Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

 v2.3.0.11
Condensed Consolidating Financial Information (Tables)
 6 Months Ended
Aug. 31, 2011
Condensed Consolidating Financial Information [Abstract]  
Condensed Consolidating Balance Sheet
                                         
    Parent     Subsidiary     Subsidiary              
    Company     Guarantors     Nonguarantors     Eliminations     Consolidated  
(in millions)                                        
Condensed Consolidating Balance Sheet at August 31, 2011
                               
Current assets:
                                       
Cash and cash investments
  $ 0.3     $ 1.0     $ 8.7     $ -     $ 10.0  
Accounts receivable, net
    396.4       37.1       68.2       -       501.7  
Inventories
    129.1       843.8       292.3       (6.0 )     1,259.2  
Prepaid expenses and other
    18.6       78.6       395.8       (344.3 )     148.7  
Intercompany (payable) receivable
    (931.7 )     796.9       134.8       -       -  
 
                             
Total current assets
    (387.3 )     1,757.4       899.8       (350.3 )     1,919.6  
Property, plant and equipment, net
    113.0       771.8       356.2       -       1,241.0  
Investments in subsidiaries
    6,415.5       155.3       -       (6,570.8 )     -  
Goodwill
    -       1,987.4       645.3       -       2,632.7  
Intangible assets, net
    -       675.3       220.1       -       895.4  
Other assets, net
    28.3       239.2       82.7       (4.2 )     346.0  
 
                             
Total assets
  $ 6,169.5     $ 5,586.4     $ 2,204.1     $ (6,925.3 )   $ 7,034.7  
 
                             
                                         
    Parent     Subsidiary     Subsidiary              
    Company     Guarantors     Nonguarantors     Eliminations     Consolidated  
(in millions)
                                       
Current liabilities:
                                       
Notes payable to banks
  $ 189.8     $ -     $ 8.2     $ -     $ 198.0  
Current maturities of long-term debt
    11.5       2.2       -       -       13.7  
Accounts payable
    7.2       108.8       22.7       -       138.7  
Accrued excise taxes
    12.8       9.0       4.6       -       26.4  
Other accrued expenses and liabilities
    472.4       128.3       155.2       (345.9 )     410.0  
 
                             
Total current liabilities
    693.7       248.3       190.7       (345.9 )     786.8  
Long-term debt, less current maturities
    2,721.3       13.4       -       -       2,734.7  
Deferred income taxes
    -       508.1       93.0       (4.2 )     596.9  
Other liabilities
    55.4       70.3       91.5       -       217.2  
Stockholders’ equity:
                                       
Preferred stock
    -       9.0       1,130.7       (1,139.7 )     -  
Class A and Class B Convertible Common Stock
    2.6       100.7       24.0       (124.7 )     2.6  
Additional paid-in capital
    1,655.0       1,394.6       1,620.5       (3,015.1 )     1,655.0  
Retained earnings (deficit)
    1,899.5       3,224.9       (1,207.8 )     (2,017.1 )     1,899.5  
Accumulated other comprehensive income
    216.8       17.1       261.5       (278.6 )     216.8  
Treasury stock
    (1,074.8 )     -       -       -       (1,074.8 )
 
                             
Total stockholders’ equity
    2,699.1       4,746.3       1,828.9       (6,575.2 )     2,699.1  
 
                             
Total liabilities and stockholders’ equity
  $ 6,169.5     $ 5,586.4     $ 2,204.1     $ (6,925.3 )   $ 7,034.7  
 
                             
 
                                       
Condensed Consolidating Balance Sheet at February 28, 2011                                
Current assets:
                                       
Cash and cash investments
  $ 0.7     $ 0.9     $ 7.6     $ -     $ 9.2  
Accounts receivable, net
    322.8       32.3       62.3       -       417.4  
Inventories
    127.5       965.3       284.3       (7.8 )     1,369.3  
Prepaid expenses and other
    23.1       118.2       370.9       (225.1 )     287.1  
Intercompany (payable) receivable
    (522.3 )     389.7       132.6       -       -  
 
                             
Total current assets
    (48.2 )     1,506.4       857.7       (232.9 )     2,083.0  
Property, plant and equipment, net
    110.3       764.8       344.5       -       1,219.6  
Investments in subsidiaries
    6,142.6       153.4       -       (6,296.0 )     -  
Goodwill
    -       1,987.4       632.4       -       2,619.8  
Intangible assets, net
    -       672.1       214.2       -       886.3  
Other assets, net
    36.3       256.9       72.9       (7.2 )     358.9  
 
                             
Total assets
  $ 6,241.0     $ 5,341.0     $ 2,121.7     $ (6,536.1 )   $ 7,167.6  
 
                             
 
                                       
Current liabilities:
                                       
Notes payable to banks
  $ 74.9     $ -     $ 8.8     $ -     $ 83.7  
Current maturities of long-term debt
    12.5       3.4       -       -       15.9  
Accounts payable
    9.7       97.1       22.4       -       129.2  
Accrued excise taxes
    10.2       1.8       2.2       -       14.2  
Other accrued expenses and liabilities
    354.6       137.2       155.0       (226.9 )     419.9  
 
                             
Total current liabilities
    461.9       239.5       188.4       (226.9 )     662.9  
Long-term debt, less current maturities
    3,117.3       19.4       -       -       3,136.7  
Deferred income taxes
    -       509.0       81.3       (7.2 )     583.1  
Other liabilities
    109.9       37.0       86.1       -       233.0  
                                         
    Parent     Subsidiary     Subsidiary              
    Company     Guarantors     Nonguarantors     Eliminations     Consolidated  
(in millions)
                                       
Stockholders’ equity:
                                       
Preferred stock
    -       9.0       1,130.7       (1,139.7 )     -  
Class A and Class B Convertible Common Stock
    2.6       100.7       24.0       (124.7 )     2.6  
Additional paid-in capital
    1,602.4       1,394.6       1,620.5       (3,015.1 )     1,602.4  
Retained earnings (deficit)
    1,662.3       2,991.6       (1,221.1 )     (1,770.5 )     1,662.3  
Accumulated other comprehensive income
    188.8       40.2       211.8       (252.0 )     188.8  
Treasury stock
    (904.2 )     -       -       -       (904.2 )
 
                             
Total stockholders’ equity
    2,551.9       4,536.1       1,765.9       (6,302.0 )     2,551.9  
 
                             
Total liabilities and stockholders’ equity
  $ 6,241.0     $ 5,341.0     $ 2,121.7     $ (6,536.1 )   $ 7,167.6  
 
                             
Condensed Consolidating Statement of Operations
                                         
    0000000000      0000000000      0000000000      0000000000      0000000000   
Condensed Consolidating Statement of Operations for the Six Months Ended August 31, 2011        
Sales
  $ 336.7     $ 919.3     $ 346.0     $ (120.9 )   $ 1,481.1  
Less – excise taxes
    (61.4 )     (62.6 )     (31.6 )     -       (155.6 )
 
                             
Net sales
    275.3       856.7       314.4       (120.9 )     1,325.5  
Cost of product sold
    (142.2 )     (529.9 )     (191.1 )     71.7       (791.5 )
 
                             
Gross profit
    133.1       326.8       123.3       (49.2 )     534.0  
Selling, general and administrative expenses
    (136.2 )     (120.5 )     (70.2 )     50.5       (276.4 )
Restructuring charges
    (5.5 )     (3.4 )     (1.9 )     -       (10.8 )
 
                             
Operating (loss) income
    (8.6 )     202.9       51.2       1.3       246.8  
Equity in earnings of equity method investees and subsidiaries
    281.8       126.7       2.6       (284.9 )     126.2  
Interest (expense) income, net
    (118.2 )     28.2       3.2       -       (86.8 )
 
                             
Income before income taxes
    155.0       357.8       57.0       (283.6 )     286.2  
Benefit from (provision for) income taxes
    82.2       (124.5 )     (6.7 )     -       (49.0 )
 
                             
Net income
  $ 237.2     $ 233.3     $ 50.3     $ (283.6 )   $ 237.2  
 
                             
 
                                       
Condensed Consolidating Statement of Operations for the Six Months Ended August 31, 2010        
Sales
  $ 335.4     $ 929.1     $ 973.4     $ (204.8 )   $ 2,033.1  
Less – excise taxes
    (56.6 )     (53.8 )     (272.4 )     -       (382.8 )
 
                             
Net sales
    278.8       875.3       701.0       (204.8 )     1,650.3  
Cost of product sold
    (135.8 )     (554.9 )     (532.8 )     157.4       (1,066.1 )
 
                             
Gross profit
    143.0       320.4       168.2       (47.4 )     584.2  
Selling, general and administrative expenses
    (146.6 )     (120.2 )     (118.6 )     49.3       (336.1 )
Restructuring charges
    -       (1.8 )     (16.8 )     -       (18.6 )
 
                             
Operating (loss) income
    (3.6 )     198.4       32.8       1.9       229.5  
Equity in earnings of equity method investees and subsidiaries
    203.0       116.8       1.6       (200.5 )     120.9  
Interest (expense) income, net
    (107.0 )     6.8       1.4       -       (98.8 )
 
                             
Income before income taxes
    92.4       322.0       35.8       (198.6 )     251.6  
Benefit from (provision for) income taxes
    48.0       (128.4 )     (29.4 )     (1.4 )     (111.2 )
 
                             
Net income
  $ 140.4     $ 193.6     $ 6.4     $ (200.0 )   $ 140.4  
 
                             
                                         
    Parent     Subsidiary     Subsidiary              
    Company     Guarantors     Nonguarantors     Eliminations     Consolidated  
(in millions)
                                       
Condensed Consolidating Statement of Operations for the Three Months Ended August 31, 2011        
Sales
  $ 182.4     $ 470.9     $ 188.2     $ (71.1 )   $ 770.4  
Less – excise taxes
    (31.4 )     (32.2 )     (16.6 )     -       (80.2 )
 
                             
Net sales
    151.0       438.7       171.6       (71.1 )     690.2  
Cost of product sold
    (79.3 )     (270.7 )     (103.7 )     46.5       (407.2 )
 
                             
Gross profit
    71.7       168.0       67.9       (24.6 )     283.0  
Selling, general and administrative expenses
    (68.0 )     (59.5 )     (35.4 )     24.7       (138.2 )
Restructuring charges
    -       0.1       0.2       -       0.3  
 
                             
Operating income
    3.7       108.6       32.7       0.1       145.1  
Equity in earnings of equity method investees and subsidiaries
    149.7       65.0       1.0       (151.7 )     64.0  
Interest (expense) income, net
    (61.0 )     16.8       1.7       -       (42.5 )
 
                             
Income before income taxes
    92.4       190.4       35.4       (151.6 )     166.6  
Benefit from (provision for) income taxes
    70.3       (69.5 )     (4.7 )     -       (3.9 )
 
                             
Net income
  $ 162.7     $ 120.9     $ 30.7     $ (151.6 )   $ 162.7  
 
                             
 
                                       
Condensed Consolidating Statement of Operations for the Three Months Ended August 31, 2010        
Sales
  $ 167.1     $ 497.2     $ 499.5     $ (106.9 )   $ 1,056.9  
Less – excise taxes
    (27.8 )     (29.6 )     (136.7 )     -       (194.1 )
 
                             
Net sales
    139.3       467.6       362.8       (106.9 )     862.8  
Cost of product sold
    (68.3 )     (288.7 )     (275.3 )     83.7       (548.6 )
 
                             
Gross profit
    71.0       178.9       87.5       (23.2 )     314.2  
Selling, general and administrative expenses
    (73.2 )     (62.1 )     (56.6 )     24.6       (167.3 )
Restructuring charges
    -       (1.3 )     (12.4 )     -       (13.7 )
 
                             
Operating (loss) income
    (2.2 )     115.5       18.5       1.4       133.2  
Equity in earnings of equity method investees and subsidiaries
    116.0       67.2       1.0       (117.8 )     66.4  
Interest (expense) income, net
    (55.6 )     4.7       0.6       -       (50.3 )
 
                             
Income before income taxes
    58.2       187.4       20.1       (116.4 )     149.3  
Benefit from (provision for) income taxes
    33.1       (73.5 )     (16.3 )     (1.3 )     (58.0 )
 
                             
Net income
  $ 91.3     $ 113.9     $ 3.8     $ (117.7 )   $ 91.3  
 
                             
Condensed Consolidating Statement of Cash Flows
                                         
    Parent     Subsidiary     Subsidiary              
    Company     Guarantors     Nonguarantors     Eliminations     Consolidated  
(in millions)
                                       
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2011        
Net cash (used in) provided by operating activities
  $ (27.8 )   $ 457.4     $ 87.8     $ -     $ 517.4  
 
                                       
Cash flows from investing activities:
                                       
Purchases of property, plant and equipment
    (12.5 )     (20.6 )     (6.1 )     -       (39.2 )
Payments related to sale of business
    (8.9 )     -       (19.9 )     -       (28.8 )
Investment in equity method investees
    -       (0.1 )     -       -       (0.1 )
Proceeds from note receivable
    1.0       -       -       -       1.0  
Proceeds from sales of assets
    -       0.2       0.1       -       0.3  
Other investing activities
    -       (5.0 )     (1.4 )     -       (6.4 )
 
                             
Net cash used in investing activities
    (20.4 )     (25.5 )     (27.3 )     -       (73.2 )
 
                             
 
                                       
Cash flows from financing activities:
                                       
Intercompany financings, net
    472.4       (415.9 )     (56.5 )     -       -  
Principal payments of long-term debt
    (405.7 )     (14.2 )     -       -       (419.9 )
Purchases of treasury stock
    (187.5 )     -       -       -       (187.5 )
Payment of minimum tax withholdings on stock-based payment awards
    -       (1.7 )     (0.5 )     -       (2.2 )
Net proceeds from (repayment of) notes payable
    116.6       -       (3.3 )     -       113.3  
Proceeds from exercises of employee stock options
    39.0       -       -       -       39.0  
Proceeds from excess tax benefits from stock-based payment awards
    10.6       -       -       -       10.6  
Proceeds from employee stock purchases
    2.4       -       -       -       2.4  
Payment of financing costs of long-term debt
    -       -       -       -       -  
 
                             
Net cash provided by (used in) financing activities
    47.8       (431.8 )     (60.3 )     -       (444.3 )
 
                             
 
                                       
Effect of exchange rate changes on cash and cash investments
    -       -       0.9       -       0.9  
 
                             
 
                                       
Net (decrease) increase in cash and cash investments
    (0.4 )     0.1       1.1       -       0.8  
Cash and cash investments, beginning of period
    0.7       0.9       7.6       -       9.2  
 
                             
Cash and cash investments, end of period
  $ 0.3     $ 1.0     $ 8.7     $ -     $ 10.0  
 
                             
                                         
    Parent     Subsidiary     Subsidiary              
    Company     Guarantors     Nonguarantors     Eliminations     Consolidated  
(in millions)
                                       
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2010        
Net cash (used in) provided by operating activities
  $ (170.9 )   $ 396.7     $ 80.3     $ -     $ 306.1  
 
                                       
Cash flows from investing activities:
                                       
Purchases of property, plant and equipment
    (23.2 )     (13.4 )     (6.6 )     -       (43.2 )
Payments related to sale of business
    -       -       (1.6 )     -       (1.6 )
Investments in equity method investees
    -       (0.1 )     (29.6 )     -       (29.7 )
Proceeds from note receivable
    60.0       -       -       -       60.0  
Proceeds from sales of assets
    -       0.5       2.6       -       3.1  
Other investing activities
    -       -       0.5       -       0.5  
 
                             
Net cash provided by (used in) investing activities
    36.8       (13.0 )     (34.7 )     -       (10.9 )
 
                             
 
                                       
Cash flows from financing activities:
                                       
Intercompany financings, net
    444.6       (385.2 )     (59.4 )     -       -  
Principal payments of long-term debt
    (22.9 )     (0.6 )     (1.0 )     -       (24.5 )
Purchases of treasury stock
    (300.0 )     -       -       -       (300.0 )
Payment of minimum tax withholdings on stock-based payment awards
    -       -       (0.4 )     -       (0.4 )
Net repayment of notes payable
    (12.3 )     -       (11.8 )     -       (24.1 )
Proceeds from exercises of employee stock options
    18.0       -       -       -       18.0  
Proceeds from excess tax benefits from stock-based payment awards
    4.7       -       -       -       4.7  
Proceeds from employee stock purchases
    2.1       -       -       -       2.1  
Payment of financing costs of long-term debt
    (0.2 )     -       -       -       (0.2 )
 
                             
Net cash provided by (used in) financing activities
    134.0       (385.8 )     (72.6 )     -       (324.4 )
 
                             
 
                                       
Effect of exchange rate changes on cash and cash investments
    -       -       (0.4 )     -       (0.4 )
 
                             
 
                                       
Net decrease in cash and cash investments
    (0.1 )     (2.1 )     (27.4 )     -       (29.6 )
Cash and cash investments, beginning of period
    0.3       3.3       39.9       -       43.5  
 
                             
Cash and cash investments, end of period
  $ 0.2     $ 1.2     $ 12.5     $ -     $ 13.9