J.C.

Penney's Income Statement

(In millions, except per share data)
Total net sales
Costs and expenses/(income):
Cost of goods sold (exclusive of depreciation and amortization shown separately below)
Selling, general and administrative (SG&A)
Pension
Depreciation and amortization
Real estate and other, net
Restructuring and management transition
Total costs and expenses
Operating income/(loss)
Loss on extinguishment of debt
Net interest expense
Income/(loss) before income taxes
Income tax expense/(benefit)
Net income/(loss)

Price
Earnings/(loss) per share:
Basic
Diluted
Weighted average shares – basic
Weighted average shares – diluted
 2017 2016 2015
$ 12,506 $ 12,547 $ 12,625

8,174 8,071 8,074

3,468 3,538 3,775
21 19 162
570 609 616
-146 -111 3
303 26 84
12,390 12,152 12,714
116 395 -89
33 30 10
325 363 405
-242 2 -504
-126 1 9
-116 1 -513

$3.16 $8.31 $6.66

-0.37 — -1.68
-0.37 — -1.68
311.1 308.1 305.9
311.1 313 305.9
 J.C. Penney's Balance Sheet
(In millions, except per share data) 2017
Assets
Current assets:
Cash in banks and in transit $116
Cash short-term investments 342
Cash and cash equivalents 458
Merchandise inventory 2,762
Prepaid expenses and other 190
Total current assets 3,410
Property and equipment 4,281
Prepaid pension 61
Other assets 661
Total Assets $ 8,413

Liabilities and Stockholders’ Equity

Current liabilities:
Merchandise accounts payable $ 973
Other accounts payable and accrued expenses 1,119
Current portion of capital leases, financing obligation and note payable 8
Current maturities of long-term debt 232
Total current liabilities 2,332
Long-term capital leases, financing obligation and note payable 212
Long-term debt 3,780
Deferred taxes 143
Other liabilities 567
Total Liabilities 7,034

Stockholders' Equity
Common stock (1) 156
Additional paid-in capital 4,705
Reinvested earnings/(accumulated deficit) -3,122
Accumulated other comprehensive income/(loss) -360
Total Stockholders’ Equity 1,379
Total Liabilities and Stockholders’ Equity 8,413

Shares Outstanding (in million) 312

 2016 2015

$125 $119
762 781
887 900
2,854 2,721
160 397
3,901 4,018
4,599 4,816
— —
618 608
$ 9,118 $ 9,442

$ 977 $ 925
1,164 1,360
15 26
263 101
2,419 2,412
219 10
4,339 4,668
204 425
583 618
7,764 8,133

154 153
4,679 4,654
-3,006 -3,007
-473 -491
1,354 1,309
9,118 $ 9,442

308.3 306.1