XML 47 R36.htm IDEA: XBRL DOCUMENT v3.20.2
Selected Condensed Consolidating Financial Statements of Parent, Issuer, Guarantors and Non-Guarantors (Tables)
9 Months Ended
Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

(In millions)

 

Parent

 

 

Issuer

 

 

Guarantor Subsidiaries

 

 

Non-Guarantor Subsidiaries

 

 

Eliminations

 

 

Consolidated Total

 

 

 

 

 

Net sales

 

$

 

 

$

 

 

$

604.9

 

 

$

4,293.6

 

 

$

(662.2

)

 

$

4,236.3

 

Cost of goods sold

 

 

 

 

 

 

 

 

485.3

 

 

 

3,635.4

 

 

 

(654.4

)

 

 

3,466.3

 

Gross profit

 

 

 

 

 

 

 

 

119.6

 

 

 

658.2

 

 

 

(7.8

)

 

 

770.0

 

Selling, general and administrative,

   excluding intangible amortization

 

 

 

 

 

0.4

 

 

 

18.6

 

 

 

371.1

 

 

 

 

 

 

390.1

 

Selling, general and administrative

   intangible amortization

 

 

 

 

 

 

 

 

24.5

 

 

 

75.1

 

 

 

 

 

 

99.6

 

(Gain) loss on disposal of assets

 

 

 

 

 

 

 

 

(0.1

)

 

 

1.1

 

 

 

 

 

 

1.0

 

Multiemployer pension withdrawal income

 

 

 

 

 

 

 

 

(2.0

)

 

 

 

 

 

 

 

 

(2.0

)

Restructuring and other costs

 

 

 

 

 

 

 

 

 

 

 

9.7

 

 

 

 

 

 

9.7

 

Operating profit (loss)

 

 

 

 

 

(0.4

)

 

 

78.6

 

 

 

201.2

 

 

 

(7.8

)

 

 

271.6

 

Interest (expense) income, net

 

 

 

 

 

(60.6

)

 

 

(33.5

)

 

 

1.7

 

 

 

 

 

 

(92.4

)

Intercompany interest (expense) income, net

 

 

 

 

 

(1.5

)

 

 

(17.8

)

 

 

11.5

 

 

 

7.8

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

(0.6

)

 

 

 

 

 

 

 

 

 

 

 

(0.6

)

Pension and other postretirement non-

   service (expense) income

 

 

 

 

 

 

 

 

(1.4

)

 

 

27.0

 

 

 

 

 

 

25.6

 

Other income (expense), net

 

 

 

 

 

0.5

 

 

 

 

 

 

(5.5

)

 

 

 

 

 

(5.0

)

Equity in income of consolidated entities

 

 

178.5

 

 

 

272.7

 

 

 

195.8

 

 

 

 

 

 

(647.0

)

 

 

 

Income before income taxes

 

 

178.5

 

 

 

210.1

 

 

 

221.7

 

 

 

235.9

 

 

 

(647.0

)

 

 

199.2

 

Income tax benefit (expense)

 

 

 

 

 

15.6

 

 

 

(0.6

)

 

 

(34.2

)

 

 

 

 

 

(19.2

)

Consolidated net income

 

 

178.5

 

 

 

225.7

 

 

 

221.1

 

 

 

201.7

 

 

 

(647.0

)

 

 

180.0

 

Less: Net income attributable to

   noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

(1.5

)

 

 

 

 

 

(1.5

)

Net income attributable to common

   stockholders

 

$

178.5

 

 

$

225.7

 

 

$

221.1

 

 

$

200.2

 

 

$

(647.0

)

 

$

178.5

 

Comprehensive income attributable to

   common stockholders

 

$

210.1

 

 

$

257.2

 

 

$

250.2

 

 

$

231.3

 

 

$

(738.7

)

 

$

210.1

 

 


CONDENSED CONSOLIDATING STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended June 30, 2020

 

(In millions)

 

Parent

 

 

Issuer

 

 

Guarantor Subsidiaries

 

 

Non-Guarantor Subsidiaries

 

 

Eliminations

 

 

Consolidated Total

 

 

 

 

 

Net sales

 

$

 

 

$

 

 

$

1,825.1

 

 

$

13,233.2

 

 

$

(1,951.0

)

 

$

13,107.3

 

Cost of goods sold

 

 

 

 

 

 

 

 

1,469.1

 

 

 

11,181.4

 

 

 

(1,927.0

)

 

 

10,723.5

 

Gross profit

 

 

 

 

 

 

 

 

356.0

 

 

 

2,051.8

 

 

 

(24.0

)

 

 

2,383.8

 

Selling, general and administrative,

   excluding intangible amortization

 

 

 

 

 

0.7

 

 

 

75.3

 

 

 

1,158.4

 

 

 

 

 

 

1,234.4

 

Selling, general and administrative

   intangible amortization

 

 

 

 

 

 

 

 

75.0

 

 

 

226.5

 

 

 

 

 

 

301.5

 

Gain on disposal of assets

 

 

 

 

 

 

 

 

(0.1

)

 

 

(5.8

)

 

 

 

 

 

(5.9

)

Multiemployer pension withdrawal income

 

 

 

 

 

 

 

 

(1.9

)

 

 

0.8

 

 

 

 

 

 

(1.1

)

Restructuring and other costs

 

 

 

 

 

3.6

 

 

 

 

 

 

52.6

 

 

 

 

 

 

56.2

 

Operating profit (loss)

 

 

 

 

 

(4.3

)

 

 

207.7

 

 

 

619.3

 

 

 

(24.0

)

 

 

798.7

 

Interest (expense) income, net

 

 

 

 

 

(189.1

)

 

 

(102.3

)

 

 

8.2

 

 

 

 

 

 

(283.2

)

Intercompany interest (expense) income, net

 

 

 

 

 

(8.3

)

 

 

(67.2

)

 

 

51.5

 

 

 

24.0

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

(1.0

)

 

 

 

 

 

(0.1

)

 

 

 

 

 

(1.1

)

Pension and other postretirement non-

   service (expense) income

 

 

 

 

 

 

 

 

(5.2

)

 

 

83.6

 

 

 

 

 

 

78.4

 

Other income (expense), net

 

 

0.1

 

 

 

0.5

 

 

 

1.3

 

 

 

(11.5

)

 

 

 

 

 

(9.6

)

Equity in income of unconsolidated entities

 

 

 

 

 

 

 

 

 

 

 

8.7

 

 

 

 

 

 

8.7

 

Equity in income of consolidated entities

 

 

465.0

 

 

 

751.6

 

 

 

445.2

 

 

 

 

 

 

(1,661.8

)

 

 

 

Income before income taxes

 

 

465.1

 

 

 

549.4

 

 

 

479.5

 

 

 

759.7

 

 

 

(1,661.8

)

 

 

591.9

 

Income tax benefit (expense)

 

 

 

 

 

50.4

 

 

 

(2.3

)

 

 

(171.6

)

 

 

 

 

 

(123.5

)

Consolidated net income

 

 

465.1

 

 

 

599.8

 

 

 

477.2

 

 

 

588.1

 

 

 

(1,661.8

)

 

 

468.4

 

Less: Net income attributable to

   noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

(3.3

)

 

 

 

 

 

(3.3

)

Net income attributable to common

   stockholders

 

$

465.1

 

 

$

599.8

 

 

$

477.2

 

 

$

584.8

 

 

$

(1,661.8

)

 

$

465.1

 

Comprehensive income attributable to

   common stockholders

 

$

220.3

 

 

$

355.9

 

 

$

238.6

 

 

$

347.4

 

 

$

(941.9

)

 

$

220.3

 

 

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2019

 

(In millions)

 

Parent

 

 

Issuer

 

 

Guarantor Subsidiaries

 

 

Non-Guarantor Subsidiaries

 

 

Eliminations

 

 

Consolidated Total

 

 

 

 

 

Net sales

 

$

 

 

$

 

 

$

643.0

 

 

$

4,676.3

 

 

$

(629.3

)

 

$

4,690.0

 

Cost of goods sold

 

 

 

 

 

 

 

 

475.6

 

 

 

3,844.9

 

 

 

(619.4

)

 

 

3,701.1

 

Gross profit

 

 

 

 

 

 

 

 

167.4

 

 

 

831.4

 

 

 

(9.9

)

 

 

988.9

 

Selling, general and administrative,

   excluding intangible amortization

 

 

 

 

 

(0.4

)

 

 

26.0

 

 

 

416.8

 

 

 

 

 

 

442.4

 

Selling, general and administrative

   intangible amortization

 

 

 

 

 

 

 

 

26.1

 

 

 

76.3

 

 

 

 

 

 

102.4

 

Loss on disposal of assets

 

 

 

 

 

 

 

 

0.1

 

 

 

6.4

 

 

 

 

 

 

6.5

 

Multiemployer pension withdrawal income

 

 

 

 

 

 

 

 

 

 

 

(1.7

)

 

 

 

 

 

(1.7

)

Restructuring and other costs

 

 

 

 

 

1.4

 

 

 

0.1

 

 

 

16.4

 

 

 

 

 

 

17.9

 

Operating profit (loss)

 

 

 

 

 

(1.0

)

 

 

115.1

 

 

 

317.2

 

 

 

(9.9

)

 

 

421.4

 

Interest expense, net

 

 

 

 

 

(66.5

)

 

 

(36.9

)

 

 

(7.7

)

 

 

 

 

 

(111.1

)

Intercompany interest (expense) income, net

 

 

 

 

 

(2.5

)

 

 

(33.3

)

 

 

25.9

 

 

 

9.9

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

(0.8

)

 

 

(2.3

)

 

 

(0.1

)

 

 

 

 

 

(3.2

)

Pension and other postretirement non-

   service (expense) income

 

 

 

 

 

 

 

 

(1.4

)

 

 

20.3

 

 

 

 

 

 

18.9

 

Other (expense) income, net

 

 

 

 

 

 

 

 

(35.2

)

 

 

38.9

 

 

 

 

 

 

3.7

 

Equity in income of unconsolidated entities

 

 

 

 

 

 

 

 

 

 

 

1.7

 

 

 

 

 

 

1.7

 

Equity in income (loss) of consolidated

   entities

 

 

252.6

 

 

 

276.9

 

 

 

(11.4

)

 

 

 

 

 

(518.1

)

 

 

 

Income (loss) before income taxes

 

 

252.6

 

 

 

206.1

 

 

 

(5.4

)

 

 

396.2

 

 

 

(518.1

)

 

 

331.4

 

Income tax benefit (expense)

 

 

 

 

 

17.9

 

 

 

(1.9

)

 

 

(93.6

)

 

 

 

 

 

(77.6

)

Consolidated net income (loss)

 

 

252.6

 

 

 

224.0

 

 

 

(7.3

)

 

 

302.6

 

 

 

(518.1

)

 

 

253.8

 

Less: Net income attributable to

   noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

(1.2

)

 

 

 

 

 

(1.2

)

Net income (loss) attributable to common

   stockholders

 

$

252.6

 

 

$

224.0

 

 

$

(7.3

)

 

$

301.4

 

 

$

(518.1

)

 

$

252.6

 

Comprehensive income attributable to

   common stockholders

 

$

282.7

 

 

$

253.7

 

 

$

20.7

 

 

$

331.8

 

 

$

(606.2

)

 

$

282.7

 

 

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended June 30, 2019

 

(In millions)

 

Parent

 

 

Issuer

 

 

Guarantor Subsidiaries

 

 

Non-Guarantor Subsidiaries

 

 

Eliminations

 

 

Consolidated Total

 

 

 

 

 

Net sales

 

$

 

 

$

 

 

$

1,906.0

 

 

$

13,648.2

 

 

$

(1,916.8

)

 

$

13,637.4

 

Cost of goods sold

 

 

 

 

 

 

 

 

1,503.3

 

 

 

11,370.7

 

 

 

(1,906.9

)

 

 

10,967.1

 

Gross profit

 

 

 

 

 

 

 

 

402.7

 

 

 

2,277.5

 

 

 

(9.9

)

 

 

2,670.3

 

Selling, general and administrative,

   excluding intangible amortization

 

 

 

 

 

 

 

 

53.3

 

 

 

1,234.1

 

 

 

 

 

 

1,287.4

 

Selling, general and administrative

   intangible amortization

 

 

 

 

 

 

 

 

78.4

 

 

 

219.3

 

 

 

 

 

 

297.7

 

Loss (gain) on disposal of assets

 

 

 

 

 

 

 

 

0.1

 

 

 

(37.4

)

 

 

 

 

 

(37.3

)

Multiemployer pension withdrawal income

 

 

 

 

 

 

 

 

 

 

 

(1.7

)

 

 

 

 

 

(1.7

)

Land and Development impairments

 

 

 

 

 

 

 

 

 

 

 

13.0

 

 

 

 

 

 

13.0

 

Restructuring and other costs

 

 

 

 

 

5.3

 

 

 

0.2

 

 

 

101.6

 

 

 

 

 

 

107.1

 

Operating profit (loss)

 

 

 

 

 

(5.3

)

 

 

270.7

 

 

 

748.6

 

 

 

(9.9

)

 

 

1,004.1

 

Interest expense, net

 

 

 

 

 

(178.5

)

 

 

(128.8

)

 

 

(10.0

)

 

 

 

 

 

(317.3

)

Intercompany interest income (expense), net

 

 

 

 

 

1.0

 

 

 

(87.9

)

 

 

77.0

 

 

 

9.9

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

(2.6

)

 

 

(1.9

)

 

 

(0.2

)

 

 

 

 

 

(4.7

)

Pension and other postretirement non-

   service (expense) income

 

 

 

 

 

 

 

 

(4.8

)

 

 

59.7

 

 

 

 

 

 

54.9

 

Other (expense) income, net

 

 

 

 

 

(4.0

)

 

 

(35.6

)

 

 

37.3

 

 

 

 

 

 

(2.3

)

Equity in income of unconsolidated entities

 

 

 

 

 

 

 

 

 

 

 

8.3

 

 

 

 

 

 

8.3

 

Equity in income of consolidated entities

 

 

552.1

 

 

 

671.1

 

 

 

403.0

 

 

 

 

 

 

(1,626.2

)

 

 

 

Income before income taxes

 

 

552.1

 

 

 

481.7

 

 

 

414.7

 

 

 

920.7

 

 

 

(1,626.2

)

 

 

743.0

 

Income tax benefit (expense)

 

 

 

 

 

46.9

 

 

 

(3.2

)

 

 

(231.2

)

 

 

 

 

 

(187.5

)

Consolidated net income

 

 

552.1

 

 

 

528.6

 

 

 

411.5

 

 

 

689.5

 

 

 

(1,626.2

)

 

 

555.5

 

Less: Net income attributable to

   noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

(3.4

)

 

 

 

 

 

(3.4

)

Net income attributable to common

   stockholders

 

$

552.1

 

 

$

528.6

 

 

$

411.5

 

 

$

686.1

 

 

$

(1,626.2

)

 

$

552.1

 

Comprehensive income attributable to

   common stockholders

 

$

552.0

 

 

$

530.6

 

 

$

415.9

 

 

$

687.0

 

 

$

(1,633.5

)

 

$

552.0

 

 

 

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

(In millions)

 

Parent

 

 

Issuer

 

 

Guarantor Subsidiaries

 

 

Non-Guarantor Subsidiaries

 

 

Eliminations

 

 

Consolidated Total

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

 

$

 

 

$

178.4

 

 

$

113.1

 

 

$

 

 

$

291.5

 

Accounts receivable

 

 

 

 

 

 

 

 

38.9

 

 

 

2,092.7

 

 

 

(48.4

)

 

 

2,083.2

 

Inventories

 

 

 

 

 

 

 

 

239.9

 

 

 

1,897.8

 

 

 

 

 

 

2,137.7

 

Other current assets

 

 

0.5

 

 

 

 

 

 

6.3

 

 

 

483.4

 

 

 

 

 

 

490.2

 

Intercompany receivables

 

 

 

 

 

24.0

 

 

 

0.3

 

 

 

1,372.8

 

 

 

(1,397.1

)

 

 

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

3.3

 

 

 

 

 

 

3.3

 

Total current assets

 

 

0.5

 

 

 

24.0

 

 

 

463.8

 

 

 

5,963.1

 

 

 

(1,445.5

)

 

 

5,005.9

 

Property, plant and equipment, net

 

 

 

 

 

 

 

 

14.8

 

 

 

10,907.8

 

 

 

 

 

 

10,922.6

 

Goodwill

 

 

 

 

 

 

 

 

1,158.6

 

 

 

6,111.9

 

 

 

 

 

 

7,270.5

 

Intangibles, net

 

 

 

 

 

 

 

 

1,409.9

 

 

 

2,339.5

 

 

 

 

 

 

3,749.4

 

Restricted assets held by special purpose

   entities

 

 

 

 

 

 

 

 

 

 

 

1,269.2

 

 

 

 

 

 

1,269.2

 

Prepaid pension asset

 

 

 

 

 

 

 

 

 

 

 

305.9

 

 

 

 

 

 

305.9

 

Intercompany notes receivable

 

 

 

 

 

154.9

 

 

 

149.8

 

 

 

2,821.3

 

 

 

(3,126.0

)

 

 

 

Investments in consolidated subsidiaries

 

 

12,158.9

 

 

 

18,891.4

 

 

 

19,827.1

 

 

 

 

 

 

(50,877.4

)

 

 

 

Other assets

 

 

 

 

 

91.4

 

 

 

233.8

 

 

 

1,515.6

 

 

 

(86.7

)

 

 

1,754.1

 

Total Assets

 

$

12,159.4

 

 

$

19,161.7

 

 

$

23,257.8

 

 

$

31,234.3

 

 

$

(55,535.6

)

 

$

30,277.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of debt

 

$

 

 

$

79.9

 

 

$

 

 

$

133.2

 

 

$

 

 

$

213.1

 

Accounts payable

 

 

 

 

 

1.1

 

 

 

24.2

 

 

 

1,536.6

 

 

 

(48.4

)

 

 

1,513.5

 

Accrued compensation and benefits

 

 

0.2

 

 

 

 

 

 

14.5

 

 

 

362.5

 

 

 

 

 

 

377.2

 

Other current liabilities

 

 

 

 

 

51.8

 

 

 

107.7

 

 

 

523.6

 

 

 

 

 

 

683.1

 

Intercompany payables

 

 

446.1

 

 

 

57.7

 

 

 

470.6

 

 

 

422.7

 

 

 

(1,397.1

)

 

 

 

Total current liabilities

 

 

446.3

 

 

 

190.5

 

 

 

617.0

 

 

 

2,978.6

 

 

 

(1,445.5

)

 

 

2,786.9

 

Long-term debt due after one year

 

 

 

 

 

6,706.4

 

 

 

1,972.0

 

 

 

1,161.9

 

 

 

 

 

 

9,840.3

 

Intercompany notes payable

 

 

 

 

 

753.3

 

 

 

2,068.0

 

 

 

304.7

 

 

 

(3,126.0

)

 

 

 

Pension liabilities, net of current portion

 

 

 

 

 

 

 

 

141.6

 

 

 

129.7

 

 

 

 

 

 

271.3

 

Postretirement benefit liabilities, net of

   current portion

 

 

 

 

 

 

 

 

25.2

 

 

 

126.7

 

 

 

 

 

 

151.9

 

Non-recourse liabilities held by special

   purpose entities

 

 

 

 

 

 

 

 

 

 

 

1,138.7

 

 

 

 

 

 

1,138.7

 

Deferred income taxes

 

 

 

 

 

 

 

 

310.0

 

 

 

2,664.9

 

 

 

(86.7

)

 

 

2,888.2

 

Other long-term liabilities

 

 

 

 

 

35.3

 

 

 

152.5

 

 

 

1,281.0

 

 

 

 

 

 

1,468.8

 

Redeemable noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

1.6

 

 

 

 

 

 

1.6

 

Total stockholders’ equity

 

 

11,713.1

 

 

 

11,476.2

 

 

 

17,971.5

 

 

 

21,429.7

 

 

 

(50,877.4

)

 

 

11,713.1

 

Noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

16.8

 

 

 

 

 

 

16.8

 

Total equity

 

 

11,713.1

 

 

 

11,476.2

 

 

 

17,971.5

 

 

 

21,446.5

 

 

 

(50,877.4

)

 

 

11,729.9

 

Total Liabilities and Equity

 

$

12,159.4

 

 

$

19,161.7

 

 

$

23,257.8

 

 

$

31,234.3

 

 

$

(55,535.6

)

 

$

30,277.6

 

 

CONDENSED CONSOLIDATING BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2019

 

(In millions)

 

Parent

 

 

Issuer

 

 

Guarantor Subsidiaries

 

 

Non-Guarantor Subsidiaries

 

 

Eliminations

 

 

Consolidated Total

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

 

$

 

 

$

17.8

 

 

$

133.8

 

 

$

 

 

$

151.6

 

Accounts receivable

 

 

 

 

 

 

 

 

31.1

 

 

 

2,201.7

 

 

 

(39.6

)

 

 

2,193.2

 

Inventories

 

 

 

 

 

 

 

 

254.3

 

 

 

1,853.2

 

 

 

 

 

 

2,107.5

 

Other current assets

 

 

 

 

 

1.2

 

 

 

11.8

 

 

 

483.2

 

 

 

 

 

 

496.2

 

Intercompany receivables

 

 

 

 

 

227.7

 

 

 

 

 

 

1,128.6

 

 

 

(1,356.3

)

 

 

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

25.8

 

 

 

 

 

 

25.8

 

Total current assets

 

 

 

 

 

228.9

 

 

 

315.0

 

 

 

5,826.3

 

 

 

(1,395.9

)

 

 

4,974.3

 

Property, plant and equipment, net

 

 

 

 

 

 

 

 

18.9

 

 

 

11,170.6

 

 

 

 

 

 

11,189.5

 

Goodwill

 

 

 

 

 

 

 

 

1,158.6

 

 

 

6,127.0

 

 

 

 

 

 

7,285.6

 

Intangibles, net

 

 

 

 

 

 

 

 

1,485.0

 

 

 

2,574.5

 

 

 

 

 

 

4,059.5

 

Restricted assets held by special purpose

   entities

 

 

 

 

 

 

 

 

 

 

 

1,274.3

 

 

 

 

 

 

1,274.3

 

Prepaid pension asset

 

 

 

 

 

 

 

 

 

 

 

224.7

 

 

 

 

 

 

224.7

 

Intercompany notes receivable

 

 

 

 

 

155.0

 

 

 

156.9

 

 

 

3,026.8

 

 

 

(3,338.7

)

 

 

 

Investments in consolidated subsidiaries

 

 

11,973.6

 

 

 

18,524.2

 

 

 

20,103.6

 

 

 

 

 

 

(50,601.4

)

 

 

 

Other assets

 

 

 

 

 

67.8

 

 

 

185.3

 

 

 

971.8

 

 

 

(76.1

)

 

 

1,148.8

 

Total Assets

 

$

11,973.6

 

 

$

18,975.9

 

 

$

23,423.3

 

 

$

31,196.0

 

 

$

(55,412.1

)

 

$

30,156.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of debt

 

$

 

 

$

135.3

 

 

$

108.9

 

 

$

316.9

 

 

$

 

 

$

561.1

 

Accounts payable

 

 

 

 

 

0.7

 

 

 

31.3

 

 

 

1,839.4

 

 

 

(39.6

)

 

 

1,831.8

 

Accrued compensation and benefits

 

 

0.3

 

 

 

 

 

 

14.5

 

 

 

455.6

 

 

 

 

 

 

470.4

 

Other current liabilities

 

 

 

 

 

18.6

 

 

 

83.8

 

 

 

469.4

 

 

 

 

 

 

571.8

 

Intercompany payables

 

 

303.4

 

 

 

 

 

 

1,052.9

 

 

 

 

 

 

(1,356.3

)

 

 

 

Total current liabilities

 

 

303.7

 

 

 

154.6

 

 

 

1,291.4

 

 

 

3,081.3

 

 

 

(1,395.9

)

 

 

3,435.1

 

Long-term debt due after one year

 

 

 

 

 

6,608.0

 

 

 

1,982.9

 

 

 

911.4

 

 

 

 

 

 

9,502.3

 

Intercompany notes payable

 

 

 

 

 

636.3

 

 

 

2,390.5

 

 

 

311.9

 

 

 

(3,338.7

)

 

 

 

Pension liabilities, net of current portion

 

 

 

 

 

 

 

 

147.6

 

 

 

146.4

 

 

 

 

 

 

294.0

 

Postretirement benefit liabilities, net of

   current portion

 

 

 

 

 

 

 

 

25.7

 

 

 

136.4

 

 

 

 

 

 

162.1

 

Non-recourse liabilities held by special

   purpose entities

 

 

 

 

 

 

 

 

 

 

 

1,145.2

 

 

 

 

 

 

1,145.2

 

Deferred income taxes

 

 

 

 

 

 

 

 

278.9

 

 

 

2,675.2

 

 

 

(76.1

)

 

 

2,878.0

 

Other long-term liabilities

 

 

 

 

 

12.9

 

 

 

131.2

 

 

 

909.8

 

 

 

 

 

 

1,053.9

 

Redeemable noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

1.9

 

 

 

 

 

 

1.9

 

Total stockholders’ equity

 

 

11,669.9

 

 

 

11,564.1

 

 

 

17,175.1

 

 

 

21,862.2

 

 

 

(50,601.4

)

 

 

11,669.9

 

Noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

14.3

 

 

 

 

 

 

14.3

 

Total equity

 

 

11,669.9

 

 

 

11,564.1

 

 

 

17,175.1

 

 

 

21,876.5

 

 

 

(50,601.4

)

 

 

11,684.2

 

Total Liabilities and Equity

 

$

11,973.6

 

 

$

18,975.9

 

 

$

23,423.3

 

 

$

31,196.0

 

 

$

(55,412.1

)

 

$

30,156.7

 

 

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended June 30, 2020

 

(In millions)

 

Parent

 

 

Issuer

 

 

Guarantor Subsidiaries

 

 

Non-Guarantor Subsidiaries

 

 

Eliminations

 

 

Consolidated Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used for) operating

   activities

 

$

275.9

 

 

$

(38.1

)

 

$

250.6

 

 

$

850.6

 

 

$

 

 

$

1,339.0

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

(860.2

)

 

 

 

 

 

(860.2

)

Investment in unconsolidated entities

 

 

 

 

 

 

 

 

 

 

 

(1.0

)

 

 

 

 

 

(1.0

)

Proceeds from sale of property, plant and

   equipment

 

 

 

 

 

 

 

 

0.1

 

 

 

22.4

 

 

 

 

 

 

22.5

 

Proceeds from property, plant and equipment

   insurance settlement

 

 

 

 

 

 

 

 

 

 

 

2.4

 

 

 

 

 

 

2.4

 

Intercompany notes proceeds

 

 

 

 

 

 

 

 

5.0

 

 

 

 

 

 

(5.0

)

 

 

 

Other, net

 

 

 

 

 

 

 

 

9.9

 

 

 

1.0

 

 

 

 

 

 

10.9

 

Net cash provided by (used for) investing

   activities

 

 

 

 

 

 

 

 

15.0

 

 

 

(835.4

)

 

 

(5.0

)

 

 

(825.4

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of notes

 

 

 

 

 

598.6

 

 

 

 

 

 

 

 

 

 

 

 

598.6

 

Additions to revolving credit facilities

 

 

 

 

 

350.0

 

 

 

 

 

 

63.0

 

 

 

 

 

 

413.0

 

Repayments of revolving credit facilities

 

 

 

 

 

(350.0

)

 

 

 

 

 

(128.2

)

 

 

 

 

 

(478.2

)

Additions to debt

 

 

 

 

 

 

 

 

 

 

 

683.1

 

 

 

 

 

 

683.1

 

Repayments of debt

 

 

 

 

 

(500.0

)

 

 

(105.0

)

 

 

(590.8

)

 

 

 

 

 

(1,195.8

)

Repayments of commercial paper, net

 

 

 

 

 

(9.3

)

 

 

 

 

 

 

 

 

 

 

 

(9.3

)

Other debt repayments, net

 

 

 

 

 

(46.0

)

 

 

 

 

 

(23.2

)

 

 

 

 

 

(69.2

)

Issuances of common stock, net of related

   minimum tax withholdings

 

 

16.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16.7

 

Cash dividends paid to stockholders

 

 

(292.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(292.6

)

Cash distributions paid to noncontrolling

   interests

 

 

 

 

 

 

 

 

 

 

 

(1.4

)

 

 

 

 

 

(1.4

)

Intercompany notes payments

 

 

 

 

 

 

 

 

 

 

 

(5.0

)

 

 

5.0

 

 

 

 

Other, net

 

 

 

 

 

(5.2

)

 

 

 

 

 

(11.8

)

 

 

 

 

 

(17.0

)

Net cash (used for) provided by

   financing activities

 

 

(275.9

)

 

 

38.1

 

 

 

(105.0

)

 

 

(14.3

)

 

 

5.0

 

 

 

(352.1

)

Effect of exchange rate changes on cash,

   cash equivalents and restricted cash

 

 

 

 

 

 

 

 

 

 

 

(21.6

)

 

 

 

 

 

(21.6

)

Increase (decrease) in cash, cash

   equivalents and restricted cash

 

 

 

 

 

 

 

 

160.6

 

 

 

(20.7

)

 

 

 

 

 

139.9

 

Cash, cash equivalents and restricted cash

   at beginning of period

 

 

 

 

 

 

 

 

17.8

 

 

 

133.8

 

 

 

 

 

 

151.6

 

Cash, cash equivalents and restricted cash

   at end of period

 

$

 

 

$

 

 

$

178.4

 

 

$

113.1

 

 

$

 

 

$

291.5

 

 

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended June 30, 2019

 

(In millions)

 

Parent

 

 

Issuer

 

 

Guarantor Subsidiaries

 

 

Non-Guarantor Subsidiaries

 

 

Eliminations

 

 

Consolidated Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used for) operating

   activities

 

$

430.7

 

 

$

(512.4

)

 

$

445.9

 

 

$

1,035.4

 

 

$

 

 

$

1,399.6

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

(2.5

)

 

 

(974.3

)

 

 

 

 

 

(976.8

)

Cash paid related to business combinations,

   net of cash acquired

 

 

 

 

 

 

 

 

 

 

 

(3,368.3

)

 

 

 

 

 

(3,368.3

)

Investment in unconsolidated entities

 

 

 

 

 

 

 

 

 

 

 

(10.4

)

 

 

 

 

 

(10.4

)

Proceeds from sale of property, plant and

   equipment

 

 

 

 

 

 

 

 

 

 

 

108.3

 

 

 

 

 

 

108.3

 

Proceeds from property, plant and equipment

   insurance settlement

 

 

 

 

 

 

 

 

 

 

 

16.5

 

 

 

 

 

 

16.5

 

Intercompany notes issued

 

 

 

 

 

 

 

 

(0.1

)

 

 

(75.7

)

 

 

75.8

 

 

 

 

Intercompany notes proceeds

 

 

 

 

 

9.2

 

 

 

4.3

 

 

 

3,870.2

 

 

 

(3,883.7

)

 

 

 

Intercompany capital investment

 

 

(563.0

)

 

 

(563.0

)

 

 

 

 

 

 

 

 

1,126.0

 

 

 

 

Other, net

 

 

 

 

 

 

 

 

28.2

 

 

 

1.8

 

 

 

 

 

 

30.0

 

Net cash (used for) provided by investing

   activities

 

 

(563.0

)

 

 

(553.8

)

 

 

29.9

 

 

 

(431.9

)

 

 

(2,681.9

)

 

 

(4,200.7

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of notes

 

 

 

 

 

2,498.2

 

 

 

 

 

 

 

 

 

 

 

 

2,498.2

 

Additions to revolving credit facilities

 

 

 

 

 

67.2

 

 

 

 

 

 

125.0

 

 

 

 

 

 

192.2

 

Repayments of revolving credit facilities

 

 

 

 

 

(67.2

)

 

 

 

 

 

(110.0

)

 

 

 

 

 

(177.2

)

Additions to debt

 

 

 

 

 

4,101.8

 

 

 

(1.0

)

 

 

340.2

 

 

 

 

 

 

4,441.0

 

Repayments of debt

 

 

 

 

 

(2,187.1

)

 

 

(958.6

)

 

 

(1,519.3

)

 

 

 

 

 

(4,665.0

)

Additions to commercial paper, net

 

 

 

 

 

445.6

 

 

 

 

 

 

 

 

 

 

 

 

445.6

 

Other debt additions, net

 

 

 

 

 

35.3

 

 

 

 

 

 

10.6

 

 

 

 

 

 

45.9

 

Issuances of common stock, net of related

   minimum tax withholdings

 

 

8.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.6

 

Purchases of common stock

 

 

(88.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(88.6

)

Cash dividends paid to stockholders

 

 

(350.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(350.7

)

Cash distributions paid to noncontrolling

   interests

 

 

 

 

 

 

 

 

 

 

 

(3.4

)

 

 

 

 

 

(3.4

)

Intercompany notes borrowing

 

 

 

 

 

 

 

 

75.7

 

 

 

0.1

 

 

 

(75.8

)

 

 

 

Intercompany notes payments

 

 

 

 

 

(3,800.0

)

 

 

(70.2

)

 

 

(13.5

)

 

 

3,883.7

 

 

 

 

Intercompany capital receipt

 

 

563.0

 

 

 

 

 

 

 

 

 

563.0

 

 

 

(1,126.0

)

 

 

 

Other, net

 

 

 

 

 

(27.8

)

 

 

 

 

 

20.7

 

 

 

 

 

 

(7.1

)

Net cash provided by (used for)

   financing activities

 

 

132.3

 

 

 

1,066.0

 

 

 

(954.1

)

 

 

(586.6

)

 

 

2,681.9

 

 

 

2,339.5

 

Effect of exchange rate changes on cash,

   cash equivalents and restricted cash

 

 

 

 

 

 

 

 

 

 

 

3.9

 

 

 

 

 

 

3.9

 

(Decrease) increase in cash, cash

   equivalents and restricted cash

 

 

 

 

 

(0.2

)

 

 

(478.3

)

 

 

20.8

 

 

 

 

 

 

(457.7

)

Cash, cash equivalents and restricted cash

   at beginning of period

 

 

 

 

 

0.2

 

 

 

490.8

 

 

 

145.8

 

 

 

 

 

 

636.8

 

Cash, cash equivalents and restricted cash

   at end of period

 

$

 

 

$

 

 

$

12.5

 

 

$

166.6

 

 

$

 

 

$

179.1

 


Summary of Non-Cash Transactions The table below summarizes these non-cash transactions.

 

 

Nine Months Ended June 30, 2020

 

(In millions)

 

Parent

 

 

Issuer

 

 

Guarantor Subsidiaries

 

 

Non-Guarantor Subsidiaries

 

 

Eliminations

 

 

Consolidated Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany notes issued

 

$

 

 

$

 

 

$

(63.6

)

 

$

(117.0

)

 

$

180.6

 

 

$

 

Intercompany notes proceeds

 

$

 

 

$

 

 

$

65.8

 

 

$

322.5

 

 

$

(388.3

)

 

$

 

Intercompany capital investment

 

$

(407.3

)

 

$

(625.6

)

 

$

(917.8

)

 

$

 

 

$

1,950.7

 

 

$

 

Intercompany return of capital

 

$

442.0

 

 

$

21.2

 

 

$

619.7

 

 

$

 

 

$

(1,082.9

)

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany notes borrowing

 

$

 

 

$

117.0

 

 

$

 

 

$

63.6

 

 

$

(180.6

)

 

$

 

Intercompany notes payments

 

$

 

 

$

 

 

$

(322.5

)

 

$

(65.8

)

 

$

388.3

 

 

$

 

Intercompany capital receipt

 

$

 

 

$

 

 

$

625.2

 

 

$

1,325.5

 

 

$

(1,950.7

)

 

$

 

Intercompany capital distribution

 

$

 

 

$

(442.0

)

 

$

(21.2

)

 

$

(619.7

)

 

$

1,082.9

 

 

$

 

Intercompany dividends paid

 

$

 

 

$

 

 

$

(48.3

)

 

$

(1,436.9

)

 

$

1,485.2

 

 

$

 


The table below summarizes these non-cash transactions.

 

 

Nine Months Ended June 30, 2019

 

(In millions)

 

Parent

 

 

Issuer

 

 

Guarantor Subsidiaries

 

 

Non-Guarantor Subsidiaries

 

 

Eliminations

 

 

Consolidated Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany receivables

 

$

(140.9

)

 

$

 

 

$

 

 

$

 

 

$

140.9

 

 

$

 

Intercompany payables

 

$

 

 

$

 

 

$

 

 

$

140.9

 

 

$

(140.9

)

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany notes issued

 

$

 

 

$

(3,800.0

)

 

$

(4,666.4

)

 

$

(8,715.4

)

 

$

17,181.8

 

 

$

 

Intercompany notes proceeds

 

$

 

 

$

4,519.8

 

 

$

4,519.8

 

 

$

4,759.6

 

 

$

(13,799.2

)

 

$

 

Intercompany capital investment

 

$

(10,396.2

)

 

$

(5,895.5

)

 

$

(6,880.5

)

 

$

 

 

$

23,172.2

 

 

$

 

Intercompany return of capital

 

$

606.7

 

 

$

1,479.6

 

 

$

1,021.4

 

 

$

 

 

$

(3,107.7

)

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany notes borrowing

 

$

 

 

$

4,436.3

 

 

$

479.1

 

 

$

12,266.4

 

 

$

(17,181.8

)

 

$

 

Intercompany notes payments

 

$

 

 

$

 

 

$

(959.6

)

 

$

(12,839.6

)

 

$

13,799.2

 

 

$

 

Intercompany capital receipt

 

$

 

 

$

10,396.2

 

 

$

5,413.7

 

 

$

7,362.3

 

 

$

(23,172.2

)

 

$

 

Intercompany capital distribution

 

$

(563.0

)

 

$

(606.7

)

 

$

(457.5

)

 

$

(1,480.5

)

 

$

3,107.7

 

 

$

 

Intercompany dividends paid

 

$

 

 

$

 

 

$

(302.2

)

 

$

(1,419.6

)

 

$

1,721.8

 

 

$