Sears 2012 Annual Report Download - page 106

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
106
sales and services included revenues of $1.7 billion, $2.3 billion and $2.3 billion from SHO for 2012, 2011 and
2010, respectively. Net income (loss) attributable to Holdings' shareholders included net income of approximately
$51 million, $33 million and $50 million from SHO for 2012, 2011 and 2010, respectively. The financial
information for SHO is reflected within the guarantor subsidiaries balances for these periods. The condensed
consolidated financial information as of and for the periods ended February 2, 2013 reflect the effects of the
separation of SHO.
The principal elimination entries relate to investments in subsidiaries and intercompany balances and
transactions including transactions with our wholly-owned non-guarantor insurance subsidiary. The Company has
accounted for investments in subsidiaries under the equity method. The guarantor subsidiaries are 100% owned
directly or indirectly by the Parent and all guarantees are joint, several and unconditional. Additionally, the notes are
secured by a security interest in certain assets consisting primarily of domestic inventory and credit card receivables
of the guarantor subsidiaries, and consequently may not be available to satisfy the claims of the Company’s general
creditors. Certain investments primarily held by non-guarantor subsidiaries are recorded by the issuers at historical
cost and are recorded at fair value by the holder.