The changes in the carrying amount of goodwill are as follows:

Divestiture of the Australian and U.K. Business –

In January 2011, the Company sold 80.1% of its Australian and U.K. business (the “CWAE Divestiture”) at a transaction value of $268.4 million. As of November 30, 2011, the Company has received cash proceeds of $194.4 million, net of cash divested of $15.8 million, direct costs paid of $11.4 million and post-closing adjustments paid of $17.8 million. The Company has retained a less than 20% interest in its previously owned Australian and U.K. business, Accolade Wines (“Accolade”) (see Note 9). The following table summarizes the net gain recognized and the net cash proceeds received in connection with this divestiture.

Of the $58.2 million net gain, $55.2 million was recognized for the fourth quarter of fiscal 2011. The Company recognized net gains of $3.0 million and $2.2 million for the nine months and three months ended November 30, 2011, respectively. In addition, the Company’s CWAE segment recorded an additional net gain of $28.5 million for the fourth quarter of fiscal 2011, primarily associated with a net gain on derivative instruments of $20.8 million, related to this divestiture. For the nine months and three months ended November 30, 2011, the Company recorded an additional net loss of $0.8 million and $0.1 million, respectively, related to this divestiture. Total net gains associated with this divestiture of $85.9 million are included in selling, general and administrative expenses on the Company’s Consolidated Statements of Operations. Of this amount, $83.7 million of net gains was recognized for the year ended February 28, 2011, and net gains of $2.2 million and $2.1 million were recognized for the nine months and three months ended November 30, 2011, respectively.