Sears 2015 Annual Report Download - page 111

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Condensed Consolidating Statement of Operations
For the Year Ended January€30, 2016
€
millions Parent
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Merchandise sales and services . . . . . . . . . . . $—$25,264 $2,861 $(2,979) $ 25,146
Cost of sales, buying and occupancy . . . . . . . — 19,819 1,131 (1,614)19,336
Selling and administrative . . . . . . . . . . . . . . . 3 7,322 897 (1,365)6,857
Depreciation and amortization. . . . . . . . . . . . — 350 72 — 422
Impairment charges . . . . . . . . . . . . . . . . . . . . — 94 180 — 274
Gain on sales of assets . . . . . . . . . . . . . . . . . . — (735)(8)— (743)
Total costs and expenses. . . . . . . . . . . . . 3 26,850 2,272 (2,979)26,146
Operating income (loss). . . . . . . . . . . . . . . . . (3)(1,586)589 — (1,000)
Interest expense . . . . . . . . . . . . . . . . . . . . . . . (265)(481)(83)506 (323)
Interest and investment income (loss) . . . . . . (19)44 419 (506)(62)
Income (loss) before income taxes . . . . . . . . (287)(2,023)925 — (1,385)
Income tax (expense) benefit. . . . . . . . . . . . . 115 480 (338)— 257
Equity (deficit) in earnings in subsidiaries . . (956)158 — 798 —
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . (1,128)(1,385)587 798 (1,128)
Income attributable to noncontrolling
interests. . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — (1)(1)
NET INCOME (LOSS) ATTRIBUTABLE
TO HOLDINGS' SHAREHOLDERS . . $(1,128) $ (1,385) $ 587 $797 $(1,129)
€
SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
111