Sears 2015 Annual Report Download - page 26

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Adjusted EBITDA, Domestic Adjusted EBITDA, and Domestic Adjusted EBITDA excluding Seritage/JV rent
were determined as follows:
millions 2015 2014 2013
Net loss attributable to Holdings per statement of operations. . . . $(1,129) $ (1,682) $ (1,365)
Income (loss) attributable to noncontrolling interests . . . . . . . . . . 1 (128) 249
Income tax expense (benefit). . . . . . . . . . . . . . . . . . . . . . . . . . . . . (257)125 144
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323 313 254
Interest and investment (income) loss . . . . . . . . . . . . . . . . . . . . . . 62 (132)(207)
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (4)(2)
Operating loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,000)(1,508)(927)
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . 422 581 732
Gain on sales of assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (743)(207)(667)
Before excluded items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,321)(1,134)(862)
Closed store reserve and severance . . . . . . . . . . . . . . . . . . . . . . . . 98 224 130
Domestic pension expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229 89 162
Other expenses(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (64)50 —
Amortization of deferred Seritage gain . . . . . . . . . . . . . . . . . . . . . (52)— —
Impairment charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274 63 233
Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (836)(708)(337)
Lands' End separation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (10)(150)
Adjusted EBITDA as defined(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . $(836) $ (718) $ (487)
Sears Canada segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 71 (3)
Domestic Adjusted EBITDA as defined(2) . . . . . . . . . . . . . . . . . . . $(836) $ (647) $ (490)
Seritage/JV rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 — —
Domestic Adjusted EBITDA as defined(2) excluding Seritage/JV
rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(703) $ (647) $ (490)
(1) Consists of one-time credits from vendors, expenses associated with legal matters, transaction costs associated with strategic
initiatives and other expenses.
(2) Adjusted to reflect the results of the Lands' End and Sears Canada businesses that were included in our results of operations
prior to the separation/disposition.
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