| Condensed Consolidating Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Balance Sheet at May 31, 2019 |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
3.8 |
|
|
$ |
2.9 |
|
|
$ |
92.0 |
|
|
$ |
— |
|
|
$ |
98.7 |
|
Accounts receivable |
301.6 |
|
|
431.6 |
|
|
55.1 |
|
|
— |
|
|
788.3 |
|
Inventories |
58.8 |
|
|
1,120.3 |
|
|
548.3 |
|
|
(233.3 |
) |
|
1,494.1 |
|
Intercompany receivable |
29,531.1 |
|
|
34,805.7 |
|
|
20,653.9 |
|
|
(84,990.7 |
) |
|
— |
|
Prepaid expenses and other |
101.2 |
|
|
68.3 |
|
|
408.6 |
|
|
(47.2 |
) |
|
530.9 |
|
Assets held for sale - current |
157.1 |
|
|
431.5 |
|
|
80.3 |
|
|
— |
|
|
668.9 |
|
Total current assets |
30,153.6 |
|
|
36,860.3 |
|
|
21,838.2 |
|
|
(85,271.2 |
) |
|
3,580.9 |
|
Property, plant, and equipment |
60.6 |
|
|
629.2 |
|
|
4,428.2 |
|
|
— |
|
|
5,118.0 |
|
Investments in subsidiaries |
26,460.0 |
|
|
1,604.9 |
|
|
3,083.5 |
|
|
(31,148.4 |
) |
|
— |
|
Goodwill |
— |
|
|
5,788.6 |
|
|
1,967.4 |
|
|
— |
|
|
7,756.0 |
|
Intangible assets |
— |
|
|
343.4 |
|
|
2,504.1 |
|
|
— |
|
|
2,847.5 |
|
Intercompany notes receivable |
3,238.3 |
|
|
— |
|
|
323.1 |
|
|
(3,561.4 |
) |
|
— |
|
Equity method investments |
— |
|
|
1.7 |
|
|
3,428.7 |
|
|
— |
|
|
3,430.4 |
|
Securities measured at fair value |
— |
|
|
— |
|
|
2,409.5 |
|
|
— |
|
|
2,409.5 |
|
Deferred income taxes |
66.0 |
|
|
— |
|
|
2,203.1 |
|
|
(66.0 |
) |
|
2,203.1 |
|
Assets held for sale |
30.7 |
|
|
797.6 |
|
|
97.4 |
|
|
— |
|
|
925.7 |
|
Other assets |
28.1 |
|
|
347.8 |
|
|
304.1 |
|
|
— |
|
|
680.0 |
|
Total assets |
$ |
60,037.3 |
|
|
$ |
46,373.5 |
|
|
$ |
42,587.3 |
|
|
$ |
(120,047.0 |
) |
|
$ |
28,951.1 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Short-term borrowings |
$ |
531.4 |
|
|
$ |
— |
|
|
$ |
55.0 |
|
|
$ |
— |
|
|
$ |
586.4 |
|
Current maturities of long-term debt |
1,053.6 |
|
|
11.5 |
|
|
0.3 |
|
|
— |
|
|
1,065.4 |
|
Accounts payable |
46.3 |
|
|
97.7 |
|
|
435.1 |
|
|
— |
|
|
579.1 |
|
Intercompany payable |
33,847.1 |
|
|
32,339.5 |
|
|
18,804.1 |
|
|
(84,990.7 |
) |
|
— |
|
Other accrued expenses and liabilities |
287.1 |
|
|
338.0 |
|
|
166.1 |
|
|
(82.8 |
) |
|
708.4 |
|
Total current liabilities |
35,765.5 |
|
|
32,786.7 |
|
|
19,460.6 |
|
|
(85,073.5 |
) |
|
2,939.3 |
|
Long-term debt, less current maturities |
11,732.8 |
|
|
12.6 |
|
|
0.4 |
|
|
— |
|
|
11,745.8 |
|
Intercompany notes payable |
323.1 |
|
|
2,720.7 |
|
|
517.6 |
|
|
(3,561.4 |
) |
|
— |
|
Deferred income taxes and other liabilities |
41.3 |
|
|
848.3 |
|
|
954.2 |
|
|
(66.0 |
) |
|
1,777.8 |
|
Total liabilities |
47,862.7 |
|
|
36,368.3 |
|
|
20,932.8 |
|
|
(88,700.9 |
) |
|
16,462.9 |
|
CBI stockholders’ equity |
12,174.6 |
|
|
10,005.2 |
|
|
21,340.9 |
|
|
(31,346.1 |
) |
|
12,174.6 |
|
Noncontrolling interests |
— |
|
|
— |
|
|
313.6 |
|
|
— |
|
|
313.6 |
|
Total stockholders’ equity |
12,174.6 |
|
|
10,005.2 |
|
|
21,654.5 |
|
|
(31,346.1 |
) |
|
12,488.2 |
|
Total liabilities and stockholders’ equity |
$ |
60,037.3 |
|
|
$ |
46,373.5 |
|
|
$ |
42,587.3 |
|
|
$ |
(120,047.0 |
) |
|
$ |
28,951.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 at 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 |
|
|
| Condensed Consolidating Statement of Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Subsidiary
Guarantors
|
|
Subsidiary
Nonguarantors
|
|
Eliminations |
|
Consolidated |
(in millions) |
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income (Loss) for the Three Months Ended May 31, 2019 |
Sales |
$ |
629.2 |
|
|
$ |
1,931.9 |
|
|
$ |
1,185.9 |
|
|
$ |
(1,464.5 |
) |
|
$ |
2,282.5 |
|
Excise taxes |
(76.9 |
) |
|
(105.4 |
) |
|
(3.0 |
) |
|
— |
|
|
(185.3 |
) |
Net sales |
552.3 |
|
|
1,826.5 |
|
|
1,182.9 |
|
|
(1,464.5 |
) |
|
2,097.2 |
|
Cost of product sold |
(420.6 |
) |
|
(1,450.7 |
) |
|
(586.1 |
) |
|
1,388.9 |
|
|
(1,068.5 |
) |
Gross profit |
131.7 |
|
|
375.8 |
|
|
596.8 |
|
|
(75.6 |
) |
|
1,028.7 |
|
Selling, general, and administrative expenses |
(113.1 |
) |
|
(263.7 |
) |
|
(33.9 |
) |
|
4.7 |
|
|
(406.0 |
) |
Operating income (loss) |
18.6 |
|
|
112.1 |
|
|
562.9 |
|
|
(70.9 |
) |
|
622.7 |
|
Equity in earnings (losses) of equity method investees and subsidiaries |
(139.3 |
) |
|
5.1 |
|
|
(1.3 |
) |
|
32.5 |
|
|
(103.0 |
) |
Unrealized net gain (loss) on securities measured at fair value |
— |
|
|
— |
|
|
(827.5 |
) |
|
— |
|
|
(827.5 |
) |
Net gain (loss) on sale of unconsolidated investment |
— |
|
|
— |
|
|
(0.1 |
) |
|
— |
|
|
(0.1 |
) |
Interest income |
— |
|
|
— |
|
|
4.3 |
|
|
— |
|
|
4.3 |
|
Intercompany interest income |
38.9 |
|
|
90.9 |
|
|
2.0 |
|
|
(131.8 |
) |
|
— |
|
Interest expense |
(118.0 |
) |
|
(0.3 |
) |
|
(0.6 |
) |
|
— |
|
|
(118.9 |
) |
Intercompany interest expense |
(88.6 |
) |
|
(26.4 |
) |
|
(16.8 |
) |
|
131.8 |
|
|
— |
|
Income (loss) before income taxes |
(288.4 |
) |
|
181.4 |
|
|
(277.1 |
) |
|
(38.4 |
) |
|
(422.5 |
) |
(Provision for) benefit from income taxes |
43.0 |
|
|
(40.3 |
) |
|
169.7 |
|
|
13.0 |
|
|
185.4 |
|
Net income (loss) |
(245.4 |
) |
|
141.1 |
|
|
(107.4 |
) |
|
(25.4 |
) |
|
(237.1 |
) |
Net income (loss) attributable to noncontrolling interests |
— |
|
|
— |
|
|
(8.3 |
) |
|
— |
|
|
(8.3 |
) |
Net income (loss) attributable to CBI |
$ |
(245.4 |
) |
|
$ |
141.1 |
|
|
$ |
(115.7 |
) |
|
$ |
(25.4 |
) |
|
$ |
(245.4 |
) |
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to CBI |
$ |
(247.0 |
) |
|
$ |
140.8 |
|
|
$ |
(126.3 |
) |
|
$ |
(14.5 |
) |
|
$ |
(247.0 |
) |
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income (Loss) 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 net gain (loss) on securities measured at fair value |
— |
|
|
— |
|
|
258.3 |
|
|
— |
|
|
258.3 |
|
Net gain (loss) 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 (loss) 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 (loss) |
743.8 |
|
|
239.1 |
|
|
816.9 |
|
|
(1,053.5 |
) |
|
746.3 |
|
Net income (loss) attributable to noncontrolling interests |
— |
|
|
— |
|
|
(2.5 |
) |
|
— |
|
|
(2.5 |
) |
Net income (loss) attributable to CBI |
$ |
743.8 |
|
|
$ |
239.1 |
|
|
$ |
814.4 |
|
|
$ |
(1,053.5 |
) |
|
$ |
743.8 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to CBI |
$ |
568.1 |
|
|
$ |
238.5 |
|
|
$ |
638.2 |
|
|
$ |
(876.7 |
) |
|
$ |
568.1 |
|
|