| Condensed Consolidating Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet at November 30, 2016 |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
13.3 |
|
|
$ |
7.7 |
|
|
$ |
176.3 |
|
|
$ |
— |
|
|
$ |
197.3 |
|
Accounts receivable |
0.7 |
|
|
23.7 |
|
|
831.6 |
|
|
— |
|
|
856.0 |
|
Inventories |
170.5 |
|
|
1,628.3 |
|
|
434.9 |
|
|
(110.6 |
) |
|
2,123.1 |
|
Intercompany receivable |
21,273.6 |
|
|
28,448.7 |
|
|
11,599.4 |
|
|
(61,321.7 |
) |
|
— |
|
Prepaid expenses and other |
40.1 |
|
|
58.7 |
|
|
262.4 |
|
|
(92.8 |
) |
|
268.4 |
|
Total current assets |
21,498.2 |
|
|
30,167.1 |
|
|
13,304.6 |
|
|
(61,525.1 |
) |
|
3,444.8 |
|
Property, plant and equipment |
65.6 |
|
|
922.1 |
|
|
2,720.3 |
|
|
— |
|
|
3,708.0 |
|
Investments in subsidiaries |
13,258.5 |
|
|
23.4 |
|
|
— |
|
|
(13,281.9 |
) |
|
— |
|
Goodwill |
— |
|
|
6,590.1 |
|
|
927.8 |
|
|
— |
|
|
7,517.9 |
|
Intangible assets |
— |
|
|
1,002.9 |
|
|
2,491.3 |
|
|
— |
|
|
3,494.2 |
|
Intercompany notes receivable |
5,016.3 |
|
|
200.1 |
|
|
200.0 |
|
|
(5,416.4 |
) |
|
— |
|
Other assets |
19.5 |
|
|
92.2 |
|
|
43.5 |
|
|
— |
|
|
155.2 |
|
Total assets |
$ |
39,858.1 |
|
|
$ |
38,997.9 |
|
|
$ |
19,687.5 |
|
|
$ |
(80,223.4 |
) |
|
$ |
18,320.1 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Notes payable to banks |
$ |
220.0 |
|
|
$ |
— |
|
|
$ |
133.4 |
|
|
$ |
— |
|
|
$ |
353.4 |
|
Current maturities of long-term debt |
767.7 |
|
|
17.0 |
|
|
131.0 |
|
|
— |
|
|
915.7 |
|
Accounts payable |
46.0 |
|
|
337.6 |
|
|
388.7 |
|
|
— |
|
|
772.3 |
|
Accrued excise taxes |
15.1 |
|
|
12.5 |
|
|
5.4 |
|
|
— |
|
|
33.0 |
|
Intercompany payable |
26,589.9 |
|
|
23,011.5 |
|
|
11,720.3 |
|
|
(61,321.7 |
) |
|
— |
|
Other accrued expenses and liabilities |
280.4 |
|
|
214.4 |
|
|
195.9 |
|
|
(128.5 |
) |
|
562.2 |
|
Total current liabilities |
27,919.1 |
|
|
23,593.0 |
|
|
12,574.7 |
|
|
(61,450.2 |
) |
|
2,636.6 |
|
Long-term debt, less current maturities |
4,680.2 |
|
|
25.4 |
|
|
2,656.9 |
|
|
— |
|
|
7,362.5 |
|
Deferred income taxes |
12.5 |
|
|
815.4 |
|
|
296.1 |
|
|
— |
|
|
1,124.0 |
|
Intercompany notes payable |
200.0 |
|
|
5,184.0 |
|
|
32.4 |
|
|
(5,416.4 |
) |
|
— |
|
Other liabilities |
28.3 |
|
|
30.2 |
|
|
140.8 |
|
|
— |
|
|
199.3 |
|
Total liabilities |
32,840.1 |
|
|
29,648.0 |
|
|
15,700.9 |
|
|
(66,866.6 |
) |
|
11,322.4 |
|
Total CBI stockholders’ equity |
7,018.0 |
|
|
9,349.9 |
|
|
4,006.9 |
|
|
(13,356.8 |
) |
|
7,018.0 |
|
Noncontrolling interests |
— |
|
|
— |
|
|
(20.3 |
) |
|
— |
|
|
(20.3 |
) |
Total stockholders’ equity |
7,018.0 |
|
|
9,349.9 |
|
|
3,986.6 |
|
|
(13,356.8 |
) |
|
6,997.7 |
|
Total liabilities and stockholders’ equity |
$ |
39,858.1 |
|
|
$ |
38,997.9 |
|
|
$ |
19,687.5 |
|
|
$ |
(80,223.4 |
) |
|
$ |
18,320.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Nine Months Ended November 30, 2016 |
Sales |
$ |
2,070.2 |
|
|
$ |
5,061.5 |
|
|
$ |
2,604.0 |
|
|
$ |
(3,467.2 |
) |
|
$ |
6,268.5 |
|
Less – excise taxes |
(260.0 |
) |
|
(254.2 |
) |
|
(50.8 |
) |
|
— |
|
|
(565.0 |
) |
Net sales |
1,810.2 |
|
|
4,807.3 |
|
|
2,553.2 |
|
|
(3,467.2 |
) |
|
5,703.5 |
|
Cost of product sold |
(1,472.9 |
) |
|
(3,444.7 |
) |
|
(1,483.5 |
) |
|
3,439.3 |
|
|
(2,961.8 |
) |
Gross profit |
337.3 |
|
|
1,362.6 |
|
|
1,069.7 |
|
|
(27.9 |
) |
|
2,741.7 |
|
Selling, general and administrative expenses |
(310.4 |
) |
|
(590.9 |
) |
|
(181.7 |
) |
|
38.9 |
|
|
(1,044.1 |
) |
Operating income |
26.9 |
|
|
771.7 |
|
|
888.0 |
|
|
11.0 |
|
|
1,697.6 |
|
Equity in earnings of equity method investees and subsidiaries |
1,207.5 |
|
|
32.0 |
|
|
0.5 |
|
|
(1,211.8 |
) |
|
28.2 |
|
Interest income |
0.4 |
|
|
— |
|
|
0.9 |
|
|
— |
|
|
1.3 |
|
Intercompany interest income |
170.9 |
|
|
229.5 |
|
|
0.1 |
|
|
(400.5 |
) |
|
— |
|
Interest expense |
(212.6 |
) |
|
(1.2 |
) |
|
(43.8 |
) |
|
— |
|
|
(257.6 |
) |
Intercompany interest expense |
(229.1 |
) |
|
(170.7 |
) |
|
(0.7 |
) |
|
400.5 |
|
|
— |
|
Income before income taxes |
964.0 |
|
|
861.3 |
|
|
845.0 |
|
|
(1,200.8 |
) |
|
1,469.5 |
|
(Provision for) benefit from income taxes |
119.1 |
|
|
(336.5 |
) |
|
(170.5 |
) |
|
(4.3 |
) |
|
(392.2 |
) |
Net income |
1,083.1 |
|
|
524.8 |
|
|
674.5 |
|
|
(1,205.1 |
) |
|
1,077.3 |
|
Net loss attributable to noncontrolling interests |
— |
|
|
— |
|
|
5.8 |
|
|
— |
|
|
5.8 |
|
Net income attributable to CBI |
$ |
1,083.1 |
|
|
$ |
524.8 |
|
|
$ |
680.3 |
|
|
$ |
(1,205.1 |
) |
|
$ |
1,083.1 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
938.9 |
|
|
$ |
524.8 |
|
|
$ |
527.6 |
|
|
$ |
(1,052.4 |
) |
|
$ |
938.9 |
|
|
|
|
|
|
|
|
|
|
|
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 debt issuance 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2016 |
Sales |
$ |
734.8 |
|
|
$ |
1,563.5 |
|
|
$ |
815.2 |
|
|
$ |
(1,120.8 |
) |
|
$ |
1,992.7 |
|
Less – excise taxes |
(89.9 |
) |
|
(73.8 |
) |
|
(18.5 |
) |
|
— |
|
|
(182.2 |
) |
Net sales |
644.9 |
|
|
1,489.7 |
|
|
796.7 |
|
|
(1,120.8 |
) |
|
1,810.5 |
|
Cost of product sold |
(522.4 |
) |
|
(1,043.9 |
) |
|
(459.7 |
) |
|
1,106.9 |
|
|
(919.1 |
) |
Gross profit |
122.5 |
|
|
445.8 |
|
|
337.0 |
|
|
(13.9 |
) |
|
891.4 |
|
Selling, general and administrative expenses |
(109.7 |
) |
|
(194.7 |
) |
|
(70.1 |
) |
|
17.1 |
|
|
(357.4 |
) |
Operating income |
12.8 |
|
|
251.1 |
|
|
266.9 |
|
|
3.2 |
|
|
534.0 |
|
Equity in earnings of equity method investees and subsidiaries |
430.9 |
|
|
28.4 |
|
|
0.1 |
|
|
(431.9 |
) |
|
27.5 |
|
Interest income |
— |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
0.3 |
|
Intercompany interest income |
56.2 |
|
|
80.3 |
|
|
— |
|
|
(136.5 |
) |
|
— |
|
Interest expense |
(61.5 |
) |
|
(0.4 |
) |
|
(16.0 |
) |
|
— |
|
|
(77.9 |
) |
Intercompany interest expense |
(80.1 |
) |
|
(56.1 |
) |
|
(0.3 |
) |
|
136.5 |
|
|
— |
|
Income before income taxes |
358.3 |
|
|
303.3 |
|
|
251.0 |
|
|
(428.7 |
) |
|
483.9 |
|
(Provision for) benefit from income taxes |
47.6 |
|
|
(119.1 |
) |
|
(7.3 |
) |
|
(0.1 |
) |
|
(78.9 |
) |
Net income |
405.9 |
|
|
184.2 |
|
|
243.7 |
|
|
(428.8 |
) |
|
405.0 |
|
Net loss attributable to noncontrolling interests |
— |
|
|
— |
|
|
0.9 |
|
|
— |
|
|
0.9 |
|
Net income attributable to CBI |
$ |
405.9 |
|
|
$ |
184.2 |
|
|
$ |
244.6 |
|
|
$ |
(428.8 |
) |
|
$ |
405.9 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
252.3 |
|
|
$ |
182.5 |
|
|
$ |
85.9 |
|
|
$ |
(268.4 |
) |
|
$ |
252.3 |
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|