Constellation Brands, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

Fair Value of Financial Instruments (Tables)

9 Months Ended

Nov. 30, 2014

Carrying amount and estimated fair value of financial instruments

The carrying amount and estimated fair value of the Company’s financial instruments are summarized as follows:



	November 30, 2014				February 28, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
(in millions)
Assets:
Cash and cash investments	$	67.3	$	67.3	$	63.9	$	63.9
Accounts receivable, net	$	701.3	$	701.3	$	626.2	$	626.2
Available-for-sale debt securities	$	8.3	$	8.3	$	8.8	$	8.8
Foreign currency contracts	$	23.3	$	23.3	$	18.9	$	18.9
Interest rate swap contracts	$	4.2	$	4.2	$	4.4	$	4.4
Commodity swap contracts	$	1.9	$	1.9	$	1.5	$	1.5

Liabilities:
Notes payable to banks	$	100.3	$	100.3	$	57.2	$	57.2
Accounts payable	$	445.9	$	445.9	$	295.2	$	295.2
Long-term debt, including current portion	$	7,218.5	$	7,238.8	$	6,963.3	$	7,140.8
Foreign currency contracts	$	28.3	$	28.3	$	4.8	$	4.8
Interest rate swap contracts	$	27.3	$	27.3	$	32.9	$	32.9
Commodity swap contracts	$	24.3	$	24.3	$	0.5	$	0.5

Financial assets and liabilities measured at estimated fair value on a recurring basis

The following table presents the Company’s financial assets and liabilities measured at estimated fair value on a recurring basis.



	Fair Value Measurements Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
(in millions)
November 30, 2014
Assets:
AFS debt securities	$	—	$	—	$	8.3	$	8.3
Foreign currency contracts	$	—	$	23.3	$	—	$	23.3
Interest rate swap contracts	$	—	$	4.2	$	—	$	4.2
Commodity swap contracts	$	—	$	1.9	$	—	$	1.9
Liabilities:
Foreign currency contracts	$	—	$	28.3	$	—	$	28.3
Interest rate swap contracts	$	—	$	27.3	$	—	$	27.3
Commodity swap contracts	$	—	$	24.3	$	—	$	24.3

February 28, 2014
Assets:
AFS debt securities	$	—	$	—	$	8.8	$	8.8
Foreign currency contracts	$	—	$	18.9	$	—	$	18.9
Interest rate swap contracts	$	—	$	4.4	$	—	$	4.4
Commodity swap contracts	$	—	$	1.5	$	—	$	1.5
Liabilities:
Foreign currency contracts	$	—	$	4.8	$	—	$	4.8
Interest rate swap contracts	$	—	$	32.9	$	—	$	32.9
Commodity swap contracts	$	—	$	0.5	$	—	$	0.5

Assets and liabilities measured at estimated fair value on a nonrecurring basis

The following table presents the Company’s assets and liabilities measured at estimated fair value on a nonrecurring basis for which an impairment assessment was performed for the period presented:



	Fair Value Measurements Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses
(in millions)
For the Nine Months Ended November 30, 2013
Goodwill	$	—	$	—	$	159.6	$	278.7
Trademarks	—		—		68.3		22.2
	$	—	$	—	$	227.9	$	300.9

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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