Condensed Consolidating Financial Information (Tables)

9 Months Ended

Feb. 28, 2013



In thousands	Texas Industries, Inc.		Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Condensed consolidating balance sheet at February 28, 2013
Cash and cash equivalents	$	26,415	$	5,249	$	—		$	31,664
Receivables – net	—		98,458		—			98,458
Inventories	—		100,282		—			100,282
Deferred income taxes and prepaid expenses	864		19,092		326			20,282
Discontinued operations held for sale	—		38,769		—			38,769
Total current assets	27,279		261,850		326			289,455
Property, plant and equipment – net	—		1,212,136		—			1,212,136
Goodwill	—		1,715		—			1,715
Real estate and investments	1,605		21,419		—			23,024
Deferred income taxes and other charges	121,277		7,899		(107,035		)	22,141
Investment in subsidiaries	1,025,238		—		(1,025,238		)	—
Long-term intercompany receivables	251,191		18,740		(269,931		)	—
Total assets	$	1,426,590	$	1,523,759	$	(1,401,878	)	$	1,548,471
Accounts payable	$	75	$	56,925	$	—		$	57,000
Accrued interest, compensation and other	10,644		37,164		326			48,134
Current portion of long-term debt	—		1,816		—			1,816
Total current liabilities	10,719		95,905		326			106,950
Long-term debt	650,245		8,147		—			658,392
Long-term intercompany payables	18,740		251,191		(269,931		)	—
Deferred income taxes	—		107,035		(107,035		)	—
Other credits	51,846		36,242		—			88,088
Shareholders’ equity	695,040		1,025,239		(1,025,238		)	695,041
Total liabilities and shareholders’ equity	$	1,426,590	$	1,523,759	$	(1,401,878	)	$	1,548,471



In thousands	Texas Industries, Inc.		Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Condensed consolidating balance sheet at May 31, 2012
Cash and cash equivalents	$	84,713	$	3,314	$	—		$	88,027
Receivables – net	—		98,836		—			98,836
Inventories	—		99,441		—			99,441
Deferred income taxes and prepaid expenses	99		18,908		—			19,007
Discontinued operations held for sale	—		40,344		—			40,344
Total current assets	84,812		260,843		—			345,655
Property, plant and equipment – net	—		1,185,325		—			1,185,325
Goodwill	—		1,715		—			1,715
Real estate and investments	664		20,201		—			20,865
Deferred income taxes and other charges	123,734		7,356		(107,722		)	23,368
Investment in subsidiaries	987,519		—		(987,519		)	—
Long-term intercompany receivables	246,298		18,747		(265,045		)	—
Total assets	$	1,443,027	$	1,494,187	$	(1,360,286	)	$	1,576,928
Accounts payable	$	108	$	64,717	$	—		$	64,825
Accrued interest, compensation and other	25,829		35,488		—			61,317
Current portion of long-term debt	4		1,210		—			1,214
Total current liabilities	25,941		101,415		—			127,356
Long-term debt	650,245		6,704		—			656,949
Long-term intercompany payables	18,747		246,298		(265,045		)	—
Deferred income taxes	—		107,722		(107,722		)	—
Other credits	51,823		44,529		—			96,352
Shareholders’ equity	696,271		987,519		(987,519		)	696,271
Total liabilities and shareholders’ equity	$	1,443,027	$	1,494,187	$	(1,360,286	)	$	1,576,928



In thousands	Texas Industries, Inc.			Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Condensed consolidating statement of comprehensive income for the nine months ended February 28, 2013
Net sales	$	—		$	483,575		$	—		$	483,575
Cost of products sold	—			444,297			—			444,297
Gross profit (loss)	—			39,278			—			39,278
Selling, general and administrative	7,446			44,233			—			51,679
Interest	51,545			—			(29,083		)	22,462
Other income	(62		)	(6,552		)	—			(6,614		)
Intercompany other income	(2,618		)	(26,465		)	29,083			—
	56,311			11,216			—			67,527
Income (loss) from continuing operations before the following items	(56,311		)	28,062			—			(28,249		)
Income taxes (benefit)	441			(2,592		)	—			(2,151		)
	(56,752		)	30,654			—			(26,098		)
Equity in earnings of subsidiaries	37,159			—			(37,159		)	—
Net income (loss) from continuing operations	$	(19,593	)	$	30,654		$	(37,159	)	$	(26,098	)
Net income (loss) from discontinued operations, net of tax	$	—		$	6,504		$	—		$	6,504
Net Income (loss)	$	(19,593	)	$	37,158		$	(37,159	)	$	(19,594	)
Comprehensive loss	$	(19,593	)	$	37,719		$	(37,159	)	$	(19,033	)



In thousands	Texas Industries, Inc.			Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Condensed consolidating statement of comprehensive income for the nine months ended February 29, 2012
Net sales	$	—		$	435,696		$	—		$	435,696
Cost of products sold	—			425,464			—			425,464
Gross profit (loss)	—			10,232			—			10,232
Selling, general and administrative	3,583			43,191			—			46,774
Restructuring charges				3,153						3,153
Interest	51,281			—			(24,471		)	26,810
Other income	(43		)	(8,682		)	—			(8,725		)
Intercompany other income	(2,618		)	(21,853		)	24,471			—
	52,203			15,809			—			68,012
Income (loss) from continuing operations before the following items	(52,203		)	(5,577		)	—			(57,780		)
Income taxes (benefit)	(12,673		)	10,072			—			(2,601		)
	(39,530		)	(15,649		)	—			(55,179		)
Equity in earnings of subsidiaries	(13,207		)	—			13,207			—
Net income (loss) from continuing operations	$	(52,737	)	$	(15,649	)	$	13,207		$	(55,179	)
Net income (loss) from discontinued operations, net of tax	$	—		$	2,442		$	—		$	2,442
Net Income (loss)	$	(52,737	)	$	(13,207	)	$	13,207		$	(52,737	)
Comprehensive loss	$	(52,737	)	$	(12,488	)	$	13,207		$	(52,018	)



In thousands	Texas Industries, Inc.			Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Condensed consolidating statement of cash flows for the nine months ended February 28, 2013
Net cash provided (used) by operating activities	$	(88,158	)	$	97,929		$	—	$	9,771
Investing activities									—
Capital expenditures – expansions	—			(61,344		)	—		(61,344		)
Capital expenditures – other	—			(17,752		)	—		(17,752		)
Proceeds from asset disposals	—			5,783			—		5,783
Investments in life insurance contracts	2,366			—			—		2,366
Other – net	—			(67		)	—		(67		)
Net cash provided (used) by investing activities	2,366			(73,380		)	—		(71,014		)
Financing activities									—
Long-term borrowings	—			—			—		—
Debt payments	(4		)	(2,232		)	—		(2,236		)
Debt issuance costs	—			—			—		—
Stock option exercises	7,116			—			—		7,116
Common dividends paid	—			—			—		—
Net intercompany financing activities	20,382			(20,382		)	—		—
Net cash provided (used) by financing activities	27,494			(22,614		)	—		4,880
Increase (decrease) in cash and cash equivalents	(58,298		)	1,935			—		(56,363		)
Cash and cash equivalents at beginning of period	84,713			3,314			—		88,027
Cash and cash equivalents at end of period	$	26,415		$	5,249		$	—	$	31,664



In thousands	Texas Industries, Inc.			Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Condensed consolidating statement of cash flows for the nine months ended February 29, 2012
Net cash provided (used) by operating activities	$	(65,811	)	$	67,933		$	—	$	2,122
Investing activities									—
Capital expenditures – expansions	—			(64,901		)	—		(64,901		)
Capital expenditures – other	—			(31,394		)	—		(31,394		)
Proceeds from asset disposals	—			4,188			—		4,188
Investments in life insurance contracts	3,354			—			—		3,354
Other – net	—			(302		)	—		(302		)
Net cash provided (used) by investing activities	3,354			(92,409		)	—		(89,055		)
Financing activities									—
Long-term borrowings	—			—			—		—
Debt payments	(19		)	(154		)	—		(173		)
Debt issuance costs	(1,829		)	—			—		(1,829		)
Stock option exercises	1,749			—			—		1,749
Common dividends paid	(2,091		)	—			—		(2,091		)
Net intercompany financing activities	(24,562		)	24,562			—		—
Net cash provided (used) by financing activities	(26,752		)	24,408			—		(2,344		)
Increase (decrease) in cash and cash equivalents	(89,209		)	(68		)	—		(89,277		)
Cash and cash equivalents at beginning of period	113,898			2,534			—		116,432
Cash and cash equivalents at end of period	$	24,689		$	2,466		$	—	$	27,155