| Condensed Consolidating Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet at May 31, 2018 |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
5.3 |
|
|
$ |
2.8 |
|
|
$ |
201.9 |
|
|
$ |
— |
|
|
$ |
210.0 |
|
Accounts receivable |
0.7 |
|
|
20.4 |
|
|
806.8 |
|
|
— |
|
|
827.9 |
|
Inventories |
188.9 |
|
|
1,514.6 |
|
|
575.5 |
|
|
(210.6 |
) |
|
2,068.4 |
|
Intercompany receivable |
27,854.8 |
|
|
37,920.3 |
|
|
19,261.5 |
|
|
(85,036.6 |
) |
|
— |
|
Prepaid expenses and other |
98.8 |
|
|
71.0 |
|
|
378.5 |
|
|
(49.8 |
) |
|
498.5 |
|
Total current assets |
28,148.5 |
|
|
39,529.1 |
|
|
21,224.2 |
|
|
(85,297.0 |
) |
|
3,604.8 |
|
Property, plant and equipment |
81.3 |
|
|
790.8 |
|
|
3,943.7 |
|
|
— |
|
|
4,815.8 |
|
Investments in subsidiaries |
23,892.2 |
|
|
447.7 |
|
|
6,017.9 |
|
|
(30,357.8 |
) |
|
— |
|
Goodwill |
— |
|
|
6,185.5 |
|
|
1,865.0 |
|
|
— |
|
|
8,050.5 |
|
Intangible assets |
— |
|
|
716.9 |
|
|
2,584.7 |
|
|
— |
|
|
3,301.6 |
|
Intercompany notes receivable |
6,082.7 |
|
|
2,271.0 |
|
|
— |
|
|
(8,353.7 |
) |
|
— |
|
Other assets |
37.3 |
|
|
3.3 |
|
|
3,304.3 |
|
|
(20.9 |
) |
|
3,324.0 |
|
Total assets |
$ |
58,242.0 |
|
|
$ |
49,944.3 |
|
|
$ |
38,939.8 |
|
|
$ |
(124,029.4 |
) |
|
$ |
23,096.7 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Short-term borrowings |
$ |
239.7 |
|
|
$ |
— |
|
|
$ |
430.0 |
|
|
$ |
— |
|
|
$ |
669.7 |
|
Current maturities of long-term debt |
7.1 |
|
|
13.6 |
|
|
0.2 |
|
|
— |
|
|
20.9 |
|
Accounts payable |
55.2 |
|
|
106.0 |
|
|
489.1 |
|
|
— |
|
|
650.3 |
|
Intercompany payable |
37,872.8 |
|
|
29,665.1 |
|
|
17,498.7 |
|
|
(85,036.6 |
) |
|
— |
|
Other accrued expenses and liabilities |
312.5 |
|
|
285.8 |
|
|
138.7 |
|
|
(87.4 |
) |
|
649.6 |
|
Total current liabilities |
38,487.3 |
|
|
30,070.5 |
|
|
18,556.7 |
|
|
(85,124.0 |
) |
|
1,990.5 |
|
Long-term debt, less current maturities |
9,168.9 |
|
|
16.6 |
|
|
230.9 |
|
|
— |
|
|
9,416.4 |
|
Intercompany notes payable |
— |
|
|
4,886.6 |
|
|
3,467.1 |
|
|
(8,353.7 |
) |
|
— |
|
Other liabilities |
29.4 |
|
|
513.1 |
|
|
602.4 |
|
|
(20.9 |
) |
|
1,124.0 |
|
Total liabilities |
47,685.6 |
|
|
35,486.8 |
|
|
22,857.1 |
|
|
(93,498.6 |
) |
|
12,530.9 |
|
Total CBI stockholders’ equity |
10,556.4 |
|
|
14,457.5 |
|
|
16,073.3 |
|
|
(30,530.8 |
) |
|
10,556.4 |
|
Noncontrolling interests |
— |
|
|
— |
|
|
9.4 |
|
|
— |
|
|
9.4 |
|
Total stockholders’ equity |
10,556.4 |
|
|
14,457.5 |
|
|
16,082.7 |
|
|
(30,530.8 |
) |
|
10,565.8 |
|
Total liabilities and stockholders’ equity |
$ |
58,242.0 |
|
|
$ |
49,944.3 |
|
|
$ |
38,939.8 |
|
|
$ |
(124,029.4 |
) |
|
$ |
23,096.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet at February 28, 2018 |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
4.6 |
|
|
$ |
4.4 |
|
|
$ |
81.3 |
|
|
$ |
— |
|
|
$ |
90.3 |
|
Accounts receivable |
2.0 |
|
|
12.6 |
|
|
761.6 |
|
|
— |
|
|
776.2 |
|
Inventories |
184.3 |
|
|
1,537.5 |
|
|
546.6 |
|
|
(184.4 |
) |
|
2,084.0 |
|
Intercompany receivable |
27,680.0 |
|
|
37,937.5 |
|
|
18,940.8 |
|
|
(84,558.3 |
) |
|
— |
|
Prepaid expenses and other |
138.4 |
|
|
77.7 |
|
|
311.0 |
|
|
(3.6 |
) |
|
523.5 |
|
Total current assets |
28,009.3 |
|
|
39,569.7 |
|
|
20,641.3 |
|
|
(84,746.3 |
) |
|
3,474.0 |
|
Property, plant and equipment |
76.2 |
|
|
775.7 |
|
|
3,937.8 |
|
|
— |
|
|
4,789.7 |
|
Investments in subsidiaries |
20,948.7 |
|
|
442.0 |
|
|
5,876.9 |
|
|
(27,267.6 |
) |
|
— |
|
Goodwill |
— |
|
|
6,185.5 |
|
|
1,897.6 |
|
|
— |
|
|
8,083.1 |
|
Intangible assets |
— |
|
|
718.2 |
|
|
2,586.6 |
|
|
— |
|
|
3,304.8 |
|
Intercompany notes receivable |
6,236.4 |
|
|
2,435.4 |
|
|
— |
|
|
(8,671.8 |
) |
|
— |
|
Other assets |
33.1 |
|
|
4.7 |
|
|
866.7 |
|
|
(17.4 |
) |
|
887.1 |
|
Total assets |
$ |
55,303.7 |
|
|
$ |
50,131.2 |
|
|
$ |
35,806.9 |
|
|
$ |
(120,703.1 |
) |
|
$ |
20,538.7 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Short-term borrowings |
$ |
266.9 |
|
|
$ |
— |
|
|
$ |
479.9 |
|
|
$ |
— |
|
|
$ |
746.8 |
|
Current maturities of long-term debt |
7.1 |
|
|
15.0 |
|
|
0.2 |
|
|
— |
|
|
22.3 |
|
Accounts payable |
63.4 |
|
|
128.3 |
|
|
400.5 |
|
|
— |
|
|
592.2 |
|
Intercompany payable |
37,408.2 |
|
|
30,029.7 |
|
|
17,120.4 |
|
|
(84,558.3 |
) |
|
— |
|
Other accrued expenses and liabilities |
356.2 |
|
|
199.3 |
|
|
150.5 |
|
|
(27.7 |
) |
|
678.3 |
|
Total current liabilities |
38,101.8 |
|
|
30,372.3 |
|
|
18,151.5 |
|
|
(84,586.0 |
) |
|
2,039.6 |
|
Long-term debt, less current maturities |
9,166.9 |
|
|
9.1 |
|
|
241.6 |
|
|
— |
|
|
9,417.6 |
|
Intercompany notes payable |
— |
|
|
5,029.2 |
|
|
3,642.6 |
|
|
(8,671.8 |
) |
|
— |
|
Other liabilities |
59.9 |
|
|
493.5 |
|
|
553.8 |
|
|
(17.4 |
) |
|
1,089.8 |
|
Total liabilities |
47,328.6 |
|
|
35,904.1 |
|
|
22,589.5 |
|
|
(93,275.2 |
) |
|
12,547.0 |
|
Total CBI stockholders’ equity |
7,975.1 |
|
|
14,227.1 |
|
|
13,200.8 |
|
|
(27,427.9 |
) |
|
7,975.1 |
|
Noncontrolling interests |
— |
|
|
— |
|
|
16.6 |
|
|
— |
|
|
16.6 |
|
Total stockholders’ equity |
7,975.1 |
|
|
14,227.1 |
|
|
13,217.4 |
|
|
(27,427.9 |
) |
|
7,991.7 |
|
Total liabilities and stockholders’ equity |
$ |
55,303.7 |
|
|
$ |
50,131.2 |
|
|
$ |
35,806.9 |
|
|
$ |
(120,703.1 |
) |
|
$ |
20,538.7 |
|
|
| 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, 2018 |
Sales |
$ |
682.6 |
|
|
$ |
1,881.2 |
|
|
$ |
1,007.6 |
|
|
$ |
(1,341.4 |
) |
|
$ |
2,230.0 |
|
Excise taxes |
(78.8 |
) |
|
(100.9 |
) |
|
(3.2 |
) |
|
— |
|
|
(182.9 |
) |
Net sales |
603.8 |
|
|
1,780.3 |
|
|
1,004.4 |
|
|
(1,341.4 |
) |
|
2,047.1 |
|
Cost of product sold |
(486.8 |
) |
|
(1,322.1 |
) |
|
(498.3 |
) |
|
1,308.7 |
|
|
(998.5 |
) |
Gross profit |
117.0 |
|
|
458.2 |
|
|
506.1 |
|
|
(32.7 |
) |
|
1,048.6 |
|
Selling, general and administrative expenses |
(141.3 |
) |
|
(238.7 |
) |
|
(49.5 |
) |
|
6.3 |
|
|
(423.2 |
) |
Operating income (loss) |
(24.3 |
) |
|
219.5 |
|
|
456.6 |
|
|
(26.4 |
) |
|
625.4 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
910.6 |
|
|
(12.5 |
) |
|
147.2 |
|
|
(1,040.6 |
) |
|
4.7 |
|
Unrealized gain on equity securities |
— |
|
|
— |
|
|
258.3 |
|
|
— |
|
|
258.3 |
|
Net gain on sale of unconsolidated investment |
— |
|
|
— |
|
|
101.4 |
|
|
— |
|
|
101.4 |
|
Interest income |
— |
|
|
— |
|
|
0.4 |
|
|
— |
|
|
0.4 |
|
Intercompany interest income |
67.6 |
|
|
158.8 |
|
|
0.9 |
|
|
(227.3 |
) |
|
— |
|
Interest expense |
(80.3 |
) |
|
(0.3 |
) |
|
(7.6 |
) |
|
— |
|
|
(88.2 |
) |
Intercompany interest expense |
(133.6 |
) |
|
(49.5 |
) |
|
(44.2 |
) |
|
227.3 |
|
|
— |
|
Income before income taxes |
740.0 |
|
|
316.0 |
|
|
913.0 |
|
|
(1,067.0 |
) |
|
902.0 |
|
(Provision for) benefit from income taxes |
3.8 |
|
|
(76.9 |
) |
|
(96.1 |
) |
|
13.5 |
|
|
(155.7 |
) |
Net income |
743.8 |
|
|
239.1 |
|
|
816.9 |
|
|
(1,053.5 |
) |
|
746.3 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(2.5 |
) |
|
— |
|
|
(2.5 |
) |
Net income attributable to CBI |
$ |
743.8 |
|
|
$ |
239.1 |
|
|
$ |
814.4 |
|
|
$ |
(1,053.5 |
) |
|
$ |
743.8 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
568.1 |
|
|
$ |
238.5 |
|
|
$ |
638.2 |
|
|
$ |
(876.7 |
) |
|
$ |
568.1 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended May 31, 2017 |
Sales |
$ |
694.9 |
|
|
$ |
1,750.1 |
|
|
$ |
903.3 |
|
|
$ |
(1,240.0 |
) |
|
$ |
2,108.3 |
|
Excise taxes |
(83.6 |
) |
|
(93.4 |
) |
|
(2.8 |
) |
|
— |
|
|
(179.8 |
) |
Net sales |
611.3 |
|
|
1,656.7 |
|
|
900.5 |
|
|
(1,240.0 |
) |
|
1,928.5 |
|
Cost of product sold |
(477.2 |
) |
|
(1,214.6 |
) |
|
(470.3 |
) |
|
1,221.9 |
|
|
(940.2 |
) |
Gross profit |
134.1 |
|
|
442.1 |
|
|
430.2 |
|
|
(18.1 |
) |
|
988.3 |
|
Selling, general and administrative expenses |
(105.0 |
) |
|
(281.5 |
) |
|
(43.5 |
) |
|
2.8 |
|
|
(427.2 |
) |
Operating income |
29.1 |
|
|
160.6 |
|
|
386.7 |
|
|
(15.3 |
) |
|
561.1 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
431.6 |
|
|
(11.5 |
) |
|
114.3 |
|
|
(534.0 |
) |
|
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 extinguishment of debt |
(6.7 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(6.7 |
) |
Income before income taxes |
353.4 |
|
|
216.9 |
|
|
451.4 |
|
|
(549.3 |
) |
|
472.4 |
|
(Provision for) benefit from income taxes |
45.1 |
|
|
(68.4 |
) |
|
(31.9 |
) |
|
(16.2 |
) |
|
(71.4 |
) |
Net income |
398.5 |
|
|
148.5 |
|
|
419.5 |
|
|
(565.5 |
) |
|
401.0 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(2.5 |
) |
|
— |
|
|
(2.5 |
) |
Net income attributable to CBI |
$ |
398.5 |
|
|
$ |
148.5 |
|
|
$ |
417.0 |
|
|
$ |
(565.5 |
) |
|
$ |
398.5 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
586.0 |
|
|
$ |
149.4 |
|
|
$ |
605.7 |
|
|
$ |
(755.1 |
) |
|
$ |
586.0 |
|
|
|
|
|
|
|
|
|
|
|
|