Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v2.4.0.8
Condensed Consolidating Financial Information (Tables)
 3 Months Ended
May 31, 2014
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, 2014
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash investments
$
9.8

 
$
2.6

 
$
365.6

 
$
—

 
$
378.0

Accounts receivable, net
0.1

 
29.5

 
621.7

 
—

 
651.3

Inventories
158.2

 
1,302.4

 
404.0

 
(83.1
)
 
1,781.5

Intercompany receivable
9,158.3

 
13,523.5

 
4,767.2

 
(27,449.0
)
 
—

Prepaid expenses and other
48.7

 
69.1

 
687.0

 
(478.4
)
 
326.4

Total current assets
9,375.1

 
14,927.1

 
6,845.5

 
(28,010.5
)
 
3,137.2

Property, plant and equipment, net
47.7

 
850.8

 
1,258.6

 
—

 
2,157.1

Investments in subsidiaries
11,320.0

 
10.6

 
—

 
(11,330.6
)
 
—

Goodwill
—

 
5,411.3

 
741.8

 
—

 
6,153.1

Intangible assets, net
—

 
710.9

 
2,514.8

 
3.7

 
3,229.4

Intercompany notes receivable
3,660.5

 
7.9

 
—

 
(3,668.4
)
 
—

Other assets, net
60.7

 
70.8

 
34.1

 
—

 
165.6

Total assets
$
24,464.0

 
$
21,989.4

 
$
11,394.8

 
$
(43,005.8
)
 
$
14,842.4

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable to banks
$
—

 
$
—

 
$
235.2

 
$
—

 
$
235.2

Current maturities of long-term debt
563.0

 
16.1

 
35.3

 
—

 
614.4

Accounts payable
28.2

 
103.4

 
214.1

 
—

 
345.7

Accrued excise taxes
9.9

 
12.5

 
5.1

 
—

 
27.5

Intercompany payable
12,953.2

 
9,849.2

 
4,646.6

 
(27,449.0
)
 
—

Other accrued expenses and liabilities
690.4

 
115.3

 
730.4

 
(504.2
)
 
1,031.9

Total current liabilities
14,244.7

 
10,096.5

 
5,866.7

 
(27,953.2
)
 
2,254.7

Long-term debt, less current maturities
4,877.0

 
29.1

 
1,439.5

 
—

 
6,345.6

Deferred income taxes
20.6

 
588.9

 
186.4

 
—

 
795.9

Intercompany notes payable
—

 
3,652.0

 
16.4

 
(3,668.4
)
 
—

Other liabilities
34.7

 
24.2

 
100.3

 
—

 
159.2

Stockholders’ equity
5,287.0

 
7,598.7

 
3,785.5

 
(11,384.2
)
 
5,287.0

Total liabilities and stockholders’ equity
$
24,464.0

 
$
21,989.4

 
$
11,394.8

 
$
(43,005.8
)
 
$
14,842.4

 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Balance Sheet at February 28, 2014
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash investments
$
0.5

 
$
0.8

 
$
62.6

 
$
—

 
$
63.9

Accounts receivable, net
0.2

 
9.0

 
617.0

 
—

 
626.2

Inventories
153.5

 
1,270.0

 
384.8

 
(64.5
)
 
1,743.8

Intercompany receivable
8,529.4

 
13,339.0

 
4,104.0

 
(25,972.4
)
 
—

Prepaid expenses and other
49.1

 
61.6

 
701.6

 
(499.0
)
 
313.3

Total current assets
8,732.7

 
14,680.4

 
5,870.0

 
(26,535.9
)
 
2,747.2

Property, plant and equipment, net
39.4

 
846.3

 
1,128.6

 
—

 
2,014.3

Investments in subsidiaries
10,795.6

 
9.4

 
—

 
(10,805.0
)
 
—

Goodwill
—

 
5,411.3

 
735.5

 
—

 
6,146.8

Intangible assets, net
—

 
707.6

 
2,523.0

 
0.5

 
3,231.1

Intercompany notes receivable
3,606.0

 
8.5

 
—

 
(3,614.5
)
 
—

Other assets, net
62.4

 
64.6

 
35.7

 
—

 
162.7

Total assets
$
23,236.1

 
$
21,728.1

 
$
10,292.8

 
$
(40,954.9
)
 
$
14,302.1

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable to banks
$
—

 
$
—

 
$
57.2

 
$
—

 
$
57.2

Current maturities of long-term debt
547.1

 
16.4

 
26.5

 
—

 
590.0

Accounts payable
24.4

 
109.0

 
161.8

 
—

 
295.2

Accrued excise taxes
13.7

 
8.5

 
5.5

 
—

 
27.7

Intercompany payable
11,996.5

 
9,700.4

 
4,275.5

 
(25,972.4
)
 
—

Other accrued expenses and liabilities
712.9

 
182.3

 
680.7

 
(520.3
)
 
1,055.6

Total current liabilities
13,294.6

 
10,016.6

 
5,207.2

 
(26,492.7
)
 
2,025.7

Long-term debt, less current maturities
4,892.3

 
32.8

 
1,448.2

 
—

 
6,373.3

Deferred income taxes
17.2

 
569.4

 
176.0

 
—

 
762.6

Intercompany notes payable
—

 
3,597.7

 
16.8

 
(3,614.5
)
 
—

Other liabilities
50.7

 
21.5

 
87.0

 
—

 
159.2

Stockholders’ equity
4,981.3

 
7,490.1

 
3,357.6

 
(10,847.7
)
 
4,981.3

Total liabilities and stockholders’ equity
$
23,236.1

 
$
21,728.1

 
$
10,292.8

 
$
(40,954.9
)
 
$
14,302.1

Condensed Consolidating Statement of Comprehensive Income
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended May 31, 2014
Sales
$
544.5

 
$
1,302.3

 
$
814.0

 
$
(973.7
)
 
$
1,687.1

Less – excise taxes
(76.3
)
 
(67.6
)
 
(17.2
)
 
—

 
(161.1
)
Net sales
468.2

 
1,234.7

 
796.8

 
(973.7
)
 
1,526.0

Cost of product sold
(378.3
)
 
(923.3
)
 
(508.7
)
 
954.4

 
(855.9
)
Gross profit
89.9

 
311.4

 
288.1

 
(19.3
)
 
670.1

Selling, general and administrative expenses
(92.9
)
 
(148.5
)
 
(40.4
)
 
3.9

 
(277.9
)
Operating (loss) income
(3.0
)
 
162.9

 
247.7

 
(15.4
)
 
392.2

Equity in earnings of equity method investees and subsidiaries
505.8

 
1.5

 
0.2

 
(507.0
)
 
0.5

Interest income
—

 
—

 
0.5

 
—

 
0.5

Intercompany interest income
44.1

 
49.3

 
0.1

 
(93.5
)
 
—

Interest expense
(71.9
)
 
(0.3
)
 
(14.7
)
 
—

 
(86.9
)
Intercompany interest expense
(49.2
)
 
(44.1
)
 
(0.2
)
 
93.5

 
—

Income before income taxes
425.8

 
169.3

 
233.6

 
(522.4
)
 
306.3

(Provision for) benefit from income taxes
(219.1
)
 
(62.5
)
 
177.4

 
4.6

 
(99.6
)
Net income
$
206.7

 
$
106.8

 
$
411.0

 
$
(517.8
)
 
$
206.7

Comprehensive income
$
254.1

 
$
108.5

 
$
457.8

 
$
(566.3
)
 
$
254.1

 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended May 31, 2013
Sales
$
552.5

 
$
390.3

 
$
213.9

 
$
(390.5
)
 
$
766.2

Less – excise taxes
(78.1
)
 
2.0

 
(16.7
)
 
—

 
(92.8
)
Net sales
474.4

 
392.3

 
197.2

 
(390.5
)
 
673.4

Cost of product sold
(400.0
)
 
(275.1
)
 
(128.4
)
 
386.2

 
(417.3
)
Gross profit
74.4

 
117.2

 
68.8

 
(4.3
)
 
256.1

Selling, general and administrative expenses
(119.0
)
 
(28.9
)
 
(41.9
)
 
4.2

 
(185.6
)
Operating (loss) income
(44.6
)
 
88.3

 
26.9

 
(0.1
)
 
70.5

Equity in earnings of equity method investees and subsidiaries
133.8

 
66.4

 
0.1

 
(133.7
)
 
66.6

Interest income
—

 
—

 
1.9

 
—

 
1.9

Intercompany interest income
25.8

 
36.7

 
0.4

 
(62.9
)
 
—

Interest expense
(53.4
)
 
(2.7
)
 
(0.6
)
 
—

 
(56.7
)
Intercompany interest expense
(39.0
)
 
(23.8
)
 
(0.1
)
 
62.9

 
—

Income before income taxes
22.6

 
164.9

 
28.6

 
(133.8
)
 
82.3

Benefit from (provision for) income taxes
30.3

 
(62.0
)
 
2.3

 
—

 
(29.4
)
Net income
$
52.9

 
$
102.9

 
$
30.9

 
$
(133.8
)
 
$
52.9

Comprehensive income
$
29.4

 
$
106.3

 
$
4.1

 
$
(110.4
)
 
$
29.4

 
 
 
 
 
 
 
 
 
 
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, 2014
Net cash (used in) provided by operating activities
$
(453.9
)
 
$
486.3

 
$
199.9

 
$
—

 
$
232.3

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(5.0
)
 
(31.1
)
 
(95.3
)
 
—

 
(131.4
)
Net proceeds from intercompany notes
329.3

 
—

 
—

 
(329.3
)
 
—

Net returns of capital from equity affiliates
35.5

 
—

 
—

 
(35.5
)
 
—

Other investing activities
—

 
(5.9
)
 
1.0

 
—

 
(4.9
)
Net cash provided by (used in) investing activities
359.8

 
(37.0
)
 
(94.3
)
 
(364.8
)
 
(136.3
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments of dividends
—

 
—

 
(24.9
)
 
24.9

 
—

Net returns of capital to equity affiliates
—

 
(5.9
)
 
(4.7
)
 
10.6

 
—

Net proceeds from (repayments of) intercompany notes
35.9

 
(411.6
)
 
46.4

 
329.3

 
—

Net proceeds from notes payable
—

 
—

 
178.1

 
—

 
178.1

Excess tax benefits from stock-based payment awards
57.4

 
—

 
—

 
—

 
57.4

Proceeds from exercises of employee stock options
10.8

 
—

 
—

 
—

 
10.8

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

 
(26.0
)
 
(2.4
)
 
—

 
(28.4
)
Principal payments of long-term debt
(0.7
)
 
(4.0
)
 
(0.1
)
 
—

 
(4.8
)
Net cash provided by (used in) financing activities
103.4

 
(447.5
)
 
192.4

 
364.8

 
213.1

 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash investments
—

 
—

 
5.0

 
—

 
5.0

 
 
 
 
 
 
 
 
 
 
Net increase in cash and cash investments
9.3

 
1.8

 
303.0

 
—

 
314.1

Cash and cash investments, beginning of period
0.5

 
0.8

 
62.6

 
—

 
63.9

Cash and cash investments, end of period
$
9.8

 
$
2.6

 
$
365.6

 
$
—

 
$
378.0

 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Three Months Ended May 31, 2013
Net cash (used in) provided by operating activities
$
(108.3
)
 
$
338.9

 
$
(208.5
)
 
$
(18.8
)
 
$
3.3

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(2.4
)
 
(15.0
)
 
(4.6
)
 
—

 
(22.0
)
Net proceeds from intercompany notes
303.5

 
—

 
—

 
(303.5
)
 
—

Other investing activities
—

 
2.4

 
(0.4
)
 
—

 
2.0

Net cash provided by (used in) investing activities
301.1

 
(12.6
)

(5.0
)

(303.5
)

(20.0
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments of dividends
—

 
—

 
(18.8
)
 
18.8

 
—

Net contributions from (returns of capital to) equity affiliates
—

 
4.9

 
(4.9
)
 
—

 
—

Net (repayments of) proceeds from intercompany notes
—

 
(309.9
)
 
6.4

 
303.5

 
—

Net proceeds from notes payable
—

 
—

 
221.1

 
—

 
221.1

Excess tax benefits from stock-based payment awards
47.3

 
—

 
—

 
—

 
47.3

Proceeds from exercises of employee stock options
62.4

 
—

 
—

 
—

 
62.4

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

 
(15.5
)
 
(1.7
)
 
—

 
(17.2
)
Principal payments of long-term debt
(1.0
)
 
(3.9
)
 
—

 
—

 
(4.9
)
Proceeds from issuance of long-term debt
1,550.0

 
—

 
—

 
—

 
1,550.0

Payment of restricted cash upon issuance of long-term debt
(1,550.0
)
 
—

 
—

 
—

 
(1,550.0
)
Payments of financing costs of long-term debt
(13.2
)
 
—

 
—

 
—

 
(13.2
)
Net cash provided by (used in) financing activities
95.5

 
(324.4
)
 
202.1

 
322.3

 
295.5

 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
and cash investments
—

 
—

 
(1.0
)
 
—

 
(1.0
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash investments
288.3

 
1.9

 
(12.4
)
 
—

 
277.8

Cash and cash investments, beginning
of period
185.8

 
0.7

 
145.0

 
—

 
331.5

Cash and cash investments, end of
period
$
474.1

 
$
2.6

 
$
132.6

 
$
—

 
$
609.3