Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v2.4.0.6
Condensed Consolidating Financial Information (Tables)
 3 Months Ended
May 31, 2012
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Balance Sheet at May 31, 2012
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash investments
$
0.2

 
$
2.4

 
$
66.5

 
$
—

 
$
69.1

Accounts receivable, net
291.7

 
87.5

 
78.6

 
—

 
457.8

Inventories
150.2

 
864.6

 
318.5

 
(8.1
)
 
1,325.2

Prepaid expenses and other
22.2

 
113.4

 
398.1

 
(414.4
)
 
119.3

Intercompany (payable) receivable
(1,122.4
)
 
997.7

 
124.7

 
—

 
—

Total current assets
(658.1
)
 
2,065.6

 
986.4

 
(422.5
)
 
1,971.4

Property, plant and equipment, net
60.9

 
810.5

 
347.7

 
—

 
1,219.1

Investments in subsidiaries
6,755.2

 
164.4

 
—

 
(6,919.6
)
 
—

Goodwill
—

 
1,987.4

 
611.8

 
—

 
2,599.2

Intangible assets, net
—

 
672.5

 
182.2

 
—

 
854.7

Other assets, net
39.2

 
290.7

 
56.3

 
(22.4
)
 
363.8

Total assets
$
6,197.2

 
$
5,991.1

 
$
2,184.4

 
$
(7,364.5
)
 
$
7,008.2

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable to banks
$
26.2

 
$
—

 
$
71.7

 
$
—

 
$
97.9

Current maturities of long-term debt
31.8

 
5.8

 
0.1

 
—

 
37.7

Accounts payable
18.5

 
56.1

 
42.6

 
—

 
117.2

Accrued excise taxes
13.5

 
5.8

 
4.1

 
—

 
23.4

Other accrued expenses and liabilities
496.6

 
160.3

 
71.2

 
(416.4
)
 
311.7

Total current liabilities
586.6

 
228.0

 
189.7

 
(416.4
)
 
587.9

Long-term debt, less current maturities
3,272.5

 
12.9

 
—

 
—

 
3,285.4

Deferred income taxes
4.2

 
540.2

 
85.1

 
(22.4
)
 
607.1

Other liabilities
34.1

 
69.9

 
124.0

 
—

 
228.0

Stockholders’ equity:
 
 
 
 
 
 
 
 
 
Preferred stock
—

 
9.0

 
1,180.8

 
(1,189.8
)
 
—

Class A and Class B Convertible Common Stock
2.6

 
100.7

 
27.0

 
(127.7
)
 
2.6

Additional paid-in capital
1,716.7

 
1,394.6

 
1,628.8

 
(3,023.4
)
 
1,716.7

Retained earnings (deficit)
2,179.3

 
3,630.1

 
(1,182.6
)
 
(2,447.5
)
 
2,179.3

Accumulated other comprehensive income
83.1

 
5.7

 
131.6

 
(137.3
)
 
83.1

Treasury stock
(1,681.9
)
 
—

 
—

 
—

 
(1,681.9
)
Total stockholders’ equity
2,299.8

 
5,140.1

 
1,785.6

 
(6,925.7
)
 
2,299.8

Total liabilities and stockholders’ equity
$
6,197.2

 
$
5,991.1

 
$
2,184.4

 
$
(7,364.5
)
 
$
7,008.2


 
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
)
 
—

Class A and Class B Convertible 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 Statement of Comprehensive (Loss) Income
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive (Loss) Income for the Three Months Ended May 31, 2012
Sales
$
455.3

 
$
401.1

 
$
179.7

 
$
(310.8
)
 
$
725.3

Less – excise taxes
(48.6
)
 
(26.5
)
 
(15.4
)
 
—

 
(90.5
)
Net sales
406.7

 
374.6

 
164.3

 
(310.8
)
 
634.8

Cost of product sold
(338.2
)
 
(260.9
)
 
(92.3
)
 
307.2

 
(384.2
)
Gross profit
68.5

 
113.7

 
72.0

 
(3.6
)
 
250.6

Selling, general and administrative expenses
(82.6
)
 
(18.7
)
 
(47.7
)
 
5.0

 
(144.0
)
Restructuring charges
0.2

 
(0.4
)
 
(0.3
)
 
—

 
(0.5
)
Operating (loss) income
(13.9
)
 
94.6

 
24.0

 
1.4

 
106.1

Equity in earnings of equity method investees and subsidiaries
141.7

 
57.4

 
0.1

 
(138.6
)
 
60.6

Interest (expense) income, net
(80.3
)
 
28.7

 
0.9

 
—

 
(50.7
)
Loss on write-off of financing costs
(2.8
)
 
—

 
—

 
—

 
(2.8
)
Income before income taxes
44.7

 
180.7

 
25.0

 
(137.2
)
 
113.2

Benefit from (provision for) income taxes
27.3

 
(69.0
)
 
1.0

 
(0.5
)
 
(41.2
)
Net income
$
72.0

 
$
111.7

 
$
26.0

 
$
(137.7
)
 
$
72.0

Comprehensive (loss) income
$
(18.6
)
 
$
103.9

 
$
(62.6
)
 
$
(41.3
)
 
$
(18.6
)
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive (Loss) Income for the Three Months Ended May 31, 2011
Sales
$
154.3

 
$
448.4

 
$
157.8

 
$
(49.8
)
 
$
710.7

Less – excise taxes
(30.0
)
 
(30.4
)
 
(15.0
)
 
—

 
(75.4
)
Net sales
124.3

 
418.0

 
142.8

 
(49.8
)
 
635.3

Cost of product sold
(62.9
)
 
(259.2
)
 
(87.4
)
 
25.2

 
(384.3
)
Gross profit
61.4

 
158.8

 
55.4

 
(24.6
)
 
251.0

Selling, general and administrative expenses
(68.2
)
 
(61.0
)
 
(34.8
)
 
25.8

 
(138.2
)
Restructuring charges
(5.5
)
 
(3.5
)
 
(2.1
)
 
—

 
(11.1
)
Operating (loss) income
(12.3
)
 
94.3

 
18.5

 
1.2

 
101.7

Equity in earnings of equity method investees and subsidiaries
132.1

 
61.7

 
1.6

 
(133.2
)
 
62.2

Interest (expense) income, net
(57.2
)
 
11.4

 
1.5

 
—

 
(44.3
)
Loss on write-off of financing costs
—

 
—

 
—

 
—

 
—

Income before income taxes
62.6

 
167.4

 
21.6

 
(132.0
)
 
119.6

Benefit from (provision for) income taxes
11.9

 
(55.0
)
 
(2.0
)
 
—

 
(45.1
)
Net income
$
74.5

 
$
112.4

 
$
19.6

 
$
(132.0
)
 
$
74.5

Comprehensive income
$
109.4

 
$
103.3

 
$
63.8

 
$
(167.1
)
 
$
109.4


Condensed Consolidating Statement of Cash Flows
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Three Months Ended May 31, 2012
Net cash provided by (used in) operating activities
$
56.1

 
$
74.0

 
$
(33.7
)
 
$
—

 
$
96.4

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(4.7
)
 
(11.9
)
 
(3.0
)
 
—

 
(19.6
)
Proceeds from sales of assets
—

 
4.8

 
2.9

 
—

 
7.7

Proceeds from notes receivable
1.2

 
0.5

 
—

 
—

 
1.7

Payments related to sale of business
—

 
—

 
—

 
—

 
—

Other investing activities
—

 
(0.8
)
 
(0.1
)
 
—

 
(0.9
)
Net cash used in investing activities
(3.5
)
 
(7.4
)
 
(0.2
)
 
—

 
(11.1
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Intercompany financings, net
40.5

 
(63.3
)
 
22.8

 
—

 
—

Principal payments of long-term debt
(830.8
)
 
(1.4
)
 
—

 
—

 
(832.2
)
Purchases of treasury stock
(383.0
)
 
—

 
—

 
—

 
(383.0
)
Net repayment of notes payable
(271.8
)
 
—

 
(2.6
)
 
—

 
(274.4
)
Payment of financing costs of long-term debt
(22.8
)
 
—

 
—

 
—

 
(22.8
)
Payment of minimum tax withholdings on stock-based payment awards
—

 
(0.1
)
 
(0.4
)
 
—

 
(0.5
)
Proceeds from issuance of long-term debt
1,400.0

 
—

 
—

 
—

 
1,400.0

Proceeds from exercises of employee stock options
12.4

 
—

 
—

 
—

 
12.4

Proceeds from excess tax benefits from stock-based payment awards
2.6

 
—

 
—

 
—

 
2.6

Net cash (used in) provided by financing activities
(52.9
)
 
(64.8
)
 
19.8

 
—

 
(97.9
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash investments
—

 
—

 
(4.1
)
 
—

 
(4.1
)
 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash investments
(0.3
)
 
1.8

 
(18.2
)
 
—

 
(16.7
)
Cash and cash investments, beginning of period
0.5

 
0.6

 
84.7

 
—

 
85.8

Cash and cash investments, end of period
$
0.2

 
$
2.4

 
$
66.5

 
$
—

 
$
69.1

 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Three Months Ended May 31, 2011
Net cash provided by operating activities
$
21.8

 
$
206.9

 
$
12.6

 
$
—

 
$
241.3

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(8.2
)
 
(10.2
)
 
(2.6
)
 
—

 
(21.0
)
Proceeds from sales of assets
—

 
—

 
0.1

 
—

 
0.1

Proceeds from notes receivable
1.0

 
—

 
—

 
—

 
1.0

Payments related to sale of business
(7.5
)
 
—

 
—

 
—

 
(7.5
)
Other investing activities
—

 
(5.0
)
 
(1.4
)
 
—

 
(6.4
)
Net cash used in investing activities
(14.7
)
 
(15.2
)
 
(3.9
)
 
—

 
(33.8
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Intercompany financings, net
200.1

 
(176.2
)
 
(23.9
)
 
—

 
—

Principal payments of long-term debt
(403.6
)
 
(13.7
)
 
—

 
—

 
(417.3
)
Purchases of treasury stock
—

 
—

 
—

 
—

 
—

Net proceeds from notes payable
149.8

 
—

 
18.7

 
—

 
168.5

Payment of financing costs of long-term debt
—

 
—

 
—

 
—

 
—

Payment of minimum tax
withholdings on stock-based payment
awards
—

 
(1.7
)
 
(0.5
)
 
—

 
(2.2
)
Proceeds from issuance of long-term debt
—

 
—

 
—

 
—

 
—

Proceeds from exercises of employee stock options
36.5

 
—

 
—

 
—

 
36.5

Proceeds from excess tax benefits
from stock-based payment awards
9.9

 
—

 
—

 
—

 
9.9

Net cash used in financing activities
(7.3
)
 
(191.6
)
 
(5.7
)
 
—

 
(204.6
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
and cash investments
—

 
—

 
1.3

 
—

 
1.3

 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash
investments
(0.2
)
 
0.1

 
4.3

 
—

 
4.2

Cash and cash investments, beginning
of period
0.7

 
0.9

 
7.6

 
—

 
9.2

Cash and cash investments, end of
period
$
0.5

 
$
1.0

 
$
11.9

 
$
—

 
$
13.4