| 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, 2018 |
|
February 28, 2017 |
|
February 29, 2016 |
(in millions) |
|
|
|
|
|
Cost of product sold |
|
|
|
|
|
Loss on inventory write-down |
$ |
(19.1 |
) |
|
$ |
— |
|
|
$ |
— |
|
Flow through of inventory step-up |
(18.7 |
) |
|
(20.1 |
) |
|
(18.4 |
) |
Net gain (loss) on undesignated commodity derivative contracts |
7.4 |
|
|
16.3 |
|
|
(48.1 |
) |
Settlements of undesignated commodity derivative contracts |
2.3 |
|
|
23.4 |
|
|
29.5 |
|
Amortization of favorable interim supply agreement |
— |
|
|
(2.2 |
) |
|
(31.7 |
) |
Total cost of product sold |
(28.1 |
) |
|
17.4 |
|
|
(68.7 |
) |
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
Impairment of intangible assets |
(86.8 |
) |
|
(37.6 |
) |
|
— |
|
Loss on contract termination (1)
|
(59.0 |
) |
|
— |
|
|
— |
|
Restructuring and other strategic business development costs |
(14.0 |
) |
|
(0.9 |
) |
|
(16.4 |
) |
Transaction, integration and other acquisition-related costs |
(8.1 |
) |
|
(14.2 |
) |
|
(15.4 |
) |
Costs associated with the Canadian Divestiture and related activities |
(3.2 |
) |
|
(20.4 |
) |
|
— |
|
Other gains (losses) (2)
|
10.5 |
|
|
(2.6 |
) |
|
— |
|
Total selling, general and administrative expenses |
(160.6 |
) |
|
(75.7 |
) |
|
(31.8 |
) |
|
|
|
|
|
|
Gain on sale of business |
— |
|
|
262.4 |
|
|
— |
|
|
|
|
|
|
|
Comparable Adjustments, Operating income (loss) |
$ |
(188.7 |
) |
|
$ |
204.1 |
|
|
$ |
(100.5 |
) |
|
|
(1) |
Represents a loss incurred in connection with the early termination of a beer glass supply contract with an affiliate of Owens-Illinois. |
|
|
(2) |
Includes a gain of $8.1 million for the year ended February 28, 2018, in connection with the reduction in estimated fair value of a contingent liability associated with a prior period acquisition.
|
|
| Segment information |
Segment information is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28, 2018 |
|
February 28, 2017 |
|
February 29, 2016 |
(in millions) |
|
|
|
|
|
Beer |
|
|
|
|
|
Net sales |
$ |
4,658.5 |
|
|
$ |
4,229.3 |
|
|
$ |
3,622.6 |
|
Segment operating income |
$ |
1,838.3 |
|
|
$ |
1,534.4 |
|
|
$ |
1,264.1 |
|
Long-lived tangible assets |
$ |
3,611.6 |
|
|
$ |
2,810.0 |
|
|
$ |
2,187.8 |
|
Total assets |
$ |
12,325.2 |
|
|
$ |
11,325.3 |
|
|
$ |
9,900.7 |
|
Capital expenditures |
$ |
882.6 |
|
|
$ |
759.2 |
|
|
$ |
800.3 |
|
Depreciation and amortization |
$ |
168.8 |
|
|
$ |
114.9 |
|
|
$ |
61.5 |
|
|
|
|
|
|
|
Wine and Spirits |
|
|
|
|
|
Net sales: |
|
|
|
|
|
Wine |
$ |
2,559.5 |
|
|
$ |
2,739.3 |
|
|
$ |
2,591.4 |
|
Spirits |
367.0 |
|
|
362.9 |
|
|
334.4 |
|
Net sales |
$ |
2,926.5 |
|
|
$ |
3,102.2 |
|
|
$ |
2,925.8 |
|
Segment operating income |
$ |
800.7 |
|
|
$ |
800.8 |
|
|
$ |
727.0 |
|
Income from unconsolidated investments |
$ |
34.4 |
|
|
$ |
29.2 |
|
|
$ |
26.6 |
|
Long-lived tangible assets |
$ |
1,080.7 |
|
|
$ |
992.9 |
|
|
$ |
1,039.8 |
|
Investments in equity method investees |
$ |
80.7 |
|
|
$ |
77.6 |
|
|
$ |
76.2 |
|
Total assets |
$ |
7,217.4 |
|
|
$ |
6,976.6 |
|
|
$ |
6,770.4 |
|
Capital expenditures |
$ |
151.1 |
|
|
$ |
100.0 |
|
|
$ |
81.7 |
|
Depreciation and amortization |
$ |
94.0 |
|
|
$ |
99.4 |
|
|
$ |
100.2 |
|
|
|
|
|
|
|
Corporate Operations and Other |
|
|
|
|
|
Segment operating loss |
$ |
(165.8 |
) |
|
$ |
(139.9 |
) |
|
$ |
(125.5 |
) |
Income (loss) from unconsolidated investments |
$ |
0.2 |
|
|
$ |
(0.2 |
) |
|
$ |
— |
|
Long-lived tangible assets |
$ |
97.4 |
|
|
$ |
129.9 |
|
|
$ |
105.8 |
|
Investments in equity method investees |
$ |
40.8 |
|
|
$ |
21.1 |
|
|
$ |
6.0 |
|
Total assets |
$ |
996.1 |
|
|
$ |
300.5 |
|
|
$ |
293.9 |
|
Capital expenditures |
$ |
23.9 |
|
|
$ |
48.2 |
|
|
$ |
9.3 |
|
Depreciation and amortization |
$ |
36.9 |
|
|
$ |
31.4 |
|
|
$ |
27.6 |
|
|
|
|
|
|
|
Comparable Adjustments |
|
|
|
|
|
Operating income (loss) |
$ |
(188.7 |
) |
|
$ |
204.1 |
|
|
$ |
(100.5 |
) |
Income (loss) from unconsolidated investments |
$ |
452.6 |
|
|
$ |
(1.7 |
) |
|
$ |
24.5 |
|
Depreciation and amortization |
$ |
— |
|
|
$ |
2.2 |
|
|
$ |
31.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28, 2018 |
|
February 28, 2017 |
|
February 29, 2016 |
(in millions) |
|
|
|
|
|
Consolidated |
|
|
|
|
|
Net sales |
$ |
7,585.0 |
|
|
$ |
7,331.5 |
|
|
$ |
6,548.4 |
|
Operating income |
$ |
2,284.5 |
|
|
$ |
2,399.4 |
|
|
$ |
1,765.1 |
|
Income from unconsolidated investments (1)
|
$ |
487.2 |
|
|
$ |
27.3 |
|
|
$ |
51.1 |
|
Long-lived tangible assets |
$ |
4,789.7 |
|
|
$ |
3,932.8 |
|
|
$ |
3,333.4 |
|
Investments in equity method investees |
$ |
121.5 |
|
|
$ |
98.7 |
|
|
$ |
82.2 |
|
Total assets |
$ |
20,538.7 |
|
|
$ |
18,602.4 |
|
|
$ |
16,965.0 |
|
Capital expenditures |
$ |
1,057.6 |
|
|
$ |
907.4 |
|
|
$ |
891.3 |
|
Depreciation and amortization |
$ |
299.7 |
|
|
$ |
247.9 |
|
|
$ |
221.0 |
|
(1) Income from unconsolidated investments consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28, 2018 |
|
February 28, 2017 |
|
February 29, 2016 |
(in millions) |
|
|
|
|
|
Equity in earnings from equity method investees |
$ |
34.6 |
|
|
$ |
27.3 |
|
|
$ |
26.6 |
|
Unrealized gain on equity securities and related activities |
452.6 |
|
|
— |
|
|
— |
|
Dividend income from a retained interest in a previously divested business |
— |
|
|
— |
|
|
24.5 |
|
|
$ |
487.2 |
|
|
$ |
27.3 |
|
|
$ |
51.1 |
|
|
| Geographic data |
Geographic data is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28, 2018 |
|
February 28, 2017 |
|
February 29, 2016 |
(in millions) |
|
|
|
|
|
Net sales |
|
|
|
|
|
U.S. |
$ |
7,330.1 |
|
|
$ |
6,807.7 |
|
|
$ |
5,960.9 |
|
Non-U.S. (primarily Canada) |
254.9 |
|
|
523.8 |
|
|
587.5 |
|
|
$ |
7,585.0 |
|
|
$ |
7,331.5 |
|
|
$ |
6,548.4 |
|
|
|
|
|
|
|
|
|
|
|
February 28, 2018 |
|
February 28, 2017 |
(in millions) |
|
|
|
Long-lived tangible assets |
|
|
|
U.S. |
$ |
1,124.5 |
|
|
$ |
1,037.6 |
|
Non-U.S. (primarily Mexico) |
3,665.2 |
|
|
2,895.2 |
|
|
$ |
4,789.7 |
|
|
$ |
3,932.8 |
|
|