Sears 2015 Annual Report Download - page 54
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Item€7A. Quantitative and Qualitative Disclosures about Market Risk
We face market risk exposure in the form of interest rate risk. This market risk arises from our debt obligations.
Interest Rate Risk
We manage interest rate risk through the use of fixed and variable-rate funding. All debt securities are
considered non-trading. At January€30, 2016, 60% of our debt portfolio was variable rate. Based on the size of this
variable rate debt portfolio at January€30, 2016, which totaled approximately $1.8 billion, an immediate 100 basis
point change in interest rates would have affected annual pretax funding costs by $18 million. These estimates do
not take into account the effect on income resulting from invested cash or the returns on assets being funded. These
estimates also assume that the variable rate funding portfolio remains constant for an annual period and that the
interest rate change occurs at the beginning of the period.
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