Condensed Consolidating Financial Statements

6 Months Ended

May 31, 2011

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Financial Statements

14. Condensed Consolidating Financial Statements

In connection with the 5.4 percent Senior Notes, the Company is required to provide condensed consolidating financial information for its subsidiary guarantors. Certain of the Company’s wholly-owned domestic subsidiaries have, jointly and severally, fully and unconditionally guaranteed, to each holder of 5.4 percent Senior Notes and the trustee under the Indenture for the 5.4 percent Senior Notes, the full and prompt performance of the Company’s obligations under the indenture and the 5.4 percent Senior Notes, including the payment of principal (or premium, if any) and interest on the 5.4 percent Senior Notes, on an equal and ratable basis.

The subsidiary guarantees are unsecured obligations of each subsidiary guarantor and rank equally in right of payment with all senior indebtedness of that subsidiary guarantor and senior in right of payment to all subordinated indebtedness of that subsidiary guarantor. The subsidiary guarantees are effectively subordinated to any secured indebtedness of the subsidiary guarantor with respect to the assets securing the indebtedness.

In the absence of both default and notice, there are no restrictions imposed by the Company’s 2010 Credit Facility, 5.4 percent Senior Notes, or guarantees on the Company’s ability to obtain funds from its subsidiaries by dividend or loan. The Company has not presented separate financial statements for each of the guarantors, because it has deemed that such financial statements would not provide the investors with any material additional information.

Included in the tables below, are condensed consolidating balance sheets as of November 30, 2010 and May 31, 2011, condensed consolidating statements of operations for the three and six months ended May 31, 2010 and 2011, and condensed consolidating statements of cash flows for the six months ended May 31, 2010 and 2011, of: (a) the Parent; (b) the guarantor subsidiaries; (c) the non-guarantor subsidiaries; (d) elimination entries necessary to consolidate Parent with guarantor and non-guarantor subsidiaries; and (e) the Company on a consolidated basis (in thousands).

	Condensed Consolidating Balance Sheet at November 30, 2010
				Combined
	Parent			Guarantor		Non-Guarantor
	Company			Subsidiaries		Subsidiaries		Eliminations			Consolidated
Current assets	$	68,252		$	72,696	$	19,309	$	(10,251	)	$	150,006
Property and equipment, net		33,728			1,032,695		310,328		—			1,376,751
Advances to and investments in subsidiaries		2,095,234			660,368		43,722		(2,799,324	)		—
Other assets		4,702			301,223		46,067		—			351,992
Total Assets	$	2,201,916		$	2,066,982	$	419,426	$	(2,809,575	)	$	1,878,749
Current liabilities	$	(10,058	)	$	71,278	$	17,211	$	13,308		$	91,739
Long-term debt		893,108			271,002		213,911		(1,074,947	)		303,074
Deferred income taxes		27,018			234,742		17,881		—			279,641
Other liabilities		2,131			12,825		2,162		—			17,118
Total shareholders’ equity		1,289,717			1,477,135		168,261		(1,747,936	)		1,187,177
Total Liabilities and Shareholders’ Equity	$	2,201,916		$	2,066,982	$	419,426	$	(2,809,575	)	$	1,878,749

	Condensed Consolidating Balance Sheet at May 31, 2011
			Combined
	Parent		Guarantor			Non-Guarantor
	Company		Subsidiaries			Subsidiaries		Eliminations			Consolidated
Current assets	$	118,756	$	93,677		$	17,928	$	(11,352	)	$	219,009
Property and equipment, net		32,067		1,023,593			310,030		—			1,365,690
Advances to and investments in subsidiaries		2,039,101		659,823			48,217		(2,747,141	)		—
Other assets		5,899		301,090			67,266		—			374,255
Total Assets	$	2,195,823	$	2,078,183		$	443,441	$	(2,758,493	)	$	1,958,954
Current liabilities	$	23,608	$	120,738		$	29,475	$	(13,567	)	$	160,254
Long-term debt		880,062		(805,921	)		225,223		(13,567	)		285,797
Deferred income taxes		42,732		234,742			17,897		—			295,371
Other liabilities		2,379		12,671			2,162		—			17,212
Total shareholders’ equity		1,247,042		2,515,953			168,684		(2,731,359	)		1,200,320
Total Liabilities and Shareholders’ Equity	$	2,195,823	$	2,078,183		$	443,441	$	(2,758,493	)	$	1,958,954

	Condensed Consolidating Statement of Operations
	For The Three Months Ended May 31, 2010
				Combined
	Parent			Guarantor		Non-Guarantor
	Company			Subsidiaries		Subsidiaries			Eliminations			Consolidated
Total revenues	$	682		$	135,220	$	29,938		$	(23,674	)	$	142,166
Total expenses		7,801			109,691		27,045			(23,674	)		120,863
Operating (loss) income		(7,119	)		25,529		2,893			—			21,303
Interest and other income (expense), net		5,372			2,130		(2,200	)		(10,880	)		(5,578	)
Net (loss) income		(3,523	)		23,972		693			(10,880	)		10,262

	Condensed Consolidating Statement of Operations
	For The Three Months Ended May 31, 2011
				Combined
	Parent			Guarantor		Non-Guarantor
	Company			Subsidiaries		Subsidiaries			Eliminations			Consolidated
Total revenues	$	751		$	133,481	$	29,796		$	(25,267	)	$	138,761
Total expenses		6,463			106,573		26,924			(25,267	)		114,693
Operating (loss) income		(5,712	)		26,908		2,872			—			24,068
Interest and other expense , net		4,559			4,376		(2,463	)		(11,016	)		(4,544	)
Net (loss) income		(4,547	)		27,005		431			(11,016	)		11,873

	Condensed Consolidating Statement of Operations
	For The Six Months Ended May 31, 2010
				Combined
	Parent			Guarantor		Non-Guarantor
	Company			Subsidiaries		Subsidiaries			Eliminations			Consolidated
Total revenues	$	1,370		$	322,984	$	35,482		$	(65,644	)	$	294,192
Total expenses		15,614			243,033		40,134			(65,644	)		233,137
Operating (loss) income		(14,244	)		79,951		(4,652	)		—			61,055
Interest and other expense , net		2,231			4,145		(5,286	)		(13,294	)		(12,204	)
(Loss) income from continuing operations		(14,342	)		73,323		(9,938	)		(13,294	)		35,749
Net (loss) income		(14,342	)		73,323		(9,985	)		(13,294	)		35,702

	Condensed Consolidating Statement of Operations
	For The Six Months Ended May 31, 2011
				Combined
	Parent			Guarantor		Non-Guarantor
	Company			Subsidiaries		Subsidiaries			Eliminations			Consolidated
Total revenues	$	1,523		$	317,479	$	35,086		$	(66,642	)	$	287,446
Total expenses		12,788			238,925		38,952			(66,642	)		224,023
Operating (loss) income		(11,265	)		78,554		(3,866	)		—			63,423
Interest and other expense , net		(1,872	)		8,703		(4,401	)		(11,016	)		(8,586	)
Net (loss) income		(22,511	)		75,080		(8,245	)		(11,016	)		33,308

	Condensed Consolidating Statement of Cash Flows
	For The Six Months Ended May 31, 2010
				Combined
	Parent			Guarantor			Non-Guarantor
	Company			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net cash (used in) provided by operating activities	$	(8,115	)	$	158,298		$	751		$	(53,947	)	$	96,987
Net cash provided by (used in) investing activities		60,491			(172,013	)		195			53,947			(57,380	)
Net cash used in financing activities		(30,455	)		(553	)		(537	)		—			(31,545	)

	Condensed Consolidating Statement of Cash Flows
	For The Six Months Ended May 31, 2011
				Combined
	Parent			Guarantor			Non-Guarantor
	Company			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net cash provided by operating activities	$	5,645		$	143,269		$	12,795		$	(36,790	)	$	124,919
Net cash provided by (used in) investing activities		59,407			(131,641	)		(12,033	)		36,790			(47,477	)
Net cash used in financing activities		(29,647	)		(590	)		(299	)		—			(30,536	)