SEARS HOLDINGS CORP | 2013 | FY | 3

Condensed Consolidating Statement of Operations
For the Year Ended February 1, 2014
 
millions
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Merchandise sales and services
 
$
—

 
$
32,391

 
$
7,202

 
$
(3,405
)
 
$
36,188

Cost of sales, buying and occupancy
 
—

 
25,035

 
4,128

 
(1,730
)
 
27,433

Selling and administrative
 
2

 
8,865

 
2,192

 
(1,675
)
 
9,384

Depreciation and amortization
 
—

 
557

 
175

 
—

 
732

Impairment charges
 
—

 
220

 
13

 
—

 
233

Gain on sales of assets
 
—

 
(129
)
 
(538
)
 
—

 
(667
)
Total costs and expenses
 
2

 
34,548

 
5,970

 
(3,405
)
 
37,115

Operating income (loss)
 
(2
)
 
(2,157
)
 
1,232

 
—

 
(927
)
Interest expense
 
(217
)
 
(394
)
 
(85
)
 
442

 
(254
)
Interest and investment income
 
—

 
43

 
606

 
(442
)
 
207

Other income
 
—

 
—

 
2

 
—

 
2

Income (loss) before income taxes
 
(219
)
 
(2,508
)
 
1,755

 
—

 
(972
)
Income tax (expense) benefit
 
37

 
469

 
(650
)
 
—

 
(144
)
Equity (deficit) in earnings in subsidiaries
 
(934
)
 
894

 
—

 
40

 
—

Net income (loss)
 
(1,116
)
 
(1,145
)
 
1,105

 
40

 
(1,116
)
Income attributable to noncontrolling interests
 
—

 
—

 
—

 
(249
)
 
(249
)
NET INCOME (LOSS) ATTRIBUTABLE TO HOLDINGS’ SHAREHOLDERS
 
$
(1,116
)
 
$
(1,145
)
 
$
1,105

 
$
(209
)
 
$
(1,365
)

 
Condensed Consolidating Statement of Operations
For the Year Ended February 2, 2013
 
millions
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Merchandise sales and services
 
$
—

 
$
35,417

 
$
8,032

 
$
(3,595
)
 
$
39,854

Cost of sales, buying and occupancy
 
—

 
26,531

 
4,619

 
(1,810
)
 
29,340

Selling and administrative
 
2

 
10,054

 
2,389

 
(1,785
)
 
10,660

Depreciation and amortization
 
—

 
634

 
196

 
—

 
830

Impairment charges
 
—

 
35

 
295

 
—

 
330

Gain on sales of assets
 
—

 
(298
)
 
(170
)
 
—

 
(468
)
Total costs and expenses
 
2

 
36,956

 
7,329

 
(3,595
)
 
40,692

Operating income (loss)
 
(2
)
 
(1,539
)
 
703

 
—

 
(838
)
Interest expense
 
(227
)
 
(391
)
 
(107
)
 
458

 
(267
)
Interest and investment income
 
—

 
43

 
509

 
(458
)
 
94

Other income
 
—

 
—

 
1

 
—

 
1

Income (loss) before income taxes
 
(229
)
 
(1,887
)
 
1,106

 
—

 
(1,010
)
Income tax (expense) benefit
 
89

 
527

 
(660
)
 
—

 
(44
)
Equity (deficit) in earnings in subsidiaries
 
(914
)
 
65

 
—

 
849

 
—

Net income (loss)
 
(1,054
)
 
(1,295
)
 
446

 
849

 
(1,054
)
Loss attributable to noncontrolling interests
 
—

 
—

 
—

 
124

 
124

NET INCOME (LOSS) ATTRIBUTABLE TO HOLDINGS’ SHAREHOLDERS
 
$
(1,054
)
 
$
(1,295
)
 
$
446

 
$
973

 
$
(930
)


Condensed Consolidating Statement of Operations
For the Year Ended January 28, 2012
 
millions
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Merchandise sales and services
 
$
—

 
$
36,714

 
$
8,354

 
$
(3,501
)
 
$
41,567

Cost of sales, buying and occupancy
 
—

 
27,850

 
4,862

 
(1,746
)
 
30,966

Selling and administrative
 
2

 
9,926

 
2,491

 
(1,755
)
 
10,664

Depreciation and amortization
 
—

 
680

 
173

 
—

 
853

Impairment charges
 
—

 
649

 
—

 
—

 
649

Gain on sales of assets
 
—

 
(63
)
 
(1
)
 
—

 
(64
)
Total costs and expenses
 
2

 
39,042

 
7,525

 
(3,501
)
 
43,068

Operating income (loss)
 
(2
)
 
(2,328
)
 
829

 
—

 
(1,501
)
Interest expense
 
(224
)
 
(388
)
 
(112
)
 
435

 
(289
)
Interest and investment income
 
—

 
41

 
435

 
(435
)
 
41

Other loss
 
—

 
—

 
(2
)
 
—

 
(2
)
Income (loss) from continuing operations before income taxes
 
(226
)
 
(2,675
)
 
1,150

 
—

 
(1,751
)
Income tax (expense) benefit
 
43

 
(785
)
 
(627
)
 
—

 
(1,369
)
Equity (deficit) in earnings in subsidiaries
 
(2,964
)
 
151

 
—

 
2,813

 
—

Income (loss) from continuing operations
 
(3,147
)
 
(3,309
)
 
523

 
2,813

 
(3,120
)
Loss from discontinued operations, net of tax
 
—

 
—

 
(27
)
 
—

 
(27
)
Net income (loss)
 
(3,147
)
 
(3,309
)
 
496

 
2,813

 
(3,147
)
Loss attributable to noncontrolling interests
 
—

 
—

 
—

 
7

 
7

NET INCOME (LOSS) ATTRIBUTABLE TO HOLDINGS’ SHAREHOLDERS
 
$
(3,147
)
 
$
(3,309
)
 
$
496

 
$
2,820

 
$
(3,140
)

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