Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Information (Unaudited) (Tables)

v2.4.0.8
Selected Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Feb. 28, 2014
Quarterly Financial Information Disclosure [Abstract]  
Summary of selected quarterly financial information
A summary of selected quarterly financial information is as follows:
 
QUARTER ENDED
 
 
 
May 31, 2013
 
August 31, 2013
 
November 30, 2013
 
February 28, 2014
 
Full Year
(in millions, except per share data)
 
 
 
 
 
 
 
 
 
Fiscal 2014
 
 
 
 
 
 
 
 
 
Net sales
$
673.4

 
$
1,459.8

 
$
1,443.3

 
$
1,291.2

 
$
4,867.7

Gross profit
$
256.1

 
$
577.0

 
$
609.7

 
$
548.9

 
$
1,991.7

Net income (1)
$
52.9

 
$
1,522.0

 
$
211.0

 
$
157.2

 
$
1,943.1

Earnings per common share (2):
 
 
 
 
 
 
 
 
 
Basic – Class A Common Stock
$
0.29

 
$
8.18

 
$
1.13

 
$
0.84

 
$
10.45

Basic – Class B Convertible Common Stock
$
0.26

 
$
7.43

 
$
1.03

 
$
0.76

 
$
9.50

Diluted – Class A Common Stock
$
0.27

 
$
7.74

 
$
1.07

 
$
0.79

 
$
9.83

Diluted – Class B Convertible Common Stock
$
0.25

 
$
7.11

 
$
0.98

 
$
0.73

 
$
9.04

 
 
 
 
 
 
 
 
 
 
 
QUARTER ENDED
 
 
 
May 31, 2012
 
August 31, 2012
 
November 30, 2012
 
February 28, 2013
 
Full Year
Fiscal 2013
 
 
 
 
 
 
 
 
 
Net sales
$
634.8

 
$
698.5

 
$
766.9

 
$
695.9

 
$
2,796.1

Gross profit
$
250.6

 
$
285.1

 
$
310.8

 
$
261.8

 
$
1,108.3

Net income (3)
$
72.0

 
$
124.6

 
$
109.5

 
$
81.7

 
$
387.8

Earnings per common share (2):
 
 
 
 
 
 
 
 
 
Basic – Class A Common Stock
$
0.39

 
$
0.71

 
$
0.61

 
$
0.45

 
$
2.15

Basic – Class B Convertible Common Stock
$
0.36

 
$
0.64

 
$
0.55

 
$
0.41

 
$
1.96

Diluted – Class A Common Stock
$
0.38

 
$
0.67

 
$
0.58

 
$
0.43

 
$
2.04

Diluted – Class B Convertible Common Stock
$
0.35

 
$
0.62

 
$
0.53

 
$
0.39

 
$
1.87

Summary of unusual items, net of income tax effect
The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2014:
 
QUARTER ENDED
 
 
 
May 31, 2013
 
August 31, 2013
 
November 30, 2013
 
February 28, 2014
 
Full Year
(in millions, net of income tax effect)
 
 
 
 
 
 
 
 
 
Fiscal 2014
 
 
 
 
 
 
 
 
 
Amortization of favorable interim supply agreement
$
—

 
$
1.5

 
$
1.6

 
$
1.2

 
$
4.3

Other cost of product sold
$
—

 
$
—

 
$
—

 
$
(0.6
)
 
$
(0.6
)
Transaction and related costs associated with completed acquisitions
$
17.2

 
$
4.2

 
$
5.8

 
$
4.3

 
$
31.5

Deferred compensation
$
4.4

 
$
—

 
$
—

 
$
—

 
$
4.4

Restructuring charges and other selling, general and administrative costs
$
(1.8
)
 
$
—

 
$
0.1

 
$
—

 
$
(1.7
)
Impairment of goodwill and intangible assets
$
—

 
$
296.4

 
$
(1.3
)
 
$
—

 
$
295.1

Gain on remeasurement to fair value of equity method investment
$
—

 
$
(1,642.0
)
 
$
—

 
$
—

 
$
(1,642.0
)
Other equity method investment loss
$
0.1

 
$
—

 
$
—

 
$
—

 
$
0.1


(2)
The sum of the quarterly earnings per common share for Fiscal 2014 and Fiscal 2013 may not equal the total computed for the respective years as the earnings per common share are computed independently for each of the quarters presented and for the full year.
(3)
For Fiscal 2013, the Company recorded certain unusual items consisting of:  transaction and related costs associated with pending and completed acquisitions, including the Beer Business Acquisition and Mark West; restructuring charges and other selling, general and administrative costs associated primarily with certain previously announced restructuring plans and a gain on an adjustment to a guarantee originally recorded in connection with a prior divestiture; other equity method investment costs; and loss on the write-off of financing fees. The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2013:
 
QUARTER ENDED
 
 
 
May 31, 2012
 
August 31, 2012
 
November 30, 2012
 
February 28, 2013
 
Full Year
(in millions, net of income tax effect)
 
 
 
 
 
 
 
 
 
Fiscal 2013
 
 
 
 
 
 
 
 
 
Transaction and related costs associated with pending and completed acquisitions
$
—

 
$
5.7

 
$
5.3

 
$
7.1

 
$
18.1

Restructuring charges and other selling, general and administrative costs
$
1.8

 
$
(0.3
)
 
$
1.5

 
$
(6.4
)
 
$
(3.4
)
Other equity method investment costs
$
—

 
$
—

 
$
0.1

 
$
0.5

 
$
0.6

Loss on write-off of financing costs
$
1.7

 
$
—

 
$
—

 
$
6.1

 
$
7.8