Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
3-May-14 | |
Document and Entity Information | ' |
Entity Registrant Name | 'Neiman Marcus Group LTD LLC |
Entity Central Index Key | '0001358651 |
Current Fiscal Year End Date | '--08-02 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Current Reporting Status | 'Yes |
Document Type | '10-Q |
Document Period End Date | 3-May-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Amendment Flag | 'false |
Entity Membership Units, Units Outstanding | 1 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | 3-May-14 | Aug. 03, 2013 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | Predecessor | Predecessor | |
Current assets: | ' | ' | ' |
Cash and cash equivalents | $115,818 | $136,676 | $68,559 |
Merchandise inventories | 1,053,450 | 1,018,839 | 995,395 |
Deferred income taxes | 41,340 | 27,645 | 24,561 |
Other current assets | 146,054 | 102,817 | 97,281 |
Total current assets | 1,356,662 | 1,285,977 | 1,185,796 |
Property and equipment, net | 1,402,507 | 901,844 | 897,401 |
Goodwill | 2,240,943 | 1,263,433 | 1,263,433 |
Intangible assets, net | 3,608,306 | 1,782,148 | 1,794,121 |
Other assets | 167,570 | 66,839 | 73,768 |
Total assets | 8,775,988 | 5,300,241 | 5,214,519 |
Current liabilities: | ' | ' | ' |
Accounts payable | 261,928 | 386,538 | 251,237 |
Accrued liabilities | 438,906 | 390,168 | 437,992 |
Other current liabilities | 29,426 | 0 | 0 |
Total current liabilities | 730,260 | 776,706 | 689,229 |
Long-term liabilities: | ' | ' | ' |
Long-term debt | 4,632,824 | 2,697,077 | 2,702,028 |
Deferred income taxes | 1,619,338 | 639,381 | 617,713 |
Deferred real estate credits | 1,958 | 104,366 | 104,688 |
Other long-term liabilities | 289,400 | 251,673 | 309,649 |
Total long-term liabilities | 6,543,520 | 3,692,497 | 3,734,078 |
Common stock (par value $0.01 per share, 4,000,000 shares authorized and 1,019,728 shares issued and outstanding at August 3, 2013 and April 27, 2013) | 0 | 10 | 10 |
Membership unit (1 unit issued and outstanding at May 3, 2014) | 0 | 0 | 0 |
Additional paid-in capital | 1,583,256 | 1,005,833 | 1,003,529 |
Accumulated other comprehensive earnings (loss) | 303 | -107,529 | -142,168 |
Accumulated deficit | -81,351 | -67,276 | -70,159 |
Total member equity | 1,502,208 | ' | ' |
Total member equity | ' | 831,038 | 791,212 |
Total liabilities and member equity | $8,775,988 | $5,300,241 | $5,214,519 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 3-May-14 | Aug. 03, 2013 | Apr. 27, 2013 |
Predecessor | Predecessor | ||
Common stock, par value (in dollars per share) | ' | $0.01 | $0.01 |
Common stock, shares authorized | ' | 4,000,000 | 4,000,000 |
Common stock, shares issued | ' | 1,019,728 | 1,019,728 |
Common stock, shares outstanding | ' | 1,019,728 | 1,019,728 |
Membership units issued | 1 | ' | ' |
Membership units outstanding | 1 | ' | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 |
Predecessor | Predecessor | Predecessor | |||
Revenues | $1,164,720 | $2,597,513 | $1,129,138 | $1,098,267 | $3,529,169 |
Cost of goods sold including buying and occupancy costs (excluding depreciation) | 749,059 | 1,802,071 | 685,408 | 663,317 | 2,230,446 |
Selling, general and administrative expenses (excluding depreciation) | 273,723 | 579,622 | 266,543 | 245,930 | 781,646 |
Income from credit card program | -13,222 | -28,451 | -14,653 | -13,315 | -39,529 |
Depreciation expense | 46,165 | 92,383 | 34,239 | 34,067 | 100,947 |
Amortization of intangible assets | 18,065 | 36,131 | 7,251 | 7,251 | 22,308 |
Amortization of favorable lease commitments | 13,171 | 26,342 | 4,469 | 4,385 | 13,155 |
Other expenses | 6,027 | 70,195 | 113,745 | 6,353 | 17,681 |
Operating earnings | 71,732 | 19,220 | 32,136 | 150,279 | 402,515 |
Interest expense, net | 82,222 | 160,081 | 37,315 | 32,346 | 134,765 |
(Loss) earnings before income taxes | -10,490 | -140,861 | -5,179 | 117,933 | 267,750 |
Income tax (benefit) expense | -7,824 | -59,510 | 7,919 | 47,168 | 106,934 |
Net (loss) earnings | ($2,666) | ($81,351) | ($13,098) | $70,765 | $160,816 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) EARNINGS (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 |
Predecessor | Predecessor | Predecessor | |||
Net (loss) earnings | ($2,666) | ($81,351) | ($13,098) | $70,765 | $160,816 |
Other comprehensive earnings (loss): | ' | ' | ' | ' | ' |
Change in unrealized loss on financial instruments, net of tax (QTD: $379 and ($835) and YTD: $196, $396, and ($109) | 588 | 303 | 610 | -1,284 | -168 |
Reclassification of realized loss on financial instruments to earnings, net of tax (QTD: $0 and $65, YTD: $0, $145, and $1,274) | 0 | 0 | 224 | 100 | 1,959 |
Change in unrealized loss on unfunded benefit obligations, net of tax (QTD: $0 and $575, YTD: $0, $319, and $3,142) | 0 | 0 | 490 | 885 | 4,833 |
Total other comprehensive earnings (loss) | 588 | 303 | 1,324 | -299 | 6,624 |
Total comprehensive (loss) earnings | ($2,078) | ($81,048) | ($11,774) | $70,466 | $167,440 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) EARNINGS (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 |
Predecessor | Predecessor | Predecessor | |||
Change in unrealized loss on financial instruments, tax | $379 | $196 | $396 | ($835) | ($109) |
Reclassification of realized loss on financial instruments to earnings, tax | 0 | 0 | 145 | 65 | 1,274 |
Change in unrealized loss on unfunded benefit obligations, tax | $0 | $0 | $319 | $575 | $3,142 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 |
Predecessor | Predecessor | ||
CASH FLOWS - OPERATING ACTIVITIES | ' | ' | ' |
Net (loss) earnings | ($81,351) | ($13,098) | $160,816 |
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization expense | 165,846 | 48,425 | 142,686 |
Loss on debt extinguishment | 7,882 | 0 | 15,597 |
Equity in loss of foreign e-commerce retailer | 3,613 | 1,523 | 8,858 |
Deferred income taxes | -112,754 | -6,326 | -15,501 |
Non-cash charges related to the Acquisition | 145,062 | 0 | 0 |
Other | 622 | 5,002 | 4,265 |
Total adjustments to reconcile net (loss) earnings to net cash provided by operating activities | 128,920 | 35,526 | 316,721 |
Changes in operating assets and liabilities: | ' | ' | ' |
Merchandise inventories | 105,014 | -142,417 | -55,578 |
Other current assets | 46,556 | 12,111 | 34,900 |
Other assets | 3,226 | -1,484 | 1,789 |
Accounts payable and accrued liabilities | -178,840 | 107,091 | -42,230 |
Deferred real estate credits | 589 | 1,484 | 2,698 |
Payment of deferred compensation | -16,623 | 0 | 0 |
Funding of defined benefit pension plan | 0 | 0 | -25,000 |
Net cash provided by operating activities | 88,842 | 12,311 | 233,300 |
CASH FLOWS - INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -75,629 | -35,959 | -103,563 |
Acquisition of Neiman Marcus Group LTD LLC | -3,388,585 | 0 | 0 |
Investment in foreign e-commerce retailer | 35,000 | 0 | -10,000 |
Net cash used for investing activities | -3,429,214 | -35,959 | -113,563 |
CASH FLOWS - FINANCING ACTIVITIES | ' | ' | ' |
Borrowings under Senior Secured Asset-Based Revolving Credit Facility | 170,000 | 0 | 0 |
Repayment of borrowings under senior secured asset-based revolving credit facility | -125,000 | 0 | 0 |
Borrowings under Senior Secured Term Loan Facility | 2,950,000 | 0 | 0 |
Repayment of borrowings under senior secured term loan facility | -14,732 | 0 | 0 |
Repayment of borrowings under senior subordinated notes | 0 | 0 | -510,668 |
Debt issuance costs paid | -178,606 | 0 | -9,763 |
Cash equity contributions | 1,556,500 | 0 | 0 |
Net cash provided by (used for) financing activities | 3,340,066 | 3,096 | -100,431 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
(Decrease) increase during the period | -306 | -20,552 | 19,306 |
Beginning balance | 116,124 | 136,676 | 49,253 |
Ending balance | 115,818 | 116,124 | 68,559 |
Cash paid during the period for: | ' | ' | ' |
Interest | 124,809 | 40,789 | 121,600 |
Income taxes | 36,415 | 7,544 | 75,524 |
Non-cash activities: | ' | ' | ' |
Equity contribution from management | $26,756 | $0 | $0 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
3-May-14 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
Neiman Marcus Group LTD LLC (the Company) is a luxury retailer conducting integrated store and online operations principally under the Neiman Marcus and Bergdorf Goodman brand names. References to “we,” “our” and “us” are used to refer to the Company or to the Company and its subsidiaries, as appropriate to the context. Prior to October 25, 2013, the Company (formerly Neiman Marcus Group LTD Inc.) was a subsidiary of Newton Holding, LLC, which was controlled by investment funds affiliated with TPG Global, LLC (together with its affiliates, TPG) and Warburg Pincus LLC (together with TPG, the Former Sponsors). On October 25, 2013, the Company merged with and into Mariposa Merger Sub LLC (Mariposa) pursuant to an Agreement and Plan of Merger, dated September 9, 2013, by and among NM Mariposa Holdings, Inc. (Parent), Mariposa and the Company, with the Company surviving the merger (the Acquisition). As a result of the Acquisition and the Conversion (as defined below), the Company is now a direct subsidiary of Mariposa Intermediate Holdings LLC (Holdings), which in turn is a direct subsidiary of Parent. Parent is controlled by private investment funds affiliated with Ares Management, L.P. and Canada Pension Plan Investment Board (together, the Sponsors). On October 28, 2013, Neiman Marcus Group LTD Inc. converted from a Delaware corporation to a Delaware limited liability company (the Conversion). | ||
The Company’s operations are conducted through its wholly owned subsidiary, The Neiman Marcus Group LLC (formerly The Neiman Marcus Group, Inc.) (NMG). On October 28, 2013, The Neiman Marcus Group, Inc. converted from a Delaware corporation to a Delaware limited liability company. We report our store operations as our Specialty Retail Stores segment and our online operations as our Online segment. | ||
The accompanying unaudited Condensed Consolidated Financial Statements are presented as “Predecessor” or “Successor” to indicate whether they relate to the period preceding the Acquisition or the period succeeding the Acquisition, respectively. The Acquisition and the preliminary allocation of the purchase price have been recorded for accounting purposes as of November 2, 2013. All significant intercompany accounts and transactions have been eliminated. | ||
Our fiscal year ends on the Saturday closest to July 31. Like many other retailers, we follow a 4-5-4 reporting calendar, which means that each fiscal quarter consists of thirteen weeks divided into periods of four weeks, five weeks and four weeks. All references to the third quarter of fiscal year 2014 relate to the thirteen weeks ended May 3, 2014 of the Successor. All references to the third quarter of fiscal year 2013 relate to the thirteen weeks ended April 27, 2013 of the Predecessor. All references to year-to-date fiscal 2014 relate to the combined thirty-nine weeks ended May 3, 2014. All references to year-to-date fiscal 2013 relate to the thirty-nine weeks ended April 27, 2013 of the Predecessor. | ||
We have prepared the accompanying unaudited Condensed Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended August 3, 2013. In our opinion, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position, results of operations and cash flows for the applicable interim periods. | ||
The specialty retail industry is seasonal in nature, with a higher level of sales typically generated in the fall and holiday selling seasons. Due to seasonal and other factors, the results of operations for the third quarter of fiscal year 2014 are not necessarily comparable to, or indicative of, results of any other interim period or for the fiscal year as a whole. | ||
A detailed description of our critical accounting policies is included in our Annual Report on Form 10-K for the fiscal year ended August 3, 2013. | ||
Certain prior period balances have been reclassified to conform to the current period presentation. | ||
Use of Estimates. We are required to make estimates and assumptions about future events in preparing our financial statements in conformity with GAAP. These estimates and assumptions affect the amounts of assets, liabilities, revenues and expenses and the disclosure of gain and loss contingencies at the date of the unaudited Condensed Consolidated Financial Statements. | ||
While we believe that our past estimates and assumptions have been materially accurate, the amounts currently estimated are subject to change if different assumptions as to the outcome of future events were made. We evaluate our estimates and judgments on an ongoing basis and predicate those estimates and judgments on historical experience and on various other factors that we believe to be reasonable under the circumstances. We make adjustments to our assumptions and judgments when facts and circumstances dictate. Since future events and their effects cannot be determined with absolute certainty, actual results may differ from the estimates used in preparing the accompanying unaudited Condensed Consolidated Financial Statements. | ||
We believe the following critical accounting policies, among others, encompass the more significant judgments and estimates used in the preparation of our unaudited Condensed Consolidated Financial Statements: | ||
• | preliminary allocation of the price paid to acquire the Company to our assets and liabilities as of the date of the Acquisition (as more fully described in Note 3); | |
• | recognition of revenues; | |
• | valuation of merchandise inventories, including determination of original retail values, recognition of markdowns and vendor allowances, estimation of inventory shrinkage, and determination of cost of goods sold; | |
• | determination of impairment of long-lived assets; | |
• | measurement of liabilities related to our loyalty program; | |
• | recognition of income taxes; and | |
• | measurement of accruals for general liability, workers’ compensation and health insurance claims and pension and postretirement health care benefits. | |
Recent Accounting Pronouncements. In July 2012, the Financial Accounting Standards Board (FASB) issued guidance to reduce the complexity and costs associated with interim and annual indefinite-lived intangible assets impairment tests. This guidance allows an entity the option to make a qualitative evaluation about the likelihood of impairment to determine whether it should calculate the fair value of the indefinite-lived intangible assets. While we adopted this guidance during the first quarter of fiscal year 2014, no impairment tests were required in year-to-date fiscal 2014. We will perform our annual impairment tests in the fourth quarter of fiscal year 2014 and do not expect this guidance to have a material impact on our Condensed Consolidated Financial Statements. | ||
In February 2013, the FASB issued guidance to improve the reporting of reclassifications out of accumulated other comprehensive earnings depending on the significance of the reclassifications and whether they are required by GAAP. We adopted this guidance during the first quarter of fiscal year 2014. The adoption of this guidance did not have a material impact on our Condensed Consolidated Financial Statements. | ||
In July 2013, the FASB issued guidance to improve the reporting of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2013, which is effective for us as of the first quarter of fiscal year 2015. We do not expect that the implementation of this standard will have a material impact on our Condensed Consolidated Financial Statements. | ||
In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes the most current revenue recognition guidance. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016, which is effective for us as of the first quarter of fiscal year 2018. We do not expect that the implementation of this standard will have a material impact on our Condensed Consolidated Financial Statements. |
The_Acquisition
The Acquisition | 9 Months Ended | |
3-May-14 | ||
The Acquisition | ' | |
The Acquisition | ' | |
The Acquisition | ||
As discussed in Note 1, the Acquisition was completed on October 25, 2013 and was financed by: | ||
• | borrowings of $75.0 million under our senior secured asset-based revolving credit facility (Asset-Based Revolving Credit Facility); | |
• | borrowings of $2,950.0 million under our senior secured term loan facility (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 (Cash Pay Notes); | |
• | issuance of $600.0 million aggregate principal amount of 8.75%/9.50% senior PIK toggle notes due 2021 (PIK Toggle Notes); and | |
• | $1,583.3 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 our former $700.0 million senior secured asset-based revolving credit facility (Former Asset-Based Revolving Credit Facility); and | |
• | the termination of our former $2,560.0 million senior secured term loan facility (Former Senior Secured Term Loan Facility and, together with the Former Asset-Based Revolving Credit Facility, the Former Senior Secured Credit Facilities). |
Purchase_Accounting
Purchase Accounting | 9 Months Ended | ||||||||||||||||
3-May-14 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Purchase Accounting | ' | ||||||||||||||||
Purchase Accounting | |||||||||||||||||
We have 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 is allocated to state the acquired assets and liabilities at fair value. The Acquisition and the preliminary allocation of the purchase price have been recorded for accounting purposes as of November 2, 2013. The sources and uses of funds in connection with the closing of the Acquisition on October 25, 2013 are summarized below (in millions): | |||||||||||||||||
Sources | |||||||||||||||||
Borrowings under new debt agreements: | |||||||||||||||||
Asset-Based Revolving Credit Facility | $ | 75 | |||||||||||||||
Senior Secured Term Loan Facility | 2,950.00 | ||||||||||||||||
Cash Pay Notes | 960 | ||||||||||||||||
PIK Toggle Notes | 600 | ||||||||||||||||
Equity contributions - cash | 1,556.50 | ||||||||||||||||
Equity contributions - non-cash | 26.8 | ||||||||||||||||
Cash on hand | 38.2 | ||||||||||||||||
Total sources | $ | 6,206.50 | |||||||||||||||
Uses | |||||||||||||||||
Consideration payable to former equity holders | $ | 3,382.70 | |||||||||||||||
Repayments of Former Senior Secured Credit Facilities | 2,591.70 | ||||||||||||||||
Debt issuance costs | 147.4 | ||||||||||||||||
Fees and expenses | 84.7 | ||||||||||||||||
Total uses | $ | 6,206.50 | |||||||||||||||
In connection with the preliminary purchase price allocation, we have made preliminary 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, preliminary valuation results from independent valuation specialists. As of May 3, 2014, we have recorded preliminary 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. This preliminary allocation of the purchase price is subject to finalization of independent appraisals. | |||||||||||||||||
During the third quarter of fiscal year 2014, we revised our estimates of the fair values of our long-lived and intangible assets at the Acquisition date as follows: | |||||||||||||||||
Estimated Fair Value at Acquisition Date | |||||||||||||||||
(in millions) | May 3, | November 2, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Property and equipment | $ | 1,420.30 | $ | 1,094.60 | |||||||||||||
Customer lists | 571.6 | 484.7 | |||||||||||||||
Favorable lease commitments | 1,138.30 | 1,067.60 | |||||||||||||||
Tradenames | 1,960.90 | 1,909.50 | |||||||||||||||
Goodwill | 2,240.90 | 2,559.80 | |||||||||||||||
As a result of revisions to the preliminary purchase price allocation recorded in the third quarter of fiscal year 2014, catch-up depreciation and amortization expense totaling $17.7 million related to the second quarter of fiscal year 2014 was recorded in the third quarter of fiscal year 2014. Catch-up depreciation and amortization expense related to the second quarter of fiscal year 2014 is excluded from the Condensed Consolidated Statements of Operations for the thirteen weeks ended May 3, 2014. | |||||||||||||||||
Further revisions to the estimated fair value of our assets and liabilities at the Acquisition date will be made as independent appraisals are finalized and additional information becomes available and such revisions could be material. | |||||||||||||||||
The purchase price has been preliminarily allocated as follows (in millions): | |||||||||||||||||
Consideration payable to former equity holders (including $26.8 million management rollover) | $ | 3,382.70 | |||||||||||||||
Capitalized transaction costs | 32.7 | ||||||||||||||||
Total consideration paid to effect the Acquisition | 3,415.40 | ||||||||||||||||
Net assets acquired at historical cost | 821.9 | ||||||||||||||||
Adjustments to state acquired assets at fair value: | |||||||||||||||||
1) Increase carrying value of merchandise inventories | $ | 129.6 | |||||||||||||||
2) Increase carrying value of property and equipment | 515.7 | ||||||||||||||||
3) Revalue intangible assets to fair value: | |||||||||||||||||
Tradenames | 729.5 | ||||||||||||||||
Customer lists | 368.1 | ||||||||||||||||
Favorable lease commitments | 802.7 | ||||||||||||||||
4) Change in carrying values of other assets and liabilities | (39.3 | ) | |||||||||||||||
5) Write-off historical deferred lease credits | 102.3 | ||||||||||||||||
6) Write-off historical debt issuance costs | (31.3 | ) | |||||||||||||||
7) Write-off historical goodwill | (1,263.4 | ) | |||||||||||||||
8) Settlement of unvested Predecessor stock options (Note 10) | 51.5 | ||||||||||||||||
9) Tax impact of valuation adjustments and other tax benefits | (1,012.8 | ) | |||||||||||||||
Total adjustments to state acquired assets at fair value | 352.6 | ||||||||||||||||
Net assets acquired at fair value | 1,174.50 | ||||||||||||||||
Excess purchase price related to the Acquisition recorded as goodwill | $ | 2,240.90 | |||||||||||||||
Pro Forma Financial Information. The following unaudited pro forma results of operations assume that the Acquisition occurred on July 29, 2012. This unaudited pro forma information should not be relied upon as necessarily being indicative of the historical results that would have been obtained if the Acquisition had actually occurred on that date, nor the results that may be obtained in the future. | |||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | ||||||||||||||||
(in thousands) | May 3, | April 27, | May 3, | April 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | 1,164,720 | $ | 1,098,267 | $ | 3,726,651 | $ | 3,529,169 | |||||||||
Net earnings (loss) | 15,964 | 26,842 | 48,960 | (43,419 | ) | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||
Fair value is the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. Assets and liabilities are classified using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows: | ||||||||||||||||||||||||||||
• | Level 1 — Unadjusted quoted prices for identical instruments traded in active markets. | |||||||||||||||||||||||||||
• | Level 2 — Observable market-based inputs or unobservable inputs corroborated by market data. | |||||||||||||||||||||||||||
• | Level 3 — Unobservable inputs reflecting management’s estimates and assumptions. | |||||||||||||||||||||||||||
The following table shows the Company’s financial assets that are required to be measured at fair value on a recurring basis in our Condensed Consolidated Balance Sheets: | ||||||||||||||||||||||||||||
Fair Value | May 3, | August 3, | April 27, | |||||||||||||||||||||||||
Hierarchy | 2014 | 2013 | 2013 | |||||||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||||||||||
Other long-term assets: | ||||||||||||||||||||||||||||
Interest rate caps | Level 2 | $ | 2,000 | $ | 29 | $ | 26 | |||||||||||||||||||||
The fair value of the interest rate caps are estimated using industry standard valuation models using market-based observable inputs, including interest rate curves. In addition, the fair value of the interest rate caps includes consideration of the counterparty’s non-performance risk. | ||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||
3-May-14 | August 3, 2013 | 27-Apr-13 | ||||||||||||||||||||||||||
(Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||||||||||
(in thousands) | Fair Value | Carrying | Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Hierarchy | Value | Value | Value | Value | Value | Value | ||||||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||||||||
Asset-Based Revolving Credit Facility | Level 2 | $ | 45,000 | $ | 45,000 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Senior Secured Term Loan Facility | Level 2 | 2,935,268 | 2,935,268 | — | — | — | — | |||||||||||||||||||||
Cash Pay Notes | Level 2 | 960,000 | 1,046,400 | — | — | — | — | |||||||||||||||||||||
PIK Toggle Notes | Level 2 | 600,000 | 657,000 | — | — | — | — | |||||||||||||||||||||
2028 Debentures | Level 2 | 121,982 | 125,156 | 122,077 | 125,625 | 122,028 | 128,750 | |||||||||||||||||||||
Former Asset-Based Revolving Credit Facility | Level 2 | — | — | 15,000 | 15,000 | 20,000 | 20,000 | |||||||||||||||||||||
Former Senior Secured Term Loan Facility | Level 2 | — | — | 2,560,000 | 2,566,400 | 2,560,000 | 2,582,400 | |||||||||||||||||||||
We estimated the fair value of our long-term debt using similar rates offered for debt of similar remaining maturities and credit risk for the Asset-Based Revolving Credit Facility and Former Asset-Based Revolving Credit Facility, prevailing market rates for the Senior Secured Term Loan Facility and Former Senior Secured Term Loan Facility, and 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 have made preliminary 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, preliminary 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. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, Net | 9 Months Ended | |||||||||||||
3-May-14 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Goodwill and Intangible Assets, Net | ' | |||||||||||||
Goodwill and Intangible Assets, Net | ||||||||||||||
May 3, | August 3, | April 27, | ||||||||||||
2014 | 2013 | 2013 | ||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||
Goodwill | $ | 2,240,943 | $ | 1,263,433 | $ | 1,263,433 | ||||||||
Tradenames | $ | 1,960,914 | $ | 1,231,405 | $ | 1,231,405 | ||||||||
Customer lists, net | 535,423 | 210,690 | 217,941 | |||||||||||
Favorable lease commitments, net | 1,111,969 | 340,053 | 344,775 | |||||||||||
Intangible assets, net | $ | 3,608,306 | $ | 1,782,148 | $ | 1,794,121 | ||||||||
Indefinite-lived Intangible Assets and Goodwill. Indefinite-lived intangible assets, such as tradenames and goodwill, are not subject to amortization. Rather, we assess the recoverability of indefinite-lived intangible assets and goodwill in the fourth quarter of each fiscal year and upon the occurrence of certain events. | ||||||||||||||
Intangible Assets Subject to Amortization. Prior to the Acquisition, Predecessor customer lists and amortizable tradenames were amortized over their estimated useful lives, ranging from four to 24 years (weighted average life of 13 years from the October 6, 2005 acquisition). Predecessor favorable lease commitments were amortized over the remaining lives of the leases, ranging from nine to 49 years (weighted average life of 33 years from the October 6, 2005 acquisition). | ||||||||||||||
Subsequent to the Acquisition, Successor customer lists and certain other intangible assets are amortized over their estimated useful lives, currently estimated at six to 15 years (weighted average life of 12 years from the Acquisition). Successor favorable lease commitments are amortized over the remaining lives of the leases, currently estimated at two to 55 years (weighted average life of 30 years from the Acquisition). Total amortization of all intangible assets recorded in connection with the Acquisition for the current and next five fiscal years is currently estimated as follows (in thousands): | ||||||||||||||
May 4, 2014 through August 2, 2014 | $ | 31,237 | ||||||||||||
2015 | 125,464 | |||||||||||||
2016 | 104,433 | |||||||||||||
2017 | 100,454 | |||||||||||||
2018 | 95,286 | |||||||||||||
2019 | 94,941 | |||||||||||||
At May 3, 2014, accumulated amortization was $36.1 million for Successor customer lists and $26.3 million for Successor favorable lease commitments. |
Longterm_Debt
Long-term Debt | 9 Months Ended | ||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||
Long-term Debt | ' | ||||||||||||||||||||||
Long-term Debt | |||||||||||||||||||||||
The significant components of our long-term debt are as follows: | |||||||||||||||||||||||
Interest | May 3, | August 3, | April 27, | ||||||||||||||||||||
Rate | 2014 | 2013 | 2013 | ||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||||
Asset-Based Revolving Credit Facility | variable | $ | 45,000 | $ | — | $ | — | ||||||||||||||||
Senior Secured Term Loan Facility | variable | 2,935,268 | — | — | |||||||||||||||||||
Cash Pay Notes | 8.00% | 960,000 | — | — | |||||||||||||||||||
PIK Toggle Notes | 8.75%/9.50% | 600,000 | — | — | |||||||||||||||||||
2028 Debentures | 7.12% | 121,982 | 122,077 | 122,028 | |||||||||||||||||||
Former Asset-Based Revolving Credit Facility | variable | — | 15,000 | 20,000 | |||||||||||||||||||
Former Senior Secured Term Loan Facility | variable | — | 2,560,000 | 2,560,000 | |||||||||||||||||||
Total debt | 4,662,250 | 2,697,077 | 2,702,028 | ||||||||||||||||||||
Less: current portion of Senior Secured Term Loan Facility | (29,426 | ) | — | — | |||||||||||||||||||
Long-term debt | $ | 4,632,824 | $ | 2,697,077 | $ | 2,702,028 | |||||||||||||||||
Asset-Based Revolving Credit Facility. On October 25, 2013, we entered into a credit agreement and related security and other agreements for a senior secured Asset-Based Revolving Credit Facility providing for a maximum of committed borrowing capacity of $800.0 million. The Asset-Based Revolving Credit Facility matures on October 25, 2018. On May 3, 2014, we had $45.0 million of borrowings outstanding under this facility, no outstanding letters of credit and $675.0 million of unused borrowing availability. | |||||||||||||||||||||||
Availability under the Asset-Based Revolving Credit Facility is subject to a borrowing base. The Asset-Based Revolving Credit Facility includes borrowing capacity available for letters of credit (up to $150.0 million, with any such issuance of letters of credit reducing the amount available under the Asset-Based Revolving Credit Facility on a dollar for dollar basis) and for borrowings on same-day notice. The borrowing base is equal to at any time the sum of (a) 90% of the net orderly liquidation value of eligible inventory, net of certain reserves, plus (b) 90% of the amounts owed by credit card processors in respect of eligible credit card accounts constituting proceeds from the sale or disposition of inventory, less certain reserves, plus (c) 100% of segregated cash held in a restricted deposit account. We must at all times maintain excess availability of at least the greater of (a) 10% of the lesser of (1) the aggregate revolving commitments and (2) the borrowing base and (b) $50.0 million, but we are not required to maintain a fixed charge coverage ratio unless excess availability is below such levels. | |||||||||||||||||||||||
The Asset-Based Revolving Credit Facility permits us to increase commitments under the Asset-Based Revolving Credit Facility or add one or more incremental term loans to the Asset-Based Revolving Credit Facility by an amount not to exceed $300.0 million. However, the lenders are under no obligation to provide any such additional commitments or loans, and any increase in commitments or incremental term loans will be subject to customary conditions precedent. If we were to request any such additional commitments and the existing lenders or new lenders were to agree to provide such commitments, the size of the Asset-Based Revolving Credit Facility could be increased to up to $1,100.0 million, but our ability to borrow would still be limited by the amount of the borrowing base. The cash proceeds of any incremental term loans may be used for working capital and general corporate purposes. | |||||||||||||||||||||||
At May 3, 2014, borrowings under the Asset-Based Revolving Credit Facility bore interest at a rate per annum equal to, at our option, either (a) a base rate determined by reference to the highest of 1) the prime rate of Deutsche Bank AG New York Branch (the administrative agent), 2) the federal funds effective rate plus ½ of 1.00% or 3) the adjusted one-month LIBOR plus 1.00% or (b) LIBOR, subject to certain adjustments, in each case plus an applicable margin. The applicable margin is up to 0.75% with respect to base rate borrowings and up to 1.75% with respect to LIBOR borrowings. The applicable margin is subject to adjustment based on the historical excess availability under the Asset-Based Revolving Credit Facility. The interest rate on the outstanding borrowings pursuant to the Asset-Based Revolving Credit Facility was 1.40% at May 3, 2014. In addition, we are required to pay a commitment fee in respect of unused commitments 0.25% per annum. We must also pay customary letter of credit fees and agency fees. | |||||||||||||||||||||||
If at any time the aggregate amount of outstanding revolving loans, unreimbursed letter of credit drawings and undrawn letters of credit under the Asset-Based Revolving Credit Facility exceeds the lesser of (a) the commitment amount and (b) the borrowing base, we will be required to repay outstanding loans or cash collateralize letters of credit in an aggregate amount equal to such excess, with no reduction of the commitment amount. If the amount available under the Asset-Based Revolving Credit Facility is less than the greater of (a) 10% of the lesser of (1) the aggregate revolving commitments and (2) the borrowing base and (b) $50.0 million, funds held in a collection account maintained with the agent would be applied to repay certain loans and, if an event of default has occurred, cash collateralize letters of credit. We would then be required to make daily deposits in the collection account maintained with the agent under the Asset-Based Revolving Credit Facility. | |||||||||||||||||||||||
We may voluntarily reduce the unutilized portion of the commitment amount and repay outstanding loans at any time without premium or penalty other than customary “breakage” costs with respect to LIBOR loans. There is no scheduled amortization under the Asset-Based Revolving Credit Facility; the principal amount of the revolving loans outstanding thereunder will be due and payable in full on October 25, 2018, unless extended. | |||||||||||||||||||||||
Our Asset-Based Revolving Credit Facility is guaranteed by Holdings and each of our current and future direct and indirect wholly owned subsidiaries (the Guarantors) other than (a) unrestricted subsidiaries, (b) certain immaterial subsidiaries, (c) foreign subsidiaries and any domestic subsidiary of a foreign subsidiary, (d) certain holding companies of foreign subsidiaries, (e) captive insurance subsidiaries, not for profit subsidiaries, or a subsidiary which is a special purpose entity for securitization transactions or like special purposes and (f) any subsidiary that is prohibited by applicable law or contractual obligation from guaranteeing our Asset-Based Revolving Credit Facility or which would require governmental approval to provide a guarantee (unless such approval has been received). All obligations under the Asset-Based Revolving Credit Facility, and the guarantees of those obligations, are secured, subject to certain exceptions, by substantially all of our assets and those of NMG and the Guarantors. | |||||||||||||||||||||||
The facility contains covenants limiting dividends and other restricted payments, investments, loans, advances and acquisitions, and prepayments or redemptions of other indebtedness. These covenants permit such restricted actions in an unlimited amount, subject to the satisfaction of certain payment conditions, principally that we must have pro forma excess availability under the Asset-Based Revolving Credit Facility, which exceeds the greater of $90.0 million or 15% of the lesser of (a) the revolving commitments under the facility and (b) the borrowing base. In addition, if pro forma excess availability under the Asset-Based Revolving Credit Facility is equal to or less than the greater of 1) $200.0 million or 2) 25% of the lesser of (i) the revolving commitments under the facility and (ii) the borrowing base, we must have a pro forma ratio of consolidated EBITDA to consolidated fixed charges of at least 1.0 to 1.0. The Asset-Based Revolving Credit Facility also contains customary affirmative covenants and events of default, including a cross-default provision in respect of any other indebtedness that has an aggregate principal amount exceeding $50.0 million. | |||||||||||||||||||||||
Senior Secured Term Loan Facility. On October 25, 2013, we entered into a credit agreement and related security and other agreements for the $2,950.0 million Senior Secured Term Loan Facility. At May 3, 2014, the outstanding balance under our Senior Secured Term Loan Facility was $2,935.3 million. The principal amount of the loans outstanding is due and payable in full on October 25, 2020. | |||||||||||||||||||||||
The Senior Secured Term Loan Facility permits the Company to increase the term loans or add a separate tranche of term loans by an amount not to exceed $650.0 million plus an unlimited amount that would result (a) in the case of any incremental term loan facility to be secured equally and ratably with the term loans, a senior secured first lien net leverage ratio equal to or less than 4.25 to 1.00 and (b) in the case of any incremental term loan facility to be secured on a junior basis to the term loans, to be subordinated in right of payment to the term loans or, in the case of certain incremental equivalent loan debt, to be unsecured and pari passu in right of payment to the term loans, a total net leverage ratio equal to the total net leverage ratio as of October 25, 2013. | |||||||||||||||||||||||
On March 13, 2014, we entered into a repricing amendment with respect to the Senior Secured Term Loan Facility (the Repricing Amendment). The Repricing Amendment provided for an immediate reduction in the interest rate margin applicable to the loans outstanding under the Senior Secured Term Loan Facility from (a) 4.00% to 3.25% for LIBOR borrowings and (b) 3.00% to 2.25% for base rate borrowings. In addition, the interest rate margin in the event of a step down based on our senior secured net first lien leverage, as defined in the credit agreement, was reduced from 1) 3.75% to 3.00% for LIBOR borrowings and 2) 2.75% to 2.00% for base rate borrowings. Substantially all other terms are consistent with the October 25, 2013 credit agreement, including the amortization schedule and maturity dates. In connection with the Repricing Amendment, we incurred costs of $29.5 million which were capitalized as debt issuance costs (included in other assets). In addition, we incurred a loss on debt extinguishment of $7.9 million, which primarily consisted of the write-off of debt issuance costs, previously incurred in connection with the initial issuance of the Senior Secured Term Loan Facility, allocable to lenders that no longer participate in the Senior Secured Term Loan Facility subsequent to the repricing. The loss on debt extinguishment was recorded in the third quarter of fiscal year 2014 as a component of interest expense. | |||||||||||||||||||||||
At May 3, 2014, borrowings under the Senior Secured Term Loan Facility bore interest at a rate per annum equal to, at our option, either (a) a base rate determined by reference to the higher of 1) the prime rate of Credit Suisse AG (the administrative agent), 2) the federal funds effective rate plus ½ of 1.00% and 3) the adjusted one-month LIBOR plus 1.00% or (b) an adjusted LIBOR (for a period equal to the relevant interest period, and in any event, never less than 1.00%), subject to certain adjustments, in each case plus an applicable margin. The applicable margin is up to 2.25% with respect to base rate borrowings and up to 3.25% with respect to LIBOR borrowings. The applicable margin is subject to adjustment based on the senior secured first lien net leverage ratio. The applicable margin with respect to outstanding LIBOR borrowings was 3.25% at May 3, 2014. The interest rate on the outstanding borrowings pursuant to the Senior Secured Term Loan Facility was 4.25% at May 3, 2014. | |||||||||||||||||||||||
Subject to certain exceptions and reinvestment rights, our Senior Secured Term Loan Facility requires that 100% of the net cash proceeds from certain asset sales and debt issuances and 50% (subject to step downs based on our senior secured first lien net leverage ratio) from excess cash flow, as defined in the credit agreement, for each of our fiscal years (commencing with the period ending July 26, 2015) must be used to pay down outstanding borrowings under our Senior Secured Term Loan Facility. | |||||||||||||||||||||||
Depending on the Company’s senior secured first lien net leverage ratio as defined in the credit agreement governing the Senior Secured Term Loan Facility, we could be required to prepay outstanding term loans from a certain portion of our annual excess cash flow, as defined in the credit agreement. Required excess cash flow payments commence at 50% of our annual excess cash flow (which percentage will be reduced to 25% if our senior secured first lien net leverage ratio, as defined in the credit agreement, is equal to or less than 4.0 to 1.0 but greater than 3.5 to 1.0 and will be reduced to 0% if our senior secured first lien net leverage ratio is equal to or less than 3.5 to 1.0). We also must offer to prepay outstanding term loans at 100% of the principal amount to be prepaid, plus accrued and unpaid interest, with the net cash proceeds of certain asset sales under certain circumstances. | |||||||||||||||||||||||
We may repay all or any portion of the outstanding Senior Secured Term Loan Facility at any time, subject to redeployment costs in the case of prepayment of LIBOR borrowings other than the last day of the relevant interest period and in the event of certain repayments, conversions or replacements of the term loans under the Senior Secured Term Loan Facility that directly or indirectly result in a reduction of the "effective" interest rate applicable to such term loans or any applicable replacement tranche of debt prior to March 13, 2015, a payment of 1.00% of the aggregate principal amount of the term loans so repaid, converted or replaced. The Senior Secured Term Loan Facility amortizes in equal quarterly installments in an amount equal to 1.00% per annum of the principal amount outstanding as of the Repricing Amendment, less any voluntary or mandatory prepayments, with the remaining balance due at final maturity. | |||||||||||||||||||||||
Our Senior Secured Term Loan Facility is guaranteed by Holdings and the Guarantors other than (a) unrestricted subsidiaries, (b) certain immaterial subsidiaries, (c) foreign subsidiaries and any domestic subsidiary of a foreign subsidiary, (d) certain holding companies of foreign subsidiaries, (e) captive insurance subsidiaries, not for profit subsidiaries, or a subsidiary which is a special purpose entity for securitization transactions or like special purposes and (f) any subsidiary that is prohibited by applicable law or contractual obligation from guaranteeing our Senior Secured Term Loan Facility or which would require governmental approval to provide a guarantee (unless such approval has been received). All obligations under the Senior Secured Term Loan Facility, and the guarantees of those obligations, are secured, subject to certain exceptions, by substantially all of our assets and those of NMG and the Guarantors. | |||||||||||||||||||||||
The credit agreement governing the Senior Secured Term Loan Facility contains a number of negative covenants and covenants related to the security arrangements for the Senior Secured Term Loan Facility. The credit agreement also contains customary affirmative covenants and events of default, including a cross-default provision in respect of any other indebtedness that has an aggregate principal amount exceeding $50.0 million. | |||||||||||||||||||||||
Cash Pay Notes. In connection with the Acquisition, we incurred indebtedness in the form of $960.0 million aggregate principal amount of 8.00% senior Cash Pay Notes. Interest on the Cash Pay Notes is payable semi-annually in arrears on each April 15 and October 15. The Cash Pay Notes were assumed by us as a result of the Acquisition and are guaranteed by the same entities that guarantee the Senior Secured Term Loan Facility. The Cash Pay Notes are unsecured and the guarantees are full and unconditional. The Cash Pay Notes include certain restrictive covenants and a cross-acceleration provision in respect of other indebtedness that has an aggregate principal amount exceeding $50.0 million. Our Cash Pay Notes mature on October 15, 2021. | |||||||||||||||||||||||
For a more detailed description of the Cash Pay Notes, refer to our Current Report on Form 8-K filed on October 29, 2013. | |||||||||||||||||||||||
PIK Toggle Notes. In connection with the Acquisition, we incurred indebtedness in the form of $600.0 million aggregate principal amount of our 8.75%/9.50% senior PIK Toggle Notes. Interest on the PIK Toggle Notes is payable semi-annually in arrears on each April 15 and October 15. Interest on the PIK Toggle Notes will be paid entirely in cash for the first two interest payments and thereafter may be paid (a) entirely in cash (Cash Interest), (b) entirely by increasing the principal amount of the PIK Toggle Notes by the relevant interest (PIK Interest), or (c) 50% in Cash Interest and 50% in PIK Interest, subject to certain restrictions on the timing and number of elections of PIK Interest or partial PIK Interest payments. Cash Interest on the PIK Toggle Notes accrues at a rate of 8.75% per annum. PIK Interest on the PIK Toggle Notes accrues at a rate of 9.50% per annum. The PIK Toggle Notes were assumed by us as a result of the Acquisition and are guaranteed by the same entities that guarantee the Senior Secured Term Loan Facility. The PIK Toggle Notes are unsecured and the guarantees are full and unconditional. The PIK Toggle Notes include certain restrictive covenants and a cross-acceleration provision in respect of other indebtedness that has an aggregate principal amount exceeding $50.0 million. Our PIK Toggle Notes mature on October 15, 2021. | |||||||||||||||||||||||
For a more detailed description of the PIK Toggle Notes, refer to our Current Report on Form 8-K filed on October 29, 2013. | |||||||||||||||||||||||
2028 Debentures. NMG has outstanding $125.0 million aggregate principal amount of its 7.125% 2028 Debentures. NMG equally and ratably secures its 2028 Debentures by a first lien security interest on certain collateral subject to liens granted under the Senior Secured Credit Facilities. The 2028 Debentures are guaranteed on an unsecured, senior basis by us. Our guarantee is full and unconditional. Currently, our 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. The 2028 Debentures include certain restrictive covenants and a cross-acceleration provision in respect of any other indebtedness that has an aggregate principal amount exceeding $15.0 million. Our 2028 Debentures mature on June 1, 2028. | |||||||||||||||||||||||
For a more detailed description of the 2028 Debentures, refer to Note 6 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended August 3, 2013. | |||||||||||||||||||||||
Former Asset-Based Revolving Credit Facility. In connection with the Acquisition, we repaid all outstanding obligations of $145.0 million under the Former Asset-Based Revolving Credit Facility and terminated the facility on October 25, 2013. This facility was replaced by the Asset-Based Revolving Credit Facility. | |||||||||||||||||||||||
Former Senior Secured Term Loan Facility. In connection with the Acquisition, we repaid the outstanding balance of $2,433.1 million under our Former Senior Secured Term Loan Facility on October 25, 2013. This facility was replaced by the Senior Secured Term Loan Facility. | |||||||||||||||||||||||
Retirement of Previously Outstanding Senior Subordinated Notes. In November 2012, we repurchased and cancelled $294.2 million principal amount of Senior Subordinated Notes through a tender offer and redeemed the remaining $205.8 million principal amount of Senior Subordinated Notes on December 31, 2012 (after which no Senior Subordinated Notes remained outstanding). NMG’s payments to holders of the Senior Subordinated Notes in the tender offer and redemption (including transaction costs), taken together, aggregated approximately $510.7 million. | |||||||||||||||||||||||
In connection with the retirement of the Senior Subordinated Notes, we incurred a loss on debt extinguishment of $15.6 million, which included 1) costs of $10.7 million related to the tender for and redemption of the Senior Subordinated Notes and 2) the write-off of $4.9 million of debt issuance costs related to the initial issuance of the Senior Subordinated Notes. The total loss on debt extinguishment was recorded in the second quarter of fiscal year 2013 as a component of interest expense. | |||||||||||||||||||||||
Maturities of Long-term Debt. Annual maturities of long-term debt outstanding at May 3, 2014 during the current and next five fiscal years and thereafter are as follows (in millions): | |||||||||||||||||||||||
May 4, 2014 through August 2, 2014 | $ | 7.4 | |||||||||||||||||||||
2015 | 29.4 | ||||||||||||||||||||||
2016 | 29.4 | ||||||||||||||||||||||
2017 | 29.4 | ||||||||||||||||||||||
2018 | 29.4 | ||||||||||||||||||||||
2019 | 74.4 | ||||||||||||||||||||||
Thereafter | 4,462.90 | ||||||||||||||||||||||
The previous table does not reflect voluntary prepayments or future excess cash flow prepayments, if any, that may be required under the Senior Secured Term Loan Facility. | |||||||||||||||||||||||
Interest Expense. The significant components of interest expense are as follows: | |||||||||||||||||||||||
Quarter-to-date | Year-to-date | ||||||||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | |||||||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | |||||||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
Asset-Based Revolving Credit Facility | $ | 33 | $ | — | $ | 291 | $ | 75 | $ | — | |||||||||||||
Senior Secured Term Loan Facility | 34,003 | — | 71,286 | 3,687 | — | ||||||||||||||||||
Cash Pay Notes | 18,986 | — | 38,400 | 2,773 | — | ||||||||||||||||||
PIK Toggle Notes | 12,979 | — | 26,250 | 1,896 | — | ||||||||||||||||||
2028 Debentures | 2,227 | 2,227 | 4,454 | 2,226 | 6,680 | ||||||||||||||||||
Former Asset-Based Revolving Credit Facility | — | 101 | — | 477 | 1,363 | ||||||||||||||||||
Former Senior Secured Term Loan Facility | — | 26,804 | — | 22,521 | 80,034 | ||||||||||||||||||
Senior Subordinated Notes | — | — | — | — | 19,031 | ||||||||||||||||||
Amortization of debt issue costs | 5,845 | 2,128 | 10,990 | 2,466 | 6,276 | ||||||||||||||||||
Other, net | 570 | 1,155 | 1,094 | 1,334 | 5,911 | ||||||||||||||||||
Capitalized interest | (303 | ) | (69 | ) | (566 | ) | (140 | ) | (127 | ) | |||||||||||||
$ | 74,340 | $ | 32,346 | $ | 152,199 | $ | 37,315 | $ | 119,168 | ||||||||||||||
Loss on debt extinguishment | 7,882 | — | 7,882 | — | 15,597 | ||||||||||||||||||
Interest expense, net | $ | 82,222 | $ | 32,346 | $ | 160,081 | $ | 37,315 | $ | 134,765 | |||||||||||||
We recorded interest expense of $8.4 million during the first quarter of fiscal year 2014 related to debt incurred as a result of the Acquisition. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||
At May 3, 2014, we had outstanding floating rate debt obligations of $2,980.3 million. In August 2011, we entered into interest rate cap agreements (at a cost of $5.8 million) for an aggregate notional amount of $1,000.0 million in order to hedge the variability of our cash flows related to a portion of our floating rate indebtedness. The interest rate cap agreements cap LIBOR at 2.50% from December 2012 through December 2014 with respect to the $1,000.0 million notional amount of such agreements. In the event LIBOR is less than 2.50%, we will pay interest at the lower LIBOR rate. In the event LIBOR is higher than 2.50%, we will pay interest at the capped rate of 2.50%. | |||||||||||||||||||||||
In April 2014, we entered into additional interest rate cap agreements (at a cost of $2.0 million) for an aggregate notional amount of $1,400.0 million in order to hedge the variability of our cash flows related to a portion of our floating rate indebtedness once the current interest rate cap agreements expire in December 2014. The interest rate cap agreements cap LIBOR at 3.00% from December 2014 through December 2016 with respect to the $1,400.0 million notional amount of such agreements. In the event LIBOR is less than 3.00%, we will pay interest at the lower LIBOR rate. In the event LIBOR is higher than 3.00%, we will pay interest at the capped rate of 3.00%. On May 3, 2014, the fair value of our interest rate caps was $2.0 million. | |||||||||||||||||||||||
Gains and losses realized due to the expiration of applicable portions of the interest rate caps are reclassified to interest expense at the time our quarterly interest payments are made. A summary of the recorded amounts related to our interest rate caps reflected in our Condensed Consolidated Statements of Operations is as follows: | |||||||||||||||||||||||
Quarter-to-date | Year-to-date | ||||||||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | |||||||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | |||||||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
Realized hedging losses — included in interest expense, net | $ | — | $ | 165 | $ | — | $ | 369 | $ | 3,233 | |||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||||
3-May-14 | ||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||
Income Taxes | ' | |||||||||||||||||
Income Taxes | ||||||||||||||||||
Our effective income tax (benefit)/expense rates for the following periods are as follows: | ||||||||||||||||||
Quarter-to-date | Year-to-date | |||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | ||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | ||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | ||||||||||||||
(Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||
Effective income tax rate | (74.6 | )% | 40 | % | (42.2 | )% | 152.9 | % | 39.9 | % | ||||||||
Our effective income tax rates for the third quarter of fiscal year 2014, the twenty-six weeks ended May 3, 2014 and first quarter of fiscal year 2014 exceeded the federal statutory tax rate due to the non-deductible portion of transaction costs incurred in connection with the Acquisition, state income taxes and the lack of a U.S. tax benefit related to the losses from our investment in a foreign e-commerce retailer. Our effective income tax rates for the third quarter of fiscal year 2013 and year-to-date fiscal 2013 exceeded the federal statutory tax rate due to state income taxes and the lack of a U.S. tax benefit related to the losses from our investment in a foreign e-commerce retailer. | ||||||||||||||||||
At May 3, 2014, the gross amount of unrecognized tax benefits was $2.9 million ($1.9 million of which would impact our effective tax rate, if recognized). We classify interest and penalties as a component of income tax expense and our liability for accrued interest and penalties was $5.0 million at May 3, 2014, $5.5 million at August 3, 2013 and $5.3 million at April 27, 2013. | ||||||||||||||||||
We file income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The Internal Revenue Service (IRS) is currently auditing our fiscal year 2010, 2011 and 2012 federal income tax returns. With respect to state and local jurisdictions, with limited exceptions, the Company and its subsidiaries are no longer subject to income tax audits for fiscal years before 2009. We believe our recorded tax liabilities as of May 3, 2014 are sufficient to cover any potential assessments to be made by the IRS or other taxing authorities upon the completion of their examinations and we will continue to review our recorded tax liabilities for potential audit assessments based upon subsequent events, new information and future circumstances. We believe it is reasonably possible that additional adjustments in the amounts of our unrecognized tax benefits could occur within the next twelve months as a result of settlements with tax authorities or expiration of statutes of limitation. At this time, we do not believe such adjustments will have a material impact on our Condensed Consolidated Financial Statements. | ||||||||||||||||||
Subsequent to the Acquisition, Parent and its subsidiaries, including the Company, will file U.S. federal income taxes as a consolidated group. The Company has elected to be treated as a corporation for U.S. federal income tax purposes and all operations of Parent are conducted through the Company and its subsidiaries. Income taxes are presented as if the Company and its subsidiaries are separate taxpayers from Parent. There are no differences between the Company's and Parent's current and deferred income taxes. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||||||
Description of Benefit Plans. We currently maintain defined contribution plans consisting of a retirement savings plan (RSP) and a defined contribution supplemental executive retirement plan (Defined Contribution SERP Plan). In addition, we sponsor a defined benefit pension plan (Pension Plan) and an unfunded supplemental executive retirement plan (SERP Plan) which provides certain employees additional pension benefits. As of the third quarter of fiscal year 2010, benefits offered to all participants in our Pension Plan and SERP Plan have been frozen. Retirees and active employees hired prior to March 1, 1989 are eligible for certain limited postretirement health care benefits (Postretirement Plan) if they meet certain service and minimum age requirements. We also sponsor an unfunded key employee deferred compensation plan, which provides certain employees with additional benefits. | |||||||||||||||||||||||
Obligations for our employee benefit plans, included in other long-term liabilities, are as follows: | |||||||||||||||||||||||
May 3, | August 3, | April 27, | |||||||||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||||
Pension Plan | $ | 139,846 | $ | 104,018 | $ | 146,407 | |||||||||||||||||
SERP Plan | 104,947 | 103,854 | 114,562 | ||||||||||||||||||||
Postretirement Plan | 13,595 | 12,429 | 17,350 | ||||||||||||||||||||
258,388 | 220,301 | 278,319 | |||||||||||||||||||||
Less: current portion | (5,752 | ) | (6,542 | ) | (5,904 | ) | |||||||||||||||||
Long-term portion of benefit obligations | $ | 252,636 | $ | 213,759 | $ | 272,415 | |||||||||||||||||
Funding Policy and Plan Status. Our policy is to fund the Pension Plan at or above the minimum required by law. In fiscal year 2013, we were not required to make contributions to the Pension Plan; however, we made voluntary contributions to our Pension Plan of $25.0 million in fiscal year 2013. As of May 3, 2014, we do not believe we will be required to make contributions to the Pension Plan for fiscal year 2014. We will continue to evaluate voluntary contributions to our Pension Plan based upon the unfunded position of the Pension Plan, our available liquidity and other factors. | |||||||||||||||||||||||
Cost of Benefits. The components of the expenses we incurred under our Pension Plan, SERP Plan and Postretirement Plan are as follows: | |||||||||||||||||||||||
Quarter-to-date | Year-to-date | ||||||||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | |||||||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | |||||||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
Pension Plan: | |||||||||||||||||||||||
Interest cost | $ | 6,420 | $ | 5,311 | $ | 12,201 | $ | 5,781 | $ | 15,933 | |||||||||||||
Expected return on plan assets | (6,167 | ) | (6,595 | ) | (12,333 | ) | (6,401 | ) | (19,785 | ) | |||||||||||||
Net amortization of losses | — | 1,572 | — | 1,095 | 4,716 | ||||||||||||||||||
Pension Plan expense (income) | $ | 253 | $ | 288 | $ | (132 | ) | $ | 475 | $ | 864 | ||||||||||||
SERP Plan: | |||||||||||||||||||||||
Interest cost | $ | 1,200 | $ | 1,009 | $ | 2,304 | $ | 1,104 | $ | 3,027 | |||||||||||||
Net amortization of losses | — | 131 | — | — | 393 | ||||||||||||||||||
SERP Plan expense | $ | 1,200 | $ | 1,140 | $ | 2,304 | $ | 1,104 | $ | 3,420 | |||||||||||||
Postretirement Plan: | |||||||||||||||||||||||
Service cost | $ | 7 | $ | 9 | $ | 12 | $ | 5 | $ | 27 | |||||||||||||
Interest cost | 173 | 163 | 315 | 142 | 489 | ||||||||||||||||||
Net amortization of prior service cost | — | (389 | ) | — | (321 | ) | (1,167 | ) | |||||||||||||||
Net amortization of losses | — | 147 | — | 35 | 441 | ||||||||||||||||||
Postretirement Plan expense (income) | $ | 180 | $ | (70 | ) | $ | 327 | $ | (139 | ) | $ | (210 | ) | ||||||||||
Purchase Accounting Adjustments. In connection with the Acquisition, the obligations and assets related to our benefit plans were valued at their fair values as of the date of the Acquisition, resulting in a $38.8 million increase in the carrying value of our long-term benefit obligations. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||
Predecessor Stock Options. The Predecessor had equity-based management arrangements, which authorized equity awards to be granted to certain management employees. At the time of the Acquisition, Predecessor stock options for 101,730 shares were outstanding, consisting of vested options for 67,899 shares and unvested options for 33,831 shares. In connection with the Acquisition, previously unvested options became fully vested at October 25, 2013. | |||||||||||||||||||||||
All Predecessor stock options were subject to settlement in connection with the Acquisition in amounts equal to the excess of the per share merger consideration over the exercise prices of such options. The fair value of the consideration payable to holders of Predecessor stock options aggregated $187.4 million, of such amount $135.9 million represented the fair value of previously vested options which amount is included in the consideration paid by the Sponsors to acquire the Company. The remaining $51.5 million represented the fair value of previously unvested options, such amount was expensed in the results of operations of the Successor for the second quarter of fiscal year 2014. | |||||||||||||||||||||||
Successor Stock Options. Subsequent to the Acquisition, Parent established the Management Equity Incentive Plan and the Vice President Long Term Incentive Plan (together, the Incentive Plans) pursuant to which eligible employees, consultants and non-employee directors are eligible to receive stock-based awards. Under the Incentive Plans, Parent is authorized to grant stock options, restricted stock and other types of awards that are valued in whole or in part by reference to, or are payable or otherwise based on, the shares of common stock of Parent. Charges with respect to options issued by Parent pursuant to the Incentive Plans are reflected by the Company in the preparation of our Condensed Consolidated Financial Statements. | |||||||||||||||||||||||
Co-Invest Options. In connection with the Acquisition, certain executive officers of the Company rolled over a portion of the amounts otherwise payable in settlement of their Predecessor stock options into stock options of Parent (pursuant to Parent’s Co-Invest Options Non-Qualified Stock Option Agreement under the Management Incentive Plan). Specifically, upon the consummation of the Acquisition, Predecessor stock options were rolled over and converted into stock options for 56,979 shares of Parent (the Co-Invest Options). | |||||||||||||||||||||||
The number of Co-Invest Options issued upon conversion of Predecessor stock options was equal to the product of (a) the number of shares subject to the applicable Predecessor stock options multiplied by (b) the ratio of the per share merger consideration over the fair market value of a share of Parent, which was approximately 3.1x (the Exchange Ratio). The exercise price of each Predecessor stock option was adjusted by dividing the original exercise price of the Predecessor stock option by the Exchange Ratio. Following the conversion, the exercise prices of the Co-Invest Options range from $180 to $644 per share. As of the date of the Acquisition, the aggregate intrinsic value of the Co-Invest Options equaled the intrinsic value of the rolled over Predecessor stock options. The Co-Invest Options are fully vested and are exercisable at any time prior to the applicable expiration dates related to the original grant of the Predecessor options in accordance with the Management Incentive Plan. The Co-Invest Options contain sale and repurchase provisions. | |||||||||||||||||||||||
Non-Qualified Stock Options. Pursuant to the terms of the Incentive Plans, Parent granted 72,992 time-vested non-qualified stock options and 72,992 performance-vested non-qualified stock options to certain executive officers and non-employee directors of the Company in the second quarter of fiscal year 2014. In the third quarter of fiscal year 2014, Parent granted 8,615 time-vested non-qualified stock options and 3,393 performance-vested non-qualified stock options to certain executive officers and non-employee directors of the Company. Each grant of non-qualified stock options consists of options to purchase an equal number of shares of Parent’s Class A common stock and Class B common stock. These non-qualified stock options were granted at an exercise price of $1,000 per share and such options will expire no later than the tenth anniversary of the grant date. | |||||||||||||||||||||||
Accounting for Successor Stock Options. Parent generally has the right to call shares issued upon exercise of vested stock options at the fair market value and vested unexercised stock options for the difference between the fair market value of the underlying share and the exercise price in the event the optionee ceases to be an employee of the Company. However, if the optionee voluntarily leaves the Company without good reason or is terminated for cause, the repurchase price is the lesser of the exercise price of such options or the fair value of such awards at the employee termination date. In the event of the retirement of the optionee, the repurchase price is fair value at the retirement date. As a result of these repurchase rights, the Company accounts for stock options issued to optionees who will become retirement eligible prior to the expiration of their stock options (Retirement Eligible Optionees) using the liability method. Under the liability method, the Company establishes the estimated liability for option awards held by Retirement Eligible Optionees over the vesting/performance periods of such awards and the liability for the vested/earned options is adjusted to its estimated fair value through compensation expense at each balance sheet date. With respect to options held by non-retirement eligible optionees, such options are effectively forfeited should the optionee voluntarily leave the Company without good reason or be terminated for cause. As a result, the Company records no expense or liability with respect to such options currently. | |||||||||||||||||||||||
With respect to the Co-Invest Options, the fair value of such options at the Acquisition date was $36.3 million. Of such amount, $9.5 million represented the fair value of options held by Retirement Eligible Optionees for which a liability was established at the Acquisition date. The remaining value of $26.8 million represented the fair value of options held by non-retirement eligible optionees and such amount was credited to Successor equity. | |||||||||||||||||||||||
At May 3, 2014, the aggregate number of co-invest, time-vested and performance-vested options held by Retirement Eligible Optionees aggregated 99,910 options and the recorded liability with respect to such options was $14.3 million. We recognize compensation expense, which is included in selling, general and administrative expenses, for stock options on a straight-line basis over the vesting/performance periods. The following table sets forth certain summary information with respect to our stock options for the periods indicated. | |||||||||||||||||||||||
Quarter-to-date | Year-to-date | ||||||||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | |||||||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | |||||||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
(in thousands, except number of options and per option price) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
Stock compensation expense | $ | 2,376 | $ | 2,562 | $ | 4,752 | $ | 2,548 | $ | 7,147 | |||||||||||||
Stock option grants: | |||||||||||||||||||||||
Number of options granted | 12,008 | 2,200 | 157,992 | — | 12,400 | ||||||||||||||||||
Weighted average grant date fair value | $ | 407 | $ | 862 | $ | 407 | $ | — | $ | 916 | |||||||||||||
Stock option exercises: | |||||||||||||||||||||||
Number of options exercised | — | 1,373 | — | 65 | 4,288 | ||||||||||||||||||
Weighted average exercise price | $ | — | $ | 1,187 | $ | — | $ | 1,557 | $ | 1,064 | |||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Earnings (Loss) | 9 Months Ended | ||||||||||||
3-May-14 | |||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Earnings (Loss) | ' | ||||||||||||
Accumulated Other Comprehensive Earnings (Loss) | |||||||||||||
The following table summarizes the changes in accumulated other comprehensive earnings (loss) by component (amounts are recorded net of related income taxes): | |||||||||||||
(in thousands) | Unrealized | Unfunded | Total | ||||||||||
Losses on | Benefit | ||||||||||||
Financial | Obligations | ||||||||||||
Instruments | |||||||||||||
Predecessor: | |||||||||||||
Balance, August 3, 2013 | $ | (3,999 | ) | $ | (103,530 | ) | $ | (107,529 | ) | ||||
Other comprehensive earnings before reclassifications | 610 | 490 | 1,100 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss (1) | 224 | — | 224 | ||||||||||
Purchase accounting adjustment | 3,165 | 103,040 | 106,205 | ||||||||||
Successor: | |||||||||||||
Balance, November 2, 2013 | $ | — | $ | — | $ | — | |||||||
Other comprehensive loss before reclassifications | (285 | ) | — | (285 | ) | ||||||||
Balance, February 1, 2014 | $ | (285 | ) | $ | — | $ | (285 | ) | |||||
Other comprehensive earnings before reclassifications | 588 | — | 588 | ||||||||||
Balance, May 3, 2014 | $ | 303 | $ | — | $ | 303 | |||||||
-1 | The amounts reclassified from accumulated other comprehensive loss are recorded within interest expense on the Condensed Consolidated Statements of Operations. |
Income_from_Credit_Card_Progra
Income from Credit Card Program | 9 Months Ended |
3-May-14 | |
Income from Credit Card Program | ' |
Income from Credit Card Program | ' |
Income from Credit Card Program | |
We maintain a proprietary credit card program and a related marketing and servicing alliance with affiliates of Capital One Financial Corporation (Capital One). Pursuant to our agreement with Capital One (the Program Agreement), Capital One offers proprietary credit card accounts to our customers under both the “Neiman Marcus” and “Bergdorf Goodman” brand names. Effective July 1, 2013, we amended and extended the Program Agreement to July 2020 (renewable thereafter for three-year terms), subject to early termination provisions. | |
Pursuant to the Program Agreement, we receive payments from Capital One based on sales transacted on our proprietary credit cards. We may receive additional payments based on the profitability of the portfolio as determined under the Program Agreement depending on a number of factors including credit losses. In addition, we receive payments from Capital One for marketing and servicing activities we provide to Capital One. |
Other_Expenses
Other Expenses | 9 Months Ended | ||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||
Other Expenses [Abstract] | ' | ||||||||||||||||||||||
Other Expenses | ' | ||||||||||||||||||||||
Other Expenses | |||||||||||||||||||||||
Other expenses consists of the following components: | |||||||||||||||||||||||
Quarter-to-date | Year-to-date | ||||||||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | |||||||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | |||||||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
Costs incurred in connection with the Acquisition: | |||||||||||||||||||||||
Change-in-control cash payments due to Former Sponsors and management | $ | — | $ | — | $ | — | $ | 80,457 | $ | — | |||||||||||||
Stock-based compensation for accelerated vesting of Predecessor stock options (including non-cash charges of $15.4 million) | — | — | 51,510 | — | — | ||||||||||||||||||
Other, primarily professional fees | — | — | 1,732 | 28,942 | — | ||||||||||||||||||
Total transaction costs | — | — | 53,242 | 109,399 | — | ||||||||||||||||||
Costs related to criminal cyber-attack | 4,477 | — | 8,565 | — | — | ||||||||||||||||||
Equity in loss of foreign e-commerce retailer | 1,550 | 3,607 | 3,613 | 1,523 | 8,858 | ||||||||||||||||||
Management fee due to Former Sponsors | — | 2,746 | — | 2,823 | 8,823 | ||||||||||||||||||
Other non-recurring expenses | — | — | 4,775 | — | — | ||||||||||||||||||
Other expenses | $ | 6,027 | $ | 6,353 | $ | 70,195 | $ | 113,745 | $ | 17,681 | |||||||||||||
In the third quarter of fiscal year 2014, we sold our investment in a foreign e-commerce retailer, which was previously accounted for under the equity method, for $35.0 million, which amount equaled the carrying value of our investment. | |||||||||||||||||||||||
In the twenty-six weeks ended May 3, 2014, we incurred 1) costs related to the investigation of a criminal cyber-attack on our systems, including legal fees, investigative fees, costs of communications with customers and credit monitoring services provided to customers, and 2) other non-recurring expenses. We expect to incur additional costs to investigate and remediate the cyber-attack in the foreseeable future. Such costs are not currently estimable but could be material to our future operating results. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
3-May-14 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Employment Class Actions Litigation. On April 30, 2010, a Class Action Complaint for Injunction and Equitable Relief was filed against the Company, Newton Holding, LLC, TPG Capital, L.P. and Warburg Pincus LLC in the United States District Court for the Central District of California by Sheila Monjazeb, individually and on behalf of other members of the general public similarly situated. On July 12, 2010, all defendants except for the Company were dismissed without prejudice, and on August 20, 2010, this case was dismissed by Ms. Monjazeb and refiled in the Superior Court of California for San Francisco County. This complaint, along with a similar class action lawsuit originally filed by Bernadette Tanguilig in 2007, alleges that the Company has engaged in various violations of the California Labor Code and Business and Professions Code, including without limitation, by (1) asking employees to work “off the clock,” (2) failing to provide meal and rest breaks to its employees, (3) improperly calculating deductions on paychecks delivered to its employees and (4) failing to provide a chair or allow employees to sit during shifts. The Monjazeb and Tanguilig class actions have been deemed “related” cases and are pending before the same trial court judge. On October 24, 2011, the court granted the Company’s motion to compel Ms. Monjazeb and Juan Carlos Pinela (a co-plaintiff in the Tanguilig case) to arbitrate their individual claims in accordance with the Company’s Mandatory Arbitration Agreement, foreclosing their ability to pursue a class action in court. However, the court’s order compelling arbitration did not apply to Ms. Tanguilig because she is not bound by the Mandatory Arbitration Agreement. Further, the court determined that Ms. Tanguilig could not be a class representative of employees who are subject to the Mandatory Arbitration Agreement, thereby limiting the putative class action to those associates who were employed between December 2003 and July 15, 2007 (the effective date of our Mandatory Arbitration Agreement). Following the court’s order, Ms. Monjazeb and Mr. Pinela filed demands for arbitration with the American Arbitration Association (AAA) seeking to arbitrate not only their individual claims, but also class claims, which the Company asserted violated the class action waiver in the Mandatory Arbitration Agreement. This led to further proceedings in the trial court, a stay of the arbitrations, and a decision by the trial court, on its own motion, to reconsider its order compelling arbitration. The trial court ultimately decided to vacate its order compelling arbitration due to a recent California appellate court decision. Following this ruling, the Company timely filed an appeal with the Court of Appeal, asserting that the trial court did not have jurisdiction to change its earlier determination of the enforceability of the arbitration agreement. While the appeal process had stayed most of the claims in Ms. Tanguilig's case, the trial court decided to set certain civil penalty claims asserted by Ms. Tanguilig for trial on April 1, 2014. In these claims, Ms. Tanguilig sought civil penalties under the Private Attorneys General Act based on the Company’s alleged failure to provide employees with meal periods and rest breaks in compliance with California law. On December 10, 2013, the Company filed a motion to dismiss all of Ms. Tanguilig’s claims, including the civil penalty claims, based on her failure to bring her claims to trial within five years as required by California law. After several hearings, on February 28, 2014 the court dismissed all of Ms. Tanguilig’s claims in the case and vacated the April 1, 2014 trial date. The court has awarded the Company its costs of suit in connection with the defense of Ms. Tanguilig’s claims, but denied its request of an award of attorneys’ fees from Ms. Tanguilig. Ms. Tanguilig filed a notice of appeal from the dismissal of all her claims, which is pending before the Court of Appeal. Should the Court of Appeal reverse the trial court’s dismissal of all of Ms. Tanguilig’s claims, the litigation will resume, and Ms. Tanguilig will seek class certification of the claims asserted in her Third Amended Complaint. If this occurs, the scope of her class claims will likely be reduced by the class action settlement and release in the Monjazeb case (as described below); however, that settlement does not cover claims asserted by Ms. Tanguilig for alleged Labor Code violations from approximately December 19, 2003 to August 20, 2006 (the beginning of the settlement class period in the Monjazeb case). At present, the Court of Appeal has not set dates for the parties to file briefs, or a date for oral argument, in Ms. Tanguilig’s appeal. | |
In Ms. Monjazeb’s class action, a settlement was reached at a mediation held on January 25, 2014. After several hearings, the trial court granted preliminary approval of the settlement and directed that notice of settlement be given to the settlement class. A final approval hearing has been set for September 18, 2014. | |
In addition, the National Labor Relations Board (NLRB) has been pursuing a complaint alleging that the Mandatory Arbitration Agreement’s class action prohibition violates employees’ rights to engage in concerted activity, which was submitted to an administrative law judge (ALJ) for determination on a stipulated record. Recently, the ALJ issued a recommended decision and order finding that the Company's Arbitration Agreement and class action waiver violated the National Labor Relations Act. The matter has now been transferred to the NLRB for further consideration and decision. | |
On December 6, 2013, a third putative class action was filed against the Company in the San Diego Superior Court by a former employee. The case is entitled Marisabella Newton v. Neiman Marcus Group, Inc., et al., and the complaint alleges claims similar to those made in the Monjazeb case. We have filed an answer to the complaint in the Newton case and are investigating Ms. Newton's claims. | |
We will continue to vigorously defend our interests in these matters. Based upon the pending settlement agreement with respect to Ms. Monjazeb's class action claims, we recorded our currently estimable liabilities with respect to both Ms. Monjazeb's and Ms. Tanguilig's employment class actions litigation claims in the third quarter of fiscal year 2014, which amount was not material to our financial condition or results of operations. We will continue to evaluate these matters, and our recorded reserves for such matters, based on subsequent events, new information and future circumstances. | |
We are currently involved in various other legal actions and proceedings that arose in the ordinary course of business. With respect to the matters described above as well as all other current outstanding litigation involving us, we believe that any liability arising as a result of such litigation will not have a material adverse effect on our financial position, results of operations or cash flows. | |
Consumer Class Actions Litigation. Three class actions relating to a criminal cyber-attack on our computer systems in 2013 (the Cyber-Attack) were filed in January 2014 and later voluntarily dismissed by the plaintiffs between February and April 2014. The plaintiffs had alleged negligence and other claims in connection with their purchases by payment cards. Melissa Frank v. The Neiman Marcus Group, LLC, et al., was filed in the United States District Court for the Eastern District of New York on January 13, 2014, but was voluntarily dismissed by the plaintiff on April 15, 2014, without prejudice to her right to re-file a complaint. Donna Clark v. Neiman Marcus Group LTD LLC was filed in the United States District Court for the Northern District of Georgia on January 27, 2014 but was voluntarily dismissed by the plaintiff on March 11, 2014, without prejudice to her right to re-file a complaint. Christina Wong v. The Neiman Marcus Group, LLC, et al., was filed in the United States District Court for the Central District of California on January 29, 2014, but was voluntarily dismissed by the plaintiff on February 10, 2014, without prejudice to her right to re-file a complaint. Three new putative class actions relating to the Cyber-Attack were filed in March and April 2014, also alleging negligence and other claims in connection with plaintiffs’ purchases by payment cards. The first case, Hilary Remijas v. The Neiman Marcus Group, LLC, was filed on March 12, 2014 and served on March 13, 2014. The Company moved to dismiss the Remijas complaint on April 2, 2014, and in response the plaintiff has moved to file an amended complaint that would add three additional plaintiffs. The second case, Katerina Chau v. Neiman Marcus Group LTD, Inc., was filed in the United States District Court for the Southern District of California on March 14, 2014 and served on April 23, 2014. The Company has until June 13, 2014 to file or move with respect to the Chau complaint. The third case, Michael Shields v. The Neiman Marcus Group, LLC, was filed in the United States District Court for the Southern District of California on April 1, 2014 and was voluntarily dismissed on May 16, 2014, without prejudice to his right to refile a complaint. | |
In addition, payment card companies and associations may require us to reimburse them for unauthorized card charges and costs to replace cards and may also impose fines or penalties in connection with the security incident, and enforcement authorities may also impose fines or other remedies against us. We have also incurred other costs associated with this security incident, including legal fees, investigative fees, costs of communications with customers and credit monitoring services provided to our customers. At this point, we are unable to predict the developments in, outcome of, and economic and other consequences of pending or future litigation or regulatory investigations related to, and other costs associated with, this matter. We will continue to evaluate these matters based on subsequent events, new information and future circumstances. | |
Other. We had no outstanding irrevocable letters of credit relating to purchase commitments and insurance and other liabilities at May 3, 2014. We had approximately $5.4 million in surety bonds at May 3, 2014 relating primarily to merchandise imports and state sales tax and utility requirements. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||||
We have identified two reportable segments: Specialty Retail Stores and Online. The Specialty Retail Stores segment aggregates the activities of our Neiman Marcus and Bergdorf Goodman retail stores, including our Last Call stores. The Online segment conducts online and supplemental print catalog operations under the Neiman Marcus, Bergdorf Goodman, Last Call and Horchow brand names. Both the Specialty Retail Stores and Online segments derive their revenues from the sales of high-end fashion apparel, accessories, cosmetics and fragrances from leading designers, precious and fashion jewelry and decorative home accessories. | |||||||||||||||||||||||
Operating earnings for the segments include 1) revenues, 2) cost of sales, 3) direct selling, general and administrative expenses, 4) other direct operating expenses, 5) income from credit card program and 6) depreciation expense for the respective segment. Items not allocated to our operating segments include those items not considered by management in measuring the assets and profitability of our segments. These amounts include 1) corporate expenses including, but not limited to, treasury, investor relations, legal and finance support services and general corporate management, 2) charges related to the application of purchase accounting including amortization of long-term assets and other non-cash items, 3) interest expense and 4) other expenses. These items, while often related to the operations of a segment, are not considered by segment operating management, corporate operating management and the chief operating decision maker in assessing segment operating performance. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies (except with respect to purchase accounting adjustments not allocated to the operating segments). | |||||||||||||||||||||||
We believe that our customers have allocated a higher portion of their luxury spending to online retailing in recent years and that our customers' expectations of a seamless shopping experience across our in-store and online channels have increased, and we expect these trends will continue for the foreseeable future. As a result, we continue to make investments and redesign processes to enhance our shopping experience across channels consistent with our customers' shopping preferences and expectations. With the acceleration of omni-channel retailing and our past and ongoing investments in omni-channel initiatives, we believe our operating performance is best evaluated based upon our consolidated financial statements and, to a lesser extent, the operating performance of our reportable segments. In addition, we believe these same factors have diminished and will continue to diminish the comparability and meaningfulness of the revenues and operating earnings of our reporting segments. | |||||||||||||||||||||||
The following tables set forth the information for our reportable segments: | |||||||||||||||||||||||
Quarter-to-date | Year-to-date | ||||||||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | |||||||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | |||||||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Specialty Retail Stores | $ | 893,731 | $ | 855,722 | $ | 1,964,449 | $ | 889,295 | $ | 2,754,657 | |||||||||||||
Online | 270,989 | 242,545 | 633,064 | 239,843 | 774,512 | ||||||||||||||||||
Total | $ | 1,164,720 | $ | 1,098,267 | $ | 2,597,513 | $ | 1,129,138 | $ | 3,529,169 | |||||||||||||
OPERATING EARNINGS | |||||||||||||||||||||||
Specialty Retail Stores | $ | 126,460 | $ | 135,140 | $ | 241,578 | $ | 138,203 | $ | 366,207 | |||||||||||||
Online | 40,659 | 46,583 | 94,996 | 33,801 | 124,849 | ||||||||||||||||||
Corporate expenses | (14,935 | ) | (12,052 | ) | (29,957 | ) | (12,932 | ) | (31,514 | ) | |||||||||||||
Other expenses | (6,027 | ) | (6,353 | ) | (70,195 | ) | (113,745 | ) | (17,681 | ) | |||||||||||||
Corporate depreciation/amortization charges | (43,783 | ) | (13,039 | ) | (87,567 | ) | (13,191 | ) | (39,346 | ) | |||||||||||||
Corporate amortization of inventory step-up | (30,642 | ) | — | (129,635 | ) | — | — | ||||||||||||||||
Total | $ | 71,732 | $ | 150,279 | $ | 19,220 | $ | 32,136 | $ | 402,515 | |||||||||||||
CAPITAL EXPENDITURES | |||||||||||||||||||||||
Specialty Retail Stores | $ | 34,312 | $ | 24,709 | $ | 60,018 | $ | 28,831 | $ | 83,256 | |||||||||||||
Online | 7,779 | 5,601 | 15,611 | 7,128 | 20,307 | ||||||||||||||||||
Total | $ | 42,091 | $ | 30,310 | $ | 75,629 | $ | 35,959 | $ | 103,563 | |||||||||||||
DEPRECIATION EXPENSE | |||||||||||||||||||||||
Specialty Retail Stores | $ | 26,603 | $ | 26,653 | $ | 53,531 | $ | 26,439 | $ | 79,536 | |||||||||||||
Online | 7,015 | 6,011 | 13,758 | 6,329 | 17,528 | ||||||||||||||||||
Other | 12,547 | 1,403 | 25,094 | 1,471 | 3,883 | ||||||||||||||||||
Total | $ | 46,165 | $ | 34,067 | $ | 92,383 | $ | 34,239 | $ | 100,947 | |||||||||||||
May 3, | April 27, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Tangible assets of Specialty Retail Stores | $ | 2,272,780 | $ | 1,778,836 | |||||||||||||||||||
Tangible assets of Online | 297,192 | 223,963 | |||||||||||||||||||||
Corporate assets: | |||||||||||||||||||||||
Intangible assets | 5,849,249 | 3,057,554 | |||||||||||||||||||||
Other | 356,767 | 154,166 | |||||||||||||||||||||
Total | $ | 8,775,988 | $ | 5,214,519 | |||||||||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | ||||||||||||||||||||
3-May-14 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||
Condensed Consolidating Financial Information | ' | ||||||||||||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
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. The Company’s guarantee of the 2028 Debentures is subject to automatic release if the requirements for legal defeasance or covenant defeasance of the 2028 Debentures are satisfied, or if NMG’s obligations under the indenture governing the 2028 Debentures are discharged. Currently, the Company’s non-guarantor subsidiaries under the 2028 Debentures 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. | |||||||||||||||||||||
The following condensed consolidating financial information represents the financial information of the Company and its non-guarantor subsidiaries under the 2028 Debentures, prepared on the equity basis of accounting. The information is presented in accordance with the requirements of Rule 3-10 under the SEC’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. | |||||||||||||||||||||
3-May-14 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 80,109 | $ | 35,709 | $ | — | $ | 115,818 | |||||||||||
Merchandise inventories | — | 927,443 | 126,007 | — | 1,053,450 | ||||||||||||||||
Other current assets | — | 176,661 | 10,733 | — | 187,394 | ||||||||||||||||
Total current assets | — | 1,184,213 | 172,449 | — | 1,356,662 | ||||||||||||||||
Property and equipment, net | — | 1,250,325 | 152,182 | — | 1,402,507 | ||||||||||||||||
Goodwill | — | 1,918,023 | 322,920 | — | 2,240,943 | ||||||||||||||||
Intangible assets, net | — | 680,841 | 2,927,465 | — | 3,608,306 | ||||||||||||||||
Other assets | — | 166,112 | 1,458 | — | 167,570 | ||||||||||||||||
Investments in subsidiaries | 1,502,208 | 3,474,372 | — | (4,976,580 | ) | — | |||||||||||||||
Total assets | $ | 1,502,208 | $ | 8,673,886 | $ | 3,576,474 | $ | (4,976,580 | ) | $ | 8,775,988 | ||||||||||
LIABILITIES AND MEMBER EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 238,957 | $ | 22,971 | $ | — | $ | 261,928 | |||||||||||
Accrued liabilities | — | 360,941 | 77,965 | — | 438,906 | ||||||||||||||||
Other current liabilities | — | 29,426 | — | — | 29,426 | ||||||||||||||||
Total current liabilities | — | 629,324 | 100,936 | — | 730,260 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | — | 4,632,824 | — | — | 4,632,824 | ||||||||||||||||
Deferred income taxes | — | 1,619,338 | — | — | 1,619,338 | ||||||||||||||||
Other long-term liabilities | — | 290,192 | 1,166 | — | 291,358 | ||||||||||||||||
Total long-term liabilities | — | 6,542,354 | 1,166 | — | 6,543,520 | ||||||||||||||||
Total member equity | 1,502,208 | 1,502,208 | 3,474,372 | (4,976,580 | ) | 1,502,208 | |||||||||||||||
Total liabilities and member equity | $ | 1,502,208 | $ | 8,673,886 | $ | 3,576,474 | $ | (4,976,580 | ) | $ | 8,775,988 | ||||||||||
August 3, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 135,827 | $ | 849 | $ | — | $ | 136,676 | |||||||||||
Merchandise inventories | — | 909,332 | 109,507 | — | 1,018,839 | ||||||||||||||||
Other current assets | — | 117,313 | 13,149 | — | 130,462 | ||||||||||||||||
Total current assets | — | 1,162,472 | 123,505 | — | 1,285,977 | ||||||||||||||||
Property and equipment, net | — | 795,798 | 106,046 | — | 901,844 | ||||||||||||||||
Goodwill | — | 1,107,753 | 155,680 | — | 1,263,433 | ||||||||||||||||
Intangible assets, net | — | 245,756 | 1,536,392 | — | 1,782,148 | ||||||||||||||||
Other assets | — | 38,835 | 28,004 | — | 66,839 | ||||||||||||||||
Investments in subsidiaries | 831,038 | 1,845,022 | — | (2,676,060 | ) | — | |||||||||||||||
Total assets | $ | 831,038 | $ | 5,195,636 | $ | 1,949,627 | $ | (2,676,060 | ) | $ | 5,300,241 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 354,249 | $ | 32,289 | $ | — | $ | 386,538 | |||||||||||
Accrued liabilities | — | 319,358 | 70,810 | — | 390,168 | ||||||||||||||||
Total current liabilities | — | 673,607 | 103,099 | — | 776,706 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | — | 2,697,077 | — | — | 2,697,077 | ||||||||||||||||
Deferred income taxes | — | 639,381 | — | — | 639,381 | ||||||||||||||||
Other long-term liabilities | — | 354,533 | 1,506 | — | 356,039 | ||||||||||||||||
Total long-term liabilities | — | 3,690,991 | 1,506 | — | 3,692,497 | ||||||||||||||||
Total stockholders’ equity | 831,038 | 831,038 | 1,845,022 | (2,676,060 | ) | 831,038 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 831,038 | $ | 5,195,636 | $ | 1,949,627 | $ | (2,676,060 | ) | $ | 5,300,241 | ||||||||||
27-Apr-13 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 67,834 | $ | 725 | $ | — | $ | 68,559 | |||||||||||
Merchandise inventories | — | 874,326 | 121,069 | — | 995,395 | ||||||||||||||||
Other current assets | — | 108,280 | 13,562 | — | 121,842 | ||||||||||||||||
Total current assets | — | 1,050,440 | 135,356 | — | 1,185,796 | ||||||||||||||||
Property and equipment, net | — | 791,941 | 105,460 | — | 897,401 | ||||||||||||||||
Goodwill | — | 1,107,753 | 155,680 | — | 1,263,433 | ||||||||||||||||
Intangible assets, net | — | 254,620 | 1,539,501 | — | 1,794,121 | ||||||||||||||||
Other assets | — | 43,176 | 30,592 | — | 73,768 | ||||||||||||||||
Investments in subsidiaries | 791,212 | 1,860,071 | — | (2,651,283 | ) | — | |||||||||||||||
Total assets | $ | 791,212 | $ | 5,108,001 | $ | 1,966,589 | $ | (2,651,283 | ) | $ | 5,214,519 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 225,024 | $ | 26,213 | $ | — | $ | 251,237 | |||||||||||
Accrued liabilities | — | 359,214 | 78,778 | — | 437,992 | ||||||||||||||||
Total current liabilities | — | 584,238 | 104,991 | — | 689,229 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | — | 2,702,028 | — | — | 2,702,028 | ||||||||||||||||
Deferred income taxes | — | 617,713 | — | — | 617,713 | ||||||||||||||||
Other long-term liabilities | — | 412,810 | 1,527 | — | 414,337 | ||||||||||||||||
Total long-term liabilities | — | 3,732,551 | 1,527 | — | 3,734,078 | ||||||||||||||||
Total stockholders’ equity | 791,212 | 791,212 | 1,860,071 | (2,651,283 | ) | 791,212 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 791,212 | $ | 5,108,001 | $ | 1,966,589 | $ | (2,651,283 | ) | $ | 5,214,519 | ||||||||||
Thirteen weeks ended May 3, 2014 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 976,197 | $ | 188,523 | $ | — | $ | 1,164,720 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 636,988 | 112,071 | — | 749,059 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 238,719 | 35,004 | — | 273,723 | ||||||||||||||||
Income from credit card program | — | (12,066 | ) | (1,156 | ) | — | (13,222 | ) | |||||||||||||
Depreciation expense | — | 41,535 | 4,630 | — | 46,165 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 19,176 | 12,060 | — | 31,236 | ||||||||||||||||
Other expenses | — | 4,477 | 1,550 | — | 6,027 | ||||||||||||||||
Operating earnings | — | 47,368 | 24,364 | — | 71,732 | ||||||||||||||||
Interest expense, net | — | 82,222 | — | — | 82,222 | ||||||||||||||||
Intercompany royalty charges (income) | — | 33,733 | (33,733 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 2,666 | (58,097 | ) | — | 55,431 | — | |||||||||||||||
(Loss) earnings before income taxes | (2,666 | ) | (10,490 | ) | 58,097 | (55,431 | ) | (10,490 | ) | ||||||||||||
Income tax benefit | — | (7,824 | ) | — | — | (7,824 | ) | ||||||||||||||
Net (loss) earnings | $ | (2,666 | ) | $ | (2,666 | ) | $ | 58,097 | $ | (55,431 | ) | $ | (2,666 | ) | |||||||
Total other comprehensive earnings (loss), net of tax | 588 | 588 | — | (588 | ) | 588 | |||||||||||||||
Total comprehensive (loss) earnings | $ | (2,078 | ) | $ | (2,078 | ) | $ | 58,097 | $ | (56,019 | ) | $ | (2,078 | ) | |||||||
Thirteen weeks ended April 27, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 918,242 | $ | 180,025 | $ | — | $ | 1,098,267 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 557,681 | 105,636 | — | 663,317 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 215,007 | 30,923 | — | 245,930 | ||||||||||||||||
Income from credit card program | — | (12,213 | ) | (1,102 | ) | — | (13,315 | ) | |||||||||||||
Depreciation expense | — | 30,496 | 3,571 | — | 34,067 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 8,742 | 2,894 | — | 11,636 | ||||||||||||||||
Other expenses | — | 2,746 | 3,607 | — | 6,353 | ||||||||||||||||
Operating earnings | — | 115,783 | 34,496 | — | 150,279 | ||||||||||||||||
Interest expense, net | — | 32,346 | — | — | 32,346 | ||||||||||||||||
Intercompany royalty charges (income) | — | 50,882 | (50,882 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (70,765 | ) | (85,378 | ) | — | 156,143 | — | ||||||||||||||
Earnings (loss) before income taxes | 70,765 | 117,933 | 85,378 | (156,143 | ) | 117,933 | |||||||||||||||
Income tax expense | — | 47,168 | — | — | 47,168 | ||||||||||||||||
Net earnings (loss) | $ | 70,765 | $ | 70,765 | $ | 85,378 | $ | (156,143 | ) | $ | 70,765 | ||||||||||
Total other comprehensive (loss) earnings, net of tax | (299 | ) | (299 | ) | — | 299 | (299 | ) | |||||||||||||
Total comprehensive earnings (loss) | $ | 70,466 | $ | 70,466 | $ | 85,378 | $ | (155,844 | ) | $ | 70,466 | ||||||||||
Twenty-six weeks ended May 3, 2014 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 2,187,471 | $ | 410,042 | $ | — | $ | 2,597,513 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 1,539,205 | 262,866 | — | 1,802,071 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 505,110 | 74,512 | — | 579,622 | ||||||||||||||||
Income from credit card program | — | (25,958 | ) | (2,493 | ) | — | (28,451 | ) | |||||||||||||
Depreciation expense | — | 82,972 | 9,411 | — | 92,383 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 38,351 | 24,122 | — | 62,473 | ||||||||||||||||
Other expenses | — | 66,582 | 3,613 | — | 70,195 | ||||||||||||||||
Operating (loss) earnings | — | (18,791 | ) | 38,011 | — | 19,220 | |||||||||||||||
Interest expense, net | — | 160,081 | — | — | 160,081 | ||||||||||||||||
Intercompany royalty charges (income) | — | 74,725 | (74,725 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 81,351 | (112,736 | ) | — | 31,385 | — | |||||||||||||||
(Loss) earnings before income taxes | (81,351 | ) | (140,861 | ) | 112,736 | (31,385 | ) | (140,861 | ) | ||||||||||||
Income tax benefit | — | (59,510 | ) | — | — | (59,510 | ) | ||||||||||||||
Net (loss) earnings | $ | (81,351 | ) | $ | (81,351 | ) | $ | 112,736 | $ | (31,385 | ) | $ | (81,351 | ) | |||||||
Total other comprehensive earnings (loss), net of tax | 303 | 303 | — | (303 | ) | 303 | |||||||||||||||
Total comprehensive (loss) earnings | $ | (81,048 | ) | $ | (81,048 | ) | $ | 112,736 | $ | (31,688 | ) | $ | (81,048 | ) | |||||||
Thirteen weeks ended November 2, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 926,436 | $ | 202,702 | $ | — | $ | 1,129,138 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 568,665 | 116,743 | — | 685,408 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 230,090 | 36,453 | — | 266,543 | ||||||||||||||||
Income from credit card program | — | (13,271 | ) | (1,382 | ) | — | (14,653 | ) | |||||||||||||
Depreciation expense | — | 31,057 | 3,182 | — | 34,239 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 8,773 | 2,947 | — | 11,720 | ||||||||||||||||
Other expenses | — | 112,222 | 1,523 | — | 113,745 | ||||||||||||||||
Operating (loss) earnings | — | (11,100 | ) | 43,236 | — | 32,136 | |||||||||||||||
Interest expense, net | — | 37,315 | — | — | 37,315 | ||||||||||||||||
Intercompany royalty charges (income) | — | 32,907 | (32,907 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 13,098 | (76,143 | ) | — | 63,045 | — | |||||||||||||||
(Loss) earnings before income taxes | (13,098 | ) | (5,179 | ) | 76,143 | (63,045 | ) | (5,179 | ) | ||||||||||||
Income tax expense | — | 7,919 | — | — | 7,919 | ||||||||||||||||
Net (loss) earnings | $ | (13,098 | ) | $ | (13,098 | ) | $ | 76,143 | $ | (63,045 | ) | $ | (13,098 | ) | |||||||
Total other comprehensive earnings (loss), net of tax | 1,324 | 1,324 | — | (1,324 | ) | 1,324 | |||||||||||||||
Total comprehensive (loss) earnings | $ | (11,774 | ) | $ | (11,774 | ) | $ | 76,143 | $ | (64,369 | ) | $ | (11,774 | ) | |||||||
Thirty-nine weeks ended April 27, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 2,948,810 | $ | 580,359 | $ | — | $ | 3,529,169 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 1,867,477 | 362,969 | — | 2,230,446 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 680,374 | 101,272 | — | 781,646 | ||||||||||||||||
Income from credit card program | — | (36,062 | ) | (3,467 | ) | — | (39,529 | ) | |||||||||||||
Depreciation expense | — | 90,667 | 10,280 | — | 100,947 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 26,228 | 9,235 | — | 35,463 | ||||||||||||||||
Other expenses | — | 8,823 | 8,858 | — | 17,681 | ||||||||||||||||
Operating earnings | — | 311,303 | 91,212 | — | 402,515 | ||||||||||||||||
Interest expense, net | — | 134,762 | 3 | — | 134,765 | ||||||||||||||||
Intercompany royalty charges (income) | — | 164,516 | (164,516 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (160,816 | ) | (255,725 | ) | — | 416,541 | — | ||||||||||||||
Earnings (loss) before income taxes | 160,816 | 267,750 | 255,725 | (416,541 | ) | 267,750 | |||||||||||||||
Income tax expense | — | 106,934 | — | — | 106,934 | ||||||||||||||||
Net earnings (loss) | $ | 160,816 | $ | 160,816 | $ | 255,725 | $ | (416,541 | ) | $ | 160,816 | ||||||||||
Total other comprehensive earnings (loss), net of tax | 6,624 | 6,624 | — | (6,624 | ) | 6,624 | |||||||||||||||
Total comprehensive earnings (loss) | $ | 167,440 | $ | 167,440 | $ | 255,725 | $ | (423,165 | ) | $ | 167,440 | ||||||||||
Acquisition and Twenty-six weeks ended May 3, 2014 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS—OPERATING ACTIVITIES | |||||||||||||||||||||
Net (loss) earnings | $ | (81,351 | ) | $ | (81,351 | ) | $ | 112,736 | $ | (31,385 | ) | $ | (81,351 | ) | |||||||
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization expense | — | 132,313 | 33,533 | — | 165,846 | ||||||||||||||||
Loss on debt extinguishment | — | 7,882 | — | — | 7,882 | ||||||||||||||||
Equity in loss of foreign e-commerce retailer | — | — | 3,613 | — | 3,613 | ||||||||||||||||
Deferred income taxes | — | (112,754 | ) | — | — | (112,754 | ) | ||||||||||||||
Non-cash charges related to the Acquisition | — | 145,062 | — | — | 145,062 | ||||||||||||||||
Other | — | 834 | (212 | ) | — | 622 | |||||||||||||||
Intercompany royalty income payable (receivable) | — | 74,725 | (74,725 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 81,351 | (112,736 | ) | — | 31,385 | — | |||||||||||||||
Changes in operating assets and liabilities, net | — | 26,123 | (66,201 | ) | — | (40,078 | ) | ||||||||||||||
Net cash provided by operating activities | — | 80,098 | 8,744 | — | 88,842 | ||||||||||||||||
CASH FLOWS—INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | — | (66,515 | ) | (9,114 | ) | — | (75,629 | ) | |||||||||||||
Acquisition of Neiman Marcus Group LTD LLC | — | (3,388,585 | ) | — | — | (3,388,585 | ) | ||||||||||||||
Investment in foreign e-commerce retailer | — | — | 35,000 | — | 35,000 | ||||||||||||||||
Net cash (used for) provided by investing activities | — | (3,455,100 | ) | 25,886 | — | (3,429,214 | ) | ||||||||||||||
CASH FLOWS—FINANCING ACTIVITIES | |||||||||||||||||||||
Borrowings under Asset-Based Revolving Credit Facility | — | 170,000 | — | — | 170,000 | ||||||||||||||||
Borrowings under Senior Secured Term Loan Facility | — | 2,950,000 | — | — | 2,950,000 | ||||||||||||||||
Borrowings under Cash Pay Notes | — | 960,000 | — | — | 960,000 | ||||||||||||||||
Borrowings under PIK Toggle Notes | — | 600,000 | — | — | 600,000 | ||||||||||||||||
Repayment of borrowings | — | (2,717,828 | ) | — | — | (2,717,828 | ) | ||||||||||||||
Debt issuance costs paid | — | (178,606 | ) | — | — | (178,606 | ) | ||||||||||||||
Cash equity contributions | — | 1,556,500 | — | — | 1,556,500 | ||||||||||||||||
Net cash provided by financing activities | — | 3,340,066 | — | — | 3,340,066 | ||||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||
(Decrease) increase during the period | — | (34,936 | ) | 34,630 | — | (306 | ) | ||||||||||||||
Beginning balance | — | 115,045 | 1,079 | — | 116,124 | ||||||||||||||||
Ending balance | $ | — | $ | 80,109 | $ | 35,709 | $ | — | $ | 115,818 | |||||||||||
Thirteen weeks ended November 2, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS—OPERATING ACTIVITIES | |||||||||||||||||||||
Net (loss) earnings | $ | (13,098 | ) | $ | (13,098 | ) | $ | 76,143 | $ | (63,045 | ) | $ | (13,098 | ) | |||||||
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization expense | — | 42,296 | 6,129 | — | 48,425 | ||||||||||||||||
Equity in loss of foreign e-commerce retailer | — | — | 1,523 | — | 1,523 | ||||||||||||||||
Deferred income taxes | — | (6,326 | ) | — | — | (6,326 | ) | ||||||||||||||
Other | — | 5,068 | (66 | ) | — | 5,002 | |||||||||||||||
Intercompany royalty income payable (receivable) | — | 32,907 | (32,907 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 13,098 | (76,143 | ) | — | 63,045 | — | |||||||||||||||
Changes in operating assets and liabilities, net | — | 21,469 | (44,684 | ) | — | (23,215 | ) | ||||||||||||||
Net cash provided by operating activities | — | 6,173 | 6,138 | — | 12,311 | ||||||||||||||||
CASH FLOWS—INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | — | (30,051 | ) | (5,908 | ) | — | (35,959 | ) | |||||||||||||
Net cash used for investing activities | — | (30,051 | ) | (5,908 | ) | — | (35,959 | ) | |||||||||||||
CASH FLOWS—FINANCING ACTIVITIES | |||||||||||||||||||||
Borrowings under Former Asset-Based Revolving Credit Facility | — | 130,000 | — | — | 130,000 | ||||||||||||||||
Repayment of borrowings | — | (126,904 | ) | — | — | (126,904 | ) | ||||||||||||||
Net cash provided by financing activities | — | 3,096 | — | — | 3,096 | ||||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||
(Decrease) increase during the period | — | (20,782 | ) | 230 | — | (20,552 | ) | ||||||||||||||
Beginning balance | — | 135,827 | 849 | — | 136,676 | ||||||||||||||||
Ending balance | $ | — | $ | 115,045 | $ | 1,079 | $ | — | $ | 116,124 | |||||||||||
Thirty-nine weeks ended April 27, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS—OPERATING ACTIVITIES | |||||||||||||||||||||
Net earnings (loss) | $ | 160,816 | $ | 160,816 | $ | 255,725 | $ | (416,541 | ) | $ | 160,816 | ||||||||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization expense | — | 123,171 | 19,515 | — | 142,686 | ||||||||||||||||
Loss on debt extinguishment | — | 15,597 | — | — | 15,597 | ||||||||||||||||
Equity in loss of foreign e-commerce retailer | — | — | 8,858 | — | 8,858 | ||||||||||||||||
Deferred income taxes | — | (15,501 | ) | — | — | (15,501 | ) | ||||||||||||||
Other | — | 4,417 | (152 | ) | — | 4,265 | |||||||||||||||
Intercompany royalty income payable (receivable) | — | 164,516 | (164,516 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (160,816 | ) | (255,725 | ) | — | 416,541 | — | ||||||||||||||
Changes in operating assets and liabilities, net | — | 15,634 | (99,055 | ) | — | (83,421 | ) | ||||||||||||||
Net cash provided by operating activities | — | 212,925 | 20,375 | — | 233,300 | ||||||||||||||||
CASH FLOWS—INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | — | (92,968 | ) | (10,595 | ) | — | (103,563 | ) | |||||||||||||
Investment in foreign e-commerce retailer | — | — | (10,000 | ) | — | (10,000 | ) | ||||||||||||||
Net cash used for investing activities | — | (92,968 | ) | (20,595 | ) | — | (113,563 | ) | |||||||||||||
CASH FLOWS—FINANCING ACTIVITIES | |||||||||||||||||||||
Borrowings under Former Asset-Based Revolving Credit Facility | — | 100,000 | — | — | 100,000 | ||||||||||||||||
Borrowings under Former Senior Secured Term Loan Facility | — | 500,000 | — | — | 500,000 | ||||||||||||||||
Repayment of borrowings | — | (690,668 | ) | — | — | (690,668 | ) | ||||||||||||||
Debt issuance costs paid | — | (9,763 | ) | — | — | (9,763 | ) | ||||||||||||||
Net cash used for financing activities | — | (100,431 | ) | — | — | (100,431 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||
Increase (decrease) during the period | — | 19,526 | (220 | ) | — | 19,306 | |||||||||||||||
Beginning balance | — | 48,308 | 945 | — | 49,253 | ||||||||||||||||
Ending balance | $ | — | $ | 67,834 | $ | 725 | $ | — | $ | 68,559 | |||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended | |
3-May-14 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Use of Estimates | ' | |
Use of Estimates. We are required to make estimates and assumptions about future events in preparing our financial statements in conformity with GAAP. These estimates and assumptions affect the amounts of assets, liabilities, revenues and expenses and the disclosure of gain and loss contingencies at the date of the unaudited Condensed Consolidated Financial Statements. | ||
While we believe that our past estimates and assumptions have been materially accurate, the amounts currently estimated are subject to change if different assumptions as to the outcome of future events were made. We evaluate our estimates and judgments on an ongoing basis and predicate those estimates and judgments on historical experience and on various other factors that we believe to be reasonable under the circumstances. We make adjustments to our assumptions and judgments when facts and circumstances dictate. Since future events and their effects cannot be determined with absolute certainty, actual results may differ from the estimates used in preparing the accompanying unaudited Condensed Consolidated Financial Statements. | ||
We believe the following critical accounting policies, among others, encompass the more significant judgments and estimates used in the preparation of our unaudited Condensed Consolidated Financial Statements: | ||
• | preliminary allocation of the price paid to acquire the Company to our assets and liabilities as of the date of the Acquisition (as more fully described in Note 3); | |
• | recognition of revenues; | |
• | valuation of merchandise inventories, including determination of original retail values, recognition of markdowns and vendor allowances, estimation of inventory shrinkage, and determination of cost of goods sold; | |
• | determination of impairment of long-lived assets; | |
• | measurement of liabilities related to our loyalty program; | |
• | recognition of income taxes; and | |
• | measurement of accruals for general liability, workers’ compensation and health insurance claims and pension and postretirement health care benefits. | |
Recent Accounting Pronouncements | ' | |
Recent Accounting Pronouncements. In July 2012, the Financial Accounting Standards Board (FASB) issued guidance to reduce the complexity and costs associated with interim and annual indefinite-lived intangible assets impairment tests. This guidance allows an entity the option to make a qualitative evaluation about the likelihood of impairment to determine whether it should calculate the fair value of the indefinite-lived intangible assets. While we adopted this guidance during the first quarter of fiscal year 2014, no impairment tests were required in year-to-date fiscal 2014. We will perform our annual impairment tests in the fourth quarter of fiscal year 2014 and do not expect this guidance to have a material impact on our Condensed Consolidated Financial Statements. | ||
In February 2013, the FASB issued guidance to improve the reporting of reclassifications out of accumulated other comprehensive earnings depending on the significance of the reclassifications and whether they are required by GAAP. We adopted this guidance during the first quarter of fiscal year 2014. The adoption of this guidance did not have a material impact on our Condensed Consolidated Financial Statements. | ||
In July 2013, the FASB issued guidance to improve the reporting of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2013, which is effective for us as of the first quarter of fiscal year 2015. We do not expect that the implementation of this standard will have a material impact on our Condensed Consolidated Financial Statements. | ||
In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes the most current revenue recognition guidance. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016, which is effective for us as of the first quarter of fiscal year 2018. We do not expect that the implementation of this standard will have a material impact on our Condensed Consolidated Financial Statements. |
Purchase_Accounting_Tables
Purchase Accounting (Tables) | 9 Months Ended | ||||||||||||||||
3-May-14 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Summary of sources and uses of funds in connection with the Acquisition | ' | ||||||||||||||||
The sources and uses of funds in connection with the closing of the Acquisition on October 25, 2013 are summarized below (in millions): | |||||||||||||||||
Sources | |||||||||||||||||
Borrowings under new debt agreements: | |||||||||||||||||
Asset-Based Revolving Credit Facility | $ | 75 | |||||||||||||||
Senior Secured Term Loan Facility | 2,950.00 | ||||||||||||||||
Cash Pay Notes | 960 | ||||||||||||||||
PIK Toggle Notes | 600 | ||||||||||||||||
Equity contributions - cash | 1,556.50 | ||||||||||||||||
Equity contributions - non-cash | 26.8 | ||||||||||||||||
Cash on hand | 38.2 | ||||||||||||||||
Total sources | $ | 6,206.50 | |||||||||||||||
Uses | |||||||||||||||||
Consideration payable to former equity holders | $ | 3,382.70 | |||||||||||||||
Repayments of Former Senior Secured Credit Facilities | 2,591.70 | ||||||||||||||||
Debt issuance costs | 147.4 | ||||||||||||||||
Fees and expenses | 84.7 | ||||||||||||||||
Total uses | $ | 6,206.50 | |||||||||||||||
Schedule of estimated fair values of long-lived and intangible assets | ' | ||||||||||||||||
During the third quarter of fiscal year 2014, we revised our estimates of the fair values of our long-lived and intangible assets at the Acquisition date as follows: | |||||||||||||||||
Estimated Fair Value at Acquisition Date | |||||||||||||||||
(in millions) | May 3, | November 2, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Property and equipment | $ | 1,420.30 | $ | 1,094.60 | |||||||||||||
Customer lists | 571.6 | 484.7 | |||||||||||||||
Favorable lease commitments | 1,138.30 | 1,067.60 | |||||||||||||||
Tradenames | 1,960.90 | 1,909.50 | |||||||||||||||
Goodwill | 2,240.90 | 2,559.80 | |||||||||||||||
Schedule of purchase price allocated | ' | ||||||||||||||||
The purchase price has been preliminarily allocated as follows (in millions): | |||||||||||||||||
Consideration payable to former equity holders (including $26.8 million management rollover) | $ | 3,382.70 | |||||||||||||||
Capitalized transaction costs | 32.7 | ||||||||||||||||
Total consideration paid to effect the Acquisition | 3,415.40 | ||||||||||||||||
Net assets acquired at historical cost | 821.9 | ||||||||||||||||
Adjustments to state acquired assets at fair value: | |||||||||||||||||
1) Increase carrying value of merchandise inventories | $ | 129.6 | |||||||||||||||
2) Increase carrying value of property and equipment | 515.7 | ||||||||||||||||
3) Revalue intangible assets to fair value: | |||||||||||||||||
Tradenames | 729.5 | ||||||||||||||||
Customer lists | 368.1 | ||||||||||||||||
Favorable lease commitments | 802.7 | ||||||||||||||||
4) Change in carrying values of other assets and liabilities | (39.3 | ) | |||||||||||||||
5) Write-off historical deferred lease credits | 102.3 | ||||||||||||||||
6) Write-off historical debt issuance costs | (31.3 | ) | |||||||||||||||
7) Write-off historical goodwill | (1,263.4 | ) | |||||||||||||||
8) Settlement of unvested Predecessor stock options (Note 10) | 51.5 | ||||||||||||||||
9) Tax impact of valuation adjustments and other tax benefits | (1,012.8 | ) | |||||||||||||||
Total adjustments to state acquired assets at fair value | 352.6 | ||||||||||||||||
Net assets acquired at fair value | 1,174.50 | ||||||||||||||||
Excess purchase price related to the Acquisition recorded as goodwill | $ | 2,240.90 | |||||||||||||||
Schedule of unaudited pro forma results of operations | ' | ||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | ||||||||||||||||
(in thousands) | May 3, | April 27, | May 3, | April 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | 1,164,720 | $ | 1,098,267 | $ | 3,726,651 | $ | 3,529,169 | |||||||||
Net earnings (loss) | 15,964 | 26,842 | 48,960 | (43,419 | ) | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of the Company's financial assets that are required to be measured at fair value on a recurring basis | ' | |||||||||||||||||||||||||||
The following table shows the Company’s financial assets that are required to be measured at fair value on a recurring basis in our Condensed Consolidated Balance Sheets: | ||||||||||||||||||||||||||||
Fair Value | May 3, | August 3, | April 27, | |||||||||||||||||||||||||
Hierarchy | 2014 | 2013 | 2013 | |||||||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||||||||||
Other long-term assets: | ||||||||||||||||||||||||||||
Interest rate caps | Level 2 | $ | 2,000 | $ | 29 | $ | 26 | |||||||||||||||||||||
Schedule of fair value of long-term debt determined on a non-recurring basis | ' | |||||||||||||||||||||||||||
We determine the fair value of our long-term debt on a non-recurring basis, which results are summarized as follows: | ||||||||||||||||||||||||||||
3-May-14 | August 3, 2013 | 27-Apr-13 | ||||||||||||||||||||||||||
(Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||||||||||
(in thousands) | Fair Value | Carrying | Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Hierarchy | Value | Value | Value | Value | Value | Value | ||||||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||||||||
Asset-Based Revolving Credit Facility | Level 2 | $ | 45,000 | $ | 45,000 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Senior Secured Term Loan Facility | Level 2 | 2,935,268 | 2,935,268 | — | — | — | — | |||||||||||||||||||||
Cash Pay Notes | Level 2 | 960,000 | 1,046,400 | — | — | — | — | |||||||||||||||||||||
PIK Toggle Notes | Level 2 | 600,000 | 657,000 | — | — | — | — | |||||||||||||||||||||
2028 Debentures | Level 2 | 121,982 | 125,156 | 122,077 | 125,625 | 122,028 | 128,750 | |||||||||||||||||||||
Former Asset-Based Revolving Credit Facility | Level 2 | — | — | 15,000 | 15,000 | 20,000 | 20,000 | |||||||||||||||||||||
Former Senior Secured Term Loan Facility | Level 2 | — | — | 2,560,000 | 2,566,400 | 2,560,000 | 2,582,400 | |||||||||||||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended | |||||||||||||
3-May-14 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Schedule of goodwill and intangible assets, net | ' | |||||||||||||
May 3, | August 3, | April 27, | ||||||||||||
2014 | 2013 | 2013 | ||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||
Goodwill | $ | 2,240,943 | $ | 1,263,433 | $ | 1,263,433 | ||||||||
Tradenames | $ | 1,960,914 | $ | 1,231,405 | $ | 1,231,405 | ||||||||
Customer lists, net | 535,423 | 210,690 | 217,941 | |||||||||||
Favorable lease commitments, net | 1,111,969 | 340,053 | 344,775 | |||||||||||
Intangible assets, net | $ | 3,608,306 | $ | 1,782,148 | $ | 1,794,121 | ||||||||
Schedule of estimated amortization of all intangible assets recorded in connection with the Acquisition | ' | |||||||||||||
Total amortization of all intangible assets recorded in connection with the Acquisition for the current and next five fiscal years is currently estimated as follows (in thousands): | ||||||||||||||
May 4, 2014 through August 2, 2014 | $ | 31,237 | ||||||||||||
2015 | 125,464 | |||||||||||||
2016 | 104,433 | |||||||||||||
2017 | 100,454 | |||||||||||||
2018 | 95,286 | |||||||||||||
2019 | 94,941 | |||||||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 9 Months Ended | ||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||
Schedule of significant components of long-term debt | ' | ||||||||||||||||||||||
The significant components of our long-term debt are as follows: | |||||||||||||||||||||||
Interest | May 3, | August 3, | April 27, | ||||||||||||||||||||
Rate | 2014 | 2013 | 2013 | ||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||||
Asset-Based Revolving Credit Facility | variable | $ | 45,000 | $ | — | $ | — | ||||||||||||||||
Senior Secured Term Loan Facility | variable | 2,935,268 | — | — | |||||||||||||||||||
Cash Pay Notes | 8.00% | 960,000 | — | — | |||||||||||||||||||
PIK Toggle Notes | 8.75%/9.50% | 600,000 | — | — | |||||||||||||||||||
2028 Debentures | 7.12% | 121,982 | 122,077 | 122,028 | |||||||||||||||||||
Former Asset-Based Revolving Credit Facility | variable | — | 15,000 | 20,000 | |||||||||||||||||||
Former Senior Secured Term Loan Facility | variable | — | 2,560,000 | 2,560,000 | |||||||||||||||||||
Total debt | 4,662,250 | 2,697,077 | 2,702,028 | ||||||||||||||||||||
Less: current portion of Senior Secured Term Loan Facility | (29,426 | ) | — | — | |||||||||||||||||||
Long-term debt | $ | 4,632,824 | $ | 2,697,077 | $ | 2,702,028 | |||||||||||||||||
Schedule of annual maturities of long-term debt outstanding during the current and next five fiscal years and thereafter | ' | ||||||||||||||||||||||
Annual maturities of long-term debt outstanding at May 3, 2014 during the current and next five fiscal years and thereafter are as follows (in millions): | |||||||||||||||||||||||
May 4, 2014 through August 2, 2014 | $ | 7.4 | |||||||||||||||||||||
2015 | 29.4 | ||||||||||||||||||||||
2016 | 29.4 | ||||||||||||||||||||||
2017 | 29.4 | ||||||||||||||||||||||
2018 | 29.4 | ||||||||||||||||||||||
2019 | 74.4 | ||||||||||||||||||||||
Thereafter | 4,462.90 | ||||||||||||||||||||||
Schedule of significant components of interest expense | ' | ||||||||||||||||||||||
The significant components of interest expense are as follows: | |||||||||||||||||||||||
Quarter-to-date | Year-to-date | ||||||||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | |||||||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | |||||||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
Asset-Based Revolving Credit Facility | $ | 33 | $ | — | $ | 291 | $ | 75 | $ | — | |||||||||||||
Senior Secured Term Loan Facility | 34,003 | — | 71,286 | 3,687 | — | ||||||||||||||||||
Cash Pay Notes | 18,986 | — | 38,400 | 2,773 | — | ||||||||||||||||||
PIK Toggle Notes | 12,979 | — | 26,250 | 1,896 | — | ||||||||||||||||||
2028 Debentures | 2,227 | 2,227 | 4,454 | 2,226 | 6,680 | ||||||||||||||||||
Former Asset-Based Revolving Credit Facility | — | 101 | — | 477 | 1,363 | ||||||||||||||||||
Former Senior Secured Term Loan Facility | — | 26,804 | — | 22,521 | 80,034 | ||||||||||||||||||
Senior Subordinated Notes | — | — | — | — | 19,031 | ||||||||||||||||||
Amortization of debt issue costs | 5,845 | 2,128 | 10,990 | 2,466 | 6,276 | ||||||||||||||||||
Other, net | 570 | 1,155 | 1,094 | 1,334 | 5,911 | ||||||||||||||||||
Capitalized interest | (303 | ) | (69 | ) | (566 | ) | (140 | ) | (127 | ) | |||||||||||||
$ | 74,340 | $ | 32,346 | $ | 152,199 | $ | 37,315 | $ | 119,168 | ||||||||||||||
Loss on debt extinguishment | 7,882 | — | 7,882 | — | 15,597 | ||||||||||||||||||
Interest expense, net | $ | 82,222 | $ | 32,346 | $ | 160,081 | $ | 37,315 | $ | 134,765 | |||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||
Summary of recorded amounts related to the entity's interest rate caps reflected in the Condensed Consolidated Statements of Operations | ' | ||||||||||||||||||||||
A summary of the recorded amounts related to our interest rate caps reflected in our Condensed Consolidated Statements of Operations is as follows: | |||||||||||||||||||||||
Quarter-to-date | Year-to-date | ||||||||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | |||||||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | |||||||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
Realized hedging losses — included in interest expense, net | $ | — | $ | 165 | $ | — | $ | 369 | $ | 3,233 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||||
3-May-14 | ||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Effective Income Tax Rate | ' | |||||||||||||||||
Our effective income tax (benefit)/expense rates for the following periods are as follows: | ||||||||||||||||||
Quarter-to-date | Year-to-date | |||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | ||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | ||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | ||||||||||||||
(Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||
Effective income tax rate | (74.6 | )% | 40 | % | (42.2 | )% | 152.9 | % | 39.9 | % |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||
Schedule of obligations for employee benefit plans included in other long-term liabilities | ' | ||||||||||||||||||||||
Obligations for our employee benefit plans, included in other long-term liabilities, are as follows: | |||||||||||||||||||||||
May 3, | August 3, | April 27, | |||||||||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||||
Pension Plan | $ | 139,846 | $ | 104,018 | $ | 146,407 | |||||||||||||||||
SERP Plan | 104,947 | 103,854 | 114,562 | ||||||||||||||||||||
Postretirement Plan | 13,595 | 12,429 | 17,350 | ||||||||||||||||||||
258,388 | 220,301 | 278,319 | |||||||||||||||||||||
Less: current portion | (5,752 | ) | (6,542 | ) | (5,904 | ) | |||||||||||||||||
Long-term portion of benefit obligations | $ | 252,636 | $ | 213,759 | $ | 272,415 | |||||||||||||||||
Schedule of components of the expenses incurred | ' | ||||||||||||||||||||||
The components of the expenses we incurred under our Pension Plan, SERP Plan and Postretirement Plan are as follows: | |||||||||||||||||||||||
Quarter-to-date | Year-to-date | ||||||||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | |||||||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | |||||||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
Pension Plan: | |||||||||||||||||||||||
Interest cost | $ | 6,420 | $ | 5,311 | $ | 12,201 | $ | 5,781 | $ | 15,933 | |||||||||||||
Expected return on plan assets | (6,167 | ) | (6,595 | ) | (12,333 | ) | (6,401 | ) | (19,785 | ) | |||||||||||||
Net amortization of losses | — | 1,572 | — | 1,095 | 4,716 | ||||||||||||||||||
Pension Plan expense (income) | $ | 253 | $ | 288 | $ | (132 | ) | $ | 475 | $ | 864 | ||||||||||||
SERP Plan: | |||||||||||||||||||||||
Interest cost | $ | 1,200 | $ | 1,009 | $ | 2,304 | $ | 1,104 | $ | 3,027 | |||||||||||||
Net amortization of losses | — | 131 | — | — | 393 | ||||||||||||||||||
SERP Plan expense | $ | 1,200 | $ | 1,140 | $ | 2,304 | $ | 1,104 | $ | 3,420 | |||||||||||||
Postretirement Plan: | |||||||||||||||||||||||
Service cost | $ | 7 | $ | 9 | $ | 12 | $ | 5 | $ | 27 | |||||||||||||
Interest cost | 173 | 163 | 315 | 142 | 489 | ||||||||||||||||||
Net amortization of prior service cost | — | (389 | ) | — | (321 | ) | (1,167 | ) | |||||||||||||||
Net amortization of losses | — | 147 | — | 35 | 441 | ||||||||||||||||||
Postretirement Plan expense (income) | $ | 180 | $ | (70 | ) | $ | 327 | $ | (139 | ) | $ | (210 | ) | ||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Summary of stock option activity | ' | ||||||||||||||||||||||
The following table sets forth certain summary information with respect to our stock options for the periods indicated. | |||||||||||||||||||||||
Quarter-to-date | Year-to-date | ||||||||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | |||||||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | |||||||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
(in thousands, except number of options and per option price) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
Stock compensation expense | $ | 2,376 | $ | 2,562 | $ | 4,752 | $ | 2,548 | $ | 7,147 | |||||||||||||
Stock option grants: | |||||||||||||||||||||||
Number of options granted | 12,008 | 2,200 | 157,992 | — | 12,400 | ||||||||||||||||||
Weighted average grant date fair value | $ | 407 | $ | 862 | $ | 407 | $ | — | $ | 916 | |||||||||||||
Stock option exercises: | |||||||||||||||||||||||
Number of options exercised | — | 1,373 | — | 65 | 4,288 | ||||||||||||||||||
Weighted average exercise price | $ | — | $ | 1,187 | $ | — | $ | 1,557 | $ | 1,064 | |||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Earnings (Loss) (Tables) | 9 Months Ended | ||||||||||||
3-May-14 | |||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ||||||||||||
Summary of the changes in accumulated other comprehensive loss by component | ' | ||||||||||||
The following table summarizes the changes in accumulated other comprehensive earnings (loss) by component (amounts are recorded net of related income taxes): | |||||||||||||
(in thousands) | Unrealized | Unfunded | Total | ||||||||||
Losses on | Benefit | ||||||||||||
Financial | Obligations | ||||||||||||
Instruments | |||||||||||||
Predecessor: | |||||||||||||
Balance, August 3, 2013 | $ | (3,999 | ) | $ | (103,530 | ) | $ | (107,529 | ) | ||||
Other comprehensive earnings before reclassifications | 610 | 490 | 1,100 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss (1) | 224 | — | 224 | ||||||||||
Purchase accounting adjustment | 3,165 | 103,040 | 106,205 | ||||||||||
Successor: | |||||||||||||
Balance, November 2, 2013 | $ | — | $ | — | $ | — | |||||||
Other comprehensive loss before reclassifications | (285 | ) | — | (285 | ) | ||||||||
Balance, February 1, 2014 | $ | (285 | ) | $ | — | $ | (285 | ) | |||||
Other comprehensive earnings before reclassifications | 588 | — | 588 | ||||||||||
Balance, May 3, 2014 | $ | 303 | $ | — | $ | 303 | |||||||
-1 | The amounts reclassified from accumulated other comprehensive loss are recorded within interest expense on the Condensed Consolidated Statements of Operations. |
Other_Expenses_Tables
Other Expenses (Tables) | 9 Months Ended | ||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||
Other Expenses [Abstract] | ' | ||||||||||||||||||||||
Schedule of other expenses | ' | ||||||||||||||||||||||
Other expenses consists of the following components: | |||||||||||||||||||||||
Quarter-to-date | Year-to-date | ||||||||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | |||||||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | |||||||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
Costs incurred in connection with the Acquisition: | |||||||||||||||||||||||
Change-in-control cash payments due to Former Sponsors and management | $ | — | $ | — | $ | — | $ | 80,457 | $ | — | |||||||||||||
Stock-based compensation for accelerated vesting of Predecessor stock options (including non-cash charges of $15.4 million) | — | — | 51,510 | — | — | ||||||||||||||||||
Other, primarily professional fees | — | — | 1,732 | 28,942 | — | ||||||||||||||||||
Total transaction costs | — | — | 53,242 | 109,399 | — | ||||||||||||||||||
Costs related to criminal cyber-attack | 4,477 | — | 8,565 | — | — | ||||||||||||||||||
Equity in loss of foreign e-commerce retailer | 1,550 | 3,607 | 3,613 | 1,523 | 8,858 | ||||||||||||||||||
Management fee due to Former Sponsors | — | 2,746 | — | 2,823 | 8,823 | ||||||||||||||||||
Other non-recurring expenses | — | — | 4,775 | — | — | ||||||||||||||||||
Other expenses | $ | 6,027 | $ | 6,353 | $ | 70,195 | $ | 113,745 | $ | 17,681 | |||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||||||||
3-May-14 | |||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||
Schedule of information for the entity's reportable segments | ' | ||||||||||||||||||||||
The following tables set forth the information for our reportable segments: | |||||||||||||||||||||||
Quarter-to-date | Year-to-date | ||||||||||||||||||||||
Thirteen | Thirteen | Twenty-six | Thirteen | Thirty-nine | |||||||||||||||||||
weeks ended | weeks ended | weeks ended | weeks ended | weeks ended | |||||||||||||||||||
May 3, | April 27, | May 3, | November 2, | April 27, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Specialty Retail Stores | $ | 893,731 | $ | 855,722 | $ | 1,964,449 | $ | 889,295 | $ | 2,754,657 | |||||||||||||
Online | 270,989 | 242,545 | 633,064 | 239,843 | 774,512 | ||||||||||||||||||
Total | $ | 1,164,720 | $ | 1,098,267 | $ | 2,597,513 | $ | 1,129,138 | $ | 3,529,169 | |||||||||||||
OPERATING EARNINGS | |||||||||||||||||||||||
Specialty Retail Stores | $ | 126,460 | $ | 135,140 | $ | 241,578 | $ | 138,203 | $ | 366,207 | |||||||||||||
Online | 40,659 | 46,583 | 94,996 | 33,801 | 124,849 | ||||||||||||||||||
Corporate expenses | (14,935 | ) | (12,052 | ) | (29,957 | ) | (12,932 | ) | (31,514 | ) | |||||||||||||
Other expenses | (6,027 | ) | (6,353 | ) | (70,195 | ) | (113,745 | ) | (17,681 | ) | |||||||||||||
Corporate depreciation/amortization charges | (43,783 | ) | (13,039 | ) | (87,567 | ) | (13,191 | ) | (39,346 | ) | |||||||||||||
Corporate amortization of inventory step-up | (30,642 | ) | — | (129,635 | ) | — | — | ||||||||||||||||
Total | $ | 71,732 | $ | 150,279 | $ | 19,220 | $ | 32,136 | $ | 402,515 | |||||||||||||
CAPITAL EXPENDITURES | |||||||||||||||||||||||
Specialty Retail Stores | $ | 34,312 | $ | 24,709 | $ | 60,018 | $ | 28,831 | $ | 83,256 | |||||||||||||
Online | 7,779 | 5,601 | 15,611 | 7,128 | 20,307 | ||||||||||||||||||
Total | $ | 42,091 | $ | 30,310 | $ | 75,629 | $ | 35,959 | $ | 103,563 | |||||||||||||
DEPRECIATION EXPENSE | |||||||||||||||||||||||
Specialty Retail Stores | $ | 26,603 | $ | 26,653 | $ | 53,531 | $ | 26,439 | $ | 79,536 | |||||||||||||
Online | 7,015 | 6,011 | 13,758 | 6,329 | 17,528 | ||||||||||||||||||
Other | 12,547 | 1,403 | 25,094 | 1,471 | 3,883 | ||||||||||||||||||
Total | $ | 46,165 | $ | 34,067 | $ | 92,383 | $ | 34,239 | $ | 100,947 | |||||||||||||
May 3, | April 27, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Tangible assets of Specialty Retail Stores | $ | 2,272,780 | $ | 1,778,836 | |||||||||||||||||||
Tangible assets of Online | 297,192 | 223,963 | |||||||||||||||||||||
Corporate assets: | |||||||||||||||||||||||
Intangible assets | 5,849,249 | 3,057,554 | |||||||||||||||||||||
Other | 356,767 | 154,166 | |||||||||||||||||||||
Total | $ | 8,775,988 | $ | 5,214,519 | |||||||||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | ||||||||||||||||||||
3-May-14 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||
Schedule of condensed balance sheets | ' | ||||||||||||||||||||
3-May-14 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 80,109 | $ | 35,709 | $ | — | $ | 115,818 | |||||||||||
Merchandise inventories | — | 927,443 | 126,007 | — | 1,053,450 | ||||||||||||||||
Other current assets | — | 176,661 | 10,733 | — | 187,394 | ||||||||||||||||
Total current assets | — | 1,184,213 | 172,449 | — | 1,356,662 | ||||||||||||||||
Property and equipment, net | — | 1,250,325 | 152,182 | — | 1,402,507 | ||||||||||||||||
Goodwill | — | 1,918,023 | 322,920 | — | 2,240,943 | ||||||||||||||||
Intangible assets, net | — | 680,841 | 2,927,465 | — | 3,608,306 | ||||||||||||||||
Other assets | — | 166,112 | 1,458 | — | 167,570 | ||||||||||||||||
Investments in subsidiaries | 1,502,208 | 3,474,372 | — | (4,976,580 | ) | — | |||||||||||||||
Total assets | $ | 1,502,208 | $ | 8,673,886 | $ | 3,576,474 | $ | (4,976,580 | ) | $ | 8,775,988 | ||||||||||
LIABILITIES AND MEMBER EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 238,957 | $ | 22,971 | $ | — | $ | 261,928 | |||||||||||
Accrued liabilities | — | 360,941 | 77,965 | — | 438,906 | ||||||||||||||||
Other current liabilities | — | 29,426 | — | — | 29,426 | ||||||||||||||||
Total current liabilities | — | 629,324 | 100,936 | — | 730,260 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | — | 4,632,824 | — | — | 4,632,824 | ||||||||||||||||
Deferred income taxes | — | 1,619,338 | — | — | 1,619,338 | ||||||||||||||||
Other long-term liabilities | — | 290,192 | 1,166 | — | 291,358 | ||||||||||||||||
Total long-term liabilities | — | 6,542,354 | 1,166 | — | 6,543,520 | ||||||||||||||||
Total member equity | 1,502,208 | 1,502,208 | 3,474,372 | (4,976,580 | ) | 1,502,208 | |||||||||||||||
Total liabilities and member equity | $ | 1,502,208 | $ | 8,673,886 | $ | 3,576,474 | $ | (4,976,580 | ) | $ | 8,775,988 | ||||||||||
August 3, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 135,827 | $ | 849 | $ | — | $ | 136,676 | |||||||||||
Merchandise inventories | — | 909,332 | 109,507 | — | 1,018,839 | ||||||||||||||||
Other current assets | — | 117,313 | 13,149 | — | 130,462 | ||||||||||||||||
Total current assets | — | 1,162,472 | 123,505 | — | 1,285,977 | ||||||||||||||||
Property and equipment, net | — | 795,798 | 106,046 | — | 901,844 | ||||||||||||||||
Goodwill | — | 1,107,753 | 155,680 | — | 1,263,433 | ||||||||||||||||
Intangible assets, net | — | 245,756 | 1,536,392 | — | 1,782,148 | ||||||||||||||||
Other assets | — | 38,835 | 28,004 | — | 66,839 | ||||||||||||||||
Investments in subsidiaries | 831,038 | 1,845,022 | — | (2,676,060 | ) | — | |||||||||||||||
Total assets | $ | 831,038 | $ | 5,195,636 | $ | 1,949,627 | $ | (2,676,060 | ) | $ | 5,300,241 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 354,249 | $ | 32,289 | $ | — | $ | 386,538 | |||||||||||
Accrued liabilities | — | 319,358 | 70,810 | — | 390,168 | ||||||||||||||||
Total current liabilities | — | 673,607 | 103,099 | — | 776,706 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | — | 2,697,077 | — | — | 2,697,077 | ||||||||||||||||
Deferred income taxes | — | 639,381 | — | — | 639,381 | ||||||||||||||||
Other long-term liabilities | — | 354,533 | 1,506 | — | 356,039 | ||||||||||||||||
Total long-term liabilities | — | 3,690,991 | 1,506 | — | 3,692,497 | ||||||||||||||||
Total stockholders’ equity | 831,038 | 831,038 | 1,845,022 | (2,676,060 | ) | 831,038 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 831,038 | $ | 5,195,636 | $ | 1,949,627 | $ | (2,676,060 | ) | $ | 5,300,241 | ||||||||||
27-Apr-13 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 67,834 | $ | 725 | $ | — | $ | 68,559 | |||||||||||
Merchandise inventories | — | 874,326 | 121,069 | — | 995,395 | ||||||||||||||||
Other current assets | — | 108,280 | 13,562 | — | 121,842 | ||||||||||||||||
Total current assets | — | 1,050,440 | 135,356 | — | 1,185,796 | ||||||||||||||||
Property and equipment, net | — | 791,941 | 105,460 | — | 897,401 | ||||||||||||||||
Goodwill | — | 1,107,753 | 155,680 | — | 1,263,433 | ||||||||||||||||
Intangible assets, net | — | 254,620 | 1,539,501 | — | 1,794,121 | ||||||||||||||||
Other assets | — | 43,176 | 30,592 | — | 73,768 | ||||||||||||||||
Investments in subsidiaries | 791,212 | 1,860,071 | — | (2,651,283 | ) | — | |||||||||||||||
Total assets | $ | 791,212 | $ | 5,108,001 | $ | 1,966,589 | $ | (2,651,283 | ) | $ | 5,214,519 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 225,024 | $ | 26,213 | $ | — | $ | 251,237 | |||||||||||
Accrued liabilities | — | 359,214 | 78,778 | — | 437,992 | ||||||||||||||||
Total current liabilities | — | 584,238 | 104,991 | — | 689,229 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | — | 2,702,028 | — | — | 2,702,028 | ||||||||||||||||
Deferred income taxes | — | 617,713 | — | — | 617,713 | ||||||||||||||||
Other long-term liabilities | — | 412,810 | 1,527 | — | 414,337 | ||||||||||||||||
Total long-term liabilities | — | 3,732,551 | 1,527 | — | 3,734,078 | ||||||||||||||||
Total stockholders’ equity | 791,212 | 791,212 | 1,860,071 | (2,651,283 | ) | 791,212 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 791,212 | $ | 5,108,001 | $ | 1,966,589 | $ | (2,651,283 | ) | $ | 5,214,519 | ||||||||||
Schedule of condensed statements of operations | ' | ||||||||||||||||||||
Thirteen weeks ended May 3, 2014 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 976,197 | $ | 188,523 | $ | — | $ | 1,164,720 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 636,988 | 112,071 | — | 749,059 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 238,719 | 35,004 | — | 273,723 | ||||||||||||||||
Income from credit card program | — | (12,066 | ) | (1,156 | ) | — | (13,222 | ) | |||||||||||||
Depreciation expense | — | 41,535 | 4,630 | — | 46,165 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 19,176 | 12,060 | — | 31,236 | ||||||||||||||||
Other expenses | — | 4,477 | 1,550 | — | 6,027 | ||||||||||||||||
Operating earnings | — | 47,368 | 24,364 | — | 71,732 | ||||||||||||||||
Interest expense, net | — | 82,222 | — | — | 82,222 | ||||||||||||||||
Intercompany royalty charges (income) | — | 33,733 | (33,733 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 2,666 | (58,097 | ) | — | 55,431 | — | |||||||||||||||
(Loss) earnings before income taxes | (2,666 | ) | (10,490 | ) | 58,097 | (55,431 | ) | (10,490 | ) | ||||||||||||
Income tax benefit | — | (7,824 | ) | — | — | (7,824 | ) | ||||||||||||||
Net (loss) earnings | $ | (2,666 | ) | $ | (2,666 | ) | $ | 58,097 | $ | (55,431 | ) | $ | (2,666 | ) | |||||||
Total other comprehensive earnings (loss), net of tax | 588 | 588 | — | (588 | ) | 588 | |||||||||||||||
Total comprehensive (loss) earnings | $ | (2,078 | ) | $ | (2,078 | ) | $ | 58,097 | $ | (56,019 | ) | $ | (2,078 | ) | |||||||
Thirteen weeks ended April 27, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 918,242 | $ | 180,025 | $ | — | $ | 1,098,267 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 557,681 | 105,636 | — | 663,317 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 215,007 | 30,923 | — | 245,930 | ||||||||||||||||
Income from credit card program | — | (12,213 | ) | (1,102 | ) | — | (13,315 | ) | |||||||||||||
Depreciation expense | — | 30,496 | 3,571 | — | 34,067 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 8,742 | 2,894 | — | 11,636 | ||||||||||||||||
Other expenses | — | 2,746 | 3,607 | — | 6,353 | ||||||||||||||||
Operating earnings | — | 115,783 | 34,496 | — | 150,279 | ||||||||||||||||
Interest expense, net | — | 32,346 | — | — | 32,346 | ||||||||||||||||
Intercompany royalty charges (income) | — | 50,882 | (50,882 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (70,765 | ) | (85,378 | ) | — | 156,143 | — | ||||||||||||||
Earnings (loss) before income taxes | 70,765 | 117,933 | 85,378 | (156,143 | ) | 117,933 | |||||||||||||||
Income tax expense | — | 47,168 | — | — | 47,168 | ||||||||||||||||
Net earnings (loss) | $ | 70,765 | $ | 70,765 | $ | 85,378 | $ | (156,143 | ) | $ | 70,765 | ||||||||||
Total other comprehensive (loss) earnings, net of tax | (299 | ) | (299 | ) | — | 299 | (299 | ) | |||||||||||||
Total comprehensive earnings (loss) | $ | 70,466 | $ | 70,466 | $ | 85,378 | $ | (155,844 | ) | $ | 70,466 | ||||||||||
Twenty-six weeks ended May 3, 2014 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 2,187,471 | $ | 410,042 | $ | — | $ | 2,597,513 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 1,539,205 | 262,866 | — | 1,802,071 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 505,110 | 74,512 | — | 579,622 | ||||||||||||||||
Income from credit card program | — | (25,958 | ) | (2,493 | ) | — | (28,451 | ) | |||||||||||||
Depreciation expense | — | 82,972 | 9,411 | — | 92,383 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 38,351 | 24,122 | — | 62,473 | ||||||||||||||||
Other expenses | — | 66,582 | 3,613 | — | 70,195 | ||||||||||||||||
Operating (loss) earnings | — | (18,791 | ) | 38,011 | — | 19,220 | |||||||||||||||
Interest expense, net | — | 160,081 | — | — | 160,081 | ||||||||||||||||
Intercompany royalty charges (income) | — | 74,725 | (74,725 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 81,351 | (112,736 | ) | — | 31,385 | — | |||||||||||||||
(Loss) earnings before income taxes | (81,351 | ) | (140,861 | ) | 112,736 | (31,385 | ) | (140,861 | ) | ||||||||||||
Income tax benefit | — | (59,510 | ) | — | — | (59,510 | ) | ||||||||||||||
Net (loss) earnings | $ | (81,351 | ) | $ | (81,351 | ) | $ | 112,736 | $ | (31,385 | ) | $ | (81,351 | ) | |||||||
Total other comprehensive earnings (loss), net of tax | 303 | 303 | — | (303 | ) | 303 | |||||||||||||||
Total comprehensive (loss) earnings | $ | (81,048 | ) | $ | (81,048 | ) | $ | 112,736 | $ | (31,688 | ) | $ | (81,048 | ) | |||||||
Thirteen weeks ended November 2, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 926,436 | $ | 202,702 | $ | — | $ | 1,129,138 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 568,665 | 116,743 | — | 685,408 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 230,090 | 36,453 | — | 266,543 | ||||||||||||||||
Income from credit card program | — | (13,271 | ) | (1,382 | ) | — | (14,653 | ) | |||||||||||||
Depreciation expense | — | 31,057 | 3,182 | — | 34,239 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 8,773 | 2,947 | — | 11,720 | ||||||||||||||||
Other expenses | — | 112,222 | 1,523 | — | 113,745 | ||||||||||||||||
Operating (loss) earnings | — | (11,100 | ) | 43,236 | — | 32,136 | |||||||||||||||
Interest expense, net | — | 37,315 | — | — | 37,315 | ||||||||||||||||
Intercompany royalty charges (income) | — | 32,907 | (32,907 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 13,098 | (76,143 | ) | — | 63,045 | — | |||||||||||||||
(Loss) earnings before income taxes | (13,098 | ) | (5,179 | ) | 76,143 | (63,045 | ) | (5,179 | ) | ||||||||||||
Income tax expense | — | 7,919 | — | — | 7,919 | ||||||||||||||||
Net (loss) earnings | $ | (13,098 | ) | $ | (13,098 | ) | $ | 76,143 | $ | (63,045 | ) | $ | (13,098 | ) | |||||||
Total other comprehensive earnings (loss), net of tax | 1,324 | 1,324 | — | (1,324 | ) | 1,324 | |||||||||||||||
Total comprehensive (loss) earnings | $ | (11,774 | ) | $ | (11,774 | ) | $ | 76,143 | $ | (64,369 | ) | $ | (11,774 | ) | |||||||
Thirty-nine weeks ended April 27, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 2,948,810 | $ | 580,359 | $ | — | $ | 3,529,169 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 1,867,477 | 362,969 | — | 2,230,446 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 680,374 | 101,272 | — | 781,646 | ||||||||||||||||
Income from credit card program | — | (36,062 | ) | (3,467 | ) | — | (39,529 | ) | |||||||||||||
Depreciation expense | — | 90,667 | 10,280 | — | 100,947 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 26,228 | 9,235 | — | 35,463 | ||||||||||||||||
Other expenses | — | 8,823 | 8,858 | — | 17,681 | ||||||||||||||||
Operating earnings | — | 311,303 | 91,212 | — | 402,515 | ||||||||||||||||
Interest expense, net | — | 134,762 | 3 | — | 134,765 | ||||||||||||||||
Intercompany royalty charges (income) | — | 164,516 | (164,516 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (160,816 | ) | (255,725 | ) | — | 416,541 | — | ||||||||||||||
Earnings (loss) before income taxes | 160,816 | 267,750 | 255,725 | (416,541 | ) | 267,750 | |||||||||||||||
Income tax expense | — | 106,934 | — | — | 106,934 | ||||||||||||||||
Net earnings (loss) | $ | 160,816 | $ | 160,816 | $ | 255,725 | $ | (416,541 | ) | $ | 160,816 | ||||||||||
Total other comprehensive earnings (loss), net of tax | 6,624 | 6,624 | — | (6,624 | ) | 6,624 | |||||||||||||||
Total comprehensive earnings (loss) | $ | 167,440 | $ | 167,440 | $ | 255,725 | $ | (423,165 | ) | $ | 167,440 | ||||||||||
Schedule of condensed statements of cash flows | ' | ||||||||||||||||||||
Acquisition and Twenty-six weeks ended May 3, 2014 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS—OPERATING ACTIVITIES | |||||||||||||||||||||
Net (loss) earnings | $ | (81,351 | ) | $ | (81,351 | ) | $ | 112,736 | $ | (31,385 | ) | $ | (81,351 | ) | |||||||
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization expense | — | 132,313 | 33,533 | — | 165,846 | ||||||||||||||||
Loss on debt extinguishment | — | 7,882 | — | — | 7,882 | ||||||||||||||||
Equity in loss of foreign e-commerce retailer | — | — | 3,613 | — | 3,613 | ||||||||||||||||
Deferred income taxes | — | (112,754 | ) | — | — | (112,754 | ) | ||||||||||||||
Non-cash charges related to the Acquisition | — | 145,062 | — | — | 145,062 | ||||||||||||||||
Other | — | 834 | (212 | ) | — | 622 | |||||||||||||||
Intercompany royalty income payable (receivable) | — | 74,725 | (74,725 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 81,351 | (112,736 | ) | — | 31,385 | — | |||||||||||||||
Changes in operating assets and liabilities, net | — | 26,123 | (66,201 | ) | — | (40,078 | ) | ||||||||||||||
Net cash provided by operating activities | — | 80,098 | 8,744 | — | 88,842 | ||||||||||||||||
CASH FLOWS—INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | — | (66,515 | ) | (9,114 | ) | — | (75,629 | ) | |||||||||||||
Acquisition of Neiman Marcus Group LTD LLC | — | (3,388,585 | ) | — | — | (3,388,585 | ) | ||||||||||||||
Investment in foreign e-commerce retailer | — | — | 35,000 | — | 35,000 | ||||||||||||||||
Net cash (used for) provided by investing activities | — | (3,455,100 | ) | 25,886 | — | (3,429,214 | ) | ||||||||||||||
CASH FLOWS—FINANCING ACTIVITIES | |||||||||||||||||||||
Borrowings under Asset-Based Revolving Credit Facility | — | 170,000 | — | — | 170,000 | ||||||||||||||||
Borrowings under Senior Secured Term Loan Facility | — | 2,950,000 | — | — | 2,950,000 | ||||||||||||||||
Borrowings under Cash Pay Notes | — | 960,000 | — | — | 960,000 | ||||||||||||||||
Borrowings under PIK Toggle Notes | — | 600,000 | — | — | 600,000 | ||||||||||||||||
Repayment of borrowings | — | (2,717,828 | ) | — | — | (2,717,828 | ) | ||||||||||||||
Debt issuance costs paid | — | (178,606 | ) | — | — | (178,606 | ) | ||||||||||||||
Cash equity contributions | — | 1,556,500 | — | — | 1,556,500 | ||||||||||||||||
Net cash provided by financing activities | — | 3,340,066 | — | — | 3,340,066 | ||||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||
(Decrease) increase during the period | — | (34,936 | ) | 34,630 | — | (306 | ) | ||||||||||||||
Beginning balance | — | 115,045 | 1,079 | — | 116,124 | ||||||||||||||||
Ending balance | $ | — | $ | 80,109 | $ | 35,709 | $ | — | $ | 115,818 | |||||||||||
Thirteen weeks ended November 2, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS—OPERATING ACTIVITIES | |||||||||||||||||||||
Net (loss) earnings | $ | (13,098 | ) | $ | (13,098 | ) | $ | 76,143 | $ | (63,045 | ) | $ | (13,098 | ) | |||||||
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization expense | — | 42,296 | 6,129 | — | 48,425 | ||||||||||||||||
Equity in loss of foreign e-commerce retailer | — | — | 1,523 | — | 1,523 | ||||||||||||||||
Deferred income taxes | — | (6,326 | ) | — | — | (6,326 | ) | ||||||||||||||
Other | — | 5,068 | (66 | ) | — | 5,002 | |||||||||||||||
Intercompany royalty income payable (receivable) | — | 32,907 | (32,907 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 13,098 | (76,143 | ) | — | 63,045 | — | |||||||||||||||
Changes in operating assets and liabilities, net | — | 21,469 | (44,684 | ) | — | (23,215 | ) | ||||||||||||||
Net cash provided by operating activities | — | 6,173 | 6,138 | — | 12,311 | ||||||||||||||||
CASH FLOWS—INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | — | (30,051 | ) | (5,908 | ) | — | (35,959 | ) | |||||||||||||
Net cash used for investing activities | — | (30,051 | ) | (5,908 | ) | — | (35,959 | ) | |||||||||||||
CASH FLOWS—FINANCING ACTIVITIES | |||||||||||||||||||||
Borrowings under Former Asset-Based Revolving Credit Facility | — | 130,000 | — | — | 130,000 | ||||||||||||||||
Repayment of borrowings | — | (126,904 | ) | — | — | (126,904 | ) | ||||||||||||||
Net cash provided by financing activities | — | 3,096 | — | — | 3,096 | ||||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||
(Decrease) increase during the period | — | (20,782 | ) | 230 | — | (20,552 | ) | ||||||||||||||
Beginning balance | — | 135,827 | 849 | — | 136,676 | ||||||||||||||||
Ending balance | $ | — | $ | 115,045 | $ | 1,079 | $ | — | $ | 116,124 | |||||||||||
Thirty-nine weeks ended April 27, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS—OPERATING ACTIVITIES | |||||||||||||||||||||
Net earnings (loss) | $ | 160,816 | $ | 160,816 | $ | 255,725 | $ | (416,541 | ) | $ | 160,816 | ||||||||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization expense | — | 123,171 | 19,515 | — | 142,686 | ||||||||||||||||
Loss on debt extinguishment | — | 15,597 | — | — | 15,597 | ||||||||||||||||
Equity in loss of foreign e-commerce retailer | — | — | 8,858 | — | 8,858 | ||||||||||||||||
Deferred income taxes | — | (15,501 | ) | — | — | (15,501 | ) | ||||||||||||||
Other | — | 4,417 | (152 | ) | — | 4,265 | |||||||||||||||
Intercompany royalty income payable (receivable) | — | 164,516 | (164,516 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (160,816 | ) | (255,725 | ) | — | 416,541 | — | ||||||||||||||
Changes in operating assets and liabilities, net | — | 15,634 | (99,055 | ) | — | (83,421 | ) | ||||||||||||||
Net cash provided by operating activities | — | 212,925 | 20,375 | — | 233,300 | ||||||||||||||||
CASH FLOWS—INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | — | (92,968 | ) | (10,595 | ) | — | (103,563 | ) | |||||||||||||
Investment in foreign e-commerce retailer | — | — | (10,000 | ) | — | (10,000 | ) | ||||||||||||||
Net cash used for investing activities | — | (92,968 | ) | (20,595 | ) | — | (113,563 | ) | |||||||||||||
CASH FLOWS—FINANCING ACTIVITIES | |||||||||||||||||||||
Borrowings under Former Asset-Based Revolving Credit Facility | — | 100,000 | — | — | 100,000 | ||||||||||||||||
Borrowings under Former Senior Secured Term Loan Facility | — | 500,000 | — | — | 500,000 | ||||||||||||||||
Repayment of borrowings | — | (690,668 | ) | — | — | (690,668 | ) | ||||||||||||||
Debt issuance costs paid | — | (9,763 | ) | — | — | (9,763 | ) | ||||||||||||||
Net cash used for financing activities | — | (100,431 | ) | — | — | (100,431 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||
Increase (decrease) during the period | — | 19,526 | (220 | ) | — | 19,306 | |||||||||||||||
Beginning balance | — | 48,308 | 945 | — | 49,253 | ||||||||||||||||
Ending balance | $ | — | $ | 67,834 | $ | 725 | $ | — | $ | 68,559 | |||||||||||
The_Acquisition_Details
The Acquisition (Details) (USD $) | 0 Months Ended | 6 Months Ended |
Oct. 25, 2013 | 3-May-14 | |
Business Acquisition [Line Items] | ' | ' |
Borrowings under Senior Secured Asset-Based Revolving Credit Facility | ' | $170,000,000 |
Borrowings under Senior Secured Term Loan Facility | ' | 2,950,000,000 |
Cash Pay Notes | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Borrowings under Cash Pay/PIK Toggle Notes | ' | 960,000,000 |
Stated interest rate (as a percent) | 8.00% | 8.00% |
PIK Toggle Notes | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Borrowings under Cash Pay/PIK Toggle Notes | ' | 600,000,000 |
PIK Toggle Notes | Minimum | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Stated interest rate (as a percent) | 8.75% | 8.75% |
PIK Toggle Notes | Maximum | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Stated interest rate (as a percent) | 9.50% | 9.50% |
Former Asset-Based Revolving Credit Facility | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Borrowings under Senior Secured Asset-Based Revolving Credit Facility | ' | 0 |
Termination of debt | 145,000,000 | ' |
Former Senior Secured Term Loan Facility | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Borrowings under Senior Secured Term Loan Facility | ' | 0 |
Termination of debt | 2,433,100,000 | ' |
Neiman Marcus Group LTD LLC | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Equity investments from Parent | 1,583,300,000 | ' |
Neiman Marcus Group LTD LLC | Asset-Based Revolving Credit Facility | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Borrowings under Senior Secured Asset-Based Revolving Credit Facility | 75,000,000 | ' |
Neiman Marcus Group LTD LLC | Senior Secured Term Loan Facility | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Borrowings under Senior Secured Term Loan Facility | 2,950,000,000 | ' |
Neiman Marcus Group LTD LLC | Cash Pay Notes | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Borrowings under Cash Pay/PIK Toggle Notes | 960,000,000 | ' |
Stated interest rate (as a percent) | 8.00% | ' |
Neiman Marcus Group LTD LLC | PIK Toggle Notes | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Borrowings under Cash Pay/PIK Toggle Notes | 600,000,000 | ' |
Neiman Marcus Group LTD LLC | PIK Toggle Notes | Minimum | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Stated interest rate (as a percent) | 8.75% | ' |
Neiman Marcus Group LTD LLC | PIK Toggle Notes | Maximum | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Stated interest rate (as a percent) | 9.50% | ' |
Neiman Marcus Group LTD LLC | Former Asset-Based Revolving Credit Facility | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Termination of debt | 700,000,000 | ' |
Neiman Marcus Group LTD LLC | Former Senior Secured Term Loan Facility | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Termination of debt | $2,560,000,000 | ' |
Purchase_Accounting_Details
Purchase Accounting (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||
3-May-14 | 3-May-14 | Nov. 02, 2013 | 3-May-14 | Nov. 02, 2013 | 3-May-14 | Nov. 02, 2013 | 3-May-14 | Nov. 02, 2013 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Oct. 25, 2013 | 3-May-14 | Apr. 27, 2013 | 3-May-14 | Apr. 27, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | |
Customer lists | Customer lists | Favorable lease commitments | Favorable lease commitments | Tradenames | Tradenames | Cash Pay Notes | PIK Toggle Notes | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | ||||
Purchase Price Allocation Adjustments | Purchase Price Allocation Adjustments | Purchase Price Allocation Adjustments | Purchase Price Allocation Adjustments | Asset-Based Revolving Credit Facility | Senior Secured Term Loan Facility | Cash Pay Notes | PIK Toggle Notes | ||||||||||||||||||
Customer lists | Favorable lease commitments | Tradenames | |||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Catch-up depreciation and amortization expense | $17,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sources | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset-Based Revolving Credit Facility | ' | 170,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' |
Senior Secured Term Loan Facility | ' | 2,950,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,950,000,000 | ' | ' |
Borrowings under Cash Pay/PIK Toggle Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 960,000,000 | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 960,000,000 | 600,000,000 |
Equity contributions - cash | ' | 1,556,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,556,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity contribution from management | ' | 26,756,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,800,000 | 26,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash on hand | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total sources | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,206,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Uses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration payable to former equity holders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,382,700,000 | 3,382,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Former Senior Secured Credit Facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,591,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 147,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total uses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,206,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair values of long-lived and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | 1,420,300,000 | 1,420,300,000 | 1,094,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived Intangible Assets, Fair Value | ' | ' | ' | 571,600,000 | 484,700,000 | 1,138,300,000 | 1,067,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tradenames | ' | ' | ' | ' | ' | ' | ' | 1,960,900,000 | 1,909,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 2,240,900,000 | 2,240,900,000 | 2,559,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preliminary allocation of purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration payable to former equity holders (including $26.8 million management rollover) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,382,700,000 | 3,382,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration paid to effect the Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,415,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets acquired at historical cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 821,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to state acquired assets at fair value: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase carrying value of merchandise inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,600,000 | ' | ' | ' | ' | ' | ' | ' |
Increase carrying value of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 515,700,000 | ' | ' | ' | ' | ' | ' | ' |
Revalue intangible assets to fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 729,500,000 | ' | ' | ' | ' |
Revalue intangible assets to fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 368,100,000 | 802,700,000 | ' | ' | ' | ' | ' |
Change in carrying values of other assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -39,300,000 | ' | ' | ' | ' | ' | ' | ' |
Write off historical deferred lease credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,300,000 | ' | ' | ' | ' | ' | ' | ' |
Write off historical debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,300,000 | ' | ' | ' | ' | ' | ' | ' |
Write off historical goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,263,400,000 | ' | ' | ' | ' | ' | ' | ' |
Settlement of unvested Predecessor stock options | 0 | 51,510,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,500,000 | ' | ' | ' | ' | ' | ' | ' |
Tax impact of valuation adjustments and other tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,012,800,000 | ' | ' | ' | ' | ' | ' | ' |
Total adjustments to state acquired assets at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 352,600,000 | ' | ' | ' | ' | ' | ' | ' |
Net assets acquired at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,174,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess purchase price related to the Acquisition recorded as goodwill | 2,240,943,000 | 2,240,943,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,240,900,000 | ' | 2,240,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro Forma Financial Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,164,720,000 | 1,098,267,000 | 3,726,651,000 | 3,529,169,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,964,000 | $26,842,000 | $48,960,000 | ($43,419,000) | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3-May-14 | 3-May-14 | 3-May-14 | Oct. 25, 2013 | 3-May-14 | Oct. 25, 2013 | 3-May-14 | Oct. 25, 2013 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 |
Asset-Based Revolving Credit Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Cash Pay Notes | Cash Pay Notes | PIK Toggle Notes | PIK Toggle Notes | 2028 Debentures | Former Asset-Based Revolving Credit Facility | Former Senior Secured Term Loan Facility | Recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||
Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Cash Pay Notes | Cash Pay Notes | PIK Toggle Notes | PIK Toggle Notes | 2028 Debentures | 2028 Debentures | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Senior Secured Term Loan Facility | Former Senior Secured Term Loan Facility | Recurring basis | Recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | ||||||||||||||
Interest rate caps | Asset-Based Revolving Credit Facility | Senior Secured Term Loan Facility | Cash Pay Notes | PIK Toggle Notes | 2028 Debentures | Former Asset-Based Revolving Credit Facility | Former Senior Secured Term Loan Facility | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | ||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Interest rate caps | Interest rate caps | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Cash Pay Notes | Cash Pay Notes | PIK Toggle Notes | PIK Toggle Notes | 2028 Debentures | 2028 Debentures | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Senior Secured Term Loan Facility | Former Senior Secured Term Loan Facility | |||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||||||
Fair value measurements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29,000 | $26,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt - carrying value | 4,662,250,000 | 45,000,000 | 2,935,268,000 | ' | 960,000,000 | ' | 600,000,000 | ' | 121,982,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 2,697,077,000 | 2,702,028,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 122,077,000 | 122,028,000 | 15,000,000 | 20,000,000 | 2,560,000,000 | 2,560,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt - fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | 2,935,268,000 | 1,046,400,000 | 657,000,000 | 125,156,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 125,625,000 | 128,750,000 | 15,000,000 | 20,000,000 | 2,566,400,000 | 2,582,400,000 |
Debt instrument, face amount | ' | ' | ' | $2,950,000,000 | ' | $960,000,000 | ' | $600,000,000 | $125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | 8.00% | 8.00% | ' | ' | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Net (Details) (USD $) | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 |
Tradenames | Customer Lists | Favorable Lease Commitments | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||
Tradenames | Tradenames | Customer Lists | Customer Lists | Favorable Lease Commitments | Favorable Lease Commitments | |||||||
Goodwill and intangible assets, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $2,240,943,000 | ' | ' | ' | $1,263,433,000 | $1,263,433,000 | ' | ' | ' | ' | ' | ' |
Intangible assets, net | 3,608,306,000 | 1,960,914,000 | 535,423,000 | 1,111,969,000 | 1,782,148,000 | 1,794,121,000 | 1,231,405,000 | 1,231,405,000 | 210,690,000 | 217,941,000 | 340,053,000 | 344,775,000 |
Finite-lived intangible assets, accumulated amortization | ' | ' | $36,100,000 | $26,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Net (Details 2) (USD $) | 3-May-14 | Nov. 02, 2013 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | 3-May-14 | 3-May-14 | Oct. 06, 2005 | Nov. 02, 2013 | Nov. 02, 2013 | Oct. 06, 2005 | Nov. 02, 2013 | Nov. 02, 2013 | Oct. 06, 2005 | Nov. 02, 2013 | Nov. 02, 2013 |
In Thousands, unless otherwise specified | Customer lists | Customer lists | Customer lists | Favorable lease commitments | Favorable lease commitments | Favorable lease commitments | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |
Minimum | Maximum | Minimum | Maximum | Customer lists | Customer lists | Customer lists | Tradenames | Tradenames | Tradenames | Favorable lease commitments | Favorable lease commitments | Favorable lease commitments | ||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||
Intangible assets subject to amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | '6 years | '15 years | ' | '2 years | '55 years | ' | '4 years | '24 years | ' | '4 years | '24 years | ' | '9 years | '49 years |
Weighted average life | ' | '12 years | ' | ' | '30 years | ' | ' | '13 years | ' | ' | '13 years | ' | ' | '33 years | ' | ' |
Estimated amortization of all acquisition-related intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
May 4, 2014 through August 2, 2014 | $31,237 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 125,464 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 104,433 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 100,454 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 95,286 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2019 | $94,941 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Schedule_of_sign
Long-term Debt Schedule of significant components (Details) (USD $) | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Oct. 25, 2013 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Oct. 25, 2013 | 3-May-14 | Oct. 25, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | Asset-Based Revolving Credit Facility | Senior Secured Term Loan Facility | Cash Pay Notes | Cash Pay Notes | PIK Toggle Notes | 2028 Debentures | Former Asset-Based Revolving Credit Facility | Former Senior Secured Term Loan Facility | Minimum | Minimum | Maximum | Maximum | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |
PIK Toggle Notes | PIK Toggle Notes | PIK Toggle Notes | PIK Toggle Notes | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Cash Pay Notes | Cash Pay Notes | PIK Toggle Notes | PIK Toggle Notes | 2028 Debentures | 2028 Debentures | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Senior Secured Term Loan Facility | Former Senior Secured Term Loan Facility | ||||||||||||
Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | 8.00% | 8.00% | ' | 7.13% | ' | ' | 8.75% | 8.75% | 9.50% | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | $4,662,250 | $45,000 | $2,935,268 | $960,000 | ' | $600,000 | $121,982 | $0 | $0 | ' | ' | ' | ' | $2,697,077 | $2,702,028 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $122,077 | $122,028 | $15,000 | $20,000 | $2,560,000 | $2,560,000 |
Less: current portion of Senior Secured Term Loan Facility | -29,426 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $4,632,824 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,697,077 | $2,702,028 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Narrative_Detail
Long-term Debt Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 1 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
3-May-14 | 3-May-14 | 3-May-14 | Oct. 25, 2013 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Oct. 25, 2013 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Mar. 14, 2014 | Mar. 12, 2014 | 3-May-14 | Mar. 14, 2014 | Mar. 12, 2014 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Mar. 14, 2014 | Mar. 12, 2014 | 3-May-14 | Mar. 14, 2014 | Mar. 12, 2014 | 3-May-14 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | 3-May-14 | 3-May-14 | Oct. 25, 2013 | 3-May-14 | Oct. 25, 2013 | 3-May-14 | 3-May-14 | Oct. 25, 2013 | 3-May-14 | Oct. 25, 2013 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Nov. 30, 2012 | Jan. 26, 2013 | Dec. 31, 2012 | |
Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Cash Pay Notes | Cash Pay Notes | Cash Pay Notes | PIK Toggle Notes | PIK Toggle Notes | PIK Toggle Notes | PIK Toggle Notes | PIK Toggle Notes | PIK Toggle Notes | 2028 Debentures | 2028 Debentures | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Senior Secured Term Loan Facility | Former Senior Secured Term Loan Facility | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |||
Base rate | Prime rate | Federal funds effective rate | Federal funds effective rate | One-month LIBOR | LIBOR | Minimum | Maximum | Maximum | Maximum | Leverage ratio, option one | Leverage ratio, option two | Base rate | Prime rate | Federal funds effective rate | Federal funds effective rate | One-month LIBOR | LIBOR | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Minimum | payment | Minimum | Minimum | Maximum | Maximum | Minimum | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Cash Pay Notes | Cash Pay Notes | PIK Toggle Notes | PIK Toggle Notes | 2028 Debentures | 2028 Debentures | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Senior Secured Term Loan Facility | Former Senior Secured Term Loan Facility | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | ||||||||||||||||||||
Base rate | LIBOR | Leverage ratio, option one | Base rate | Base rate | LIBOR | LIBOR | LIBOR | Leverage ratio, option one | Leverage ratio, option two | Base rate | Base rate | Base rate | LIBOR | LIBOR | LIBOR | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum committed borrowing capacity | ' | ' | ' | $800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 4,662,250,000 | 4,662,250,000 | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,935,268,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 960,000,000 | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | 121,982,000 | ' | ' | 0 | ' | 0 | ' | 2,702,028,000 | ' | 2,702,028,000 | 2,697,077,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 122,077,000 | 122,028,000 | 15,000,000 | 20,000,000 | 2,560,000,000 | 2,560,000,000 | ' | ' | ' |
Outstanding letters of credit | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused borrowing availability | ' | ' | 675,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity for available letters of credit | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net orderly liquidation value of eligible inventory, net of certain reserves for determining borrowing base | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of amounts owed by credit card processors for determining borrowing base | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of segregated cash held in a restricted deposit account for determining borrowing base | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of lesser of aggregate revolving commitments and borrowing base for maintaining excess availability provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount required for maintaining excess availability provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental borrowing capacity available under loan accordion feature | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity with uncommitted accordion feature | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate basis | ' | ' | ' | ' | 'base rate | 'prime rate | ' | 'federal funds | 'one-month LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | 'base rate | 'prime rate | 'federal funds | ' | 'one-month LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin (as a percent) | ' | ' | ' | ' | ' | ' | 0.50% | ' | 1.00% | ' | ' | ' | 0.75% | 1.75% | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | 2.00% | 2.75% | 1.00% | 3.00% | 3.75% | ' | ' | ' | 2.25% | 2.25% | 3.00% | 3.25% | 3.25% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance cost | 29,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee for unused commitments (as percentage) | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of lesser of aggregate revolving commitments and borrowing base as a condition for repaying outstanding loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount as a condition for repaying outstanding loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of pro forma excess availability under the Asset-Based Revolving Credit Facility required based on facility covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of lesser of aggregate revolving commitments and borrowing base for pro forma excess availability of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of consolidated EBITDA to consolidated fixed charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount having customary affirmative covenants and default provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | 50,000,000 | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial amount under the debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,950,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 960,000,000 | ' | 600,000,000 | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental borrowings available under debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | 4.25 | 4 | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on the outstanding borrowings (as a percent) | ' | ' | 1.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of proceeds from certain asset sales and debt issuances that must be used to repay debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of proceeds from excess cash flow that must be used to repay debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mandatory prepayment as a percentage of excess cash flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 25.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mandatory prepayment as a percentage of proceeds from certain asset sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of aggregate principal amount of term loans repaid, converted or replaced | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of debt in equal quarterly installments as a percentage of outstanding principal amount as of the date term loans are so repaid, converted or replaced, less any prepayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | ' | ' | ' | 8.75% | 8.75% | 9.50% | 9.50% | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of first interest payments for which interest on debt will be paid entirely in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest to be paid after first two interest payments in Cash interest, option 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest to be paid after first two interest payments in PIK interest, option 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PIK interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination of facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,000,000 | ' | 2,433,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt repurchased and cancelled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 294,200,000 | ' | ' |
Principal amount of debt repurchased or redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205,800,000 |
Amount remaining outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Aggregate payments to holders in tender offer and redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 510,700,000 | ' | ' |
Loss on debt extinguishment | 7,882,000 | 7,882,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 15,600,000 | 15,597,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs related to tender and redemption of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,700,000 | ' |
Write off of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,900,000 | ' |
Debt Instrument Payment Of Interest After First Two Payments Option 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'entirely in cash (Cash Interest) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Payment Of Interest After First Two Payments Option 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'entirely by increasing the principal amount of the PIK Toggle Notes by the relevant interest (PIK Interest) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Maturities_of_Lo
Long-term Debt Maturities of Long-term Debt (Details) (USD $) | 3-May-14 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
May 4, 2014 through August 2, 2014 | $7.40 |
2015 | 29.4 |
2016 | 29.4 |
2017 | 29.4 |
2018 | 29.4 |
2019 | 74.4 |
Thereafter | $4,462.90 |
Longterm_Debt_Interest_Expense
Long-term Debt Interest Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
3-May-14 | Nov. 02, 2013 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | |
Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Cash Pay Notes | Cash Pay Notes | PIK Toggle Notes | PIK Toggle Notes | 2028 Debentures | 2028 Debentures | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Senior Secured Term Loan Facility | Former Senior Secured Term Loan Facility | Senior Subordinated Notes | Senior Subordinated Notes | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||||
Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Asset-Based Revolving Credit Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Senior Secured Term Loan Facility | Cash Pay Notes | Cash Pay Notes | Cash Pay Notes | PIK Toggle Notes | PIK Toggle Notes | PIK Toggle Notes | 2028 Debentures | 2028 Debentures | 2028 Debentures | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Senior Secured Term Loan Facility | Former Senior Secured Term Loan Facility | Former Senior Secured Term Loan Facility | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | ||||||||||||||||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | $33,000 | $291,000 | $34,003,000 | $71,286,000 | $18,986,000 | $38,400,000 | $12,979,000 | $26,250,000 | $2,227,000 | $4,454,000 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | $75,000 | $0 | $0 | $3,687,000 | $0 | $0 | $2,773,000 | $0 | $0 | $1,896,000 | $0 | $0 | $2,226,000 | $2,227,000 | $6,680,000 | $477,000 | $101,000 | $1,363,000 | $22,521,000 | $26,804,000 | $80,034,000 | $0 | $0 | $19,031,000 |
Amortization of debt issue costs | 5,845,000 | ' | 10,990,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,466,000 | 2,128,000 | ' | 6,276,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other, net | 570,000 | ' | 1,094,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,334,000 | 1,155,000 | ' | 5,911,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest | -303,000 | ' | -566,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -140,000 | -69,000 | ' | -127,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, gross | 74,340,000 | ' | 152,199,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,315,000 | 32,346,000 | ' | 119,168,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt extinguishment | 7,882,000 | ' | 7,882,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 15,600,000 | 15,597,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | 82,222,000 | ' | 160,081,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,315,000 | 32,346,000 | ' | 134,765,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense related to debt incurred as a result of the Acquisition | ' | $8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3-May-14 | 3-May-14 | 3-May-14 | Aug. 31, 2011 | 3-May-14 | Apr. 30, 2014 |
In Millions, unless otherwise specified | Interest Rate Caps | Interest Rate Caps | Interest Rate Caps | Interest Rate Caps | Interest Rate Caps | |
Expiring December 2014 | Expiring December 2014 | Expiring December 2016 | Expiring December 2016 | |||
Derivative Financial Instruments | ' | ' | ' | ' | ' | ' |
Outstanding floating rate debt obligations | $2,980.30 | ' | ' | ' | ' | ' |
Cost of cash flow hedges | ' | ' | ' | 5.8 | ' | 2 |
Notional amount | ' | ' | 1,000 | 1,000 | 1,400 | 1,400 |
Reference rate for interest rate cap | ' | ' | 'LIBOR | ' | 'LIBOR | ' |
Interest rate cap (as a percent) | ' | ' | 2.50% | ' | 3.00% | ' |
Fair value | ' | $2 | ' | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details 1) (Interest rate caps, USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 |
Predecessor | Predecessor | Predecessor | |||
Recorded amounts related to interest rate caps reflected in Condensed Consolidated Statements of Operations | ' | ' | ' | ' | ' |
Realized hedging losses - included in interest expense, net | $0 | $0 | $369 | $165 | $3,233 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Aug. 03, 2013 |
Predecessor | Predecessor | Predecessor | Predecessor | |||
Effective Income Tax Rates [Line Items] | ' | ' | ' | ' | ' | ' |
Effective income tax rate (as a percent) | -74.60% | -42.20% | 152.90% | 40.00% | 39.90% | ' |
Gross amount of unrecognized tax benefits | $2.90 | $2.90 | ' | ' | ' | ' |
Portion of unrecognized tax benefits which would impact effective tax rate, if recognized | 1.9 | 1.9 | ' | ' | ' | ' |
Liability for accrued interest and penalties | $5 | $5 | ' | $5.30 | $5.30 | $5.50 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | Pension Plan | SERP Plan | Postretirement Plan | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |
Pension Plan | Pension Plan | SERP Plan | SERP Plan | Postretirement Plan | Postretirement Plan | |||||||
Obligations for employee benefit plans, included in other long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligations, current and noncurrent | $258,388 | $139,846 | $104,947 | $13,595 | $220,301 | $278,319 | $104,018 | $146,407 | $103,854 | $114,562 | $12,429 | $17,350 |
Less: current portion | -5,752 | ' | ' | ' | -6,542 | -5,904 | ' | ' | ' | ' | ' | ' |
Long-term portion of benefit obligations | $252,636 | ' | ' | ' | $213,759 | $272,415 | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 2) (USD $) | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
3-May-14 | Aug. 03, 2013 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | |
Pension Plan | Pension Plan | SERP Plan | SERP Plan | Postretirement Plan | Postretirement Plan | Neiman Marcus Group LTD LLC | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |||
Purchase Price Allocation Adjustments | Pension Plan | Pension Plan | Pension Plan | SERP Plan | SERP Plan | SERP Plan | Postretirement Plan | Postretirement Plan | Postretirement Plan | |||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension plan, voluntary contributions | $0 | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | $0 | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Benefit Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | ' | ' | ' | 7,000 | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 9,000 | 27,000 |
Interest cost | ' | ' | 6,420,000 | 12,201,000 | 1,200,000 | 2,304,000 | 173,000 | 315,000 | ' | ' | ' | 5,781,000 | 5,311,000 | 15,933,000 | 1,104,000 | 1,009,000 | 3,027,000 | 142,000 | 163,000 | 489,000 |
Expected return on plan assets | ' | ' | -6,167,000 | -12,333,000 | ' | ' | ' | ' | ' | ' | ' | -6,401,000 | -6,595,000 | -19,785,000 | ' | ' | ' | ' | ' | ' |
Net amortization of prior service cost | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -321,000 | -389,000 | -1,167,000 |
Net amortization of losses | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | 1,095,000 | 1,572,000 | 4,716,000 | 0 | 131,000 | 393,000 | 35,000 | 147,000 | 441,000 |
Expense (income) under plan | ' | ' | 253,000 | -132,000 | 1,200,000 | 2,304,000 | 180,000 | 327,000 | ' | ' | ' | 475,000 | 288,000 | 864,000 | 1,104,000 | 1,140,000 | 3,420,000 | -139,000 | -70,000 | -210,000 |
Increase in carrying value of long-term benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | $38,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||
3-May-14 | 3-May-14 | 3-May-14 | Oct. 25, 2013 | 3-May-14 | 3-May-14 | 3-May-14 | Feb. 01, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Feb. 01, 2014 | Oct. 25, 2013 | |
Parent | Co-Invest Options | Non-Qualified Stock Options | Non-Qualified Stock Options | Time vested non-qualified stock options | Time vested non-qualified stock options | Performance vested non-qualified stock options | Performance vested non-qualified stock options | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |||
Parent | Parent | Parent | Parent | Parent | Parent | Parent | Stock options | Stock options | |||||||
Stock-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,730 |
Vested options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,899 |
Unvested options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,831 |
Consideration payable to holders of stock options under settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $187,400,000 |
Consideration payable in settlement of previously vested options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135,900,000 |
Stock-based compensation for accelerated vesting of Predecessor stock options (including non-cash charges of $15.4 million) | 0 | 51,510,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 51,500,000 | ' |
Options exercisable | ' | ' | ' | 56,979 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange ratio | ' | ' | ' | 3.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price, low end of range (in dollars per share) | ' | ' | ' | $180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price, high end of range (in dollars per share) | ' | ' | ' | $644 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options granted (in shares) | ' | ' | ' | ' | ' | ' | 8,615 | 72,992 | 3,393 | 72,992 | ' | ' | ' | ' | ' |
Exercise price (in dollars per share) | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation, arrangement by share-based payment award, expiration period | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of co-invest options at the acquisition date | ' | ' | ' | 36,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of options held by retirement eligible optionees recorded as a liability | ' | ' | ' | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of options held by non-retirement optionees recorded as equity | ' | 26,756,000 | ' | 26,800,000 | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Options held by retirement eligible optionees | ' | ' | 99,910 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded liability with respect to the options held by retirement eligible optionees | ' | ' | $14,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation Summary of Stock Options (Details) (Equity Option, USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 |
Predecessor | Predecessor | Predecessor | |||
Stock-Based Compensation | ' | ' | ' | ' | ' |
Stock compensation expense | $2,376 | $4,752 | $2,548 | $2,562 | $7,147 |
Share Based Compensation Arrangement by Share Based Payment Award Options, Grants in Period [Abstract] | ' | ' | ' | ' | ' |
Number of options granted (in shares) | 12,008 | 157,992 | 0 | 2,200 | 12,400 |
Weighted average exercise price | $407 | $407 | $0 | $862 | $916 |
Share Based Compensation Arrangement by Share Based Payment Award, Options Exercised in Period [Abstract] | ' | ' | ' | ' | ' |
Number of options exercised (in shares) | 0 | 0 | 65 | 1,373 | 4,288 |
Weighted average exercise price | $0 | $0 | $1,557 | $1,187 | $1,064 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Earnings (Loss) (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||||||||
In Thousands, unless otherwise specified | 3-May-14 | Feb. 01, 2014 | 3-May-14 | Feb. 01, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | |||
Unrealized Losses on Financial Instruments | Unrealized Losses on Financial Instruments | Unfunded Benefit Obligations | Unfunded Benefit Obligations | Predecessor | Predecessor | Predecessor | Predecessor | ||||||
Unrealized Losses on Financial Instruments | Unfunded Benefit Obligations | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning balance | ($285) | $0 | ($285) | $0 | $0 | $0 | ($107,529) | ($142,168) | ($3,999) | ($103,530) | |||
Other comprehensive earnings (loss) before reclassifications | 588 | -285 | 588 | -285 | 0 | 0 | 1,100 | ' | 610 | 490 | |||
Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | 224 | [1] | ' | 224 | [1] | 0 | [1] |
Purchase accounting adjustment | ' | ' | ' | ' | ' | ' | 106,205 | ' | 3,165 | 103,040 | |||
Ending balance | $303 | ($285) | $303 | ($285) | $0 | $0 | ' | ($142,168) | ' | ' | |||
[1] | The amounts reclassified from accumulated other comprehensive loss are recorded within interest expense on the Condensed Consolidated Statements of Operations. |
Income_from_Credit_Card_Progra1
Income from Credit Card Program (Details) | 9 Months Ended |
3-May-14 | |
Income from Credit Card Program | ' |
Renewable agreement term with Capital One | '3 years |
Other_Expenses_Details
Other Expenses (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | |
3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | |
Predecessor | Predecessor | Predecessor | |||
Other Expenses [Line Items] | ' | ' | ' | ' | ' |
Noncash Portion of Settlement of Unvested Stock Options | ' | $15,400,000 | ' | ' | ' |
Change-in-control cash payments due to Former Sponsors and management | 0 | 0 | 80,457,000 | 0 | 0 |
Stock-based compensation for accelerated vesting of Predecessor stock options (including non-cash charges of $15.4 million) | 0 | 51,510,000 | 0 | 0 | 0 |
Other, primarily professional fees | 0 | 1,732,000 | 28,942,000 | 0 | 0 |
Total transaction costs | 0 | 53,242,000 | 109,399,000 | 0 | 0 |
Costs related to criminal cyber-attack | 4,477,000 | 8,565,000 | 0 | 0 | 0 |
Equity in loss of foreign e-commerce retailer | 1,550,000 | 3,613,000 | 1,523,000 | 3,607,000 | 8,858,000 |
Management fee due to Former Sponsors | 0 | 0 | 2,823,000 | 2,746,000 | 8,823,000 |
Other non-recurring expenses | 0 | 4,775,000 | 0 | 0 | 0 |
Other expenses | 6,027,000 | 70,195,000 | 113,745,000 | 6,353,000 | 17,681,000 |
Investment in Foreign E-Commerce Retailer | ' | ' | ' | ' | ' |
Proceeds from sale of investment in foreign e-commerce retailer | 35,000,000 | 35,000,000 | ' | ' | ' |
Carrying value of investment in a foreign e-commerce retailer at the time of sale of the investment | $35,000,000 | $35,000,000 | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 0 Months Ended | |
Dec. 10, 2013 | 3-May-14 | |
Litigation | ' | ' |
Period to bring claims to trial as required by California law (in years) | '5 years | ' |
Other | ' | ' |
Outstanding letters of credit | ' | $0 |
Surety bonds | ' | $5,400,000 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Aug. 03, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 |
segment | Specialty Retail Stores | Specialty Retail Stores | Online | Online | Corporate | Corporate | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |||
Specialty Retail Stores | Specialty Retail Stores | Specialty Retail Stores | Online | Online | Online | Corporate | Corporate | Corporate | ||||||||||||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,164,720 | $2,597,513 | ' | $893,731 | $1,964,449 | $270,989 | $633,064 | ' | ' | $1,129,138 | $1,098,267 | $3,529,169 | ' | $889,295 | $855,722 | $2,754,657 | $239,843 | $242,545 | $774,512 | ' | ' | ' |
OPERATING EARNINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | -14,935 | -29,957 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,932 | -12,052 | -31,514 |
Other expenses | -6,027 | -70,195 | ' | ' | ' | ' | ' | -6,027 | -70,195 | -113,745 | -6,353 | -17,681 | ' | ' | ' | ' | ' | ' | ' | -113,745 | -6,353 | -17,681 |
Corporate depreciation/amortization charges | ' | -165,846 | ' | ' | ' | ' | ' | -43,783 | -87,567 | -48,425 | ' | -142,686 | ' | ' | ' | ' | ' | ' | ' | -13,191 | -13,039 | -39,346 |
Corporate amortization of inventory step-up | ' | ' | ' | ' | ' | ' | ' | -30,642 | -129,635 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating earnings | 71,732 | 19,220 | ' | 126,460 | 241,578 | 40,659 | 94,996 | ' | ' | 32,136 | 150,279 | 402,515 | ' | 138,203 | 135,140 | 366,207 | 33,801 | 46,583 | 124,849 | ' | ' | ' |
Capital expenditures | 42,091 | 75,629 | ' | 34,312 | 60,018 | 7,779 | 15,611 | ' | ' | 35,959 | 30,310 | 103,563 | ' | 28,831 | 24,709 | 83,256 | 7,128 | 5,601 | 20,307 | ' | ' | ' |
Depreciation expense | 46,165 | 92,383 | ' | 26,603 | 53,531 | 7,015 | 13,758 | 12,547 | 25,094 | 34,239 | 34,067 | 100,947 | ' | 26,439 | 26,653 | 79,536 | 6,329 | 6,011 | 17,528 | 1,471 | 1,403 | 3,883 |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangible assets | ' | ' | ' | 2,272,780 | 2,272,780 | 297,192 | 297,192 | ' | ' | ' | ' | ' | ' | ' | 1,778,836 | 1,778,836 | ' | 223,963 | 223,963 | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | 5,849,249 | 5,849,249 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,057,554 | 3,057,554 |
Other | ' | ' | ' | ' | ' | ' | ' | 356,767 | 356,767 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 154,166 | 154,166 |
Total assets | $8,775,988 | $8,775,988 | $8,775,988 | ' | ' | ' | ' | ' | ' | ' | $5,214,519 | $5,214,519 | $5,300,241 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Details) (USD $) | 3-May-14 | Nov. 02, 2013 | Nov. 02, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Jul. 28, 2012 | 3-May-14 | Nov. 02, 2013 | Nov. 02, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Jul. 28, 2012 | 3-May-14 | Nov. 02, 2013 | Nov. 02, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Jul. 28, 2012 | 3-May-14 | Nov. 02, 2013 | Nov. 02, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Jul. 28, 2012 | 3-May-14 | Nov. 02, 2013 | Nov. 02, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Jul. 28, 2012 |
In Thousands, unless otherwise specified | Predecessor | Predecessor | Predecessor | Predecessor | Company | Company | Company | Company | Company | Company | NMG | NMG | NMG | NMG | NMG | NMG | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | ||
Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |||||||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $115,818 | $116,124 | $116,124 | $136,676 | $68,559 | $49,253 | $0 | $0 | $0 | $0 | $0 | $0 | $80,109 | $115,045 | $115,045 | $135,827 | $67,834 | $48,308 | $35,709 | $1,079 | $1,079 | $849 | $725 | $945 | $0 | $0 | $0 | $0 | $0 | $0 |
Merchandise inventories | 1,053,450 | ' | ' | 1,018,839 | 995,395 | ' | 0 | ' | ' | 0 | 0 | ' | 927,443 | ' | ' | 909,332 | 874,326 | ' | 126,007 | ' | ' | 109,507 | 121,069 | ' | 0 | ' | ' | 0 | 0 | ' |
Other current assets | 187,394 | ' | ' | 130,462 | 121,842 | ' | 0 | ' | ' | 0 | 0 | ' | 176,661 | ' | ' | 117,313 | 108,280 | ' | 10,733 | ' | ' | 13,149 | 13,562 | ' | 0 | ' | ' | 0 | 0 | ' |
Total current assets | 1,356,662 | ' | ' | 1,285,977 | 1,185,796 | ' | 0 | ' | ' | 0 | 0 | ' | 1,184,213 | ' | ' | 1,162,472 | 1,050,440 | ' | 172,449 | ' | ' | 123,505 | 135,356 | ' | 0 | ' | ' | 0 | 0 | ' |
Property and equipment, net | 1,402,507 | ' | ' | 901,844 | 897,401 | ' | 0 | ' | ' | 0 | 0 | ' | 1,250,325 | ' | ' | 795,798 | 791,941 | ' | 152,182 | ' | ' | 106,046 | 105,460 | ' | 0 | ' | ' | 0 | 0 | ' |
Goodwill | 2,240,943 | ' | ' | 1,263,433 | 1,263,433 | ' | 0 | ' | ' | 0 | 0 | ' | 1,918,023 | ' | ' | 1,107,753 | 1,107,753 | ' | 322,920 | ' | ' | 155,680 | 155,680 | ' | 0 | ' | ' | 0 | 0 | ' |
Intangible assets, net | 3,608,306 | ' | ' | 1,782,148 | 1,794,121 | ' | 0 | ' | ' | 0 | 0 | ' | 680,841 | ' | ' | 245,756 | 254,620 | ' | 2,927,465 | ' | ' | 1,536,392 | 1,539,501 | ' | 0 | ' | ' | 0 | 0 | ' |
Other assets | 167,570 | ' | ' | 66,839 | 73,768 | ' | 0 | ' | ' | 0 | 0 | ' | 166,112 | ' | ' | 38,835 | 43,176 | ' | 1,458 | ' | ' | 28,004 | 30,592 | ' | 0 | ' | ' | 0 | 0 | ' |
Investments in subsidiaries | 0 | ' | ' | 0 | 0 | ' | 1,502,208 | ' | ' | 831,038 | 791,212 | ' | 3,474,372 | ' | ' | 1,845,022 | 1,860,071 | ' | 0 | ' | ' | 0 | 0 | ' | -4,976,580 | ' | ' | -2,676,060 | -2,651,283 | ' |
Total assets | 8,775,988 | ' | ' | 5,300,241 | 5,214,519 | ' | 1,502,208 | ' | ' | 831,038 | 791,212 | ' | 8,673,886 | ' | ' | 5,195,636 | 5,108,001 | ' | 3,576,474 | ' | ' | 1,949,627 | 1,966,589 | ' | -4,976,580 | ' | ' | -2,676,060 | -2,651,283 | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 261,928 | ' | ' | 386,538 | 251,237 | ' | 0 | ' | ' | 0 | 0 | ' | 238,957 | ' | ' | 354,249 | 225,024 | ' | 22,971 | ' | ' | 32,289 | 26,213 | ' | 0 | ' | ' | 0 | 0 | ' |
Accrued liabilities | 438,906 | ' | ' | 390,168 | 437,992 | ' | 0 | ' | ' | 0 | 0 | ' | 360,941 | ' | ' | 319,358 | 359,214 | ' | 77,965 | ' | ' | 70,810 | 78,778 | ' | 0 | ' | ' | 0 | 0 | ' |
Other current liabilities | 29,426 | ' | ' | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | 29,426 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Total current liabilities | 730,260 | ' | ' | 776,706 | 689,229 | ' | 0 | ' | ' | 0 | 0 | ' | 629,324 | ' | ' | 673,607 | 584,238 | ' | 100,936 | ' | ' | 103,099 | 104,991 | ' | 0 | ' | ' | 0 | 0 | ' |
Long-term liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 4,632,824 | ' | ' | 2,697,077 | 2,702,028 | ' | 0 | ' | ' | 0 | 0 | ' | 4,632,824 | ' | ' | 2,697,077 | 2,702,028 | ' | 0 | ' | ' | 0 | 0 | ' | 0 | ' | ' | 0 | 0 | ' |
Deferred income taxes | 1,619,338 | ' | ' | 639,381 | 617,713 | ' | 0 | ' | ' | 0 | 0 | ' | 1,619,338 | ' | ' | 639,381 | 617,713 | ' | 0 | ' | ' | 0 | 0 | ' | 0 | ' | ' | 0 | 0 | ' |
Other long-term liabilities | 291,358 | ' | ' | 356,039 | 414,337 | ' | 0 | ' | ' | 0 | 0 | ' | 290,192 | ' | ' | 354,533 | 412,810 | ' | 1,166 | ' | ' | 1,506 | 1,527 | ' | 0 | ' | ' | 0 | 0 | ' |
Total long-term liabilities | 6,543,520 | ' | ' | 3,692,497 | 3,734,078 | ' | 0 | ' | ' | 0 | 0 | ' | 6,542,354 | ' | ' | 3,690,991 | 3,732,551 | ' | 1,166 | ' | ' | 1,506 | 1,527 | ' | 0 | ' | ' | 0 | 0 | ' |
Total member equity | 1,502,208 | ' | ' | ' | ' | ' | 1,502,208 | ' | ' | ' | ' | ' | 1,502,208 | ' | ' | ' | ' | ' | 3,474,372 | ' | ' | ' | ' | ' | -4,976,580 | ' | ' | ' | ' | ' |
Total stockholders' equity | ' | ' | ' | 831,038 | 791,212 | ' | ' | ' | ' | 831,038 | 791,212 | ' | ' | ' | ' | 831,038 | 791,212 | ' | ' | ' | ' | 1,845,022 | 1,860,071 | ' | ' | ' | ' | -2,676,060 | -2,651,283 | ' |
Total liabilities and member equity | $8,775,988 | ' | ' | $5,300,241 | $5,214,519 | ' | $1,502,208 | ' | ' | $831,038 | $791,212 | ' | $8,673,886 | ' | ' | $5,195,636 | $5,108,001 | ' | $3,576,474 | ' | ' | $1,949,627 | $1,966,589 | ' | ($4,976,580) | ' | ' | ($2,676,060) | ($2,651,283) | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 |
Predecessor | Predecessor | Predecessor | Company | Company | Company | Company | Company | NMG | NMG | NMG | NMG | NMG | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | |||
Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||||||||||||||
Condensed Consolidating Financial Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,164,720 | $2,597,513 | $1,129,138 | $1,098,267 | $3,529,169 | $0 | $0 | $0 | $0 | $0 | $976,197 | $2,187,471 | $926,436 | $918,242 | $2,948,810 | $188,523 | $410,042 | $202,702 | $180,025 | $580,359 | $0 | $0 | $0 | $0 | $0 |
Cost of goods sold including buying and occupancy costs (excluding depreciation) | 749,059 | 1,802,071 | 685,408 | 663,317 | 2,230,446 | 0 | 0 | 0 | 0 | 0 | 636,988 | 1,539,205 | 568,665 | 557,681 | 1,867,477 | 112,071 | 262,866 | 116,743 | 105,636 | 362,969 | 0 | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses (excluding depreciation) | 273,723 | 579,622 | 266,543 | 245,930 | 781,646 | 0 | 0 | 0 | 0 | 0 | 238,719 | 505,110 | 230,090 | 215,007 | 680,374 | 35,004 | 74,512 | 36,453 | 30,923 | 101,272 | 0 | 0 | 0 | 0 | 0 |
Income from credit card program | -13,222 | -28,451 | -14,653 | -13,315 | -39,529 | 0 | 0 | 0 | 0 | 0 | -12,066 | -25,958 | -13,271 | -12,213 | -36,062 | -1,156 | -2,493 | -1,382 | -1,102 | -3,467 | 0 | 0 | 0 | 0 | 0 |
Depreciation expense | 46,165 | 92,383 | 34,239 | 34,067 | 100,947 | 0 | 0 | 0 | 0 | 0 | 41,535 | 82,972 | 31,057 | 30,496 | 90,667 | 4,630 | 9,411 | 3,182 | 3,571 | 10,280 | 0 | 0 | 0 | 0 | 0 |
Amortization of intangible assets and favorable lease commitments | 31,236 | 62,473 | 11,720 | 11,636 | 35,463 | 0 | 0 | 0 | 0 | 0 | 19,176 | 38,351 | 8,773 | 8,742 | 26,228 | 12,060 | 24,122 | 2,947 | 2,894 | 9,235 | 0 | 0 | 0 | 0 | 0 |
Other expenses | 6,027 | 70,195 | 113,745 | 6,353 | 17,681 | 0 | 0 | 0 | 0 | 0 | 4,477 | 66,582 | 112,222 | 2,746 | 8,823 | 1,550 | 3,613 | 1,523 | 3,607 | 8,858 | 0 | 0 | 0 | 0 | 0 |
Operating earnings | 71,732 | 19,220 | 32,136 | 150,279 | 402,515 | 0 | 0 | 0 | 0 | 0 | 47,368 | -18,791 | -11,100 | 115,783 | 311,303 | 24,364 | 38,011 | 43,236 | 34,496 | 91,212 | 0 | 0 | 0 | 0 | 0 |
Interest expense, net | 82,222 | 160,081 | 37,315 | 32,346 | 134,765 | 0 | 0 | 0 | 0 | 0 | 82,222 | 160,081 | 37,315 | 32,346 | 134,762 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 |
Intercompany royalty charges (income) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33,733 | 74,725 | 32,907 | 50,882 | 164,516 | -33,733 | -74,725 | -32,907 | -50,882 | -164,516 | 0 | 0 | 0 | 0 | 0 |
Equity in loss (earnings) of subsidiaries | 0 | 0 | 0 | 0 | 0 | 2,666 | 81,351 | 13,098 | -70,765 | -160,816 | -58,097 | -112,736 | -76,143 | -85,378 | -255,725 | 0 | 0 | 0 | 0 | 0 | 55,431 | 31,385 | 63,045 | 156,143 | 416,541 |
(Loss) earnings before income taxes | -10,490 | -140,861 | -5,179 | 117,933 | 267,750 | -2,666 | -81,351 | -13,098 | 70,765 | 160,816 | -10,490 | -140,861 | -5,179 | 117,933 | 267,750 | 58,097 | 112,736 | 76,143 | 85,378 | 255,725 | -55,431 | -31,385 | -63,045 | -156,143 | -416,541 |
Income tax (benefit) expense | -7,824 | -59,510 | 7,919 | 47,168 | 106,934 | 0 | 0 | 0 | 0 | 0 | -7,824 | -59,510 | 7,919 | 47,168 | 106,934 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net (loss) earnings | -2,666 | -81,351 | -13,098 | 70,765 | 160,816 | -2,666 | -81,351 | -13,098 | 70,765 | 160,816 | -2,666 | -81,351 | -13,098 | 70,765 | 160,816 | 58,097 | 112,736 | 76,143 | 85,378 | 255,725 | -55,431 | -31,385 | -63,045 | -156,143 | -416,541 |
Total other comprehensive earnings (loss) | 588 | 303 | 1,324 | -299 | 6,624 | 588 | 303 | 1,324 | -299 | 6,624 | 588 | 303 | 1,324 | -299 | 6,624 | 0 | 0 | 0 | 0 | 0 | -588 | -303 | -1,324 | 299 | -6,624 |
Total comprehensive (loss) earnings | ($2,078) | ($81,048) | ($11,774) | $70,466 | $167,440 | ($2,078) | ($81,048) | ($11,774) | $70,466 | $167,440 | ($2,078) | ($81,048) | ($11,774) | $70,466 | $167,440 | $58,097 | $112,736 | $76,143 | $85,378 | $255,725 | ($56,019) | ($31,688) | ($64,369) | ($155,844) | ($423,165) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | 3-May-14 | 3-May-14 | Apr. 27, 2013 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | Nov. 02, 2013 | Apr. 27, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 | Nov. 02, 2013 | Apr. 27, 2013 |
Previous senior secured asset-based revolving credit facility | Previous senior secured term loan facility | Cash Pay Notes | PIK Toggle Notes | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Company | Company | Company | Company | Company | Company | Company | Company | Company | Company | Company | Company | NMG | NMG | NMG | NMG | NMG | NMG | NMG | NMG | NMG | NMG | NMG | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | |||
Previous senior secured asset-based revolving credit facility | Previous senior secured asset-based revolving credit facility | Previous senior secured term loan facility | Previous senior secured term loan facility | Cash Pay Notes | Cash Pay Notes | PIK Toggle Notes | PIK Toggle Notes | Cash Pay Notes | PIK Toggle Notes | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Cash Pay Notes | PIK Toggle Notes | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Cash Pay Notes | PIK Toggle Notes | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Cash Pay Notes | PIK Toggle Notes | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||||||||||||||||||||
Previous senior secured asset-based revolving credit facility | Previous senior secured asset-based revolving credit facility | Previous senior secured term loan facility | Previous senior secured term loan facility | Previous senior secured asset-based revolving credit facility | Previous senior secured asset-based revolving credit facility | Previous senior secured term loan facility | Previous senior secured term loan facility | Previous senior secured asset-based revolving credit facility | Previous senior secured asset-based revolving credit facility | Previous senior secured term loan facility | Previous senior secured term loan facility | Previous senior secured asset-based revolving credit facility | Previous senior secured asset-based revolving credit facility | Previous senior secured term loan facility | Previous senior secured term loan facility | ||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS - OPERATING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) earnings | ($2,666) | ($81,351) | ' | ' | ' | ' | ($13,098) | $70,765 | ' | $160,816 | ' | ' | ' | ' | ' | ' | ' | ' | ($2,666) | ($81,351) | ' | ' | ' | ($13,098) | $70,765 | $160,816 | ' | ' | ' | ' | ($2,666) | ($81,351) | ' | ' | ($13,098) | $70,765 | $160,816 | ' | ' | ' | ' | $58,097 | $112,736 | ' | ' | $76,143 | $85,378 | $255,725 | ' | ' | ' | ' | ($55,431) | ($31,385) | ' | ' | ($63,045) | ($156,143) | ($416,541) | ' | ' | ' | ' |
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense | ' | 165,846 | ' | ' | ' | ' | 48,425 | ' | ' | 142,686 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 132,313 | ' | ' | 42,296 | ' | 123,171 | ' | ' | ' | ' | ' | 33,533 | ' | ' | 6,129 | ' | 19,515 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' |
Loss on debt extinguishment | 7,882 | 7,882 | ' | ' | ' | ' | 0 | 0 | 15,600 | 15,597 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 7,882 | ' | ' | ' | ' | 15,597 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Equity in loss of foreign e-commerce retailer | 1,550 | 3,613 | ' | ' | ' | ' | 1,523 | 3,607 | ' | 8,858 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 3,613 | ' | ' | 1,523 | ' | 8,858 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' |
Deferred income taxes | ' | -112,754 | ' | ' | ' | ' | -6,326 | ' | ' | -15,501 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | -112,754 | ' | ' | -6,326 | ' | -15,501 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' |
Non-cash charges related to the Acquisition | ' | 145,062 | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,062 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | ' | 622 | ' | ' | ' | ' | 5,002 | ' | ' | 4,265 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 834 | ' | ' | 5,068 | ' | 4,417 | ' | ' | ' | ' | ' | -212 | ' | ' | -66 | ' | -152 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' |
Intercompany royalty income payable (receivable) | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | 33,733 | 74,725 | ' | ' | 32,907 | 50,882 | 164,516 | ' | ' | ' | ' | -33,733 | -74,725 | ' | ' | -32,907 | -50,882 | -164,516 | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' |
Equity in loss (earnings) of subsidiaries | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 2,666 | 81,351 | ' | ' | ' | 13,098 | -70,765 | -160,816 | ' | ' | ' | ' | -58,097 | -112,736 | ' | ' | -76,143 | -85,378 | -255,725 | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | 55,431 | 31,385 | ' | ' | 63,045 | 156,143 | 416,541 | ' | ' | ' | ' |
Changes in operating assets and liabilities, net | ' | -40,078 | ' | ' | ' | ' | -23,215 | ' | ' | -83,421 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 26,123 | ' | ' | 21,469 | ' | 15,634 | ' | ' | ' | ' | ' | -66,201 | ' | ' | -44,684 | ' | -99,055 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' |
Net cash provided by operating activities | ' | 88,842 | ' | ' | ' | ' | 12,311 | ' | ' | 233,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 80,098 | ' | ' | 6,173 | ' | 212,925 | ' | ' | ' | ' | ' | 8,744 | ' | ' | 6,138 | ' | 20,375 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' |
CASH FLOWS - INVESTING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | -42,091 | -75,629 | ' | ' | ' | ' | -35,959 | -30,310 | ' | -103,563 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | -66,515 | ' | ' | -30,051 | ' | -92,968 | ' | ' | ' | ' | ' | -9,114 | ' | ' | -5,908 | ' | -10,595 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' |
Investment in foreign e-commerce retailer | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Investment in foreign e-commerce retailer | 35,000 | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of Neiman Marcus Group LTD LLC | ' | -3,388,585 | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,388,585 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used for investing activities | ' | -3,429,214 | ' | ' | ' | ' | -35,959 | ' | ' | -113,563 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | -3,455,100 | ' | ' | -30,051 | ' | -92,968 | ' | ' | ' | ' | ' | 25,886 | ' | ' | -5,908 | ' | -20,595 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' |
CASH FLOWS - FINANCING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under Senior Secured Asset-Based Revolving Credit Facility | ' | 170,000 | 0 | ' | ' | ' | 0 | ' | ' | 0 | 130,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 170,000 | ' | ' | ' | ' | ' | 130,000 | 100,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' |
Borrowings under Senior Secured Term Loan Facility | ' | 2,950,000 | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | 500,000 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 2,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Borrowings under Cash Pay/PIK Toggle Notes | ' | ' | ' | ' | 960,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 960,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Repayments of secured debt | ' | -14,732 | ' | -2,433,096 | ' | ' | 0 | ' | ' | 0 | ' | ' | -126,904 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -126,904 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Repayment of borrowings | ' | -2,717,828 | ' | ' | ' | ' | ' | ' | ' | -690,668 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | -2,717,828 | ' | ' | ' | ' | -690,668 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Debt issuance costs paid | ' | -178,606 | ' | ' | ' | ' | 0 | ' | ' | -9,763 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | -178,606 | ' | ' | ' | ' | -9,763 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Cash equity contributions | ' | 1,556,500 | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,556,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used for) financing activities | ' | 3,340,066 | ' | ' | ' | ' | 3,096 | ' | ' | -100,431 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 3,340,066 | ' | ' | 3,096 | ' | -100,431 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' |
CASH AND CASH EQUIVALENTS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Decrease) increase during the period | ' | -306 | ' | ' | ' | ' | -20,552 | ' | ' | 19,306 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | -34,936 | ' | ' | -20,782 | ' | 19,526 | ' | ' | ' | ' | ' | 34,630 | ' | ' | 230 | ' | -220 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' |
Beginning balance | ' | 116,124 | ' | ' | ' | ' | 136,676 | ' | 49,253 | 49,253 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 115,045 | ' | ' | 135,827 | ' | 48,308 | ' | ' | ' | ' | ' | 1,079 | ' | ' | 849 | ' | 945 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' |
Ending balance | $115,818 | $115,818 | ' | ' | ' | ' | $116,124 | $68,559 | ' | $68,559 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | $0 | $0 | $0 | ' | ' | ' | ' | $80,109 | $80,109 | ' | ' | $115,045 | $67,834 | $67,834 | ' | ' | ' | ' | $35,709 | $35,709 | ' | ' | $1,079 | $725 | $725 | ' | ' | ' | ' | $0 | $0 | ' | ' | $0 | $0 | $0 | ' | ' | ' | ' |