| Condensed Consolidating Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet at August 31, 2017 |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
6.3 |
|
|
$ |
5.6 |
|
|
$ |
113.7 |
|
|
$ |
— |
|
|
$ |
125.6 |
|
Accounts receivable |
0.1 |
|
|
10.7 |
|
|
842.5 |
|
|
— |
|
|
853.3 |
|
Inventories |
170.6 |
|
|
1,412.7 |
|
|
493.5 |
|
|
(147.1 |
) |
|
1,929.7 |
|
Intercompany receivable |
24,185.1 |
|
|
33,604.7 |
|
|
16,649.2 |
|
|
(74,439.0 |
) |
|
— |
|
Prepaid expenses and other |
95.8 |
|
|
59.8 |
|
|
390.8 |
|
|
(81.6 |
) |
|
464.8 |
|
Total current assets |
24,457.9 |
|
|
35,093.5 |
|
|
18,489.7 |
|
|
(74,667.7 |
) |
|
3,373.4 |
|
Property, plant and equipment |
72.4 |
|
|
711.1 |
|
|
3,680.7 |
|
|
— |
|
|
4,464.2 |
|
Investments in subsidiaries |
18,264.8 |
|
|
329.8 |
|
|
5,615.0 |
|
|
(24,209.6 |
) |
|
— |
|
Goodwill |
— |
|
|
6,185.6 |
|
|
1,928.6 |
|
|
— |
|
|
8,114.2 |
|
Intangible assets |
— |
|
|
720.8 |
|
|
2,588.3 |
|
|
— |
|
|
3,309.1 |
|
Intercompany notes receivable |
5,259.3 |
|
|
2,201.3 |
|
|
— |
|
|
(7,460.6 |
) |
|
— |
|
Other assets |
18.8 |
|
|
4.3 |
|
|
134.4 |
|
|
— |
|
|
157.5 |
|
Total assets |
$ |
48,073.2 |
|
|
$ |
45,246.4 |
|
|
$ |
32,436.7 |
|
|
$ |
(106,337.9 |
) |
|
$ |
19,418.4 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Notes payable to banks |
$ |
160.0 |
|
|
$ |
— |
|
|
$ |
654.0 |
|
|
$ |
— |
|
|
$ |
814.0 |
|
Current maturities of long-term debt |
5.8 |
|
|
15.5 |
|
|
75.2 |
|
|
— |
|
|
96.5 |
|
Accounts payable |
43.0 |
|
|
207.7 |
|
|
351.0 |
|
|
— |
|
|
601.7 |
|
Intercompany payable |
33,725.9 |
|
|
25,756.5 |
|
|
14,956.6 |
|
|
(74,439.0 |
) |
|
— |
|
Other accrued expenses and liabilities |
270.4 |
|
|
282.3 |
|
|
128.2 |
|
|
(103.1 |
) |
|
577.8 |
|
Total current liabilities |
34,205.1 |
|
|
26,262.0 |
|
|
16,165.0 |
|
|
(74,542.1 |
) |
|
2,090.0 |
|
Long-term debt, less current maturities |
5,897.6 |
|
|
9.4 |
|
|
2,129.9 |
|
|
— |
|
|
8,036.9 |
|
Deferred income taxes |
15.3 |
|
|
702.7 |
|
|
449.1 |
|
|
— |
|
|
1,167.1 |
|
Intercompany notes payable |
— |
|
|
4,741.3 |
|
|
2,719.3 |
|
|
(7,460.6 |
) |
|
— |
|
Other liabilities |
27.1 |
|
|
11.3 |
|
|
140.7 |
|
|
— |
|
|
179.1 |
|
Total liabilities |
40,145.1 |
|
|
31,726.7 |
|
|
21,604.0 |
|
|
(82,002.7 |
) |
|
11,473.1 |
|
Total CBI stockholders’ equity |
7,928.1 |
|
|
13,519.7 |
|
|
10,815.5 |
|
|
(24,335.2 |
) |
|
7,928.1 |
|
Noncontrolling interests |
— |
|
|
— |
|
|
17.2 |
|
|
— |
|
|
17.2 |
|
Total stockholders’ equity |
7,928.1 |
|
|
13,519.7 |
|
|
10,832.7 |
|
|
(24,335.2 |
) |
|
7,945.3 |
|
Total liabilities and stockholders’ equity |
$ |
48,073.2 |
|
|
$ |
45,246.4 |
|
|
$ |
32,436.7 |
|
|
$ |
(106,337.9 |
) |
|
$ |
19,418.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
$ |
5.3 |
|
|
$ |
162.5 |
|
|
$ |
— |
|
|
$ |
177.4 |
|
Accounts receivable |
2.4 |
|
|
18.1 |
|
|
716.5 |
|
|
— |
|
|
737.0 |
|
Inventories |
162.3 |
|
|
1,456.6 |
|
|
502.8 |
|
|
(166.6 |
) |
|
1,955.1 |
|
Intercompany receivable |
21,894.2 |
|
|
30,298.2 |
|
|
14,985.4 |
|
|
(67,177.8 |
) |
|
— |
|
Prepaid expenses and other |
40.4 |
|
|
69.1 |
|
|
235.2 |
|
|
15.8 |
|
|
360.5 |
|
Total current assets |
22,108.9 |
|
|
31,847.3 |
|
|
16,602.4 |
|
|
(67,328.6 |
) |
|
3,230.0 |
|
Property, plant and equipment |
69.5 |
|
|
680.1 |
|
|
3,183.2 |
|
|
— |
|
|
3,932.8 |
|
Investments in subsidiaries |
16,965.2 |
|
|
267.2 |
|
|
5,370.3 |
|
|
(22,602.7 |
) |
|
— |
|
Goodwill |
— |
|
|
6,185.5 |
|
|
1,735.0 |
|
|
— |
|
|
7,920.5 |
|
Intangible assets |
— |
|
|
810.2 |
|
|
2,567.5 |
|
|
— |
|
|
3,377.7 |
|
Intercompany notes receivable |
5,074.5 |
|
|
2,155.5 |
|
|
— |
|
|
(7,230.0 |
) |
|
— |
|
Other assets |
17.9 |
|
|
4.5 |
|
|
119.0 |
|
|
— |
|
|
141.4 |
|
Total assets |
$ |
44,236.0 |
|
|
$ |
41,950.3 |
|
|
$ |
29,577.4 |
|
|
$ |
(97,161.3 |
) |
|
$ |
18,602.4 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Notes payable to banks |
$ |
231.0 |
|
|
$ |
— |
|
|
$ |
375.5 |
|
|
$ |
— |
|
|
$ |
606.5 |
|
Current maturities of long-term debt |
767.9 |
|
|
16.2 |
|
|
126.8 |
|
|
— |
|
|
910.9 |
|
Accounts payable |
47.6 |
|
|
57.5 |
|
|
454.7 |
|
|
— |
|
|
559.8 |
|
Intercompany payable |
30,722.8 |
|
|
23,203.3 |
|
|
13,251.7 |
|
|
(67,177.8 |
) |
|
— |
|
Other accrued expenses and liabilities |
270.2 |
|
|
203.5 |
|
|
175.6 |
|
|
(28.9 |
) |
|
620.4 |
|
Total current liabilities |
32,039.5 |
|
|
23,480.5 |
|
|
14,384.3 |
|
|
(67,206.7 |
) |
|
2,697.6 |
|
Long-term debt, less current maturities |
5,260.2 |
|
|
11.8 |
|
|
2,448.7 |
|
|
— |
|
|
7,720.7 |
|
Deferred income taxes |
13.3 |
|
|
698.0 |
|
|
422.3 |
|
|
— |
|
|
1,133.6 |
|
Intercompany notes payable |
— |
|
|
4,639.4 |
|
|
2,590.6 |
|
|
(7,230.0 |
) |
|
— |
|
Other liabilities |
31.8 |
|
|
8.9 |
|
|
125.0 |
|
|
— |
|
|
165.7 |
|
Total liabilities |
37,344.8 |
|
|
28,838.6 |
|
|
19,970.9 |
|
|
(74,436.7 |
) |
|
11,717.6 |
|
Total CBI stockholders’ equity |
6,891.2 |
|
|
13,111.7 |
|
|
9,612.9 |
|
|
(22,724.6 |
) |
|
6,891.2 |
|
Noncontrolling interests |
— |
|
|
— |
|
|
(6.4 |
) |
|
— |
|
|
(6.4 |
) |
Total stockholders’ equity |
6,891.2 |
|
|
13,111.7 |
|
|
9,606.5 |
|
|
(22,724.6 |
) |
|
6,884.8 |
|
Total liabilities and stockholders’ equity |
$ |
44,236.0 |
|
|
$ |
41,950.3 |
|
|
$ |
29,577.4 |
|
|
$ |
(97,161.3 |
) |
|
$ |
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 Six Months Ended August 31, 2017 |
Sales |
$ |
1,418.4 |
|
|
$ |
3,694.1 |
|
|
$ |
1,842.5 |
|
|
$ |
(2,542.5 |
) |
|
$ |
4,412.5 |
|
Less – excise taxes |
(174.0 |
) |
|
(212.6 |
) |
|
(5.9 |
) |
|
— |
|
|
(392.5 |
) |
Net sales |
1,244.4 |
|
|
3,481.5 |
|
|
1,836.6 |
|
|
(2,542.5 |
) |
|
4,020.0 |
|
Cost of product sold |
(986.5 |
) |
|
(2,574.7 |
) |
|
(953.2 |
) |
|
2,555.0 |
|
|
(1,959.4 |
) |
Gross profit |
257.9 |
|
|
906.8 |
|
|
883.4 |
|
|
12.5 |
|
|
2,060.6 |
|
Selling, general and administrative expenses |
(216.3 |
) |
|
(474.1 |
) |
|
(94.0 |
) |
|
5.8 |
|
|
(778.6 |
) |
Operating income |
41.6 |
|
|
432.7 |
|
|
789.4 |
|
|
18.3 |
|
|
1,282.0 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
973.3 |
|
|
(23.4 |
) |
|
244.7 |
|
|
(1,194.0 |
) |
|
0.6 |
|
Interest income |
— |
|
|
— |
|
|
0.2 |
|
|
— |
|
|
0.2 |
|
Intercompany interest income |
116.8 |
|
|
240.0 |
|
|
2.4 |
|
|
(359.2 |
) |
|
— |
|
Interest expense |
(129.1 |
) |
|
(0.5 |
) |
|
(34.3 |
) |
|
— |
|
|
(163.9 |
) |
Intercompany interest expense |
(191.7 |
) |
|
(98.5 |
) |
|
(69.0 |
) |
|
359.2 |
|
|
— |
|
Loss on write-off of debt issuance costs |
(7.0 |
) |
|
— |
|
|
(1.8 |
) |
|
— |
|
|
(8.8 |
) |
Income before income taxes |
803.9 |
|
|
550.3 |
|
|
931.6 |
|
|
(1,175.7 |
) |
|
1,110.1 |
|
(Provision for) benefit from income taxes |
98.4 |
|
|
(193.1 |
) |
|
(85.3 |
) |
|
(22.8 |
) |
|
(202.8 |
) |
Net income |
902.3 |
|
|
357.2 |
|
|
846.3 |
|
|
(1,198.5 |
) |
|
907.3 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(5.0 |
) |
|
— |
|
|
(5.0 |
) |
Net income attributable to CBI |
$ |
902.3 |
|
|
$ |
357.2 |
|
|
$ |
841.3 |
|
|
$ |
(1,198.5 |
) |
|
$ |
902.3 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
1,214.7 |
|
|
$ |
355.2 |
|
|
$ |
1,159.6 |
|
|
$ |
(1,514.8 |
) |
|
$ |
1,214.7 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2016 |
Sales |
$ |
1,335.5 |
|
|
$ |
3,401.4 |
|
|
$ |
1,874.3 |
|
|
$ |
(2,335.4 |
) |
|
$ |
4,275.8 |
|
Less – excise taxes |
(170.1 |
) |
|
(180.3 |
) |
|
(32.4 |
) |
|
— |
|
|
(382.8 |
) |
Net sales |
1,165.4 |
|
|
3,221.1 |
|
|
1,841.9 |
|
|
(2,335.4 |
) |
|
3,893.0 |
|
Cost of product sold |
(950.5 |
) |
|
(2,366.3 |
) |
|
(1,058.3 |
) |
|
2,332.4 |
|
|
(2,042.7 |
) |
Gross profit |
214.9 |
|
|
854.8 |
|
|
783.6 |
|
|
(3.0 |
) |
|
1,850.3 |
|
Selling, general and administrative expenses |
(200.6 |
) |
|
(356.3 |
) |
|
(140.5 |
) |
|
10.7 |
|
|
(686.7 |
) |
Operating income |
14.3 |
|
|
498.5 |
|
|
643.1 |
|
|
7.7 |
|
|
1,163.6 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
776.4 |
|
|
(23.2 |
) |
|
208.9 |
|
|
(961.4 |
) |
|
0.7 |
|
Interest income |
0.4 |
|
|
— |
|
|
0.6 |
|
|
— |
|
|
1.0 |
|
Intercompany interest income |
114.7 |
|
|
194.6 |
|
|
1.8 |
|
|
(311.1 |
) |
|
— |
|
Interest expense |
(151.1 |
) |
|
(0.8 |
) |
|
(27.8 |
) |
|
— |
|
|
(179.7 |
) |
Intercompany interest expense |
(149.0 |
) |
|
(101.0 |
) |
|
(61.1 |
) |
|
311.1 |
|
|
— |
|
Income before income taxes |
605.7 |
|
|
568.1 |
|
|
765.5 |
|
|
(953.7 |
) |
|
985.6 |
|
(Provision for) benefit from income taxes |
71.5 |
|
|
(217.2 |
) |
|
(163.4 |
) |
|
(4.2 |
) |
|
(313.3 |
) |
Net income |
677.2 |
|
|
350.9 |
|
|
602.1 |
|
|
(957.9 |
) |
|
672.3 |
|
Net loss attributable to noncontrolling interests |
— |
|
|
— |
|
|
4.9 |
|
|
— |
|
|
4.9 |
|
Net income attributable to CBI |
$ |
677.2 |
|
|
$ |
350.9 |
|
|
$ |
607.0 |
|
|
$ |
(957.9 |
) |
|
$ |
677.2 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
686.6 |
|
|
$ |
350.2 |
|
|
$ |
615.5 |
|
|
$ |
(965.7 |
) |
|
$ |
686.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2017 |
Sales |
$ |
719.6 |
|
|
$ |
1,940.9 |
|
|
$ |
939.2 |
|
|
$ |
(1,302.5 |
) |
|
$ |
2,297.2 |
|
Less – excise taxes |
(90.4 |
) |
|
(119.2 |
) |
|
(3.1 |
) |
|
— |
|
|
(212.7 |
) |
Net sales |
629.2 |
|
|
1,821.7 |
|
|
936.1 |
|
|
(1,302.5 |
) |
|
2,084.5 |
|
Cost of product sold |
(509.3 |
) |
|
(1,360.1 |
) |
|
(482.9 |
) |
|
1,333.1 |
|
|
(1,019.2 |
) |
Gross profit |
119.9 |
|
|
461.6 |
|
|
453.2 |
|
|
30.6 |
|
|
1,065.3 |
|
Selling, general and administrative expenses |
(111.3 |
) |
|
(192.6 |
) |
|
(50.5 |
) |
|
3.0 |
|
|
(351.4 |
) |
Operating income |
8.6 |
|
|
269.0 |
|
|
402.7 |
|
|
33.6 |
|
|
713.9 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
539.8 |
|
|
(11.9 |
) |
|
128.5 |
|
|
(656.2 |
) |
|
0.2 |
|
Interest income |
— |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
0.1 |
|
Intercompany interest income |
58.9 |
|
|
122.6 |
|
|
1.2 |
|
|
(182.7 |
) |
|
— |
|
Interest expense |
(63.9 |
) |
|
(0.2 |
) |
|
(17.3 |
) |
|
— |
|
|
(81.4 |
) |
Intercompany interest expense |
(98.4 |
) |
|
(49.2 |
) |
|
(35.1 |
) |
|
182.7 |
|
|
— |
|
Loss on write-off of debt issuance costs |
(0.3 |
) |
|
— |
|
|
(1.8 |
) |
|
— |
|
|
(2.1 |
) |
Income before income taxes |
444.7 |
|
|
330.3 |
|
|
478.3 |
|
|
(622.6 |
) |
|
630.7 |
|
(Provision for) benefit from income taxes |
54.8 |
|
|
(123.5 |
) |
|
(53.4 |
) |
|
(6.6 |
) |
|
(128.7 |
) |
Net income |
499.5 |
|
|
206.8 |
|
|
424.9 |
|
|
(629.2 |
) |
|
502.0 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(2.5 |
) |
|
— |
|
|
(2.5 |
) |
Net income attributable to CBI |
$ |
499.5 |
|
|
$ |
206.8 |
|
|
$ |
422.4 |
|
|
$ |
(629.2 |
) |
|
$ |
499.5 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
624.4 |
|
|
$ |
203.9 |
|
|
$ |
552.0 |
|
|
$ |
(755.9 |
) |
|
$ |
624.4 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2016 |
Sales |
$ |
711.8 |
|
|
$ |
1,757.5 |
|
|
$ |
870.7 |
|
|
$ |
(1,117.2 |
) |
|
$ |
2,222.8 |
|
Less – excise taxes |
(92.1 |
) |
|
(93.5 |
) |
|
(16.0 |
) |
|
— |
|
|
(201.6 |
) |
Net sales |
619.7 |
|
|
1,664.0 |
|
|
854.7 |
|
|
(1,117.2 |
) |
|
2,021.2 |
|
Cost of product sold |
(499.1 |
) |
|
(1,219.5 |
) |
|
(488.8 |
) |
|
1,155.2 |
|
|
(1,052.2 |
) |
Gross profit |
120.6 |
|
|
444.5 |
|
|
365.9 |
|
|
38.0 |
|
|
969.0 |
|
Selling, general and administrative expenses |
(109.2 |
) |
|
(182.7 |
) |
|
(71.4 |
) |
|
5.2 |
|
|
(358.1 |
) |
Operating income |
11.4 |
|
|
261.8 |
|
|
294.5 |
|
|
43.2 |
|
|
610.9 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
407.4 |
|
|
(11.9 |
) |
|
108.4 |
|
|
(503.9 |
) |
|
— |
|
Interest income |
0.3 |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
0.6 |
|
Intercompany interest income |
57.3 |
|
|
98.6 |
|
|
0.9 |
|
|
(156.8 |
) |
|
— |
|
Interest expense |
(76.8 |
) |
|
(0.4 |
) |
|
(17.5 |
) |
|
— |
|
|
(94.7 |
) |
Intercompany interest expense |
(75.8 |
) |
|
(49.3 |
) |
|
(31.7 |
) |
|
156.8 |
|
|
— |
|
Income before income taxes |
323.8 |
|
|
298.8 |
|
|
354.9 |
|
|
(460.7 |
) |
|
516.8 |
|
(Provision for) benefit from income taxes |
35.1 |
|
|
(114.2 |
) |
|
(68.9 |
) |
|
(15.6 |
) |
|
(163.6 |
) |
Net income |
358.9 |
|
|
184.6 |
|
|
286.0 |
|
|
(476.3 |
) |
|
353.2 |
|
Net loss attributable to noncontrolling interests |
— |
|
|
— |
|
|
5.7 |
|
|
— |
|
|
5.7 |
|
Net income attributable to CBI |
$ |
358.9 |
|
|
$ |
184.6 |
|
|
$ |
291.7 |
|
|
$ |
(476.3 |
) |
|
$ |
358.9 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
372.3 |
|
|
$ |
185.0 |
|
|
$ |
303.5 |
|
|
$ |
(488.5 |
) |
|
$ |
372.3 |
|
|