| Condensed Consolidating Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet at November 30, 2012 |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash investments |
$ |
89.3 |
|
|
$ |
2.2 |
|
|
$ |
109.0 |
|
|
$ |
— |
|
|
$ |
200.5 |
|
Accounts receivable, net |
373.7 |
|
|
77.5 |
|
|
87.9 |
|
|
— |
|
|
539.1 |
|
Inventories |
157.1 |
|
|
1,102.8 |
|
|
342.8 |
|
|
(6.4 |
) |
|
1,596.3 |
|
Prepaid expenses and other |
20.0 |
|
|
122.5 |
|
|
430.1 |
|
|
(427.9 |
) |
|
144.7 |
|
Intercompany (payable) receivable |
(1,194.0 |
) |
|
1,107.8 |
|
|
86.2 |
|
|
— |
|
|
— |
|
Total current assets |
(553.9 |
) |
|
2,412.8 |
|
|
1,056.0 |
|
|
(434.3 |
) |
|
2,480.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
50.1 |
|
|
824.7 |
|
|
361.9 |
|
|
— |
|
|
1,236.7 |
|
Investments in subsidiaries |
7,117.4 |
|
|
174.0 |
|
|
— |
|
|
(7,291.4 |
) |
|
— |
|
Goodwill |
— |
|
|
2,098.0 |
|
|
640.4 |
|
|
— |
|
|
2,738.4 |
|
Intangible assets, net |
— |
|
|
687.2 |
|
|
189.4 |
|
|
— |
|
|
876.6 |
|
Restricted cash |
650.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
650.3 |
|
Other assets, net |
58.6 |
|
|
241.1 |
|
|
59.4 |
|
|
(19.0 |
) |
|
340.1 |
|
Total assets |
$ |
7,322.5 |
|
|
$ |
6,437.8 |
|
|
$ |
2,307.1 |
|
|
$ |
(7,744.7 |
) |
|
$ |
8,322.7 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Notes payable to banks |
$ |
— |
|
|
$ |
— |
|
|
$ |
16.6 |
|
|
$ |
— |
|
|
$ |
16.6 |
|
Current maturities of long-term debt |
34.3 |
|
|
15.5 |
|
|
0.1 |
|
|
— |
|
|
49.9 |
|
Accounts payable |
21.4 |
|
|
233.5 |
|
|
45.5 |
|
|
— |
|
|
300.4 |
|
Accrued excise taxes |
9.0 |
|
|
4.1 |
|
|
5.0 |
|
|
— |
|
|
18.1 |
|
Other accrued expenses and liabilities |
537.5 |
|
|
210.8 |
|
|
84.0 |
|
|
(429.5 |
) |
|
402.8 |
|
Total current liabilities |
602.2 |
|
|
463.9 |
|
|
151.2 |
|
|
(429.5 |
) |
|
787.8 |
|
Long-term debt, less current maturities |
3,908.2 |
|
|
20.7 |
|
|
— |
|
|
— |
|
|
3,928.9 |
|
Deferred income taxes |
10.3 |
|
|
545.1 |
|
|
81.9 |
|
|
(18.9 |
) |
|
618.4 |
|
Other liabilities |
26.5 |
|
|
60.1 |
|
|
125.7 |
|
|
— |
|
|
212.3 |
|
Stockholders’ equity |
2,775.3 |
|
|
5,348.0 |
|
|
1,948.3 |
|
|
(7,296.3 |
) |
|
2,775.3 |
|
Total liabilities and stockholders’ equity |
$ |
7,322.5 |
|
|
$ |
6,437.8 |
|
|
$ |
2,307.1 |
|
|
$ |
(7,744.7 |
) |
|
$ |
8,322.7 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet at February 29, 2012 |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash investments |
$ |
0.5 |
|
|
$ |
0.6 |
|
|
$ |
84.7 |
|
|
$ |
— |
|
|
$ |
85.8 |
|
Accounts receivable, net |
293.2 |
|
|
71.6 |
|
|
72.8 |
|
|
— |
|
|
437.6 |
|
Inventories |
143.0 |
|
|
916.8 |
|
|
322.0 |
|
|
(7.3 |
) |
|
1,374.5 |
|
Prepaid expenses and other |
22.5 |
|
|
116.5 |
|
|
398.6 |
|
|
(401.2 |
) |
|
136.4 |
|
Intercompany (payable) receivable |
(945.6 |
) |
|
849.7 |
|
|
95.9 |
|
|
— |
|
|
— |
|
Total current assets |
(486.4 |
) |
|
1,955.2 |
|
|
974.0 |
|
|
(408.5 |
) |
|
2,034.3 |
|
Property, plant and equipment, net |
56.9 |
|
|
819.3 |
|
|
379.6 |
|
|
— |
|
|
1,255.8 |
|
Investments in subsidiaries |
6,704.7 |
|
|
166.6 |
|
|
— |
|
|
(6,871.3 |
) |
|
— |
|
Goodwill |
— |
|
|
1,987.4 |
|
|
645.5 |
|
|
— |
|
|
2,632.9 |
|
Intangible assets, net |
— |
|
|
673.4 |
|
|
193.0 |
|
|
— |
|
|
866.4 |
|
Restricted cash |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other assets, net |
20.7 |
|
|
263.3 |
|
|
60.2 |
|
|
(23.7 |
) |
|
320.5 |
|
Total assets |
$ |
6,295.9 |
|
|
$ |
5,865.2 |
|
|
$ |
2,252.3 |
|
|
$ |
(7,303.5 |
) |
|
$ |
7,109.9 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Notes payable to banks |
$ |
297.9 |
|
|
$ |
— |
|
|
$ |
80.0 |
|
|
$ |
— |
|
|
$ |
377.9 |
|
Current maturities of long-term debt |
324.3 |
|
|
5.7 |
|
|
0.2 |
|
|
— |
|
|
330.2 |
|
Accounts payable |
23.8 |
|
|
75.7 |
|
|
31.0 |
|
|
— |
|
|
130.5 |
|
Accrued excise taxes |
14.4 |
|
|
6.3 |
|
|
4.1 |
|
|
— |
|
|
24.8 |
|
Other accrued expenses and liabilities |
518.2 |
|
|
138.5 |
|
|
82.5 |
|
|
(403.0 |
) |
|
336.2 |
|
Total current liabilities |
1,178.6 |
|
|
226.2 |
|
|
197.8 |
|
|
(403.0 |
) |
|
1,199.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Long-term debt, less current maturities |
2,407.3 |
|
|
14.1 |
|
|
— |
|
|
— |
|
|
2,421.4 |
|
Deferred income taxes |
2.7 |
|
|
534.5 |
|
|
95.1 |
|
|
(23.6 |
) |
|
608.7 |
|
Other liabilities |
31.3 |
|
|
53.5 |
|
|
119.4 |
|
|
— |
|
|
204.2 |
|
Stockholders’ equity |
2,676.0 |
|
|
5,036.9 |
|
|
1,840.0 |
|
|
(6,876.9 |
) |
|
2,676.0 |
|
Total liabilities and stockholders’ equity |
$ |
6,295.9 |
|
|
$ |
5,865.2 |
|
|
$ |
2,252.3 |
|
|
$ |
(7,303.5 |
) |
|
$ |
7,109.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended November 30, 2012 |
Sales |
$ |
1,536.7 |
|
|
$ |
1,283.5 |
|
|
$ |
623.7 |
|
|
$ |
(1,060.5 |
) |
|
$ |
2,383.4 |
|
Less – excise taxes |
(158.8 |
) |
|
(74.8 |
) |
|
(49.6 |
) |
|
— |
|
|
(283.2 |
) |
Net sales |
1,377.9 |
|
|
1,208.7 |
|
|
574.1 |
|
|
(1,060.5 |
) |
|
2,100.2 |
|
Cost of product sold |
(1,105.0 |
) |
|
(857.5 |
) |
|
(344.1 |
) |
|
1,052.9 |
|
|
(1,253.7 |
) |
Gross profit |
272.9 |
|
|
351.2 |
|
|
230.0 |
|
|
(7.6 |
) |
|
846.5 |
|
Selling, general and administrative expenses |
(250.3 |
) |
|
(80.5 |
) |
|
(129.0 |
) |
|
9.8 |
|
|
(450.0 |
) |
Restructuring charges |
1.1 |
|
|
(0.5 |
) |
|
(1.7 |
) |
|
0.1 |
|
|
(1.0 |
) |
Operating income |
23.7 |
|
|
270.2 |
|
|
99.3 |
|
|
2.3 |
|
|
395.5 |
|
Equity in earnings of equity method investees and subsidiaries |
430.0 |
|
|
183.5 |
|
|
0.4 |
|
|
(430.3 |
) |
|
183.6 |
|
Interest (expense) income, net |
(256.5 |
) |
|
86.2 |
|
|
3.6 |
|
|
— |
|
|
(166.7 |
) |
Loss on write-off of financing costs |
(2.8 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2.8 |
) |
Income before income taxes |
194.4 |
|
|
539.9 |
|
|
103.3 |
|
|
(428.0 |
) |
|
409.6 |
|
Benefit from (provision for) income taxes |
111.7 |
|
|
(227.1 |
) |
|
12.4 |
|
|
(0.5 |
) |
|
(103.5 |
) |
Net income |
$ |
306.1 |
|
|
$ |
312.8 |
|
|
$ |
115.7 |
|
|
$ |
(428.5 |
) |
|
$ |
306.1 |
|
Comprehensive income |
$ |
297.7 |
|
|
$ |
311.7 |
|
|
$ |
108.6 |
|
|
$ |
(420.3 |
) |
|
$ |
297.7 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended November 30, 2011 |
Sales |
$ |
850.3 |
|
|
$ |
1,345.8 |
|
|
$ |
528.0 |
|
|
$ |
(454.0 |
) |
|
$ |
2,270.1 |
|
Less – excise taxes |
(120.4 |
) |
|
(75.1 |
) |
|
(48.4 |
) |
|
— |
|
|
(243.9 |
) |
Net sales |
729.9 |
|
|
1,270.7 |
|
|
479.6 |
|
|
(454.0 |
) |
|
2,026.2 |
|
Cost of product sold |
(516.9 |
) |
|
(809.1 |
) |
|
(287.4 |
) |
|
404.1 |
|
|
(1,209.3 |
) |
Gross profit |
213.0 |
|
|
461.6 |
|
|
192.2 |
|
|
(49.9 |
) |
|
816.9 |
|
Selling, general and administrative expenses |
(209.2 |
) |
|
(153.2 |
) |
|
(86.3 |
) |
|
50.5 |
|
|
(398.2 |
) |
Restructuring charges |
(4.3 |
) |
|
(4.2 |
) |
|
(3.1 |
) |
|
— |
|
|
(11.6 |
) |
Operating (loss) income |
(0.5 |
) |
|
304.2 |
|
|
102.8 |
|
|
0.6 |
|
|
407.1 |
|
Equity in earnings of equity method investees and subsidiaries |
530.7 |
|
|
181.2 |
|
|
4.2 |
|
|
(536.6 |
) |
|
179.5 |
|
Interest (expense) income, net |
(187.9 |
) |
|
50.0 |
|
|
4.8 |
|
|
— |
|
|
(133.1 |
) |
Loss on write-off of financing costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income before income taxes |
342.3 |
|
|
535.4 |
|
|
111.8 |
|
|
(536.0 |
) |
|
453.5 |
|
Provision for income taxes |
(0.3 |
) |
|
(98.3 |
) |
|
(13.0 |
) |
|
0.1 |
|
|
(111.5 |
) |
Net income |
$ |
342.0 |
|
|
$ |
437.1 |
|
|
$ |
98.8 |
|
|
$ |
(535.9 |
) |
|
$ |
342.0 |
|
Comprehensive income |
$ |
281.0 |
|
|
$ |
409.8 |
|
|
$ |
57.8 |
|
|
$ |
(467.6 |
) |
|
$ |
281.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2012 |
Sales |
$ |
570.1 |
|
|
$ |
483.1 |
|
|
$ |
223.5 |
|
|
$ |
(416.3 |
) |
|
$ |
860.4 |
|
Less – excise taxes |
(55.4 |
) |
|
(20.2 |
) |
|
(17.9 |
) |
|
— |
|
|
(93.5 |
) |
Net sales |
514.7 |
|
|
462.9 |
|
|
205.6 |
|
|
(416.3 |
) |
|
766.9 |
|
Cost of product sold |
(424.3 |
) |
|
(320.0 |
) |
|
(124.8 |
) |
|
413.0 |
|
|
(456.1 |
) |
Gross profit |
90.4 |
|
|
142.9 |
|
|
80.8 |
|
|
(3.3 |
) |
|
310.8 |
|
Selling, general and administrative expenses |
(82.8 |
) |
|
(28.6 |
) |
|
(44.3 |
) |
|
4.0 |
|
|
(151.7 |
) |
Restructuring charges |
0.2 |
|
|
(0.1 |
) |
|
(0.5 |
) |
|
0.1 |
|
|
(0.3 |
) |
Operating income |
7.8 |
|
|
114.2 |
|
|
36.0 |
|
|
0.8 |
|
|
158.8 |
|
Equity in earnings of equity method investees and subsidiaries |
141.4 |
|
|
53.9 |
|
|
0.2 |
|
|
(143.0 |
) |
|
52.5 |
|
Interest (expense) income, net |
(91.6 |
) |
|
28.6 |
|
|
1.6 |
|
|
— |
|
|
(61.4 |
) |
Loss on write-off of financing costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income before income taxes |
57.6 |
|
|
196.7 |
|
|
37.8 |
|
|
(142.2 |
) |
|
149.9 |
|
Benefit from (provision for) income taxes |
51.9 |
|
|
(96.1 |
) |
|
4.0 |
|
|
(0.2 |
) |
|
(40.4 |
) |
Net income |
$ |
109.5 |
|
|
$ |
100.6 |
|
|
$ |
41.8 |
|
|
$ |
(142.4 |
) |
|
$ |
109.5 |
|
Comprehensive income |
$ |
117.1 |
|
|
$ |
101.0 |
|
|
$ |
47.3 |
|
|
$ |
(148.3 |
) |
|
$ |
117.1 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2011 |
Sales |
$ |
513.6 |
|
|
$ |
426.5 |
|
|
$ |
182.0 |
|
|
$ |
(333.1 |
) |
|
$ |
789.0 |
|
Less – excise taxes |
(59.0 |
) |
|
(12.5 |
) |
|
(16.8 |
) |
|
— |
|
|
(88.3 |
) |
Net sales |
454.6 |
|
|
414.0 |
|
|
165.2 |
|
|
(333.1 |
) |
|
700.7 |
|
Cost of product sold |
(374.7 |
) |
|
(279.2 |
) |
|
(96.3 |
) |
|
332.4 |
|
|
(417.8 |
) |
Gross profit |
79.9 |
|
|
134.8 |
|
|
68.9 |
|
|
(0.7 |
) |
|
282.9 |
|
Selling, general and administrative expenses |
(73.0 |
) |
|
(32.7 |
) |
|
(16.1 |
) |
|
— |
|
|
(121.8 |
) |
Restructuring charges |
1.2 |
|
|
(0.8 |
) |
|
(1.2 |
) |
|
— |
|
|
(0.8 |
) |
Operating income |
8.1 |
|
|
101.3 |
|
|
51.6 |
|
|
(0.7 |
) |
|
160.3 |
|
Equity in earnings of equity method investees and subsidiaries |
248.9 |
|
|
54.5 |
|
|
1.6 |
|
|
(251.7 |
) |
|
53.3 |
|
Interest (expense) income, net |
(69.7 |
) |
|
21.8 |
|
|
1.6 |
|
|
— |
|
|
(46.3 |
) |
Loss on write-off of financing costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income before income taxes |
187.3 |
|
|
177.6 |
|
|
54.8 |
|
|
(252.4 |
) |
|
167.3 |
|
(Provision for) benefit from income taxes |
(82.5 |
) |
|
26.2 |
|
|
(6.3 |
) |
|
0.1 |
|
|
(62.5 |
) |
Net income |
$ |
104.8 |
|
|
$ |
203.8 |
|
|
$ |
48.5 |
|
|
$ |
(252.3 |
) |
|
$ |
104.8 |
|
Comprehensive income (loss) |
$ |
15.8 |
|
|
$ |
199.6 |
|
|
$ |
(42.2 |
) |
|
$ |
(157.4 |
) |
|
$ |
15.8 |
|
|
| Condensed Consolidating Statement of Comprehensive Income (Loss) [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended November 30, 2012 |
Sales |
$ |
1,536.7 |
|
|
$ |
1,283.5 |
|
|
$ |
623.7 |
|
|
$ |
(1,060.5 |
) |
|
$ |
2,383.4 |
|
Less – excise taxes |
(158.8 |
) |
|
(74.8 |
) |
|
(49.6 |
) |
|
— |
|
|
(283.2 |
) |
Net sales |
1,377.9 |
|
|
1,208.7 |
|
|
574.1 |
|
|
(1,060.5 |
) |
|
2,100.2 |
|
Cost of product sold |
(1,105.0 |
) |
|
(857.5 |
) |
|
(344.1 |
) |
|
1,052.9 |
|
|
(1,253.7 |
) |
Gross profit |
272.9 |
|
|
351.2 |
|
|
230.0 |
|
|
(7.6 |
) |
|
846.5 |
|
Selling, general and administrative expenses |
(250.3 |
) |
|
(80.5 |
) |
|
(129.0 |
) |
|
9.8 |
|
|
(450.0 |
) |
Restructuring charges |
1.1 |
|
|
(0.5 |
) |
|
(1.7 |
) |
|
0.1 |
|
|
(1.0 |
) |
Operating income |
23.7 |
|
|
270.2 |
|
|
99.3 |
|
|
2.3 |
|
|
395.5 |
|
Equity in earnings of equity method investees and subsidiaries |
430.0 |
|
|
183.5 |
|
|
0.4 |
|
|
(430.3 |
) |
|
183.6 |
|
Interest (expense) income, net |
(256.5 |
) |
|
86.2 |
|
|
3.6 |
|
|
— |
|
|
(166.7 |
) |
Loss on write-off of financing costs |
(2.8 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2.8 |
) |
Income before income taxes |
194.4 |
|
|
539.9 |
|
|
103.3 |
|
|
(428.0 |
) |
|
409.6 |
|
Benefit from (provision for) income taxes |
111.7 |
|
|
(227.1 |
) |
|
12.4 |
|
|
(0.5 |
) |
|
(103.5 |
) |
Net income |
$ |
306.1 |
|
|
$ |
312.8 |
|
|
$ |
115.7 |
|
|
$ |
(428.5 |
) |
|
$ |
306.1 |
|
Comprehensive income |
$ |
297.7 |
|
|
$ |
311.7 |
|
|
$ |
108.6 |
|
|
$ |
(420.3 |
) |
|
$ |
297.7 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended November 30, 2011 |
Sales |
$ |
850.3 |
|
|
$ |
1,345.8 |
|
|
$ |
528.0 |
|
|
$ |
(454.0 |
) |
|
$ |
2,270.1 |
|
Less – excise taxes |
(120.4 |
) |
|
(75.1 |
) |
|
(48.4 |
) |
|
— |
|
|
(243.9 |
) |
Net sales |
729.9 |
|
|
1,270.7 |
|
|
479.6 |
|
|
(454.0 |
) |
|
2,026.2 |
|
Cost of product sold |
(516.9 |
) |
|
(809.1 |
) |
|
(287.4 |
) |
|
404.1 |
|
|
(1,209.3 |
) |
Gross profit |
213.0 |
|
|
461.6 |
|
|
192.2 |
|
|
(49.9 |
) |
|
816.9 |
|
Selling, general and administrative expenses |
(209.2 |
) |
|
(153.2 |
) |
|
(86.3 |
) |
|
50.5 |
|
|
(398.2 |
) |
Restructuring charges |
(4.3 |
) |
|
(4.2 |
) |
|
(3.1 |
) |
|
— |
|
|
(11.6 |
) |
Operating (loss) income |
(0.5 |
) |
|
304.2 |
|
|
102.8 |
|
|
0.6 |
|
|
407.1 |
|
Equity in earnings of equity method investees and subsidiaries |
530.7 |
|
|
181.2 |
|
|
4.2 |
|
|
(536.6 |
) |
|
179.5 |
|
Interest (expense) income, net |
(187.9 |
) |
|
50.0 |
|
|
4.8 |
|
|
— |
|
|
(133.1 |
) |
Loss on write-off of financing costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income before income taxes |
342.3 |
|
|
535.4 |
|
|
111.8 |
|
|
(536.0 |
) |
|
453.5 |
|
Provision for income taxes |
(0.3 |
) |
|
(98.3 |
) |
|
(13.0 |
) |
|
0.1 |
|
|
(111.5 |
) |
Net income |
$ |
342.0 |
|
|
$ |
437.1 |
|
|
$ |
98.8 |
|
|
$ |
(535.9 |
) |
|
$ |
342.0 |
|
Comprehensive income |
$ |
281.0 |
|
|
$ |
409.8 |
|
|
$ |
57.8 |
|
|
$ |
(467.6 |
) |
|
$ |
281.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2012 |
Sales |
$ |
570.1 |
|
|
$ |
483.1 |
|
|
$ |
223.5 |
|
|
$ |
(416.3 |
) |
|
$ |
860.4 |
|
Less – excise taxes |
(55.4 |
) |
|
(20.2 |
) |
|
(17.9 |
) |
|
— |
|
|
(93.5 |
) |
Net sales |
514.7 |
|
|
462.9 |
|
|
205.6 |
|
|
(416.3 |
) |
|
766.9 |
|
Cost of product sold |
(424.3 |
) |
|
(320.0 |
) |
|
(124.8 |
) |
|
413.0 |
|
|
(456.1 |
) |
Gross profit |
90.4 |
|
|
142.9 |
|
|
80.8 |
|
|
(3.3 |
) |
|
310.8 |
|
Selling, general and administrative expenses |
(82.8 |
) |
|
(28.6 |
) |
|
(44.3 |
) |
|
4.0 |
|
|
(151.7 |
) |
Restructuring charges |
0.2 |
|
|
(0.1 |
) |
|
(0.5 |
) |
|
0.1 |
|
|
(0.3 |
) |
Operating income |
7.8 |
|
|
114.2 |
|
|
36.0 |
|
|
0.8 |
|
|
158.8 |
|
Equity in earnings of equity method investees and subsidiaries |
141.4 |
|
|
53.9 |
|
|
0.2 |
|
|
(143.0 |
) |
|
52.5 |
|
Interest (expense) income, net |
(91.6 |
) |
|
28.6 |
|
|
1.6 |
|
|
— |
|
|
(61.4 |
) |
Loss on write-off of financing costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income before income taxes |
57.6 |
|
|
196.7 |
|
|
37.8 |
|
|
(142.2 |
) |
|
149.9 |
|
Benefit from (provision for) income taxes |
51.9 |
|
|
(96.1 |
) |
|
4.0 |
|
|
(0.2 |
) |
|
(40.4 |
) |
Net income |
$ |
109.5 |
|
|
$ |
100.6 |
|
|
$ |
41.8 |
|
|
$ |
(142.4 |
) |
|
$ |
109.5 |
|
Comprehensive income |
$ |
117.1 |
|
|
$ |
101.0 |
|
|
$ |
47.3 |
|
|
$ |
(148.3 |
) |
|
$ |
117.1 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2011 |
Sales |
$ |
513.6 |
|
|
$ |
426.5 |
|
|
$ |
182.0 |
|
|
$ |
(333.1 |
) |
|
$ |
789.0 |
|
Less – excise taxes |
(59.0 |
) |
|
(12.5 |
) |
|
(16.8 |
) |
|
— |
|
|
(88.3 |
) |
Net sales |
454.6 |
|
|
414.0 |
|
|
165.2 |
|
|
(333.1 |
) |
|
700.7 |
|
Cost of product sold |
(374.7 |
) |
|
(279.2 |
) |
|
(96.3 |
) |
|
332.4 |
|
|
(417.8 |
) |
Gross profit |
79.9 |
|
|
134.8 |
|
|
68.9 |
|
|
(0.7 |
) |
|
282.9 |
|
Selling, general and administrative expenses |
(73.0 |
) |
|
(32.7 |
) |
|
(16.1 |
) |
|
— |
|
|
(121.8 |
) |
Restructuring charges |
1.2 |
|
|
(0.8 |
) |
|
(1.2 |
) |
|
— |
|
|
(0.8 |
) |
Operating income |
8.1 |
|
|
101.3 |
|
|
51.6 |
|
|
(0.7 |
) |
|
160.3 |
|
Equity in earnings of equity method investees and subsidiaries |
248.9 |
|
|
54.5 |
|
|
1.6 |
|
|
(251.7 |
) |
|
53.3 |
|
Interest (expense) income, net |
(69.7 |
) |
|
21.8 |
|
|
1.6 |
|
|
— |
|
|
(46.3 |
) |
Loss on write-off of financing costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income before income taxes |
187.3 |
|
|
177.6 |
|
|
54.8 |
|
|
(252.4 |
) |
|
167.3 |
|
(Provision for) benefit from income taxes |
(82.5 |
) |
|
26.2 |
|
|
(6.3 |
) |
|
0.1 |
|
|
(62.5 |
) |
Net income |
$ |
104.8 |
|
|
$ |
203.8 |
|
|
$ |
48.5 |
|
|
$ |
(252.3 |
) |
|
$ |
104.8 |
|
Comprehensive income (loss) |
$ |
15.8 |
|
|
$ |
199.6 |
|
|
$ |
(42.2 |
) |
|
$ |
(157.4 |
) |
|
$ |
15.8 |
|
|
| Condensed Consolidating Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended November 30, 2012 |
Net cash provided by (used in) operating activities |
$ |
885.3 |
|
|
$ |
(546.2 |
) |
|
$ |
49.9 |
|
|
$ |
— |
|
|
$ |
389.0 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of business, net of cash acquired |
— |
|
|
(159.3 |
) |
|
— |
|
|
— |
|
|
(159.3 |
) |
Purchases of property, plant and equipment |
4.4 |
|
|
(45.7 |
) |
|
(10.9 |
) |
|
— |
|
|
(52.2 |
) |
Payments related to sale of business |
(0.5 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(0.5 |
) |
Proceeds from sales of assets |
— |
|
|
4.9 |
|
|
3.1 |
|
|
— |
|
|
8.0 |
|
Proceeds from notes receivable |
1.2 |
|
|
3.4 |
|
|
— |
|
|
— |
|
|
4.6 |
|
Proceeds from redemption of available-for-sale debt securities |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other investing activities |
— |
|
|
0.2 |
|
|
(1.0 |
) |
|
— |
|
|
(0.8 |
) |
Net cash provided by (used in) investing activities |
5.1 |
|
|
(196.5 |
) |
|
(8.8 |
) |
|
— |
|
|
(200.2 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Intercompany financings, net |
(793.3 |
) |
|
749.5 |
|
|
43.8 |
|
|
— |
|
|
— |
|
Principal payments of long-term debt |
(846.4 |
) |
|
(5.2 |
) |
|
— |
|
|
— |
|
|
(851.6 |
) |
Payment of restricted cash upon issuance of long-term debt |
(650.0 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(650.0 |
) |
Purchases of treasury stock |
(383.0 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(383.0 |
) |
Net repayment of notes payable |
(298.0 |
) |
|
— |
|
|
(58.0 |
) |
|
— |
|
|
(356.0 |
) |
Payment of financing costs of long-term debt |
(35.2 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(35.2 |
) |
Payment of minimum tax withholdings on stock-based payment awards |
— |
|
|
— |
|
|
(0.5 |
) |
|
— |
|
|
(0.5 |
) |
Proceeds from issuance of long-term debt |
2,050.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,050.0 |
|
Proceeds from exercises of employee stock options |
135.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
135.0 |
|
Excess tax benefits from stock-based payment awards |
17.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
17.2 |
|
Proceeds from employee stock purchases |
2.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
2.1 |
|
Net cash (used in) provided by financing activities |
(801.6 |
) |
|
744.3 |
|
|
(14.7 |
) |
|
— |
|
|
(72.0 |
) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash investments |
— |
|
|
— |
|
|
(2.1 |
) |
|
— |
|
|
(2.1 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash investments |
88.8 |
|
|
1.6 |
|
|
24.3 |
|
|
— |
|
|
114.7 |
|
Cash and cash investments, beginning of period |
0.5 |
|
|
0.6 |
|
|
84.7 |
|
|
— |
|
|
85.8 |
|
Cash and cash investments, end of period |
$ |
89.3 |
|
|
$ |
2.2 |
|
|
$ |
109.0 |
|
|
$ |
— |
|
|
$ |
200.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended November 30, 2011 |
Net cash provided by operating activities |
$ |
10.6 |
|
|
$ |
473.6 |
|
|
$ |
156.6 |
|
|
$ |
— |
|
|
$ |
640.8 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of business, net of cash acquired |
— |
|
|
— |
|
|
(51.5 |
) |
|
— |
|
|
(51.5 |
) |
Purchases of property, plant and equipment |
(18.7 |
) |
|
(26.0 |
) |
|
(9.4 |
) |
|
— |
|
|
(54.1 |
) |
Payments related to sale of business |
(9.1 |
) |
|
— |
|
|
(17.8 |
) |
|
— |
|
|
(26.9 |
) |
Proceeds from sales of assets |
— |
|
|
0.3 |
|
|
0.3 |
|
|
— |
|
|
0.6 |
|
Proceeds from notes receivable |
1.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
1.0 |
|
Proceeds from redemption of available-for-sale debt securities |
— |
|
|
— |
|
|
20.2 |
|
|
— |
|
|
20.2 |
|
Other investing activities |
— |
|
|
(6.1 |
) |
|
(1.9 |
) |
|
— |
|
|
(8.0 |
) |
Net cash used in investing activities |
(26.8 |
) |
|
(31.8 |
) |
|
(60.1 |
) |
|
— |
|
|
(118.7 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Intercompany financings, net |
479.8 |
|
|
(423.7 |
) |
|
(56.1 |
) |
|
— |
|
|
— |
|
Principal payments of long-term debt |
(410.2 |
) |
|
(15.6 |
) |
|
(44.7 |
) |
|
— |
|
|
(470.5 |
) |
Payment of restricted cash upon issuance of long-term debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Purchases of treasury stock |
(281.3 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(281.3 |
) |
Net proceeds from notes payable |
172.1 |
|
|
— |
|
|
51.1 |
|
|
— |
|
|
223.2 |
|
Payment of financing costs of long-term debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Payment of minimum tax withholdings on stock-based payment awards |
— |
|
|
(1.7 |
) |
|
(0.5 |
) |
|
— |
|
|
(2.2 |
) |
Proceeds from issuance of long-term debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Proceeds from exercises of employee stock options |
42.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
42.3 |
|
Excess tax benefits from stock-based payment awards |
11.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
11.1 |
|
Proceeds from employee stock purchases |
2.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
2.4 |
|
Net cash provided by (used in) financing activities |
16.2 |
|
|
(441.0 |
) |
|
(50.2 |
) |
|
— |
|
|
(475.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
and cash investments
|
— |
|
|
— |
|
|
(0.5 |
) |
|
— |
|
|
(0.5 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash investments |
— |
|
|
0.8 |
|
|
45.8 |
|
|
— |
|
|
46.6 |
|
|
Cash and cash investments, beginning
of period
|
0.7 |
|
|
0.9 |
|
|
7.6 |
|
|
— |
|
|
9.2 |
|
|
Cash and cash investments, end of
period
|
$ |
0.7 |
|
|
$ |
1.7 |
|
|
$ |
53.4 |
|
|
$ |
— |
|
|
$ |
55.8 |
|
|