| Comparable adjustments |
Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 29,
2016 |
|
February 28,
2015 |
|
February 28,
2014 |
(in millions) |
|
|
|
|
|
Cost of product sold |
|
|
|
|
|
Net gain (loss) on undesignated commodity derivative contracts |
$ |
(48.1 |
) |
|
$ |
(32.7 |
) |
|
$ |
1.5 |
|
Amortization of favorable interim supply agreement |
(31.7 |
) |
|
(28.4 |
) |
|
(6.0 |
) |
Flow through of inventory step-up |
(18.4 |
) |
|
— |
|
|
(11.0 |
) |
Settlements of undesignated commodity derivative contracts |
29.5 |
|
|
4.4 |
|
|
(0.5 |
) |
Other losses |
— |
|
|
(2.8 |
) |
|
— |
|
Total cost of product sold |
(68.7 |
) |
|
(59.5 |
) |
|
(16.0 |
) |
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
Restructuring and related charges |
(16.4 |
) |
|
— |
|
|
2.8 |
|
Transaction, integration and other acquisition-related costs |
(15.4 |
) |
|
(30.5 |
) |
|
(51.5 |
) |
Other gains (losses) |
— |
|
|
7.2 |
|
|
(7.0 |
) |
Total selling, general and administrative expenses |
(31.8 |
) |
|
(23.3 |
) |
|
(55.7 |
) |
|
|
|
|
|
|
Impairment of goodwill and intangible assets |
— |
|
|
— |
|
|
(300.9 |
) |
|
|
|
|
|
|
Gain on remeasurement to fair value of equity method investment |
— |
|
|
— |
|
|
1,642.0 |
|
|
|
|
|
|
|
Comparable Adjustments, Operating income (loss) |
$ |
(100.5 |
) |
|
$ |
(82.8 |
) |
|
$ |
1,269.4 |
|
|
| Segment information |
Segment information is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 29,
2016 |
|
February 28,
2015 |
|
February 28,
2014 |
(in millions) |
|
|
|
|
|
Beer |
|
|
|
|
|
Net sales |
$ |
3,622.6 |
|
|
$ |
3,188.6 |
|
|
$ |
2,835.6 |
|
Segment operating income |
$ |
1,264.1 |
|
|
$ |
1,017.8 |
|
|
$ |
772.9 |
|
Long-lived tangible assets |
$ |
2,187.8 |
|
|
$ |
1,485.6 |
|
|
$ |
801.3 |
|
Total assets |
$ |
9,900.7 |
|
|
$ |
8,281.0 |
|
|
$ |
7,420.8 |
|
Capital expenditures |
$ |
800.3 |
|
|
$ |
587.3 |
|
|
$ |
137.3 |
|
Depreciation and amortization |
$ |
61.5 |
|
|
$ |
45.4 |
|
|
$ |
29.6 |
|
|
|
|
|
|
|
Wine and Spirits |
|
|
|
|
|
Net sales: |
|
|
|
|
|
Wine |
$ |
2,591.4 |
|
|
$ |
2,523.4 |
|
|
$ |
2,554.2 |
|
Spirits |
334.4 |
|
|
316.0 |
|
|
291.3 |
|
Net sales |
$ |
2,925.8 |
|
|
$ |
2,839.4 |
|
|
$ |
2,845.5 |
|
Segment operating income |
$ |
727.0 |
|
|
$ |
674.3 |
|
|
$ |
637.8 |
|
Earnings from unconsolidated investments |
$ |
26.6 |
|
|
$ |
21.5 |
|
|
$ |
17.6 |
|
Long-lived tangible assets |
$ |
1,039.8 |
|
|
$ |
1,071.8 |
|
|
$ |
1,097.4 |
|
Investments in equity method investees |
$ |
76.2 |
|
|
$ |
73.5 |
|
|
$ |
73.3 |
|
Total assets |
$ |
6,770.4 |
|
|
$ |
6,508.2 |
|
|
$ |
6,515.5 |
|
Capital expenditures |
$ |
81.7 |
|
|
$ |
96.8 |
|
|
$ |
71.7 |
|
Depreciation and amortization |
$ |
100.2 |
|
|
$ |
100.0 |
|
|
$ |
96.7 |
|
|
|
|
|
|
|
Corporate Operations and Other |
|
|
|
|
|
Segment operating loss |
$ |
(125.5 |
) |
|
$ |
(109.1 |
) |
|
$ |
(99.8 |
) |
Long-lived tangible assets |
$ |
105.8 |
|
|
$ |
124.2 |
|
|
$ |
115.6 |
|
Investments in equity method investees |
$ |
6.0 |
|
|
$ |
— |
|
|
$ |
— |
|
Total assets |
$ |
293.9 |
|
|
$ |
303.8 |
|
|
$ |
365.8 |
|
Capital expenditures |
$ |
9.3 |
|
|
$ |
35.3 |
|
|
$ |
14.8 |
|
Depreciation and amortization |
$ |
27.6 |
|
|
$ |
28.2 |
|
|
$ |
23.5 |
|
|
|
|
|
|
|
Comparable Adjustments |
|
|
|
|
|
Operating income (loss) |
$ |
(100.5 |
) |
|
$ |
(82.8 |
) |
|
$ |
1,269.4 |
|
Earnings (losses) from unconsolidated investments |
$ |
24.5 |
|
|
$ |
— |
|
|
$ |
(0.1 |
) |
Depreciation and amortization |
$ |
31.7 |
|
|
$ |
28.4 |
|
|
$ |
6.0 |
|
|
|
|
|
|
|
Consolidation and Eliminations |
|
|
|
|
|
Net sales |
$ |
— |
|
|
$ |
— |
|
|
$ |
(813.4 |
) |
Operating income |
$ |
— |
|
|
$ |
— |
|
|
$ |
(142.6 |
) |
Equity in earnings of Crown Imports |
$ |
— |
|
|
$ |
— |
|
|
$ |
70.3 |
|
Capital expenditures |
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.3 |
) |
Depreciation and amortization |
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 29,
2016 |
|
February 28,
2015 |
|
February 28,
2014 |
(in millions) |
|
|
|
|
|
Consolidated |
|
|
|
|
|
Net sales |
$ |
6,548.4 |
|
|
$ |
6,028.0 |
|
|
$ |
4,867.7 |
|
Operating income |
$ |
1,765.1 |
|
|
$ |
1,500.2 |
|
|
$ |
2,437.7 |
|
Earnings from unconsolidated investments |
$ |
51.1 |
|
|
$ |
21.5 |
|
|
$ |
87.8 |
|
Long-lived tangible assets |
$ |
3,333.4 |
|
|
$ |
2,681.6 |
|
|
$ |
2,014.3 |
|
Investments in equity method investees |
$ |
82.2 |
|
|
$ |
73.5 |
|
|
$ |
73.3 |
|
Total assets |
$ |
16,965.0 |
|
|
$ |
15,093.0 |
|
|
$ |
14,302.1 |
|
Capital expenditures |
$ |
891.3 |
|
|
$ |
719.4 |
|
|
$ |
223.5 |
|
Depreciation and amortization |
$ |
221.0 |
|
|
$ |
202.0 |
|
|
$ |
155.3 |
|
|
| Geographic data |
Geographic data is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 29,
2016 |
|
February 28,
2015 |
|
February 28,
2014 |
(in millions) |
|
|
|
|
|
Net sales |
|
|
|
|
|
U.S. |
$ |
5,960.9 |
|
|
$ |
5,360.0 |
|
|
$ |
4,169.8 |
|
Non-U.S. (primarily Canada) |
587.5 |
|
|
668.0 |
|
|
697.9 |
|
|
$ |
6,548.4 |
|
|
$ |
6,028.0 |
|
|
$ |
4,867.7 |
|
|
|
|
|
|
|
|
|
|
|
February 29,
2016 |
|
February 28,
2015 |
(in millions) |
|
|
|
Long-lived tangible assets |
|
|
|
U.S. |
$ |
933.3 |
|
|
$ |
909.7 |
|
Non-U.S. (primarily Mexico) |
2,400.1 |
|
|
1,771.9 |
|
|
$ |
3,333.4 |
|
|
$ |
2,681.6 |
|
|