
Shareholders' Equity: |  |  |  |  |  |  |  |  |
Macy's, Inc. | 5,667 |  |  | 1,446 |  |  | 5,221 |  |  | (6,667 | ) |  | 5,667 |
Noncontrolling Interest | — |  |  | — |  |  | (22 | ) |  | — |  |  | (22 | )
Total Shareholders' Equity | 5,667 |  |  | 1,446 |  |  | 5,199 |  |  | (6,667 | ) |  | 5,645 |
Total Liabilities and Shareholders' Equity | $ | 5,883 |  |  | $ | 13,027 |  |  | $ | 10,807 |  |  | $ | (9,356 | ) |  | $ | 20,361 |
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 39 Weeks Ended November 2, 2019 (millions)
| Parent |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 224 |  |  | $ | (422 | ) |  | $ | 370 |  |  | $ | 52 |  |  | $ | 224 |
Impairment, restructuring and other costs | — |  |  | 1 |  |  | 15 |  |  | — |  |  | 16 |
Settlement charges | — |  |  | — |  |  | 12 |  |  | — |  |  | 12 |
Equity in loss (earnings) of subsidiaries | (212 | ) |  | 264 |  |  | — |  |  | (52 | ) |  | — |
Dividends received from subsidiaries | 819 |  |  | — |  |  | — |  |  | (819 | ) |  | — |
Depreciation and amortization | — |  |  | 251 |  |  | 474 |  |  | — |  |  | 725 |
Gains on sale of real estate | — |  |  | (32 | ) |  | (35 | ) |  | — |  |  | (67 | )
Changes in assets, liabilities and other items not separately identified | (99 | ) |  | (139 | ) |  | (500 | ) |  | — |  |  | (738 | )
Net cash provided (used) by operating activities | 732 |  |  | (77 | ) |  | 336 |  |  | (819 | ) |  | 172 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property and equipment and capitalized software, net of dispositions | — |  |  | (179 | ) |  | (560 | ) |  | — |  |  | (739 | )
Other, net | — |  |  | (2 | ) |  | 12 |  |  | — |  |  | 10 |
Net cash used by investing activities | — |  |  | (181 | ) |  | (548 | ) |  | — |  |  | (729 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Debt repaid, including debt issuance costs | — |  |  | (45 | ) |  | — |  |  | — |  |  | (45 | )
Dividends paid | (349 | ) |  | — |  |  | (819 | ) |  | 819 |  |  | (349 | )
Issuance of common stock, net of common stock acquired | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
Intercompany activity, net | (1,161 | ) |  | 239 |  |  | 922 |  |  | — |  |  | — |
Other, net | (74 | ) |  | 73 |  |  | 50 |  |  | — |  |  | 49 |
Net cash provided (used) by financing activities | (1,579 | ) |  | 267 |  |  | 153 |  |  | 819 |  |  | (340 | )
Net increase (decrease) in cash, cash equivalents and restricted cash | (847 | ) |  | 9 |  |  | (59 | ) |  | — |  |  | (897 | )
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 | $ | 42 |  |  | $ | 73 |  |  | $ | 236 |  |  | $ | — |  |  | $ | 351 |
Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended November 3, 2018 (millions)
| Parent |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 368 |  |  | $ | (289 | ) |  | $ | 692 |  |  | $ | (413 | ) |  | $ | 358 |
Impairment, restructuring and other costs | — |  |  | — |  |  | 39 |  |  | — |  |  | 39 |
Settlement charges | 5 |  |  | 24 |  |  | 44 |  |  | — |  |  | 73 |
Equity in earnings of subsidiaries | (362 | ) |  | (51 | ) |  | — |  |  | 413 |  |  | — |
Dividends received from subsidiaries | 689 |  |  | — |  |  | — |  |  | (689 | ) |  | — |
Depreciation and amortization | — |  |  | 250 |  |  | 468 |  |  | — |  |  | 718 |
Gains on sale of real estate | — |  |  | (83 | ) |  | (28 | ) |  | — |  |  | (111 | )
Changes in assets, liabilities and other items not separately identified | (191 | ) |  | 115 |  |  | (571 | ) |  | (1 | ) |  | (648 | )
Net cash provided (used) by operating activities | 509 |  |  | (34 | ) |  | 644 |  |  | (690 | ) |  | 429 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property and equipment and capitalized software, net of dispositions | — |  |  | (98 | ) |  | (458 | ) |  | — |  |  | (556 | )
Other, net | — |  |  | (15 | ) |  | (29 | ) |  | 51 |  |  | 7 |
Net cash used by investing activities | — |  |  | (113 | ) |  | (487 | ) |  | 51 |  |  | (549 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Debt repaid | — |  |  | (310 | ) |  | (1 | ) |  | (50 | ) |  | (361 | )
Dividends paid | (347 | ) |  | — |  |  | (689 | ) |  | 689 |  |  | (347 | )
Issuance of common stock | 41 |  |  | — |  |  | — |  |  | — |  |  | 41 |
Proceeds from noncontrolling interest | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Intercompany activity, net | (803 | ) |  | 378 |  |  | 425 |  |  | — |  |  | — |
Other, net | (83 | ) |  | 74 |  |  | 53 |  |  | — |  |  | 44 |
Net cash provided (used) by financing activities | (1,192 | ) |  | 142 |  |  | (205 | ) |  | 639 |  |  | (616 | )
Net decrease in cash, cash equivalents and restricted cash | (683 | ) |  | (5 | ) |  | (48 | ) |  | — |  |  | (736 | )
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 | $ | 426 |  |  | $ | 74 |  |  | $ | 277 |  |  | $ | — |  |  | $ | 777 |
Condensed Consolidating Statement of Comprehensive Income [Table Text Block] | Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended November 2, 2019 (millions)
| Parent |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales | $ | — |  |  | $ | 2,044 |  |  | $ | 5,245 |  |  | $ | (2,116 | ) |  | $ | 5,173 |
Credit card revenues (expense), net | — |  |  | (2 | ) |  | 185 |  |  | — |  |  | 183 |
Cost of sales | — |  |  | (1,230 | ) |  | (3,992 | ) |  | 2,116 |  |  | (3,106 | )
Selling, general and administrative expenses | — |  |  | (870 | ) |  | (1,332 | ) |  | — |  |  | (2,202 | )
Gains on sale of real estate | — |  |  | 8 |  |  | 9 |  |  | — |  |  | 17 |
Restructuring and other costs | — |  |  | (1 | ) |  | (12 | ) |  | — |  |  | (13 | )
Operating income (loss) | — |  |  | (51 | ) |  | 103 |  |  | — |  |  | 52 |
Benefit plan income, net | — |  |  | 3 |  |  | 5 |  |  | — |  |  | 8 |
Settlement charges | — |  |  | — |  |  | (12 | ) |  | — |  |  | (12 | )
Interest (expense) income, net: |  |  |  |  |  |  |  |  |
External | 3 |  |  | (52 | ) |  | 1 |  |  | — |  |  | (48 | )
Intercompany | — |  |  | (18 | ) |  | 18 |  |  | — |  |  | — |
Equity in loss of subsidiaries | (3 | ) |  | (125 | ) |  | — |  |  | 128 |  |  | — |
Income (loss) before income taxes | — |  |  | (243 | ) |  | 115 |  |  | 128 |  |  | — |
Federal, state and local income tax benefit (expense) | 2 |  |  | 30 |  |  | (30 | ) |  | — |  |  | 2 |
Net income (loss) | 2 |  |  | (213 | ) |  | 85 |  |  | 128 |  |  | 2 |
Net loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to Macy's, Inc. shareholders | $ | 2 |  |  | $ | (213 | ) |  | $ | 85 |  |  | $ | 128 |  |  | $ | 2 |
Comprehensive income (loss) | $ | (35 | ) |  | $ | (249 | ) |  | $ | 65 |  |  | $ | 184 |  |  | $ | (35 | )
Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ | (35 | ) |  | $ | (249 | ) |  | $ | 65 |  |  | $ | 184 |  |  | $ | (35 | )
Condensed Consolidating Statement of Comprehensive Income For the 13 Weeks Ended November 3, 2018 (millions)
| Parent |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales | $ | — |  |  | $ | 2,030 |  |  | $ | 6,185 |  |  | $ | (2,811 | ) |  | $ | 5,404 |
Credit card revenues, net | — |  |  | — |  |  | 185 |  |  | — |  |  | 185 |
Cost of sales | — |  |  | (1,266 | ) |  | (4,771 | ) |  | 2,811 |  |  | (3,226 | )
Selling, general and administrative expenses | — |  |  | (883 | ) |  | (1,372 | ) |  | — |  |  | (2,255 | )
Gains on sale of real estate | — |  |  | 41 |  |  | 1 |  |  | — |  |  | 42 |
Restructuring and other costs | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Operating income (loss) | — |  |  | (78 | ) |  | 225 |  |  | — |  |  | 147 |
Benefit plan income, net | — |  |  | 3 |  |  | 6 |  |  | — |  |  | 9 |
Settlement charges | — |  |  | (8 | ) |  | (15 | ) |  | — |  |  | (23 | )
Interest (expense) income, net: |  |  |  |  |  |  |  |  |  |
External | 4 |  |  | (64 | ) |  | 1 |  |  | — |  |  | (59 | )
Intercompany | — |  |  | (18 | ) |  | 18 |  |  | — |  |  | — |
Equity in earnings (loss) of subsidiaries | 59 |  |  | (58 | ) |  | — |  |  | (1 | ) |  | — |
Income (loss) before income taxes | 63 |  |  | (223 | ) |  | 235 |  |  | (1 | ) |  | 74 |
Federal, state and local income tax benefit (expense) | (1 | ) |  | 57 |  |  | (68 | ) |  | — |  |  | (12 | )
Net income (loss) | 62 |  |  | (166 | ) |  | 167 |  |  | (1 | ) |  | 62 |
Net loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to Macy's, Inc. shareholders | $ | 62 |  |  | $ | (166 | ) |  | $ | 167 |  |  | $ | (1 | ) |  | $ | 62 |
Comprehensive income (loss) | $ | (37 | ) |  | $ | (257 | ) |  | $ | 106 |  |  | $ | 151 |  |  | $ | (37 | )
Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ | (37 | ) |  | $ | (257 | ) |  | $ | 106 |  |  | $ | 151 |  |  | $ | (37 | )
Condensed Consolidating Statement of Comprehensive Income For the 39 Weeks Ended November 2, 2019 (millions)
| Parent |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales | $ | — |  |  | $ | 6,418 |  |  | $ | 14,428 |  |  | $ | (4,623 | ) |  | $ | 16,223 |
Credit card revenues (expense), net | — |  |  | (8 | ) |  | 539 |  |  | — |  |  | 531 |
Cost of sales | — |  |  | (3,913 | ) |  | (10,615 | ) |  | 4,623 |  |  | (9,905 | )
Selling, general and administrative expenses | 1 |  |  | (2,544 | ) |  | (3,946 | ) |  | — |  |  | (6,489 | )
Gains on sale of real estate | — |  |  | 32 |  |  | 35 |  |  | — |  |  | 67 |
Impairment, restructuring and other costs | — |  |  | (1 | ) |  | (15 | ) |  | — |  |  | (16 | )
Operating income (loss) | 1 |  |  | (16 | ) |  | 426 |  |  | — |  |  | 411 |
Benefit plan income, net | — |  |  | 9 |  |  | 14 |  |  | — |  |  | 23 |
Settlement charges | — |  |  | — |  |  | (12 | ) |  | — |  |  | (12 | )
Interest (expense) income, net: |  |  |  |  |  |  |  |  |
External | 11 |  |  | (157 | ) |  | 3 |  |  | — |  |  | (143 | )
Intercompany | — |  |  | (55 | ) |  | 55 |  |  | — |  |  | — |
Equity in earnings (loss) of subsidiaries | 212 |  |  | (264 | ) |  | — |  |  | 52 |  |  | — |
Income (loss) before income taxes | 224 |  |  | (483 | ) |  | 486 |  |  | 52 |  |  | 279 |
Federal, state and local income tax benefit (expense) | — |  |  | 61 |  |  | (116 | ) |  | — |  |  | (55 | )
Net income (loss) | 224 |  |  | (422 | ) |  | 370 |  |  | 52 |  |  | 224 |
Net loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to Macy's, Inc. shareholders | $ | 224 |  |  | $ | (422 | ) |  | $ | 370 |  |  | $ | 52 |  |  | $ | 224 |
Comprehensive income (loss) | $ | 198 |  |  | $ | (448 | ) |  | $ | 358 |  |  | $ | 90 |  |  | $ | 198 |
Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ | 198 |  |  | $ | (448 | ) |  | $ | 358 |  |  | $ | 90 |  |  | $ | 198 |
Condensed Consolidating Statement of Comprehensive Income For the 39 Weeks Ended November 3, 2018 (millions)
| Parent |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales | $ | — |  |  | $ | 6,110 |  |  | $ | 16,462 |  |  | $ | (6,056 | ) |  | $ | 16,516 |
Credit card revenues (expense), net | — |  |  | (3 | ) |  | 531 |  |  | — |  |  | 528 |
Cost of sales | — |  |  | (3,857 | ) |  | (12,126 | ) |  | 6,056 |  |  | (9,927 | )
Selling, general and administrative expenses | — |  |  | (2,522 | ) |  | (3,979 | ) |  | — |  |  | (6,501 | )
Gains on sale of real estate | — |  |  | 83 |  |  | 28 |  |  | — |  |  | 111 |
Impairment, restructuring and other costs | — |  |  | — |  |  | (39 | ) |  | — |  |  | (39 | )
Operating income (loss) | — |  |  | (189 | ) |  | 877 |  |  | — |  |  | 688 |
Benefit plan income, net | — |  |  | 12 |  |  | 19 |  |  | — |  |  | 31 |
Settlement charges | (5 | ) |  | (24 | ) |  | (44 | ) |  | — |  |  | (73 | )
Interest (expense) income, net: |  |  |  |  |  |  |  |  |
External | 13 |  |  | (203 | ) |  | 3 |  |  | — |  |  | (187 | )
Intercompany | — |  |  | (54 | ) |  | 54 |  |  | — |  |  | — |
Losses on early retirement of debt | — |  |  | (5 | ) |  | — |  |  | — |  |  | (5 | )
Equity in earnings of subsidiaries | 362 |  |  | 51 |  |  | — |  |  | (413 | ) |  | — |
Income (loss) before income taxes | 370 |  |  | (412 | ) |  | 909 |  |  | (413 | ) |  | 454 |
Federal, state and local income tax benefit (expense) | (2 | ) |  | 123 |  |  | (217 | ) |  | — |  |  | (96 | )
Net income (loss) | 368 |  |  | (289 | ) |  | 692 |  |  | (413 | ) |  | 358 |
Net loss attributable to noncontrolling interest | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Net income (loss) attributable to Macy's, Inc. shareholders | $ | 368 |  |  | $ | (289 | ) |  | $ | 702 |  |  | $ | (413 | ) |  | $ | 368 |
Comprehensive income (loss) | $ | 296 |  |  | $ | (357 | ) |  | $ | 646 |  |  | $ | (299 | ) |  | $ | 286 |
Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Comprehensive income (loss) attributable to Macy's, Inc. shareholders | $ | 296 |  |  | $ | (357 | ) |  | $ | 656 |  |  | $ | (299 | ) |  | $ | 296 |

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