| CONDENSED CONSOLIDATING FINANCIAL INFORMATION |
| 22. |
CONDENSED CONSOLIDATING FINANCIAL INFORMATION: |
The following information sets forth the condensed consolidating balance sheets as of February 29, 2012, and
February 28, 2011, the condensed consolidating statements of operations for the years ended February 29, 2012, February 28, 2011, and February 28, 2010, and the condensed consolidating statements of cash flows for the years
ended February 29, 2012, February 28, 2011, and February 28, 2010, for the Company, the parent company, the combined subsidiaries of the Company which guarantee the Company’s senior notes (“Subsidiary Guarantors”)
and the combined subsidiaries of the Company which are not Subsidiary Guarantors (primarily foreign subsidiaries) (“Subsidiary Nonguarantors”). The Subsidiary Guarantors are wholly-owned 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 the Company’s 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 the Company’s senior notes. Separate financial statements for the Subsidiary Guarantors of the Company are not
presented because the Company has 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 and include the recently adopted accounting guidance described in Note 2. There are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to the
Company 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 29, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash investments
|
|
$ |
0.5 |
|
|
$ |
0.6 |
|
|
$ |
84.7 |
|
|
$ |
— |
|
|
$ |
85.8 |
|
|
Accounts receivable, net
|
|
|
293.2 |
|
|
|
71.6 |
|
|
|
72.8 |
|
|
|
— |
|
|
|
437.6 |
|
|
Inventories
|
|
|
143.0 |
|
|
|
916.8 |
|
|
|
322.0 |
|
|
|
(7.3 |
) |
|
|
1,374.5 |
|
|
Prepaid expenses and other
|
|
|
22.5 |
|
|
|
116.5 |
|
|
|
398.6 |
|
|
|
(401.2 |
) |
|
|
136.4 |
|
|
Intercompany (payable) receivable
|
|
|
(945.6 |
) |
|
|
849.7 |
|
|
|
95.9 |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
(486.4 |
) |
|
|
1,955.2 |
|
|
|
974.0 |
|
|
|
(408.5 |
) |
|
|
2,034.3 |
|
|
Property, plant and equipment, net
|
|
|
56.9 |
|
|
|
819.3 |
|
|
|
379.6 |
|
|
|
— |
|
|
|
1,255.8 |
|
|
Investments in subsidiaries
|
|
|
6,704.7 |
|
|
|
166.6 |
|
|
|
— |
|
|
|
(6,871.3 |
) |
|
|
— |
|
|
Goodwill
|
|
|
— |
|
|
|
1,987.4 |
|
|
|
645.5 |
|
|
|
— |
|
|
|
2,632.9 |
|
|
Intangible assets, net
|
|
|
— |
|
|
|
673.4 |
|
|
|
193.0 |
|
|
|
— |
|
|
|
866.4 |
|
|
Other assets, net
|
|
|
20.7 |
|
|
|
263.3 |
|
|
|
60.2 |
|
|
|
(23.7 |
) |
|
|
320.5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
6,295.9 |
|
|
$ |
5,865.2 |
|
|
$ |
2,252.3 |
|
|
$ |
(7,303.5 |
) |
|
$ |
7,109.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable to banks
|
|
$ |
297.9 |
|
|
$ |
— |
|
|
$ |
80.0 |
|
|
$ |
— |
|
|
$ |
377.9 |
|
|
Current maturities of long-term debt
|
|
|
324.3 |
|
|
|
5.7 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
330.2 |
|
|
Accounts payable
|
|
|
23.8 |
|
|
|
75.7 |
|
|
|
31.0 |
|
|
|
— |
|
|
|
130.5 |
|
|
Accrued excise taxes
|
|
|
14.4 |
|
|
|
6.3 |
|
|
|
4.1 |
|
|
|
— |
|
|
|
24.8 |
|
|
Other accrued expenses and liabilities
|
|
|
518.2 |
|
|
|
138.5 |
|
|
|
82.5 |
|
|
|
(403.0 |
) |
|
|
336.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
1,178.6 |
|
|
|
226.2 |
|
|
|
197.8 |
|
|
|
(403.0 |
) |
|
|
1,199.6 |
|
|
Long-term debt, less current maturities
|
|
|
2,407.3 |
|
|
|
14.1 |
|
|
|
— |
|
|
|
— |
|
|
|
2,421.4 |
|
|
Deferred income taxes
|
|
|
2.7 |
|
|
|
534.5 |
|
|
|
95.1 |
|
|
|
(23.6 |
) |
|
|
608.7 |
|
|
Other liabilities
|
|
|
31.3 |
|
|
|
53.5 |
|
|
|
119.4 |
|
|
|
— |
|
|
|
204.2 |
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
— |
|
|
|
9.0 |
|
|
|
1,180.8 |
|
|
|
(1,189.8 |
) |
|
|
— |
|
|
Common stock
|
|
|
2.6 |
|
|
|
100.7 |
|
|
|
27.0 |
|
|
|
(127.7 |
) |
|
|
2.6 |
|
|
Additional paid-in capital
|
|
|
1,691.4 |
|
|
|
1,394.6 |
|
|
|
1,621.2 |
|
|
|
(3,015.8 |
) |
|
|
1,691.4 |
|
|
Retained earnings (deficit)
|
|
|
2,107.3 |
|
|
|
3,519.1 |
|
|
|
(1,209.2 |
) |
|
|
(2,309.9 |
) |
|
|
2,107.3 |
|
|
Accumulated other comprehensive income
|
|
|
173.7 |
|
|
|
13.5 |
|
|
|
220.2 |
|
|
|
(233.7 |
) |
|
|
173.7 |
|
|
Treasury stock
|
|
|
(1,299.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,299.0 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity
|
|
|
2,676.0 |
|
|
|
5,036.9 |
|
|
|
1,840.0 |
|
|
|
(6,876.9 |
) |
|
|
2,676.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$ |
6,295.9 |
|
|
$ |
5,865.2 |
|
|
$ |
2,252.3 |
|
|
$ |
(7,303.5 |
) |
|
$ |
7,109.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
— |
|
|
|
9.0 |
|
|
|
1,130.7 |
|
|
|
(1,139.7 |
) |
|
|
— |
|
|
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 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Parent
Company
|
|
|
Subsidiary
Guarantors
|
|
|
Subsidiary
Nonguarantors
|
|
|
Eliminations |
|
|
Consolidated |
|
| (in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Operations for the Year Ended February 29, 2012
|
|
|
Sales
|
|
$ |
1,319.1 |
|
|
$ |
1,721.4 |
|
|
$ |
702.6 |
|
|
$ |
(764.0 |
) |
|
$ |
2,979.1 |
|
|
Less – excise taxes
|
|
|
(169.2 |
) |
|
|
(93.5 |
) |
|
|
(62.1 |
) |
|
|
— |
|
|
|
(324.8 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
1,149.9 |
|
|
|
1,627.9 |
|
|
|
640.5 |
|
|
|
(764.0 |
) |
|
|
2,654.3 |
|
|
Cost of product sold
|
|
|
(864.3 |
) |
|
|
(1,063.2 |
) |
|
|
(380.2 |
) |
|
|
715.5 |
|
|
|
(1,592.2 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
285.6 |
|
|
|
564.7 |
|
|
|
260.3 |
|
|
|
(48.5 |
) |
|
|
1,062.1 |
|
|
Selling, general and administrative expenses
|
|
|
(233.0 |
) |
|
|
(180.1 |
) |
|
|
(157.0 |
) |
|
|
48.6 |
|
|
|
(521.5 |
) |
|
Impairment of intangible assets
|
|
|
— |
|
|
|
— |
|
|
|
(38.1 |
) |
|
|
— |
|
|
|
(38.1 |
) |
|
Restructuring charges
|
|
|
(4.3 |
) |
|
|
(7.7 |
) |
|
|
(4.0 |
) |
|
|
— |
|
|
|
(16.0 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
48.3 |
|
|
|
376.9 |
|
|
|
61.2 |
|
|
|
0.1 |
|
|
|
486.5 |
|
|
Equity in earnings of equity method investees and subsidiaries
|
|
|
590.5 |
|
|
|
240.3 |
|
|
|
4.3 |
|
|
|
(606.6 |
) |
|
|
228.5 |
|
|
Interest (expense) income, net
|
|
|
(256.5 |
) |
|
|
70.4 |
|
|
|
5.1 |
|
|
|
— |
|
|
|
(181.0 |
) |
|
Loss on write-off of financing costs
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
382.3 |
|
|
|
687.6 |
|
|
|
70.6 |
|
|
|
(606.5 |
) |
|
|
534.0 |
|
|
Benefit from (provision for) income taxes
|
|
|
62.7 |
|
|
|
(158.5 |
) |
|
|
6.5 |
|
|
|
0.3 |
|
|
|
(89.0 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
445.0 |
|
|
$ |
529.1 |
|
|
$ |
77.1 |
|
|
$ |
(606.2 |
) |
|
$ |
445.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Operations for the Year Ended February 28, 2011
|
|
|
Sales
|
|
$ |
726.0 |
|
|
$ |
1,916.1 |
|
|
$ |
1,904.7 |
|
|
$ |
(450.1 |
) |
|
$ |
4,096.7 |
|
|
Less – excise taxes
|
|
|
(136.9 |
) |
|
|
(96.6 |
) |
|
|
(531.2 |
) |
|
|
— |
|
|
|
(764.7 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
589.1 |
|
|
|
1,819.5 |
|
|
|
1,373.5 |
|
|
|
(450.1 |
) |
|
|
3,332.0 |
|
|
Cost of product sold
|
|
|
(312.7 |
) |
|
|
(1,173.1 |
) |
|
|
(1,006.6 |
) |
|
|
350.5 |
|
|
|
(2,141.9 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
276.4 |
|
|
|
646.4 |
|
|
|
366.9 |
|
|
|
(99.6 |
) |
|
|
1,190.1 |
|
|
Selling, general and administrative expenses
|
|
|
(306.9 |
) |
|
|
(262.0 |
) |
|
|
(175.3 |
) |
|
|
103.3 |
|
|
|
(640.9 |
) |
|
Impairment of intangible assets
|
|
|
— |
|
|
|
(6.9 |
) |
|
|
(16.7 |
) |
|
|
— |
|
|
|
(23.6 |
) |
|
Restructuring charges
|
|
|
(1.3 |
) |
|
|
(7.1 |
) |
|
|
(14.7 |
) |
|
|
— |
|
|
|
(23.1 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income
|
|
|
(31.8 |
) |
|
|
370.4 |
|
|
|
160.2 |
|
|
|
3.7 |
|
|
|
502.5 |
|
|
Equity in earnings of equity method investees and subsidiaries
|
|
|
735.9 |
|
|
|
246.3 |
|
|
|
8.3 |
|
|
|
(746.7 |
) |
|
|
243.8 |
|
|
Interest (expense) income, net
|
|
|
(213.3 |
) |
|
|
14.6 |
|
|
|
3.4 |
|
|
|
— |
|
|
|
(195.3 |
) |
|
Loss on write-off of financing costs
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
490.8 |
|
|
|
631.3 |
|
|
|
171.9 |
|
|
|
(743.0 |
) |
|
|
551.0 |
|
|
Benefit from (provision for) income taxes
|
|
|
68.7 |
|
|
|
(251.1 |
) |
|
|
194.1 |
|
|
|
(3.2 |
) |
|
|
8.5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
559.5 |
|
|
$ |
380.2 |
|
|
$ |
366.0 |
|
|
$ |
(746.2 |
) |
|
$ |
559.5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Operations for the Year Ended February 28, 2010
|
|
|
Sales
|
|
$ |
689.8 |
|
|
$ |
1,803.9 |
|
|
$ |
2,097.1 |
|
|
$ |
(377.8 |
) |
|
$ |
4,213.0 |
|
|
Less – excise taxes
|
|
|
(147.4 |
) |
|
|
(95.0 |
) |
|
|
(605.8 |
) |
|
|
— |
|
|
|
(848.2 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
542.4 |
|
|
|
1,708.9 |
|
|
|
1,491.3 |
|
|
|
(377.8 |
) |
|
|
3,364.8 |
|
|
Cost of product sold
|
|
|
(288.5 |
) |
|
|
(1,067.6 |
) |
|
|
(1,150.2 |
) |
|
|
286.3 |
|
|
|
(2,220.0 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
253.9 |
|
|
|
641.3 |
|
|
|
341.1 |
|
|
|
(91.5 |
) |
|
|
1,144.8 |
|
|
Selling, general and administrative expenses
|
|
|
(251.4 |
) |
|
|
(236.8 |
) |
|
|
(282.2 |
) |
|
|
87.9 |
|
|
|
(682.5 |
) |
|
Impairment of intangible assets
|
|
|
— |
|
|
|
— |
|
|
|
(103.2 |
) |
|
|
— |
|
|
|
(103.2 |
) |
|
Restructuring charges
|
|
|
(0.8 |
) |
|
|
(14.9 |
) |
|
|
(31.9 |
) |
|
|
— |
|
|
|
(47.6 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
1.7 |
|
|
|
389.6 |
|
|
|
(76.2 |
) |
|
|
(3.6 |
) |
|
|
311.5 |
|
|
Equity in earnings (losses) of equity method investees and subsidiaries
|
|
|
273.6 |
|
|
|
—265.9 |
|
|
|
(18.8 |
) |
|
|
(307.1 |
) |
|
|
213.6 |
|
|
Interest expense, net
|
|
|
(257.8 |
) |
|
|
(1.7 |
) |
|
|
(5.6 |
) |
|
|
— |
|
|
|
(265.1 |
) |
|
Loss on write-off of financing costs
|
|
|
(0.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.7 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
16.8 |
|
|
|
653.8 |
|
|
|
(100.6 |
) |
|
|
(310.7 |
) |
|
|
259.3 |
|
|
Benefit from (provision for) income taxes
|
|
|
82.5 |
|
|
|
(278.4 |
) |
|
|
32.9 |
|
|
|
3.0 |
|
|
|
(160.0 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$ |
99.3 |
|
|
$ |
375.4 |
|
|
$ |
(67.7 |
) |
|
$ |
(307.7 |
) |
|
$ |
99.3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows for the Year Ended February 29, 2012
|
|
|
Net cash provided by operating activities
|
|
$ |
25.9 |
|
|
$ |
557.9 |
|
|
$ |
200.3 |
|
|
$ |
— |
|
|
$ |
784.1 |
|
| |
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
(20.5 |
) |
|
|
(33.4 |
) |
|
|
(14.5 |
) |
|
|
— |
|
|
|
(68.4 |
) |
|
Purchase of business, net of cash acquired
|
|
|
— |
|
|
|
— |
|
|
|
(51.5 |
) |
|
|
— |
|
|
|
(51.5 |
) |
|
Payments related to sale of business
|
|
|
(12.3 |
) |
|
|
— |
|
|
|
(18.5 |
) |
|
|
— |
|
|
|
(30.8 |
) |
|
Investment in equity method investee
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
Proceeds from redemption of AFS debt securities
|
|
|
— |
|
|
|
— |
|
|
|
20.2 |
|
|
|
— |
|
|
|
20.2 |
|
|
Proceeds from sales of assets
|
|
|
— |
|
|
|
3.3 |
|
|
|
0.3 |
|
|
|
— |
|
|
|
3.6 |
|
|
Proceeds from note receivable
|
|
|
1.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
Other investing activities
|
|
|
— |
|
|
|
(6.0 |
) |
|
|
(3.1 |
) |
|
|
— |
|
|
|
(9.1 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(31.8 |
) |
|
|
(36.2 |
) |
|
|
(67.1 |
) |
|
|
— |
|
|
|
(135.1 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intercompany financings, net
|
|
|
543.6 |
|
|
|
(503.4 |
) |
|
|
(40.2 |
) |
|
|
— |
|
|
|
— |
|
|
Principal payments of long-term debt
|
|
|
(414.2 |
) |
|
|
(16.9 |
) |
|
|
(44.8 |
) |
|
|
— |
|
|
|
(475.9 |
) |
|
Purchases of treasury stock
|
|
|
(413.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(413.7 |
) |
|
Payment of minimum tax withholdings on stock-based payment awards
|
|
|
— |
|
|
|
(1.7 |
) |
|
|
(0.5 |
) |
|
|
— |
|
|
|
(2.2 |
) |
|
Net proceeds from notes payable
|
|
|
223.1 |
|
|
|
— |
|
|
|
26.7 |
|
|
|
— |
|
|
|
249.8 |
|
|
Proceeds from exercises of employee stock options
|
|
|
51.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
51.3 |
|
|
Proceeds from excess tax benefits from stock-based payment awards
|
|
|
10.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10.9 |
|
|
Proceeds from employee stock purchases
|
|
|
4.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.7 |
|
|
Payment of financing costs of long-term debt
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Proceeds from maturity of derivative instrument
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
5.7 |
|
|
|
(522.0 |
) |
|
|
(58.8 |
) |
|
|
— |
|
|
|
(575.1 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash investments
|
|
|
— |
|
|
|
— |
|
|
|
2.7 |
|
|
|
— |
|
|
|
2.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash investments
|
|
|
(0.2 |
) |
|
|
(0.3 |
) |
|
|
77.1 |
|
|
|
— |
|
|
|
76.6 |
|
|
Cash and cash investments, beginning of year
|
|
|
0.7 |
|
|
|
0.9 |
|
|
|
7.6 |
|
|
|
— |
|
|
|
9.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash investments, end of year
|
|
$ |
0.5 |
|
|
$ |
0.6 |
|
|
$ |
84.7 |
|
|
$ |
— |
|
|
$ |
85.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2011
|
|
|
Net cash (used in) provided by operating activities
|
|
$ |
(108.8 |
) |
|
$ |
483.5 |
|
|
$ |
245.0 |
|
|
$ |
— |
|
|
$ |
619.7 |
|
| |
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
(39.4 |
) |
|
|
(31.5 |
) |
|
|
(18.2 |
) |
|
|
— |
|
|
|
(89.1 |
) |
|
Purchases of businesses, net of cash acquired
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Proceeds from sales of businesses, net of cash divested
|
|
|
(2.3 |
) |
|
|
(3.5 |
) |
|
|
225.5 |
|
|
|
— |
|
|
|
219.7 |
|
|
Investments in equity method investees
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
(29.6 |
) |
|
|
— |
|
|
|
(29.7 |
) |
|
Proceeds from redemption of AFS debt securities
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Proceeds from sales of assets
|
|
|
— |
|
|
|
3.4 |
|
|
|
16.1 |
|
|
|
— |
|
|
|
19.5 |
|
|
Proceeds from notes receivable
|
|
|
60.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
60.0 |
|
|
Other investing activities
|
|
|
— |
|
|
|
7.0 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
7.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
18.3 |
|
|
|
(24.7 |
) |
|
|
194.5 |
|
|
|
— |
|
|
|
188.1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intercompany financings, net
|
|
|
858.5 |
|
|
|
(459.5 |
) |
|
|
(399.0 |
) |
|
|
— |
|
|
|
— |
|
|
Principal payments of long-term debt
|
|
|
(325.7 |
) |
|
|
(1.7 |
) |
|
|
(1.1 |
) |
|
|
— |
|
|
|
(328.5 |
) |
|
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
|
|
|
(214.4 |
) |
|
|
— |
|
|
|
(75.3 |
) |
|
|
— |
|
|
|
(289.7 |
) |
|
Proceeds from exercises of employee stock options
|
|
|
61.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
61.0 |
|
|
Proceeds from excess tax benefits from stock-based payment awards
|
|
|
7.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.4 |
|
|
Proceeds from employee stock purchases
|
|
|
4.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.3 |
|
|
Payment of financing costs of long-term debt
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
Proceeds from maturity of derivative instrument
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
90.9 |
|
|
|
(461.2 |
) |
|
|
(475.8 |
) |
|
|
— |
|
|
|
(846.1 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash investments
|
|
|
— |
|
|
|
— |
|
|
|
4.0 |
|
|
|
— |
|
|
|
4.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash investments
|
|
|
0.4 |
|
|
|
(2.4 |
) |
|
|
(32.3 |
) |
|
|
— |
|
|
|
(34.3 |
) |
|
Cash and cash investments, beginning of year
|
|
|
0.3 |
|
|
|
3.3 |
|
|
|
39.9 |
|
|
|
— |
|
|
|
43.5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash investments, end of year
|
|
$ |
0.7 |
|
|
$ |
0.9 |
|
|
$ |
7.6 |
|
|
$ |
— |
|
|
$ |
9.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2010
|
|
|
Net cash (used in) provided by operating activities
|
|
$ |
(139.4 |
) |
|
$ |
287.3 |
|
|
$ |
254.7 |
|
|
$ |
— |
|
|
$ |
402.6 |
|
| |
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
(21.7 |
) |
|
|
(55.4 |
) |
|
|
(30.6 |
) |
|
|
— |
|
|
|
(107.7 |
) |
|
Purchases of businesses, net of cash acquired
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Proceeds from sales of businesses, net of cash divested
|
|
|
— |
|
|
|
262.1 |
|
|
|
87.5 |
|
|
|
— |
|
|
|
349.6 |
|
|
Investment in equity method investee
|
|
|
— |
|
|
|
(0.9 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.9 |
) |
|
Proceeds from redemption of AFS debt securities
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Proceeds from sales of assets
|
|
|
— |
|
|
|
0.4 |
|
|
|
16.8 |
|
|
|
— |
|
|
|
17.2 |
|
|
Proceeds from note receivable
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other investing activities
|
|
|
1.7 |
|
|
|
— |
|
|
|
(3.3 |
) |
|
|
— |
|
|
|
(1.6 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by investing activities
|
|
|
(20.0 |
) |
|
|
206.2 |
|
|
|
70.4 |
|
|
|
— |
|
|
|
256.6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intercompany financings, net
|
|
|
663.8 |
|
|
|
(491.0 |
) |
|
|
(172.8 |
) |
|
|
— |
|
|
|
— |
|
|
Principal payments of long-term debt
|
|
|
(769.7 |
) |
|
|
(2.9 |
) |
|
|
(8.7 |
) |
|
|
— |
|
|
|
(781.3 |
) |
|
Purchases of treasury stock
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Payment of minimum tax withholdings on stock-based payment awards
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
|
Net proceeds from (repayment of) notes payable
|
|
|
222.1 |
|
|
|
— |
|
|
|
(105.0 |
) |
|
|
— |
|
|
|
117.1 |
|
|
Proceeds from exercises of employee stock options
|
|
|
12.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12.3 |
|
|
Proceeds from excess tax benefits from stock-based payment awards
|
|
|
2.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.7 |
|
|
Proceeds from employee stock purchases
|
|
|
4.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.5 |
|
|
Payment of financing costs of long-term debt
|
|
|
(11.5 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11.5 |
) |
|
Proceeds from maturity of derivative instrument
|
|
|
33.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
33.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
157.4 |
|
|
|
(493.9 |
) |
|
|
(286.6 |
) |
|
|
— |
|
|
|
(623.1 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash investments
|
|
|
— |
|
|
|
— |
|
|
|
(5.7 |
) |
|
|
— |
|
|
|
(5.7 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash investments
|
|
|
(2.0 |
) |
|
|
(0.4 |
) |
|
|
32.8 |
|
|
|
— |
|
|
|
30.4 |
|
|
Cash and cash investments, beginning of year
|
|
|
2.3 |
|
|
|
3.7 |
|
|
|
7.1 |
|
|
|
— |
|
|
|
13.1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash investments, end of year
|
|
$ |
0.3 |
|
|
$ |
3.3 |
|
|
$ |
39.9 |
|
|
$ |
— |
|
|
$ |
43.5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|