Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.3.1.900
Condensed Consolidating Financial Information (Tables)
9 Months Ended
Nov. 30, 2015
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 November 30, 2015
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
260.5

 
$
0.9

 
$
229.9

 
$

 
$
491.3

Accounts receivable

 
5.0

 
709.7

 

 
714.7

Inventories
160.9

 
1,464.9

 
348.5

 
(89.7
)
 
1,884.6

Intercompany receivable
16,322.2

 
22,233.7

 
8,488.0

 
(47,043.9
)
 

Prepaid expenses and other
43.6

 
46.9

 
325.3

 
(45.5
)
 
370.3

Total current assets
16,787.2

 
23,751.4

 
10,101.4

 
(47,179.1
)
 
3,460.9

Property, plant and equipment
56.6

 
829.3

 
2,063.1

 

 
2,949.0

Investments in subsidiaries
12,626.2

 
17.9

 

 
(12,644.1
)
 

Goodwill

 
5,614.5

 
767.3

 

 
6,381.8

Intangible assets

 
747.7

 
2,438.2

 
1.9

 
3,187.8

Intercompany notes receivable
3,922.5

 
86.6

 

 
(4,009.1
)
 

Other assets
57.7

 
88.0

 
31.4

 

 
177.1

Total assets
$
33,450.2

 
$
31,135.4

 
$
15,401.4

 
$
(63,830.4
)
 
$
16,156.6

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable to banks
$

 
$

 
$
31.1

 
$

 
$
31.1

Current maturities of long-term debt
765.3

 
18.5

 
73.1

 

 
856.9

Accounts payable
32.3

 
239.0

 
149.6

 

 
420.9

Accrued excise taxes
17.8

 
9.7

 
5.0

 

 
32.5

Intercompany payable
20,752.2

 
17,548.5

 
8,743.2

 
(47,043.9
)
 

Other accrued expenses and liabilities
257.2

 
197.8

 
195.9

 
(71.5
)
 
579.4

Total current liabilities
21,824.8

 
18,013.5

 
9,197.9

 
(47,115.4
)
 
1,920.8

Long-term debt, less current maturities
5,081.0

 
29.1

 
1,404.9

 

 
6,515.0

Deferred income taxes
28.4

 
692.3

 
265.7

 

 
986.4

Intercompany notes payable

 
3,993.2

 
15.9

 
(4,009.1
)
 

Other liabilities
23.6

 
34.9

 
79.2

 

 
137.7

Total liabilities
26,957.8

 
22,763.0

 
10,963.6

 
(51,124.5
)
 
9,559.9

Total CBI stockholders’ equity
6,492.4

 
8,372.4

 
4,333.5

 
(12,705.9
)
 
6,492.4

Noncontrolling interests

 

 
104.3

 

 
104.3

Total stockholders’ equity
6,492.4

 
8,372.4

 
4,437.8

 
(12,705.9
)
 
6,596.7

Total liabilities and stockholders’ equity
$
33,450.2

 
$
31,135.4

 
$
15,401.4

 
$
(63,830.4
)
 
$
16,156.6

 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Balance Sheet at February 28, 2015
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
24.5

 
$
0.7

 
$
84.9

 
$

 
$
110.1

Accounts receivable
0.8

 
27.3

 
570.8

 

 
598.9

Inventories
153.3

 
1,419.0

 
357.7

 
(102.8
)
 
1,827.2

Intercompany receivable
13,158.7

 
18,389.9

 
6,512.0

 
(38,060.6
)
 

Prepaid expenses and other
46.2

 
94.0

 
427.0

 
(192.6
)
 
374.6

Total current assets
13,383.5

 
19,930.9

 
7,952.4

 
(38,356.0
)
 
2,910.8

Property, plant and equipment
59.3

 
854.5

 
1,767.8

 

 
2,681.6

Investments in subsidiaries
11,657.2

 
13.8

 

 
(11,671.0
)
 

Goodwill

 
5,411.3

 
796.9

 

 
6,208.2

Intangible assets

 
703.3

 
2,474.3

 
3.4

 
3,181.0

Intercompany notes receivable
4,087.3

 
129.9

 

 
(4,217.2
)
 

Other assets
61.4

 
68.4

 
33.1

 

 
162.9

Total assets
$
29,248.7

 
$
27,112.1

 
$
13,024.5

 
$
(54,240.8
)
 
$
15,144.5

 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable to banks
$

 
$

 
$
52.4

 
$

 
$
52.4

Current maturities of long-term debt
92.3

 
16.9

 
48.9

 

 
158.1

Accounts payable
41.2

 
113.2

 
131.4

 

 
285.8

Accrued excise taxes
12.6

 
11.3

 
4.8

 

 
28.7

Intercompany payable
17,206.7

 
14,201.6

 
6,652.3

 
(38,060.6
)
 

Other accrued expenses and liabilities
462.5

 
211.2

 
156.9

 
(224.9
)
 
605.7

Total current liabilities
17,815.3

 
14,554.2

 
7,046.7

 
(38,285.5
)
 
1,130.7

Long-term debt, less current maturities
5,601.4

 
30.9

 
1,505.2

 

 
7,137.5

Deferred income taxes
17.6

 
633.6

 
167.7

 

 
818.9

Intercompany notes payable

 
3,863.4

 
353.8

 
(4,217.2
)
 

Other liabilities
43.7

 
36.7

 
95.7

 

 
176.1

Total liabilities
23,478.0

 
19,118.8

 
9,169.1

 
(42,502.7
)
 
9,263.2

Total CBI stockholders’ equity
5,770.7

 
7,993.3

 
3,744.8

 
(11,738.1
)
 
5,770.7

Noncontrolling interests

 

 
110.6

 

 
110.6

Total stockholders’ equity
5,770.7

 
7,993.3

 
3,855.4

 
(11,738.1
)
 
5,881.3

Total liabilities and stockholders’ equity
$
29,248.7

 
$
27,112.1

 
$
13,024.5

 
$
(54,240.8
)
 
$
15,144.5

Condensed Consolidating Statement of Comprehensive Income
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended November 30, 2015
Sales
$
1,891.7

 
$
4,289.2

 
$
2,294.4

 
$
(2,952.0
)
 
$
5,523.3

Less – excise taxes
(251.3
)
 
(219.4
)
 
(47.4
)
 

 
(518.1
)
Net sales
1,640.4

 
4,069.8

 
2,247.0

 
(2,952.0
)
 
5,005.2

Cost of product sold
(1,325.4
)
 
(3,023.4
)
 
(1,377.4
)
 
2,967.2

 
(2,759.0
)
Gross profit
315.0

 
1,046.4

 
869.6

 
15.2

 
2,246.2

Selling, general and administrative expenses
(281.5
)
 
(508.9
)
 
(96.8
)
 
(5.0
)
 
(892.2
)
Operating income
33.5

 
537.5

 
772.8

 
10.2

 
1,354.0

Equity in earnings of equity method investees and subsidiaries
924.9

 
31.8

 
0.8

 
(929.0
)
 
28.5

Interest income
0.1

 

 
0.4

 

 
0.5

Intercompany interest income
138.0

 
196.6

 
0.1

 
(334.7
)
 

Interest expense
(212.3
)
 
(0.9
)
 
(17.7
)
 

 
(230.9
)
Intercompany interest expense
(196.2
)
 
(137.9
)
 
(0.6
)
 
334.7

 

Loss on write-off of financing costs
(0.4
)
 

 
(0.7
)
 

 
(1.1
)
Income before income taxes
687.6

 
627.1

 
755.1

 
(918.8
)
 
1,151.0

(Provision for) benefit from income taxes
123.9

 
(247.1
)
 
(208.2
)
 
(4.3
)
 
(335.7
)
Net income
811.5


380.0

 
546.9

 
(923.1
)
 
815.3

Net income attributable to noncontrolling interests

 

 
(3.8
)
 

 
(3.8
)
Net income attributable to CBI
$
811.5

 
$
380.0

 
$
543.1

 
$
(923.1
)
 
$
811.5

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to CBI
$
597.5

 
$
379.1

 
$
325.6

 
$
(704.7
)
 
$
597.5

 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended November 30, 2014
Sales
$
1,802.0

 
$
3,927.3

 
$
2,300.8

 
$
(2,864.4
)
 
$
5,165.7

Less – excise taxes
(241.9
)
 
(204.3
)
 
(47.7
)
 

 
(493.9
)
Net sales
1,560.1

 
3,723.0

 
2,253.1

 
(2,864.4
)
 
4,671.8

Cost of product sold
(1,259.0
)
 
(2,849.7
)
 
(1,423.8
)
 
2,841.7

 
(2,690.8
)
Gross profit
301.1

 
873.3

 
829.3

 
(22.7
)
 
1,981.0

Selling, general and administrative expenses
(291.2
)
 
(410.4
)
 
(145.1
)
 
12.2

 
(834.5
)
Operating income
9.9

 
462.9

 
684.2

 
(10.5
)
 
1,146.5

Equity in earnings of equity method investees and subsidiaries
761.3

 
23.5

 
1.0

 
(764.7
)
 
21.1

Interest income

 

 
1.0

 

 
1.0

Intercompany interest income
133.2

 
162.5

 
0.2

 
(295.9
)
 

Interest expense
(224.4
)
 
(1.0
)
 
(33.0
)
 

 
(258.4
)
Intercompany interest expense
(162.1
)
 
(133.0
)
 
(0.8
)
 
295.9

 

Loss on write-off of financing costs

 

 
(4.4
)
 

 
(4.4
)
Income before income taxes
517.9

 
514.9

 
648.2

 
(775.2
)
 
905.8

(Provision for) benefit from income taxes
106.8

 
(192.0
)
 
(198.9
)
 
3.0

 
(281.1
)
Net income
624.7

 
322.9

 
449.3

 
(772.2
)
 
624.7

Net income attributable to noncontrolling interests

 

 

 

 

Net income attributable to CBI
$
624.7

 
$
322.9

 
$
449.3

 
$
(772.2
)
 
$
624.7

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to CBI
$
530.1

 
$
324.7

 
$
350.9

 
$
(675.6
)
 
$
530.1

 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2015
Sales
$
708.1

 
$
1,366.8

 
$
676.4

 
$
(938.9
)
 
$
1,812.4

Less – excise taxes
(91.6
)
 
(64.6
)
 
(15.7
)
 

 
(171.9
)
Net sales
616.5

 
1,302.2

 
660.7

 
(938.9
)
 
1,640.5

Cost of product sold
(496.9
)
 
(943.8
)
 
(425.3
)
 
959.0

 
(907.0
)
Gross profit
119.6

 
358.4

 
235.4

 
20.1

 
733.5

Selling, general and administrative expenses
(81.9
)
 
(157.6
)
 
(34.6
)
 
(12.1
)
 
(286.2
)
Operating income
37.7

 
200.8

 
200.8

 
8.0

 
447.3

Equity in earnings of equity method investees and subsidiaries
298.6

 
28.1

 
0.4

 
(299.8
)
 
27.3

Interest income

 

 
0.1

 

 
0.1

Intercompany interest income
46.0

 
66.3

 
0.1

 
(112.4
)
 

Interest expense
(71.5
)
 
(0.3
)
 
(3.9
)
 

 
(75.7
)
Intercompany interest expense
(66.2
)
 
(46.0
)
 
(0.2
)
 
112.4

 

Income before income taxes
244.6

 
248.9

 
197.3

 
(291.8
)
 
399.0

(Provision for) benefit from income taxes
25.9

 
(99.2
)
 
(51.4
)
 
(3.3
)
 
(128.0
)
Net income
270.5

 
149.7

 
145.9

 
(295.1
)
 
271.0

Net income attributable to noncontrolling interests

 

 
(0.5
)
 

 
(0.5
)
Net income attributable to CBI
$
270.5

 
$
149.7

 
$
145.4

 
$
(295.1
)
 
$
270.5

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to CBI
$
295.8

 
$
149.0

 
$
169.8

 
$
(318.8
)
 
$
295.8

 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2014
Sales
$
662.8

 
$
1,267.8

 
$
695.4

 
$
(917.4
)
 
$
1,708.6

Less – excise taxes
(88.7
)
 
(65.2
)
 
(13.0
)
 

 
(166.9
)
Net sales
574.1

 
1,202.6

 
682.4

 
(917.4
)
 
1,541.7

Cost of product sold
(462.1
)
 
(943.3
)
 
(410.9
)
 
913.5

 
(902.8
)
Gross profit
112.0

 
259.3

 
271.5

 
(3.9
)
 
638.9

Selling, general and administrative expenses
(97.1
)
 
(109.4
)
 
(61.6
)
 
4.8

 
(263.3
)
Operating income
14.9

 
149.9

 
209.9

 
0.9

 
375.6

Equity in earnings of equity method investees and subsidiaries
252.3

 
21.7

 
0.4

 
(253.2
)
 
21.2

Interest income

 

 
0.4

 

 
0.4

Intercompany interest income
44.7

 
58.7

 

 
(103.4
)
 

Interest expense
(78.4
)
 
(0.3
)
 
(7.7
)
 

 
(86.4
)
Intercompany interest expense
(58.6
)
 
(44.6
)
 
(0.2
)
 
103.4

 

Income before income taxes
174.9

 
185.4

 
202.8

 
(252.3
)
 
310.8

(Provision for) benefit from income taxes
47.3

 
(68.9
)
 
(66.5
)
 
(0.5
)
 
(88.6
)
Net income
222.2

 
116.5

 
136.3

 
(252.8
)
 
222.2

Net income attributable to noncontrolling interests

 

 

 

 

Net income attributable to CBI
$
222.2

 
$
116.5

 
$
136.3

 
$
(252.8
)
 
$
222.2

 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to CBI
$
108.8

 
$
117.2

 
$
21.5

 
$
(138.7
)
 
$
108.8

Condensed Consolidating Statement of Cash Flows
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended November 30, 2015
Net cash provided by (used in) operating activities
$
(456.3
)
 
$
775.1

 
$
772.8

 
$

 
$
1,091.6

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(8.8
)
 
(31.8
)
 
(473.2
)
 

 
(513.8
)
Purchase of business

 
(316.2
)
 
(1.7
)
 

 
(317.9
)
Net proceeds from intercompany notes
376.4

 

 

 
(376.4
)
 

Net investments in equity affiliates
(236.4
)
 

 

 
236.4

 

Other investing activities
2.0

 
(0.7
)
 
2.7

 

 
4.0

Net cash provided by (used in) investing activities
133.2

 
(348.7
)
 
(472.2
)
 
(140.0
)
 
(827.7
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net contributions from (returns of capital to) equity affiliates

 
(31.4
)
 
267.8

 
(236.4
)
 

Net proceeds from (repayments of) intercompany notes
292.2

 
(345.3
)
 
(323.3
)
 
376.4

 

Proceeds from issuance of long-term debt
200.0

 

 
10.0

 

 
210.0

Excess tax benefits from stock-based payment awards
204.2

 

 

 

 
204.2

Proceeds from shares issued under equity compensation plans
98.9

 

 

 

 
98.9

Dividends paid
(180.4
)
 

 

 

 
(180.4
)
Principal payments of long-term debt
(47.9
)
 
(13.8
)
 
(86.6
)
 

 
(148.3
)
Payments of minimum tax withholdings on stock-based payment awards

 
(35.7
)
 
(2.7
)
 

 
(38.4
)
Net repayments of notes payable

 

 
(15.9
)
 

 
(15.9
)
Payments of financing costs of long-term debt
(7.9
)
 

 

 

 
(7.9
)
Net cash provided by (used in) financing activities
559.1

 
(426.2
)
 
(150.7
)
 
140.0

 
122.2

 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents

 

 
(4.9
)
 

 
(4.9
)
 
 
 
 
 
 
 
 
 
 
Net increase in cash and cash equivalents
236.0

 
0.2

 
145.0

 

 
381.2

Cash and cash equivalents, beginning of period
24.5

 
0.7

 
84.9

 

 
110.1

Cash and cash equivalents, end of period
$
260.5

 
$
0.9

 
$
229.9

 
$

 
$
491.3

 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Subsidiary
Nonguarantors
 
Eliminations
 
Consolidated
(in millions)
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended November 30, 2014
Net cash provided by (used in) operating activities
$
(395.1
)
 
$
468.9

 
$
676.3

 
$

 
$
750.1

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(17.4
)
 
(70.3
)
 
(453.6
)
 

 
(541.3
)
Purchase of business

 

 
(21.4
)
 

 
(21.4
)
Net proceeds from intercompany notes
70.9

 

 

 
(70.9
)
 

Net investments in equity affiliates
(28.8
)
 

 

 
28.8

 

Other investing activities

 
(5.6
)
 
8.6

 

 
3.0

Net cash provided by (used in) investing activities
24.7

 
(75.9
)

(466.4
)

(42.1
)

(559.7
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Dividends paid to parent company

 

 
(24.9
)
 
24.9

 

Net contributions from (returns of capital to) equity affiliates

 
(24.5
)
 
78.2

 
(53.7
)
 

Net proceeds from (repayments of) intercompany notes
26.3

 
(327.9
)
 
230.7

 
70.9

 

Proceeds from issuance of long-term debt
800.0

 

 

 

 
800.0

Excess tax benefits from stock-based payment awards
76.0

 

 

 

 
76.0

Proceeds from shares issued under equity compensation plans
34.2

 

 

 

 
34.2

Principal payments of long-term debt
(533.0
)
 
(14.5
)
 
(17.8
)
 

 
(565.3
)
Payments of minimum tax withholdings on stock-based payment awards

 
(26.1
)
 
(2.3
)
 

 
(28.4
)
Net proceeds from notes payable

 

 
50.6

 

 
50.6

Payments of financing costs of long-term debt
(11.2
)
 

 
(2.1
)
 

 
(13.3
)
Payment of delayed purchase price arrangement

 

 
(543.3
)
 

 
(543.3
)
Net cash provided by (used in) financing activities
392.3

 
(393.0
)
 
(230.9
)
 
42.1

 
(189.5
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
and cash equivalents

 

 
2.5

 

 
2.5

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
21.9

 

 
(18.5
)
 

 
3.4

Cash and cash equivalents, beginning of period
0.5

 
0.8

 
62.6

 

 
63.9

Cash and cash equivalents, end of period
$
22.4

 
$
0.8

 
$
44.1

 
$

 
$
67.3