| Effect of retrospective application method on consolidated financial statements |
The effects of the retrospective application method on our consolidated financial statements for the periods presented in this report were as follows:
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As
Previously
Reported
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Revenue
Recognition
Adjustments
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As
Adjusted
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(in millions, except per share data)
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Consolidated Balance Sheet at February 28, 2018 |
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Other accrued expenses and liabilities |
$ |
583.4 |
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$ |
94.9 |
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$ |
678.3 |
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Total current liabilities |
$ |
1,944.7 |
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$ |
94.9 |
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$ |
2,039.6 |
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Other liabilities (including deferred income taxes – as previously reported, $718.3 million; as adjusted, $694.4 million) |
$ |
1,113.7 |
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$ |
(23.9 |
) |
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$ |
1,089.8 |
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Total liabilities |
$ |
12,476.0 |
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$ |
71.0 |
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$ |
12,547.0 |
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Retained earnings |
$ |
9,228.2 |
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$ |
(71.0 |
) |
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$ |
9,157.2 |
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Total stockholders’ equity |
$ |
8,062.7 |
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$ |
(71.0 |
) |
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$ |
7,991.7 |
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As
Previously
Reported
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Revenue
Recognition
Adjustments
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As
Adjusted
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(in millions, except per share data)
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Consolidated Statement of Comprehensive Income for the Six Months Ended August 31, 2017 |
Sales |
$ |
4,412.5 |
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$ |
(3.6 |
) |
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$ |
4,408.9 |
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Net sales |
$ |
4,020.0 |
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$ |
(3.6 |
) |
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$ |
4,016.4 |
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Gross profit |
$ |
2,060.6 |
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$ |
(3.6 |
) |
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$ |
2,057.0 |
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Operating income |
$ |
1,282.0 |
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$ |
(3.6 |
) |
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$ |
1,278.4 |
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Income before income taxes |
$ |
1,110.1 |
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$ |
(3.6 |
) |
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$ |
1,106.5 |
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Provision for income taxes |
$ |
(202.8 |
) |
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$ |
1.4 |
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$ |
(201.4 |
) |
Net income |
$ |
907.3 |
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$ |
(2.2 |
) |
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$ |
905.1 |
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Net income attributable to CBI |
$ |
902.3 |
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$ |
(2.2 |
) |
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$ |
900.1 |
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Comprehensive income attributable to CBI |
$ |
1,214.7 |
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$ |
(2.2 |
) |
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$ |
1,212.5 |
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Net income per common share attributable to CBI: |
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Basic – Class A Common Stock |
$ |
4.67 |
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$ |
(0.01 |
) |
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$ |
4.66 |
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Basic – Class B Convertible Common Stock |
$ |
4.24 |
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$ |
(0.01 |
) |
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$ |
4.23 |
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Diluted – Class A Common Stock |
$ |
4.48 |
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$ |
(0.01 |
) |
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$ |
4.47 |
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Diluted – Class B Convertible Common Stock |
$ |
4.14 |
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$ |
(0.01 |
) |
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$ |
4.13 |
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Consolidated Statement of Comprehensive Income for the Three Months Ended August 31, 2017 |
Sales |
$ |
2,297.2 |
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$ |
3.4 |
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$ |
2,300.6 |
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Net sales |
$ |
2,084.5 |
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$ |
3.4 |
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$ |
2,087.9 |
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Gross profit |
$ |
1,065.3 |
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$ |
3.4 |
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$ |
1,068.7 |
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Operating income |
$ |
713.9 |
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$ |
3.4 |
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$ |
717.3 |
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Income before income taxes |
$ |
630.7 |
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$ |
3.4 |
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$ |
634.1 |
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Provision for income taxes |
$ |
(128.7 |
) |
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$ |
(1.3 |
) |
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$ |
(130.0 |
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Net income |
$ |
502.0 |
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$ |
2.1 |
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$ |
504.1 |
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Net income attributable to CBI |
$ |
499.5 |
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$ |
2.1 |
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$ |
501.6 |
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Comprehensive income attributable to CBI |
$ |
624.4 |
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$ |
2.1 |
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$ |
626.5 |
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Net income per common share attributable to CBI: |
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Basic – Class A Common Stock |
$ |
2.58 |
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$ |
0.01 |
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$ |
2.59 |
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Basic – Class B Convertible Common Stock |
$ |
2.35 |
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$ |
0.01 |
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$ |
2.36 |
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Diluted – Class A Common Stock |
$ |
2.48 |
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$ |
0.01 |
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$ |
2.49 |
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Diluted – Class B Convertible Common Stock |
$ |
2.29 |
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$ |
0.01 |
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$ |
2.30 |
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The adoption of the revenue recognition guidance had no impact to cash flows from operating, financing or investing activities in our consolidated statement of cash flows for the six months ended August 31, 2017.
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