| Comparable adjustments |
Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended November 30, |
|
For the Three Months
Ended November 30, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
(in millions) |
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
Product recall |
$ |
— |
|
|
$ |
(3.3 |
) |
|
$ |
— |
|
|
$ |
0.2 |
|
|
|
|
|
|
|
|
|
Cost of product sold |
|
|
|
|
|
|
|
Net loss on undesignated commodity derivative contracts |
(34.5 |
) |
|
(24.2 |
) |
|
(18.1 |
) |
|
(21.5 |
) |
Amortization of favorable interim supply agreement |
(25.3 |
) |
|
(27.5 |
) |
|
(7.4 |
) |
|
(8.6 |
) |
Flow through of inventory step-up |
(9.8 |
) |
|
— |
|
|
(8.6 |
) |
|
— |
|
Settlements of undesignated commodity derivative contracts |
20.4 |
|
|
0.6 |
|
|
8.2 |
|
|
1.2 |
|
Product recall |
— |
|
|
(8.0 |
) |
|
— |
|
|
(2.6 |
) |
Other losses |
— |
|
|
(2.8 |
) |
|
— |
|
|
(0.2 |
) |
Total cost of product sold |
(49.2 |
) |
|
(61.9 |
) |
|
(25.9 |
) |
|
(31.7 |
) |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
Restructuring and related charges |
(15.0 |
) |
|
— |
|
|
(0.7 |
) |
|
— |
|
Transaction, integration and other acquisition-related costs |
(12.7 |
) |
|
(21.1 |
) |
|
(1.9 |
) |
|
(8.0 |
) |
Product recall |
— |
|
|
(0.5 |
) |
|
— |
|
|
(0.2 |
) |
Total selling, general and administrative expenses |
(27.7 |
) |
|
(21.6 |
) |
|
(2.6 |
) |
|
(8.2 |
) |
Comparable Adjustments, Operating loss |
$ |
(76.9 |
) |
|
$ |
(86.8 |
) |
|
$ |
(28.5 |
) |
|
$ |
(39.7 |
) |
|
| Segment information |
Segment information is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended November 30, |
|
For the Three Months
Ended November 30, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
(in millions) |
|
|
|
|
|
|
|
Beer |
|
|
|
|
|
|
|
Net sales |
$ |
2,816.6 |
|
|
$ |
2,527.6 |
|
|
$ |
831.3 |
|
|
$ |
768.1 |
|
Segment operating income |
$ |
984.0 |
|
|
$ |
800.6 |
|
|
$ |
291.6 |
|
|
$ |
242.1 |
|
Long-lived tangible assets |
$ |
1,806.7 |
|
|
$ |
1,193.4 |
|
|
$ |
1,806.7 |
|
|
$ |
1,193.4 |
|
Total assets |
$ |
8,604.9 |
|
|
$ |
7,860.9 |
|
|
$ |
8,604.9 |
|
|
$ |
7,860.9 |
|
Capital expenditures |
$ |
457.3 |
|
|
$ |
434.9 |
|
|
$ |
196.6 |
|
|
$ |
206.1 |
|
Depreciation and amortization |
$ |
41.4 |
|
|
$ |
31.3 |
|
|
$ |
13.5 |
|
|
$ |
11.4 |
|
|
|
|
|
|
|
|
|
Wine and Spirits |
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
Wine |
$ |
1,931.5 |
|
|
$ |
1,912.2 |
|
|
$ |
719.4 |
|
|
$ |
685.1 |
|
Spirits |
257.1 |
|
|
235.3 |
|
|
89.8 |
|
|
88.3 |
|
Net sales |
$ |
2,188.6 |
|
|
$ |
2,147.5 |
|
|
$ |
809.2 |
|
|
$ |
773.4 |
|
Segment operating income |
$ |
542.8 |
|
|
$ |
512.4 |
|
|
$ |
222.7 |
|
|
$ |
199.4 |
|
Equity in earnings of equity method investees |
$ |
28.5 |
|
|
$ |
21.1 |
|
|
$ |
27.3 |
|
|
$ |
21.2 |
|
Long-lived tangible assets |
$ |
1,034.1 |
|
|
$ |
1,096.3 |
|
|
$ |
1,034.1 |
|
|
$ |
1,096.3 |
|
Investments in equity method investees |
$ |
91.0 |
|
|
$ |
85.3 |
|
|
$ |
91.0 |
|
|
$ |
85.3 |
|
Total assets |
$ |
6,856.6 |
|
|
$ |
6,780.5 |
|
|
$ |
6,856.6 |
|
|
$ |
6,780.5 |
|
Capital expenditures |
$ |
52.4 |
|
|
$ |
74.1 |
|
|
$ |
20.5 |
|
|
$ |
22.6 |
|
Depreciation and amortization |
$ |
75.3 |
|
|
$ |
75.2 |
|
|
$ |
23.7 |
|
|
$ |
24.3 |
|
|
|
|
|
|
|
|
|
Corporate Operations and Other |
|
|
|
|
|
|
|
Segment operating loss |
$ |
(95.9 |
) |
|
$ |
(79.7 |
) |
|
$ |
(38.5 |
) |
|
$ |
(26.2 |
) |
Long-lived tangible assets |
$ |
108.2 |
|
|
$ |
129.4 |
|
|
$ |
108.2 |
|
|
$ |
129.4 |
|
Investments in equity method investees |
$ |
1.0 |
|
|
$ |
— |
|
|
$ |
1.0 |
|
|
$ |
— |
|
Total assets |
$ |
695.1 |
|
|
$ |
339.1 |
|
|
$ |
695.1 |
|
|
$ |
339.1 |
|
Capital expenditures |
$ |
4.1 |
|
|
$ |
32.3 |
|
|
$ |
1.9 |
|
|
$ |
4.4 |
|
Depreciation and amortization |
$ |
20.7 |
|
|
$ |
20.6 |
|
|
$ |
6.7 |
|
|
$ |
7.3 |
|
|
|
|
|
|
|
|
|
Comparable Adjustments |
|
|
|
|
|
|
|
Net sales |
$ |
— |
|
|
$ |
(3.3 |
) |
|
$ |
— |
|
|
$ |
0.2 |
|
Operating loss |
$ |
(76.9 |
) |
|
$ |
(86.8 |
) |
|
$ |
(28.5 |
) |
|
$ |
(39.7 |
) |
Depreciation and amortization |
$ |
25.3 |
|
|
$ |
27.5 |
|
|
$ |
7.4 |
|
|
$ |
8.6 |
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
Net sales |
$ |
5,005.2 |
|
|
$ |
4,671.8 |
|
|
$ |
1,640.5 |
|
|
$ |
1,541.7 |
|
Operating income |
$ |
1,354.0 |
|
|
$ |
1,146.5 |
|
|
$ |
447.3 |
|
|
$ |
375.6 |
|
Equity in earnings of equity method investees |
$ |
28.5 |
|
|
$ |
21.1 |
|
|
$ |
27.3 |
|
|
$ |
21.2 |
|
Long-lived tangible assets |
$ |
2,949.0 |
|
|
$ |
2,419.1 |
|
|
$ |
2,949.0 |
|
|
$ |
2,419.1 |
|
Investments in equity method investees |
$ |
92.0 |
|
|
$ |
85.3 |
|
|
$ |
92.0 |
|
|
$ |
85.3 |
|
Total assets |
$ |
16,156.6 |
|
|
$ |
14,980.5 |
|
|
$ |
16,156.6 |
|
|
$ |
14,980.5 |
|
Capital expenditures |
$ |
513.8 |
|
|
$ |
541.3 |
|
|
$ |
219.0 |
|
|
$ |
233.1 |
|
Depreciation and amortization |
$ |
162.7 |
|
|
$ |
154.6 |
|
|
$ |
51.3 |
|
|
$ |
51.6 |
|
|