| Unusual items |
For the nine months and three months ended November 30, 2014, and November 30, 2013, Unusual Items included in consolidated operating income consist of:
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For the Nine Months
Ended November 30, |
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For the Three Months
Ended November 30, |
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2014 |
|
2013 |
|
2014 |
|
2013 |
(in millions) |
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Net Sales |
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Product recall |
$ |
3.3 |
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$ |
— |
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$ |
(0.2 |
) |
|
$ |
— |
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Cost of Product Sold |
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Amortization of favorable interim supply agreement |
27.5 |
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4.3 |
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8.6 |
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2.2 |
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Net loss on undesignated commodity swap contracts |
24.2 |
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— |
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|
21.5 |
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— |
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Settlements of undesignated commodity swap contracts |
(0.6 |
) |
|
— |
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(1.2 |
) |
|
— |
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Product recall |
8.0 |
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— |
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2.6 |
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— |
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Flow through of inventory step-up |
— |
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11.0 |
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— |
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— |
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Other costs |
2.8 |
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— |
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0.2 |
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— |
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Total Cost of Product Sold |
61.9 |
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15.3 |
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31.7 |
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2.2 |
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Selling, General and Administrative Expenses |
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Transaction, integration and other acquisition-related costs |
21.1 |
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43.8 |
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8.0 |
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8.9 |
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Product recall |
0.5 |
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— |
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0.2 |
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— |
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Deferred compensation |
— |
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7.0 |
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— |
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— |
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Restructuring charges and other |
— |
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(2.8 |
) |
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— |
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0.1 |
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Total Selling, General and Administrative Expenses |
21.6 |
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48.0 |
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8.2 |
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9.0 |
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Impairment of Goodwill and Intangible Assets |
— |
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300.9 |
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— |
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— |
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Gain on Remeasurement to Fair Value of Equity Method Investment |
— |
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(1,642.0 |
) |
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— |
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— |
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Unusual Items |
$ |
86.8 |
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$ |
(1,277.8 |
) |
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$ |
39.7 |
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$ |
11.2 |
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| Segment information |
Segment information is as follows:
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For the Nine Months
Ended November 30, |
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For the Three Months
Ended November 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
(in millions) |
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Beer |
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Net sales |
$ |
2,527.6 |
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$ |
2,237.8 |
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$ |
768.1 |
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$ |
661.6 |
|
Segment operating income |
$ |
800.6 |
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|
$ |
572.9 |
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|
$ |
242.0 |
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$ |
212.5 |
|
Long-lived tangible assets |
$ |
1,193.4 |
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$ |
694.4 |
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$ |
1,193.4 |
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$ |
694.4 |
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Total assets |
$ |
7,860.9 |
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$ |
7,214.7 |
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$ |
7,860.9 |
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$ |
7,214.7 |
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Capital expenditures |
$ |
434.9 |
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$ |
23.2 |
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$ |
206.1 |
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$ |
19.6 |
|
Depreciation and amortization |
$ |
31.3 |
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$ |
19.9 |
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$ |
11.4 |
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$ |
8.9 |
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For the Nine Months
Ended November 30, |
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For the Three Months
Ended November 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
(in millions) |
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Wine and Spirits |
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Net sales: |
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Wine |
$ |
1,912.2 |
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$ |
1,938.3 |
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$ |
685.1 |
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$ |
711.9 |
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Spirits |
235.3 |
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213.8 |
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|
88.3 |
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|
69.8 |
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Net sales |
$ |
2,147.5 |
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$ |
2,152.1 |
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$ |
773.4 |
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$ |
781.7 |
|
Segment operating income |
$ |
512.4 |
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$ |
471.9 |
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$ |
199.4 |
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$ |
186.1 |
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Equity in earnings of equity method investees |
$ |
21.1 |
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$ |
18.1 |
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$ |
21.2 |
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$ |
18.0 |
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Long-lived tangible assets |
$ |
1,096.3 |
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$ |
1,094.6 |
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$ |
1,096.3 |
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$ |
1,094.6 |
|
Investments in equity method investees |
$ |
85.3 |
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$ |
81.9 |
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$ |
85.3 |
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$ |
81.9 |
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Total assets |
$ |
6,780.5 |
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$ |
6,704.6 |
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$ |
6,780.5 |
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$ |
6,704.6 |
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Capital expenditures |
$ |
74.1 |
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$ |
51.0 |
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$ |
22.6 |
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$ |
15.4 |
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Depreciation and amortization |
$ |
75.2 |
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$ |
72.2 |
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$ |
24.3 |
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$ |
24.7 |
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Corporate Operations and Other |
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Segment operating loss |
$ |
(79.7 |
) |
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$ |
(71.7 |
) |
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$ |
(26.1 |
) |
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$ |
(23.6 |
) |
Long-lived tangible assets |
$ |
129.4 |
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$ |
116.4 |
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$ |
129.4 |
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$ |
116.4 |
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Total assets |
$ |
339.1 |
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$ |
417.0 |
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$ |
339.1 |
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$ |
417.0 |
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Capital expenditures |
$ |
32.3 |
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$ |
12.0 |
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$ |
4.4 |
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$ |
1.7 |
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Depreciation and amortization |
$ |
20.6 |
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$ |
17.4 |
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$ |
7.3 |
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$ |
6.3 |
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Unusual Items |
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Net sales |
$ |
(3.3 |
) |
|
$ |
— |
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$ |
0.2 |
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|
$ |
— |
|
Operating (loss) income |
$ |
(86.8 |
) |
|
$ |
1,277.8 |
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$ |
(39.7 |
) |
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$ |
(11.2 |
) |
Equity in losses of equity method investees |
$ |
— |
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$ |
(0.1 |
) |
|
$ |
— |
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$ |
— |
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Depreciation and amortization |
$ |
27.5 |
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$ |
4.3 |
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$ |
8.6 |
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$ |
2.2 |
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Consolidation and Eliminations |
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Net sales |
$ |
— |
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$ |
(813.4 |
) |
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$ |
— |
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|
$ |
— |
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Operating income |
$ |
— |
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|
$ |
(142.6 |
) |
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$ |
— |
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|
$ |
— |
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Equity in earnings of Crown Imports |
$ |
— |
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$ |
70.3 |
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$ |
— |
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$ |
— |
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Capital expenditures |
$ |
— |
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$ |
(0.3 |
) |
|
$ |
— |
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|
$ |
— |
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Depreciation and amortization |
$ |
— |
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|
$ |
(0.5 |
) |
|
$ |
— |
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$ |
— |
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Consolidated |
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Net sales |
$ |
4,671.8 |
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$ |
3,576.5 |
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$ |
1,541.7 |
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$ |
1,443.3 |
|
Operating income |
$ |
1,146.5 |
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$ |
2,108.3 |
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$ |
375.6 |
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$ |
363.8 |
|
Equity in earnings of equity method investees |
$ |
21.1 |
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$ |
88.3 |
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$ |
21.2 |
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$ |
18.0 |
|
Long-lived tangible assets |
$ |
2,419.1 |
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$ |
1,905.4 |
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$ |
2,419.1 |
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$ |
1,905.4 |
|
Investments in equity method investees |
$ |
85.3 |
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|
$ |
81.9 |
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$ |
85.3 |
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$ |
81.9 |
|
Total assets |
$ |
14,980.5 |
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$ |
14,336.3 |
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$ |
14,980.5 |
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|
$ |
14,336.3 |
|
Capital expenditures |
$ |
541.3 |
|
|
$ |
85.9 |
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|
$ |
233.1 |
|
|
$ |
36.7 |
|
Depreciation and amortization |
$ |
154.6 |
|
|
$ |
113.3 |
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$ |
51.6 |
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$ |
42.1 |
|
|