Sears 2008 Annual Report Download - page 52

SEARS HOLDINGS CORPORATION
Consolidated Balance Sheets
millions, except per share data
January 31,
2009
February 2,
2008
ASSETS
Current assets
Cash and cash equivalents ..................................................... $ 1,173 $ 1,622
Restricted cash .............................................................. 124 —
Accounts receivable .......................................................... 839 744
Merchandise inventories ....................................................... 8,795 9,963
Prepaid expenses and other current assets ......................................... 458 438
Deferred income taxes ........................................................ 27 35
Total current assets ........................................................... 11,416 12,802
Property and equipment
Land .......................................................................... 2,056 2,084
Buildings and improvements ....................................................... 6,040 6,165
Furniture, fixtures and equipment .................................................... 2,518 2,774
Capital leases ................................................................... 345 334
Gross property and equipment .................................................. 10,959 11,357
Less accumulated depreciation .................................................. (2,868) (2,494)
Total property and equipment, net ............................................... 8,091 8,863
Goodwill ....................................................................... 1,392 1,686
Trade names and other intangible assets .............................................. 3,283 3,353
Other assets ..................................................................... 1,160 693
TOTAL ASSETS ........................................................... $25,342 $27,397
LIABILITIES
Current liabilities
Short-term borrowings ........................................................ $ 442 $ 162
Current portion of long-term debt and capitalized lease obligations ..................... 345 242
Merchandise payables ......................................................... 3,006 3,487
Income taxes payable ......................................................... — 54
Other current liabilities ........................................................ 3,226 3,971
Unearned revenues ........................................................... 1,069 1,121
Other taxes ................................................................. 424 525
Total current liabilities ........................................................ 8,512 9,562
Long-term debt and capitalized lease obligations ....................................... 2,132 2,606
Pension and postretirement benefits .................................................. 2,057 1,258
Minority interest and other liabilities ................................................. 3,261 3,304
Total Liabilities .............................................................. 15,962 16,730
SHAREHOLDERS’ EQUITY
Preferred stock, 20 shares authorized; no shares outstanding .............................. — —
Common stock $0.01 par value; 500 shares authorized; 122 and 132 shares outstanding,
respectively ................................................................... 1 1
Treasury stock—at cost ........................................................... (5,012) (4,331)
Capital in excess of par value ....................................................... 10,441 10,419
Retained earnings ................................................................ 4,562 4,509
Accumulated other comprehensive income (loss) ....................................... (612) 69
Total Shareholders’ Equity ..................................................... 9,380 10,667
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY ........................ $25,342 $27,397
See accompanying Notes to Consolidated Financial Statements.
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