Neiman Marcus 2010 Annual Report Download - page 119
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Table of Contents
Fair Value. The fair values of the interest rate swaps and interest rate caps are estimated using industry standard valuation
models using market-based observable inputs, including interest rate curves (Level 2). A summary of the recorded assets (liabilities)
with respect to our derivative financial instruments included in our consolidated balance sheets is as follows:
(in thousands)
July 30,
2011
July 31,
2010
Interest rate caps (included in other long-term assets) $ 76 $ 1,040
Interest rate swaps (included in other current liabilities) $ — $ (22,661)
Accumulated other comprehensive loss, net of taxes $ 3,824 $ 17,281
A summary of the recorded amounts related to our interest rate caps and swaps reflected in our consolidated statements of
operations are as follows:
Fiscal year ended
(in thousands)
July 30,
2011
July 31,
2010
August 1,
2009
Realized hedging losses — included in interest
expense, net $ 23,755 $ 45,663 $ 29,212
Ineffective hedging losses — included in interest
expense, net $ — $ 854 $ 669
The amount of losses recorded in other comprehensive loss at July 30, 2011 that is expected to be reclassified into interest
expense in the next twelve months, if interest rates remain unchanged, is approximately $3.3 million.
NOTE 8. INCOME TAXES
The significant components of income tax expense (benefit) are as follows:
Fiscal year ended
(in thousands)
July 30,
2011
July 31,
2010
August 1,
2009
Current:
Federal $ 9,599 $ 31,596 $ (66,168)
State 4,075 4,572 (389)
13,674 36,168 (66,557)
Deferred:
Federal 6,166 (35,518) (132,442)
State (2,199)(4,125)(21,446)
3,967 (39,643)(153,888)
Income tax expense (benefit) $ 17,641 $ (3,475)$ (220,445)
F-23