Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.2.0.727
Condensed Consolidating Financial Information (Tables)
 3 Months Ended
May. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Balance Sheet at May 31, 2015
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
33.9

 
$
1.2

 
$
95.6

 
$
—

 
$
130.7

Accounts receivable
1.1

 
20.6

 
674.5

 
—

 
696.2

Inventories
159.2

 
1,368.6

 
380.4

 
(124.5
)
 
1,783.7

Intercompany receivable
14,007.5

 
19,737.1

 
7,179.7

 
(40,924.3
)
 
—

Prepaid expenses and other
52.2

 
60.1

 
393.6

 
(137.2
)
 
368.7

Total current assets
14,253.9

 
21,187.6

 
8,723.8

 
(41,186.0
)
 
2,979.3

Property, plant and equipment
58.3

 
836.3

 
1,847.5

 
—

 
2,742.1

Investments in subsidiaries
12,181.3

 
15.3

 
—

 
(12,196.6
)
 
—

Goodwill
—

 
5,411.2

 
789.1

 
—

 
6,200.3

Intangible assets
—

 
700.8

 
2,461.8

 
4.1

 
3,166.7

Intercompany notes receivable
3,836.9

 
87.4

 
—

 
(3,924.3
)
 
—

Other assets
59.3

 
69.6

 
30.0

 
—

 
158.9

Total assets
$
30,389.7

 
$
28,308.2

 
$
13,852.2

 
$
(57,302.8
)
 
$
15,247.3

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable to banks
$
—

 
$
—

 
$
100.9

 
$
—

 
$
100.9

Current maturities of long-term debt
106.8

 
16.5

 
55.2

 
—

 
178.5

Accounts payable
31.7

 
109.5

 
147.9

 
—

 
289.1

Accrued excise taxes
13.9

 
10.7

 
6.2

 
—

 
30.8

Intercompany payable
18,323.0

 
15,274.8

 
7,326.5

 
(40,924.3
)
 
—

Other accrued expenses and liabilities
334.7

 
169.5

 
193.3

 
(176.5
)
 
521.0

Total current liabilities
18,810.1

 
15,581.0

 
7,830.0

 
(41,100.8
)
 
1,120.3

Long-term debt, less current maturities
5,571.2

 
27.1

 
1,439.9

 
—

 
7,038.2

Deferred income taxes
19.3

 
650.2

 
190.5

 
—

 
860.0

Intercompany notes payable
—

 
3,906.9

 
17.4

 
(3,924.3
)
 
—

Other liabilities
46.6

 
34.7

 
95.6

 
—

 
176.9

Total liabilities
24,447.2

 
20,199.9

 
9,573.4

 
(45,025.1
)
 
9,195.4

Total CBI stockholders’ equity
5,942.5

 
8,108.3

 
4,169.4

 
(12,277.7
)
 
5,942.5

Noncontrolling interests
—

 
—

 
109.4

 
—

 
109.4

Total stockholders’ equity
5,942.5

 
8,108.3

 
4,278.8

 
(12,277.7
)
 
6,051.9

Total liabilities and stockholders’ equity
$
30,389.7

 
$
28,308.2

 
$
13,852.2

 
$
(57,302.8
)
 
$
15,247.3

 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Balance Sheet at February 28, 2015
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
24.5

 
$
0.7

 
$
84.9

 
$
—

 
$
110.1

Accounts receivable
0.8

 
27.3

 
570.8

 
—

 
598.9

Inventories
153.3

 
1,419.0

 
357.7

 
(102.8
)
 
1,827.2

Intercompany receivable
13,158.7

 
18,389.9

 
6,512.0

 
(38,060.6
)
 
—

Prepaid expenses and other
46.2

 
94.0

 
427.0

 
(192.6
)
 
374.6

Total current assets
13,383.5

 
19,930.9

 
7,952.4

 
(38,356.0
)
 
2,910.8

Property, plant and equipment
59.3

 
854.5

 
1,767.8

 
—

 
2,681.6

Investments in subsidiaries
11,657.2

 
13.8

 
—

 
(11,671.0
)
 
—

Goodwill
—

 
5,411.3

 
796.9

 
—

 
6,208.2

Intangible assets
—

 
703.3

 
2,474.3

 
3.4

 
3,181.0

Intercompany notes receivable
4,087.3

 
129.9

 
—

 
(4,217.2
)
 
—

Other assets
61.4

 
68.4

 
33.1

 
—

 
162.9

Total assets
$
29,248.7

 
$
27,112.1

 
$
13,024.5

 
$
(54,240.8
)
 
$
15,144.5

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable to banks
$
—

 
$
—

 
$
52.4

 
$
—

 
$
52.4

Current maturities of long-term debt
92.3

 
16.9

 
48.9

 
—

 
158.1

Accounts payable
41.2

 
113.2

 
131.4

 
—

 
285.8

Accrued excise taxes
12.6

 
11.3

 
4.8

 
—

 
28.7

Intercompany payable
17,206.7

 
14,201.6

 
6,652.3

 
(38,060.6
)
 
—

Other accrued expenses and liabilities
462.5

 
211.2

 
156.9

 
(224.9
)
 
605.7

Total current liabilities
17,815.3

 
14,554.2

 
7,046.7

 
(38,285.5
)
 
1,130.7

Long-term debt, less current maturities
5,601.4

 
30.9

 
1,505.2

 
—

 
7,137.5

Deferred income taxes
17.6

 
633.6

 
167.7

 
—

 
818.9

Intercompany notes payable
—

 
3,863.4

 
353.8

 
(4,217.2
)
 
—

Other liabilities
43.7

 
36.7

 
95.7

 
—

 
176.1

Total liabilities
23,478.0

 
19,118.8

 
9,169.1

 
(42,502.7
)
 
9,263.2

Total CBI stockholders’ equity
5,770.7

 
7,993.3

 
3,744.8

 
(11,738.1
)
 
5,770.7

Noncontrolling interests
—

 
—

 
110.6

 
—

 
110.6

Total stockholders’ equity
5,770.7

 
7,993.3

 
3,855.4

 
(11,738.1
)
 
5,881.3

Total liabilities and stockholders’ equity
$
29,248.7

 
$
27,112.1

 
$
13,024.5

 
$
(54,240.8
)
 
$
15,144.5

Condensed Consolidating Statement of Comprehensive Income
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended May 31, 2015
Sales
$
558.6

 
$
1,424.9

 
$
825.2

 
$
(1,010.7
)
 
$
1,798.0

Less – excise taxes
(76.2
)
 
(75.1
)
 
(15.4
)
 
—

 
(166.7
)
Net sales
482.4

 
1,349.8

 
809.8

 
(1,010.7
)
 
1,631.3

Cost of product sold
(390.8
)
 
(1,003.6
)
 
(486.1
)
 
986.3

 
(894.2
)
Gross profit
91.6

 
346.2

 
323.7

 
(24.4
)
 
737.1

Selling, general and administrative expenses
(102.8
)
 
(177.2
)
 
(33.5
)
 
3.7

 
(309.8
)
Operating income (loss)
(11.2
)
 
169.0

 
290.2

 
(20.7
)
 
427.3

Equity in earnings of equity method investees and subsidiaries
304.2

 
2.2

 
0.2

 
(305.6
)
 
1.0

Interest income
0.1

 
—

 
0.2

 
—

 
0.3

Intercompany interest income
45.8

 
63.9

 
—

 
(109.7
)
 
—

Interest expense
(69.3
)
 
(0.3
)
 
(8.2
)
 
—

 
(77.8
)
Intercompany interest expense
(63.6
)
 
(45.9
)
 
(0.2
)
 
109.7

 
—

Income before income taxes
206.0

 
188.9

 
282.2

 
(326.3
)
 
350.8

(Provision for) benefit from income taxes
32.6

 
(73.1
)
 
(76.7
)
 
6.6

 
(110.6
)
Net income
238.6


115.8

 
205.5

 
(319.7
)
 
240.2

Net income attributable to noncontrolling interests
—

 
—

 
(1.6
)
 
—

 
(1.6
)
Net income attributable to CBI
$
238.6

 
$
115.8

 
$
203.9

 
$
(319.7
)
 
$
238.6

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to CBI
$
184.7

 
$
115.1

 
$
149.6

 
$
(264.7
)
 
$
184.7

 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended May 31, 2014
Sales
$
544.5

 
$
1,302.3

 
$
814.0

 
$
(973.7
)
 
$
1,687.1

Less – excise taxes
(76.3
)
 
(67.6
)
 
(17.2
)
 
—

 
(161.1
)
Net sales
468.2

 
1,234.7

 
796.8

 
(973.7
)
 
1,526.0

Cost of product sold
(378.3
)
 
(923.3
)
 
(508.7
)
 
954.4

 
(855.9
)
Gross profit
89.9

 
311.4

 
288.1

 
(19.3
)
 
670.1

Selling, general and administrative expenses
(92.9
)
 
(148.5
)
 
(40.4
)
 
3.9

 
(277.9
)
Operating income (loss)
(3.0
)
 
162.9

 
247.7

 
(15.4
)
 
392.2

Equity in earnings of equity method investees and subsidiaries
505.8

 
1.5

 
0.2

 
(507.0
)
 
0.5

Interest income
—

 
—

 
0.5

 
—

 
0.5

Intercompany interest income
44.1

 
49.3

 
0.1

 
(93.5
)
 
—

Interest expense
(71.9
)
 
(0.3
)
 
(14.7
)
 
—

 
(86.9
)
Intercompany interest expense
(49.2
)
 
(44.1
)
 
(0.2
)
 
93.5

 
—

Income before income taxes
425.8

 
169.3

 
233.6

 
(522.4
)
 
306.3

(Provision for) benefit from income taxes
(219.1
)
 
(62.5
)
 
177.4

 
4.6

 
(99.6
)
Net income
206.7

 
106.8

 
411.0

 
(517.8
)
 
206.7

Net income attributable to noncontrolling interests
—

 
—

 
—

 
—

 
—

Net income attributable to CBI
$
206.7

 
$
106.8

 
$
411.0

 
$
(517.8
)
 
$
206.7

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to CBI
$
254.1

 
$
108.5

 
$
457.8

 
$
(566.3
)
 
$
254.1

 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Three Months Ended May 31, 2015
Net cash provided by (used in) operating activities
$
(214.6
)
 
$
213.1

 
$
207.2

 
$
—

 
$
205.7

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(2.9
)
 
(8.2
)
 
(118.6
)
 
—

 
(129.7
)
Net proceeds from intercompany notes
205.1

 
—

 
—

 
(205.1
)
 
—

Net investments in equity affiliates
(279.9
)
 
—

 
—

 
279.9

 
—

Other investing activities
—

 
—

 
(1.6
)
 
—

 
(1.6
)
Net cash used in investing activities
(77.7
)
 
(8.2
)
 
(120.2
)
 
74.8

 
(131.3
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net contributions from equity affiliates
—

 
4.4

 
275.5

 
(279.9
)
 
—

Net proceeds from (repayments of) intercompany notes
304.1

 
(168.8
)
 
(340.4
)
 
205.1

 
—

Principal payments of long-term debt
(15.8
)
 
(4.4
)
 
(59.2
)
 
—

 
(79.4
)
Dividends paid
(59.8
)
 
—

 
—

 
—

 
(59.8
)
Payments of minimum tax withholdings on stock-based payment awards
—

 
(35.6
)
 
(2.7
)
 
—

 
(38.3
)
Excess tax benefits from stock-based payment awards
63.6

 
—

 
—

 
—

 
63.6

Net proceeds from notes payable
—

 
—

 
50.9

 
—

 
50.9

Proceeds from shares issued under equity compensation plans
9.6

 
—

 
—

 
—

 
9.6

Net cash provided by (used in) financing activities
301.7

 
(204.4
)
 
(75.9
)
 
(74.8
)
 
(53.4
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
(0.4
)
 
—

 
(0.4
)
 
 
 
 
 
 
 
 
 
 
Net increase in cash and cash equivalents
9.4

 
0.5

 
10.7

 
—

 
20.6

Cash and cash equivalents, beginning of period
24.5

 
0.7

 
84.9

 
—

 
110.1

Cash and cash equivalents, end of period
$
33.9

 
$
1.2

 
$
95.6

 
$
—

 
$
130.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Three Months Ended May 31, 2014
Net cash provided by (used in) operating activities
$
(453.9
)
 
$
486.3

 
$
199.9

 
$
—

 
$
232.3

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(5.0
)
 
(31.1
)
 
(95.3
)
 
—

 
(131.4
)
Net proceeds from intercompany notes
329.3

 
—

 
—

 
(329.3
)
 
—

Net returns of capital from equity affiliates
35.5

 
—

 
—

 
(35.5
)
 
—

Other investing activities
—

 
(5.9
)
 
1.0

 
—

 
(4.9
)
Net cash provided by (used in) investing activities
359.8

 
(37.0
)

(94.3
)

(364.8
)

(136.3
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Dividends paid to parent company
—

 
—

 
(24.9
)
 
24.9

 
—

Net returns of capital to equity affiliates
—

 
(5.9
)
 
(4.7
)
 
10.6

 
—

Net proceeds from (repayments of) intercompany notes
35.9

 
(411.6
)
 
46.4

 
329.3

 
—

Principal payments of long-term debt
(0.7
)
 
(4.0
)
 
(0.1
)
 
—

 
(4.8
)
Payments of minimum tax withholdings on stock-based payment awards
—

 
(26.0
)
 
(2.4
)
 
—

 
(28.4
)
Excess tax benefits from stock-based payment awards
57.4

 
—

 
—

 
—

 
57.4

Net proceeds from notes payable
—

 
—

 
178.1

 
—

 
178.1

Proceeds from shares issued under equity compensation plans
10.8

 
—

 
—

 
—

 
10.8

Net cash provided by (used in) financing activities
103.4

 
(447.5
)
 
192.4

 
364.8

 
213.1

 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
and cash equivalents
—

 
—

 
5.0

 
—

 
5.0

 
 
 
 
 
 
 
 
 
 
Net increase in cash and cash equivalents
9.3

 
1.8

 
303.0

 
—

 
314.1

Cash and cash equivalents, beginning of period
0.5

 
0.8

 
62.6

 
—

 
63.9

Cash and cash equivalents, end of period
$
9.8

 
$
2.6

 
$
365.6

 
$
—

 
$
378.0