Sears 2012 Annual Report Download - page 26

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26
Adjusted EBITDA was determined as follows:
millions 2012 2011 2010
Net income (loss) attributable to SHC per statement of operations . . $(930) $ (3,140) $ 133
Income (loss) attributable to noncontrolling interest. . . . . . . . . . . . . . (124)(7) 17
(Income) loss from discontinued operations, net of tax . . . . . . . . . . . — 27 (11)
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 1,369 27
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267 289 293
Interest and investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (94)(41)(36)
Other income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) 2 14
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (838)(1,501) 437
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 830 853 869
Gain on sales of assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (468)(64)(67)
Before excluded items. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (476)(712) 1,239
Impairment charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 649 —
Pension settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455 — —
Closed store reserve and severance. . . . . . . . . . . . . . . . . . . . . . . . . . . 140 254 26
Domestic pension expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 74 120
Transaction costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 — —
Hurricane losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 12 —
Adjusted EBITDA as defined . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 626 $ 277 $ 1,385
% to revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6% 0.7% 3.2%
Adjusted EBITDA for our segments was as follows:
2012 2011 2010
millions Kmart Sears
Domestic Sears
Canada Sears
Holdings Kmart Sears
Domestic Sears
Canada Sears
Holdings Kmart Sears
Domestic Sears
Canada Sears
Holdings
Operating income (loss) per
statement of operations . . $ 5 $ (656) $ (187) $ (838) $ (34) $ (1,447) $ (20) $(1,501) $ 353 $ (149) $ 233 $ 437
Depreciation and
amortization. . . . . . . . . . . 147 578 105 830 149 601 103 853 149 620 100 869
Gain on sales of assets . . . . . . (37) (261) (170) (468) (34) (30) — (64) (7) (46) (14) (67)
Before excluded items . . . . . . 115 (339) (252) (476) 81 (876) 83 (712) 495 425 319 1,239
Closed store reserve and
severance . . . . . . . . . . . . . 76 44 20 140 76 160 18 254 13 13 — 26
Impairment charges . . . . . . . . 10 25 295 330 15 634 — 649 — — — —
Pension settlements . . . . . . . . — 452 3 455 — — — — — — — —
Domestic pension expense . . . — 165 — 165 — 74 — 74 — 120 — 120
Transaction costs . . . . . . . . . . — 9 3 12 — — — — — — — —
Hurricane losses . . . . . . . . . . . — — — — — 12 — 12 $ — $ — $ — $ —
Adjusted EBITDA as defined. $201 $ 356 $ 69 $ 626 $ 172 $ 4 $ 101 $ 277 $508 $ 558 $ 319 $ 1,385
% to revenues . . . . . . . . . . . . . 1.4% 1.7% 1.6% 1.6% 1.1% —% 2.2% 0.7% 3.3% 2.5% 6.7% 3.2%