Neiman Marcus 2010 Annual Report Download - page 44

Table of Contents
The following table summarizes the expiration of our significant commercial commitments outstanding at July 30, 2011:
Amount of Commitment by Expiration Period
(in thousands) Total
Fiscal
Year
2012
Fiscal
Years
2013-2014
Fiscal
Years
2015-2016
Fiscal Year
2017 and
Beyond
Other commercial commitments:
Senior secured asset-based revolving credit
facility (1) $ 700,000 $ — $ — $ 700,000 $ —
Surety bonds 2,976 2,976 — — —
$ 702,976 $ 2,976 $ — $ 700,000 $ —
(1) As of July 30, 2011, we had no borrowings outstanding under our Senior Secured Asset-Based Revolving Credit Facility,
$13.7 million of outstanding letters of credit and $615.8 million of unused borrowing availability. Our working capital requirements
are greatest in the first and second fiscal quarters as a result of higher seasonal requirements. See "Liquidity and Capital Resources—
Financing Structure at July 30, 2011—Senior Secured Asset-Based Revolving Credit Facility" and "Management's Discussion and
Analysis of Financial Conditions and Results of Operations—Seasonality."
In addition to the items presented above, our other principal commercial commitments are comprised of common area
maintenance costs, tax and insurance obligations and contingent rent payments.
We had no off-balance sheet arrangements, other than operating leases entered into in the normal course of business, during
fiscal year 2011.
OTHER MATTERS
Factors That May Affect Future Results
Matters discussed in this Annual Report on Form 10-K include forward-looking statements. Forward-looking statements
generally can be identified by the use of forward-looking terminology such as "may," "plan," "predict," "expect," "estimate," "intend,"
"would," "could," "should," "anticipate," "believe," "project" or "continue." We make these forward-looking statements based on our
expectations and beliefs concerning future events, as well as currently available data. While we believe there is a reasonable basis for
our forward-looking statements, they involve a number of risks and uncertainties. Therefore, these statements are not guarantees of
future performance and you should not place undue reliance on them. A variety of factors could cause our actual results to differ
materially from the anticipated or expected results expressed in our forward-looking statements. Factors that could affect future
performance include, but are not limited, to:
General Economic and Political Conditions
• weakness in domestic and global capital markets and other economic conditions and the impact of such conditions on our
ability to obtain credit;
• general economic and political conditions or changes in such conditions including relationships between the United
States and the countries from which we source our merchandise;
• economic, political, social or other events resulting in the short- or long-term disruption in business at our stores,
distribution centers or offices;
Customer Considerations
• changes in consumer confidence resulting in a reduction of discretionary spending on goods;
• changes in the demographic or retail environment;
• changes in consumer preferences or fashion trends;
40