Discover 2015 Annual Report Download - page 170
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-154-
Discover Financial Services
(Parent Company Only)
Condensed Statements of Income
For the Years Ended December 31,
2015 2014 2013
(dollars in millions)
Interest income ..................................................................................................................... $ 29 $ 18 $ 22
Interest expense ................................................................................................................... 128 86 84
Net interest expense ......................................................................................................... (99) (68)(62)
Dividends from subsidiaries .................................................................................................. 1,780 1,860 1,600
Total income .................................................................................................................... 1,681 1,792 1,538
Other expense
Employee compensation and benefits ..................................................................................... — 1 —
Professional fees .................................................................................................................. — 3 3
Other .................................................................................................................................. 1 — 1
Total other expense .......................................................................................................... 144
Income before income tax expense and equity in undistributed net income of subsidiaries ... 1,680 1,788 1,534
Income tax benefit ................................................................................................................ 37 18 17
Equity in undistributed net income of subsidiaries .................................................................... 580 517 919
Net income .................................................................................................................. 2,297 2,323 2,470
Other comprehensive income, net .................................................................................. (22) (70) 4
Comprehensive income ................................................................................................. $ 2,275 $ 2,253 $2,474