| 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 Nine Months Ended November 30, 2017 |
Sales |
$ |
6,391.4 |
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$ |
(0.8 |
) |
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$ |
6,390.6 |
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Net sales |
$ |
5,819.1 |
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$ |
(0.8 |
) |
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$ |
5,818.3 |
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Gross profit |
$ |
2,968.1 |
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$ |
(0.8 |
) |
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$ |
2,967.3 |
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Operating income |
$ |
1,768.8 |
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$ |
(0.8 |
) |
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$ |
1,768.0 |
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Income before income taxes |
$ |
1,754.3 |
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$ |
(0.8 |
) |
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$ |
1,753.5 |
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Provision for income taxes |
$ |
(352.3 |
) |
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$ |
0.3 |
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$ |
(352.0 |
) |
Net income |
$ |
1,402.0 |
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$ |
(0.5 |
) |
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$ |
1,401.5 |
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Net income attributable to CBI |
$ |
1,393.4 |
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$ |
(0.5 |
) |
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$ |
1,392.9 |
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Comprehensive income attributable to CBI |
$ |
1,584.2 |
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$ |
(0.5 |
) |
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$ |
1,583.7 |
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Net income per common share attributable to CBI: |
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Basic – Class A Common Stock |
$ |
7.22 |
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$ |
— |
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$ |
7.22 |
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Basic – Class B Convertible Common Stock |
$ |
6.55 |
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$ |
— |
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$ |
6.55 |
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Diluted – Class A Common Stock |
$ |
6.93 |
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$ |
(0.01 |
) |
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$ |
6.92 |
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Diluted – Class B Convertible Common Stock |
$ |
6.40 |
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$ |
— |
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$ |
6.40 |
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Consolidated Statement of Comprehensive Income for the Three Months Ended November 30, 2017 |
Sales |
$ |
1,978.9 |
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$ |
2.8 |
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$ |
1,981.7 |
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Net sales |
$ |
1,799.1 |
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$ |
2.8 |
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$ |
1,801.9 |
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Gross profit |
$ |
907.5 |
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$ |
2.8 |
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$ |
910.3 |
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Operating income |
$ |
486.8 |
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$ |
2.8 |
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$ |
489.6 |
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Income before income taxes |
$ |
644.2 |
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$ |
2.8 |
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$ |
647.0 |
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Provision for income taxes |
$ |
(149.5 |
) |
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$ |
(1.1 |
) |
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$ |
(150.6 |
) |
Net income |
$ |
494.7 |
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$ |
1.7 |
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$ |
496.4 |
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Net income attributable to CBI |
$ |
491.1 |
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$ |
1.7 |
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$ |
492.8 |
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Comprehensive income attributable to CBI |
$ |
369.5 |
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$ |
1.7 |
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$ |
371.2 |
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Net income per common share attributable to CBI: |
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Basic – Class A Common Stock |
$ |
2.54 |
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$ |
0.01 |
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$ |
2.55 |
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Basic – Class B Convertible Common Stock |
$ |
2.31 |
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$ |
0.01 |
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$ |
2.32 |
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Diluted – Class A Common Stock |
$ |
2.44 |
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$ |
0.01 |
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$ |
2.45 |
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Diluted – Class B Convertible Common Stock |
$ |
2.26 |
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$ |
— |
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$ |
2.26 |
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