| Condensed Consolidating Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet at August 31, 2015 |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
132.9 |
|
|
$ |
0.8 |
|
|
$ |
196.0 |
|
|
$ |
— |
|
|
$ |
329.7 |
|
Accounts receivable |
0.1 |
|
|
10.4 |
|
|
713.0 |
|
|
— |
|
|
723.5 |
|
Inventories |
158.7 |
|
|
1,365.3 |
|
|
354.9 |
|
|
(101.8 |
) |
|
1,777.1 |
|
Intercompany receivable |
15,048.2 |
|
|
20,751.7 |
|
|
7,772.2 |
|
|
(43,572.1 |
) |
|
— |
|
Prepaid expenses and other |
49.0 |
|
|
51.6 |
|
|
332.6 |
|
|
(132.0 |
) |
|
301.2 |
|
Total current assets |
15,388.9 |
|
|
22,179.8 |
|
|
9,368.7 |
|
|
(43,805.9 |
) |
|
3,131.5 |
|
Property, plant and equipment |
58.3 |
|
|
833.5 |
|
|
1,881.5 |
|
|
— |
|
|
2,773.3 |
|
Investments in subsidiaries |
12,308.7 |
|
|
16.8 |
|
|
— |
|
|
(12,325.5 |
) |
|
— |
|
Goodwill |
— |
|
|
5,651.0 |
|
|
765.8 |
|
|
— |
|
|
6,416.8 |
|
Intangible assets |
— |
|
|
740.5 |
|
|
2,444.3 |
|
|
3.9 |
|
|
3,188.7 |
|
Intercompany notes receivable |
3,880.0 |
|
|
85.8 |
|
|
— |
|
|
(3,965.8 |
) |
|
— |
|
Other assets |
59.7 |
|
|
70.6 |
|
|
32.8 |
|
|
— |
|
|
163.1 |
|
Total assets |
$ |
31,695.6 |
|
|
$ |
29,578.0 |
|
|
$ |
14,493.1 |
|
|
$ |
(60,093.3 |
) |
|
$ |
15,673.4 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Notes payable to banks |
$ |
— |
|
|
$ |
— |
|
|
$ |
29.3 |
|
|
$ |
— |
|
|
$ |
29.3 |
|
Current maturities of long-term debt |
66.0 |
|
|
17.0 |
|
|
73.1 |
|
|
— |
|
|
156.1 |
|
Accounts payable |
28.8 |
|
|
188.9 |
|
|
155.6 |
|
|
— |
|
|
373.3 |
|
Accrued excise taxes |
13.6 |
|
|
9.0 |
|
|
4.3 |
|
|
— |
|
|
26.9 |
|
Intercompany payable |
19,303.6 |
|
|
16,264.1 |
|
|
8,004.4 |
|
|
(43,572.1 |
) |
|
— |
|
Other accrued expenses and liabilities |
390.5 |
|
|
189.4 |
|
|
210.4 |
|
|
(163.7 |
) |
|
626.6 |
|
Total current liabilities |
19,802.5 |
|
|
16,668.4 |
|
|
8,477.1 |
|
|
(43,735.8 |
) |
|
1,212.2 |
|
Long-term debt, less current maturities |
5,796.6 |
|
|
28.6 |
|
|
1,413.0 |
|
|
— |
|
|
7,238.2 |
|
Deferred income taxes |
21.8 |
|
|
664.8 |
|
|
207.8 |
|
|
— |
|
|
894.4 |
|
Intercompany notes payable |
— |
|
|
3,949.8 |
|
|
16.0 |
|
|
(3,965.8 |
) |
|
— |
|
Other liabilities |
11.9 |
|
|
42.9 |
|
|
108.8 |
|
|
— |
|
|
163.6 |
|
Total liabilities |
25,632.8 |
|
|
21,354.5 |
|
|
10,222.7 |
|
|
(47,701.6 |
) |
|
9,508.4 |
|
Total CBI stockholders’ equity |
6,062.8 |
|
|
8,223.5 |
|
|
4,168.2 |
|
|
(12,391.7 |
) |
|
6,062.8 |
|
Noncontrolling interests |
— |
|
|
— |
|
|
102.2 |
|
|
— |
|
|
102.2 |
|
Total stockholders’ equity |
6,062.8 |
|
|
8,223.5 |
|
|
4,270.4 |
|
|
(12,391.7 |
) |
|
6,165.0 |
|
Total liabilities and stockholders’ equity |
$ |
31,695.6 |
|
|
$ |
29,578.0 |
|
|
$ |
14,493.1 |
|
|
$ |
(60,093.3 |
) |
|
$ |
15,673.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Six Months Ended August 31, 2015 |
Sales |
$ |
1,183.6 |
|
|
$ |
2,922.4 |
|
|
$ |
1,618.0 |
|
|
$ |
(2,013.1 |
) |
|
$ |
3,710.9 |
|
Less – excise taxes |
(159.7 |
) |
|
(154.8 |
) |
|
(31.7 |
) |
|
— |
|
|
(346.2 |
) |
Net sales |
1,023.9 |
|
|
2,767.6 |
|
|
1,586.3 |
|
|
(2,013.1 |
) |
|
3,364.7 |
|
Cost of product sold |
(828.5 |
) |
|
(2,079.6 |
) |
|
(952.1 |
) |
|
2,008.2 |
|
|
(1,852.0 |
) |
Gross profit |
195.4 |
|
|
688.0 |
|
|
634.2 |
|
|
(4.9 |
) |
|
1,512.7 |
|
Selling, general and administrative expenses |
(199.6 |
) |
|
(351.3 |
) |
|
(62.2 |
) |
|
7.1 |
|
|
(606.0 |
) |
Operating income (loss) |
(4.2 |
) |
|
336.7 |
|
|
572.0 |
|
|
2.2 |
|
|
906.7 |
|
Equity in earnings of equity method investees and subsidiaries |
626.3 |
|
|
3.7 |
|
|
0.4 |
|
|
(629.2 |
) |
|
1.2 |
|
Interest income |
0.1 |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
0.4 |
|
Intercompany interest income |
92.0 |
|
|
130.3 |
|
|
— |
|
|
(222.3 |
) |
|
— |
|
Interest expense |
(140.8 |
) |
|
(0.6 |
) |
|
(13.8 |
) |
|
— |
|
|
(155.2 |
) |
Intercompany interest expense |
(130.0 |
) |
|
(91.9 |
) |
|
(0.4 |
) |
|
222.3 |
|
|
— |
|
Loss on write-off of financing costs |
(0.4 |
) |
|
— |
|
|
(0.7 |
) |
|
— |
|
|
(1.1 |
) |
Income before income taxes |
443.0 |
|
|
378.2 |
|
|
557.8 |
|
|
(627.0 |
) |
|
752.0 |
|
(Provision for) benefit from income taxes |
98.0 |
|
|
(147.9 |
) |
|
(156.8 |
) |
|
(1.0 |
) |
|
(207.7 |
) |
Net income |
541.0 |
|
|
230.3 |
|
|
401.0 |
|
|
(628.0 |
) |
|
544.3 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(3.3 |
) |
|
— |
|
|
(3.3 |
) |
Net income attributable to CBI |
$ |
541.0 |
|
|
$ |
230.3 |
|
|
$ |
397.7 |
|
|
$ |
(628.0 |
) |
|
$ |
541.0 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
301.7 |
|
|
$ |
230.1 |
|
|
$ |
155.8 |
|
|
$ |
(385.9 |
) |
|
$ |
301.7 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2014 |
Sales |
$ |
1,139.2 |
|
|
$ |
2,659.5 |
|
|
$ |
1,605.4 |
|
|
$ |
(1,947.0 |
) |
|
$ |
3,457.1 |
|
Less – excise taxes |
(153.2 |
) |
|
(139.1 |
) |
|
(34.7 |
) |
|
— |
|
|
(327.0 |
) |
Net sales |
986.0 |
|
|
2,520.4 |
|
|
1,570.7 |
|
|
(1,947.0 |
) |
|
3,130.1 |
|
Cost of product sold |
(796.9 |
) |
|
(1,906.4 |
) |
|
(1,012.9 |
) |
|
1,928.2 |
|
|
(1,788.0 |
) |
Gross profit |
189.1 |
|
|
614.0 |
|
|
557.8 |
|
|
(18.8 |
) |
|
1,342.1 |
|
Selling, general and administrative expenses |
(194.1 |
) |
|
(301.0 |
) |
|
(83.5 |
) |
|
7.4 |
|
|
(571.2 |
) |
Operating income (loss) |
(5.0 |
) |
|
313.0 |
|
|
474.3 |
|
|
(11.4 |
) |
|
770.9 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
509.0 |
|
|
1.8 |
|
|
0.6 |
|
|
(511.5 |
) |
|
(0.1 |
) |
Interest income |
— |
|
|
— |
|
|
0.6 |
|
|
— |
|
|
0.6 |
|
Intercompany interest income |
88.5 |
|
|
103.8 |
|
|
0.2 |
|
|
(192.5 |
) |
|
— |
|
Interest expense |
(146.0 |
) |
|
(0.7 |
) |
|
(25.3 |
) |
|
— |
|
|
(172.0 |
) |
Intercompany interest expense |
(103.5 |
) |
|
(88.4 |
) |
|
(0.6 |
) |
|
192.5 |
|
|
— |
|
Loss on write-off of financing costs |
— |
|
|
— |
|
|
(4.4 |
) |
|
— |
|
|
(4.4 |
) |
Income before income taxes |
343.0 |
|
|
329.5 |
|
|
445.4 |
|
|
(522.9 |
) |
|
595.0 |
|
(Provision for) benefit from income taxes |
59.5 |
|
|
(123.1 |
) |
|
(132.4 |
) |
|
3.5 |
|
|
(192.5 |
) |
Net income |
402.5 |
|
|
206.4 |
|
|
313.0 |
|
|
(519.4 |
) |
|
402.5 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income attributable to CBI |
$ |
402.5 |
|
|
$ |
206.4 |
|
|
$ |
313.0 |
|
|
$ |
(519.4 |
) |
|
$ |
402.5 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
421.3 |
|
|
$ |
207.5 |
|
|
$ |
329.4 |
|
|
$ |
(536.9 |
) |
|
$ |
421.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2015 |
Sales |
$ |
625.0 |
|
|
$ |
1,497.5 |
|
|
$ |
792.8 |
|
|
$ |
(1,002.4 |
) |
|
$ |
1,912.9 |
|
Less – excise taxes |
(83.5 |
) |
|
(79.7 |
) |
|
(16.3 |
) |
|
— |
|
|
(179.5 |
) |
Net sales |
541.5 |
|
|
1,417.8 |
|
|
776.5 |
|
|
(1,002.4 |
) |
|
1,733.4 |
|
Cost of product sold |
(437.7 |
) |
|
(1,076.0 |
) |
|
(466.0 |
) |
|
1,021.9 |
|
|
(957.8 |
) |
Gross profit |
103.8 |
|
|
341.8 |
|
|
310.5 |
|
|
19.5 |
|
|
775.6 |
|
Selling, general and administrative expenses |
(96.8 |
) |
|
(174.1 |
) |
|
(28.7 |
) |
|
3.4 |
|
|
(296.2 |
) |
Operating income |
7.0 |
|
|
167.7 |
|
|
281.8 |
|
|
22.9 |
|
|
479.4 |
|
Equity in earnings of equity method investees and subsidiaries |
322.1 |
|
|
1.5 |
|
|
0.2 |
|
|
(323.6 |
) |
|
0.2 |
|
Interest income |
— |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
0.1 |
|
Intercompany interest income |
46.2 |
|
|
66.4 |
|
|
— |
|
|
(112.6 |
) |
|
— |
|
Interest expense |
(71.5 |
) |
|
(0.3 |
) |
|
(5.6 |
) |
|
— |
|
|
(77.4 |
) |
Intercompany interest expense |
(66.4 |
) |
|
(46.0 |
) |
|
(0.2 |
) |
|
112.6 |
|
|
— |
|
Loss on write-off of financing costs |
(0.4 |
) |
|
— |
|
|
(0.7 |
) |
|
— |
|
|
(1.1 |
) |
Income before income taxes |
237.0 |
|
|
189.3 |
|
|
275.6 |
|
|
(300.7 |
) |
|
401.2 |
|
(Provision for) benefit from income taxes |
65.4 |
|
|
(74.8 |
) |
|
(80.1 |
) |
|
(7.6 |
) |
|
(97.1 |
) |
Net income |
302.4 |
|
|
114.5 |
|
|
195.5 |
|
|
(308.3 |
) |
|
304.1 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(1.7 |
) |
|
— |
|
|
(1.7 |
) |
Net income attributable to CBI |
$ |
302.4 |
|
|
$ |
114.5 |
|
|
$ |
193.8 |
|
|
$ |
(308.3 |
) |
|
$ |
302.4 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
117.0 |
|
|
$ |
115.0 |
|
|
$ |
6.2 |
|
|
$ |
(121.2 |
) |
|
$ |
117.0 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2014 |
Sales |
$ |
594.7 |
|
|
$ |
1,357.2 |
|
|
$ |
791.4 |
|
|
$ |
(973.3 |
) |
|
$ |
1,770.0 |
|
Less – excise taxes |
(76.9 |
) |
|
(71.5 |
) |
|
(17.5 |
) |
|
— |
|
|
(165.9 |
) |
Net sales |
517.8 |
|
|
1,285.7 |
|
|
773.9 |
|
|
(973.3 |
) |
|
1,604.1 |
|
Cost of product sold |
(418.6 |
) |
|
(983.1 |
) |
|
(504.2 |
) |
|
973.8 |
|
|
(932.1 |
) |
Gross profit |
99.2 |
|
|
302.6 |
|
|
269.7 |
|
|
0.5 |
|
|
672.0 |
|
Selling, general and administrative expenses |
(101.2 |
) |
|
(152.5 |
) |
|
(43.1 |
) |
|
3.5 |
|
|
(293.3 |
) |
Operating income (loss) |
(2.0 |
) |
|
150.1 |
|
|
226.6 |
|
|
4.0 |
|
|
378.7 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
3.2 |
|
|
0.3 |
|
|
0.4 |
|
|
(4.5 |
) |
|
(0.6 |
) |
Interest income |
— |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
0.1 |
|
Intercompany interest income |
44.4 |
|
|
54.5 |
|
|
0.1 |
|
|
(99.0 |
) |
|
— |
|
Interest expense |
(74.1 |
) |
|
(0.4 |
) |
|
(10.6 |
) |
|
— |
|
|
(85.1 |
) |
Intercompany interest expense |
(54.3 |
) |
|
(44.3 |
) |
|
(0.4 |
) |
|
99.0 |
|
|
— |
|
Loss on write-off of financing costs |
— |
|
|
— |
|
|
(4.4 |
) |
|
— |
|
|
(4.4 |
) |
Income (loss) before income taxes |
(82.8 |
) |
|
160.2 |
|
|
211.8 |
|
|
(0.5 |
) |
|
288.7 |
|
(Provision for) benefit from income taxes |
278.6 |
|
|
(60.6 |
) |
|
(309.8 |
) |
|
(1.1 |
) |
|
(92.9 |
) |
Net income (loss) |
195.8 |
|
|
99.6 |
|
|
(98.0 |
) |
|
(1.6 |
) |
|
195.8 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) attributable to CBI |
$ |
195.8 |
|
|
$ |
99.6 |
|
|
$ |
(98.0 |
) |
|
$ |
(1.6 |
) |
|
$ |
195.8 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to CBI |
$ |
167.2 |
|
|
$ |
99.0 |
|
|
$ |
(128.4 |
) |
|
$ |
29.4 |
|
|
$ |
167.2 |
|
|