Sears 2009 Annual Report Download - page 98

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Sears Holdings Corporation
Schedule II—Valuation and Qualifying Accounts
Fiscal Years 2009, 2008 and 2007
Millions
Balance at
beginning
of period
Additions
charged to
costs and
expenses (Deductions)
Balance at
end of period
Allowance for Doubtful Accounts(1):
Fiscal 2009 .................................... $ 42 $ 4 $ (7) $ 39
Fiscal 2008 .................................... 37 18 (13) 42
Fiscal 2007 .................................... 29 11 (3) 37
Allowance for Deferred Tax Assets(2):
Fiscal 2009 .................................... 117 18 (4) 131
Fiscal 2008 .................................... 120 17 (20) 117
Fiscal 2007 .................................... 216 37 (133) 120
(1) Charges to the account are for the purposes for which the reserves were created.
(2) At the end of fiscal 2008, we had a state net operating loss (“NOL”) deferred tax asset of $186 million and a
valuation allowance of $117 million. In fiscal 2009, there was a net addition to the state NOL deferred tax
asset of $26 million, bringing the ending balance to $212 million. The additional NOL’s were the result of
additional state losses incurred in fiscal 2009, netted against NOL expirations. The valuation allowance
increased by $14 million, to $131 million. Additional state valuation allowances were created against the
state losses incurred in fiscal 2009 and were netted against state valuation allowances reversals due to
expiring state NOL’s in fiscal 2009.
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