Macy's 2008 Annual Report Download - page 103

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
MACY’S, INC.
Condensed Consolidating Statement of Income
For 2006
(millions)
Parent
Subsidiary
Issuer
Other
Subsidiaries
Consolidating
Adjustments Consolidated
Net sales ................................... $ – $14,488 $16,154 $(3,672) $ 26,970
Cost of sales ................................ – (8,946) (9,776) 2,703 (16,019)
Inventory valuation adjustments – May
integration ............................... – (96) (82) – (178)
Gross margin ............................... – 5,446 6,296 (969) 10,773
Selling, general and administrative expenses ...... (12) (5,123) (4,409) 866 (8,678)
May integration costs ......................... – (259) (276) 85 (450)
Gains on the sale of accounts receivable .......... – – 191 – 191
Operating income (loss) ....................... (12) 64 1,802 (18) 1,836
Interest (expense) income, net:
External ............................... 31 (445) 23 1 (390)
Intercompany ........................... 53 (240) 187 – –
Equity in earnings of subsidiaries ............... 905 682 – (1,587) –
Income from continuing operations before income
taxes .................................... 977 61 2,012 (1,604) 1,446
Federal, state and local income tax benefit
(expense) ................................ 18 229 (715) 10 (458)
Income from continuing operations .............. 995 290 1,297 (1,594) 988
Discontinued operations, net of income taxes ...... – – – 7 7
Net income ................................. $995 $ 290 $ 1,297 $(1,587) $ 995
F-55