Sears 2012 Annual Report Download - page 71

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
71
June 4, 2010 to shareholders of record at the close of business on May 31, 2010. Accordingly, the Company received
dividends of $318 million and minority shareholders in Sears Canada received dividends of $34 million during the
second quarter of 2010.
On September 10, 2010, Sears Canada announced that its Board of Directors declared an additional cash
dividend of $3.50 Canadian per common share, or approximately $377 million Canadian ($356 million U.S.), which
was paid on September 24, 2010 to shareholders of record at the close of business on September 22, 2010.
Accordingly, the Company received dividends of $321 million and minority shareholders in Sears Canada received
dividends of $35 million during the third quarter of 2010.
Sears Canada declared and paid total dividends of $754 million Canadian ($708 million U.S.) during 2010, of
which the Company received $639 million and minority shareholders received $69 million.
NOTE 3—BORROWINGS
Total borrowings outstanding at February 2, 2013 and January 28, 2012 were $3.1 billion and $3.5 billion,
respectively. At February 2, 2013, total short-term borrowings were $1.1 billion, consisting of $749 million secured
borrowings and $345 million of unsecured commercial paper. At January 28, 2012, total short-term borrowings were
$1.2 billion, consisting of $838 million secured borrowings and $337 million of unsecured commercial paper. The
weighted-average annual interest rate paid on short-term debt was 2.7% in 2012 and 2.3% in 2011.
Long-term debt was as follows:
ISSUE
February 2,
2013 January 28,
2012
millions
SEARS ROEBUCK ACCEPTANCE CORP.
6.50% to 7.50% Notes, due 2017 to 2043 . . . . . . . . . . . . . . . . . . . . . . . . . $ 327 $ 398
7.05% to 7.50% Medium-Term Notes, due 2013 . . . . . . . . . . . . . . . . . . . 11 80
SEARS HOLDINGS CORP.
6.625% Senior Secured Notes, due 2018. . . . . . . . . . . . . . . . . . . . . . . . . . 1,237 1,237
SEARS DC CORP.
9.07% to 9.20% Medium-Term Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . — 23
SEARS CANADA INC.
Credit Facility, expires 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 101
CAPITALIZED LEASE OBLIGATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 433 455
OTHER NOTES AND MORTGAGES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 24
Total long-term borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,026 2,318
Current maturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (83)(230)
Long-term debt and capitalized lease obligations. . . . . . . . . . . . . . . . . . . . . . . $ 1,943 $ 2,088
Weighted-average annual interest rate on long-term debt. . . . . . . . . . . . . . . . . 6.7% 7.1%
The fair value of long-term debt, excluding capitalized lease obligations, was $1.4 billion at February 2, 2013
and $1.5 billion at January 28, 2012. The fair value of our debt was estimated based on quoted market prices for the
same or similar issues or on current rates offered to us for debt of the same remaining maturities. Our long-term debt
instruments are valued using Level 2 measurements as defined in Note 5.