Sears 2012 Annual Report Download - page 111

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
111
Condensed Consolidating Statement of Operations
For the Year Ended January 29, 2011
millions Parent Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Merchandise sales and services . . . . . . . . . $ — $ 37,587 $ 8,573 $ (3,496) $ 42,664
Cost of sales, buying and occupancy. . . . . — 27,877 4,830 (1,707) 31,000
Selling and administrative . . . . . . . . . . . . . 2 9,794 2,418 (1,789) 10,425
Depreciation and amortization. . . . . . . . . . — 694 175 — 869
Gain on sales of assets . . . . . . . . . . . . . . . . —(52)(15) — (67)
Total costs and expenses. . . . . . . . . . . 2 38,313 7,408 (3,496) 42,227
Operating income (loss). . . . . . . . . . . . . . . (2) (726) 1,165 — 437
Interest expense . . . . . . . . . . . . . . . . . . . . . (166) (429)(113) 415 (293)
Interest and investment income . . . . . . . . . — 38 413 (415) 36
Other income (loss) . . . . . . . . . . . . . . . . . . 1 1 (16) — (14)
Income (loss) from continuing operations
before income taxes . . . . . . . . . . . . . . . . (167) (1,116) 1,449 — 166
Income tax (expense) benefit. . . . . . . . . . . 58 422 (507) — (27)
Equity in earnings in subsidiaries . . . . . . . 259 567 — (826) —
Income (loss) from continuing operations.150 (127) 942 (826) 139
Income from discontinued operations, net
of tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 11 — 11
Net income (loss). . . . . . . . . . . . . . . . . . . . 150 (127) 953 (826) 150
Income attributable to noncontrolling
interests. . . . . . . . . . . . . . . . . . . . . . . . . . ———(17)(17)
NET INCOME (LOSS)
ATTRIBUTABLE TO HOLDINGS’
SHAREHOLDERS. . . . . . . . . . . . . . . . $ 150 $ (127) $ 953 $ (843) $ 133