Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.7.0.1
Condensed Consolidating Financial Information (Tables)
 3 Months Ended
May 31, 2017
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, 2017
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
32.6

 
$
6.9

 
$
159.6

 
$
—

 
$
199.1

Accounts receivable
1.7

 
10.1

 
820.2

 
—

 
832.0

Inventories
170.8

 
1,578.4

 
371.2

 
(183.5
)
 
1,936.9

Intercompany receivable
22,818.1

 
29,965.6

 
13,180.2

 
(65,963.9
)
 
—

Prepaid expenses and other
90.6

 
66.8

 
247.7

 
(12.6
)
 
392.5

Total current assets
23,113.8

 
31,627.8

 
14,778.9

 
(66,160.0
)
 
3,360.5

Property, plant and equipment
70.1

 
942.8

 
3,174.0

 
—

 
4,186.9

Investments in subsidiaries
14,483.5

 
126.2

 
—

 
(14,609.7
)
 
—

Goodwill
—

 
6,587.8

 
1,384.5

 
—

 
7,972.3

Intangible assets
—

 
866.9

 
2,422.8

 
—

 
3,289.7

Intercompany notes receivable
5,129.9

 
—

 
101.1

 
(5,231.0
)
 
—

Other assets
17.8

 
77.2

 
55.0

 
—

 
150.0

Total assets
$
42,815.1

 
$
40,228.7

 
$
21,916.3

 
$
(86,000.7
)
 
$
18,959.4

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable to banks
$
485.0

 
$
—

 
$
503.1

 
$
—

 
$
988.1

Current maturities of long-term debt
4.5

 
15.1

 
126.6

 
—

 
146.2

Accounts payable
35.7

 
157.7

 
365.4

 
—

 
558.8

Intercompany payable
29,013.0

 
23,973.0

 
12,977.9

 
(65,963.9
)
 
—

Other accrued expenses and liabilities
201.8

 
219.4

 
109.1

 
(41.0
)
 
489.3

Total current liabilities
29,740.0

 
24,365.2

 
14,082.1

 
(66,004.9
)
 
2,182.4

Long-term debt, less current maturities
5,638.1

 
19.3

 
2,419.8

 
—

 
8,077.2

Deferred income taxes
13.6

 
814.1

 
307.8

 
—

 
1,135.5

Intercompany notes payable
—

 
5,201.3

 
29.7

 
(5,231.0
)
 
—

Other liabilities
33.7

 
21.2

 
111.6

 
—

 
166.5

Total liabilities
35,425.4

 
30,421.1

 
16,951.0

 
(71,235.9
)
 
11,561.6

Total CBI stockholders’ equity
7,389.7

 
9,807.6

 
4,957.2

 
(14,764.8
)
 
7,389.7

Noncontrolling interests
—

 
—

 
8.1

 
—

 
8.1

Total stockholders’ equity
7,389.7

 
9,807.6

 
4,965.3

 
(14,764.8
)
 
7,397.8

Total liabilities and stockholders’ equity
$
42,815.1

 
$
40,228.7

 
$
21,916.3

 
$
(86,000.7
)
 
$
18,959.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Balance Sheet at February 28, 2017
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
9.6

 
$
5.8

 
$
162.0

 
$
—

 
$
177.4

Accounts receivable
2.4

 
18.5

 
716.1

 
—

 
737.0

Inventories
162.3

 
1,628.5

 
330.9

 
(166.6
)
 
1,955.1

Intercompany receivable
21,927.8

 
28,384.7

 
12,410.6

 
(62,723.1
)
 
—

Prepaid expenses and other
40.4

 
74.8

 
169.0

 
76.3

 
360.5

Total current assets
22,142.5

 
30,112.3

 
13,788.6

 
(62,813.4
)
 
3,230.0

Property, plant and equipment
69.5

 
951.1

 
2,912.2

 
—

 
3,932.8

Investments in subsidiaries
13,884.2

 
125.0

 
—

 
(14,009.2
)
 
—

Goodwill
—

 
6,589.9

 
1,330.6

 
—

 
7,920.5

Intangible assets
—

 
955.1

 
2,422.6

 
—

 
3,377.7

Intercompany notes receivable
5,074.5

 
188.3

 
100.6

 
(5,363.4
)
 
—

Other assets
17.9

 
77.2

 
46.3

 
—

 
141.4

Total assets
$
41,188.6

 
$
38,998.9

 
$
20,600.9

 
$
(82,186.0
)
 
$
18,602.4

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable to banks
$
231.0

 
$
—

 
$
375.5

 
$
—

 
$
606.5

Current maturities of long-term debt
767.9

 
16.3

 
126.7

 
—

 
910.9

Accounts payable
47.6

 
146.2

 
366.0

 
—

 
559.8

Intercompany payable
27,675.4

 
22,786.3

 
12,261.4

 
(62,723.1
)
 
—

Other accrued expenses and liabilities
270.2

 
164.8

 
153.8

 
31.6

 
620.4

Total current liabilities
28,992.1

 
23,113.6

 
13,283.4

 
(62,691.5
)
 
2,697.6

Long-term debt, less current maturities
5,260.2

 
23.0

 
2,437.5

 
—

 
7,720.7

Deferred income taxes
13.3

 
823.2

 
297.1

 
—

 
1,133.6

Intercompany notes payable
—

 
5,334.0

 
29.4

 
(5,363.4
)
 
—

Other liabilities
31.8

 
18.9

 
115.0

 
—

 
165.7

Total liabilities
34,297.4

 
29,312.7

 
16,162.4

 
(68,054.9
)
 
11,717.6

Total CBI stockholders’ equity
6,891.2

 
9,686.2

 
4,444.9

 
(14,131.1
)
 
6,891.2

Noncontrolling interests
—

 
—

 
(6.4
)
 
—

 
(6.4
)
Total stockholders’ equity
6,891.2

 
9,686.2

 
4,438.5

 
(14,131.1
)
 
6,884.8

Total liabilities and stockholders’ equity
$
41,188.6

 
$
38,998.9

 
$
20,600.9

 
$
(82,186.0
)
 
$
18,602.4

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, 2017
Sales
$
698.8

 
$
1,794.2

 
$
868.5

 
$
(1,246.2
)
 
$
2,115.3

Less – excise taxes
(83.7
)
 
(93.4
)
 
(2.7
)
 
—

 
(179.8
)
Net sales
615.1

 
1,700.8

 
865.8

 
(1,246.2
)
 
1,935.5

Cost of product sold
(477.2
)
 
(1,232.0
)
 
(452.9
)
 
1,221.9

 
(940.2
)
Gross profit
137.9

 
468.8

 
412.9

 
(24.3
)
 
995.3

Selling, general and administrative expenses
(104.9
)
 
(303.3
)
 
(27.9
)
 
8.9

 
(427.2
)
Operating income
33.0

 
165.5

 
385.0

 
(15.4
)
 
568.1

Equity in earnings of equity method investees and subsidiaries
433.5

 
1.1

 
0.5

 
(434.7
)
 
0.4

Interest income
—

 
—

 
0.1

 
—

 
0.1

Intercompany interest income
57.9

 
93.3

 
0.8

 
(152.0
)
 
—

Interest expense
(65.2
)
 
(0.3
)
 
(17.0
)
 
—

 
(82.5
)
Intercompany interest expense
(93.3
)
 
(58.1
)
 
(0.6
)
 
152.0

 
—

Loss on write-off of debt issuance costs
(6.7
)
 
—

 
—

 
—

 
(6.7
)
Income before income taxes
359.2

 
201.5

 
368.8

 
(450.1
)
 
479.4

(Provision for) benefit from income taxes
43.6

 
(65.5
)
 
(36.0
)
 
(16.2
)
 
(74.1
)
Net income
402.8


136.0

 
332.8

 
(466.3
)
 
405.3

Net income attributable to noncontrolling interests
—

 
—

 
(2.5
)
 
—

 
(2.5
)
Net income attributable to CBI
$
402.8

 
$
136.0

 
$
330.3

 
$
(466.3
)
 
$
402.8

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to CBI
$
590.3

 
$
135.3

 
$
520.2

 
$
(655.5
)
 
$
590.3

 
 
 
 
 
 
 
 
 
 
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 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, 2017
Net cash provided by (used in) operating activities
$
(161.0
)
 
$
451.6

 
$
91.0

 
$
—

 
$
381.6

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(4.8
)
 
(25.6
)
 
(186.7
)
 
—

 
(217.1
)
Payments related to sale of business
—

 
—

 
(5.0
)
 
—

 
(5.0
)
Net proceeds from intercompany notes
419.3

 
0.9

 
—

 
(420.2
)
 
—

Net investments in equity affiliates
(5.8
)
 
—

 
—

 
5.8

 
—

Other investing activities
—

 
—

 
0.8

 
—

 
0.8

Net cash provided by (used in) investing activities
408.7

 
(24.7
)
 
(190.9
)
 
(414.4
)
 
(221.3
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Dividends paid to parent company
—

 
—

 
(8.0
)
 
8.0

 
—

Net contributions from equity affiliates
—

 
13.6

 
0.2

 
(13.8
)
 
—

Net repayments of intercompany notes
(1.7
)
 
(413.1
)
 
(5.4
)
 
420.2

 
—

Principal payments of long-term debt
(1,876.8
)
 
(4.9
)
 
(31.7
)
 
—

 
(1,913.4
)
Dividends paid
(100.5
)
 
—

 
—

 
—

 
(100.5
)
Payments of minimum tax withholdings on stock-based payment awards
—

 
(21.4
)
 
(0.9
)
 
—

 
(22.3
)
Payments of debt issuance costs
(11.8
)
 
—

 
—

 
—

 
(11.8
)
Proceeds from issuance of long-term debt
1,495.5

 
—

 
13.0

 
—

 
1,508.5

Net proceeds from notes payable
254.0

 
—

 
127.3

 
—

 
381.3

Proceeds from shares issued under equity compensation plans
16.6

 
—

 
—

 
—

 
16.6

Net cash provided by (used in) financing activities
(224.7
)
 
(425.8
)
 
94.5

 
414.4

 
(141.6
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
3.0

 
—

 
3.0

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
23.0

 
1.1

 
(2.4
)
 
—

 
21.7

Cash and cash equivalents, beginning of period
9.6

 
5.8

 
162.0

 
—

 
177.4

Cash and cash equivalents, end of period
$
32.6

 
$
6.9

 
$
159.6

 
$
—

 
$
199.1

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

 
(169.4
)
Purchase of business
—

 
(284.9
)
 
—

 
—

 
(284.9
)
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
)
 
—

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
)
Proceeds from issuance of long-term debt
—

 
—

 
709.5

 
—

 
709.5

Net repayments of notes payable
—

 
—

 
(379.1
)
 
—

 
(379.1
)
Proceeds from shares issued under equity compensation plans
15.9

 
—

 
—

 
—

 
15.9

Excess tax benefits from stock-based payment awards
68.8

 
—

 
—

 
—

 
68.8

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