| Unusual items |
For the six months and three months ended August 31, 2014, and August 31, 2013, Unusual Items included in consolidated operating income consist of:
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For the Six Months
Ended August 31, |
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For the Three Months
Ended August 31, |
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2014 |
|
2013 |
|
2014 |
|
2013 |
(in millions) |
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Net Sales |
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Product recall |
$ |
3.5 |
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$ |
— |
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$ |
3.5 |
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$ |
— |
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Cost of Product Sold |
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Amortization of favorable interim supply agreement |
18.9 |
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2.1 |
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11.3 |
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2.1 |
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Product recall |
5.4 |
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— |
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5.4 |
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— |
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Flow through of inventory step-up |
— |
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11.0 |
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— |
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9.5 |
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Other costs |
5.9 |
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— |
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5.6 |
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— |
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Total Cost of Product Sold |
30.2 |
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13.1 |
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22.3 |
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11.6 |
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Selling, General and Administrative Expenses |
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Transaction, integration and other acquisition-related costs |
13.1 |
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34.9 |
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8.6 |
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7.4 |
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Product recall |
0.3 |
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— |
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0.3 |
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— |
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Deferred compensation |
— |
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7.0 |
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— |
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— |
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Restructuring charges and other |
— |
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(2.9 |
) |
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— |
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— |
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Total Selling, General and Administrative Expenses |
13.4 |
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39.0 |
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8.9 |
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7.4 |
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Impairment of Goodwill and Intangible Assets |
— |
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300.9 |
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— |
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300.9 |
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Gain on Remeasurement to Fair Value of Equity Method Investment |
— |
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(1,642.0 |
) |
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— |
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(1,642.0 |
) |
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Unusual Items |
$ |
47.1 |
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$ |
(1,289.0 |
) |
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$ |
34.7 |
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|
$ |
(1,322.1 |
) |
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| Segment information |
Segment information is as follows:
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For the Six Months
Ended August 31, |
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For the Three Months
Ended August 31, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
(in millions) |
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Beer |
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Net sales |
$ |
1,759.5 |
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$ |
1,576.2 |
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$ |
891.8 |
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$ |
814.6 |
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Segment operating income |
$ |
558.6 |
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$ |
360.4 |
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$ |
271.1 |
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$ |
226.4 |
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Long-lived tangible assets |
$ |
1,060.6 |
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$ |
668.7 |
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$ |
1,060.6 |
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$ |
668.7 |
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Total assets |
$ |
7,713.3 |
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$ |
7,294.5 |
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$ |
7,713.3 |
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$ |
7,294.5 |
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Capital expenditures |
$ |
228.8 |
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$ |
3.6 |
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$ |
143.5 |
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$ |
3.3 |
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Depreciation and amortization |
$ |
19.9 |
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$ |
11.0 |
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$ |
10.1 |
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$ |
10.5 |
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Wine and Spirits |
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Net sales: |
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Wine |
$ |
1,227.1 |
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$ |
1,226.4 |
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$ |
640.7 |
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$ |
629.1 |
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Spirits |
147.0 |
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144.0 |
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75.1 |
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67.9 |
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Net sales |
$ |
1,374.1 |
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$ |
1,370.4 |
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$ |
715.8 |
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$ |
697.0 |
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Segment operating income |
$ |
312.9 |
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$ |
285.8 |
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$ |
169.7 |
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$ |
158.2 |
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Equity in (losses) earnings of equity method investees |
$ |
(0.1 |
) |
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$ |
0.1 |
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$ |
(0.6 |
) |
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$ |
(0.6 |
) |
Long-lived tangible assets |
$ |
1,107.5 |
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$ |
1,081.3 |
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$ |
1,107.5 |
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$ |
1,081.3 |
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Investments in equity method investees |
$ |
72.0 |
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$ |
73.2 |
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$ |
72.0 |
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$ |
73.2 |
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Total assets |
$ |
6,610.0 |
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$ |
6,403.1 |
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$ |
6,610.0 |
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$ |
6,403.1 |
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Capital expenditures |
$ |
51.5 |
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$ |
35.6 |
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$ |
20.2 |
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$ |
19.1 |
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Depreciation and amortization |
$ |
50.9 |
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$ |
47.5 |
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$ |
25.3 |
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$ |
23.4 |
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Corporate Operations and Other |
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Segment operating loss |
$ |
(53.5 |
) |
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$ |
(48.1 |
) |
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$ |
(27.4 |
) |
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$ |
(24.1 |
) |
Long-lived tangible assets |
$ |
131.8 |
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$ |
120.4 |
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$ |
131.8 |
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$ |
120.4 |
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Total assets |
$ |
334.1 |
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$ |
425.2 |
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$ |
334.1 |
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$ |
425.2 |
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Capital expenditures |
$ |
27.9 |
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$ |
10.3 |
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$ |
13.1 |
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$ |
4.8 |
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Depreciation and amortization |
$ |
13.3 |
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$ |
11.1 |
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$ |
6.8 |
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$ |
6.2 |
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Unusual Items |
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Net sales |
$ |
(3.5 |
) |
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$ |
— |
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$ |
(3.5 |
) |
|
$ |
— |
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Operating (loss) income |
$ |
(47.1 |
) |
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$ |
1,289.0 |
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$ |
(34.7 |
) |
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$ |
1,322.1 |
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Equity in losses of equity method investees |
$ |
— |
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$ |
(0.1 |
) |
|
$ |
— |
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$ |
— |
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Depreciation and amortization |
$ |
18.9 |
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$ |
2.1 |
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$ |
11.3 |
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$ |
2.1 |
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Consolidation and Eliminations |
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Net sales |
$ |
— |
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$ |
(813.4 |
) |
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$ |
— |
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$ |
(51.8 |
) |
Operating income |
$ |
— |
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$ |
(142.6 |
) |
|
$ |
— |
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$ |
(8.6 |
) |
Equity in earnings of Crown Imports |
$ |
— |
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$ |
70.3 |
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$ |
— |
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$ |
4.3 |
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Capital expenditures |
$ |
— |
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$ |
(0.3 |
) |
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$ |
— |
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$ |
— |
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Depreciation and amortization |
$ |
— |
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$ |
(0.5 |
) |
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$ |
— |
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$ |
— |
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For the Six Months
Ended August 31, |
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For the Three Months
Ended August 31, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
(in millions) |
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Consolidated |
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Net sales |
$ |
3,130.1 |
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$ |
2,133.2 |
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$ |
1,604.1 |
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$ |
1,459.8 |
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Operating income |
$ |
770.9 |
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$ |
1,744.5 |
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$ |
378.7 |
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$ |
1,674.0 |
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Equity in (losses) earnings of equity method investees |
$ |
(0.1 |
) |
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$ |
70.3 |
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$ |
(0.6 |
) |
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$ |
3.7 |
|
Long-lived tangible assets |
$ |
2,299.9 |
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$ |
1,870.4 |
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$ |
2,299.9 |
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$ |
1,870.4 |
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Investments in equity method investees |
$ |
72.0 |
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$ |
73.2 |
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$ |
72.0 |
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$ |
73.2 |
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Total assets |
$ |
14,657.4 |
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$ |
14,122.8 |
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$ |
14,657.4 |
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$ |
14,122.8 |
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Capital expenditures |
$ |
308.2 |
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$ |
49.2 |
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$ |
176.8 |
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$ |
27.2 |
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Depreciation and amortization |
$ |
103.0 |
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$ |
71.2 |
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$ |
53.5 |
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$ |
42.2 |
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