Neiman Marcus 2013 Annual Report Download - page 103
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Table of Contents
Net (loss) earnings
$ (134,083)
$ (13,098)
$ 163,699
$ 140,086
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation and amortization expense
279,077
48,425
197,355
188,699
Loss on debt extinguishment
7,882
—
15,597
—
Equity in loss of foreign e-commerce retailer
3,613
1,523
13,125
1,514
Deferred income taxes
(117,874)
(6,326)
(19,439)
(10,094)
Non-cash charges related to the Acquisition
145,062
—
—
—
Other
4,931
5,002
5,633
7,004
188,608
35,526
375,970
327,209
Changes in operating assets and liabilities:
Merchandise inventories
88,832
(142,417)
(79,022)
(100,483)
Other current assets
74,480
12,111
27,664
(10,810)
Other assets
2,554
(1,484)
2,495
(4,495)
Accounts payable and accrued liabilities
(57,638)
107,091
42,604
62,611
Deferred real estate credits
3,172
1,484
4,697
15,059
Payment of deferred compensation in connection with the Acquisition
(16,623)
—
—
—
Funding of defined benefit pension plan
—
—
(25,049)
(29,281)
283,385
12,311
349,359
259,810
Capital expenditures
(138,007)
(35,959)
(146,505)
(152,838)
Acquisition of Neiman Marcus Group LTD LLC
(3,388,585)
—
—
—
Investment in foreign e-commerce retailer
35,000
—
(10,000)
(29,421)
(3,491,592)
(35,959)
(156,505)
(182,259)
Borrowings under senior secured asset-based revolving credit facility
170,000
—
—
—
Repayment of borrowings under senior secured asset-based revolving credit facility
(170,000)
—
—
—
Borrowings under senior secured term loan facility
2,950,000
—
—
—
Repayment of borrowings under senior secured term loan facility
(22,089)
—
—
—
Borrowings under former senior secured asset-based revolving credit facility
—
130,000
100,000
175,000
Repayment of borrowings under former senior secured asset-based revolving credit facility
(145,000)
—
(185,000)
(75,000)
Borrowings under former senior secured term loan facility
—
—
500,000
—
Repayment of borrowings under former senior secured term loan facility
(2,433,096)
(126,904)
—
—
Repayment of borrowings under senior subordinated notes
—
—
(510,668)
—
Borrowings under cash pay notes
960,000
—
—
—
Borrowings under PIK toggle notes
600,000
—
—
—
Distributions to stockholders
—
—
—
(449,295)
Debt issuance costs paid
(178,606)
—
(9,763)
(594)
Cash equity contributions
1,557,350
—
—
—
3,288,559
3,096
(105,431)
(349,889)
Increase (decrease) during the year
80,352
(20,552)
87,423
(272,338)
Beginning balance
116,124
136,676
49,253
321,591
$ 196,476
$ 116,124
$ 136,676
$ 49,253
Cash paid (received) during the period for:
Interest
$ 159,335
$ 40,789
$ 153,131
$ 164,700
Income taxes
$ (6,769)
$ 7,544
$ 111,085
$ 78,854