Neiman Marcus 2009 Annual Report Download - page 100

Table of Contents
NEIMAN MARCUS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal year ended
(in thousands)
July 31,
2010
August 1,
2009
August 2,
2008
CASH FLOWS—OPERATING ACTIVITIES
Net (loss) earnings $ (1,838) $ (668,046) $ 142,813
Adjustments to reconcile net (loss) earnings to net cash provided by
operating activities:
Depreciation and amortization expense 233,795 240,645 234,820
Impairment charges — 703,266 31,261
Paid-in-kind interest 14,362 38,082 —
Deferred income taxes (39,643) (153,888) (44,627)
Gain on curtailment of defined benefit retirement obligations — — (32,450)
Other—primarily costs related to defined benefit pension and other
long-term benefit plans 7,160 10,185 21,997
213,836 170,244 353,814
Changes in operating assets and liabilities:
Merchandise inventories (23,684) 224,779 (58,170)
Other current assets 7,216 (9,924) (19,881)
Other assets 8,518 (7,684) 3,118
Accounts payable and accrued liabilities 86,221 (169,270) (12,250)
Deferred real estate credits 5,931 17,668 33,694
Funding of defined benefit pension plan (30,000)(15,000)(15,000)
Net cash provided by operating activities 268,038 210,813 285,325
CASH FLOWS—INVESTING ACTIVITIES
Capital expenditures (58,693) (101,525) (183,452)
Purchases of short-term investments — — (10,000)
Sales of short-term investments — — 10,000
Net cash used for investing activities (58,693)(101,525)(183,452)
CASH FLOWS—FINANCING ACTIVITIES
Repayment of borrowings (146) (1,611) (3,900)
Debt issuance costs paid — (23,432) —
Repayment of borrowings under senior term loan facility (111,617)— —
Net cash used for financing activities (111,763)(25,043)(3,900)
CASH AND CASH EQUIVALENTS
Increase during the year 97,582 84,245 97,973
Beginning balance 323,425 239,180 141,207
Ending balance $ 421,007 $ 323,425 $ 239,180
Supplemental Schedule of Cash Flow Information:
Cash paid (received) during the year for:
Interest $ 200,676 $ 188,587 $ 233,055
Income taxes $ 15,930 $ (29,639) $ 145,811
Non-cash activities:
Adjustments to goodwill related to pre-acquisition tax contingencies $ — $ (18,049) $ 6,051
See Notes to Consolidated Financial Statements.
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