| Unusual items |
For the years ended February 28, 2014, February 28, 2013, and February 29, 2012, Unusual Items included in consolidated operating income consist of:
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For the Years Ended |
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February 28, 2014 |
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February 28, 2013 |
|
February 29, 2012 |
(in millions) |
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Cost of Product Sold |
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Flow through of inventory step-up |
$ |
11.0 |
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$ |
7.8 |
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$ |
1.6 |
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Amortization of favorable interim supply agreement |
6.0 |
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|
— |
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|
— |
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Other costs |
(1.0 |
) |
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— |
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|
0.3 |
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Total Cost of Product Sold |
16.0 |
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|
7.8 |
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1.9 |
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Selling, General and Administrative Expenses |
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Transaction and related costs associated with pending and completed acquisitions |
51.5 |
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27.7 |
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— |
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Deferred compensation |
7.0 |
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— |
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— |
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Restructuring charges and other |
(2.8 |
) |
|
(1.7 |
) |
|
13.5 |
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Total Selling, General and Administrative Expenses |
55.7 |
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26.0 |
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13.5 |
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Impairment of Goodwill and Intangible Assets |
300.9 |
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— |
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38.1 |
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Gain on Remeasurement to Fair Value of Equity Method Investment |
(1,642.0 |
) |
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— |
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— |
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Unusual Items |
$ |
(1,269.4 |
) |
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$ |
33.8 |
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$ |
53.5 |
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| Segment information |
Segment information is as follows:
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For the Years Ended |
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February 28, 2014 |
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February 28, 2013 |
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February 29, 2012 |
(in millions) |
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Beer |
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Net sales |
$ |
2,835.6 |
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$ |
2,588.1 |
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$ |
2,469.5 |
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Segment operating income |
$ |
772.9 |
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$ |
448.0 |
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$ |
431.0 |
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Long-lived tangible assets |
$ |
801.3 |
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$ |
8.8 |
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$ |
10.0 |
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Total assets |
$ |
7,420.8 |
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$ |
440.5 |
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$ |
409.6 |
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Capital expenditures |
$ |
137.3 |
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$ |
1.3 |
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$ |
7.5 |
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Depreciation and amortization |
$ |
35.6 |
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$ |
2.5 |
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$ |
2.3 |
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For the Years Ended |
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February 28, 2014 |
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February 28, 2013 |
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February 29, 2012 |
(in millions) |
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Wine and Spirits |
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Net sales: |
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Wine |
$ |
2,554.2 |
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$ |
2,495.8 |
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$ |
2,386.8 |
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Spirits |
291.3 |
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300.3 |
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267.5 |
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Net sales |
$ |
2,845.5 |
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$ |
2,796.1 |
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$ |
2,654.3 |
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Segment operating income |
$ |
637.8 |
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$ |
650.2 |
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$ |
621.9 |
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Equity in earnings of equity method investees |
$ |
17.6 |
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$ |
13.0 |
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$ |
13.4 |
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Long-lived tangible assets |
$ |
1,097.4 |
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$ |
1,100.5 |
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$ |
1,120.9 |
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Investments in equity method investees |
$ |
73.3 |
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$ |
74.3 |
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$ |
71.9 |
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Total assets |
$ |
6,515.5 |
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$ |
6,921.8 |
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$ |
6,729.7 |
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Capital expenditures |
$ |
71.7 |
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$ |
53.6 |
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$ |
48.1 |
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Depreciation and amortization |
$ |
96.7 |
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$ |
91.6 |
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$ |
86.7 |
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Corporate Operations and Other |
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Net sales |
$ |
— |
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$ |
— |
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$ |
— |
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Segment operating loss |
$ |
(99.8 |
) |
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$ |
(93.5 |
) |
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$ |
(81.9 |
) |
Long-lived tangible assets |
$ |
115.6 |
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$ |
128.5 |
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$ |
134.9 |
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Total assets |
$ |
365.8 |
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$ |
547.0 |
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$ |
203.8 |
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Capital expenditures |
$ |
14.8 |
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$ |
8.5 |
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$ |
20.3 |
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Depreciation and amortization |
$ |
23.5 |
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$ |
23.8 |
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$ |
17.1 |
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Unusual Items |
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Operating income (loss) |
$ |
1,269.4 |
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$ |
(33.8 |
) |
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$ |
(53.5 |
) |
Equity in losses of equity method investees |
$ |
(0.1 |
) |
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$ |
(1.0 |
) |
|
$ |
— |
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Consolidation and Eliminations |
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Net sales |
$ |
(813.4 |
) |
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$ |
(2,588.1 |
) |
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$ |
(2,469.5 |
) |
Operating income |
$ |
(142.6 |
) |
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$ |
(448.0 |
) |
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$ |
(431.0 |
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Equity in earnings of Crown Imports |
$ |
70.3 |
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$ |
221.1 |
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$ |
215.1 |
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Long-lived tangible assets |
$ |
— |
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$ |
(8.8 |
) |
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$ |
(10.0 |
) |
Investments in equity method investees |
$ |
— |
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$ |
169.3 |
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$ |
176.4 |
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Total assets |
$ |
— |
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$ |
(271.2 |
) |
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$ |
(233.2 |
) |
Capital expenditures |
$ |
(0.3 |
) |
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$ |
(1.3 |
) |
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$ |
(7.5 |
) |
Depreciation and amortization |
$ |
(0.5 |
) |
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$ |
(2.5 |
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$ |
(2.3 |
) |
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Consolidated |
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Net sales |
$ |
4,867.7 |
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$ |
2,796.1 |
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$ |
2,654.3 |
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Operating income |
$ |
2,437.7 |
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$ |
522.9 |
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$ |
486.5 |
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Equity in earnings of equity method investees |
$ |
87.8 |
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$ |
233.1 |
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$ |
228.5 |
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Long-lived tangible assets |
$ |
2,014.3 |
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$ |
1,229.0 |
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$ |
1,255.8 |
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Investments in equity method investees |
$ |
73.3 |
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$ |
243.6 |
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$ |
248.3 |
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Total assets |
$ |
14,302.1 |
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$ |
7,638.1 |
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$ |
7,109.9 |
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Capital expenditures |
$ |
223.5 |
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$ |
62.1 |
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$ |
68.4 |
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Depreciation and amortization |
$ |
155.3 |
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$ |
115.4 |
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$ |
103.8 |
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| Geographic data |
Geographic data is as follows:
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For the Years Ended |
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February 28, 2014 |
|
February 28, 2013 |
|
February 29, 2012 |
(in millions) |
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Net sales |
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U.S. |
$ |
4,320.2 |
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$ |
2,251.1 |
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$ |
2,126.5 |
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Non-U.S. |
547.5 |
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545.0 |
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527.8 |
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Total |
$ |
4,867.7 |
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$ |
2,796.1 |
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$ |
2,654.3 |
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Significant non-U.S. revenue sources include: |
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Canada |
$ |
428.9 |
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$ |
433.8 |
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$ |
428.8 |
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New Zealand |
71.7 |
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71.3 |
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|
80.6 |
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Italy |
36.4 |
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|
30.5 |
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|
8.6 |
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Other |
10.5 |
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|
9.4 |
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|
9.8 |
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Total |
$ |
547.5 |
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$ |
545.0 |
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$ |
527.8 |
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February 28, 2014 |
|
February 28, 2013 |
(in millions) |
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Long-lived tangible assets |
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U.S. |
$ |
901.6 |
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$ |
894.5 |
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Non-U.S. |
1,112.7 |
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|
334.5 |
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Total |
$ |
2,014.3 |
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$ |
1,229.0 |
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Significant non-U.S. long-lived tangible assets include: |
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Mexico |
$ |
790.4 |
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$ |
— |
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Canada |
144.0 |
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|
156.4 |
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New Zealand |
142.2 |
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|
144.0 |
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Italy |
34.0 |
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|
31.9 |
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Other |
2.1 |
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|
2.2 |
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Total |
$ |
1,112.7 |
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$ |
334.5 |
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