Sears 2014 Annual Report Download - page 123

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
123
Condensed Consolidating Statement of Operations
For the Year Ended February 1, 2014
millions Parent Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Merchandise sales and services . . . . . . . . . . $ — $ 32,391 $ 7,202 $ (3,405) $ 36,188
Cost of sales, buying and occupancy. . . . . . — 25,035 4,128 (1,730) 27,433
Selling and administrative . . . . . . . . . . . . . . 2 8,865 2,192 (1,675) 9,384
Depreciation and amortization. . . . . . . . . . . — 557 175 — 732
Impairment charges . . . . . . . . . . . . . . . . . . . — 220 13 — 233
Gain on sales of assets . . . . . . . . . . . . . . . . . —(129)(538) — (667)
Total costs and expenses. . . . . . . . . . . . 2 34,548 5,970 (3,405) 37,115
Operating income (loss). . . . . . . . . . . . . . . . (2) (2,157) 1,232 — (927)
Interest expense . . . . . . . . . . . . . . . . . . . . . . (217) (394)(85) 442 (254)
Interest and investment income . . . . . . . . . . — 43 606 (442) 207
Other income . . . . . . . . . . . . . . . . . . . . . . . . — — 2 — 2
Income (loss) before income taxes . . . . . . . (219) (2,508) 1,755 — (972)
Income tax (expense) benefit. . . . . . . . . . . . 37 469 (650) — (144)
Equity (deficit) in earnings in subsidiaries .(934) 894 — 40 —
Net income (loss). . . . . . . . . . . . . . . . . . . . . (1,116) (1,145) 1,105 40 (1,116)
Income attributable to noncontrolling
interests. . . . . . . . . . . . . . . . . . . . . . . . . . . ———(249)(249)
NET INCOME (LOSS)
ATTRIBUTABLE TO HOLDINGS’
SHAREHOLDERS. . . . . . . . . . . . . . . . . $ (1,116) $ (1,145) $ 1,105 $ (209) $ (1,365)