2. Following is the income statement for Nordstrom Company. Assume that the combined federal and state statutory tax rate is 37%. ($ millions)

($ millions) 2016

Net Sales	$14,095
Credit Card Revenues	342
Total Revenues	14,437
Cost of Sales	(9,168)
S. G & A	(4,168)
Earnings before interest and income tax	1,101
Net interest expense	(125)
Earnings before income taxes	976
Income tax expense	(376)
Net Earnings	$600

Statuary tax rate: 37%

Compute NOPAT for Nordstrom's 2016. (Hint: Treat credit card revenues as operating.)

a. $ 679 million

b. $1,136 million

c. $ 851 million

d. $ 725 million