Sears 2010 Annual Report Download - page 89

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
customer representing over 10% of such companies’ revenues, but excluding investments of ESL that were
existing at May 23, 2005.
Sears Holdings, through its subsidiaries, engages in commercial transactions with AutoZone, Inc.
(“AutoZone”) in the ordinary course of business. In 2010, we paid AutoZone and its controlled affiliates
approximately $26 million for automotive parts, accessories and subscription-based auto repair information. ESL
owns 32.3% of the outstanding common stock of AutoZone (based on publicly available data at January 3, 2011),
and William C. Crowley, who served as a member of our Board of Directors until May 4, 2010 and as our
Executive Vice President and Chief Administrative Officer through January 29, 2011, serves as a director of
AutoZone.
During 2010, ESL purchased unsecured commercial paper issued by Sears Roebuck Acceptance Corp.
(“SRAC”), an indirect wholly owned subsidiary of Sears Holdings. The weighted average of maturity, annual
interest rate, and principal amount outstanding for this commercial paper in year 2010 was 28.9 days, 1.74% and
$205 million, respectively. The largest aggregate amount of principal outstanding at any time since the beginning
of 2010 was approximately $300 million and the aggregate amount of interest paid by SRAC to ESL during 2010
was $3.5 million. At January 29, 2011, ESL held $240 million in principal amount of commercial paper, which
includes $120 million held by ESL for the benefit of Mr. Lampert. The commercial paper purchases were made
in the ordinary course of business on substantially the same terms, including the interest rate, as terms prevailing
for comparable transactions with other persons, and did not present features unfavorable to the Company.
The Company employs certain employees of ESL. William R. Harker, a Senior Vice President of the
Company, serves as Executive Vice President and General Counsel of ESL and our Senior Vice President of Real
Estate is employed by ESL. In addition, Mr. Crowley served as President and Chief Operating Officer of ESL
while serving as a director and officer of Sears Holdings.
NOTE 17—SUPPLEMENTAL FINANCIAL INFORMATION
Other long-term liabilities at January 29, 2011 and January 30, 2010 consisted of the following:
millions
January 30,
2010
January 31,
2009
Unearned revenues ............................................. $ 794 $ 829
Self-insurance reserves .......................................... 757 801
Other ........................................................ 671 988
Total .................................................... $2,222 $2,618
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