Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.5.0.1
Condensed Consolidating Financial Information (Tables)
 3 Months Ended
May 31, 2016
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, 2016
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
21.2

 
$
6.9

 
$
139.2

 
$
—

 
$
167.3

Accounts receivable
0.3

 
19.2

 
753.8

 
—

 
773.3

Inventories
157.5

 
1,520.7

 
400.5

 
(159.9
)
 
1,918.8

Intercompany receivable
18,583.3

 
25,167.6

 
10,053.6

 
(53,804.5
)
 
—

Prepaid expenses and other
38.4

 
65.7

 
276.8

 
(21.8
)
 
359.1

Total current assets
18,800.7

 
26,780.1

 
11,623.9

 
(53,986.2
)
 
3,218.5

Property, plant and equipment
62.3

 
880.6

 
2,564.3

 
—

 
3,507.2

Investments in subsidiaries
13,055.7

 
20.6

 
—

 
(13,076.3
)
 
—

Goodwill
—

 
6,581.0

 
769.2

 
—

 
7,350.2

Intangible assets
—

 
1,006.3

 
2,434.1

 
—

 
3,440.4

Intercompany notes receivable
5,044.3

 
86.9

 
270.0

 
(5,401.2
)
 
—

Other assets
19.6

 
73.1

 
21.0

 
—

 
113.7

Total assets
$
36,982.6

 
$
35,428.6

 
$
17,682.5

 
$
(72,463.7
)
 
$
17,630.0

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable to banks
$
—

 
$
—

 
$
29.8

 
$
—

 
$
29.8

Current maturities of long-term debt
1,464.7

 
16.0

 
107.1

 
—

 
1,587.8

Accounts payable
34.4

 
111.2

 
412.9

 
—

 
558.5

Accrued excise taxes
14.5

 
19.3

 
5.9

 
—

 
39.7

Intercompany payable
23,373.8

 
20,165.9

 
10,264.8

 
(53,804.5
)
 
—

Other accrued expenses and liabilities
223.5

 
185.3

 
148.1

 
(74.0
)
 
482.9

Total current liabilities
25,110.9

 
20,497.7

 
10,968.6

 
(53,878.5
)
 
2,698.7

Long-term debt, less current maturities
4,708.1

 
22.4

 
1,960.1

 
—

 
6,690.6

Deferred income taxes
14.7

 
766.8

 
310.7

 
—

 
1,092.2

Intercompany notes payable
270.0

 
5,114.0

 
17.2

 
(5,401.2
)
 
—

Other liabilities
30.9

 
34.0

 
95.0

 
—

 
159.9

Total liabilities
30,134.6

 
26,434.9

 
13,351.6

 
(59,279.7
)
 
10,641.4

Total CBI stockholders’ equity
6,848.0

 
8,993.7

 
4,190.3

 
(13,184.0
)
 
6,848.0

Noncontrolling interests
—

 
—

 
140.6

 
—

 
140.6

Total stockholders’ equity
6,848.0

 
8,993.7

 
4,330.9

 
(13,184.0
)
 
6,988.6

Total liabilities and stockholders’ equity
$
36,982.6

 
$
35,428.6

 
$
17,682.5

 
$
(72,463.7
)
 
$
17,630.0

 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Balance Sheet at February 29, 2016
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
6.0

 
$
4.2

 
$
72.9

 
$
—

 
$
83.1

Accounts receivable
0.4

 
22.3

 
709.8

 
—

 
732.5

Inventories
151.6

 
1,483.5

 
344.0

 
(127.5
)
 
1,851.6

Intercompany receivable
17,459.3

 
23,758.9

 
9,393.5

 
(50,611.7
)
 
—

Prepaid expenses and other
29.6

 
67.8

 
281.1

 
(68.1
)
 
310.4

Total current assets
17,646.9

 
25,336.7

 
10,801.3

 
(50,807.3
)
 
2,977.6

Property, plant and equipment
63.2

 
879.8

 
2,390.4

 
—

 
3,333.4

Investments in subsidiaries
13,047.2

 
19.0

 
—

 
(13,066.2
)
 
—

Goodwill
—

 
6,376.4

 
762.2

 
—

 
7,138.6

Intangible assets
—

 
970.9

 
2,430.8

 
2.1

 
3,403.8

Intercompany notes receivable
4,705.9

 
86.6

 
—

 
(4,792.5
)
 
—

Other assets
20.0

 
69.6

 
22.0

 
—

 
111.6

Total assets
$
35,483.2

 
$
33,739.0

 
$
16,406.7

 
$
(68,663.9
)
 
$
16,965.0

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable to banks
$
—

 
$
—

 
$
408.3

 
$
—

 
$
408.3

Current maturities of long-term debt
765.6

 
18.0

 
73.1

 
—

 
856.7

Accounts payable
37.7

 
100.7

 
290.9

 
—

 
429.3

Accrued excise taxes
14.7

 
14.7

 
4.2

 
—

 
33.6

Intercompany payable
22,293.3

 
19,018.6

 
9,299.8

 
(50,611.7
)
 
—

Other accrued expenses and liabilities
349.1

 
185.1

 
119.4

 
(109.2
)
 
544.4

Total current liabilities
23,460.4

 
19,337.1

 
10,195.7

 
(50,720.9
)
 
2,272.3

Long-term debt, less current maturities
5,421.4

 
26.3

 
1,368.5

 
—

 
6,816.2

Deferred income taxes
11.9

 
734.8

 
275.5

 
—

 
1,022.2

Intercompany notes payable
—

 
4,776.6

 
15.9

 
(4,792.5
)
 
—

Other liabilities
29.9

 
39.1

 
93.5

 
—

 
162.5

Total liabilities
28,923.6

 
24,913.9

 
11,949.1

 
(55,513.4
)
 
10,273.2

Total CBI stockholders’ equity
6,559.6

 
8,825.1

 
4,325.4

 
(13,150.5
)
 
6,559.6

Noncontrolling interests
—

 
—

 
132.2

 
—

 
132.2

Total stockholders’ equity
6,559.6

 
8,825.1

 
4,457.6

 
(13,150.5
)
 
6,691.8

Total liabilities and stockholders’ equity
$
35,483.2

 
$
33,739.0

 
$
16,406.7

 
$
(68,663.9
)
 
$
16,965.0

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, 2016
Sales
$
623.7

 
$
1,686.8

 
$
966.1

 
$
(1,223.6
)
 
$
2,053.0

Less – excise taxes
(78.0
)
 
(86.9
)
 
(16.3
)
 
—

 
(181.2
)
Net sales
545.7

 
1,599.9

 
949.8

 
(1,223.6
)
 
1,871.8

Cost of product sold
(451.4
)
 
(1,151.5
)
 
(564.8
)
 
1,177.2

 
(990.5
)
Gross profit
94.3

 
448.4

 
385.0

 
(46.4
)
 
881.3

Selling, general and administrative expenses
(91.3
)
 
(193.1
)
 
(55.2
)
 
11.0

 
(328.6
)
Operating income
3.0

 
255.3

 
329.8

 
(35.4
)
 
552.7

Equity in earnings of equity method investees and subsidiaries
368.9

 
2.3

 
—

 
(370.5
)
 
0.7

Interest income
0.1

 
—

 
0.3

 
—

 
0.4

Intercompany interest income
57.4

 
73.3

 
—

 
(130.7
)
 
—

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

 
(85.0
)
Intercompany interest expense
(73.1
)
 
(57.4
)
 
(0.2
)
 
130.7

 
—

Income before income taxes
282.0

 
273.1

 
319.6

 
(405.9
)
 
468.8

(Provision for) benefit from income taxes
36.3

 
(105.9
)
 
(91.5
)
 
11.4

 
(149.7
)
Net income
318.3


167.2

 
228.1

 
(394.5
)
 
319.1

Net income attributable to noncontrolling interests
—

 
—

 
(0.8
)
 
—

 
(0.8
)
Net income attributable to CBI
$
318.3

 
$
167.2

 
$
227.3

 
$
(394.5
)
 
$
318.3

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to CBI
$
314.3

 
$
168.7

 
$
221.5

 
$
(390.2
)
 
$
314.3

 
 
 
 
 
 
 
 
 
 
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 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, 2016
Net cash provided by (used in) operating activities
$
(221.8
)
 
$
1.0

 
$
566.7

 
$
—

 
$
345.9

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of business
—

 
(284.9
)
 
—

 
—

 
(284.9
)
Purchases of property, plant and equipment
(4.1
)
 
(27.5
)
 
(137.8
)
 
—

 
(169.4
)
Net repayments of intercompany notes
(377.2
)
 
(0.1
)
 
—

 
377.3

 
—

Net returns of capital from equity affiliates
354.8

 
—

 
—

 
(354.8
)
 
—

Other investing activities
0.1

 
—

 
0.3

 
—

 
0.4

Net cash used in investing activities
(26.4
)
 
(312.5
)
 
(137.5
)
 
22.5

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

 
—

 
(357.0
)
 
357.0

 
—

Net contributions from equity affiliates
—

 
0.1

 
2.1

 
(2.2
)
 
—

Net proceeds from (repayments of) intercompany notes
275.5

 
362.6

 
(260.8
)
 
(377.3
)
 
—

Proceeds from issuance of long-term debt
—

 
—

 
700.0

 
—

 
700.0

Excess tax benefits from stock-based payment awards
68.8

 
—

 
—

 
—

 
68.8

Proceeds from shares issued under equity compensation plans
15.9

 
—

 
—

 
—

 
15.9

Proceeds from noncontrolling interests
—

 
—

 
9.5

 
—

 
9.5

Net repayments of notes payable
—

 
—

 
(379.1
)
 
—

 
(379.1
)
Principal payments of long-term debt
(16.5
)
 
(6.0
)
 
(71.7
)
 
—

 
(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
)
Purchases of treasury stock
(1.0
)
 
—

 
—

 
—

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

 
314.2

 
(363.2
)
 
(22.5
)
 
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

 
2.7

 
66.3

 
—

 
84.2

Cash and cash equivalents, beginning of period
6.0

 
4.2

 
72.9

 
—

 
83.1

Cash and cash equivalents, end of period
$
21.2

 
$
6.9

 
$
139.2

 
$
—

 
$
167.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
—

Excess tax benefits from stock-based payment awards
63.6

 
—

 
—

 
—

 
63.6

Proceeds from shares issued under equity compensation plans
9.6

 
—

 
—

 
—

 
9.6

Net proceeds from notes payable
—

 
—

 
50.9

 
—

 
50.9

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
)
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