Sears 2007 Annual Report Download - page 68

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
composition of the governing body of the combined entity and the designation of certain senior management
positions. Accordingly, the historical financial statements of Kmart serve as the historical financial statements of
Holdings. We completed the purchase price allocation for the Merger during the first quarter of fiscal 2006. As a
result, goodwill attributable to the Merger increased by approximately $37 million, primarily based on the receipt
of additional information regarding the fair values of certain properties and certain pre-acquisition legal
contingencies. The following summarizes the assets acquired and liabilities assumed as of the March 24, 2005
Merger date, based on the final purchase price allocation.
millions
Cash and cash equivalents ............................................ $ 4,351
Merchandise inventories ............................................. 6,134
Other current assets ................................................. 1,977
Land ............................................................. 2,023
Buildings and leasehold improvements .................................. 5,958
Furniture, fixtures and equipment ...................................... 1,750
Goodwill .......................................................... 1,721
Tradenames and other intangible assets .................................. 3,914
Other assets ....................................................... 475
Total assets acquired ............................................ 28,303
Merchandise payables and other current liabilities ......................... 6,784
Unearned revenues (including non-current portion) ........................ 1,896
Total debt and capitalized lease obligations ............................... 4,421
Deferred income taxes ............................................... 658
Pension and postretirement benefits ..................................... 1,647
Minority interest and other liabilities .................................... 1,035
Total liabilities assumed .......................................... 16,441
Net assets acquired .................................................. $11,862
68