Neiman Marcus 2007 Annual Report Download - page 134

Table of Contents
NOTE 18. CONDENSED CONSOLIDATING FINANCIAL INFORMATION (with respect to NMG's obligations under the
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 and joint and several. Currently, the Company's non-guarantor subsidiaries 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. Previously, our non-guarantor
subsidiaries also included Kate Spade LLC (prior to its sale in December 2006) and Gurwitch Products, L.L.C. (prior to its sale in
July 2006), which are reflected in the tables below as discontinued operations.
The following condensed consolidating financial information represents the financial information of Neiman Marcus, Inc.
and its non-guarantor subsidiaries, prepared on the equity basis of accounting. The information is presented in accordance with the
requirements of Rule 3-10 under the Securities and Exchange Commission'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 2, 2008 (Successor)
(in thousands) Company NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
ASSETS
Current assets:
Cash and cash equivalents $ — $ 238,204 $ 976 $ — $ 239,180
Merchandise inventories — 884,808 93,236 — 978,044
Other current assets — 163,839 8,697 — 172,536
Total current assets — 1,286,851 102,909 — 1,389,760
Property and equipment, net — 939,522 135,772 — 1,075,294
Goodwill and intangible assets, net — 1,889,445 2,153,172 — 4,042,617
Other assets — 75,249 — — 75,249
Investments in subsidiaries 1,676,519 2,288,802 — (3,965,321)—
Total assets $ 1,676,519 $ 6,479,869 $ 2,391,853 $ (3,965,321) $ 6,582,920
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ — $ 338,095 $ 33,646 $ — $ 371,741
Accrued liabilities — 289,352 70,047 — 359,399
Other current liabilities — 1,695 — — 1,695
Total current liabilities — 629,142 103,693 — 732,835
Long-term liabilities:
Long-term debt — 2,946,102 — — 2,946,102
Deferred income taxes — 929,970 — — 929,970
Other long-term liabilities — 298,136 (642)— 297,494
Total long-term liabilities — 4,174,208 (642)— 4,173,566
Total shareholders' equity 1,676,519 1,676,519 2,288,802 (3,965,321)1,676,519
Total liabilities and shareholders' equity $ 1,676,519 $ 6,479,869 $ 2,391,853 $ (3,965,321)$ 6,582,920
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