| Comparable adjustments |
Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended November 30, |
|
For the Three Months Ended November 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
(in millions) |
|
|
|
|
|
|
|
Cost of product sold |
|
|
|
|
|
|
|
Settlements of undesignated commodity derivative contracts |
$ |
20.3 |
|
|
$ |
20.4 |
|
|
$ |
5.2 |
|
|
$ |
8.2 |
|
Net gain (loss) on undesignated commodity derivative contracts |
14.4 |
|
|
(34.5 |
) |
|
6.7 |
|
|
(18.1 |
) |
Flow through of inventory step-up |
(16.4 |
) |
|
(9.8 |
) |
|
(4.9 |
) |
|
(8.6 |
) |
Amortization of favorable interim supply agreement |
(2.2 |
) |
|
(25.3 |
) |
|
— |
|
|
(7.4 |
) |
Total cost of product sold |
16.1 |
|
|
(49.2 |
) |
|
7.0 |
|
|
(25.9 |
) |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
Transaction, integration and other acquisition-related costs |
(11.0 |
) |
|
(12.7 |
) |
|
(5.7 |
) |
|
(1.9 |
) |
Net gain (costs) associated with the Canadian Divestiture and related activities |
(4.5 |
) |
|
— |
|
|
3.6 |
|
|
— |
|
Restructuring and related charges |
(0.9 |
) |
|
(15.0 |
) |
|
0.1 |
|
|
(0.7 |
) |
Other costs |
(2.6 |
) |
|
— |
|
|
(2.6 |
) |
|
— |
|
Total selling, general and administrative expenses |
(19.0 |
) |
|
(27.7 |
) |
|
(4.6 |
) |
|
(2.6 |
) |
Comparable Adjustments, Operating income (loss) |
$ |
(2.9 |
) |
|
$ |
(76.9 |
) |
|
$ |
2.4 |
|
|
$ |
(28.5 |
) |
|
| Segment information |
Segment information is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended November 30, |
|
For the Three Months Ended November 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
(in millions) |
|
|
|
|
|
|
|
Beer |
|
|
|
|
|
|
|
Net sales |
$ |
3,338.1 |
|
|
$ |
2,816.6 |
|
|
$ |
964.6 |
|
|
$ |
831.3 |
|
Segment operating income |
$ |
1,195.7 |
|
|
$ |
984.0 |
|
|
$ |
335.7 |
|
|
$ |
291.6 |
|
Long-lived tangible assets |
$ |
2,506.6 |
|
|
$ |
1,806.7 |
|
|
$ |
2,506.6 |
|
|
$ |
1,806.7 |
|
Total assets |
$ |
10,351.5 |
|
|
$ |
8,596.3 |
|
|
$ |
10,351.5 |
|
|
$ |
8,596.3 |
|
Capital expenditures |
$ |
494.9 |
|
|
$ |
457.3 |
|
|
$ |
191.0 |
|
|
$ |
196.6 |
|
Depreciation and amortization |
$ |
82.7 |
|
|
$ |
41.4 |
|
|
$ |
29.5 |
|
|
$ |
13.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended November 30, |
|
For the Three Months Ended November 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
(in millions) |
|
|
|
|
|
|
|
Wine and Spirits |
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
Wine |
$ |
2,102.8 |
|
|
$ |
1,931.5 |
|
|
$ |
754.3 |
|
|
$ |
719.4 |
|
Spirits |
262.6 |
|
|
257.1 |
|
|
91.6 |
|
|
89.8 |
|
Net sales |
$ |
2,365.4 |
|
|
$ |
2,188.6 |
|
|
$ |
845.9 |
|
|
$ |
809.2 |
|
Segment operating income |
$ |
604.7 |
|
|
$ |
542.8 |
|
|
$ |
231.0 |
|
|
$ |
222.7 |
|
Equity in earnings of equity method investees |
$ |
28.4 |
|
|
$ |
28.5 |
|
|
$ |
27.7 |
|
|
$ |
27.3 |
|
Long-lived tangible assets |
$ |
1,069.7 |
|
|
$ |
1,034.1 |
|
|
$ |
1,069.7 |
|
|
$ |
1,034.1 |
|
Investments in equity method investees |
$ |
92.9 |
|
|
$ |
91.0 |
|
|
$ |
92.9 |
|
|
$ |
91.0 |
|
Total assets |
$ |
7,616.3 |
|
|
$ |
6,856.5 |
|
|
$ |
7,616.3 |
|
|
$ |
6,856.5 |
|
Capital expenditures |
$ |
55.3 |
|
|
$ |
52.4 |
|
|
$ |
25.7 |
|
|
$ |
20.5 |
|
Depreciation and amortization |
$ |
76.0 |
|
|
$ |
75.3 |
|
|
$ |
25.8 |
|
|
$ |
23.7 |
|
|
|
|
|
|
|
|
|
Corporate Operations and Other |
|
|
|
|
|
|
|
Segment operating loss |
$ |
(99.9 |
) |
|
$ |
(95.9 |
) |
|
$ |
(35.1 |
) |
|
$ |
(38.5 |
) |
Equity in losses of equity method investees |
$ |
(0.2 |
) |
|
$ |
— |
|
|
$ |
(0.2 |
) |
|
$ |
— |
|
Long-lived tangible assets |
$ |
131.7 |
|
|
$ |
108.2 |
|
|
$ |
131.7 |
|
|
$ |
108.2 |
|
Investments in equity method investees |
$ |
22.8 |
|
|
$ |
1.0 |
|
|
$ |
22.8 |
|
|
$ |
1.0 |
|
Total assets |
$ |
352.3 |
|
|
$ |
655.3 |
|
|
$ |
352.3 |
|
|
$ |
655.3 |
|
Capital expenditures |
$ |
41.4 |
|
|
$ |
4.1 |
|
|
$ |
6.3 |
|
|
$ |
1.9 |
|
Depreciation and amortization |
$ |
22.8 |
|
|
$ |
20.7 |
|
|
$ |
8.2 |
|
|
$ |
6.7 |
|
|
|
|
|
|
|
|
|
Comparable Adjustments |
|
|
|
|
|
|
|
Operating income (loss) |
$ |
(2.9 |
) |
|
$ |
(76.9 |
) |
|
$ |
2.4 |
|
|
$ |
(28.5 |
) |
Depreciation and amortization |
$ |
2.2 |
|
|
$ |
25.3 |
|
|
$ |
— |
|
|
$ |
7.4 |
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
Net sales |
$ |
5,703.5 |
|
|
$ |
5,005.2 |
|
|
$ |
1,810.5 |
|
|
$ |
1,640.5 |
|
Operating income |
$ |
1,697.6 |
|
|
$ |
1,354.0 |
|
|
$ |
534.0 |
|
|
$ |
447.3 |
|
Equity in earnings of equity method investees |
$ |
28.2 |
|
|
$ |
28.5 |
|
|
$ |
27.5 |
|
|
$ |
27.3 |
|
Long-lived tangible assets |
$ |
3,708.0 |
|
|
$ |
2,949.0 |
|
|
$ |
3,708.0 |
|
|
$ |
2,949.0 |
|
Investments in equity method investees |
$ |
115.7 |
|
|
$ |
92.0 |
|
|
$ |
115.7 |
|
|
$ |
92.0 |
|
Total assets |
$ |
18,320.1 |
|
|
$ |
16,108.1 |
|
|
$ |
18,320.1 |
|
|
$ |
16,108.1 |
|
Capital expenditures |
$ |
591.6 |
|
|
$ |
513.8 |
|
|
$ |
223.0 |
|
|
$ |
219.0 |
|
Depreciation and amortization |
$ |
183.7 |
|
|
$ |
162.7 |
|
|
$ |
63.5 |
|
|
$ |
51.3 |
|
|