Macy's 2010 Annual Report Download - page 99

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
MACY’S, INC.
Condensed Consolidating Statement of Operations
For 2010
(millions)
Parent
Subsidiary
Issuer
Other
Subsidiaries
Consolidating
Adjustments Consolidated
Net sales .................................. $ – $13,124 $ 19,900 $(8,021) $ 25,003
Cost of sales ............................... – (8,006) (14,782) 7,964 (14,824)
Gross margin ............................... – 5,118 5,118 (57) 10,179
Selling, general and administrative expenses ...... (8) (4,519) (3,790) 57 (8,260)
Impairments, store closing costs and division
consolidation costs ........................ – (21) (4) – (25)
Operating income (loss) ...................... (8) 578 1,324 – 1,894
Interest (expense) income, net:
External ............................... 2 (575) (1) – (574)
Intercompany .......................... (2) (165) 167 – –
Equity in earnings of subsidiaries ............... 852 417 – (1,269) –
Income before income taxes ................... 844 255 1,490 (1,269) 1,320
Federal, state and local income tax benefit
(expense) ................................ 3 65 (541) – (473)
Net income ................................ $847 $ 320 $ 949 $(1,269) $ 847
F-51