| Condensed Consolidating Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet at August 31, 2016 |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
25.9 |
|
|
$ |
8.0 |
|
|
$ |
143.4 |
|
|
$ |
— |
|
|
$ |
177.3 |
|
Accounts receivable |
0.3 |
|
|
21.3 |
|
|
809.5 |
|
|
— |
|
|
831.1 |
|
Inventories |
162.3 |
|
|
1,386.0 |
|
|
423.3 |
|
|
(116.4 |
) |
|
1,855.2 |
|
Intercompany receivable |
19,941.0 |
|
|
26,759.5 |
|
|
10,573.3 |
|
|
(57,273.8 |
) |
|
— |
|
Prepaid expenses and other |
39.9 |
|
|
49.4 |
|
|
269.0 |
|
|
(52.1 |
) |
|
306.2 |
|
Total current assets |
20,169.4 |
|
|
28,224.2 |
|
|
12,218.5 |
|
|
(57,442.3 |
) |
|
3,169.8 |
|
Property, plant and equipment |
68.3 |
|
|
908.0 |
|
|
2,655.8 |
|
|
— |
|
|
3,632.1 |
|
Investments in subsidiaries |
13,000.9 |
|
|
22.3 |
|
|
— |
|
|
(13,023.2 |
) |
|
— |
|
Goodwill |
— |
|
|
6,580.7 |
|
|
776.1 |
|
|
— |
|
|
7,356.8 |
|
Intangible assets |
— |
|
|
1,004.7 |
|
|
2,436.8 |
|
|
— |
|
|
3,441.5 |
|
Intercompany notes receivable |
4,941.9 |
|
|
198.1 |
|
|
163.0 |
|
|
(5,303.0 |
) |
|
— |
|
Other assets |
18.0 |
|
|
73.2 |
|
|
26.0 |
|
|
— |
|
|
117.2 |
|
Total assets |
$ |
38,198.5 |
|
|
$ |
37,011.2 |
|
|
$ |
18,276.2 |
|
|
$ |
(75,768.5 |
) |
|
$ |
17,717.4 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Notes payable to banks |
$ |
— |
|
|
$ |
— |
|
|
$ |
114.3 |
|
|
$ |
— |
|
|
$ |
114.3 |
|
Current maturities of long-term debt |
769.3 |
|
|
16.7 |
|
|
107.1 |
|
|
— |
|
|
893.1 |
|
Accounts payable |
38.9 |
|
|
210.7 |
|
|
374.9 |
|
|
— |
|
|
624.5 |
|
Accrued excise taxes |
19.3 |
|
|
11.5 |
|
|
5.1 |
|
|
— |
|
|
35.9 |
|
Intercompany payable |
25,012.7 |
|
|
21,426.3 |
|
|
10,834.8 |
|
|
(57,273.8 |
) |
|
— |
|
Other accrued expenses and liabilities |
268.6 |
|
|
207.9 |
|
|
143.9 |
|
|
(88.6 |
) |
|
531.8 |
|
Total current liabilities |
26,108.8 |
|
|
21,873.1 |
|
|
11,580.1 |
|
|
(57,362.4 |
) |
|
2,199.6 |
|
Long-term debt, less current maturities |
4,695.2 |
|
|
24.9 |
|
|
2,301.5 |
|
|
— |
|
|
7,021.6 |
|
Deferred income taxes |
17.2 |
|
|
792.8 |
|
|
354.1 |
|
|
— |
|
|
1,164.1 |
|
Intercompany notes payable |
163.1 |
|
|
5,121.6 |
|
|
18.3 |
|
|
(5,303.0 |
) |
|
— |
|
Other liabilities |
31.8 |
|
|
31.4 |
|
|
94.8 |
|
|
— |
|
|
158.0 |
|
Total liabilities |
31,016.1 |
|
|
27,843.8 |
|
|
14,348.8 |
|
|
(62,665.4 |
) |
|
10,543.3 |
|
Total CBI stockholders’ equity |
7,182.4 |
|
|
9,167.4 |
|
|
3,935.7 |
|
|
(13,103.1 |
) |
|
7,182.4 |
|
Noncontrolling interests |
— |
|
|
— |
|
|
(8.3 |
) |
|
— |
|
|
(8.3 |
) |
Total stockholders’ equity |
7,182.4 |
|
|
9,167.4 |
|
|
3,927.4 |
|
|
(13,103.1 |
) |
|
7,174.1 |
|
Total liabilities and stockholders’ equity |
$ |
38,198.5 |
|
|
$ |
37,011.2 |
|
|
$ |
18,276.2 |
|
|
$ |
(75,768.5 |
) |
|
$ |
17,717.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Six Months Ended August 31, 2016 |
Sales |
$ |
1,335.4 |
|
|
$ |
3,498.0 |
|
|
$ |
1,788.8 |
|
|
$ |
(2,346.4 |
) |
|
$ |
4,275.8 |
|
Less – excise taxes |
(170.1 |
) |
|
(180.4 |
) |
|
(32.3 |
) |
|
— |
|
|
(382.8 |
) |
Net sales |
1,165.3 |
|
|
3,317.6 |
|
|
1,756.5 |
|
|
(2,346.4 |
) |
|
3,893.0 |
|
Cost of product sold |
(950.5 |
) |
|
(2,400.8 |
) |
|
(1,023.8 |
) |
|
2,332.4 |
|
|
(2,042.7 |
) |
Gross profit |
214.8 |
|
|
916.8 |
|
|
732.7 |
|
|
(14.0 |
) |
|
1,850.3 |
|
Selling, general and administrative expenses |
(200.7 |
) |
|
(396.2 |
) |
|
(111.6 |
) |
|
21.8 |
|
|
(686.7 |
) |
Operating income |
14.1 |
|
|
520.6 |
|
|
621.1 |
|
|
7.8 |
|
|
1,163.6 |
|
Equity in earnings of equity method investees and subsidiaries |
776.6 |
|
|
3.6 |
|
|
0.4 |
|
|
(779.9 |
) |
|
0.7 |
|
Interest income |
0.4 |
|
|
— |
|
|
0.6 |
|
|
— |
|
|
1.0 |
|
Intercompany interest income |
114.7 |
|
|
149.2 |
|
|
0.1 |
|
|
(264.0 |
) |
|
— |
|
Interest expense |
(151.1 |
) |
|
(0.8 |
) |
|
(27.8 |
) |
|
— |
|
|
(179.7 |
) |
Intercompany interest expense |
(149.0 |
) |
|
(114.6 |
) |
|
(0.4 |
) |
|
264.0 |
|
|
— |
|
Income before income taxes |
605.7 |
|
|
558.0 |
|
|
594.0 |
|
|
(772.1 |
) |
|
985.6 |
|
(Provision for) benefit from income taxes |
71.5 |
|
|
(217.4 |
) |
|
(163.2 |
) |
|
(4.2 |
) |
|
(313.3 |
) |
Net income |
677.2 |
|
|
340.6 |
|
|
430.8 |
|
|
(776.3 |
) |
|
672.3 |
|
Net loss attributable to noncontrolling interests |
— |
|
|
— |
|
|
4.9 |
|
|
— |
|
|
4.9 |
|
Net income attributable to CBI |
$ |
677.2 |
|
|
$ |
340.6 |
|
|
$ |
435.7 |
|
|
$ |
(776.3 |
) |
|
$ |
677.2 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
686.6 |
|
|
$ |
342.3 |
|
|
$ |
441.7 |
|
|
$ |
(784.0 |
) |
|
$ |
686.6 |
|
|
|
|
|
|
|
|
|
|
|
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 debt issuance 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2016 |
Sales |
$ |
711.7 |
|
|
$ |
1,811.2 |
|
|
$ |
822.7 |
|
|
$ |
(1,122.8 |
) |
|
$ |
2,222.8 |
|
Less – excise taxes |
(92.1 |
) |
|
(93.5 |
) |
|
(16.0 |
) |
|
— |
|
|
(201.6 |
) |
Net sales |
619.6 |
|
|
1,717.7 |
|
|
806.7 |
|
|
(1,122.8 |
) |
|
2,021.2 |
|
Cost of product sold |
(499.1 |
) |
|
(1,249.3 |
) |
|
(459.0 |
) |
|
1,155.2 |
|
|
(1,052.2 |
) |
Gross profit |
120.5 |
|
|
468.4 |
|
|
347.7 |
|
|
32.4 |
|
|
969.0 |
|
Selling, general and administrative expenses |
(109.4 |
) |
|
(203.1 |
) |
|
(56.4 |
) |
|
10.8 |
|
|
(358.1 |
) |
Operating income |
11.1 |
|
|
265.3 |
|
|
291.3 |
|
|
43.2 |
|
|
610.9 |
|
Equity in earnings of equity method investees and subsidiaries |
407.7 |
|
|
1.3 |
|
|
0.4 |
|
|
(409.4 |
) |
|
— |
|
Interest income |
0.3 |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
0.6 |
|
Intercompany interest income |
57.3 |
|
|
75.9 |
|
|
0.1 |
|
|
(133.3 |
) |
|
— |
|
Interest expense |
(76.8 |
) |
|
(0.4 |
) |
|
(17.5 |
) |
|
— |
|
|
(94.7 |
) |
Intercompany interest expense |
(75.9 |
) |
|
(57.2 |
) |
|
(0.2 |
) |
|
133.3 |
|
|
— |
|
Income before income taxes |
323.7 |
|
|
284.9 |
|
|
274.4 |
|
|
(366.2 |
) |
|
516.8 |
|
(Provision for) benefit from income taxes |
35.2 |
|
|
(111.5 |
) |
|
(71.7 |
) |
|
(15.6 |
) |
|
(163.6 |
) |
Net income |
358.9 |
|
|
173.4 |
|
|
202.7 |
|
|
(381.8 |
) |
|
353.2 |
|
Net loss attributable to noncontrolling interests |
— |
|
|
— |
|
|
5.7 |
|
|
— |
|
|
5.7 |
|
Net income attributable to CBI |
$ |
358.9 |
|
|
$ |
173.4 |
|
|
$ |
208.4 |
|
|
$ |
(381.8 |
) |
|
$ |
358.9 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
372.3 |
|
|
$ |
173.6 |
|
|
$ |
220.2 |
|
|
$ |
(393.8 |
) |
|
$ |
372.3 |
|
|
|
|
|
|
|
|
|
|
|
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 debt issuance 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 |
|
|