Sears 2007 Annual Report Download - page 55

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SEARS HOLDINGS CORPORATION
Consolidated Balance Sheets
millions, except per share data
February 2,
2008
February 3,
2007
ASSETS
Current assets
Cash and cash equivalents ............................................. $ 1,622 $ 3,839
Accounts receivable .................................................. 744 851
Merchandise inventories ............................................... 9,963 9,896
Prepaid expenses and other current assets ................................. 438 370
Deferred income taxes ................................................ 35 311
Total current assets ................................................... 12,802 15,267
Property and equipment
Land .................................................................. 2,084 2,105
Buildings and improvements ............................................... 6,165 5,970
Furniture, fixtures and equipment ............................................ 2,774 2,395
Capital leases ........................................................... 334 349
Gross property and equipment .......................................... 11,357 10,819
Less accumulated depreciation .......................................... (2,494) (1,706)
Total property and equipment, net ....................................... 8,863 9,113
Goodwill ............................................................... 1,686 1,692
Tradenames and other intangible assets ....................................... 3,353 3,437
Other assets ............................................................. 693 397
TOTAL ASSETS .................................................... $27,397 $29,906
LIABILITIES
Current liabilities
Short-term borrowings ................................................ $ 162 $ 94
Current portion of long-term debt and capitalized lease obligations ............. 242 611
Merchandise payables ................................................. 3,487 3,312
Income taxes payable ................................................. 54 360
Other current liabilities ................................................ 3,971 3,895
Unearned revenues ................................................... 1,121 1,073
Other taxes ......................................................... 525 567
Total current liabilities ................................................ 9,562 9,912
Long-term debt and capitalized lease obligations ................................ 2,606 2,843
Pension and postretirement benefits .......................................... 1,258 1,647
Minority interest and other liabilities ......................................... 3,304 2,798
Total Liabilities ...................................................... 16,730 17,200
SHAREHOLDERS’ EQUITY
Preferred stock, 20 shares authorized; no shares outstanding ...................... — —
Common stock $0.01 par value; 500 shares authorized; 132 and 154 shares outstanding,
respectively ........................................................... 1 2
Capital in excess of par value ............................................... 10,419 10,393
Retained earnings ........................................................ 4,509 3,689
Treasury stock—at cost ................................................... (4,331) (1,437)
Accumulated other comprehensive income .................................... 69 59
Total Shareholders’ Equity ............................................. 10,667 12,706
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY ................ $27,397 $29,906
See accompanying Notes to Consolidated Financial Statement
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