| Estimated useful lives for depreciation |
Depreciation is computed primarily using the straight-line method over the following estimated useful lives:
|
|
|
|
Years |
Land improvements |
15 to 32 |
Vineyards |
16 to 26 |
Buildings and improvements |
10 to 50 |
Machinery and equipment |
3 to 35 |
Motor vehicles |
3 to 8 |
The major components of property, plant and equipment are as follows:
|
|
|
|
|
|
|
|
|
|
February 28,
2019 |
|
February 28,
2018 |
(in millions) |
|
|
|
Land and land improvements |
$ |
456.7 |
|
|
$ |
438.0 |
|
Vineyards |
221.3 |
|
|
238.3 |
|
Buildings and improvements |
1,067.3 |
|
|
883.0 |
|
Machinery and equipment |
3,931.1 |
|
|
3,548.3 |
|
Motor vehicles |
81.8 |
|
|
93.6 |
|
Construction in progress |
1,214.3 |
|
|
1,072.5 |
|
|
6,972.5 |
|
|
6,273.7 |
|
Less – Accumulated depreciation |
(1,705.2 |
) |
|
(1,484.0 |
) |
|
$ |
5,267.3 |
|
|
$ |
4,789.7 |
|
|
| 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 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Previously
Reported
|
|
Revenue
Recognition
Adjustments
|
|
As
Adjusted
|
(in millions)
|
|
|
|
|
|
Consolidated Balance Sheet at February 28, 2018 |
|
|
|
|
|
Other accrued expenses and liabilities |
$ |
583.4 |
|
|
$ |
94.9 |
|
|
$ |
678.3 |
|
Total current liabilities |
$ |
1,944.7 |
|
|
$ |
94.9 |
|
|
$ |
2,039.6 |
|
Deferred income taxes and other liabilities (including deferred income taxes – as previously reported, $718.3 million; as adjusted, $694.4 million) |
$ |
1,113.7 |
|
|
$ |
(23.9 |
) |
|
$ |
1,089.8 |
|
Total liabilities |
$ |
12,476.0 |
|
|
$ |
71.0 |
|
|
$ |
12,547.0 |
|
Retained earnings |
$ |
9,228.2 |
|
|
$ |
(71.0 |
) |
|
$ |
9,157.2 |
|
Total stockholders’ equity |
$ |
8,062.7 |
|
|
$ |
(71.0 |
) |
|
$ |
7,991.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended February 28, 2018 |
|
For the Year Ended February 28, 2017 |
|
As
Previously
Reported |
|
Revenue
Recognition
Adjustments |
|
As
Adjusted |
|
As
Previously
Reported |
|
Revenue
Recognition
Adjustments |
|
As
Adjusted |
(in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
8,326.8 |
|
|
$ |
(4.7 |
) |
|
$ |
8,322.1 |
|
|
$ |
8,061.6 |
|
|
$ |
(10.4 |
) |
|
$ |
8,051.2 |
|
Net sales |
$ |
7,585.0 |
|
|
$ |
(4.7 |
) |
|
$ |
7,580.3 |
|
|
$ |
7,331.5 |
|
|
$ |
(10.4 |
) |
|
$ |
7,321.1 |
|
Gross profit |
$ |
3,817.2 |
|
|
$ |
(4.7 |
) |
|
$ |
3,812.5 |
|
|
$ |
3,529.4 |
|
|
$ |
(10.4 |
) |
|
$ |
3,519.0 |
|
Operating income |
$ |
2,284.5 |
|
|
$ |
(4.7 |
) |
|
$ |
2,279.8 |
|
|
$ |
2,399.4 |
|
|
$ |
(10.4 |
) |
|
$ |
2,389.0 |
|
Income before income taxes |
$ |
2,342.7 |
|
|
$ |
(4.7 |
) |
|
$ |
2,338.0 |
|
|
$ |
2,093.4 |
|
|
$ |
(10.4 |
) |
|
$ |
2,083.0 |
|
Provision for income taxes |
$ |
(11.9 |
) |
|
$ |
(10.8 |
) |
|
$ |
(22.7 |
) |
|
$ |
(554.2 |
) |
|
$ |
3.9 |
|
|
$ |
(550.3 |
) |
Net income |
$ |
2,330.8 |
|
|
$ |
(15.5 |
) |
|
$ |
2,315.3 |
|
|
$ |
1,539.2 |
|
|
$ |
(6.5 |
) |
|
$ |
1,532.7 |
|
Net income attributable to CBI |
$ |
2,318.9 |
|
|
$ |
(15.5 |
) |
|
$ |
2,303.4 |
|
|
$ |
1,535.1 |
|
|
$ |
(6.5 |
) |
|
$ |
1,528.6 |
|
Comprehensive income attributable to CBI |
$ |
2,515.8 |
|
|
$ |
(15.5 |
) |
|
$ |
2,500.3 |
|
|
$ |
1,587.8 |
|
|
$ |
(6.5 |
) |
|
$ |
1,581.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share attributable to CBI: |
|
|
|
|
|
|
|
|
|
|
|
Basic – Class A Common Stock |
$ |
12.04 |
|
|
$ |
(0.08 |
) |
|
$ |
11.96 |
|
|
$ |
7.79 |
|
|
$ |
(0.03 |
) |
|
$ |
7.76 |
|
Basic – Class B Convertible Common Stock |
$ |
10.93 |
|
|
$ |
(0.07 |
) |
|
$ |
10.86 |
|
|
$ |
7.07 |
|
|
$ |
(0.03 |
) |
|
$ |
7.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted – Class A Common Stock |
$ |
11.55 |
|
|
$ |
(0.08 |
) |
|
$ |
11.47 |
|
|
$ |
7.52 |
|
|
$ |
(0.03 |
) |
|
$ |
7.49 |
|
Diluted – Class B Convertible Common Stock |
$ |
10.66 |
|
|
$ |
(0.07 |
) |
|
$ |
10.59 |
|
|
$ |
6.93 |
|
|
$ |
(0.03 |
) |
|
$ |
6.90 |
|
|