| Comparable adjustments |
Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28,
2017 |
|
February 29,
2016 |
|
February 28,
2015 |
(in millions) |
|
|
|
|
|
Cost of product sold |
|
|
|
|
|
Settlements of undesignated commodity derivative contracts |
$ |
23.4 |
|
|
$ |
29.5 |
|
|
$ |
4.4 |
|
Net gain (loss) on undesignated commodity derivative contracts |
16.3 |
|
|
(48.1 |
) |
|
(32.7 |
) |
Flow through of inventory step-up |
(20.1 |
) |
|
(18.4 |
) |
|
— |
|
Amortization of favorable interim supply agreement |
(2.2 |
) |
|
(31.7 |
) |
|
(28.4 |
) |
Other losses |
— |
|
|
— |
|
|
(2.8 |
) |
Total cost of product sold |
17.4 |
|
|
(68.7 |
) |
|
(59.5 |
) |
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
Impairment of intangible assets |
(37.6 |
) |
|
— |
|
|
— |
|
Costs associated with the Canadian Divestiture and related activities |
(20.4 |
) |
|
— |
|
|
— |
|
Transaction, integration and other acquisition-related costs |
(14.2 |
) |
|
(15.4 |
) |
|
(30.5 |
) |
Restructuring and related charges |
(0.9 |
) |
|
(16.4 |
) |
|
— |
|
Other gains (losses) |
(2.6 |
) |
|
— |
|
|
7.2 |
|
Total selling, general and administrative expenses |
(75.7 |
) |
|
(31.8 |
) |
|
(23.3 |
) |
|
|
|
|
|
|
Gain on sale of business |
262.4 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
Comparable Adjustments, Operating income (loss) |
$ |
204.1 |
|
|
$ |
(100.5 |
) |
|
$ |
(82.8 |
) |
|
| Segment information |
Segment information is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28,
2017 |
|
February 29,
2016 |
|
February 28,
2015 |
(in millions) |
|
|
|
|
|
Beer |
|
|
|
|
|
Net sales |
$ |
4,229.3 |
|
|
$ |
3,622.6 |
|
|
$ |
3,188.6 |
|
Segment operating income |
$ |
1,534.4 |
|
|
$ |
1,264.1 |
|
|
$ |
1,017.8 |
|
Long-lived tangible assets |
$ |
2,810.0 |
|
|
$ |
2,187.8 |
|
|
$ |
1,485.6 |
|
Total assets |
$ |
11,325.3 |
|
|
$ |
9,900.7 |
|
|
$ |
8,281.0 |
|
Capital expenditures |
$ |
759.2 |
|
|
$ |
800.3 |
|
|
$ |
587.3 |
|
Depreciation and amortization |
$ |
114.9 |
|
|
$ |
61.5 |
|
|
$ |
45.4 |
|
|
|
|
|
|
|
Wine and Spirits |
|
|
|
|
|
Net sales: |
|
|
|
|
|
Wine |
$ |
2,739.3 |
|
|
$ |
2,591.4 |
|
|
$ |
2,523.4 |
|
Spirits |
362.9 |
|
|
334.4 |
|
|
316.0 |
|
Net sales |
$ |
3,102.2 |
|
|
$ |
2,925.8 |
|
|
$ |
2,839.4 |
|
Segment operating income |
$ |
800.8 |
|
|
$ |
727.0 |
|
|
$ |
674.3 |
|
Earnings from unconsolidated investments |
$ |
29.2 |
|
|
$ |
26.6 |
|
|
$ |
21.5 |
|
Long-lived tangible assets |
$ |
992.9 |
|
|
$ |
1,039.8 |
|
|
$ |
1,071.8 |
|
Investments in equity method investees |
$ |
77.6 |
|
|
$ |
76.2 |
|
|
$ |
73.5 |
|
Total assets |
$ |
6,976.6 |
|
|
$ |
6,770.4 |
|
|
$ |
6,508.2 |
|
Capital expenditures |
$ |
100.0 |
|
|
$ |
81.7 |
|
|
$ |
96.8 |
|
Depreciation and amortization |
$ |
99.4 |
|
|
$ |
100.2 |
|
|
$ |
100.0 |
|
|
|
|
|
|
|
Corporate Operations and Other |
|
|
|
|
|
Segment operating loss |
$ |
(139.9 |
) |
|
$ |
(125.5 |
) |
|
$ |
(109.1 |
) |
Losses from unconsolidated investments |
$ |
(0.2 |
) |
|
$ |
— |
|
|
$ |
— |
|
Long-lived tangible assets |
$ |
129.9 |
|
|
$ |
105.8 |
|
|
$ |
124.2 |
|
Investments in equity method investees |
$ |
21.1 |
|
|
$ |
6.0 |
|
|
$ |
— |
|
Total assets |
$ |
300.5 |
|
|
$ |
293.9 |
|
|
$ |
303.8 |
|
Capital expenditures |
$ |
48.2 |
|
|
$ |
9.3 |
|
|
$ |
35.3 |
|
Depreciation and amortization |
$ |
31.4 |
|
|
$ |
27.6 |
|
|
$ |
28.2 |
|
|
|
|
|
|
|
Comparable Adjustments |
|
|
|
|
|
Operating income (loss) |
$ |
204.1 |
|
|
$ |
(100.5 |
) |
|
$ |
(82.8 |
) |
Earnings (losses) from unconsolidated investments |
$ |
(1.7 |
) |
|
$ |
24.5 |
|
|
$ |
— |
|
Depreciation and amortization |
$ |
2.2 |
|
|
$ |
31.7 |
|
|
$ |
28.4 |
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
Net sales |
$ |
7,331.5 |
|
|
$ |
6,548.4 |
|
|
$ |
6,028.0 |
|
Operating income |
$ |
2,399.4 |
|
|
$ |
1,765.1 |
|
|
$ |
1,500.2 |
|
Earnings from unconsolidated investments |
$ |
27.3 |
|
|
$ |
51.1 |
|
|
$ |
21.5 |
|
Long-lived tangible assets |
$ |
3,932.8 |
|
|
$ |
3,333.4 |
|
|
$ |
2,681.6 |
|
Investments in equity method investees |
$ |
98.7 |
|
|
$ |
82.2 |
|
|
$ |
73.5 |
|
Total assets |
$ |
18,602.4 |
|
|
$ |
16,965.0 |
|
|
$ |
15,093.0 |
|
Capital expenditures |
$ |
907.4 |
|
|
$ |
891.3 |
|
|
$ |
719.4 |
|
Depreciation and amortization |
$ |
247.9 |
|
|
$ |
221.0 |
|
|
$ |
202.0 |
|
|
| Geographic data |
Geographic data is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28,
2017 |
|
February 29,
2016 |
|
February 28,
2015 |
(in millions) |
|
|
|
|
|
Net sales |
|
|
|
|
|
U.S. |
$ |
6,807.7 |
|
|
$ |
5,960.9 |
|
|
$ |
5,360.0 |
|
Non-U.S. (primarily Canada) |
523.8 |
|
|
587.5 |
|
|
668.0 |
|
|
$ |
7,331.5 |
|
|
$ |
6,548.4 |
|
|
$ |
6,028.0 |
|
|
|
|
|
|
|
|
|
|
|
February 28,
2017 |
|
February 29,
2016 |
(in millions) |
|
|
|
Long-lived tangible assets |
|
|
|
U.S. |
$ |
1,037.6 |
|
|
$ |
933.3 |
|
Non-U.S. (primarily Mexico) |
2,895.2 |
|
|
2,400.1 |
|
|
$ |
3,932.8 |
|
|
$ |
3,333.4 |
|
|