Exhibit 99.2

Note 12 of the unaudited consolidated financial statements of the Company
for the quarterly period ended May 31, 2017, conformed to reflect the Company’s
condensed consolidating financial information as if the new subsidiary
nonguarantors had been in place as of and for all periods presented


12.    CONDENSED CONSOLIDATING FINANCIAL INFORMATION:

Subsequent to May 31, 2017, certain subsidiaries of the Company which were previously included as Subsidiary Guarantors (as defined below) became Subsidiary Nonguarantors (as defined below) under the Company’s existing indentures. The following information sets forth the condensed consolidating balance sheets as of May 31, 2017, and February 28, 2017, the condensed consolidating statements of comprehensive income for the three months ended May 31, 2017, and May 31, 2016, and the condensed consolidating statements of cash flows for the three months ended May 31, 2017, and May 31, 2016, for the parent company, our combined subsidiaries which guarantee our senior notes (“Subsidiary Guarantors”), our combined subsidiaries which are not Subsidiary Guarantors (primarily foreign subsidiaries) (“Subsidiary Nonguarantors”) and the Company, as if the new Subsidiary Nonguarantors had been in place as of and for all periods presented. The Subsidiary Guarantors are 100% owned, directly or indirectly, by the parent company and the guarantees are joint and several obligations of each of the Subsidiary Guarantors. The guarantees are full and unconditional, as those terms are used in Rule 3-10 of Regulation S-X, except that a Subsidiary Guarantor can be automatically released and relieved of its obligations under certain customary circumstances contained in the indentures governing our senior notes. These customary circumstances include, so long as other applicable provisions of the indentures are adhered to, the termination or release of a Subsidiary Guarantor’s guarantee of other indebtedness or upon the legal defeasance or covenant defeasance or satisfaction and discharge of our senior notes. Separate financial information for our Subsidiary Guarantors is not presented because we have determined that such financial information would not be material to investors. The accounting policies of the parent company, the Subsidiary Guarantors and the Subsidiary Nonguarantors are the same as those described for the Company in Note 1 of our consolidated financial statements included in our 2017 Annual Report, and include the recently adopted accounting guidance described in Note 2 herein. There are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to us in the form of cash dividends, loans or advances.





 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Balance Sheet at May 31, 2017
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
32.6

 
$
6.4

 
$
160.1

 
$
—

 
$
199.1

Accounts receivable
1.7

 
9.8

 
820.5

 
—

 
832.0

Inventories
170.8

 
1,425.9

 
523.7

 
(183.5
)
 
1,936.9

Intercompany receivable
22,784.6

 
31,848.6

 
15,813.9

 
(70,447.1
)
 
—

Prepaid expenses and other
90.6

 
62.7

 
319.2

 
(80.0
)
 
392.5

Total current assets
23,080.3

 
33,353.4

 
17,637.4

 
(70,710.6
)
 
3,360.5

Property, plant and equipment
70.1

 
680.0

 
3,436.8

 
—

 
4,186.9

Investments in subsidiaries
17,551.5

 
268.6

 
5,486.3

 
(23,306.4
)
 
—

Goodwill
—

 
6,185.6

 
1,786.7

 
—

 
7,972.3

Intangible assets
—

 
722.1

 
2,567.6

 
—

 
3,289.7

Intercompany notes receivable
5,129.9

 
2,178.4

 
—

 
(7,308.3
)
 
—

Other assets
17.8

 
4.9

 
127.3

 
—

 
150.0

Total assets
$
45,849.6

 
$
43,393.0

 
$
31,042.1

 
$
(101,325.3
)
 
$
18,959.4

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable to banks
$
485.0

 
$
—

 
$
503.1

 
$
—

 
$
988.1

Current maturities of long-term debt
4.5

 
15.0

 
126.7

 
—

 
146.2

Accounts payable
35.7

 
147.5

 
375.6

 
—

 
558.8

Intercompany payable
32,047.5

 
24,308.6

 
14,091.0

 
(70,447.1
)
 
—

Other accrued expenses and liabilities
201.8

 
274.3

 
121.5

 
(108.3
)
 
489.3

Total current liabilities
32,774.5

 
24,745.4

 
15,217.9

 
(70,555.4
)
 
2,182.4

Long-term debt, less current maturities
5,638.1

 
8.1

 
2,431.0

 
—

 
8,077.2

Deferred income taxes
13.6

 
687.4

 
434.5

 
—

 
1,135.5

Intercompany notes payable
—

 
4,690.1

 
2,618.2

 
(7,308.3
)
 
—

Other liabilities
33.7

 
10.6

 
122.2

 
—

 
166.5

Total liabilities
38,459.9

 
30,141.6

 
20,823.8

 
(77,863.7
)
 
11,561.6

Total CBI stockholders’ equity
7,389.7

 
13,251.4

 
10,210.2

 
(23,461.6
)
 
7,389.7

Noncontrolling interests
—

 
—

 
8.1

 
—

 
8.1

Total stockholders’ equity
7,389.7

 
13,251.4

 
10,218.3

 
(23,461.6
)
 
7,397.8

Total liabilities and stockholders’ equity
$
45,849.6

 
$
43,393.0

 
$
31,042.1

 
$
(101,325.3
)
 
$
18,959.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Balance Sheet at February 28, 2017
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
9.6

 
$
5.3

 
$
162.5

 
$
—

 
$
177.4

Accounts receivable
2.4

 
18.1

 
716.5

 
—

 
737.0

Inventories
162.3

 
1,456.6

 
502.8

 
(166.6
)
 
1,955.1

Intercompany receivable
21,894.2

 
30,298.2

 
14,985.4

 
(67,177.8
)
 
—

Prepaid expenses and other
40.4

 
69.1

 
235.2

 
15.8

 
360.5

Total current assets
22,108.9

 
31,847.3

 
16,602.4

 
(67,328.6
)
 
3,230.0

Property, plant and equipment
69.5

 
680.1

 
3,183.2

 
—

 
3,932.8

Investments in subsidiaries
16,965.2

 
267.2

 
5,370.3

 
(22,602.7
)
 
—

Goodwill
—

 
6,185.5

 
1,735.0

 
—

 
7,920.5

Intangible assets
—

 
810.2

 
2,567.5

 
—

 
3,377.7

Intercompany notes receivable
5,074.5

 
2,155.5

 
—

 
(7,230.0
)
 
—

Other assets
17.9

 
4.5

 
119.0

 
—

 
141.4

Total assets
$
44,236.0

 
$
41,950.3

 
$
29,577.4

 
$
(97,161.3
)
 
$
18,602.4

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable to banks
$
231.0

 
$
—

 
$
375.5

 
$
—

 
$
606.5

Current maturities of long-term debt
767.9

 
16.2

 
126.8

 
—

 
910.9

Accounts payable
47.6

 
57.5

 
454.7

 
—

 
559.8

Intercompany payable
30,722.8

 
23,203.3

 
13,251.7

 
(67,177.8
)
 
—

Other accrued expenses and liabilities
270.2

 
203.5

 
175.6

 
(28.9
)
 
620.4

Total current liabilities
32,039.5

 
23,480.5

 
14,384.3

 
(67,206.7
)
 
2,697.6

Long-term debt, less current maturities
5,260.2

 
11.8

 
2,448.7

 
—

 
7,720.7

Deferred income taxes
13.3

 
698.0

 
422.3

 
—

 
1,133.6

Intercompany notes payable
—

 
4,639.4

 
2,590.6

 
(7,230.0
)
 
—

Other liabilities
31.8

 
8.9

 
125.0

 
—

 
165.7

Total liabilities
37,344.8

 
28,838.6

 
19,970.9

 
(74,436.7
)
 
11,717.6

 
 
 
 
 
 
 
 
 
 
Total CBI stockholders’ equity
6,891.2

 
13,111.7

 
9,612.9

 
(22,724.6
)
 
6,891.2

Noncontrolling interests
—

 
—

 
(6.4
)
 
—

 
(6.4
)
Total stockholders’ equity
6,891.2

 
13,111.7

 
9,606.5

 
(22,724.6
)
 
6,884.8

Total liabilities and stockholders’ equity
$
44,236.0

 
$
41,950.3

 
$
29,577.4

 
$
(97,161.3
)
 
$
18,602.4






 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended May 31, 2017
Sales
$
698.8

 
$
1,753.2

 
$
903.3

 
$
(1,240.0
)
 
$
2,115.3

Less – excise taxes
(83.6
)
 
(93.4
)
 
(2.8
)
 
—

 
(179.8
)
Net sales
615.2

 
1,659.8

 
900.5

 
(1,240.0
)
 
1,935.5

Cost of product sold
(477.2
)
 
(1,214.6
)
 
(470.3
)
 
1,221.9

 
(940.2
)
Gross profit
138.0

 
445.2

 
430.2

 
(18.1
)
 
995.3

Selling, general and administrative expenses
(105.0
)
 
(281.5
)
 
(43.5
)
 
2.8

 
(427.2
)
Operating income
33.0

 
163.7

 
386.7

 
(15.3
)
 
568.1

Equity in earnings (losses) of equity method investees and subsidiaries
433.5

 
(11.5
)
 
116.2

 
(537.8
)
 
0.4

Interest income
—

 
—

 
0.1

 
—

 
0.1

Intercompany interest income
57.9

 
117.4

 
1.2

 
(176.5
)
 
—

Interest expense
(65.2
)
 
(0.3
)
 
(17.0
)
 
—

 
(82.5
)
Intercompany interest expense
(93.3
)
 
(49.3
)
 
(33.9
)
 
176.5

 
—

Loss on write-off of debt issuance costs
(6.7
)
 
—

 
—

 
—

 
(6.7
)
Income before income taxes
359.2

 
220.0

 
453.3

 
(553.1
)
 
479.4

(Provision for) benefit from income taxes
43.6

 
(69.6
)
 
(31.9
)
 
(16.2
)
 
(74.1
)
Net income
402.8

 
150.4

 
421.4

 
(569.3
)
 
405.3

Net income attributable to noncontrolling interests
—

 
—

 
(2.5
)
 
—

 
(2.5
)
Net income attributable to CBI
$
402.8

 
$
150.4

 
$
418.9

 
$
(569.3
)
 
$
402.8

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to CBI
$
590.3

 
$
151.3

 
$
607.6

 
$
(758.9
)
 
$
590.3

 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended May 31, 2016
Sales
$
623.7

 
$
1,643.9

 
$
1,003.6

 
$
(1,218.2
)
 
$
2,053.0

Less – excise taxes
(78.0
)
 
(86.8
)
 
(16.4
)
 
—

 
(181.2
)
Net sales
545.7

 
1,557.1

 
987.2

 
(1,218.2
)
 
1,871.8

Cost of product sold
(451.4
)
 
(1,146.8
)
 
(569.5
)
 
1,177.2

 
(990.5
)
Gross profit
94.3

 
410.3

 
417.7

 
(41.0
)
 
881.3

Selling, general and administrative expenses
(91.4
)
 
(173.6
)
 
(69.1
)
 
5.5

 
(328.6
)
Operating income
2.9

 
236.7

 
348.6

 
(35.5
)
 
552.7

Equity in earnings (losses) of equity method investees and subsidiaries
369.0

 
(11.3
)
 
100.5

 
(457.5
)
 
0.7

Interest income
0.1

 
—

 
0.3

 
—

 
0.4

Intercompany interest income
57.4

 
96.0

 
0.9

 
(154.3
)
 
—

Interest expense
(74.3
)
 
(0.4
)
 
(10.3
)
 
—

 
(85.0
)
Intercompany interest expense
(73.2
)
 
(51.7
)
 
(29.4
)
 
154.3

 
—

Income before income taxes
281.9

 
269.3

 
410.6

 
(493.0
)
 
468.8

(Provision for) benefit from income taxes
36.4

 
(103.0
)
 
(94.5
)
 
11.4

 
(149.7
)
Net income
318.3

 
166.3

 
316.1

 
(481.6
)
 
319.1

Net income attributable to noncontrolling interests
—

 
—

 
(0.8
)
 
—

 
(0.8
)
Net income attributable to CBI
$
318.3

 
$
166.3

 
$
315.3

 
$
(481.6
)
 
$
318.3

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to CBI
$
314.3

 
$
165.2

 
$
312.0

 
$
(477.2
)
 
$
314.3






 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Three Months Ended May 31, 2017
Net cash provided by (used in) operating activities
$
(161.0
)
 
$
488.9

 
$
53.7

 
$
—

 
$
381.6

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(4.8
)
 
(21.9
)
 
(190.4
)
 
—

 
(217.1
)
Payments related to sale of business
—

 
—

 
(5.0
)
 
—

 
(5.0
)
Net proceeds from intercompany notes
419.3

 
—

 
0.9

 
(420.2
)
 
—

Net investments in equity affiliates
(5.8
)
 
—

 
—

 
5.8

 
—

Other investing activities
—

 
—

 
0.8

 
—

 
0.8

Net cash provided by (used in) investing activities
408.7

 
(21.9
)
 
(193.7
)
 
(414.4
)
 
(221.3
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Dividends paid to parent company
—

 
—

 
(8.0
)
 
8.0

 
—

Net contributions from equity affiliates
—

 
11.3

 
2.5

 
(13.8
)
 
—

Net proceeds from (repayments of) intercompany notes
(1.7
)
 
(450.9
)
 
32.4

 
420.2

 
—

Principal payments of long-term debt
(1,876.8
)
 
(4.9
)
 
(31.7
)
 
—

 
(1,913.4
)
Dividends paid
(100.5
)
 
—

 
—

 
—

 
(100.5
)
Payments of minimum tax withholdings on stock-based payment awards
—

 
(21.4
)
 
(0.9
)
 
—

 
(22.3
)
Payments of debt issuance costs
(11.8
)
 
—

 
—

 
—

 
(11.8
)
Proceeds from issuance of long-term debt
1,495.5

 
—

 
13.0

 
—

 
1,508.5

Net proceeds from notes payable
254.0

 
—

 
127.3

 
—

 
381.3

Proceeds from shares issued under equity compensation plans
16.6

 
—

 
—

 
—

 
16.6

Net cash provided by (used in) financing activities
(224.7
)
 
(465.9
)
 
134.6

 
414.4

 
(141.6
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
3.0

 
—

 
3.0

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
23.0

 
1.1

 
(2.4
)
 
—

 
21.7

Cash and cash equivalents, beginning of period
9.6

 
5.3

 
162.5

 
—

 
177.4

Cash and cash equivalents, end of period
$
32.6

 
$
6.4

 
$
160.1

 
$
—

 
$
199.1

 
 
 
 
 
 
 
 
 
 




 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Three Months Ended May 31, 2016
Net cash provided by operating activities
$
128.2

 
$
38.5

 
$
529.2

 
$
(350.0
)
 
$
345.9

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(4.1
)
 
(14.9
)
 
(150.4
)
 
—

 
(169.4
)
Purchase of business
—

 
—

 
(284.9
)
 
—

 
(284.9
)
Net repayments of intercompany notes
(377.2
)
 
—

 
—

 
377.2

 
—

Net returns of capital from equity affiliates
4.8

 
—

 
—

 
(4.8
)
 
—

Other investing activities
0.1

 
—

 
0.3

 
—

 
0.4

Net cash used in investing activities
(376.4
)
 
(14.9
)
 
(435.0
)
 
372.4

 
(453.9
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Dividends paid to parent company
—

 
—

 
(357.0
)
 
357.0

 
—

Net contributions from equity affiliates
—

 
—

 
2.2

 
(2.2
)
 
—

Net proceeds from intercompany notes
275.5

 
27.6

 
74.1

 
(377.2
)
 
—

Principal payments of long-term debt
(16.5
)
 
(5.9
)
 
(71.8
)
 
—

 
(94.2
)
Dividends paid
(79.3
)
 
—

 
—

 
—

 
(79.3
)
Payments of minimum tax withholdings on stock-based payment awards
—

 
(42.5
)
 
(3.0
)
 
—

 
(45.5
)
Payments of debt issuance costs
—

 
—

 
(3.2
)
 
—

 
(3.2
)
Proceeds from issuance of long-term debt
—

 
—

 
709.5

 
—

 
709.5

Net repayments of notes payable
—

 
—

 
(379.1
)
 
—

 
(379.1
)
Proceeds from shares issued under equity compensation plans
15.9

 
—

 
—

 
—

 
15.9

Excess tax benefits from stock-based payment awards
68.8

 
—

 
—

 
—

 
68.8

Purchases of treasury stock
(1.0
)
 
—

 
—

 
—

 
(1.0
)
Net cash provided by (used in) financing activities
263.4

 
(20.8
)
 
(28.3
)
 
(22.4
)
 
191.9

 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
and cash equivalents
—

 
—

 
0.3

 
—

 
0.3

 
 
 
 
 
 
 
 
 
 
Net increase in cash and cash equivalents
15.2

 
2.8

 
66.2

 
—

 
84.2

Cash and cash equivalents, beginning of period
6.0

 
3.6

 
73.5

 
—

 
83.1

Cash and cash equivalents, end of period
$
21.2

 
$
6.4

 
$
139.7

 
$
—

 
$
167.3