Sears 2011 Annual Report Download - page 68

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
June 4, 2010 to shareholders of record at the close of business on May 31, 2010. Accordingly, Holdings received
dividends of $318 million and minority shareholders in Sears Canada received dividends of $34 million during
the second quarter of 2010.
On September 10, 2010, Sears Canada announced that its Board of Directors declared an additional cash
dividend of $3.50 Canadian per common share, or approximately $377 million Canadian ($356 million U.S.),
which was paid on September 24, 2010 to shareholders of record at the close of business on September 22, 2010.
Accordingly, Holdings received dividends of $321 million and minority shareholders in Sears Canada received
dividends of $35 million during the third quarter of 2010.
Sears Canada declared and paid total dividends of $754 million Canadian ($708 million U.S.) during 2010,
of which Holdings received $639 million and minority shareholders received $69 million.
NOTE 3—BORROWINGS
Total borrowings outstanding at January 28, 2012 and January 29, 2011 were $3.5 billion and $3.2 billion,
respectively. At January 28, 2012, total short-term borrowings were $1.2 billion, consisting of $838 million
secured borrowings and $337 million of unsecured commercial paper. At January 29, 2011, total short-term
borrowings were $360 million, consisting of unsecured commercial paper. The weighted-average annual interest
rate paid on short-term debt was 2.3% in 2011 and 3.7% in 2010.
Long-term debt is as follows:
ISSUE
January 28,
2012
January 29,
2011
millions
SEARS ROEBUCK ACCEPTANCE CORP.
6.50% to 7.50% Notes, due 2011 to 2043.................................. $ 398 $ 822
7.05% to 7.50% Medium-Term Notes, due 2012 to 2013 ..................... 80 80
SEARS HOLDINGS CORP.
6.625% Senior Secured Notes, due 2018 .................................. 1,237 1,246
SEARS DC CORP.
9.07% to 9.20% Medium-Term Notes, due 2012 ............................ 23 23
SEARS CANADA INC.
Credit Facility, due 2015 .............................................. 101 107
CAPITALIZED LEASE OBLIGATIONS ..................................... 455 530
OTHER NOTES AND MORTGAGES ....................................... 24 25
Total long-term borrowings ................................................ 2,318 2,833
Current maturities ........................................................ (230) (489)
Long-term debt and capitalized lease obligations ................................ $2,088 $2,344
Weighted-average annual interest rate on long-term debt ......................... 7.1% 7.3%
The fair value of long-term debt, excluding capitalized lease obligations, was $1.5 billion at January 28,
2012 and $2.2 billion at January 29, 2011. The fair value of our debt was estimated based on quoted market
prices for the same or similar issues or on current rates offered to us for debt of the same remaining maturities.
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