Neiman Marcus 2006 Annual Report Download - page 153
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NOTE 19. 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. The guarantee by the Company is full
and unconditional and joint and several. Currently, the Company's 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 and Neiman Marcus Funding Corporation through
which the Company previously conducted its credit card operations prior to the Credit Card Sale. Previously, our non-guarantor
subsidiaries also included Kate Spade LLC (prior to its sale in December 2006) and Gurwitch Products, L.L.C. (prior to its sale in July
2006), which are reflected in the tables below as discontinued operations.
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 28, 2007 (Successor)
(in thousands) Company NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
ASSETS
Current assets:
Cash and cash equivalents $ — $ 139,333 $ 1,874 $ — $ 141,207
Merchandise inventories — 821,749 96,520 — 918,269
Other current assets — 142,632 12,317 544 155,493
Total current assets — 1,103,714 110,711 544 1,214,969
Property and equipment, net — 901,072 142,639 — 1,043,711
Goodwill and intangibles, net — 1,945,040 2,194,979 — 4,140,019
Other assets — 102,108 192 — 102,300
Investments in subsidiaries 1,558,012 2,333,438 — (3,891,450 )
Total assets $ 1,558,012 $ 6,385,372 $ 2,448,521 $ (3,890,906 )$ 6,500,999
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Accounts payable $ — $ 318,439 $ 42,316 $ 544 $ 361,299
Accrued liabilities — 329,625 73,537 — 403,162
Other current liabilities — 3,426 — — 3,426
Total current liabilities — 651,490 115,853 544 767,887
Long-term liabilities:
Long-term debt — 2,945,906 — — 2,945,906
Deferred income taxes — 1,002,982 — — 1,002,982
Other long-term liabilities — 226,982 (770 )— 226,212
Total long-term liabilities — 4,175,870 (770 )— 4,175,100
Total shareholders' equity 1,558,012 1,558,012 2,333,438 (3,891,450 )1,558,012
Total liabilities and shareholders' equity $ 1,558,012 $ 6,385,372 $ 2,448,521 $ (3,890,906 )$ 6,500,999
F-53