JCPenney 2015 Annual Report Download - page 25
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Table of Contents
In addition, we believe that EBITDA is a useful measure in assessing our operating performance and are therefore presenting this non-GAAP financial
measure in addition to the non-GAAP financial measures listed above.
. The following table reconciles net income/(loss), the most directly comparable GAAP measure, to EBITDA and adjusted
EBITDA, which are non-GAAP financial measures:
(1) (1) (1) (1)
Net income/(loss) from continuing operations $ (513)
$ (717)
$ (1,278)
$ (795)
$ (274)
Add: Net interest expense 405
406
352
226
227
Add: Loss on extinguishment of debt 10
34
114
—
—
Total interest expense 415
440
466
226
227
Add: Income tax expense/(benefit) 9
23
(430)
(432)
(154)
Add: Depreciation and amortization 616
631
601
543
518
527
377 (1) (641) (1) (458) (1) 317 (1)
Add: Markdowns - inventory strategy alignment —
—
—
155
—
Add: Restructuring and management transition
charges 84
87
215
298
451
Add: Primary pension plan expense/(income) 154
(18)
(52)
(18)
274
Less: Net gain on the sale of non-operating assets (9)
(25)
(132)
(397)
—
Less: Proportional share of net income from home
office land joint venture (41)
(53)
—
—
—
Less: Certain net gains —
(88) (2) —
—
—
$ 715
$ 280 (1) $ (610) (1) $ (420) (1) $ 1,042 (1)
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