| Condensed Consolidating Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet at August 31, 2018 |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
5.0 |
|
|
$ |
3.2 |
|
|
$ |
197.9 |
|
|
$ |
— |
|
|
$ |
206.1 |
|
Accounts receivable |
1.4 |
|
|
29.9 |
|
|
919.9 |
|
|
— |
|
|
951.2 |
|
Inventories |
193.3 |
|
|
1,406.7 |
|
|
508.8 |
|
|
(166.9 |
) |
|
1,941.9 |
|
Intercompany receivable |
29,081.6 |
|
|
39,406.2 |
|
|
19,782.1 |
|
|
(88,269.9 |
) |
|
— |
|
Prepaid expenses and other |
96.9 |
|
|
63.9 |
|
|
390.1 |
|
|
(64.6 |
) |
|
486.3 |
|
Total current assets |
29,378.2 |
|
|
40,909.9 |
|
|
21,798.8 |
|
|
(88,501.4 |
) |
|
3,585.5 |
|
Property, plant and equipment |
80.7 |
|
|
774.0 |
|
|
4,093.0 |
|
|
— |
|
|
4,947.7 |
|
Investments in subsidiaries |
25,527.1 |
|
|
494.0 |
|
|
6,199.4 |
|
|
(32,220.5 |
) |
|
— |
|
Goodwill |
— |
|
|
6,185.5 |
|
|
1,897.1 |
|
|
— |
|
|
8,082.6 |
|
Intangible assets |
— |
|
|
715.6 |
|
|
2,593.3 |
|
|
— |
|
|
3,308.9 |
|
Intercompany notes receivable |
5,764.2 |
|
|
2,294.9 |
|
|
— |
|
|
(8,059.1 |
) |
|
— |
|
Other assets |
49.7 |
|
|
3.3 |
|
|
4,142.1 |
|
|
(22.3 |
) |
|
4,172.8 |
|
Total assets |
$ |
60,799.9 |
|
|
$ |
51,377.2 |
|
|
$ |
40,723.7 |
|
|
$ |
(128,803.3 |
) |
|
$ |
24,097.5 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Short-term borrowings |
$ |
652.1 |
|
|
$ |
— |
|
|
$ |
65.0 |
|
|
$ |
— |
|
|
$ |
717.1 |
|
Current maturities of long-term debt |
5.0 |
|
|
13.7 |
|
|
0.2 |
|
|
— |
|
|
18.9 |
|
Accounts payable |
70.9 |
|
|
256.7 |
|
|
407.3 |
|
|
— |
|
|
734.9 |
|
Intercompany payable |
39,251.5 |
|
|
30,569.6 |
|
|
18,448.8 |
|
|
(88,269.9 |
) |
|
— |
|
Other accrued expenses and liabilities |
356.1 |
|
|
270.2 |
|
|
156.1 |
|
|
(90.8 |
) |
|
691.6 |
|
Total current liabilities |
40,335.6 |
|
|
31,110.2 |
|
|
19,077.4 |
|
|
(88,360.7 |
) |
|
2,162.5 |
|
Long-term debt, less current maturities |
9,170.8 |
|
|
16.4 |
|
|
0.4 |
|
|
— |
|
|
9,187.6 |
|
Intercompany notes payable |
— |
|
|
4,936.9 |
|
|
3,122.2 |
|
|
(8,059.1 |
) |
|
— |
|
Other liabilities |
25.2 |
|
|
534.9 |
|
|
674.4 |
|
|
(22.3 |
) |
|
1,212.2 |
|
Total liabilities |
49,531.6 |
|
|
36,598.4 |
|
|
22,874.4 |
|
|
(96,442.1 |
) |
|
12,562.3 |
|
CBI stockholders’ equity |
11,268.3 |
|
|
14,778.8 |
|
|
17,582.4 |
|
|
(32,361.2 |
) |
|
11,268.3 |
|
Noncontrolling interests |
— |
|
|
— |
|
|
266.9 |
|
|
— |
|
|
266.9 |
|
Total stockholders’ equity |
11,268.3 |
|
|
14,778.8 |
|
|
17,849.3 |
|
|
(32,361.2 |
) |
|
11,535.2 |
|
Total liabilities and stockholders’ equity |
$ |
60,799.9 |
|
|
$ |
51,377.2 |
|
|
$ |
40,723.7 |
|
|
$ |
(128,803.3 |
) |
|
$ |
24,097.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
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 Six Months Ended August 31, 2018 |
Sales |
$ |
1,491.2 |
|
|
$ |
3,993.9 |
|
|
$ |
2,004.7 |
|
|
$ |
(2,734.1 |
) |
|
$ |
4,755.7 |
|
Excise taxes |
(179.7 |
) |
|
(223.6 |
) |
|
(6.2 |
) |
|
— |
|
|
(409.5 |
) |
Net sales |
1,311.5 |
|
|
3,770.3 |
|
|
1,998.5 |
|
|
(2,734.1 |
) |
|
4,346.2 |
|
Cost of product sold |
(1,034.8 |
) |
|
(2,820.2 |
) |
|
(1,015.1 |
) |
|
2,740.7 |
|
|
(2,129.4 |
) |
Gross profit |
276.7 |
|
|
950.1 |
|
|
983.4 |
|
|
6.6 |
|
|
2,216.8 |
|
Selling, general and administrative expenses |
(271.6 |
) |
|
(452.1 |
) |
|
(114.2 |
) |
|
11.5 |
|
|
(826.4 |
) |
Operating income |
5.1 |
|
|
498.0 |
|
|
869.2 |
|
|
18.1 |
|
|
1,390.4 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
2,145.9 |
|
|
(26.0 |
) |
|
326.7 |
|
|
(2,444.0 |
) |
|
2.6 |
|
Unrealized gain on securities measured at fair value |
— |
|
|
— |
|
|
950.4 |
|
|
— |
|
|
950.4 |
|
Net gain on sale of unconsolidated investment |
— |
|
|
— |
|
|
99.8 |
|
|
— |
|
|
99.8 |
|
Interest income |
0.1 |
|
|
— |
|
|
3.4 |
|
|
— |
|
|
3.5 |
|
Intercompany interest income |
135.3 |
|
|
321.5 |
|
|
2.4 |
|
|
(459.2 |
) |
|
— |
|
Interest expense |
(164.6 |
) |
|
(0.5 |
) |
|
(14.2 |
) |
|
— |
|
|
(179.3 |
) |
Intercompany interest expense |
(271.0 |
) |
|
(99.0 |
) |
|
(89.2 |
) |
|
459.2 |
|
|
— |
|
Income before income taxes |
1,850.8 |
|
|
694.0 |
|
|
2,148.5 |
|
|
(2,425.9 |
) |
|
2,267.4 |
|
(Provision for) benefit from income taxes |
42.5 |
|
|
(167.9 |
) |
|
(246.4 |
) |
|
2.0 |
|
|
(369.8 |
) |
Net income |
1,893.3 |
|
|
526.1 |
|
|
1,902.1 |
|
|
(2,423.9 |
) |
|
1,897.6 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(4.3 |
) |
|
— |
|
|
(4.3 |
) |
Net income attributable to CBI |
$ |
1,893.3 |
|
|
$ |
526.1 |
|
|
$ |
1,897.8 |
|
|
$ |
(2,423.9 |
) |
|
$ |
1,893.3 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
1,791.6 |
|
|
$ |
525.5 |
|
|
$ |
1,796.3 |
|
|
$ |
(2,321.8 |
) |
|
$ |
1,791.6 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2017 |
Sales |
$ |
1,415.1 |
|
|
$ |
3,693.8 |
|
|
$ |
1,842.5 |
|
|
$ |
(2,542.5 |
) |
|
$ |
4,408.9 |
|
Excise taxes |
(174.0 |
) |
|
(212.6 |
) |
|
(5.9 |
) |
|
— |
|
|
(392.5 |
) |
Net sales |
1,241.1 |
|
|
3,481.2 |
|
|
1,836.6 |
|
|
(2,542.5 |
) |
|
4,016.4 |
|
Cost of product sold |
(986.5 |
) |
|
(2,574.7 |
) |
|
(953.2 |
) |
|
2,555.0 |
|
|
(1,959.4 |
) |
Gross profit |
254.6 |
|
|
906.5 |
|
|
883.4 |
|
|
12.5 |
|
|
2,057.0 |
|
Selling, general and administrative expenses |
(216.3 |
) |
|
(474.1 |
) |
|
(94.0 |
) |
|
5.8 |
|
|
(778.6 |
) |
Operating income |
38.3 |
|
|
432.4 |
|
|
789.4 |
|
|
18.3 |
|
|
1,278.4 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
973.1 |
|
|
(23.4 |
) |
|
244.5 |
|
|
(1,193.6 |
) |
|
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 extinguishment of debt |
(7.0 |
) |
|
— |
|
|
(1.8 |
) |
|
— |
|
|
(8.8 |
) |
Income before income taxes |
800.4 |
|
|
550.0 |
|
|
931.4 |
|
|
(1,175.3 |
) |
|
1,106.5 |
|
(Provision for) benefit from income taxes |
99.7 |
|
|
(193.0 |
) |
|
(85.3 |
) |
|
(22.8 |
) |
|
(201.4 |
) |
Net income |
900.1 |
|
|
357.0 |
|
|
846.1 |
|
|
(1,198.1 |
) |
|
905.1 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(5.0 |
) |
|
— |
|
|
(5.0 |
) |
Net income attributable to CBI |
$ |
900.1 |
|
|
$ |
357.0 |
|
|
$ |
841.1 |
|
|
$ |
(1,198.1 |
) |
|
$ |
900.1 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
1,212.5 |
|
|
$ |
355.0 |
|
|
$ |
1,159.4 |
|
|
$ |
(1,514.4 |
) |
|
$ |
1,212.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2018 |
Sales |
$ |
808.6 |
|
|
$ |
2,112.7 |
|
|
$ |
997.1 |
|
|
$ |
(1,392.7 |
) |
|
$ |
2,525.7 |
|
Excise taxes |
(100.9 |
) |
|
(122.7 |
) |
|
(3.0 |
) |
|
— |
|
|
(226.6 |
) |
Net sales |
707.7 |
|
|
1,990.0 |
|
|
994.1 |
|
|
(1,392.7 |
) |
|
2,299.1 |
|
Cost of product sold |
(548.0 |
) |
|
(1,498.1 |
) |
|
(516.8 |
) |
|
1,432.0 |
|
|
(1,130.9 |
) |
Gross profit |
159.7 |
|
|
491.9 |
|
|
477.3 |
|
|
39.3 |
|
|
1,168.2 |
|
Selling, general and administrative expenses |
(130.3 |
) |
|
(213.4 |
) |
|
(64.7 |
) |
|
5.2 |
|
|
(403.2 |
) |
Operating income |
29.4 |
|
|
278.5 |
|
|
412.6 |
|
|
44.5 |
|
|
765.0 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
1,235.3 |
|
|
(13.5 |
) |
|
179.5 |
|
|
(1,403.4 |
) |
|
(2.1 |
) |
Unrealized gain on securities measured at fair value |
— |
|
|
— |
|
|
692.1 |
|
|
— |
|
|
692.1 |
|
Net loss on sale of unconsolidated investment |
— |
|
|
— |
|
|
(1.6 |
) |
|
— |
|
|
(1.6 |
) |
Interest income |
0.1 |
|
|
— |
|
|
3.0 |
|
|
— |
|
|
3.1 |
|
Intercompany interest income |
67.7 |
|
|
162.7 |
|
|
1.5 |
|
|
(231.9 |
) |
|
— |
|
Interest expense |
(84.3 |
) |
|
(0.2 |
) |
|
(6.6 |
) |
|
— |
|
|
(91.1 |
) |
Intercompany interest expense |
(137.4 |
) |
|
(49.5 |
) |
|
(45.0 |
) |
|
231.9 |
|
|
— |
|
Income before income taxes |
1,110.8 |
|
|
378.0 |
|
|
1,235.5 |
|
|
(1,358.9 |
) |
|
1,365.4 |
|
(Provision for) benefit from income taxes |
38.7 |
|
|
(91.0 |
) |
|
(150.3 |
) |
|
(11.5 |
) |
|
(214.1 |
) |
Net income |
1,149.5 |
|
|
287.0 |
|
|
1,085.2 |
|
|
(1,370.4 |
) |
|
1,151.3 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(1.8 |
) |
|
— |
|
|
(1.8 |
) |
Net income attributable to CBI |
$ |
1,149.5 |
|
|
$ |
287.0 |
|
|
$ |
1,083.4 |
|
|
$ |
(1,370.4 |
) |
|
$ |
1,149.5 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
1,223.5 |
|
|
$ |
287.0 |
|
|
$ |
1,158.1 |
|
|
$ |
(1,445.1 |
) |
|
$ |
1,223.5 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2017 |
Sales |
$ |
720.2 |
|
|
$ |
1,943.7 |
|
|
$ |
939.2 |
|
|
$ |
(1,302.5 |
) |
|
$ |
2,300.6 |
|
Excise taxes |
(90.4 |
) |
|
(119.2 |
) |
|
(3.1 |
) |
|
— |
|
|
(212.7 |
) |
Net sales |
629.8 |
|
|
1,824.5 |
|
|
936.1 |
|
|
(1,302.5 |
) |
|
2,087.9 |
|
Cost of product sold |
(509.3 |
) |
|
(1,360.1 |
) |
|
(482.9 |
) |
|
1,333.1 |
|
|
(1,019.2 |
) |
Gross profit |
120.5 |
|
|
464.4 |
|
|
453.2 |
|
|
30.6 |
|
|
1,068.7 |
|
Selling, general and administrative expenses |
(111.3 |
) |
|
(192.6 |
) |
|
(50.5 |
) |
|
3.0 |
|
|
(351.4 |
) |
Operating income |
9.2 |
|
|
271.8 |
|
|
402.7 |
|
|
33.6 |
|
|
717.3 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
541.5 |
|
|
(11.9 |
) |
|
130.2 |
|
|
(659.6 |
) |
|
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 extinguishment of debt |
(0.3 |
) |
|
— |
|
|
(1.8 |
) |
|
— |
|
|
(2.1 |
) |
Income before income taxes |
447.0 |
|
|
333.1 |
|
|
480.0 |
|
|
(626.0 |
) |
|
634.1 |
|
(Provision for) benefit from income taxes |
54.6 |
|
|
(124.6 |
) |
|
(53.4 |
) |
|
(6.6 |
) |
|
(130.0 |
) |
Net income |
501.6 |
|
|
208.5 |
|
|
426.6 |
|
|
(632.6 |
) |
|
504.1 |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
(2.5 |
) |
|
— |
|
|
(2.5 |
) |
Net income attributable to CBI |
$ |
501.6 |
|
|
$ |
208.5 |
|
|
$ |
424.1 |
|
|
$ |
(632.6 |
) |
|
$ |
501.6 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to CBI |
$ |
626.5 |
|
|
$ |
205.6 |
|
|
$ |
553.7 |
|
|
$ |
(759.3 |
) |
|
$ |
626.5 |
|
|