Policy

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

SEARS HOLDINGS CORP | 2013 | FY |