Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Aug. 02, 2014 | Sep. 25, 2014 | |
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 | ' |
Document Type | '10-K | ' |
Document Period End Date | 2-Aug-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'FY | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 0 |
Membership Interest Description | 'The registrant is privately held. There is no trading in the registrant's membership units and therefore an aggregate market value based on the registrant's membership units is not determinable. | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'Yes | ' |
Entity Current Reporting Status | 'No | ' |
Entity Public Float | $0 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Aug. 02, 2014 | Aug. 03, 2013 |
In Thousands, unless otherwise specified | Predecessor | |
Current assets: | ' | ' |
Cash and cash equivalents | $196,476 | $136,676 |
Merchandise inventories | 1,069,632 | 1,018,839 |
Deferred income taxes | 39,049 | 27,645 |
Other current assets | 104,617 | 102,817 |
Total current assets | 1,409,774 | 1,285,977 |
Property and equipment, net | 1,390,266 | 901,844 |
Favorable lease commitments, net | 1,094,767 | 340,053 |
Other definite-lived intangible assets, net | 587,519 | 210,690 |
Tradenames | 1,970,698 | 1,231,405 |
Goodwill | 2,148,627 | 1,263,433 |
Other assets | 160,075 | 66,839 |
Total assets | 8,761,726 | 5,300,241 |
Current liabilities: | ' | ' |
Accounts payable | 375,085 | 386,538 |
Accrued liabilities | 452,172 | 390,168 |
Current portion of long-term debt | 29,426 | 0 |
Total current liabilities | 856,683 | 776,706 |
Long-term liabilities: | ' | ' |
Long-term debt | 4,580,521 | 2,697,077 |
Deferred income taxes | 1,540,076 | 639,381 |
Deferred real estate credits | 4,460 | 104,366 |
Other long-term liabilities | 347,392 | 251,673 |
Total long-term liabilities | 6,472,449 | 3,692,497 |
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) | 0 | 10 |
Membership unit (1 unit issued and outstanding at August 2, 2014) | 0 | 0 |
Additional paid-in capital | 1,584,106 | 1,005,833 |
Accumulated other comprehensive loss | -17,429 | -107,529 |
Accumulated deficit | -134,083 | -67,276 |
Total member/stockholders' equity | 1,432,594 | ' |
Total member/stockholders' equity | ' | 831,038 |
Total liabilities and member/stockholders' equity | $8,761,726 | $5,300,241 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Aug. 02, 2014 | Aug. 03, 2013 |
Predecessor | ||
Common stock, par value (in dollars per share) | ' | $0.01 |
Common stock, shares authorized | ' | 4,000,000 |
Common stock, shares issued | ' | 1,019,728 |
Common stock, shares outstanding | ' | 1,019,728 |
Membership units issued | 1 | ' |
Membership units outstanding | 1 | ' |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 9 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 |
Predecessor | Predecessor | Predecessor | ||
Revenues | $3,710,193 | $1,129,138 | $4,648,249 | $4,345,374 |
Cost of goods sold including buying and occupancy costs (excluding depreciation) | 2,563,273 | 685,408 | 2,995,363 | 2,794,713 |
Selling, general and administrative expenses (excluding depreciation) | 840,454 | 266,543 | 1,047,796 | 1,006,902 |
Income from credit card program | -40,672 | -14,653 | -53,373 | -51,571 |
Depreciation expense | 113,334 | 34,239 | 141,515 | 130,119 |
Amortization of intangible assets | 108,052 | 7,251 | 29,559 | 32,245 |
Amortization of favorable lease commitments | 40,574 | 4,469 | 17,877 | 17,878 |
Other expenses | 76,347 | 113,745 | 23,125 | 11,514 |
Operating earnings | 8,831 | 32,136 | 446,387 | 403,574 |
Interest expense, net | 232,739 | 37,315 | 168,955 | 175,237 |
(Loss) earnings before income taxes | -223,908 | -5,179 | 277,432 | 228,337 |
Income tax (benefit) expense | -89,825 | 7,919 | 113,733 | 88,251 |
Net (loss) earnings | ($134,083) | ($13,098) | $163,699 | $140,086 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) EARNINGS (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Aug. 03, 2013 | Jul. 28, 2012 |
Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||||||
Net (loss) earnings | ($42,056) | ($8,004) | ($84,023) | ($134,083) | ($147,181) | ($13,098) | $2,883 | $70,765 | $40,436 | $49,615 | $163,699 | $140,086 |
Other comprehensive (loss) earnings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in unrealized loss on financial instruments, net of tax | ' | ' | ' | -954 | ' | 610 | ' | ' | ' | ' | -513 | -3,779 |
Reclassification of realized loss on financial instruments to earnings, net of tax | ' | ' | ' | 0 | ' | 224 | ' | ' | ' | ' | 2,106 | 2,011 |
Change in unrealized loss on unfunded benefit obligations, net of tax | ' | ' | ' | -16,475 | ' | 490 | ' | ' | ' | ' | 39,670 | -73,979 |
Total other comprehensive (loss) earnings, net of tax | ' | ' | ' | -17,429 | ' | 1,324 | ' | ' | ' | ' | 41,263 | -75,747 |
Total comprehensive (loss) earnings | ' | ' | ' | ($151,512) | ' | ($11,774) | ' | ' | ' | ' | $204,962 | $64,339 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Aug. 03, 2013 | Jul. 28, 2012 | Aug. 03, 2013 | Jul. 28, 2012 |
Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||
Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Senior Secured Term Loan Facility | Former Senior Secured Term Loan Facility | |||||
CASH FLOWS-OPERATING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) earnings | ($134,083) | ($13,098) | $163,699 | $140,086 | ' | ' | ' | ' |
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense | 279,077 | 48,425 | 197,355 | 188,699 | ' | ' | ' | ' |
Loss on debt extinguishment | 7,882 | 0 | 15,597 | 0 | ' | ' | ' | ' |
Equity in loss of foreign e-commerce retailer | 3,613 | 1,523 | 13,125 | 1,514 | ' | ' | ' | ' |
Deferred income taxes | -117,874 | -6,326 | -19,439 | -10,094 | ' | ' | ' | ' |
Non-cash charges related to the Acquisition | 145,062 | 0 | 0 | 0 | ' | ' | ' | ' |
Other | 4,931 | 5,002 | 5,633 | 7,004 | ' | ' | ' | ' |
Net cash provided by operating activities before changes in operating assets and liabilities | 188,608 | 35,526 | 375,970 | 327,209 | ' | ' | ' | ' |
Changes in operating assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Merchandise inventories | 88,832 | -142,417 | -79,022 | -100,483 | ' | ' | ' | ' |
Other current assets | 74,480 | 12,111 | 27,664 | -10,810 | ' | ' | ' | ' |
Other assets | 2,554 | -1,484 | 2,495 | -4,495 | ' | ' | ' | ' |
Accounts payable and accrued liabilities | -57,638 | 107,091 | 42,604 | 62,611 | ' | ' | ' | ' |
Deferred real estate credits | 3,172 | 1,484 | 4,697 | 15,059 | ' | ' | ' | ' |
Payment of deferred compensation in connection with the Acquisition | -16,623 | 0 | 0 | 0 | ' | ' | ' | ' |
Funding of defined benefit pension plan | 0 | 0 | -25,049 | -29,281 | ' | ' | ' | ' |
Net cash provided by (used for) operating activities | 283,385 | 12,311 | 349,359 | 259,810 | ' | ' | ' | ' |
CASH FLOWS - INVESTING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | -138,007 | -35,959 | -146,505 | -152,838 | ' | ' | ' | ' |
Acquisition of Neiman Marcus Group LTD LLC | -3,388,585 | 0 | 0 | 0 | ' | ' | ' | ' |
Investment in foreign e-commerce retailer | 35,000 | 0 | -10,000 | -29,421 | ' | ' | ' | ' |
Net cash used for investing activities | -3,491,592 | -35,959 | -156,505 | -182,259 | ' | ' | ' | ' |
CASH FLOWS - FINANCING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under senior secured asset-based revolving credit facility | 170,000 | 0 | 0 | 0 | 100,000 | 175,000 | ' | ' |
Repayment of borrowings under senior secured asset-based revolving credit facility | -170,000 | 0 | 0 | 0 | -185,000 | -75,000 | ' | ' |
Borrowings under senior secured term loan facility | 2,950,000 | 0 | 0 | 0 | ' | ' | 500,000 | 0 |
Repayment of borrowings under senior secured term loan facility | -22,089 | 0 | 0 | 0 | ' | ' | 0 | 0 |
Repayment of borrowings under senior subordinated notes | 0 | 0 | -510,668 | 0 | ' | ' | ' | ' |
Distributions to stockholders | 0 | 0 | 0 | -449,295 | ' | ' | ' | ' |
Debt issuance costs paid | -178,606 | 0 | -9,763 | -594 | ' | ' | ' | ' |
Cash equity contributions | 1,557,350 | 0 | 0 | 0 | ' | ' | ' | ' |
Net cash provided by (used for) financing activities | 3,288,559 | 3,096 | -105,431 | -349,889 | ' | ' | ' | ' |
CASH AND CASH EQUIVALENTS | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) during the year | 80,352 | -20,552 | 87,423 | -272,338 | ' | ' | ' | ' |
Beginning balance | 116,124 | 136,676 | 49,253 | 321,591 | ' | ' | ' | ' |
Ending balance | 196,476 | 116,124 | 136,676 | 49,253 | ' | ' | ' | ' |
Cash paid (received) during the period for: | ' | ' | ' | ' | ' | ' | ' | ' |
Interest | 159,335 | 40,789 | 153,131 | 164,700 | ' | ' | ' | ' |
Income taxes | -6,769 | 7,544 | 111,085 | 78,854 | ' | ' | ' | ' |
Non-cash activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Equity contribution from management | $26,756 | $0 | $0 | $0 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_MEM
CONSOLIDATED STATEMENTS OF MEMBER EQUITY / STOCKHOLDERS' EQUITY (USD $) | Total | Additional paid-in capital | Accumulated other comprehensive (loss) earnings | Retained earnings (deficit) | Comprehensive earnings | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor |
In Thousands, unless otherwise specified | Common stock | Additional paid-in capital | Accumulated other comprehensive (loss) earnings | Retained earnings (deficit) | Comprehensive earnings | ||||||
Beginning balance at Jul. 30, 2011 | ' | ' | ' | ' | ' | $994,297 | $10 | $1,438,393 | ($73,045) | ($371,061) | ' |
Increase (Decrease) in Stockholders'/Member Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | 6,914 | ' | 6,914 | ' | ' | ' |
Stock option exercises and other | ' | ' | ' | ' | ' | -712 | ' | -712 | ' | ' | ' |
Distributions to stockholders | ' | ' | ' | ' | ' | -449,295 | ' | -449,295 | ' | ' | ' |
Net (loss) earnings | ' | ' | ' | ' | ' | 140,086 | ' | ' | ' | 140,086 | 140,086 |
Adjustments for fluctuations in fair market value of financial instruments, net of tax of ($616), $396, ($333) and ($2,457) for the 39 weeks ended Aug 2, 2014, 13 weeks ended Nov 2, 2013, fiscal year ended Aug 3, 2013 and fiscal year ended July 28, 2012, respectively | ' | ' | ' | ' | ' | -3,779 | ' | ' | -3,779 | ' | -3,779 |
Reclassification to earnings, net of tax of $145, $1,369, and $1,307 for the 13 weeks ended Nov 2, 2013, fiscal year ended Aug 3, 2013 and fiscal year ended July 28, 2012, respectively | ' | ' | ' | ' | ' | 2,011 | ' | ' | 2,011 | ' | 2,011 |
Change in unfunded benefit obligations, net of tax of ($10,623), $319, $25,792 and ($48,099) for the 39 weeks ended Aug 2, 2014, 13 weeks ended Nov 2, 2013, fiscal year ended Aug 3, 2013 and fiscal year ended July 28, 2012, respectively | ' | ' | ' | ' | ' | -73,979 | ' | ' | -73,979 | ' | -73,979 |
Total comprehensive (loss) earnings | ' | ' | ' | ' | ' | 64,339 | ' | ' | ' | ' | 64,339 |
Ending balance at Jul. 28, 2012 | ' | ' | ' | ' | ' | 615,543 | 10 | 995,300 | -148,792 | -230,975 | ' |
Increase (Decrease) in Stockholders'/Member Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) earnings | ' | ' | ' | ' | ' | 49,615 | ' | ' | ' | ' | ' |
Ending balance at Oct. 27, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Jul. 28, 2012 | ' | ' | ' | ' | ' | 615,543 | 10 | 995,300 | -148,792 | -230,975 | ' |
Increase (Decrease) in Stockholders'/Member Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | 9,710 | ' | 9,710 | ' | ' | ' |
Stock option exercises and other | ' | ' | ' | ' | ' | 823 | ' | 823 | ' | ' | ' |
Net (loss) earnings | ' | ' | ' | ' | ' | 163,699 | ' | ' | ' | 163,699 | 163,699 |
Adjustments for fluctuations in fair market value of financial instruments, net of tax of ($616), $396, ($333) and ($2,457) for the 39 weeks ended Aug 2, 2014, 13 weeks ended Nov 2, 2013, fiscal year ended Aug 3, 2013 and fiscal year ended July 28, 2012, respectively | ' | ' | ' | ' | ' | -513 | ' | ' | -513 | ' | -513 |
Reclassification to earnings, net of tax of $145, $1,369, and $1,307 for the 13 weeks ended Nov 2, 2013, fiscal year ended Aug 3, 2013 and fiscal year ended July 28, 2012, respectively | ' | ' | ' | ' | ' | 2,106 | ' | ' | 2,106 | ' | 2,106 |
Change in unfunded benefit obligations, net of tax of ($10,623), $319, $25,792 and ($48,099) for the 39 weeks ended Aug 2, 2014, 13 weeks ended Nov 2, 2013, fiscal year ended Aug 3, 2013 and fiscal year ended July 28, 2012, respectively | ' | ' | ' | ' | ' | 39,670 | ' | ' | 39,670 | ' | 39,670 |
Total comprehensive (loss) earnings | ' | ' | ' | ' | ' | 204,962 | ' | ' | ' | ' | 204,962 |
Ending balance at Aug. 03, 2013 | ' | ' | ' | ' | ' | 831,038 | 10 | 1,005,833 | -107,529 | -67,276 | ' |
Beginning balance at Apr. 27, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders'/Member Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) earnings | ' | ' | ' | ' | ' | 2,883 | ' | ' | ' | ' | ' |
Ending balance at Aug. 03, 2013 | ' | ' | ' | ' | ' | 831,038 | 10 | 1,005,833 | -107,529 | -67,276 | ' |
Increase (Decrease) in Stockholders'/Member Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | 2,548 | ' | 2,548 | ' | ' | ' |
Stock option exercises and other | ' | ' | ' | ' | ' | 125 | ' | 125 | ' | ' | ' |
Net (loss) earnings | ' | ' | ' | ' | ' | -13,098 | ' | ' | ' | -13,098 | -13,098 |
Adjustments for fluctuations in fair market value of financial instruments, net of tax of ($616), $396, ($333) and ($2,457) for the 39 weeks ended Aug 2, 2014, 13 weeks ended Nov 2, 2013, fiscal year ended Aug 3, 2013 and fiscal year ended July 28, 2012, respectively | ' | ' | ' | ' | ' | 610 | ' | ' | 610 | ' | 610 |
Reclassification to earnings, net of tax of $145, $1,369, and $1,307 for the 13 weeks ended Nov 2, 2013, fiscal year ended Aug 3, 2013 and fiscal year ended July 28, 2012, respectively | ' | ' | ' | ' | ' | 224 | ' | ' | 224 | ' | 224 |
Change in unfunded benefit obligations, net of tax of ($10,623), $319, $25,792 and ($48,099) for the 39 weeks ended Aug 2, 2014, 13 weeks ended Nov 2, 2013, fiscal year ended Aug 3, 2013 and fiscal year ended July 28, 2012, respectively | ' | ' | ' | ' | ' | 490 | ' | ' | 490 | ' | 490 |
Total comprehensive (loss) earnings | ' | ' | ' | ' | ' | -11,774 | ' | ' | ' | ' | -11,774 |
Ending balance at Nov. 02, 2013 | ' | ' | ' | ' | ' | 821,937 | 10 | 1,008,506 | -106,205 | -80,374 | ' |
Increase (Decrease) in Stockholders'/Member Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity contributions | 1,584,106 | 1,584,106 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) earnings | -134,083 | ' | ' | -134,083 | -134,083 | ' | ' | ' | ' | ' | ' |
Adjustments for fluctuations in fair market value of financial instruments, net of tax of ($616), $396, ($333) and ($2,457) for the 39 weeks ended Aug 2, 2014, 13 weeks ended Nov 2, 2013, fiscal year ended Aug 3, 2013 and fiscal year ended July 28, 2012, respectively | -954 | ' | -954 | ' | -954 | ' | ' | ' | ' | ' | ' |
Reclassification to earnings, net of tax of $145, $1,369, and $1,307 for the 13 weeks ended Nov 2, 2013, fiscal year ended Aug 3, 2013 and fiscal year ended July 28, 2012, respectively | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in unfunded benefit obligations, net of tax of ($10,623), $319, $25,792 and ($48,099) for the 39 weeks ended Aug 2, 2014, 13 weeks ended Nov 2, 2013, fiscal year ended Aug 3, 2013 and fiscal year ended July 28, 2012, respectively | -16,475 | ' | -16,475 | ' | -16,475 | ' | ' | ' | ' | ' | ' |
Total comprehensive (loss) earnings | -151,512 | ' | ' | ' | -151,512 | ' | ' | ' | ' | ' | ' |
Ending balance at Aug. 02, 2014 | $1,432,594 | $1,584,106 | ($17,429) | ($134,083) | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_MEM1
CONSOLIDATED STATEMENTS OF MEMBER EQUITY / STOCKHOLDERS' EQUITY Parenthetical (USD $) | 9 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 |
Predecessor | Predecessor | Predecessor | ||
Adjustments for fluctuations in fair market value of financial instruments, tax | ($616) | $396 | ($333) | ($2,457) |
Reclassification to earnings, tax | 0 | 145 | 1,369 | 1,307 |
Change in unfunded benefit obligations, tax | ($10,623) | $319 | $25,792 | ($48,099) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||
Aug. 02, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Summary of Significant Accounting Policies | ' | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
BASIS OF PRESENTATION | ||||
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. On October 25, 2013, the Company (formerly Neiman Marcus Group LTD Inc.) 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 owned by private investment funds affiliated with Ares Management, L.P. and Canada Pension Plan Investment Board (together, the Sponsors) and certain co-investors. On October 28, 2013, the Company and NMG (as defined below) each converted from a Delaware corporation to a Delaware limited liability company (the Conversion). Previously, the Company 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). | ||||
The Company’s operations are conducted through its wholly owned subsidiary, The Neiman Marcus Group LLC (formerly The Neiman Marcus Group, Inc.) (NMG). | ||||
The accompanying 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. 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. This resulted in an extra week in fiscal year 2013 (the 53rd week). All references to fiscal year 2014 relate to the combined period comprised of the thirty-nine weeks ended August 2, 2014 of the Successor and the thirteen weeks ended November 2, 2013 of the Predecessor, all references to fiscal year 2013 relate to the fifty-three weeks ended August 3, 2013 of the Predecessor and all references to fiscal year 2012 relate to the fifty-two weeks ended July 28, 2012 of the Predecessor. | ||||
Certain prior period balances have been reclassified to conform to the current period presentation. | ||||
ESTIMATES AND CRITICAL ACCOUNTING POLICIES | ||||
We are required to make estimates and assumptions about future events in preparing our financial statements in conformity with generally accepted accounting principles. 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 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 are 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 Consolidated Financial Statements. | ||||
Purchase Accounting. We have accounted for the Acquisition in accordance with the provisions of Accounting Standards Codification Topic 805, Business Combinations, whereby the purchase price paid to effect the Acquisition has been allocated to state the acquired assets and liabilities at fair value. The Acquisition and the allocation of the purchase price have been recorded for accounting purposes as of November 2, 2013, the end of our first quarter of fiscal year 2014. In connection with the purchase price allocation, we have made 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, valuation results from independent valuation specialists, which resulted in increases in the carrying value of our property and equipment and inventory, the revaluation of intangible assets for our tradenames, customer lists and favorable lease commitments and the revaluation of our long-term benefit plan obligations, among other things. | ||||
Cash and Cash Equivalents. Cash and cash equivalents primarily consist of cash on hand in our stores, deposits with banks and overnight investments with banks and financial institutions. Cash equivalents are stated at cost, which approximates fair value. Our cash management system provides for the reimbursement of all major bank disbursement accounts on a daily basis. Accounts payable includes outstanding checks not yet presented for payment of $45.6 million at August 2, 2014 and $46.3 million at August 3, 2013. | ||||
Merchandise Inventories and Cost of Goods Sold. We utilize the retail inventory method of accounting. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are determined by applying a calculated cost-to-retail ratio, for various groupings of similar items, to the retail value of our inventories. The cost of the inventory reflected on the Consolidated Balance Sheets is decreased by charges to cost of goods sold at average cost and the retail value of the inventory is lowered through the use of markdowns. Earnings are negatively impacted when merchandise is marked down. As we adjust the retail value of our inventories through the use of markdowns to reflect market conditions, our merchandise inventories are stated at the lower of cost or market. | ||||
The areas requiring significant management judgment related to the valuation of our inventories include 1) setting the original retail value for the merchandise held for sale, 2) recognizing merchandise for which the customer’s perception of value has declined and appropriately marking the retail value of the merchandise down to the perceived value and 3) estimating the shrinkage that has occurred between physical inventory counts. These judgments and estimates, coupled with the averaging processes within the retail method can, under certain circumstances, produce varying financial results. Factors that can lead to different financial results include 1) determination of original retail values for merchandise held for sale, 2) identification of declines in perceived value of inventories and processing the appropriate retail value markdowns and 3) overly optimistic or conservative estimation of shrinkage. In prior years, we have not made material changes to our estimates of shrinkage or markdown requirements on inventories held as of the end of our fiscal years. | ||||
Consistent with industry business practice, we receive allowances from certain of our vendors in support of the merchandise we purchase for resale. Certain allowances are received to reimburse us for markdowns taken or to support the gross margins that we earn in connection with the sales of the vendor’s merchandise. These allowances result in an increase to gross margin when we earn the allowances and they are approved by the vendor. Other allowances we receive represent reductions to the amounts we pay to acquire the merchandise. These allowances reduce the cost of the acquired merchandise and are recognized at the time the goods are sold. The amounts of vendor allowances we receive fluctuate based on the level of markdowns taken and did not have a significant impact on the year-over-year change in gross margin during fiscal years 2014, 2013 or 2012. We received vendor allowances of $88.5 million for the thirty-nine weeks ended August 2, 2014; $5.0 million for the thirteen weeks ended November 2, 2013; $90.2 million in fiscal year 2013; and $92.5 million in fiscal year 2012. | ||||
We obtain certain merchandise, primarily precious jewelry, on a consignment basis to expand our product assortment. Consignment merchandise held by us with a cost basis of $376.8 million at August 2, 2014 and $358.9 million at August 3, 2013 is not reflected in our Consolidated Balance Sheets. | ||||
Cost of goods sold also includes delivery charges we pay to third party carriers and other costs related to the fulfillment of customer orders not delivered at the point-of-sale. | ||||
Long-lived Assets. Property and equipment are stated at cost less accumulated depreciation. In connection with the Acquisition, the cost basis of the acquired property and equipment was adjusted to its estimated fair value. For financial reporting purposes, we compute depreciation principally using the straight-line method over the estimated useful lives of the assets. Buildings and improvements are depreciated over five to 30 years while fixtures and equipment are depreciated over three to 15 years. Leasehold improvements are amortized over the shorter of the asset life or the lease term (which may include renewal periods when exercise of the renewal option is at our discretion and exercise of the renewal option is considered reasonably assured). Costs incurred for the development of internal computer software are capitalized and amortized using the straight-line method over three to ten years. | ||||
We assess the recoverability of the carrying values of our store assets, consisting of property and equipment, customer lists and favorable lease commitments, annually and upon the occurrence of certain events. The recoverability assessment requires judgment and estimates of future store generated cash flows. | ||||
Intangible Assets Subject to Amortization. Prior to the Acquisition, Predecessor definite-lived intangible assets, primarily customer lists, 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 by the Former Sponsors). 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 by the Former Sponsors). | ||||
Subsequent to the Acquisition, Successor definite-lived intangible assets, primarily customer lists, are amortized over their estimated useful lives, currently estimated at 12 to 16 years (weighted average life of 14 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 next five fiscal years is currently estimated as follows (in thousands): | ||||
2015 | $ | 131,783 | ||
2016 | 105,737 | |||
2017 | 100,937 | |||
2018 | 95,928 | |||
2019 | 92,313 | |||
Indefinite-lived Intangible Assets and Goodwill. Indefinite-lived intangible assets, such as our Neiman Marcus and Bergdorf Goodman 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. | ||||
The recoverability assessment with respect to each of our indefinite-lived intangible assets requires us to estimate the fair value of the asset as of the assessment date. Such determination is made using discounted cash flow techniques (Level 3 determination of fair value). Significant inputs to the valuation model include: | ||||
• | future revenue, cash flow and/or profitability projections; | |||
• | growth assumptions for future revenues as well as future gross margin rates, expense rates, capital expenditures and other estimates; | |||
• | estimated market royalty rates that could be derived from the licensing of our tradenames to third parties to establish the cash flows accruing to the benefit of the Company as a result of our ownership of our tradenames; and | |||
• | rates, based on our estimated weighted average cost of capital, used to discount the estimated cash flow projections to their present value (or estimated fair value). | |||
If the recorded carrying value of the tradename exceeds its estimated fair value, an impairment charge is recorded to write the tradename down to its estimated fair value. | ||||
The assessment of the recoverability of the goodwill associated with our Neiman Marcus stores, Bergdorf Goodman stores, Last Call stores and Online reporting units involves a two-step process. The first step requires the comparison of the estimated enterprise fair value of each of our reporting units to its recorded carrying value. We estimate the enterprise fair value based on discounted cash flow techniques (Level 3 determination of fair value). If the recorded carrying value of a reporting unit exceeds its estimated enterprise fair value in the first step, a second step is performed in which we allocate the enterprise fair value to the fair value of the reporting unit’s net assets. The second step of the impairment testing process requires, among other things, the estimation of the fair values of substantially all of our tangible and intangible assets. Any enterprise fair value in excess of amounts allocated to such net assets represents the implied fair value of goodwill for that reporting unit. If the recorded goodwill balance for a reporting unit exceeds the implied fair value of goodwill, an impairment charge is recorded to write goodwill down to its fair value. | ||||
The impairment testing process related to our indefinite-lived intangible assets is subject to inherent uncertainties and subjectivity. The use of different assumptions, estimates or judgments with respect to the estimation of the projected future cash flows and the determination of the discount rate used to reduce such projected future cash flows to their net present value could materially increase or decrease any related impairment charge. We believe our estimates are appropriate based upon current market conditions and the best information available at the assessment date. However, future impairment charges could be required if we do not achieve our current revenue and profitability projections or the weighted average cost of capital increases. No impairment charges related to our tradenames and goodwill were recorded in fiscal years 2014, 2013 or 2012. | ||||
Leases. We lease certain retail stores and office facilities. Stores we own are often subject to ground leases. The terms of our real estate leases, including renewal options, range from two to 130 years. Most leases provide for monthly fixed minimum rentals or contingent rentals based upon sales in excess of stated amounts and normally require us to pay real estate taxes, insurance, common area maintenance costs and other occupancy costs. For leases that contain predetermined, fixed calculations of minimum rentals, we recognize rent expense on a straight-line basis over the lease term. We recognize contingent rent expenses when it is probable that the sales thresholds will be reached during the year. | ||||
We receive allowances from developers related to the construction of our stores. We record these allowances as deferred real estate credits, which we recognize as a reduction of rent expense on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased asset. We received construction allowances aggregating $5.7 million for the thirty-nine weeks ended August 2, 2014, $7.2 million in fiscal year 2013 and $10.6 million in fiscal year 2012. | ||||
Benefit Plans. We sponsor a defined benefit pension plan (Pension Plan), an unfunded supplemental executive retirement plan (SERP Plan) which provides certain employees additional pension benefits and a postretirement plan providing eligible employees limited postretirement health care benefits (Postretirement Plan). In calculating our obligations and related expense, we make various assumptions and estimates, after consulting with outside actuaries and advisors. The annual determination of expense involves calculating the estimated total benefits ultimately payable to plan participants. We use the traditional unit credit method in recognizing pension liabilities. The Pension Plan, SERP Plan and Postretirement Plan are valued annually as of the end of each fiscal year. As of the third quarter of fiscal year 2010, benefits offered to all employees under our Pension Plan and SERP Plan were frozen. | ||||
Significant assumptions related to the calculation of our obligations include the discount rates used to calculate the present value of benefit obligations to be paid in the future, the expected long-term rate of return on assets held by the Pension | ||||
Plan and the health care cost trend rate for the Postretirement Plan, as more fully described in Note 10 of the Notes to Consolidated Financial Statements. We review these assumptions annually based upon currently available information, including information provided by our actuaries. | ||||
Our obligations related to our employee benefit plans are included in other long-term liabilities. | ||||
Self-insurance and Other Employee Benefit Reserves. We use estimates in the determination of the required accruals for general liability, workers’ compensation and health insurance. We base these estimates upon an examination of historical trends, industry claims experience and independent actuarial estimates. Although we do not expect that we will ultimately pay claims significantly different from our estimates, self-insurance reserves could be affected if future claims experience differs significantly from our historical trends and assumptions. | ||||
Derivative Financial Instruments. We enter into derivative financial instruments, primarily interest rate cap agreements, to hedge the variability of our cash flows related to a portion of our floating rate indebtedness. The derivative financial instruments are recorded at estimated fair value at each balance sheet date and included in assets or liabilities in our Consolidated Balance Sheets. | ||||
Revenues. Revenues include sales of merchandise and services and delivery and processing revenues related to merchandise sold. Revenues are recognized at the later of the point of sale or the delivery of goods to the customer. Revenues associated with gift cards are recognized at the time of redemption by the customer. Revenues exclude sales taxes collected from our customers. | ||||
Revenues are reduced when customers return goods previously purchased. We maintain reserves for anticipated sales returns primarily based on our historical trends related to returns by our customers. Our reserves for anticipated sales returns aggregated $38.9 million at August 2, 2014 and $37.4 million at August 3, 2013. | ||||
Buying and Occupancy Costs. Our buying costs consist primarily of salaries and expenses incurred by our merchandising and buying operations. Occupancy costs primarily include rent, property taxes and operating costs of our retail, distribution and support facilities and exclude depreciation expense. | ||||
Selling, General and Administrative Expenses (excluding depreciation). Selling, general and administrative expenses are comprised principally of the costs related to employee compensation and benefits in the selling and administrative support areas and advertising and marketing costs. | ||||
We receive allowances from certain merchandise vendors in conjunction with compensation programs for employees who sell the vendors’ merchandise. These allowances are netted against the related compensation expense that we incur. Amounts received from vendors related to compensation programs were $55.4 million for the thirty-nine weeks ended August 2, 2014, $18.5 million for the thirteen weeks ended November 2, 2013, $72.2 million in fiscal year 2013 and $65.1 million in fiscal year 2012. | ||||
We incur costs to advertise and promote the merchandise assortment offered through our store and online operations. We expense advertising costs for print media costs and promotional materials mailed to our customers at the time of mailing to the customer. We amortize the costs of print catalogs during the periods we expect to generate revenues from such catalogs, generally three to six months. We expense the costs incurred to produce the photographic content on our websites, as well as website design and web marketing costs, as incurred. Net marketing and advertising expenses were $109.8 million for the thirty-nine weeks ended August 2, 2014, $34.6 million for the thirteen weeks ended November 2, 2013, $126.9 million in fiscal year 2013 and $106.5 million in fiscal year 2012. | ||||
Consistent with industry practice, we receive advertising allowances from certain of our merchandise vendors. Substantially all the advertising allowances we receive represent reimbursements of direct, specific and incremental costs that we incur to promote the vendor’s merchandise in connection with our various advertising programs, primarily catalogs and other print media. Advertising allowances fluctuate based on the level of advertising expenses incurred and are recorded as a reduction of our advertising costs when earned. Advertising allowances aggregated approximately $31.4 million for the thirty-nine weeks ended August 2, 2014, $20.0 million for the thirteen weeks ended November 2, 2013, $55.0 million in fiscal year 2013 and $53.1 million in fiscal year 2012. | ||||
Income from Credit Card Program. We maintain a proprietary credit card program through which credit is extended to customers and have 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 currently offers credit cards and non-card payment plans 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. | ||||
We recognize income from our credit card program when earned. In the future, the income from our credit card program may: | ||||
• | increase or decrease based upon the level of utilization of our proprietary credit cards by our customers; | |||
• | increase or decrease based upon the overall profitability and performance of the credit card portfolio due to the level of bad debts incurred or changes in interest rates, among other factors; | |||
• | increase or decrease based upon future changes to our historical credit card program in response to changes in regulatory requirements or other changes related to, among other things, the interest rates applied to unpaid balances and the assessment of late fees; and | |||
• | decrease based upon the level of future services we provide to Capital One. | |||
Gift Cards. The gift cards sold to our customers have no stated expiration dates and, in some cases, are subject to actual and/or potential escheatment rights in various of the jurisdictions in which we operate. Unredeemed gift cards aggregated $43.1 million at August 2, 2014 and $36.3 million at August 3, 2013. | ||||
We recognized gift card breakage of $1.3 million for the thirty-nine weeks ended August 2, 2014, $0.3 million for the thirteen weeks ended November 2, 2013, $1.9 million in fiscal year 2013 and $2.5 million in fiscal year 2012 as a component of revenues. | ||||
Loyalty Program. We maintain a customer loyalty program in which customers earn points for qualifying purchases. Upon reaching specified levels, points are redeemed for awards, primarily gift cards. The estimates of the costs associated with the loyalty program require us to make assumptions related to customer purchasing levels and redemption rates. At the time the qualifying sales giving rise to the loyalty program points are made, we defer the portion of the revenues on the qualifying sales transactions equal to the estimated retail value of the gift cards to be redeemed upon conversion of the earned points to gift cards. We record the deferral of revenues related to gift card awards under our loyalty program as a reduction of revenues. | ||||
Income Taxes. We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We are routinely under audit by federal, state or local authorities in the area of income taxes. We regularly evaluate the likelihood of realization of tax benefits derived from positions we have taken in various federal and state filings after consideration of all relevant facts, circumstances and available information. If we believe it is more likely than not that our position will be sustained, we recognize the benefit we believe is cumulatively greater than 50% likely to be realized. | ||||
Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (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 using one of two retrospective application methods. We are currently evaluating the application method and the impact of adopting this new accounting guidance on our Consolidated Financial Statements. | ||||
We do not expect that any other recently issued accounting pronouncements will have a material impact on our financial statements. |
THE_ACQUISITION
THE ACQUISITION | 12 Months Ended | ||||||||
Aug. 02, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
The Acquisition | ' | ||||||||
THE ACQUISITION | |||||||||
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). | ||||||||
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 has been allocated to state the acquired assets and liabilities at fair value. The Acquisition and the allocation of the purchase price have been recorded for accounting purposes as of November 2, 2013, the end of our first quarter of fiscal year 2014. | |||||||||
In connection with the purchase price allocation, we have made 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, valuation results from independent valuation specialists. As of August 2, 2014, we have recorded 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. | |||||||||
The purchase price has been 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 | 457.7 | ||||||||
3) Revalue intangible assets: | |||||||||
Tradenames | 739.3 | ||||||||
Other definite-lived intangible assets, primarily customer lists | 492.1 | ||||||||
Favorable lease commitments | 799.8 | ||||||||
4) Change in carrying values of other assets and liabilities | (67.0 | ) | |||||||
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 12) | 51.5 | ||||||||
9) Tax impact of valuation adjustments and other tax benefits | (965.7 | ) | |||||||
Total adjustments to state acquired assets at fair value | 444.9 | ||||||||
Net assets acquired at fair value | 1,266.80 | ||||||||
Excess purchase price related to the Acquisition recorded as goodwill | $ | 2,148.60 | |||||||
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. | |||||||||
Fiscal years ended | |||||||||
(in thousands) | August 2, | August 3, | |||||||
2014 | 2013 | ||||||||
Revenues | $ | 4,839,331 | $ | 4,648,249 | |||||
Net earnings (loss) | 36,501 | (118,315 | ) | ||||||
Pro forma adjustments for fiscal year 2014 consist primarily of 1) the reversal of $162.7 million of transaction costs incurred in connection with the Acquisition, 2) the reversal of the historical non-cash charges of $129.6 million to cost of goods sold related to the sale of our acquired inventories that were valued at their fair values as of the Acquisition date and 3) adjustments to depreciation and amortization charges aggregating $26.5 million, partially offset by 4) interest expense of $29.8 million. | |||||||||
Pro forma adjustments for fiscal year 2013 consist primarily of 1) depreciation and amortization charges aggregating $159.8 million, 2) interest expense of $130.9 million and 3) non-cash charges of $129.6 million to cost of goods sold related to the step-up in carrying value of our inventories as of the Acquisition date. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||||
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 Consolidated Balance Sheets: | ||||||||||||||||||||
Fair Value | August 2, | August 3, | ||||||||||||||||||
Hierarchy | 2014 | 2013 | ||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | ||||||||||||||||||
Other long-term assets: | ||||||||||||||||||||
Interest rate caps | Level 2 | $ | 1,132 | $ | 29 | |||||||||||||||
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: | ||||||||||||||||||||
2-Aug-14 | August 3, 2013 | |||||||||||||||||||
(Successor) | (Predecessor) | |||||||||||||||||||
(in thousands) | Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||
Hierarchy | Value | Value | Value | Value | ||||||||||||||||
Long-term debt: | ||||||||||||||||||||
Senior Secured Term Loan Facility | Level 2 | $ | 2,927,912 | $ | 2,907,797 | $ | — | $ | — | |||||||||||
Cash Pay Notes | Level 2 | 960,000 | 994,800 | — | — | |||||||||||||||
PIK Toggle Notes | Level 2 | 600,000 | 633,000 | — | — | |||||||||||||||
2028 Debentures | Level 2 | 122,035 | 127,500 | 122,077 | 125,625 | |||||||||||||||
Former Asset-Based Revolving Credit Facility | Level 2 | — | — | 15,000 | 15,000 | |||||||||||||||
Former Senior Secured Term Loan Facility | Level 2 | — | — | 2,560,000 | 2,566,400 | |||||||||||||||
We estimated the fair value of long-term debt using prevailing market rates for debt of similar remaining maturities and credit risk for our revolving and term loan facilities 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 estimates of the fair value of our long-lived and intangible assets based upon assumptions related to the future cash flows, discount rates and asset lives utilizing currently available information, and in some cases, valuation results from independent valuation specialists (Level 3 determination of fair value). We also measure certain non-financial assets at fair value on a non-recurring basis, primarily long-lived assets, intangible assets and goodwill, in connection with our periodic evaluations of such assets for potential impairment. |
PROPERTY_AND_EQUIPMENT_NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended | ||||||||
Aug. 02, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment, net | ' | ||||||||
PROPERTY AND EQUIPMENT, NET | |||||||||
The significant components of our property and equipment, net are as follows: | |||||||||
August 2, | August 3, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | (Successor) | (Predecessor) | |||||||
Land, buildings and improvements | $ | 1,047,556 | $ | 1,017,463 | |||||
Fixtures and equipment | 373,033 | 904,879 | |||||||
Construction in progress | 83,395 | 49,648 | |||||||
1,503,984 | 1,971,990 | ||||||||
Less: accumulated depreciation and amortization | 113,718 | 1,070,146 | |||||||
Property and equipment, net | $ | 1,390,266 | $ | 901,844 | |||||
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS, NET | 12 Months Ended | |||||||||||||||
Aug. 02, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Intangible Assets, net | ' | |||||||||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | ||||||||||||||||
The significant components of our intangible assets and goodwill are as follows: | ||||||||||||||||
(in thousands) | Favorable | Other | Tradenames | Goodwill | ||||||||||||
Lease | Definite-lived Intangible Assets | |||||||||||||||
Commitments | ||||||||||||||||
Predecessor: | ||||||||||||||||
Balance at July 28, 2012 | $ | 357,930 | $ | 239,694 | $ | 1,231,960 | $ | 1,263,433 | ||||||||
Amortization | (17,877 | ) | (29,004 | ) | (555 | ) | — | |||||||||
Balance at August 3, 2013 | 340,053 | 210,690 | 1,231,405 | 1,263,433 | ||||||||||||
Amortization | (4,469 | ) | (7,251 | ) | — | — | ||||||||||
Balance at November 2, 2013 | $ | 335,584 | $ | 203,439 | $ | 1,231,405 | $ | 1,263,433 | ||||||||
Successor: | ||||||||||||||||
Balance at November 2, 2013 | $ | 1,135,341 | $ | 695,571 | $ | 1,970,698 | $ | 2,148,627 | ||||||||
Amortization | (40,574 | ) | (108,052 | ) | — | — | ||||||||||
Balance at August 2, 2014 | $ | 1,094,767 | $ | 587,519 | $ | 1,970,698 | $ | 2,148,627 | ||||||||
Total accumulated amortization at August 2, 2014 | $ | 40,574 | $ | 108,052 | ||||||||||||
ACCRUED_LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended | ||||||||
Aug. 02, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
ACCRUED LIABILITIES | |||||||||
The significant components of accrued liabilities are as follows: | |||||||||
August 2, | August 3, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | (Successor) | (Predecessor) | |||||||
Accrued salaries and related liabilities | $ | 81,079 | $ | 74,395 | |||||
Amounts due customers | 125,950 | 113,412 | |||||||
Self-insurance reserves | 38,732 | 37,626 | |||||||
Interest payable | 61,164 | 18,677 | |||||||
Sales returns reserves | 38,869 | 37,370 | |||||||
Sales taxes | 22,817 | 25,306 | |||||||
Other | 83,561 | 83,382 | |||||||
Total | $ | 452,172 | $ | 390,168 | |||||
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | |||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Long-Term Debt | ' | |||||||||||||||||
LONG-TERM DEBT | ||||||||||||||||||
The significant components of our long-term debt are as follows: | ||||||||||||||||||
Interest | August 2, | August 3, | ||||||||||||||||
Rate | 2014 | 2013 | ||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | ||||||||||||||||
Senior Secured Term Loan Facility | variable | $ | 2,927,912 | $ | — | |||||||||||||
Cash Pay Notes | 8.00% | 960,000 | — | |||||||||||||||
PIK Toggle Notes | 8.75%/9.50% | 600,000 | — | |||||||||||||||
2028 Debentures | 7.12% | 122,035 | 122,077 | |||||||||||||||
Former Asset-Based Revolving Credit Facility | variable | — | 15,000 | |||||||||||||||
Former Senior Secured Term Loan Facility | variable | — | 2,560,000 | |||||||||||||||
Total debt | 4,609,947 | 2,697,077 | ||||||||||||||||
Less: current portion of Senior Secured Term Loan Facility | (29,426 | ) | — | |||||||||||||||
Long-term debt | $ | 4,580,521 | $ | 2,697,077 | ||||||||||||||
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 committed borrowing capacity of $800.0 million. The Asset-Based Revolving Credit Facility matures on October 25, 2018. On August 2, 2014, we had no borrowings outstanding under this facility, no outstanding letters of credit and $720.0 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 August 2, 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. 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 (subsidiary 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 acting as a guarantor or which would require governmental approval to provide a guarantee (unless such approval has been received). Currently, we do not conduct any material operations through subsidiaries that do not guarantee the Asset-Based Revolving Credit Facility. All obligations under the Asset-Based Revolving Credit Facility, and the guarantees of those obligations, are secured, subject to certain significant exceptions, by substantially all of the assets of Holdings, the Company and the subsidiary guarantors, including: | ||||||||||||||||||
• | a first-priority security interest in personal property consisting of inventory and related accounts, cash, deposit accounts, all payments received by the Company or the subsidiary guarantors from credit card clearinghouses and processors or otherwise in respect of all credit card charges for sales of inventory by the Company and the subsidiary guarantors, certain related assets and proceeds of the foregoing; | |||||||||||||||||
• | a second-priority pledge of 100% of the Company’s capital stock and certain of the capital stock held by Holdings, the Company or any subsidiary guarantor (which pledge, in the case of any foreign subsidiary is limited to 100% of the non-voting stock (if any) and 65% of the voting stock of such foreign subsidiary); and | |||||||||||||||||
• | a second-priority security interest in, and mortgages on, substantially all other tangible and intangible assets of Holdings, the Company and each subsidiary guarantor, including a significant portion of the Company’s owned real property and equipment. | |||||||||||||||||
Capital stock and other securities of a subsidiary of the Company that are owned by the Company or any subsidiary guarantor will not constitute collateral under the Asset-Based Revolving Credit Facility to the extent that such securities cannot secure NMG’s 2028 Debentures or other secured public debt obligations without requiring the preparation and filing of separate financial statements of such subsidiary in accordance with applicable SEC rules. As a result, the collateral under the Asset-Based Revolving Credit Facility will include shares of capital stock or other securities of subsidiaries of the Company or any subsidiary guarantor only to the extent that the applicable value of such securities (on a subsidiary-by-subsidiary basis) is less than 20% of the aggregate principal amount of the 2028 Debentures or other secured public debt obligations of the Company. | ||||||||||||||||||
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 August 2, 2014, the outstanding balance under our Senior Secured Term Loan Facility (after giving effect to the Refinancing Amendment discussed below) was $2,927.9 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 refinancing amendment with respect to the Senior Secured Term Loan Facility (the Refinancing Amendment). The Refinancing 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 Refinancing 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 refinancing. The loss on debt extinguishment was recorded in the third quarter of fiscal year 2014 as a component of interest expense. | ||||||||||||||||||
At August 2, 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 August 2, 2014. The interest rate on the outstanding borrowings pursuant to the Senior Secured Term Loan Facility was 4.25% at August 2, 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 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). For fiscal year 2014, we were not required to prepay any outstanding term loans pursuant to the annual excess cash flow requirements. 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 Refinancing 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 each of our current and future subsidiary 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 acting as a guarantor 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 the assets of Holdings, the Company and the subsidiary guarantors, including: | ||||||||||||||||||
• | a first‑priority pledge of 100% of the Company's capital stock and certain of the capital stock held by the Company, Holdings or any subsidiary guarantor (which pledge, in the case of any foreign subsidiary is limited to 100% of the non-voting stock (if any) and 65% of the voting stock of such foreign subsidiary); | |||||||||||||||||
• | a first‑priority security interest in, and mortgages on, substantially all other tangible and intangible assets of the Company, Holdings and each subsidiary guarantor, including a significant portion of the Company’s owned real property and equipment, but excluding, among other things, the collateral described in the following bullet point; and | |||||||||||||||||
• | a second‑priority security interest in personal property consisting of inventory and related accounts, cash, deposit accounts, all payments received by the Company or the subsidiary guarantors from credit card clearinghouses and processors or otherwise in respect of all credit card charges for sales of inventory by the Company and the subsidiary guarantors, certain related assets and proceeds of the foregoing. | |||||||||||||||||
Capital stock and other securities of a subsidiary of the Company that are owned by the Company or any subsidiary guarantor will not constitute collateral under the Senior Secured Term Loan Facility to the extent that such securities cannot secure the 2028 Debentures or other secured public debt obligations without requiring the preparation and filing of separate financial statements of such subsidiary in accordance with applicable SEC rules. As a result, the collateral under the Senior Secured Term Loan Facility will include shares of capital stock or other securities of subsidiaries of the Company or any subsidiary guarantor only to the extent that the applicable value of such securities (on a subsidiary-by-subsidiary basis) is less than 20% of the aggregate principal amount of the 2028 Debentures or other secured public debt obligations of the Company. | ||||||||||||||||||
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. Our Cash Pay Notes mature on October 15, 2021. | ||||||||||||||||||
We may redeem the Cash Pay Notes, in whole or in part, at any time prior to October 15, 2016, at a price equal to 100% of the principal amount of the Cash Pay Notes redeemed plus accrued and unpaid interest up to the redemption date plus the applicable premium. In addition, we may redeem up to 40% in the aggregate principal amount of the Cash Pay Notes with the net proceeds of certain equity offerings at any time and from time to time on or before October 15, 2016 at a redemption price equal to 108.00% of the face amount thereof, plus accrued and unpaid interest up to the date of redemption, so long as at least 50% of the original aggregate principal amount of the Cash Pay Notes remain outstanding after such redemption. On and after October 15, 2016, we may redeem the Cash Pay Notes, in whole or in part, at the redemption price set forth in the Cash Pay Notes indenture. | ||||||||||||||||||
The Cash Pay Notes include certain restrictive covenants that limit our ability to, among other things: (i) incur additional debt or issue certain preferred stock, (ii) pay dividends, redeem stock or make other distributions, (iii) make other restricted payments or investments, (iv) create liens on assets, (v) transfer or sell assets, (vi) create restrictions on payment of dividends or other amounts by us to our restricted subsidiaries, (vii) engage in mergers or consolidations, (viii) engage in certain transactions with affiliates and (ix) designate our subsidiaries as unrestricted subsidiaries. The Cash Pay Notes also contain a cross-acceleration provision in respect of other indebtedness that has an aggregate principal amount exceeding $50.0 million. | ||||||||||||||||||
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. 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. Our PIK Toggle Notes mature on October 15, 2021. | ||||||||||||||||||
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 (i) entirely in cash (Cash Interest), (ii) entirely by increasing the principal amount of the PIK Toggle Notes by the relevant interest (PIK Interest), or (iii) 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. | ||||||||||||||||||
We may redeem the PIK Toggle Notes, in whole or in part, at any time prior to October 15, 2016, at a price equal to 100% of the principal amount of the PIK Toggle Notes redeemed plus accrued and unpaid interest up to the redemption date plus the applicable premium. In addition, we may redeem up to 40% in the aggregate principal amount of the PIK Toggle Notes with the net proceeds of certain equity offerings at any time and from time to time on or before October 15, 2016 at a redemption price equal to 108.75% of the face amount thereof, plus accrued and unpaid interest up to the date of redemption, so long as at least 50% of the original aggregate principal amount of the PIK Toggle Notes remain outstanding after such redemption. On and after October 15, 2016, we may redeem the PIK Toggle Notes, in whole or in part, at the redemption price set forth in the PIK Toggle Notes indenture. | ||||||||||||||||||
The PIK Toggle Notes include certain restrictive covenants that limit our ability to, among other things: (i) incur additional debt or issue certain preferred stock, (ii) pay dividends, redeem stock or make other distributions, (iii) make other restricted payments or investments, (iv) create liens on assets, (v) transfer or sell assets, (vi) create restrictions on payment of dividends or other amounts by us to our restricted subsidiaries, (vii) engage in mergers or consolidations, (viii) engage in certain transactions with affiliates and (ix) designate our subsidiaries as unrestricted subsidiaries. The PIK Toggle Notes also contain a cross-acceleration provision in respect of other indebtedness that has an aggregate principal amount exceeding $50.0 million. | ||||||||||||||||||
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 constituting (a) 1) 100% of the capital stock of certain of NMG’s existing and future domestic subsidiaries and 2) 100% of the non-voting stock and 65% of the voting stock of certain of NMG’s existing and future foreign subsidiaries and (b) certain of NMG’s principal properties that include approximately half of NMG’s full-line stores, in each case, to the extent required by the terms of the indenture governing the 2028 Debentures. The 2028 Debentures contain covenants that restrict NMG’s ability to create liens and enter into sale and lease back transactions. The collateral securing the 2028 Debentures will be released upon the release of liens on such collateral under the Senior Secured Credit Facilities and any other debt (other than the 2028 Debentures) secured by such collateral. Capital stock and other securities of a subsidiary of NMG that are owned by NMG or any subsidiary will not constitute collateral under the 2028 Debentures to the extent such property does not constitute collateral under the Senior Secured Credit Facilities as described above. The 2028 Debentures are guaranteed on an unsecured, senior basis by us. Our guarantee is full and unconditional. Our 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, 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. | ||||||||||||||||||
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. At August 2, 2014, annual maturities of long-term debt during the next five fiscal years and thereafter are as follows (in millions): | ||||||||||||||||||
2015 | $ | 29.4 | ||||||||||||||||
2016 | 29.4 | |||||||||||||||||
2017 | 29.4 | |||||||||||||||||
2018 | 29.4 | |||||||||||||||||
2019 | 29.4 | |||||||||||||||||
Thereafter | 4,462.90 | |||||||||||||||||
The previous table does not reflect 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: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||
Asset-Based Revolving Credit Facility | $ | 311 | $ | 75 | $ | — | $ | — | ||||||||||
Senior Secured Term Loan Facility | 102,818 | 3,687 | — | — | ||||||||||||||
Cash Pay Notes | 57,556 | 2,773 | — | — | ||||||||||||||
PIK Toggle Notes | 39,344 | 1,896 | — | — | ||||||||||||||
2028 Debentures | 6,680 | 2,226 | 9,004 | 8,906 | ||||||||||||||
Former Asset-Based Revolving Credit Facility | — | 477 | 1,453 | 1,052 | ||||||||||||||
Former Senior Secured Term Loan Facility | — | 22,521 | 108,489 | 98,989 | ||||||||||||||
Senior Subordinated Notes | — | — | 19,031 | 51,873 | ||||||||||||||
Amortization of debt issue costs | 17,117 | 2,466 | 8,404 | 8,457 | ||||||||||||||
Other, net | 1,661 | 1,334 | 7,214 | 7,040 | ||||||||||||||
Capitalized interest | (630 | ) | (140 | ) | (237 | ) | (1,080 | ) | ||||||||||
$ | 224,857 | $ | 37,315 | $ | 153,358 | $ | 175,237 | |||||||||||
Loss on debt extinguishment | 7,882 | — | 15,597 | — | ||||||||||||||
Interest expense, net | $ | 232,739 | $ | 37,315 | $ | 168,955 | $ | 175,237 | ||||||||||
We recorded interest expense of $8.4 million during the thirteen weeks ended November 2, 2013 related to debt incurred as a result of the Acquisition. |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended | |||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||
At August 2, 2014, we had outstanding floating rate debt obligations of $2,927.9 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 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 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 August 2, 2014, the fair value of our interest rate caps was $1.1 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 Consolidated Statements of Operations is as follows: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||
Realized hedging losses — included in interest expense, net | $ | — | $ | 369 | $ | 3,475 | $ | 3,318 | ||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||
Income Taxes | ' | |||||||||||||||||
INCOME TAXES | ||||||||||||||||||
The significant components of income tax (benefit) expense are as follows: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||
Current: | ||||||||||||||||||
Federal | $ | 23,432 | $ | 12,100 | $ | 114,632 | $ | 84,800 | ||||||||||
State | 4,617 | 2,145 | 18,540 | 13,545 | ||||||||||||||
28,049 | 14,245 | 133,172 | 98,345 | |||||||||||||||
Deferred: | ||||||||||||||||||
Federal | (98,443 | ) | (5,291 | ) | (18,648 | ) | (8,307 | ) | ||||||||||
State | (19,431 | ) | (1,035 | ) | (791 | ) | (1,787 | ) | ||||||||||
(117,874 | ) | (6,326 | ) | (19,439 | ) | (10,094 | ) | |||||||||||
Income tax (benefit) expense | $ | (89,825 | ) | $ | 7,919 | $ | 113,733 | $ | 88,251 | |||||||||
A reconciliation of income tax (benefit) expense to the amount calculated based on the federal and state statutory rates is as follows: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||
Income tax (benefit) expense at statutory rate | $ | (78,365 | ) | $ | (1,814 | ) | $ | 97,101 | $ | 79,918 | ||||||||
State income taxes, net of federal income tax benefit | (9,256 | ) | 635 | 11,672 | 8,672 | |||||||||||||
Unbenefitted losses of foreign subsidiary | 1,265 | 533 | 4,594 | 530 | ||||||||||||||
Tax (benefit) expense related to tax settlements and other changes in tax liabilities | (1,101 | ) | 133 | 525 | (1,137 | ) | ||||||||||||
Impact of non-taxable income | (4 | ) | (10 | ) | (13 | ) | (18 | ) | ||||||||||
Impact of non-deductible expenses | (2,354 | ) | 8,514 | 683 | 1,000 | |||||||||||||
Other | (10 | ) | (72 | ) | (829 | ) | (714 | ) | ||||||||||
Total | $ | (89,825 | ) | $ | 7,919 | $ | 113,733 | $ | 88,251 | |||||||||
Effective tax rate | 40.1 | % | (152.9 | )% | 41 | % | 38.7 | % | ||||||||||
Our effective income tax rates for the thirty-nine weeks ended August 2, 2014 and fiscal years 2013 and 2012 exceeded the federal statutory tax rate primarily 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. Our effective income tax rate on the loss for the thirteen weeks ended November 2, 2013 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. | ||||||||||||||||||
Significant components of our net deferred income tax asset (liability) are as follows: | ||||||||||||||||||
August 2, | August 3, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | ||||||||||||||||
Deferred income tax assets: | ||||||||||||||||||
Accruals and reserves | $ | 32,675 | $ | 25,909 | ||||||||||||||
Employee benefits | 162,748 | 128,225 | ||||||||||||||||
Other | 30,316 | 20,298 | ||||||||||||||||
Total deferred tax assets | $ | 225,739 | $ | 174,432 | ||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||||
Inventory | $ | (6,312 | ) | $ | (8,110 | ) | ||||||||||||
Depreciation and amortization | (272,796 | ) | (69,167 | ) | ||||||||||||||
Intangible assets | (1,405,933 | ) | (696,056 | ) | ||||||||||||||
Other | (41,725 | ) | (12,835 | ) | ||||||||||||||
Total deferred tax liabilities | (1,726,766 | ) | (786,168 | ) | ||||||||||||||
Net deferred income tax liability | $ | (1,501,027 | ) | $ | (611,736 | ) | ||||||||||||
Net deferred income tax asset (liability): | ||||||||||||||||||
Current | $ | 39,049 | $ | 27,645 | ||||||||||||||
Non-current | (1,540,076 | ) | (639,381 | ) | ||||||||||||||
Total | $ | (1,501,027 | ) | $ | (611,736 | ) | ||||||||||||
The net deferred tax liability of $1,501.0 million at August 2, 2014 increased from $611.7 million at August 3, 2013. This increase was comprised primarily of 1) $930.5 million increase in deferred tax liabilities related to purchase accounting adjustments and 2) $41.2 million increase in deferred tax assets related to employee benefits and other items. We believe it is more likely than not that we will realize the benefits of our recorded deferred tax assets. | ||||||||||||||||||
At August 2, 2014, the gross amount of unrecognized tax benefits was $2.5 million, $1.7 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 $5.1 million at August 2, 2014 and $5.5 million at August 3, 2013. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | ||||||||||||||||||
August 2, | August 3, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | ||||||||||||||||
Balance at beginning of fiscal year | $ | 3,461 | $ | 3,564 | ||||||||||||||
Gross amount of decreases for prior year tax positions | (1,072 | ) | (281 | ) | ||||||||||||||
Gross amount of increases for current year tax positions | 154 | 178 | ||||||||||||||||
Balance at ending of fiscal year | $ | 2,543 | $ | 3,461 | ||||||||||||||
We file income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. During the second quarter of fiscal year 2013, the Internal Revenue Service (IRS) began its audit of our fiscal year 2010 and 2011 federal income tax returns and closed its audit of our fiscal year 2008 and 2009 income tax returns. During the second quarter of fiscal year 2014, the IRS began its audit of our fiscal year 2012 federal income tax return. 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 August 2, 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 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 | 12 Months Ended | ||||||||||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||||||||||
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). As of January 1, 2011, employees make contributions to the RSP and we match an employee’s contribution up to a maximum of 6% of the employee’s compensation subject to statutory limitations for a potential maximum match of 75% of employee contributions. We also sponsor an unfunded key employee deferred compensation plan, which provides certain employees with additional benefits. Our aggregate expense related to these plans was approximately $23.5 million for the thirty-nine weeks ended August 2, 2014, $7.1 million for the thirteen weeks ended November 2, 2013, $30.4 million in fiscal year 2013 and $29.3 million in fiscal year 2012. | |||||||||||||||||||||||||
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 were 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. | |||||||||||||||||||||||||
Obligations for our employee benefit plans, included in other long-term liabilities, are as follows: | |||||||||||||||||||||||||
August 2, | August 3, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | |||||||||||||||||||||||
Pension Plan | $ | 189,890 | $ | 104,018 | |||||||||||||||||||||
SERP Plan | 113,787 | 103,854 | |||||||||||||||||||||||
Postretirement Plan | 10,945 | 12,429 | |||||||||||||||||||||||
314,622 | 220,301 | ||||||||||||||||||||||||
Less: current portion | (6,602 | ) | (6,542 | ) | |||||||||||||||||||||
Long-term portion of benefit obligations | $ | 308,020 | $ | 213,759 | |||||||||||||||||||||
As of August 2, 2014, we have $16.5 million (net of taxes of $10.6 million) of adjustments to state such obligations at fair value recorded as increases to accumulated other comprehensive loss. | |||||||||||||||||||||||||
Funding Policy and Status. Our policy is to fund the Pension Plan at or above the minimum required by law. In fiscal years 2014 and 2013, we were not required to make contributions to the Pension Plan; however, we made a voluntary contribution to our Pension Plan of $25.0 million in fiscal year 2013. As of August 2, 2014, we do not believe we will be required to make contributions to the Pension Plan for fiscal year 2015. 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. | |||||||||||||||||||||||||
The funded status of our Pension Plan, SERP Plan and Postretirement Plan is as follows: | |||||||||||||||||||||||||
Pension Plan | SERP Plan | Postretirement Plan | |||||||||||||||||||||||
Fiscal years | Fiscal years | Fiscal years | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | |||||||||||||||||||
Projected benefit obligation | $ | 592,918 | $ | 489,856 | $ | 113,787 | $ | 103,854 | $ | 10,945 | $ | 12,429 | |||||||||||||
Fair value of plan assets | (403,028 | ) | (385,838 | ) | — | — | — | — | |||||||||||||||||
Accrued obligation | $ | 189,890 | $ | 104,018 | $ | 113,787 | $ | 103,854 | $ | 10,945 | $ | 12,429 | |||||||||||||
Cost of Benefits. The components of the expenses we incurred under our Pension Plan, SERP Plan and Postretirement Plan are as follows: | |||||||||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | ||||||||||||||||||||||
weeks ended | weeks ended | year ended | year ended | ||||||||||||||||||||||
August 2, | November 2, | August 3, | July 28, | ||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | |||||||||||||||||||||
Pension Plan: | |||||||||||||||||||||||||
Interest cost | $ | 19,516 | $ | 5,781 | $ | 21,243 | $ | 24,761 | |||||||||||||||||
Expected return on plan assets | (18,499 | ) | (6,401 | ) | (26,381 | ) | (27,097 | ) | |||||||||||||||||
Net amortization of losses | — | 1,095 | 6,287 | 2,616 | |||||||||||||||||||||
Pension Plan expense | $ | 1,017 | $ | 475 | $ | 1,149 | $ | 280 | |||||||||||||||||
SERP Plan: | |||||||||||||||||||||||||
Interest cost | $ | 3,653 | $ | 1,104 | $ | 4,037 | $ | 4,816 | |||||||||||||||||
Net amortization of losses | — | — | 522 | — | |||||||||||||||||||||
SERP Plan expense | $ | 3,653 | $ | 1,104 | $ | 4,559 | $ | 4,816 | |||||||||||||||||
Postretirement Plan: | |||||||||||||||||||||||||
Service cost | $ | 19 | $ | 5 | $ | 34 | $ | 35 | |||||||||||||||||
Interest cost | 520 | 142 | 650 | 780 | |||||||||||||||||||||
Net amortization of prior service cost | — | (321 | ) | (1,556 | ) | (1,556 | ) | ||||||||||||||||||
Net amortization of losses | — | 35 | 589 | 423 | |||||||||||||||||||||
Postretirement Plan expense (income) | $ | 539 | $ | (139 | ) | $ | (283 | ) | $ | (318 | ) | ||||||||||||||
For purposes of determining pension expense, the expected return on plan assets is calculated using the market related value of plan assets. The market related value of plan assets does not immediately recognize realized gains and losses. Rather, these effects of realized gains and losses are deferred initially and amortized over three years in the determination of the market related value of plan assets. At August 2, 2014, the fair value of plan assets exceeded the market related value by $8.1 million. | |||||||||||||||||||||||||
Benefit Obligations. Our obligations for the Pension Plan, SERP Plan and Postretirement Plan are valued annually as of the end of each fiscal year. Changes in our obligations pursuant to our Pension Plan, SERP Plan and Postretirement Plan during fiscal years 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Pension Plan | SERP Plan | Postretirement Plan | |||||||||||||||||||||||
Fiscal years | Fiscal years | Fiscal years | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | |||||||||||||||||||
Projected benefit obligations: | |||||||||||||||||||||||||
Beginning of year | $ | 489,856 | $ | 565,852 | $ | 103,854 | $ | 117,562 | $ | 12,429 | $ | 17,466 | |||||||||||||
Service cost | — | — | — | — | 24 | 34 | |||||||||||||||||||
Interest cost | 25,297 | 21,243 | 4,757 | 4,037 | 662 | 650 | |||||||||||||||||||
Actuarial loss (gain): | |||||||||||||||||||||||||
Pre-Acquisition | 62,603 | (64,616 | ) | 4,484 | (13,565 | ) | 2,329 | (4,308 | ) | ||||||||||||||||
Post-Acquisition | 36,837 | — | 5,044 | — | (3,765 | ) | — | ||||||||||||||||||
Benefits paid, net | (21,675 | ) | (32,623 | ) | (4,352 | ) | (4,180 | ) | (734 | ) | (1,413 | ) | |||||||||||||
End of year | $ | 592,918 | $ | 489,856 | $ | 113,787 | $ | 103,854 | $ | 10,945 | $ | 12,429 | |||||||||||||
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 $66.5 million increase in the carrying value of our long-term benefit obligations primarily due to changes in assumed mortality of plan participants. | |||||||||||||||||||||||||
In July 2013, the employee benefits committee of the Company approved the offer of lump sum distributions or annuity distributions (for balances in excess of $5,000 but less than $30,000) for certain vested terminated participants in our Pension Plan. Distributions to the vested terminated participants were approximately $14.2 million during the fourth quarter of fiscal year 2013. | |||||||||||||||||||||||||
A summary of expected benefit payments related to our Pension Plan, SERP Plan and Postretirement Plan is as follows: | |||||||||||||||||||||||||
Pension | SERP | Postretirement | |||||||||||||||||||||||
(in thousands) | Plan | Plan | Plan | ||||||||||||||||||||||
Fiscal year 2015 | $ | 22,141 | $ | 5,940 | $ | 663 | |||||||||||||||||||
Fiscal year 2016 | 23,698 | 6,099 | 705 | ||||||||||||||||||||||
Fiscal year 2017 | 25,253 | 6,549 | 692 | ||||||||||||||||||||||
Fiscal year 2018 | 26,809 | 6,870 | 692 | ||||||||||||||||||||||
Fiscal year 2019 | 28,255 | 6,953 | 647 | ||||||||||||||||||||||
Fiscal years 2020-2024 | 160,805 | 36,227 | 3,203 | ||||||||||||||||||||||
Pension Plan Assets and Investment Valuations. Assets held by our Pension Plan aggregated $403.0 million at August 2, 2014 and $385.8 million at August 3, 2013. The Pension Plan’s investments are stated at fair value or estimated fair value, as more fully described below. Purchases and sales of securities are recorded on the trade date. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. | |||||||||||||||||||||||||
Assets held by our Pension Plan are invested in accordance with the provisions of our approved investment policy. The Pension Plan’s strategic asset allocation was structured to reduce volatility through diversification and enhance return to approximate the amounts and timing of the expected benefit payments. The asset allocation for our Pension Plan at the end of fiscal years 2014 and 2013 and the target allocation for fiscal year 2015, by asset category, are as follows: | |||||||||||||||||||||||||
Pension Plan | |||||||||||||||||||||||||
Allocation at | Allocation at | 2015 | |||||||||||||||||||||||
July 31, | July 31, | Target | |||||||||||||||||||||||
2014 | 2013 | Allocation | |||||||||||||||||||||||
Equity securities | 60 | % | 62 | % | 60 | % | |||||||||||||||||||
Fixed income securities | 40 | % | 38 | % | 40 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
Changes in the assets held by our Pension Plan in fiscal years 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Fiscal years | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | |||||||||||||||||||||||
Fair value of assets at beginning of year | $ | 385,838 | $ | 389,899 | |||||||||||||||||||||
Actual return on assets | 38,865 | 3,513 | |||||||||||||||||||||||
Contribution | — | 25,049 | |||||||||||||||||||||||
Benefits paid | (21,675 | ) | (32,623 | ) | |||||||||||||||||||||
Fair value of assets at end of year | $ | 403,028 | $ | 385,838 | |||||||||||||||||||||
Pension Plan investments in mutual funds and U.S. government securities are classified as Level 1 investments within the fair value hierarchy. Investments in mutual funds are valued at fair value based on quoted market prices, which represent the net asset value of the shares held by the Pension Plan at year-end. U.S. government securities are stated at fair value as determined by quoted market prices. | |||||||||||||||||||||||||
Pension Plan investments in corporate debt securities, common/collective trusts and certain other investments are classified as Level 2 investments within the fair value hierarchy. Common/collective trusts are valued at net asset value based on the underlying investments of such trust as determined by the sponsor of the trust. Common/collective trusts can be redeemed daily. Other Level 2 investments are valued using updated quotes from market makers or broker-dealers recognized as market participants, information from market sources integrating relative credit information, observed market movements and sector news, all of which is applied to pricing applications and models. | |||||||||||||||||||||||||
Pension Plan investments in hedge funds and limited partnership interests are classified as Level 3 investments within the fair value hierarchy. Hedge funds are valued at estimated fair value based on net asset value as determined by the respective fund manager based on the valuation of the underlying securities. Limited partnership interests in venture capital investments are valued at estimated fair value based on net asset value as determined by the respective fund investment manager. The hedge funds and limited partnerships allocate gains, losses and expenses to the Pension Plan as described in the agreements. | |||||||||||||||||||||||||
Hedge funds and limited partnership interests are redeemable at net asset value to the extent provided in the documentation governing the investments. Redemption of these investments may be subject to restrictions including lock-up periods where no redemptions are allowed, restrictions on redemption frequency and advance notice periods for redemptions. As of August 2, 2014, certain of these investments are subject to a lock-up period of ten months, certain of these investments are subject to restrictions on redemption frequency, ranging from monthly to every three years and certain of these investments are subject to advance notice requirements, ranging from 30-day notification to 180-day notification. | |||||||||||||||||||||||||
Investment securities, in general, are exposed to various risks such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits. The valuation methods previously described above may produce a fair value calculation that may not be indicative of net realized value or reflective of future fair values. | |||||||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the Pension Plan’s assets at fair value as of August 2, 2014 and August 3, 2013. | |||||||||||||||||||||||||
2-Aug-14 | |||||||||||||||||||||||||
(Successor) | |||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common/collective trusts | $ | — | $ | 57,132 | $ | — | $ | 57,132 | |||||||||||||||||
Hedge funds | — | — | 180,681 | 180,681 | |||||||||||||||||||||
Limited partnership interests | — | — | 4,546 | 4,546 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate debt securities | — | 85,411 | — | 85,411 | |||||||||||||||||||||
Mutual funds | 39,331 | — | — | 39,331 | |||||||||||||||||||||
U.S. government securities | 27,971 | — | — | 27,971 | |||||||||||||||||||||
Other | — | 7,956 | — | 7,956 | |||||||||||||||||||||
Total investments | $ | 67,302 | $ | 150,499 | $ | 185,227 | $ | 403,028 | |||||||||||||||||
3-Aug-13 | |||||||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common/collective trusts | $ | — | $ | 59,457 | $ | — | $ | 59,457 | |||||||||||||||||
Hedge funds | — | — | 176,951 | 176,951 | |||||||||||||||||||||
Limited partnership interests | — | — | 4,197 | 4,197 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate debt securities | — | 34,204 | — | 34,204 | |||||||||||||||||||||
Mutual funds | 93,033 | — | — | 93,033 | |||||||||||||||||||||
U.S. government securities | 12,630 | — | — | 12,630 | |||||||||||||||||||||
Other | — | 5,366 | — | 5,366 | |||||||||||||||||||||
Total investments | $ | 105,663 | $ | 99,027 | $ | 181,148 | $ | 385,838 | |||||||||||||||||
The table below sets forth a summary of changes in the fair value of our Pension Plan’s Level 3 investment assets for fiscal years 2014 and 2013. | |||||||||||||||||||||||||
Fiscal years | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | |||||||||||||||||||||||
Balance, beginning of year | $ | 181,148 | $ | 132,074 | |||||||||||||||||||||
Purchases | 80,529 | 133,462 | |||||||||||||||||||||||
Sales | (89,668 | ) | (96,672 | ) | |||||||||||||||||||||
Realized gains | 9,459 | 15,257 | |||||||||||||||||||||||
Unrealized losses relating to investments sold | (4,019 | ) | (17,041 | ) | |||||||||||||||||||||
Unrealized gains relating to investments still held | 7,778 | 14,068 | |||||||||||||||||||||||
Balance, end of year | $ | 185,227 | $ | 181,148 | |||||||||||||||||||||
Assumptions. Significant assumptions related to the calculation of our obligations pursuant to our employee benefit plans include the discount rates used to calculate the present value of benefit obligations to be paid in the future, the expected long-term rate of return on assets held by our Pension Plan and the health care cost trend rate for the Postretirement Plan. We review these assumptions annually based upon currently available information. The assumptions we utilized in calculating the projected benefit obligations and periodic expense of our Pension Plan, SERP Plan and Postretirement Plan are as follows: | |||||||||||||||||||||||||
July 31, | November 2, | July 31, | July 31, | ||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||||||||
Pension Plan: | |||||||||||||||||||||||||
Discount rate | 4.35 | % | 4.8 | % | 4.7 | % | 3.8 | % | |||||||||||||||||
Expected long-term rate of return on plan assets | 6.5 | % | 6.5 | % | 6.5 | % | 7 | % | |||||||||||||||||
SERP Plan: | |||||||||||||||||||||||||
Discount rate | 4.2 | % | 4.6 | % | 4.5 | % | 3.6 | % | |||||||||||||||||
Postretirement Plan: | |||||||||||||||||||||||||
Discount rate | 4.25 | % | 4.8 | % | 4.7 | % | 3.8 | % | |||||||||||||||||
Initial health care cost trend rate | 8 | % | 8 | % | 8 | % | 8 | % | |||||||||||||||||
Ultimate health care cost trend rate | 5 | % | 8 | % | 8 | % | 8 | % | |||||||||||||||||
Discount rate. The assumed discount rate utilized is based on a broad sample of Moody’s high quality corporate bond yields as of the measurement date. The projected benefit payments are matched with the yields on these bonds to determine an appropriate discount rate for the plan. The discount rate is utilized principally in calculating the present values of our benefit obligations and related expenses. | |||||||||||||||||||||||||
Expected long-term rate of return on plan assets. The assumed expected long-term rate of return on assets is the weighted average rate of earnings expected on the funds invested or to be invested by the Pension Plan to provide for the plan’s obligations. At August 2, 2014, the expected long-term rate of return on plan assets was 6.5%. We estimate the expected average long-term rate of return on assets based on historical returns, our future asset performance expectations using currently available market and other data and the advice of our outside actuaries and advisors. To the extent the actual rate of return on assets realized over the course of a year is greater than the assumed rate, that year’s annual pension expense is not affected. Rather this gain reduces future pension expense over a period of approximately 25 years. To the extent the actual rate of return on assets is less than the assumed rate, that year’s annual pension expense is likewise not affected. Rather this loss increases pension expense over approximately 25 years. | |||||||||||||||||||||||||
Health care cost trend rate. The assumed health care cost trend rate represents our estimate of the annual rates of change in the costs of the health care benefits currently provided by the Postretirement Plan. The health care cost trend rate implicitly considers estimates of health care inflation, changes in health care utilization and delivery patterns, technological advances and changes in the health status of the plan participants. | |||||||||||||||||||||||||
Significant assumptions utilized in the calculation of our projected benefit obligations as of August 2, 2014 and future expense requirements for our Pension Plan, SERP Plan and Postretirement Plan, and sensitivity analysis related to changes in these assumptions, are as follows: | |||||||||||||||||||||||||
Using Sensitivity Rate | |||||||||||||||||||||||||
Actual | Sensitivity | (Decrease)/ | Increase in | ||||||||||||||||||||||
Rate | Rate | Increase in | Expense | ||||||||||||||||||||||
Increase/(Decrease) | Liability | (in millions) | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Pension Plan: | |||||||||||||||||||||||||
Discount rate | 4.35 | % | 0.25 | % | $ | (20.3 | ) | $ | 0.5 | ||||||||||||||||
Expected long-term rate of return on plan assets | 6.5 | % | (0.50 | )% | N/A | $ | 1.9 | ||||||||||||||||||
SERP Plan: | |||||||||||||||||||||||||
Discount rate | 4.2 | % | 0.25 | % | $ | (3.2 | ) | $ | 0.1 | ||||||||||||||||
Postretirement Plan: | |||||||||||||||||||||||||
Discount rate | 4.25 | % | 0.25 | % | $ | (0.3 | ) | $ | — | ||||||||||||||||
Ultimate health care cost trend rate | 5 | % | 1 | % | $ | 1.4 | $ | 0.1 | |||||||||||||||||
DISTRIBUTIONS_TO_FORMER_STOCKH
DISTRIBUTIONS TO FORMER STOCKHOLDERS | 12 Months Ended |
Aug. 02, 2014 | |
DISTRIBUTIONS TO FORMER STOCKHOLDERS | ' |
Distributions to former stockholders | ' |
DISTRIBUTIONS TO FORMER STOCKHOLDERS | |
On March 28, 2012, the Board of Directors of NMG declared a cash dividend (the 2012 Dividend) of $435 per share of its outstanding common stock resulting in total distributions to our former stockholders and certain former option holders (including related expenses) of $449.3 million. The 2012 Dividend was paid on March 30, 2012 to former stockholders of record at the close of business on March 28, 2012. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | |||||||||
Aug. 02, 2014 | ||||||||||
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 was 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. | ||||||||||
We recognized compensation expense for Predecessor stock options on a straight-line basis over the vesting period. We recognized non-cash stock compensation expense of $2.5 million in the first quarter of fiscal year 2014, $9.7 million in fiscal year 2013 and $6.9 million in fiscal year 2012, which is included in selling, general and administrative expenses. | ||||||||||
Successor | ||||||||||
Stock Options. Subsequent to the Acquisition, Parent established various 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 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. 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. The Co-Invest Options contain sale and repurchase provisions. | ||||||||||
Non-Qualified Stock Options. Pursuant to the terms of the incentive plans, Parent granted 81,607 time-vested non-qualified stock options and 76,385 performance-vested non-qualified stock options to certain executive officers and non-employee directors of the Company in fiscal year 2014. 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. We recognized compensation expense of $6.3 million for the thirty-nine weeks ended August 2, 2014, which is included in selling, general and administrative expenses. 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. | ||||||||||
Outstanding Stock Options. A summary of Successor stock option activity is as follows: | ||||||||||
Thirty-nine weeks ended August 2, 2014 | ||||||||||
Shares | Weighted | Weighted Average | ||||||||
Average | Remaining | |||||||||
Exercise | Contractual Life | |||||||||
Price | (years) | |||||||||
Outstanding at November 2, 2013 | — | $ | — | |||||||
Co-Invest Options rollover | 56,979 | 468 | ||||||||
Granted | 157,992 | 1,000 | ||||||||
Forfeited | (1,030 | ) | 1,000 | |||||||
Outstanding at August 2, 2014 | 213,941 | $ | 858 | 8 | ||||||
Options exercisable at end of fiscal year | 56,979 | $ | 468 | 4.2 | ||||||
At August 2, 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 $15.8 million. | ||||||||||
Grant Date Fair Value of Stock Options. At the date of grant, the stock option exercise price equals or exceeds the fair market value of Parent's common stock. Because Parent is privately held and there is no public market for its common stock, the fair market value of Parent's common stock is determined by our Compensation Committee at the time option grants are awarded (Level 3 determination of fair value). In determining the fair market value of Parent's common stock, the Compensation Committee considers such factors as any recent transactions involving Parent's common stock, the Company’s actual and projected financial results, the principal amount of the Company’s indebtedness, valuations of the Company performed by third parties and other factors it believes are material to the valuation process. | ||||||||||
We use the Black-Scholes option-pricing model to determine the fair value of our options as of the date of grant. We used the following assumptions to estimate the fair value for stock options at grant date: | ||||||||||
Weighted average exercise price | $ | 1,000 | ||||||||
Weighted term in years | 5 | |||||||||
Weighted average volatility | 45.12 | % | ||||||||
Risk-free interest rate | 1.39 | % | ||||||||
Dividend yield | — | |||||||||
Weighted average fair value | $ | 407 | ||||||||
Expected volatility is based on estimates of implied volatility of our peer group. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended | ||||||||||||
Aug. 02, 2014 | |||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||
The following table summarizes the changes in accumulated other comprehensive 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 | ||||||||||
Balance, November 2, 2013 | $ | (3,165 | ) | $ | (103,040 | ) | $ | (106,205 | ) | ||||
Successor: | |||||||||||||
Balance, November 2, 2013 | $ | — | $ | — | $ | — | |||||||
Other comprehensive loss before reclassifications | (954 | ) | (16,475 | ) | (17,429 | ) | |||||||
Balance, August 2, 2014 | $ | (954 | ) | $ | (16,475 | ) | $ | (17,429 | ) | ||||
-1 | The amounts reclassified from accumulated other comprehensive loss are recorded within interest expense on the Consolidated Statements of Operations. |
OTHER_EXPENSES
OTHER EXPENSES | 12 Months Ended | |||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||||
Other Expenses | ' | |||||||||||||||||
OTHER EXPENSES | ||||||||||||||||||
Other expenses consists of the following components: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (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 | 1,812 | 28,942 | — | — | ||||||||||||||
Total transaction costs | 53,322 | 109,399 | — | — | ||||||||||||||
Costs related to criminal cyber-attack | 12,587 | — | — | — | ||||||||||||||
Equity in loss of foreign e-commerce retailer | 3,613 | 1,523 | 13,125 | 1,514 | ||||||||||||||
Management fee due to Former Sponsors | — | 2,823 | 10,000 | 10,000 | ||||||||||||||
Other non-recurring expenses | 6,825 | — | — | — | ||||||||||||||
Other expenses | $ | 76,347 | $ | 113,745 | $ | 23,125 | $ | 11,514 | ||||||||||
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. | ||||||||||||||||||
We discovered in January 2014 that malicious software (malware) was clandestinely installed on our computer systems. In the thirty-nine weeks ended August 2, 2014, we incurred 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. 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 | 12 Months Ended | |||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||
Leases. We lease certain property and equipment under various operating leases. The leases provide for monthly fixed rentals and/or contingent rentals based upon sales in excess of stated amounts and normally require us to pay real estate taxes, insurance, common area maintenance costs and other occupancy costs. Generally, the leases have primary terms ranging from two to 99 years and include renewal options ranging from two to 80 years. | ||||||||||||||||||
Rent expense and related occupancy costs under operating leases is as follows: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||
Minimum rent | $ | 47,800 | $ | 15,200 | $ | 60,100 | $ | 58,300 | ||||||||||
Contingent rent | 22,600 | 6,900 | 28,200 | 25,600 | ||||||||||||||
Other occupancy costs | 9,400 | 4,000 | 16,300 | 14,800 | ||||||||||||||
Amortization of deferred real estate credits | (200 | ) | (2,000 | ) | (7,900 | ) | (6,800 | ) | ||||||||||
Total rent expense | $ | 79,600 | $ | 24,100 | $ | 96,700 | $ | 91,900 | ||||||||||
Future minimum rental commitments, excluding renewal options, under non-cancelable leases for the next five fiscal years and thereafter are as follows (in thousands): | ||||||||||||||||||
2015 | $ | 64,600 | ||||||||||||||||
2016 | 63,100 | |||||||||||||||||
2017 | 59,200 | |||||||||||||||||
2018 | 56,200 | |||||||||||||||||
2019 | 49,500 | |||||||||||||||||
Thereafter | 613,800 | |||||||||||||||||
Employment and Consumer 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 two separate appeals, one with respect to Mr. Pinela and one with respect to Ms. Monjazeb, 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. The appeal with respect to Mr. Pinela has been fully briefed and awaits the setting of a date for oral argument. The appeal with respect to Ms. Monjazeb will be dismissed once final approval of the class action settlement is granted (as described below). | ||||||||||||||||||
Notwithstanding the appeal, 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 attorneys’ fees award from Ms. Tanguilig. Ms. Tanguilig filed a notice of appeal from the dismissal of all her claims, as well as a second notice of appeal from the award of costs, both of which are 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). No date has been set for oral argument in Ms. Tanguilig’s appeals. | ||||||||||||||||||
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 on May 6, 2014 and directed that notice of settlement be given to the settlement class. The deadline for class members to opt out of the settlement was August 11, 2014. The final approval hearing was held on September 18, 2014. The court stated that final approval of the settlement would be granted, but required plaintiff's counsel to submit additional information to support plaintiff's motion for attorney's fees. | ||||||||||||||||||
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. After filing an answer to the complaint in the Newton case and responding to discovery, we reached a settlement of Ms. Newton's individual claims and a dismissal of her class allegations, subject to court approval. The court approved the settlement and dismissed the case on August 25, 2014. | ||||||||||||||||||
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 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. | ||||||||||||||||||
On August 7, 2014, a putative class action complaint was filed against The Neiman Marcus Group LLC in Los Angeles County Superior Court by a customer, Linda Rubenstein, in connection with the Company's Last Call stores in California. Ms. Rubenstein alleges that the Company has violated various California consumer protection statutes by implementing a marketing and pricing strategy that suggests that clothing sold at Last Call stores in California was originally offered for sale at full-line Neiman Marcus stores when allegedly, it was not, and is allegedly of inferior quality to clothing sold at the full-line stores. On September 12, 2014, we removed the case to the United States District Court for the Central District of California. We will vigorously defend our interests in this matter. We will continue to evaluate this matter 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. | ||||||||||||||||||
Cyber-Attack 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. Two of the cases, Katerina Chau v. Neiman Marcus Group LTD, Inc., filed in the United States District Court for the Southern District of California on March 14, 2014, and Michael Shields v. The Neiman Marcus Group, LLC, filed in the United States District Court for the Southern District of California on April 1, 2014, were voluntarily dismissed, with prejudice as to Chau and without prejudice as to Shields. The third case, Hilary Remijas v. The Neiman Marcus Group, LLC, was filed on March 12, 2014 in the Northern District of Illinois. On June 2, 2014, an amended complaint in the Remijas case was filed, which added three plaintiffs (Debbie Farnoush and Joanne Kao, California residents; and Melissa Frank, a New York resident) and asserted claims for negligence, implied contract, unjust enrichment, violation of various consumer protection statutes, invasion of privacy and violation of state data breach laws. The Company moved to dismiss the Remijas amended complaint on July 2, 2014. On September 16, 2014, the court granted the Company's motion to dismiss the Remijas case on the grounds that the plaintiffs lacked standing due to their failure to demonstrate an actionable injury. | ||||||||||||||||||
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 August 2, 2014. We had approximately $4.7 million in surety bonds at August 2, 2014 relating primarily to merchandise imports and state sales tax and utility requirements. |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | |||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||
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 (primarily favorable lease commitments and customer lists) 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 have made investments and redesigned processes to integrate our shopping experience across channels consistent with our customers' shopping preferences and expectations. In particular, we have invested and continue to invest in technology and systems that further our omni-channel selling capabilities and in fiscal year 2014, we realigned the merchandising responsibilities for our Neiman Marcus brand into a single team responsible for inventory procurement for both our store and online channels. With the acceleration of omni-channel retailing and our past and ongoing investments in omni-channel initiatives, we believe the growth in our total comparable revenues and operating results are the best measures of our ability to grow our brands. As a result, we are re-evaluating our current segment reporting practices and anticipate that we may begin to report a single "omni-channel" reporting segment in the future. | ||||||||||||||||||
The following tables set forth the information for our reportable segments: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||
REVENUES | ||||||||||||||||||
Specialty Retail Stores | $ | 2,801,533 | $ | 889,295 | $ | 3,616,938 | $ | 3,466,628 | ||||||||||
Online | 908,660 | 239,843 | 1,031,311 | 878,746 | ||||||||||||||
Total | $ | 3,710,193 | $ | 1,129,138 | $ | 4,648,249 | $ | 4,345,374 | ||||||||||
OPERATING EARNINGS | ||||||||||||||||||
Specialty Retail Stores | $ | 288,649 | $ | 138,203 | $ | 411,435 | $ | 391,197 | ||||||||||
Online | 126,916 | 33,801 | 157,703 | 132,360 | ||||||||||||||
Corporate expenses | (43,064 | ) | (12,932 | ) | (46,720 | ) | (53,175 | ) | ||||||||||
Other expenses | (76,347 | ) | (113,745 | ) | (23,125 | ) | (11,514 | ) | ||||||||||
Corporate depreciation/amortization charges | (157,688 | ) | (13,191 | ) | (52,906 | ) | (55,294 | ) | ||||||||||
Corporate amortization of inventory step-up | (129,635 | ) | — | — | — | |||||||||||||
Total | $ | 8,831 | $ | 32,136 | $ | 446,387 | $ | 403,574 | ||||||||||
CAPITAL EXPENDITURES | ||||||||||||||||||
Specialty Retail Stores | $ | 112,780 | $ | 28,831 | $ | 119,065 | $ | 126,485 | ||||||||||
Online | 25,227 | 7,128 | 27,440 | 26,353 | ||||||||||||||
Total | $ | 138,007 | $ | 35,959 | $ | 146,505 | $ | 152,838 | ||||||||||
DEPRECIATION AND AMORTIZATION EXPENSE | ||||||||||||||||||
Specialty Retail Stores | $ | 83,132 | $ | 26,439 | $ | 111,964 | $ | 106,288 | ||||||||||
Online | 21,140 | 6,329 | 24,081 | 18,660 | ||||||||||||||
Corporate depreciation/amortization charges | 157,688 | 13,191 | 52,906 | 55,294 | ||||||||||||||
Total | $ | 261,960 | $ | 45,959 | $ | 188,951 | $ | 180,242 | ||||||||||
August 2, | August 3, | July 28, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||
ASSETS | ||||||||||||||||||
Tangible assets of Specialty Retail Stores | $ | 2,278,036 | $ | 1,818,888 | $ | 1,777,112 | ||||||||||||
Tangible assets of Online | 285,581 | 219,230 | 200,553 | |||||||||||||||
Corporate assets: | ||||||||||||||||||
Intangible assets related to Specialty Retail Stores | 4,422,929 | 2,604,600 | 2,651,481 | |||||||||||||||
Intangible assets related to Online | 1,378,682 | 440,981 | 441,536 | |||||||||||||||
Other | 396,498 | 216,542 | 131,173 | |||||||||||||||
Total | $ | 8,761,726 | $ | 5,300,241 | $ | 5,201,855 | ||||||||||||
The following table presents our revenues by merchandise category as a percentage of net sales: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(Successor) | (Predecessor) | (Predecessor) | (Predecessor) | |||||||||||||||
Women’s Apparel | 30 | % | 33 | % | 31 | % | 34 | % | ||||||||||
Women’s Shoes, Handbags and Accessories | 28 | 27 | 27 | 25 | ||||||||||||||
Men’s Apparel and Shoes | 12 | 11 | 12 | 12 | ||||||||||||||
Designer and Precious Jewelry | 11 | 10 | 12 | 11 | ||||||||||||||
Cosmetics and Fragrances | 11 | 12 | 11 | 11 | ||||||||||||||
Home Furnishings and Décor | 6 | 5 | 5 | 6 | ||||||||||||||
Other | 2 | 2 | 2 | 1 | ||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % |
CONDENSED_CONSOLIDATING_FINANC
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 12 Months Ended | ||||||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||||||
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. | |||||||||||||||||||||
August 2, 2014 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 195,004 | $ | 1,472 | $ | — | $ | 196,476 | |||||||||||
Merchandise inventories | — | 953,936 | 115,696 | — | 1,069,632 | ||||||||||||||||
Other current assets | — | 131,894 | 11,772 | — | 143,666 | ||||||||||||||||
Total current assets | — | 1,280,834 | 128,940 | — | 1,409,774 | ||||||||||||||||
Property and equipment, net | — | 1,275,264 | 115,002 | — | 1,390,266 | ||||||||||||||||
Goodwill | — | 1,669,364 | 479,263 | — | 2,148,627 | ||||||||||||||||
Intangible assets, net | — | 708,125 | 2,944,859 | — | 3,652,984 | ||||||||||||||||
Other assets | — | 158,637 | 1,438 | — | 160,075 | ||||||||||||||||
Investments in subsidiaries | 1,432,594 | 3,560,258 | — | (4,992,852 | ) | — | |||||||||||||||
Total assets | $ | 1,432,594 | $ | 8,652,482 | $ | 3,669,502 | $ | (4,992,852 | ) | $ | 8,761,726 | ||||||||||
LIABILITIES AND MEMBER EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 343,783 | $ | 31,302 | $ | — | $ | 375,085 | |||||||||||
Accrued liabilities | — | 375,640 | 76,532 | — | 452,172 | ||||||||||||||||
Current portion of long-term debt | — | 29,426 | — | — | 29,426 | ||||||||||||||||
Total current liabilities | — | 748,849 | 107,834 | — | 856,683 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | — | 4,580,521 | — | — | 4,580,521 | ||||||||||||||||
Deferred income taxes | — | 1,540,076 | — | — | 1,540,076 | ||||||||||||||||
Other long-term liabilities | — | 350,442 | 1,410 | — | 351,852 | ||||||||||||||||
Total long-term liabilities | — | 6,471,039 | 1,410 | — | 6,472,449 | ||||||||||||||||
Total member equity | 1,432,594 | 1,432,594 | 3,560,258 | (4,992,852 | ) | 1,432,594 | |||||||||||||||
Total liabilities and member equity | $ | 1,432,594 | $ | 8,652,482 | $ | 3,669,502 | $ | (4,992,852 | ) | $ | 8,761,726 | ||||||||||
3-Aug-13 | |||||||||||||||||||||
(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 | ||||||||||
Thirty-nine weeks ended August 2, 2014 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 3,103,810 | $ | 606,383 | $ | — | $ | 3,710,193 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 2,164,594 | 398,679 | — | 2,563,273 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 729,533 | 110,921 | — | 840,454 | ||||||||||||||||
Income from credit card program | — | (36,795 | ) | (3,877 | ) | — | (40,672 | ) | |||||||||||||
Depreciation expense | — | 100,097 | 13,237 | — | 113,334 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 107,450 | 41,176 | — | 148,626 | ||||||||||||||||
Other expenses | — | 72,734 | 3,613 | — | 76,347 | ||||||||||||||||
Operating (loss) earnings | — | (33,803 | ) | 42,634 | — | 8,831 | |||||||||||||||
Interest expense, net | — | 232,739 | — | — | 232,739 | ||||||||||||||||
Intercompany royalty charges (income) | — | 106,783 | (106,783 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 134,083 | (149,417 | ) | — | 15,334 | — | |||||||||||||||
(Loss) earnings before income taxes | (134,083 | ) | (223,908 | ) | 149,417 | (15,334 | ) | (223,908 | ) | ||||||||||||
Income tax benefit | — | (89,825 | ) | — | — | (89,825 | ) | ||||||||||||||
Net (loss) earnings | $ | (134,083 | ) | $ | (134,083 | ) | $ | 149,417 | $ | (15,334 | ) | $ | (134,083 | ) | |||||||
Total other comprehensive (loss) earnings, net of tax | (17,429 | ) | (17,429 | ) | — | 17,429 | (17,429 | ) | |||||||||||||
Total comprehensive (loss) earnings | $ | (151,512 | ) | $ | (151,512 | ) | $ | 149,417 | $ | 2,095 | $ | (151,512 | ) | ||||||||
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 | ) | |||||||
Fiscal year ended August 3, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 3,875,580 | $ | 772,669 | $ | — | $ | 4,648,249 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 2,500,640 | 494,723 | — | 2,995,363 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 911,850 | 135,946 | — | 1,047,796 | ||||||||||||||||
Income from credit card program | — | (48,635 | ) | (4,738 | ) | — | (53,373 | ) | |||||||||||||
Depreciation expense | — | 127,606 | 13,909 | — | 141,515 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 35,092 | 12,344 | — | 47,436 | ||||||||||||||||
Other expenses | — | 10,000 | 13,125 | — | 23,125 | ||||||||||||||||
Operating earnings | — | 339,027 | 107,360 | — | 446,387 | ||||||||||||||||
Interest expense, net | — | 168,952 | 3 | — | 168,955 | ||||||||||||||||
Intercompany royalty charges (income) | — | 130,459 | (130,459 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (163,699 | ) | (237,816 | ) | — | 401,515 | — | ||||||||||||||
Earnings (loss) before income taxes | 163,699 | 277,432 | 237,816 | (401,515 | ) | 277,432 | |||||||||||||||
Income tax expense | — | 113,733 | — | — | 113,733 | ||||||||||||||||
Net earnings (loss) | $ | 163,699 | $ | 163,699 | $ | 237,816 | $ | (401,515 | ) | $ | 163,699 | ||||||||||
Total other comprehensive earnings (loss), net of tax | 41,263 | 41,263 | — | (41,263 | ) | 41,263 | |||||||||||||||
Total comprehensive earnings (loss) | $ | 204,962 | $ | 204,962 | $ | 237,816 | $ | (442,778 | ) | $ | 204,962 | ||||||||||
Fiscal year ended July 28, 2012 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 3,607,190 | $ | 738,184 | $ | — | $ | 4,345,374 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 2,319,516 | 475,197 | — | 2,794,713 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 880,677 | 126,225 | — | 1,006,902 | ||||||||||||||||
Income from credit card program | — | (46,957 | ) | (4,614 | ) | — | (51,571 | ) | |||||||||||||
Depreciation expense | — | 116,142 | 13,977 | — | 130,119 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 37,224 | 12,899 | — | 50,123 | ||||||||||||||||
Other expenses | — | 10,000 | 1,514 | — | 11,514 | ||||||||||||||||
Operating earnings | — | 290,588 | 112,986 | — | 403,574 | ||||||||||||||||
Interest expense, net | — | 175,232 | 5 | — | 175,237 | ||||||||||||||||
Intercompany royalty charges (income) | — | 204,181 | (204,181 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (140,086 | ) | (317,162 | ) | — | 457,248 | — | ||||||||||||||
Earnings (loss) before income taxes | 140,086 | 228,337 | 317,162 | (457,248 | ) | 228,337 | |||||||||||||||
Income tax expense | — | 88,251 | — | — | 88,251 | ||||||||||||||||
Net earnings (loss) | $ | 140,086 | $ | 140,086 | $ | 317,162 | $ | (457,248 | ) | $ | 140,086 | ||||||||||
Total other comprehensive (loss) earnings, net of tax | (75,747 | ) | (75,747 | ) | — | 75,747 | (75,747 | ) | |||||||||||||
Total comprehensive earnings (loss) | $ | 64,339 | $ | 64,339 | $ | 317,162 | $ | (381,501 | ) | $ | 64,339 | ||||||||||
Acquisition and Thirty-nine weeks ended August 2, 2014 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS—OPERATING ACTIVITIES | |||||||||||||||||||||
Net (loss) earnings | $ | (134,083 | ) | $ | (134,083 | ) | $ | 149,417 | $ | (15,334 | ) | $ | (134,083 | ) | |||||||
Adjustments to reconcile net (loss) earnings to net cash provided by (used for) operating activities: | |||||||||||||||||||||
Depreciation and amortization expense | — | 224,664 | 54,413 | — | 279,077 | ||||||||||||||||
Loss on debt extinguishment | — | 7,882 | — | — | 7,882 | ||||||||||||||||
Equity in loss of foreign e-commerce retailer | — | — | 3,613 | — | 3,613 | ||||||||||||||||
Deferred income taxes | — | (117,874 | ) | — | — | (117,874 | ) | ||||||||||||||
Non-cash charges related to the Acquisition | — | 145,062 | — | — | 145,062 | ||||||||||||||||
Other | — | 4,878 | 53 | — | 4,931 | ||||||||||||||||
Intercompany royalty income payable (receivable) | — | 106,783 | (106,783 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 134,083 | (149,417 | ) | — | 15,334 | — | |||||||||||||||
Changes in operating assets and liabilities, net | — | 216,411 | (121,634 | ) | — | 94,777 | |||||||||||||||
Net cash provided by (used for) operating activities | — | 304,306 | (20,921 | ) | — | 283,385 | |||||||||||||||
CASH FLOWS—INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | — | (124,321 | ) | (13,686 | ) | — | (138,007 | ) | |||||||||||||
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 | — | (3,512,906 | ) | 21,314 | — | (3,491,592 | ) | ||||||||||||||
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 | — | (2,770,185 | ) | — | — | (2,770,185 | ) | ||||||||||||||
Debt issuance costs paid | — | (178,606 | ) | — | — | (178,606 | ) | ||||||||||||||
Cash equity contributions | — | 1,557,350 | — | — | 1,557,350 | ||||||||||||||||
Net cash provided by financing activities | — | 3,288,559 | — | — | 3,288,559 | ||||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||
Increase during the period | — | 79,959 | 393 | — | 80,352 | ||||||||||||||||
Beginning balance | — | 115,045 | 1,079 | — | 116,124 | ||||||||||||||||
Ending balance | $ | — | $ | 195,004 | $ | 1,472 | $ | — | $ | 196,476 | |||||||||||
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 | |||||||||||
Fiscal year ended August 3, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS - OPERATING ACTIVITIES | |||||||||||||||||||||
Net earnings (loss) | $ | 163,699 | $ | 163,699 | $ | 237,816 | $ | (401,515 | ) | $ | 163,699 | ||||||||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization expense | — | 171,102 | 26,253 | — | 197,355 | ||||||||||||||||
Loss on debt extinguishment | — | 15,597 | — | — | 15,597 | ||||||||||||||||
Equity in loss of foreign e-commerce retailer | — | — | 13,125 | — | 13,125 | ||||||||||||||||
Deferred income taxes | — | (19,439 | ) | — | — | (19,439 | ) | ||||||||||||||
Other | — | 5,785 | (152 | ) | — | 5,633 | |||||||||||||||
Intercompany royalty income payable (receivable) | — | 130,459 | (130,459 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (163,699 | ) | (237,816 | ) | — | 401,515 | — | ||||||||||||||
Changes in operating assets and liabilities, net | — | 95,260 | (121,871 | ) | — | (26,611 | ) | ||||||||||||||
Net cash provided by operating activities | — | 324,647 | 24,712 | — | 349,359 | ||||||||||||||||
CASH FLOWS - INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | — | (131,697 | ) | (14,808 | ) | — | (146,505 | ) | |||||||||||||
Investment in foreign e-commerce retailer | — | — | (10,000 | ) | — | (10,000 | ) | ||||||||||||||
Net cash used for investing activities | — | (131,697 | ) | (24,808 | ) | — | (156,505 | ) | |||||||||||||
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 | — | (695,668 | ) | — | — | (695,668 | ) | ||||||||||||||
Debt issuance costs paid | — | (9,763 | ) | — | — | (9,763 | ) | ||||||||||||||
Net cash used for financing activities | — | (105,431 | ) | — | — | (105,431 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||
Increase (decrease) during the period | — | 87,519 | (96 | ) | — | 87,423 | |||||||||||||||
Beginning balance | — | 48,308 | 945 | — | 49,253 | ||||||||||||||||
Ending balance | $ | — | $ | 135,827 | $ | 849 | $ | — | $ | 136,676 | |||||||||||
Fiscal year ended July 28, 2012 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS - OPERATING ACTIVITIES | |||||||||||||||||||||
Net earnings (loss) | $ | 140,086 | $ | 140,086 | $ | 317,162 | $ | (457,248 | ) | $ | 140,086 | ||||||||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization expense | — | 161,823 | 26,876 | — | 188,699 | ||||||||||||||||
Equity in loss of foreign e-commerce retailer | — | — | 1,514 | — | 1,514 | ||||||||||||||||
Deferred income taxes | — | (10,094 | ) | — | — | (10,094 | ) | ||||||||||||||
Other | — | 6,884 | 120 | — | 7,004 | ||||||||||||||||
Intercompany royalty income payable (receivable) | — | 204,181 | (204,181 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (140,086 | ) | (317,162 | ) | — | 457,248 | — | ||||||||||||||
Changes in operating assets and liabilities, net | — | 29,830 | (97,229 | ) | — | (67,399 | ) | ||||||||||||||
Net cash provided by operating activities | — | 215,548 | 44,262 | — | 259,810 | ||||||||||||||||
CASH FLOWS - INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | — | (138,216 | ) | (14,622 | ) | — | (152,838 | ) | |||||||||||||
Investment in foreign e-commerce retailer | — | — | (29,421 | ) | — | (29,421 | ) | ||||||||||||||
Net cash used for investing activities | — | (138,216 | ) | (44,043 | ) | — | (182,259 | ) | |||||||||||||
CASH FLOWS - FINANCING ACTIVITIES | |||||||||||||||||||||
Borrowings under Former Asset-Based Revolving Credit Facility | — | 175,000 | — | — | 175,000 | ||||||||||||||||
Repayment of borrowings | — | (75,000 | ) | — | — | (75,000 | ) | ||||||||||||||
Distributions to stockholders | — | (449,295 | ) | — | — | (449,295 | ) | ||||||||||||||
Debt issuance costs paid | — | (594 | ) | — | — | (594 | ) | ||||||||||||||
Net cash used for financing activities | — | (349,889 | ) | — | — | (349,889 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||
(Decrease) increase during the period | — | (272,557 | ) | 219 | — | (272,338 | ) | ||||||||||||||
Beginning balance | — | 320,865 | 726 | — | 321,591 | ||||||||||||||||
Ending balance | $ | — | $ | 48,308 | $ | 945 | $ | — | $ | 49,253 | |||||||||||
QUARTERLY_FINANCIAL_INFORMATIO
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||||||||
Fiscal year 2014 | |||||||||||||||||||||
(in millions) | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
(Predecessor) | (Successor) | (Successor) | (Successor) | ||||||||||||||||||
Revenues | $ | 1,129.10 | $ | 1,432.80 | $ | 1,164.70 | $ | 1,112.70 | $ | 4,839.30 | |||||||||||
Gross profit (1) | $ | 443.7 | $ | 379.8 | $ | 415.7 | $ | 351.5 | $ | 1,590.70 | |||||||||||
Net loss (2) (3) | $ | (13.1 | ) | $ | (84.0 | ) | $ | (8.0 | ) | $ | (42.1 | ) | $ | (147.2 | ) | ||||||
Fiscal year 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
Revenues | $ | 1,068.50 | $ | 1,362.40 | $ | 1,098.30 | $ | 1,119.00 | $ | 4,648.20 | |||||||||||
Gross profit (1) | $ | 423.1 | $ | 440.7 | $ | 435 | $ | 354.1 | $ | 1,652.90 | |||||||||||
Net earnings (4) | $ | 49.6 | $ | 40.4 | $ | 70.8 | $ | 2.9 | $ | 163.7 | |||||||||||
-1 | Gross profit includes revenues less cost of goods sold including buying and occupancy costs (excluding depreciation). | ||||||||||||||||||||
-2 | For fiscal year 2014, net loss includes $162.7 million of transaction costs incurred in connection with the Acquisition and a $7.9 million pretax charge related to a loss on debt extinguishment recorded in the third quarter. | ||||||||||||||||||||
-3 | Depreciation and amortization expense for the second, third and fourth quarters of fiscal year 2014 are based on the fair values of the acquired assets determined in connection with the finalization of the purchase price allocation in the fourth quarter. As a result, depreciation and amortization expense for the second and third quarters, as well as the net loss of such periods, differ from previously disclosed amounts as follows: | ||||||||||||||||||||
Fiscal year 2014 | |||||||||||||||||||||
(in millions) | Second | Third | |||||||||||||||||||
Quarter | Quarter | ||||||||||||||||||||
(Successor) | (Successor) | ||||||||||||||||||||
Net loss, as reported | $ | (68.0 | ) | $ | (2.7 | ) | |||||||||||||||
Depreciation and amortization expense, net of tax | (16.0 | ) | (5.3 | ) | |||||||||||||||||
Net loss, as adjusted | $ | (84.0 | ) | $ | (8.0 | ) | |||||||||||||||
-4 | For fiscal year 2013, net earnings include a $15.6 million pretax charge related to a loss on debt extinguishment recorded in the second quarter. |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Aug. 02, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent event | ' |
SUBSEQUENT EVENT | |
On September 12, 2014, we entered into an agreement to acquire the MyTheresa.com global online luxury website and the Theresa flagship specialty store in Munich, Germany. The purchase price is approximately €150 million, subject to certain adjustments and an "earn-out" of up to €27.5 million per year for operating performance for each of calendar years 2015 and 2016. The transaction is expected to close later this calendar year, subject to regulatory approvals and other customary closing conditions. We plan to finance the acquisition through a combination of cash and debt. |
SCHEDULE_II_Valuation_and_Qual
SCHEDULE II Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts and Reserves | ' | ||||||||||||||||||||||
Neiman Marcus Group LTD LLC | |||||||||||||||||||||||
Valuation and Qualifying Accounts and Reserves | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Three years ended August 2, 2014 | |||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||||
Additions | |||||||||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions | Balance at | ||||||||||||||||||
Beginning of | Costs and | Other | End of | ||||||||||||||||||||
Period | Expenses | Accounts | Period | ||||||||||||||||||||
Reserve for estimated sales returns | |||||||||||||||||||||||
Thirty-nine weeks ended August 2, 2014 (Successor) | $ | 53,741 | $ | 597,721 | $ | — | $ | (612,593 | ) | (A) | $ | 38,869 | |||||||||||
Thirteen weeks ended November 2, 2013 (Predecessor) | $ | 37,370 | $ | 196,601 | $ | — | $ | (180,230 | ) | (A) | $ | 53,741 | |||||||||||
Year ended August 3, 2013 (Predecessor) | $ | 34,015 | $ | 739,968 | $ | — | $ | (736,613 | ) | (A) | $ | 37,370 | |||||||||||
Year ended July 28, 2012 (Predecessor) | $ | 28,558 | $ | 694,632 | $ | — | $ | (689,175 | ) | (A) | $ | 34,015 | |||||||||||
Reserves for self-insurance | |||||||||||||||||||||||
Thirty-nine weeks ended August 2, 2014 (Successor) | $ | 36,632 | $ | 58,064 | $ | — | $ | (55,964 | ) | (B) | $ | 38,732 | |||||||||||
Thirteen weeks ended November 2, 2013 (Predecessor) | $ | 37,626 | $ | 17,380 | $ | — | $ | (18,374 | ) | (B) | $ | 36,632 | |||||||||||
Year ended August 3, 2013 (Predecessor) | $ | 36,187 | $ | 74,643 | $ | — | $ | (73,204 | ) | (B) | $ | 37,626 | |||||||||||
Year ended July 28, 2012 (Predecessor) | $ | 34,969 | $ | 64,532 | $ | — | $ | (63,314 | ) | (B) | $ | 36,187 | |||||||||||
(A) Gross margin on actual sales returns, net of commissions. | |||||||||||||||||||||||
(B) Claims and expenses paid, net of employee contributions. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||
Aug. 02, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation | ' | |||
BASIS OF PRESENTATION | ||||
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. On October 25, 2013, the Company (formerly Neiman Marcus Group LTD Inc.) 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 owned by private investment funds affiliated with Ares Management, L.P. and Canada Pension Plan Investment Board (together, the Sponsors) and certain co-investors. On October 28, 2013, the Company and NMG (as defined below) each converted from a Delaware corporation to a Delaware limited liability company (the Conversion). Previously, the Company 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). | ||||
The Company’s operations are conducted through its wholly owned subsidiary, The Neiman Marcus Group LLC (formerly The Neiman Marcus Group, Inc.) (NMG). | ||||
The accompanying 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. 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. This resulted in an extra week in fiscal year 2013 (the 53rd week). All references to fiscal year 2014 relate to the combined period comprised of the thirty-nine weeks ended August 2, 2014 of the Successor and the thirteen weeks ended November 2, 2013 of the Predecessor, all references to fiscal year 2013 relate to the fifty-three weeks ended August 3, 2013 of the Predecessor and all references to fiscal year 2012 relate to the fifty-two weeks ended July 28, 2012 of the Predecessor. | ||||
Certain prior period balances have been reclassified to conform to the current period presentation. | ||||
Estimates and Critical Accounting Policies | ' | |||
ESTIMATES AND CRITICAL ACCOUNTING POLICIES | ||||
We are required to make estimates and assumptions about future events in preparing our financial statements in conformity with generally accepted accounting principles. 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 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 are 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 Consolidated Financial Statements. | ||||
Purchase Accounting | ' | |||
Purchase Accounting. We have accounted for the Acquisition in accordance with the provisions of Accounting Standards Codification Topic 805, Business Combinations, whereby the purchase price paid to effect the Acquisition has been allocated to state the acquired assets and liabilities at fair value. The Acquisition and the allocation of the purchase price have been recorded for accounting purposes as of November 2, 2013, the end of our first quarter of fiscal year 2014. In connection with the purchase price allocation, we have made 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, valuation results from independent valuation specialists, which resulted in increases in the carrying value of our property and equipment and inventory, the revaluation of intangible assets for our tradenames, customer lists and favorable lease commitments and the revaluation of our long-term benefit plan obligations, among other things. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents. Cash and cash equivalents primarily consist of cash on hand in our stores, deposits with banks and overnight investments with banks and financial institutions. Cash equivalents are stated at cost, which approximates fair value. Our cash management system provides for the reimbursement of all major bank disbursement accounts on a daily basis. Accounts payable includes outstanding checks not yet presented for payment of $45.6 million at August 2, 2014 and $46.3 million at August 3, 2013. | ||||
Merchandise Inventories and Cost of Goods Sold | ' | |||
Merchandise Inventories and Cost of Goods Sold. We utilize the retail inventory method of accounting. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are determined by applying a calculated cost-to-retail ratio, for various groupings of similar items, to the retail value of our inventories. The cost of the inventory reflected on the Consolidated Balance Sheets is decreased by charges to cost of goods sold at average cost and the retail value of the inventory is lowered through the use of markdowns. Earnings are negatively impacted when merchandise is marked down. As we adjust the retail value of our inventories through the use of markdowns to reflect market conditions, our merchandise inventories are stated at the lower of cost or market. | ||||
The areas requiring significant management judgment related to the valuation of our inventories include 1) setting the original retail value for the merchandise held for sale, 2) recognizing merchandise for which the customer’s perception of value has declined and appropriately marking the retail value of the merchandise down to the perceived value and 3) estimating the shrinkage that has occurred between physical inventory counts. These judgments and estimates, coupled with the averaging processes within the retail method can, under certain circumstances, produce varying financial results. Factors that can lead to different financial results include 1) determination of original retail values for merchandise held for sale, 2) identification of declines in perceived value of inventories and processing the appropriate retail value markdowns and 3) overly optimistic or conservative estimation of shrinkage. In prior years, we have not made material changes to our estimates of shrinkage or markdown requirements on inventories held as of the end of our fiscal years. | ||||
Consistent with industry business practice, we receive allowances from certain of our vendors in support of the merchandise we purchase for resale. Certain allowances are received to reimburse us for markdowns taken or to support the gross margins that we earn in connection with the sales of the vendor’s merchandise. These allowances result in an increase to gross margin when we earn the allowances and they are approved by the vendor. Other allowances we receive represent reductions to the amounts we pay to acquire the merchandise. These allowances reduce the cost of the acquired merchandise and are recognized at the time the goods are sold. The amounts of vendor allowances we receive fluctuate based on the level of markdowns taken and did not have a significant impact on the year-over-year change in gross margin during fiscal years 2014, 2013 or 2012. We received vendor allowances of $88.5 million for the thirty-nine weeks ended August 2, 2014; $5.0 million for the thirteen weeks ended November 2, 2013; $90.2 million in fiscal year 2013; and $92.5 million in fiscal year 2012. | ||||
We obtain certain merchandise, primarily precious jewelry, on a consignment basis to expand our product assortment. Consignment merchandise held by us with a cost basis of $376.8 million at August 2, 2014 and $358.9 million at August 3, 2013 is not reflected in our Consolidated Balance Sheets. | ||||
Cost of goods sold also includes delivery charges we pay to third party carriers and other costs related to the fulfillment of customer orders not delivered at the point-of-sale. | ||||
Long-lived Assets | ' | |||
Long-lived Assets. Property and equipment are stated at cost less accumulated depreciation. In connection with the Acquisition, the cost basis of the acquired property and equipment was adjusted to its estimated fair value. For financial reporting purposes, we compute depreciation principally using the straight-line method over the estimated useful lives of the assets. Buildings and improvements are depreciated over five to 30 years while fixtures and equipment are depreciated over three to 15 years. Leasehold improvements are amortized over the shorter of the asset life or the lease term (which may include renewal periods when exercise of the renewal option is at our discretion and exercise of the renewal option is considered reasonably assured). Costs incurred for the development of internal computer software are capitalized and amortized using the straight-line method over three to ten years. | ||||
We assess the recoverability of the carrying values of our store assets, consisting of property and equipment, customer lists and favorable lease commitments, annually and upon the occurrence of certain events. The recoverability assessment requires judgment and estimates of future store generated cash flows. | ||||
Intangible Assets Subject to Amortization | ' | |||
Intangible Assets Subject to Amortization. Prior to the Acquisition, Predecessor definite-lived intangible assets, primarily customer lists, 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 by the Former Sponsors). 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 by the Former Sponsors). | ||||
Subsequent to the Acquisition, Successor definite-lived intangible assets, primarily customer lists, are amortized over their estimated useful lives, currently estimated at 12 to 16 years (weighted average life of 14 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 next five fiscal years is currently estimated as follows (in thousands): | ||||
2015 | $ | 131,783 | ||
2016 | 105,737 | |||
2017 | 100,937 | |||
2018 | 95,928 | |||
2019 | 92,313 | |||
Indefinite-lived Intangible Assets and Goodwill | ' | |||
Indefinite-lived Intangible Assets and Goodwill. Indefinite-lived intangible assets, such as our Neiman Marcus and Bergdorf Goodman 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. | ||||
The recoverability assessment with respect to each of our indefinite-lived intangible assets requires us to estimate the fair value of the asset as of the assessment date. Such determination is made using discounted cash flow techniques (Level 3 determination of fair value). Significant inputs to the valuation model include: | ||||
• | future revenue, cash flow and/or profitability projections; | |||
• | growth assumptions for future revenues as well as future gross margin rates, expense rates, capital expenditures and other estimates; | |||
• | estimated market royalty rates that could be derived from the licensing of our tradenames to third parties to establish the cash flows accruing to the benefit of the Company as a result of our ownership of our tradenames; and | |||
• | rates, based on our estimated weighted average cost of capital, used to discount the estimated cash flow projections to their present value (or estimated fair value). | |||
If the recorded carrying value of the tradename exceeds its estimated fair value, an impairment charge is recorded to write the tradename down to its estimated fair value. | ||||
The assessment of the recoverability of the goodwill associated with our Neiman Marcus stores, Bergdorf Goodman stores, Last Call stores and Online reporting units involves a two-step process. The first step requires the comparison of the estimated enterprise fair value of each of our reporting units to its recorded carrying value. We estimate the enterprise fair value based on discounted cash flow techniques (Level 3 determination of fair value). If the recorded carrying value of a reporting unit exceeds its estimated enterprise fair value in the first step, a second step is performed in which we allocate the enterprise fair value to the fair value of the reporting unit’s net assets. The second step of the impairment testing process requires, among other things, the estimation of the fair values of substantially all of our tangible and intangible assets. Any enterprise fair value in excess of amounts allocated to such net assets represents the implied fair value of goodwill for that reporting unit. If the recorded goodwill balance for a reporting unit exceeds the implied fair value of goodwill, an impairment charge is recorded to write goodwill down to its fair value. | ||||
The impairment testing process related to our indefinite-lived intangible assets is subject to inherent uncertainties and subjectivity. The use of different assumptions, estimates or judgments with respect to the estimation of the projected future cash flows and the determination of the discount rate used to reduce such projected future cash flows to their net present value could materially increase or decrease any related impairment charge. We believe our estimates are appropriate based upon current market conditions and the best information available at the assessment date. However, future impairment charges could be required if we do not achieve our current revenue and profitability projections or the weighted average cost of capital increases. No impairment charges related to our tradenames and goodwill were recorded in fiscal years 2014, 2013 or 2012. | ||||
Leases | ' | |||
Leases. We lease certain retail stores and office facilities. Stores we own are often subject to ground leases. The terms of our real estate leases, including renewal options, range from two to 130 years. Most leases provide for monthly fixed minimum rentals or contingent rentals based upon sales in excess of stated amounts and normally require us to pay real estate taxes, insurance, common area maintenance costs and other occupancy costs. For leases that contain predetermined, fixed calculations of minimum rentals, we recognize rent expense on a straight-line basis over the lease term. We recognize contingent rent expenses when it is probable that the sales thresholds will be reached during the year. | ||||
We receive allowances from developers related to the construction of our stores. We record these allowances as deferred real estate credits, which we recognize as a reduction of rent expense on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased asset. We received construction allowances aggregating $5.7 million for the thirty-nine weeks ended August 2, 2014, $7.2 million in fiscal year 2013 and $10.6 million in fiscal year 2012. | ||||
Benefit Plans | ' | |||
Benefit Plans. We sponsor a defined benefit pension plan (Pension Plan), an unfunded supplemental executive retirement plan (SERP Plan) which provides certain employees additional pension benefits and a postretirement plan providing eligible employees limited postretirement health care benefits (Postretirement Plan). In calculating our obligations and related expense, we make various assumptions and estimates, after consulting with outside actuaries and advisors. The annual determination of expense involves calculating the estimated total benefits ultimately payable to plan participants. We use the traditional unit credit method in recognizing pension liabilities. The Pension Plan, SERP Plan and Postretirement Plan are valued annually as of the end of each fiscal year. As of the third quarter of fiscal year 2010, benefits offered to all employees under our Pension Plan and SERP Plan were frozen. | ||||
Significant assumptions related to the calculation of our obligations include the discount rates used to calculate the present value of benefit obligations to be paid in the future, the expected long-term rate of return on assets held by the Pension | ||||
Plan and the health care cost trend rate for the Postretirement Plan, as more fully described in Note 10 of the Notes to Consolidated Financial Statements. We review these assumptions annually based upon currently available information, including information provided by our actuaries. | ||||
Our obligations related to our employee benefit plans are included in other long-term liabilities. | ||||
Self-insurance and Other Employee Benefit Reserves | ' | |||
Self-insurance and Other Employee Benefit Reserves. We use estimates in the determination of the required accruals for general liability, workers’ compensation and health insurance. We base these estimates upon an examination of historical trends, industry claims experience and independent actuarial estimates. Although we do not expect that we will ultimately pay claims significantly different from our estimates, self-insurance reserves could be affected if future claims experience differs significantly from our historical trends and assumptions. | ||||
Derivative Financial Instruments | ' | |||
Derivative Financial Instruments. We enter into derivative financial instruments, primarily interest rate cap agreements, to hedge the variability of our cash flows related to a portion of our floating rate indebtedness. The derivative financial instruments are recorded at estimated fair value at each balance sheet date and included in assets or liabilities in our Consolidated Balance Sheets. | ||||
Revenues | ' | |||
Revenues. Revenues include sales of merchandise and services and delivery and processing revenues related to merchandise sold. Revenues are recognized at the later of the point of sale or the delivery of goods to the customer. Revenues associated with gift cards are recognized at the time of redemption by the customer. Revenues exclude sales taxes collected from our customers. | ||||
Revenues are reduced when customers return goods previously purchased. We maintain reserves for anticipated sales returns primarily based on our historical trends related to returns by our customers. Our reserves for anticipated sales returns aggregated $38.9 million at August 2, 2014 and $37.4 million at August 3, 2013. | ||||
Buying and Occupancy Costs | ' | |||
Buying and Occupancy Costs. Our buying costs consist primarily of salaries and expenses incurred by our merchandising and buying operations. Occupancy costs primarily include rent, property taxes and operating costs of our retail, distribution and support facilities and exclude depreciation expense. | ||||
Selling, General and Administrative Expenses (excluding depreciation) | ' | |||
Selling, General and Administrative Expenses (excluding depreciation). Selling, general and administrative expenses are comprised principally of the costs related to employee compensation and benefits in the selling and administrative support areas and advertising and marketing costs. | ||||
We receive allowances from certain merchandise vendors in conjunction with compensation programs for employees who sell the vendors’ merchandise. These allowances are netted against the related compensation expense that we incur. Amounts received from vendors related to compensation programs were $55.4 million for the thirty-nine weeks ended August 2, 2014, $18.5 million for the thirteen weeks ended November 2, 2013, $72.2 million in fiscal year 2013 and $65.1 million in fiscal year 2012. | ||||
We incur costs to advertise and promote the merchandise assortment offered through our store and online operations. We expense advertising costs for print media costs and promotional materials mailed to our customers at the time of mailing to the customer. We amortize the costs of print catalogs during the periods we expect to generate revenues from such catalogs, generally three to six months. We expense the costs incurred to produce the photographic content on our websites, as well as website design and web marketing costs, as incurred. Net marketing and advertising expenses were $109.8 million for the thirty-nine weeks ended August 2, 2014, $34.6 million for the thirteen weeks ended November 2, 2013, $126.9 million in fiscal year 2013 and $106.5 million in fiscal year 2012. | ||||
Consistent with industry practice, we receive advertising allowances from certain of our merchandise vendors. Substantially all the advertising allowances we receive represent reimbursements of direct, specific and incremental costs that we incur to promote the vendor’s merchandise in connection with our various advertising programs, primarily catalogs and other print media. Advertising allowances fluctuate based on the level of advertising expenses incurred and are recorded as a reduction of our advertising costs when earned. Advertising allowances aggregated approximately $31.4 million for the thirty-nine weeks ended August 2, 2014, $20.0 million for the thirteen weeks ended November 2, 2013, $55.0 million in fiscal year 2013 and $53.1 million in fiscal year 2012. | ||||
Income from Credit Card Program | ' | |||
Income from Credit Card Program. We maintain a proprietary credit card program through which credit is extended to customers and have 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 currently offers credit cards and non-card payment plans 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. | ||||
We recognize income from our credit card program when earned. In the future, the income from our credit card program may: | ||||
• | increase or decrease based upon the level of utilization of our proprietary credit cards by our customers; | |||
• | increase or decrease based upon the overall profitability and performance of the credit card portfolio due to the level of bad debts incurred or changes in interest rates, among other factors; | |||
• | increase or decrease based upon future changes to our historical credit card program in response to changes in regulatory requirements or other changes related to, among other things, the interest rates applied to unpaid balances and the assessment of late fees; and | |||
• | decrease based upon the level of future services we provide to Capital One. | |||
Gift Cards | ' | |||
Gift Cards. The gift cards sold to our customers have no stated expiration dates and, in some cases, are subject to actual and/or potential escheatment rights in various of the jurisdictions in which we operate. Unredeemed gift cards aggregated $43.1 million at August 2, 2014 and $36.3 million at August 3, 2013. | ||||
We recognized gift card breakage of $1.3 million for the thirty-nine weeks ended August 2, 2014, $0.3 million for the thirteen weeks ended November 2, 2013, $1.9 million in fiscal year 2013 and $2.5 million in fiscal year 2012 as a component of revenues. | ||||
Loyalty Programs | ' | |||
Loyalty Program. We maintain a customer loyalty program in which customers earn points for qualifying purchases. Upon reaching specified levels, points are redeemed for awards, primarily gift cards. The estimates of the costs associated with the loyalty program require us to make assumptions related to customer purchasing levels and redemption rates. At the time the qualifying sales giving rise to the loyalty program points are made, we defer the portion of the revenues on the qualifying sales transactions equal to the estimated retail value of the gift cards to be redeemed upon conversion of the earned points to gift cards. We record the deferral of revenues related to gift card awards under our loyalty program as a reduction of revenues. | ||||
Income Taxes | ' | |||
Income Taxes. We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We are routinely under audit by federal, state or local authorities in the area of income taxes. We regularly evaluate the likelihood of realization of tax benefits derived from positions we have taken in various federal and state filings after consideration of all relevant facts, circumstances and available information. If we believe it is more likely than not that our position will be sustained, we recognize the benefit we believe is cumulatively greater than 50% likely to be realized. | ||||
Recent Accounting Pronouncements | ' | |||
Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (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 using one of two retrospective application methods. We are currently evaluating the application method and the impact of adopting this new accounting guidance on our Consolidated Financial Statements. | ||||
We do not expect that any other recently issued accounting pronouncements will have a material impact on our financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||
Aug. 02, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Total estimated amortization of all acquisition-related intangible assets for the next five fiscal years | ' | |||
Total amortization of all intangible assets recorded in connection with the Acquisition for the next five fiscal years is currently estimated as follows (in thousands): | ||||
2015 | $ | 131,783 | ||
2016 | 105,737 | |||
2017 | 100,937 | |||
2018 | 95,928 | |||
2019 | 92,313 | |||
THE_ACQUISITION_Tables
THE ACQUISITION (Tables) | 12 Months Ended | ||||||||
Aug. 02, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||||||
The purchase price has been 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 | 457.7 | ||||||||
3) Revalue intangible assets: | |||||||||
Tradenames | 739.3 | ||||||||
Other definite-lived intangible assets, primarily customer lists | 492.1 | ||||||||
Favorable lease commitments | 799.8 | ||||||||
4) Change in carrying values of other assets and liabilities | (67.0 | ) | |||||||
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 12) | 51.5 | ||||||||
9) Tax impact of valuation adjustments and other tax benefits | (965.7 | ) | |||||||
Total adjustments to state acquired assets at fair value | 444.9 | ||||||||
Net assets acquired at fair value | 1,266.80 | ||||||||
Excess purchase price related to the Acquisition recorded as goodwill | $ | 2,148.60 | |||||||
Business Acquisition, Pro Forma 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. | |||||||||
Fiscal years ended | |||||||||
(in thousands) | August 2, | August 3, | |||||||
2014 | 2013 | ||||||||
Revenues | $ | 4,839,331 | $ | 4,648,249 | |||||
Net earnings (loss) | 36,501 | (118,315 | ) | ||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||||
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 Consolidated Balance Sheets: | ||||||||||||||||||||
Fair Value | August 2, | August 3, | ||||||||||||||||||
Hierarchy | 2014 | 2013 | ||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | ||||||||||||||||||
Other long-term assets: | ||||||||||||||||||||
Interest rate caps | Level 2 | $ | 1,132 | $ | 29 | |||||||||||||||
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: | ||||||||||||||||||||
2-Aug-14 | August 3, 2013 | |||||||||||||||||||
(Successor) | (Predecessor) | |||||||||||||||||||
(in thousands) | Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||
Hierarchy | Value | Value | Value | Value | ||||||||||||||||
Long-term debt: | ||||||||||||||||||||
Senior Secured Term Loan Facility | Level 2 | $ | 2,927,912 | $ | 2,907,797 | $ | — | $ | — | |||||||||||
Cash Pay Notes | Level 2 | 960,000 | 994,800 | — | — | |||||||||||||||
PIK Toggle Notes | Level 2 | 600,000 | 633,000 | — | — | |||||||||||||||
2028 Debentures | Level 2 | 122,035 | 127,500 | 122,077 | 125,625 | |||||||||||||||
Former Asset-Based Revolving Credit Facility | Level 2 | — | — | 15,000 | 15,000 | |||||||||||||||
Former Senior Secured Term Loan Facility | Level 2 | — | — | 2,560,000 | 2,566,400 | |||||||||||||||
PROPERTY_AND_EQUIPMENT_NET_Tab
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended | ||||||||
Aug. 02, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Significant components of property and equipment, net | ' | ||||||||
The significant components of our property and equipment, net are as follows: | |||||||||
August 2, | August 3, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | (Successor) | (Predecessor) | |||||||
Land, buildings and improvements | $ | 1,047,556 | $ | 1,017,463 | |||||
Fixtures and equipment | 373,033 | 904,879 | |||||||
Construction in progress | 83,395 | 49,648 | |||||||
1,503,984 | 1,971,990 | ||||||||
Less: accumulated depreciation and amortization | 113,718 | 1,070,146 | |||||||
Property and equipment, net | $ | 1,390,266 | $ | 901,844 | |||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended | |||||||||||||||
Aug. 02, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Significant components of intangible assets and goodwill, by reportable operating segments | ' | |||||||||||||||
The significant components of our intangible assets and goodwill are as follows: | ||||||||||||||||
(in thousands) | Favorable | Other | Tradenames | Goodwill | ||||||||||||
Lease | Definite-lived Intangible Assets | |||||||||||||||
Commitments | ||||||||||||||||
Predecessor: | ||||||||||||||||
Balance at July 28, 2012 | $ | 357,930 | $ | 239,694 | $ | 1,231,960 | $ | 1,263,433 | ||||||||
Amortization | (17,877 | ) | (29,004 | ) | (555 | ) | — | |||||||||
Balance at August 3, 2013 | 340,053 | 210,690 | 1,231,405 | 1,263,433 | ||||||||||||
Amortization | (4,469 | ) | (7,251 | ) | — | — | ||||||||||
Balance at November 2, 2013 | $ | 335,584 | $ | 203,439 | $ | 1,231,405 | $ | 1,263,433 | ||||||||
Successor: | ||||||||||||||||
Balance at November 2, 2013 | $ | 1,135,341 | $ | 695,571 | $ | 1,970,698 | $ | 2,148,627 | ||||||||
Amortization | (40,574 | ) | (108,052 | ) | — | — | ||||||||||
Balance at August 2, 2014 | $ | 1,094,767 | $ | 587,519 | $ | 1,970,698 | $ | 2,148,627 | ||||||||
Total accumulated amortization at August 2, 2014 | $ | 40,574 | $ | 108,052 | ||||||||||||
ACCRUED_LIABILITIES_Tables
ACCRUED LIABILITIES (Tables) | 12 Months Ended | ||||||||
Aug. 02, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of significant components of accrued liabilities | ' | ||||||||
The significant components of accrued liabilities are as follows: | |||||||||
August 2, | August 3, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | (Successor) | (Predecessor) | |||||||
Accrued salaries and related liabilities | $ | 81,079 | $ | 74,395 | |||||
Amounts due customers | 125,950 | 113,412 | |||||||
Self-insurance reserves | 38,732 | 37,626 | |||||||
Interest payable | 61,164 | 18,677 | |||||||
Sales returns reserves | 38,869 | 37,370 | |||||||
Sales taxes | 22,817 | 25,306 | |||||||
Other | 83,561 | 83,382 | |||||||
Total | $ | 452,172 | $ | 390,168 | |||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | |||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of significant components of long-term debt | ' | |||||||||||||||||
The significant components of our long-term debt are as follows: | ||||||||||||||||||
Interest | August 2, | August 3, | ||||||||||||||||
Rate | 2014 | 2013 | ||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | ||||||||||||||||
Senior Secured Term Loan Facility | variable | $ | 2,927,912 | $ | — | |||||||||||||
Cash Pay Notes | 8.00% | 960,000 | — | |||||||||||||||
PIK Toggle Notes | 8.75%/9.50% | 600,000 | — | |||||||||||||||
2028 Debentures | 7.12% | 122,035 | 122,077 | |||||||||||||||
Former Asset-Based Revolving Credit Facility | variable | — | 15,000 | |||||||||||||||
Former Senior Secured Term Loan Facility | variable | — | 2,560,000 | |||||||||||||||
Total debt | 4,609,947 | 2,697,077 | ||||||||||||||||
Less: current portion of Senior Secured Term Loan Facility | (29,426 | ) | — | |||||||||||||||
Long-term debt | $ | 4,580,521 | $ | 2,697,077 | ||||||||||||||
Schedule of annual maturities of long-term debt during the next five fiscal years and thereafter | ' | |||||||||||||||||
At August 2, 2014, annual maturities of long-term debt during the next five fiscal years and thereafter are as follows (in millions): | ||||||||||||||||||
2015 | $ | 29.4 | ||||||||||||||||
2016 | 29.4 | |||||||||||||||||
2017 | 29.4 | |||||||||||||||||
2018 | 29.4 | |||||||||||||||||
2019 | 29.4 | |||||||||||||||||
Thereafter | 4,462.90 | |||||||||||||||||
Schedule of significant components of interest expense | ' | |||||||||||||||||
The significant components of interest expense are as follows: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||
Asset-Based Revolving Credit Facility | $ | 311 | $ | 75 | $ | — | $ | — | ||||||||||
Senior Secured Term Loan Facility | 102,818 | 3,687 | — | — | ||||||||||||||
Cash Pay Notes | 57,556 | 2,773 | — | — | ||||||||||||||
PIK Toggle Notes | 39,344 | 1,896 | — | — | ||||||||||||||
2028 Debentures | 6,680 | 2,226 | 9,004 | 8,906 | ||||||||||||||
Former Asset-Based Revolving Credit Facility | — | 477 | 1,453 | 1,052 | ||||||||||||||
Former Senior Secured Term Loan Facility | — | 22,521 | 108,489 | 98,989 | ||||||||||||||
Senior Subordinated Notes | — | — | 19,031 | 51,873 | ||||||||||||||
Amortization of debt issue costs | 17,117 | 2,466 | 8,404 | 8,457 | ||||||||||||||
Other, net | 1,661 | 1,334 | 7,214 | 7,040 | ||||||||||||||
Capitalized interest | (630 | ) | (140 | ) | (237 | ) | (1,080 | ) | ||||||||||
$ | 224,857 | $ | 37,315 | $ | 153,358 | $ | 175,237 | |||||||||||
Loss on debt extinguishment | 7,882 | — | 15,597 | — | ||||||||||||||
Interest expense, net | $ | 232,739 | $ | 37,315 | $ | 168,955 | $ | 175,237 | ||||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | |||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Instruments, Gain (Loss) | ' | |||||||||||||||||
A summary of the recorded amounts related to our interest rate caps reflected in our Consolidated Statements of Operations is as follows: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||
Realized hedging losses — included in interest expense, net | $ | — | $ | 369 | $ | 3,475 | $ | 3,318 | ||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of significant components of income tax expense | ' | |||||||||||||||||
The significant components of income tax (benefit) expense are as follows: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||
Current: | ||||||||||||||||||
Federal | $ | 23,432 | $ | 12,100 | $ | 114,632 | $ | 84,800 | ||||||||||
State | 4,617 | 2,145 | 18,540 | 13,545 | ||||||||||||||
28,049 | 14,245 | 133,172 | 98,345 | |||||||||||||||
Deferred: | ||||||||||||||||||
Federal | (98,443 | ) | (5,291 | ) | (18,648 | ) | (8,307 | ) | ||||||||||
State | (19,431 | ) | (1,035 | ) | (791 | ) | (1,787 | ) | ||||||||||
(117,874 | ) | (6,326 | ) | (19,439 | ) | (10,094 | ) | |||||||||||
Income tax (benefit) expense | $ | (89,825 | ) | $ | 7,919 | $ | 113,733 | $ | 88,251 | |||||||||
Schedule of reconciliation of income tax expense to the amount calculated based on federal and state statutory rates | ' | |||||||||||||||||
A reconciliation of income tax (benefit) expense to the amount calculated based on the federal and state statutory rates is as follows: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||
Income tax (benefit) expense at statutory rate | $ | (78,365 | ) | $ | (1,814 | ) | $ | 97,101 | $ | 79,918 | ||||||||
State income taxes, net of federal income tax benefit | (9,256 | ) | 635 | 11,672 | 8,672 | |||||||||||||
Unbenefitted losses of foreign subsidiary | 1,265 | 533 | 4,594 | 530 | ||||||||||||||
Tax (benefit) expense related to tax settlements and other changes in tax liabilities | (1,101 | ) | 133 | 525 | (1,137 | ) | ||||||||||||
Impact of non-taxable income | (4 | ) | (10 | ) | (13 | ) | (18 | ) | ||||||||||
Impact of non-deductible expenses | (2,354 | ) | 8,514 | 683 | 1,000 | |||||||||||||
Other | (10 | ) | (72 | ) | (829 | ) | (714 | ) | ||||||||||
Total | $ | (89,825 | ) | $ | 7,919 | $ | 113,733 | $ | 88,251 | |||||||||
Effective tax rate | 40.1 | % | (152.9 | )% | 41 | % | 38.7 | % | ||||||||||
Schedule of significant components of net deferred income tax asset (liability) | ' | |||||||||||||||||
Significant components of our net deferred income tax asset (liability) are as follows: | ||||||||||||||||||
August 2, | August 3, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | ||||||||||||||||
Deferred income tax assets: | ||||||||||||||||||
Accruals and reserves | $ | 32,675 | $ | 25,909 | ||||||||||||||
Employee benefits | 162,748 | 128,225 | ||||||||||||||||
Other | 30,316 | 20,298 | ||||||||||||||||
Total deferred tax assets | $ | 225,739 | $ | 174,432 | ||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||||
Inventory | $ | (6,312 | ) | $ | (8,110 | ) | ||||||||||||
Depreciation and amortization | (272,796 | ) | (69,167 | ) | ||||||||||||||
Intangible assets | (1,405,933 | ) | (696,056 | ) | ||||||||||||||
Other | (41,725 | ) | (12,835 | ) | ||||||||||||||
Total deferred tax liabilities | (1,726,766 | ) | (786,168 | ) | ||||||||||||||
Net deferred income tax liability | $ | (1,501,027 | ) | $ | (611,736 | ) | ||||||||||||
Net deferred income tax asset (liability): | ||||||||||||||||||
Current | $ | 39,049 | $ | 27,645 | ||||||||||||||
Non-current | (1,540,076 | ) | (639,381 | ) | ||||||||||||||
Total | $ | (1,501,027 | ) | $ | (611,736 | ) | ||||||||||||
Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits | ' | |||||||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | ||||||||||||||||||
August 2, | August 3, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | ||||||||||||||||
Balance at beginning of fiscal year | $ | 3,461 | $ | 3,564 | ||||||||||||||
Gross amount of decreases for prior year tax positions | (1,072 | ) | (281 | ) | ||||||||||||||
Gross amount of increases for current year tax positions | 154 | 178 | ||||||||||||||||
Balance at ending of fiscal year | $ | 2,543 | $ | 3,461 | ||||||||||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
August 2, | August 3, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | |||||||||||||||||||||||
Pension Plan | $ | 189,890 | $ | 104,018 | |||||||||||||||||||||
SERP Plan | 113,787 | 103,854 | |||||||||||||||||||||||
Postretirement Plan | 10,945 | 12,429 | |||||||||||||||||||||||
314,622 | 220,301 | ||||||||||||||||||||||||
Less: current portion | (6,602 | ) | (6,542 | ) | |||||||||||||||||||||
Long-term portion of benefit obligations | $ | 308,020 | $ | 213,759 | |||||||||||||||||||||
Schedule of funded status | ' | ||||||||||||||||||||||||
The funded status of our Pension Plan, SERP Plan and Postretirement Plan is as follows: | |||||||||||||||||||||||||
Pension Plan | SERP Plan | Postretirement Plan | |||||||||||||||||||||||
Fiscal years | Fiscal years | Fiscal years | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | |||||||||||||||||||
Projected benefit obligation | $ | 592,918 | $ | 489,856 | $ | 113,787 | $ | 103,854 | $ | 10,945 | $ | 12,429 | |||||||||||||
Fair value of plan assets | (403,028 | ) | (385,838 | ) | — | — | — | — | |||||||||||||||||
Accrued obligation | $ | 189,890 | $ | 104,018 | $ | 113,787 | $ | 103,854 | $ | 10,945 | $ | 12,429 | |||||||||||||
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: | |||||||||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | ||||||||||||||||||||||
weeks ended | weeks ended | year ended | year ended | ||||||||||||||||||||||
August 2, | November 2, | August 3, | July 28, | ||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | |||||||||||||||||||||
Pension Plan: | |||||||||||||||||||||||||
Interest cost | $ | 19,516 | $ | 5,781 | $ | 21,243 | $ | 24,761 | |||||||||||||||||
Expected return on plan assets | (18,499 | ) | (6,401 | ) | (26,381 | ) | (27,097 | ) | |||||||||||||||||
Net amortization of losses | — | 1,095 | 6,287 | 2,616 | |||||||||||||||||||||
Pension Plan expense | $ | 1,017 | $ | 475 | $ | 1,149 | $ | 280 | |||||||||||||||||
SERP Plan: | |||||||||||||||||||||||||
Interest cost | $ | 3,653 | $ | 1,104 | $ | 4,037 | $ | 4,816 | |||||||||||||||||
Net amortization of losses | — | — | 522 | — | |||||||||||||||||||||
SERP Plan expense | $ | 3,653 | $ | 1,104 | $ | 4,559 | $ | 4,816 | |||||||||||||||||
Postretirement Plan: | |||||||||||||||||||||||||
Service cost | $ | 19 | $ | 5 | $ | 34 | $ | 35 | |||||||||||||||||
Interest cost | 520 | 142 | 650 | 780 | |||||||||||||||||||||
Net amortization of prior service cost | — | (321 | ) | (1,556 | ) | (1,556 | ) | ||||||||||||||||||
Net amortization of losses | — | 35 | 589 | 423 | |||||||||||||||||||||
Postretirement Plan expense (income) | $ | 539 | $ | (139 | ) | $ | (283 | ) | $ | (318 | ) | ||||||||||||||
Schedule of changes in obligations | ' | ||||||||||||||||||||||||
Changes in our obligations pursuant to our Pension Plan, SERP Plan and Postretirement Plan during fiscal years 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Pension Plan | SERP Plan | Postretirement Plan | |||||||||||||||||||||||
Fiscal years | Fiscal years | Fiscal years | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | (Successor) | (Predecessor) | |||||||||||||||||||
Projected benefit obligations: | |||||||||||||||||||||||||
Beginning of year | $ | 489,856 | $ | 565,852 | $ | 103,854 | $ | 117,562 | $ | 12,429 | $ | 17,466 | |||||||||||||
Service cost | — | — | — | — | 24 | 34 | |||||||||||||||||||
Interest cost | 25,297 | 21,243 | 4,757 | 4,037 | 662 | 650 | |||||||||||||||||||
Actuarial loss (gain): | |||||||||||||||||||||||||
Pre-Acquisition | 62,603 | (64,616 | ) | 4,484 | (13,565 | ) | 2,329 | (4,308 | ) | ||||||||||||||||
Post-Acquisition | 36,837 | — | 5,044 | — | (3,765 | ) | — | ||||||||||||||||||
Benefits paid, net | (21,675 | ) | (32,623 | ) | (4,352 | ) | (4,180 | ) | (734 | ) | (1,413 | ) | |||||||||||||
End of year | $ | 592,918 | $ | 489,856 | $ | 113,787 | $ | 103,854 | $ | 10,945 | $ | 12,429 | |||||||||||||
Summary of expected benefit payments | ' | ||||||||||||||||||||||||
A summary of expected benefit payments related to our Pension Plan, SERP Plan and Postretirement Plan is as follows: | |||||||||||||||||||||||||
Pension | SERP | Postretirement | |||||||||||||||||||||||
(in thousands) | Plan | Plan | Plan | ||||||||||||||||||||||
Fiscal year 2015 | $ | 22,141 | $ | 5,940 | $ | 663 | |||||||||||||||||||
Fiscal year 2016 | 23,698 | 6,099 | 705 | ||||||||||||||||||||||
Fiscal year 2017 | 25,253 | 6,549 | 692 | ||||||||||||||||||||||
Fiscal year 2018 | 26,809 | 6,870 | 692 | ||||||||||||||||||||||
Fiscal year 2019 | 28,255 | 6,953 | 647 | ||||||||||||||||||||||
Fiscal years 2020-2024 | 160,805 | 36,227 | 3,203 | ||||||||||||||||||||||
Schedule of asset allocation by asset category | ' | ||||||||||||||||||||||||
The asset allocation for our Pension Plan at the end of fiscal years 2014 and 2013 and the target allocation for fiscal year 2015, by asset category, are as follows: | |||||||||||||||||||||||||
Pension Plan | |||||||||||||||||||||||||
Allocation at | Allocation at | 2015 | |||||||||||||||||||||||
July 31, | July 31, | Target | |||||||||||||||||||||||
2014 | 2013 | Allocation | |||||||||||||||||||||||
Equity securities | 60 | % | 62 | % | 60 | % | |||||||||||||||||||
Fixed income securities | 40 | % | 38 | % | 40 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
Schedule of changes in assets held | ' | ||||||||||||||||||||||||
Changes in the assets held by our Pension Plan in fiscal years 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Fiscal years | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | |||||||||||||||||||||||
Fair value of assets at beginning of year | $ | 385,838 | $ | 389,899 | |||||||||||||||||||||
Actual return on assets | 38,865 | 3,513 | |||||||||||||||||||||||
Contribution | — | 25,049 | |||||||||||||||||||||||
Benefits paid | (21,675 | ) | (32,623 | ) | |||||||||||||||||||||
Fair value of assets at end of year | $ | 403,028 | $ | 385,838 | |||||||||||||||||||||
Schedule of fair value of plan assets by level within the fair value hierarchy | ' | ||||||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the Pension Plan’s assets at fair value as of August 2, 2014 and August 3, 2013. | |||||||||||||||||||||||||
2-Aug-14 | |||||||||||||||||||||||||
(Successor) | |||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common/collective trusts | $ | — | $ | 57,132 | $ | — | $ | 57,132 | |||||||||||||||||
Hedge funds | — | — | 180,681 | 180,681 | |||||||||||||||||||||
Limited partnership interests | — | — | 4,546 | 4,546 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate debt securities | — | 85,411 | — | 85,411 | |||||||||||||||||||||
Mutual funds | 39,331 | — | — | 39,331 | |||||||||||||||||||||
U.S. government securities | 27,971 | — | — | 27,971 | |||||||||||||||||||||
Other | — | 7,956 | — | 7,956 | |||||||||||||||||||||
Total investments | $ | 67,302 | $ | 150,499 | $ | 185,227 | $ | 403,028 | |||||||||||||||||
3-Aug-13 | |||||||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common/collective trusts | $ | — | $ | 59,457 | $ | — | $ | 59,457 | |||||||||||||||||
Hedge funds | — | — | 176,951 | 176,951 | |||||||||||||||||||||
Limited partnership interests | — | — | 4,197 | 4,197 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate debt securities | — | 34,204 | — | 34,204 | |||||||||||||||||||||
Mutual funds | 93,033 | — | — | 93,033 | |||||||||||||||||||||
U.S. government securities | 12,630 | — | — | 12,630 | |||||||||||||||||||||
Other | — | 5,366 | — | 5,366 | |||||||||||||||||||||
Total investments | $ | 105,663 | $ | 99,027 | $ | 181,148 | $ | 385,838 | |||||||||||||||||
Summary of changes in the fair value of plan's level 3 investment assets | ' | ||||||||||||||||||||||||
The table below sets forth a summary of changes in the fair value of our Pension Plan’s Level 3 investment assets for fiscal years 2014 and 2013. | |||||||||||||||||||||||||
Fiscal years | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | |||||||||||||||||||||||
Balance, beginning of year | $ | 181,148 | $ | 132,074 | |||||||||||||||||||||
Purchases | 80,529 | 133,462 | |||||||||||||||||||||||
Sales | (89,668 | ) | (96,672 | ) | |||||||||||||||||||||
Realized gains | 9,459 | 15,257 | |||||||||||||||||||||||
Unrealized losses relating to investments sold | (4,019 | ) | (17,041 | ) | |||||||||||||||||||||
Unrealized gains relating to investments still held | 7,778 | 14,068 | |||||||||||||||||||||||
Balance, end of year | $ | 185,227 | $ | 181,148 | |||||||||||||||||||||
Schedule of assumptions utilized in calculating projected benefit obligations and periodic expense of the entity's Pension Plan, SERP Plan and Postretirement Plan | ' | ||||||||||||||||||||||||
The assumptions we utilized in calculating the projected benefit obligations and periodic expense of our Pension Plan, SERP Plan and Postretirement Plan are as follows: | |||||||||||||||||||||||||
July 31, | November 2, | July 31, | July 31, | ||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||||||||
Pension Plan: | |||||||||||||||||||||||||
Discount rate | 4.35 | % | 4.8 | % | 4.7 | % | 3.8 | % | |||||||||||||||||
Expected long-term rate of return on plan assets | 6.5 | % | 6.5 | % | 6.5 | % | 7 | % | |||||||||||||||||
SERP Plan: | |||||||||||||||||||||||||
Discount rate | 4.2 | % | 4.6 | % | 4.5 | % | 3.6 | % | |||||||||||||||||
Postretirement Plan: | |||||||||||||||||||||||||
Discount rate | 4.25 | % | 4.8 | % | 4.7 | % | 3.8 | % | |||||||||||||||||
Initial health care cost trend rate | 8 | % | 8 | % | 8 | % | 8 | % | |||||||||||||||||
Ultimate health care cost trend rate | 5 | % | 8 | % | 8 | % | 8 | % | |||||||||||||||||
Schedule of significant assumptions utilized and sensitivity analysis related to changes in assumptions | ' | ||||||||||||||||||||||||
Significant assumptions utilized in the calculation of our projected benefit obligations as of August 2, 2014 and future expense requirements for our Pension Plan, SERP Plan and Postretirement Plan, and sensitivity analysis related to changes in these assumptions, are as follows: | |||||||||||||||||||||||||
Using Sensitivity Rate | |||||||||||||||||||||||||
Actual | Sensitivity | (Decrease)/ | Increase in | ||||||||||||||||||||||
Rate | Rate | Increase in | Expense | ||||||||||||||||||||||
Increase/(Decrease) | Liability | (in millions) | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Pension Plan: | |||||||||||||||||||||||||
Discount rate | 4.35 | % | 0.25 | % | $ | (20.3 | ) | $ | 0.5 | ||||||||||||||||
Expected long-term rate of return on plan assets | 6.5 | % | (0.50 | )% | N/A | $ | 1.9 | ||||||||||||||||||
SERP Plan: | |||||||||||||||||||||||||
Discount rate | 4.2 | % | 0.25 | % | $ | (3.2 | ) | $ | 0.1 | ||||||||||||||||
Postretirement Plan: | |||||||||||||||||||||||||
Discount rate | 4.25 | % | 0.25 | % | $ | (0.3 | ) | $ | — | ||||||||||||||||
Ultimate health care cost trend rate | 5 | % | 1 | % | $ | 1.4 | $ | 0.1 | |||||||||||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||
Aug. 02, 2014 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||
Summary of stock option activity | ' | |||||||||
A summary of Successor stock option activity is as follows: | ||||||||||
Thirty-nine weeks ended August 2, 2014 | ||||||||||
Shares | Weighted | Weighted Average | ||||||||
Average | Remaining | |||||||||
Exercise | Contractual Life | |||||||||
Price | (years) | |||||||||
Outstanding at November 2, 2013 | — | $ | — | |||||||
Co-Invest Options rollover | 56,979 | 468 | ||||||||
Granted | 157,992 | 1,000 | ||||||||
Forfeited | (1,030 | ) | 1,000 | |||||||
Outstanding at August 2, 2014 | 213,941 | $ | 858 | 8 | ||||||
Options exercisable at end of fiscal year | 56,979 | $ | 468 | 4.2 | ||||||
Schedule of assumptions used to estimate fair value for stock options at grant date | ' | |||||||||
We used the following assumptions to estimate the fair value for stock options at grant date: | ||||||||||
Weighted average exercise price | $ | 1,000 | ||||||||
Weighted term in years | 5 | |||||||||
Weighted average volatility | 45.12 | % | ||||||||
Risk-free interest rate | 1.39 | % | ||||||||
Dividend yield | — | |||||||||
Weighted average fair value | $ | 407 | ||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended | ||||||||||||
Aug. 02, 2014 | |||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ||||||||||||
Components of accumulated other comprehensive loss | ' | ||||||||||||
The following table summarizes the changes in accumulated other comprehensive 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 | ||||||||||
Balance, November 2, 2013 | $ | (3,165 | ) | $ | (103,040 | ) | $ | (106,205 | ) | ||||
Successor: | |||||||||||||
Balance, November 2, 2013 | $ | — | $ | — | $ | — | |||||||
Other comprehensive loss before reclassifications | (954 | ) | (16,475 | ) | (17,429 | ) | |||||||
Balance, August 2, 2014 | $ | (954 | ) | $ | (16,475 | ) | $ | (17,429 | ) | ||||
-1 | The amounts reclassified from accumulated other comprehensive loss are recorded within interest expense on the Consolidated Statements of Operations. |
OTHER_EXPENSES_Tables
OTHER EXPENSES (Tables) | 12 Months Ended | |||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||||
Schedule of Other Operating Cost and Expense, by Component | ' | |||||||||||||||||
Other expenses consists of the following components: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (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 | 1,812 | 28,942 | — | — | ||||||||||||||
Total transaction costs | 53,322 | 109,399 | — | — | ||||||||||||||
Costs related to criminal cyber-attack | 12,587 | — | — | — | ||||||||||||||
Equity in loss of foreign e-commerce retailer | 3,613 | 1,523 | 13,125 | 1,514 | ||||||||||||||
Management fee due to Former Sponsors | — | 2,823 | 10,000 | 10,000 | ||||||||||||||
Other non-recurring expenses | 6,825 | — | — | — | ||||||||||||||
Other expenses | $ | 76,347 | $ | 113,745 | $ | 23,125 | $ | 11,514 | ||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of rent expense and related occupancy costs under operating leases | ' | |||||||||||||||||
Rent expense and related occupancy costs under operating leases is as follows: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||
Minimum rent | $ | 47,800 | $ | 15,200 | $ | 60,100 | $ | 58,300 | ||||||||||
Contingent rent | 22,600 | 6,900 | 28,200 | 25,600 | ||||||||||||||
Other occupancy costs | 9,400 | 4,000 | 16,300 | 14,800 | ||||||||||||||
Amortization of deferred real estate credits | (200 | ) | (2,000 | ) | (7,900 | ) | (6,800 | ) | ||||||||||
Total rent expense | $ | 79,600 | $ | 24,100 | $ | 96,700 | $ | 91,900 | ||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||||||||||||||
Future minimum rental commitments, excluding renewal options, under non-cancelable leases for the next five fiscal years and thereafter are as follows (in thousands): | ||||||||||||||||||
2015 | $ | 64,600 | ||||||||||||||||
2016 | 63,100 | |||||||||||||||||
2017 | 59,200 | |||||||||||||||||
2018 | 56,200 | |||||||||||||||||
2019 | 49,500 | |||||||||||||||||
Thereafter | 613,800 | |||||||||||||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | |||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Schedule of information for the entity's reportable segments | ' | |||||||||||||||||
The following tables set forth the information for our reportable segments: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | (Predecessor) | ||||||||||||||
REVENUES | ||||||||||||||||||
Specialty Retail Stores | $ | 2,801,533 | $ | 889,295 | $ | 3,616,938 | $ | 3,466,628 | ||||||||||
Online | 908,660 | 239,843 | 1,031,311 | 878,746 | ||||||||||||||
Total | $ | 3,710,193 | $ | 1,129,138 | $ | 4,648,249 | $ | 4,345,374 | ||||||||||
OPERATING EARNINGS | ||||||||||||||||||
Specialty Retail Stores | $ | 288,649 | $ | 138,203 | $ | 411,435 | $ | 391,197 | ||||||||||
Online | 126,916 | 33,801 | 157,703 | 132,360 | ||||||||||||||
Corporate expenses | (43,064 | ) | (12,932 | ) | (46,720 | ) | (53,175 | ) | ||||||||||
Other expenses | (76,347 | ) | (113,745 | ) | (23,125 | ) | (11,514 | ) | ||||||||||
Corporate depreciation/amortization charges | (157,688 | ) | (13,191 | ) | (52,906 | ) | (55,294 | ) | ||||||||||
Corporate amortization of inventory step-up | (129,635 | ) | — | — | — | |||||||||||||
Total | $ | 8,831 | $ | 32,136 | $ | 446,387 | $ | 403,574 | ||||||||||
CAPITAL EXPENDITURES | ||||||||||||||||||
Specialty Retail Stores | $ | 112,780 | $ | 28,831 | $ | 119,065 | $ | 126,485 | ||||||||||
Online | 25,227 | 7,128 | 27,440 | 26,353 | ||||||||||||||
Total | $ | 138,007 | $ | 35,959 | $ | 146,505 | $ | 152,838 | ||||||||||
DEPRECIATION AND AMORTIZATION EXPENSE | ||||||||||||||||||
Specialty Retail Stores | $ | 83,132 | $ | 26,439 | $ | 111,964 | $ | 106,288 | ||||||||||
Online | 21,140 | 6,329 | 24,081 | 18,660 | ||||||||||||||
Corporate depreciation/amortization charges | 157,688 | 13,191 | 52,906 | 55,294 | ||||||||||||||
Total | $ | 261,960 | $ | 45,959 | $ | 188,951 | $ | 180,242 | ||||||||||
August 2, | August 3, | July 28, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
(in thousands) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||
ASSETS | ||||||||||||||||||
Tangible assets of Specialty Retail Stores | $ | 2,278,036 | $ | 1,818,888 | $ | 1,777,112 | ||||||||||||
Tangible assets of Online | 285,581 | 219,230 | 200,553 | |||||||||||||||
Corporate assets: | ||||||||||||||||||
Intangible assets related to Specialty Retail Stores | 4,422,929 | 2,604,600 | 2,651,481 | |||||||||||||||
Intangible assets related to Online | 1,378,682 | 440,981 | 441,536 | |||||||||||||||
Other | 396,498 | 216,542 | 131,173 | |||||||||||||||
Total | $ | 8,761,726 | $ | 5,300,241 | $ | 5,201,855 | ||||||||||||
Schedule of revenues by merchandise category as a percentage of net sales | ' | |||||||||||||||||
The following table presents our revenues by merchandise category as a percentage of net sales: | ||||||||||||||||||
Thirty-nine | Thirteen | Fiscal | Fiscal | |||||||||||||||
weeks ended | weeks ended | year ended | year ended | |||||||||||||||
August 2, | November 2, | August 3, | July 28, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(Successor) | (Predecessor) | (Predecessor) | (Predecessor) | |||||||||||||||
Women’s Apparel | 30 | % | 33 | % | 31 | % | 34 | % | ||||||||||
Women’s Shoes, Handbags and Accessories | 28 | 27 | 27 | 25 | ||||||||||||||
Men’s Apparel and Shoes | 12 | 11 | 12 | 12 | ||||||||||||||
Designer and Precious Jewelry | 11 | 10 | 12 | 11 | ||||||||||||||
Cosmetics and Fragrances | 11 | 12 | 11 | 11 | ||||||||||||||
Home Furnishings and Décor | 6 | 5 | 5 | 6 | ||||||||||||||
Other | 2 | 2 | 2 | 1 | ||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % |
CONDENSED_CONSOLIDATING_FINANC1
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||
Schedule of condensed balance sheets | ' | ||||||||||||||||||||
August 2, 2014 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 195,004 | $ | 1,472 | $ | — | $ | 196,476 | |||||||||||
Merchandise inventories | — | 953,936 | 115,696 | — | 1,069,632 | ||||||||||||||||
Other current assets | — | 131,894 | 11,772 | — | 143,666 | ||||||||||||||||
Total current assets | — | 1,280,834 | 128,940 | — | 1,409,774 | ||||||||||||||||
Property and equipment, net | — | 1,275,264 | 115,002 | — | 1,390,266 | ||||||||||||||||
Goodwill | — | 1,669,364 | 479,263 | — | 2,148,627 | ||||||||||||||||
Intangible assets, net | — | 708,125 | 2,944,859 | — | 3,652,984 | ||||||||||||||||
Other assets | — | 158,637 | 1,438 | — | 160,075 | ||||||||||||||||
Investments in subsidiaries | 1,432,594 | 3,560,258 | — | (4,992,852 | ) | — | |||||||||||||||
Total assets | $ | 1,432,594 | $ | 8,652,482 | $ | 3,669,502 | $ | (4,992,852 | ) | $ | 8,761,726 | ||||||||||
LIABILITIES AND MEMBER EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 343,783 | $ | 31,302 | $ | — | $ | 375,085 | |||||||||||
Accrued liabilities | — | 375,640 | 76,532 | — | 452,172 | ||||||||||||||||
Current portion of long-term debt | — | 29,426 | — | — | 29,426 | ||||||||||||||||
Total current liabilities | — | 748,849 | 107,834 | — | 856,683 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||
Long-term debt | — | 4,580,521 | — | — | 4,580,521 | ||||||||||||||||
Deferred income taxes | — | 1,540,076 | — | — | 1,540,076 | ||||||||||||||||
Other long-term liabilities | — | 350,442 | 1,410 | — | 351,852 | ||||||||||||||||
Total long-term liabilities | — | 6,471,039 | 1,410 | — | 6,472,449 | ||||||||||||||||
Total member equity | 1,432,594 | 1,432,594 | 3,560,258 | (4,992,852 | ) | 1,432,594 | |||||||||||||||
Total liabilities and member equity | $ | 1,432,594 | $ | 8,652,482 | $ | 3,669,502 | $ | (4,992,852 | ) | $ | 8,761,726 | ||||||||||
3-Aug-13 | |||||||||||||||||||||
(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 | ||||||||||
Schedule of condensed statements of operations | ' | ||||||||||||||||||||
Thirty-nine weeks ended August 2, 2014 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 3,103,810 | $ | 606,383 | $ | — | $ | 3,710,193 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 2,164,594 | 398,679 | — | 2,563,273 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 729,533 | 110,921 | — | 840,454 | ||||||||||||||||
Income from credit card program | — | (36,795 | ) | (3,877 | ) | — | (40,672 | ) | |||||||||||||
Depreciation expense | — | 100,097 | 13,237 | — | 113,334 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 107,450 | 41,176 | — | 148,626 | ||||||||||||||||
Other expenses | — | 72,734 | 3,613 | — | 76,347 | ||||||||||||||||
Operating (loss) earnings | — | (33,803 | ) | 42,634 | — | 8,831 | |||||||||||||||
Interest expense, net | — | 232,739 | — | — | 232,739 | ||||||||||||||||
Intercompany royalty charges (income) | — | 106,783 | (106,783 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 134,083 | (149,417 | ) | — | 15,334 | — | |||||||||||||||
(Loss) earnings before income taxes | (134,083 | ) | (223,908 | ) | 149,417 | (15,334 | ) | (223,908 | ) | ||||||||||||
Income tax benefit | — | (89,825 | ) | — | — | (89,825 | ) | ||||||||||||||
Net (loss) earnings | $ | (134,083 | ) | $ | (134,083 | ) | $ | 149,417 | $ | (15,334 | ) | $ | (134,083 | ) | |||||||
Total other comprehensive (loss) earnings, net of tax | (17,429 | ) | (17,429 | ) | — | 17,429 | (17,429 | ) | |||||||||||||
Total comprehensive (loss) earnings | $ | (151,512 | ) | $ | (151,512 | ) | $ | 149,417 | $ | 2,095 | $ | (151,512 | ) | ||||||||
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 | ) | |||||||
Fiscal year ended August 3, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 3,875,580 | $ | 772,669 | $ | — | $ | 4,648,249 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 2,500,640 | 494,723 | — | 2,995,363 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 911,850 | 135,946 | — | 1,047,796 | ||||||||||||||||
Income from credit card program | — | (48,635 | ) | (4,738 | ) | — | (53,373 | ) | |||||||||||||
Depreciation expense | — | 127,606 | 13,909 | — | 141,515 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 35,092 | 12,344 | — | 47,436 | ||||||||||||||||
Other expenses | — | 10,000 | 13,125 | — | 23,125 | ||||||||||||||||
Operating earnings | — | 339,027 | 107,360 | — | 446,387 | ||||||||||||||||
Interest expense, net | — | 168,952 | 3 | — | 168,955 | ||||||||||||||||
Intercompany royalty charges (income) | — | 130,459 | (130,459 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (163,699 | ) | (237,816 | ) | — | 401,515 | — | ||||||||||||||
Earnings (loss) before income taxes | 163,699 | 277,432 | 237,816 | (401,515 | ) | 277,432 | |||||||||||||||
Income tax expense | — | 113,733 | — | — | 113,733 | ||||||||||||||||
Net earnings (loss) | $ | 163,699 | $ | 163,699 | $ | 237,816 | $ | (401,515 | ) | $ | 163,699 | ||||||||||
Total other comprehensive earnings (loss), net of tax | 41,263 | 41,263 | — | (41,263 | ) | 41,263 | |||||||||||||||
Total comprehensive earnings (loss) | $ | 204,962 | $ | 204,962 | $ | 237,816 | $ | (442,778 | ) | $ | 204,962 | ||||||||||
Fiscal year ended July 28, 2012 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenues | $ | — | $ | 3,607,190 | $ | 738,184 | $ | — | $ | 4,345,374 | |||||||||||
Cost of goods sold including buying and occupancy costs (excluding depreciation) | — | 2,319,516 | 475,197 | — | 2,794,713 | ||||||||||||||||
Selling, general and administrative expenses (excluding depreciation) | — | 880,677 | 126,225 | — | 1,006,902 | ||||||||||||||||
Income from credit card program | — | (46,957 | ) | (4,614 | ) | — | (51,571 | ) | |||||||||||||
Depreciation expense | — | 116,142 | 13,977 | — | 130,119 | ||||||||||||||||
Amortization of intangible assets and favorable lease commitments | — | 37,224 | 12,899 | — | 50,123 | ||||||||||||||||
Other expenses | — | 10,000 | 1,514 | — | 11,514 | ||||||||||||||||
Operating earnings | — | 290,588 | 112,986 | — | 403,574 | ||||||||||||||||
Interest expense, net | — | 175,232 | 5 | — | 175,237 | ||||||||||||||||
Intercompany royalty charges (income) | — | 204,181 | (204,181 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (140,086 | ) | (317,162 | ) | — | 457,248 | — | ||||||||||||||
Earnings (loss) before income taxes | 140,086 | 228,337 | 317,162 | (457,248 | ) | 228,337 | |||||||||||||||
Income tax expense | — | 88,251 | — | — | 88,251 | ||||||||||||||||
Net earnings (loss) | $ | 140,086 | $ | 140,086 | $ | 317,162 | $ | (457,248 | ) | $ | 140,086 | ||||||||||
Total other comprehensive (loss) earnings, net of tax | (75,747 | ) | (75,747 | ) | — | 75,747 | (75,747 | ) | |||||||||||||
Total comprehensive earnings (loss) | $ | 64,339 | $ | 64,339 | $ | 317,162 | $ | (381,501 | ) | $ | 64,339 | ||||||||||
Schedule of condensed statements of cash flows | ' | ||||||||||||||||||||
Acquisition and Thirty-nine weeks ended August 2, 2014 | |||||||||||||||||||||
(Successor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS—OPERATING ACTIVITIES | |||||||||||||||||||||
Net (loss) earnings | $ | (134,083 | ) | $ | (134,083 | ) | $ | 149,417 | $ | (15,334 | ) | $ | (134,083 | ) | |||||||
Adjustments to reconcile net (loss) earnings to net cash provided by (used for) operating activities: | |||||||||||||||||||||
Depreciation and amortization expense | — | 224,664 | 54,413 | — | 279,077 | ||||||||||||||||
Loss on debt extinguishment | — | 7,882 | — | — | 7,882 | ||||||||||||||||
Equity in loss of foreign e-commerce retailer | — | — | 3,613 | — | 3,613 | ||||||||||||||||
Deferred income taxes | — | (117,874 | ) | — | — | (117,874 | ) | ||||||||||||||
Non-cash charges related to the Acquisition | — | 145,062 | — | — | 145,062 | ||||||||||||||||
Other | — | 4,878 | 53 | — | 4,931 | ||||||||||||||||
Intercompany royalty income payable (receivable) | — | 106,783 | (106,783 | ) | — | — | |||||||||||||||
Equity in loss (earnings) of subsidiaries | 134,083 | (149,417 | ) | — | 15,334 | — | |||||||||||||||
Changes in operating assets and liabilities, net | — | 216,411 | (121,634 | ) | — | 94,777 | |||||||||||||||
Net cash provided by (used for) operating activities | — | 304,306 | (20,921 | ) | — | 283,385 | |||||||||||||||
CASH FLOWS—INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | — | (124,321 | ) | (13,686 | ) | — | (138,007 | ) | |||||||||||||
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 | — | (3,512,906 | ) | 21,314 | — | (3,491,592 | ) | ||||||||||||||
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 | — | (2,770,185 | ) | — | — | (2,770,185 | ) | ||||||||||||||
Debt issuance costs paid | — | (178,606 | ) | — | — | (178,606 | ) | ||||||||||||||
Cash equity contributions | — | 1,557,350 | — | — | 1,557,350 | ||||||||||||||||
Net cash provided by financing activities | — | 3,288,559 | — | — | 3,288,559 | ||||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||
Increase during the period | — | 79,959 | 393 | — | 80,352 | ||||||||||||||||
Beginning balance | — | 115,045 | 1,079 | — | 116,124 | ||||||||||||||||
Ending balance | $ | — | $ | 195,004 | $ | 1,472 | $ | — | $ | 196,476 | |||||||||||
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 | |||||||||||
Fiscal year ended August 3, 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS - OPERATING ACTIVITIES | |||||||||||||||||||||
Net earnings (loss) | $ | 163,699 | $ | 163,699 | $ | 237,816 | $ | (401,515 | ) | $ | 163,699 | ||||||||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization expense | — | 171,102 | 26,253 | — | 197,355 | ||||||||||||||||
Loss on debt extinguishment | — | 15,597 | — | — | 15,597 | ||||||||||||||||
Equity in loss of foreign e-commerce retailer | — | — | 13,125 | — | 13,125 | ||||||||||||||||
Deferred income taxes | — | (19,439 | ) | — | — | (19,439 | ) | ||||||||||||||
Other | — | 5,785 | (152 | ) | — | 5,633 | |||||||||||||||
Intercompany royalty income payable (receivable) | — | 130,459 | (130,459 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (163,699 | ) | (237,816 | ) | — | 401,515 | — | ||||||||||||||
Changes in operating assets and liabilities, net | — | 95,260 | (121,871 | ) | — | (26,611 | ) | ||||||||||||||
Net cash provided by operating activities | — | 324,647 | 24,712 | — | 349,359 | ||||||||||||||||
CASH FLOWS - INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | — | (131,697 | ) | (14,808 | ) | — | (146,505 | ) | |||||||||||||
Investment in foreign e-commerce retailer | — | — | (10,000 | ) | — | (10,000 | ) | ||||||||||||||
Net cash used for investing activities | — | (131,697 | ) | (24,808 | ) | — | (156,505 | ) | |||||||||||||
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 | — | (695,668 | ) | — | — | (695,668 | ) | ||||||||||||||
Debt issuance costs paid | — | (9,763 | ) | — | — | (9,763 | ) | ||||||||||||||
Net cash used for financing activities | — | (105,431 | ) | — | — | (105,431 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||
Increase (decrease) during the period | — | 87,519 | (96 | ) | — | 87,423 | |||||||||||||||
Beginning balance | — | 48,308 | 945 | — | 49,253 | ||||||||||||||||
Ending balance | $ | — | $ | 135,827 | $ | 849 | $ | — | $ | 136,676 | |||||||||||
Fiscal year ended July 28, 2012 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
(in thousands) | Company | NMG | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantor | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS - OPERATING ACTIVITIES | |||||||||||||||||||||
Net earnings (loss) | $ | 140,086 | $ | 140,086 | $ | 317,162 | $ | (457,248 | ) | $ | 140,086 | ||||||||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization expense | — | 161,823 | 26,876 | — | 188,699 | ||||||||||||||||
Equity in loss of foreign e-commerce retailer | — | — | 1,514 | — | 1,514 | ||||||||||||||||
Deferred income taxes | — | (10,094 | ) | — | — | (10,094 | ) | ||||||||||||||
Other | — | 6,884 | 120 | — | 7,004 | ||||||||||||||||
Intercompany royalty income payable (receivable) | — | 204,181 | (204,181 | ) | — | — | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (140,086 | ) | (317,162 | ) | — | 457,248 | — | ||||||||||||||
Changes in operating assets and liabilities, net | — | 29,830 | (97,229 | ) | — | (67,399 | ) | ||||||||||||||
Net cash provided by operating activities | — | 215,548 | 44,262 | — | 259,810 | ||||||||||||||||
CASH FLOWS - INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | — | (138,216 | ) | (14,622 | ) | — | (152,838 | ) | |||||||||||||
Investment in foreign e-commerce retailer | — | — | (29,421 | ) | — | (29,421 | ) | ||||||||||||||
Net cash used for investing activities | — | (138,216 | ) | (44,043 | ) | — | (182,259 | ) | |||||||||||||
CASH FLOWS - FINANCING ACTIVITIES | |||||||||||||||||||||
Borrowings under Former Asset-Based Revolving Credit Facility | — | 175,000 | — | — | 175,000 | ||||||||||||||||
Repayment of borrowings | — | (75,000 | ) | — | — | (75,000 | ) | ||||||||||||||
Distributions to stockholders | — | (449,295 | ) | — | — | (449,295 | ) | ||||||||||||||
Debt issuance costs paid | — | (594 | ) | — | — | (594 | ) | ||||||||||||||
Net cash used for financing activities | — | (349,889 | ) | — | — | (349,889 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||
(Decrease) increase during the period | — | (272,557 | ) | 219 | — | (272,338 | ) | ||||||||||||||
Beginning balance | — | 320,865 | 726 | — | 321,591 | ||||||||||||||||
Ending balance | $ | — | $ | 48,308 | $ | 945 | $ | — | $ | 49,253 | |||||||||||
QUARTERLY_FINANCIAL_INFORMATIO1
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of quarterly financial information | ' | ||||||||||||||||||||
Fiscal year 2014 | |||||||||||||||||||||
(in millions) | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
(Predecessor) | (Successor) | (Successor) | (Successor) | ||||||||||||||||||
Revenues | $ | 1,129.10 | $ | 1,432.80 | $ | 1,164.70 | $ | 1,112.70 | $ | 4,839.30 | |||||||||||
Gross profit (1) | $ | 443.7 | $ | 379.8 | $ | 415.7 | $ | 351.5 | $ | 1,590.70 | |||||||||||
Net loss (2) (3) | $ | (13.1 | ) | $ | (84.0 | ) | $ | (8.0 | ) | $ | (42.1 | ) | $ | (147.2 | ) | ||||||
Fiscal year 2013 | |||||||||||||||||||||
(Predecessor) | |||||||||||||||||||||
Revenues | $ | 1,068.50 | $ | 1,362.40 | $ | 1,098.30 | $ | 1,119.00 | $ | 4,648.20 | |||||||||||
Gross profit (1) | $ | 423.1 | $ | 440.7 | $ | 435 | $ | 354.1 | $ | 1,652.90 | |||||||||||
Net earnings (4) | $ | 49.6 | $ | 40.4 | $ | 70.8 | $ | 2.9 | $ | 163.7 | |||||||||||
-1 | Gross profit includes revenues less cost of goods sold including buying and occupancy costs (excluding depreciation). | ||||||||||||||||||||
-2 | For fiscal year 2014, net loss includes $162.7 million of transaction costs incurred in connection with the Acquisition and a $7.9 million pretax charge related to a loss on debt extinguishment recorded in the third quarter. | ||||||||||||||||||||
-3 | Depreciation and amortization expense for the second, third and fourth quarters of fiscal year 2014 are based on the fair values of the acquired assets determined in connection with the finalization of the purchase price allocation in the fourth quarter. As a result, depreciation and amortization expense for the second and third quarters, as well as the net loss of such periods, differ from previously disclosed amounts as follows: | ||||||||||||||||||||
Fiscal year 2014 | |||||||||||||||||||||
(in millions) | Second | Third | |||||||||||||||||||
Quarter | Quarter | ||||||||||||||||||||
(Successor) | (Successor) | ||||||||||||||||||||
Net loss, as reported | $ | (68.0 | ) | $ | (2.7 | ) | |||||||||||||||
Depreciation and amortization expense, net of tax | (16.0 | ) | (5.3 | ) | |||||||||||||||||
Net loss, as adjusted | $ | (84.0 | ) | $ | (8.0 | ) | |||||||||||||||
-4 | For fiscal year 2013, net earnings include a $15.6 million pretax charge related to a loss on debt extinguishment recorded in the second quarter. | ||||||||||||||||||||
Reconciliation of net loss that differ from previously disclosed amounts | ' | ||||||||||||||||||||
As a result, depreciation and amortization expense for the second and third quarters, as well as the net loss of such periods, differ from previously disclosed amounts as follows: | |||||||||||||||||||||
Fiscal year 2014 | |||||||||||||||||||||
(in millions) | Second | Third | |||||||||||||||||||
Quarter | Quarter | ||||||||||||||||||||
(Successor) | (Successor) | ||||||||||||||||||||
Net loss, as reported | $ | (68.0 | ) | $ | (2.7 | ) | |||||||||||||||
Depreciation and amortization expense, net of tax | (16.0 | ) | (5.3 | ) | |||||||||||||||||
Net loss, as adjusted | $ | (84.0 | ) | $ | (8.0 | ) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Nov. 02, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | Jul. 28, 2012 |
Cash and Cash Equivalents | ' | ' | ' | ' |
Accounts payable related to outstanding checks not yet presented for payment | ' | $45.60 | $46.30 | ' |
Merchandise Inventories and Cost of Goods Sold | ' | ' | ' | ' |
Vendor allowances received | 5 | 88.5 | 90.2 | 92.5 |
Consignment merchandise held with a cost basis | ' | $376.80 | $358.90 | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) | 12 Months Ended |
Aug. 02, 2014 | |
Buildings and improvements | Minimum | ' |
Long-lived Assets | ' |
Estimated useful lives used to depreciate long-lived assets | '5 years |
Buildings and improvements | Maximum | ' |
Long-lived Assets | ' |
Estimated useful lives used to depreciate long-lived assets | '30 years |
Furniture and Fixtures | Minimum | ' |
Long-lived Assets | ' |
Estimated useful lives used to depreciate long-lived assets | '3 years |
Furniture and Fixtures | Maximum | ' |
Long-lived Assets | ' |
Estimated useful lives used to depreciate long-lived assets | '15 years |
Internal computer software | Minimum | ' |
Long-lived Assets | ' |
Estimated useful lives used to depreciate long-lived assets | '3 years |
Internal computer software | Maximum | ' |
Long-lived Assets | ' |
Estimated useful lives used to depreciate long-lived assets | '10 years |
Leasehold Improvements | ' |
Long-lived Assets | ' |
Estimated useful life | 'shorter of the asset life or the lease term |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $) | 9 Months Ended | 0 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Oct. 06, 2005 | Nov. 02, 2013 | Nov. 02, 2013 | Oct. 06, 2005 | Nov. 02, 2013 | Nov. 02, 2013 |
Minimum | Maximum | Favorable lease commitments | Favorable lease commitments | Favorable lease commitments | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||
Minimum | Maximum | Other Definite-lived Intangible Assets | Other Definite-lived Intangible Assets | Other Definite-lived Intangible Assets | Favorable lease commitments | Favorable lease commitments | Favorable lease commitments | |||||
Minimum | Maximum | Minimum | Maximum | |||||||||
Intangible Assets Subject to Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | '12 years | '16 years | ' | '2 years | '55 years | ' | '4 years | '24 years | ' | '9 years | '49 years |
Weighted average life | '14 years | ' | ' | '30 years | ' | ' | '13 years | ' | ' | '33 years | ' | ' |
Estimated amortization of all acquisition-related intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | $131,783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 105,737 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 100,937 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 95,928 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2019 | $92,313 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $) | 12 Months Ended | ||
Aug. 02, 2014 | Aug. 03, 2013 | Jul. 28, 2012 | |
Indefinite-lived Intangible Assets and Goodwill | ' | ' | ' |
Goodwill impairment charge | $0 | $0 | $0 |
Tradenames | ' | ' | ' |
Indefinite-lived Intangible Assets and Goodwill | ' | ' | ' |
Impairment charge | $0 | $0 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Nov. 02, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Jul. 28, 2012 | |
Leases | ' | ' | ' | ' | ' |
Construction allowances received | ' | $5,700,000 | ' | $7,200,000 | $10,600,000 |
Revenues | ' | ' | ' | ' | ' |
Reserves for anticipated sales returns | ' | 38,869,000 | 38,869,000 | 37,370,000 | ' |
Selling, General and Administrative Expenses (excluding depreciation) | ' | ' | ' | ' | ' |
Allowances received from vendors related to compensation programs | 18,500,000 | 55,400,000 | ' | 72,200,000 | 65,100,000 |
Net marketing and advertising expenses | 34,600,000 | 109,800,000 | ' | 126,900,000 | 106,500,000 |
Cooperative Advertising Amount | 20,000,000 | 31,400,000 | ' | 55,000,000 | 53,100,000 |
Renewable agreement term with Capital One | ' | ' | '3 years | ' | ' |
Gift Cards | ' | ' | ' | ' | ' |
Unredeemed gift cards | ' | 43,100,000 | 43,100,000 | 36,300,000 | ' |
Gift card breakage recognized | $300,000 | $1,300,000 | ' | $1,900,000 | $2,500,000 |
Minimum | ' | ' | ' | ' | ' |
Leases | ' | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | '2 years | ' | ' |
Amortization period for costs of print catalogs | ' | ' | ' | ' | ' |
Amortization period for print catalog costs | ' | ' | '3 months | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Leases | ' | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | '130 years | ' | ' |
Amortization period for costs of print catalogs | ' | ' | ' | ' | ' |
Amortization period for print catalog costs | ' | ' | '6 months | ' | ' |
THE_ACQUISITION_The_Acquisitio
THE ACQUISITION The Acquisition (Details) (USD $) | 0 Months Ended | 9 Months Ended |
Oct. 25, 2013 | Aug. 02, 2014 | |
Business Acquisition | ' | ' |
Borrowings under Senior Secured Asset-Based Revolving Credit Facility | ' | $170,000,000 |
Borrowings under senior secured term loan facility | ' | 2,950,000,000 |
Equity investments from parent | ' | 1,584,106,000 |
Neiman Marcus Group LTD LLC | ' | ' |
Business Acquisition | ' | ' |
Equity investments from parent | 1,583,300,000 | ' |
Senior Secured Asset-Based Revolving Credit Facility | Neiman Marcus Group LTD LLC | ' | ' |
Business Acquisition | ' | ' |
Borrowings under Senior Secured Asset-Based Revolving Credit Facility | 75,000,000 | ' |
Senior Secured Term Loan Facility | Neiman Marcus Group LTD LLC | ' | ' |
Business Acquisition | ' | ' |
Borrowings under senior secured term loan facility | 2,950,000,000 | ' |
Cash Pay Notes | ' | ' |
Business Acquisition | ' | ' |
Borrowings under Cash Pay Notes and PIK Toggle Notes | ' | 960,000,000 |
Stated interest rate (as a percent) | 8.00% | 8.00% |
Cash Pay Notes | Neiman Marcus Group LTD LLC | ' | ' |
Business Acquisition | ' | ' |
Borrowings under Cash Pay Notes and PIK Toggle Notes | 960,000,000 | ' |
PIK Toggle Notes | ' | ' |
Business Acquisition | ' | ' |
Borrowings under Cash Pay Notes and PIK Toggle Notes | ' | 600,000,000 |
PIK Toggle Notes | Neiman Marcus Group LTD LLC | ' | ' |
Business Acquisition | ' | ' |
Borrowings under Cash Pay Notes and PIK Toggle Notes | 600,000,000 | ' |
Former Asset-Based Revolving Credit Facility | ' | ' |
Business Acquisition | ' | ' |
Borrowings under Senior Secured Asset-Based Revolving Credit Facility | ' | 0 |
Extinguishment of debt, amount | 145,000,000 | ' |
Former Asset-Based Revolving Credit Facility | Neiman Marcus Group LTD LLC | ' | ' |
Business Acquisition | ' | ' |
Extinguishment of debt, amount | 700,000,000 | ' |
Former Senior Secured Term Loan Facility | ' | ' |
Business Acquisition | ' | ' |
Borrowings under senior secured term loan facility | ' | 0 |
Extinguishment of debt, amount | 2,433,100,000 | ' |
Former Senior Secured Term Loan Facility | Neiman Marcus Group LTD LLC | ' | ' |
Business Acquisition | ' | ' |
Extinguishment of debt, amount | $2,560,000,000 | ' |
Minimum | PIK Toggle Notes | ' | ' |
Business Acquisition | ' | ' |
Stated interest rate (as a percent) | 8.75% | 8.75% |
Minimum | PIK Toggle Notes | Neiman Marcus Group LTD LLC | ' | ' |
Business Acquisition | ' | ' |
Stated interest rate (as a percent) | 8.75% | ' |
Maximum | PIK Toggle Notes | ' | ' |
Business Acquisition | ' | ' |
Stated interest rate (as a percent) | 9.50% | 9.50% |
Maximum | PIK Toggle Notes | Neiman Marcus Group LTD LLC | ' | ' |
Business Acquisition | ' | ' |
Stated interest rate (as a percent) | 9.50% | ' |
THE_ACQUISITION_Schedule_of_Re
THE ACQUISITION Schedule of Recognizable Assets and Liabilities (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||||||
Aug. 02, 2014 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | |
Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Purchase Price Allocation Adjustments | Purchase Price Allocation Adjustments | Tradenames | Other Definite-lived Intangible Assets | Favorable lease commitments | |||
Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Purchase Price Allocation Adjustments | Purchase Price Allocation Adjustments | Purchase Price Allocation Adjustments | |||||
Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | |||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity contribution from management | $26,756,000 | ' | ' | $26,800,000 | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration payable to former equity holders (including $26.8 million management rollover) | ' | ' | 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 [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase carrying value of merchandise inventories | ' | ' | ' | ' | ' | 129,600,000 | ' | ' | ' |
Increase carrying value of property and equipment | ' | ' | ' | ' | ' | 457,700,000 | ' | ' | ' |
Revalue intangible assets | ' | ' | ' | ' | ' | ' | 739,300,000 | ' | ' |
Revalue intangible assets | ' | ' | ' | ' | ' | ' | ' | 492,100,000 | 799,800,000 |
Change in carrying values of other assets and liabilities | ' | ' | ' | ' | ' | -67,000,000 | ' | ' | ' |
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 | 51,510,000 | ' | ' | ' | 51,500,000 | ' | ' | ' | ' |
Tax impact of valuation adjustments and other tax benefits | ' | ' | ' | ' | -965,700,000 | ' | ' | ' | ' |
Total adjustments to state acquired assets at fair value | ' | ' | ' | ' | 444,900,000 | ' | ' | ' | ' |
Net assets acquired at fair value | ' | ' | ' | 1,266,800,000 | ' | ' | ' | ' | ' |
Excess purchase price related to the Acquisition recorded as goodwill | $2,148,627,000 | $2,148,627,000 | ' | $2,148,600,000 | ' | ' | ' | ' | ' |
THE_ACQUISITION_Business_Acqui
THE ACQUISITION Business Acquisition, Pro Forma Information (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Neiman Marcus Group LTD LLC | Neiman Marcus Group LTD LLC | Acquisition-related Costs | Acquisition-related Costs | Fair Value Adjustment to Inventory | Fair Value Adjustment to Inventory | |||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | $4,839,331 | $4,648,249 | ' | ' | ' | ' |
Net earnings (loss) | ' | ' | 36,501 | -118,315 | ' | ' | ' | ' |
Acquisition related costs (reversal) | 53,322 | 162,700 | ' | ' | -162,700 | ' | ' | ' |
Cost of goods sold including buying and occupancy costs (excluding depreciation) | 2,563,273 | ' | ' | ' | ' | ' | 129,600 | 129,600 |
Interest expense, net | 232,739 | ' | ' | ' | 29,800 | 130,900 | ' | ' |
Depreciation and amortization | $261,960 | ' | ' | ' | $26,500 | $159,800 | ' | ' |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Aug. 02, 2014 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 |
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 | Interest rate caps | 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 | ||
Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | 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 | Recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | Non-recurring basis | |||||||||||||
Interest rate caps | 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 | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Interest rate caps | 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 | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | ||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,132,000 | $1,132,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29,000 | ' | ' | ' | ' | ' | ' |
Long-term debt, carrying value | 4,609,947,000 | 2,927,912,000 | ' | 960,000,000 | ' | 600,000,000 | ' | 122,035,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 2,697,077,000 | 0 | 0 | 0 | 122,077,000 | 15,000,000 | 2,560,000,000 | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,907,797,000 | 994,800,000 | 633,000,000 | 127,500,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 125,625,000 | 15,000,000 | 2,566,400,000 |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PROPERTY_AND_EQUIPMENT_NET_Det
PROPERTY AND EQUIPMENT, NET (Details) (USD $) | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 |
In Thousands, unless otherwise specified | Land, buildings and improvements | Furniture and Fixtures | Construction in progress | Predecessor | Predecessor | Predecessor | Predecessor | |
Land, buildings and improvements | Furniture and Fixtures | Construction in progress | ||||||
PROPERTY AND EQUIPMENT, NET | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, gross | $1,503,984 | $1,047,556 | $373,033 | $83,395 | $1,971,990 | $1,017,463 | $904,879 | $49,648 |
Less: accumulated depreciation and amortization | 113,718 | ' | ' | ' | 1,070,146 | ' | ' | ' |
Property and equipment, net | $1,390,266 | ' | ' | ' | $901,844 | ' | ' | ' |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS, NET (Details) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Nov. 02, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Nov. 02, 2013 |
Favorable Lease Commitments | Other Definite-lived Intangible Assets | Tradenames | Tradenames | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |||
Favorable Lease Commitments | Favorable Lease Commitments | Other Definite-lived Intangible Assets | Other Definite-lived Intangible Assets | Tradenames | Tradenames | ||||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $2,148,627 | $2,148,627 | ' | ' | ' | ' | $1,263,433 | $1,263,433 | $1,263,433 | ' | ' | ' | ' | ' | ' |
Intangible Assets Subject to Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 1,135,341 | 695,571 | 1,970,698 | 1,970,698 | 1,782,148 | ' | ' | 340,053 | 357,930 | 210,690 | 239,694 | 1,231,960 | 1,231,405 |
Amortization of intangible assets | -108,052 | ' | -40,574 | -108,052 | ' | ' | -7,251 | -29,559 | -32,245 | -4,469 | -17,877 | -7,251 | -29,004 | -555 | ' |
Balance at end of the period | 3,652,984 | ' | 1,094,767 | 587,519 | 1,970,698 | 1,970,698 | ' | 1,782,148 | ' | 335,584 | 340,053 | 203,439 | 210,690 | 1,231,405 | 1,231,405 |
Total accumulated amortization at the end of the period | ' | ' | $40,574 | $108,052 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ACCRUED_LIABILITIES_Details
ACCRUED LIABILITIES (Details) (USD $) | Aug. 02, 2014 | Aug. 03, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Accrued Liabilities [Line Items] | ' | ' |
Accrued salaries and related liabilities | $81,079 | ' |
Amounts due customers | 125,950 | ' |
Self-insurance reserves | 38,732 | ' |
Interest payable | 61,164 | ' |
Sales returns reserves | 38,869 | 37,370 |
Sales taxes | 22,817 | ' |
Other | 83,561 | ' |
Total | 452,172 | ' |
Predecessor | ' | ' |
Schedule of Accrued Liabilities [Line Items] | ' | ' |
Accrued salaries and related liabilities | ' | 74,395 |
Amounts due customers | ' | 113,412 |
Self-insurance reserves | ' | 37,626 |
Interest payable | ' | 18,677 |
Sales returns reserves | ' | 37,370 |
Sales taxes | ' | 25,306 |
Other | ' | 83,382 |
Total | ' | $390,168 |
Schedule_of_significant_compon
Schedule of significant components (Details) (USD $) | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 |
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 | ||
PIK Toggle Notes | PIK Toggle Notes | PIK Toggle Notes | PIK Toggle Notes | 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 | ||||||||||
Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | 8.00% | 8.00% | ' | 7.13% | ' | ' | 8.75% | 8.75% | 9.50% | 9.50% | ' | ' | ' | ' | ' | ' | ' |
Total debt | $4,609,947,000 | $2,927,912,000 | $960,000,000 | ' | $600,000,000 | $122,035,000 | $0 | $0 | ' | ' | ' | ' | $2,697,077,000 | $0 | $0 | $0 | $122,077,000 | $15,000,000 | $2,560,000,000 |
Less: current portion of Senior Secured Term Loan Facility | -29,426,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Long-term debt | $4,580,521,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,697,077,000 | ' | ' | ' | ' | ' | ' |
LONGTERM_DEBT_Narrative_Detail
LONG-TERM DEBT Narrative (Details) (USD $) | 3 Months Ended | 5 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
3-May-14 | Jan. 26, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | 3-May-14 | Oct. 25, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Mar. 14, 2014 | Mar. 12, 2014 | Aug. 02, 2014 | Mar. 14, 2014 | Mar. 12, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Mar. 14, 2014 | Mar. 12, 2014 | Aug. 02, 2014 | Mar. 14, 2014 | Mar. 12, 2014 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 02, 2014 | Nov. 02, 2013 | Jan. 26, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 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 | Senior Secured Term Loan Facility | Cash Pay Notes | 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 | 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 | |||||
Base rate | Prime 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 | Prior to October 15, 2016 | Minimum | payment | payment | Prior to October 15, 2016 | Minimum | Minimum | Maximum | Maximum | Minimum | 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 | 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 | ' | ' | 4,609,947,000 | 4,609,947,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,927,912,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 960,000,000 | ' | ' | ' | 600,000,000 | 600,000,000 | ' | ' | ' | ' | ' | ' | 122,035,000 | ' | ' | 0 | ' | 0 | ' | ' | 2,697,077,000 | ' | 0 | 0 | 0 | 122,077,000 | 15,000,000 | 2,560,000,000 | ' | ' | ' |
Outstanding letters of credit | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused borrowing availability | ' | ' | ' | ' | 720,000,000 | 720,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity for available letters of credit | ' | ' | ' | ' | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net orderly liquidation value of eligible inventory, net of certain reserves for determining borrowing base | ' | ' | ' | ' | 90.00% | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of amounts owed by credit card processors for determining borrowing base | ' | ' | ' | ' | 90.00% | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of segregated cash held in a restricted deposit account for determining borrowing base | ' | ' | ' | ' | 100.00% | 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 | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity with uncommitted accordion feature | ' | ' | ' | ' | 1,100,000,000 | 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 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) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of second priority pledge | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of second priority pledge in nonvoting stock | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of second priority pledge in voting stock of foreign subsidiary | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | ' | ' | 29,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt extinguishment | 7,900,000 | 15,600,000 | ' | 7,882,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 15,600,000 | 15,597,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on the outstanding borrowings (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of first priority pledge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of first priority pledge in capital stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of first priority pledge in nonvoting stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of first priority pledge in voting stock of foreign subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage amount of principal | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' | 8.75% | 8.75% | 9.50% | 9.50% | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price as a percentage of principal amount redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage with Certain Net Equity Offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108.00% | ' | ' | ' | ' | 108.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption percentage price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum aggregate principal amount required after redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of first interest payments for which interest on debt will be paid entirely in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 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% | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination of facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,000,000 | ' | 2,433,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt repurchased and canceled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 294,200,000 | ' | ' |
Principal amount of debt repurchased or redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205,800,000 |
Amount remaining outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Amount remaining outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 510,700,000 | ' | ' |
Costs related to tender and redemption of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,700,000 | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,900,000 | ' |
LONGTERM_DEBT_Maturities_of_Lo
LONG-TERM DEBT Maturities of Long-Term Debt (Details) (USD $) | Aug. 02, 2014 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2015 | $29.40 |
2016 | 29.4 |
2017 | 29.4 |
2018 | 29.4 |
2019 | 29.4 |
Thereafter | $4,462.90 |
Interest_Expense_Details
Interest Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
3-May-14 | Nov. 02, 2013 | Jan. 26, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Jan. 26, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | |
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 | 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 | ' | ' | ' | ' | $311,000 | $102,818,000 | $57,556,000 | $39,344,000 | $6,680,000 | $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 | $9,004,000 | $8,906,000 | $477,000 | $1,453,000 | $1,052,000 | $22,521,000 | $108,489,000 | $98,989,000 | $0 | $19,031,000 | $51,873,000 |
Amortization of debt issue costs | ' | ' | ' | 17,117,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,466,000 | ' | 8,404,000 | 8,457,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other, net | ' | ' | ' | 1,661,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,334,000 | ' | 7,214,000 | 7,040,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest | ' | ' | ' | -630,000 | ' | ' | ' | ' | ' | ' | ' | ' | -140,000 | ' | -237,000 | -1,080,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, gross | ' | ' | ' | 224,857,000 | ' | ' | ' | ' | ' | ' | ' | ' | 37,315,000 | ' | 153,358,000 | 175,237,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt extinguishment | 7,900,000 | ' | 15,600,000 | 7,882,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 15,600,000 | 15,597,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | 232,739,000 | ' | ' | ' | ' | ' | ' | ' | ' | 37,315,000 | ' | 168,955,000 | 175,237,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense Related to Debt Incurred Due to Acquisition | ' | $8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $) | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 31, 2011 | Apr. 30, 2014 |
Interest Rate Caps | Interest Rate Caps | Interest Rate Caps | Interest Rate Caps | ||
Expiring December 2014 | Expiring December 2014 | Derivative Contract Term December 2016 | |||
Derivative Financial Instruments | ' | ' | ' | ' | ' |
Outstanding floating rate debt obligations | $2,927,900,000 | ' | ' | ' | ' |
Cost of cash flow hedges | ' | ' | ' | 5,800,000 | 2,000,000 |
Derivative, notional amount | ' | ' | 1,000,000,000 | 1,000,000,000 | 1,400,000,000 |
Reference rate for interest rate cap | ' | ' | 'LIBOR | ' | 'LIBOR |
Interest rate cap (as a percent) | ' | ' | 2.50% | ' | 3.00% |
Derivative asset | ' | $1,132,000 | ' | ' | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) (Interest rate caps, USD $) | 9 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 |
Predecessor | Predecessor | Predecessor | ||
Recorded amounts related to interest rate caps reflected in Consolidated Statements of Operations | ' | ' | ' | ' |
Realized hedging losses - included in interest expense, net | $0 | $369 | $3,475 | $3,318 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 9 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 |
Predecessor | Predecessor | Predecessor | ||
Current: | ' | ' | ' | ' |
Federal | $23,432 | $12,100 | $114,632 | $84,800 |
State | 4,617 | 2,145 | 18,540 | 13,545 |
Current income tax expense | 28,049 | 14,245 | 133,172 | 98,345 |
Deferred: | ' | ' | ' | ' |
Federal | -98,443 | -5,291 | -18,648 | -8,307 |
State | -19,431 | -1,035 | -791 | -1,787 |
Deferred income tax expense | -117,874 | -6,326 | -19,439 | -10,094 |
Income tax (benefit) expense | ($89,825) | $7,919 | $113,733 | $88,251 |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |
Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | |
Predecessor | Predecessor | Predecessor | |||
Reconciliation of income tax (benefit) expense to the amount calculated based on the federal and state statutory rates | ' | ' | ' | ' | ' |
Income tax (benefit) expense at statutory rate | ($78,365,000) | ' | ($1,814,000) | $97,101,000 | $79,918,000 |
State income taxes, net of federal income tax benefit | -9,256,000 | ' | 635,000 | 11,672,000 | 8,672,000 |
Unbenefitted losses of foreign subsidiary | 1,265,000 | ' | 533,000 | 4,594,000 | 530,000 |
Tax (benefit) expense related to tax settlements and other changes in tax liabilities | -1,101,000 | ' | 133,000 | 525,000 | -1,137,000 |
Impact of non-taxable income | -4,000 | ' | -10,000 | -13,000 | -18,000 |
Impact of non-deductible expenses | -2,354,000 | ' | 8,514,000 | 683,000 | 1,000,000 |
Other | -10,000 | ' | -72,000 | -829,000 | -714,000 |
Income tax (benefit) expense | -89,825,000 | ' | 7,919,000 | 113,733,000 | 88,251,000 |
Effective tax rate | 40.10% | ' | -152.90% | 41.00% | 38.70% |
Deferred income tax assets: | ' | ' | ' | ' | ' |
Accruals and reserves | 32,675,000 | 32,675,000 | ' | 25,909,000 | ' |
Employee benefits | 162,748,000 | 162,748,000 | ' | 128,225,000 | ' |
Other | 30,316,000 | 30,316,000 | ' | 20,298,000 | ' |
Total deferred tax assets | 225,739,000 | 225,739,000 | ' | 174,432,000 | ' |
Deferred income tax liabilities: | ' | ' | ' | ' | ' |
Inventory | -6,312,000 | -6,312,000 | ' | -8,110,000 | ' |
Depreciation and amortization | -272,796,000 | -272,796,000 | ' | -69,167,000 | ' |
Intangible assets | -1,405,933,000 | -1,405,933,000 | ' | -696,056,000 | ' |
Other | -41,725,000 | -41,725,000 | ' | -12,835,000 | ' |
Total deferred tax liabilities | -1,726,766,000 | -1,726,766,000 | ' | -786,168,000 | ' |
Net deferred income tax liability | -1,501,027,000 | -1,501,027,000 | ' | -611,736,000 | ' |
Net deferred income tax asset (liability): | ' | ' | ' | ' | ' |
Current | 39,049,000 | 39,049,000 | ' | 27,645,000 | ' |
Non-current | -1,540,076,000 | -1,540,076,000 | ' | -639,381,000 | ' |
Total | -1,501,027,000 | -1,501,027,000 | ' | -611,736,000 | ' |
Increase in deferred tax liabilities, related to purchase accounting adjustments | ' | 930,500,000 | ' | ' | ' |
Increase in deferred tax assets, related to pension liability and other items | ' | $41,200,000 | ' | ' | ' |
INCOME_TAXES_Details_3
INCOME TAXES (Details 3) (USD $) | 12 Months Ended | 12 Months Ended | |
Aug. 02, 2014 | Aug. 03, 2013 | Aug. 03, 2013 | |
Predecessor | |||
Income Tax Disclosure [Line Items] | ' | ' | ' |
Portion of unrecognized tax benefits which would impact effective tax rate, if recognized | $1,700,000 | ' | ' |
Liability for accrued interest and penalties | 5,100,000 | 5,500,000 | ' |
Reconciliation of the beginning and ending amounts of unrecognized tax benefits | ' | ' | ' |
Balance at beginning of fiscal year | 3,461,000 | ' | 3,564,000 |
Gross amount of decreases for prior year tax positions | -1,072,000 | ' | -281,000 |
Gross amount of increases for current year tax positions | 154,000 | ' | 178,000 |
Balance at ending of fiscal year | $2,543,000 | ' | $3,461,000 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (RSP, Maximum) | 0 Months Ended |
Jan. 01, 2011 | |
RSP | Maximum | ' |
Defined contribution plans | ' |
Maximum matching contribution as a percentage of employee's compensation | 6.00% |
Potential employer contribution (as a percent) | 75.00% |
EMPLOYEE_BENEFIT_PLANS_Details1
EMPLOYEE BENEFIT PLANS (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Nov. 02, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | Jul. 28, 2012 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Aggregate expense related to plans | $7,100,000 | $23,500,000 | $30,400,000 | $29,300,000 |
Obligations for employee benefit plans, included in other long-term liabilities | ' | ' | ' | ' |
Benefit obligations, current and noncurrent | ' | 314,622,000 | ' | ' |
Less: current portion | ' | -6,602,000 | ' | ' |
Long-term portion of benefit obligations | ' | 308,020,000 | ' | ' |
Adjustments to benefit obligations recorded as increases to accumulated other comprehensive loss | ' | 16,500,000 | ' | ' |
Taxes adjustments to benefit obligations recorded as increases to accumulated other comprehensive loss | ' | 10,600,000 | ' | ' |
Pension Plan | ' | ' | ' | ' |
Obligations for employee benefit plans, included in other long-term liabilities | ' | ' | ' | ' |
Benefit obligations, current and noncurrent | ' | 189,890,000 | ' | ' |
SERP Plan | ' | ' | ' | ' |
Obligations for employee benefit plans, included in other long-term liabilities | ' | ' | ' | ' |
Benefit obligations, current and noncurrent | ' | 113,787,000 | ' | ' |
Postretirement Plan | ' | ' | ' | ' |
Obligations for employee benefit plans, included in other long-term liabilities | ' | ' | ' | ' |
Benefit obligations, current and noncurrent | ' | 10,945,000 | ' | ' |
Predecessor | ' | ' | ' | ' |
Obligations for employee benefit plans, included in other long-term liabilities | ' | ' | ' | ' |
Benefit obligations, current and noncurrent | ' | ' | 220,301,000 | ' |
Less: current portion | ' | ' | -6,542,000 | ' |
Long-term portion of benefit obligations | ' | ' | 213,759,000 | ' |
Predecessor | Pension Plan | ' | ' | ' | ' |
Obligations for employee benefit plans, included in other long-term liabilities | ' | ' | ' | ' |
Benefit obligations, current and noncurrent | ' | ' | 104,018,000 | ' |
Predecessor | SERP Plan | ' | ' | ' | ' |
Obligations for employee benefit plans, included in other long-term liabilities | ' | ' | ' | ' |
Benefit obligations, current and noncurrent | ' | ' | 103,854,000 | ' |
Predecessor | Postretirement Plan | ' | ' | ' | ' |
Obligations for employee benefit plans, included in other long-term liabilities | ' | ' | ' | ' |
Benefit obligations, current and noncurrent | ' | ' | $12,429,000 | ' |
EMPLOYEE_BENEFIT_PLANS_Details2
EMPLOYEE BENEFIT PLANS (Details 3) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | |
Pension Plan | Pension Plan | Pension Plan | SERP Plan | SERP Plan | SERP Plan | Postretirement Plan | Postretirement Plan | Postretirement Plan | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||||
Pension Plan | Pension Plan | Pension Plan | SERP Plan | SERP Plan | SERP Plan | Postretirement Plan | Postretirement Plan | Postretirement Plan | ||||||||||||||||
Funded status | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected benefit obligation | ' | ' | ' | $592,918,000 | $592,918,000 | $489,856,000 | $113,787,000 | $113,787,000 | $103,854,000 | $10,945,000 | $10,945,000 | $12,429,000 | ' | ' | ' | ' | $489,856,000 | $565,852,000 | ' | $103,854,000 | $117,562,000 | ' | $12,429,000 | $17,466,000 |
Fair value of plan assets | ' | ' | ' | -403,028,000 | -403,028,000 | -385,838,000 | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | -385,838,000 | -389,899,000 | ' | 0 | ' | ' | 0 | ' |
Accrued obligation | ' | ' | ' | 189,890,000 | 189,890,000 | ' | 113,787,000 | 113,787,000 | ' | 10,945,000 | 10,945,000 | ' | ' | ' | ' | ' | 104,018,000 | ' | ' | 103,854,000 | ' | ' | 12,429,000 | ' |
Service cost | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 19,000 | 24,000 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | 5,000 | 34,000 | 35,000 |
Interest cost | ' | ' | ' | 19,516,000 | 25,297,000 | ' | 3,653,000 | 4,757,000 | ' | 520,000 | 662,000 | ' | ' | ' | ' | 5,781,000 | 21,243,000 | 24,761,000 | 1,104,000 | 4,037,000 | 4,816,000 | 142,000 | 650,000 | 780,000 |
Expected return on plan assets | ' | ' | ' | -18,499,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,401,000 | -26,381,000 | -27,097,000 | ' | ' | ' | ' | ' | ' |
Net amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -321,000 | -1,556,000 | -1,556,000 |
Net amortization of losses | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | 1,095,000 | 6,287,000 | 2,616,000 | 0 | 522,000 | 0 | 35,000 | 589,000 | 423,000 |
Expense (income) under plan | ' | ' | ' | 1,017,000 | ' | ' | 3,653,000 | ' | ' | 539,000 | ' | ' | ' | ' | ' | 475,000 | 1,149,000 | 280,000 | 1,104,000 | 4,559,000 | 4,816,000 | -139,000 | -283,000 | -318,000 |
Amortization period for deferred realized gains and losses on plan assets | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess of market related value over fair value of plan assets | 8,100,000 | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension plan, voluntary contributions | $0 | ' | $25,049,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $25,049,000 | $29,281,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Details3
EMPLOYEE BENEFIT PLANS (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Nov. 02, 2013 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Aug. 02, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Aug. 02, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Nov. 02, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Aug. 02, 2014 | |
Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | SERP Plan | SERP Plan | SERP Plan | Postretirement Plan | Postretirement Plan | Postretirement Plan | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Purchase Price Allocation Adjustments | |
Minimum | Maximum | Equity securities | Equity securities | Equity securities | Fixed income securities | Fixed income securities | Fixed income securities | Pension Plan | Pension Plan | Pension Plan | SERP Plan | SERP Plan | SERP Plan | Postretirement Plan | Postretirement Plan | Postretirement Plan | Neiman Marcus Group LTD LLC | |||||||||||||
Projected benefit obligations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning of year | $489,856,000 | ' | ' | $489,856,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $103,854,000 | ' | $103,854,000 | $12,429,000 | ' | $12,429,000 | $489,856,000 | $565,852,000 | ' | $103,854,000 | $117,562,000 | ' | $12,429,000 | $17,466,000 | ' | ' |
Service cost | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 19,000 | 24,000 | ' | 0 | ' | ' | 0 | ' | 5,000 | 34,000 | 35,000 | ' |
Interest cost | ' | ' | 19,516,000 | 25,297,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,653,000 | 4,757,000 | ' | 520,000 | 662,000 | 5,781,000 | 21,243,000 | 24,761,000 | 1,104,000 | 4,037,000 | 4,816,000 | 142,000 | 650,000 | 780,000 | ' |
Actuarial loss (gain) | 62,603,000 | ' | 36,837,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,484,000 | 5,044,000 | ' | 2,329,000 | -3,765,000 | ' | ' | -64,616,000 | ' | ' | -13,565,000 | ' | ' | -4,308,000 | ' | ' |
Benefits paid, net | ' | ' | ' | -21,675,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,352,000 | ' | ' | -734,000 | ' | -32,623,000 | ' | ' | -4,180,000 | ' | ' | -1,413,000 | ' | ' |
End of year | ' | 489,856,000 | 592,918,000 | 592,918,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,787,000 | 113,787,000 | ' | 10,945,000 | 10,945,000 | ' | 489,856,000 | 565,852,000 | ' | 103,854,000 | 117,562,000 | ' | 12,429,000 | 17,466,000 | ' |
Business combination, recognized identifiable assets acquired and liabilities assumed, benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,500,000 |
Benefit obligation balances for lump sum distributions or annuity distributions for certain vested terminated participants | ' | ' | ' | ' | ' | ' | 5,000 | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to the vested terminated participants | ' | 14,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected benefit payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal year 2015 | ' | ' | 22,141,000 | 22,141,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,940,000 | 5,940,000 | ' | 663,000 | 663,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal year 2016 | ' | ' | 23,698,000 | 23,698,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,099,000 | 6,099,000 | ' | 705,000 | 705,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal year 2017 | ' | ' | 25,253,000 | 25,253,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,549,000 | 6,549,000 | ' | 692,000 | 692,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal year 2018 | ' | ' | 26,809,000 | 26,809,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,870,000 | 6,870,000 | ' | 692,000 | 692,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal year 2019 | ' | ' | 28,255,000 | 28,255,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,953,000 | 6,953,000 | ' | 647,000 | 647,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal years 2020-2024 | ' | ' | 160,805,000 | 160,805,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,227,000 | 36,227,000 | ' | 3,203,000 | 3,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset and target allocation by asset category | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset allocation (as a percent) | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | 60.00% | 62.00% | ' | 40.00% | 38.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target allocation for the next fiscal year (as a percent) | ' | ' | ' | 100.00% | ' | ' | ' | ' | 60.00% | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in assets held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of assets at beginning of year | 385,838,000 | ' | ' | 385,838,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 385,838,000 | 389,899,000 | ' | 0 | ' | ' | 0 | ' | ' | ' |
Actual return on assets | ' | ' | ' | 38,865,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,513,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,049,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Benefits paid | ' | ' | ' | -21,675,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,352,000 | ' | ' | -734,000 | ' | -32,623,000 | ' | ' | -4,180,000 | ' | ' | -1,413,000 | ' | ' |
Fair value of assets at end of year | ' | $385,838,000 | $403,028,000 | $403,028,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | $0 | $0 | ' | $385,838,000 | $389,899,000 | ' | $0 | ' | ' | $0 | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Details4
EMPLOYEE BENEFIT PLANS (Details 5) (USD $) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Jul. 28, 2012 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 |
Minimum | Maximum | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | 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 | Predecessor | Predecessor | |
Level 1 | Level 2 | Level 3 | Level 3 | Equity securities: Common/collective trusts | Equity securities: Common/collective trusts | Equity securities: Common/collective trusts | Equity securities: Common/collective trusts | Equity securities: Hedge funds | Equity securities: Hedge funds | Equity securities: Hedge funds | Equity securities: Hedge funds | Equity securities: Limited partnership interests | Equity securities: Limited partnership interests | Equity securities: Limited partnership interests | Equity securities: Limited partnership interests | Fixed income securities: Corporate debt securities | Fixed income securities: Corporate debt securities | Fixed income securities: Corporate debt securities | Fixed income securities: Corporate debt securities | Fixed income securities: Mutual funds | Fixed income securities: Mutual funds | Fixed income securities: Mutual funds | Fixed income securities: Mutual funds | Fixed income securities: U.S. government securities | Fixed income securities: U.S. government securities | Fixed income securities: U.S. government securities | Fixed income securities: U.S. government securities | Other Investments | Other Investments | Other Investments | Other Investments | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | |||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 3 | Equity securities: Common/collective trusts | Equity securities: Common/collective trusts | Equity securities: Common/collective trusts | Equity securities: Common/collective trusts | Equity securities: Hedge funds | Equity securities: Hedge funds | Equity securities: Hedge funds | Equity securities: Hedge funds | Equity securities: Limited partnership interests | Equity securities: Limited partnership interests | Equity securities: Limited partnership interests | Equity securities: Limited partnership interests | Fixed income securities: Corporate debt securities | Fixed income securities: Corporate debt securities | Fixed income securities: Corporate debt securities | Fixed income securities: Corporate debt securities | Fixed income securities: Mutual funds | Fixed income securities: Mutual funds | Fixed income securities: Mutual funds | Fixed income securities: Mutual funds | Fixed income securities: U.S. government securities | Fixed income securities: U.S. government securities | Fixed income securities: U.S. government securities | Fixed income securities: U.S. government securities | Other Investments | Other Investments | Other Investments | Other Investments | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments redemption frequency | '1 month | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance notice period for redemption of investments | '30 days | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment lock-up periods | '0 months | '10 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets by level, within the fair value hierarchy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total investments | ' | ' | $403,028 | $385,838 | $67,302 | $150,499 | $185,227 | $181,148 | $57,132 | $0 | $57,132 | $0 | $180,681 | $0 | $0 | $180,681 | $4,546 | $0 | $0 | $4,546 | $85,411 | $0 | $85,411 | $0 | $39,331 | $39,331 | $0 | $0 | $27,971 | $27,971 | $0 | $0 | $7,956 | $0 | $7,956 | $0 | $385,838 | $389,899 | $105,663 | $99,027 | $181,148 | $132,074 | $59,457 | $0 | $59,457 | $0 | $176,951 | $0 | $0 | $176,951 | $4,197 | $0 | $0 | $4,197 | $34,204 | $0 | $34,204 | $0 | $93,033 | $93,033 | $0 | $0 | $12,630 | $12,630 | $0 | $0 | $5,366 | $0 | $5,366 | $0 |
EMPLOYEE_BENEFIT_PLANS_Details5
EMPLOYEE BENEFIT PLANS (Details 6) (Pension Plan, USD $) | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | Jul. 28, 2012 | Aug. 03, 2013 |
In Thousands, unless otherwise specified | Level 3 | Predecessor | Predecessor | Predecessor | ||
Level 3 | ||||||
Changes in fair value of Level 3 investment assets | ' | ' | ' | ' | ' | ' |
Fair value of assets at beginning of year | $403,028 | $385,838 | $181,148 | $385,838 | $389,899 | $132,074 |
Purchases | ' | ' | 80,529 | ' | ' | 133,462 |
Sales | ' | ' | -89,668 | ' | ' | -96,672 |
Realized gains | ' | ' | 9,459 | ' | ' | 15,257 |
Unrealized losses relating to investments sold | ' | ' | -4,019 | ' | ' | -17,041 |
Unrealized gains relating to investments still held | ' | ' | 7,778 | ' | ' | 14,068 |
Fair value of assets at end of year | $403,028 | $385,838 | $185,227 | $385,838 | $389,899 | $181,148 |
EMPLOYEE_BENEFIT_PLANS_Details6
EMPLOYEE BENEFIT PLANS (Details 7) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||
Jul. 31, 2014 | Aug. 02, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Aug. 02, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Aug. 02, 2014 | Jul. 31, 2014 | Nov. 02, 2013 | Jul. 31, 2013 | Jul. 31, 2012 | Nov. 02, 2013 | Jul. 31, 2013 | Jul. 31, 2012 | Nov. 02, 2013 | Jul. 31, 2013 | Jul. 31, 2012 | Nov. 02, 2013 | Jul. 31, 2013 | Jul. 31, 2012 | Nov. 02, 2013 | Jul. 31, 2013 | Jul. 31, 2012 | Nov. 02, 2013 | Jul. 31, 2013 | Jul. 31, 2012 | |
Pension Plan | Pension Plan | Pension Plan | SERP Plan | SERP Plan | SERP Plan | Postretirement Plan | Postretirement Plan | Postretirement Plan | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |
Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | Pension Plan | SERP Plan | SERP Plan | SERP Plan | SERP Plan | SERP Plan | SERP Plan | Postretirement Plan | Postretirement Plan | Postretirement Plan | Postretirement Plan | Postretirement Plan | Postretirement Plan | ||||||||||
Assumptions of defined benefit plan, projected benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate, projected benefit obligation (as a percent) | ' | ' | 4.35% | ' | ' | 4.20% | ' | ' | 4.25% | ' | ' | ' | 4.80% | 4.70% | 3.80% | ' | ' | ' | 4.60% | 4.50% | 3.60% | ' | ' | ' | 4.80% | 4.70% | 3.80% |
Assumptions of defined benefit plan, periodic expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | 4.35% | 4.35% | ' | 4.20% | 4.20% | ' | 4.25% | 4.25% | ' | 4.80% | 4.70% | 3.80% | ' | ' | ' | 4.60% | 4.50% | 3.60% | ' | ' | ' | 4.80% | 4.70% | 3.80% | ' | ' | ' |
Expected long-term rate of return on plan assets (as a percent) | 6.50% | 6.50% | ' | ' | ' | ' | ' | ' | ' | 6.50% | 6.50% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumptions of defined benefit plan, health care cost trend rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial health care cost trend rate (as a percent) | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | 8.00% | ' | ' | ' |
Ultimate health care cost trend rate (as a percent) | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | 8.00% | ' | ' | ' |
Period for increase or decrease in pension expense due to actual gain or loss on plan assets | ' | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Details7
EMPLOYEE BENEFIT PLANS (Details 8) (USD $) | 0 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jul. 31, 2014 | Aug. 02, 2014 | Jul. 31, 2014 |
Pension Plan | ' | ' | ' |
Actual Rate | ' | ' | ' |
Discount rate, periodic expense (as a percent) | 4.35% | 4.35% | ' |
Discount rate, projected benefit obligation (as a percent) | ' | ' | 4.35% |
Expected long-term rate of return on plan assets (as a percent) | 6.50% | 6.50% | ' |
Sensitivity Rate Increase/(Decrease) | ' | ' | ' |
Sensitivity rate increase (decrease) - discount rate | ' | 0.25% | ' |
Sensitivity rate increase (decrease) - expected long-term rate of return on plan assets | ' | -0.50% | ' |
(Decrease)/Increase in liability using sensitivity rate | ' | ' | ' |
Effect of 0.25% increase in discount rate | ' | ($20.30) | ' |
Increase in expense using sensitivity rate | ' | ' | ' |
Effect of 0.25% increase in discount rate | ' | 0.5 | ' |
Effect of 0.50% decrease in expected long-term rate of return on plan assets | ' | 1.9 | ' |
SERP Plan | ' | ' | ' |
Actual Rate | ' | ' | ' |
Discount rate, periodic expense (as a percent) | 4.20% | 4.20% | ' |
Discount rate, projected benefit obligation (as a percent) | ' | ' | 4.20% |
Sensitivity Rate Increase/(Decrease) | ' | ' | ' |
Sensitivity rate increase (decrease) - discount rate | ' | 0.25% | ' |
(Decrease)/Increase in liability using sensitivity rate | ' | ' | ' |
Effect of 0.25% increase in discount rate | ' | -3.2 | ' |
Increase in expense using sensitivity rate | ' | ' | ' |
Effect of 0.25% increase in discount rate | ' | 0.1 | ' |
Postretirement Plan | ' | ' | ' |
Actual Rate | ' | ' | ' |
Discount rate, periodic expense (as a percent) | 4.25% | 4.25% | ' |
Discount rate, projected benefit obligation (as a percent) | ' | ' | 4.25% |
Ultimate health care cost trend rate (as a percent) | 5.00% | 5.00% | ' |
Sensitivity Rate Increase/(Decrease) | ' | ' | ' |
Sensitivity rate increase (decrease) - discount rate | ' | 0.25% | ' |
Sensitivity rate increase (decrease) - ultimate health-care cost trend rate | ' | 1.00% | ' |
(Decrease)/Increase in liability using sensitivity rate | ' | ' | ' |
Effect of 0.25% increase in discount rate | ' | -0.3 | ' |
Effect of 1.00% increase in ultimate health care cost trend rate | ' | 1.4 | ' |
Increase in expense using sensitivity rate | ' | ' | ' |
Effect of 0.25% increase in discount rate | ' | 0 | ' |
Effect of 1.00% increase in ultimate health care cost trend rate | ' | $0.10 | ' |
DISTRIBUTIONS_TO_FORMER_STOCKH1
DISTRIBUTIONS TO FORMER STOCKHOLDERS (Details) (USD $) | 0 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2012 | Aug. 02, 2014 |
DISTRIBUTIONS TO FORMER STOCKHOLDERS | ' | ' |
Cash dividend declared (in dollars per share) | $435 | ' |
Total distributions to shareholders and option holders | $449,300 | $0 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Oct. 25, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Oct. 25, 2013 | |
Stock options | NM Mariposa Holdings Inc | NM Mariposa Holdings Inc | NM Mariposa Holdings Inc | NM Mariposa Holdings Inc | NM Mariposa Holdings Inc | NM Mariposa Holdings Inc | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |||
Co Invest Options | Co Invest Options | Time Vested Non Qualified Stock Option | Performance Vested Non Qualified Stock Option | Non Qualified Stock Option | Stock options | Stock options | Stock options | Stock options | Stock options | ||||||||
STOCK-BASED COMPENSATION | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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) | 51,510,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 51,500,000 | ' | ' | ' | ' |
Non-cash stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized non-cash stock compensation expense (in dollars) | ' | ' | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 9,700,000 | 6,900,000 | ' |
Rolled over options that were converted (in shares) | 56,979 | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration period of non-qualified stock options granted | ' | ' | ' | ' | ' | ' | ' | ' | '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 | 0 | ' | ' | ' | ' | ' |
Options held by retirement eligible optionees | ' | ' | ' | 99,910 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded liability with respect to the options held by retirement eligible optionees | ' | ' | ' | $15,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at beginning of period (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,730 |
Granted (in shares) | 157,992 | ' | ' | ' | ' | ' | 81,607 | 76,385 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | -1,030 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at end of period (in shares) | 213,941 | 213,941 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,730 |
Options exercisable at end of fiscal period (in shares) | 56,979 | 56,979 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at beginning of period (in dollars per share) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Co-Invest Options rollover (in dollars per share) | $468 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | $1,000 | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at end of period (in dollars per share) | $858 | $858 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable at end of period (in dollars per share) | $468 | $468 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Contractual Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of period | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable at the end of period | '4 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumptions used to estimate the fair value for stock options at grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price (in dollars per share) | $1,000 | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted term | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average volatility (as a percent) | ' | 45.12% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate (as a percent) | ' | 1.39% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield (as a percent) | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value (in dollars per share) | ' | $407 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 02, 2014 | Nov. 02, 2013 |
Predecessor | Unrealized Losses on Financial Instruments | Unrealized Losses on Financial Instruments | Unfunded Benefit Obligations | Unfunded Benefit Obligations | ||
Predecessor | Predecessor | |||||
Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ' | ' |
Beginning balance | $0 | ($107,529) | $0 | ($3,999) | $0 | ($103,530) |
Other comprehensive earnings (loss) before reclassifications | -17,429 | 1,100 | -954 | 610 | -16,475 | 490 |
Amounts reclassified from accumulated other comprehensive loss | ' | 224 | ' | 224 | ' | 0 |
Ending balance | ($17,429) | ($106,205) | ($954) | ($3,165) | ($16,475) | ($103,040) |
OTHER_EXPENSES_Details
OTHER EXPENSES (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |
3-May-14 | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | |
Predecessor | Predecessor | Predecessor | ||||
Other Expenses [Line Items] | ' | ' | ' | ' | ' | ' |
Change-in-control cash payments due to Former Sponsors and management | ' | $0 | ' | $80,457,000 | $0 | $0 |
Stock-based compensation for accelerated vesting of Predecessor stock options (including non-cash charges of $15.4 million) | ' | 51,510,000 | ' | 0 | 0 | 0 |
Other, primarily professional fees | ' | 1,812,000 | ' | 28,942,000 | 0 | 0 |
Total transaction costs | ' | 53,322,000 | 162,700,000 | 109,399,000 | 0 | 0 |
Costs related to criminal cyber-attack | ' | 12,587,000 | ' | 0 | 0 | 0 |
Equity in loss of foreign e-commerce retailer | ' | 3,613,000 | ' | 1,523,000 | 13,125,000 | 1,514,000 |
Management fee due to Former Sponsors | ' | 0 | ' | 2,823,000 | 10,000,000 | 10,000,000 |
Other non-recurring expenses | ' | 6,825,000 | ' | 0 | 0 | 0 |
Other expenses | ' | 76,347,000 | ' | 113,745,000 | 23,125,000 | 11,514,000 |
Noncash portion of settlement of unvested stock options | ' | 15,400,000 | ' | ' | ' | ' |
Equity method investment, amount sold | 35,000,000 | ' | ' | ' | ' | ' |
Carrying value of investment | $35,000,000 | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | |||||
Dec. 10, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Oct. 25, 2011 | Oct. 25, 2011 | Oct. 25, 2011 | Jan. 31, 2014 | Apr. 30, 2014 | |
Minimum | Maximum | Predecessor | Predecessor | Predecessor | Ms. Monjazeb and Mr. Pinela Case | Mr. Pinela Case | Ms. Monjazeb Case | The Cyber-Attack | The Cyber-Attack | |||
appeal | appeal | appeal | claim | claim | ||||||||
Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Primary terms of leases | ' | ' | '2 years | '99 years | ' | ' | ' | ' | ' | ' | ' | ' |
Renewable terms of leases | ' | ' | '2 years | '80 years | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense and related occupancy costs under operating leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum rent | ' | $47,800,000 | ' | ' | $15,200,000 | $60,100,000 | $58,300,000 | ' | ' | ' | ' | ' |
Contingent rent | ' | 22,600,000 | ' | ' | 6,900,000 | 28,200,000 | 25,600,000 | ' | ' | ' | ' | ' |
Other occupancy costs | ' | 9,400,000 | ' | ' | 4,000,000 | 16,300,000 | 14,800,000 | ' | ' | ' | ' | ' |
Amortization of deferred real estate credits | ' | -200,000 | ' | ' | -2,000,000 | -7,900,000 | -6,800,000 | ' | ' | ' | ' | ' |
Total rent expense | ' | 79,600,000 | ' | ' | 24,100,000 | 96,700,000 | 91,900,000 | ' | ' | ' | ' | ' |
Future minimum rental commitments, excluding renewal options, under non-cancelable leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | 64,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | 63,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | 59,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | 56,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2019 | ' | 49,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | ' | 613,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Number of Appeals | ' | ' | ' | ' | ' | ' | ' | 2 | 1 | 1 | ' | ' |
Loss contingency, period to bring claims to trial | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Claims dismissed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
New claims filed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Surety bonds | ' | $4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 |
segment | Specialty Retail Stores | Online | Corporate, Non-Segment | Predecessor | Predecessor | Predecessor | 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, Non-Segment | Corporate, Non-Segment | Corporate, Non-Segment | ||||||||||||||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SEGMENT REPORTING | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,112,680 | $1,164,720 | $1,432,793 | $3,710,193 | $4,839,331 | $2,801,533 | $908,660 | ' | $1,129,138 | $1,119,000 | $1,098,267 | $1,362,364 | $1,068,538 | $4,648,249 | $4,345,374 | $889,295 | $3,616,938 | $3,466,628 | $239,843 | $1,031,311 | $878,746 | ' | ' | ' |
OPERATING EARNINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | -43,064 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,932 | -46,720 | -53,175 |
Other expenses | ' | ' | ' | -76,347 | ' | ' | ' | -76,347 | -113,745 | ' | ' | ' | ' | -23,125 | -11,514 | ' | ' | ' | ' | ' | ' | -113,745 | -23,125 | -11,514 |
Corporate depreciation/amortization charges | ' | ' | ' | -279,077 | ' | ' | ' | -157,688 | -48,425 | ' | ' | ' | ' | -197,355 | -188,699 | ' | ' | ' | ' | ' | ' | -13,191 | -52,906 | -55,294 |
Corporate amortization of inventory step-up | ' | ' | ' | ' | ' | ' | ' | -129,635 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating earnings | ' | ' | ' | 8,831 | ' | 288,649 | 126,916 | ' | 32,136 | ' | ' | ' | ' | 446,387 | 403,574 | 138,203 | 411,435 | 391,197 | 33,801 | 157,703 | 132,360 | ' | ' | ' |
Capital expenditures | ' | ' | ' | 138,007 | ' | 112,780 | 25,227 | ' | 35,959 | ' | ' | ' | ' | 146,505 | 152,838 | 28,831 | 119,065 | 126,485 | 7,128 | 27,440 | 26,353 | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | 261,960 | ' | 83,132 | 21,140 | 157,688 | 45,959 | ' | ' | ' | ' | 188,951 | 180,242 | 26,439 | 111,964 | 106,288 | 6,329 | 24,081 | 18,660 | 13,191 | 52,906 | 55,294 |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangible assets | ' | ' | ' | ' | ' | 2,278,036 | 285,581 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,818,888 | 1,777,112 | ' | 219,230 | 200,553 | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | 4,422,929 | 1,378,682 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,604,600 | 2,651,481 | ' | 440,981 | 441,536 | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | 396,498 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 216,542 | 131,173 |
Total assets | $8,761,726 | ' | ' | $8,761,726 | $8,761,726 | ' | ' | ' | ' | $5,300,241 | ' | ' | ' | $5,300,241 | $5,201,855 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SEGMENT_REPORTING_Details_2
SEGMENT REPORTING (Details 2) | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | |
Womenbs Apparel | Womenbs Shoes, Handbags and Accessories | Menbs Apparel and Shoes | Designer and Precious Jewelry | Cosmetics and Fragrances | Home Furnishings and DC)cor | Other | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||
Womenbs Apparel | Womenbs Apparel | Womenbs Apparel | Womenbs Shoes, Handbags and Accessories | Womenbs Shoes, Handbags and Accessories | Womenbs Shoes, Handbags and Accessories | Menbs Apparel and Shoes | Menbs Apparel and Shoes | Menbs Apparel and Shoes | Designer and Precious Jewelry | Designer and Precious Jewelry | Designer and Precious Jewelry | Cosmetics and Fragrances | Cosmetics and Fragrances | Cosmetics and Fragrances | Home Furnishings and DC)cor | Home Furnishings and DC)cor | Home Furnishings and DC)cor | Other | Other | Other | ||||||||||||
Revenues by merchandise category as a percentage of net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product revenue as a percentage of net sales | 100.00% | 30.00% | 28.00% | 12.00% | 11.00% | 11.00% | 6.00% | 2.00% | 100.00% | 100.00% | 100.00% | 33.00% | 31.00% | 34.00% | 27.00% | 27.00% | 25.00% | 11.00% | 12.00% | 12.00% | 10.00% | 12.00% | 11.00% | 12.00% | 11.00% | 11.00% | 5.00% | 5.00% | 6.00% | 2.00% | 2.00% | 1.00% |
CONDENSED_CONSOLIDATING_FINANC2
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details) (USD $) | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 02, 2014 | Nov. 02, 2013 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Jul. 30, 2011 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Jul. 30, 2011 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Jul. 30, 2011 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Jul. 30, 2011 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Jul. 30, 2011 |
In Thousands, unless otherwise specified | Company | Company | NMG | NMG | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Eliminations | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||
Company | Company | Company | Company | NMG | NMG | NMG | NMG | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Eliminations | Eliminations | Eliminations | |||||||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $196,476 | $116,124 | $0 | $0 | $195,004 | $115,045 | $1,472 | $1,079 | $0 | $0 | $116,124 | $136,676 | $49,253 | $321,591 | $0 | $0 | $0 | $0 | $115,045 | $135,827 | $48,308 | $320,865 | $1,079 | $849 | $945 | $726 | $0 | $0 | $0 | $0 |
Merchandise inventories | 1,069,632 | ' | 0 | ' | 953,936 | ' | 115,696 | ' | 0 | ' | ' | 1,018,839 | ' | ' | ' | 0 | ' | ' | ' | 909,332 | ' | ' | ' | 109,507 | ' | ' | ' | 0 | ' | ' |
Other current assets | 143,666 | ' | 0 | ' | 131,894 | ' | 11,772 | ' | 0 | ' | ' | 130,462 | ' | ' | ' | 0 | ' | ' | ' | 117,313 | ' | ' | ' | 13,149 | ' | ' | ' | 0 | ' | ' |
Total current assets | 1,409,774 | ' | 0 | ' | 1,280,834 | ' | 128,940 | ' | 0 | ' | ' | 1,285,977 | ' | ' | ' | 0 | ' | ' | ' | 1,162,472 | ' | ' | ' | 123,505 | ' | ' | ' | 0 | ' | ' |
Property and equipment, net | 1,390,266 | ' | 0 | ' | 1,275,264 | ' | 115,002 | ' | 0 | ' | ' | 901,844 | ' | ' | ' | 0 | ' | ' | ' | 795,798 | ' | ' | ' | 106,046 | ' | ' | ' | 0 | ' | ' |
Goodwill | 2,148,627 | 2,148,627 | 0 | ' | 1,669,364 | ' | 479,263 | ' | 0 | ' | 1,263,433 | 1,263,433 | 1,263,433 | ' | ' | 0 | ' | ' | ' | 1,107,753 | ' | ' | ' | 155,680 | ' | ' | ' | 0 | ' | ' |
Intangible assets, net | 3,652,984 | ' | 0 | ' | 708,125 | ' | 2,944,859 | ' | 0 | ' | ' | 1,782,148 | ' | ' | ' | 0 | ' | ' | ' | 245,756 | ' | ' | ' | 1,536,392 | ' | ' | ' | 0 | ' | ' |
Other assets | 160,075 | ' | 0 | ' | 158,637 | ' | 1,438 | ' | 0 | ' | ' | 66,839 | ' | ' | ' | 0 | ' | ' | ' | 38,835 | ' | ' | ' | 28,004 | ' | ' | ' | 0 | ' | ' |
Investments in subsidiaries | 0 | ' | 1,432,594 | ' | 3,560,258 | ' | 0 | ' | -4,992,852 | ' | ' | 0 | ' | ' | ' | 831,038 | ' | ' | ' | 1,845,022 | ' | ' | ' | 0 | ' | ' | ' | -2,676,060 | ' | ' |
Total assets | 8,761,726 | ' | 1,432,594 | ' | 8,652,482 | ' | 3,669,502 | ' | -4,992,852 | ' | ' | 5,300,241 | 5,201,855 | ' | ' | 831,038 | ' | ' | ' | 5,195,636 | ' | ' | ' | 1,949,627 | ' | ' | ' | -2,676,060 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 375,085 | ' | 0 | ' | 343,783 | ' | 31,302 | ' | 0 | ' | ' | 386,538 | ' | ' | ' | 0 | ' | ' | ' | 354,249 | ' | ' | ' | 32,289 | ' | ' | ' | 0 | ' | ' |
Accrued liabilities | 452,172 | ' | 0 | ' | 375,640 | ' | 76,532 | ' | 0 | ' | ' | 390,168 | ' | ' | ' | 0 | ' | ' | ' | 319,358 | ' | ' | ' | 70,810 | ' | ' | ' | 0 | ' | ' |
Current portion of long-term debt | 29,426 | ' | 0 | ' | 29,426 | ' | 0 | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current liabilities | 856,683 | ' | 0 | ' | 748,849 | ' | 107,834 | ' | 0 | ' | ' | 776,706 | ' | ' | ' | 0 | ' | ' | ' | 673,607 | ' | ' | ' | 103,099 | ' | ' | ' | 0 | ' | ' |
Long-term liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 4,580,521 | ' | 0 | ' | 4,580,521 | ' | 0 | ' | 0 | ' | ' | 2,697,077 | ' | ' | ' | 0 | ' | ' | ' | 2,697,077 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' |
Deferred income taxes | 1,540,076 | ' | 0 | ' | 1,540,076 | ' | 0 | ' | 0 | ' | ' | 639,381 | ' | ' | ' | 0 | ' | ' | ' | 639,381 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' |
Other long-term liabilities | 351,852 | ' | 0 | ' | 350,442 | ' | 1,410 | ' | 0 | ' | ' | 356,039 | ' | ' | ' | 0 | ' | ' | ' | 354,533 | ' | ' | ' | 1,506 | ' | ' | ' | 0 | ' | ' |
Total long-term liabilities | 6,472,449 | ' | 0 | ' | 6,471,039 | ' | 1,410 | ' | 0 | ' | ' | 3,692,497 | ' | ' | ' | 0 | ' | ' | ' | 3,690,991 | ' | ' | ' | 1,506 | ' | ' | ' | 0 | ' | ' |
Total member/stockholders' equity | 1,432,594 | ' | 1,432,594 | ' | 1,432,594 | ' | 3,560,258 | ' | -4,992,852 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total member/stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 821,937 | 831,038 | 615,543 | 994,297 | ' | 831,038 | ' | ' | ' | 831,038 | ' | ' | ' | 1,845,022 | ' | ' | ' | -2,676,060 | ' | ' |
Total liabilities and member/stockholders' equity | $8,761,726 | ' | $1,432,594 | ' | $8,652,482 | ' | $3,669,502 | ' | ($4,992,852) | ' | ' | $5,300,241 | ' | ' | ' | $831,038 | ' | ' | ' | $5,195,636 | ' | ' | ' | $1,949,627 | ' | ' | ' | ($2,676,060) | ' | ' |
CONDENSED_CONSOLIDATING_FINANC3
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 |
Company | NMG | Non-Guarantor Subsidiaries | Eliminations | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||||||
Company | Company | Company | NMG | NMG | NMG | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Eliminations | Eliminations | |||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,112,680 | $1,164,720 | $1,432,793 | $3,710,193 | $4,839,331 | $0 | $3,103,810 | $606,383 | $0 | $1,129,138 | $1,119,000 | $1,098,267 | $1,362,364 | $1,068,538 | $4,648,249 | $4,345,374 | $0 | $0 | $0 | $926,436 | $3,875,580 | $3,607,190 | $202,702 | $772,669 | $738,184 | $0 | $0 | $0 |
Cost of goods sold including buying and occupancy costs (excluding depreciation) | ' | ' | ' | 2,563,273 | ' | 0 | 2,164,594 | 398,679 | 0 | 685,408 | ' | ' | ' | ' | 2,995,363 | 2,794,713 | 0 | 0 | 0 | 568,665 | 2,500,640 | 2,319,516 | 116,743 | 494,723 | 475,197 | 0 | 0 | 0 |
Selling, general and administrative expenses (excluding depreciation) | ' | ' | ' | 840,454 | ' | 0 | 729,533 | 110,921 | 0 | 266,543 | ' | ' | ' | ' | 1,047,796 | 1,006,902 | 0 | 0 | 0 | 230,090 | 911,850 | 880,677 | 36,453 | 135,946 | 126,225 | 0 | 0 | 0 |
Income from credit card program | ' | ' | ' | -40,672 | ' | 0 | -36,795 | -3,877 | 0 | -14,653 | ' | ' | ' | ' | -53,373 | -51,571 | 0 | 0 | 0 | -13,271 | -48,635 | -46,957 | -1,382 | -4,738 | -4,614 | 0 | 0 | 0 |
Depreciation expense | ' | ' | ' | 113,334 | ' | 0 | 100,097 | 13,237 | 0 | 34,239 | ' | ' | ' | ' | 141,515 | 130,119 | 0 | 0 | 0 | 31,057 | 127,606 | 116,142 | 3,182 | 13,909 | 13,977 | 0 | 0 | 0 |
Amortization of intangible assets and favorable lease commitments | ' | ' | ' | 148,626 | ' | 0 | 107,450 | 41,176 | 0 | 11,720 | ' | ' | ' | ' | 47,436 | 50,123 | 0 | 0 | 0 | 8,773 | 35,092 | 37,224 | 2,947 | 12,344 | 12,899 | 0 | 0 | 0 |
Other expenses | ' | ' | ' | 76,347 | ' | 0 | 72,734 | 3,613 | 0 | 113,745 | ' | ' | ' | ' | 23,125 | 11,514 | 0 | 0 | 0 | 112,222 | 10,000 | 10,000 | 1,523 | 13,125 | 1,514 | 0 | 0 | 0 |
Operating earnings | ' | ' | ' | 8,831 | ' | 0 | -33,803 | 42,634 | 0 | 32,136 | ' | ' | ' | ' | 446,387 | 403,574 | 0 | 0 | 0 | -11,100 | 339,027 | 290,588 | 43,236 | 107,360 | 112,986 | 0 | 0 | 0 |
Interest expense, net | ' | ' | ' | 232,739 | ' | 0 | 232,739 | 0 | 0 | 37,315 | ' | ' | ' | ' | 168,955 | 175,237 | 0 | 0 | 0 | 37,315 | 168,952 | 175,232 | 0 | 3 | 5 | 0 | 0 | 0 |
Intercompany royalty charges (income) | ' | ' | ' | 0 | ' | 0 | 106,783 | -106,783 | 0 | 0 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 32,907 | 130,459 | 204,181 | -32,907 | -130,459 | -204,181 | 0 | 0 | 0 |
Equity in loss (earnings) of subsidiaries | ' | ' | ' | 0 | ' | 134,083 | -149,417 | 0 | 15,334 | 0 | ' | ' | ' | ' | 0 | 0 | 13,098 | -163,699 | -140,086 | -76,143 | -237,816 | -317,162 | 0 | 0 | 0 | 63,045 | 401,515 | 457,248 |
(Loss) earnings before income taxes | ' | ' | ' | 223,908 | ' | 134,083 | 223,908 | -149,417 | 15,334 | 5,179 | ' | ' | ' | ' | -277,432 | -228,337 | 13,098 | -163,699 | -140,086 | 5,179 | -277,432 | -228,337 | -76,143 | -237,816 | -317,162 | 63,045 | 401,515 | 457,248 |
Income tax (benefit) expense | ' | ' | ' | -89,825 | ' | 0 | -89,825 | 0 | 0 | 7,919 | ' | ' | ' | ' | 113,733 | 88,251 | 0 | 0 | 0 | 7,919 | 113,733 | 88,251 | 0 | 0 | 0 | 0 | 0 | 0 |
Net (loss) earnings | -42,056 | -8,004 | -84,023 | -134,083 | -147,181 | -134,083 | -134,083 | 149,417 | -15,334 | -13,098 | 2,883 | 70,765 | 40,436 | 49,615 | 163,699 | 140,086 | -13,098 | 163,699 | 140,086 | -13,098 | 163,699 | 140,086 | 76,143 | 237,816 | 317,162 | -63,045 | -401,515 | -457,248 |
Total other comprehensive (loss) earnings, net of tax | ' | ' | ' | -17,429 | ' | -17,429 | -17,429 | 0 | 17,429 | 1,324 | ' | ' | ' | ' | 41,263 | -75,747 | 1,324 | 41,263 | -75,747 | 1,324 | 41,263 | -75,747 | 0 | 0 | 0 | -1,324 | -41,263 | 75,747 |
Total comprehensive (loss) earnings | ' | ' | ' | ($151,512) | ' | ($151,512) | ($151,512) | $149,417 | $2,095 | ($11,774) | ' | ' | ' | ' | $204,962 | $64,339 | ($11,774) | $204,962 | $64,339 | ($11,774) | $204,962 | $64,339 | $76,143 | $237,816 | $317,162 | ($64,369) | ($442,778) | ($381,501) |
CONDENSED_CONSOLIDATING_FINANC4
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details 3) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 28, 2012 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Jan. 26, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Jan. 26, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 |
Company | NMG | Non-Guarantor Subsidiaries | Eliminations | Former Asset-Based Revolving Credit Facility | Former Senior Secured Term Loan Facility | PIK Toggle Notes | PIK Toggle Notes | PIK Toggle Notes | PIK Toggle Notes | PIK Toggle Notes | Cash Pay Notes | Cash Pay Notes | Cash Pay Notes | Cash Pay Notes | Cash Pay 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 | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||||||||
Company | NMG | Non-Guarantor Subsidiaries | Eliminations | Company | NMG | Non-Guarantor Subsidiaries | Eliminations | Company | Company | Company | NMG | NMG | NMG | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Eliminations | Eliminations | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | Former Asset-Based Revolving Credit Facility | 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 | Former Senior Secured Term Loan Facility | Former Senior Secured Term Loan Facility | Former Senior Secured Term Loan Facility | Former Senior Secured Term Loan Facility | PIK Toggle Notes | PIK Toggle Notes | PIK Toggle Notes | Cash Pay Notes | Cash Pay Notes | Cash Pay Notes | ||||||||||||||||||||||||
Company | Company | Company | NMG | NMG | NMG | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Eliminations | Eliminations | Company | NMG | Non-Guarantor Subsidiaries | Eliminations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS-OPERATING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) earnings | ' | ($42,056) | ($8,004) | ($84,023) | ' | ($134,083) | ($147,181) | ($134,083) | ($134,083) | $149,417 | ($15,334) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($13,098) | $2,883 | $70,765 | $40,436 | $49,615 | ' | $163,699 | $140,086 | ($13,098) | $163,699 | $140,086 | ($13,098) | $163,699 | $140,086 | $76,143 | $237,816 | $317,162 | ($63,045) | ($401,515) | ($457,248) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to reconcile net (loss) earnings to net cash provided by (used for) operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense | ' | ' | ' | ' | ' | 279,077 | ' | 0 | 224,664 | 54,413 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,425 | ' | ' | ' | ' | ' | 197,355 | 188,699 | 0 | 0 | 0 | 42,296 | 171,102 | 161,823 | 6,129 | 26,253 | 26,876 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt extinguishment | ' | ' | 7,900 | ' | 15,600 | 7,882 | ' | 0 | 7,882 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 15,600 | 15,597 | 0 | ' | 0 | ' | ' | 15,597 | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in loss of foreign e-commerce retailer | ' | ' | ' | ' | ' | 3,613 | ' | 0 | 0 | 3,613 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,523 | ' | ' | ' | ' | ' | 13,125 | 1,514 | 0 | 0 | 0 | 0 | 0 | 0 | 1,523 | 13,125 | 1,514 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | -117,874 | ' | 0 | -117,874 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,326 | ' | ' | ' | ' | ' | -19,439 | -10,094 | 0 | 0 | 0 | -6,326 | -19,439 | -10,094 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash charges related to the Acquisition | ' | ' | ' | ' | ' | 145,062 | ' | 0 | 145,062 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | ' | ' | ' | ' | ' | 4,931 | ' | 0 | 4,878 | 53 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,002 | ' | ' | ' | ' | ' | 5,633 | 7,004 | 0 | 0 | 0 | 5,068 | 5,785 | 6,884 | -66 | -152 | 120 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany royalty income payable (receivable) | ' | ' | ' | ' | ' | 0 | ' | 0 | 106,783 | -106,783 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 32,907 | 130,459 | 204,181 | -32,907 | -130,459 | -204,181 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in loss (earnings) of subsidiaries | ' | ' | ' | ' | ' | 0 | ' | 134,083 | -149,417 | 0 | 15,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 | 13,098 | -163,699 | -140,086 | -76,143 | -237,816 | -317,162 | 0 | 0 | 0 | 63,045 | 401,515 | 457,248 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in operating assets and liabilities, net | ' | ' | ' | ' | ' | 94,777 | ' | 0 | 216,411 | -121,634 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,215 | ' | ' | ' | ' | ' | -26,611 | -67,399 | 0 | 0 | 0 | 21,469 | 95,260 | 29,830 | -44,684 | -121,871 | -97,229 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used for) operating activities | ' | ' | ' | ' | ' | 283,385 | ' | 0 | 304,306 | -20,921 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,311 | ' | ' | ' | ' | ' | 349,359 | 259,810 | 0 | 0 | 0 | 6,173 | 324,647 | 215,548 | 6,138 | 24,712 | 44,262 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CASH FLOWS - INVESTING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | -138,007 | ' | 0 | -124,321 | -13,686 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -35,959 | ' | ' | ' | ' | ' | -146,505 | -152,838 | 0 | 0 | 0 | -30,051 | -131,697 | -138,216 | -5,908 | -14,808 | -14,622 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of Neiman Marcus Group LTD LLC | ' | ' | ' | ' | ' | -3,388,585 | ' | 0 | -3,388,585 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in foreign e-commerce retailer | ' | ' | ' | ' | ' | 35,000 | ' | 0 | 0 | 35,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | -10,000 | -29,421 | ' | 0 | 0 | ' | 0 | 0 | ' | -10,000 | -29,421 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash (used for) provided by investing activities | ' | ' | ' | ' | ' | -3,491,592 | ' | 0 | -3,512,906 | 21,314 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -35,959 | ' | ' | ' | ' | ' | -156,505 | -182,259 | 0 | 0 | 0 | -30,051 | -131,697 | -138,216 | -5,908 | -24,808 | -44,043 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CASH FLOWS - FINANCING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under Asset-Based Revolving Credit Facility | ' | ' | ' | ' | ' | 170,000 | ' | 0 | 170,000 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,000 | 100,000 | 175,000 | 0 | 0 | 0 | 130,000 | 100,000 | 175,000 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under Senior Secured Term Loan Facility | ' | ' | ' | ' | ' | 2,950,000 | ' | 0 | 2,950,000 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 500,000 | 0 | 0 | 500,000 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Borrowings under Cash Pay Notes and PIK Toggle Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 0 | 600,000 | 0 | 0 | 960,000 | 0 | 960,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 |
Repayment of borrowings | ' | ' | ' | ' | ' | -2,770,185 | ' | 0 | -2,770,185 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -126,904 | ' | ' | ' | ' | ' | -695,668 | -75,000 | 0 | 0 | 0 | -126,904 | -695,668 | -75,000 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to stockholders | -449,300 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | -449,295 | ' | ' | 0 | ' | ' | -449,295 | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs paid | ' | ' | ' | ' | ' | -178,606 | ' | 0 | -178,606 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | -9,763 | -594 | ' | 0 | 0 | ' | -9,763 | -594 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equity contributions | ' | ' | ' | ' | ' | 1,557,350 | ' | 0 | 1,557,350 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used for) financing activities | ' | ' | ' | ' | ' | 3,288,559 | ' | 0 | 3,288,559 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,096 | ' | ' | ' | ' | ' | -105,431 | -349,889 | 0 | 0 | 0 | 3,096 | -105,431 | -349,889 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CASH AND CASH EQUIVALENTS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) during the year | ' | ' | ' | ' | ' | 80,352 | ' | 0 | 79,959 | 393 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,552 | ' | ' | ' | ' | ' | 87,423 | -272,338 | 0 | 0 | 0 | -20,782 | 87,519 | -272,557 | 230 | -96 | 219 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 116,124 | ' | 116,124 | ' | 0 | 115,045 | 1,079 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 136,676 | ' | ' | ' | 49,253 | 49,253 | 49,253 | 321,591 | 0 | 0 | 0 | 135,827 | 48,308 | 320,865 | 849 | 945 | 726 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | ' | $196,476 | ' | ' | ' | $196,476 | $196,476 | $0 | $195,004 | $1,472 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $116,124 | $136,676 | ' | ' | ' | ' | $136,676 | $49,253 | $0 | $0 | $0 | $115,045 | $135,827 | $48,308 | $1,079 | $849 | $945 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
QUARTERLY_FINANCIAL_INFORMATIO2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Jan. 26, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Jan. 26, 2013 | Aug. 03, 2013 | Jul. 28, 2012 |
Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |||||||
Quarterly financial information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,112,680 | $1,164,720 | $1,432,793 | ' | $3,710,193 | $4,839,331 | $1,129,138 | $1,119,000 | $1,098,267 | $1,362,364 | $1,068,538 | ' | $4,648,249 | $4,345,374 |
Gross profit | 351,478 | 415,661 | 379,781 | ' | ' | 1,590,650 | 443,730 | 354,100 | 434,950 | 440,687 | 423,086 | ' | 1,652,886 | ' |
Net (loss) earnings | -42,056 | -8,004 | -84,023 | ' | -134,083 | -147,181 | -13,098 | 2,883 | 70,765 | 40,436 | 49,615 | ' | 163,699 | 140,086 |
Transaction costs | ' | ' | ' | ' | 53,322 | 162,700 | 109,399 | ' | ' | ' | ' | ' | 0 | 0 |
Loss on debt extinguishment | ' | $7,900 | ' | $15,600 | $7,882 | ' | $0 | ' | ' | ' | ' | $15,600 | $15,597 | $0 |
QUARTERLY_FINANCIAL_INFORMATIO3
QUARTERLY FINANCIAL INFORMATION (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Aug. 02, 2014 | Aug. 02, 2014 |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' |
Net (loss) earnings | ($42,056) | ($8,004) | ($84,023) | ($134,083) | ($147,181) |
Depreciation and amortization expense, net of tax | ' | ' | ' | -261,960 | ' |
Scenario, Previously Reported | ' | ' | ' | ' | ' |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' |
Net (loss) earnings | ' | -2,700 | -68,000 | ' | ' |
Restatement Adjustment | ' | ' | ' | ' | ' |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' |
Depreciation and amortization expense, net of tax | ' | ($5,300) | ($16,000) | ' | ' |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (MyTheresa.com Website, Subsequent event, EUR €) | 0 Months Ended | |
Sep. 12, 2014 | Sep. 12, 2014 | |
MyTheresa.com Website | Subsequent event | ' | ' |
Subsequent event | ' | ' |
Purchase price | € 150,000,000 | ' |
Business combination, contingent consideration | ' | € 27,500,000 |
SCHEDULE_II_Valuation_and_Qual1
SCHEDULE II Valuation and Qualifying Accounts and Reserves (Details) (USD $) | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 02, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | Jul. 28, 2012 | ||||||||
Reserve for estimated sales returns | Reserves for self-insurance | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |||||||||
Reserve for estimated sales returns | Reserve for estimated sales returns | Reserve for estimated sales returns | Reserves for self-insurance | Reserves for self-insurance | Reserves for self-insurance | |||||||||||
Changes in valuation and qualifying accounts and reserves | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Balance at beginning of period | $53,741 | $36,632 | $37,370 | [1] | $34,015 | [1] | $28,558 | $37,626 | [2] | $36,187 | [2] | $34,969 | ||||
Additions, charged to costs and expenses | 597,721 | 58,064 | 196,601 | 739,968 | 694,632 | 17,380 | 74,643 | 64,532 | ||||||||
Additions, charged to other accounts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Deductions | -612,593 | -55,964 | -180,230 | -736,613 | -689,175 | -18,374 | -73,204 | -63,314 | ||||||||
Balance at end of period | $38,869 | [1] | $38,732 | [2] | $53,741 | [1] | $37,370 | [1] | $34,015 | [1] | $36,632 | [2] | $37,626 | [2] | $36,187 | [2] |
[1] | Gross margin on actual sales returns, net of commissions. | |||||||||||||||
[2] | Claims and expenses paid, net of employee contributions. |