Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.6
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Feb. 28, 2013
Accounting Policies [Abstract]  
Inventories
Inventories are stated at the lower of cost (computed in accordance with the first-in, first-out method) or market. Elements of cost include materials, labor and overhead and are classified as follows:
 
February 28, 2013
 
February 29, 2012
(in millions)
 
 
 
Raw materials and supplies
$
45.5

 
$
47.6

In-process inventories
1,168.1

 
1,048.4

Finished case goods
267.3

 
278.5

 
$
1,480.9

 
$
1,374.5

Estimated useful lives for depreciation
Depreciation is computed primarily using the straight-line method over the following estimated useful lives:
 
Depreciable Life in Years
Land improvements
15 to 32
Vineyards
16 to 26
Buildings and improvements
10 to 44
Machinery and equipment
3 to 35
Motor vehicles
3 to 7