Sears 2015 Annual Report Download - page 71

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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.
NOTE 3—BORROWINGS
Total borrowings outstanding at January€30, 2016 and January€31, 2015 were $3.0 billion and $3.8 billion,
respectively. At January€30, 2016, total short-term borrowings were $797 million, consisting of secured borrowings.
At January€31, 2015, total short-term borrowings were $614 million, consisting of a $399 million secured short-term
loan, $213 million of secured borrowings and $2 million of unsecured commercial paper. The weighted-average
annual interest rate paid on short-term debt was 3.5% in 2015 and 3.0% in 2014.
Long-term debt was as follows:
ISSUE €
January 30,
2016
January 31,
2015
millions
SEARS ROEBUCK ACCEPTANCE CORP.
6.50% to 7.50% Notes, due 2017 to 2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $327 $327
Term Loan (Credit Facility), due 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 968 973
SEARS HOLDINGS CORP.
6.625% Senior Secured Notes, due 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 302 1,229
8% Senior Unsecured Notes, due 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383 348
CAPITALIZED LEASE OBLIGATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 272
OTHER NOTES AND MORTGAGES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 13
Total long-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,179 3,162
Current maturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (71)(75)
Long-term debt and capitalized lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,108 $3,087
Weighted-average annual interest rate on long-term debt . . . . . . . . . . . . . . . . . . . . . . . 6.6%6.5%
The fair value of long-term debt, excluding capitalized lease obligations, was $1.9 billion at January€30, 2016
and $2.9 billion at January€31, 2015. The fair value of our debt was estimated based on quoted market prices for the
same or similar issues or on current rates offered to us for debt of the same remaining maturities. Our long-term debt
instruments are valued using Level 2 measurements as defined in Note 5.
SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
71