Neiman Marcus 2005 Annual Report Download - page 122

NOTE 17. CONDENSED CONSOLIDATING FINANCIAL INFORMATION (with respect to NMG's obligations under the
Senior Notes and the Senior Subordinated Notes)
All of NMG's obligations under the Senior Notes and the Senior Subordinated Notes, as well as its obligations under the Asset-
Based Revolving Credit Facility and the Senior Secured Term Loan Facility, are guaranteed by the Company and certain of NMG's
existing and future domestic subsidiaries (principally, Bergdorf Goodman, Inc. through which NMG conducts the operations of its
Bergdorf Goodman stores and NM Nevada Trust which holds legal title to certain real property and intangible assets used by the
Company in conducting its operations). Non-guarantor subsidiaries consist principally of Kate Spade LLC and Neiman Marcus Funding
Corporation through which the Company previously conducted its credit card operations prior to the Credit Card Sale. The guarantees by
the Company and each subsidiary guarantor are full and unconditional and joint and several.
The following condensed consolidating financial information represents the financial information of Neiman Marcus, Inc. and
its wholly-owned subsidiary guarantors, prepared on the equity basis of accounting. The information is presented in accordance with the
requirements of Rule 3-10 under the Securities and Exchange Commission's Regulation S-X. The financial information may not
necessarily be indicative of results of operations, cash flows or financial position had the subsidiary guarantors operated as independent
entities.
July 29, 2006 (Successor)
(in thousands) Company NMG
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
ASSETS
Current assets:
Cash and cash equivalents $ — $ 222,308 $ 986 $ 1,469 $ — $ 224,763
Accounts receivable, net of allowance — 22,189 3,750 7,472 613 34,024
Merchandise inventories — 711,443 84,252 11,043 (2,527 ) 804,211
Other current assets — 67,170 4,544 1,144 — 72,858
Total current assets — 1,023,110 93,532 21,128 (1,914 )1,135,856
Property and equipment, net — 875,725 152,109 15,980 — 1,043,814
Goodwill and intangibles, net — 1,980,770 2,215,987 105,437 — 4,302,194
Other assets — 124,929 389 779 — 126,097
Investments in subsidiaries 1,427,667 2,469,428 — — (3,897,095 )
Total assets $ 1,427,667 $ 6,473,962 $ 2,462,017 $ 143,324 $ (3,899,009 )$ 6,607,961
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ — $ 263,800 $ 31,835 $ 13,334 $ 613 $ 309,582
Accrued liabilities — 312,623 67,340 3,026 350 383,339
Notes payable and current maturities
of long-term liabilities — 3,887 — 2,250 —
Total current liabilities — 580,310 99,175 18,610 963 699,058
Long-term liabilities:
Long-term debt — 3,195,711 — — — 3,195,711
Deferred income taxes — 1,059,365 — — — 1,059,365
Other long-term liabilities — 210,909 6,597 2,340 — 219,846
Total long-term liabilities — 4,465,985 6,597 2,340 — 4,474,922
Minority interest — — — — 6,314
Total shareholders' equity 1,427,667 1,427,667 2,356,245 122,374 (3,906,286 )1,427,667
Total liabilities and shareholders' equity $ 1,427,667 $ 6,473,962 $ 2,462,017 $ 143,324 $ (3,899,009 )$ 6,607,961
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