Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v2.4.0.6
Condensed Consolidating Financial Information (Tables)
9 Months Ended
Nov. 30, 2011
Condensed Consolidating Financial Information [Abstract]  
Condensed Consolidating Balance Sheet
                                         
    Parent
Company
    Subsidiary
Guarantors
    Subsidiary
Nonguarantors
    Eliminations     Consolidated  

(in millions)

                                       

Condensed Consolidating Balance Sheet at November 30, 2011

  

Current assets:

                                       

Cash and cash investments

  $ 0.7     $ 1.7     $ 53.4     $ -             $ 55.8  

Accounts receivable, net

    392.7       87.4       89.1       -               569.2  

Inventories

    131.0       998.0       341.5       (7.0     1,463.5  

Prepaid expenses and other

    18.7       112.7       375.9       (417.3     90.0  

Intercompany (payable) receivable

    (976.0     840.1       135.9       -               -            
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    (432.9     2,039.9       995.8       (424.3     2,178.5  

Property, plant and equipment, net

    120.0       763.8       367.9       -               1,251.7  

Investments in subsidiaries

    6,619.6       152.2       -                   (6,771.8     -            

Goodwill

    -               1,987.4       614.8       -               2,602.2  

Intangible assets, net

    -               675.2       222.4       -               897.6  

Other assets, net

    21.6       218.1       53.1       2.4       295.2  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 6,328.3     $ 5,836.6     $ 2,254.0     $ (7,193.7   $ 7,225.2  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Current liabilities:

                                       

Notes payable to banks

  $ 247.1     $ -              $ 105.2     $ -             $ 352.3  

Current maturities of long-term debt

    169.1       5.1       0.2       -               174.4  

Accounts payable

    23.7       207.0       39.9       -               270.6  

Accrued excise taxes

    10.3       8.1       5.1       -               23.5  

Other accrued expenses and liabilities

    605.9       83.1       87.4       (419.0     357.4  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    1,056.1       303.3       237.8       (419.0     1,178.2  

Long-term debt, less current maturities

    2,563.9       14.0       -           -               2,577.9  

Deferred income taxes

    7.6       506.2       78.2       2.3       594.3  

Other liabilities

    62.7       68.8       105.3       -               236.8  

 

                                         
    Parent
Company
    Subsidiary
Guarantors
    Subsidiary
Nonguarantors
    Eliminations     Consolidated  

(in millions)

                                       

Stockholders’ equity:

                                       

Preferred stock

    -             9.0       1,199.3       (1,208.3     -          

Class A and Class B Convertible Common Stock

    2.6       100.7       24.0       (124.7     2.6  

Additional paid-in capital

    1,672.6       1,394.6       1,620.5       (3,015.1     1,672.6  

Retained earnings (deficit)

    2,004.3       3,427.1       (1,181.9     (2,245.2     2,004.3  

Accumulated other comprehensive income

    127.8       12.9       170.8       (183.7     127.8  

Treasury stock

    (1,169.3     -             -             -              (1,169.3
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total stockholders’ equity

    2,638.0       4,944.3       1,832.7       (6,777.0     2,638.0  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and stockholders’ equity

  $ 6,328.3     $ 5,836.6     $ 2,254.0     $ (7,193.7   $ 7,225.2  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
 

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     -          

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
                                         
    Parent
Company
    Subsidiary
Guarantors
    Subsidiary
Nonguarantors
    Eliminations     Consolidated  

(in millions)

                                       

Condensed Consolidating Statement of Operations for the Nine Months Ended November 30, 2011

  

Sales

  $ 850.3     $ 1,345.8     $ 528.0     $ (454.0   $ 2,270.1  

Less – excise taxes

    (120.4     (75.1     (48.4     -               (243.9
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net sales

    729.9       1,270.7       479.6       (454.0     2,026.2  

Cost of product sold

    (516.9     (809.1     (287.4     404.1       (1,209.3
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    213.0       461.6       192.2       (49.9     816.9  

Selling, general and administrative expenses

    (209.2     (153.2     (86.3     50.5       (398.2

Restructuring charges

    (4.3     (4.2     (3.1     -               (11.6

Impairment of intangible assets

    -             -               -                   -               -            
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating (loss) income

    (0.5     304.2       102.8       0.6       407.1  

Equity in earnings of equity method investees and subsidiaries

    530.7       181.2       4.2       (536.6     179.5  

Interest (expense) income, net

    (187.9     50.0       4.8       -               (133.1
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    342.3       535.4       111.8       (536.0     453.5  

Provision for income taxes

    (0.3     (98.3     (13.0     0.1       (111.5
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

  $ 342.0     $ 437.1     $ 98.8     $ (535.9   $ 342.0  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
 

Condensed Consolidating Statement of Operations for the Nine Months Ended November 30, 2010

  

Sales

  $ 511.9     $ 1,503.1     $ 1,525.5     $ (316.0   $ 3,224.5  

Less – excise taxes

    (92.8     (81.8     (433.2     -               (607.8
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net sales

    419.1       1,421.3       1,092.3       (316.0     2,616.7  

Cost of product sold

    (207.4     (896.9     (818.1     241.8       (1,680.6
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    211.7       524.4       274.2       (74.2     936.1  

Selling, general and administrative expenses

    (219.9     (190.2     (177.3     75.2       (512.2

Restructuring charges

    (0.5     (2.1     (14.8     -               (17.4

Impairment of intangible assets

    -             (6.9     -                   -               (6.9
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating (loss) income

    (8.7     325.2       82.1       1.0       399.6  

Equity in earnings of equity method investees and subsidiaries

    374.5       186.9       4.8       (373.9     192.3  

Interest (expense) income, net

    (156.3     5.8       2.6       -               (147.9
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    209.5       517.9       89.5       (372.9     444.0  

Benefit from (provision for) income taxes

    70.2       (204.8     (27.9     (1.8     (164.3
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

  $ 279.7     $ 313.1     $ 61.6     $ (374.7   $ 279.7  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                         
    Parent
Company
    Subsidiary
Guarantors
    Subsidiary
Nonguarantors
    Eliminations     Consolidated  

(in millions)

                                       

Condensed Consolidating Statement of Operations for the Three Months Ended November 30, 2011

  

Sales

  $ 513.6     $ 426.5     $ 182.0     $ (333.1   $ 789.0  

Less – excise taxes

    (59.0     (12.5     (16.8     -                (88.3
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net sales

    454.6       414.0       165.2       (333.1     700.7  

Cost of product sold

    (374.7     (279.2     (96.3     332.4       (417.8
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    79.9       134.8       68.9       (0.7     282.9  

Selling, general and administrative expenses

    (73.0     (32.7     (16.1     -                (121.8

Restructuring charges

    1.2       (0.8     (1.2     -                (0.8

Impairment of intangible assets

    -             -               -                   -                -           
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

    8.1       101.3       51.6       (0.7     160.3  

Equity in earnings of equity method investees and subsidiaries

    248.9       54.5       1.6       (251.7     53.3  

Interest (expense) income, net

    (69.7     21.8       1.6       -                (46.3
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    187.3       177.6       54.8       (252.4     167.3  

(Provision for) benefit from income taxes

    (82.5     26.2       (6.3     0.1       (62.5
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

  $ 104.8     $ 203.8     $ 48.5     $ (252.3   $ 104.8  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
 

Condensed Consolidating Statement of Operations for the Three Months Ended November 30, 2010

  

Sales

  $ 176.5     $ 574.0     $ 552.1     $ (111.2   $ 1,191.4  

Less – excise taxes

    (36.2     (28.0     (160.8     -                (225.0
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net sales

    140.3       546.0       391.3       (111.2     966.4  

Cost of product sold

    (71.6     (342.0     (285.3     84.4       (614.5
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    68.7       204.0       106.0       (26.8     351.9  

Selling, general and administrative expenses

    (73.3     (70.0     (58.7     25.9       (176.1

Restructuring charges

    (0.5     (0.3     2.0       -                1.2  

Impairment of intangible assets

    -             (6.9     -                   -                (6.9
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating (loss) income

    (5.1     126.8       49.3       (0.9     170.1  

Equity in earnings of equity method investees and subsidiaries

    171.5       70.1       3.2       (173.4     71.4  

Interest (expense) income, net

    (49.3     (1.0     1.2       -                (49.1
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    117.1       195.9       53.7       (174.3     192.4  

Benefit from (provision for) income taxes

    22.2       (76.4     1.5       (0.4     (53.1
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

  $ 139.3     $ 119.5     $ 55.2     $ (174.7   $ 139.3  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
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, 2011

  

Net cash provided by operating activities

  $ 10.6     $ 473.6     $ 156.6     $        -           $ 640.8  
           

Cash flows from investing activities:

                                   

Purchases of property, plant and equipment

    (18.7     (26.0     (9.4   -     (54.1

Purchase of business, net of cash acquired

    -       -       (51.5   -     (51.5

Payments related to sale of business

    (9.1     -       (17.8   -     (26.9

Investment in equity method investee

    -       (0.1     -     -     (0.1

Proceeds from redemption of available-for-sale debt securities

    -       -       20.2     -     20.2  

Proceeds from note receivable

    1.0       -       -     -     1.0  

Proceeds from sales of assets

    -       0.3       0.3     -     0.6  

Other investing activities

    -       (6.0     (1.9   -     (7.9
   

 

 

   

 

 

   

 

 

   

 

 

 

 

 

Net cash used in investing activities

    (26.8     (31.8     (60.1   -     (118.7
   

 

 

   

 

 

   

 

 

   

 

 

 

 

 
           

Cash flows from financing activities:

                                   

Intercompany financings, net

    479.8       (423.7     (56.1   -     -  

Principal payments of long-term debt

    (410.2     (15.6     (44.7   -     (470.5

Purchases of treasury stock

    (281.3     -       -     -     (281.3

Payment of minimum tax withholdings on stock-based payment awards

    -       (1.7     (0.5   -     (2.2

Net proceeds from notes payable

    172.1       -       51.1     -     223.2  

Proceeds from exercises of employee stock options

    42.3       -       -     -     42.3  

Proceeds from excess tax benefits from stock-based payment awards

    11.1       -       -     -     11.1  

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

    16.2       (441.0     (50.2   -     (475.0
   

 

 

   

 

 

   

 

 

   

 

 

 

 

 
           

Effect of exchange rate changes on cash and cash investments

    -       -       (0.5   -     (0.5
   

 

 

   

 

 

   

 

 

   

 

 

 

 

 
           

Net increase in cash and cash investments

    -       0.8       45.8     -     46.6  

Cash and cash investments, beginning of period

    0.7       0.9       7.6     -     9.2  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

 

Cash and cash investments, end of period

  $ 0.7     $ 1.7     $ 53.4     $        -           $ 55.8  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

 
                                         
    Parent
Company
    Subsidiary
Guarantors
    Subsidiary
Nonguarantors
    Eliminations     Consolidated  

(in millions)

                                       

Condensed Consolidating Statement of Cash Flows for the Nine Months Ended November 30, 2010

  

Net cash (used in) provided by operating activities

  $ (313.3   $ 558.1     $ 124.6     $ -               $ 369.4  
           

Cash flows from investing activities:

                                       

Purchases of property, plant and equipment

    (30.3     (28.0     (11.8     -                 (70.1

Purchase of business, net of cash acquired

    -             -               -                   -                 -            

Payments related to sale of business

    -             -               (1.6     -                 (1.6

Investments in equity method
investees

    -             (0.1     (29.6     -                 (29.7

Proceeds from redemption of
available-for-sale debt securities

    -             -               -                   -                 -            

Proceeds from note receivable

    60.0       -               -                   -                 60.0  

Proceeds from sales of assets

    -             3.3       12.2       -                 15.5  

Other investing activities

    -             0.3       0.5       -                 0.8  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in)
investing activities

    29.7       (24.5     (30.3     -                 (25.1
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Cash flows from financing activities:

                                       

Intercompany financings, net

    641.3       (534.9     (106.4     -                 -            

Principal payments of long-term debt

    (99.1     (1.0     (1.0     -                 (101.1

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

    (3.6     -               (13.1     -                 (16.7

Proceeds from exercises of employee stock options

    35.8       -               -                   -                 35.8  

Proceeds from excess tax benefits
from stock-based payment awards

    7.1       -               -                   -                 7.1  

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

    283.4       (535.9     (120.9     -                 (373.4
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Effect of exchange rate changes on cash
and cash investments

    -             -               1.6       -                 1.6  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           

Net decrease in cash and cash
investments

    (0.2     (2.3     (25.0     -                 (27.5

Cash and cash investments, beginning
of period

    0.3       3.3       39.9       -                 43.5  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash investments, end of
period

  $ 0.1     $ 1.0     $ 14.9     $ -               $ 16.0