Macy's 2015 Annual Report Download - page 98

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-49
MACY’S, INC.
Condensed Consolidating Statement of Comprehensive Income
For 2015
(millions)
Parent
Subsidiary
Issuer
Other
Subsidiaries
Consolidating
Adjustments Consolidated
Net sales................................................................ $ — $ 11,959 $ 24,037 $ (8,917) $ 27,079
Cost of sales.......................................................... —(7,670)(17,743) 8,917 (16,496)
Gross margin......................................................... — 4,289 6,294 — 10,583
Selling, general and administrative expenses ....... (2) (3,980)(4,274) — (8,256)
Impairments, store closing and other costs........... —(170)(118) — (288)
Operating income (loss)........................................ (2) 139 1,902 — 2,039
Interest (expense) income, net:
External.......................................................... 1(361)(1) — (361)
Intercompany................................................. —(230) 230 — —
Equity in earnings of subsidiaries......................... 1,072 421 — (1,493) —
Income before income taxes ................................. 1,071 (31) 2,131 (1,493) 1,678
Federal, state and local income
tax benefit (expense) ......................................... 1 120 (729) — (608)
Net income............................................................ 1,072 89 1,402 (1,493) 1,070
Net loss attributable to noncontrolling interest..... — — 2 — 2
Net income attributable to
Macy's, Inc. shareholders .................................. $ 1,072 $ 89 $ 1,404 $ (1,493) $ 1,072
Comprehensive income ........................................ $ 1,101 $ 118 $ 1,415 $ (1,535) $ 1,099
Comprehensive loss attributable to
noncontrolling interest ...................................... — — 2 — 2
Comprehensive income attributable to
Macy's, Inc. shareholders .................................. $ 1,101 $ 118 $ 1,417 $ (1,535) $ 1,101