Neiman Marcus 2014 Annual Report Download - page 122
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Table of Contents
The carrying values of cash and cash equivalents, credit card receivables and accounts payable approximate fair value due to their short-term nature.
We determine the fair value of our long-term debt on a non-recurring basis, which results are summarized as follows:
Long-term debt:
Asset-Based Revolving Credit Facility
Level 2
$ 130,000
$ 130,000
$ —
$ —
Senior Secured Term Loan Facility
Level 2
2,898,485
2,887,616
2,927,912
2,907,797
Cash Pay Notes
Level 2
960,000
1,021,200
960,000
994,800
PIK Toggle Notes
Level 2
600,000
639,120
600,000
633,000
2028 Debentures
Level 2
122,250
124,531
122,035
127,500
We estimated the fair value of long-term debt using (i) prevailing market rates for debt of similar remaining maturities and credit risk for our Senior
Secured Credit Facilities and (ii) quoted market prices of the same or similar issues for the Cash Pay Notes, the PIK Toggle Notes and the $125.0 million
aggregate principal amount of 7.125% Debentures due 2028 (the 2028 Debentures and, together with the Cash Pay Notes and the PIK Toggle Notes, the
Notes).
In connection with purchase accounting, we made estimates of the fair value 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 (Level 3 determination of fair value). We also measure certain non-financial assets at fair value on a non-recurring basis, primarily long-
lived assets, intangible assets and goodwill, in connection with our periodic evaluations of such assets for potential impairment.
The significant components of our property and equipment, net are as follows:
Land, buildings and improvements $ 1,126,848
$ 1,047,556
Fixtures and equipment 516,463
373,033
Construction in progress 131,966
83,395
1,775,277
1,503,984
Less: accumulated depreciation and amortization 297,391
113,718
Property and equipment, net $ 1,477,886
$ 1,390,266
F-20