Macy's 2009 Annual Report Download - page 104

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
MACY’S, INC.
Condensed Consolidating Statement of Income
For 2007
(millions)
Parent
Subsidiary
Issuer
Other
Subsidiaries
Consolidating
Adjustments Consolidated
Net sales ................................... $ – $13,746 $14,983 $(2,416) $ 26,313
Cost of sales ................................ – (8,630) (9,371) 2,324 (15,677)
Gross margin ............................... – 5,116 5,612 (92) 10,636
Selling, general and administrative expenses ...... (10) (4,732) (3,919) 107 (8,554)
May integration costs ......................... – (139) (87) 7 (219)
Operating income (loss) ....................... (10) 245 1,606 22 1,863
Interest (expense) income, net:
External ............................... 24 (574) 7 – (543)
Intercompany ........................... 48 (142) 94 – –
Equity in earnings of subsidiaries ............... 752 620 – (1,372) –
Income from continuing operations before income
taxes .................................... 814 149 1,707 (1,350) 1,320
Federal, state and local income tax benefit
(expense) ................................ 79 116 (600) (6) (411)
Income from continuing operations .............. 893 265 1,107 (1,356) 909
Discontinued operations, net of income taxes ...... – – – (16) (16)
Net income ................................. $893 $ 265 $ 1,107 $(1,372) $ 893
F-56