Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |||
Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Class A Common Stock [Member] | Class B Convertible Common Stock [Member] | Class 1 Common Stock [Member] | ||
Entity Registrant Name | CONSTELLATION BRANDS, INC. | |||
Entity Central Index Key | 16918 | |||
Document Type | 10-Q | |||
Document Period End Date | 31-Aug-13 | |||
Amendment Flag | FALSE | |||
Document Fiscal Year Focus | 2014 | |||
Document Fiscal Period Focus | Q2 | |||
Current Fiscal Year End Date | -26 | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Common Stock, Shares Outstanding | 165,875,270 | 23,460,435 | 37 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash investments | $116.80 | $331.50 |
Accounts receivable, net | 655.9 | 471.9 |
Inventories | 1,643 | 1,480.90 |
Prepaid expenses and other | 254.4 | 186.9 |
Total current assets | 2,670.10 | 2,471.20 |
PROPERTY, PLANT AND EQUIPMENT, net | 1,870.40 | 1,229 |
GOODWILL | 6,139.20 | 2,722.30 |
INTANGIBLE ASSETS, net | 3,243.90 | 871.4 |
OTHER ASSETS, net | 199.2 | 344.2 |
Total assets | 14,122.80 | 7,638.10 |
CURRENT LIABILITIES: | ||
Notes payable to banks | 272.1 | 0 |
Current maturities of long-term debt | 115.7 | 27.6 |
Accounts payable | 341.2 | 209 |
Accrued excise taxes | 27.6 | 18.9 |
Other accrued expenses and liabilities | 1,054 | 422.4 |
Total current liabilities | 1,810.60 | 677.9 |
LONG-TERM DEBT, less current maturities | 6,912.70 | 3,277.80 |
DEFERRED INCOME TAXES | 696.8 | 599.6 |
OTHER LIABILITIES | 192.3 | 222.5 |
COMMITMENTS AND CONTINGENCIES (NOTE 15) | ||
STOCKHOLDERS' EQUITY: | ||
Additional paid-in capital | 2,037 | 1,907.10 |
Retained earnings | 4,070 | 2,495.10 |
Accumulated other comprehensive income | 64.6 | 132.1 |
Total stockholders' equity before treasury stock adjustments | 6,174.40 | 4,537 |
Less: Treasury stock - | -1,664 | -1,676.70 |
Total stockholders' equity | 4,510.40 | 2,860.30 |
Total liabilities and stockholders' equity | 14,122.80 | 7,638.10 |
Class A Common Stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Common Stock, Value, Issued | 2.5 | 2.4 |
Less: Treasury stock - | -1,661.80 | -1,674.50 |
Class B Convertible Common Stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Common Stock, Value, Issued | 0.3 | 0.3 |
Less: Treasury stock - | ($2.20) | ($2.20) |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
Class A Common Stock [Member] | ||
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 322,000,000 | 322,000,000 |
Common Stock, shares issued | 246,034,797 | 242,064,514 |
Treasury Stock, shares at cost | 80,296,108 | 80,799,298 |
Class B Convertible Common Stock [Member] | ||
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 30,000,000 | 30,000,000 |
Common Stock, shares issued | 28,470,735 | 28,517,035 |
Treasury Stock, shares at cost | 5,005,800 | 5,005,800 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
SALES | $1,613.30 | $797.70 | $2,379.50 | $1,523 |
Less - excise taxes | -153.5 | -99.2 | -246.3 | -189.7 |
Net sales | 1,459.80 | 698.5 | 2,133.20 | 1,333.30 |
COST OF PRODUCT SOLD | -882.8 | -413.4 | -1,300.10 | -797.6 |
Gross profit | 577 | 285.1 | 833.1 | 535.7 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | -244.1 | -154.5 | -429.7 | -299 |
IMPAIRMENT OF GOODWILL AND INTANGIBLE ASSETS | -300.9 | 0 | -300.9 | 0 |
GAIN ON REMEASUREMENT TO FAIR VALUE OF EQUITY METHOD INVESTMENT | 1,642 | 0 | 1,642 | 0 |
Operating income | 1,674 | 130.6 | 1,744.50 | 236.7 |
EQUITY IN EARNINGS OF EQUITY METHOD INVESTEES | 3.7 | 70.5 | 70.3 | 131.1 |
INTEREST EXPENSE, net | -90.3 | -54.6 | -145.1 | -105.3 |
LOSS ON WRITE-OFF OF FINANCING COSTS | 0 | 0 | 0 | -2.8 |
Income before income taxes | 1,587.40 | 146.5 | 1,669.70 | 259.7 |
PROVISION FOR INCOME TAXES | -65.4 | -21.9 | -94.8 | -63.1 |
NET INCOME | 1,522 | 124.6 | 1,574.90 | 196.6 |
COMPREHENSIVE INCOME | $1,478 | $199.20 | $1,507.40 | $180.60 |
Class A Common Stock [Member] | ||||
Basic and Diluted earnings per common share: | ||||
Earnings per common share, basic | $8.18 | $0.71 | $8.53 | $1.09 |
Earnings per common share, diluted | $7.74 | $0.67 | $8.03 | $1.05 |
Weighted average common shares outstanding: | ||||
Weighted average common shares outstanding, basic | 164,825 | 154,794 | 163,277 | 158,527 |
Weighted average common shares outstanding, diluted | 196,767 | 184,640 | 196,056 | 187,458 |
Class B Convertible Common Stock [Member] | ||||
Basic and Diluted earnings per common share: | ||||
Earnings per common share, basic | $7.43 | $0.64 | $7.75 | $0.99 |
Earnings per common share, diluted | $7.11 | $0.62 | $7.38 | $0.96 |
Weighted average common shares outstanding: | ||||
Weighted average common shares outstanding, basic | 23,472 | 23,536 | 23,485 | 23,545 |
Weighted average common shares outstanding, diluted | 23,472 | 23,536 | 23,485 | 23,545 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Beer Business Acquisition [Member] | Mark West [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | $1,574.90 | $196.60 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Gain on remeasurement to fair value of equity method investment | -1,642 | 0 | ||
Equity in earnings of equity method investees, net of distributed earnings | -39.1 | -0.6 | ||
Impairment of goodwill and intangible assets | 300.9 | 0 | ||
Depreciation of property, plant and equipment | 64.1 | 52.4 | ||
Stock-based compensation expense | 25.6 | 21.4 | ||
Deferred tax provision | 9.6 | 31.9 | ||
Amortization of intangible assets | 7.1 | 3.6 | ||
Amortization of deferred financing costs | 5 | 1.2 | ||
Loss (gain) on disposal of long-lived assets, net | 0.1 | -0.5 | ||
Loss on write-off of financing costs | 0 | 2.8 | ||
Change in operating assets and liabilities, net of effects from purchase of business | ||||
Accounts receivable, net | 8.4 | -51.1 | ||
Inventories | 67.4 | 37.2 | ||
Prepaid expenses and other current assets | 17.6 | -1 | ||
Accounts payable | 10.4 | 52.5 | ||
Accrued excise taxes | -5.6 | 2.9 | ||
Other accrued expenses and liabilities | 59.8 | 3.7 | ||
Other, net | 24.8 | 15.5 | ||
Total adjustments | -1,085.90 | 171.9 | ||
Net cash provided by operating activities | 489 | 368.5 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchase of business, net of cash acquired | -4,672.90 | -159.7 | -4,672.90 | -159.7 |
Purchases of property, plant and equipment | -49.2 | -35.6 | ||
Proceeds from sales of assets | 1.6 | 7.9 | ||
Proceeds from notes receivable | 0 | 4.6 | ||
Other investing activities | 1.1 | -1.2 | ||
Net cash used in investing activities | -4,719.40 | -184 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of long-term debt | 3,725 | 2,050 | ||
Net proceeds from (repayment of) notes payable | 272.1 | -358.3 | ||
Proceeds from exercises of employee stock options | 77.5 | 110.5 | ||
Excess tax benefits from stock-based payment awards | 53.8 | 11.4 | ||
Proceeds from employee stock purchases | 2.5 | 2.1 | ||
Payment of financing costs of long-term debt | -82.2 | -34.1 | ||
Payment of minimum tax withholdings on stock-based payment awards | -18 | -0.5 | ||
Principal payments of long-term debt | -9.9 | -838 | ||
Payment of restricted cash upon issuance of long-term debt | 0 | -650 | ||
Purchases of treasury stock | 0 | -383 | ||
Net cash provided by (used in) financing activities | 4,020.80 | -89.9 | ||
Effect of exchange rate changes on cash and cash investments | -5.1 | -1.9 | ||
NET (DECREASE) INCREASE IN CASH AND CASH INVESTMENTS | -214.7 | 92.7 | ||
CASH AND CASH INVESTMENTS, beginning of period | 331.5 | 85.8 | ||
CASH AND CASH INVESTMENTS, end of period | 116.8 | 178.5 | ||
Purchase of business | ||||
Fair value of assets acquired, including cash acquired | 7,465.70 | 159.7 | ||
Liabilities assumed | -287.5 | 0 | ||
Net assets acquired | 7,178.20 | 159.7 | ||
Less - fair value of preexisting 50% equity interest | -1,845 | 0 | ||
Less - purchase price and working capital adjustments not yet paid | -553.5 | 0 | ||
Less - cash acquired | -106.8 | 0 | ||
Net cash paid for purchase of business | 4,672.90 | 159.7 | 4,672.90 | 159.7 |
Property, plant and equipment acquired under financing arrangements | $6.70 | $8.30 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | Jun. 07, 2013 |
Preexisting equity interest | 50.00% |
Beer Business Acquisition [Member] | |
Preexisting equity interest | 50.00% |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Aug. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION: |
The consolidated financial statements included herein have been prepared by Constellation Brands, Inc. and its subsidiaries (the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission applicable to quarterly reporting on Form 10-Q and reflect, in the opinion of the Company, all adjustments necessary to present fairly the financial information for the Company. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements, prepared in accordance with generally accepted accounting principles, have been condensed or omitted as permitted by such rules and regulations. These consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2013. Results of operations for interim periods are not necessarily indicative of annual results. During the three months ended August 31, 2013, the Company recorded an immaterial adjustment in provision for income taxes on the Company’s Consolidated Statements of Comprehensive Income of $6.6 million related to prior periods. This adjustment was to correct for previously unrecognized tax benefits associated with the resolution of certain tax positions. |
Recently_Adopted_Accounting_Gu
Recently Adopted Accounting Guidance | 6 Months Ended |
Aug. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENTLY ADOPTED ACCOUNTING GUIDANCE | RECENTLY ADOPTED ACCOUNTING GUIDANCE: |
Disclosures about offsetting assets and liabilities – | |
Effective March 1, 2013, the Company adopted the Financial Accounting Standards Board (“FASB”) amended guidance creating new disclosure requirements about the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. In addition, this amended guidance requires retrospective application. The adoption of this amended guidance on March 1, 2013, did not have a material impact on the Company’s consolidated financial statements. | |
Intangibles – goodwill and other – | |
Effective March 1, 2013, the Company adopted the FASB amended guidance for indefinite lived intangible asset impairment testing. The amended guidance allows an entity to assess qualitative factors to determine whether the existence of events and circumstances indicate that it is more likely than not that an indefinite lived intangible asset is impaired. If an entity concludes it is not more likely than not that an indefinite lived intangible asset is impaired, the entity is not required to take further action. If an entity concludes otherwise, then the entity would be required to determine the fair value of the indefinite lived intangible asset and compare the fair value with the carrying amount of the indefinite lived intangible asset. The adoption of this amended guidance on March 1, 2013, did not have a material impact on the Company’s consolidated financial statements. | |
Comprehensive income – | |
Effective March 1, 2013, the Company adopted the amended guidance for reporting of amounts reclassified out of AOCI (as defined in Note 18). The amended guidance requires an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present significant amounts reclassified out of AOCI by the respective line items of net income, or, for amounts not required to be reclassified in their entirety to net income under generally accepted accounting principles in the U.S., an entity is required to cross-reference to other disclosures required under generally accepted accounting principles in the U.S. that provide additional detail about those amounts. The adoption of this amended guidance on March 1, 2013, did not have a material impact on the Company’s consolidated financial statements. | |
Derivative instruments – | |
Effective July 17, 2013, the Company adopted the amended guidance for inclusion of the Federal Funds Effective Swap Rate as a U.S. benchmark interest rate for hedge accounting purposes, in addition to the interest rate on direct Treasury obligations of the U.S. Government and the London Interbank Offered Rate. The amended guidance also allows for the use of different benchmark rates for similar hedging relationships. The amended guidance is effective prospectively, for qualifying new or redesignated hedging relationships entered into on or after the effective date. The adoption of this amended guidance on July 17, 2013, did not have a material impact on the Company’s consolidated financial statements. |
Acquisition
Acquisition | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||
ACQUISITION | ACQUISITION: | |||||||||||||||
On June 7, 2013, the Company acquired (i) the remaining 50% equity interest in Crown Imports (as defined in Note 11) (the “Crown Acquisition”) and (ii)(a) all of the issued and outstanding equity interests of Compañía Cervecera de Coahuila, S. de R.L. de C.V. (the “Brewery Company”), which owns and operates a brewery located in Nava, Coahuila, Mexico (the “Brewery”), (ii)(b) all of the issued and outstanding equity interests of Servicios Modelo de Coahuila, S. de R.L. de C.V., which provides personnel and services for the operation and maintenance of the Brewery (the “Service Company”), and (ii)(c) an irrevocable, fully-paid license to produce in Mexico (or worldwide under certain circumstances) and exclusively import, market and sell the Mexican Beer Brands (as defined in Note 11) as of the date of acquisition, and certain extensions (all collectively referred to as the “Brewery Purchase”). The business of the Brewery Company and Service Company acquired by the Company is referred to as the “Brewery Business.” The Crown Acquisition and the Brewery Purchase are collectively referred to as the “Beer Business Acquisition.” In connection with the Beer Business Acquisition, the Company is required to build out and expand the Brewery to a nominal capacity of at least 20.0 million hectoliters of packaged beer annually by December 31, 2016. In addition, an interim supply agreement and a transition services agreement were entered into in association with the Beer Business Acquisition. The interim supply agreement obligates Modelo (as defined in Note 11) to provide Crown Imports with a supply of product not produced by the Brewery and the transition services agreement provides for certain specified services and production materials, both for a specified period of time. The associated agreements provide, among other things, that the United States will have approval rights, in its sole discretion, for amendments or modifications to the associated agreements and the United States will have a right of approval, in its sole discretion, of any extension of the term of the interim supply agreement beyond three years. The estimated aggregate purchase price of $5,226.4 million consists of cash paid at closing of $4,745.0 million, net of cash acquired of $106.8 million, plus additional estimated cash payments of $588.2 million (expected to be paid within 12 months of closing) which represent an adjustment to the purchase price for the finalization of the 2012 EBITDA (as defined below) as well as certain working capital adjustments. The aggregate cash paid at closing was financed with: | ||||||||||||||||
• | The proceeds from the issuance of $1,550.0 million aggregate principal amount of May 2013 Senior Notes (as defined in Note 13); | |||||||||||||||
• | $1,500.0 million in term loans consisting of a $500.0 million European Term A Facility (as defined in Note 13) and a $1,000.0 million European Term B Facility (as defined in Note 13) under the 2013 Credit Agreement (as defined in Note 13); | |||||||||||||||
• | $675.0 million in term loans under the U.S. Term A-2 facility (as defined in Note 13) under the 2013 Credit Agreement; | |||||||||||||||
• | $208.0 million in proceeds of borrowings under the Company’s then existing accounts receivable securitization facility; | |||||||||||||||
• | $580.0 million in borrowings under the revolving credit facility under the 2013 Credit Agreement; and | |||||||||||||||
• | Approximately $232.0 million of cash on hand (inclusive of $13.0 million of borrowings under a subsidiary working capital facility). | |||||||||||||||
As a result of the closing of the Beer Business Acquisition without utilizing any of the commitments under an amended and restated bridge financing, this agreement terminated pursuant to its terms on June 7, 2013. | ||||||||||||||||
The primary additional estimated payment consists of an adjustment to the purchase price if the Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of Modelo’s operations relating to the profit on all sales of beer to Crown Imports during calendar 2012, as defined in the purchase agreement and referred to below as the “2012 EBITDA,” is greater or less than $310.0 million. If the 2012 EBITDA is less than $310.0 million, the Company will be entitled to a purchase price refund equal to 9.3 times the amount by which the 2012 EBITDA is less than $310.0 million. If the 2012 EBITDA is greater than $310.0 million, the Company will be required to pay an additional purchase price equal to 9.3 times the amount by which the 2012 EBITDA is greater than $310.0 million; provided, the increased purchase price may not exceed a cap based on a 2012 EBITDA of $370.0 million. The potential undiscounted amount of all future payments that the Company could be required to make in connection with this adjustment is between $0.0 million and $558.0 million. The fair value of the additional estimated payment of $543.3 million related to the 2012 EBITDA was estimated by discounting future cash flows. | ||||||||||||||||
Prior to the Beer Business Acquisition, the Company accounted for its investment in Crown Imports under the equity method of accounting. In connection with the acquisition method of accounting, the Company’s preexisting 50% equity interest was remeasured to its estimated fair value of $1,845.0 million, and the Company recognized a gain of $1,642.0 million on its Consolidated Statements of Comprehensive Income for the second quarter of fiscal 2014. The fair value of the Company’s preexisting 50% equity interest was based upon the estimated fair value of the acquired 50% equity interest in Crown Imports. In connection with the Beer Business Acquisition, the Company is required to estimate the fair value of 100% of the separately identifiable assets acquired and liabilities assumed of Crown Imports. | ||||||||||||||||
The purchase price of the Beer Business Acquisition and the estimated fair value of the Company’s preexisting 50% equity interest in Crown Imports have been allocated to the assets acquired and the liabilities assumed based on estimated fair values as of the acquisition date. As of the date of filing this Quarterly Report on Form 10-Q, the purchase accounting has not been finalized due primarily to the proximity of the closing date of the transaction to the filing date of this Quarterly Report on Form 10-Q and the pending receipt of the final valuations for certain assets, including inventories, a favorable interim supply agreement, property, plant and equipment, and identifiable intangible assets. The following table summarizes the allocation of the estimated fair value of the Beer Business Acquisition to the separately identifiable assets acquired and liabilities assumed as of June 7, 2013: | ||||||||||||||||
(in millions) | ||||||||||||||||
Cash | $ | 106.8 | ||||||||||||||
Accounts receivable | 193.7 | |||||||||||||||
Inventories | 243.1 | |||||||||||||||
Prepaid expenses and other | 103.9 | |||||||||||||||
Property, plant and equipment | 698.9 | |||||||||||||||
Goodwill | 3,715.80 | |||||||||||||||
Intangible assets | 2,403.20 | |||||||||||||||
Other assets | 0.3 | |||||||||||||||
Total assets acquired | 7,465.70 | |||||||||||||||
Accounts payable | 123.2 | |||||||||||||||
Accrued excise taxes | 14.4 | |||||||||||||||
Other accrued expenses and liabilities | 72.9 | |||||||||||||||
Deferred income taxes | 66.4 | |||||||||||||||
Other liabilities | 10.6 | |||||||||||||||
Total liabilities assumed | 287.5 | |||||||||||||||
Total estimated fair value | 7,178.20 | |||||||||||||||
Less – fair value of the Company’s preexisting 50% equity interest in Crown Imports | (1,845.0 | ) | ||||||||||||||
Less – cash acquired | (106.8 | ) | ||||||||||||||
Estimated aggregate purchase price | $ | 5,226.40 | ||||||||||||||
The acquired accounts receivable consist primarily of trade receivables, all of which are expected to be collectible. The acquired inventory was all sold during the second quarter of fiscal 2014. The preliminary intangible assets consist of definite lived customer relationships with an estimated fair value of $22.5 million which are being amortized over a life of 25 years; definite lived copyrights with an estimated fair value of $6.5 million which are being amortized over a life of 2 years; a definite lived distribution agreement with an estimated fair value of $0.4 million which is being amortized over a life of 1.6 years; a definite lived favorable interim supply agreement with an estimated fair value of $68.3 million which is being amortized over a life of 3 years; and a perpetual right to use trademarks with an estimated fair value of $2,305.5 million which is indefinite lived and therefore not subject to amortization. | ||||||||||||||||
In determining the preliminary purchase price allocation, the Company considered, among other factors, market participants’ intentions to use the acquired assets and the historical and estimated future demand for the acquired Mexican Beer Brands. The estimated fair values for the customer relationships and the copyrights were determined using a cost approach. The estimated fair value for the distribution agreement was determined using an income approach. The estimated fair value for the trademarks was determined using an income approach, specifically, the relief from royalty method. The estimated fair value for the favorable supply contract was determined using an income approach, specifically, the differential method. | ||||||||||||||||
The intangible assets are being amortized either on a straight-line basis or an economic consumption basis, which is consistent with the pattern that the economic benefits of the intangible assets are expected to be utilized based upon estimated cash flows generated from such assets. Goodwill associated with the acquisition is primarily attributable to the distribution of the Mexican Beer Brands in the U.S. as well as complete control over the sourcing of product into the U.S. Approximately $1,649.4 million of the goodwill recognized is expected to be deductible for income tax purposes. | ||||||||||||||||
The Company has recognized total acquisition-related costs of $35.7 million and $6.1 million for the six months ended August 31, 2013, and August 31, 2012, respectively, and $8.1 million and $6.1 million for the three months ended August 31, 2013, and August 31, 2012, respectively. Through August 31, 2013, the Company has incurred total acquisition-related costs of $61.7 million, with $35.7 million recognized for the six months ended August 31, 2013, and $26.0 million recognized for the year ended February 28, 2013. These costs are included in selling, general and administrative expenses on the Company’s Consolidated Statements of Comprehensive Income. | ||||||||||||||||
The results of operations of the Beer Business Acquisition is reported in the Company’s Beer segment and has been included in the consolidated results of operations of the Company from the date of acquisition. The following unaudited pro forma financial information for the six months and three months ended August 31, 2013, and August 31, 2012, presents consolidated information as if the Beer Business Acquisition had occurred on March 1, 2012. Because of different fiscal period ends, and in order to present results for comparable periods, the unaudited pro forma financial information for the six months ended August 31, 2013, combines (i) the Company’s historical statement of income for the six months ended August 31, 2013; (ii) Crown Imports’ historical statement of income for (a) the three months ended March 31, 2013, and (b) the period from June 1, 2013, through June 6, 2013; and(iii) the Brewery Business’ carve-out combined income statement for the three months ended March 31, 2013. The unaudited pro forma financial information for the three months ended August 31, 2013, combines (i) the Company’s historical statement of income for the three months ended August 31, 2013; and (ii) Crown Imports’ historical statement of income for the period from June 1, 2013, through June 6, 2013. The unaudited pro forma financial information for the six months and three months ended August 31, 2013, does not give effect to the Brewery Business’ carve-out combined income statement for the period from June 1, 2013, through June 6, 2013, as it is not significant. The unaudited pro forma financial information for the six months and three months ended August 31, 2012, combines (i) the Company’s historical statement of income for the six months and three months ended August 31, 2012; (ii) Crown Imports’ historical statement of income for the six months and three months ended June 30, 2012; and (iii) the Brewery Business’ carve-out combined income statement for the six months and three months ended ended June 30, 2012. The unaudited pro forma financial information is presented after giving effect to certain adjustments for acquisition-related costs, depreciation, amortization of definite lived intangible assets, interest expense on acquisition financing, amortization of deferred financing costs and related income tax effects. The unaudited pro forma financial information excludes the estimated gain of $1,642.0 million on the remeasurement to fair value of the Company’s preexisting 50% equity interest in Crown Imports as it is a one-time, nonrecurring gain. The unaudited pro forma financial information is based upon currently available information and upon certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma financial information does not purport to present what the Company’s results of operations would actually have been if the aforementioned transaction had in fact occurred on such date or at the beginning of the period indicated, nor does it project the Company’s financial position or results of operations at any future date or for any future period. | ||||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Net sales | $ | 2,750.60 | $ | 2,643.40 | $ | 1,511.60 | $ | 1,465.80 | ||||||||
Income (loss) before income taxes | $ | 156.5 | $ | 450.4 | $ | (47.4 | ) | $ | 260.4 | |||||||
Net income (loss) | $ | 18.3 | $ | 329.9 | $ | (115.3 | ) | $ | 204 | |||||||
Earnings (loss) per common share: | ||||||||||||||||
Basic – Class A Common Stock | $ | 0.1 | $ | 1.83 | $ | (0.62 | ) | $ | 1.16 | |||||||
Basic – Class B Convertible Common Stock | $ | 0.09 | $ | 1.67 | $ | (0.56 | ) | $ | 1.05 | |||||||
Diluted – Class A Common Stock | $ | 0.09 | $ | 1.76 | $ | (0.62 | ) | $ | 1.1 | |||||||
Diluted – Class B Convertible Common Stock | $ | 0.09 | $ | 1.62 | $ | (0.56 | ) | $ | 1.02 | |||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic – Class A Common Stock | 163.277 | 158.527 | 164.825 | 154.794 | ||||||||||||
Basic – Class B Convertible Common Stock | 23.485 | 23.545 | 23.472 | 23.536 | ||||||||||||
Diluted – Class A Common Stock | 196.056 | 187.458 | 196.767 | 184.64 | ||||||||||||
Diluted – Class B Convertible Common Stock | 23.485 | 23.545 | 23.472 | 23.536 | ||||||||||||
Inventories
Inventories | 6 Months Ended | |||||||
Aug. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
INVENTORIES | INVENTORIES: | |||||||
Inventories are stated at the lower of cost (computed in accordance with the first-in, first-out method) or market. Elements of cost include materials, labor and overhead and consist of the following: | ||||||||
August 31, 2013 | February 28, 2013 | |||||||
(in millions) | ||||||||
Raw materials and supplies | $ | 90.6 | $ | 45.5 | ||||
In-process inventories | 1,115.70 | 1,168.10 | ||||||
Finished case goods | 436.7 | 267.3 | ||||||
$ | 1,643.00 | $ | 1,480.90 | |||||
Prepaid_Expenses_and_Other
Prepaid Expenses and Other | 6 Months Ended | |||||||
Aug. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
PREPAID EXPENSES AND OTHER | PREPAID EXPENSES AND OTHER: | |||||||
The major components of prepaid expenses and other are as follows: | ||||||||
August 31, 2013 | February 28, 2013 | |||||||
(in millions) | ||||||||
Income taxes receivable | $ | 98.5 | $ | 117.2 | ||||
Prepaid excise, sales and value added taxes | 71.7 | 20.2 | ||||||
Other | 84.2 | 49.5 | ||||||
$ | 254.4 | $ | 186.9 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 6 Months Ended | |||||||
Aug. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT: | |||||||
The major components of property, plant and equipment are as follows: | ||||||||
31-Aug-13 | 28-Feb-13 | |||||||
(in millions) | ||||||||
Land and land improvements | $ | 330.4 | $ | 304.6 | ||||
Vineyards | 214.4 | 214.5 | ||||||
Buildings and improvements | 507.9 | 342 | ||||||
Machinery and equipment | 1,533.00 | 1,090.60 | ||||||
Motor vehicles | 47.5 | 47.3 | ||||||
Construction in progress | 95.7 | 47.9 | ||||||
2,728.90 | 2,046.90 | |||||||
Less – Accumulated depreciation | (858.5 | ) | (817.9 | ) | ||||
$ | 1,870.40 | $ | 1,229.00 | |||||
Derivative_Instruments
Derivative Instruments | 6 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS: | ||||||||||
As a multinational company, the Company is exposed to market risk from changes in foreign currency exchange rates, diesel fuel prices and interest rates that could affect the Company’s results of operations and financial condition. The amount of volatility realized will vary based upon the effectiveness and level of derivative instruments outstanding during a particular period of time, as well as the currency, fuel pricing and interest rate market movements during that same period. | |||||||||||
The Company enters into derivative instruments, primarily interest rate swaps, foreign currency forward and option contracts, and diesel fuel swaps, to manage interest rate, foreign currency and diesel fuel pricing risks, respectively. In accordance with the FASB guidance for derivatives and hedging, the Company recognizes all derivatives as either assets or liabilities on its Consolidated Balance Sheets and measures those instruments at fair value (see Note 8). The fair values of the Company’s derivative instruments change with fluctuations in interest rates, currency rates and/or fuel prices and are expected to offset changes in the values of the underlying exposures. The Company’s derivative instruments are held solely to hedge economic exposures. The Company follows strict policies to manage interest rate, foreign currency and diesel fuel pricing risks, including prohibitions on derivative market-making or other speculative activities. | |||||||||||
To qualify for hedge accounting treatment under the FASB guidance for derivatives and hedging, the details of the hedging relationship must be formally documented at inception of the arrangement, including the risk management objective, hedging strategy, hedged item, specific risk that is being hedged, the derivative instrument, how effectiveness is being assessed and how ineffectiveness will be measured. The derivative must be highly effective in offsetting either changes in the fair value or cash flows, as appropriate, of the risk being hedged. Effectiveness is evaluated on a retrospective and prospective basis based on quantitative measures. | |||||||||||
Certain of the Company’s derivative instruments do not qualify for hedge accounting treatment under the FASB guidance for derivatives and hedging; for others, the Company chooses not to maintain the required documentation to apply hedge accounting treatment. These undesignated instruments are primarily used to economically hedge the Company’s exposure to fluctuations in the value of foreign currency denominated receivables and payables; foreign currency investments, primarily consisting of loans to subsidiaries, and cash flows related primarily to the repatriation of those loans or investments; and transportation fuel prices in the U.S. Foreign currency contracts, generally less than 12 months in duration, and diesel fuel swap contracts, generally less than 36 months in duration, are used to hedge some of these risks. The Company’s derivative policy permits the use of undesignated derivatives as approved by senior management. For these undesignated instruments, the mark to fair value is reported currently through earnings in selling, general and administrative expenses on the Company’s Consolidated Statements of Comprehensive Income. The Company had undesignated foreign currency contracts outstanding with an absolute notional value of $724.7 million and $355.1 million as of August 31, 2013, and February 28, 2013, respectively; offsetting undesignated interest rate swap agreements outstanding with an absolute notional value of $1.0 billion as of August 31, 2013, and February 28, 2013 (see Note 13); and undesignated diesel fuel swap contracts outstanding with an absolute notional value of $36.6 million as of August 31, 2013. The Company had no undesignated diesel fuel swap contracts outstanding as of February 28, 2013. | |||||||||||
Furthermore, when the Company determines that a derivative instrument which qualified for hedge accounting treatment has ceased to be highly effective as a hedge, the Company discontinues hedge accounting prospectively. The Company also discontinues hedge accounting prospectively when (i) a derivative expires or is sold, terminated, or exercised; (ii) it is no longer probable that the forecasted transaction will occur; or (iii) management determines that designating the derivative as a hedging instrument is no longer appropriate. | |||||||||||
Cash flow hedges: | |||||||||||
The Company is exposed to foreign denominated cash flow fluctuations in connection with third party and intercompany sales and purchases and, historically, third party financing arrangements. The Company primarily uses foreign currency forward and option contracts to hedge certain of these risks. In addition, the Company utilizes interest rate swaps to manage its exposure to changes in interest rates and diesel fuel swaps to manage its exposure to changes in diesel fuel prices. Derivatives managing the Company’s cash flow exposures generally mature within three years or less, with a maximum maturity of five years. Throughout the term of the designated cash flow hedge relationship on at least a quarterly basis, a retrospective evaluation and prospective assessment of hedge effectiveness is performed. All components of the Company’s derivative instruments’ gains or losses are included in the assessment of hedge effectiveness. In the event the relationship is no longer effective, the Company recognizes the change in the fair value of the hedging derivative instrument from the date the hedging derivative instrument became no longer effective immediately on the Company’s Consolidated Statements of Comprehensive Income. In conjunction with its effectiveness testing, the Company also evaluates ineffectiveness associated with the hedge relationship. Resulting ineffectiveness, if any, is recognized immediately on the Company’s Consolidated Statements of Comprehensive Income in selling, general and administrative expenses. | |||||||||||
The Company records the fair value of its foreign currency contracts, interest rate swap contracts and diesel fuel swap contracts qualifying for cash flow hedge accounting treatment on its Consolidated Balance Sheets with the effective portion of the related gain or loss on those contracts deferred in stockholders’ equity (as a component of AOCI). These deferred gains or losses are recognized on the Company’s Consolidated Statements of Comprehensive Income in the same period in which the underlying hedged items are recognized and on the same line item as the underlying hedged items. However, to the extent that any derivative instrument is not considered to be highly effective in offsetting the change in the value of the hedged item, the hedging relationship is terminated and the amount related to the ineffective portion of such derivative instrument is immediately recognized on the Company’s Consolidated Statements of Comprehensive Income in selling, general and administrative expenses. | |||||||||||
The Company had cash flow designated foreign currency contracts outstanding with an absolute notional value of $210.8 million and $220.3 million as of August 31, 2013, and February 28, 2013, respectively; a cash flow designated interest rate swap agreement outstanding with a notional value of $500.0 million as of August 31, 2013, and February 28, 2013 (see Note 13); and cash flow designated diesel fuel swap contracts outstanding with an absolute notional value of $17.4 million as of February 28, 2013. The Company had no cash flow designated diesel fuel swap contracts outstanding as of August 31, 2013. The Company expects $6.8 million of net losses, net of income tax effect, to be reclassified from AOCI to earnings within the next 12 months. | |||||||||||
Fair values of derivative instruments: | |||||||||||
The fair value and location of the Company’s derivative instruments on its Consolidated Balance Sheets are as follows (see Note 8): | |||||||||||
Balance Sheet Location | August 31, 2013 | February 28, 2013 | |||||||||
(in millions) | |||||||||||
Derivative instruments designated as hedging instruments | |||||||||||
Foreign currency contracts: | |||||||||||
Prepaid expenses and other | $ | 3.7 | $ | 6.4 | |||||||
Other accrued expenses and liabilities | $ | 0.8 | $ | 0.1 | |||||||
Other assets, net | $ | 1.3 | $ | 2.4 | |||||||
Other liabilities | $ | 1.3 | $ | 0.1 | |||||||
Interest rate swap contracts: | |||||||||||
Other accrued expenses and liabilities | $ | 3.5 | $ | 3.2 | |||||||
Other assets, net | $ | 2.8 | $ | — | |||||||
Other liabilities | $ | — | $ | 3.1 | |||||||
Diesel fuel swap contracts: | |||||||||||
Prepaid expenses and other | $ | — | $ | 0.5 | |||||||
Other assets, net | $ | — | $ | 0.1 | |||||||
Other liabilities | $ | — | $ | 0.1 | |||||||
Derivative instruments not designated as hedging instruments | |||||||||||
Foreign currency contracts: | |||||||||||
Prepaid expenses and other | $ | 5.9 | $ | 0.9 | |||||||
Other accrued expenses and liabilities | $ | 7.8 | $ | 5.1 | |||||||
Interest rate swap contracts: | |||||||||||
Prepaid expenses and other | $ | 4.1 | $ | 3.3 | |||||||
Other accrued expenses and liabilities | $ | 16.3 | $ | 13.2 | |||||||
Other assets, net | $ | — | $ | 3.3 | |||||||
Other liabilities | $ | 19.4 | $ | 27.6 | |||||||
Diesel fuel swap contracts: | |||||||||||
Prepaid expenses and other | $ | 1.4 | $ | — | |||||||
Other assets, net | $ | 0.2 | $ | — | |||||||
Other liabilities | $ | 0.1 | $ | — | |||||||
The effect of the Company’s derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Comprehensive Income, as well as its Other Comprehensive Income (“OCI”), net of income tax effect, is as follows: | |||||||||||
Derivative Instruments in | Net | Location of Net Gain (Loss) | Net | ||||||||
Designated Cash Flow | (Loss) Gain | Reclassified from AOCI to | Gain (Loss) | ||||||||
Hedging Relationships | Recognized | Income (Effective portion) | Reclassified | ||||||||
in OCI | from AOCI to | ||||||||||
(Effective | Income | ||||||||||
portion) | (Effective | ||||||||||
portion) | |||||||||||
(in millions) | |||||||||||
For the Six Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | $ | (0.2 | ) | Sales | $ | 1.6 | |||||
Foreign currency contracts | (1.8 | ) | Cost of product sold | 0.2 | |||||||
Interest rate swap contracts | 2.6 | Interest expense, net | (4.1 | ) | |||||||
Total | $ | 0.6 | Total | $ | (2.3 | ) | |||||
For the Six Months Ended August 31, 2012 | |||||||||||
Foreign currency contracts | $ | (1.0 | ) | Sales | $ | 1.7 | |||||
Foreign currency contracts | (1.8 | ) | Cost of product sold | 1.4 | |||||||
Diesel fuel swap contracts | 0.9 | Cost of product sold | — | ||||||||
Interest rate swap contracts | (6.2 | ) | Interest expense, net | (4.1 | ) | ||||||
Total | $ | (8.1 | ) | Total | $ | (1.0 | ) | ||||
For the Three Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | $ | 0.3 | Sales | $ | 0.7 | ||||||
Foreign currency contracts | (0.6 | ) | Cost of product sold | — | |||||||
Interest rate swap contracts | 1.4 | Interest expense, net | (2.0 | ) | |||||||
Total | $ | 1.1 | Total | $ | (1.3 | ) | |||||
For the Three Months Ended August 31, 2012 | |||||||||||
Foreign currency contracts | $ | (1.4 | ) | Sales | $ | 0.5 | |||||
Foreign currency contracts | 2.1 | Cost of product sold | 0.8 | ||||||||
Diesel fuel swap contracts | 0.9 | Cost of product sold | — | ||||||||
Interest rate swap contracts | (3.5 | ) | Interest expense, net | (2.0 | ) | ||||||
Total | $ | (1.9 | ) | Total | $ | (0.7 | ) | ||||
Derivative Instruments in | Location of Net Gain | Net Gain | |||||||||
Designated Cash Flow | Recognized in Income | Recognized | |||||||||
Hedging Relationships | (Ineffective portion) | in Income | |||||||||
(Ineffective | |||||||||||
portion) | |||||||||||
(in millions) | |||||||||||
For the Six Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.2 | ||||||||
Diesel fuel swap contracts | Selling, general and administrative expenses | 0.1 | |||||||||
$ | 0.3 | ||||||||||
For the Six Months Ended August 31, 2012 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.2 | ||||||||
For the Three Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.1 | ||||||||
For the Three Months Ended August 31, 2012 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.3 | ||||||||
The effect of the Company’s undesignated derivative instruments on its Consolidated Statements of Comprehensive Income is as follows: | |||||||||||
Derivative Instruments Not | Location of Net Loss (Gain) | Net Loss (Gain) | |||||||||
Designated as Hedging Instruments | Recognized in Income | Recognized | |||||||||
in Income | |||||||||||
(in millions) | |||||||||||
For the Six Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (2.6 | ) | |||||||
Diesel fuel swap contracts | Selling, general and administrative expenses | 1.6 | |||||||||
$ | (1.0 | ) | |||||||||
For the Six Months Ended August 31, 2012 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (2.2 | ) | |||||||
Interest rate swap contracts | Interest expense, net | (0.4 | ) | ||||||||
$ | (2.6 | ) | |||||||||
For the Three Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (0.6 | ) | |||||||
Diesel fuel swap contracts | Selling, general and administrative expenses | 2.6 | |||||||||
$ | 2 | ||||||||||
For the Three Months Ended August 31, 2012 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 2.1 | ||||||||
Interest rate swap contracts | Interest expense, net | (0.3 | ) | ||||||||
$ | 1.8 | ||||||||||
Credit risk: | |||||||||||
The Company enters into master agreements with its bank derivative trading counterparties that allow netting of certain derivative positions in order to manage credit risk. The Company’s derivative instruments are not subject to credit rating contingencies or collateral requirements. As of August 31, 2013, the fair value of derivative instruments in a net liability position due to counterparties was $38.6 million. If the Company were required to settle the net liability position under these derivative instruments on August 31, 2013, the Company would have had sufficient availability under its revolving credit facility to satisfy this obligation. | |||||||||||
Counterparty credit risk: | |||||||||||
Counterparty credit risk relates to losses the Company could incur if a counterparty defaults on a derivative contract. The Company manages exposure to counterparty credit risk by requiring specified minimum credit standards and diversification of counterparties. The Company enters into master agreements with its bank derivative trading counterparties that allow netting of certain derivative positions in order to manage counterparty credit risk. As of August 31, 2013, all of the Company’s counterparty exposures are with financial institutions which have investment grade ratings. The Company has procedures to monitor counterparty credit risk for both current and future potential credit exposures. As of August 31, 2013, the fair value of derivative instruments in a net receivable position due from counterparties was $8.8 million. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS: | |||||||||||||||
The Company calculates the fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available, the Company uses standard pricing models for various types of financial instruments (such as forwards, options, swaps, etc.) which take into account the present value of estimated future cash flows. | ||||||||||||||||
The carrying amount and estimated fair value of the Company’s financial instruments are summarized as follows: | ||||||||||||||||
August 31, 2013 | February 28, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(in millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash investments | $ | 116.8 | $ | 116.8 | $ | 331.5 | $ | 331.5 | ||||||||
Accounts receivable, net | $ | 655.9 | $ | 655.9 | $ | 471.9 | $ | 471.9 | ||||||||
Available-for-sale debt securities | $ | 33.9 | $ | 33.9 | $ | 34.2 | $ | 34.2 | ||||||||
Foreign currency contracts | $ | 10.9 | $ | 10.9 | $ | 9.7 | $ | 9.7 | ||||||||
Interest rate swap contracts | $ | 6.9 | $ | 6.9 | $ | 6.6 | $ | 6.6 | ||||||||
Diesel fuel swap contracts | $ | 1.6 | $ | 1.6 | $ | 0.6 | $ | 0.6 | ||||||||
Liabilities: | ||||||||||||||||
Notes payable to banks | $ | 272.1 | $ | 266.3 | $ | — | $ | — | ||||||||
Accounts payable | $ | 341.2 | $ | 341.2 | $ | 209 | $ | 209 | ||||||||
Long-term debt, including current portion | $ | 7,028.40 | $ | 6,962.90 | $ | 3,305.40 | $ | 3,603.60 | ||||||||
Foreign currency contracts | $ | 9.9 | $ | 9.9 | $ | 5.3 | $ | 5.3 | ||||||||
Interest rate swap contracts | $ | 39.2 | $ | 39.2 | $ | 47.1 | $ | 47.1 | ||||||||
Diesel fuel swap contracts | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||
The following methods and assumptions are used to estimate the fair value of each class of financial instruments: | ||||||||||||||||
Cash and cash investments, accounts receivable and accounts payable: The carrying amounts approximate fair value due to the short maturity of these instruments (Level 1 fair value measurement). | ||||||||||||||||
Available-for-sale (“AFS”) debt securities: The fair value is estimated by discounting cash flows using market-based inputs (see “Fair value measurements” below) (Level 3 fair value measurement). | ||||||||||||||||
Foreign currency contracts: The fair value is estimated using market-based inputs, obtained from independent pricing services, into valuation models (see “Fair value measurements” below) (Level 2 fair value measurement). | ||||||||||||||||
Interest rate swap contracts: The fair value is estimated based on quoted market prices from respective counterparties (see “Fair value measurements” below) (Level 2 fair value measurement). | ||||||||||||||||
Diesel fuel swap contracts: The fair value is estimated based on quoted market prices from respective counterparties (see “Fair value measurements” below) (Level 2 fair value measurement). | ||||||||||||||||
Notes payable to banks: The revolving credit facility under the Company’s senior credit facility is a variable interest rate bearing note which includes a fixed margin which is adjustable based upon the Company’s debt ratio (as defined in the Company’s senior credit facility). The fair value of the revolving credit facility is estimated by discounting cash flows using LIBOR plus a margin reflecting current market conditions obtained from participating member financial institutions. The remaining instruments are variable interest rate bearing notes for which the carrying value approximates the fair value (Level 2 fair value measurement). | ||||||||||||||||
Long-term debt: The term loans under the Company’s senior credit facility are variable interest rate bearing notes which include a fixed margin which is adjustable based upon the Company’s debt ratio. The fair value of the term loans is estimated by discounting cash flows using LIBOR plus a margin reflecting current market conditions obtained from participating member financial institutions. The fair value of the remaining long-term debt, which is all fixed interest rate, is estimated by discounting cash flows using interest rates currently available for debt with similar terms and maturities (Level 2 fair value measurement). | ||||||||||||||||
Fair value measurements – | ||||||||||||||||
The FASB guidance on fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles, and requires disclosures about fair value measurements. This guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and states that a fair value measurement should be determined based on assumptions that market participants would use in pricing an asset or liability. The fair value measurement guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs include data points that are observable such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) such as interest rates and yield curves that are observable for the asset and liability, either directly or indirectly; and Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. | ||||||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis. | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in millions) | ||||||||||||||||
August 31, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
AFS debt securities | $ | — | $ | — | $ | 33.9 | $ | 33.9 | ||||||||
Foreign currency contracts | $ | — | $ | 10.9 | $ | — | $ | 10.9 | ||||||||
Interest rate swap contracts | $ | — | $ | 6.9 | $ | — | $ | 6.9 | ||||||||
Diesel fuel swap contracts | $ | — | $ | 1.6 | $ | — | $ | 1.6 | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency contracts | $ | — | $ | 9.9 | $ | — | $ | 9.9 | ||||||||
Interest rate swap contracts | $ | — | $ | 39.2 | $ | — | $ | 39.2 | ||||||||
Diesel fuel swap contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||
February 28, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
AFS debt securities | $ | — | $ | — | $ | 34.2 | $ | 34.2 | ||||||||
Foreign currency contracts | $ | — | $ | 9.7 | $ | — | $ | 9.7 | ||||||||
Interest rate swap contracts | $ | — | $ | 6.6 | $ | — | $ | 6.6 | ||||||||
Diesel fuel swap contracts | $ | — | $ | 0.6 | $ | — | $ | 0.6 | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency contracts | $ | — | $ | 5.3 | $ | — | $ | 5.3 | ||||||||
Interest rate swap contracts | $ | — | $ | 47.1 | $ | — | $ | 47.1 | ||||||||
Diesel fuel swap contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||
The Company’s foreign currency contracts consist of foreign currency forward and option contracts which are valued using market-based inputs, obtained from independent pricing services, into valuation models. These valuation models require various inputs, including contractual terms, market foreign exchange prices, interest-rate yield curves and currency volatilities. Interest rate swap fair values are based on quotes from respective counterparties. Quotes are corroborated by the Company using discounted cash flow calculations based upon forward interest-rate yield curves, which are obtained from independent pricing services. Diesel fuel swap fair values are based on quotes from respective counterparties. Quotes are corroborated by the Company using market data. AFS debt securities are valued using market-based inputs into discounted cash flow models. | ||||||||||||||||
The following table presents the Company’s assets and liabilities measured at fair value on a nonrecurring basis for which an impairment assessment was performed for the periods presented: | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Quoted | Significant | Significant | Total Losses | |||||||||||||
Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in millions) | ||||||||||||||||
For the Six Months Ended August 31, 2013 | ||||||||||||||||
Goodwill | $ | — | $ | — | $ | 154.8 | $ | 283.6 | ||||||||
Trademarks | — | — | 73.1 | 17.3 | ||||||||||||
Total | $ | — | $ | — | $ | 227.9 | $ | 300.9 | ||||||||
For the Three Months Ended August 31, 2013 | ||||||||||||||||
Goodwill | $ | — | $ | — | $ | 154.8 | $ | 283.6 | ||||||||
Trademarks | — | — | 73.1 | 17.3 | ||||||||||||
Total | $ | — | $ | — | $ | 227.9 | $ | 300.9 | ||||||||
Goodwill: | ||||||||||||||||
For the three months ended August 31, 2013, the Company identified certain negative trends within its Wine and Spirits’ Canadian reporting unit which, when combined with recent changes in strategy within the Canadian business, indicated that the fair value of the reporting unit might be below its carrying value. These negative trends included a reduction in market growth rates for certain segments of the domestic Canadian wine industry as well as the identification that certain improvement initiatives had not materialized in segments of the Canadian business such as refreshments and wine kits. In addition, imported brands have been experiencing market growth within the Canadian market, and certain of the Company’s non-Canadian branded wine products imported into Canada provide higher margin to the Company on a consolidated basis. Accordingly, the Company has modified its strategy to capitalize on this trend and shift focus from certain segments of the domestic business to imported brands. The Canadian reporting unit realizes only a portion of the overall profit attributable to imported brands whereas it realizes all of the profit attributable to the domestic business. Therefore, the Company performed the two-step process to evaluate goodwill for impairment for the Wine and Spirits’ Canadian reporting unit. In the first step, the fair value of the Canadian reporting unit was compared to the carrying value of the reporting unit, including goodwill. The estimate of fair value of the reporting unit was determined on the basis of discounted future cash flows. As the estimated fair value of the reporting unit was less than the carrying value of the reporting unit, a second step was performed to determine the amount of the goodwill impairment the Company should record. In the second step, an implied fair value of the reporting unit’s goodwill was determined by comparing the fair value of the reporting unit with the fair value of the reporting unit’s assets and liabilities other than goodwill (including any unrecognized intangible assets). In determining the estimated fair value of the reporting unit, the Company considered estimates of future operating results and cash flows of the reporting unit discounted using market based discount rates. The estimates of future operating results and cash flows were principally derived from the Company’s updated long-term financial forecast, which was developed as part of the Company’s new strategy for the Canadian business. The decline in the implied fair value of the goodwill and the resulting impairment loss was primarily driven by the updated long-term financial forecasts, which showed lower estimated future operating results primarily due to the change in the Company’s strategy for the Canadian business. The implied fair value of the Canadian reporting unit’s goodwill of $154.8 million compared to the carrying value of the Canadian reporting unit’s goodwill of $433.9 million resulted in the recognition of an impairment of $283.6 million. This impairment is included in impairment of goodwill and intangible assets on the Company’s Consolidated Statements of Comprehensive Income. | ||||||||||||||||
Trademarks: | ||||||||||||||||
For the three months ended August 31, 2013, prior to the goodwill impairment analysis, the Company performed a review of indefinite lived intangible assets for impairment. The Company determined that certain trademarks associated with the Wine and Spirits’ Canadian reporting unit were impaired largely due to lower revenue and profits associated with the related products included in the updated long-term financial forecasts developed as part of the Company’s new strategy for the Canadian business. The Company measured the amount of impairment by calculating the amount by which the carrying value of these assets exceeded their estimated fair values. The fair value was determined based on an income approach using the relief from royalty method, which assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of trademark assets. The cash flow projections the Company uses to estimate the fair values of its trademarks involve several assumptions, including (i) projected revenue growth rates; (ii) estimated royalty rates; (iii) calculated after-tax royalty savings expected from ownership of the subject trademarks; and (iv) discount rates used to derive the present value factors used in determining the fair value of the trademarks. As a result of this review, trademarks for the Wine and Spirits’ Canadian reporting unit with a carrying value of $90.2 million were written down to their fair value of $73.1 million, resulting in an impairment of $17.3 million. This impairment is included in impairment of goodwill and intangible assets on the Company’s Consolidated Statements of Comprehensive Income. |
Goodwill
Goodwill | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
GOODWILL | GOODWILL: | |||||||||||||||
The changes in the carrying amount of goodwill are as follows: | ||||||||||||||||
Wine and Spirits | Beer | Consolidations | Consolidated | |||||||||||||
and | ||||||||||||||||
Eliminations | ||||||||||||||||
(in millions) | ||||||||||||||||
Balance, February 29, 2012 | ||||||||||||||||
Goodwill | $ | 2,632.90 | $ | 13 | $ | (13.0 | ) | $ | 2,632.90 | |||||||
Accumulated impairment losses | — | — | — | — | ||||||||||||
2,632.90 | 13 | (13.0 | ) | 2,632.90 | ||||||||||||
Purchase accounting allocations | 110 | — | — | 110 | ||||||||||||
Foreign currency translation adjustments | (20.6 | ) | — | — | (20.6 | ) | ||||||||||
Balance, February 28, 2013 | ||||||||||||||||
Goodwill | 2,722.30 | 13 | (13.0 | ) | 2,722.30 | |||||||||||
Accumulated impairment losses | — | — | — | — | ||||||||||||
2,722.30 | 13 | (13.0 | ) | 2,722.30 | ||||||||||||
Purchase accounting allocations | — | 3,702.80 | 13 | 3,715.80 | ||||||||||||
Impairment of goodwill | (283.6 | ) | — | — | (283.6 | ) | ||||||||||
Foreign currency translation adjustments | (13.7 | ) | (1.6 | ) | — | (15.3 | ) | |||||||||
Balance, August 31, 2013 | ||||||||||||||||
Goodwill | 2,704.10 | 3,714.20 | — | 6,418.30 | ||||||||||||
Accumulated impairment losses | (279.1 | ) | — | — | (279.1 | ) | ||||||||||
$ | 2,425.00 | $ | 3,714.20 | $ | — | $ | 6,139.20 | |||||||||
For the year ended February 28, 2013, purchase accounting allocations of $110.0 million in the Wine and Spirits segment (formerly known as the Constellation Wine and Spirits segment) consist primarily of purchase accounting allocations associated with the acquisition of Mark West (as defined below). For the six months ended August 31, 2013, purchase accounting allocations of $3,702.8 million and $13.0 million in the Beer segment and Consolidations and Eliminations, respectively, consist of purchase accounting allocations associated with the Beer Business Acquisition. For the six months ended August 31, 2013, impairment of goodwill in the Wine and Spirits segment consists of an impairment loss of $283.6 million associated with goodwill assigned to the segment’s Canadian reporting unit. | ||||||||||||||||
Mark West – | ||||||||||||||||
In July 2012, the Company acquired Mark West for $159.3 million. The transaction primarily includes the acquisition of the Mark West trademark, related inventories and certain grape supply contracts (“Mark West”). The purchase price was financed with revolver borrowings under the Company’s then existing senior credit facility. In accordance with the acquisition method of accounting, the identifiable assets acquired and the liabilities assumed have been measured at their acquisition-date fair values. The acquisition of Mark West was not material for purposes of supplemental disclosure pursuant to the FASB guidance on business combinations. The results of operations of Mark West are reported in the Wine and Spirits segment and are included in the consolidated results of operations of the Company from the date of acquisition. |
Intangible_Assets
Intangible Assets | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
INTANGIBLE ASSETS | INTANGIBLE ASSETS: | |||||||||||||||
The major components of intangible assets are as follows: | ||||||||||||||||
August 31, 2013 | February 28, 2013 | |||||||||||||||
Gross | Net | Gross | Net | |||||||||||||
Carrying | Carrying | Carrying | Carrying | |||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||
(in millions) | ||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Customer relationships | $ | 104.8 | $ | 74.2 | $ | 82.9 | $ | 54.7 | ||||||||
Favorable interim supply agreement | 68.3 | 65.5 | — | — | ||||||||||||
Other | 14.7 | 7.5 | 7.9 | 2.2 | ||||||||||||
Total | $ | 187.8 | 147.2 | $ | 90.8 | 56.9 | ||||||||||
Nonamortizable intangible assets: | ||||||||||||||||
Trademarks | 3,091.50 | 809.1 | ||||||||||||||
Other | 5.2 | 5.4 | ||||||||||||||
Total | 3,096.70 | 814.5 | ||||||||||||||
Total intangible assets, net | $ | 3,243.90 | $ | 871.4 | ||||||||||||
The Company did not incur costs to renew or extend the term of acquired intangible assets during the six months and three months ended August 31, 2013, and August 31, 2012. The difference between the gross carrying amount and net carrying amount for each item presented is attributable to accumulated amortization. Amortization expense for intangible assets was $7.1 million and $3.6 million for the six months ended August 31, 2013, and August 31, 2012, respectively, and $5.6 million and $1.8 million for the three months ended August 31, 2013, and August 31, 2012, respectively. Estimated amortization expense for the remaining six months of fiscal 2014 and for each of the five succeeding fiscal years and thereafter is as follows: | ||||||||||||||||
(in millions) | ||||||||||||||||
2014 | $ | 8.9 | ||||||||||||||
2015 | $ | 42.9 | ||||||||||||||
2016 | $ | 35.1 | ||||||||||||||
2017 | $ | 5.7 | ||||||||||||||
2018 | $ | 5.5 | ||||||||||||||
2019 | $ | 5.5 | ||||||||||||||
Thereafter | $ | 43.6 | ||||||||||||||
Other_Assets
Other Assets | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||
OTHER ASSETS | OTHER ASSETS: | |||||||||||||||
The major components of other assets are as follows: | ||||||||||||||||
31-Aug-13 | 28-Feb-13 | |||||||||||||||
(in millions) | ||||||||||||||||
Deferred financing costs | $ | 84.8 | $ | 54.4 | ||||||||||||
Investments in equity method investees | 73.2 | 243.6 | ||||||||||||||
Investment in Accolade | 42.5 | 42.8 | ||||||||||||||
Other | 17.5 | 17.3 | ||||||||||||||
218 | 358.1 | |||||||||||||||
Less – Accumulated amortization | (18.8 | ) | (13.9 | ) | ||||||||||||
$ | 199.2 | $ | 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. (“Diblo”), an entity owned 76.75% by Grupo Modelo, S.A.B. de C.V. (“Modelo”) and 23.25% by Anheuser-Busch Companies, Inc., 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 $130.2 million of cash distributions from Crown Imports for the six months ended August 31, 2013, and August 31, 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 Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||||
Net sales | $ | 813.4 | $ | 1,512.50 | $ | 51.8 | $ | 788.4 | ||||||||
Gross profit | $ | 241.5 | $ | 436.8 | $ | 15.9 | $ | 225.6 | ||||||||
Income from continuing operations | $ | 142.1 | $ | 266 | $ | 8.6 | $ | 143.2 | ||||||||
Net income | $ | 142.1 | $ | 266 | $ | 8.6 | $ | 143.2 | ||||||||
Other_Accrued_Expenses_and_Lia
Other Accrued Expenses and Liabilities | 6 Months Ended | |||||||
Aug. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ||||||||
OTHER ACCRUED EXPENSES AND LIABILITIES | OTHER ACCRUED EXPENSES AND LIABILITIES: | |||||||
The major components of other accrued expenses and liabilities are as follows: | ||||||||
August 31, 2013 | February 28, 2013 | |||||||
(in millions) | ||||||||
Beer Business Acquisition payable | $ | 556.5 | $ | — | ||||
Advertising and promotions | 108.6 | 80.3 | ||||||
Accrued interest | 86.7 | 61.4 | ||||||
Salaries, commissions, and payroll benefits and withholdings | 67.5 | 80.5 | ||||||
Deferred revenue | 52.7 | 49.3 | ||||||
Income taxes payable | 44.9 | 11.2 | ||||||
Other | 137.1 | 139.7 | ||||||
$ | 1,054.00 | $ | 422.4 | |||||
Borrowings
Borrowings | 6 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||
BORROWINGS | BORROWINGS: | |||||||||||||||||||||||
Borrowings consist of the following: | ||||||||||||||||||||||||
August 31, 2013 | February 28, 2013 | |||||||||||||||||||||||
Current | Long-term | Total | Total | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Notes Payable to Banks: | ||||||||||||||||||||||||
Senior Credit Facility – Revolving Credit Loans | $ | 78 | $ | — | $ | 78 | $ | — | ||||||||||||||||
Other | 194.1 | — | 194.1 | — | ||||||||||||||||||||
$ | 272.1 | $ | — | $ | 272.1 | $ | — | |||||||||||||||||
Long-term Debt: | ||||||||||||||||||||||||
Senior Credit Facility – Term Loans | $ | 97 | $ | 2,840.50 | $ | 2,937.50 | $ | 762.5 | ||||||||||||||||
Senior Notes | — | 4,046.70 | 4,046.70 | 2,496.00 | ||||||||||||||||||||
Other Long-term Debt | 18.7 | 25.5 | 44.2 | 46.9 | ||||||||||||||||||||
$ | 115.7 | $ | 6,912.70 | $ | 7,028.40 | $ | 3,305.40 | |||||||||||||||||
Senior credit facility – | ||||||||||||||||||||||||
In connection with the Beer Business Acquisition, on May 2, 2013 (the “Restatement Date”), the Company, CIH International S.à r.l., an indirect wholly owned subsidiary of the Company (“CIH” and together with the Company, the “Borrowers”), and Bank of America, N.A., as administrative agent (the “Administrative Agent”), and certain other lenders (all such parties other than either of the Borrowers are collectively referred to as the “Lenders”) entered into a Restatement Agreement (the “Restatement Agreement”) that amended and restated the Company’s prior senior credit facility (as amended and restated by the Restatement Agreement, the “2013 Credit Agreement”). The Restatement Agreement was entered into by the Company to arrange a portion of the debt to finance the Beer Business Acquisition. The effective date of the Restatement Agreement, June 7, 2013, was the date on which all of the conditions to the 2013 Credit Agreement were satisfied, which occurred on the date of the closing of the Beer Business Acquisition (the “Restatement Effective Date”). | ||||||||||||||||||||||||
The 2013 Credit Agreement provides for aggregate credit facilities of $3,787.5 million, consisting of a $515.6 million U.S. term loan facility maturing on June 7, 2018 (the “U.S. Term A Facility”), a $246.9 million U.S. term loan facility maturing on June 7, 2019 (the “U.S. Term A-1 Facility”), a $675.0 million delayed draw U.S. term loan facility maturing on June 7, 2018 (the “U.S. Term A-2 Facility”), a $500.0 million delayed draw European term loan facility maturing on June 7, 2018 (the “European Term A Facility”), a $1,000.0 million European term loan facility maturing on June 7, 2020 (the “European Term B Facility”), and an $850.0 million revolving credit facility (including a sub-facility for letters of credit of up to $200.0 million) which terminates on June 7, 2018 (the “Revolving Credit Facility”). The 2013 Credit Agreement also permits the Company from time to time after the Restatement Effective Date to elect to increase the Lenders’ revolving credit commitments or add one or more tranches of additional term loans, subject to the willingness of existing or new lenders to fund such increase or term loans and other customary conditions. The minimum aggregate principal amount of such incremental revolving credit commitment increases or additional term loans may be no less than $25.0 million and the maximum aggregate principal amount of all such incremental revolving credit commitment increases and additional term loans, other than term loans the proceeds of which are applied to repay existing term loans, may be no more than $750.0 million. A portion of the borrowings under the 2013 Credit Agreement were used to refinance the outstanding obligations under the Company’s prior senior credit facility with the remainder used to finance a portion of the purchase price for the Beer Business Acquisition and related expenses. The Company intends to use the remaining availability under the 2013 Credit Agreement for general corporate purposes. | ||||||||||||||||||||||||
The rate of interest for borrowings, excluding the European Term B Facility, under the 2013 Credit Agreement is a function of LIBOR plus a margin or the base rate plus a margin. The rate of interest for the European Term B Facility borrowings under the 2013 Credit Agreement is a function of LIBOR, subject to a minimum rate of 0.75%, plus a margin; or the base rate, subject to a minimum rate of 1.75%, plus a margin. The margin is adjustable based upon the Company’s debt ratio (as defined in the 2013 Credit Agreement). As of August 31, 2013, the LIBOR margin for the U.S. Term A Facility, the U.S. Term A-2 Facility, the European Term A Facility and the Revolving Credit Facility was 2.0%; the LIBOR margin for the U.S. Term A-1 Facility was 2.25%; and the LIBOR margin for the European Term B Facility was 2.0%. | ||||||||||||||||||||||||
The principal changes to the Company’s prior senior credit facility effected by the 2013 Credit Agreement are (i) changes to the rate and term of the revolving credit facility and outstanding term loan facilities that took effect on the Restatement Effective Date, and a new $675.0 million delayed draw U.S. Term A-2 Facility that replaced the former delayed draw term A-2 facility, and (ii) the creation of a $1,500.0 million delayed draw European term loan facility consisting of the $500.0 million European Term A Facility and the $1,000.0 million European Term B Facility. The Company is the borrower under the U.S. term loan facilities. CIH is the borrower under the European term loan facilities. The 2013 Credit Agreement also modified the maximum net debt coverage ratio financial covenant. | ||||||||||||||||||||||||
The U.S. obligations under the 2013 Credit Agreement are guaranteed by certain of the Company’s U.S. subsidiaries. These obligations are also secured by a pledge of (i) 100% of the ownership interests in certain of the Company’s U.S. subsidiaries and (ii) 55-65% of certain interests of certain of the Company’s foreign subsidiaries. The European obligations under the 2013 Credit Agreement are guaranteed by the Company. These obligations are also secured by a pledge of (i) 100% of certain interests in certain of CIH’s subsidiaries and (ii) 100% of the ownership interests in certain of the Company’s U.S. subsidiaries and 55-65% of certain interests of certain of the Company’s foreign subsidiaries. | ||||||||||||||||||||||||
The Company and its subsidiaries are also subject to covenants that are contained in the 2013 Credit Agreement, including those restricting the incurrence of additional indebtedness (including guarantees of indebtedness), additional liens, mergers and consolidations, the payment of dividends, the making of certain investments, prepayments of certain debt, transactions with affiliates, agreements that restrict the Company’s non-guarantor subsidiaries from paying dividends, and dispositions of property, in each case subject to numerous conditions, exceptions and thresholds. The financial covenants are limited to a minimum interest coverage ratio and a maximum net debt coverage ratio. | ||||||||||||||||||||||||
As of August 31, 2013, under the 2013 Credit Agreement, the Company had outstanding borrowings under the U.S. Term A Facility of $515.6 million bearing an interest rate of 2.2%, U.S. Term A-1 Facility of $246.9 million bearing an interest rate of 2.4%, U.S. Term A-2 Facility of $675.0 million bearing an interest rate of 2.2%, European Term A Facility of $500.0 million bearing an interest rate of 2.2%, European Term B Facility of $1,000.0 million bearing an interest rate of 2.8%, Revolving Credit Facility of $78.0 million bearing an interest rate of 2.2%, outstanding letters of credit of $14.1 million, and $757.9 million in revolving loans available to be drawn. | ||||||||||||||||||||||||
As of August 31, 2013, the required principal repayments under the term loans of the 2013 Credit Agreement for the remaining six months of fiscal 2014 and for each of the five succeeding fiscal years and thereafter are as follows: | ||||||||||||||||||||||||
U.S. | U.S. | U.S. | European | European | Total | |||||||||||||||||||
Term A | Term A-1 | Term A-2 | Term A | Term B | ||||||||||||||||||||
Facility | Facility | Facility | Facility | Facility | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
2014 | $ | 12.9 | $ | 1.2 | $ | 16.9 | $ | 12.5 | $ | 5 | $ | 48.5 | ||||||||||||
2015 | 25.8 | 2.5 | 33.7 | 25 | 10 | 97 | ||||||||||||||||||
2016 | 38.7 | 2.5 | 50.6 | 37.5 | 10 | 139.3 | ||||||||||||||||||
2017 | 51.5 | 2.5 | 67.5 | 50 | 10 | 181.5 | ||||||||||||||||||
2018 | 51.5 | 2.5 | 67.5 | 50 | 10 | 181.5 | ||||||||||||||||||
2019 | 335.2 | 2.4 | 438.8 | 325 | 10 | 1,111.40 | ||||||||||||||||||
Thereafter | — | 233.3 | — | — | 945 | 1,178.30 | ||||||||||||||||||
$ | 515.6 | $ | 246.9 | $ | 675 | $ | 500 | $ | 1,000.00 | $ | 2,937.50 | |||||||||||||
In April 2012, the Company transitioned its interest rate swap agreement to a one-month LIBOR base rate versus the then existing three-month LIBOR base rate. Accordingly, the Company entered into a new interest rate swap agreement which was designated as a cash flow hedge for $500.0 million of the Company’s floating LIBOR rate debt. In addition, the then existing interest rate swap agreement was dedesignated by the Company and the Company entered into an additional undesignated interest rate swap agreement for $500.0 million to offset the prospective impact of the newly undesignated interest rate swap agreement. The unrealized losses in AOCI related to the dedesignated interest rate swap agreements are being reclassified from AOCI ratably into earnings in the same period in which the original hedged item is recorded in the Consolidated Statements of Comprehensive Income. Accordingly, the Company has fixed its interest rates on $500.0 million of the Company’s floating LIBOR rate debt at an average rate of 2.8% (exclusive of borrowing margins) through September 1, 2016. For both the six months ended August 31, 2013, and August 31, 2012, the Company reclassified net losses of $4.1 million, net of income tax effect, from AOCI to interest expense, net, on the Company’s Consolidated Statements of Comprehensive Income. For both the three months ended August 31, 2013, and August 31, 2012, the Company reclassified net losses of $2.0 million, net of income tax effect, from AOCI to interest expenses, net, on the Company’s Consolidated Statements of Comprehensive Income. | ||||||||||||||||||||||||
Senior notes – | ||||||||||||||||||||||||
On April 17, 2012, the Company issued $600.0 million aggregate principal amount of 6% Senior Notes due May 2022 (the “April 2012 Senior Notes”). The net proceeds of the offering ($591.4 million) were used for general corporate purposes, including, among others, reducing the outstanding indebtedness under the Company’s prior senior credit facility and common stock share repurchases under the 2013 Authorization (as defined in Note 16). Interest on the April 2012 Senior Notes is payable semiannually on May 1 and November 1 of each year, beginning November 1, 2012. The April 2012 Senior Notes are redeemable, in whole or in part, at the option of the Company at any time at a redemption price equal to 100% of the outstanding principal amount plus a make whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 50 basis points. The April 2012 Senior Notes are senior unsecured obligations and rank equally in right of payment to all existing and future senior unsecured indebtedness of the Company. Certain of the Company’s U.S. subsidiaries guarantee the April 2012 Senior Notes on a senior unsecured basis. As of August 31, 2013, the Company had outstanding $600.0 million aggregate principal amount of April 2012 Senior Notes. | ||||||||||||||||||||||||
On August 14, 2012, the Company issued $650.0 million aggregate principal amount of 4.625% Senior Notes due March 2023 (the “August 2012 Senior Notes”). The Company intended to use the net proceeds from the offering ($640.6 million) to fund a portion of the original agreement signed by the Company in June 2012 to acquire the remaining 50% equity interest in Crown Imports for approximately $1.85 billion (the “Initial Purchase Agreement”). In connection with the issuance of the August 2012 Senior Notes, the Company and Manufacturers and Traders Trust Company, as Trustee, escrow agent, and securities intermediary, entered into an agreement (the “August 2012 Escrow Agreement”), pursuant to which an amount equal to 100% of the principal amount of the August 2012 Senior Notes (collectively, with any other property from time to time held by the escrow agent, the “August 2012 Escrowed Property”) was placed into an escrow account to be released to the Company upon the closing of the Initial Purchase Agreement. If the Initial Purchase Agreement was terminated or had not been consummated on or prior to December 30, 2013, all of the August 2012 Senior Notes would be redeemed (the “Special Mandatory Redemption”) at a price equal to 100% of the outstanding principal amount, together with accrued and unpaid interest to the date of the Special Mandatory Redemption. In accordance with the terms of the August 2012 Escrow Agreement, if the Initial Purchase Agreement was terminated or had not been consummated on or prior to December 30, 2013, the August 2012 Escrowed Property would be released for purposes of effecting the Special Mandatory Redemption. Because of the differences between the terms relating to a February 2013 amendment of the Initial Purchase Agreement and the Initial Purchase Agreement, the Company determined that the conditions for the release of the August 2012 Escrowed Property to the Company pursuant to the August 2012 Escrow Agreement could not be satisfied. Accordingly, the Company gave notice to the escrow agent on February 19, 2013, to release the August 2012 Escrowed Property for purposes of effecting the Special Mandatory Redemption. As a result, the August 2012 Senior Notes were redeemed on February 20, 2013, and the August 2012 Escrow Agreement was terminated in accordance with its terms. | ||||||||||||||||||||||||
On May 14, 2013, the Company issued $500.0 million aggregate principal amount of 3.75% Senior Notes due May 2021 (the “May 2013 Eight Year Senior Notes”) and $1,050.0 million aggregate principal amount of 4.25% Senior Notes due May 2023 (the “May 2013 Ten Year Senior Notes” and, together with the May 2013 Eight Year Senior Notes, the “May 2013 Senior Notes”). The Company used the net proceeds from the offering ($1,535.5 million) to fund a portion of the purchase price for the Beer Business Acquisition. Interest on the May 2013 Senior Notes is payable semiannually on May 1 and November 1 of each year, beginning November 1, 2013. The May 2013 Senior Notes are redeemable, in whole or in part, at the option of the Company at any time at a redemption price equal to 100% of the outstanding principal amount plus a make whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 50 basis points. The May 2013 Senior Notes are senior unsecured obligations that rank equally with the Company’s other senior unsecured indebtedness. Certain of the Company’s U.S. subsidiaries guarantee the May 2013 Senior Notes on a senior unsecured basis. In connection with the issuance of the May 2013 Senior Notes, the Company and Manufacturers and Traders Trust Company, as Trustee, escrow agent, and securities intermediary, entered into an agreement (the “May 2013 Escrow Agreement”), pursuant to which an amount equal to 100% of the principal amount of the May 2013 Senior Notes (collectively, with any other property from time to time held by the escrow agent, the “May 2013 Escrowed Property”) was placed into an escrow account to be released to the Company upon the closing of the Beer Business Acquisition. In accordance with the terms of the May 2013 Escrow Agreement, in connection with the closing of the Beer Business Acquisition, the May 2013 Escrowed Property was released to the Company and used to fund a portion of the purchase price for the Beer Business Acquisition. As of August 31, 2013, the Company had outstanding $1,550.0 million aggregate principal amount of May 2013 Senior Notes. | ||||||||||||||||||||||||
Debt payments – | ||||||||||||||||||||||||
As of August 31, 2013, the required principal repayments under long-term debt obligations (excluding unamortized discount of $3.3 million) for the remaining six months of fiscal 2014 and for each of the five succeeding fiscal years and thereafter are as follows: | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
2014 | $ | 67.1 | ||||||||||||||||||||||
2015 | 608.8 | |||||||||||||||||||||||
2016 | 146.7 | |||||||||||||||||||||||
2017 | 884.9 | |||||||||||||||||||||||
2018 | 883.4 | |||||||||||||||||||||||
2019 | 1,112.50 | |||||||||||||||||||||||
Thereafter | 3,328.30 | |||||||||||||||||||||||
$ | 7,031.70 | |||||||||||||||||||||||
Accounts receivable securitization facilities – | ||||||||||||||||||||||||
On December 4, 2012, the Company entered into a 364-day revolving trade accounts receivable securitization facility (the “CBI Facility”). Under the CBI Facility, trade accounts receivable generated by the Company and certain of its subsidiaries are sold by the Company to a wholly-owned bankruptcy remote single purpose subsidiary (the “CBI SPV”), which is consolidated with the Company for financial reporting purposes. Such trade accounts receivable have been pledged by the CBI SPV to secure borrowings under the CBI Facility. The Company will continue to service the trade accounts receivable as servicer for the CBI Facility. The trade accounts receivable balances related to the CBI Facility will continue to be reported as accounts receivable on the Company’s Consolidated Balance Sheets, but the trade accounts receivable will at all times be owned by the CBI SPV and be included on the financial statements of the Company to comply with generally accepted accounting principles. Any borrowings under the CBI Facility will be recorded as secured borrowings and will bear interest at a rate based on a margin of 100 basis points plus the conduit lender’s cost of funds or, if such borrowings were not funded by commercial paper issuances by the conduit lender, one-month LIBOR. The CBI Facility provides borrowing capacity of $65.0 million up to $250.0 million structured to account for the seasonality of the Company’s business, subject to further limitations based upon various pre-agreed formulas. As of August 31, 2013, the CBI SPV had outstanding borrowings under the CBI Facility of $194.1 million bearing an interest rate of 1.2%. | ||||||||||||||||||||||||
On October 1, 2013, the Company and the CBI SPV amended and restated the CBI Facility (the “Amended CBI Facility”). The Amended CBI Facility remains a 364-day revolving trade accounts receivable securitization facility. Under the Amended CBI Facility, there are two lenders, one holding 60% of the aggregate facility and the other holding 40% of the aggregate facility. Any borrowings under the Amended CBI Facility will be recorded as secured borrowings and will bear interest as follows: (i) 60% of the borrowings are charged at that lender’s cost of funds plus a margin of 90 basis points and (ii) 40% of the borrowings are charged at one-month LIBOR plus a margin of 90 basis points. The Amended CBI Facility provides borrowing capacity of $190.0 million up to $290.0 million structured to account for the seasonality of the Company’s business, subject to further limitations based upon various pre-agreed formulas. As of October 10, 2013, the CBI SPV had aggregate outstanding borrowings under the Amended CBI Facility of $217.9 million bearing a weighted average interest rate of 1.1%. | ||||||||||||||||||||||||
Also, on October 1, 2013, Crown Imports entered into a 364-day revolving trade accounts receivable securitization facility (the “Crown Facility”). Under the Crown Facility, trade accounts receivable generated by Crown Imports are sold by Crown Imports to its wholly-owned bankruptcy remote single purpose subsidiary (the “Crown SPV”), which is consolidated with the Company for financial reporting purposes. Such trade accounts receivable have been pledged by the Crown SPV to secure borrowings under the Crown Facility. Crown Imports will continue to service the trade accounts receivable as servicer for the Crown Facility. The trade accounts receivable balances related to the Crown Facility will continue to be reported as accounts receivable on the Company’s Consolidated Balance Sheets, but the trade accounts receivable will at all times be owned by the Crown SPV and be included on the financial statements of the Company to comply with generally accepted accounting principles. Under the Crown Facility, there are two lenders, one holding 60% of the aggregate facility and the other holding 40% of the aggregate facility. Any borrowings under the Crown Facility will be recorded as secured borrowings and will bear interest as follows: (i) 60% of the borrowings are charged at that lender’s cost of funds plus a margin of 90 basis points and (ii) 40% of the borrowings are charged at one-month LIBOR plus a margin of 90 basis points. The Crown Facility provides borrowing capacity of $100.0 million up to $160.0 million structured to account for the seasonality of Crown Imports’ business. As of October 10, 2013, the Crown SPV had aggregate outstanding borrowings under the Crown Facility of $40.0 million bearing a weighted average interest rate of 1.1%. |
Income_Taxes
Income Taxes | 6 Months Ended |
Aug. 31, 2013 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES: |
The Company’s effective tax rate for the six months ended August 31, 2013, and August 31, 2012, was 5.7% and 24.3%, respectively. The Company’s effective tax rate for the six months ended August 31, 2013, was favorably impacted by the Beer Business Acquisition, primarily attributable to the recognition of the nontaxable gain on the remeasurement to fair value of the Company’s preexisting 50% equity interest in Crown Imports of $1,642.0 million, and the recognition of tax benefits of $6.6 million related to the resolution of certain tax positions, partially offset by the write-off of nondeductible goodwill of $283.6 million. The Company’s effective tax rate for the six months ended August 31, 2012, was substantially impacted by the additional generation of foreign tax credits. | |
The Company’s effective tax rate for the three months ended August 31, 2013, and August 31, 2012, was 4.1% and 14.9%, respectively. The Company’s effective tax rate for the three months ended August 31, 2013, was favorably impacted by the Beer Business Acquisition, primarily attributable to the recognition of the nontaxable gain on the remeasurement to fair value of the Company’s preexisting 50% equity interest in Crown Imports of $1,642.0 million, and the recognition of tax benefits of $6.6 million related to the resolution of certain tax positions, partially offset by the write-off of nondeductible goodwill of $283.6 million. The Company’s effective tax rate for the three months ended August 31, 2012, was substantially impacted by the additional generation of foreign tax credits. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Aug. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES: |
Indemnification liabilities – | |
In connection with a prior divestiture, the Company indemnified respective parties against certain liabilities that may arise related to certain contracts with certain investees of the divested business, a certain facility in the U.K. and certain income tax matters. As of August 31, 2013, and February 28, 2013, the carrying amount of these indemnification liabilities was $15.1 million. If the indemnified party were to incur a liability, pursuant to the terms of the indemnification, the Company would be required to reimburse the indemnified party. As of August 31, 2013, the Company estimates that these indemnifications could require the Company to make potential future payments of up to $296.2 million under these indemnifications with $281.9 million of this amount able to be recovered by the Company from third parties under recourse provisions. The Company does not expect to be required to make material payments under the indemnifications and the Company believes that the likelihood is remote that the indemnifications could have a material adverse effect on the Company’s financial position, results of operations, cash flows or liquidity. | |
In addition, prior to June 7, 2013, the Company was jointly and severally liable with Modelo to indemnify a third party for lease payments over the term of a lease contract between Crown Imports and the third party for the lease of certain office facilities. The carrying amount of this indemnification liability was not material. In connection with the Beer Business Acquisition, this indemnification liability was released to selling, general and administrative expenses on the Company’s Consolidated Statements of Comprehensive Income. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended |
Aug. 31, 2013 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY: |
In April 2011, the Company’s Board of Directors authorized the repurchase of up to $500.0 million of the Company’s Class A Common Stock and Class B Convertible Common Stock (the “2012 Authorization”). During the year ended February 29, 2012, the Company repurchased 21,234,266 shares of Class A Common Stock pursuant to the 2012 Authorization at an aggregate cost of $413.7 million, or an average cost of $19.48 per share, through open market transactions. During the six months ended August 31, 2012, the Company utilized the remaining $86.3 million outstanding under the 2012 Authorization to repurchase 3,970,481 shares of Class A Common Stock at an average cost of $21.74 per share, through open market transactions. In total, the Company has repurchased 25,204,747 shares of Class A Common Stock pursuant to the 2012 Authorization at an aggregate cost of $500.0 million, or an average cost of $19.84 per share. The Company used proceeds from revolver borrowings under its then existing senior credit facility and cash generated from operations to pay the purchase price for the repurchased shares. The repurchased shares have become treasury shares. | |
In April 2012, the Company’s Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s Class A Common Stock and Class B Convertible Common Stock (the “2013 Authorization”). The Board of Directors did not specify a date upon which the 2013 Authorization would expire. Share repurchases under the 2013 Authorization may be accomplished at management’s discretion from time to time based on market conditions, the Company’s cash and debt position, and other factors as determined by management. Shares may be repurchased through open market or privately negotiated transactions. The Company may fund future share repurchases with cash generated from operations, proceeds from borrowings under the accounts receivable securitization facilities or proceeds from revolver borrowings under its senior credit facility. Any repurchased shares will become treasury shares. | |
During the six months ended August 31, 2012, the Company repurchased 14,023,985 shares of Class A Common Stock pursuant to the 2013 Authorization at an aggregate cost of $296.7 million, or an average cost of $21.15 per share, through open market transactions. The Company used proceeds from the April 2012 Senior Notes, revolver borrowings under its prior senior credit facilities, and cash generated from operations to pay the purchase price for the repurchased shares. The repurchased shares have become treasury shares. |
Earnings_Per_Common_Share
Earnings Per Common Share | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE: | |||||||||||||||
Earnings per common share – basic excludes the effect of common stock equivalents and is computed using the two-class computation method. Earnings per common share – diluted for Class A Common Stock reflects the potential dilution that could result if securities or other contracts to issue common stock were exercised or converted into common stock. Earnings per common share – diluted for Class A Common Stock has been computed using the more dilutive of the if-converted or two-class computation method. Using the if-converted method, earnings per common share – diluted for Class A Common Stock assumes the exercise of stock options using the treasury stock method and the conversion of Class B Convertible Common Stock. Using the two-class computation method, earnings per common share – diluted for Class A Common Stock assumes the exercise of stock options using the treasury stock method and no conversion of Class B Convertible Common Stock. For the six months and three months ended August 31, 2013, and August 31, 2012, earnings per common share – diluted for Class A Common Stock has been calculated using the if-converted method. For the six months and three months ended August 31, 2013, and August 31, 2012, earnings per common share – diluted for Class B Convertible Common Stock is presented without assuming conversion into Class A Common Stock and is computed using the two-class computation method. | ||||||||||||||||
The computation of basic and diluted earnings per common share is as follows: | ||||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Income available to common stockholders | $ | 1,574.90 | $ | 196.6 | $ | 1,522.00 | $ | 124.6 | ||||||||
Weighted average common shares outstanding – basic: | ||||||||||||||||
Class A Common Stock | 163.277 | 158.527 | 164.825 | 154.794 | ||||||||||||
Class B Convertible Common Stock | 23.485 | 23.545 | 23.472 | 23.536 | ||||||||||||
Weighted average common shares outstanding – diluted: | ||||||||||||||||
Class A Common Stock | 163.277 | 158.527 | 164.825 | 154.794 | ||||||||||||
Class B Convertible Common Stock | 23.485 | 23.545 | 23.472 | 23.536 | ||||||||||||
Stock-based awards, primarily stock options | 9.294 | 5.386 | 8.47 | 6.31 | ||||||||||||
Weighted average common shares outstanding – diluted | 196.056 | 187.458 | 196.767 | 184.64 | ||||||||||||
Earnings per common share – basic: | ||||||||||||||||
Class A Common Stock | $ | 8.53 | $ | 1.09 | $ | 8.18 | $ | 0.71 | ||||||||
Class B Convertible Common Stock | $ | 7.75 | $ | 0.99 | $ | 7.43 | $ | 0.64 | ||||||||
Earnings per common share – diluted: | ||||||||||||||||
Class A Common Stock | $ | 8.03 | $ | 1.05 | $ | 7.74 | $ | 0.67 | ||||||||
Class B Convertible Common Stock | $ | 7.38 | $ | 0.96 | $ | 7.11 | $ | 0.62 | ||||||||
For the six months ended August 31, 2013, and August 31, 2012, stock-based awards, primarily stock options, which could result in the issuance of 1.4 million and 3.6 million shares, respectively, of Class A Common Stock were outstanding, but were not included in the computation of earnings per common share – diluted for Class A Common Stock because the effect of including such awards would have been antidilutive. For the three months ended August 31, 2013, and August 31, 2012, stock-based awards, primarily stock options, which could result in the issuance of 1.4 million and 3.2 million shares, respectively, of Class A Common Stock were outstanding, but were not included in the computation of earnings per common share – diluted for Class A Common Stock because the effect of including such awards would have been antidilutive. |
Comprehensive_Income
Comprehensive Income | 6 Months Ended | |||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME: | |||||||||||||||||||
Comprehensive income consists of net income, foreign currency translation adjustments, net unrealized gains (losses) on derivative instruments, net unrealized losses on AFS debt securities and pension/postretirement adjustments. The reconciliation of net income to comprehensive income is as follows: | ||||||||||||||||||||
Before Tax | Tax (Expense)Benefit | Net of Tax | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the Six Months Ended August 31, 2013 | ||||||||||||||||||||
Net income | $ | 1,574.90 | ||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (66.4 | ) | $ | (1.6 | ) | (68.0 | ) | ||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (66.4 | ) | (1.6 | ) | (68.0 | ) | ||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative gains | 2.4 | (1.8 | ) | 0.6 | ||||||||||||||||
Reclassification adjustments | 3.6 | (1.6 | ) | 2 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 6 | (3.4 | ) | 2.6 | ||||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities losses | (2.9 | ) | (0.1 | ) | (3.0 | ) | ||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (2.9 | ) | (0.1 | ) | (3.0 | ) | ||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | 0.6 | (0.2 | ) | 0.4 | ||||||||||||||||
Reclassification adjustments | 0.6 | (0.1 | ) | 0.5 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 1.2 | (0.3 | ) | 0.9 | ||||||||||||||||
Other comprehensive loss | $ | (62.1 | ) | $ | (5.4 | ) | (67.5 | ) | ||||||||||||
Total comprehensive income | $ | 1,507.40 | ||||||||||||||||||
For the Six Months Ended August 31, 2012 | ||||||||||||||||||||
Net income | $ | 196.6 | ||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (12.4 | ) | $ | 3.5 | (8.9 | ) | |||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (12.4 | ) | 3.5 | (8.9 | ) | |||||||||||||||
Unrealized loss on cash flow hedges: | ||||||||||||||||||||
Net derivative losses | (12.8 | ) | 4.7 | (8.1 | ) | |||||||||||||||
Reclassification adjustments | 2.3 | (1.5 | ) | 0.8 | ||||||||||||||||
Net loss recognized in other comprehensive loss | (10.5 | ) | 3.2 | (7.3 | ) | |||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities losses | — | (0.1 | ) | (0.1 | ) | |||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | — | (0.1 | ) | (0.1 | ) | |||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial losses | (0.1 | ) | 0.1 | — | ||||||||||||||||
Reclassification adjustments | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 0.3 | — | 0.3 | |||||||||||||||||
Other comprehensive loss | $ | (22.6 | ) | $ | 6.6 | (16.0 | ) | |||||||||||||
Total comprehensive income | $ | 180.6 | ||||||||||||||||||
Before Tax | Tax (Expense)Benefit | Net of Tax | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the Three Months Ended August 31, 2013 | ||||||||||||||||||||
Net income | $ | 1,522.00 | ||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (44.1 | ) | $ | (1.1 | ) | (45.2 | ) | ||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (44.1 | ) | (1.1 | ) | (45.2 | ) | ||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative gains | 2.4 | (1.3 | ) | 1.1 | ||||||||||||||||
Reclassification adjustments | 2.1 | (0.9 | ) | 1.2 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 4.5 | (2.2 | ) | 2.3 | ||||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities losses | (1.7 | ) | — | (1.7 | ) | |||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (1.7 | ) | — | (1.7 | ) | |||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||
Reclassification adjustments | 0.3 | — | 0.3 | |||||||||||||||||
Net gain recognized in other comprehensive loss | 0.7 | (0.1 | ) | 0.6 | ||||||||||||||||
Other comprehensive loss | $ | (40.6 | ) | $ | (3.4 | ) | (44.0 | ) | ||||||||||||
Total comprehensive income | $ | 1,478.00 | ||||||||||||||||||
For the Three Months Ended August 31, 2012 | ||||||||||||||||||||
Net income | $ | 124.6 | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net gains | $ | 70.7 | $ | 3.7 | 74.4 | |||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive income | 70.7 | 3.7 | 74.4 | |||||||||||||||||
Unrealized loss on cash flow hedges: | ||||||||||||||||||||
Net derivative losses | (4.2 | ) | 2.3 | (1.9 | ) | |||||||||||||||
Reclassification adjustments | 1.2 | (0.8 | ) | 0.4 | ||||||||||||||||
Net loss recognized in other comprehensive income | (3.0 | ) | 1.5 | (1.5 | ) | |||||||||||||||
Unrealized gain on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities gains | 2.3 | (0.1 | ) | 2.2 | ||||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive income | 2.3 | (0.1 | ) | 2.2 | ||||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial losses | (0.9 | ) | 0.3 | (0.6 | ) | |||||||||||||||
Reclassification adjustments | 0.2 | (0.1 | ) | 0.1 | ||||||||||||||||
Net loss recognized in other comprehensive income | (0.7 | ) | 0.2 | (0.5 | ) | |||||||||||||||
Other comprehensive income | $ | 69.3 | $ | 5.3 | 74.6 | |||||||||||||||
Total comprehensive income | $ | 199.2 | ||||||||||||||||||
Accumulated other comprehensive income (“AOCI”), net of income tax effect, includes the following components: | ||||||||||||||||||||
Foreign | Net | Net | Pension/ | Accumulated | ||||||||||||||||
Currency | Unrealized | Unrealized | Postretirement | Other | ||||||||||||||||
Translation | (Losses) Gains on | Gains (Losses) | Adjustments | Comprehensive | ||||||||||||||||
Adjustments | Derivative Instruments | on AFS Debt | Income | |||||||||||||||||
Securities | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Balance, February 28, 2013 | $ | 170.4 | $ | (20.2 | ) | $ | 1.4 | $ | (19.5 | ) | $ | 132.1 | ||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Other comprehensive (loss) income before reclassification adjustments | (68.0 | ) | 0.6 | (3.0 | ) | 0.4 | (70.0 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 2 | — | 0.5 | 2.5 | |||||||||||||||
Other comprehensive (loss) income | (68.0 | ) | 2.6 | (3.0 | ) | 0.9 | (67.5 | ) | ||||||||||||
Balance, August 31, 2013 | $ | 102.4 | $ | (17.6 | ) | $ | (1.6 | ) | $ | (18.6 | ) | $ | 64.6 | |||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 6 Months Ended | |||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | CONDENSED CONSOLIDATING FINANCIAL INFORMATION: | |||||||||||||||||||
The following information sets forth the condensed consolidating balance sheets as of August 31, 2013, and February 28, 2013, the condensed consolidating statements of comprehensive income for the six months and three months ended August 31, 2013, and August 31, 2012, and the condensed consolidating statements of cash flows for the six months ended August 31, 2013, and August 31, 2012, for the Company, the parent company, the combined subsidiaries of the Company which guarantee the Company’s senior notes (“Subsidiary Guarantors”) and the combined subsidiaries of the Company which are not Subsidiary Guarantors (primarily foreign subsidiaries) (“Subsidiary Nonguarantors”). The Subsidiary Guarantors are 100% owned, directly or indirectly, by the parent company and the guarantees are joint and several obligations of each of the Subsidiary Guarantors. The guarantees are full and unconditional, as those terms are used in Rule 3-10 of Regulation S-X, except that a Subsidiary Guarantor can be automatically released and relieved of its obligations under certain customary circumstances contained in the indentures governing the Company’s senior notes. These customary circumstances include, so long as other applicable provisions of the indentures are adhered to, the termination or release of a Subsidiary Guarantor’s guarantee of other indebtedness or upon the legal defeasance or covenant defeasance or satisfaction and discharge of the Company’s senior notes. Separate financial statements for the Subsidiary Guarantors of the Company are not presented because the Company has determined that such financial statements would not be material to investors. The accounting policies of the parent company, the Subsidiary Guarantors and the Subsidiary Nonguarantors are the same as those described for the Company in the Summary of Significant Accounting Policies in Note 1 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2013, and include the recently adopted accounting guidance described in Note 2 herein. There are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to the Company in the form of cash dividends, loans or advances. | ||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Balance Sheet at August 31, 2013 | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash investments | $ | 7.4 | $ | 1.3 | $ | 108.1 | $ | — | $ | 116.8 | ||||||||||
Accounts receivable, net | 0.2 | 191.1 | 464.6 | — | 655.9 | |||||||||||||||
Inventories | 156.2 | 1,129.10 | 396.3 | (38.6 | ) | 1,643.00 | ||||||||||||||
Prepaid expenses and other | 35.7 | 86.3 | 492.8 | (360.4 | ) | 254.4 | ||||||||||||||
Intercompany receivable | 8,983.00 | 10,702.00 | 2,668.20 | (22,353.2 | ) | — | ||||||||||||||
Total current assets | 9,182.50 | 12,109.80 | 4,130.00 | (22,752.2 | ) | 2,670.10 | ||||||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Property, plant and equipment, net | 40.7 | 839.4 | 990.3 | — | 1,870.40 | |||||||||||||||
Investments in subsidiaries | 10,207.10 | 2.8 | — | (10,209.9 | ) | — | ||||||||||||||
Goodwill | — | 5,504.80 | 634.4 | — | 6,139.20 | |||||||||||||||
Intangible assets, net | — | 711.7 | 2,532.20 | — | 3,243.90 | |||||||||||||||
Intercompany notes receivable | 3,616.30 | 36.7 | 32.6 | (3,685.6 | ) | — | ||||||||||||||
Other assets, net | 60.6 | 76.1 | 70.9 | (8.4 | ) | 199.2 | ||||||||||||||
Total assets | $ | 23,107.20 | $ | 19,281.30 | $ | 8,390.40 | $ | (36,656.1 | ) | $ | 14,122.80 | |||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable to banks | $ | 78 | $ | — | $ | 194.1 | $ | — | $ | 272.1 | ||||||||||
Current maturities of long-term debt | 62.7 | 18 | 35 | — | 115.7 | |||||||||||||||
Accounts payable | 26.7 | 172.8 | 141.7 | — | 341.2 | |||||||||||||||
Accrued excise taxes | 10.3 | 12.9 | 4.4 | — | 27.6 | |||||||||||||||
Intercompany payable | 12,474.30 | 7,276.10 | 2,602.80 | (22,353.2 | ) | — | ||||||||||||||
Other accrued expenses and liabilities | 495.7 | 246.3 | 683.3 | (371.3 | ) | 1,054.00 | ||||||||||||||
Total current liabilities | 13,147.70 | 7,726.10 | 3,661.30 | (22,724.5 | ) | 1,810.60 | ||||||||||||||
Long-term debt, less current maturities | 5,422.10 | 25.4 | 1,465.20 | — | 6,912.70 | |||||||||||||||
Deferred income taxes | 6.5 | 551 | 147.7 | (8.4 | ) | 696.8 | ||||||||||||||
Intercompany notes payable | — | 3,668.10 | 17.5 | (3,685.6 | ) | — | ||||||||||||||
Other liabilities | 20.5 | 54.2 | 117.6 | — | 192.3 | |||||||||||||||
Stockholders’ equity | 4,510.40 | 7,256.50 | 2,981.10 | (10,237.6 | ) | 4,510.40 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 23,107.20 | $ | 19,281.30 | $ | 8,390.40 | $ | (36,656.1 | ) | $ | 14,122.80 | |||||||||
Condensed Consolidating Balance Sheet at February 28, 2013 | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash investments | $ | 185.8 | $ | 0.7 | $ | 145 | $ | — | $ | 331.5 | ||||||||||
Accounts receivable, net | 0.7 | 10.1 | 461.1 | — | 471.9 | |||||||||||||||
Inventories | 151.5 | 1,019.40 | 317.2 | (7.2 | ) | 1,480.90 | ||||||||||||||
Prepaid expenses and other | 25.8 | 54.5 | 447.8 | (341.2 | ) | 186.9 | ||||||||||||||
Intercompany receivable | 6,956.20 | 9,291.40 | 1,075.10 | (17,322.7 | ) | — | ||||||||||||||
Total current assets | 7,320.00 | 10,376.10 | 2,446.20 | (17,671.1 | ) | 2,471.20 | ||||||||||||||
Property, plant and equipment, net | 43.3 | 832.7 | 353 | — | 1,229.00 | |||||||||||||||
Investments in subsidiaries | 7,281.50 | 2.8 | — | (7,284.3 | ) | — | ||||||||||||||
Goodwill | — | 2,097.90 | 624.4 | — | 2,722.30 | |||||||||||||||
Intangible assets, net | — | 686.5 | 184.9 | — | 871.4 | |||||||||||||||
Intercompany notes receivable | 1,611.20 | — | 32.6 | (1,643.8 | ) | — | ||||||||||||||
Other assets, net | 49.8 | 256.7 | 58.6 | (20.9 | ) | 344.2 | ||||||||||||||
Total assets | $ | 16,305.80 | $ | 14,252.70 | $ | 3,699.70 | $ | (26,620.1 | ) | $ | 7,638.10 | |||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable to banks | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Current maturities of long-term debt | 9.8 | 17.7 | 0.1 | — | 27.6 | |||||||||||||||
Accounts payable | 39.2 | 106.4 | 63.4 | — | 209 | |||||||||||||||
Accrued excise taxes | 11.4 | 3.7 | 3.8 | — | 18.9 | |||||||||||||||
Intercompany payable | 9,615.50 | 6,318.70 | 1,388.50 | (17,322.7 | ) | — | ||||||||||||||
Other accrued expenses and liabilities | 501.8 | 187.5 | 76.1 | (343.0 | ) | 422.4 | ||||||||||||||
Total current liabilities | 10,177.70 | 6,634.00 | 1,531.90 | (17,665.7 | ) | 677.9 | ||||||||||||||
Long-term debt, less current maturities | 3,251.00 | 26.8 | — | — | 3,277.80 | |||||||||||||||
Deferred income taxes | — | 543 | 77.5 | (20.9 | ) | 599.6 | ||||||||||||||
Intercompany notes payable | — | 1,634.90 | 8.9 | (1,643.8 | ) | — | ||||||||||||||
Other liabilities | 16.8 | 72.5 | 133.2 | — | 222.5 | |||||||||||||||
Stockholders’ equity | 2,860.30 | 5,341.50 | 1,948.20 | (7,289.7 | ) | 2,860.30 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 16,305.80 | $ | 14,252.70 | $ | 3,699.70 | $ | (26,620.1 | ) | $ | 7,638.10 | |||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2013 | ||||||||||||||||||||
Sales | $ | 1,121.80 | $ | 1,633.40 | $ | 420.4 | $ | (796.1 | ) | $ | 2,379.50 | |||||||||
Less – excise taxes | (153.3 | ) | (59.1 | ) | (33.9 | ) | — | (246.3 | ) | |||||||||||
Net sales | 968.5 | 1,574.30 | 386.5 | (796.1 | ) | 2,133.20 | ||||||||||||||
Cost of product sold | (825.0 | ) | (1,092.7 | ) | (138.7 | ) | 756.3 | (1,300.1 | ) | |||||||||||
Gross profit | 143.5 | 481.6 | 247.8 | (39.8 | ) | 833.1 | ||||||||||||||
Selling, general and administrative expenses | (216.3 | ) | (144.5 | ) | (77.2 | ) | 8.3 | (429.7 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | (300.9 | ) | — | (300.9 | ) | |||||||||||||
Gain on remeasurement to fair value of equity method investment | — | 1,642.00 | — | — | 1,642.00 | |||||||||||||||
Operating (loss) income | (72.8 | ) | 1,979.10 | (130.3 | ) | (31.5 | ) | 1,744.50 | ||||||||||||
Equity in earnings of equity method investees and subsidiaries | 1,720.90 | 74.1 | 0.2 | (1,724.9 | ) | 70.3 | ||||||||||||||
Interest income | 0.1 | — | 3.8 | — | 3.9 | |||||||||||||||
Intercompany interest income | 70.7 | 77.9 | 0.8 | (149.4 | ) | — | ||||||||||||||
Interest expense | (130.8 | ) | (3.0 | ) | (15.2 | ) | — | (149.0 | ) | |||||||||||
Intercompany interest expense | (82.7 | ) | (66.4 | ) | (0.3 | ) | 149.4 | — | ||||||||||||
Loss on write-off of financing costs | — | — | — | — | — | |||||||||||||||
Income (loss) before income taxes | 1,505.40 | 2,061.70 | (141.0 | ) | (1,756.4 | ) | 1,669.70 | |||||||||||||
Benefit from (provision for) income taxes | 69.5 | (153.0 | ) | (20.5 | ) | 9.2 | (94.8 | ) | ||||||||||||
Net income (loss) | $ | 1,574.90 | $ | 1,908.70 | $ | (161.5 | ) | $ | (1,747.2 | ) | $ | 1,574.90 | ||||||||
Comprehensive income (loss) | $ | 1,507.40 | $ | 1,915.80 | $ | (236.3 | ) | $ | (1,679.5 | ) | $ | 1,507.40 | ||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2012 | ||||||||||||||||||||
Sales | $ | 966.6 | $ | 800.4 | $ | 400.2 | $ | (644.2 | ) | $ | 1,523.00 | |||||||||
Less – excise taxes | (103.4 | ) | (54.6 | ) | (31.7 | ) | — | (189.7 | ) | |||||||||||
Net sales | 863.2 | 745.8 | 368.5 | (644.2 | ) | 1,333.30 | ||||||||||||||
Cost of product sold | (680.7 | ) | (537.5 | ) | (219.3 | ) | 639.9 | (797.6 | ) | |||||||||||
Gross profit | 182.5 | 208.3 | 149.2 | (4.3 | ) | 535.7 | ||||||||||||||
Selling, general and administrative expenses | (166.6 | ) | (52.3 | ) | (85.9 | ) | 5.8 | (299.0 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | — | — | — | |||||||||||||||
Gain on remeasurement to fair value of equity method investment | — | — | — | — | — | |||||||||||||||
Operating income | 15.9 | 156 | 63.3 | 1.5 | 236.7 | |||||||||||||||
Equity in earnings of equity method investees and subsidiaries | 285.6 | 129.6 | 0.2 | (284.3 | ) | 131.1 | ||||||||||||||
Interest income | 0.1 | — | 2.8 | — | 2.9 | |||||||||||||||
Intercompany interest income | 39.5 | 95.4 | 0.8 | (135.7 | ) | — | ||||||||||||||
Interest expense | (106.1 | ) | (0.6 | ) | (1.5 | ) | — | (108.2 | ) | |||||||||||
Intercompany interest expense | (95.4 | ) | (40.2 | ) | (0.1 | ) | 135.7 | — | ||||||||||||
Loss on write-off of financing costs | (2.8 | ) | — | — | — | (2.8 | ) | |||||||||||||
Income before income taxes | 136.8 | 340.2 | 65.5 | (282.8 | ) | 259.7 | ||||||||||||||
Benefit from (provision for) income taxes | 59.8 | (131.0 | ) | 8.4 | (0.3 | ) | (63.1 | ) | ||||||||||||
Net income | $ | 196.6 | $ | 209.2 | $ | 73.9 | $ | (283.1 | ) | $ | 196.6 | |||||||||
Comprehensive income | $ | 180.6 | $ | 207.7 | $ | 61.3 | $ | (269.0 | ) | $ | 180.6 | |||||||||
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2013 | ||||||||||||||||||||
Sales | $ | 569.3 | $ | 1,243.10 | $ | 206.5 | $ | (405.6 | ) | $ | 1,613.30 | |||||||||
Less – excise taxes | (75.2 | ) | (61.1 | ) | (17.2 | ) | — | (153.5 | ) | |||||||||||
Net sales | 494.1 | 1,182.00 | 189.3 | (405.6 | ) | 1,459.80 | ||||||||||||||
Cost of product sold | (425.0 | ) | (817.6 | ) | (12.2 | ) | 372 | (882.8 | ) | |||||||||||
Gross profit | 69.1 | 364.4 | 177.1 | (33.6 | ) | 577 | ||||||||||||||
Selling, general and administrative expenses | (97.3 | ) | (115.6 | ) | (35.3 | ) | 4.1 | (244.1 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | (300.9 | ) | — | (300.9 | ) | |||||||||||||
Gain on remeasurement to fair value of equity method investment | — | 1,642.00 | — | — | 1,642.00 | |||||||||||||||
Operating (loss) income | (28.2 | ) | 1,890.80 | (159.1 | ) | (29.5 | ) | 1,674.00 | ||||||||||||
Equity in earnings of equity method investees and subsidiaries | 1,587.10 | 7.7 | 0.1 | (1,591.2 | ) | 3.7 | ||||||||||||||
Interest income | 0.1 | — | 1.9 | — | 2 | |||||||||||||||
Intercompany interest income | 44.9 | 41.2 | 0.4 | (86.5 | ) | — | ||||||||||||||
Interest expense | (77.4 | ) | (0.3 | ) | (14.6 | ) | — | (92.3 | ) | |||||||||||
Intercompany interest expense | (43.7 | ) | (42.6 | ) | (0.2 | ) | 86.5 | — | ||||||||||||
Loss on write-off of financing costs | — | — | — | — | — | |||||||||||||||
Income (loss) before income taxes | 1,482.80 | 1,896.80 | (171.5 | ) | (1,620.7 | ) | 1,587.40 | |||||||||||||
Benefit from (provision for) income taxes | 39.2 | (91.0 | ) | (22.2 | ) | 8.6 | (65.4 | ) | ||||||||||||
Net income (loss) | $ | 1,522.00 | $ | 1,805.80 | $ | (193.7 | ) | $ | (1,612.1 | ) | $ | 1,522.00 | ||||||||
Comprehensive income (loss) | $ | 1,478.00 | $ | 1,809.50 | $ | (241.7 | ) | $ | (1,567.8 | ) | $ | 1,478.00 | ||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2012 | ||||||||||||||||||||
Sales | $ | 511.3 | $ | 399.3 | $ | 206.8 | $ | (319.7 | ) | $ | 797.7 | |||||||||
Less – excise taxes | (54.8 | ) | (28.1 | ) | (16.3 | ) | — | (99.2 | ) | |||||||||||
Net sales | 456.5 | 371.2 | 190.5 | (319.7 | ) | 698.5 | ||||||||||||||
Cost of product sold | (342.5 | ) | (276.6 | ) | (113.0 | ) | 318.7 | (413.4 | ) | |||||||||||
Gross profit | 114 | 94.6 | 77.5 | (1.0 | ) | 285.1 | ||||||||||||||
Selling, general and administrative expenses | (84.2 | ) | (33.2 | ) | (40.2 | ) | 3.1 | (154.5 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | — | — | — | |||||||||||||||
Gain on remeasurement to fair value of equity method investment | — | — | — | — | — | |||||||||||||||
Operating income | 29.8 | 61.4 | 37.3 | 2.1 | 130.6 | |||||||||||||||
Equity in earnings of equity method investees and subsidiaries | 146.9 | 72.2 | 0.1 | (148.7 | ) | 70.5 | ||||||||||||||
Interest income | 0.1 | — | 1.4 | — | 1.5 | |||||||||||||||
Intercompany interest income | 19.8 | 49 | 0.4 | (69.2 | ) | — | ||||||||||||||
Interest expense | (55.4 | ) | — | (0.7 | ) | — | (56.1 | ) | ||||||||||||
Intercompany interest expense | (49.1 | ) | (20.1 | ) | — | 69.2 | — | |||||||||||||
Loss on write-off of financing costs | — | — | — | — | — | |||||||||||||||
Income before income taxes | 92.1 | 162.5 | 38.5 | (146.6 | ) | 146.5 | ||||||||||||||
Benefit from (provision for) income taxes | 32.5 | (62.0 | ) | 7.8 | (0.2 | ) | (21.9 | ) | ||||||||||||
Net income | $ | 124.6 | $ | 100.5 | $ | 46.3 | $ | (146.8 | ) | $ | 124.6 | |||||||||
Comprehensive income | $ | 199.2 | $ | 106.8 | $ | 123.3 | $ | (230.1 | ) | $ | 199.2 | |||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2013 | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,551.10 | $ | (1,200.3 | ) | $ | 138.2 | $ | — | $ | 489 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of business, net of cash acquired | — | (1,770.1 | ) | (2,902.8 | ) | — | (4,672.9 | ) | ||||||||||||
Purchases of property, plant and equipment | (5.0 | ) | (33.1 | ) | (11.1 | ) | — | (49.2 | ) | |||||||||||
Proceeds from sales of assets | — | 0.2 | 1.4 | — | 1.6 | |||||||||||||||
Proceeds from notes receivable | — | — | — | — | — | |||||||||||||||
Other investing activities | — | 2.3 | (1.2 | ) | — | 1.1 | ||||||||||||||
Net cash used in investing activities | (5.0 | ) | (1,800.7 | ) | (2,913.7 | ) | — | (4,719.4 | ) | |||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Intercompany financings, net | (4,089.4 | ) | 3,025.60 | 1,063.80 | — | — | ||||||||||||||
Proceeds from issuance of long-term debt | 2,225.00 | — | 1,500.00 | — | 3,725.00 | |||||||||||||||
Net proceeds from notes payable | 78 | — | 194.1 | — | 272.1 | |||||||||||||||
Proceeds from exercises of employee stock options | 77.5 | — | — | — | 77.5 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 53.8 | — | — | — | 53.8 | |||||||||||||||
Proceeds from employee stock purchases | 2.5 | — | — | — | 2.5 | |||||||||||||||
Payment of financing costs of long-term debt | (69.6 | ) | — | (12.6 | ) | — | (82.2 | ) | ||||||||||||
Payment of minimum tax withholdings on stock-based payment awards | — | (16.4 | ) | (1.6 | ) | — | (18.0 | ) | ||||||||||||
Principal payments of long-term debt | (2.3 | ) | (7.6 | ) | — | — | (9.9 | ) | ||||||||||||
Payment of restricted cash upon issuance of long-term debt | — | — | — | — | — | |||||||||||||||
Purchases of treasury stock | — | — | — | — | — | |||||||||||||||
Net cash (used in) provided by financing activities | (1,724.5 | ) | 3,001.60 | 2,743.70 | — | 4,020.80 | ||||||||||||||
Effect of exchange rate changes on cash and cash investments | — | — | (5.1 | ) | — | (5.1 | ) | |||||||||||||
Net (decrease) increase in cash and cash investments | (178.4 | ) | 0.6 | (36.9 | ) | — | (214.7 | ) | ||||||||||||
Cash and cash investments, beginning of period | 185.8 | 0.7 | 145 | — | 331.5 | |||||||||||||||
Cash and cash investments, end of period | $ | 7.4 | $ | 1.3 | $ | 108.1 | $ | — | $ | 116.8 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2012 | ||||||||||||||||||||
Net cash provided by operating activities | $ | 209.8 | $ | 142.6 | $ | 16.1 | $ | — | $ | 368.5 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of business, net of cash acquired | — | (159.7 | ) | — | — | (159.7 | ) | |||||||||||||
Purchases of property, plant and equipment | (7.9 | ) | (21.1 | ) | (6.6 | ) | — | (35.6 | ) | |||||||||||
Proceeds from sales of assets | — | 4.9 | 3 | — | 7.9 | |||||||||||||||
Proceeds from notes receivable | 1.2 | 3.4 | — | — | 4.6 | |||||||||||||||
Other investing activities | (0.3 | ) | (0.8 | ) | (0.1 | ) | — | (1.2 | ) | |||||||||||
Net cash used in investing activities | (7.0 | ) | (173.3 | ) | (3.7 | ) | — | (184.0 | ) | |||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Intercompany financings, net | (77.4 | ) | 33.7 | 43.7 | — | — | ||||||||||||||
Proceeds from issuance of long-term debt | 2,050.00 | — | — | — | 2,050.00 | |||||||||||||||
Net repayment of notes payable | (298.0 | ) | — | (60.3 | ) | — | (358.3 | ) | ||||||||||||
Proceeds from exercises of employee stock options | 110.5 | — | — | — | 110.5 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 11.4 | — | — | — | 11.4 | |||||||||||||||
Proceeds from employee stock purchases | 2.1 | — | — | — | 2.1 | |||||||||||||||
Payment of financing costs of long-term debt | (34.1 | ) | — | — | — | (34.1 | ) | |||||||||||||
Payment of minimum tax withholdings on stock-based payment awards | — | — | (0.5 | ) | — | (0.5 | ) | |||||||||||||
Principal payments of long-term debt | (835.2 | ) | (2.8 | ) | — | — | (838.0 | ) | ||||||||||||
Payment of restricted cash upon issuance of long-term debt | (650.0 | ) | — | — | — | (650.0 | ) | |||||||||||||
Purchases of treasury stock | (383.0 | ) | — | — | — | (383.0 | ) | |||||||||||||
Net cash (used in) provided by financing activities | (103.7 | ) | 30.9 | (17.1 | ) | — | (89.9 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | (1.9 | ) | — | (1.9 | ) | |||||||||||||
and cash investments | ||||||||||||||||||||
Net increase (decrease) in cash and cash investments | 99.1 | 0.2 | (6.6 | ) | — | 92.7 | ||||||||||||||
Cash and cash investments, beginning | 0.5 | 0.6 | 84.7 | — | 85.8 | |||||||||||||||
of period | ||||||||||||||||||||
Cash and cash investments, end of | $ | 99.6 | $ | 0.8 | $ | 78.1 | $ | — | $ | 178.5 | ||||||||||
period | ||||||||||||||||||||
Business_Segment_Information
Business Segment Information | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION: | |||||||||||||||
Prior to the Beer Business Acquisition, Crown Imports was a reportable segment of the Company. In connection with the Beer Business Acquisition and the resulting consolidation of the acquired businesses from the date of acquisition, the Crown Imports segment, together with the Brewery Purchase, is now known as the Beer segment. Accordingly, the Company’s internal management financial reporting consists of two business divisions: (i) Beer and (ii) Wine and Spirits, and the Company reports its operating results in three segments: (i) Beer (imported beer), (ii) Wine and Spirits (wine and spirits), and (iii) Corporate Operations and Other. The business segments reflect how the Company’s operations are managed, how operating performance within the Company is evaluated by senior management and the structure of its internal financial reporting. Amounts included in the Corporate Operations and Other segment consist of costs of executive management, corporate development, corporate finance, human resources, internal audit, investor relations, legal, public relations and global information technology. Any costs incurred at the corporate office that are applicable to the segments are allocated to the appropriate segment. The amounts included in the Corporate Operations and Other segment are general costs that are applicable to the consolidated group and are therefore not allocated to the other reportable segments. All costs reported within the Corporate Operations and Other segment are not included in the chief operating decision maker’s evaluation of the operating income performance of the other reportable segments. | ||||||||||||||||
In addition, the Company excludes restructuring charges and unusual items that affect comparability from its definition of operating income for segment purposes as these items are not reflective of normal continuing operations of the segments. The Company excludes these items as segment operating performance and segment management compensation is evaluated based upon a normalized segment operating income. As such, the performance measures for incentive compensation purposes for segment management do not include the impact of these items. | ||||||||||||||||
For the six months and three months ended August 31, 2013, and August 31, 2012, restructuring charges and unusual items included in operating income consist of: | ||||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||||
Cost of Product Sold: | ||||||||||||||||
Flow through of inventory step-up | $ | 11 | $ | 2.3 | $ | 9.5 | $ | 1.5 | ||||||||
Amortization of favorable interim supply agreement | 2.1 | — | 2.1 | — | ||||||||||||
Cost of Product Sold | 13.1 | 2.3 | 11.6 | 1.5 | ||||||||||||
Selling, General and Administrative Expenses: | ||||||||||||||||
Transaction and related costs associated with pending and completed acquisitions | 34.9 | 9.1 | 7.4 | 9.1 | ||||||||||||
Deferred compensation | 7 | — | — | — | ||||||||||||
Restructuring charges | (0.9 | ) | 0.7 | — | 0.2 | |||||||||||
Other costs | (2.0 | ) | 1.4 | — | (0.8 | ) | ||||||||||
Selling, General and Administrative Expenses | 39 | 11.2 | 7.4 | 8.5 | ||||||||||||
Impairment of Goodwill and Intangible Assets | 300.9 | — | 300.9 | — | ||||||||||||
Gain on Remeasurement to Fair Value of Equity Method Investment | (1,642.0 | ) | — | (1,642.0 | ) | — | ||||||||||
Restructuring Charges and Unusual Items | $ | (1,289.0 | ) | $ | 13.5 | $ | (1,322.1 | ) | $ | 10 | ||||||
The Company evaluates performance based on operating income of the respective business units. The accounting policies of the segments are the same as those described for the Company in the Summary of Significant Accounting Policies in Note 1 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2013, and include the recently adopted accounting guidance described in Note 2 herein. | ||||||||||||||||
Segment information is as follows: | ||||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||||
Beer | ||||||||||||||||
Net sales | $ | 1,576.20 | $ | 1,512.50 | $ | 814.6 | $ | 788.4 | ||||||||
Segment operating income | $ | 363.9 | $ | 266.4 | $ | 229.9 | $ | 143.4 | ||||||||
Long-lived tangible assets | $ | 668.7 | $ | 9 | $ | 668.7 | $ | 9 | ||||||||
Total assets | $ | 7,294.50 | $ | 463.7 | $ | 7,294.50 | $ | 463.7 | ||||||||
Capital expenditures | $ | 3.6 | $ | 0.4 | $ | 3.3 | $ | 0.1 | ||||||||
Depreciation and amortization | $ | 13.1 | $ | 1.5 | $ | 12.6 | $ | 0.8 | ||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||||
Wine and Spirits | ||||||||||||||||
Net sales: | ||||||||||||||||
Wine | $ | 1,226.40 | $ | 1,177.20 | $ | 629.1 | $ | 615.9 | ||||||||
Spirits | 144 | 156.1 | $ | 67.9 | $ | 82.6 | ||||||||||
Net sales | $ | 1,370.40 | $ | 1,333.30 | $ | 697 | $ | 698.5 | ||||||||
Segment operating income | $ | 282.4 | $ | 294.3 | $ | 154.8 | $ | 161.3 | ||||||||
Equity in earnings (losses) of equity method investees | $ | 0.1 | $ | (1.1 | ) | $ | (0.6 | ) | $ | (0.8 | ) | |||||
Long-lived tangible assets | $ | 1,081.30 | $ | 1,101.70 | $ | 1,081.30 | $ | 1,101.70 | ||||||||
Investments in equity method investees | $ | 73.2 | $ | 70.3 | $ | 73.2 | $ | 70.3 | ||||||||
Total assets | $ | 6,403.10 | $ | 6,822.40 | $ | 6,403.10 | $ | 6,822.40 | ||||||||
Capital expenditures | $ | 35.6 | $ | 30.7 | $ | 19.1 | $ | 14.9 | ||||||||
Depreciation and amortization | $ | 47.5 | $ | 44.4 | $ | 23.4 | $ | 21.9 | ||||||||
Corporate Operations and Other | ||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | — | ||||||||
Segment operating loss | $ | (48.2 | ) | $ | (44.1 | ) | $ | (24.2 | ) | $ | (20.7 | ) | ||||
Long-lived tangible assets | $ | 120.4 | $ | 131.8 | $ | 120.4 | $ | 131.8 | ||||||||
Total assets | $ | 425.2 | $ | 1,039.00 | $ | 425.2 | $ | 1,039.00 | ||||||||
Capital expenditures | $ | 10.3 | $ | 4.9 | $ | 4.8 | $ | 1.1 | ||||||||
Depreciation and amortization | $ | 11.1 | $ | 11.6 | $ | 6.2 | $ | 6 | ||||||||
Restructuring Charges and Unusual Items | ||||||||||||||||
Operating income (loss) | $ | 1,289.00 | $ | (13.5 | ) | $ | 1,322.10 | $ | (10.0 | ) | ||||||
Equity in losses of equity method investees | $ | (0.1 | ) | $ | — | $ | — | $ | — | |||||||
Consolidation and Eliminations | ||||||||||||||||
Net sales | $ | (813.4 | ) | $ | (1,512.5 | ) | $ | (51.8 | ) | $ | (788.4 | ) | ||||
Operating income | $ | (142.6 | ) | $ | (266.4 | ) | $ | (8.6 | ) | $ | (143.4 | ) | ||||
Equity in earnings of Crown Imports | $ | 70.3 | $ | 132.2 | $ | 4.3 | $ | 71.3 | ||||||||
Long-lived tangible assets | $ | — | $ | (9.0 | ) | $ | — | $ | (9.0 | ) | ||||||
Investments in equity method investees | $ | — | $ | 179.1 | $ | — | $ | 179.1 | ||||||||
Total assets | $ | — | $ | (284.6 | ) | $ | — | $ | (284.6 | ) | ||||||
Capital expenditures | $ | (0.3 | ) | $ | (0.4 | ) | $ | — | $ | (0.1 | ) | |||||
Depreciation and amortization | $ | (0.5 | ) | $ | (1.5 | ) | $ | — | $ | (0.8 | ) | |||||
Consolidated | ||||||||||||||||
Net sales | $ | 2,133.20 | $ | 1,333.30 | $ | 1,459.80 | $ | 698.5 | ||||||||
Operating income | $ | 1,744.50 | $ | 236.7 | $ | 1,674.00 | $ | 130.6 | ||||||||
Equity in earnings of equity method investees | $ | 70.3 | $ | 131.1 | $ | 3.7 | $ | 70.5 | ||||||||
Long-lived tangible assets | $ | 1,870.40 | $ | 1,233.50 | $ | 1,870.40 | $ | 1,233.50 | ||||||||
Investments in equity method investees | $ | 73.2 | $ | 249.4 | $ | 73.2 | $ | 249.4 | ||||||||
Total assets | $ | 14,122.80 | $ | 8,040.50 | $ | 14,122.80 | $ | 8,040.50 | ||||||||
Capital expenditures | $ | 49.2 | $ | 35.6 | $ | 27.2 | $ | 16 | ||||||||
Depreciation and amortization | $ | 71.2 | $ | 56 | $ | 42.2 | $ | 27.9 | ||||||||
Accounting_Guidance_Not_Yet_Ad
Accounting Guidance Not Yet Adopted | 6 Months Ended |
Aug. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
ACCOUNTING GUIDANCE NOT YET ADOPTED | ACCOUNTING GUIDANCE NOT YET ADOPTED: |
Liabilities – | |
In February 2013, the FASB issued guidance for the recognition, measurement and disclosure of certain obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The Company is required to adopt this guidance for its annual and interim periods beginning March 1, 2014. In addition, this guidance requires retrospective application. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
Foreign currency – | |
In March 2013, the FASB issued amended guidance to clarify the applicable guidance for the release of foreign currency cumulative translation adjustments under generally accepted accounting principles in the U.S. The amended guidance clarifies when cumulative translation adjustments should be released into net income in connection with (i) the loss of a controlling financial interest in a subsidiary or group of assets within a foreign entity or (ii) the partial sale of an equity method investment that is a foreign entity. The amended guidance also clarifies the types of events that result in the sale of an investment in a foreign entity. The Company is required to adopt this amended guidance for its annual and interim periods beginning March 1, 2014. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
Income taxes – | |
In July 2013, the FASB issued amended guidance to clarify the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists as of the reporting date. The Company is required to adopt this amended guidance for its annual and interim periods beginning March 1, 2014. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Recently_Adopted_Accounting_Gu1
Recently Adopted Accounting Guidance (Policies) | 6 Months Ended |
Aug. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Disclosures about offsetting assets and liabilities | Disclosures about offsetting assets and liabilities – |
Effective March 1, 2013, the Company adopted the Financial Accounting Standards Board (“FASB”) amended guidance creating new disclosure requirements about the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. In addition, this amended guidance requires retrospective application. The adoption of this amended guidance on March 1, 2013, did not have a material impact on the Company’s consolidated financial statements. | |
Intangibles - goodwill and other | Intangibles – goodwill and other – |
Effective March 1, 2013, the Company adopted the FASB amended guidance for indefinite lived intangible asset impairment testing. The amended guidance allows an entity to assess qualitative factors to determine whether the existence of events and circumstances indicate that it is more likely than not that an indefinite lived intangible asset is impaired. If an entity concludes it is not more likely than not that an indefinite lived intangible asset is impaired, the entity is not required to take further action. If an entity concludes otherwise, then the entity would be required to determine the fair value of the indefinite lived intangible asset and compare the fair value with the carrying amount of the indefinite lived intangible asset. The adoption of this amended guidance on March 1, 2013, did not have a material impact on the Company’s consolidated financial statements. | |
Comprehensive income | Comprehensive income – |
Effective March 1, 2013, the Company adopted the amended guidance for reporting of amounts reclassified out of AOCI (as defined in Note 18). The amended guidance requires an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present significant amounts reclassified out of AOCI by the respective line items of net income, or, for amounts not required to be reclassified in their entirety to net income under generally accepted accounting principles in the U.S., an entity is required to cross-reference to other disclosures required under generally accepted accounting principles in the U.S. that provide additional detail about those amounts. The adoption of this amended guidance on March 1, 2013, did not have a material impact on the Company’s consolidated financial statements. | |
Derivative instruments | Derivative instruments – |
Effective July 17, 2013, the Company adopted the amended guidance for inclusion of the Federal Funds Effective Swap Rate as a U.S. benchmark interest rate for hedge accounting purposes, in addition to the interest rate on direct Treasury obligations of the U.S. Government and the London Interbank Offered Rate. The amended guidance also allows for the use of different benchmark rates for similar hedging relationships. The amended guidance is effective prospectively, for qualifying new or redesignated hedging relationships entered into on or after the effective date. The adoption of this amended guidance on July 17, 2013, did not have a material impact on the Company’s consolidated financial statements. | |
Liabilities | Liabilities – |
In February 2013, the FASB issued guidance for the recognition, measurement and disclosure of certain obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The Company is required to adopt this guidance for its annual and interim periods beginning March 1, 2014. In addition, this guidance requires retrospective application. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
Foreign currency | Foreign currency – |
In March 2013, the FASB issued amended guidance to clarify the applicable guidance for the release of foreign currency cumulative translation adjustments under generally accepted accounting principles in the U.S. The amended guidance clarifies when cumulative translation adjustments should be released into net income in connection with (i) the loss of a controlling financial interest in a subsidiary or group of assets within a foreign entity or (ii) the partial sale of an equity method investment that is a foreign entity. The amended guidance also clarifies the types of events that result in the sale of an investment in a foreign entity. The Company is required to adopt this amended guidance for its annual and interim periods beginning March 1, 2014. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
Income taxes | Income taxes – |
In July 2013, the FASB issued amended guidance to clarify the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists as of the reporting date. The Company is required to adopt this amended guidance for its annual and interim periods beginning March 1, 2014. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Acquisition_Tables
Acquisition (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||
Allocation of estimated fair value to assets acquired and liabilities assumed | The following table summarizes the allocation of the estimated fair value of the Beer Business Acquisition to the separately identifiable assets acquired and liabilities assumed as of June 7, 2013: | |||||||||||||||
(in millions) | ||||||||||||||||
Cash | $ | 106.8 | ||||||||||||||
Accounts receivable | 193.7 | |||||||||||||||
Inventories | 243.1 | |||||||||||||||
Prepaid expenses and other | 103.9 | |||||||||||||||
Property, plant and equipment | 698.9 | |||||||||||||||
Goodwill | 3,715.80 | |||||||||||||||
Intangible assets | 2,403.20 | |||||||||||||||
Other assets | 0.3 | |||||||||||||||
Total assets acquired | 7,465.70 | |||||||||||||||
Accounts payable | 123.2 | |||||||||||||||
Accrued excise taxes | 14.4 | |||||||||||||||
Other accrued expenses and liabilities | 72.9 | |||||||||||||||
Deferred income taxes | 66.4 | |||||||||||||||
Other liabilities | 10.6 | |||||||||||||||
Total liabilities assumed | 287.5 | |||||||||||||||
Total estimated fair value | 7,178.20 | |||||||||||||||
Less – fair value of the Company’s preexisting 50% equity interest in Crown Imports | (1,845.0 | ) | ||||||||||||||
Less – cash acquired | (106.8 | ) | ||||||||||||||
Estimated aggregate purchase price | $ | 5,226.40 | ||||||||||||||
Unaudited pro forma financial information | The unaudited pro forma financial information is based upon currently available information and upon certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma financial information does not purport to present what the Company’s results of operations would actually have been if the aforementioned transaction had in fact occurred on such date or at the beginning of the period indicated, nor does it project the Company’s financial position or results of operations at any future date or for any future period. | |||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Net sales | $ | 2,750.60 | $ | 2,643.40 | $ | 1,511.60 | $ | 1,465.80 | ||||||||
Income (loss) before income taxes | $ | 156.5 | $ | 450.4 | $ | (47.4 | ) | $ | 260.4 | |||||||
Net income (loss) | $ | 18.3 | $ | 329.9 | $ | (115.3 | ) | $ | 204 | |||||||
Earnings (loss) per common share: | ||||||||||||||||
Basic – Class A Common Stock | $ | 0.1 | $ | 1.83 | $ | (0.62 | ) | $ | 1.16 | |||||||
Basic – Class B Convertible Common Stock | $ | 0.09 | $ | 1.67 | $ | (0.56 | ) | $ | 1.05 | |||||||
Diluted – Class A Common Stock | $ | 0.09 | $ | 1.76 | $ | (0.62 | ) | $ | 1.1 | |||||||
Diluted – Class B Convertible Common Stock | $ | 0.09 | $ | 1.62 | $ | (0.56 | ) | $ | 1.02 | |||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic – Class A Common Stock | 163.277 | 158.527 | 164.825 | 154.794 | ||||||||||||
Basic – Class B Convertible Common Stock | 23.485 | 23.545 | 23.472 | 23.536 | ||||||||||||
Diluted – Class A Common Stock | 196.056 | 187.458 | 196.767 | 184.64 | ||||||||||||
Diluted – Class B Convertible Common Stock | 23.485 | 23.545 | 23.472 | 23.536 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Aug. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories are stated at the lower of cost (computed in accordance with the first-in, first-out method) or market. Elements of cost include materials, labor and overhead and consist of the following: | |||||||
August 31, 2013 | February 28, 2013 | |||||||
(in millions) | ||||||||
Raw materials and supplies | $ | 90.6 | $ | 45.5 | ||||
In-process inventories | 1,115.70 | 1,168.10 | ||||||
Finished case goods | 436.7 | 267.3 | ||||||
$ | 1,643.00 | $ | 1,480.90 | |||||
Prepaid_Expenses_and_Other_Tab
Prepaid Expenses and Other (Tables) | 6 Months Ended | |||||||
Aug. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Components of prepaid expenses and other | The major components of prepaid expenses and other are as follows: | |||||||
August 31, 2013 | February 28, 2013 | |||||||
(in millions) | ||||||||
Income taxes receivable | $ | 98.5 | $ | 117.2 | ||||
Prepaid excise, sales and value added taxes | 71.7 | 20.2 | ||||||
Other | 84.2 | 49.5 | ||||||
$ | 254.4 | $ | 186.9 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 6 Months Ended | |||||||
Aug. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Components of property, plant and equipment | The major components of property, plant and equipment are as follows: | |||||||
31-Aug-13 | 28-Feb-13 | |||||||
(in millions) | ||||||||
Land and land improvements | $ | 330.4 | $ | 304.6 | ||||
Vineyards | 214.4 | 214.5 | ||||||
Buildings and improvements | 507.9 | 342 | ||||||
Machinery and equipment | 1,533.00 | 1,090.60 | ||||||
Motor vehicles | 47.5 | 47.3 | ||||||
Construction in progress | 95.7 | 47.9 | ||||||
2,728.90 | 2,046.90 | |||||||
Less – Accumulated depreciation | (858.5 | ) | (817.9 | ) | ||||
$ | 1,870.40 | $ | 1,229.00 | |||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 6 Months Ended | ||||||||||
Aug. 31, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | The fair value and location of the Company’s derivative instruments on its Consolidated Balance Sheets are as follows (see Note 8): | ||||||||||
Balance Sheet Location | August 31, 2013 | February 28, 2013 | |||||||||
(in millions) | |||||||||||
Derivative instruments designated as hedging instruments | |||||||||||
Foreign currency contracts: | |||||||||||
Prepaid expenses and other | $ | 3.7 | $ | 6.4 | |||||||
Other accrued expenses and liabilities | $ | 0.8 | $ | 0.1 | |||||||
Other assets, net | $ | 1.3 | $ | 2.4 | |||||||
Other liabilities | $ | 1.3 | $ | 0.1 | |||||||
Interest rate swap contracts: | |||||||||||
Other accrued expenses and liabilities | $ | 3.5 | $ | 3.2 | |||||||
Other assets, net | $ | 2.8 | $ | — | |||||||
Other liabilities | $ | — | $ | 3.1 | |||||||
Diesel fuel swap contracts: | |||||||||||
Prepaid expenses and other | $ | — | $ | 0.5 | |||||||
Other assets, net | $ | — | $ | 0.1 | |||||||
Other liabilities | $ | — | $ | 0.1 | |||||||
Derivative instruments not designated as hedging instruments | |||||||||||
Foreign currency contracts: | |||||||||||
Prepaid expenses and other | $ | 5.9 | $ | 0.9 | |||||||
Other accrued expenses and liabilities | $ | 7.8 | $ | 5.1 | |||||||
Interest rate swap contracts: | |||||||||||
Prepaid expenses and other | $ | 4.1 | $ | 3.3 | |||||||
Other accrued expenses and liabilities | $ | 16.3 | $ | 13.2 | |||||||
Other assets, net | $ | — | $ | 3.3 | |||||||
Other liabilities | $ | 19.4 | $ | 27.6 | |||||||
Diesel fuel swap contracts: | |||||||||||
Prepaid expenses and other | $ | 1.4 | $ | — | |||||||
Other assets, net | $ | 0.2 | $ | — | |||||||
Other liabilities | $ | 0.1 | $ | — | |||||||
Effect of the Company's derivative instruments designated in cash flow hedging relationships and undesignated derivative instruments on its Consolidated Statements of Operations and Other Comprehensive Income, net of income tax effect | The effect of the Company’s derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Comprehensive Income, as well as its Other Comprehensive Income (“OCI”), net of income tax effect, is as follows: | ||||||||||
Derivative Instruments in | Net | Location of Net Gain (Loss) | Net | ||||||||
Designated Cash Flow | (Loss) Gain | Reclassified from AOCI to | Gain (Loss) | ||||||||
Hedging Relationships | Recognized | Income (Effective portion) | Reclassified | ||||||||
in OCI | from AOCI to | ||||||||||
(Effective | Income | ||||||||||
portion) | (Effective | ||||||||||
portion) | |||||||||||
(in millions) | |||||||||||
For the Six Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | $ | (0.2 | ) | Sales | $ | 1.6 | |||||
Foreign currency contracts | (1.8 | ) | Cost of product sold | 0.2 | |||||||
Interest rate swap contracts | 2.6 | Interest expense, net | (4.1 | ) | |||||||
Total | $ | 0.6 | Total | $ | (2.3 | ) | |||||
For the Six Months Ended August 31, 2012 | |||||||||||
Foreign currency contracts | $ | (1.0 | ) | Sales | $ | 1.7 | |||||
Foreign currency contracts | (1.8 | ) | Cost of product sold | 1.4 | |||||||
Diesel fuel swap contracts | 0.9 | Cost of product sold | — | ||||||||
Interest rate swap contracts | (6.2 | ) | Interest expense, net | (4.1 | ) | ||||||
Total | $ | (8.1 | ) | Total | $ | (1.0 | ) | ||||
For the Three Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | $ | 0.3 | Sales | $ | 0.7 | ||||||
Foreign currency contracts | (0.6 | ) | Cost of product sold | — | |||||||
Interest rate swap contracts | 1.4 | Interest expense, net | (2.0 | ) | |||||||
Total | $ | 1.1 | Total | $ | (1.3 | ) | |||||
For the Three Months Ended August 31, 2012 | |||||||||||
Foreign currency contracts | $ | (1.4 | ) | Sales | $ | 0.5 | |||||
Foreign currency contracts | 2.1 | Cost of product sold | 0.8 | ||||||||
Diesel fuel swap contracts | 0.9 | Cost of product sold | — | ||||||||
Interest rate swap contracts | (3.5 | ) | Interest expense, net | (2.0 | ) | ||||||
Total | $ | (1.9 | ) | Total | $ | (0.7 | ) | ||||
Derivative Instruments in | Location of Net Gain | Net Gain | |||||||||
Designated Cash Flow | Recognized in Income | Recognized | |||||||||
Hedging Relationships | (Ineffective portion) | in Income | |||||||||
(Ineffective | |||||||||||
portion) | |||||||||||
(in millions) | |||||||||||
For the Six Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.2 | ||||||||
Diesel fuel swap contracts | Selling, general and administrative expenses | 0.1 | |||||||||
$ | 0.3 | ||||||||||
For the Six Months Ended August 31, 2012 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.2 | ||||||||
For the Three Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.1 | ||||||||
For the Three Months Ended August 31, 2012 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.3 | ||||||||
The effect of the Company’s undesignated derivative instruments on its Consolidated Statements of Comprehensive Income is as follows: | |||||||||||
Derivative Instruments Not | Location of Net Loss (Gain) | Net Loss (Gain) | |||||||||
Designated as Hedging Instruments | Recognized in Income | Recognized | |||||||||
in Income | |||||||||||
(in millions) | |||||||||||
For the Six Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (2.6 | ) | |||||||
Diesel fuel swap contracts | Selling, general and administrative expenses | 1.6 | |||||||||
$ | (1.0 | ) | |||||||||
For the Six Months Ended August 31, 2012 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (2.2 | ) | |||||||
Interest rate swap contracts | Interest expense, net | (0.4 | ) | ||||||||
$ | (2.6 | ) | |||||||||
For the Three Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (0.6 | ) | |||||||
Diesel fuel swap contracts | Selling, general and administrative expenses | 2.6 | |||||||||
$ | 2 | ||||||||||
For the Three Months Ended August 31, 2012 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 2.1 | ||||||||
Interest rate swap contracts | Interest expense, net | (0.3 | ) | ||||||||
$ | 1.8 | ||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Carrying amount and estimated fair value of financial instruments | The carrying amount and estimated fair value of the Company’s financial instruments are summarized as follows: | |||||||||||||||
August 31, 2013 | February 28, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(in millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash investments | $ | 116.8 | $ | 116.8 | $ | 331.5 | $ | 331.5 | ||||||||
Accounts receivable, net | $ | 655.9 | $ | 655.9 | $ | 471.9 | $ | 471.9 | ||||||||
Available-for-sale debt securities | $ | 33.9 | $ | 33.9 | $ | 34.2 | $ | 34.2 | ||||||||
Foreign currency contracts | $ | 10.9 | $ | 10.9 | $ | 9.7 | $ | 9.7 | ||||||||
Interest rate swap contracts | $ | 6.9 | $ | 6.9 | $ | 6.6 | $ | 6.6 | ||||||||
Diesel fuel swap contracts | $ | 1.6 | $ | 1.6 | $ | 0.6 | $ | 0.6 | ||||||||
Liabilities: | ||||||||||||||||
Notes payable to banks | $ | 272.1 | $ | 266.3 | $ | — | $ | — | ||||||||
Accounts payable | $ | 341.2 | $ | 341.2 | $ | 209 | $ | 209 | ||||||||
Long-term debt, including current portion | $ | 7,028.40 | $ | 6,962.90 | $ | 3,305.40 | $ | 3,603.60 | ||||||||
Foreign currency contracts | $ | 9.9 | $ | 9.9 | $ | 5.3 | $ | 5.3 | ||||||||
Interest rate swap contracts | $ | 39.2 | $ | 39.2 | $ | 47.1 | $ | 47.1 | ||||||||
Diesel fuel swap contracts | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||
Financial assets and liabilities measured at fair value on a recurring basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis. | |||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in millions) | ||||||||||||||||
August 31, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
AFS debt securities | $ | — | $ | — | $ | 33.9 | $ | 33.9 | ||||||||
Foreign currency contracts | $ | — | $ | 10.9 | $ | — | $ | 10.9 | ||||||||
Interest rate swap contracts | $ | — | $ | 6.9 | $ | — | $ | 6.9 | ||||||||
Diesel fuel swap contracts | $ | — | $ | 1.6 | $ | — | $ | 1.6 | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency contracts | $ | — | $ | 9.9 | $ | — | $ | 9.9 | ||||||||
Interest rate swap contracts | $ | — | $ | 39.2 | $ | — | $ | 39.2 | ||||||||
Diesel fuel swap contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||
February 28, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
AFS debt securities | $ | — | $ | — | $ | 34.2 | $ | 34.2 | ||||||||
Foreign currency contracts | $ | — | $ | 9.7 | $ | — | $ | 9.7 | ||||||||
Interest rate swap contracts | $ | — | $ | 6.6 | $ | — | $ | 6.6 | ||||||||
Diesel fuel swap contracts | $ | — | $ | 0.6 | $ | — | $ | 0.6 | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency contracts | $ | — | $ | 5.3 | $ | — | $ | 5.3 | ||||||||
Interest rate swap contracts | $ | — | $ | 47.1 | $ | — | $ | 47.1 | ||||||||
Diesel fuel swap contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||
Assets and liabilities measured at fair value on a nonrecurring basis | The following table presents the Company’s assets and liabilities measured at fair value on a nonrecurring basis for which an impairment assessment was performed for the periods presented: | |||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Quoted | Significant | Significant | Total Losses | |||||||||||||
Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in millions) | ||||||||||||||||
For the Six Months Ended August 31, 2013 | ||||||||||||||||
Goodwill | $ | — | $ | — | $ | 154.8 | $ | 283.6 | ||||||||
Trademarks | — | — | 73.1 | 17.3 | ||||||||||||
Total | $ | — | $ | — | $ | 227.9 | $ | 300.9 | ||||||||
For the Three Months Ended August 31, 2013 | ||||||||||||||||
Goodwill | $ | — | $ | — | $ | 154.8 | $ | 283.6 | ||||||||
Trademarks | — | — | 73.1 | 17.3 | ||||||||||||
Total | $ | — | $ | — | $ | 227.9 | $ | 300.9 | ||||||||
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill are as follows: | |||||||||||||||
Wine and Spirits | Beer | Consolidations | Consolidated | |||||||||||||
and | ||||||||||||||||
Eliminations | ||||||||||||||||
(in millions) | ||||||||||||||||
Balance, February 29, 2012 | ||||||||||||||||
Goodwill | $ | 2,632.90 | $ | 13 | $ | (13.0 | ) | $ | 2,632.90 | |||||||
Accumulated impairment losses | — | — | — | — | ||||||||||||
2,632.90 | 13 | (13.0 | ) | 2,632.90 | ||||||||||||
Purchase accounting allocations | 110 | — | — | 110 | ||||||||||||
Foreign currency translation adjustments | (20.6 | ) | — | — | (20.6 | ) | ||||||||||
Balance, February 28, 2013 | ||||||||||||||||
Goodwill | 2,722.30 | 13 | (13.0 | ) | 2,722.30 | |||||||||||
Accumulated impairment losses | — | — | — | — | ||||||||||||
2,722.30 | 13 | (13.0 | ) | 2,722.30 | ||||||||||||
Purchase accounting allocations | — | 3,702.80 | 13 | 3,715.80 | ||||||||||||
Impairment of goodwill | (283.6 | ) | — | — | (283.6 | ) | ||||||||||
Foreign currency translation adjustments | (13.7 | ) | (1.6 | ) | — | (15.3 | ) | |||||||||
Balance, August 31, 2013 | ||||||||||||||||
Goodwill | 2,704.10 | 3,714.20 | — | 6,418.30 | ||||||||||||
Accumulated impairment losses | (279.1 | ) | — | — | (279.1 | ) | ||||||||||
$ | 2,425.00 | $ | 3,714.20 | $ | — | $ | 6,139.20 | |||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Major components of intangible assets | The major components of intangible assets are as follows: | |||||||||||||||
August 31, 2013 | February 28, 2013 | |||||||||||||||
Gross | Net | Gross | Net | |||||||||||||
Carrying | Carrying | Carrying | Carrying | |||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||
(in millions) | ||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Customer relationships | $ | 104.8 | $ | 74.2 | $ | 82.9 | $ | 54.7 | ||||||||
Favorable interim supply agreement | 68.3 | 65.5 | — | — | ||||||||||||
Other | 14.7 | 7.5 | 7.9 | 2.2 | ||||||||||||
Total | $ | 187.8 | 147.2 | $ | 90.8 | 56.9 | ||||||||||
Nonamortizable intangible assets: | ||||||||||||||||
Trademarks | 3,091.50 | 809.1 | ||||||||||||||
Other | 5.2 | 5.4 | ||||||||||||||
Total | 3,096.70 | 814.5 | ||||||||||||||
Total intangible assets, net | $ | 3,243.90 | $ | 871.4 | ||||||||||||
Estimated amortization expense | Estimated amortization expense for the remaining six months of fiscal 2014 and for each of the five succeeding fiscal years and thereafter is as follows: | |||||||||||||||
(in millions) | ||||||||||||||||
2014 | $ | 8.9 | ||||||||||||||
2015 | $ | 42.9 | ||||||||||||||
2016 | $ | 35.1 | ||||||||||||||
2017 | $ | 5.7 | ||||||||||||||
2018 | $ | 5.5 | ||||||||||||||
2019 | $ | 5.5 | ||||||||||||||
Thereafter | $ | 43.6 | ||||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||
Components of other assets | The major components of other assets are as follows: | |||||||||||||||
31-Aug-13 | 28-Feb-13 | |||||||||||||||
(in millions) | ||||||||||||||||
Deferred financing costs | $ | 84.8 | $ | 54.4 | ||||||||||||
Investments in equity method investees | 73.2 | 243.6 | ||||||||||||||
Investment in Accolade | 42.5 | 42.8 | ||||||||||||||
Other | 17.5 | 17.3 | ||||||||||||||
218 | 358.1 | |||||||||||||||
Less – Accumulated amortization | (18.8 | ) | (13.9 | ) | ||||||||||||
$ | 199.2 | $ | 344.2 | |||||||||||||
Summary of financial information for Company's equity method investments | 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 Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||||
Net sales | $ | 813.4 | $ | 1,512.50 | $ | 51.8 | $ | 788.4 | ||||||||
Gross profit | $ | 241.5 | $ | 436.8 | $ | 15.9 | $ | 225.6 | ||||||||
Income from continuing operations | $ | 142.1 | $ | 266 | $ | 8.6 | $ | 143.2 | ||||||||
Net income | $ | 142.1 | $ | 266 | $ | 8.6 | $ | 143.2 | ||||||||
Other_Accrued_Expenses_and_Lia1
Other Accrued Expenses and Liabilities (Tables) | 6 Months Ended | |||||||
Aug. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Components of accrued expenses and liabilities | The major components of other accrued expenses and liabilities are as follows: | |||||||
August 31, 2013 | February 28, 2013 | |||||||
(in millions) | ||||||||
Beer Business Acquisition payable | $ | 556.5 | $ | — | ||||
Advertising and promotions | 108.6 | 80.3 | ||||||
Accrued interest | 86.7 | 61.4 | ||||||
Salaries, commissions, and payroll benefits and withholdings | 67.5 | 80.5 | ||||||
Deferred revenue | 52.7 | 49.3 | ||||||
Income taxes payable | 44.9 | 11.2 | ||||||
Other | 137.1 | 139.7 | ||||||
$ | 1,054.00 | $ | 422.4 | |||||
Borrowings_Tables
Borrowings (Tables) | 6 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||
Borrowings | Borrowings consist of the following: | |||||||||||||||||||||||
August 31, 2013 | February 28, 2013 | |||||||||||||||||||||||
Current | Long-term | Total | Total | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Notes Payable to Banks: | ||||||||||||||||||||||||
Senior Credit Facility – Revolving Credit Loans | $ | 78 | $ | — | $ | 78 | $ | — | ||||||||||||||||
Other | 194.1 | — | 194.1 | — | ||||||||||||||||||||
$ | 272.1 | $ | — | $ | 272.1 | $ | — | |||||||||||||||||
Long-term Debt: | ||||||||||||||||||||||||
Senior Credit Facility – Term Loans | $ | 97 | $ | 2,840.50 | $ | 2,937.50 | $ | 762.5 | ||||||||||||||||
Senior Notes | — | 4,046.70 | 4,046.70 | 2,496.00 | ||||||||||||||||||||
Other Long-term Debt | 18.7 | 25.5 | 44.2 | 46.9 | ||||||||||||||||||||
$ | 115.7 | $ | 6,912.70 | $ | 7,028.40 | $ | 3,305.40 | |||||||||||||||||
Required principal repayments under term loans | As of August 31, 2013, the required principal repayments under the term loans of the 2013 Credit Agreement for the remaining six months of fiscal 2014 and for each of the five succeeding fiscal years and thereafter are as follows: | |||||||||||||||||||||||
U.S. | U.S. | U.S. | European | European | Total | |||||||||||||||||||
Term A | Term A-1 | Term A-2 | Term A | Term B | ||||||||||||||||||||
Facility | Facility | Facility | Facility | Facility | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
2014 | $ | 12.9 | $ | 1.2 | $ | 16.9 | $ | 12.5 | $ | 5 | $ | 48.5 | ||||||||||||
2015 | 25.8 | 2.5 | 33.7 | 25 | 10 | 97 | ||||||||||||||||||
2016 | 38.7 | 2.5 | 50.6 | 37.5 | 10 | 139.3 | ||||||||||||||||||
2017 | 51.5 | 2.5 | 67.5 | 50 | 10 | 181.5 | ||||||||||||||||||
2018 | 51.5 | 2.5 | 67.5 | 50 | 10 | 181.5 | ||||||||||||||||||
2019 | 335.2 | 2.4 | 438.8 | 325 | 10 | 1,111.40 | ||||||||||||||||||
Thereafter | — | 233.3 | — | — | 945 | 1,178.30 | ||||||||||||||||||
$ | 515.6 | $ | 246.9 | $ | 675 | $ | 500 | $ | 1,000.00 | $ | 2,937.50 | |||||||||||||
Required principal repayments under long-term debt obligations | As of August 31, 2013, the required principal repayments under long-term debt obligations (excluding unamortized discount of $3.3 million) for the remaining six months of fiscal 2014 and for each of the five succeeding fiscal years and thereafter are as follows: | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
2014 | $ | 67.1 | ||||||||||||||||||||||
2015 | 608.8 | |||||||||||||||||||||||
2016 | 146.7 | |||||||||||||||||||||||
2017 | 884.9 | |||||||||||||||||||||||
2018 | 883.4 | |||||||||||||||||||||||
2019 | 1,112.50 | |||||||||||||||||||||||
Thereafter | 3,328.30 | |||||||||||||||||||||||
$ | 7,031.70 | |||||||||||||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Basic and Diluted earnings per common share | The computation of basic and diluted earnings per common share is as follows: | |||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Income available to common stockholders | $ | 1,574.90 | $ | 196.6 | $ | 1,522.00 | $ | 124.6 | ||||||||
Weighted average common shares outstanding – basic: | ||||||||||||||||
Class A Common Stock | 163.277 | 158.527 | 164.825 | 154.794 | ||||||||||||
Class B Convertible Common Stock | 23.485 | 23.545 | 23.472 | 23.536 | ||||||||||||
Weighted average common shares outstanding – diluted: | ||||||||||||||||
Class A Common Stock | 163.277 | 158.527 | 164.825 | 154.794 | ||||||||||||
Class B Convertible Common Stock | 23.485 | 23.545 | 23.472 | 23.536 | ||||||||||||
Stock-based awards, primarily stock options | 9.294 | 5.386 | 8.47 | 6.31 | ||||||||||||
Weighted average common shares outstanding – diluted | 196.056 | 187.458 | 196.767 | 184.64 | ||||||||||||
Earnings per common share – basic: | ||||||||||||||||
Class A Common Stock | $ | 8.53 | $ | 1.09 | $ | 8.18 | $ | 0.71 | ||||||||
Class B Convertible Common Stock | $ | 7.75 | $ | 0.99 | $ | 7.43 | $ | 0.64 | ||||||||
Earnings per common share – diluted: | ||||||||||||||||
Class A Common Stock | $ | 8.03 | $ | 1.05 | $ | 7.74 | $ | 0.67 | ||||||||
Class B Convertible Common Stock | $ | 7.38 | $ | 0.96 | $ | 7.11 | $ | 0.62 | ||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 6 Months Ended | |||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Reconciliation of net income to comprehensive income | The reconciliation of net income to comprehensive income is as follows: | |||||||||||||||||||
Before Tax | Tax (Expense)Benefit | Net of Tax | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the Six Months Ended August 31, 2013 | ||||||||||||||||||||
Net income | $ | 1,574.90 | ||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (66.4 | ) | $ | (1.6 | ) | (68.0 | ) | ||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (66.4 | ) | (1.6 | ) | (68.0 | ) | ||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative gains | 2.4 | (1.8 | ) | 0.6 | ||||||||||||||||
Reclassification adjustments | 3.6 | (1.6 | ) | 2 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 6 | (3.4 | ) | 2.6 | ||||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities losses | (2.9 | ) | (0.1 | ) | (3.0 | ) | ||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (2.9 | ) | (0.1 | ) | (3.0 | ) | ||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | 0.6 | (0.2 | ) | 0.4 | ||||||||||||||||
Reclassification adjustments | 0.6 | (0.1 | ) | 0.5 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 1.2 | (0.3 | ) | 0.9 | ||||||||||||||||
Other comprehensive loss | $ | (62.1 | ) | $ | (5.4 | ) | (67.5 | ) | ||||||||||||
Total comprehensive income | $ | 1,507.40 | ||||||||||||||||||
For the Six Months Ended August 31, 2012 | ||||||||||||||||||||
Net income | $ | 196.6 | ||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (12.4 | ) | $ | 3.5 | (8.9 | ) | |||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (12.4 | ) | 3.5 | (8.9 | ) | |||||||||||||||
Unrealized loss on cash flow hedges: | ||||||||||||||||||||
Net derivative losses | (12.8 | ) | 4.7 | (8.1 | ) | |||||||||||||||
Reclassification adjustments | 2.3 | (1.5 | ) | 0.8 | ||||||||||||||||
Net loss recognized in other comprehensive loss | (10.5 | ) | 3.2 | (7.3 | ) | |||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities losses | — | (0.1 | ) | (0.1 | ) | |||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | — | (0.1 | ) | (0.1 | ) | |||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial losses | (0.1 | ) | 0.1 | — | ||||||||||||||||
Reclassification adjustments | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 0.3 | — | 0.3 | |||||||||||||||||
Other comprehensive loss | $ | (22.6 | ) | $ | 6.6 | (16.0 | ) | |||||||||||||
Total comprehensive income | $ | 180.6 | ||||||||||||||||||
Before Tax | Tax (Expense)Benefit | Net of Tax | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the Three Months Ended August 31, 2013 | ||||||||||||||||||||
Net income | $ | 1,522.00 | ||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (44.1 | ) | $ | (1.1 | ) | (45.2 | ) | ||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (44.1 | ) | (1.1 | ) | (45.2 | ) | ||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative gains | 2.4 | (1.3 | ) | 1.1 | ||||||||||||||||
Reclassification adjustments | 2.1 | (0.9 | ) | 1.2 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 4.5 | (2.2 | ) | 2.3 | ||||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities losses | (1.7 | ) | — | (1.7 | ) | |||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (1.7 | ) | — | (1.7 | ) | |||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||
Reclassification adjustments | 0.3 | — | 0.3 | |||||||||||||||||
Net gain recognized in other comprehensive loss | 0.7 | (0.1 | ) | 0.6 | ||||||||||||||||
Other comprehensive loss | $ | (40.6 | ) | $ | (3.4 | ) | (44.0 | ) | ||||||||||||
Total comprehensive income | $ | 1,478.00 | ||||||||||||||||||
For the Three Months Ended August 31, 2012 | ||||||||||||||||||||
Net income | $ | 124.6 | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net gains | $ | 70.7 | $ | 3.7 | 74.4 | |||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive income | 70.7 | 3.7 | 74.4 | |||||||||||||||||
Unrealized loss on cash flow hedges: | ||||||||||||||||||||
Net derivative losses | (4.2 | ) | 2.3 | (1.9 | ) | |||||||||||||||
Reclassification adjustments | 1.2 | (0.8 | ) | 0.4 | ||||||||||||||||
Net loss recognized in other comprehensive income | (3.0 | ) | 1.5 | (1.5 | ) | |||||||||||||||
Unrealized gain on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities gains | 2.3 | (0.1 | ) | 2.2 | ||||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive income | 2.3 | (0.1 | ) | 2.2 | ||||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial losses | (0.9 | ) | 0.3 | (0.6 | ) | |||||||||||||||
Reclassification adjustments | 0.2 | (0.1 | ) | 0.1 | ||||||||||||||||
Net loss recognized in other comprehensive income | (0.7 | ) | 0.2 | (0.5 | ) | |||||||||||||||
Other comprehensive income | $ | 69.3 | $ | 5.3 | 74.6 | |||||||||||||||
Total comprehensive income | $ | 199.2 | ||||||||||||||||||
Accumulated other comprehensive income, net of income tax effect | Accumulated other comprehensive income (“AOCI”), net of income tax effect, includes the following components: | |||||||||||||||||||
Foreign | Net | Net | Pension/ | Accumulated | ||||||||||||||||
Currency | Unrealized | Unrealized | Postretirement | Other | ||||||||||||||||
Translation | (Losses) Gains on | Gains (Losses) | Adjustments | Comprehensive | ||||||||||||||||
Adjustments | Derivative Instruments | on AFS Debt | Income | |||||||||||||||||
Securities | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Balance, February 28, 2013 | $ | 170.4 | $ | (20.2 | ) | $ | 1.4 | $ | (19.5 | ) | $ | 132.1 | ||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Other comprehensive (loss) income before reclassification adjustments | (68.0 | ) | 0.6 | (3.0 | ) | 0.4 | (70.0 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 2 | — | 0.5 | 2.5 | |||||||||||||||
Other comprehensive (loss) income | (68.0 | ) | 2.6 | (3.0 | ) | 0.9 | (67.5 | ) | ||||||||||||
Balance, August 31, 2013 | $ | 102.4 | $ | (17.6 | ) | $ | (1.6 | ) | $ | (18.6 | ) | $ | 64.6 | |||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 6 Months Ended | |||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Balance Sheet at August 31, 2013 | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash investments | $ | 7.4 | $ | 1.3 | $ | 108.1 | $ | — | $ | 116.8 | ||||||||||
Accounts receivable, net | 0.2 | 191.1 | 464.6 | — | 655.9 | |||||||||||||||
Inventories | 156.2 | 1,129.10 | 396.3 | (38.6 | ) | 1,643.00 | ||||||||||||||
Prepaid expenses and other | 35.7 | 86.3 | 492.8 | (360.4 | ) | 254.4 | ||||||||||||||
Intercompany receivable | 8,983.00 | 10,702.00 | 2,668.20 | (22,353.2 | ) | — | ||||||||||||||
Total current assets | 9,182.50 | 12,109.80 | 4,130.00 | (22,752.2 | ) | 2,670.10 | ||||||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Property, plant and equipment, net | 40.7 | 839.4 | 990.3 | — | 1,870.40 | |||||||||||||||
Investments in subsidiaries | 10,207.10 | 2.8 | — | (10,209.9 | ) | — | ||||||||||||||
Goodwill | — | 5,504.80 | 634.4 | — | 6,139.20 | |||||||||||||||
Intangible assets, net | — | 711.7 | 2,532.20 | — | 3,243.90 | |||||||||||||||
Intercompany notes receivable | 3,616.30 | 36.7 | 32.6 | (3,685.6 | ) | — | ||||||||||||||
Other assets, net | 60.6 | 76.1 | 70.9 | (8.4 | ) | 199.2 | ||||||||||||||
Total assets | $ | 23,107.20 | $ | 19,281.30 | $ | 8,390.40 | $ | (36,656.1 | ) | $ | 14,122.80 | |||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable to banks | $ | 78 | $ | — | $ | 194.1 | $ | — | $ | 272.1 | ||||||||||
Current maturities of long-term debt | 62.7 | 18 | 35 | — | 115.7 | |||||||||||||||
Accounts payable | 26.7 | 172.8 | 141.7 | — | 341.2 | |||||||||||||||
Accrued excise taxes | 10.3 | 12.9 | 4.4 | — | 27.6 | |||||||||||||||
Intercompany payable | 12,474.30 | 7,276.10 | 2,602.80 | (22,353.2 | ) | — | ||||||||||||||
Other accrued expenses and liabilities | 495.7 | 246.3 | 683.3 | (371.3 | ) | 1,054.00 | ||||||||||||||
Total current liabilities | 13,147.70 | 7,726.10 | 3,661.30 | (22,724.5 | ) | 1,810.60 | ||||||||||||||
Long-term debt, less current maturities | 5,422.10 | 25.4 | 1,465.20 | — | 6,912.70 | |||||||||||||||
Deferred income taxes | 6.5 | 551 | 147.7 | (8.4 | ) | 696.8 | ||||||||||||||
Intercompany notes payable | — | 3,668.10 | 17.5 | (3,685.6 | ) | — | ||||||||||||||
Other liabilities | 20.5 | 54.2 | 117.6 | — | 192.3 | |||||||||||||||
Stockholders’ equity | 4,510.40 | 7,256.50 | 2,981.10 | (10,237.6 | ) | 4,510.40 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 23,107.20 | $ | 19,281.30 | $ | 8,390.40 | $ | (36,656.1 | ) | $ | 14,122.80 | |||||||||
Condensed Consolidating Balance Sheet at February 28, 2013 | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash investments | $ | 185.8 | $ | 0.7 | $ | 145 | $ | — | $ | 331.5 | ||||||||||
Accounts receivable, net | 0.7 | 10.1 | 461.1 | — | 471.9 | |||||||||||||||
Inventories | 151.5 | 1,019.40 | 317.2 | (7.2 | ) | 1,480.90 | ||||||||||||||
Prepaid expenses and other | 25.8 | 54.5 | 447.8 | (341.2 | ) | 186.9 | ||||||||||||||
Intercompany receivable | 6,956.20 | 9,291.40 | 1,075.10 | (17,322.7 | ) | — | ||||||||||||||
Total current assets | 7,320.00 | 10,376.10 | 2,446.20 | (17,671.1 | ) | 2,471.20 | ||||||||||||||
Property, plant and equipment, net | 43.3 | 832.7 | 353 | — | 1,229.00 | |||||||||||||||
Investments in subsidiaries | 7,281.50 | 2.8 | — | (7,284.3 | ) | — | ||||||||||||||
Goodwill | — | 2,097.90 | 624.4 | — | 2,722.30 | |||||||||||||||
Intangible assets, net | — | 686.5 | 184.9 | — | 871.4 | |||||||||||||||
Intercompany notes receivable | 1,611.20 | — | 32.6 | (1,643.8 | ) | — | ||||||||||||||
Other assets, net | 49.8 | 256.7 | 58.6 | (20.9 | ) | 344.2 | ||||||||||||||
Total assets | $ | 16,305.80 | $ | 14,252.70 | $ | 3,699.70 | $ | (26,620.1 | ) | $ | 7,638.10 | |||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable to banks | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Current maturities of long-term debt | 9.8 | 17.7 | 0.1 | — | 27.6 | |||||||||||||||
Accounts payable | 39.2 | 106.4 | 63.4 | — | 209 | |||||||||||||||
Accrued excise taxes | 11.4 | 3.7 | 3.8 | — | 18.9 | |||||||||||||||
Intercompany payable | 9,615.50 | 6,318.70 | 1,388.50 | (17,322.7 | ) | — | ||||||||||||||
Other accrued expenses and liabilities | 501.8 | 187.5 | 76.1 | (343.0 | ) | 422.4 | ||||||||||||||
Total current liabilities | 10,177.70 | 6,634.00 | 1,531.90 | (17,665.7 | ) | 677.9 | ||||||||||||||
Long-term debt, less current maturities | 3,251.00 | 26.8 | — | — | 3,277.80 | |||||||||||||||
Deferred income taxes | — | 543 | 77.5 | (20.9 | ) | 599.6 | ||||||||||||||
Intercompany notes payable | — | 1,634.90 | 8.9 | (1,643.8 | ) | — | ||||||||||||||
Other liabilities | 16.8 | 72.5 | 133.2 | — | 222.5 | |||||||||||||||
Stockholders’ equity | 2,860.30 | 5,341.50 | 1,948.20 | (7,289.7 | ) | 2,860.30 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 16,305.80 | $ | 14,252.70 | $ | 3,699.70 | $ | (26,620.1 | ) | $ | 7,638.10 | |||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) [Table Text Block] | ||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2013 | ||||||||||||||||||||
Sales | $ | 1,121.80 | $ | 1,633.40 | $ | 420.4 | $ | (796.1 | ) | $ | 2,379.50 | |||||||||
Less – excise taxes | (153.3 | ) | (59.1 | ) | (33.9 | ) | — | (246.3 | ) | |||||||||||
Net sales | 968.5 | 1,574.30 | 386.5 | (796.1 | ) | 2,133.20 | ||||||||||||||
Cost of product sold | (825.0 | ) | (1,092.7 | ) | (138.7 | ) | 756.3 | (1,300.1 | ) | |||||||||||
Gross profit | 143.5 | 481.6 | 247.8 | (39.8 | ) | 833.1 | ||||||||||||||
Selling, general and administrative expenses | (216.3 | ) | (144.5 | ) | (77.2 | ) | 8.3 | (429.7 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | (300.9 | ) | — | (300.9 | ) | |||||||||||||
Gain on remeasurement to fair value of equity method investment | — | 1,642.00 | — | — | 1,642.00 | |||||||||||||||
Operating (loss) income | (72.8 | ) | 1,979.10 | (130.3 | ) | (31.5 | ) | 1,744.50 | ||||||||||||
Equity in earnings of equity method investees and subsidiaries | 1,720.90 | 74.1 | 0.2 | (1,724.9 | ) | 70.3 | ||||||||||||||
Interest income | 0.1 | — | 3.8 | — | 3.9 | |||||||||||||||
Intercompany interest income | 70.7 | 77.9 | 0.8 | (149.4 | ) | — | ||||||||||||||
Interest expense | (130.8 | ) | (3.0 | ) | (15.2 | ) | — | (149.0 | ) | |||||||||||
Intercompany interest expense | (82.7 | ) | (66.4 | ) | (0.3 | ) | 149.4 | — | ||||||||||||
Loss on write-off of financing costs | — | — | — | — | — | |||||||||||||||
Income (loss) before income taxes | 1,505.40 | 2,061.70 | (141.0 | ) | (1,756.4 | ) | 1,669.70 | |||||||||||||
Benefit from (provision for) income taxes | 69.5 | (153.0 | ) | (20.5 | ) | 9.2 | (94.8 | ) | ||||||||||||
Net income (loss) | $ | 1,574.90 | $ | 1,908.70 | $ | (161.5 | ) | $ | (1,747.2 | ) | $ | 1,574.90 | ||||||||
Comprehensive income (loss) | $ | 1,507.40 | $ | 1,915.80 | $ | (236.3 | ) | $ | (1,679.5 | ) | $ | 1,507.40 | ||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2012 | ||||||||||||||||||||
Sales | $ | 966.6 | $ | 800.4 | $ | 400.2 | $ | (644.2 | ) | $ | 1,523.00 | |||||||||
Less – excise taxes | (103.4 | ) | (54.6 | ) | (31.7 | ) | — | (189.7 | ) | |||||||||||
Net sales | 863.2 | 745.8 | 368.5 | (644.2 | ) | 1,333.30 | ||||||||||||||
Cost of product sold | (680.7 | ) | (537.5 | ) | (219.3 | ) | 639.9 | (797.6 | ) | |||||||||||
Gross profit | 182.5 | 208.3 | 149.2 | (4.3 | ) | 535.7 | ||||||||||||||
Selling, general and administrative expenses | (166.6 | ) | (52.3 | ) | (85.9 | ) | 5.8 | (299.0 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | — | — | — | |||||||||||||||
Gain on remeasurement to fair value of equity method investment | — | — | — | — | — | |||||||||||||||
Operating income | 15.9 | 156 | 63.3 | 1.5 | 236.7 | |||||||||||||||
Equity in earnings of equity method investees and subsidiaries | 285.6 | 129.6 | 0.2 | (284.3 | ) | 131.1 | ||||||||||||||
Interest income | 0.1 | — | 2.8 | — | 2.9 | |||||||||||||||
Intercompany interest income | 39.5 | 95.4 | 0.8 | (135.7 | ) | — | ||||||||||||||
Interest expense | (106.1 | ) | (0.6 | ) | (1.5 | ) | — | (108.2 | ) | |||||||||||
Intercompany interest expense | (95.4 | ) | (40.2 | ) | (0.1 | ) | 135.7 | — | ||||||||||||
Loss on write-off of financing costs | (2.8 | ) | — | — | — | (2.8 | ) | |||||||||||||
Income before income taxes | 136.8 | 340.2 | 65.5 | (282.8 | ) | 259.7 | ||||||||||||||
Benefit from (provision for) income taxes | 59.8 | (131.0 | ) | 8.4 | (0.3 | ) | (63.1 | ) | ||||||||||||
Net income | $ | 196.6 | $ | 209.2 | $ | 73.9 | $ | (283.1 | ) | $ | 196.6 | |||||||||
Comprehensive income | $ | 180.6 | $ | 207.7 | $ | 61.3 | $ | (269.0 | ) | $ | 180.6 | |||||||||
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2013 | ||||||||||||||||||||
Sales | $ | 569.3 | $ | 1,243.10 | $ | 206.5 | $ | (405.6 | ) | $ | 1,613.30 | |||||||||
Less – excise taxes | (75.2 | ) | (61.1 | ) | (17.2 | ) | — | (153.5 | ) | |||||||||||
Net sales | 494.1 | 1,182.00 | 189.3 | (405.6 | ) | 1,459.80 | ||||||||||||||
Cost of product sold | (425.0 | ) | (817.6 | ) | (12.2 | ) | 372 | (882.8 | ) | |||||||||||
Gross profit | 69.1 | 364.4 | 177.1 | (33.6 | ) | 577 | ||||||||||||||
Selling, general and administrative expenses | (97.3 | ) | (115.6 | ) | (35.3 | ) | 4.1 | (244.1 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | (300.9 | ) | — | (300.9 | ) | |||||||||||||
Gain on remeasurement to fair value of equity method investment | — | 1,642.00 | — | — | 1,642.00 | |||||||||||||||
Operating (loss) income | (28.2 | ) | 1,890.80 | (159.1 | ) | (29.5 | ) | 1,674.00 | ||||||||||||
Equity in earnings of equity method investees and subsidiaries | 1,587.10 | 7.7 | 0.1 | (1,591.2 | ) | 3.7 | ||||||||||||||
Interest income | 0.1 | — | 1.9 | — | 2 | |||||||||||||||
Intercompany interest income | 44.9 | 41.2 | 0.4 | (86.5 | ) | — | ||||||||||||||
Interest expense | (77.4 | ) | (0.3 | ) | (14.6 | ) | — | (92.3 | ) | |||||||||||
Intercompany interest expense | (43.7 | ) | (42.6 | ) | (0.2 | ) | 86.5 | — | ||||||||||||
Loss on write-off of financing costs | — | — | — | — | — | |||||||||||||||
Income (loss) before income taxes | 1,482.80 | 1,896.80 | (171.5 | ) | (1,620.7 | ) | 1,587.40 | |||||||||||||
Benefit from (provision for) income taxes | 39.2 | (91.0 | ) | (22.2 | ) | 8.6 | (65.4 | ) | ||||||||||||
Net income (loss) | $ | 1,522.00 | $ | 1,805.80 | $ | (193.7 | ) | $ | (1,612.1 | ) | $ | 1,522.00 | ||||||||
Comprehensive income (loss) | $ | 1,478.00 | $ | 1,809.50 | $ | (241.7 | ) | $ | (1,567.8 | ) | $ | 1,478.00 | ||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2012 | ||||||||||||||||||||
Sales | $ | 511.3 | $ | 399.3 | $ | 206.8 | $ | (319.7 | ) | $ | 797.7 | |||||||||
Less – excise taxes | (54.8 | ) | (28.1 | ) | (16.3 | ) | — | (99.2 | ) | |||||||||||
Net sales | 456.5 | 371.2 | 190.5 | (319.7 | ) | 698.5 | ||||||||||||||
Cost of product sold | (342.5 | ) | (276.6 | ) | (113.0 | ) | 318.7 | (413.4 | ) | |||||||||||
Gross profit | 114 | 94.6 | 77.5 | (1.0 | ) | 285.1 | ||||||||||||||
Selling, general and administrative expenses | (84.2 | ) | (33.2 | ) | (40.2 | ) | 3.1 | (154.5 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | — | — | — | |||||||||||||||
Gain on remeasurement to fair value of equity method investment | — | — | — | — | — | |||||||||||||||
Operating income | 29.8 | 61.4 | 37.3 | 2.1 | 130.6 | |||||||||||||||
Equity in earnings of equity method investees and subsidiaries | 146.9 | 72.2 | 0.1 | (148.7 | ) | 70.5 | ||||||||||||||
Interest income | 0.1 | — | 1.4 | — | 1.5 | |||||||||||||||
Intercompany interest income | 19.8 | 49 | 0.4 | (69.2 | ) | — | ||||||||||||||
Interest expense | (55.4 | ) | — | (0.7 | ) | — | (56.1 | ) | ||||||||||||
Intercompany interest expense | (49.1 | ) | (20.1 | ) | — | 69.2 | — | |||||||||||||
Loss on write-off of financing costs | — | — | — | — | — | |||||||||||||||
Income before income taxes | 92.1 | 162.5 | 38.5 | (146.6 | ) | 146.5 | ||||||||||||||
Benefit from (provision for) income taxes | 32.5 | (62.0 | ) | 7.8 | (0.2 | ) | (21.9 | ) | ||||||||||||
Net income | $ | 124.6 | $ | 100.5 | $ | 46.3 | $ | (146.8 | ) | $ | 124.6 | |||||||||
Comprehensive income | $ | 199.2 | $ | 106.8 | $ | 123.3 | $ | (230.1 | ) | $ | 199.2 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2013 | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,551.10 | $ | (1,200.3 | ) | $ | 138.2 | $ | — | $ | 489 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of business, net of cash acquired | — | (1,770.1 | ) | (2,902.8 | ) | — | (4,672.9 | ) | ||||||||||||
Purchases of property, plant and equipment | (5.0 | ) | (33.1 | ) | (11.1 | ) | — | (49.2 | ) | |||||||||||
Proceeds from sales of assets | — | 0.2 | 1.4 | — | 1.6 | |||||||||||||||
Proceeds from notes receivable | — | — | — | — | — | |||||||||||||||
Other investing activities | — | 2.3 | (1.2 | ) | — | 1.1 | ||||||||||||||
Net cash used in investing activities | (5.0 | ) | (1,800.7 | ) | (2,913.7 | ) | — | (4,719.4 | ) | |||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Intercompany financings, net | (4,089.4 | ) | 3,025.60 | 1,063.80 | — | — | ||||||||||||||
Proceeds from issuance of long-term debt | 2,225.00 | — | 1,500.00 | — | 3,725.00 | |||||||||||||||
Net proceeds from notes payable | 78 | — | 194.1 | — | 272.1 | |||||||||||||||
Proceeds from exercises of employee stock options | 77.5 | — | — | — | 77.5 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 53.8 | — | — | — | 53.8 | |||||||||||||||
Proceeds from employee stock purchases | 2.5 | — | — | — | 2.5 | |||||||||||||||
Payment of financing costs of long-term debt | (69.6 | ) | — | (12.6 | ) | — | (82.2 | ) | ||||||||||||
Payment of minimum tax withholdings on stock-based payment awards | — | (16.4 | ) | (1.6 | ) | — | (18.0 | ) | ||||||||||||
Principal payments of long-term debt | (2.3 | ) | (7.6 | ) | — | — | (9.9 | ) | ||||||||||||
Payment of restricted cash upon issuance of long-term debt | — | — | — | — | — | |||||||||||||||
Purchases of treasury stock | — | — | — | — | — | |||||||||||||||
Net cash (used in) provided by financing activities | (1,724.5 | ) | 3,001.60 | 2,743.70 | — | 4,020.80 | ||||||||||||||
Effect of exchange rate changes on cash and cash investments | — | — | (5.1 | ) | — | (5.1 | ) | |||||||||||||
Net (decrease) increase in cash and cash investments | (178.4 | ) | 0.6 | (36.9 | ) | — | (214.7 | ) | ||||||||||||
Cash and cash investments, beginning of period | 185.8 | 0.7 | 145 | — | 331.5 | |||||||||||||||
Cash and cash investments, end of period | $ | 7.4 | $ | 1.3 | $ | 108.1 | $ | — | $ | 116.8 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2012 | ||||||||||||||||||||
Net cash provided by operating activities | $ | 209.8 | $ | 142.6 | $ | 16.1 | $ | — | $ | 368.5 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of business, net of cash acquired | — | (159.7 | ) | — | — | (159.7 | ) | |||||||||||||
Purchases of property, plant and equipment | (7.9 | ) | (21.1 | ) | (6.6 | ) | — | (35.6 | ) | |||||||||||
Proceeds from sales of assets | — | 4.9 | 3 | — | 7.9 | |||||||||||||||
Proceeds from notes receivable | 1.2 | 3.4 | — | — | 4.6 | |||||||||||||||
Other investing activities | (0.3 | ) | (0.8 | ) | (0.1 | ) | — | (1.2 | ) | |||||||||||
Net cash used in investing activities | (7.0 | ) | (173.3 | ) | (3.7 | ) | — | (184.0 | ) | |||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Intercompany financings, net | (77.4 | ) | 33.7 | 43.7 | — | — | ||||||||||||||
Proceeds from issuance of long-term debt | 2,050.00 | — | — | — | 2,050.00 | |||||||||||||||
Net repayment of notes payable | (298.0 | ) | — | (60.3 | ) | — | (358.3 | ) | ||||||||||||
Proceeds from exercises of employee stock options | 110.5 | — | — | — | 110.5 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 11.4 | — | — | — | 11.4 | |||||||||||||||
Proceeds from employee stock purchases | 2.1 | — | — | — | 2.1 | |||||||||||||||
Payment of financing costs of long-term debt | (34.1 | ) | — | — | — | (34.1 | ) | |||||||||||||
Payment of minimum tax withholdings on stock-based payment awards | — | — | (0.5 | ) | — | (0.5 | ) | |||||||||||||
Principal payments of long-term debt | (835.2 | ) | (2.8 | ) | — | — | (838.0 | ) | ||||||||||||
Payment of restricted cash upon issuance of long-term debt | (650.0 | ) | — | — | — | (650.0 | ) | |||||||||||||
Purchases of treasury stock | (383.0 | ) | — | — | — | (383.0 | ) | |||||||||||||
Net cash (used in) provided by financing activities | (103.7 | ) | 30.9 | (17.1 | ) | — | (89.9 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | (1.9 | ) | — | (1.9 | ) | |||||||||||||
and cash investments | ||||||||||||||||||||
Net increase (decrease) in cash and cash investments | 99.1 | 0.2 | (6.6 | ) | — | 92.7 | ||||||||||||||
Cash and cash investments, beginning | 0.5 | 0.6 | 84.7 | — | 85.8 | |||||||||||||||
of period | ||||||||||||||||||||
Cash and cash investments, end of | $ | 99.6 | $ | 0.8 | $ | 78.1 | $ | — | $ | 178.5 | ||||||||||
period | ||||||||||||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Restructuring charges and unusual items | For the six months and three months ended August 31, 2013, and August 31, 2012, restructuring charges and unusual items included in operating income consist of: | |||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||||
Cost of Product Sold: | ||||||||||||||||
Flow through of inventory step-up | $ | 11 | $ | 2.3 | $ | 9.5 | $ | 1.5 | ||||||||
Amortization of favorable interim supply agreement | 2.1 | — | 2.1 | — | ||||||||||||
Cost of Product Sold | 13.1 | 2.3 | 11.6 | 1.5 | ||||||||||||
Selling, General and Administrative Expenses: | ||||||||||||||||
Transaction and related costs associated with pending and completed acquisitions | 34.9 | 9.1 | 7.4 | 9.1 | ||||||||||||
Deferred compensation | 7 | — | — | — | ||||||||||||
Restructuring charges | (0.9 | ) | 0.7 | — | 0.2 | |||||||||||
Other costs | (2.0 | ) | 1.4 | — | (0.8 | ) | ||||||||||
Selling, General and Administrative Expenses | 39 | 11.2 | 7.4 | 8.5 | ||||||||||||
Impairment of Goodwill and Intangible Assets | 300.9 | — | 300.9 | — | ||||||||||||
Gain on Remeasurement to Fair Value of Equity Method Investment | (1,642.0 | ) | — | (1,642.0 | ) | — | ||||||||||
Restructuring Charges and Unusual Items | $ | (1,289.0 | ) | $ | 13.5 | $ | (1,322.1 | ) | $ | 10 | ||||||
Segment information | Segment information is as follows: | |||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||||
Beer | ||||||||||||||||
Net sales | $ | 1,576.20 | $ | 1,512.50 | $ | 814.6 | $ | 788.4 | ||||||||
Segment operating income | $ | 363.9 | $ | 266.4 | $ | 229.9 | $ | 143.4 | ||||||||
Long-lived tangible assets | $ | 668.7 | $ | 9 | $ | 668.7 | $ | 9 | ||||||||
Total assets | $ | 7,294.50 | $ | 463.7 | $ | 7,294.50 | $ | 463.7 | ||||||||
Capital expenditures | $ | 3.6 | $ | 0.4 | $ | 3.3 | $ | 0.1 | ||||||||
Depreciation and amortization | $ | 13.1 | $ | 1.5 | $ | 12.6 | $ | 0.8 | ||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||||
Wine and Spirits | ||||||||||||||||
Net sales: | ||||||||||||||||
Wine | $ | 1,226.40 | $ | 1,177.20 | $ | 629.1 | $ | 615.9 | ||||||||
Spirits | 144 | 156.1 | $ | 67.9 | $ | 82.6 | ||||||||||
Net sales | $ | 1,370.40 | $ | 1,333.30 | $ | 697 | $ | 698.5 | ||||||||
Segment operating income | $ | 282.4 | $ | 294.3 | $ | 154.8 | $ | 161.3 | ||||||||
Equity in earnings (losses) of equity method investees | $ | 0.1 | $ | (1.1 | ) | $ | (0.6 | ) | $ | (0.8 | ) | |||||
Long-lived tangible assets | $ | 1,081.30 | $ | 1,101.70 | $ | 1,081.30 | $ | 1,101.70 | ||||||||
Investments in equity method investees | $ | 73.2 | $ | 70.3 | $ | 73.2 | $ | 70.3 | ||||||||
Total assets | $ | 6,403.10 | $ | 6,822.40 | $ | 6,403.10 | $ | 6,822.40 | ||||||||
Capital expenditures | $ | 35.6 | $ | 30.7 | $ | 19.1 | $ | 14.9 | ||||||||
Depreciation and amortization | $ | 47.5 | $ | 44.4 | $ | 23.4 | $ | 21.9 | ||||||||
Corporate Operations and Other | ||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | — | ||||||||
Segment operating loss | $ | (48.2 | ) | $ | (44.1 | ) | $ | (24.2 | ) | $ | (20.7 | ) | ||||
Long-lived tangible assets | $ | 120.4 | $ | 131.8 | $ | 120.4 | $ | 131.8 | ||||||||
Total assets | $ | 425.2 | $ | 1,039.00 | $ | 425.2 | $ | 1,039.00 | ||||||||
Capital expenditures | $ | 10.3 | $ | 4.9 | $ | 4.8 | $ | 1.1 | ||||||||
Depreciation and amortization | $ | 11.1 | $ | 11.6 | $ | 6.2 | $ | 6 | ||||||||
Restructuring Charges and Unusual Items | ||||||||||||||||
Operating income (loss) | $ | 1,289.00 | $ | (13.5 | ) | $ | 1,322.10 | $ | (10.0 | ) | ||||||
Equity in losses of equity method investees | $ | (0.1 | ) | $ | — | $ | — | $ | — | |||||||
Consolidation and Eliminations | ||||||||||||||||
Net sales | $ | (813.4 | ) | $ | (1,512.5 | ) | $ | (51.8 | ) | $ | (788.4 | ) | ||||
Operating income | $ | (142.6 | ) | $ | (266.4 | ) | $ | (8.6 | ) | $ | (143.4 | ) | ||||
Equity in earnings of Crown Imports | $ | 70.3 | $ | 132.2 | $ | 4.3 | $ | 71.3 | ||||||||
Long-lived tangible assets | $ | — | $ | (9.0 | ) | $ | — | $ | (9.0 | ) | ||||||
Investments in equity method investees | $ | — | $ | 179.1 | $ | — | $ | 179.1 | ||||||||
Total assets | $ | — | $ | (284.6 | ) | $ | — | $ | (284.6 | ) | ||||||
Capital expenditures | $ | (0.3 | ) | $ | (0.4 | ) | $ | — | $ | (0.1 | ) | |||||
Depreciation and amortization | $ | (0.5 | ) | $ | (1.5 | ) | $ | — | $ | (0.8 | ) | |||||
Consolidated | ||||||||||||||||
Net sales | $ | 2,133.20 | $ | 1,333.30 | $ | 1,459.80 | $ | 698.5 | ||||||||
Operating income | $ | 1,744.50 | $ | 236.7 | $ | 1,674.00 | $ | 130.6 | ||||||||
Equity in earnings of equity method investees | $ | 70.3 | $ | 131.1 | $ | 3.7 | $ | 70.5 | ||||||||
Long-lived tangible assets | $ | 1,870.40 | $ | 1,233.50 | $ | 1,870.40 | $ | 1,233.50 | ||||||||
Investments in equity method investees | $ | 73.2 | $ | 249.4 | $ | 73.2 | $ | 249.4 | ||||||||
Total assets | $ | 14,122.80 | $ | 8,040.50 | $ | 14,122.80 | $ | 8,040.50 | ||||||||
Capital expenditures | $ | 49.2 | $ | 35.6 | $ | 27.2 | $ | 16 | ||||||||
Depreciation and amortization | $ | 71.2 | $ | 56 | $ | 42.2 | $ | 27.9 | ||||||||
Basis_of_Presentation_Details_
Basis of Presentation (Details Textual) (Provision For Income Taxes [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Aug. 31, 2013 |
Provision For Income Taxes [Member] | |
Immaterial adjustment related to prior periods | ($6.60) |
Acquisition_Purchase_Price_All
Acquisition (Purchase Price Allocation) (Details) (Beer Business Acquisition [Member], USD $) | 0 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 07, 2013 | Aug. 31, 2013 |
Beer Business Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $106.80 | |
Accounts receivable | 193.7 | |
Inventories | 243.1 | |
Prepaid expenses and other | 103.9 | |
Property, plant and equipment | 698.9 | |
Goodwill | 3,715.80 | |
Intangible assets | 2,403.20 | |
Other assets | 0.3 | |
Total assets acquired | 7,465.70 | |
Accounts payable | 123.2 | |
Accrued excise taxes | 14.4 | |
Other accrued expenses and liabilities | 72.9 | |
Deferred income taxes | 66.4 | |
Other liabilities | 10.6 | |
Total liabilities assumed | 287.5 | |
Total estimated fair value | 7,178.20 | |
Less - fair value of the Company's preexisting 50% equity interest in Crown Imports | -1,845 | -1,845 |
Less - cash acquired | -106.8 | -106.8 |
Estimated aggregate purchase price | $5,226.40 |
Acquisition_Pro_Forma_Financia
Acquisition (Pro Forma Financial Information) (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Common Class A [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average common shares outstanding - basic | 164,825 | 154,794 | 163,277 | 158,527 |
Weighted average common shares outstanding - diluted | 196,767 | 184,640 | 196,056 | 187,458 |
Common Class B [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average common shares outstanding - basic | 23,472 | 23,536 | 23,485 | 23,545 |
Weighted average common shares outstanding - diluted | 23,472 | 23,536 | 23,485 | 23,545 |
Beer Business Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Net sales | 1,511.60 | 1,465.80 | 2,750.60 | 2,643.40 |
Income before income taxes | -47.4 | 260.4 | 156.5 | 450.4 |
Net income (loss) | -115.3 | 204 | 18.3 | 329.9 |
Beer Business Acquisition [Member] | Common Class A [Member] | ||||
Business Acquisition [Line Items] | ||||
Earnings (loss) per common share - basic | -0.62 | 1.16 | 0.1 | 1.83 |
Earnings (loss) per common share - diluted | -0.62 | 1.1 | 0.09 | 1.76 |
Beer Business Acquisition [Member] | Common Class B [Member] | ||||
Business Acquisition [Line Items] | ||||
Earnings (loss) per common share - basic | -0.56 | 1.05 | 0.09 | 1.67 |
Earnings (loss) per common share - diluted | -0.56 | 1.02 | 0.09 | 1.62 |
Acquisition_Details_Textual
Acquisition (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 18 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||
Jun. 07, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Feb. 28, 2013 | Feb. 29, 2012 | Jun. 07, 2013 | Jun. 05, 2013 | Aug. 31, 2013 | Jun. 07, 2013 | Aug. 31, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Aug. 31, 2013 | Jun. 07, 2013 | Aug. 31, 2013 | Jun. 07, 2013 | Aug. 31, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Feb. 28, 2013 | Aug. 31, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Aug. 31, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 30, 2012 | |
Crown Imports [Member] | Crown Imports [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility [Member] | Senior Notes [Member] | European Term Loans [Member] | European Term A Facility [Member] | European Term A Facility [Member] | European Term B Facility [Member] | European Term B Facility [Member] | U.S. Term A-2 Facility [Member] | U.S. Term A-2 Facility [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Crown Acquisition [Member] | Crown Acquisition [Member] | ||||||||
Other [Member] | Other [Member] | May 2013 Senior Notes [Member] | l | Trademarks [Member] | Customer Relationships [Member] | Copyrights [Member] | Distribution Rights [Member] | Favorable Interim Supply Agreement [Member] | Crown Imports [Member] | Crown Imports [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||
Remaining equity interest percentage | 50.00% | 50.00% | |||||||||||||||||||||||||||||||||||||
Required build out | 2,000,000,000 | ||||||||||||||||||||||||||||||||||||||
Required completion date for hectoliter build out | 31-Dec-16 | ||||||||||||||||||||||||||||||||||||||
Estimated aggregate purchase price | $5,226,400,000 | $1,850,000,000 | |||||||||||||||||||||||||||||||||||||
Cash paid at closing | 4,745,000,000 | ||||||||||||||||||||||||||||||||||||||
Cash acquired | 106,800,000 | 106,800,000 | |||||||||||||||||||||||||||||||||||||
Additional estimated cash payments | 588,200,000 | 0 | 558,000,000 | ||||||||||||||||||||||||||||||||||||
Aggregate principal amount of notes | 1,550,000,000 | ||||||||||||||||||||||||||||||||||||||
Maximum Borrowing Amount under Credit Facility | 3,787,500,000 | 3,787,500,000 | 850,000,000 | 1,500,000,000 | 500,000,000 | 500,000,000 | 1,000,000,000 | 1,000,000,000 | 675,000,000 | 675,000,000 | |||||||||||||||||||||||||||||
Outstanding borrowings under revolving credit facility | 78,000,000 | 580,000,000 | 194,100,000 | 208,000,000 | |||||||||||||||||||||||||||||||||||
Cash and cash investments | 232,000,000 | 116,800,000 | 178,500,000 | 116,800,000 | 178,500,000 | 331,500,000 | 85,800,000 | ||||||||||||||||||||||||||||||||
Other long-term debt | 13,000,000 | 44,200,000 | 44,200,000 | 46,900,000 | |||||||||||||||||||||||||||||||||||
EBITDA purchase price adjustment | 310,000,000 | 370,000,000 | |||||||||||||||||||||||||||||||||||||
EBIDTA Multiplier | 9.3 | ||||||||||||||||||||||||||||||||||||||
Fair value of additional estimated payment | 543,300,000 | ||||||||||||||||||||||||||||||||||||||
Preexisting equity interest | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||||||||||||
Fair value of preexisting 50% equity interest | 1,845,000,000 | 1,845,000,000 | 1,845,000,000 | ||||||||||||||||||||||||||||||||||||
Gain on remeasurement to fair value of preexisting equity interest | 1,642,000,000 | 0 | 1,642,000,000 | 0 | 1,642,000,000 | ||||||||||||||||||||||||||||||||||
Percentage of equity method investment | 100.00% | 100.00% | |||||||||||||||||||||||||||||||||||||
Acquired definite lived intangible assets | 22,500,000 | 6,500,000 | 400,000 | 68,300,000 | |||||||||||||||||||||||||||||||||||
Expected life of definite lived intangible assets | 25 years | 2 years | 1 year 7 months | 3 years | |||||||||||||||||||||||||||||||||||
Acquired indefinite lived intangible assets | 2,305,500,000 | ||||||||||||||||||||||||||||||||||||||
Goodwill expected to be tax deductible | 1,649,400,000 | ||||||||||||||||||||||||||||||||||||||
Transaction and related costs assoiated with the Beer Business Acquisition | $8,100,000 | $6,100,000 | $35,700,000 | $6,100,000 | $26,000,000 | $61,700,000 |
Inventories_Details
Inventories (Details) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Inventories | ||
Raw materials and supplies | $90.60 | $45.50 |
In-process inventories | 1,115.70 | 1,168.10 |
Finished case goods | 436.7 | 267.3 |
Total | $1,643 | $1,480.90 |
Prepaid_Expenses_and_Other_Det
Prepaid Expenses and Other (Details) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Components of prepaid expenses and other | ||
Income taxes receivable | $98.50 | $117.20 |
Prepaid excise, sales and value added taxes | 71.7 | 20.2 |
Other | 84.2 | 49.5 |
Total | $254.40 | $186.90 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 | Aug. 31, 2012 |
In Millions, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $2,728.90 | $2,046.90 | |
Less - Accumulated depreciation | -858.5 | -817.9 | |
Property, plant and equipment, net | 1,870.40 | 1,229 | 1,233.50 |
Land and land improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 330.4 | 304.6 | |
Vineyards [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 214.4 | 214.5 | |
Building and improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 507.9 | 342 | |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,533 | 1,090.60 | |
Motor vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 47.5 | 47.3 | |
Construction in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $95.70 | $47.90 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Foreign currency contracts [Member] | Prepaid expenses and other [Member] | Designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Asset, Fair Value, Gross Asset | $3.70 | $6.40 |
Foreign currency contracts [Member] | Prepaid expenses and other [Member] | Not designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Asset, Fair Value, Gross Asset | 5.9 | 0.9 |
Foreign currency contracts [Member] | Other accrued expenses and liabilities [Member] | Designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Liability, Fair Value, Gross Liability | 0.8 | 0.1 |
Foreign currency contracts [Member] | Other accrued expenses and liabilities [Member] | Not designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Liability, Fair Value, Gross Liability | 7.8 | 5.1 |
Foreign currency contracts [Member] | Other assets, net [Member] | Designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Asset, Fair Value, Gross Asset | 1.3 | 2.4 |
Foreign currency contracts [Member] | Other liabilities [Member] | Designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Liability, Fair Value, Gross Liability | 1.3 | 0.1 |
Interest rate swap contracts [Member] | Prepaid expenses and other [Member] | Not designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Asset, Fair Value, Gross Asset | 4.1 | 3.3 |
Interest rate swap contracts [Member] | Other accrued expenses and liabilities [Member] | Designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Liability, Fair Value, Gross Liability | 3.5 | 3.2 |
Interest rate swap contracts [Member] | Other accrued expenses and liabilities [Member] | Not designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Liability, Fair Value, Gross Liability | 16.3 | 13.2 |
Interest rate swap contracts [Member] | Other assets, net [Member] | Designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Asset, Fair Value, Gross Asset | 2.8 | 0 |
Interest rate swap contracts [Member] | Other assets, net [Member] | Not designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 3.3 |
Interest rate swap contracts [Member] | Other liabilities [Member] | Designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 3.1 |
Interest rate swap contracts [Member] | Other liabilities [Member] | Not designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Liability, Fair Value, Gross Liability | 19.4 | 27.6 |
Diesel fuel swap contracts [Member] | Prepaid expenses and other [Member] | Designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0.5 |
Diesel fuel swap contracts [Member] | Prepaid expenses and other [Member] | Not designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Asset, Fair Value, Gross Asset | 1.4 | 0 |
Diesel fuel swap contracts [Member] | Other assets, net [Member] | Designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0.1 |
Diesel fuel swap contracts [Member] | Other assets, net [Member] | Not designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Asset, Fair Value, Gross Asset | 0.2 | 0 |
Diesel fuel swap contracts [Member] | Other liabilities [Member] | Designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0.1 |
Diesel fuel swap contracts [Member] | Other liabilities [Member] | Not designated as hedging instrument [Member] | ||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ||
Derivative Liability, Fair Value, Gross Liability | $0.10 | $0 |
Derivative_Instruments_Details1
Derivative Instruments (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Effect of the Company's undesignated derivative instruments on its Consolidated Statements of Operations | ||||
Net loss (gain) recognized in income | $2 | $1.80 | ($1) | ($2.60) |
Interest expense, net [Member] | Interest rate swap contracts [Member] | ||||
Effect of the Company's undesignated derivative instruments on its Consolidated Statements of Operations | ||||
Net loss (gain) recognized in income | -0.3 | -0.4 | ||
Selling, general and administrative expenses [Member] | Diesel fuel swap contracts [Member] | ||||
Effect of the Company's undesignated derivative instruments on its Consolidated Statements of Operations | ||||
Net loss (gain) recognized in income | 2.6 | 1.6 | ||
Selling, general and administrative expenses [Member] | Foreign currency contracts [Member] | ||||
Effect of the Company's undesignated derivative instruments on its Consolidated Statements of Operations | ||||
Net loss (gain) recognized in income | -0.6 | 2.1 | -2.6 | -2.2 |
Cash flow hedging [Member] | ||||
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Operations and Other Comprehensive Income, net of income tax effect | ||||
Net (loss) gain recognized in OCI (Effective portion) | 1.1 | -1.9 | 0.6 | -8.1 |
Net gain (loss) reclassified from AOCI to income (Effective portion) | -1.3 | -0.7 | -2.3 | -1 |
Net gain recognized in income (ineffective portion) | 0.3 | |||
Cash flow hedging [Member] | Foreign currency contracts one [Member] | ||||
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Operations and Other Comprehensive Income, net of income tax effect | ||||
Net (loss) gain recognized in OCI (Effective portion) | 0.3 | -1.4 | -0.2 | -1 |
Cash flow hedging [Member] | Foreign currency contracts two [Member] | ||||
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Operations and Other Comprehensive Income, net of income tax effect | ||||
Net (loss) gain recognized in OCI (Effective portion) | -0.6 | 2.1 | -1.8 | -1.8 |
Cash flow hedging [Member] | Interest rate swap contracts [Member] | ||||
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Operations and Other Comprehensive Income, net of income tax effect | ||||
Net (loss) gain recognized in OCI (Effective portion) | 1.4 | -3.5 | 2.6 | -6.2 |
Cash flow hedging [Member] | Diesel fuel swap contracts [Member] | ||||
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Operations and Other Comprehensive Income, net of income tax effect | ||||
Net (loss) gain recognized in OCI (Effective portion) | 0.9 | 0.9 | ||
Cash flow hedging [Member] | Sales [Member] | Foreign currency contracts one [Member] | ||||
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Operations and Other Comprehensive Income, net of income tax effect | ||||
Net gain (loss) reclassified from AOCI to income (Effective portion) | 0.7 | 0.5 | 1.6 | 1.7 |
Cash flow hedging [Member] | Cost of product sold [Member] | Foreign currency contracts two [Member] | ||||
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Operations and Other Comprehensive Income, net of income tax effect | ||||
Net gain (loss) reclassified from AOCI to income (Effective portion) | 0 | 0.8 | 0.2 | 1.4 |
Cash flow hedging [Member] | Cost of product sold [Member] | Diesel fuel swap contracts [Member] | ||||
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Operations and Other Comprehensive Income, net of income tax effect | ||||
Net gain (loss) reclassified from AOCI to income (Effective portion) | 0 | 0 | ||
Cash flow hedging [Member] | Interest expense, net [Member] | Interest rate swap contracts [Member] | ||||
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Operations and Other Comprehensive Income, net of income tax effect | ||||
Net gain (loss) reclassified from AOCI to income (Effective portion) | -2 | -2 | -4.1 | -4.1 |
Cash flow hedging [Member] | Selling, general and administrative expenses [Member] | Diesel fuel swap contracts [Member] | ||||
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Operations and Other Comprehensive Income, net of income tax effect | ||||
Net gain recognized in income (ineffective portion) | 0.1 | |||
Cash flow hedging [Member] | Selling, general and administrative expenses [Member] | Foreign currency contracts [Member] | ||||
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Operations and Other Comprehensive Income, net of income tax effect | ||||
Net gain recognized in income (ineffective portion) | $0.10 | $0.30 | $0.20 | $0.20 |
Derivative_Instruments_Details2
Derivative Instruments (Details Textual) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Feb. 28, 2013 | Apr. 30, 2012 |
Derivative [Line Items] | |||
Notional value of undesignated foreign currency contracts outstanding | $724.70 | $355.10 | |
Notional value of undesignated interest rate swap agreements | 1,000 | 1,000 | 500 |
Notional value of undesignated diesel fuel swap contracts | 36.6 | 0 | |
Notional value of cash flow designated foreign currency contracts outstanding | 210.8 | 220.3 | |
Notional value of cash flow designated interest rate swap agreements outstanding | 500 | 500 | 500 |
Notional value of cash flow designated diesel fuel swap contracts outstanding | 0 | 17.4 | |
Amount of net losses, net of income tax effect, to be reclassified from AOCI to earnings within the next 12 months | -6.8 | ||
Fair value of derivative instruments in a net liability position due to counterparties | 38.6 | ||
Fair value of derivative instruments in a net receivable position due from counterparties | $8.80 | ||
Not designated as hedging instrument [Member] | |||
Derivative [Line Items] | |||
Maturity of foreign currency contracts | 12 months | ||
Maturity of diesel fuel swap contracts | 36 months | ||
Designated as hedging instrument [Member] | |||
Derivative [Line Items] | |||
Average maturity period of cash flow hedges | 3 years | ||
Maximum maturity period of cash flow hedges | 5 years |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Aug. 31, 2013 | Jun. 07, 2013 | Feb. 28, 2013 | Aug. 31, 2012 | Feb. 29, 2012 |
In Millions, unless otherwise specified | |||||
Assets: | |||||
Cash and cash investments, Carrying Amount | $116.80 | $232 | $331.50 | $178.50 | $85.80 |
Cash and cash investments, Fair Value | 116.8 | 331.5 | |||
Accounts receivable, net, Carrying Amount | 655.9 | 471.9 | |||
Accounts receivable, net, Fair Value | 655.9 | 471.9 | |||
Available-for-sale debt securities, Carrying Amount | 33.9 | 34.2 | |||
Available-for-sale debt securities, Fair Value | 33.9 | 34.2 | |||
Foreign currency contracts, Carrying Amount | 10.9 | 9.7 | |||
Foreign currency contracts, Fair Value | 10.9 | 9.7 | |||
Interest rate swap contracts, Carrying Amount | 6.9 | 6.6 | |||
Interest rate swap contracts, Fair Value | 6.9 | 6.6 | |||
Diesel fuel swap contracts, Carrying Value | 1.6 | 0.6 | |||
Diesel fuel swap contracts, Fair Value | 1.6 | 0.6 | |||
Liabilities: | |||||
Notes payable to banks | 272.1 | 0 | |||
Notes payable to banks, Fair Value | 266.3 | 0 | |||
Accounts payable, Carrying Amount | 341.2 | 209 | |||
Accounts payable, Fair Value | 341.2 | 209 | |||
Long-term debt, including current portion, Carrying Amount | 7,028.40 | 3,305.40 | |||
Long-term debt, including current portion, Fair Value | 6,962.90 | 3,603.60 | |||
Foreign currency contracts, Carrying Amount | 9.9 | 5.3 | |||
Foreign currency contracts, Fair Value | 9.9 | 5.3 | |||
Interest rate swap contracts, Carrying Amount | 39.2 | 47.1 | |||
Interest rate swap contracts, Fair Value | 39.2 | 47.1 | |||
Diesel fuel swap contracts, Carrying Amount | 0.1 | 0.1 | |||
Diesel fuel swap contracts, Fair Value | $0.10 | $0.10 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 1) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ||
AFS debt securities | $33.90 | $34.20 |
Foreign currency contracts | 10.9 | 9.7 |
Interest rate swap contracts | 6.9 | 6.6 |
Diesel fuel swap contracts | 1.6 | 0.6 |
Liabilities: | ||
Foreign currency contracts | 9.9 | 5.3 |
Interest rate swap contracts | 39.2 | 47.1 |
Diesel fuel swap contracts | 0.1 | 0.1 |
Recurring [Member] | ||
Assets: | ||
AFS debt securities | 33.9 | 34.2 |
Foreign currency contracts | 10.9 | 9.7 |
Interest rate swap contracts | 6.9 | 6.6 |
Diesel fuel swap contracts | 1.6 | 0.6 |
Liabilities: | ||
Foreign currency contracts | 9.9 | 5.3 |
Interest rate swap contracts | 39.2 | 47.1 |
Diesel fuel swap contracts | 0.1 | 0.1 |
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets: | ||
AFS debt securities | 0 | 0 |
Foreign currency contracts | 0 | 0 |
Interest rate swap contracts | 0 | 0 |
Diesel fuel swap contracts | 0 | 0 |
Liabilities: | ||
Foreign currency contracts | 0 | 0 |
Interest rate swap contracts | 0 | 0 |
Diesel fuel swap contracts | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
AFS debt securities | 0 | 0 |
Foreign currency contracts | 10.9 | 9.7 |
Interest rate swap contracts | 6.9 | 6.6 |
Diesel fuel swap contracts | 1.6 | 0.6 |
Liabilities: | ||
Foreign currency contracts | 9.9 | 5.3 |
Interest rate swap contracts | 39.2 | 47.1 |
Diesel fuel swap contracts | 0.1 | 0.1 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
AFS debt securities | 33.9 | 34.2 |
Foreign currency contracts | 0 | 0 |
Interest rate swap contracts | 0 | 0 |
Diesel fuel swap contracts | 0 | 0 |
Liabilities: | ||
Foreign currency contracts | 0 | 0 |
Interest rate swap contracts | 0 | 0 |
Diesel fuel swap contracts | $0 | $0 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill, Impairment Loss | $283.60 | $283.60 | ||
Impairment of goodwill and intangible assets | 300.9 | 0 | 300.9 | 0 |
Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill, Impairment Loss | 283.6 | 283.6 | ||
Impairment of goodwill and intangible assets | 300.9 | 300.9 | ||
Nonrecurring [Member] | Trademarks [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trademarks, Impairment Loss | 17.3 | 17.3 | ||
Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | 0 | 0 | ||
Total nonrecurring fair value measurements | 0 | 0 | ||
Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Trademarks [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trademarks | 0 | 0 | ||
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | 0 | 0 | ||
Total nonrecurring fair value measurements | 0 | 0 | ||
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Trademarks [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trademarks | 0 | 0 | ||
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | 154.8 | 154.8 | ||
Total nonrecurring fair value measurements | 227.9 | 227.9 | ||
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Trademarks [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trademarks | $73.10 | $73.10 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2013 | Feb. 28, 2013 | Feb. 29, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | $6,139.20 | $6,139.20 | $2,722.30 | $2,632.90 |
Impairment of goodwill | 283.6 | 283.6 | ||
Intangible assets, net | 3,243.90 | 3,243.90 | 871.4 | |
Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | 433.9 | 433.9 | ||
Impairment of goodwill | 283.6 | 283.6 | ||
Nonrecurring [Member] | Trademarks [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Intangible assets, net | 90.2 | 90.2 | ||
Impairment of trademarks | 17.3 | 17.3 | ||
Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Implied fair value of goodwill | 154.8 | 154.8 | ||
Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Trademarks [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of trademarks | $73.10 | $73.10 |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2013 | Feb. 28, 2013 | Feb. 29, 2012 |
Changes in the carrying amount of goodwill: | ||||
Goodwill | $6,418.30 | $6,418.30 | $2,722.30 | $2,632.90 |
Accumulated impairment losses | -279.1 | -279.1 | 0 | 0 |
Net goodwill | 6,139.20 | 6,139.20 | 2,722.30 | 2,632.90 |
Purchase accounting allocations | 3,715.80 | 110 | ||
Foreign currency translation adjustments | -15.3 | -20.6 | ||
Impairment of goodwill | -283.6 | -283.6 | ||
Wine and Spirits [Member] | ||||
Changes in the carrying amount of goodwill: | ||||
Goodwill | 2,704.10 | 2,704.10 | 2,722.30 | 2,632.90 |
Accumulated impairment losses | -279.1 | -279.1 | 0 | 0 |
Net goodwill | 2,425 | 2,425 | 2,722.30 | 2,632.90 |
Purchase accounting allocations | 0 | 110 | ||
Foreign currency translation adjustments | -13.7 | -20.6 | ||
Impairment of goodwill | -283.6 | |||
Beer [Member] | ||||
Changes in the carrying amount of goodwill: | ||||
Goodwill | 3,714.20 | 3,714.20 | 13 | 13 |
Accumulated impairment losses | 0 | 0 | 0 | 0 |
Net goodwill | 3,714.20 | 3,714.20 | 13 | 13 |
Purchase accounting allocations | 3,702.80 | 0 | ||
Foreign currency translation adjustments | -1.6 | 0 | ||
Impairment of goodwill | 0 | |||
Consolidations and Eliminations [Member] | ||||
Changes in the carrying amount of goodwill: | ||||
Goodwill | 0 | 0 | -13 | -13 |
Accumulated impairment losses | 0 | 0 | 0 | 0 |
Net goodwill | 0 | 0 | -13 | -13 |
Purchase accounting allocations | 13 | 0 | ||
Foreign currency translation adjustments | 0 | 0 | ||
Impairment of goodwill | $0 |
Goodwill_Details_Textual
Goodwill (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2013 | Feb. 28, 2013 | Jul. 01, 2012 | Aug. 31, 2013 | Feb. 28, 2013 | Aug. 31, 2013 | Feb. 28, 2013 | Aug. 31, 2013 | Feb. 28, 2013 |
Mark West [Member] | Wine and Spirits [Member] | Wine and Spirits [Member] | Beer [Member] | Beer [Member] | Consolidations and Eliminations [Member] | Consolidations and Eliminations [Member] | ||||
Goodwill [Line Items] | ||||||||||
Purchase accounting allocations | $3,715.80 | $110 | $0 | $110 | $3,702.80 | $0 | $13 | $0 | ||
Impairment of goodwill | 283.6 | 283.6 | 283.6 | 0 | 0 | |||||
Business acquisition, purchase price | $159.30 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Feb. 28, 2013 |
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||||
Amortizable intangible assets, Gross Carrying Amount | $187.80 | $187.80 | $90.80 | ||
Amortizable intangible assets, Net Carrying Amount | 147.2 | 147.2 | 56.9 | ||
Nonamortizable intangible assets, Net Carrying Amount | 3,096.70 | 3,096.70 | 814.5 | ||
Total intangible assets, net, Net Carrying Amount | 3,243.90 | 3,243.90 | 871.4 | ||
Amortization expense for intangible assets | 5.6 | 1.8 | 7.1 | 3.6 | |
Trademarks [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||||
Nonamortizable intangible assets, Net Carrying Amount | 3,091.50 | 3,091.50 | 809.1 | ||
Other [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||||
Nonamortizable intangible assets, Net Carrying Amount | 5.2 | 5.2 | 5.4 | ||
Customer Relationships [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||||
Amortizable intangible assets, Gross Carrying Amount | 104.8 | 104.8 | 82.9 | ||
Amortizable intangible assets, Net Carrying Amount | 74.2 | 74.2 | 54.7 | ||
Favorable Interim Supply Agreement [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||||
Amortizable intangible assets, Gross Carrying Amount | 68.3 | 68.3 | 0 | ||
Amortizable intangible assets, Net Carrying Amount | 65.5 | 65.5 | 0 | ||
Other [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||||
Amortizable intangible assets, Gross Carrying Amount | 14.7 | 14.7 | 7.9 | ||
Amortizable intangible assets, Net Carrying Amount | $7.50 | $7.50 | $2.20 |
Intangible_Assets_Details_1
Intangible Assets (Details 1) (USD $) | Aug. 31, 2013 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2014 | $8.90 |
2015 | 42.9 |
2016 | 35.1 |
2017 | 5.7 |
2018 | 5.5 |
2019 | 5.5 |
Thereafter | $43.60 |
Other_Assets_Details
Other Assets (Details) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 | Aug. 31, 2012 |
In Millions, unless otherwise specified | |||
Components of other assets | |||
Deferred financing costs | $84.80 | $54.40 | |
Investments in equity method investees | 73.2 | 243.6 | 249.4 |
Investment in Accolade | 42.5 | 42.8 | |
Other | 17.5 | 17.3 | |
Other assets, Gross | 218 | 358.1 | |
Less - Accumulated amortization | -18.8 | -13.9 | |
Other assets, net | $199.20 | $344.20 |
Other_Assets_Details_1
Other Assets (Details 1) (Crown Imports [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Crown Imports [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $51.80 | $788.40 | $813.40 | $1,512.50 |
Gross profit | 15.9 | 225.6 | 241.5 | 436.8 |
Income from continuing operations | 8.6 | 143.2 | 142.1 | 266 |
Net income | $8.60 | $143.20 | $142.10 | $266 |
Other_Assets_Details_Textual
Other Assets (Details Textual) (USD $) | 0 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 07, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Feb. 28, 2013 |
Schedule of Equity Method Investments [Line Items] | ||||
Investment in equity method investment | $73.20 | $249.40 | $243.60 | |
Percentage of equity method investment | 100.00% | |||
Modelo [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of other joint venture partner | 76.75% | |||
Anheuser-Busch Companies, Inc. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of other joint venture partner | 23.25% | |||
Crown Imports [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash distributions received | 30.3 | 130.2 | ||
Investment in equity method investment | 169.3 | |||
Carrying amount of equity method investment in excess of Company's equity in underlying assets | $13.60 | |||
Percentage of equity method investment | 100.00% |
Other_Accrued_Expenses_and_Lia2
Other Accrued Expenses and Liabilities (Details) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Components of other accrued expenses and liabilities | ||
Beer Business Acquisition payable | $556.50 | $0 |
Advertising and promotions | 108.6 | 80.3 |
Accrued interest | 86.7 | 61.4 |
Salaries, commissions, and payroll benefits and withholdings | 67.5 | 80.5 |
Deferred revenue | 52.7 | 49.3 |
Income taxes payable | 44.9 | 11.2 |
Other | 137.1 | 139.7 |
Total | $1,054 | $422.40 |
Borrowings_Schedule_of_Debt_De
Borrowings (Schedule of Debt) (Details) (USD $) | Aug. 31, 2013 | Jun. 07, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | |||
Short-term Debt | |||
Notes Payable to Banks, Current | $272.10 | $0 | |
Notes Payable to Banks, Long-term | 0 | ||
Notes Payable to Banks, Total | 272.1 | 0 | |
Long-term Debt | |||
Other Long-term Debt, Current | 18.7 | ||
Other Long-term Debt, Long-term | 25.5 | ||
Other Long-term Debt, Total | 44.2 | 13 | 46.9 |
Long-term Debt, Current | 115.7 | 27.6 | |
Long-term Debt, Long-term | 6,912.70 | 3,277.80 | |
Long-term Debt, Total | 7,028.40 | 3,305.40 | |
Senior Credit Facility - Term Loans [Member] | |||
Long-term Debt | |||
Senior Credit Facility - Term Loans, Current | 97 | ||
Senior Credit Facility - Term Loans, Long-term | 2,840.50 | ||
Senior Credit Facility - Term Loans, Total | 2,937.50 | 762.5 | |
Senior Notes [Member] | |||
Long-term Debt | |||
Senior Notes, Current | 0 | ||
Senior Notes, Long-term | 4,046.70 | ||
Senior Notes, Total | 4,046.70 | 2,496 | |
Senior Credit Facility - Revolving Credit Loans [Member] | |||
Short-term Debt | |||
Notes Payable to Banks, Current | 78 | ||
Notes Payable to Banks, Long-term | 0 | ||
Notes Payable to Banks, Total | 78 | 0 | |
Other [Member] | |||
Short-term Debt | |||
Notes Payable to Banks, Current | 194.1 | ||
Notes Payable to Banks, Long-term | 0 | ||
Notes Payable to Banks, Total | $194.10 | $0 |
Borrowings_Principal_Repayment
Borrowings (Principal Repayments, Term Debt) (Details 1) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Required Principal Repayments Under Term Loans | ||
2014 | $67.10 | |
2015 | 608.8 | |
2016 | 146.7 | |
2017 | 884.9 | |
2018 | 883.4 | |
2019 | 1,112.50 | |
Thereafter | 3,328.30 | |
Term A Facility [Member] | ||
Required Principal Repayments Under Term Loans | ||
2014 | 12.9 | |
2015 | 25.8 | |
2016 | 38.7 | |
2017 | 51.5 | |
2018 | 51.5 | |
2019 | 335.2 | |
Thereafter | 0 | |
Senior Credit Facility - Term Loans, Total | 515.6 | |
Term A-1 Facility [Member] | ||
Required Principal Repayments Under Term Loans | ||
2014 | 1.2 | |
2015 | 2.5 | |
2016 | 2.5 | |
2017 | 2.5 | |
2018 | 2.5 | |
2019 | 2.4 | |
Thereafter | 233.3 | |
Senior Credit Facility - Term Loans, Total | 246.9 | |
U.S. Term A-2 Facility [Member] | ||
Required Principal Repayments Under Term Loans | ||
2014 | 16.9 | |
2015 | 33.7 | |
2016 | 50.6 | |
2017 | 67.5 | |
2018 | 67.5 | |
2019 | 438.8 | |
Thereafter | 0 | |
Senior Credit Facility - Term Loans, Total | 675 | |
European Term A Facility [Member] | ||
Required Principal Repayments Under Term Loans | ||
2014 | 12.5 | |
2015 | 25 | |
2016 | 37.5 | |
2017 | 50 | |
2018 | 50 | |
2019 | 325 | |
Thereafter | 0 | |
Senior Credit Facility - Term Loans, Total | 500 | |
European Term B Facility [Member] | ||
Required Principal Repayments Under Term Loans | ||
2014 | 5 | |
2015 | 10 | |
2016 | 10 | |
2017 | 10 | |
2018 | 10 | |
2019 | 10 | |
Thereafter | 945 | |
Senior Credit Facility - Term Loans, Total | 1,000 | |
Senior Credit Facility - Term Loans [Member] | ||
Required Principal Repayments Under Term Loans | ||
2014 | 48.5 | |
2015 | 97 | |
2016 | 139.3 | |
2017 | 181.5 | |
2018 | 181.5 | |
2019 | 1,111.40 | |
Thereafter | 1,178.30 | |
Senior Credit Facility - Term Loans, Total | $2,937.50 | $762.50 |
Borrowings_Principal_Repayment1
Borrowings (Principal Repayments, Long-term Debt) (Details 2) (USD $) | Aug. 31, 2013 |
In Millions, unless otherwise specified | |
Required principal repayments under long-term debt obligations | |
2014 | $67.10 |
2015 | 608.8 |
2016 | 146.7 |
2017 | 884.9 |
2018 | 883.4 |
2019 | 1,112.50 |
Thereafter | 3,328.30 |
Long-term Debt, Total | $7,031.70 |
Borrowings_Senior_Credit_Facil
Borrowings (Senior Credit Facility) (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 53 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Apr. 30, 2012 | Mar. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Sep. 01, 2016 | Feb. 28, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Jun. 07, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Jun. 07, 2013 | Aug. 31, 2013 | Jun. 07, 2013 | Aug. 31, 2013 | Jun. 07, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Jun. 07, 2013 |
Minimum [Member] | Maximum [Member] | Senior Credit Facility - Revolving Credit Loans [Member] | Senior Credit Facility - Revolving Credit Loans [Member] | Sub-facility Letters of Credit [Member] | Term A Facility [Member] | Term A-1 Facility [Member] | European Term A Facility [Member] | European Term A Facility [Member] | U.S. Term A-2 Facility [Member] | U.S. Term A-2 Facility [Member] | European Term B Facility [Member] | European Term B Facility [Member] | LIBOR Rate Debt [Member] | Base Rate Debt [Member] | European Term Loans [Member] | |||||||||
Minimum [Member] | Minimum [Member] | |||||||||||||||||||||||
Schedule of Debt [Line Items] | ||||||||||||||||||||||||
Maximum borrowing amount under credit facility | $3,787.50 | $3,787.50 | $850 | $200 | $515.60 | $246.90 | $500 | $500 | $675 | $675 | $1,000 | $1,000 | $1,500 | |||||||||||
Maturity date of credit facility | 7-Jun-18 | 7-Jun-18 | 7-Jun-19 | 7-Jun-18 | 7-Jun-18 | 7-Jun-20 | ||||||||||||||||||
Incremental borrowings under credit facility | 25 | 750 | ||||||||||||||||||||||
Minimum fixed interest rate | 0.75% | 1.75% | ||||||||||||||||||||||
LIBOR margin | 2.00% | 2.00% | 2.25% | 2.00% | 2.00% | 2.00% | ||||||||||||||||||
Pledge of ownership interests in certain of Company's domestic subsidiaries | 100.00% | 100.00% | ||||||||||||||||||||||
Pledge of voting capital stock interests in certain of Company's foreign subsidiaries, Minimum | 55.00% | 55.00% | ||||||||||||||||||||||
Pledge of voting capital stock interests in certain of Company's foreign subsidiaries, Maximum | 65.00% | 65.00% | ||||||||||||||||||||||
Pledge of ownership interests in CIH subsidiary | 100.00% | 100.00% | ||||||||||||||||||||||
Senior notes outstanding | 515.6 | 246.9 | 500 | 675 | 1,000 | |||||||||||||||||||
Credit facility, interest rate | 2.20% | 2.20% | 2.40% | 2.20% | 2.20% | 2.80% | ||||||||||||||||||
Outstanding borrowings under revolving credit facility | 78 | 580 | ||||||||||||||||||||||
Outstanding letters of credit | 14.1 | |||||||||||||||||||||||
Remaining borrowing capacity | 757.9 | |||||||||||||||||||||||
Variable rate basis on interest rate swap agreements | one-month LIBOR base rate | three-month LIBOR base rate | ||||||||||||||||||||||
Notional value of cash flow designated interest rate swap agreements outstanding | 500 | 500 | 500 | 500 | ||||||||||||||||||||
Notional value of undesignated interest rate swap agreements | 500 | 1,000 | 1,000 | 1,000 | ||||||||||||||||||||
Derivative fixed average interest rate | 2.80% | |||||||||||||||||||||||
Cash flow hedge loss reclassified to interest expense, net | ($2) | ($2) | ($4.10) | ($4.10) |
Borrowings_Senior_Notes_Detail
Borrowings (Senior Notes) (Details Textual 1) (USD $) | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||
Aug. 31, 2013 | Aug. 31, 2012 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 30, 2012 | Apr. 30, 2012 | Aug. 31, 2013 | Apr. 17, 2012 | Aug. 31, 2012 | Aug. 14, 2012 | 31-May-13 | 14-May-13 | 31-May-13 | 14-May-13 | 31-May-13 | Aug. 31, 2013 | Jun. 07, 2013 | 14-May-13 | |
Beer Business Acquisition [Member] | Crown Acquisition [Member] | Crown Acquisition [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |||
April 2012 Senior Notes [Member] | April 2012 Senior Notes [Member] | April 2012 Senior Notes [Member] | August 2012 Senior Notes [Member] | August 2012 Senior Notes [Member] | May 2013 Eight Year Senior Notes [Member] | May 2013 Eight Year Senior Notes [Member] | May 2013 Ten Year Senior Notes [Member] | May 2013 Ten Year Senior Notes [Member] | May 2013 Senior Notes [Member] | May 2013 Senior Notes [Member] | May 2013 Senior Notes [Member] | May 2013 Senior Notes [Member] | ||||||
Schedule of Debt [Line Items] | ||||||||||||||||||
Aggregate principal amount of notes | $600,000,000 | $650,000,000 | $500,000,000 | $1,050,000,000 | $1,550,000,000 | |||||||||||||
Coupon rate of notes | 6.00% | 4.63% | 3.75% | 4.25% | ||||||||||||||
Maturity date of notes | 31-May-22 | 31-Mar-23 | 31-May-21 | 31-May-23 | ||||||||||||||
Net proceeds from issuance of senior notes | 3,725,000,000 | 2,050,000,000 | 591,400,000 | 640,600,000 | 1,535,500,000 | |||||||||||||
Percentage of outstanding principal amount as redemption price | 100.00% | 100.00% | ||||||||||||||||
Basis points above adjusted treasury rate | 50.00% | 50.00% | ||||||||||||||||
Aggregate principal amount outstanding | 600,000,000 | 1,550,000,000 | ||||||||||||||||
Remaining equity interest percentage | 50.00% | 50.00% | ||||||||||||||||
Business acquisition, purchase price | 5,226,400,000 | 1,850,000,000 | ||||||||||||||||
Percentage of outstanding principal amount, Escrowed | 100.00% | 100.00% | ||||||||||||||||
Special mandatory redemption date | 30-Dec-13 | |||||||||||||||||
Unamortized discount on senior notes | $3,300,000 |
Borrowings_Other_Details_Textu
Borrowings (Other) (Details Textual 2) (Other [Member], USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||
Dec. 03, 2013 | Aug. 31, 2013 | Jun. 07, 2013 | Sep. 30, 2014 | Oct. 10, 2013 | Sep. 30, 2014 | Oct. 10, 2013 | |
Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility [Member] | Amended Accounts Receivable Securitization Facility [Member] | Amended Accounts Receivable Securitization Facility [Member] | Crown Accounts Receivable Securitization Facility [Member] | Crown Accounts Receivable Securitization Facility [Member] | |
lender | lender | ||||||
Schedule of Debt [Line Items] | |||||||
Accounts receivable securitization facility, term | 364 days | 364 days | 364 days | ||||
Basis points margin for borrowings under accounts receivable securitization facility | 100.00% | 90.00% | 90.00% | ||||
Accounts receivable securitization facility, maximum borrowings one | $65,000,000 | $190,000,000 | $100,000,000 | ||||
Accounts receivable securitization facility, maximum borrowings two | 250,000,000 | 290,000,000 | 160,000,000 | ||||
Outstanding borrowings under accounts receivable securitization facility | $194,100,000 | $208,000,000 | $217,900,000 | $40,000,000 | |||
Credit facility, interest rate | 1.20% | 1.10% | 1.10% | ||||
Number of lenders | 2 | 2 | |||||
Percentage of holding of the aggregate facility, one | 60.00% | 60.00% | |||||
Percentage of holding of the aggregate facility, two | 40.00% | 40.00% | |||||
One-month LIBOR | one-month LIBOR | one-month LIBOR |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Jun. 07, 2013 |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 4.10% | 14.90% | 5.70% | 24.30% | |
Preexisting equity interest | 50.00% | ||||
Gain on remeasurement to fair value of preexisting equity interest | $1,642 | $0 | $1,642 | $0 | |
Recognition of tax benefits due to resolution of certain tax positions | 6.6 | 6.6 | |||
Impairment of goodwill | $283.60 | $283.60 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (Guarantor Obligations [Member], USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Member] | ||
Loss Contingencies [Line Items] | ||
Carrying amount of indemnification liabilities | $15.10 | $15.10 |
Potential future payments | 296.2 | |
Amount subject to recovery from third parties under recourse provisions | $281.90 |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 1 Months Ended | 5 Months Ended | 6 Months Ended | 11 Months Ended | 17 Months Ended | |
Apr. 30, 2012 | Apr. 30, 2011 | Aug. 31, 2012 | Aug. 31, 2012 | Feb. 29, 2012 | Aug. 31, 2012 | |
Class A and Class B [Member] | Class A and Class B [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | |
Class of Stock [Line Items] | ||||||
Maximum authorized repurchase of common stock | $1,000,000,000 | $500,000,000 | ||||
Common stock repurchased, shares | 14,023,985 | 3,970,481 | 21,234,266 | 25,204,747 | ||
Common stock repurchased | $296,700,000 | $86,300,000 | $413,700,000 | $500,000,000 | ||
Average cost of common stock repurchased | $21.15 | $21.74 | $19.48 | $19.84 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Basic and diluted earnings per common share | ||||
Income available to common stockholders | $1,522 | $124.60 | $1,574.90 | $196.60 |
Class A Common Stock [Member] | ||||
Weighted average common shares outstanding - basic: | ||||
Weighted average common shares outstanding - basic | 164,825,000 | 154,794,000 | 163,277,000 | 158,527,000 |
Weighted average common shares outstanding - diluted | ||||
Weighted average common shares outstanding - basic | 164,825,000 | 154,794,000 | 163,277,000 | 158,527,000 |
Stock-based awards, primarily stock options | 8,470,000 | 6,310,000 | 9,294,000 | 5,386,000 |
Weighted average common shares outstanding - diluted | 196,767,000 | 184,640,000 | 196,056,000 | 187,458,000 |
Earnings per common share - basic: | ||||
Earnings per common share - basic | $8.18 | $0.71 | $8.53 | $1.09 |
Earnings per common share - diluted: | ||||
Earnings per common share - diluted | $7.74 | $0.67 | $8.03 | $1.05 |
Earnings Per Common Share (Textual) | ||||
Antidilutive shares not included in computation of earnings per common share | 1,400,000 | 3,200,000 | 1,400,000 | 3,600,000 |
Class B Convertible Common Stock [Member] | ||||
Weighted average common shares outstanding - basic: | ||||
Weighted average common shares outstanding - basic | 23,472,000 | 23,536,000 | 23,485,000 | 23,545,000 |
Weighted average common shares outstanding - diluted | ||||
Weighted average common shares outstanding - basic | 23,472,000 | 23,536,000 | 23,485,000 | 23,545,000 |
Weighted average common shares outstanding - diluted | 23,472,000 | 23,536,000 | 23,485,000 | 23,545,000 |
Earnings per common share - basic: | ||||
Earnings per common share - basic | $7.43 | $0.64 | $7.75 | $0.99 |
Earnings per common share - diluted: | ||||
Earnings per common share - diluted | $7.11 | $0.62 | $7.38 | $0.96 |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Reconciliation of net income to comprehensive income | ||||
Net income | $1,522 | $124.60 | $1,574.90 | $196.60 |
Foreign currency translation adjustments | ||||
Net gains (losses), Before Tax Amount | -44.1 | 70.7 | -66.4 | -12.4 |
Net gains (losses), Tax (Expense) Benefit | -1.1 | 3.7 | -1.6 | 3.5 |
Net gains (losses), Net of Tax Amount | -45.2 | 74.4 | -68 | -8.9 |
Reclassification adjustments, Before Tax Amount | 0 | 0 | 0 | 0 |
Reclassification adjustments, Tax (Expense) Benefit | 0 | 0 | 0 | 0 |
Reclassification adjustments, Net of Tax Amount | 0 | 0 | 0 | 0 |
Net gain (loss) recognized in other comprehensive income, Before Tax Amount | -44.1 | 70.7 | -66.4 | -12.4 |
Net gain (loss) recognized in other comprehensive income, Tax (Expense) Benefit | -1.1 | 3.7 | -1.6 | 3.5 |
Net gain (loss) recognized in other comprehensive income, Net of Tax Amount | -45.2 | 74.4 | -68 | -8.9 |
Unrealized gain (loss) on cash flow hedges: | ||||
Net derivative gains (losses), Before Tax Amount | 2.4 | -4.2 | 2.4 | -12.8 |
Net derivative gains (losses), Tax (Expense) Benefit | -1.3 | 2.3 | -1.8 | 4.7 |
Net derivative gains (losses), Net of Tax Amount | 1.1 | -1.9 | 0.6 | -8.1 |
Reclassification adjustments, Before Tax Amount | 2.1 | 1.2 | 3.6 | 2.3 |
Reclassification adjustments, Tax (Expense) Benefit | -0.9 | -0.8 | -1.6 | -1.5 |
Reclassification adjustments, Net of Tax Amount | 1.2 | 0.4 | 2 | 0.8 |
Net gain (loss) recognized in other comprehensive income, Before Tax Amount | 4.5 | -3 | 6 | -10.5 |
Net gain (loss) recognized in other comprehensive income, Tax (Expense) Benefit | -2.2 | 1.5 | -3.4 | 3.2 |
Net gain (loss) recognized in other comprehensive income, Net of Tax Amount | 2.3 | -1.5 | 2.6 | -7.3 |
Unrealized gain (loss) on AFS debt securities: | ||||
Net AFS debt securities gains (losses), Before Tax Amount | -1.7 | 2.3 | -2.9 | 0 |
Net AFS debt securities gains (losses), Tax (Expense) Benefit | 0 | -0.1 | -0.1 | -0.1 |
Net AFS debt securities gains (losses), Net of Tax Amount | -1.7 | 2.2 | -3 | -0.1 |
Reclassification adjustments, Before Tax Amount | 0 | 0 | 0 | 0 |
Reclassification adjustments, Tax (Expense) Benefit | 0 | 0 | 0 | 0 |
Reclassification adjustments, Net of Tax Amount | 0 | 0 | 0 | 0 |
Net gain (loss) recognized in other comprehensive income, Before Tax Amount | -1.7 | 2.3 | -2.9 | 0 |
Net gain (loss) recognized in other comprehensive income, Tax (Expense) Benefit | 0 | -0.1 | -0.1 | -0.1 |
Net gain (loss) recognized in other comprehensive income, Net of Tax Amount | -1.7 | 2.2 | -3 | -0.1 |
Pension/postretirement adjustments: | ||||
Net actuarial gains (losses) arising during the period, Before Tax Amount | 0.4 | -0.9 | 0.6 | -0.1 |
Net actuarial gains (losses) arising during the period, Tax (Expense) Benefit | -0.1 | 0.3 | -0.2 | 0.1 |
Net actuarial gains (losses) arising during the period, Net of Tax Amount | 0.3 | -0.6 | 0.4 | 0 |
Reclassification adjustments, Before Tax Amount | 0.3 | 0.2 | 0.6 | 0.4 |
Reclassification adjustments, Tax (Expense) Benefit | 0 | -0.1 | -0.1 | -0.1 |
Reclassification adjustments, Net of Tax Amount | 0.3 | 0.1 | 0.5 | 0.3 |
Net gain (loss) recognized in other comprehensive income, Before Tax Amount | 0.7 | -0.7 | 1.2 | 0.3 |
Net gain (loss) recognized in other comprehensive income, Tax (Expense) Benefit | -0.1 | 0.2 | -0.3 | 0 |
Net gain (loss) recognized in other comprehensive income, Net of Tax Amount | 0.6 | -0.5 | 0.9 | 0.3 |
Other comprehensive income, Before Tax Amount | -40.6 | 69.3 | -62.1 | -22.6 |
Other comprehensive income, Tax (Expense) Benefit | -3.4 | 5.3 | -5.4 | 6.6 |
Other comprehensive income (loss), Net of Tax Amount | -44 | 74.6 | -67.5 | -16 |
Total comprehensive income (loss), Net of Tax Amount | $1,478 | $199.20 | $1,507.40 | $180.60 |
Comprehensive_Income_Details_1
Comprehensive Income (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Foreign currency translation adjustments | ||||
Balance, February 28, 2013, Foreign Currency Translation Adjustments | $170.40 | |||
Other comprehensive (loss) income before reclassification adjustments, Foreign Currency Translation Adjustments | -45.2 | 74.4 | -68 | -8.9 |
Amounts reclassified from accumulated other comprehensive income, Foreign Currency Translation Adjustments | 0 | 0 | 0 | 0 |
Net gain (loss) recognized in other comprehensive income, Net of Tax Amount | -45.2 | 74.4 | -68 | -8.9 |
Balance, August 31, 2013, Foreign Currency Translation Adjustments | 102.4 | 102.4 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent [Abstract] | ||||
Balance, February 28, 2013, Net Unrealized (Losses) Gains on Derivative Instruments | -20.2 | |||
Other comprehensive (loss) income before reclassification adjustments, Net Unrealized (Losses) Gains on Derivative Instruments | 1.1 | -1.9 | 0.6 | -8.1 |
Amounts reclassified from accumulated other comprehensive income, Net Unrealized (Losses) Gains on Derivative Instruments | 1.2 | 0.4 | 2 | 0.8 |
Net gain (loss) recognized in other comprehensive income, Net of Tax Amount | 2.3 | -1.5 | 2.6 | -7.3 |
Balance, August 31, 2013, Net Unrealized (Losses) Gains on Derivative Instruments | -17.6 | -17.6 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Abstract] | ||||
Balance, February 28, 2013, Net Unrealized Gains (Losses) on AFS Debt Securities | 1.4 | |||
Other comprehensive (loss) income before reclassification adjustments, Net Unrealized Gains (Losses) on AFS Debt Securities | -1.7 | 2.2 | -3 | -0.1 |
Amounts reclassified from accumulated other comprehensive income, Net Unrealized Gains (Losses) on AFS Debt Securities | 0 | 0 | 0 | 0 |
Net gain (loss) recognized in other comprehensive income, Net of Tax Amount | -1.7 | 2.2 | -3 | -0.1 |
Balance, August 31, 2013, Net Unrealized Gains (Losses) on AFS Debt Securities | -1.6 | -1.6 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent [Abstract] | ||||
Balance, February 28, 2013, Pension/Postretirement Adjustments | -19.5 | |||
Other comprehensive (loss) income before reclassification adjustments, Pension/Postretirement Adjustments | 0.3 | -0.6 | 0.4 | 0 |
Amounts reclassified from accumulated other comprehensive income, Pension/Postretirement Adjustments | 0.3 | 0.1 | 0.5 | 0.3 |
Net gain (loss) recognized in other comprehensive income, Net of Tax Amount | 0.6 | -0.5 | 0.9 | 0.3 |
Balance, August 31, 2013, Pension/Postretirement Adjustments | -18.6 | -18.6 | ||
Balance, February 28, 2013, Accumulated Other Comprehensive Income | 132.1 | |||
Other comprehensive (loss) income before reclassification adjustments | -70 | |||
Amounts reclassified from accumulated other comprehensive income | 2.5 | |||
Other comprehensive income (loss), Net of Tax Amount | -44 | 74.6 | -67.5 | -16 |
Balance, August 31, 2013, Accumulated Other Comprehensive Income | $64.60 | $64.60 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Details) (USD $) | Aug. 31, 2013 | Jun. 07, 2013 | Feb. 28, 2013 | Aug. 31, 2012 | Feb. 29, 2012 |
In Millions, unless otherwise specified | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Percentage of parent ownership of subsidiary guarantors | 100.00% | ||||
Current assets: | |||||
Cash and cash investments | $116.80 | $232 | $331.50 | $178.50 | $85.80 |
Accounts receivable, net | 655.9 | 471.9 | |||
Inventories | 1,643 | 1,480.90 | |||
Prepaid expenses and other | 254.4 | 186.9 | |||
Intercompany receivable | 0 | 0 | |||
Total current assets | 2,670.10 | 2,471.20 | |||
Property, plant and equipment, net | 1,870.40 | 1,229 | 1,233.50 | ||
Investments in subsidiaries | 0 | 0 | |||
Goodwill | 6,139.20 | 2,722.30 | 2,632.90 | ||
Intangible assets, net | 3,243.90 | 871.4 | |||
Intercompany notes receivable | 0 | 0 | |||
Other assets, net | 199.2 | 344.2 | |||
Total assets | 14,122.80 | 7,638.10 | 8,040.50 | ||
Current liabilities: | |||||
Notes payable to banks | 272.1 | 0 | |||
Current maturities of long-term debt | 115.7 | 27.6 | |||
Accounts payable | 341.2 | 209 | |||
Accrued excise taxes | 27.6 | 18.9 | |||
Intercompany payable | 0 | 0 | |||
Other accrued expenses and liabilities | 1,054 | 422.4 | |||
Total current liabilities | 1,810.60 | 677.9 | |||
LONG-TERM DEBT, less current maturities | 6,912.70 | 3,277.80 | |||
Deferred income taxes | 696.8 | 599.6 | |||
Intercompany notes payable | 0 | 0 | |||
Other liabilities | 192.3 | 222.5 | |||
Stockholders' equity | 4,510.40 | 2,860.30 | |||
Total liabilities and stockholders' equity | 14,122.80 | 7,638.10 | |||
Parent Company [Member] | |||||
Current assets: | |||||
Cash and cash investments | 7.4 | 185.8 | 99.6 | 0.5 | |
Accounts receivable, net | 0.2 | 0.7 | |||
Inventories | 156.2 | 151.5 | |||
Prepaid expenses and other | 35.7 | 25.8 | |||
Intercompany receivable | 8,983 | 6,956.20 | |||
Total current assets | 9,182.50 | 7,320 | |||
Property, plant and equipment, net | 40.7 | 43.3 | |||
Investments in subsidiaries | 10,207.10 | 7,281.50 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Intercompany notes receivable | 3,616.30 | 1,611.20 | |||
Other assets, net | 60.6 | 49.8 | |||
Total assets | 23,107.20 | 16,305.80 | |||
Current liabilities: | |||||
Notes payable to banks | 78 | 0 | |||
Current maturities of long-term debt | 62.7 | 9.8 | |||
Accounts payable | 26.7 | 39.2 | |||
Accrued excise taxes | 10.3 | 11.4 | |||
Intercompany payable | 12,474.30 | 9,615.50 | |||
Other accrued expenses and liabilities | 495.7 | 501.8 | |||
Total current liabilities | 13,147.70 | 10,177.70 | |||
LONG-TERM DEBT, less current maturities | 5,422.10 | 3,251 | |||
Deferred income taxes | 6.5 | 0 | |||
Intercompany notes payable | 0 | 0 | |||
Other liabilities | 20.5 | 16.8 | |||
Stockholders' equity | 4,510.40 | 2,860.30 | |||
Total liabilities and stockholders' equity | 23,107.20 | 16,305.80 | |||
Subsidiary Guarantors [Member] | |||||
Current assets: | |||||
Cash and cash investments | 1.3 | 0.7 | 0.8 | 0.6 | |
Accounts receivable, net | 191.1 | 10.1 | |||
Inventories | 1,129.10 | 1,019.40 | |||
Prepaid expenses and other | 86.3 | 54.5 | |||
Intercompany receivable | 10,702 | 9,291.40 | |||
Total current assets | 12,109.80 | 10,376.10 | |||
Property, plant and equipment, net | 839.4 | 832.7 | |||
Investments in subsidiaries | 2.8 | 2.8 | |||
Goodwill | 5,504.80 | 2,097.90 | |||
Intangible assets, net | 711.7 | 686.5 | |||
Intercompany notes receivable | 36.7 | 0 | |||
Other assets, net | 76.1 | 256.7 | |||
Total assets | 19,281.30 | 14,252.70 | |||
Current liabilities: | |||||
Notes payable to banks | 0 | 0 | |||
Current maturities of long-term debt | 18 | 17.7 | |||
Accounts payable | 172.8 | 106.4 | |||
Accrued excise taxes | 12.9 | 3.7 | |||
Intercompany payable | 7,276.10 | 6,318.70 | |||
Other accrued expenses and liabilities | 246.3 | 187.5 | |||
Total current liabilities | 7,726.10 | 6,634 | |||
LONG-TERM DEBT, less current maturities | 25.4 | 26.8 | |||
Deferred income taxes | 551 | 543 | |||
Intercompany notes payable | 3,668.10 | 1,634.90 | |||
Other liabilities | 54.2 | 72.5 | |||
Stockholders' equity | 7,256.50 | 5,341.50 | |||
Total liabilities and stockholders' equity | 19,281.30 | 14,252.70 | |||
Subsidiary Nonguarantors [Member] | |||||
Current assets: | |||||
Cash and cash investments | 108.1 | 145 | 78.1 | 84.7 | |
Accounts receivable, net | 464.6 | 461.1 | |||
Inventories | 396.3 | 317.2 | |||
Prepaid expenses and other | 492.8 | 447.8 | |||
Intercompany receivable | 2,668.20 | 1,075.10 | |||
Total current assets | 4,130 | 2,446.20 | |||
Property, plant and equipment, net | 990.3 | 353 | |||
Investments in subsidiaries | 0 | 0 | |||
Goodwill | 634.4 | 624.4 | |||
Intangible assets, net | 2,532.20 | 184.9 | |||
Intercompany notes receivable | 32.6 | 32.6 | |||
Other assets, net | 70.9 | 58.6 | |||
Total assets | 8,390.40 | 3,699.70 | |||
Current liabilities: | |||||
Notes payable to banks | 194.1 | 0 | |||
Current maturities of long-term debt | 35 | 0.1 | |||
Accounts payable | 141.7 | 63.4 | |||
Accrued excise taxes | 4.4 | 3.8 | |||
Intercompany payable | 2,602.80 | 1,388.50 | |||
Other accrued expenses and liabilities | 683.3 | 76.1 | |||
Total current liabilities | 3,661.30 | 1,531.90 | |||
LONG-TERM DEBT, less current maturities | 1,465.20 | 0 | |||
Deferred income taxes | 147.7 | 77.5 | |||
Intercompany notes payable | 17.5 | 8.9 | |||
Other liabilities | 117.6 | 133.2 | |||
Stockholders' equity | 2,981.10 | 1,948.20 | |||
Total liabilities and stockholders' equity | 8,390.40 | 3,699.70 | |||
Eliminations [Member] | |||||
Current assets: | |||||
Cash and cash investments | 0 | 0 | 0 | 0 | |
Accounts receivable, net | 0 | 0 | |||
Inventories | -38.6 | -7.2 | |||
Prepaid expenses and other | -360.4 | -341.2 | |||
Intercompany receivable | -22,353.20 | -17,322.70 | |||
Total current assets | -22,752.20 | -17,671.10 | |||
Property, plant and equipment, net | 0 | 0 | |||
Investments in subsidiaries | -10,209.90 | -7,284.30 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Intercompany notes receivable | -3,685.60 | -1,643.80 | |||
Other assets, net | -8.4 | -20.9 | |||
Total assets | -36,656.10 | -26,620.10 | |||
Current liabilities: | |||||
Notes payable to banks | 0 | 0 | |||
Current maturities of long-term debt | 0 | 0 | |||
Accounts payable | 0 | 0 | |||
Accrued excise taxes | 0 | 0 | |||
Intercompany payable | -22,353.20 | -17,322.70 | |||
Other accrued expenses and liabilities | -371.3 | -343 | |||
Total current liabilities | -22,724.50 | -17,665.70 | |||
LONG-TERM DEBT, less current maturities | 0 | 0 | |||
Deferred income taxes | -8.4 | -20.9 | |||
Intercompany notes payable | -3,685.60 | -1,643.80 | |||
Other liabilities | 0 | 0 | |||
Stockholders' equity | -10,237.60 | -7,289.70 | |||
Total liabilities and stockholders' equity | ($36,656.10) | ($26,620.10) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Condensed Consolidating Statement of Comprehensive Income | ||||
Sales | $1,613.30 | $797.70 | $2,379.50 | $1,523 |
Less - excise taxes | -153.5 | -99.2 | -246.3 | -189.7 |
Net sales | 1,459.80 | 698.5 | 2,133.20 | 1,333.30 |
Cost of product sold | -882.8 | -413.4 | -1,300.10 | -797.6 |
Gross profit | 577 | 285.1 | 833.1 | 535.7 |
Selling, general and administrative expenses | -244.1 | -154.5 | -429.7 | -299 |
Impairment of goodwill and intangible assets | -300.9 | 0 | -300.9 | 0 |
GAIN ON REMEASUREMENT TO FAIR VALUE OF EQUITY METHOD INVESTMENT | 1,642 | 0 | 1,642 | 0 |
Operating income | 1,674 | 130.6 | 1,744.50 | 236.7 |
Equity in earnings of equity method investees and subsidiaries | 3.7 | 70.5 | 70.3 | 131.1 |
Interest income | 2 | 1.5 | 3.9 | 2.9 |
Intercompany interest income | 0 | 0 | 0 | 0 |
Interest expense | -92.3 | -56.1 | -149 | -108.2 |
Intercompany interest expense | 0 | 0 | 0 | 0 |
Loss on write-off of financing costs | 0 | 0 | 0 | -2.8 |
Income before income taxes | 1,587.40 | 146.5 | 1,669.70 | 259.7 |
Benefit from (provision for) income taxes | -65.4 | -21.9 | -94.8 | -63.1 |
NET INCOME | 1,522 | 124.6 | 1,574.90 | 196.6 |
Comprehensive income (loss) | 1,478 | 199.2 | 1,507.40 | 180.6 |
Parent Company [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Sales | 569.3 | 511.3 | 1,121.80 | 966.6 |
Less - excise taxes | -75.2 | -54.8 | -153.3 | -103.4 |
Net sales | 494.1 | 456.5 | 968.5 | 863.2 |
Cost of product sold | -425 | -342.5 | -825 | -680.7 |
Gross profit | 69.1 | 114 | 143.5 | 182.5 |
Selling, general and administrative expenses | -97.3 | -84.2 | -216.3 | -166.6 |
Impairment of goodwill and intangible assets | 0 | 0 | 0 | 0 |
GAIN ON REMEASUREMENT TO FAIR VALUE OF EQUITY METHOD INVESTMENT | 0 | 0 | 0 | 0 |
Operating income | -28.2 | 29.8 | -72.8 | 15.9 |
Equity in earnings of equity method investees and subsidiaries | 1,587.10 | 146.9 | 1,720.90 | 285.6 |
Interest income | 0.1 | 0.1 | 0.1 | 0.1 |
Intercompany interest income | 44.9 | 19.8 | 70.7 | 39.5 |
Interest expense | -77.4 | -55.4 | -130.8 | -106.1 |
Intercompany interest expense | -43.7 | -49.1 | -82.7 | -95.4 |
Loss on write-off of financing costs | 0 | 0 | 0 | -2.8 |
Income before income taxes | 1,482.80 | 92.1 | 1,505.40 | 136.8 |
Benefit from (provision for) income taxes | 39.2 | 32.5 | 69.5 | 59.8 |
NET INCOME | 1,522 | 124.6 | 1,574.90 | 196.6 |
Comprehensive income (loss) | 1,478 | 199.2 | 1,507.40 | 180.6 |
Subsidiary Guarantors [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Sales | 1,243.10 | 399.3 | 1,633.40 | 800.4 |
Less - excise taxes | -61.1 | -28.1 | -59.1 | -54.6 |
Net sales | 1,182 | 371.2 | 1,574.30 | 745.8 |
Cost of product sold | -817.6 | -276.6 | -1,092.70 | -537.5 |
Gross profit | 364.4 | 94.6 | 481.6 | 208.3 |
Selling, general and administrative expenses | -115.6 | -33.2 | -144.5 | -52.3 |
Impairment of goodwill and intangible assets | 0 | 0 | 0 | 0 |
GAIN ON REMEASUREMENT TO FAIR VALUE OF EQUITY METHOD INVESTMENT | 1,642 | 0 | 1,642 | 0 |
Operating income | 1,890.80 | 61.4 | 1,979.10 | 156 |
Equity in earnings of equity method investees and subsidiaries | 7.7 | 72.2 | 74.1 | 129.6 |
Interest income | 0 | 0 | 0 | 0 |
Intercompany interest income | 41.2 | 49 | 77.9 | 95.4 |
Interest expense | -0.3 | 0 | -3 | -0.6 |
Intercompany interest expense | -42.6 | -20.1 | -66.4 | -40.2 |
Loss on write-off of financing costs | 0 | 0 | 0 | 0 |
Income before income taxes | 1,896.80 | 162.5 | 2,061.70 | 340.2 |
Benefit from (provision for) income taxes | -91 | -62 | -153 | -131 |
NET INCOME | 1,805.80 | 100.5 | 1,908.70 | 209.2 |
Comprehensive income (loss) | 1,809.50 | 106.8 | 1,915.80 | 207.7 |
Subsidiary Nonguarantors [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Sales | 206.5 | 206.8 | 420.4 | 400.2 |
Less - excise taxes | -17.2 | -16.3 | -33.9 | -31.7 |
Net sales | 189.3 | 190.5 | 386.5 | 368.5 |
Cost of product sold | -12.2 | -113 | -138.7 | -219.3 |
Gross profit | 177.1 | 77.5 | 247.8 | 149.2 |
Selling, general and administrative expenses | -35.3 | -40.2 | -77.2 | -85.9 |
Impairment of goodwill and intangible assets | -300.9 | 0 | -300.9 | 0 |
GAIN ON REMEASUREMENT TO FAIR VALUE OF EQUITY METHOD INVESTMENT | 0 | 0 | 0 | 0 |
Operating income | -159.1 | 37.3 | -130.3 | 63.3 |
Equity in earnings of equity method investees and subsidiaries | 0.1 | 0.1 | 0.2 | 0.2 |
Interest income | 1.9 | 1.4 | 3.8 | 2.8 |
Intercompany interest income | 0.4 | 0.4 | 0.8 | 0.8 |
Interest expense | -14.6 | -0.7 | -15.2 | -1.5 |
Intercompany interest expense | -0.2 | 0 | -0.3 | -0.1 |
Loss on write-off of financing costs | 0 | 0 | 0 | 0 |
Income before income taxes | -171.5 | 38.5 | -141 | 65.5 |
Benefit from (provision for) income taxes | -22.2 | 7.8 | -20.5 | 8.4 |
NET INCOME | -193.7 | 46.3 | -161.5 | 73.9 |
Comprehensive income (loss) | -241.7 | 123.3 | -236.3 | 61.3 |
Eliminations [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Sales | -405.6 | -319.7 | -796.1 | -644.2 |
Less - excise taxes | 0 | 0 | 0 | 0 |
Net sales | -405.6 | -319.7 | -796.1 | -644.2 |
Cost of product sold | 372 | 318.7 | 756.3 | 639.9 |
Gross profit | -33.6 | -1 | -39.8 | -4.3 |
Selling, general and administrative expenses | 4.1 | 3.1 | 8.3 | 5.8 |
Impairment of goodwill and intangible assets | 0 | 0 | 0 | 0 |
GAIN ON REMEASUREMENT TO FAIR VALUE OF EQUITY METHOD INVESTMENT | 0 | 0 | 0 | 0 |
Operating income | -29.5 | 2.1 | -31.5 | 1.5 |
Equity in earnings of equity method investees and subsidiaries | -1,591.20 | -148.7 | -1,724.90 | -284.3 |
Interest income | 0 | 0 | 0 | 0 |
Intercompany interest income | -86.5 | -69.2 | -149.4 | -135.7 |
Interest expense | 0 | 0 | 0 | 0 |
Intercompany interest expense | 86.5 | 69.2 | 149.4 | 135.7 |
Loss on write-off of financing costs | 0 | 0 | 0 | 0 |
Income before income taxes | -1,620.70 | -146.6 | -1,756.40 | -282.8 |
Benefit from (provision for) income taxes | 8.6 | -0.2 | 9.2 | -0.3 |
NET INCOME | -1,612.10 | -146.8 | -1,747.20 | -283.1 |
Comprehensive income (loss) | ($1,567.80) | ($230.10) | ($1,679.50) | ($269) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Jun. 07, 2013 |
Condensed Consolidating Statement of Cash Flows | |||||
Net cash provided by (used in) operating activities | $489 | $368.50 | |||
Cash flows from investing activities: | |||||
Purchase of business, net of cash acquired | -4,672.90 | -159.7 | |||
Purchases of property, plant and equipment | -27.2 | -16 | -49.2 | -35.6 | |
Proceeds from sales of assets | 1.6 | 7.9 | |||
Proceeds from notes receivable | 0 | 4.6 | |||
Other investing activities | 1.1 | -1.2 | |||
Net cash used in investing activities | -4,719.40 | -184 | |||
Cash flows from financing activities: | |||||
Intercompany financings, net | 0 | 0 | |||
Proceeds from issuance of long-term debt | 3,725 | 2,050 | |||
Net proceeds from (repayment of) notes payable | 272.1 | -358.3 | |||
Proceeds from exercises of employee stock options | 77.5 | 110.5 | |||
Excess tax benefits from stock-based payment awards | 53.8 | 11.4 | |||
Proceeds from employee stock purchases | 2.5 | 2.1 | |||
Payment of financing costs of long-term debt | -82.2 | -34.1 | |||
Payment of minimum tax withholdings on stock-based payment awards | -18 | -0.5 | |||
Principal payments of long-term debt | -9.9 | -838 | |||
Payment of restricted cash upon issuance of long-term debt | 0 | -650 | |||
Purchases of treasury stock | 0 | -383 | |||
Net cash provided by (used in) financing activities | 4,020.80 | -89.9 | |||
Effect of exchange rate changes on cash and cash investments | -5.1 | -1.9 | |||
NET (DECREASE) INCREASE IN CASH AND CASH INVESTMENTS | -214.7 | 92.7 | |||
CASH AND CASH INVESTMENTS, beginning of period | 331.5 | 85.8 | 232 | ||
CASH AND CASH INVESTMENTS, end of period | 116.8 | 178.5 | 116.8 | 178.5 | 232 |
Parent Company [Member] | |||||
Condensed Consolidating Statement of Cash Flows | |||||
Net cash provided by (used in) operating activities | 1,551.10 | 209.8 | |||
Cash flows from investing activities: | |||||
Purchase of business, net of cash acquired | 0 | 0 | |||
Purchases of property, plant and equipment | -5 | -7.9 | |||
Proceeds from sales of assets | 0 | 0 | |||
Proceeds from notes receivable | 0 | 1.2 | |||
Other investing activities | 0 | -0.3 | |||
Net cash used in investing activities | -5 | -7 | |||
Cash flows from financing activities: | |||||
Intercompany financings, net | -4,089.40 | -77.4 | |||
Proceeds from issuance of long-term debt | 2,225 | 2,050 | |||
Net proceeds from (repayment of) notes payable | 78 | -298 | |||
Proceeds from exercises of employee stock options | 77.5 | 110.5 | |||
Excess tax benefits from stock-based payment awards | 53.8 | 11.4 | |||
Proceeds from employee stock purchases | 2.5 | 2.1 | |||
Payment of financing costs of long-term debt | -69.6 | -34.1 | |||
Payment of minimum tax withholdings on stock-based payment awards | 0 | 0 | |||
Principal payments of long-term debt | -2.3 | -835.2 | |||
Payment of restricted cash upon issuance of long-term debt | 0 | -650 | |||
Purchases of treasury stock | 0 | -383 | |||
Net cash provided by (used in) financing activities | -1,724.50 | -103.7 | |||
Effect of exchange rate changes on cash and cash investments | 0 | 0 | |||
NET (DECREASE) INCREASE IN CASH AND CASH INVESTMENTS | -178.4 | 99.1 | |||
CASH AND CASH INVESTMENTS, beginning of period | 185.8 | 0.5 | |||
CASH AND CASH INVESTMENTS, end of period | 7.4 | 99.6 | 7.4 | 99.6 | |
Subsidiaries Guarantors [Member] | |||||
Condensed Consolidating Statement of Cash Flows | |||||
Net cash provided by (used in) operating activities | -1,200.30 | 142.6 | |||
Cash flows from investing activities: | |||||
Purchase of business, net of cash acquired | -1,770.10 | -159.7 | |||
Purchases of property, plant and equipment | -33.1 | -21.1 | |||
Proceeds from sales of assets | 0.2 | 4.9 | |||
Proceeds from notes receivable | 0 | 3.4 | |||
Other investing activities | 2.3 | -0.8 | |||
Net cash used in investing activities | -1,800.70 | -173.3 | |||
Cash flows from financing activities: | |||||
Intercompany financings, net | 3,025.60 | 33.7 | |||
Proceeds from issuance of long-term debt | 0 | 0 | |||
Net proceeds from (repayment of) notes payable | 0 | 0 | |||
Proceeds from exercises of employee stock options | 0 | 0 | |||
Excess tax benefits from stock-based payment awards | 0 | 0 | |||
Proceeds from employee stock purchases | 0 | 0 | |||
Payment of financing costs of long-term debt | 0 | 0 | |||
Payment of minimum tax withholdings on stock-based payment awards | -16.4 | 0 | |||
Principal payments of long-term debt | -7.6 | -2.8 | |||
Payment of restricted cash upon issuance of long-term debt | 0 | 0 | |||
Purchases of treasury stock | 0 | 0 | |||
Net cash provided by (used in) financing activities | 3,001.60 | 30.9 | |||
Effect of exchange rate changes on cash and cash investments | 0 | 0 | |||
NET (DECREASE) INCREASE IN CASH AND CASH INVESTMENTS | 0.6 | 0.2 | |||
CASH AND CASH INVESTMENTS, beginning of period | 0.7 | 0.6 | |||
CASH AND CASH INVESTMENTS, end of period | 1.3 | 0.8 | 1.3 | 0.8 | |
Subsidiary Nonguarantors [Member] | |||||
Condensed Consolidating Statement of Cash Flows | |||||
Net cash provided by (used in) operating activities | 138.2 | 16.1 | |||
Cash flows from investing activities: | |||||
Purchase of business, net of cash acquired | -2,902.80 | 0 | |||
Purchases of property, plant and equipment | -11.1 | -6.6 | |||
Proceeds from sales of assets | 1.4 | 3 | |||
Proceeds from notes receivable | 0 | 0 | |||
Other investing activities | -1.2 | -0.1 | |||
Net cash used in investing activities | -2,913.70 | -3.7 | |||
Cash flows from financing activities: | |||||
Intercompany financings, net | 1,063.80 | 43.7 | |||
Proceeds from issuance of long-term debt | 1,500 | 0 | |||
Net proceeds from (repayment of) notes payable | 194.1 | -60.3 | |||
Proceeds from exercises of employee stock options | 0 | 0 | |||
Excess tax benefits from stock-based payment awards | 0 | 0 | |||
Proceeds from employee stock purchases | 0 | 0 | |||
Payment of financing costs of long-term debt | -12.6 | 0 | |||
Payment of minimum tax withholdings on stock-based payment awards | -1.6 | -0.5 | |||
Principal payments of long-term debt | 0 | 0 | |||
Payment of restricted cash upon issuance of long-term debt | 0 | 0 | |||
Purchases of treasury stock | 0 | 0 | |||
Net cash provided by (used in) financing activities | 2,743.70 | -17.1 | |||
Effect of exchange rate changes on cash and cash investments | -5.1 | -1.9 | |||
NET (DECREASE) INCREASE IN CASH AND CASH INVESTMENTS | -36.9 | -6.6 | |||
CASH AND CASH INVESTMENTS, beginning of period | 145 | 84.7 | |||
CASH AND CASH INVESTMENTS, end of period | 108.1 | 78.1 | 108.1 | 78.1 | |
Eliminations [Member] | |||||
Condensed Consolidating Statement of Cash Flows | |||||
Net cash provided by (used in) operating activities | 0 | 0 | |||
Cash flows from investing activities: | |||||
Purchase of business, net of cash acquired | 0 | 0 | |||
Purchases of property, plant and equipment | 0 | 0 | |||
Proceeds from sales of assets | 0 | 0 | |||
Proceeds from notes receivable | 0 | 0 | |||
Other investing activities | 0 | 0 | |||
Net cash used in investing activities | 0 | 0 | |||
Cash flows from financing activities: | |||||
Intercompany financings, net | 0 | 0 | |||
Proceeds from issuance of long-term debt | 0 | 0 | |||
Net proceeds from (repayment of) notes payable | 0 | 0 | |||
Proceeds from exercises of employee stock options | 0 | 0 | |||
Excess tax benefits from stock-based payment awards | 0 | 0 | |||
Proceeds from employee stock purchases | 0 | 0 | |||
Payment of financing costs of long-term debt | 0 | 0 | |||
Payment of minimum tax withholdings on stock-based payment awards | 0 | 0 | |||
Principal payments of long-term debt | 0 | 0 | |||
Payment of restricted cash upon issuance of long-term debt | 0 | 0 | |||
Purchases of treasury stock | 0 | 0 | |||
Net cash provided by (used in) financing activities | 0 | 0 | |||
Effect of exchange rate changes on cash and cash investments | 0 | 0 | |||
NET (DECREASE) INCREASE IN CASH AND CASH INVESTMENTS | 0 | 0 | |||
CASH AND CASH INVESTMENTS, beginning of period | 0 | 0 | |||
CASH AND CASH INVESTMENTS, end of period | $0 | $0 | $0 | $0 |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Cost of Product Sold | ||||
Amortization of favorable interim supply agreement | $7.10 | $3.60 | ||
Cost of Product Sold | 882.8 | 413.4 | 1,300.10 | 797.6 |
Selling, General and Administrative Expenses | ||||
Selling, General and Administrative Expenses | 244.1 | 154.5 | 429.7 | 299 |
Impairment of Goodwill and Intangible Assets | 300.9 | 0 | 300.9 | 0 |
Gain on Remeasurement to Fair Value of Equity Method Investment | -1,642 | 0 | -1,642 | 0 |
Restructuring Charges and Unusual Items [Member] | ||||
Cost of Product Sold | ||||
Flow through of inventory step-up | 9.5 | 1.5 | 11 | 2.3 |
Amortization of favorable interim supply agreement | 2.1 | 0 | 2.1 | 0 |
Cost of Product Sold | 11.6 | 1.5 | 13.1 | 2.3 |
Selling, General and Administrative Expenses | ||||
Transaction and related costs assoiated with pending and completed acquisitions | 7.4 | 9.1 | 34.9 | 9.1 |
Deferred compensation | 0 | 0 | 7 | 0 |
Restructuring charges | 0 | 0.2 | -0.9 | 0.7 |
Other costs | 0 | -0.8 | -2 | 1.4 |
Selling, General and Administrative Expenses | 7.4 | 8.5 | 39 | 11.2 |
Impairment of Goodwill and Intangible Assets | 300.9 | 0 | 300.9 | 0 |
Gain on Remeasurement to Fair Value of Equity Method Investment | -1,642 | 0 | -1,642 | 0 |
Restructuring Charges and Unusual Items | ($1,322.10) | $10 | ($1,289) | $13.50 |
Business_Segment_Information_D1
Business Segment Information (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Feb. 28, 2013 |
Segment Reporting Information [Line Items] | |||||
Net Sales | $1,459.80 | $698.50 | $2,133.20 | $1,333.30 | |
Segment operating income (loss) | 1,674 | 130.6 | 1,744.50 | 236.7 | |
Long-lived tangible assets | 1,870.40 | 1,233.50 | 1,870.40 | 1,233.50 | 1,229 |
Total assets | 14,122.80 | 8,040.50 | 14,122.80 | 8,040.50 | 7,638.10 |
Capital expenditures | 27.2 | 16 | 49.2 | 35.6 | |
Depreciation and amortization | 42.2 | 27.9 | 71.2 | 56 | |
Equity in earnings (losses) of equity method investees | 3.7 | 70.5 | 70.3 | 131.1 | |
Investments in equity method investees | 73.2 | 249.4 | 73.2 | 249.4 | 243.6 |
Beer [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 814.6 | 788.4 | 1,576.20 | 1,512.50 | |
Segment operating income (loss) | 229.9 | 143.4 | 363.9 | 266.4 | |
Long-lived tangible assets | 668.7 | 9 | 668.7 | 9 | |
Total assets | 7,294.50 | 463.7 | 7,294.50 | 463.7 | |
Capital expenditures | 3.3 | 0.1 | 3.6 | 0.4 | |
Depreciation and amortization | 12.6 | 0.8 | 13.1 | 1.5 | |
Wine and Spirits [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 697 | 698.5 | 1,370.40 | 1,333.30 | |
Segment operating income (loss) | 154.8 | 161.3 | 282.4 | 294.3 | |
Long-lived tangible assets | 1,081.30 | 1,101.70 | 1,081.30 | 1,101.70 | |
Total assets | 6,403.10 | 6,822.40 | 6,403.10 | 6,822.40 | |
Capital expenditures | 19.1 | 14.9 | 35.6 | 30.7 | |
Depreciation and amortization | 23.4 | 21.9 | 47.5 | 44.4 | |
Equity in earnings (losses) of equity method investees | -0.6 | -0.8 | 0.1 | -1.1 | |
Investments in equity method investees | 73.2 | 70.3 | 73.2 | 70.3 | |
Wine and Spirits [Member] | Wine [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 629.1 | 615.9 | 1,226.40 | 1,177.20 | |
Wine and Spirits [Member] | Spirits [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 67.9 | 82.6 | 144 | 156.1 | |
Corporate Operations and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 0 | 0 | 0 | 0 | |
Segment operating income (loss) | -24.2 | -20.7 | -48.2 | -44.1 | |
Long-lived tangible assets | 120.4 | 131.8 | 120.4 | 131.8 | |
Total assets | 425.2 | 1,039 | 425.2 | 1,039 | |
Capital expenditures | 4.8 | 1.1 | 10.3 | 4.9 | |
Depreciation and amortization | 6.2 | 6 | 11.1 | 11.6 | |
Restructuring Charges and Unusual Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment operating income (loss) | 1,322.10 | -10 | 1,289 | -13.5 | |
Equity in earnings (losses) of equity method investees | 0 | 0 | -0.1 | 0 | |
Consolidations and Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | -51.8 | -788.4 | -813.4 | -1,512.50 | |
Segment operating income (loss) | -8.6 | -143.4 | -142.6 | -266.4 | |
Long-lived tangible assets | 0 | -9 | 0 | -9 | |
Total assets | 0 | -284.6 | 0 | -284.6 | |
Capital expenditures | 0 | -0.1 | -0.3 | -0.4 | |
Depreciation and amortization | 0 | -0.8 | -0.5 | -1.5 | |
Equity in earnings (losses) of equity method investees | 4.3 | 71.3 | 70.3 | 132.2 | |
Investments in equity method investees | $0 | $179.10 | $0 | $179.10 |
Business_Segment_Information_D2
Business Segment Information (Details Textual) | 6 Months Ended |
Aug. 31, 2013 | |
segment | |
division | |
Segment Reporting [Abstract] | |
Number of business divisions | 2 |
Number of reportable operating segments | 3 |