| Condensed Consolidating Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet at November 30, 2015 |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
260.5 |
|
|
$ |
0.9 |
|
|
$ |
229.9 |
|
|
$ |
— |
|
|
$ |
491.3 |
|
Accounts receivable |
— |
|
|
5.0 |
|
|
709.7 |
|
|
— |
|
|
714.7 |
|
Inventories |
160.9 |
|
|
1,464.9 |
|
|
348.5 |
|
|
(89.7 |
) |
|
1,884.6 |
|
Intercompany receivable |
16,322.2 |
|
|
22,233.7 |
|
|
8,488.0 |
|
|
(47,043.9 |
) |
|
— |
|
Prepaid expenses and other |
43.6 |
|
|
46.9 |
|
|
325.3 |
|
|
(45.5 |
) |
|
370.3 |
|
Total current assets |
16,787.2 |
|
|
23,751.4 |
|
|
10,101.4 |
|
|
(47,179.1 |
) |
|
3,460.9 |
|
Property, plant and equipment |
56.6 |
|
|
829.3 |
|
|
2,063.1 |
|
|
— |
|
|
2,949.0 |
|
Investments in subsidiaries |
12,626.2 |
|
|
17.9 |
|
|
— |
|
|
(12,644.1 |
) |
|
— |
|
Goodwill |
— |
|
|
5,614.5 |
|
|
767.3 |
|
|
— |
|
|
6,381.8 |
|
Intangible assets |
— |
|
|
747.7 |
|
|
2,438.2 |
|
|
1.9 |
|
|
3,187.8 |
|
Intercompany notes receivable |
3,922.5 |
|
|
86.6 |
|
|
— |
|
|
(4,009.1 |
) |
|
— |
|
Other assets |
57.7 |
|
|
88.0 |
|
|
31.4 |
|
|
— |
|
|
177.1 |
|
Total assets |
$ |
33,450.2 |
|
|
$ |
31,135.4 |
|
|
$ |
15,401.4 |
|
|
$ |
(63,830.4 |
) |
|
$ |
16,156.6 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Notes payable to banks |
$ |
— |
|
|
$ |
— |
|
|
$ |
31.1 |
|
|
$ |
— |
|
|
$ |
31.1 |
|
Current maturities of long-term debt |
765.3 |
|
|
18.5 |
|
|
73.1 |
|
|
— |
|
|
856.9 |
|
Accounts payable |
32.3 |
|
|
239.0 |
|
|
149.6 |
|
|
— |
|
|
420.9 |
|
Accrued excise taxes |
17.8 |
|
|
9.7 |
|
|
5.0 |
|
|
— |
|
|
32.5 |
|
Intercompany payable |
20,752.2 |
|
|
17,548.5 |
|
|
8,743.2 |
|
|
(47,043.9 |
) |
|
— |
|
Other accrued expenses and liabilities |
257.2 |
|
|
197.8 |
|
|
195.9 |
|
|
(71.5 |
) |
|
579.4 |
|
Total current liabilities |
21,824.8 |
|
|
18,013.5 |
|
|
9,197.9 |
|
|
(47,115.4 |
) |
|
1,920.8 |
|
Long-term debt, less current maturities |
5,081.0 |
|
|
29.1 |
|
|
1,404.9 |
|
|
— |
|
|
6,515.0 |
|
Deferred income taxes |
28.4 |
|
|
692.3 |
|
|
265.7 |
|
|
— |
|
|
986.4 |
|
Intercompany notes payable |
— |
|
|
3,993.2 |
|
|
15.9 |
|
|
(4,009.1 |
) |
|
— |
|
Other liabilities |
23.6 |
|
|
34.9 |
|
|
79.2 |
|
|
— |
|
|
137.7 |
|
Total liabilities |
26,957.8 |
|
|
22,763.0 |
|
|
10,963.6 |
|
|
(51,124.5 |
) |
|
9,559.9 |
|
Total CBI stockholders’ equity |
6,492.4 |
|
|
8,372.4 |
|
|
4,333.5 |
|
|
(12,705.9 |
) |
|
6,492.4 |
|
Noncontrolling interests |
— |
|
|
— |
|
|
104.3 |
|
|
— |
|
|
104.3 |
|
Total stockholders’ equity |
6,492.4 |
|
|
8,372.4 |
|
|
4,437.8 |
|
|
(12,705.9 |
) |
|
6,596.7 |
|
Total liabilities and stockholders’ equity |
$ |
33,450.2 |
|
|
$ |
31,135.4 |
|
|
$ |
15,401.4 |
|
|
$ |
(63,830.4 |
) |
|
$ |
16,156.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Nine Months Ended November 30, 2015 |
Sales |
$ |
1,891.7 |
|
|
$ |
4,289.2 |
|
|
$ |
2,294.4 |
|
|
$ |
(2,952.0 |
) |
|
$ |
5,523.3 |
|
Less – excise taxes |
(251.3 |
) |
|
(219.4 |
) |
|
(47.4 |
) |
|
— |
|
|
(518.1 |
) |
Net sales |
1,640.4 |
|
|
4,069.8 |
|
|
2,247.0 |
|
|
(2,952.0 |
) |
|
5,005.2 |
|
Cost of product sold |
(1,325.4 |
) |
|
(3,023.4 |
) |
|
(1,377.4 |
) |
|
2,967.2 |
|
|
(2,759.0 |
) |
Gross profit |
315.0 |
|
|
1,046.4 |
|
|
869.6 |
|
|
15.2 |
|
|
2,246.2 |
|
Selling, general and administrative expenses |
(281.5 |
) |
|
(508.9 |
) |
|
(96.8 |
) |
|
(5.0 |
) |
|
(892.2 |
) |
Operating income |
33.5 |
|
|
537.5 |
|
|
772.8 |
|
|
10.2 |
|
|
1,354.0 |
|
Equity in earnings of equity method investees and subsidiaries |
924.9 |
|
|
31.8 |
|
|
0.8 |
|
|
(929.0 |
) |
|
28.5 |
|
Interest income |
0.1 |
|
|
— |
|
|
0.4 |
|
|
— |
|
|
0.5 |
|
Intercompany interest income |
138.0 |
|
|
196.6 |
|
|
0.1 |
|
|
(334.7 |
) |
|
— |
|
Interest expense |
(212.3 |
) |
|
(0.9 |
) |
|
(17.7 |
) |
|
— |
|
|
(230.9 |
) |
Intercompany interest expense |
(196.2 |
) |
|
(137.9 |
) |
|
(0.6 |
) |
|
334.7 |
|
|
— |
|
Loss on write-off of financing costs |
(0.4 |
) |
|
— |
|
|
(0.7 |
) |
|
— |
|
|
(1.1 |
) |
Income before income taxes |
687.6 |
|
|
627.1 |
|
|
755.1 |
|
|
(918.8 |
) |
|
1,151.0 |
|
(Provision for) benefit from income taxes |
123.9 |
|
|
(247.1 |
) |
|
(208.2 |
) |
|
(4.3 |
) |
|
(335.7 |
) |
Net income |
811.5 |
|
|
380.0 |
|
|
546.9 |
|
|
(923.1 |
) |
|
815.3 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(3.8 |
) |
|
— |
|
|
(3.8 |
) |
Net income attributable to CBI |
$ |
811.5 |
|
|
$ |
380.0 |
|
|
$ |
543.1 |
|
|
$ |
(923.1 |
) |
|
$ |
811.5 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
597.5 |
|
|
$ |
379.1 |
|
|
$ |
325.6 |
|
|
$ |
(704.7 |
) |
|
$ |
597.5 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended November 30, 2014 |
Sales |
$ |
1,802.0 |
|
|
$ |
3,927.3 |
|
|
$ |
2,300.8 |
|
|
$ |
(2,864.4 |
) |
|
$ |
5,165.7 |
|
Less – excise taxes |
(241.9 |
) |
|
(204.3 |
) |
|
(47.7 |
) |
|
— |
|
|
(493.9 |
) |
Net sales |
1,560.1 |
|
|
3,723.0 |
|
|
2,253.1 |
|
|
(2,864.4 |
) |
|
4,671.8 |
|
Cost of product sold |
(1,259.0 |
) |
|
(2,849.7 |
) |
|
(1,423.8 |
) |
|
2,841.7 |
|
|
(2,690.8 |
) |
Gross profit |
301.1 |
|
|
873.3 |
|
|
829.3 |
|
|
(22.7 |
) |
|
1,981.0 |
|
Selling, general and administrative expenses |
(291.2 |
) |
|
(410.4 |
) |
|
(145.1 |
) |
|
12.2 |
|
|
(834.5 |
) |
Operating income |
9.9 |
|
|
462.9 |
|
|
684.2 |
|
|
(10.5 |
) |
|
1,146.5 |
|
Equity in earnings of equity method investees and subsidiaries |
761.3 |
|
|
23.5 |
|
|
1.0 |
|
|
(764.7 |
) |
|
21.1 |
|
Interest income |
— |
|
|
— |
|
|
1.0 |
|
|
— |
|
|
1.0 |
|
Intercompany interest income |
133.2 |
|
|
162.5 |
|
|
0.2 |
|
|
(295.9 |
) |
|
— |
|
Interest expense |
(224.4 |
) |
|
(1.0 |
) |
|
(33.0 |
) |
|
— |
|
|
(258.4 |
) |
Intercompany interest expense |
(162.1 |
) |
|
(133.0 |
) |
|
(0.8 |
) |
|
295.9 |
|
|
— |
|
Loss on write-off of financing costs |
— |
|
|
— |
|
|
(4.4 |
) |
|
— |
|
|
(4.4 |
) |
Income before income taxes |
517.9 |
|
|
514.9 |
|
|
648.2 |
|
|
(775.2 |
) |
|
905.8 |
|
(Provision for) benefit from income taxes |
106.8 |
|
|
(192.0 |
) |
|
(198.9 |
) |
|
3.0 |
|
|
(281.1 |
) |
Net income |
624.7 |
|
|
322.9 |
|
|
449.3 |
|
|
(772.2 |
) |
|
624.7 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income attributable to CBI |
$ |
624.7 |
|
|
$ |
322.9 |
|
|
$ |
449.3 |
|
|
$ |
(772.2 |
) |
|
$ |
624.7 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
530.1 |
|
|
$ |
324.7 |
|
|
$ |
350.9 |
|
|
$ |
(675.6 |
) |
|
$ |
530.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2015 |
Sales |
$ |
708.1 |
|
|
$ |
1,366.8 |
|
|
$ |
676.4 |
|
|
$ |
(938.9 |
) |
|
$ |
1,812.4 |
|
Less – excise taxes |
(91.6 |
) |
|
(64.6 |
) |
|
(15.7 |
) |
|
— |
|
|
(171.9 |
) |
Net sales |
616.5 |
|
|
1,302.2 |
|
|
660.7 |
|
|
(938.9 |
) |
|
1,640.5 |
|
Cost of product sold |
(496.9 |
) |
|
(943.8 |
) |
|
(425.3 |
) |
|
959.0 |
|
|
(907.0 |
) |
Gross profit |
119.6 |
|
|
358.4 |
|
|
235.4 |
|
|
20.1 |
|
|
733.5 |
|
Selling, general and administrative expenses |
(81.9 |
) |
|
(157.6 |
) |
|
(34.6 |
) |
|
(12.1 |
) |
|
(286.2 |
) |
Operating income |
37.7 |
|
|
200.8 |
|
|
200.8 |
|
|
8.0 |
|
|
447.3 |
|
Equity in earnings of equity method investees and subsidiaries |
298.6 |
|
|
28.1 |
|
|
0.4 |
|
|
(299.8 |
) |
|
27.3 |
|
Interest income |
— |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
0.1 |
|
Intercompany interest income |
46.0 |
|
|
66.3 |
|
|
0.1 |
|
|
(112.4 |
) |
|
— |
|
Interest expense |
(71.5 |
) |
|
(0.3 |
) |
|
(3.9 |
) |
|
— |
|
|
(75.7 |
) |
Intercompany interest expense |
(66.2 |
) |
|
(46.0 |
) |
|
(0.2 |
) |
|
112.4 |
|
|
— |
|
Income before income taxes |
244.6 |
|
|
248.9 |
|
|
197.3 |
|
|
(291.8 |
) |
|
399.0 |
|
(Provision for) benefit from income taxes |
25.9 |
|
|
(99.2 |
) |
|
(51.4 |
) |
|
(3.3 |
) |
|
(128.0 |
) |
Net income |
270.5 |
|
|
149.7 |
|
|
145.9 |
|
|
(295.1 |
) |
|
271.0 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(0.5 |
) |
|
— |
|
|
(0.5 |
) |
Net income attributable to CBI |
$ |
270.5 |
|
|
$ |
149.7 |
|
|
$ |
145.4 |
|
|
$ |
(295.1 |
) |
|
$ |
270.5 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
295.8 |
|
|
$ |
149.0 |
|
|
$ |
169.8 |
|
|
$ |
(318.8 |
) |
|
$ |
295.8 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2014 |
Sales |
$ |
662.8 |
|
|
$ |
1,267.8 |
|
|
$ |
695.4 |
|
|
$ |
(917.4 |
) |
|
$ |
1,708.6 |
|
Less – excise taxes |
(88.7 |
) |
|
(65.2 |
) |
|
(13.0 |
) |
|
— |
|
|
(166.9 |
) |
Net sales |
574.1 |
|
|
1,202.6 |
|
|
682.4 |
|
|
(917.4 |
) |
|
1,541.7 |
|
Cost of product sold |
(462.1 |
) |
|
(943.3 |
) |
|
(410.9 |
) |
|
913.5 |
|
|
(902.8 |
) |
Gross profit |
112.0 |
|
|
259.3 |
|
|
271.5 |
|
|
(3.9 |
) |
|
638.9 |
|
Selling, general and administrative expenses |
(97.1 |
) |
|
(109.4 |
) |
|
(61.6 |
) |
|
4.8 |
|
|
(263.3 |
) |
Operating income |
14.9 |
|
|
149.9 |
|
|
209.9 |
|
|
0.9 |
|
|
375.6 |
|
Equity in earnings of equity method investees and subsidiaries |
252.3 |
|
|
21.7 |
|
|
0.4 |
|
|
(253.2 |
) |
|
21.2 |
|
Interest income |
— |
|
|
— |
|
|
0.4 |
|
|
— |
|
|
0.4 |
|
Intercompany interest income |
44.7 |
|
|
58.7 |
|
|
— |
|
|
(103.4 |
) |
|
— |
|
Interest expense |
(78.4 |
) |
|
(0.3 |
) |
|
(7.7 |
) |
|
— |
|
|
(86.4 |
) |
Intercompany interest expense |
(58.6 |
) |
|
(44.6 |
) |
|
(0.2 |
) |
|
103.4 |
|
|
— |
|
Income before income taxes |
174.9 |
|
|
185.4 |
|
|
202.8 |
|
|
(252.3 |
) |
|
310.8 |
|
(Provision for) benefit from income taxes |
47.3 |
|
|
(68.9 |
) |
|
(66.5 |
) |
|
(0.5 |
) |
|
(88.6 |
) |
Net income |
222.2 |
|
|
116.5 |
|
|
136.3 |
|
|
(252.8 |
) |
|
222.2 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income attributable to CBI |
$ |
222.2 |
|
|
$ |
116.5 |
|
|
$ |
136.3 |
|
|
$ |
(252.8 |
) |
|
$ |
222.2 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
108.8 |
|
|
$ |
117.2 |
|
|
$ |
21.5 |
|
|
$ |
(138.7 |
) |
|
$ |
108.8 |
|
|