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Condensed Consolidating Financial Information | 9 Months Ended
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Oct. 31, 2020
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." "Consolidating Adjustments" represent adjustments to eliminate investments in subsidiaries and intercompany balances and transactions between the parent guarantor, subsidiary issuer, and the non-guarantor subsidiaries. In June 2020, in conjunction with the financing discussed in Note 7, "Financing Activities," Macy's Retail Holdings, Inc. was converted into a limited liability company and in May 2020 direct, wholly-owned subsidiaries of the Parent, ABL Parent and Propco were created. In conjunction with the June 2020 financings transactions, ABL Parent was transferred certain inventory and related trade payables of MRH and its subsidiaries, while Propco was transferred certain real property of MRH and its subsidiaries, both of which serve as collateral for the new debt agreements. In March 2020, the SEC amended Rule 3-10 of Regulation S-X regarding financial disclosure requirements for certain debt securities. The new rules affect those disclosures related to registered securities that are guaranteed and those that are collateralized by the securities of an affiliate. The changes include expanding the population of subsidiary issuers and guarantors that can use the SEC's guarantee-related disclosure framework, simplifying the disclosure models and allowing for disclosures to be made outside of the financial statements. This rule is effective January 4, 2021 with early adoption permitted. The Company is currently evaluating the impact this new rule will have on the financial statements and related disclosures when it is adopted for the Company's Annual Report on Form 10-K for the fiscal year ended January 30, 2021. Condensed Consolidating Statements of Comprehensive Income for the 13 and 39 weeks ended October 31, 2020 and November 2, 2019, Condensed Consolidating Balance Sheets as of October 31, 2020, November 2, 2019 and February 1, 2020, and the related Condensed Consolidating Statements of Cash Flows for the 39 weeks ended October 31, 2020 and November 2, 2019 are presented on the following pages. Condensed Consolidating Statement of Comprehensive Income (Loss) For the 13 Weeks Ended October 31, 2020 (millions)
| Parent |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales | $ | — |  |  | $ | 97 |  |  | $ | 3,893 |  |  | $ | — |  |  | $ | 3,990 |
Consignment commission income | — |  |  | 353 |  |  | — |  |  | (353) |  |  | — |
Credit card revenues, net | — |  |  | 2 |  |  | 193 |  |  | — |  |  | 195 |
Cost of sales | — |  |  | (32) |  |  | (2,537) |  |  | — |  |  | (2,569) |
Selling, general and administrative expenses | — |  |  | (624) |  |  | (1,455) |  |  | 353 |  |  | (1,726) |
Gains on sale of real estate | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Restructuring, impairment and other costs | — |  |  | (5) |  |  | (15) |  |  | — |  |  | (20) |
Operating income (loss) | — |  |  | (209) |  |  | 82 |  |  | — |  |  | (127) |
Benefit plan income, net | — |  |  | 6 |  |  | 10 |  |  | — |  |  | 16 |
Settlement charges | — |  |  | (12) |  |  | (14) |  |  | — |  |  | (26) |
Interest (expense) income, net: |  |  |  |  |  |  |  |  |
External | (29) |  |  | (44) |  |  | (7) |  |  | — |  |  | (80) |
Intercompany | (33) |  |  | 26 |  |  | 7 |  |  | — |  |  | — |
Equity in loss of subsidiaries | (53) |  |  | (92) |  |  | — |  |  | 145 |  |  | — |
Income (loss) before income taxes | (115) |  |  | (325) |  |  | 78 |  |  | 145 |  |  | (217) |
Federal, state and local income tax benefit | 24 |  |  | 95 |  |  | 7 |  |  | — |  |  | 126 |
Net income (loss) | $ | (91) |  |  | $ | (230) |  |  | $ | 85 |  |  | $ | 145 |  |  | $ | (91) |
Comprehensive income (loss) | $ | (89) |  |  | $ | (227) |  |  | $ | 85 |  |  | $ | 142 |  |  | $ | (89) |
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 |
Impairment 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 |
Comprehensive income (loss) | $ | (35) |  |  | $ | (249) |  |  | $ | 65 |  |  | $ | 184 |  |  | $ | (35) |
Condensed Consolidating Statement of Comprehensive Income (Loss) For the 39 Weeks Ended October 31, 2020 (millions)
| Parent |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales | $ | — |  |  | $ | 1,131 |  |  | $ | 10,274 |  |  | $ | (839) |  |  | $ | 10,566 |
Consignment commission income | — |  |  | 572 |  |  | — |  |  | (572) |  |  | — |
Credit card revenues (expense), net | — |  |  | (4) |  |  | 498 |  |  | — |  |  | 494 |
Cost of sales | — |  |  | (814) |  |  | (7,813) |  |  | 839 |  |  | (7,788) |
Selling, general and administrative expenses | — |  |  | (1,651) |  |  | (3,644) |  |  | 572 |  |  | (4,723) |
Gains on sale of real estate | — |  |  | 1 |  |  | 19 |  |  | — |  |  | 20 |
Impairment, restructuring and other costs | — |  |  | (2,811) |  |  | (634) |  |  | — |  |  | (3,445) |
Operating loss | — |  |  | (3,576) |  |  | (1,300) |  |  | — |  |  | (4,876) |
Benefit plan income, net | — |  |  | 14 |  |  | 23 |  |  | — |  |  | 37 |
Settlement charges | — |  |  | (26) |  |  | (39) |  |  | — |  |  | (65) |
Interest (expense) income, net: |  |  |  |  |  |  |  |  |
External | (44) |  |  | (141) |  |  | (11) |  |  | — |  |  | (196) |
Intercompany | (55) |  |  | 18 |  |  | 37 |  |  | — |  |  | — |
Financing costs | — |  |  | (4) |  |  | — |  |  | — |  |  | (4) |
Equity in loss of subsidiaries | (4,041) |  |  | (1,360) |  |  | — |  |  | 5,401 |  |  | — |
Loss before income taxes | (4,140) |  |  | (5,075) |  |  | (1,290) |  |  | 5,401 |  |  | (5,104) |
Federal, state and local income tax benefit | 36 |  |  | 597 |  |  | 367 |  |  | — |  |  | 1,000 |
Net loss | $ | (4,104) |  |  | $ | (4,478) |  |  | $ | (923) |  |  | $ | 5,401 |  |  | $ | (4,104) |
Comprehensive loss | $ | (4,041) |  |  | $ | (4,420) |  |  | $ | (884) |  |  | $ | 5,304 |  |  | $ | (4,041) |
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 |
Comprehensive income (loss) | $ | 198 |  |  | $ | (448) |  |  | $ | 358 |  |  | $ | 90 |  |  | $ | 198 |
Condensed Consolidating Balance Sheet As of October 31, 2020 (millions)
| Parent |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS: |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 566 |  |  | $ | 52 |  |  | $ | 933 |  |  | $ | — |  |  | $ | 1,551 |
Receivables | — |  |  | 41 |  |  | 144 |  |  | — |  |  | 185 |
Merchandise inventories | — |  |  | 244 |  |  | 4,900 |  |  | — |  |  | 5,144 |
Prepaid expenses and other current assets | 84 |  |  | 109 |  |  | 308 |  |  | (24) |  |  | 477 |
Total Current Assets | 650 |  |  | 446 |  |  | 6,285 |  |  | (24) |  |  | 7,357 |
Property and Equipment – net | — |  |  | 2,391 |  |  | 3,731 |  |  | — |  |  | 6,122 |
Right of Use Assets | — |  |  | 979 |  |  | 2,399 |  |  | (350) |  |  | 3,028 |
Goodwill | — |  |  | 661 |  |  | 167 |  |  | — |  |  | 828 |
Other Intangible Assets – net | — |  |  | 4 |  |  | 433 |  |  | — |  |  | 437 |
Other Assets | 760 |  |  | 74 |  |  | 608 |  |  | — |  |  | 1,442 |
Deferred Income Taxes | 11 |  |  | — |  |  | — |  |  | (11) |  |  | — |
Intercompany Receivable | 436 |  |  | — |  |  | 2,341 |  |  | (2,777) |  |  | — |
Investment in Subsidiaries | 1,750 |  |  | 3,815 |  |  | — |  |  | (5,565) |  |  | — |
Total Assets | $ | 3,607 |  |  | $ | 8,370 |  |  | $ | 15,964 |  |  | $ | (8,727) |  |  | $ | 19,214 |
LIABILITIES AND SHAREHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | 536 |  |  | $ | — |  |  | $ | — |  |  | $ | 536 |
Merchandise accounts payable | — |  |  | 220 |  |  | 3,047 |  |  | — |  |  | 3,267 |
Accounts payable and accrued liabilities | 97 |  |  | 893 |  |  | 1,939 |  |  | (81) |  |  | 2,848 |
Total Current Liabilities | 97 |  |  | 1,649 |  |  | 4,986 |  |  | (81) |  |  | 6,651 |
Long-Term Debt | 1,242 |  |  | 3,610 |  |  | — |  |  | — |  |  | 4,852 |
Long-Term Lease Liabilities | — |  |  | 872 |  |  | 2,687 |  |  | (293) |  |  | 3,266 |
Intercompany Payable | — |  |  | 2,777 |  |  | — |  |  | (2,777) |  |  | — |
Deferred Income Taxes | — |  |  | 403 |  |  | 525 |  |  | (11) |  |  | 917 |
Other Liabilities | 25 |  |  | 327 |  |  | 933 |  |  | — |  |  | 1,285 |
Shareholders' Equity (Deficit) | 2,243 |  |  | (1,268) |  |  | 6,833 |  |  | (5,565) |  |  | 2,243 |
Total Liabilities and Shareholders' Equity | $ | 3,607 |  |  | $ | 8,370 |  |  | $ | 15,964 |  |  | $ | (8,727) |  |  | $ | 19,214 |
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 |
Prepaid expenses and other current assets | 96 |  |  | 126 |  |  | 442 |  |  | (95) |  |  | 569 |
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 | 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 February 1, 2020 (millions)
| Parent |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS: |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 413 |  |  | 59 |  |  | $ | 213 |  |  | $ | — |  |  | $ | 685 |
Receivables | — |  |  | 83 |  |  | 326 |  |  | — |  |  | 409 |
Merchandise inventories | — |  |  | 2,239 |  |  | 2,949 |  |  | — |  |  | 5,188 |
Prepaid expenses and other current assets | — |  |  | 118 |  |  | 410 |  |  | — |  |  | 528 |
Total Current Assets | 413 |  |  | 2,499 |  |  | 3,898 |  |  | — |  |  | 6,810 |
Property and Equipment – net | — |  |  | 3,103 |  |  | 3,530 |  |  | — |  |  | 6,633 |
Right of Use Assets | — |  |  | 611 |  |  | 2,057 |  |  | — |  |  | 2,668 |
Goodwill | — |  |  | 3,326 |  |  | 582 |  |  | — |  |  | 3,908 |
Other Intangible Assets – net | — |  |  | 4 |  |  | 435 |  |  | — |  |  | 439 |
Other Assets | — |  |  | 37 |  |  | 677 |  |  | — |  |  | 714 |
Deferred Income Taxes | 12 |  |  | — |  |  | — |  |  | (12) |  |  | — |
Intercompany Receivable | 2,675 |  |  | — |  |  | 1,128 |  |  | (3,803) |  |  | — |
Investment in Subsidiaries | 3,433 |  |  | 2,796 |  |  | — |  |  | (6,229) |  |  | — |
Total Assets | $ | 6,533 |  |  | $ | 12,376 |  |  | $ | 12,307 |  |  | $ | (10,044) |  |  | $ | 21,172 |
LIABILITIES AND SHAREHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | 539 |  |  | $ | — |  |  | $ | — |  |  | $ | 539 |
Merchandise accounts payable | — |  |  | 702 |  |  | 980 |  |  | — |  |  | 1,682 |
Accounts payable and accrued liabilities | 126 |  |  | 909 |  |  | 2,413 |  |  | — |  |  | 3,448 |
Income taxes | 5 |  |  | 11 |  |  | 65 |  |  | — |  |  | 81 |
Total Current Liabilities | 131 |  |  | 2,161 |  |  | 3,458 |  |  | — |  |  | 5,750 |
Long-Term Debt | — |  |  | 3,621 |  |  | — |  |  | — |  |  | 3,621 |
Long-Term Lease Liabilities | — |  |  | 543 |  |  | 2,375 |  |  | — |  |  | 2,918 |
Intercompany Payable | — |  |  | 3,803 |  |  | — |  |  | (3,803) |  |  | — |
Deferred Income Taxes | — |  |  | 595 |  |  | 586 |  |  | (12) |  |  | 1,169 |
Other Liabilities | 25 |  |  | 414 |  |  | 898 |  |  | — |  |  | 1,337 |
Shareholders' Equity | 6,377 |  |  | 1,239 |  |  | 4,990 |  |  | (6,229) |  |  | 6,377 |
Total Liabilities and Shareholders' Equity | $ | 6,533 |  |  | $ | 12,376 |  |  | $ | 12,307 |  |  | $ | (10,044) |  |  | $ | 21,172 |
Condensed Consolidating Statement of Cash Flows For the 39 Weeks Ended October 31, 2020 (millions)
| Parent |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net loss | $ | (4,104) |  |  | $ | (4,478) |  |  | $ | (923) |  |  | $ | 5,401 |  |  | $ | (4,104) |
Impairment, restructuring and other costs | — |  |  | 2,811 |  |  | 634 |  |  | — |  |  | 3,445 |
Settlement charges | — |  |  | 26 |  |  | 39 |  |  | — |  |  | 65 |
Equity in loss of subsidiaries | 4,041 |  |  | 1,360 |  |  | — |  |  | (5,401) |  |  | — |
Dividends received from subsidiaries | 608 |  |  | 300 |  |  | — |  |  | (908) |  |  | — |
Depreciation and amortization | — |  |  | 225 |  |  | 497 |  |  | — |  |  | 722 |
Gains on sale of real estate | — |  |  | (1) |  |  | (19) |  |  | — |  |  | (20) |
Changes in assets, liabilities and other items not separately identified | (750) |  |  | 1,058 |  |  | (172) |  |  | — |  |  | 136 |
Net cash provided (used) by operating activities | (205) |  |  | 1,301 |  |  | 56 |  |  | (908) |  |  | 244 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Purchase of property and equipment and capitalized software, net of dispositions | — |  |  | (63) |  |  | (284) |  |  | — |  |  | (347) |
Other, net | — |  |  | (1) |  |  | 34 |  |  | — |  |  | 33 |
Net cash used by investing activities | — |  |  | (64) |  |  | (250) |  |  | — |  |  | (314) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Debt issued, net of debt issuance costs | 1,238 |  |  | 1,492 |  |  | (52) |  |  | — |  |  | 2,678 |
Debt repaid | — |  |  | (1,506) |  |  | (2) |  |  | — |  |  | (1,508) |
Dividends paid | (117) |  |  | — |  |  | (908) |  |  | 908 |  |  | (117) |
Intercompany activity, net | (641) |  |  | (1,210) |  |  | 1,851 |  |  | — |  |  | — |
Other, net | (63) |  |  | (15) |  |  | (12) |  |  | — |  |  | (90) |
Net cash provided (used) by financing activities | 417 |  |  | (1,239) |  |  | 877 |  |  | 908 |  |  | 963 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 212 |  |  | (2) |  |  | 683 |  |  | — |  |  | 893 |
Cash, cash equivalents and restricted cash at beginning of period | 413 |  |  | 64 |  |  | 254 |  |  | — |  |  | 731 |
Cash, cash equivalents and restricted cash at end of period | $ | 625 |  |  | $ | 62 |  |  | $ | 937 |  |  | $ | — |  |  | $ | 1,624 |
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 | — |  |  | (45) |  |  | — |  |  | — |  |  | (45) |
Dividends paid | (349) |  |  | — |  |  | (819) |  |  | 819 |  |  | (349) |
Issuance of common stock | 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 |

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