Sears 2011 Annual Report Download - page 104

Download and view the complete annual report

Please find page 104 of the 2011 Sears annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 122

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122

SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
Condensed Consolidating Statement of Income
For the Year Ended January 28, 2012
millions Parent
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Merchandise sales and services ................. $ — $ 36,714 $ 8,354 $ (3,501) $ 41,567
Cost of sales, buying and occupancy ............. — 27,850 4,862 (1,746) 30,966
Selling and administrative ..................... 2 9,926 2,491 (1,755) 10,664
Depreciation and amortization .................. — 680 173 — 853
Impairment charges .......................... — 649 — — 649
Gain on sales of assets ........................ — (63) (1) — (64)
Total costs and expenses .................... 2 39,042 7,525 (3,501) 43,068
Operating income (loss) ....................... (2) (2,328) 829 — (1,501)
Interest expense ............................. (224) (388) (112) 435 (289)
Interest and investment income (loss) ............ — 41 435 (435) 41
Other loss .................................. — — (2) — (2)
Income (loss) from continuing operations before
income taxes ............................. (226) (2,675) 1,150 — (1,751)
Income tax (expense) benefit ................... 43 (785) (627) — (1,369)
Equity in earnings in subsidiaries ............... (2,964) 151 — 2,813 —
Income (loss) from continuing operations ......... (3,147) (3,309) 523 2,813 (3,120)
Loss from discontinued operations, net of tax ...... — — (27) — (27)
Net income (loss) ............................ (3,147) (3,309) 496 2,813 (3,147)
Loss attributable to noncontrolling interests ....... — — — 7 7
NET INCOME (LOSS) ATTRIBUTABLE TO
HOLDINGS’ SHAREHOLDERS ........... $(3,147) $ (3,309) $ 496 $ 2,820 $ (3,140)
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 $ 8,573 $ (3,496) $ 42,664
Cost of sales, buying and occupancy ............. — 27,877 4,830 (1,707) 31,000
Selling and administrative ..................... 2 9,794 2,418 (1,789) 10,425
Depreciation and amortization ................. — 694 175 — 869
Gain on sales of assets ........................ — (52) (15) — (67)
Total costs and expenses .................... 2 38,313 7,408 (3,496) 42,227
Operating income (loss) ...................... (2) (726) 1,165 — 437
Interest expense ............................. (166) (429) (113) 415 (293)
Interest and investment income (loss) ............ — 38 413 (415) 36
Other income (loss) .......................... 1 1 (16) — (14)
Income (loss) from continuing operations before
income taxes ............................. (167) (1,116) 1,449 — 166
Income tax (expense) benefit .................. 58 422 (507) — (27)
Equity in earnings in subsidiaries ............... 259 567 — (826) —
Income (loss) from continuing operations ......... 150 (127) 942 (826) 139
Income from discontinued operations, net of tax . . . — — 11 — 11
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
104