Neiman Marcus 2005 Annual Report Download - page 133

NOTE 18. CONDENSED CONSOLIDATING FINANCIAL INFORMATION (with respect to NMG's obligations under the
2028 Debentures)
All of NMG's obligations under the 2028 Debentures are guaranteed by the Company. Non-guarantor subsidiaries consist principally
of Bergdorf Goodman, Inc. through which NMG conducts the operations of its Bergdorf Goodman stores, NM Nevada Trust which holds
legal title to certain real property and intangible assets used by NMG in conducting its operations, Kate Spade LLC and Neiman Marcus
Funding Corporation through which NMG previously conducted its credit card operations prior to the Credit Card Sale. The guarantee by
the Company is full and unconditional and joint and several.
The following condensed consolidating financial information represents the financial information of Neiman Marcus, Inc. and its
non-guarantor subsidiaries, 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 non-guarantor subsidiaries operated as independent entities.
July 29, 2006 (Successor)
(in thousands) Company NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
ASSETS
Current assets:
Cash and cash equivalents $ — $ 222,308 $ 2,455 $ — $ 224,763
Accounts receivable, net of allowance — 22,189 11,222 613 34,024
Merchandise inventories — 711,443 95,295 (2,527 ) 804,211
Other current assets — 67,170 5,688 — 72,858
Total current assets — 1,023,110 114,660 (1,914 )1,135,856
Property and equipment, net — 875,725 168,089 — 1,043,814
Goodwill and intangibles, net — 1,980,770 2,321,424 — 4,302,194
Other assets — 124,929 1,168 — 126,097
Investments in subsidiaries 1,427,667 2,469,428 — (3,897,095 )
Total assets $ 1,427,667 $ 6,473,962 $ 2,605,341 $ (3,899,009 )$ 6,607,961
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ — $ 263,800 $ 45,169 $ 613 $ 309,582
Accrued liabilities — 312,623 70,366 350 383,339
Notes payable and current maturities of long-term
liabilities — 3,887 2,250 — 6,137
Total current liabilities — 580,310 117,785 963 699,058
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 8,937 — 219,846
Total long-term liabilities — 4,465,985 8,937 — 4,474,922
Minority interest — — — 6,314 6,314
Total shareholders' equity 1,427,667 1,427,667 2,478,619 (3,906,286 )1,427,667
Total liabilities and shareholders' equity $ 1,427,667 $ 6,473,962 $ 2,605,341 $ (3,899,009 )$ 6,607,961
F-49