Quarterly report pursuant to Section 13 or 15(d)

Wine and Spirits Transformation (Tables)

v3.19.3
Wine and Spirits Transformation (Tables)
 6 Months Ended
Aug. 31, 2019
Text Block [Abstract]  
Components of assets held for sale
The carrying value of assets held for sale consists of the following:
 
August 31, 2019
 
Wine and Spirits Transaction
 
Black
Velvet Transaction
 
Total
(in millions)
 
 
 
 
 
Assets
 
 
 
 
 
Inventories
$
593.7

 
$
63.3

 
$
657.0

Prepaid expenses and other
9.0

 
—

 
9.0

Assets held for sale - current
602.7

 
63.3

 
666.0

 
 
 
 
 
 
Property, plant, and equipment
175.8

 
18.2

 
194.0

Goodwill
353.2

 
62.6

 
415.8

Intangible assets
347.2

 
59.8

 
407.0

Equity method investments
1.1

 
—

 
1.1

Other assets
0.3

 
0.9

 
1.2

Assets held for sale
877.6

 
141.5

 
1,019.1

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accounts payable
4.7

 
—

 
4.7

Other accrued expenses and liabilities
31.1

 
1.6

 
32.7

Deferred income taxes and other liabilities
0.1

 
2.1

 
2.2

Liabilities held for sale (1)
35.9

 
3.7

 
39.6

Net assets held for sale
$
1,444.4

 
$
201.1

 
$
1,645.5


(1) 
Liabilities held for sale are included in the Consolidated Balance Sheet as of August 31, 2019, within the respective liability line items noted above.
Components of restructuring charges
We recognized charges in connection with our ongoing efforts to gain efficiencies and reduce our cost structure within the Wine and Spirits segment as follows:
 
Results of Operations Location
 
For the Six Months Ended
August 31, 2019
 
For the Three Months Ended
August 31, 2019
(in millions)
 
 
 
 
 
Loss on inventory write-downs
Cost of product sold
 
$
40.9

 
$
13.7

Contract termination costs
Cost of product sold
 
20.1

 
4.3

Employee termination costs
Selling, general, and administrative expenses
 
12.1

 
0.2

Impairment of long-lived assets
Selling, general, and administrative expenses
 
27.0

 
27.0

Other costs
Selling, general, and administrative expenses
 
6.3

 
—

 
 
 
$
106.4

 
$
45.2