Neiman Marcus 2004 Annual Report Download - page 99
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administrative expenses) and $3.9 million in 2004 were required based upon revised estimates of future cash flows.
NOTE 4. Accrued Liabilities
The significant components of accrued liabilities are as follows:
July 30,
2005
July 31,
2004
(in thousands)
Accrued salaries and related liabilities $ 67,343 $ 63,452
Amounts due customers 44,214 40,318
Self-insurance reserves 43,209 39,067
Sales returns reserves 35,739 31,487
Income taxes payable 19,702 12,519
Loyalty program liability 16,780 14,283
Sales tax 15,112 12,712
Other 90,838 72,995
Total $332,937 $286,833
NOTE 5. Long-term Debt
The significant components of our long-term debt are as follows:
Interest
Rate
July 30,
2005
July 31,
2004
(in thousands)
Senior unsecured notes 6.65% $124,957 $124,941
Senior unsecured debentures 7.125% 124,823 124,816
Credit Card Facility LIBOR + 0.27% — 225,000
249,780 474,757
Less: current portion — 150,000
Long-term debt $249,780 $324,757
Effective June 9, 2004, we entered into a five-year unsecured revolving credit agreement (the Credit Agreement) with a group of seventeen banks that
provides for borrowings of up to $350 million. The Credit Agreement replaces a previous $300 million unsecured credit facility. At July 30, 2005, we had no
borrowings outstanding under the Credit Agreement.
We have two types of borrowing options under the Credit Agreement, a "committed" borrowing and a "competitive bid" borrowing. The rate of interest
payable under a "committed" borrowing is based on one of two pricing options selected by us, the level of outstanding borrowings and the rating of our senior
unsecured long-term debt by Moody's and Standard & Poor's. The pricing options available to us under a "committed" borrowing are based on either LIBOR
plus 0.40% to 1.50% or a "base" rate. The base rate is determined based on the higher of the Prime Rate or the Federal Funds Rate plus 0.50% and a "base"
rate margin of up to 0.50%. The rate of interest payable under a
F-20