Sears 2011 Annual Report Download - page 55

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SEARS HOLDINGS CORPORATION
Consolidated Balance Sheets
millions, except per share data
January 28,
2012
January 29,
2011
ASSETS
Current assets
Cash and cash equivalents .......................................................... $ 747 $ 1,359
Restricted cash ................................................................... 7 15
Accounts receivable ............................................................... 695 689
Merchandise inventories ........................................................... 8,407 8,951
Prepaid expenses and other current assets .............................................. 388 334
Current assets of discontinued operations .............................................. — 212
Total current assets ................................................................ 10,244 11,560
Property and equipment
Land ............................................................................... 1,924 1,959
Buildings and improvements ............................................................ 6,186 6,197
Furniture, fixtures and equipment ........................................................ 2,786 2,841
Capital leases ........................................................................ 314 332
Gross property and equipment ....................................................... 11,210 11,329
Less accumulated depreciation and amortization ........................................ (4,633) (4,227)
Total property and equipment, net .................................................... 6,577 7,102
Goodwill ............................................................................ 841 1,392
Trade names and other intangible assets ................................................... 2,937 2,993
Other assets ......................................................................... 782 899
Non-current assets of discontinued operations .............................................. — 414
TOTAL ASSETS ................................................................ $21,381 $24,360
LIABILITIES
Current liabilities
Short-term borrowings ............................................................. $ 1,175 $ 360
Current portion of long-term debt and capitalized lease obligations .......................... 230 489
Merchandise payables ............................................................. 2,912 3,046
Other current liabilities ............................................................ 2,892 2,937
Unearned revenues ................................................................ 964 976
Other taxes ...................................................................... 523 546
Short-term deferred tax liabilities .................................................... 516 165
Current liabilities of discontinued operations ........................................... — 124
Total current liabilities ............................................................. 9,212 8,643
Long-term debt and capitalized lease obligations ............................................ 2,088 2,344
Pension and postretirement benefits ...................................................... 2,738 2,151
Other long-term liabilities .............................................................. 2,186 2,207
Long-term deferred tax liabilities ........................................................ 816 —
Non-current liabilities of discontinued operations ............................................ — 401
Total Liabilities .................................................................. 17,040 15,746
Commitments and contingencies
EQUITY
Sears Holdings Corporation equity
Preferred stock, 20 shares authorized; no shares outstanding ............................... — —
Common stock $0.01 par value; 500 shares authorized; 106 and 109 shares outstanding,
respectively ................................................................... 1 1
Treasury stock – at cost ............................................................ (5,981) (5,826)
Capital in excess of par value ....................................................... 10,005 10,185
Retained earnings ................................................................. 1,865 4,930
Accumulated other comprehensive loss ................................................ (1,609) (779)
Total Sears Holdings Corporation equity ............................................... 4,281 8,511
Noncontrolling interest ................................................................ 60 103
Total Equity ................................................................. 4,341 8,614
TOTAL LIABILITIES AND EQUITY .............................................. $21,381 $24,360
See accompanying Notes to Consolidated Financial Statements.
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