| Comparable adjustments |
Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended August 31, |
|
For the Three Months
Ended August 31, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
(in millions) |
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
Product recall |
$ |
— |
|
|
$ |
(3.5 |
) |
|
$ |
— |
|
|
$ |
(3.5 |
) |
|
|
|
|
|
|
|
|
Cost of product sold |
|
|
|
|
|
|
|
Amortization of favorable interim supply agreement |
(17.9 |
) |
|
(18.9 |
) |
|
(9.0 |
) |
|
(11.3 |
) |
Net loss on undesignated commodity derivative contracts |
(16.4 |
) |
|
(2.7 |
) |
|
(11.2 |
) |
|
(2.9 |
) |
Flow through of inventory step-up |
(1.2 |
) |
|
— |
|
|
(1.2 |
) |
|
— |
|
Settlements of undesignated commodity derivative contracts |
12.2 |
|
|
(0.6 |
) |
|
6.7 |
|
|
(0.1 |
) |
Product recall |
— |
|
|
(5.4 |
) |
|
— |
|
|
(5.4 |
) |
Other losses |
— |
|
|
(2.6 |
) |
|
— |
|
|
(2.6 |
) |
Total cost of product sold |
(23.3 |
) |
|
(30.2 |
) |
|
(14.7 |
) |
|
(22.3 |
) |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
Restructuring and related charges |
(14.3 |
) |
|
— |
|
|
(1.3 |
) |
|
— |
|
Transaction, integration and other acquisition-related costs |
(10.8 |
) |
|
(13.1 |
) |
|
(5.5 |
) |
|
(8.6 |
) |
Product recall |
— |
|
|
(0.3 |
) |
|
— |
|
|
(0.3 |
) |
Total selling, general and administrative expenses |
(25.1 |
) |
|
(13.4 |
) |
|
(6.8 |
) |
|
(8.9 |
) |
Comparable Adjustments, Operating loss |
$ |
(48.4 |
) |
|
$ |
(47.1 |
) |
|
$ |
(21.5 |
) |
|
$ |
(34.7 |
) |
|
| Segment information |
Segment information is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended August 31, |
|
For the Three Months
Ended August 31, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
(in millions) |
|
|
|
|
|
|
|
Beer |
|
|
|
|
|
|
|
Net sales |
$ |
1,985.3 |
|
|
$ |
1,759.5 |
|
|
$ |
1,019.5 |
|
|
$ |
891.8 |
|
Segment operating income |
$ |
692.4 |
|
|
$ |
558.5 |
|
|
$ |
355.9 |
|
|
$ |
271.0 |
|
Long-lived tangible assets |
$ |
1,630.8 |
|
|
$ |
1,060.6 |
|
|
$ |
1,630.8 |
|
|
$ |
1,060.6 |
|
Total assets |
$ |
8,470.7 |
|
|
$ |
7,713.3 |
|
|
$ |
8,470.7 |
|
|
$ |
7,713.3 |
|
Capital expenditures |
$ |
260.7 |
|
|
$ |
228.8 |
|
|
$ |
149.2 |
|
|
$ |
143.5 |
|
Depreciation and amortization |
$ |
27.9 |
|
|
$ |
19.9 |
|
|
$ |
13.6 |
|
|
$ |
10.1 |
|
|
|
|
|
|
|
|
|
Wine and Spirits |
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
Wine |
$ |
1,212.1 |
|
|
$ |
1,227.1 |
|
|
$ |
624.3 |
|
|
$ |
640.7 |
|
Spirits |
167.3 |
|
|
147.0 |
|
|
89.6 |
|
|
75.1 |
|
Net sales |
$ |
1,379.4 |
|
|
$ |
1,374.1 |
|
|
$ |
713.9 |
|
|
$ |
715.8 |
|
Segment operating income |
$ |
320.1 |
|
|
$ |
313.0 |
|
|
$ |
175.9 |
|
|
$ |
169.8 |
|
Equity in earnings (losses) of equity method investees |
$ |
1.2 |
|
|
$ |
(0.1 |
) |
|
$ |
0.2 |
|
|
$ |
(0.6 |
) |
Long-lived tangible assets |
$ |
1,030.0 |
|
|
$ |
1,107.5 |
|
|
$ |
1,030.0 |
|
|
$ |
1,107.5 |
|
Investments in equity method investees |
$ |
73.3 |
|
|
$ |
72.0 |
|
|
$ |
73.3 |
|
|
$ |
72.0 |
|
Total assets |
$ |
6,725.7 |
|
|
$ |
6,610.0 |
|
|
$ |
6,725.7 |
|
|
$ |
6,610.0 |
|
Capital expenditures |
$ |
31.9 |
|
|
$ |
51.5 |
|
|
$ |
15.2 |
|
|
$ |
20.2 |
|
Depreciation and amortization |
$ |
51.6 |
|
|
$ |
50.9 |
|
|
$ |
27.4 |
|
|
$ |
25.3 |
|
|
|
|
|
|
|
|
|
Corporate Operations and Other |
|
|
|
|
|
|
|
Segment operating loss |
$ |
(57.4 |
) |
|
$ |
(53.5 |
) |
|
$ |
(30.9 |
) |
|
$ |
(27.4 |
) |
Long-lived tangible assets |
$ |
112.5 |
|
|
$ |
131.8 |
|
|
$ |
112.5 |
|
|
$ |
131.8 |
|
Investments in equity method investees |
$ |
1.0 |
|
|
$ |
— |
|
|
$ |
1.0 |
|
|
$ |
— |
|
Total assets |
$ |
477.0 |
|
|
$ |
334.1 |
|
|
$ |
477.0 |
|
|
$ |
334.1 |
|
Capital expenditures |
$ |
2.2 |
|
|
$ |
27.9 |
|
|
$ |
0.7 |
|
|
$ |
13.1 |
|
Depreciation and amortization |
$ |
14.0 |
|
|
$ |
13.3 |
|
|
$ |
6.7 |
|
|
$ |
6.8 |
|
|
|
|
|
|
|
|
|
Comparable Adjustments |
|
|
|
|
|
|
|
Net sales |
$ |
— |
|
|
$ |
(3.5 |
) |
|
$ |
— |
|
|
$ |
(3.5 |
) |
Operating loss |
$ |
(48.4 |
) |
|
$ |
(47.1 |
) |
|
$ |
(21.5 |
) |
|
$ |
(34.7 |
) |
Depreciation and amortization |
$ |
17.9 |
|
|
$ |
18.9 |
|
|
$ |
9.0 |
|
|
$ |
11.3 |
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
Net sales |
$ |
3,364.7 |
|
|
$ |
3,130.1 |
|
|
$ |
1,733.4 |
|
|
$ |
1,604.1 |
|
Operating income |
$ |
906.7 |
|
|
$ |
770.9 |
|
|
$ |
479.4 |
|
|
$ |
378.7 |
|
Equity in earnings (losses) of equity method investees |
$ |
1.2 |
|
|
$ |
(0.1 |
) |
|
$ |
0.2 |
|
|
$ |
(0.6 |
) |
Long-lived tangible assets |
$ |
2,773.3 |
|
|
$ |
2,299.9 |
|
|
$ |
2,773.3 |
|
|
$ |
2,299.9 |
|
Investments in equity method investees |
$ |
74.3 |
|
|
$ |
72.0 |
|
|
$ |
74.3 |
|
|
$ |
72.0 |
|
Total assets |
$ |
15,673.4 |
|
|
$ |
14,657.4 |
|
|
$ |
15,673.4 |
|
|
$ |
14,657.4 |
|
Capital expenditures |
$ |
294.8 |
|
|
$ |
308.2 |
|
|
$ |
165.1 |
|
|
$ |
176.8 |
|
Depreciation and amortization |
$ |
111.4 |
|
|
$ |
103.0 |
|
|
$ |
56.7 |
|
|
$ |
53.5 |
|
|