| 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, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
(in millions) |
|
|
|
|
|
|
|
Cost of product sold |
|
|
|
|
|
|
|
Flow through of inventory step-up |
$ |
(9.8 |
) |
|
$ |
(11.5 |
) |
|
$ |
(2.8 |
) |
|
$ |
(3.4 |
) |
Settlements of undesignated commodity derivative contracts |
4.7 |
|
|
15.1 |
|
|
2.3 |
|
|
6.8 |
|
Net gain (loss) on undesignated commodity derivative contracts |
0.8 |
|
|
7.7 |
|
|
3.9 |
|
|
(5.4 |
) |
Amortization of favorable interim supply agreement |
— |
|
|
(2.2 |
) |
|
— |
|
|
— |
|
Total cost of product sold |
(4.3 |
) |
|
9.1 |
|
|
3.4 |
|
|
(2.0 |
) |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
Impairment of intangible assets |
(86.8 |
) |
|
— |
|
|
— |
|
|
— |
|
Costs associated with the Canadian Divestiture and related activities |
(3.2 |
) |
|
(8.1 |
) |
|
— |
|
|
(4.4 |
) |
Transaction, integration and other acquisition-related costs |
(2.3 |
) |
|
(5.3 |
) |
|
(0.7 |
) |
|
(3.0 |
) |
Other gains (losses) |
— |
|
|
(1.0 |
) |
|
1.4 |
|
|
0.1 |
|
Total selling, general and administrative expenses |
(92.3 |
) |
|
(14.4 |
) |
|
0.7 |
|
|
(7.3 |
) |
Comparable Adjustments, Operating income (loss) |
$ |
(96.6 |
) |
|
$ |
(5.3 |
) |
|
$ |
4.1 |
|
|
$ |
(9.3 |
) |
|
| Segment information |
Segment information is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended August 31, |
|
For the Three Months Ended August 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
(in millions) |
|
|
|
|
|
|
|
Beer |
|
|
|
|
|
|
|
Net sales |
$ |
2,621.2 |
|
|
$ |
2,373.5 |
|
|
$ |
1,378.9 |
|
|
$ |
1,222.5 |
|
Segment operating income |
$ |
1,066.8 |
|
|
$ |
860.0 |
|
|
$ |
566.2 |
|
|
$ |
450.7 |
|
Long-lived tangible assets |
$ |
3,326.4 |
|
|
$ |
2,449.4 |
|
|
$ |
3,326.4 |
|
|
$ |
2,449.4 |
|
Total assets |
$ |
11,992.5 |
|
|
$ |
10,255.6 |
|
|
$ |
11,992.5 |
|
|
$ |
10,255.6 |
|
Capital expenditures |
$ |
433.1 |
|
|
$ |
303.9 |
|
|
$ |
241.9 |
|
|
$ |
158.9 |
|
Depreciation and amortization |
$ |
79.9 |
|
|
$ |
53.2 |
|
|
$ |
40.1 |
|
|
$ |
27.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended August 31, |
|
For the Three Months Ended August 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
(in millions) |
|
|
|
|
|
|
|
Wine and Spirits |
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
Wine |
$ |
1,215.7 |
|
|
$ |
1,348.5 |
|
|
$ |
610.7 |
|
|
$ |
705.4 |
|
Spirits |
183.1 |
|
|
171.0 |
|
|
94.9 |
|
|
93.3 |
|
Net sales |
$ |
1,398.8 |
|
|
$ |
1,519.5 |
|
|
$ |
705.6 |
|
|
$ |
798.7 |
|
Segment operating income |
$ |
390.7 |
|
|
$ |
373.7 |
|
|
$ |
185.1 |
|
|
$ |
205.7 |
|
Equity in earnings (losses) of equity method investees |
$ |
0.2 |
|
|
$ |
0.7 |
|
|
$ |
— |
|
|
$ |
(0.1 |
) |
Long-lived tangible assets |
$ |
1,017.6 |
|
|
$ |
1,048.3 |
|
|
$ |
1,017.6 |
|
|
$ |
1,048.3 |
|
Investments in equity method investees |
$ |
76.9 |
|
|
$ |
76.5 |
|
|
$ |
76.9 |
|
|
$ |
76.5 |
|
Total assets |
$ |
7,051.5 |
|
|
$ |
7,073.0 |
|
|
$ |
7,051.5 |
|
|
$ |
7,073.0 |
|
Capital expenditures |
$ |
63.0 |
|
|
$ |
29.6 |
|
|
$ |
41.4 |
|
|
$ |
17.1 |
|
Depreciation and amortization |
$ |
45.8 |
|
|
$ |
50.2 |
|
|
$ |
23.2 |
|
|
$ |
25.3 |
|
|
|
|
|
|
|
|
|
Corporate Operations and Other |
|
|
|
|
|
|
|
Segment operating loss |
$ |
(78.9 |
) |
|
$ |
(64.8 |
) |
|
$ |
(41.5 |
) |
|
$ |
(36.2 |
) |
Equity in earnings of equity method investees |
$ |
0.4 |
|
|
$ |
— |
|
|
$ |
0.2 |
|
|
$ |
0.1 |
|
Long-lived tangible assets |
$ |
120.2 |
|
|
$ |
134.4 |
|
|
$ |
120.2 |
|
|
$ |
134.4 |
|
Investments in equity method investees |
$ |
21.5 |
|
|
$ |
7.0 |
|
|
$ |
21.5 |
|
|
$ |
7.0 |
|
Total assets |
$ |
374.4 |
|
|
$ |
388.8 |
|
|
$ |
374.4 |
|
|
$ |
388.8 |
|
Capital expenditures |
$ |
9.0 |
|
|
$ |
35.1 |
|
|
$ |
4.7 |
|
|
$ |
23.2 |
|
Depreciation and amortization |
$ |
18.1 |
|
|
$ |
14.6 |
|
|
$ |
9.0 |
|
|
$ |
7.6 |
|
|
|
|
|
|
|
|
|
Comparable Adjustments |
|
|
|
|
|
|
|
Operating income (loss) |
$ |
(96.6 |
) |
|
$ |
(5.3 |
) |
|
$ |
4.1 |
|
|
$ |
(9.3 |
) |
Depreciation and amortization |
$ |
— |
|
|
$ |
2.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
Net sales |
$ |
4,020.0 |
|
|
$ |
3,893.0 |
|
|
$ |
2,084.5 |
|
|
$ |
2,021.2 |
|
Operating income |
$ |
1,282.0 |
|
|
$ |
1,163.6 |
|
|
$ |
713.9 |
|
|
$ |
610.9 |
|
Equity in earnings of equity method investees |
$ |
0.6 |
|
|
$ |
0.7 |
|
|
$ |
0.2 |
|
|
$ |
— |
|
Long-lived tangible assets |
$ |
4,464.2 |
|
|
$ |
3,632.1 |
|
|
$ |
4,464.2 |
|
|
$ |
3,632.1 |
|
Investments in equity method investees |
$ |
98.4 |
|
|
$ |
83.5 |
|
|
$ |
98.4 |
|
|
$ |
83.5 |
|
Total assets |
$ |
19,418.4 |
|
|
$ |
17,717.4 |
|
|
$ |
19,418.4 |
|
|
$ |
17,717.4 |
|
Capital expenditures |
$ |
505.1 |
|
|
$ |
368.6 |
|
|
$ |
288.0 |
|
|
$ |
199.2 |
|
Depreciation and amortization |
$ |
143.8 |
|
|
$ |
120.2 |
|
|
$ |
72.3 |
|
|
$ |
60.2 |
|
|