Sears 2014 Annual Report Download - page 122

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
122
Condensed Consolidating Statement of Operations
For the Year Ended January 31, 2015
millions Parent Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Merchandise sales and services . . . . . . . . . . $ — $ 29,277 $ 5,187 $ (3,266) $ 31,198
Cost of sales, buying and occupancy. . . . . . — 22,917 2,820 (1,688) 24,049
Selling and administrative . . . . . . . . . . . . . . 2 8,283 1,513 (1,578) 8,220
Depreciation and amortization. . . . . . . . . . . — 454 127 — 581
Impairment charges . . . . . . . . . . . . . . . . . . . — 48 15 — 63
Gain on sales of assets . . . . . . . . . . . . . . . . . —(180)(27) — (207)
Total costs and expenses. . . . . . . . . . . . 2 31,522 4,448 (3,266) 32,706
Operating income (loss). . . . . . . . . . . . . . . . (2) (2,245) 739 — (1,508)
Interest expense . . . . . . . . . . . . . . . . . . . . . . (223) (469)(92) 471 (313)
Interest and investment income . . . . . . . . . . 92 28 483 (471) 132
Other income . . . . . . . . . . . . . . . . . . . . . . . . — — 4 — 4
Income (loss) before income taxes . . . . . . . (133) (2,686) 1,134 — (1,685)
Income tax (expense) benefit. . . . . . . . . . . . 40 489 (654) — (125)
Deficit in earnings in subsidiaries . . . . . . . . (1,717) (53) — 1,770 —
Net income (loss). . . . . . . . . . . . . . . . . . . . . (1,810) (2,250) 480 1,770 (1,810)
Loss attributable to noncontrolling interests — — — 128 128
NET INCOME (LOSS)
ATTRIBUTABLE TO HOLDINGS’
SHAREHOLDERS. . . . . . . . . . . . . . . . . $ (1,810) $ (2,250) $ 480 $ 1,898 $ (1,682)