Quarterly report pursuant to Section 13 or 15(d)

Inventories

v3.19.2
Inventories
 3 Months Ended
May 31, 2019
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES

Inventories are stated at the lower of cost (primarily computed in accordance with the first-in, first-out method) or net realizable value. Elements of cost include materials, labor, and overhead and consist of the following:
 
May 31,
2019 (1)
 
February 28,
2019
(in millions)
 
 
 
Raw materials and supplies
$
172.8

 
$
182.6

In-process inventories
884.7

 
1,480.5

Finished case goods
436.6

 
467.3

 
$
1,494.1

 
$
2,130.4


(1) 
The inventory balance at May 31, 2019, excludes amounts reclassified to assets held for sale (see Note 4).

Related party transactions and arrangements
We have an equally-owned glass production plant joint venture with Owens-Illinois. We have entered into various contractual arrangements with affiliates of Owens-Illinois primarily for the purchase of glass bottles used largely in our imported and craft beer portfolios. Amounts purchased under these arrangements were $88.5 million and $69.0 million for the three months ended May 31, 2019, and May 31, 2018, respectively.