Macy's 2014 Annual Report Download - page 93

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-46
MACY’S, INC.
Condensed Consolidating Statement of Comprehensive Income
For 2014
(millions)
Parent Subsidiary
Issuer Other
Subsidiaries Consolidating
Adjustments Consolidated
Net sales................................................................ $ — $ 13,078 $ 23,522 $ (8,495) $ 28,105
Cost of sales.......................................................... —(8,127)(17,231) 8,495 (16,863)
Gross margin......................................................... — 4,951 6,291 — 11,242
Selling, general and administrative expenses....... (3) (4,351)(4,001) — (8,355)
Impairments, store closing and other costs........... —(45)(42) — (87)
Operating income (loss)........................................ (3) 555 2,248 — 2,800
Interest (expense) income, net:
External.......................................................... 1(394) — — (393)
Intercompany................................................. —(230) 230 — —
Premium on early retirement of debt.................... —(17) — — (17)
Equity in earnings of subsidiaries......................... 1,528 624 — (2,152) —
Income before income taxes................................. 1,526 538 2,478 (2,152) 2,390
Federal, state and local income
tax benefit (expense)......................................... — 25 (889) — (864)
Net income............................................................ $ 1,526 $ 563 $ 1,589 $ (2,152) $ 1,526
Comprehensive income ........................................ $ 1,119 $ 156 $ 1,338 $ (1,494) $ 1,119