Macy's 2014 Annual Report Download - page 96

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-49
MACY’S, INC.
Condensed Consolidating Statement of Comprehensive Income
For 2013
(millions)
Parent Subsidiary
Issuer Other
Subsidiaries Consolidating
Adjustments Consolidated
Net sales................................................................ $ — $ 13,233 $ 23,417 $ (8,719) $ 27,931
Cost of sales.......................................................... —(8,168)(17,276) 8,719 (16,725)
Gross margin......................................................... — 5,065 6,141 — 11,206
Selling, general and administrative expenses....... (8) (4,443)(3,989) — (8,440)
Impairments, store closing and other costs........... —(37)(51) — (88)
Operating income (loss)........................................ (8) 585 2,101 — 2,678
Interest (expense) income, net:
External.......................................................... 1(388)(1) — (388)
Intercompany................................................. (2) (176) 178 — —
Equity in earnings of subsidiaries......................... 1,492 557 — (2,049) —
Income before income taxes................................. 1,483 578 2,278 (2,049) 2,290
Federal, state and local income
tax benefit (expense)......................................... 3 33 (840) — (804)
Net income............................................................ $ 1,486 $ 611 $ 1,438 $ (2,049) $ 1,486
Comprehensive income ........................................ $ 1,752 $ 877 $ 1,434 $ (2,311) $ 1,752