Sears 2012 Annual Report Download - page 118
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118
Sears Holdings Corporation
Schedule II-Valuation and Qualifying Accounts
Years 2012, 2011 and 2010
millions
Balance at
beginning
of period
Additions
charged to
costs and
expenses (Deductions) Balance at
end of period
Allowance for Doubtful Accounts(1):
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 28 $ 5 $ (5) $ 28
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 1 (8) 28
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 7 (10) 35
Allowance for Deferred Tax Assets(2):
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,268 531 (56) 2,743
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 2,118 (3) 2,268
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 27 (5) 153
__________________
(1) Charges to the account are for the purposes for which the reserves were created.
(2) At the end of 2011 we had a federal and state net operating loss (“NOL”) deferred tax asset of $672 million
and a valuation allowance of $2,268 million. In 2012, there was a net increase to the federal and state NOL
deferred tax asset of $50 million, bringing the ending balance to $722 million. The increase in NOLs resulted
from federal utilization and state NOL expirations, netted against additional state losses incurred during 2012.
The valuation allowance increased to $2,743 million at the end of 2012. Included in the 2012 increase was
$213 million recorded to other accumulated comprehensive income for minimum pension adjustments.
Additional valuation allowances for federal and state were created against expiring state NOLs and other
deferred assets, and were netted against state valuation allowance reversals due to expiring state NOLs and
federal utilization of NOLs.