Nordstrom, Inc. and subsidiaries  31
Adjusted Debt to EBITDAR (Non-GAAP financial measure)
Adjusted Debt to EBITDAR is one of our key financial metrics, and we believe that our debt levels are best analyzed using this measure. Our 
goal is to manage debt levels to maintain an investment-grade credit rating and operate with an efficient capital structure. In evaluating our 
debt levels, this measure provides a reflection of our credit worthiness that could impact our credit rating and borrowing costs. We also have 
a debt covenant that requires an adjusted debt to EBITDAR leverage ratio of less than four times. As of January 31, 2015 and February 1, 
2014, our Adjusted Debt to EBITDAR was 2.1.
Adjusted Debt to EBITDAR is not a measure of financial performance under GAAP and should be considered in addition to, and not as a 
substitute for, debt to net earnings, net earnings, debt or other financial measures prepared in accordance with GAAP. Our method of 
determining non-GAAP financial measures may differ from other companies’ methods and therefore may not be comparable to those used by 
other companies. The financial measure calculated under GAAP which is most directly comparable to Adjusted Debt to EBITDAR is debt to 
net earnings. The following is a reconciliation of the components of Adjusted Debt to EBITDAR and debt to net earnings:
20141 20131
Debt $3,131 $3,113
Add: estimated capitalized operating lease liability2 1,095 999
Less: fair value hedge adjustment included in long-term debt (36) (48)
Adjusted Debt $4,190 $4,064
Net earnings 720 734
Add: income tax expense 465 455
Add: interest expense, net 138 161
Earnings before interest and income taxes 1,323 1,350
Add: depreciation and amortization expenses 508 454
Add: rent expense 137 125
Add: non-cash acquisition-related charges 12 8
EBITDAR $1,980 $1,937
Debt to Net Earnings 4.3 4.2
Adjusted Debt to EBITDAR 2.1 2.1
1 The components of Adjusted Debt are as of January 31, 2015 and February 1, 2014, while the components of EBITDAR are for the 12 months ended January 31, 2015 and 
February 1, 2014.
2 Based upon the estimated lease liability as of the end of the period, calculated as the trailing 12 months of rent expense multiplied by eight. The multiple of eight times rent 
expense is a commonly used method of estimating the debt we would record for our leases that are classified as operating if they had met the criteria for a capital lease or we 
had purchased the property.