Sears 2013 Annual Report Download - page 78

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
78
Long-term debt was as follows:
ISSUE
February 1,
2014 February 2,
2013
millions
SEARS ROEBUCK ACCEPTANCE CORP.
6.50% to 7.50% Notes, due 2017 to 2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 327 $ 327
7.05% to 7.50% Medium-Term Notes, due 2013. . . . . . . . . . . . . . . . . . . . . . . — 11
Term Loan (Credit Facility), due 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 991 —
SEARS HOLDINGS CORP.
6.625% Senior Secured Notes, due 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,238 1,237
CAPITALIZED LEASE OBLIGATIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346 433
OTHER NOTES AND MORTGAGES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 18
Total long-term borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,917 2,026
Current maturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (83)(83)
Long-term debt and capitalized lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,834 $ 1,943
Weighted-average annual interest rate on long-term debt. . . . . . . . . . . . . . . . . . . . 6.4% 6.7%
The fair value of long-term debt, excluding capitalized lease obligations, was $2.3 billion at February 1, 2014
and $1.4 billion at February 2, 2013. 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.
At February 1, 2014, long-term debt maturities for the next five years and thereafter were as follows:
millions
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 83
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,224
Thereafter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 366
$ 2,917