| Condensed Consolidating Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet at August 31, 2012 |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash investments |
$ |
99.6 |
|
|
$ |
0.8 |
|
|
$ |
78.1 |
|
|
$ |
— |
|
|
$ |
178.5 |
|
Accounts receivable, net |
327.2 |
|
|
77.8 |
|
|
82.1 |
|
|
— |
|
|
487.1 |
|
Inventories |
147.6 |
|
|
879.6 |
|
|
344.7 |
|
|
(7.0 |
) |
|
1,364.9 |
|
Prepaid expenses and other |
22.0 |
|
|
110.2 |
|
|
421.2 |
|
|
(406.0 |
) |
|
147.4 |
|
Intercompany (payable) receivable |
(1,129.4 |
) |
|
1,047.5 |
|
|
81.9 |
|
|
— |
|
|
— |
|
Total current assets |
(533.0 |
) |
|
2,115.9 |
|
|
1,008.0 |
|
|
(413.0 |
) |
|
2,177.9 |
|
Property, plant and equipment, net |
63.1 |
|
|
807.7 |
|
|
362.7 |
|
|
— |
|
|
1,233.5 |
|
Investments in subsidiaries |
6,968.9 |
|
|
174.0 |
|
|
— |
|
|
(7,142.9 |
) |
|
— |
|
Goodwill |
— |
|
|
2,097.9 |
|
|
641.4 |
|
|
— |
|
|
2,739.3 |
|
Intangible assets, net |
— |
|
|
688.2 |
|
|
190.0 |
|
|
— |
|
|
878.2 |
|
Restricted cash |
650.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
650.0 |
|
Other assets, net |
60.1 |
|
|
263.6 |
|
|
56.5 |
|
|
(18.6 |
) |
|
361.6 |
|
Total assets |
$ |
7,209.1 |
|
|
$ |
6,147.3 |
|
|
$ |
2,258.6 |
|
|
$ |
(7,574.5 |
) |
|
$ |
8,040.5 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Notes payable to banks |
$ |
— |
|
|
$ |
— |
|
|
$ |
15.2 |
|
|
$ |
— |
|
|
$ |
15.2 |
|
Current maturities of long-term debt |
37.2 |
|
|
6.5 |
|
|
0.1 |
|
|
— |
|
|
43.8 |
|
Accounts payable |
20.8 |
|
|
111.2 |
|
|
53.6 |
|
|
— |
|
|
185.6 |
|
Accrued excise taxes |
14.7 |
|
|
8.8 |
|
|
4.2 |
|
|
— |
|
|
27.7 |
|
Other accrued expenses and liabilities |
570.7 |
|
|
145.6 |
|
|
75.5 |
|
|
(408.1 |
) |
|
383.7 |
|
Total current liabilities |
643.4 |
|
|
272.1 |
|
|
148.6 |
|
|
(408.1 |
) |
|
656.0 |
|
Long-term debt, less current maturities |
3,915.3 |
|
|
13.4 |
|
|
— |
|
|
— |
|
|
3,928.7 |
|
Deferred income taxes |
8.6 |
|
|
546.4 |
|
|
82.0 |
|
|
(18.5 |
) |
|
618.5 |
|
Other liabilities |
23.7 |
|
|
68.6 |
|
|
126.9 |
|
|
— |
|
|
219.2 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Preferred stock |
— |
|
|
9.0 |
|
|
1,180.8 |
|
|
(1,189.8 |
) |
|
— |
|
Class A and Class B Convertible Common Stock |
2.7 |
|
|
100.7 |
|
|
27.0 |
|
|
(127.7 |
) |
|
2.7 |
|
Additional paid-in capital |
1,832.6 |
|
|
1,394.6 |
|
|
1,628.8 |
|
|
(3,023.4 |
) |
|
1,832.6 |
|
Retained earnings (deficit) |
2,303.9 |
|
|
3,730.5 |
|
|
(1,143.1 |
) |
|
(2,587.4 |
) |
|
2,303.9 |
|
Accumulated other comprehensive income |
157.7 |
|
|
12.0 |
|
|
207.6 |
|
|
(219.6 |
) |
|
157.7 |
|
Treasury stock |
(1,678.8 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,678.8 |
) |
Total stockholders’ equity |
2,618.1 |
|
|
5,246.8 |
|
|
1,901.1 |
|
|
(7,147.9 |
) |
|
2,618.1 |
|
Total liabilities and stockholders’ equity |
$ |
7,209.1 |
|
|
$ |
6,147.3 |
|
|
$ |
2,258.6 |
|
|
$ |
(7,574.5 |
) |
|
$ |
8,040.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet at February 29, 2012 |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash investments |
$ |
0.5 |
|
|
$ |
0.6 |
|
|
$ |
84.7 |
|
|
$ |
— |
|
|
$ |
85.8 |
|
Accounts receivable, net |
293.2 |
|
|
71.6 |
|
|
72.8 |
|
|
— |
|
|
437.6 |
|
Inventories |
143.0 |
|
|
916.8 |
|
|
322.0 |
|
|
(7.3 |
) |
|
1,374.5 |
|
Prepaid expenses and other |
22.5 |
|
|
116.5 |
|
|
398.6 |
|
|
(401.2 |
) |
|
136.4 |
|
Intercompany (payable) receivable |
(945.6 |
) |
|
849.7 |
|
|
95.9 |
|
|
— |
|
|
— |
|
Total current assets |
(486.4 |
) |
|
1,955.2 |
|
|
974.0 |
|
|
(408.5 |
) |
|
2,034.3 |
|
Property, plant and equipment, net |
56.9 |
|
|
819.3 |
|
|
379.6 |
|
|
— |
|
|
1,255.8 |
|
Investments in subsidiaries |
6,704.7 |
|
|
166.6 |
|
|
— |
|
|
(6,871.3 |
) |
|
— |
|
Goodwill |
— |
|
|
1,987.4 |
|
|
645.5 |
|
|
— |
|
|
2,632.9 |
|
Intangible assets, net |
— |
|
|
673.4 |
|
|
193.0 |
|
|
— |
|
|
866.4 |
|
Restricted cash |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other assets, net |
20.7 |
|
|
263.3 |
|
|
60.2 |
|
|
(23.7 |
) |
|
320.5 |
|
Total assets |
$ |
6,295.9 |
|
|
$ |
5,865.2 |
|
|
$ |
2,252.3 |
|
|
$ |
(7,303.5 |
) |
|
$ |
7,109.9 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Notes payable to banks |
$ |
297.9 |
|
|
$ |
— |
|
|
$ |
80.0 |
|
|
$ |
— |
|
|
$ |
377.9 |
|
Current maturities of long-term debt |
324.3 |
|
|
5.7 |
|
|
0.2 |
|
|
— |
|
|
330.2 |
|
Accounts payable |
23.8 |
|
|
75.7 |
|
|
31.0 |
|
|
— |
|
|
130.5 |
|
Accrued excise taxes |
14.4 |
|
|
6.3 |
|
|
4.1 |
|
|
— |
|
|
24.8 |
|
Other accrued expenses and liabilities |
518.2 |
|
|
138.5 |
|
|
82.5 |
|
|
(403.0 |
) |
|
336.2 |
|
Total current liabilities |
1,178.6 |
|
|
226.2 |
|
|
197.8 |
|
|
(403.0 |
) |
|
1,199.6 |
|
Long-term debt, less current maturities |
2,407.3 |
|
|
14.1 |
|
|
— |
|
|
— |
|
|
2,421.4 |
|
Deferred income taxes |
2.7 |
|
|
534.5 |
|
|
95.1 |
|
|
(23.6 |
) |
|
608.7 |
|
Other liabilities |
31.3 |
|
|
53.5 |
|
|
119.4 |
|
|
— |
|
|
204.2 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Preferred stock |
— |
|
|
9.0 |
|
|
1,180.8 |
|
|
(1,189.8 |
) |
|
— |
|
Class A and Class B Convertible Common Stock |
2.6 |
|
|
100.7 |
|
|
27.0 |
|
|
(127.7 |
) |
|
2.6 |
|
Additional paid-in capital |
1,691.4 |
|
|
1,394.6 |
|
|
1,621.2 |
|
|
(3,015.8 |
) |
|
1,691.4 |
|
Retained earnings (deficit) |
2,107.3 |
|
|
3,519.1 |
|
|
(1,209.2 |
) |
|
(2,309.9 |
) |
|
2,107.3 |
|
Accumulated other comprehensive income |
173.7 |
|
|
13.5 |
|
|
220.2 |
|
|
(233.7 |
) |
|
173.7 |
|
Treasury stock |
(1,299.0 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,299.0 |
) |
Total stockholders’ equity |
2,676.0 |
|
|
5,036.9 |
|
|
1,840.0 |
|
|
(6,876.9 |
) |
|
2,676.0 |
|
Total liabilities and stockholders’ equity |
$ |
6,295.9 |
|
|
$ |
5,865.2 |
|
|
$ |
2,252.3 |
|
|
$ |
(7,303.5 |
) |
|
$ |
7,109.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2012 |
Sales |
$ |
966.6 |
|
|
$ |
800.4 |
|
|
$ |
400.2 |
|
|
$ |
(644.2 |
) |
|
$ |
1,523.0 |
|
Less – excise taxes |
(103.4 |
) |
|
(54.6 |
) |
|
(31.7 |
) |
|
— |
|
|
(189.7 |
) |
Net sales |
863.2 |
|
|
745.8 |
|
|
368.5 |
|
|
(644.2 |
) |
|
1,333.3 |
|
Cost of product sold |
(680.7 |
) |
|
(537.5 |
) |
|
(219.3 |
) |
|
639.9 |
|
|
(797.6 |
) |
Gross profit |
182.5 |
|
|
208.3 |
|
|
149.2 |
|
|
(4.3 |
) |
|
535.7 |
|
Selling, general and administrative expenses |
(167.5 |
) |
|
(51.9 |
) |
|
(84.7 |
) |
|
5.8 |
|
|
(298.3 |
) |
Restructuring charges |
0.9 |
|
|
(0.4 |
) |
|
(1.2 |
) |
|
— |
|
|
(0.7 |
) |
Operating income |
15.9 |
|
|
156.0 |
|
|
63.3 |
|
|
1.5 |
|
|
236.7 |
|
Equity in earnings of equity method investees and subsidiaries |
288.6 |
|
|
129.6 |
|
|
0.2 |
|
|
(287.3 |
) |
|
131.1 |
|
Interest (expense) income, net |
(164.9 |
) |
|
57.6 |
|
|
2.0 |
|
|
— |
|
|
(105.3 |
) |
Loss on write-off of financing costs |
(2.8 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2.8 |
) |
Income before income taxes |
136.8 |
|
|
343.2 |
|
|
65.5 |
|
|
(285.8 |
) |
|
259.7 |
|
Benefit from (provision for) income taxes |
59.8 |
|
|
(131.0 |
) |
|
8.4 |
|
|
(0.3 |
) |
|
(63.1 |
) |
Net income |
$ |
196.6 |
|
|
$ |
212.2 |
|
|
$ |
73.9 |
|
|
$ |
(286.1 |
) |
|
$ |
196.6 |
|
Comprehensive income |
$ |
180.6 |
|
|
$ |
210.7 |
|
|
$ |
61.3 |
|
|
$ |
(272.0 |
) |
|
$ |
180.6 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2011 |
Sales |
$ |
336.7 |
|
|
$ |
919.3 |
|
|
$ |
346.0 |
|
|
$ |
(120.9 |
) |
|
$ |
1,481.1 |
|
Less – excise taxes |
(61.4 |
) |
|
(62.6 |
) |
|
(31.6 |
) |
|
— |
|
|
(155.6 |
) |
Net sales |
275.3 |
|
|
856.7 |
|
|
314.4 |
|
|
(120.9 |
) |
|
1,325.5 |
|
Cost of product sold |
(142.2 |
) |
|
(529.9 |
) |
|
(191.1 |
) |
|
71.7 |
|
|
(791.5 |
) |
Gross profit |
133.1 |
|
|
326.8 |
|
|
123.3 |
|
|
(49.2 |
) |
|
534.0 |
|
Selling, general and administrative expenses |
(136.2 |
) |
|
(120.5 |
) |
|
(70.2 |
) |
|
50.5 |
|
|
(276.4 |
) |
Restructuring charges |
(5.5 |
) |
|
(3.4 |
) |
|
(1.9 |
) |
|
— |
|
|
(10.8 |
) |
Operating (loss) income |
(8.6 |
) |
|
202.9 |
|
|
51.2 |
|
|
1.3 |
|
|
246.8 |
|
Equity in earnings of equity method investees and subsidiaries |
281.8 |
|
|
126.7 |
|
|
2.6 |
|
|
(284.9 |
) |
|
126.2 |
|
Interest (expense) income, net |
(118.2 |
) |
|
28.2 |
|
|
3.2 |
|
|
— |
|
|
(86.8 |
) |
Loss on write-off of financing costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income before income taxes |
155.0 |
|
|
357.8 |
|
|
57.0 |
|
|
(283.6 |
) |
|
286.2 |
|
Benefit from (provision for) income taxes |
82.2 |
|
|
(124.5 |
) |
|
(6.7 |
) |
|
— |
|
|
(49.0 |
) |
Net income |
$ |
237.2 |
|
|
$ |
233.3 |
|
|
$ |
50.3 |
|
|
$ |
(283.6 |
) |
|
$ |
237.2 |
|
Comprehensive income |
$ |
265.2 |
|
|
$ |
210.2 |
|
|
$ |
100.0 |
|
|
$ |
(310.2 |
) |
|
$ |
265.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2012 |
Sales |
$ |
511.3 |
|
|
$ |
399.3 |
|
|
$ |
206.8 |
|
|
$ |
(319.7 |
) |
|
$ |
797.7 |
|
Less – excise taxes |
(54.8 |
) |
|
(28.1 |
) |
|
(16.3 |
) |
|
— |
|
|
(99.2 |
) |
Net sales |
456.5 |
|
|
371.2 |
|
|
190.5 |
|
|
(319.7 |
) |
|
698.5 |
|
Cost of product sold |
(342.5 |
) |
|
(276.6 |
) |
|
(113.0 |
) |
|
318.7 |
|
|
(413.4 |
) |
Gross profit |
114.0 |
|
|
94.6 |
|
|
77.5 |
|
|
(1.0 |
) |
|
285.1 |
|
Selling, general and administrative expenses |
(84.9 |
) |
|
(33.2 |
) |
|
(39.3 |
) |
|
3.1 |
|
|
(154.3 |
) |
Restructuring charges |
0.7 |
|
|
— |
|
|
(0.9 |
) |
|
— |
|
|
(0.2 |
) |
Operating income |
29.8 |
|
|
61.4 |
|
|
37.3 |
|
|
2.1 |
|
|
130.6 |
|
Equity in earnings of equity method investees and subsidiaries |
146.9 |
|
|
72.2 |
|
|
0.1 |
|
|
(148.7 |
) |
|
70.5 |
|
Interest (expense) income, net |
(84.6 |
) |
|
28.9 |
|
|
1.1 |
|
|
— |
|
|
(54.6 |
) |
Loss on write-off of financing costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income before income taxes |
92.1 |
|
|
162.5 |
|
|
38.5 |
|
|
(146.6 |
) |
|
146.5 |
|
Benefit from (provision for) income taxes |
32.5 |
|
|
(62.0 |
) |
|
7.8 |
|
|
(0.2 |
) |
|
(21.9 |
) |
Net income |
$ |
124.6 |
|
|
$ |
100.5 |
|
|
$ |
46.3 |
|
|
$ |
(146.8 |
) |
|
$ |
124.6 |
|
Comprehensive income |
$ |
199.2 |
|
|
$ |
106.8 |
|
|
$ |
123.3 |
|
|
$ |
(230.1 |
) |
|
$ |
199.2 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2011 |
Sales |
$ |
182.4 |
|
|
$ |
470.9 |
|
|
$ |
188.2 |
|
|
$ |
(71.1 |
) |
|
$ |
770.4 |
|
Less – excise taxes |
(31.4 |
) |
|
(32.2 |
) |
|
(16.6 |
) |
|
— |
|
|
(80.2 |
) |
Net sales |
151.0 |
|
|
438.7 |
|
|
171.6 |
|
|
(71.1 |
) |
|
690.2 |
|
Cost of product sold |
(79.3 |
) |
|
(270.7 |
) |
|
(103.7 |
) |
|
46.5 |
|
|
(407.2 |
) |
Gross profit |
71.7 |
|
|
168.0 |
|
|
67.9 |
|
|
(24.6 |
) |
|
283.0 |
|
Selling, general and administrative expenses |
(68.0 |
) |
|
(59.5 |
) |
|
(35.4 |
) |
|
24.7 |
|
|
(138.2 |
) |
Restructuring charges |
— |
|
|
0.1 |
|
|
0.2 |
|
|
— |
|
|
0.3 |
|
Operating income |
3.7 |
|
|
108.6 |
|
|
32.7 |
|
|
0.1 |
|
|
145.1 |
|
Equity in earnings of equity method investees and subsidiaries |
149.7 |
|
|
65.0 |
|
|
1.0 |
|
|
(151.7 |
) |
|
64.0 |
|
Interest (expense) income, net |
(61.0 |
) |
|
16.8 |
|
|
1.7 |
|
|
— |
|
|
(42.5 |
) |
Loss on write-off of financing costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income before income taxes |
92.4 |
|
|
190.4 |
|
|
35.4 |
|
|
(151.6 |
) |
|
166.6 |
|
Benefit from (provision for) income taxes |
70.3 |
|
|
(69.5 |
) |
|
(4.7 |
) |
|
— |
|
|
(3.9 |
) |
Net income |
$ |
162.7 |
|
|
$ |
120.9 |
|
|
$ |
30.7 |
|
|
$ |
(151.6 |
) |
|
$ |
162.7 |
|
Comprehensive income |
$ |
155.8 |
|
|
$ |
106.9 |
|
|
$ |
36.2 |
|
|
$ |
(143.1 |
) |
|
$ |
155.8 |
|
|
| Condensed Consolidating Statement of Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2012 |
Sales |
$ |
966.6 |
|
|
$ |
800.4 |
|
|
$ |
400.2 |
|
|
$ |
(644.2 |
) |
|
$ |
1,523.0 |
|
Less – excise taxes |
(103.4 |
) |
|
(54.6 |
) |
|
(31.7 |
) |
|
— |
|
|
(189.7 |
) |
Net sales |
863.2 |
|
|
745.8 |
|
|
368.5 |
|
|
(644.2 |
) |
|
1,333.3 |
|
Cost of product sold |
(680.7 |
) |
|
(537.5 |
) |
|
(219.3 |
) |
|
639.9 |
|
|
(797.6 |
) |
Gross profit |
182.5 |
|
|
208.3 |
|
|
149.2 |
|
|
(4.3 |
) |
|
535.7 |
|
Selling, general and administrative expenses |
(167.5 |
) |
|
(51.9 |
) |
|
(84.7 |
) |
|
5.8 |
|
|
(298.3 |
) |
Restructuring charges |
0.9 |
|
|
(0.4 |
) |
|
(1.2 |
) |
|
— |
|
|
(0.7 |
) |
Operating income |
15.9 |
|
|
156.0 |
|
|
63.3 |
|
|
1.5 |
|
|
236.7 |
|
Equity in earnings of equity method investees and subsidiaries |
288.6 |
|
|
129.6 |
|
|
0.2 |
|
|
(287.3 |
) |
|
131.1 |
|
Interest (expense) income, net |
(164.9 |
) |
|
57.6 |
|
|
2.0 |
|
|
— |
|
|
(105.3 |
) |
Loss on write-off of financing costs |
(2.8 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2.8 |
) |
Income before income taxes |
136.8 |
|
|
343.2 |
|
|
65.5 |
|
|
(285.8 |
) |
|
259.7 |
|
Benefit from (provision for) income taxes |
59.8 |
|
|
(131.0 |
) |
|
8.4 |
|
|
(0.3 |
) |
|
(63.1 |
) |
Net income |
$ |
196.6 |
|
|
$ |
212.2 |
|
|
$ |
73.9 |
|
|
$ |
(286.1 |
) |
|
$ |
196.6 |
|
Comprehensive income |
$ |
180.6 |
|
|
$ |
210.7 |
|
|
$ |
61.3 |
|
|
$ |
(272.0 |
) |
|
$ |
180.6 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2011 |
Sales |
$ |
336.7 |
|
|
$ |
919.3 |
|
|
$ |
346.0 |
|
|
$ |
(120.9 |
) |
|
$ |
1,481.1 |
|
Less – excise taxes |
(61.4 |
) |
|
(62.6 |
) |
|
(31.6 |
) |
|
— |
|
|
(155.6 |
) |
Net sales |
275.3 |
|
|
856.7 |
|
|
314.4 |
|
|
(120.9 |
) |
|
1,325.5 |
|
Cost of product sold |
(142.2 |
) |
|
(529.9 |
) |
|
(191.1 |
) |
|
71.7 |
|
|
(791.5 |
) |
Gross profit |
133.1 |
|
|
326.8 |
|
|
123.3 |
|
|
(49.2 |
) |
|
534.0 |
|
Selling, general and administrative expenses |
(136.2 |
) |
|
(120.5 |
) |
|
(70.2 |
) |
|
50.5 |
|
|
(276.4 |
) |
Restructuring charges |
(5.5 |
) |
|
(3.4 |
) |
|
(1.9 |
) |
|
— |
|
|
(10.8 |
) |
Operating (loss) income |
(8.6 |
) |
|
202.9 |
|
|
51.2 |
|
|
1.3 |
|
|
246.8 |
|
Equity in earnings of equity method investees and subsidiaries |
281.8 |
|
|
126.7 |
|
|
2.6 |
|
|
(284.9 |
) |
|
126.2 |
|
Interest (expense) income, net |
(118.2 |
) |
|
28.2 |
|
|
3.2 |
|
|
— |
|
|
(86.8 |
) |
Loss on write-off of financing costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income before income taxes |
155.0 |
|
|
357.8 |
|
|
57.0 |
|
|
(283.6 |
) |
|
286.2 |
|
Benefit from (provision for) income taxes |
82.2 |
|
|
(124.5 |
) |
|
(6.7 |
) |
|
— |
|
|
(49.0 |
) |
Net income |
$ |
237.2 |
|
|
$ |
233.3 |
|
|
$ |
50.3 |
|
|
$ |
(283.6 |
) |
|
$ |
237.2 |
|
Comprehensive income |
$ |
265.2 |
|
|
$ |
210.2 |
|
|
$ |
100.0 |
|
|
$ |
(310.2 |
) |
|
$ |
265.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2012 |
Sales |
$ |
511.3 |
|
|
$ |
399.3 |
|
|
$ |
206.8 |
|
|
$ |
(319.7 |
) |
|
$ |
797.7 |
|
Less – excise taxes |
(54.8 |
) |
|
(28.1 |
) |
|
(16.3 |
) |
|
— |
|
|
(99.2 |
) |
Net sales |
456.5 |
|
|
371.2 |
|
|
190.5 |
|
|
(319.7 |
) |
|
698.5 |
|
Cost of product sold |
(342.5 |
) |
|
(276.6 |
) |
|
(113.0 |
) |
|
318.7 |
|
|
(413.4 |
) |
Gross profit |
114.0 |
|
|
94.6 |
|
|
77.5 |
|
|
(1.0 |
) |
|
285.1 |
|
Selling, general and administrative expenses |
(84.9 |
) |
|
(33.2 |
) |
|
(39.3 |
) |
|
3.1 |
|
|
(154.3 |
) |
Restructuring charges |
0.7 |
|
|
— |
|
|
(0.9 |
) |
|
— |
|
|
(0.2 |
) |
Operating income |
29.8 |
|
|
61.4 |
|
|
37.3 |
|
|
2.1 |
|
|
130.6 |
|
Equity in earnings of equity method investees and subsidiaries |
146.9 |
|
|
72.2 |
|
|
0.1 |
|
|
(148.7 |
) |
|
70.5 |
|
Interest (expense) income, net |
(84.6 |
) |
|
28.9 |
|
|
1.1 |
|
|
— |
|
|
(54.6 |
) |
Loss on write-off of financing costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income before income taxes |
92.1 |
|
|
162.5 |
|
|
38.5 |
|
|
(146.6 |
) |
|
146.5 |
|
Benefit from (provision for) income taxes |
32.5 |
|
|
(62.0 |
) |
|
7.8 |
|
|
(0.2 |
) |
|
(21.9 |
) |
Net income |
$ |
124.6 |
|
|
$ |
100.5 |
|
|
$ |
46.3 |
|
|
$ |
(146.8 |
) |
|
$ |
124.6 |
|
Comprehensive income |
$ |
199.2 |
|
|
$ |
106.8 |
|
|
$ |
123.3 |
|
|
$ |
(230.1 |
) |
|
$ |
199.2 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2011 |
Sales |
$ |
182.4 |
|
|
$ |
470.9 |
|
|
$ |
188.2 |
|
|
$ |
(71.1 |
) |
|
$ |
770.4 |
|
Less – excise taxes |
(31.4 |
) |
|
(32.2 |
) |
|
(16.6 |
) |
|
— |
|
|
(80.2 |
) |
Net sales |
151.0 |
|
|
438.7 |
|
|
171.6 |
|
|
(71.1 |
) |
|
690.2 |
|
Cost of product sold |
(79.3 |
) |
|
(270.7 |
) |
|
(103.7 |
) |
|
46.5 |
|
|
(407.2 |
) |
Gross profit |
71.7 |
|
|
168.0 |
|
|
67.9 |
|
|
(24.6 |
) |
|
283.0 |
|
Selling, general and administrative expenses |
(68.0 |
) |
|
(59.5 |
) |
|
(35.4 |
) |
|
24.7 |
|
|
(138.2 |
) |
Restructuring charges |
— |
|
|
0.1 |
|
|
0.2 |
|
|
— |
|
|
0.3 |
|
Operating income |
3.7 |
|
|
108.6 |
|
|
32.7 |
|
|
0.1 |
|
|
145.1 |
|
Equity in earnings of equity method investees and subsidiaries |
149.7 |
|
|
65.0 |
|
|
1.0 |
|
|
(151.7 |
) |
|
64.0 |
|
Interest (expense) income, net |
(61.0 |
) |
|
16.8 |
|
|
1.7 |
|
|
— |
|
|
(42.5 |
) |
Loss on write-off of financing costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income before income taxes |
92.4 |
|
|
190.4 |
|
|
35.4 |
|
|
(151.6 |
) |
|
166.6 |
|
Benefit from (provision for) income taxes |
70.3 |
|
|
(69.5 |
) |
|
(4.7 |
) |
|
— |
|
|
(3.9 |
) |
Net income |
$ |
162.7 |
|
|
$ |
120.9 |
|
|
$ |
30.7 |
|
|
$ |
(151.6 |
) |
|
$ |
162.7 |
|
Comprehensive income |
$ |
155.8 |
|
|
$ |
106.9 |
|
|
$ |
36.2 |
|
|
$ |
(143.1 |
) |
|
$ |
155.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2012 |
Net cash provided by operating activities |
$ |
209.8 |
|
|
$ |
142.6 |
|
|
$ |
16.1 |
|
|
$ |
— |
|
|
$ |
368.5 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of business, net of cash acquired |
— |
|
|
(159.7 |
) |
|
— |
|
|
— |
|
|
(159.7 |
) |
Purchases of property, plant and equipment |
(7.9 |
) |
|
(21.1 |
) |
|
(6.6 |
) |
|
— |
|
|
(35.6 |
) |
Payments related to sale of business |
(0.3 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(0.3 |
) |
Proceeds from sales of assets |
— |
|
|
4.9 |
|
|
3.0 |
|
|
— |
|
|
7.9 |
|
Proceeds from notes receivable |
1.2 |
|
|
3.4 |
|
|
— |
|
|
— |
|
|
4.6 |
|
Other investing activities |
— |
|
|
(0.8 |
) |
|
(0.1 |
) |
|
— |
|
|
(0.9 |
) |
Net cash used in investing activities |
(7.0 |
) |
|
(173.3 |
) |
|
(3.7 |
) |
|
— |
|
|
(184.0 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Intercompany financings, net |
(77.4 |
) |
|
33.7 |
|
|
43.7 |
|
|
— |
|
|
— |
|
Principal payments of long-term debt |
(835.2 |
) |
|
(2.8 |
) |
|
— |
|
|
— |
|
|
(838.0 |
) |
Payment of restricted cash upon issuance of long-term debt |
(650.0 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(650.0 |
) |
Purchases of treasury stock |
(383.0 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(383.0 |
) |
Net repayment of notes payable |
(298.0 |
) |
|
— |
|
|
(60.3 |
) |
|
— |
|
|
(358.3 |
) |
Payment of financing costs of long-term debt |
(34.1 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(34.1 |
) |
Payment of minimum tax withholdings on stock-based payment awards |
— |
|
|
— |
|
|
(0.5 |
) |
|
— |
|
|
(0.5 |
) |
Proceeds from issuance of long-term debt |
2,050.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,050.0 |
|
Proceeds from exercises of employee stock options |
110.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
110.5 |
|
Proceeds from excess tax benefits from stock-based payment awards |
11.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
11.4 |
|
Proceeds from employee stock purchases |
2.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
2.1 |
|
Net cash (used in) provided by financing activities |
(103.7 |
) |
|
30.9 |
|
|
(17.1 |
) |
|
— |
|
|
(89.9 |
) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash investments |
— |
|
|
— |
|
|
(1.9 |
) |
|
— |
|
|
(1.9 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash investments |
99.1 |
|
|
0.2 |
|
|
(6.6 |
) |
|
— |
|
|
92.7 |
|
Cash and cash investments, beginning of period |
0.5 |
|
|
0.6 |
|
|
84.7 |
|
|
— |
|
|
85.8 |
|
Cash and cash investments, end of period |
$ |
99.6 |
|
|
$ |
0.8 |
|
|
$ |
78.1 |
|
|
$ |
— |
|
|
$ |
178.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2011 |
Net cash (used in) provided by operating activities |
$ |
(27.8 |
) |
|
$ |
457.4 |
|
|
$ |
87.8 |
|
|
$ |
— |
|
|
$ |
517.4 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of business, net of cash acquired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Purchases of property, plant and equipment |
(12.5 |
) |
|
(20.6 |
) |
|
(6.1 |
) |
|
— |
|
|
(39.2 |
) |
Payments related to sale of business |
(8.9 |
) |
|
— |
|
|
(19.9 |
) |
|
— |
|
|
(28.8 |
) |
Proceeds from sales of assets |
— |
|
|
0.2 |
|
|
0.1 |
|
|
— |
|
|
0.3 |
|
Proceeds from notes receivable |
1.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
1.0 |
|
Other investing activities |
— |
|
|
(5.1 |
) |
|
(1.4 |
) |
|
— |
|
|
(6.5 |
) |
Net cash used in investing activities |
(20.4 |
) |
|
(25.5 |
) |
|
(27.3 |
) |
|
— |
|
|
(73.2 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Intercompany financings, net |
472.4 |
|
|
(415.9 |
) |
|
(56.5 |
) |
|
— |
|
|
— |
|
Principal payments of long-term debt |
(405.7 |
) |
|
(14.2 |
) |
|
— |
|
|
— |
|
|
(419.9 |
) |
Payment of restricted cash upon issuance of long-term debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Purchases of treasury stock |
(187.5 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(187.5 |
) |
Net proceeds from (repayment of) notes payable |
116.6 |
|
|
— |
|
|
(3.3 |
) |
|
— |
|
|
113.3 |
|
Payment of financing costs of long-term debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Payment of minimum tax
withholdings on stock-based payment
awards
|
— |
|
|
(1.7 |
) |
|
(0.5 |
) |
|
— |
|
|
(2.2 |
) |
Proceeds from issuance of long-term debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Proceeds from exercises of employee stock options |
39.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
39.0 |
|
|
Proceeds from excess tax benefits
from stock-based payment awards
|
10.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
10.6 |
|
Proceeds from employee stock purchases |
2.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
2.4 |
|
Net cash provided by (used in) financing activities |
47.8 |
|
|
(431.8 |
) |
|
(60.3 |
) |
|
— |
|
|
(444.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
and cash investments
|
— |
|
|
— |
|
|
0.9 |
|
|
— |
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash
investments
|
(0.4 |
) |
|
0.1 |
|
|
1.1 |
|
|
— |
|
|
0.8 |
|
|
Cash and cash investments, beginning
of period
|
0.7 |
|
|
0.9 |
|
|
7.6 |
|
|
— |
|
|
9.2 |
|
|
Cash and cash investments, end of
period
|
$ |
0.3 |
|
|
$ |
1.0 |
|
|
$ |
8.7 |
|
|
$ |
— |
|
|
$ |
10.0 |
|
|