Neiman Marcus 2014 Annual Report Download - page 119
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Table of Contents
This new guidance is effective for us no earlier than the first quarter of fiscal year 2019 using one of two retrospective application methods. We are currently
evaluating which application method to adopt and the impact of adopting this new accounting guidance on our Consolidated Financial Statements.
We do not expect that any other recently issued accounting pronouncements will have a material impact on our Consolidated Financial Statements.
The Acquisition was completed on October 25, 2013 and was financed by:
• borrowings of $75.0 million under the senior secured asset-based revolving credit facility (as amended, the Asset-Based Revolving Credit
Facility);
• borrowings of $2,950.0 million under the senior secured term loan facility (as amended, the Senior Secured Term Loan Facility and, together
with the Asset-Based Revolving Credit Facility, the Senior Secured Credit Facilities);
• issuance of $960.0 million aggregate principal amount of 8.00% senior cash pay notes due 2021 (the Cash Pay Notes);
• issuance of $600.0 million aggregate principal amount of 8.75%/9.50% senior PIK toggle notes due 2021 (the PIK Toggle Notes); and
• $1,584.1 million of equity investments from Parent funded by direct and indirect equity investments from the Sponsors, certain co-investors and
management.
The Acquisition occurred simultaneously with:
• the closing of the financing transactions and equity investments described previously;
• the termination of the former $700.0 million senior secured asset-based revolving credit facility (the Former Asset-Based Revolving Credit
Facility); and
• the termination of the former $2,560.0 million senior secured term loan facility (the Former Senior Secured Term Loan Facility and, together
with the Former Asset-Based Revolving Credit Facility, the Former Senior Secured Credit Facilities).
We accounted for the Acquisition in accordance with the provisions of FASB Accounting Standards Codification Topic 805, Business
Combinations, whereby the purchase price paid to effect the Acquisition was allocated to state the acquired assets and liabilities at fair value.
In connection with the allocation of the purchase price, we made estimates of the fair values of our long-lived and intangible assets based upon
assumptions related to the future cash flows, discount rates and asset lives utilizing currently available information, and in some cases, valuation results from
independent valuation specialists. As of August 2, 2014, we recorded purchase accounting adjustments to increase the carrying value of our property and
equipment and inventory, to revalue intangible assets for our tradenames, customer lists and favorable lease commitments and to revalue our long-term
benefit plan obligations, among other things. The purchase price was allocated as follows (in millions):
F-17