Macy's 2009 Annual Report Download - page 99

Download and view the complete annual report

Please find page 99 of the 2009 Macy's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 112

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
MACY’S, INC.
Condensed Consolidating Statement of Income
For 2009
(millions)
Parent
Subsidiary
Issuer
Other
Subsidiaries
Consolidating
Adjustments Consolidated
Net sales ................................... $ – $12,791 $ 16,700 $(6,002) $ 23,489
Cost of sales ................................ – (7,836) (12,073) 5,936 (13,973)
Gross margin ............................... – 4,955 4,627 (66) 9,516
Selling, general and administrative expenses ...... (8) (4,616) (3,504) 66 (8,062)
Division consolidation costs ................... – (112) (164) – (276)
Asset impairment charges ..................... – (114) (1) – (115)
Operating income (loss) ....................... (8) 113 958 – 1,063
Interest (expense) income, net:
External ............................... 3 (558) (1) – (556)
Intercompany ........................... (2) (153) 155 – –
Equity in earnings of subsidiaries ............... 355 207 – (562) –
Income (loss) before income taxes .............. 348 (391) 1,112 (562) 507
Federal, state and local income tax benefit
(expense) ................................ 2 249 (408) – (157)
Net income (loss) ............................ $350 $ (142) $ 704 $ (562) $ 350
F-51