Sears 2015 Annual Report Download - page 112

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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)
SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
112