Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.19.3
Condensed Consolidating Financial Information (Tables)
6 Months Ended
Aug. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Balance Sheet
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Balance Sheet at August 31, 2019
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
4.0

 
$
3.9

 
$
73.4

 
$

 
$
81.3

Accounts receivable
488.0

 
409.6

 
56.1

 

 
953.7

Inventories
56.2

 
1,024.3

 
420.4

 
(189.5
)
 
1,311.4

Intercompany receivable
29,836.0

 
35,676.9

 
20,272.7

 
(85,785.6
)
 

Prepaid expenses and other
122.1

 
61.7

 
363.0

 
(21.7
)
 
525.1

Assets held for sale - current
158.7

 
381.2

 
126.1

 

 
666.0

Total current assets
30,665.0

 
37,557.6

 
21,311.7

 
(85,996.8
)
 
3,537.5

Property, plant, and equipment
66.9

 
633.2

 
4,441.5

 

 
5,141.6

Investments in subsidiaries
26,237.5

 
1,605.4

 
3,218.1

 
(31,061.0
)
 

Goodwill

 
5,782.5

 
1,914.2

 

 
7,696.7

Intangible assets

 
271.2

 
2,515.8

 

 
2,787.0

Intercompany notes receivable
2,764.6

 

 
559.0

 
(3,323.6
)
 

Equity method investments

 
0.5

 
3,003.3

 

 
3,003.8

Securities measured at fair value

 

 
1,572.2

 

 
1,572.2

Deferred income taxes
64.6

 

 
2,191.6

 
(109.4
)
 
2,146.8

Assets held for sale
30.2

 
859.6

 
129.3

 

 
1,019.1

Other assets
29.3

 
340.7

 
280.4

 

 
650.4

Total assets
$
59,858.1

 
$
47,050.7

 
$
41,137.1

 
$
(120,490.8
)
 
$
27,555.1

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Short-term borrowings
$
150.9

 
$

 
$

 
$

 
$
150.9

Current maturities of long-term debt
624.2

 
11.7

 
0.2

 

 
636.1

Accounts payable
47.3

 
212.3

 
349.0

 

 
608.6

Intercompany payable
34,441.2

 
32,851.1

 
18,493.3

 
(85,785.6
)
 

Other accrued expenses and liabilities
376.2

 
300.4

 
172.7

 
(49.0
)
 
800.3

Total current liabilities
35,639.8

 
33,375.5

 
19,015.2

 
(85,834.6
)
 
2,195.9

Long-term debt, less current maturities
12,146.5

 
12.9

 
0.4

 

 
12,159.8

Intercompany notes payable
653.0

 
2,241.9

 
428.7

 
(3,323.6
)
 

Deferred income taxes and other liabilities
41.3

 
848.4

 
728.1

 
(109.4
)
 
1,508.4

Total liabilities
48,480.6

 
36,478.7

 
20,172.4

 
(89,267.6
)
 
15,864.1

CBI stockholders’ equity
11,377.5

 
10,572.0

 
20,651.2

 
(31,223.2
)
 
11,377.5

Noncontrolling interests

 

 
313.5

 

 
313.5

Total stockholders’ equity
11,377.5

 
10,572.0

 
20,964.7

 
(31,223.2
)
 
11,691.0

Total liabilities and stockholders’ equity
$
59,858.1

 
$
47,050.7

 
$
41,137.1

 
$
(120,490.8
)
 
$
27,555.1

 
 
 
 
 
 
 
 
 
 

 
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 (Loss)
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income (Loss) for the Six Months Ended August 31, 2019
Sales
$
1,366.7

 
$
4,126.1

 
$
2,307.3

 
$
(2,944.2
)
 
$
4,855.9

Excise taxes
(168.4
)
 
(240.3
)
 
(6.0
)
 

 
(414.7
)
Net sales
1,198.3

 
3,885.8

 
2,301.3

 
(2,944.2
)
 
4,441.2

Cost of product sold
(934.4
)
 
(3,057.4
)
 
(1,143.2
)
 
2,908.4

 
(2,226.6
)
Gross profit
263.9

 
828.4

 
1,158.1

 
(35.8
)
 
2,214.6

Selling, general, and administrative expenses
(235.3
)
 
(535.8
)
 
(110.9
)
 
9.6

 
(872.4
)
Operating income (loss)
28.6

 
292.6

 
1,047.2

 
(26.2
)
 
1,342.2

Equity in earnings (losses) of equity method investees and subsidiaries and related activities
(541.2
)
 
5.3

 
(352.0
)
 
299.3

 
(588.6
)
Unrealized net gain (loss) on securities measured at fair value

 

 
(1,666.6
)
 

 
(1,666.6
)
Net gain (loss) on sale of unconsolidated investment

 

 
(0.1
)
 

 
(0.1
)
Interest income
0.5

 
0.3

 
8.4

 

 
9.2

Intercompany interest income
109.2

 
185.7

 
170.8

 
(465.7
)
 

Interest expense
(233.9
)
 
(0.5
)
 
(1.0
)
 

 
(235.4
)
Intercompany interest expense
(219.1
)
 
(48.6
)
 
(198.0
)
 
465.7

 

Loss on extinguishment of debt
(2.4
)
 

 

 

 
(2.4
)
Income (loss) before income taxes
(858.3
)
 
434.8

 
(991.3
)
 
273.1

 
(1,141.7
)
(Provision for) benefit from income taxes
87.7

 
(100.4
)
 
396.1

 
4.2

 
387.6

Net income (loss)
(770.6
)

334.4

 
(595.2
)
 
277.3

 
(754.1
)
Net income (loss) attributable to noncontrolling interests

 

 
(16.5
)
 

 
(16.5
)
Net income (loss) attributable to CBI
$
(770.6
)
 
$
334.4

 
$
(611.7
)
 
$
277.3

 
$
(770.6
)
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to CBI
$
(893.3
)
 
$
333.7

 
$
(742.5
)
 
$
408.8

 
$
(893.3
)
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income (Loss) 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 (loss)
5.1

 
498.0

 
869.2

 
18.1

 
1,390.4

Equity in earnings (losses) of equity method investees and subsidiaries and related activities
2,145.9

 
(26.0
)
 
326.7

 
(2,444.0
)
 
2.6

Unrealized net gain (loss) on securities measured at fair value

 

 
950.4

 

 
950.4

Net gain (loss) 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 (loss) 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 (loss)
1,893.3

 
526.1

 
1,902.1

 
(2,423.9
)
 
1,897.6

Net income (loss) attributable to noncontrolling interests

 

 
(4.3
)
 

 
(4.3
)
Net income (loss) attributable to CBI
$
1,893.3

 
$
526.1

 
$
1,897.8

 
$
(2,423.9
)
 
$
1,893.3

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to CBI
$
1,791.6

 
$
525.5

 
$
1,796.3

 
$
(2,321.8
)
 
$
1,791.6

 
 
 
 
 
 
 
 
 
 

 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income (Loss) for the Three Months Ended August 31, 2019
Sales
$
737.5

 
$
2,194.2

 
$
1,121.4

 
$
(1,479.7
)
 
$
2,573.4

Excise taxes
(91.5
)
 
(134.9
)
 
(3.0
)
 

 
(229.4
)
Net sales
646.0

 
2,059.3

 
1,118.4

 
(1,479.7
)
 
2,344.0

Cost of product sold
(513.8
)
 
(1,606.7
)
 
(557.1
)
 
1,519.5

 
(1,158.1
)
Gross profit
132.2

 
452.6

 
561.3

 
39.8

 
1,185.9

Selling, general, and administrative expenses
(122.2
)
 
(272.1
)
 
(77.0
)
 
4.9

 
(466.4
)
Operating income (loss)
10.0

 
180.5

 
484.3

 
44.7

 
719.5

Equity in earnings (losses) of equity method investees and subsidiaries and related activities
(401.9
)
 
0.2

 
(350.7
)
 
266.8

 
(485.6
)
Unrealized net gain (loss) on securities measured at fair value

 

 
(839.1
)
 

 
(839.1
)
Interest income
0.5

 
0.3

 
4.1

 

 
4.9

Intercompany interest income
70.3

 
94.8

 
168.8

 
(333.9
)
 

Interest expense
(115.9
)
 
(0.2
)
 
(0.4
)
 

 
(116.5
)
Intercompany interest expense
(130.5
)
 
(22.2
)
 
(181.2
)
 
333.9

 

Loss on extinguishment of debt
(2.4
)
 

 

 

 
(2.4
)
Income (loss) before income taxes
(569.9
)
 
253.4

 
(714.2
)
 
311.5

 
(719.2
)
(Provision for) benefit from income taxes
44.7

 
(60.1
)
 
226.4

 
(8.8
)
 
202.2

Net income (loss)
(525.2
)
 
193.3

 
(487.8
)
 
302.7

 
(517.0
)
Net income (loss) attributable to noncontrolling interests

 

 
(8.2
)
 

 
(8.2
)
Net income (loss) attributable to CBI
$
(525.2
)
 
$
193.3

 
$
(496.0
)
 
$
302.7

 
$
(525.2
)
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to CBI
$
(646.3
)
 
$
192.9

 
$
(616.2
)
 
$
423.3

 
$
(646.3
)
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income (Loss) 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 (loss)
29.4

 
278.5

 
412.6

 
44.5

 
765.0

Equity in earnings (losses) of equity method investees and subsidiaries and related activities
1,235.3

 
(13.5
)
 
179.5

 
(1,403.4
)
 
(2.1
)
Unrealized net gain (loss) on securities measured at fair value

 


692.1

 

 
692.1

Net gain (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 (loss) 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 (loss)
1,149.5

 
287.0

 
1,085.2

 
(1,370.4
)
 
1,151.3

Net income (loss) attributable to noncontrolling interests

 

 
(1.8
)
 

 
(1.8
)
Net income (loss) attributable to CBI
$
1,149.5

 
$
287.0

 
$
1,083.4

 
$
(1,370.4
)
 
$
1,149.5

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to CBI
$
1,223.5

 
$
287.0

 
$
1,158.1

 
$
(1,445.1
)
 
$
1,223.5


Condensed Consolidating Statement of Cash Flows
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2019
Net cash provided by (used in) operating activities
$
430.0

 
$
9.8

 
$
1,062.8

 
$
(83.2
)
 
$
1,419.4

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant, and equipment
(24.9
)
 
(34.8
)
 
(295.5
)
 

 
(355.2
)
Purchases of businesses, net of cash acquired

 

 
(36.2
)
 

 
(36.2
)
Investments in equity method investees and securities

 

 
(33.0
)
 

 
(33.0
)
Net proceeds from (repayments of) intercompany notes
(309.2
)
 

 

 
309.2

 

Net contributions from (investment in) equity affiliates
(85.4
)
 

 

 
85.4

 

Other investing activities
0.2

 
0.1

 
(1.6
)
 

 
(1.3
)
Net cash provided by (used in) investing activities
(419.3
)
 
(34.7
)
 
(366.3
)
 
394.6

 
(425.7
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Dividends paid to parent company

 

 
(109.7
)
 
109.7

 

Net contributions from (investment in) equity affiliates

 

 
111.9

 
(111.9
)
 

Net proceeds from (repayments of) intercompany notes
901.4

 
47.5

 
(639.7
)
 
(309.2
)
 

Principal payments of long-term debt
(1,318.8
)
 
(7.6
)
 
(5.1
)
 

 
(1,331.5
)
Net proceeds from (repayments of) short-term borrowings
(581.5
)
 

 
(59.0
)
 

 
(640.5
)
Dividends paid
(285.0
)
 

 

 

 
(285.0
)
Purchases of treasury stock
(50.0
)
 

 

 

 
(50.0
)
Payments of minimum tax withholdings on stock-based payment awards

 
(13.7
)
 
(0.5
)
 

 
(14.2
)
Payments of debt issuance costs
(8.0
)
 

 

 

 
(8.0
)
Proceeds from issuance of long-term debt
1,291.3

 

 

 

 
1,291.3

Proceeds from shares issued under equity compensation plans
32.9

 

 

 

 
32.9

Net cash provided by (used in) financing activities
(17.7
)
 
26.2

 
(702.1
)
 
(311.4
)
 
(1,005.0
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents

 

 
(1.0
)
 

 
(1.0
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(7.0
)
 
1.3

 
(6.6
)
 

 
(12.3
)
Cash and cash equivalents, beginning of period
11.0

 
2.6

 
80.0

 

 
93.6

Cash and cash equivalents, end of period
$
4.0

 
$
3.9

 
$
73.4

 
$

 
$
81.3

 
 
 
 
 
 
 
 
 
 

 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2018
Net cash provided by (used in) operating activities
$
(84.4
)
 
$
778.1

 
$
644.8

 
$

 
$
1,338.5

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant, and equipment
(15.5
)
 
(58.2
)
 
(296.9
)
 

 
(370.6
)
Purchases of businesses, net of cash acquired

 
(19.5
)
 
(0.7
)
 

 
(20.2
)
Investments in equity method investees and securities

 

 
(152.1
)
 

 
(152.1
)
Proceeds from sale of unconsolidated investment

 

 
110.2

 

 
110.2

Proceeds from sales of assets
0.3

 
38.3

 
6.1

 

 
44.7

Net proceeds from (repayments of) intercompany notes
456.5

 

 

 
(456.5
)
 

Net contributions from (investment in) equity affiliates
(15.8
)
 
(11.1
)
 

 
26.9

 

Other investing activities

 

 
(0.8
)
 

 
(0.8
)
Net cash provided by (used in) investing activities
425.5

 
(50.5
)

(334.2
)

(429.6
)

(388.8
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Dividends paid to parent company

 

 
(29.5
)
 
29.5

 

Net contributions from (investment in) equity affiliates

 
32.7

 
23.7

 
(56.4
)
 

Net proceeds from (repayments of) intercompany notes
57.6

 
(740.3
)
 
226.2

 
456.5

 

Principal payments of long-term debt
(4.5
)
 
(8.5
)
 
(10.5
)
 

 
(23.5
)
Net proceeds from (repayments of) short-term borrowings
381.7

 

 
(414.1
)
 

 
(32.4
)
Dividends paid
(279.1
)
 

 

 

 
(279.1
)
Purchases of treasury stock
(504.3
)
 

 

 

 
(504.3
)
Payments of minimum tax withholdings on stock-based payment awards

 
(12.7
)
 
(0.8
)
 

 
(13.5
)
Payments of debt issuance costs
(13.6
)
 

 

 

 
(13.6
)
Proceeds from issuance of long-term debt

 

 
12.0

 

 
12.0

Proceeds from shares issued under equity compensation plans
21.5

 

 

 

 
21.5

Net cash provided by (used in) financing activities
(340.7
)
 
(728.8
)
 
(193.0
)
 
429.6

 
(832.9
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
and cash equivalents

 

 
(1.0
)
 

 
(1.0
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
0.4

 
(1.2
)
 
116.6

 

 
115.8

Cash and cash equivalents, beginning of period
4.6

 
4.4

 
81.3

 

 
90.3

Cash and cash equivalents, end of period
$
5.0

 
$
3.2

 
$
197.9

 
$

 
$
206.1