Sears 2010 Annual Report Download - page 96

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
Condensed Consolidating Statement of Income
For the Year Ended January 29, 2011
millions Parent
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Merchandise sales and services .............. $ — $ 37,587 $ 9,235 $ (3,496) $ 43,326
Cost of sales, buying and occupancy .......... — 27,877 5,278 (1,707) 31,448
Selling and administrative .................. 2 9,794 2,564 (1,789) 10,571
Depreciation and amortization ............... — 694 206 — 900
Gain on sales of assets ..................... — (52) (15) — (67)
Total costs and expenses ................. 2 38,313 8,033 (3,496) 42,852
Operating income (loss) .................... (2) (726) 1,202 — 474
Interest expense .......................... (166) (429) (130) 415 (310)
Interest and investment income (loss) ......... — 38 413 (415) 36
Other income (loss) ....................... 1 1 (16) — (14)
Income (loss) before income taxes ............ (167) (1,116) 1,469 — 186
Income taxes ............................ 58 422 (516) — (36)
Equity in earnings in subsidiaries ............ 259 567 — (826) —
Net income (loss) ......................... 150 (127) 953 (826) 150
Income attributable to noncontrolling interests . . — — — (17) (17)
NET INCOME (LOSS) ATTRIBUTABLE
TO HOLDINGS’ SHAREHOLDERS ..... $ 150 $ (127) $ 953 $ (843) $ 133
Condensed Consolidating Statement of Income
For the Year Ended January 30, 2010
millions Parent
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Merchandise sales and services .............. $ — $ 38,457 $ 8,963 $ (3,377) $ 44,043
Cost of sales, buying and occupancy .......... — 28,403 5,025 (1,604) 31,824
Selling and administrative .................. 2 9,778 2,647 (1,773) 10,654
Depreciation and amortization ............... — 719 207 — 926
Gain on sales of assets ..................... — (27) (47) — (74)
Total costs and expenses ................. 2 38,873 7,832 (3,377) 43,330
Operating income (loss) .................... (2) (416) 1,131 — 713
Interest expense .......................... (142) (415) (127) 419 (265)
Interest and investment income (loss) ......... — 42 410 (419) 33
Other income (loss) ....................... — 3 (64) — (61)
Income (loss) before income taxes ............ (144) (786) 1,350 — 420
Income taxes ............................ 50 292 (465) — (123)
Equity in earnings in subsidiaries ............ 391 540 — (931) —
Net income (loss) ......................... 297 46 885 (931) 297
Income attributable to noncontrolling interests . . — — — (62) (62)
NET INCOME (LOSS) ATTRIBUTABLE
TO HOLDINGS’ SHAREHOLDERS ..... $ 297 $ 46 $ 885 $ (993) $ 235
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