Sears 2013 Annual Report Download - page 126
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126
Sears Holdings Corporation
Schedule II-Valuation and Qualifying Accounts
Years 2013, 2012 and 2011
millions
Balance at
beginning
of period
Additions
charged to
costs and
expenses (Deductions) Balance at
end of period
Allowance for Doubtful Accounts(1):
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 28 $ 6 $ (2) $ 32
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 5 (5) 28
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 1 (8) 28
Allowance for Deferred Tax Assets(2):
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,743 726 (103) 3,366
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,268 531 (56) 2,743
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 2,118 (3) 2,268
__________________
(1) Charges to the account are for the purposes for which the reserves were created.
(2) At the end of 2012 we had a federal and state net operating loss (“NOL”) deferred tax asset of $722 million
and a valuation allowance of $2.7 billion. In 2013, there was a net increase to the federal and state NOL
deferred tax asset of $465 million, bringing the ending balance to $1.2 billion. The increase in NOLs resulted
from additional federal and state losses incurred during 2013, netted against state NOL expirations. The
valuation allowance increased by $623 million to $3.4 billion at the end of 2013. Additional valuation
allowances for federal and state were created against NOLs, Kmart state separate entity deferred tax assets,
and other deferred tax assets, and were netted against state valuation allowance reversals due to expiring state
NOLs.