Sears 2012 Annual Report Download - page 110

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
110
Condensed Consolidating Statement of Operations
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 . . . . . . . . . — 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)