Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information

v3.19.3.a.u2
Condensed Consolidating Financial Information
9 Months Ended
Nov. 30, 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 November 30, 2019, and February 28, 2019, the condensed consolidating statements of comprehensive income (loss) for the nine months and three months ended November 30, 2019, and November 30, 2018, and the condensed consolidating statements of cash flows for the nine months ended November 30, 2019, and November 30, 2018, 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 information for our Subsidiary Guarantors are not presented because we have determined that such financial information 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 Note 1 of our consolidated financial statements included in our 2019 Annual Report, and include the recently adopted accounting guidance described in Note 2 and Note 14 herein. 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 November 30, 2019
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
22.9

 
$
3.6

 
$
67.2

 
$

 
$
93.7

Accounts receivable
377.6

 
358.5

 
72.2

 

 
808.3

Inventories
44.8

 
1,023.8

 
467.6

 
(177.4
)
 
1,358.8

Intercompany receivable
30,226.9

 
37,000.0

 
20,412.3

 
(87,639.2
)
 

Prepaid expenses and other
149.4

 
50.4

 
361.2

 
(76.7
)
 
484.3

Assets held for sale - current
179.0

 
497.5

 
48.3

 

 
724.8

Total current assets
31,000.6

 
38,933.8

 
21,428.8

 
(87,893.3
)
 
3,469.9

Property, plant, and equipment
69.3

 
577.0

 
4,540.9

 

 
5,187.2

Investments in subsidiaries
26,125.0

 
1,626.9

 
3,312.1

 
(31,064.0
)
 

Goodwill

 
5,877.9

 
1,893.9

 

 
7,771.8

Intangible assets

 
205.6

 
2,515.7

 

 
2,721.3

Intercompany notes receivable
2,791.3

 

 
319.7

 
(3,111.0
)
 

Equity method investments

 
0.5

 
3,058.2

 

 
3,058.7

Securities measured at fair value

 

 
1,040.2

 

 
1,040.2

Deferred income taxes
65.2

 

 
2,811.7

 
(213.9
)
 
2,663.0

Assets held for sale
29.5

 
434.6

 
98.4

 

 
562.5

Other assets
28.5

 
295.8

 
294.8

 

 
619.1

Total assets
$
60,109.4

 
$
47,952.1

 
$
41,314.4

 
$
(122,282.2
)
 
$
27,093.7

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Short-term borrowings
$
281.5

 
$

 
$

 
$

 
$
281.5

Current maturities of long-term debt
722.8

 
11.8

 
0.2

 

 
734.8

Accounts payable
50.1

 
263.6

 
362.8

 

 
676.5

Intercompany payable
35,298.7

 
33,834.8

 
18,505.7

 
(87,639.2
)
 

Other accrued expenses and liabilities
358.5

 
331.4

 
181.0

 
(103.5
)
 
767.4

Total current liabilities
36,711.6

 
34,441.6

 
19,049.7

 
(87,742.7
)
 
2,460.2

Long-term debt, less current maturities
11,325.5

 
14.0

 
0.2

 

 
11,339.7

Intercompany notes payable
319.7

 
2,263.6

 
527.7

 
(3,111.0
)
 

Deferred income taxes and other liabilities
43.2

 
744.8

 
683.4

 
(213.9
)
 
1,257.5

Total liabilities
48,400.0

 
37,464.0

 
20,261.0

 
(91,067.6
)
 
15,057.4

CBI stockholders’ equity
11,709.4

 
10,488.1

 
20,726.5

 
(31,214.6
)
 
11,709.4

Noncontrolling interests

 

 
326.9

 

 
326.9

Total stockholders’ equity
11,709.4

 
10,488.1

 
21,053.4

 
(31,214.6
)
 
12,036.3

Total liabilities and stockholders’ equity
$
60,109.4

 
$
47,952.1

 
$
41,314.4

 
$
(122,282.2
)
 
$
27,093.7

 
 
 
 
 
 
 
 
 
 

 
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


 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income (Loss) for the Nine Months Ended November 30, 2019
Sales
$
2,048.1

 
$
5,926.1

 
$
3,315.4

 
$
(4,252.2
)
 
$
7,037.4

Excise taxes
(244.7
)
 
(342.8
)
 
(9.3
)
 

 
(596.8
)
Net sales
1,803.4

 
5,583.3

 
3,306.1

 
(4,252.2
)
 
6,440.6

Cost of product sold
(1,410.0
)
 
(4,428.9
)
 
(1,622.5
)
 
4,222.9

 
(3,238.5
)
Gross profit
393.4

 
1,154.4

 
1,683.6

 
(29.3
)
 
3,202.1

Selling, general, and administrative expenses
(359.4
)
 
(744.7
)
 
(163.4
)
 
15.8

 
(1,251.7
)
Impairment of assets held for sale
(21.9
)
 
(356.8
)
 
(38.3
)
 

 
(417.0
)
Gain (loss) on sale of business

 
26.7

 
49.3

 

 
76.0

Operating income (loss)
12.1

 
79.6

 
1,531.2

 
(13.5
)
 
1,609.4

Equity in earnings (losses) of equity method investees and subsidiaries and related activities
(49.7
)
 
26.5

 
(180.8
)
 
(307.3
)
 
(511.3
)
Unrealized net gain (loss) on securities measured at fair value

 

 
(2,200.9
)
 

 
(2,200.9
)
Net gain (loss) on sale of unconsolidated investment

 

 
0.4

 

 
0.4

Interest income
0.9

 
0.4

 
12.5

 

 
13.8

Intercompany interest income
107.6

 
285.0

 
9.6

 
(402.2
)
 

Interest expense
(341.2
)
 
(0.8
)
 
(1.1
)
 

 
(343.1
)
Intercompany interest expense
(281.1
)
 
(70.4
)
 
(50.7
)
 
402.2

 

Loss on extinguishment of debt
(2.4
)
 

 

 

 
(2.4
)
Income (loss) before income taxes
(553.8
)
 
320.3

 
(879.8
)
 
(320.8
)
 
(1,434.1
)
(Provision for) benefit from income taxes
143.6

 
(72.9
)
 
972.4

 
3.4

 
1,046.5

Net income (loss)
(410.2
)

247.4

 
92.6

 
(317.4
)
 
(387.6
)
Net income (loss) attributable to noncontrolling interests

 

 
(22.6
)
 

 
(22.6
)
Net income (loss) attributable to CBI
$
(410.2
)
 
$
247.4

 
$
70.0

 
$
(317.4
)
 
$
(410.2
)
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to CBI
$
(440.1
)
 
$
246.7

 
$
32.4

 
$
(279.1
)
 
$
(440.1
)
 
 
 
 
 
 
 
 
 
 

 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income (Loss) for the Nine Months Ended November 30, 2018
Sales
$
2,263.2

 
$
5,757.6

 
$
2,891.6

 
$
(3,996.1
)
 
$
6,916.3

Excise taxes
(269.5
)
 
(318.5
)
 
(9.5
)
 

 
(597.5
)
Net sales
1,993.7


5,439.1


2,882.1


(3,996.1
)

6,318.8

Cost of product sold
(1,565.2
)
 
(4,062.8
)
 
(1,505.6
)
 
4,001.6

 
(3,132.0
)
Gross profit
428.5


1,376.3


1,376.5


5.5


3,186.8

Selling, general, and administrative expenses
(425.5
)
 
(651.5
)
 
(180.0
)
 
17.1

 
(1,239.9
)
Operating income (loss)
3.0


724.8


1,196.5


22.6


1,946.9

Equity in earnings (losses) of equity method investees and subsidiaries and related activities
2,519.4

 
(25.3
)
 
494.4

 
(2,956.6
)
 
31.9

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

 

 
786.5

 

 
786.5

Net gain (loss) on sale of unconsolidated investment

 

 
99.8

 

 
99.8

Interest income
0.6

 

 
7.3

 

 
7.9

Intercompany interest income
198.4

 
487.2

 
3.7

 
(689.3
)
 

Interest expense
(240.2
)
 
(0.9
)
 
(15.4
)
 

 
(256.5
)
Intercompany interest expense
(411.5
)
 
(148.2
)
 
(129.6
)
 
689.3

 

Loss on extinguishment of debt
(1.7
)
 

 

 

 
(1.7
)
Income (loss) before income taxes
2,068.0


1,037.6


2,443.2


(2,934.0
)

2,614.8

(Provision for) benefit from income taxes
128.4

 
(248.4
)
 
(284.0
)
 
(1.1
)
 
(405.1
)
Net income (loss)
2,196.4


789.2


2,159.2


(2,935.1
)

2,209.7

Net income (loss) attributable to noncontrolling interests

 

 
(13.3
)
 

 
(13.3
)
Net income (loss) attributable to CBI
$
2,196.4


$
789.2


$
2,145.9


$
(2,935.1
)

$
2,196.4

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to CBI
$
1,893.4

 
$
788.6

 
$
1,843.1

 
$
(2,631.7
)
 
$
1,893.4

 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income (Loss) for the Three Months Ended November 30, 2019
Sales
$
681.4

 
$
1,800.0

 
$
1,008.1

 
$
(1,308.0
)
 
$
2,181.5

Excise taxes
(76.3
)
 
(102.5
)
 
(3.3
)
 

 
(182.1
)
Net sales
605.1


1,697.5


1,004.8


(1,308.0
)

1,999.4

Cost of product sold
(475.6
)
 
(1,371.5
)
 
(479.3
)
 
1,314.5

 
(1,011.9
)
Gross profit
129.5


326.0


525.5


6.5


987.5

Selling, general, and administrative expenses
(124.1
)
 
(235.9
)
 
(52.5
)
 
6.2

 
(406.3
)
Impairment of assets held for sale
(21.9
)
 
(329.9
)
 
(38.2
)
 

 
(390.0
)
Gain (loss) on sale of business

 
26.7

 
49.3

 

 
76.0

Operating income (loss)
(16.5
)

(213.1
)

484.1


12.7


267.2

Equity in earnings (losses) of equity method investees and subsidiaries and related activities
491.5

 
21.2

 
171.2

 
(606.6
)
 
77.3

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

 

 
(534.3
)
 

 
(534.3
)
Net gain (loss) on sale of unconsolidated investment

 

 
0.5

 

 
0.5

Interest income
0.4

 
0.1

 
4.1

 

 
4.6

Intercompany interest income
34.2

 
99.3

 
3.2

 
(136.7
)
 

Interest expense
(107.3
)
 
(0.3
)
 
(0.1
)
 

 
(107.7
)
Intercompany interest expense
(97.8
)
 
(21.8
)
 
(17.1
)
 
136.7

 

Income (loss) before income taxes
304.5


(114.6
)

111.6


(593.9
)

(292.4
)
(Provision for) benefit from income taxes
55.9

 
27.5

 
576.3

 
(0.8
)
 
658.9

Net income (loss)
360.4


(87.1
)

687.9


(594.7
)

366.5

Net income (loss) attributable to noncontrolling interests

 

 
(6.1
)
 

 
(6.1
)
Net income (loss) attributable to CBI
$
360.4


$
(87.1
)

$
681.8


$
(594.7
)

$
360.4

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to CBI
$
453.2

 
$
(87.0
)
 
$
774.9

 
$
(687.9
)
 
$
453.2

 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income (Loss) for the Three Months Ended November 30, 2018
Sales
$
772.0

 
$
1,763.7

 
$
886.9

 
$
(1,262.0
)
 
$
2,160.6

Excise taxes
(89.8
)
 
(94.9
)
 
(3.3
)
 

 
(188.0
)
Net sales
682.2


1,668.8


883.6


(1,262.0
)

1,972.6

Cost of product sold
(530.4
)
 
(1,242.6
)
 
(490.5
)
 
1,260.9

 
(1,002.6
)
Gross profit
151.8


426.2


393.1


(1.1
)

970.0

Selling, general, and administrative expenses
(153.9
)
 
(199.4
)
 
(65.8
)
 
5.6

 
(413.5
)
Operating income (loss)
(2.1
)

226.8


327.3


4.5


556.5

Equity in earnings (losses) of equity method investees and subsidiaries and related activities
373.5

 
0.7

 
167.7

 
(512.6
)
 
29.3

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

 

 
(163.9
)
 

 
(163.9
)
Interest income
0.5

 

 
3.9

 

 
4.4

Intercompany interest income
63.1

 
165.7

 
1.3

 
(230.1
)
 

Interest expense
(75.6
)
 
(0.4
)
 
(1.2
)
 

 
(77.2
)
Intercompany interest expense
(140.5
)
 
(49.2
)
 
(40.4
)
 
230.1

 

Loss on extinguishment of debt
(1.7
)
 

 

 

 
(1.7
)
Income (loss) before income taxes
217.2


343.6


294.7


(508.1
)

347.4

(Provision for) benefit from income taxes
85.9

 
(80.5
)
 
(37.6
)
 
(3.1
)
 
(35.3
)
Net income (loss)
303.1


263.1


257.1


(511.2
)

312.1

Net income (loss) attributable to noncontrolling interests

 

 
(9.0
)
 

 
(9.0
)
Net income (loss) attributable to CBI
$
303.1


$
263.1


$
248.1


$
(511.2
)

$
303.1

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to CBI
$
101.8

 
$
263.1

 
$
46.8

 
$
(309.9
)
 
$
101.8


 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended November 30, 2019
Net cash provided by (used in) operating activities
$
750.5

 
$
(192.1
)
 
$
1,601.1

 
$
(83.2
)
 
$
2,076.3

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant, and equipment
(33.8
)
 
(48.1
)
 
(456.4
)
 

 
(538.3
)
Purchases of businesses, net of cash acquired

 

 
(36.2
)
 

 
(36.2
)
Investments in equity method investees and securities

 

 
(33.7
)
 

 
(33.7
)
Proceeds from sales of assets
0.2

 
0.1

 
0.4

 

 
0.7

Proceeds from sale of business
9.0

 
150.6

 
110.1

 

 
269.7

Net proceeds from (repayments of) intercompany notes
(173.1
)
 

 

 
173.1

 

Net contributions from (investment in) equity affiliates
(84.5
)
 

 

 
84.5

 

Other investing activities

 

 
1.9

 

 
1.9

Net cash provided by (used in) investing activities
(282.2
)
 
102.6

 
(413.9
)
 
257.6

 
(335.9
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Dividends paid to parent company

 

 
(116.7
)
 
116.7

 

Net contributions from (investment in) equity affiliates

 

 
118.0

 
(118.0
)
 

Net proceeds from (repayments of) intercompany notes
1,194.5

 
115.1

 
(1,136.5
)
 
(173.1
)
 

Proceeds from issuance of long-term debt
1,291.3

 

 

 

 
1,291.3

Principal payments of long-term debt
(2,044.9
)
 
(10.9
)
 
(5.2
)
 

 
(2,061.0
)
Net proceeds from (repayments of) short-term borrowings
(451.0
)
 

 
(59.0
)
 

 
(510.0
)
Dividends paid
(427.0
)
 

 

 

 
(427.0
)
Purchases of treasury stock
(50.0
)
 

 

 

 
(50.0
)
Proceeds from shares issued under equity compensation plans
38.9

 

 

 

 
38.9

Payments of minimum tax withholdings on stock-based payment awards

 
(13.7
)
 
(0.5
)
 

 
(14.2
)
Payments of debt issuance costs
(8.2
)
 

 

 

 
(8.2
)
Net cash provided by (used in) financing activities
(456.4
)
 
90.5

 
(1,199.9
)
 
(174.4
)
 
(1,740.2
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents

 

 
(0.1
)
 

 
(0.1
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
11.9

 
1.0

 
(12.8
)
 

 
0.1

Cash and cash equivalents, beginning of period
11.0

 
2.6

 
80.0

 

 
93.6

Cash and cash equivalents, end of period
$
22.9

 
$
3.6

 
$
67.2

 
$

 
$
93.7

 
 
 
 
 
 
 
 
 
 

 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended November 30, 2018
Net cash provided by (used in) operating activities
$
(18.5
)
 
$
628.5

 
$
1,363.9

 
$

 
$
1,973.9

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant, and equipment
(23.4
)
 
(79.4
)
 
(517.5
)
 

 
(620.3
)
Purchases of businesses, net of cash acquired

 
(19.5
)
 
(25.8
)
 

 
(45.3
)
Investments in equity method investees and securities

 
(0.1
)
 
(4,077.2
)
 

 
(4,077.3
)
Proceeds from sales of assets
0.5

 
39.4

 
6.4

 

 
46.3

Proceeds from sale of unconsolidated investment

 

 
110.2

 

 
110.2

Net proceeds from (repayments of) intercompany notes
694.0

 

 

 
(694.0
)
 

Net contributions from (investment in) equity affiliates
(3,934.9
)
 
(11.1
)
 

 
3,946.0

 

Other investing activities

 

 
(0.9
)
 

 
(0.9
)
Net cash provided by (used in) investing activities
(3,263.8
)
 
(70.7
)

(4,504.8
)

3,252.0


(4,587.3
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Dividends paid to parent company

 

 
(36.5
)
 
36.5

 

Net contributions from (investment in) equity affiliates

 
28.8

 
3,953.7

 
(3,982.5
)
 

Net proceeds from (repayments of) intercompany notes
206.9

 
(562.6
)
 
(338.3
)
 
694.0

 

Proceeds from issuance of long-term debt
3,645.6

 

 
12.0

 

 
3,657.6

Principal payments of long-term debt
(6.2
)
 
(13.2
)
 
(25.9
)
 

 
(45.3
)
Net proceeds from (repayments of) short-term borrowings
359.7

 

 
(374.2
)
 

 
(14.5
)
Dividends paid
(417.9
)
 

 

 

 
(417.9
)
Purchases of treasury stock
(504.3
)
 

 

 

 
(504.3
)
Proceeds from shares issued under equity compensation plans
32.6

 

 

 

 
32.6

Payments of minimum tax withholdings on stock-based payment awards

 
(12.8
)
 
(0.8
)
 

 
(13.6
)
Payments of debt issuance costs
(33.3
)
 

 

 

 
(33.3
)
Net cash provided by (used in) financing activities
3,283.1

 
(559.8
)
 
3,190.0

 
(3,252.0
)
 
2,661.3

 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
and cash equivalents

 

 
(7.6
)
 

 
(7.6
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
0.8

 
(2.0
)
 
41.5

 

 
40.3

Cash and cash equivalents, beginning of period
4.6

 
4.4

 
81.3

 

 
90.3

Cash and cash equivalents, end of period
$
5.4

 
$
2.4

 
$
122.8

 
$

 
$
130.6