SEARS HOLDINGS CORP | 2013 | FY | 3


Condensed Consolidating Balance Sheet
February 1, 2014
 
millions
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Current assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$

 
$
537

 
$
491

 
$

 
$
1,028

Intercompany receivables
 

 

 
25,884

 
(25,884
)
 

Accounts receivable
 

 
425

 
128

 

 
553

Merchandise inventories
 

 
6,356

 
678

 

 
7,034

Prepaid expenses and other current assets
 
44

 
873

 
375

 
(948
)
 
344

Total current assets
 
44

 
8,191

 
27,556

 
(26,832
)
 
8,959

Total property and equipment, net
 

 
3,906

 
1,488

 

 
5,394

Goodwill and intangible assets
 

 
944

 
2,285

 

 
3,229

Other assets
 
13

 
240

 
2,603

 
(2,177
)
 
679

Investment in subsidiaries
 
14,743

 
25,303

 

 
(40,046
)
 

TOTAL ASSETS
 
$
14,800

 
$
38,584

 
$
33,932

 
$
(69,055
)
 
$
18,261

Current liabilities
 
 
 
 
 
 
 
 
 
 
Short-term borrowings
 
$

 
$
1,332

 
$

 
$

 
$
1,332

Current portion of long-term debt and capitalized lease obligations
 

 
70

 
13

 

 
83

Merchandise payables
 

 
2,213

 
283

 

 
2,496

Intercompany payables
 
12,103

 
13,781

 

 
(25,884
)
 

Short-term deferred tax liabilities
 
2

 
408

 

 
(23
)
 
387

Other current liabilities
 
26

 
2,412

 
2,374

 
(925
)
 
3,887

Total current liabilities
 
12,131

 
20,216

 
2,670

 
(26,832
)
 
8,185

Long-term debt and capitalized lease obligations
 
1,238

 
3,781

 
76

 
(2,261
)
 
2,834

Pension and postretirement benefits
 

 
1,681

 
261

 

 
1,942

Long-term deferred tax liabilities
 

 
128

 
955

 
26

 
1,109

Other long-term liabilities
 

 
805

 
1,453

 
(250
)
 
2,008

Total Liabilities
 
13,369

 
26,611

 
5,415

 
(29,317
)
 
16,078

EQUITY
 
 
 
 
 
 
 
 
 
 
Shareholder’s equity
 
1,431

 
11,973

 
28,517

 
(40,182
)
 
1,739

Noncontrolling interest
 

 

 

 
444

 
444

Total Equity
 
1,431

 
11,973

 
28,517

 
(39,738
)
 
2,183

TOTAL LIABILITIES AND EQUITY
 
$
14,800

 
$
38,584

 
$
33,932

 
$
(69,055
)
 
$
18,261

 
Condensed Consolidating Balance Sheet
February 2, 2013
 
millions
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Current assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$

 
$
320

 
$
289

 
$

 
$
609

Intercompany receivables
 

 

 
25,553

 
(25,553
)
 

Accounts receivable
 

 
506

 
129

 

 
635

Merchandise inventories
 

 
6,709

 
849

 

 
7,558

Prepaid expenses and other current assets
 
92

 
970

 
461

 
(1,060
)
 
463

Total current assets
 
92

 
8,505

 
27,281

 
(26,613
)
 
9,265

Total property and equipment, net
 

 
4,412

 
1,641

 

 
6,053

Goodwill and intangible assets
 

 
968

 
2,292

 

 
3,260

Other assets
 
17

 
223

 
3,147

 
(2,625
)
 
762

Investment in subsidiaries
 
16,413

 
24,988

 

 
(41,401
)
 

TOTAL ASSETS
 
$
16,522

 
$
39,096

 
$
34,361

 
$
(70,639
)
 
$
19,340

Current liabilities
 
 
 
 
 
 
 
 
 
 
Short-term borrowings
 
$

 
$
1,094

 
$

 
$

 
$
1,094

Current portion of long-term debt and capitalized lease obligations
 

 
66

 
17

 

 
83

Merchandise payables
 

 
2,392

 
369

 

 
2,761

Intercompany payables
 
12,594

 
12,959

 

 
(25,553
)
 

Short-term deferred tax liabilities
 
3

 
412

 

 
(33
)
 
382

Other current liabilities
 
26

 
2,640

 
2,455

 
(1,027
)
 
4,094

Total current liabilities
 
12,623

 
19,563

 
2,841

 
(26,613
)
 
8,414

Long-term debt and capitalized lease obligations
 
1,237

 
3,081

 
135

 
(2,510
)
 
1,943

Pension and postretirement benefits
 

 
2,310

 
420

 

 
2,730

Long-term deferred tax liabilities
 

 

 
914

 
41

 
955

Other long-term liabilities
 

 
861

 
1,513

 
(248
)
 
2,126

Total Liabilities
 
13,860

 
25,815

 
5,823

 
(29,330
)
 
16,168

EQUITY
 
 
 
 
 
 
 
 
 
 
Shareholder’s equity
 
2,662

 
13,281

 
28,538

 
(41,726
)
 
2,755

Noncontrolling interest
 

 

 

 
417

 
417

Total Equity
 
2,662

 
13,281

 
28,538

 
(41,309
)
 
3,172

TOTAL LIABILITIES AND EQUITY
 
$
16,522

 
$
39,096

 
$
34,361

 
$
(70,639
)
 
$
19,340


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