Neiman Marcus 2010 Annual Report Download - page 111
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Table of Contents
NOTE 2. PROPERTY AND EQUIPMENT, NET
The significant components of our property and equipment, net are as follows:
(in thousands)
July 30,
2011
July 31,
2010
Land, buildings and improvements $ 915,997 $ 898,625
Fixtures and equipment 718,541 672,808
Construction in progress 52,238 19,451
1,686,776 1,590,884
Less accumulated depreciation and amortization 813,577 685,058
Property and equipment, net $ 873,199 $ 905,826
NOTE 3. GOODWILL AND INTANGIBLE ASSETS, NET
The significant components of our intangible assets and goodwill, by our reportable operating segments, are as follows:
(in thousands) Customer Lists
Favorable
Lease
Commitments Tradenames Goodwill
Specialty Retail Stores
Balance at August 1, 2009 $ 339,017 $ 411,564 $ 1,094,195 $ 959,662
Amortization (39,499)(17,878)— —
Balance at July 31, 2010 299,518 393,686 1,094,195 959,662
Amortization (30,820)(17,878)— —
Balance at July 30, 2011 $ 268,698 $ 375,808 $ 1,094,195 $ 959,662
Direct Marketing
Balance at August 1, 2009 $ 29,643 $ — $ 141,095 $ 303,771
Amortization (14,772)— (1,110)—
Balance at July 31, 2010 14,871 — 139,985 303,771
Amortization (12,740)— (1,110)—
Balance at July 30, 2011 $ 2,131 $ — $ 138,875 $ 303,771
Total at July 30, 2011 $ 270,829 $ 375,808 $ 1,233,070 $ 1,263,433
Total accumulated amortization at July 30, 2011 $ 305,661 $ 104,172 $ 2,775
As more fully described below in Note 4 of the Notes to Consolidated Financial Statements, we recorded significant
impairment charges in fiscal year 2009 to writedown our tradenames and goodwill to estimated fair value.
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