Quarterly report pursuant to Section 13 or 15(d)

Other Assets

v2.4.0.8
Other Assets
 9 Months Ended
Nov. 30, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS
OTHER ASSETS:

The major components of other assets are as follows:
 
November 30, 2013
 
February 28, 2013
(in millions)
 
 
 
Deferred financing costs
$
85.2

 
$
54.4

Investments in equity method investees
81.9

 
243.6

Investment in Accolade
45.0

 
42.8

Other
18.4

 
17.3

 
230.5

 
358.1

Less – Accumulated amortization
(22.2
)
 
(13.9
)
 
$
208.3

 
$
344.2



Investments in equity method investees –
Crown Imports:
Prior to June 7, 2013, Constellation Beers Ltd. (“Constellation Beers”), an indirect wholly-owned subsidiary of the Company, and Diblo, S.A. de C.V., an entity majority-owned by Grupo Modelo, S.A.B. de C.V. (“Modelo”), each had, directly or indirectly, equal interests in a joint venture, Crown Imports LLC (“Crown Imports”). Crown Imports had the exclusive right to import, market and sell primarily Modelo’s Mexican beer portfolio sold in the U.S. and Guam (the “Mexican Beer Brands”).

In addition, prior to June 7, 2013, the Company accounted for its investment in Crown Imports under the equity method. Accordingly, the results of operations of Crown Imports were included in equity in earnings of equity method investees on the Company’s Consolidated Statements of Comprehensive Income through June 6, 2013. The Company received $30.3 million and $202.7 million of cash distributions from Crown Imports for the nine months ended November 30, 2013, and November 30, 2012, respectively, all of which represent distributions of earnings. As of February 28, 2013, the Company’s investment in Crown Imports was $169.3 million. As of February 28, 2013, the carrying amount of the investment was greater than the Company’s equity in the underlying assets of Crown Imports by $13.6 million due to the difference in the carrying amounts of the indefinite lived intangible assets contributed to Crown Imports by each party.

The following table presents summarized financial information for the Company’s Crown Imports equity method investment. As the results of operations of Crown Imports have been included in the Company’s consolidated results of operations from the date of acquisition, amounts shown represent 100% of this equity method investment’s results of operations prior to the date of acquisition.
 
For the Nine Months
Ended November 30,
 
For the Three Months
Ended November 30,
 
2013
 
2012
 
2013
 
2012
(in millions)
 
 
 
 
 
 
 
Net sales
$
813.4

 
$
2,059.9

 
$
—

 
$
547.4

Gross profit
$
241.5

 
$
596.8

 
$
—

 
$
160.0

Income from continuing operations
$
142.1

 
$
344.6

 
$
—

 
$
78.6

Net income
$
142.1

 
$
344.6

 
$
—

 
$
78.6