Annual report pursuant to Section 13 and 15(d)

Condensed Consolidating Financial Information

v3.19.1
Condensed Consolidating Financial Information
12 Months Ended
Feb. 28, 2019
Condensed Financial Information Disclosure [Abstract]  
CONDENSED CONSOLIDATING FINANCIAL INFORMATION
CONDENSED CONSOLIDATING FINANCIAL INFORMATION:

The following information sets forth the condensed consolidating balance sheets as of February 28, 2019, and February 28, 2018, the condensed consolidating statements of comprehensive income for the years ended February 28, 2019, February 28, 2018, and February 28, 2017, and the condensed consolidating statements of cash flows for the years ended February 28, 2019, February 28, 2018, and February 28, 2017, for the parent company, our combined subsidiaries which guarantee our senior notes (“Subsidiary Guarantors”), our combined subsidiaries which are not Subsidiary Guarantors (primarily foreign subsidiaries) (“Subsidiary Nonguarantors”) and the Company. The Subsidiary Guarantors are 100% owned, directly or indirectly, by the parent company and the guarantees are joint and several obligations of each of the Subsidiary Guarantors. The guarantees are full and unconditional, as those terms are used in Rule 3-10 of Regulation S-X, except that a Subsidiary Guarantor can be automatically released and relieved of its obligations under certain customary circumstances contained in the indentures governing our senior notes. These customary circumstances include, so long as other applicable provisions of the indentures are adhered to, the termination or release of a Subsidiary Guarantor’s guarantee of other indebtedness or upon the legal defeasance or covenant defeasance or satisfaction and discharge of our senior notes. Separate financial statements for our Subsidiary Guarantors are not presented because we have determined that such financial statements would not be material to investors. The accounting policies of the parent company, the Subsidiary Guarantors and the Subsidiary Nonguarantors are the same as those described for the Company in the Summary of Significant Accounting Policies in Note 1. There are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to us in the form of cash dividends, loans or advances.

 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Balance Sheet at February 28, 2019
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
11.0

 
$
2.6

 
$
80.0

 
$

 
$
93.6

Accounts receivable
435.6

 
370.6

 
40.7

 

 
846.9

Inventories
197.7

 
1,485.4

 
609.9

 
(162.6
)
 
2,130.4

Intercompany receivable
29,712.5

 
33,775.4

 
20,050.6

 
(83,538.5
)
 

Prepaid expenses and other
89.9

 
78.1

 
446.7

 
(1.6
)
 
613.1

Total current assets
30,446.7

 
35,712.1

 
21,227.9

 
(83,702.7
)
 
3,684.0

Property, plant and equipment
85.3

 
786.8

 
4,395.2

 

 
5,267.3

Investments in subsidiaries
26,533.8

 
1,599.6

 
2,982.1

 
(31,115.5
)
 

Goodwill

 
6,185.5

 
1,903.3

 

 
8,088.8

Intangible assets

 
605.0

 
2,593.1

 

 
3,198.1

Intercompany notes receivable
3,218.6

 

 
38.6

 
(3,257.2
)
 

Equity method investments

 
1.7

 
3,463.9

 

 
3,465.6

Securities measured as fair value

 

 
3,234.7

 

 
3,234.7

Deferred income taxes
69.2

 

 
2,183.3

 
(69.2
)
 
2,183.3

Other assets
17.3

 
1.1

 
91.3

 

 
109.7

Total assets
$
60,370.9

 
$
44,891.8

 
$
42,113.4

 
$
(118,144.6
)
 
$
29,231.5

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Short-term borrowings
$
732.5

 
$

 
$
59.0

 
$

 
$
791.5

Current maturities of long-term debt
1,052.8

 
12.2

 
0.2

 

 
1,065.2

Accounts payable
59.6

 
141.3

 
415.8

 

 
616.7

Intercompany payable
33,787.6

 
31,428.9

 
18,322.0

 
(83,538.5
)
 

Other accrued expenses and liabilities
374.3

 
184.0

 
156.6

 
(24.5
)
 
690.4

Total current liabilities
36,006.8

 
31,766.4

 
18,953.6

 
(83,563.0
)
 
3,163.8

Long-term debt, less current maturities
11,743.4

 
16.0

 
0.4

 

 
11,759.8

Intercompany notes payable
38.5

 
2,694.4

 
524.3

 
(3,257.2
)
 

Deferred income taxes and other liabilities
31.2

 
540.5

 
955.9

 
(56.9
)
 
1,470.7

Total liabilities
47,819.9

 
35,017.3

 
20,434.2

 
(86,877.1
)
 
16,394.3

CBI stockholders’ equity
12,551.0

 
9,874.5

 
21,393.0

 
(31,267.5
)
 
12,551.0

Noncontrolling interests

 

 
286.2

 

 
286.2

Total stockholders’ equity
12,551.0

 
9,874.5

 
21,679.2

 
(31,267.5
)
 
12,837.2

Total liabilities and stockholders’ equity
$
60,370.9

 
$
44,891.8

 
$
42,113.4

 
$
(118,144.6
)
 
$
29,231.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
)
 

Equity method investments

 
1.9

 
119.6

 

 
121.5

Securities measured at fair value

 

 
672.2

 

 
672.2

Deferred income taxes
17.4

 

 

 
(17.4
)
 

Other assets
15.7

 
2.8

 
74.9

 

 
93.4

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
)
 

Deferred income taxes and 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


 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2019
Sales
$
2,996.9

 
$
7,323.1

 
$
3,905.8

 
$
(5,341.5
)
 
$
8,884.3

Excise taxes
(359.3
)
 
(396.2
)
 
(12.8
)
 

 
(768.3
)
Net sales
2,637.6

 
6,926.9

 
3,893.0

 
(5,341.5
)
 
8,116.0

Cost of product sold
(2,060.3
)
 
(5,399.8
)
 
(1,924.2
)
 
5,348.6

 
(4,035.7
)
Gross profit
577.3

 
1,527.1

 
1,968.8

 
7.1

 
4,080.3

Selling, general and administrative expenses
(548.1
)
 
(908.7
)
 
(233.6
)
 
22.3

 
(1,668.1
)
Operating income
29.2

 
618.4

 
1,735.2

 
29.4

 
2,412.2

Equity in earnings (losses) of equity method investees and subsidiaries and related activities
3,889.6

 
(39.4
)
 
482.9

 
(4,302.5
)
 
30.6

Unrealized net gain on securities measured at fair value

 

 
1,971.2

 

 
1,971.2

Net gain on sale of unconsolidated investment

 

 
99.8

 

 
99.8

Interest income
0.6

 

 
11.4

 

 
12.0

Intercompany interest income
259.7

 
647.1

 
6.3

 
(913.1
)
 

Interest expense
(361.7
)
 
(1.0
)
 
(16.4
)
 

 
(379.1
)
Intercompany interest expense
(547.1
)
 
(196.3
)
 
(169.7
)
 
913.1

 

Loss on extinguishment of debt
(1.7
)
 

 

 

 
(1.7
)
Income before income taxes
3,268.6

 
1,028.8

 
4,120.7

 
(4,273.1
)
 
4,145.0

(Provision for) benefit from income taxes
167.3

 
(250.2
)
 
(598.1
)
 
(4.9
)
 
(685.9
)
Net income
3,435.9

 
778.6

 
3,522.6

 
(4,278.0
)
 
3,459.1

Net income attributable to noncontrolling interests

 

 
(23.2
)
 

 
(23.2
)
Net income attributable to CBI
$
3,435.9

 
$
778.6

 
$
3,499.4

 
$
(4,278.0
)
 
$
3,435.9

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to CBI
$
3,284.9

 
$
777.7

 
$
3,358.4

 
$
(4,136.1
)
 
$
3,284.9

 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2018
Sales
$
2,953.5

 
$
6,822.8

 
$
3,499.6

 
$
(4,953.8
)
 
$
8,322.1

Excise taxes
(353.5
)
 
(375.6
)
 
(12.7
)
 

 
(741.8
)
Net sales
2,600.0

 
6,447.2

 
3,486.9

 
(4,953.8
)
 
7,580.3

Cost of product sold
(2,080.3
)
 
(4,809.5
)
 
(1,795.7
)
 
4,917.7

 
(3,767.8
)
Gross profit
519.7

 
1,637.7

 
1,691.2

 
(36.1
)
 
3,812.5

Selling, general and administrative expenses
(468.8
)
 
(820.0
)
 
(259.9
)
 
16.0

 
(1,532.7
)
Operating income
50.9

 
817.7

 
1,431.3

 
(20.1
)
 
2,279.8

Equity in earnings (losses) of equity method investees and subsidiaries and related activities
2,515.1

 
(13.9
)
 
547.8

 
(3,014.4
)
 
34.6

Unrealized net gain on securities measured at fair value and related activities

 

 
452.6

 

 
452.6

Interest income
0.4

 

 
1.9

 

 
2.3

Intercompany interest income
240.9

 
491.1

 
4.2

 
(736.2
)
 

Interest expense
(279.1
)
 
(1.1
)
 
(54.1
)
 

 
(334.3
)
Intercompany interest expense
(395.3
)
 
(195.6
)
 
(145.3
)
 
736.2

 

Loss on extinguishment of debt
(81.8
)
 

 
(15.2
)
 

 
(97.0
)
Income before income taxes
2,051.1

 
1,098.2

 
2,223.2

 
(3,034.5
)
 
2,338.0

(Provision for) benefit from income taxes
252.3

 
(74.2
)
 
(180.9
)
 
(19.9
)
 
(22.7
)
Net income
2,303.4

 
1,024.0

 
2,042.3

 
(3,054.4
)
 
2,315.3

Net income attributable to noncontrolling interests

 

 
(11.9
)
 

 
(11.9
)
Net income attributable to CBI
$
2,303.4

 
$
1,024.0

 
$
2,030.4

 
$
(3,054.4
)
 
$
2,303.4

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to CBI
$
2,500.3

 
$
1,024.4

 
$
2,232.4

 
$
(3,256.8
)
 
$
2,500.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2017
Sales
$
2,824.2

 
$
6,252.4

 
$
3,535.1

 
$
(4,560.5
)
 
$
8,051.2

Excise taxes
(351.9
)
 
(320.8
)
 
(57.4
)
 

 
(730.1
)
Net sales
2,472.3

 
5,931.6

 
3,477.7

 
(4,560.5
)
 
7,321.1

Cost of product sold
(1,974.5
)
 
(4,373.8
)
 
(1,949.9
)
 
4,496.1

 
(3,802.1
)
Gross profit
497.8

 
1,557.8

 
1,527.8

 
(64.4
)
 
3,519.0

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
57.2

 
846.0

 
1,527.4

 
(41.6
)
 
2,389.0

Equity in earnings (losses) of equity method investees and subsidiaries and related activities
1,656.1

 
(31.1
)
 
410.4

 
(2,008.1
)
 
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
1,349.7

 
1,018.7

 
1,764.3

 
(2,049.7
)
 
2,083.0

(Provision for) benefit from income taxes
178.9

 
(385.1
)
 
(347.6
)
 
3.5

 
(550.3
)
Net income
1,528.6

 
633.6

 
1,416.7

 
(2,046.2
)
 
1,532.7

Net income attributable to noncontrolling interests

 

 
(4.1
)
 

 
(4.1
)
Net income attributable to CBI
$
1,528.6

 
$
633.6

 
$
1,412.6

 
$
(2,046.2
)
 
$
1,528.6

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to CBI
$
1,581.3

 
$
633.5

 
$
1,435.0

 
$
(2,068.5
)
 
$
1,581.3


 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2019
Net cash provided by operating activities
$
169.8

 
$
353.1

 
$
1,880.4

 
$
(157.0
)
 
$
2,246.3

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Investments in equity method investees and securities

 
(0.1
)
 
(4,081.4
)
 

 
(4,081.5
)
Purchases of property, plant and equipment
(34.4
)
 
(104.2
)
 
(747.7
)
 

 
(886.3
)
Purchases of businesses, net of cash acquired

 
(19.5
)
 
(26.1
)
 

 
(45.6
)
Proceeds from sale of unconsolidated investment

 

 
110.2

 

 
110.2

Proceeds from sales of assets
0.6

 
41.1

 
30.6

 

 
72.3

Net proceeds from intercompany notes
525.1

 

 

 
(525.1
)
 

Net investment in equity affiliates
(3,927.8
)
 
(11.1
)
 

 
3,938.9

 

Other investing activities

 

 
(0.9
)
 

 
(0.9
)
Net cash used in investing activities
(3,436.5
)
 
(93.8
)
 
(4,715.3
)
 
3,413.8

 
(4,831.8
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Dividends paid to parent company

 

 
(209.5
)
 
209.5

 

Net contributions from equity affiliates

 
25.8

 
3,965.6

 
(3,991.4
)
 

Net proceeds from (repayments of) intercompany notes
214.9

 
(256.9
)
 
(483.1
)
 
525.1

 

Proceeds from issuance of long-term debt
3,645.6

 

 
12.0

 

 
3,657.6

Proceeds from shares issued under equity compensation plans
63.2

 

 

 

 
63.2

Net proceeds from (repayments of) short-term borrowings
465.6

 

 
(420.1
)
 

 
45.5

Dividends paid
(557.7
)
 

 

 

 
(557.7
)
Purchases of treasury stock
(504.3
)
 

 

 

 
(504.3
)
Principal payments of long-term debt
(19.6
)
 
(17.2
)
 
(26.0
)
 

 
(62.8
)
Payments of debt issuance, debt extinguishment and other financing costs
(34.6
)
 

 

 

 
(34.6
)
Payments of minimum tax withholdings on stock-based payment awards

 
(12.8
)
 
(0.8
)
 

 
(13.6
)
Net cash provided by (used in) financing activities
3,273.1

 
(261.1
)
 
2,838.1

 
(3,256.8
)
 
2,593.3

 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents

 

 
(4.5
)
 

 
(4.5
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
6.4

 
(1.8
)
 
(1.3
)
 

 
3.3

Cash and cash equivalents, beginning of year
4.6

 
4.4

 
81.3

 

 
90.3

Cash and cash equivalents, end of year
$
11.0

 
$
2.6

 
$
80.0

 
$

 
$
93.6

 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2018
Net cash provided by (used in) operating activities
$
(374.5
)
 
$
1,288.2

 
$
1,017.7

 
$

 
$
1,931.4

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Investments in equity method investees and securities

 
(0.1
)
 
(210.8
)
 

 
(210.9
)
Purchases of property, plant and equipment
(21.3
)
 
(128.3
)
 
(908.0
)
 

 
(1,057.6
)
Purchases of businesses, net of cash acquired

 
(70.9
)
 
(79.2
)
 

 
(150.1
)
Proceeds from sales of assets
0.1

 

 
5.8

 

 
5.9

Payments related to sale of business

 

 
(5.0
)
 

 
(5.0
)
Net proceeds from intercompany notes
265.8

 

 
3.8

 
(269.6
)
 

Net investment in equity affiliates
(1,355.0
)
 

 

 
1,355.0

 

Other investing activities
(6.2
)
 

 
0.8

 

 
(5.4
)
Net cash used in investing activities
(1,116.6
)
 
(199.3
)
 
(1,192.6
)
 
1,085.4

 
(1,423.1
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Dividends paid to parent company

 

 
(70.0
)
 
70.0

 

Net contributions from equity affiliates

 
0.9

 
1,424.1

 
(1,425.0
)
 

Net proceeds from (repayments of) intercompany notes
(211.0
)
 
(1,041.1
)
 
982.5

 
269.6

 

Proceeds from issuance of long-term debt
5,886.4

 

 
2,047.0

 

 
7,933.4

Proceeds from shares issued under equity compensation plan
49.4

 

 

 

 
49.4

Net proceeds from short-term borrowings
33.3

 

 
103.9

 

 
137.2

Dividends paid
(400.1
)
 

 

 

 
(400.1
)
Purchases of treasury stock
(1,038.5
)
 

 

 

 
(1,038.5
)
Principal payments of long-term debt
(2,717.8
)
 
(19.1
)
 
(4,391.8
)
 

 
(7,128.7
)
Payments of debt issuance, debt extinguishment and other financing costs
(115.6
)
 

 
(6.6
)
 

 
(122.2
)
Payments of minimum tax withholdings on stock-based payment awards

 
(30.5
)
 
(1.2
)
 

 
(31.7
)
Net cash provided by (used in) financing activities
1,486.1

 
(1,089.8
)
 
87.9

 
(1,085.4
)
 
(601.2
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents

 

 
5.8

 

 
5.8

 
 
 
 
 
 
 
 
 
 
Net decrease in cash and cash equivalents
(5.0
)
 
(0.9
)
 
(81.2
)
 

 
(87.1
)
Cash and cash equivalents, beginning of year
9.6

 
5.3

 
162.5

 

 
177.4

Cash and cash equivalents, end of year
$
4.6

 
$
4.4

 
$
81.3

 
$

 
$
90.3

 
 
 
 
 
 
 
 
 
 
 
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:
 
 
 
 
 
 
 
 
 
Investments in equity method investees and securities

 
(0.1
)
 
(17.0
)
 

 
(17.1
)
Purchases of property, plant and equipment
(12.8
)
 
(89.8
)
 
(804.8
)
 

 
(907.4
)
Purchases of businesses, net of cash acquired

 

 
(1,111.0
)
 

 
(1,111.0
)
Proceeds from sales of assets
0.7

 

 
1.4

 

 
2.1

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

 

 
(3.7
)
 

 
(3.7
)
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

 

Proceeds from issuance of long-term debt
600.0

 

 
1,365.6

 

 
1,965.6

Proceeds from shares issued under equity compensation plans
59.7

 

 

 

 
59.7

Net proceeds from (repayments of) short-term borrowings
231.0

 

 
(33.9
)
 

 
197.1

Dividends paid
(315.1
)
 

 

 

 
(315.1
)
Purchases of treasury stock
(1,122.7
)
 

 

 

 
(1,122.7
)
Principal payments of long-term debt
(767.6
)
 
(20.6
)
 
(183.6
)
 

 
(971.8
)
Payments of debt issuance, debt extinguishment and other financing costs
(5.0
)
 

 
(9.1
)
 

 
(14.1
)
Payments of minimum tax withholdings on stock-based payment awards

 
(61.9
)
 
(3.0
)
 

 
(64.9
)
Excess tax benefits from stock-based payment awards
131.4

 

 

 

 
131.4

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