Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v3.10.0.1
Business Segment Information (Tables)
 6 Months Ended
Aug. 31, 2018
Segment Reporting [Abstract]  
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,
 
2018
 
2017
 
2018
 
2017
(in millions)
 
 
 
 
 
 
 
Cost of product sold
 
 
 
 
 
 
 
Settlements of undesignated commodity derivative contracts
$
(5.1
)
 
$
4.7

 
$
(3.6
)
 
$
2.3

Accelerated depreciation
(5.0
)
 
—

 
(1.6
)
 
—

Loss on inventory write-down
(1.5
)
 
—

 
—

 
—

Flow through of inventory step-up
(1.4
)
 
(9.8
)
 
(0.8
)
 
(2.8
)
Net gain (loss) on undesignated commodity derivative contracts
9.6

 
0.8

 
(5.8
)
 
3.9

Total cost of product sold
(3.4
)
 
(4.3
)
 
(11.8
)
 
3.4

 
 
 
 
 
 
 
 
Selling, general and administrative expenses
 
 
 
 
 
 
 
Deferred compensation
(16.3
)
 
—

 
—

 
—

Restructuring and other strategic business development costs
(8.6
)
 
(3.4
)
 
(4.3
)
 
(2.0
)
Transaction, integration and other acquisition-related costs
(8.1
)
 
(2.3
)
 
(8.1
)
 
(0.7
)
Impairment of intangible assets
—

 
(86.8
)
 
—

 
—

Costs associated with the sale of the Canadian wine business and related activities
—

 
(3.2
)
 
—

 
—

Other gains
8.5

 
3.4

 
8.5

 
3.4

Total selling, general and administrative expenses
(24.5
)

(92.3
)
 
(3.9
)
 
0.7

 
 
 
 
 
 
 
 
Comparable Adjustments, Operating income (loss)
$
(27.9
)
 
$
(96.6
)
 
$
(15.7
)
 
$
4.1

Segment information
Segment information is as follows:
 
For the Six Months Ended August 31,
 
For the Three Months Ended August 31,
 
2018
 
2017
 
2018
 
2017
(in millions)
 
 
 
 
 
 
 
Beer
 
 
 
 
 
 
 
Net sales
$
2,902.2

 
$
2,620.9

 
$
1,527.1

 
$
1,381.7

Segment operating income
$
1,150.6

 
$
1,066.5

 
$
630.6

 
$
569.0

Long-lived tangible assets
$
3,819.6

 
$
3,326.4

 
$
3,819.6

 
$
3,326.4

Total assets
$
14,929.1

 
$
11,992.5

 
$
14,929.1

 
$
11,992.5

Capital expenditures
$
296.3

 
$
433.1

 
$
159.8

 
$
241.9

Depreciation and amortization
$
100.5

 
$
79.9

 
$
51.0

 
$
40.1

 
 
 
 
 
 
 
 
Wine and Spirits
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
Wine
$
1,262.8

 
$
1,216.1

 
$
671.0

 
$
614.0

Spirits
181.2

 
179.4

 
101.0

 
92.2

Net sales
$
1,444.0

 
$
1,395.5

 
$
772.0

 
$
706.2

Segment operating income
$
369.2

 
$
387.4

 
$
201.4

 
$
185.7

Income (loss) from unconsolidated investments
$
3.8

 
$
0.2

 
$
(1.0
)
 
$
—

Long-lived tangible assets
$
1,046.0

 
$
1,017.6

 
$
1,046.0

 
$
1,017.6

Investments in equity method investees
$
79.1

 
$
76.9

 
$
79.1

 
$
76.9

Total assets
$
7,100.5

 
$
7,051.5

 
$
7,100.5

 
$
7,051.5

Capital expenditures
$
58.8

 
$
63.0

 
$
31.0

 
$
41.4

Depreciation and amortization
$
49.2

 
$
45.8

 
$
24.8

 
$
23.2

 
 
 
 
 
 
 
 
Corporate Operations and Other
 
 
 
 
 
 
 
Segment operating loss
$
(101.5
)
 
$
(78.9
)
 
$
(51.3
)
 
$
(41.5
)
Income (loss) from unconsolidated investments
$
(1.2
)
 
$
0.4

 
$
(1.1
)
 
$
0.2

Long-lived tangible assets
$
82.1

 
$
120.2

 
$
82.1

 
$
120.2

Investments in equity method investees
$
41.2

 
$
21.5

 
$
41.2

 
$
21.5

Total assets
$
2,067.9

 
$
374.4

 
$
2,067.9

 
$
374.4

Capital expenditures
$
15.5

 
$
9.0

 
$
11.6

 
$
4.7

Depreciation and amortization
$
17.1

 
$
18.1

 
$
8.7

 
$
9.0

 
 
 
 
 
 
 
 
Comparable Adjustments
 
 
 
 
 
 
 
Operating income (loss)
$
(27.9
)
 
$
(96.6
)
 
$
(15.7
)
 
$
4.1

Income from unconsolidated investments
$
1,050.2

 
$
—

 
$
690.5

 
$
—

Depreciation and amortization
$
5.0

 
$
—

 
$
1.6

 
$
—

 
 
 
 
 
 
 
 
Consolidated
 
 
 
 
 
 
 
Net sales
$
4,346.2

 
$
4,016.4

 
$
2,299.1

 
$
2,087.9

Operating income
$
1,390.4

 
$
1,278.4

 
$
765.0

 
$
717.3

Income from unconsolidated investments (1)
$
1,052.8

 
$
0.6

 
$
688.4

 
$
0.2

Long-lived tangible assets
$
4,947.7

 
$
4,464.2

 
$
4,947.7

 
$
4,464.2

Investments in equity method investees
$
120.3

 
$
98.4

 
$
120.3

 
$
98.4

Total assets
$
24,097.5

 
$
19,418.4

 
$
24,097.5

 
$
19,418.4

Capital expenditures
$
370.6

 
$
505.1

 
$
202.4

 
$
288.0

Depreciation and amortization
$
171.8

 
$
143.8

 
$
86.1

 
$
72.3


(1)    Income from unconsolidated investments consists of:
 
For the Six Months Ended
 
For the Three Months Ended
 
August 31,
2018
 
August 31,
2017
 
August 31,
2018
 
August 31,
2017
(in millions)
 
 
 
 
 
 
 
Unrealized gain on securities measured at fair value
$
950.4

 
$
—

 
$
692.1

 
$
—

Net gain (loss) on sale of unconsolidated investment
99.8

 
—

 
(1.6
)
 
—

Equity in earnings (losses) from equity method investees
2.6

 
0.6

 
(2.1
)
 
0.2

 
$
1,052.8

 
$
0.6

 
$
688.4

 
$
0.2