Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Information (Unaudited) (Tables)

v2.4.1.9
Selected Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Feb. 28, 2015
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,
2014
 
August 31,
2014
 
November 30,
2014
 
February 28,
2015
 
Full Year
(in millions, except per share data)
 
 
 
 
 
 
 
 
 
Fiscal 2015
 
 
 
 
 
 
 
 
 
Net sales
$
1,526.0

 
$
1,604.1

 
$
1,541.7

 
$
1,356.2

 
$
6,028.0

Gross profit
$
670.1

 
$
672.0

 
$
638.9

 
$
597.6

 
$
2,578.6

Net income attributable to CBI (1)
$
206.7

 
$
195.8

 
$
222.2

 
$
214.6

 
$
839.3

Net income per common share attributable to CBI (2):
 
 
 
 
 
 
 
 
 
Basic – Class A Common Stock
$
1.09

 
$
1.03

 
$
1.16

 
$
1.12

 
$
4.40

Basic – Class B Convertible Common Stock
$
0.99

 
$
0.93

 
$
1.06

 
$
1.02

 
$
4.00

Diluted – Class A Common Stock
$
1.03

 
$
0.98

 
$
1.10

 
$
1.06

 
$
4.17

Diluted – Class B Convertible Common Stock
$
0.95

 
$
0.90

 
$
1.01

 
$
0.98

 
$
3.83

 
 
 
 
 
 
 
 
 
 
 
QUARTER ENDED
 
 
 
May 31,
2013
 
August 31,
2013
 
November 30,
2013
 
February 28,
2014
 
Full Year
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 attributable to CBI (3)
$
52.9

 
$
1,522.0

 
$
211.0

 
$
157.2

 
$
1,943.1

Net income per common share attributable to CBI (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

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 2015:
 
QUARTER ENDED
 
 
 
May 31,
2014
 
August 31,
2014
 
November 30,
2014
 
February 28,
2015
 
Full Year
(in millions, net of income tax effect)
 
 
 
 
 
 
 
 
 
Product recall
$
—

 
$
(5.9
)
 
$
(1.7
)
 
$
7.6

 
$
—

Net gain (loss) on undesignated commodity derivative contracts
$
0.1

 
$
(1.8
)
 
$
(13.6
)
 
$
(5.4
)
 
$
(20.7
)
Amortization of favorable interim supply agreement
$
(5.4
)
 
$
(8.0
)
 
$
(6.1
)
 
$
(0.7
)
 
$
(20.2
)
Settlements of undesignated commodity derivative contracts
$
(0.3
)
 
$
(0.1
)
 
$
0.8

 
$
2.4

 
$
2.8

Other cost of product sold
$
—

 
$
(1.6
)
 
$
(0.1
)
 
$
—

 
$
(1.7
)
Transaction, integration and other acquisition-related costs
$
(2.9
)
 
$
(5.7
)
 
$
(5.4
)
 
$
(5.4
)
 
$
(19.4
)
Other selling, general and administrative expenses
$
—

 
$
—

 
$
—

 
$
8.6

 
$
8.6

Loss on write-off of financing costs
$
—

 
$
(3.1
)
 
$
—

 
$
—

 
$
(3.1
)
(2)
The sum of the quarterly net income per common share for Fiscal 2015 and Fiscal 2014 may not equal the total computed for the respective years as the net income per common share is computed independently for each of the quarters presented and for the full year.
(3)
For Fiscal 2014, we recorded certain unusual items consisting of:  amortization of a favorable interim supply agreement associated with the Beer Business Acquisition; net gain from the changes in fair value of undesignated commodity derivative contracts, partially offset by settlements of undesignated commodity derivative contracts; transaction, integration and other acquisition-related costs associated with the Beer Business Acquisition; previously unrecognized deferred compensation costs associated with certain employment agreements related to a prior period; other selling, general and administrative expenses associated primarily with certain previously announced restructuring plans; impairment of goodwill and intangible assets associated with our Canadian business; gain on remeasurement to fair value of our preexisting equity interest in Crown Imports; and other equity method investment costs. 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)
 
 
 
 
 
 
 
 
 
Amortization of favorable interim supply agreement
$
—

 
$
(1.5
)
 
$
(1.6
)
 
$
(1.2
)
 
$
(4.3
)
Net gain on undesignated commodity derivative contracts
$
—

 
$
—

 
$
—

 
$
1.0

 
$
1.0

Settlements of undesignated commodity derivative contracts
$
—

 
$
—

 
$
—

 
$
(0.4
)
 
$
(0.4
)
Transaction, integration and other acquisition-related costs
$
(17.2
)
 
$
(4.2
)
 
$
(5.8
)
 
$
(4.3
)
 
$
(31.5
)
Deferred compensation
$
(4.4
)
 
$
—

 
$
—

 
$
—

 
$
(4.4
)
Other selling, general and administrative expenses
$
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 costs
$
(0.1
)
 
$
—

 
$
—

 
$
—

 
$
(0.1
)