Macy's 2012 Annual Report Download - page 92
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-45
MACY’S, INC.
Condensed Consolidating Statement of Comprehensive Income
For 2012
(millions)
Parent Subsidiary
Issuer Other
Subsidiaries Consolidating
Adjustments Consolidated
Net sales....................................................................... $ — $ 13,594 $ 22,493 $ (8,401) $ 27,686
Cost of sales................................................................. —(8,385)(16,500) 8,347 (16,538)
Gross margin................................................................ — 5,209 5,993 (54) 11,148
Selling, general and administrative expenses .............. (9)(4,584)(3,943) 54 (8,482)
Impairments, store closing costs and
gain on sale of leases................................................ —(8) 3 — (5)
Operating income (loss)............................................... (9) 617 2,053 — 2,661
Interest (expense) income, net:
External................................................................. 1(422)(1) — (422)
Intercompany........................................................ (2)(146) 148 — —
Premium on early retirement of debt ........................... —(137) — — (137)
Equity in earnings of subsidiaries................................ 1,342 638 — (1,980) —
Income before income taxes ........................................ 1,332 550 2,200 (1,980) 2,102
Federal, state and local income
tax benefit (expense) ................................................ 3 24 (794) — (767)
Net income................................................................... $ 1,335 $ 574 $ 1,406 $ (1,980) $ 1,335
Comprehensive income................................................ $ 1,465 $ 704 $ 1,477 $ (2,181) $ 1,465