Neiman Marcus 2012 Annual Report Download - page 130
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Table of Contents
NOTE 18. CONDENSED CONSOLIDATING FINANCIAL INFORMATION
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. The Company’s guarantee of the 2028 Debentures is subject to automatic release if the requirements for legal defeasance or covenant
defeasance of the 2028 Debentures are satisfied, or if NMG’s obligations under the indenture governing the 2028 Debentures are discharged. Currently, the
Company’s non-guarantor subsidiaries under the 2028 Debentures consist principally of 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 NMG in
conducting its operations.
The following condensed consolidating financial information represents the financial information of Neiman Marcus Group LTD Inc. and its non-
guarantor subsidiaries under the 2028 Debentures, prepared on the equity basis of accounting. The information is presented in accordance with the
requirements of Rule 3-10 under the SEC’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.
August 3, 2013
(in thousands) Company NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
ASSETS
Current assets:
Cash and cash equivalents $ — $ 135,827 $ 849 $ — $ 136,676
Merchandise inventories — 909,332 109,507 —1,018,839
Other current assets —117,313 13,149 — 130,462
Total current assets —1,162,472 123,505 —1,285,977
Property and equipment, net —795,798 106,046 — 901,844
Goodwill —1,107,753 155,680 —1,263,433
Intangible assets, net —245,756 1,536,392 —1,782,148
Other assets — 38,835 28,004 —66,839
Investments in subsidiaries 831,038 1,845,022 —(2,676,060) —
Total assets $831,038 $5,195,636 $1,949,627 $(2,676,060) $ 5,300,241
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ — $ 354,249 $ 32,289 $ — $ 386,538
Accrued liabilities —319,358 70,810 —390,168
Total current liabilities —673,607 103,099 — 776,706
Long-term liabilities:
Long-term debt —2,697,077 — — 2,697,077
Deferred income taxes —639,381 — — 639,381
Other long-term liabilities —354,533 1,506 —356,039
Total long-term liabilities —3,690,991 1,506 —3,692,497
Total stockholders’ equity 831,038 831,038 1,845,022 (2,676,060)831,038
Total liabilities and stockholders’ equity $831,038 $5,195,636 $1,949,627 $(2,676,060)$5,300,241
F-36