Quarterly report pursuant to Section 13 or 15(d)

Investments (Tables)

v2.4.0.8
Investments (Tables)
 3 Months Ended
May 31, 2013
Investments [Abstract]  
Summary of Financial Information for Company's Equity Method Investment
The following table presents summarized financial information for the Company’s Crown Imports equity method investment. The amounts shown represent 100% of this equity method investment’s results of operations.
 
For the Three Months
Ended May 31,
 
2013
 
2012
(in millions)
 
 
 
Net sales
$
761.6

 
$
724.1

Gross profit
$
225.6

 
$
211.2

Income from continuing operations
$
133.5

 
$
122.8

Net income
$
133.5

 
$
122.8

Amounts Recognized Under Agreements With Related Parties
The Company is party to several agreements with Accolade, including distribution agreements under which the Company’s Constellation Wine and Spirits segment distributes Accolade’s products primarily in Canada, and Accolade distributes Constellation Wine and Spirits’ products primarily in Australia, the U.K., and Mainland Europe; certain bulk wine supply agreements; and certain bottling agreements. Prior to October 1, 2012, the Company also distributed Accolade’s products in the U.S. The following table presents a summary of amounts recognized under these arrangements. As of May 31, 2013, and February 28, 2013, amounts receivable from or payable to Accolade under these arrangements were not material.
 
For the Three Months
Ended May 31,
 
2013
 
2012
(in millions)
 
 
 
Amounts sold to or related to services performed for Accolade
$
21.4

 
$
24.5

 
 
 
 
Amounts purchased from or related to services performed by Accolade
$
3.6

 
$
4.0