| 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 |
|
|
$ |
6.4 |
|
|
$ |
160.1 |
|
|
$ |
— |
|
|
$ |
199.1 |
|
Accounts receivable |
1.7 |
|
|
9.8 |
|
|
820.5 |
|
|
— |
|
|
832.0 |
|
Inventories |
170.8 |
|
|
1,425.9 |
|
|
523.7 |
|
|
(183.5 |
) |
|
1,936.9 |
|
Intercompany receivable |
22,784.6 |
|
|
31,848.6 |
|
|
15,813.9 |
|
|
(70,447.1 |
) |
|
— |
|
Prepaid expenses and other |
90.6 |
|
|
62.7 |
|
|
319.2 |
|
|
(80.0 |
) |
|
392.5 |
|
Total current assets |
23,080.3 |
|
|
33,353.4 |
|
|
17,637.4 |
|
|
(70,710.6 |
) |
|
3,360.5 |
|
Property, plant and equipment |
70.1 |
|
|
680.0 |
|
|
3,436.8 |
|
|
— |
|
|
4,186.9 |
|
Investments in subsidiaries |
17,551.5 |
|
|
268.6 |
|
|
5,486.3 |
|
|
(23,306.4 |
) |
|
— |
|
Goodwill |
— |
|
|
6,185.6 |
|
|
1,786.7 |
|
|
— |
|
|
7,972.3 |
|
Intangible assets |
— |
|
|
722.1 |
|
|
2,567.6 |
|
|
— |
|
|
3,289.7 |
|
Intercompany notes receivable |
5,129.9 |
|
|
2,178.4 |
|
|
— |
|
|
(7,308.3 |
) |
|
— |
|
Other assets |
17.8 |
|
|
4.9 |
|
|
127.3 |
|
|
— |
|
|
150.0 |
|
Total assets |
$ |
45,849.6 |
|
|
$ |
43,393.0 |
|
|
$ |
31,042.1 |
|
|
$ |
(101,325.3 |
) |
|
$ |
18,959.4 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Notes payable to banks |
$ |
485.0 |
|
|
$ |
— |
|
|
$ |
503.1 |
|
|
$ |
— |
|
|
$ |
988.1 |
|
Current maturities of long-term debt |
4.5 |
|
|
15.0 |
|
|
126.7 |
|
|
— |
|
|
146.2 |
|
Accounts payable |
35.7 |
|
|
147.5 |
|
|
375.6 |
|
|
— |
|
|
558.8 |
|
Intercompany payable |
32,047.5 |
|
|
24,308.6 |
|
|
14,091.0 |
|
|
(70,447.1 |
) |
|
— |
|
Other accrued expenses and liabilities |
201.8 |
|
|
274.3 |
|
|
121.5 |
|
|
(108.3 |
) |
|
489.3 |
|
Total current liabilities |
32,774.5 |
|
|
24,745.4 |
|
|
15,217.9 |
|
|
(70,555.4 |
) |
|
2,182.4 |
|
Long-term debt, less current maturities |
5,638.1 |
|
|
8.1 |
|
|
2,431.0 |
|
|
— |
|
|
8,077.2 |
|
Deferred income taxes |
13.6 |
|
|
687.4 |
|
|
434.5 |
|
|
— |
|
|
1,135.5 |
|
Intercompany notes payable |
— |
|
|
4,690.1 |
|
|
2,618.2 |
|
|
(7,308.3 |
) |
|
— |
|
Other liabilities |
33.7 |
|
|
10.6 |
|
|
122.2 |
|
|
— |
|
|
166.5 |
|
Total liabilities |
38,459.9 |
|
|
30,141.6 |
|
|
20,823.8 |
|
|
(77,863.7 |
) |
|
11,561.6 |
|
Total CBI stockholders’ equity |
7,389.7 |
|
|
13,251.4 |
|
|
10,210.2 |
|
|
(23,461.6 |
) |
|
7,389.7 |
|
Noncontrolling interests |
— |
|
|
— |
|
|
8.1 |
|
|
— |
|
|
8.1 |
|
Total stockholders’ equity |
7,389.7 |
|
|
13,251.4 |
|
|
10,218.3 |
|
|
(23,461.6 |
) |
|
7,397.8 |
|
Total liabilities and stockholders’ equity |
$ |
45,849.6 |
|
|
$ |
43,393.0 |
|
|
$ |
31,042.1 |
|
|
$ |
(101,325.3 |
) |
|
$ |
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 |
|
|
$ |
5.3 |
|
|
$ |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Accrued excise taxes |
17.8 |
|
|
26.0 |
|
|
0.8 |
|
|
— |
|
|
44.6 |
|
Intercompany payable |
30,722.8 |
|
|
23,203.3 |
|
|
13,251.7 |
|
|
(67,177.8 |
) |
|
— |
|
Other accrued expenses and liabilities |
252.4 |
|
|
177.5 |
|
|
174.8 |
|
|
(28.9 |
) |
|
575.8 |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
$ |
3.6 |
|
|
$ |
73.5 |
|
|
$ |
— |
|
|
$ |
83.1 |
|
Accounts receivable |
0.4 |
|
|
21.8 |
|
|
710.3 |
|
|
— |
|
|
732.5 |
|
Inventories |
151.6 |
|
|
1,345.8 |
|
|
481.5 |
|
|
(127.3 |
) |
|
1,851.6 |
|
Intercompany receivable |
16,759.0 |
|
|
24,420.0 |
|
|
11,756.2 |
|
|
(52,935.2 |
) |
|
— |
|
Prepaid expenses and other |
29.6 |
|
|
57.1 |
|
|
347.0 |
|
|
(123.3 |
) |
|
310.4 |
|
Total current assets |
16,946.6 |
|
|
25,848.3 |
|
|
13,368.5 |
|
|
(53,185.8 |
) |
|
2,977.6 |
|
Property, plant and equipment |
63.2 |
|
|
636.0 |
|
|
2,634.2 |
|
|
— |
|
|
3,333.4 |
|
Investments in subsidiaries |
16,384.0 |
|
|
202.3 |
|
|
4,986.1 |
|
|
(21,572.4 |
) |
|
— |
|
Goodwill |
— |
|
|
6,184.2 |
|
|
954.4 |
|
|
— |
|
|
7,138.6 |
|
Intangible assets |
— |
|
|
863.3 |
|
|
2,538.4 |
|
|
2.1 |
|
|
3,403.8 |
|
Intercompany notes receivable |
4,705.9 |
|
|
2,067.7 |
|
|
— |
|
|
(6,773.6 |
) |
|
— |
|
Other assets |
20.0 |
|
|
3.6 |
|
|
88.0 |
|
|
— |
|
|
111.6 |
|
Total assets |
$ |
38,119.7 |
|
|
$ |
35,805.4 |
|
|
$ |
24,569.6 |
|
|
$ |
(81,529.7 |
) |
|
$ |
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 |
|
|
45.6 |
|
|
346.0 |
|
|
— |
|
|
429.3 |
|
Accrued excise taxes |
14.7 |
|
|
14.7 |
|
|
4.2 |
|
|
— |
|
|
33.6 |
|
Intercompany payable |
24,929.8 |
|
|
17,889.6 |
|
|
10,115.8 |
|
|
(52,935.2 |
) |
|
— |
|
Other accrued expenses and liabilities |
349.1 |
|
|
186.3 |
|
|
173.5 |
|
|
(164.5 |
) |
|
544.4 |
|
Total current liabilities |
26,096.9 |
|
|
18,154.2 |
|
|
11,120.9 |
|
|
(53,099.7 |
) |
|
2,272.3 |
|
Long-term debt, less current maturities |
5,421.4 |
|
|
15.6 |
|
|
1,379.2 |
|
|
— |
|
|
6,816.2 |
|
Deferred income taxes |
11.9 |
|
|
615.7 |
|
|
394.6 |
|
|
— |
|
|
1,022.2 |
|
Intercompany notes payable |
— |
|
|
4,619.8 |
|
|
2,153.8 |
|
|
(6,773.6 |
) |
|
— |
|
Other liabilities |
29.9 |
|
|
16.8 |
|
|
115.8 |
|
|
— |
|
|
162.5 |
|
Total liabilities |
31,560.1 |
|
|
23,422.1 |
|
|
15,164.3 |
|
|
(59,873.3 |
) |
|
10,273.2 |
|
Total CBI stockholders’ equity |
6,559.6 |
|
|
12,383.3 |
|
|
9,273.1 |
|
|
(21,656.4 |
) |
|
6,559.6 |
|
Noncontrolling interests |
— |
|
|
— |
|
|
132.2 |
|
|
— |
|
|
132.2 |
|
Total stockholders’ equity |
6,559.6 |
|
|
12,383.3 |
|
|
9,405.3 |
|
|
(21,656.4 |
) |
|
6,691.8 |
|
Total liabilities and stockholders’ equity |
$ |
38,119.7 |
|
|
$ |
35,805.4 |
|
|
$ |
24,569.6 |
|
|
$ |
(81,529.7 |
) |
|
$ |
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, 2017 |
Sales |
$ |
698.8 |
|
|
$ |
1,753.2 |
|
|
$ |
903.3 |
|
|
$ |
(1,240.0 |
) |
|
$ |
2,115.3 |
|
Less – excise taxes |
(83.6 |
) |
|
(93.4 |
) |
|
(2.8 |
) |
|
— |
|
|
(179.8 |
) |
Net sales |
615.2 |
|
|
1,659.8 |
|
|
900.5 |
|
|
(1,240.0 |
) |
|
1,935.5 |
|
Cost of product sold |
(477.2 |
) |
|
(1,214.6 |
) |
|
(470.3 |
) |
|
1,221.9 |
|
|
(940.2 |
) |
Gross profit |
138.0 |
|
|
445.2 |
|
|
430.2 |
|
|
(18.1 |
) |
|
995.3 |
|
Selling, general and administrative expenses |
(105.0 |
) |
|
(281.5 |
) |
|
(43.5 |
) |
|
2.8 |
|
|
(427.2 |
) |
Operating income |
33.0 |
|
|
163.7 |
|
|
386.7 |
|
|
(15.3 |
) |
|
568.1 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
433.5 |
|
|
(11.5 |
) |
|
116.2 |
|
|
(537.8 |
) |
|
0.4 |
|
Interest income |
— |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
0.1 |
|
Intercompany interest income |
57.9 |
|
|
117.4 |
|
|
1.2 |
|
|
(176.5 |
) |
|
— |
|
Interest expense |
(65.2 |
) |
|
(0.3 |
) |
|
(17.0 |
) |
|
— |
|
|
(82.5 |
) |
Intercompany interest expense |
(93.3 |
) |
|
(49.3 |
) |
|
(33.9 |
) |
|
176.5 |
|
|
— |
|
Loss on write-off of debt issuance costs |
(6.7 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(6.7 |
) |
Income before income taxes |
359.2 |
|
|
220.0 |
|
|
453.3 |
|
|
(553.1 |
) |
|
479.4 |
|
(Provision for) benefit from income taxes |
43.6 |
|
|
(69.6 |
) |
|
(31.9 |
) |
|
(16.2 |
) |
|
(74.1 |
) |
Net income |
402.8 |
|
|
150.4 |
|
|
421.4 |
|
|
(569.3 |
) |
|
405.3 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(2.5 |
) |
|
— |
|
|
(2.5 |
) |
Net income attributable to CBI |
$ |
402.8 |
|
|
$ |
150.4 |
|
|
$ |
418.9 |
|
|
$ |
(569.3 |
) |
|
$ |
402.8 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
590.3 |
|
|
$ |
151.3 |
|
|
$ |
607.6 |
|
|
$ |
(758.9 |
) |
|
$ |
590.3 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended May 31, 2016 |
Sales |
$ |
623.7 |
|
|
$ |
1,643.9 |
|
|
$ |
1,003.6 |
|
|
$ |
(1,218.2 |
) |
|
$ |
2,053.0 |
|
Less – excise taxes |
(78.0 |
) |
|
(86.8 |
) |
|
(16.4 |
) |
|
— |
|
|
(181.2 |
) |
Net sales |
545.7 |
|
|
1,557.1 |
|
|
987.2 |
|
|
(1,218.2 |
) |
|
1,871.8 |
|
Cost of product sold |
(451.4 |
) |
|
(1,146.8 |
) |
|
(569.5 |
) |
|
1,177.2 |
|
|
(990.5 |
) |
Gross profit |
94.3 |
|
|
410.3 |
|
|
417.7 |
|
|
(41.0 |
) |
|
881.3 |
|
Selling, general and administrative expenses |
(91.4 |
) |
|
(173.6 |
) |
|
(69.1 |
) |
|
5.5 |
|
|
(328.6 |
) |
Operating income |
2.9 |
|
|
236.7 |
|
|
348.6 |
|
|
(35.5 |
) |
|
552.7 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
369.0 |
|
|
(11.3 |
) |
|
100.5 |
|
|
(457.5 |
) |
|
0.7 |
|
Interest income |
0.1 |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
0.4 |
|
Intercompany interest income |
57.4 |
|
|
96.0 |
|
|
0.9 |
|
|
(154.3 |
) |
|
— |
|
Interest expense |
(74.3 |
) |
|
(0.4 |
) |
|
(10.3 |
) |
|
— |
|
|
(85.0 |
) |
Intercompany interest expense |
(73.2 |
) |
|
(51.7 |
) |
|
(29.4 |
) |
|
154.3 |
|
|
— |
|
Income before income taxes |
281.9 |
|
|
269.3 |
|
|
410.6 |
|
|
(493.0 |
) |
|
468.8 |
|
(Provision for) benefit from income taxes |
36.4 |
|
|
(103.0 |
) |
|
(94.5 |
) |
|
11.4 |
|
|
(149.7 |
) |
Net income |
318.3 |
|
|
166.3 |
|
|
316.1 |
|
|
(481.6 |
) |
|
319.1 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(0.8 |
) |
|
— |
|
|
(0.8 |
) |
Net income attributable to CBI |
$ |
318.3 |
|
|
$ |
166.3 |
|
|
$ |
315.3 |
|
|
$ |
(481.6 |
) |
|
$ |
318.3 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
314.3 |
|
|
$ |
165.2 |
|
|
$ |
312.0 |
|
|
$ |
(477.2 |
) |
|
$ |
314.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2017 |
Sales |
$ |
2,832.6 |
|
|
$ |
6,254.4 |
|
|
$ |
3,535.1 |
|
|
$ |
(4,560.5 |
) |
|
$ |
8,061.6 |
|
Less – excise taxes |
(351.9 |
) |
|
(320.8 |
) |
|
(57.4 |
) |
|
— |
|
|
(730.1 |
) |
Net sales |
2,480.7 |
|
|
5,933.6 |
|
|
3,477.7 |
|
|
(4,560.5 |
) |
|
7,331.5 |
|
Cost of product sold |
(1,974.5 |
) |
|
(4,373.8 |
) |
|
(1,949.9 |
) |
|
4,496.1 |
|
|
(3,802.1 |
) |
Gross profit |
506.2 |
|
|
1,559.8 |
|
|
1,527.8 |
|
|
(64.4 |
) |
|
3,529.4 |
|
Selling, general and administrative expenses |
(417.2 |
) |
|
(707.5 |
) |
|
(290.5 |
) |
|
22.8 |
|
|
(1,392.4 |
) |
Gain on sale of business |
(23.4 |
) |
|
(4.3 |
) |
|
290.1 |
|
|
— |
|
|
262.4 |
|
Operating income |
65.6 |
|
|
848.0 |
|
|
1,527.4 |
|
|
(41.6 |
) |
|
2,399.4 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
1,657.4 |
|
|
(31.1 |
) |
|
411.7 |
|
|
(2,010.7 |
) |
|
27.3 |
|
Interest income |
0.4 |
|
|
— |
|
|
1.4 |
|
|
— |
|
|
1.8 |
|
Intercompany interest income |
227.1 |
|
|
402.7 |
|
|
3.6 |
|
|
(633.4 |
) |
|
— |
|
Interest expense |
(280.0 |
) |
|
(1.5 |
) |
|
(53.6 |
) |
|
— |
|
|
(335.1 |
) |
Intercompany interest expense |
(311.1 |
) |
|
(197.4 |
) |
|
(124.9 |
) |
|
633.4 |
|
|
— |
|
Income before income taxes |
1,359.4 |
|
|
1,020.7 |
|
|
1,765.6 |
|
|
(2,052.3 |
) |
|
2,093.4 |
|
(Provision for) benefit from income taxes |
175.7 |
|
|
(385.8 |
) |
|
(347.6 |
) |
|
3.5 |
|
|
(554.2 |
) |
Net income |
1,535.1 |
|
|
634.9 |
|
|
1,418.0 |
|
|
(2,048.8 |
) |
|
1,539.2 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(4.1 |
) |
|
— |
|
|
(4.1 |
) |
Net income attributable to CBI |
$ |
1,535.1 |
|
|
$ |
634.9 |
|
|
$ |
1,413.9 |
|
|
$ |
(2,048.8 |
) |
|
$ |
1,535.1 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
1,587.8 |
|
|
$ |
634.8 |
|
|
$ |
1,436.3 |
|
|
$ |
(2,071.1 |
) |
|
$ |
1,587.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 29, 2016 |
Sales |
$ |
2,522.8 |
|
|
$ |
5,491.3 |
|
|
$ |
3,138.7 |
|
|
$ |
(3,929.0 |
) |
|
$ |
7,223.8 |
|
Less – excise taxes |
(332.6 |
) |
|
(280.9 |
) |
|
(61.9 |
) |
|
— |
|
|
(675.4 |
) |
Net sales |
2,190.2 |
|
|
5,210.4 |
|
|
3,076.8 |
|
|
(3,929.0 |
) |
|
6,548.4 |
|
Cost of product sold |
(1,759.6 |
) |
|
(3,835.4 |
) |
|
(1,894.6 |
) |
|
3,883.5 |
|
|
(3,606.1 |
) |
Gross profit |
430.6 |
|
|
1,375.0 |
|
|
1,182.2 |
|
|
(45.5 |
) |
|
2,942.3 |
|
Selling, general and administrative expenses |
(378.4 |
) |
|
(595.1 |
) |
|
(224.5 |
) |
|
20.8 |
|
|
(1,177.2 |
) |
Operating income |
52.2 |
|
|
779.9 |
|
|
957.7 |
|
|
(24.7 |
) |
|
1,765.1 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
1,224.2 |
|
|
(30.5 |
) |
|
373.0 |
|
|
(1,540.1 |
) |
|
26.6 |
|
Dividend income |
— |
|
|
— |
|
|
24.5 |
|
|
— |
|
|
24.5 |
|
Interest income |
0.2 |
|
|
— |
|
|
0.6 |
|
|
— |
|
|
0.8 |
|
Intercompany interest income |
191.4 |
|
|
354.3 |
|
|
3.4 |
|
|
(549.1 |
) |
|
— |
|
Interest expense |
(290.1 |
) |
|
(1.2 |
) |
|
(23.4 |
) |
|
— |
|
|
(314.7 |
) |
Intercompany interest expense |
(267.4 |
) |
|
(173.7 |
) |
|
(108.0 |
) |
|
549.1 |
|
|
— |
|
Loss on write-off of debt issuance costs |
(0.4 |
) |
|
— |
|
|
(0.7 |
) |
|
— |
|
|
(1.1 |
) |
Income before income taxes |
910.1 |
|
|
928.8 |
|
|
1,227.1 |
|
|
(1,564.8 |
) |
|
1,501.2 |
|
(Provision for) benefit from income taxes |
144.8 |
|
|
(351.4 |
) |
|
(242.3 |
) |
|
8.3 |
|
|
(440.6 |
) |
Net income |
1,054.9 |
|
|
577.4 |
|
|
984.8 |
|
|
(1,556.5 |
) |
|
1,060.6 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(5.7 |
) |
|
— |
|
|
(5.7 |
) |
Net income attributable to CBI |
$ |
1,054.9 |
|
|
$ |
577.4 |
|
|
$ |
979.1 |
|
|
$ |
(1,556.5 |
) |
|
$ |
1,054.9 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
733.3 |
|
|
$ |
575.7 |
|
|
$ |
651.8 |
|
|
$ |
(1,227.5 |
) |
|
$ |
733.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2015 |
Sales |
$ |
2,406.4 |
|
|
$ |
4,936.9 |
|
|
$ |
3,107.3 |
|
|
$ |
(3,778.5 |
) |
|
$ |
6,672.1 |
|
Less – excise taxes |
(324.8 |
) |
|
(251.4 |
) |
|
(67.9 |
) |
|
— |
|
|
(644.1 |
) |
Net sales |
2,081.6 |
|
|
4,685.5 |
|
|
3,039.4 |
|
|
(3,778.5 |
) |
|
6,028.0 |
|
Cost of product sold |
(1,678.4 |
) |
|
(3,574.7 |
) |
|
(1,924.6 |
) |
|
3,728.3 |
|
|
(3,449.4 |
) |
Gross profit |
403.2 |
|
|
1,110.8 |
|
|
1,114.8 |
|
|
(50.2 |
) |
|
2,578.6 |
|
Selling, general and administrative expenses |
(388.2 |
) |
|
(454.0 |
) |
|
(251.4 |
) |
|
15.2 |
|
|
(1,078.4 |
) |
Operating income |
15.0 |
|
|
656.8 |
|
|
863.4 |
|
|
(35.0 |
) |
|
1,500.2 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
828.0 |
|
|
(30.6 |
) |
|
289.4 |
|
|
(1,065.3 |
) |
|
21.5 |
|
Interest income |
0.1 |
|
|
— |
|
|
1.3 |
|
|
— |
|
|
1.4 |
|
Intercompany interest income |
177.8 |
|
|
304.8 |
|
|
2.3 |
|
|
(484.9 |
) |
|
— |
|
Interest expense |
(296.4 |
) |
|
(1.4 |
) |
|
(41.3 |
) |
|
— |
|
|
(339.1 |
) |
Intercompany interest expense |
(222.0 |
) |
|
(161.8 |
) |
|
(101.1 |
) |
|
484.9 |
|
|
— |
|
Loss on write-off of debt issuance costs |
— |
|
|
— |
|
|
(4.4 |
) |
|
— |
|
|
(4.4 |
) |
Income before income taxes |
502.5 |
|
|
767.8 |
|
|
1,009.6 |
|
|
(1,100.3 |
) |
|
1,179.6 |
|
(Provision for) benefit from income taxes |
336.8 |
|
|
(291.8 |
) |
|
(399.4 |
) |
|
11.0 |
|
|
(343.4 |
) |
Net income |
839.3 |
|
|
476.0 |
|
|
610.2 |
|
|
(1,089.3 |
) |
|
836.2 |
|
Net loss attributable to noncontrolling interests |
— |
|
|
— |
|
|
3.1 |
|
|
— |
|
|
3.1 |
|
Net income attributable to CBI |
$ |
839.3 |
|
|
$ |
476.0 |
|
|
$ |
613.3 |
|
|
$ |
(1,089.3 |
) |
|
$ |
839.3 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
622.4 |
|
|
$ |
476.7 |
|
|
$ |
390.5 |
|
|
$ |
(867.2 |
) |
|
$ |
622.4 |
|
|
| 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 |
) |
|
$ |
488.9 |
|
|
$ |
53.7 |
|
|
$ |
— |
|
|
$ |
381.6 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
(4.8 |
) |
|
(21.9 |
) |
|
(190.4 |
) |
|
— |
|
|
(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 |
|
|
(21.9 |
) |
|
(193.7 |
) |
|
(414.4 |
) |
|
(221.3 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Dividends paid to parent company |
— |
|
|
— |
|
|
(8.0 |
) |
|
8.0 |
|
|
— |
|
Net contributions from equity affiliates |
— |
|
|
11.3 |
|
|
2.5 |
|
|
(13.8 |
) |
|
— |
|
Net proceeds from (repayments of) intercompany notes |
(1.7 |
) |
|
(450.9 |
) |
|
32.4 |
|
|
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 |
) |
|
(465.9 |
) |
|
134.6 |
|
|
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 |
|
|
5.3 |
|
|
162.5 |
|
|
— |
|
|
177.4 |
|
Cash and cash equivalents, end of period |
$ |
32.6 |
|
|
$ |
6.4 |
|
|
$ |
160.1 |
|
|
$ |
— |
|
|
$ |
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 operating activities |
$ |
128.2 |
|
|
$ |
38.5 |
|
|
$ |
529.2 |
|
|
$ |
(350.0 |
) |
|
$ |
345.9 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
(4.1 |
) |
|
(14.9 |
) |
|
(150.4 |
) |
|
— |
|
|
(169.4 |
) |
Purchase of business |
— |
|
|
— |
|
|
(284.9 |
) |
|
— |
|
|
(284.9 |
) |
Net repayments of intercompany notes |
(377.2 |
) |
|
— |
|
|
— |
|
|
377.2 |
|
|
— |
|
Net returns of capital from equity affiliates |
4.8 |
|
|
— |
|
|
— |
|
|
(4.8 |
) |
|
— |
|
Other investing activities |
0.1 |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
0.4 |
|
Net cash used in investing activities |
(376.4 |
) |
|
(14.9 |
) |
|
(435.0 |
) |
|
372.4 |
|
|
(453.9 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Dividends paid to parent company |
— |
|
|
— |
|
|
(357.0 |
) |
|
357.0 |
|
|
— |
|
Net contributions from equity affiliates |
— |
|
|
— |
|
|
2.2 |
|
|
(2.2 |
) |
|
— |
|
Net proceeds from intercompany notes |
275.5 |
|
|
27.6 |
|
|
74.1 |
|
|
(377.2 |
) |
|
— |
|
Principal payments of long-term debt |
(16.5 |
) |
|
(5.9 |
) |
|
(71.8 |
) |
|
— |
|
|
(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 |
|
|
(20.8 |
) |
|
(28.3 |
) |
|
(22.4 |
) |
|
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 |
|
|
2.8 |
|
|
66.2 |
|
|
— |
|
|
84.2 |
|
Cash and cash equivalents, beginning of period |
6.0 |
|
|
3.6 |
|
|
73.5 |
|
|
— |
|
|
83.1 |
|
Cash and cash equivalents, end of period |
$ |
21.2 |
|
|
$ |
6.4 |
|
|
$ |
139.7 |
|
|
$ |
— |
|
|
$ |
167.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2017 |
Net cash provided by operating activities |
$ |
341.4 |
|
|
$ |
1,051.5 |
|
|
$ |
958.5 |
|
|
$ |
(655.4 |
) |
|
$ |
1,696.0 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of businesses, net of cash acquired |
— |
|
|
— |
|
|
(1,111.0 |
) |
|
— |
|
|
(1,111.0 |
) |
Purchases of property, plant and equipment |
(12.8 |
) |
|
(89.8 |
) |
|
(804.8 |
) |
|
— |
|
|
(907.4 |
) |
Proceeds from sale of business |
(9.9 |
) |
|
— |
|
|
585.2 |
|
|
— |
|
|
575.3 |
|
Net proceeds from intercompany notes |
422.0 |
|
|
— |
|
|
— |
|
|
(422.0 |
) |
|
— |
|
Net returns of capital from equity affiliates |
470.7 |
|
|
— |
|
|
— |
|
|
(470.7 |
) |
|
— |
|
Other investing activities |
0.7 |
|
|
(0.1 |
) |
|
(19.3 |
) |
|
— |
|
|
(18.7 |
) |
Net cash provided by (used in) investing activities |
870.7 |
|
|
(89.9 |
) |
|
(1,349.9 |
) |
|
(892.7 |
) |
|
(1,461.8 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Dividends paid to parent company |
— |
|
|
— |
|
|
(868.7 |
) |
|
868.7 |
|
|
— |
|
Net returns of capital to equity affiliates |
— |
|
|
(22.0 |
) |
|
(235.4 |
) |
|
257.4 |
|
|
— |
|
Net proceeds from (repayments of) intercompany notes |
(20.2 |
) |
|
(855.4 |
) |
|
453.6 |
|
|
422.0 |
|
|
— |
|
Purchases of treasury stock |
(1,122.7 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,122.7 |
) |
Principal payments of long-term debt |
(767.6 |
) |
|
(20.6 |
) |
|
(183.6 |
) |
|
— |
|
|
(971.8 |
) |
Dividends paid |
(315.1 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(315.1 |
) |
Payments of minimum tax withholdings on stock-based payment awards |
— |
|
|
(61.9 |
) |
|
(3.0 |
) |
|
— |
|
|
(64.9 |
) |
Payments of debt issuance costs and other financing costs |
(5.0 |
) |
|
— |
|
|
(9.1 |
) |
|
— |
|
|
(14.1 |
) |
Proceeds from issuance of long-term debt |
600.0 |
|
|
— |
|
|
1,365.6 |
|
|
— |
|
|
1,965.6 |
|
Net proceeds from (repayments of) notes payable |
231.0 |
|
|
— |
|
|
(33.9 |
) |
|
— |
|
|
197.1 |
|
Excess tax benefits from stock-based payment awards |
131.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
131.4 |
|
Proceeds from shares issued under equity compensation plans |
59.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
59.7 |
|
Net cash provided by (used in) financing activities |
(1,208.5 |
) |
|
(959.9 |
) |
|
485.5 |
|
|
1,548.1 |
|
|
(134.8 |
) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
— |
|
|
— |
|
|
(5.1 |
) |
|
— |
|
|
(5.1 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
3.6 |
|
|
1.7 |
|
|
89.0 |
|
|
— |
|
|
94.3 |
|
Cash and cash equivalents, beginning of year |
6.0 |
|
|
3.6 |
|
|
73.5 |
|
|
— |
|
|
83.1 |
|
Cash and cash equivalents, end of year |
$ |
9.6 |
|
|
$ |
5.3 |
|
|
$ |
162.5 |
|
|
$ |
— |
|
|
$ |
177.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows for the Year Ended February 29, 2016 |
Net cash provided by (used in) operating activities |
$ |
(448.7 |
) |
|
$ |
1,299.5 |
|
|
$ |
617.7 |
|
|
$ |
(54.8 |
) |
|
$ |
1,413.7 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of businesses, net of cash acquired |
(998.5 |
) |
|
(316.2 |
) |
|
(1.7 |
) |
|
— |
|
|
(1,316.4 |
) |
Purchases of property, plant and equipment |
(14.1 |
) |
|
(52.3 |
) |
|
(824.9 |
) |
|
— |
|
|
(891.3 |
) |
Net proceeds from intercompany notes |
842.4 |
|
|
— |
|
|
— |
|
|
(842.4 |
) |
|
— |
|
Net investments in equity affiliates |
(216.7 |
) |
|
— |
|
|
— |
|
|
216.7 |
|
|
— |
|
Other investing activities |
3.5 |
|
|
0.2 |
|
|
(3.4 |
) |
|
— |
|
|
0.3 |
|
Net cash used in investing activities |
(383.4 |
) |
|
(368.3 |
) |
|
(830.0 |
) |
|
(625.7 |
) |
|
(2,207.4 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Dividends paid to parent company |
— |
|
|
— |
|
|
(88.8 |
) |
|
88.8 |
|
|
— |
|
Net contributions from (returns of) equity affiliates |
— |
|
|
(33.0 |
) |
|
283.7 |
|
|
(250.7 |
) |
|
— |
|
Net proceeds from (repayments of) intercompany notes |
250.4 |
|
|
(819.8 |
) |
|
(273.0 |
) |
|
842.4 |
|
|
— |
|
Purchases of treasury stock |
(33.8 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(33.8 |
) |
Principal payments of long-term debt |
(64.5 |
) |
|
(39.4 |
) |
|
(104.8 |
) |
|
— |
|
|
(208.7 |
) |
Dividends paid |
(241.6 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(241.6 |
) |
Payments of minimum tax withholdings on stock-based payment awards |
— |
|
|
(35.9 |
) |
|
(2.7 |
) |
|
— |
|
|
(38.6 |
) |
Payments of debt issuance costs and other financing costs |
(13.3 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(13.3 |
) |
Proceeds from issuance of long-term debt |
600.0 |
|
|
— |
|
|
10.0 |
|
|
— |
|
|
610.0 |
|
Net proceeds from notes payable |
— |
|
|
— |
|
|
360.6 |
|
|
— |
|
|
360.6 |
|
Excess tax benefits from stock-based payment awards |
203.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
203.4 |
|
Proceeds from shares issued under equity compensation plans |
113.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
113.0 |
|
Proceeds from noncontrolling interests |
— |
|
|
— |
|
|
25.0 |
|
|
— |
|
|
25.0 |
|
Net cash provided by (used in) financing activities |
813.6 |
|
|
(928.1 |
) |
|
210.0 |
|
|
680.5 |
|
|
776.0 |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
— |
|
|
— |
|
|
(9.3 |
) |
|
— |
|
|
(9.3 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
(18.5 |
) |
|
3.1 |
|
|
(11.6 |
) |
|
— |
|
|
(27.0 |
) |
Cash and cash equivalents, beginning of year |
24.5 |
|
|
0.5 |
|
|
85.1 |
|
|
— |
|
|
110.1 |
|
Cash and cash equivalents, end of year |
$ |
6.0 |
|
|
$ |
3.6 |
|
|
$ |
73.5 |
|
|
$ |
— |
|
|
$ |
83.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2015 |
Net cash provided by (used in) operating activities |
$ |
(514.8 |
) |
|
$ |
834.0 |
|
|
$ |
800.6 |
|
|
$ |
(38.8 |
) |
|
$ |
1,081.0 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of businesses, net of cash acquired |
— |
|
|
— |
|
|
(310.3 |
) |
|
— |
|
|
(310.3 |
) |
Purchases of property, plant and equipment |
(23.1 |
) |
|
(36.0 |
) |
|
(660.3 |
) |
|
— |
|
|
(719.4 |
) |
Net proceeds from intercompany notes |
485.4 |
|
|
— |
|
|
— |
|
|
(485.4 |
) |
|
— |
|
Net investments in equity affiliates |
(41.4 |
) |
|
— |
|
|
— |
|
|
41.4 |
|
|
— |
|
Other investing activities |
(0.1 |
) |
|
(5.6 |
) |
|
19.5 |
|
|
— |
|
|
13.8 |
|
Net cash provided by (used in) investing activities |
420.8 |
|
|
(41.6 |
) |
|
(951.1 |
) |
|
(444.0 |
) |
|
(1,015.9 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Dividends paid to parent company |
— |
|
|
— |
|
|
(65.8 |
) |
|
65.8 |
|
|
— |
|
Net contributions from (returns of capital to) equity affiliates |
— |
|
|
(23.9 |
) |
|
92.3 |
|
|
(68.4 |
) |
|
— |
|
Net proceeds from (repayments of) intercompany notes |
(262.8 |
) |
|
(723.2 |
) |
|
500.6 |
|
|
485.4 |
|
|
— |
|
Principal payments of long-term debt |
(549.2 |
) |
|
(19.4 |
) |
|
(37.1 |
) |
|
— |
|
|
(605.7 |
) |
Payments of minimum tax withholdings on stock-based payment awards |
— |
|
|
(26.1 |
) |
|
(2.3 |
) |
|
— |
|
|
(28.4 |
) |
Payments of debt issuance costs and other financing costs |
(11.7 |
) |
|
— |
|
|
(2.1 |
) |
|
— |
|
|
(13.8 |
) |
Proceeds from issuance of long-term debt |
800.0 |
|
|
— |
|
|
105.0 |
|
|
— |
|
|
905.0 |
|
Net proceeds from notes payable |
— |
|
|
— |
|
|
13.1 |
|
|
— |
|
|
13.1 |
|
Excess tax benefits from stock-based payment awards |
78.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
78.0 |
|
Proceeds from shares issued under equity compensation plans |
63.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
63.7 |
|
Proceeds from noncontrolling interests |
— |
|
|
— |
|
|
115.0 |
|
|
— |
|
|
115.0 |
|
Payment of delayed purchase price arrangement |
— |
|
|
— |
|
|
(543.3 |
) |
|
— |
|
|
(543.3 |
) |
Net cash provided by (used in) financing activities |
118.0 |
|
|
(792.6 |
) |
|
175.4 |
|
|
482.8 |
|
|
(16.4 |
) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
— |
|
|
— |
|
|
(2.5 |
) |
|
— |
|
|
(2.5 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
24.0 |
|
|
(0.2 |
) |
|
22.4 |
|
|
— |
|
|
46.2 |
|
Cash and cash equivalents, beginning of year |
0.5 |
|
|
0.7 |
|
|
62.7 |
|
|
— |
|
|
63.9 |
|
Cash and cash equivalents, end of year |
$ |
24.5 |
|
|
$ |
0.5 |
|
|
$ |
85.1 |
|
|
$ |
— |
|
|
$ |
110.1 |
|
|