Macy's 2011 Annual Report Download - page 84

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-44
MACY’S, INC.
Condensed Consolidating Statement of Operations
For 2011
(millions)
Parent Subsidiary
Issuer Other
Subsidiaries Consolidating
Adjustments Consolidated
Net sales....................................................................... $ — $ 13,405 $ 21,312 $ (8,312) $ 26,405
Cost of sales................................................................. —(8,274)(15,721) 8,257 (15,738)
Gross margin................................................................ — 5,131 5,591 (55) 10,667
Selling, general and administrative expenses .............. 5(4,585)(3,756) 55 (8,281)
Gain on sale of properties, impairments, store closing
costs and division consolidation costs...................... — 28 (3) — 25
Operating income......................................................... 5 574 1,832 — 2,411
Interest (expense) income, net:
External................................................................. 1(443)(1) — (443)
Intercompany........................................................ (1)(191) 192 — —
Equity in earnings of subsidiaries................................ 1,253 548 — (1,801) —
Income before income taxes ........................................ 1,258 488 2,023 (1,801) 1,968
Federal, state and local income tax benefit (expense) . (2) 27 (737) — (712)
Net income................................................................... $ 1,256 $ 515 $ 1,286 $ (1,801) $ 1,256