Condensed Consolidating Financial Information (Tables)

12 Months Ended

May 31, 2013

Condensed Consolidating Financial Information Disclosure [Abstract]



In thousands	Texas Industries, Inc.		Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Condensed consolidating balance sheet at May 31, 2013
Cash and cash equivalents	$	58,791	$	2,505	$	—		$	61,296
Receivables – net	—		126,922		—			126,922
Inventories	—		105,054		—			105,054
Deferred income taxes and prepaid expenses	615		26,834		(155		)	27,294
Discontinued operations held for sale	—		—		—			—
Total current assets	59,406		261,315		(155		)	320,566
Property, plant and equipment – net	—		1,226,396		—			1,226,396
Goodwill	—		40,575		—			40,575
Real estate and investments	1,080		28,391		—			29,471
Deferred income taxes and other charges	210,838		7,744		(199,765		)	18,817
Investment in subsidiaries	1,028,330		—		(1,028,330		)	—
Long-term intercompany receivables	167,778		18,743		(186,521		)	—
Total assets	$	1,467,432	$	1,583,164	$	(1,414,771	)	$	1,635,825
Accounts payable	$	46	$	69,015	$	—		$	69,061
Accrued interest, compensation and other	26,416		36,075		(155		)	62,336
Current portion of long-term debt	—		1,872		—			1,872
Total current liabilities	26,462		106,962		(155		)	133,269
Long-term debt	650,245		7,690		—			657,935
Long-term intercompany payables	18,743		167,778		(186,521		)	—
Deferred income taxes	—		211,832		(199,765		)	12,067
Other credits	52,042		27,048		—			79,090
Shareholders’ equity	719,940		1,061,854		(1,028,330		)	753,464
Total liabilities and shareholders’ equity	$	1,467,432	$	1,583,164	$	(1,414,771	)	$	1,635,825



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

Condensed Consolidating Statement of Operations



In thousands	Texas Industries, Inc.			Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Condensed consolidating statement of comprehensive income for the year ended May 31, 2013
Net sales	$	—		$	697,081		$	—		$	697,081
Cost of products sold	—			629,803			—			629,803
	—			67,278			—			67,278
Selling, general and administrative	9,133			58,524			—			67,657
Interest	68,885			—			(36,078		)	32,807
Loss on debt retirements	—			—			—			—
Other income	(70		)	(8,856		)	—			(8,926		)
Intercompany other income	(3,501		)	(32,577		)	36,078			—
	74,447			17,091			—			91,538
Income (loss) from continuing operations before the following items	(74,447		)	50,187			—			(24,260		)
Income taxes (benefit)	(30,805		)	17,039			—			(13,766		)
	(43,642		)	33,148			—			(10,494		)
Equity in earnings of subsidiaries	68,193			—			(68,193		)	—
Net income (loss) from continuing operations	$	24,551		$	33,148		$	(68,193	)	$	(10,494	)
Net income from discontinued operations, net of tax	$	—		$	35,044		$	—		$	35,044
Net income (loss)	$	24,551		$	68,192		$	(68,193	)	$	24,550
Comprehensive income (loss)	$	24,551		$	74,336		$	(68,193	)	$	30,694



In thousands	Texas Industries, Inc.			Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Condensed consolidating statement of comprehensive income for the year Ended May 31, 2012
Net sales	$	—		$	594,105		$	—		$	594,105
Cost of products sold	—			560,573			—			560,573
	—			33,532			—			33,532
Selling, general and administrative	9,349			59,014			—			68,363
Restructuring charges	—			3,153			—			3,153
Interest	68,291			—			(33,456		)	34,835
Loss on debt retirements	—			—			—			—
Other income	(56		)	(73,050		)	—			(73,106		)
Intercompany other income	(3,500		)	(29,956		)	33,456			—
	74,084			(40,839		)	—			33,245
Income (loss) from continuing operations before the following items	(74,084		)	74,371			—			287
Income taxes (benefit)	(27,345		)	25,704			—			(1,641		)
	(46,739		)	48,667			—			1,928
Equity in earnings of subsidiaries	54,215			—			(54,215		)	—
Net income (loss) from continuing operations	$	7,476		$	48,667		$	(54,215	)	$	1,928
Net income from discontinued operations, net of tax	$	—		$	5,548		$	—		$	5,548
Net income (loss)	$	7,476		$	54,215		$	(54,215	)	$	7,476
Comprehensive income (loss)	$	7,476		$	42,479		$	(54,215	)	$	(4,260	)



In thousands	Texas Industries, Inc.			Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Condensed consolidating statement of comprehensive income for the year ended May 31, 2011
Net sales	$	—		$	571,906		$	—		$	571,906
Cost of products sold	—			556,925			—			556,925
Gross profit (loss)	—			14,981			—			14,981
Selling, general and administrative	8,810			63,239			—			72,049
Interest	66,101			—			(18,518		)	47,583
Loss on debt retirements	29,619			—			—			29,619
Other income	(200		)	(20,721		)	—			(20,921		)
Intercompany other income	(3,500		)	(15,018		)	18,518			—
	100,830			27,500			—			128,330
Income (loss) from continuing operations before the following items	(100,830		)	(12,519		)	—			(113,349		)
Income taxes (benefit)	(37,475		)	(6,402		)	—			(43,877		)
	(63,355		)	(6,117		)	—			(69,472		)
Equity in earnings of subsidiaries	(1,558		)	—			1,558			—
Net income (loss) from continuing operations	$	(64,913	)	$	(6,117	)	$	1,558		$	(69,472	)
Net income from discontinued operations, net of tax	$	—		$	4,559		$	—		$	4,559
Net Income (loss)	$	(64,913	)	$	(1,558	)	$	1,558		$	(64,913	)
Comprehensive income (loss)	$	(64,913	)	$	(170	)	$	1,558		$	(63,525	)

Condensed Consolidating Statement of Cash Flows



In thousands	Texas Industries, Inc.			Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Condensed consolidating statement of cash flows for the year ended May 31, 2013
Net cash provided (used) by operating activities	$	(121,261	)	$	154,561		$	—	$	33,300
Investing activities
Capital expenditures – expansions	—			(67,426		)	—		(67,426		)
Capital expenditures – other	—			(25,395		)	—		(25,395		)
Proceeds from asset disposals	—			18,481			—		18,481
Investments in life insurance contracts	2,467			—			—		2,467
Other – net	—			(102		)	—		(102		)
Net cash provided (used) by investing activities	2,467			(74,442		)	—		(71,975		)
Financing activities
Long-term borrowings	—			—			—		—
Debt payments	(4		)	(2,680		)	—		(2,684		)
Debt issuance costs	—			—			—		—
Stock option exercises	14,628			—			—		14,628
Common dividends paid	—			—			—		—
Net intercompany financing activities	78,248			(78,248		)	—		—
Net cash provided (used) by financing activities	92,872			(80,928		)	—		11,944
Increase (decrease) in cash and cash equivalents	(25,922		)	(809		)	—		(26,731		)
Cash and cash equivalents at beginning of period	84,713			3,314			—		88,027
Cash and cash equivalents at end of period	$	58,791		$	2,505		$	—	$	61,296



In thousands	Texas Industries, Inc.			Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Condensed consolidating statement of cash flows for the year ended May 31, 2012
Net cash provided (used) by operating activities	$	(49,100	)	$	59,274		$	—	$	10,174
Investing activities
Capital expenditures – expansions	—			(72,906		)	—		(72,906		)
Capital expenditures – other	—			(33,430		)	—		(33,430		)
Proceeds from asset disposals	—			66,845			—		66,845
Investments in life insurance contracts	3,354			—			—		3,354
Other – net	—			(245		)	—		(245		)
Net cash provided (used) by investing activities	3,354			(39,736		)	—		(36,382		)
Financing activities
Long-term borrowings	—			—			—		—
Debt payments	(19		)	(281		)	—		(300		)
Debt issuance costs	(1,829		)	—			—		(1,829		)
Stock option exercises	2,023			—			—		2,023
Common dividends paid	(2,091		)	—			—		(2,091		)
Net intercompany financing activities	18,477			(18,477		)	—		—
Net cash provided (used) by financing activities	16,561			(18,758		)	—		(2,197		)
Increase (decrease) in cash and cash equivalents	(29,185		)	780			—		(28,405		)
Cash and cash equivalents at beginning of period	113,898			2,534			—		116,432
Cash and cash equivalents at end of period	$	84,713		$	3,314		$	—	$	88,027



In thousands	Texas Industries, Inc.			Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Condensed consolidating statement of cash flows for the year ended May 31, 2011
Net cash provided (used) by operating activities	$	(55,280	)	$	64,525		$	—	$	9,245
Investing activities
Capital expenditures – expansions	—			(25,430		)	—		(25,430		)
Capital expenditures – other	—			(20,253		)	—		(20,253		)
Proceeds from asset disposals	—			3,596			—		3,596
Investments in life insurance contracts	4,073			—			—		4,073
Other – net	—			1,266			—		1,266
Net cash provided (used) by investing activities	4,073			(40,821		)	—		(36,748		)
Financing activities
Long-term borrowings	650,000			—			—		650,000
Debt payments	(561,394		)	(233		)	—		(561,627		)
Debt issuance costs	(12,492		)	—			—		(12,492		)
Stock option exercises	1,462			—			—		1,462
Common dividends paid	(8,354		)	—			—		(8,354		)
Net intercompany financing activities	23,391			(23,391		)	—		—
Net cash provided (used) by financing activities	92,613			(23,624		)	—		68,989
Increase (decrease) in cash and cash equivalents	41,406			80			—		41,486
Cash and cash equivalents at beginning of period	72,492			2,454			—		74,946
Cash and cash equivalents at end of period	$	113,898		$	2,534		$	—	$	116,432