| Comparable adjustments |
Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:
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For the Six Months Ended August 31, |
|
For the Three Months Ended August 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
(in millions) |
|
|
|
|
|
|
|
Cost of product sold |
|
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|
|
|
|
|
Settlements of undesignated commodity derivative contracts |
$ |
15.1 |
|
|
$ |
12.2 |
|
|
$ |
6.8 |
|
|
$ |
6.7 |
|
Net gain (loss) on undesignated commodity derivative contracts |
7.7 |
|
|
(16.4 |
) |
|
(5.4 |
) |
|
(11.2 |
) |
Flow through of inventory step-up |
(11.5 |
) |
|
(1.2 |
) |
|
(3.4 |
) |
|
(1.2 |
) |
Amortization of favorable interim supply agreement |
(2.2 |
) |
|
(17.9 |
) |
|
— |
|
|
(9.0 |
) |
Total cost of product sold |
9.1 |
|
|
(23.3 |
) |
|
(2.0 |
) |
|
(14.7 |
) |
|
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|
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Selling, general and administrative expenses |
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Costs associated with a potential initial public offering |
(8.1 |
) |
|
— |
|
|
(4.4 |
) |
|
— |
|
Transaction, integration and other acquisition-related costs |
(5.3 |
) |
|
(10.8 |
) |
|
(3.0 |
) |
|
(5.5 |
) |
Restructuring and related charges |
(1.0 |
) |
|
(14.3 |
) |
|
0.1 |
|
|
(1.3 |
) |
Total selling, general and administrative expenses |
(14.4 |
) |
|
(25.1 |
) |
|
(7.3 |
) |
|
(6.8 |
) |
Comparable Adjustments, Operating loss |
$ |
(5.3 |
) |
|
$ |
(48.4 |
) |
|
$ |
(9.3 |
) |
|
$ |
(21.5 |
) |
|
| Segment information |
Segment information is as follows:
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For the Six Months Ended August 31, |
|
For the Three Months Ended August 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
(in millions) |
|
|
|
|
|
|
|
Beer |
|
|
|
|
|
|
|
Net sales |
$ |
2,373.5 |
|
|
$ |
1,985.3 |
|
|
$ |
1,222.5 |
|
|
$ |
1,019.5 |
|
Segment operating income |
$ |
860.0 |
|
|
$ |
692.4 |
|
|
$ |
450.7 |
|
|
$ |
355.9 |
|
Long-lived tangible assets |
$ |
2,449.4 |
|
|
$ |
1,630.8 |
|
|
$ |
2,449.4 |
|
|
$ |
1,630.8 |
|
Total assets |
$ |
10,255.6 |
|
|
$ |
8,461.5 |
|
|
$ |
10,255.6 |
|
|
$ |
8,461.5 |
|
Capital expenditures |
$ |
303.9 |
|
|
$ |
260.7 |
|
|
$ |
158.9 |
|
|
$ |
149.2 |
|
Depreciation and amortization |
$ |
53.2 |
|
|
$ |
27.9 |
|
|
$ |
27.3 |
|
|
$ |
13.6 |
|
|
|
|
|
|
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|
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended August 31, |
|
For the Three Months Ended August 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
(in millions) |
|
|
|
|
|
|
|
Wine and Spirits |
|
|
|
|
|
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|
Net sales: |
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|
|
|
|
|
Wine |
$ |
1,348.5 |
|
|
$ |
1,212.1 |
|
|
$ |
705.4 |
|
|
$ |
624.3 |
|
Spirits |
171.0 |
|
|
167.3 |
|
|
93.3 |
|
|
89.6 |
|
Net sales |
$ |
1,519.5 |
|
|
$ |
1,379.4 |
|
|
$ |
798.7 |
|
|
$ |
713.9 |
|
Segment operating income |
$ |
373.7 |
|
|
$ |
320.1 |
|
|
$ |
205.7 |
|
|
$ |
175.9 |
|
Equity in earnings (losses) of equity method investees |
$ |
0.7 |
|
|
$ |
1.2 |
|
|
$ |
(0.1 |
) |
|
$ |
0.2 |
|
Long-lived tangible assets |
$ |
1,048.3 |
|
|
$ |
1,030.0 |
|
|
$ |
1,048.3 |
|
|
$ |
1,030.0 |
|
Investments in equity method investees |
$ |
76.5 |
|
|
$ |
73.3 |
|
|
$ |
76.5 |
|
|
$ |
73.3 |
|
Total assets |
$ |
7,073.0 |
|
|
$ |
6,725.7 |
|
|
$ |
7,073.0 |
|
|
$ |
6,725.7 |
|
Capital expenditures |
$ |
29.6 |
|
|
$ |
31.9 |
|
|
$ |
17.1 |
|
|
$ |
15.2 |
|
Depreciation and amortization |
$ |
50.2 |
|
|
$ |
51.6 |
|
|
$ |
25.3 |
|
|
$ |
27.4 |
|
|
|
|
|
|
|
|
|
Corporate Operations and Other |
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|
Segment operating loss |
$ |
(64.8 |
) |
|
$ |
(57.4 |
) |
|
$ |
(36.2 |
) |
|
$ |
(30.9 |
) |
Equity in earnings of equity method investees |
$ |
— |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
— |
|
Long-lived tangible assets |
$ |
134.4 |
|
|
$ |
112.5 |
|
|
$ |
134.4 |
|
|
$ |
112.5 |
|
Investments in equity method investees |
$ |
7.0 |
|
|
$ |
1.0 |
|
|
$ |
7.0 |
|
|
$ |
1.0 |
|
Total assets |
$ |
388.8 |
|
|
$ |
435.6 |
|
|
$ |
388.8 |
|
|
$ |
435.6 |
|
Capital expenditures |
$ |
35.1 |
|
|
$ |
2.2 |
|
|
$ |
23.2 |
|
|
$ |
0.7 |
|
Depreciation and amortization |
$ |
14.6 |
|
|
$ |
14.0 |
|
|
$ |
7.6 |
|
|
$ |
6.7 |
|
|
|
|
|
|
|
|
|
Comparable Adjustments |
|
|
|
|
|
|
|
Operating loss |
$ |
(5.3 |
) |
|
$ |
(48.4 |
) |
|
$ |
(9.3 |
) |
|
$ |
(21.5 |
) |
Depreciation and amortization |
$ |
2.2 |
|
|
$ |
17.9 |
|
|
$ |
— |
|
|
$ |
9.0 |
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
Net sales |
$ |
3,893.0 |
|
|
$ |
3,364.7 |
|
|
$ |
2,021.2 |
|
|
$ |
1,733.4 |
|
Operating income |
$ |
1,163.6 |
|
|
$ |
906.7 |
|
|
$ |
610.9 |
|
|
$ |
479.4 |
|
Equity in earnings of equity method investees |
$ |
0.7 |
|
|
$ |
1.2 |
|
|
$ |
— |
|
|
$ |
0.2 |
|
Long-lived tangible assets |
$ |
3,632.1 |
|
|
$ |
2,773.3 |
|
|
$ |
3,632.1 |
|
|
$ |
2,773.3 |
|
Investments in equity method investees |
$ |
83.5 |
|
|
$ |
74.3 |
|
|
$ |
83.5 |
|
|
$ |
74.3 |
|
Total assets |
$ |
17,717.4 |
|
|
$ |
15,622.8 |
|
|
$ |
17,717.4 |
|
|
$ |
15,622.8 |
|
Capital expenditures |
$ |
368.6 |
|
|
$ |
294.8 |
|
|
$ |
199.2 |
|
|
$ |
165.1 |
|
Depreciation and amortization |
$ |
120.2 |
|
|
$ |
111.4 |
|
|
$ |
60.2 |
|
|
$ |
56.7 |
|
|