SEARS HOLDINGS CORP | 2013 | FY | 3

Condensed Consolidating Statement of Cash Flows
For the Year Ended February 1, 2014
 
millions
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
 
$
—

 
$
(2,344
)
 
$
1,235

 
$
—

 
$
(1,109
)
Proceeds from sales of property and investments
 
—

 
155

 
840

 
—

 
995

Net increase in investments and restricted cash
 
—

 
—

 
(2
)
 
—

 
(2
)
Purchases of property and equipment
 
—

 
(258
)
 
(71
)
 
—

 
(329
)
Net investing with Affiliates
 
—

 
—

 
245

 
(245
)
 
—

Net cash provided by (used in) investing activities
 
—

 
(103
)
 
1,012

 
(245
)
 
664

Proceeds from debt issuances
 
—

 
990

 
4

 
—

 
994

Repayments of long-term debt
 
—

 
(65
)
 
(18
)
 
—

 
(83
)
Increase in short-term borrowings, primarily 90 days or less
 
—

 
238

 
—

 
—

 
238

Debt issuance costs
 
—

 
(14
)
 
—

 
—

 
(14
)
Sears Canada dividend paid to noncontrolling shareholders
 
—

 
243

 
(476
)
 
—

 
(233
)
Intercompany dividend
 
604

 
92

 
(696
)
 
—

 
—

Net borrowing with Affiliates
 
(604
)
 
1,180

 
(821
)
 
245

 
—

Net cash provided by (used in) financing activities
 
—

 
2,664

 
(2,007
)
 
245

 
902

Effect of exchange rate changes on cash and cash equivalents
 
—

 
—

 
(38
)
 
—

 
(38
)
NET DECREASE IN CASH AND CASH EQUIVALENTS
 
—

 
217

 
202

 
—

 
419

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
 
—

 
320

 
289

 
—

 
609

CASH AND CASH EQUIVALENTS, END OF YEAR
 
$
—

 
$
537

 
$
491

 
$
—

 
$
1,028




 
Condensed Consolidating Statement of Cash Flows
For the Year Ended February 2, 2013
 
millions
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
 
$
—

 
$
(1,356
)
 
$
1,053

 
$
—

 
$
(303
)
Proceeds from sales of property and investments
 
—

 
353

 
179

 
—

 
532

Net decrease in investments and restricted cash
 
—

 
—

 
37

 
—

 
37

Purchases of property and equipment
 
—

 
(293
)
 
(85
)
 
—

 
(378
)
Net investing with Affiliates
 
—

 
—

 
(236
)
 
236

 
—

Net cash provided by (used in) investing activities
 
—

 
60

 
(105
)
 
236

 
191

Proceeds from debt issuances
 
—

 
—

 
5

 
—

 
5

Repayments of long-term debt
 
—

 
(214
)
 
(121
)
 
—

 
(335
)
Decrease in short-term borrowings, primarily 90 days or less
 
—

 
(81
)
 
—

 
—

 
(81
)
Sears Hometown and Outlet Stores, Inc. pre-separation funding
 
—

 
100

 
—

 
—

 
100

Intercompany dividend
 
100

 
(100
)
 
—

 
—

 
—

Proceeds from the sale of Sears Hometown and Outlet Stores, Inc.
 
347

 
—

 
—

 
—

 
347

Debt issuance costs
 
—

 
(3
)
 
—

 
—

 
(3
)
Purchase of Sears Canada shares
 
—

 
—

 
(10
)
 
—

 
(10
)
Sears Canada dividend paid to minority shareholders
 
—

 
52

 
(102
)
 
—

 
(50
)
Net borrowing with Affiliates
 
(447
)
 
1,526

 
(843
)
 
(236
)
 
—

Net cash provided by (used in) financing activities
 
—

 
1,280

 
(1,071
)
 
(236
)
 
(27
)
Effect of exchange rate changes on cash and cash equivalents
 
—

 
—

 
1

 
—

 
1

NET DECREASE IN CASH AND CASH EQUIVALENTS
 
—

 
(16
)
 
(122
)
 
—

 
(138
)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
 
—

 
336

 
411

 
—

 
747

CASH AND CASH EQUIVALENTS, END OF YEAR
 
$
—

 
$
320

 
$
289

 
$
—

 
$
609

 


Condensed Consolidating Statement of Cash Flows
For the Year Ended January 28, 2012
millions
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities – continuing operations
 
$
—

 
$
(1,506
)
 
$
1,199

 
$
—

 
$
(307
)
Net cash provided by operating activities – discontinued operations
 
—

 
—

 
32

 
—

 
32

Net cash provided by (used in) operating activities
 
—

 
(1,506
)
 
1,231

 
—

 
(275
)
Proceeds from sales of property and investments
 
—

 
72

 
—

 
—

 
72

Net increase in investments and restricted cash
 
—

 
—

 
8

 
—

 
8

Purchases of property and equipment
 
—

 
(342
)
 
(90
)
 
—

 
(432
)
Net investing with Affiliates
 
—

 
—

 
(275
)
 
275

 
—

Net cash used in investing activities – continuing operations
 
—

 
(270
)
 
(357
)
 
275

 
(352
)
Net cash provided by investing activities – discontinued operations
 
—

 
—

 
43

 
—

 
43

Net cash used in investing activities
 
—

 
(270
)
 
(314
)
 
275

 
(309
)
Proceeds from debt issuances
 
—

 
—

 
104

 
—

 
104

Repayments of long-term debt
 
—

 
(481
)
 
(130
)
 
—

 
(611
)
Increase in short-term borrowings, primarily 90 days or less
 
—

 
815

 
—

 
—

 
815

Debt issuance costs
 
—

 
(35
)
 
—

 
—

 
(35
)
Purchase of Sears Canada shares
 
—

 
—

 
(43
)
 
—

 
(43
)
Purchase of treasury stock
 
—

 
(183
)
 
—

 
 
 
(183
)
Net borrowing with Affiliates
 
(140
)
 
1,190

 
(775
)
 
(275
)
 
—

Net cash provided by (used in) financing activities – continuing operations
 
(140
)
 
1,306

 
(844
)
 
(275
)
 
47

Net cash provided by (used in) financing activities – discontinued operations
 
—

 
28

 
(103
)
 
—

 
(75
)
Net cash provided by (used in) financing activities
 
(140
)
 
1,334

 
(947
)
 
(275
)
 
(28
)
NET DECREASE IN CASH AND CASH EQUIVALENTS
 
(140
)
 
(442
)
 
(30
)
 
—

 
(612
)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
 
140

 
778

 
441

 
—

 
1,359

CASH AND CASH EQUIVALENTS, END OF YEAR
 
$
—

 
$
336

 
$
411

 
$
—

 
$
747

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