| Restructuring charges and unusual items |
For the nine months and three months ended November 30, 2013, and November 30, 2012, restructuring charges and unusual items included in operating income consist of:
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For the Nine Months
Ended November 30, |
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For the Three Months
Ended November 30, |
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2013 |
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2012 |
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2013 |
|
2012 |
(in millions) |
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Cost of Product Sold: |
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Flow through of inventory step-up |
$ |
11.0 |
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$ |
5.7 |
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$ |
— |
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$ |
3.4 |
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Amortization of favorable interim supply agreement |
4.3 |
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— |
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2.2 |
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— |
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Cost of Product Sold |
15.3 |
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5.7 |
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2.2 |
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3.4 |
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Selling, General and Administrative Expenses: |
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Transaction and related costs associated with pending and completed acquisitions |
43.8 |
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17.6 |
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8.9 |
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8.5 |
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Deferred compensation |
7.0 |
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— |
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— |
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— |
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Restructuring charges |
(1.0 |
) |
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1.0 |
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(0.1 |
) |
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0.3 |
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Other costs |
(1.8 |
) |
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3.3 |
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0.2 |
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1.9 |
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Selling, General and Administrative Expenses |
48.0 |
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21.9 |
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9.0 |
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10.7 |
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Impairment of Goodwill and Intangible Assets |
300.9 |
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— |
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— |
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— |
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Gain on Remeasurement to Fair Value of Equity Method Investment |
(1,642.0 |
) |
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— |
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— |
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— |
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Restructuring Charges and Unusual Items |
$ |
(1,277.8 |
) |
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$ |
27.6 |
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$ |
11.2 |
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$ |
14.1 |
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| Segment information |
Segment information is as follows:
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For the Nine Months
Ended November 30, |
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For the Three Months
Ended November 30, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
(in millions) |
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Beer |
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Net sales |
$ |
2,237.8 |
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$ |
2,059.9 |
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$ |
661.6 |
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$ |
547.4 |
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Segment operating income |
$ |
572.9 |
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$ |
345.4 |
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$ |
212.5 |
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$ |
79.0 |
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Long-lived tangible assets |
$ |
694.4 |
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$ |
8.8 |
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$ |
694.4 |
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$ |
8.8 |
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Total assets |
$ |
7,214.7 |
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$ |
350.8 |
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$ |
7,214.7 |
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$ |
350.8 |
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Capital expenditures |
$ |
23.2 |
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$ |
0.8 |
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$ |
19.6 |
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$ |
0.4 |
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Depreciation and amortization |
$ |
24.2 |
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$ |
2.0 |
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$ |
11.1 |
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$ |
0.5 |
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For the Nine Months
Ended November 30, |
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For the Three Months
Ended November 30, |
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2013 |
|
2012 |
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2013 |
|
2012 |
(in millions) |
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Wine and Spirits |
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Net sales: |
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Wine |
$ |
1,938.3 |
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$ |
1,870.7 |
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$ |
711.9 |
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$ |
693.5 |
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Spirits |
213.8 |
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|
229.5 |
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|
69.8 |
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|
73.4 |
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Net sales |
$ |
2,152.1 |
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$ |
2,100.2 |
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$ |
781.7 |
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$ |
766.9 |
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Segment operating income |
$ |
471.9 |
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$ |
490.8 |
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$ |
186.1 |
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$ |
196.5 |
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Equity in earnings of equity method investees |
$ |
18.1 |
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$ |
13.1 |
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$ |
18.0 |
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$ |
14.2 |
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Long-lived tangible assets |
$ |
1,094.6 |
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$ |
1,107.9 |
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$ |
1,094.6 |
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$ |
1,107.9 |
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Investments in equity method investees |
$ |
81.9 |
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$ |
80.6 |
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$ |
81.9 |
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$ |
80.6 |
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Total assets |
$ |
6,704.6 |
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$ |
7,141.6 |
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$ |
6,704.6 |
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$ |
7,141.6 |
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Capital expenditures |
$ |
51.0 |
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$ |
45.3 |
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$ |
15.4 |
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$ |
14.6 |
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Depreciation and amortization |
$ |
72.2 |
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$ |
67.8 |
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$ |
24.7 |
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$ |
23.4 |
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Corporate Operations and Other |
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Net sales |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Segment operating loss |
$ |
(71.7 |
) |
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$ |
(67.7 |
) |
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$ |
(23.6 |
) |
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$ |
(23.6 |
) |
Long-lived tangible assets |
$ |
116.4 |
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$ |
128.8 |
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$ |
116.4 |
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$ |
128.8 |
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Total assets |
$ |
417.0 |
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$ |
1,035.2 |
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$ |
417.0 |
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$ |
1,035.2 |
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Capital expenditures |
$ |
12.0 |
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$ |
6.9 |
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$ |
1.7 |
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$ |
2.0 |
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Depreciation and amortization |
$ |
17.4 |
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$ |
17.7 |
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$ |
6.3 |
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$ |
6.1 |
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Restructuring Charges and Unusual Items |
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Operating income (loss) |
$ |
1,277.8 |
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$ |
(27.6 |
) |
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$ |
(11.2 |
) |
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$ |
(14.1 |
) |
Equity in losses of equity method investees |
$ |
(0.1 |
) |
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$ |
(0.2 |
) |
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$ |
— |
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$ |
(0.2 |
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Consolidation and Eliminations |
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Net sales |
$ |
(813.4 |
) |
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$ |
(2,059.9 |
) |
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$ |
— |
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$ |
(547.4 |
) |
Operating income |
$ |
(142.6 |
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$ |
(345.4 |
) |
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$ |
— |
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$ |
(79.0 |
) |
Equity in earnings of Crown Imports |
$ |
70.3 |
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$ |
170.7 |
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$ |
— |
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$ |
38.5 |
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Long-lived tangible assets |
$ |
— |
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$ |
(8.8 |
) |
|
$ |
— |
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$ |
(8.8 |
) |
Investments in equity method investees |
$ |
— |
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$ |
145.9 |
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$ |
— |
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$ |
145.9 |
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Total assets |
$ |
— |
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$ |
(204.9 |
) |
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$ |
— |
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$ |
(204.9 |
) |
Capital expenditures |
$ |
(0.3 |
) |
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$ |
(0.8 |
) |
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$ |
— |
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$ |
(0.4 |
) |
Depreciation and amortization |
$ |
(0.5 |
) |
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$ |
(2.0 |
) |
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$ |
— |
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$ |
(0.5 |
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Consolidated |
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Net sales |
$ |
3,576.5 |
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$ |
2,100.2 |
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$ |
1,443.3 |
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$ |
766.9 |
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Operating income |
$ |
2,108.3 |
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$ |
395.5 |
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$ |
363.8 |
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$ |
158.8 |
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Equity in earnings of equity method investees |
$ |
88.3 |
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$ |
183.6 |
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$ |
18.0 |
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$ |
52.5 |
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Long-lived tangible assets |
$ |
1,905.4 |
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$ |
1,236.7 |
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$ |
1,905.4 |
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$ |
1,236.7 |
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Investments in equity method investees |
$ |
81.9 |
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$ |
226.5 |
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$ |
81.9 |
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$ |
226.5 |
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Total assets |
$ |
14,336.3 |
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$ |
8,322.7 |
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$ |
14,336.3 |
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$ |
8,322.7 |
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Capital expenditures |
$ |
85.9 |
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$ |
52.2 |
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$ |
36.7 |
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$ |
16.6 |
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Depreciation and amortization |
$ |
113.3 |
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$ |
85.5 |
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$ |
42.1 |
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$ |
29.5 |
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