Sears 2014 Annual Report Download - page 80

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
80
Canada held by Holdings on a pro rata basis to holders of Holdings' common stock. Following the spin-off,
Holdings was the beneficial holder of approximately 51% of the issued and outstanding common shares of Sears
Canada, and as such, Holdings maintained control of Sears Canada and, prior to de-consolidation in October 2014,
continued to consolidate the results of Sears Canada. We accounted for the spin-off as an equity transaction in
accordance with accounting standards applicable to noncontrolling interests. Accordingly, we reclassified a portion
of our ownership interest in Sears Canada and accumulated other comprehensive loss to noncontrolling interest in
the Consolidated Statement of Equity (Deficit) for the period ended February 2, 2013.
Sears Canada Share Repurchases
During the second quarter of 2013, Sears Canada renewed its Normal Course Issuer Bid with the Toronto
Stock Exchange that permits it to purchase for cancellation up to 5% of its issued and outstanding common shares,
representing approximately 5.1 million common shares. The purchase authorization expired on May 23, 2014. There
were no share purchases during 2014 or 2013. As part of a Normal Course Issuer bid in place for the period from
May 25, 2011 to May 24, 2012, and then canceled, Sears Canada purchased and canceled approximately 0.9 million
common shares for $10 million during 2012.
Dividends
On November 19, 2013, Sears Canada announced that its Board of Directors declared a cash dividend of $5
Canadian per common share, or approximately $509 million Canadian ($476 million U.S.), which was paid on
December 6, 2013 to shareholders of record at the close of business on December 2, 2013. Accordingly, the
Company received dividends of $243 million and minority shareholders in Sears Canada received dividends of $233
million during the fourth quarter of 2013.
On December 12, 2012, Sears Canada announced that its Board of Directors declared a cash dividend of $1
Canadian per common share, or approximately $102 million Canadian ($102 million U.S.) which was paid on
December 31, 2012 to shareholders of record at the close of business on December 24, 2012. Accordingly, the
Company received dividends of $52 million and minority shareholders in Sears Canada received dividends of $50
million during the fourth quarter of 2012.