Sears 2011 Annual Report Download - page 105

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
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 $8,280 $ (3,377) $ 43,360
Cost of sales, buying and occupancy ............ — 28,403 4,575 (1,604) 31,374
Selling and administrative .................... 2 9,778 2,492 (1,773) 10,499
Depreciation and amortization ................. — 719 175 — 894
Gain on sales of assets ....................... — (27) (47) — (74)
Total costs and expenses ................... 2 38,873 7,195 (3,377) 42,693
Operating income (loss) ...................... (2) (416) 1,085 — 667
Interest expense ............................ (142) (415) (110) 419 (248)
Interest and investment income (loss) ........... — 42 410 (419) 33
Other income (loss) ......................... — 3 (64) — (61)
Income (loss) from continuing operations before
income taxes ............................. (144) (786) 1,321 — 391
Income tax (expense) benefit .................. 50 292 (453) — (111)
Equity in earnings in subsidiaries .............. 391 540 — (931) —
Income (loss) from continuing operations ........ 297 46 868 (931) 280
Income from discontinued operations, net of tax . . . — — 17 — 17
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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