Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||||
Feb. 28, 2014 | Aug. 31, 2013 | Apr. 22, 2014 | Apr. 22, 2014 | Apr. 22, 2014 | |
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 | '0000016918 | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' | ' |
Document Period End Date | 28-Feb-14 | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' | ' |
Current Fiscal Year End Date | '--02-28 | ' | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' | ' |
Entity Public Float | ' | $8,578,531,740 | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 168,379,662 | 23,413,664 | 0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash investments | $63.90 | $331.50 |
Accounts receivable, net | 626.2 | 471.9 |
Inventories | 1,743.80 | 1,480.90 |
Prepaid expenses and other | 313.3 | 186.9 |
Total current assets | 2,747.20 | 2,471.20 |
PROPERTY, PLANT AND EQUIPMENT, net | 2,014.30 | 1,229 |
GOODWILL | 6,146.80 | 2,722.30 |
INTANGIBLE ASSETS, net | 3,231.10 | 871.4 |
OTHER ASSETS, net | 162.7 | 344.2 |
Total assets | 14,302.10 | 7,638.10 |
CURRENT LIABILITIES: | ' | ' |
Notes payable to banks | 57.2 | 0 |
Current maturities of long-term debt | 590 | 27.6 |
Accounts payable | 295.2 | 209 |
Accrued excise taxes | 27.7 | 18.9 |
Other accrued expenses and liabilities | 1,055.60 | 422.4 |
Total current liabilities | 2,025.70 | 677.9 |
LONG-TERM DEBT, less current maturities | 6,373.30 | 3,277.80 |
DEFERRED INCOME TAXES | 762.6 | 599.6 |
OTHER LIABILITIES | 159.2 | 222.5 |
COMMITMENTS AND CONTINGENCIES (NOTE 14) | ' | ' |
STOCKHOLDERSb EQUITY: | ' | ' |
Preferred Stock, $.01 par value- Authorized, 1,000,000 shares; Issued, none at February 28, 2014, and February 28, 2013 | 0 | 0 |
Additional paid-in capital | 2,116.60 | 1,907.10 |
Retained earnings | 4,438.20 | 2,495.10 |
Accumulated other comprehensive income | 86 | 132.1 |
Total stockholders' equity before treasury stock adjustments | 6,643.60 | 4,537 |
Less: Treasury stock- | -1,662.30 | -1,676.70 |
Total stockholdersb equity | 4,981.30 | 2,860.30 |
Total liabilities and stockholdersb equity | 14,302.10 | 7,638.10 |
Class A Common Stock [Member] | ' | ' |
STOCKHOLDERSb EQUITY: | ' | ' |
Common Stock, Value, Issued | 2.5 | 2.4 |
Less: Treasury stock- | -1,660.10 | -1,674.50 |
Class B Convertible Common Stock [Member] | ' | ' |
STOCKHOLDERSb EQUITY: | ' | ' |
Common Stock, Value, Issued | 0.3 | 0.3 |
Less: Treasury stock- | -2.2 | -2.2 |
Class 1 Common Stock [Member] | ' | ' |
STOCKHOLDERSb EQUITY: | ' | ' |
Common Stock, Value, Issued | $0 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
Preferred Stock, par value | $0.01 | $0.01 |
Preferred Stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred Stock, shares issued | 0 | 0 |
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 | 248,264,944 | 242,064,514 |
Treasury Stock, shares at cost | 80,225,575 | 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 | 28,436,565 | 28,517,035 |
Treasury Stock, shares at cost | 5,005,800 | 5,005,800 |
Class 1 Common Stock [Member] | ' | ' |
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 25,000,000 | 25,000,000 |
Common Stock, shares issued | 0 | 37 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
SALES | $5,411 | $3,171.40 | $2,979.10 |
Less b excise taxes | -543.3 | -375.3 | -324.8 |
Net sales | 4,867.70 | 2,796.10 | 2,654.30 |
COST OF PRODUCT SOLD | -2,876 | -1,687.80 | -1,592.20 |
Gross profit | 1,991.70 | 1,108.30 | 1,062.10 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | -895.1 | -585.4 | -537.5 |
IMPAIRMENT OF GOODWILL AND INTANGIBLE ASSETS | -300.9 | 0 | -38.1 |
GAIN ON REMEASUREMENT TO FAIR VALUE OF EQUITY METHOD INVESTMENT | 1,642 | 0 | 0 |
Operating income | 2,437.70 | 522.9 | 486.5 |
EQUITY IN EARNINGS OF EQUITY METHOD INVESTEES | 87.8 | 233.1 | 228.5 |
INTEREST EXPENSE, net | -323.2 | -227.1 | -181 |
LOSS ON WRITE-OFF OF FINANCING COSTS | 0 | -12.5 | 0 |
Income before income taxes | 2,202.30 | 516.4 | 534 |
PROVISION FOR INCOME TAXES | -259.2 | -128.6 | -89 |
NET INCOME | 1,943.10 | 387.8 | 445 |
COMPREHENSIVE INCOME: | ' | ' | ' |
Net income | 1,943.10 | 387.8 | 445 |
OTHER COMPREHENSIVE (LOSS) INCOME, net of income tax effect: | ' | ' | ' |
Foreign currency translation adjustments | -66.8 | -37.4 | 14.6 |
Unrealized gain (loss) on cash flow hedges | 11.3 | 0.3 | -24.7 |
Unrealized (loss) gain on available-for-sale debt securities | -2.9 | 0.4 | 0.2 |
Pension/postretirement adjustments | 12.3 | -4.9 | -5.2 |
OTHER COMPREHENSIVE LOSS, net of income tax effect | -46.1 | -41.6 | -15.1 |
COMPREHENSIVE INCOME | $1,897 | $346.20 | $429.90 |
Class A Common Stock [Member] | ' | ' | ' |
Earnings per common share: | ' | ' | ' |
Earnings per common share, basic (in dollars per share) | $10.45 | $2.15 | $2.20 |
Earnings per common share, diluted (in dollars per share) | $9.83 | $2.04 | $2.13 |
Weighted average common shares outstanding: | ' | ' | ' |
Weighted average common shares outstanding, basic | 164,687 | 158,658 | 180,724 |
Weighted average common shares outstanding, diluted | 197,570 | 190,307 | 208,655 |
Class B Convertible Common Stock [Member] | ' | ' | ' |
Earnings per common share: | ' | ' | ' |
Earnings per common share, basic (in dollars per share) | $9.50 | $1.96 | $2 |
Earnings per common share, diluted (in dollars per share) | $9.04 | $1.87 | $1.96 |
Weighted average common shares outstanding: | ' | ' | ' |
Weighted average common shares outstanding, basic | 23,467 | 23,532 | 23,590 |
Weighted average common shares outstanding, diluted | 23,467 | 23,532 | 23,590 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Class A Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Performance share units [Member] | Performance share units [Member] | Performance share units [Member] | Performance share units [Member] | Performance share units [Member] | Performance share units [Member] | Performance share units [Member] |
In Millions, unless otherwise specified | Class A Common Stock [Member] | Class B Convertible Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | ||||||||
Class A Common Stock [Member] | Class B Convertible Common Stock [Member] | Class A Common Stock [Member] | Class B Convertible Common Stock [Member] | |||||||||||||||||||
BALANCE, beginning of period at Feb. 28, 2011 | $2,551.90 | ' | $2.30 | $0.30 | $1,602.40 | $1,662.30 | $188.80 | ($904.20) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 445 | ' | 0 | 0 | 0 | 445 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive loss, net of income tax effect | -15.1 | ' | 0 | 0 | 0 | 0 | -15.1 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COMPREHENSIVE INCOME | 429.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of 21,234,266 and 17,994,466 Class A Common shares for Fiscal Year 2012 and 2013, respectively | -413.7 | ' | 0 | 0 | 0 | 0 | 0 | -413.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of 33,842, 66,881 and 80,470 Class B Convertible Common shares to Class A Common shares for Fiscal Year 2012, 2013 and 2014, respectively | 0 | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of 3,438,706, 8,234,324 and 6,119,923 Class A stock options for Fiscal Year 2012, 2013 and 2014, respectively | 50.7 | ' | 0 | 0 | 50.7 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock purchases of 279,361, 210,895 and 163,817 treasury shares for Fiscal Year 2012, 2013 and 2014, respectively | 4.7 | ' | 0 | 0 | -2.3 | 0 | 0 | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant of 622,092, 18,190 and 12,375 Class A Common shares - restricted stock awards for Fiscal Year 2012, 2013 and 2014, respectively | 0 | ' | 0 | 0 | -10.4 | 0 | 0 | 10.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting of 38,783, 42,664 and 121,539 restricted stock units for Fiscal Year 2012, 2013 and 2014, respectively, 123,822 and 309,653 performance stock units for Fiscal Year 2012 and 2014, respectively, net of 22,145, 23,836 and 96,767 shares for Fiscal Year 2012, 2013 and 2014, respectively, and 78,383 and 267,577 shares for Fiscal Year 2012 and 2014, respectively, withheld to satisfy tax withholding requirements | ' | ' | ' | ' | ' | ' | ' | ' | -0.5 | 0 | 0 | -1.5 | 0 | 0 | 1 | -1.7 | 0 | 0 | -4.8 | 0 | 0 | 3.1 |
Cancellation of 105,402, 61,140 and 33,661 restricted Class A Common shares for Fiscal Year 2012, 2013 and 2014, respectively | 0 | ' | 0 | 0 | 2.6 | 0 | 0 | -2.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based employee compensation | 47.4 | ' | 0 | 0 | 47.4 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit on stock-based employee compensation awards | 7.3 | ' | 0 | 0 | 7.3 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE, end of period at Feb. 29, 2012 | 2,676 | ' | 2.3 | 0.3 | 1,691.40 | 2,107.30 | 173.7 | -1,299 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 387.8 | ' | 0 | 0 | 0 | 387.8 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive loss, net of income tax effect | -41.6 | ' | 0 | 0 | 0 | 0 | -41.6 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COMPREHENSIVE INCOME | 346.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of 21,234,266 and 17,994,466 Class A Common shares for Fiscal Year 2012 and 2013, respectively | -383 | -86.3 | 0 | 0 | 0 | 0 | 0 | -383 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of 33,842, 66,881 and 80,470 Class B Convertible Common shares to Class A Common shares for Fiscal Year 2012, 2013 and 2014, respectively | 0 | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of 3,438,706, 8,234,324 and 6,119,923 Class A stock options for Fiscal Year 2012, 2013 and 2014, respectively | 158 | ' | 0.1 | 0 | 157.9 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock purchases of 279,361, 210,895 and 163,817 treasury shares for Fiscal Year 2012, 2013 and 2014, respectively | 4.4 | ' | 0 | 0 | -0.9 | 0 | 0 | 5.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant of 622,092, 18,190 and 12,375 Class A Common shares - restricted stock awards for Fiscal Year 2012, 2013 and 2014, respectively | 0 | ' | 0 | 0 | -0.4 | 0 | 0 | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting of 38,783, 42,664 and 121,539 restricted stock units for Fiscal Year 2012, 2013 and 2014, respectively, 123,822 and 309,653 performance stock units for Fiscal Year 2012 and 2014, respectively, net of 22,145, 23,836 and 96,767 shares for Fiscal Year 2012, 2013 and 2014, respectively, and 78,383 and 267,577 shares for Fiscal Year 2012 and 2014, respectively, withheld to satisfy tax withholding requirements | ' | ' | ' | ' | ' | ' | ' | ' | -0.5 | 0 | 0 | -1.6 | 0 | 0 | 1.1 | ' | ' | ' | ' | ' | ' | ' |
Cancellation of 105,402, 61,140 and 33,661 restricted Class A Common shares for Fiscal Year 2012, 2013 and 2014, respectively | 0 | ' | 0 | 0 | 1.5 | 0 | 0 | -1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based employee compensation | 44.2 | ' | 0 | 0 | 44.2 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit on stock-based employee compensation awards | 15 | ' | 0 | 0 | 15 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE, end of period at Feb. 28, 2013 | 2,860.30 | ' | 2.4 | 0.3 | 1,907.10 | 2,495.10 | 132.1 | -1,676.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 1,943.10 | ' | 0 | 0 | 0 | 1,943.10 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive loss, net of income tax effect | -46.1 | ' | 0 | 0 | 0 | 0 | -46.1 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COMPREHENSIVE INCOME | 1,897 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of 33,842, 66,881 and 80,470 Class B Convertible Common shares to Class A Common shares for Fiscal Year 2012, 2013 and 2014, respectively | 0 | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of 3,438,706, 8,234,324 and 6,119,923 Class A stock options for Fiscal Year 2012, 2013 and 2014, respectively | 120.1 | ' | 0.1 | 0 | 120 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock purchases of 279,361, 210,895 and 163,817 treasury shares for Fiscal Year 2012, 2013 and 2014, respectively | 5.8 | ' | 0 | 0 | 1.7 | 0 | 0 | 4.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant of 622,092, 18,190 and 12,375 Class A Common shares - restricted stock awards for Fiscal Year 2012, 2013 and 2014, respectively | 0 | ' | 0 | 0 | -0.3 | 0 | 0 | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting of 38,783, 42,664 and 121,539 restricted stock units for Fiscal Year 2012, 2013 and 2014, respectively, 123,822 and 309,653 performance stock units for Fiscal Year 2012 and 2014, respectively, net of 22,145, 23,836 and 96,767 shares for Fiscal Year 2012, 2013 and 2014, respectively, and 78,383 and 267,577 shares for Fiscal Year 2012 and 2014, respectively, withheld to satisfy tax withholding requirements | ' | ' | ' | ' | ' | ' | ' | ' | -4.8 | 0 | 0 | -7.8 | 0 | 0 | 3 | -13.2 | 0 | 0 | -21 | 0 | 0 | 7.8 |
Cancellation of 105,402, 61,140 and 33,661 restricted Class A Common shares for Fiscal Year 2012, 2013 and 2014, respectively | 0 | ' | 0 | 0 | 0.8 | 0 | 0 | -0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based employee compensation | 50.8 | ' | 0 | 0 | 50.8 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit on stock-based employee compensation awards | 65.3 | ' | 0 | 0 | 65.3 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE, end of period at Feb. 28, 2014 | $4,981.30 | ' | $2.50 | $0.30 | $2,116.60 | $4,438.20 | $86 | ($1,662.30) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | 12 Months Ended | ||||||||||||||||||||
Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2014 | Feb. 29, 2012 | Feb. 28, 2014 | Feb. 29, 2012 | |
Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Performance share units [Member] | Performance share units [Member] | Performance share units [Member] | Performance share units [Member] | ||||
Class A Common Stock [Member] | Class A Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Treasury Stock [Member] | ||||||||||
Repurchase of Class A Common shares | ' | 17,994,466 | 21,234,266 | ' | ' | ' | ' | ' | ' | 17,994,466 | 21,234,266 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class B Convertible Common shares to Class A Common shares | 80,470 | 66,881 | 33,842 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of Class A stock options | 6,119,923 | 8,234,324 | 3,438,706 | 6,119,923 | 8,234,324 | 6,119,923 | 8,234,324 | 3,438,706 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock purchases of treasury shares | 163,817 | 210,895 | 279,361 | ' | ' | 163,817 | 210,895 | 279,361 | 163,817 | 210,895 | 279,361 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant of Class A Common shares - restricted stock awards | ' | ' | ' | ' | ' | 12,375 | 18,190 | 622,092 | 12,375 | 18,190 | 622,092 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of restricted Class A Common shares | ' | ' | ' | ' | ' | 33,661 | 61,140 | 105,402 | 33,661 | 61,140 | 105,402 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting of stock units, net of shares withheld to satisfy tax withholding requirements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,539 | 42,664 | 38,783 | 121,539 | 42,664 | 38,783 | 309,653 | 123,822 | 309,653 | 123,822 |
Shares withheld to satisfy tax withholding requirements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,767 | 23,836 | 22,145 | 96,767 | 23,836 | 22,145 | 267,577 | 78,383 | 267,577 | 78,383 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $1,943.10 | $387.80 | $445 |
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 | 0 |
Equity in earnings of equity method investees, net of distributed earnings | -43.3 | 7.6 | 2.6 |
Impairment of goodwill and intangible assets | 300.9 | 0 | 38.1 |
Depreciation of property, plant and equipment | 139.8 | 108.2 | 98.4 |
Stock-based compensation expense | 49.9 | 40.8 | 47.6 |
Deferred tax provision | 41.6 | 39.2 | 48 |
Amortization of intangible assets | 15.5 | 7.2 | 5.4 |
Amortization of deferred financing costs | 11.6 | 4.8 | 6.5 |
Loss on write-off of financing costs | 0 | 12.5 | 0 |
Change in operating assets and liabilities, net of effects from purchase of business: | ' | ' | ' |
Accounts receivable, net | 36.5 | -38.9 | -5.6 |
Inventories | -41.1 | -90 | 51.5 |
Prepaid expenses and other current assets | -0.2 | -9.6 | 6.5 |
Accounts payable | -49.3 | 76.9 | -6 |
Accrued excise taxes | -5.5 | -5.8 | 10.6 |
Other accrued expenses and liabilities | 58.1 | -0.3 | 44.6 |
Other, net | 10.6 | 15.9 | -9.1 |
Total adjustments | -1,116.90 | 168.5 | 339.1 |
Net cash provided by operating activities | 826.2 | 556.3 | 784.1 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of business, net of cash acquired | -4,681.30 | -159.3 | -51.5 |
Purchases of property, plant and equipment | -223.5 | -62.1 | -68.4 |
Proceeds from redemption of available-for-sale debt securities | 23.4 | 0 | 20.2 |
Proceeds from sales of assets | 7.8 | 10 | 3.6 |
Payments related to sale of business | 0 | -0.6 | -30.8 |
Other investing activities | 9.8 | 5.2 | -8.2 |
Net cash used in investing activities | -4,863.80 | -206.8 | -135.1 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from issuance of long-term debt | 3,725 | 2,050 | 0 |
Proceeds from exercises of employee stock options | 120.1 | 158.3 | 51.3 |
Excess tax benefits from stock-based payment awards | 65.4 | 17.7 | 10.9 |
Net proceeds from (repayments of) notes payable | 57.3 | -372.6 | 249.8 |
Proceeds from employee stock purchases | 5.8 | 4.4 | 4.7 |
Principal payments of long-term debt | -96.4 | -1,537.20 | -475.9 |
Payments of financing costs of long-term debt | -82.2 | -35.8 | 0 |
Payments of minimum tax withholdings on stock-based payment awards | -18 | -0.5 | -2.2 |
Purchases of treasury stock | 0 | -383 | -413.7 |
Net cash provided by (used in) financing activities | 3,777 | -98.7 | -575.1 |
Effect of exchange rate changes on cash and cash investments | -7 | -5.1 | 2.7 |
NET (DECREASE) INCREASE IN CASH AND CASH INVESTMENTS | -267.6 | 245.7 | 76.6 |
CASH AND CASH INVESTMENTS, beginning of year | 331.5 | 85.8 | 9.2 |
CASH AND CASH INVESTMENTS, end of year | 63.9 | 331.5 | 85.8 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' |
Interest | 313.4 | 197 | 173.3 |
Income taxes, net of refunds received | 117.9 | 143.6 | -31.8 |
Purchase of business | ' | ' | ' |
Net cash paid for purchase of business | 4,681.30 | 159.3 | 51.5 |
Property, plant and equipment acquired under financing arrangements | 27.9 | 34.8 | 27.8 |
Beer Business Acquisition [Member] | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of business, net of cash acquired | -4,681.30 | ' | ' |
Purchase of business | ' | ' | ' |
Fair value of assets acquired, including cash acquired | 7,465.70 | ' | ' |
Liabilities assumed | -287.5 | ' | ' |
Net assets acquired | 7,178.20 | ' | ' |
Plus b settlement of obligation from put option of shareholder | 0 | ' | ' |
Less b fair value of preexisting equity interest | -1,845 | ' | ' |
Less - purchase price and working capital adjustments not yet paid | -545.1 | ' | ' |
Less b cash acquired | -106.8 | ' | ' |
Net cash paid for purchase of business | 4,681.30 | ' | ' |
Mark West [Member] | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of business, net of cash acquired | ' | -159.3 | ' |
Purchase of business | ' | ' | ' |
Fair value of assets acquired, including cash acquired | ' | 159.3 | ' |
Liabilities assumed | ' | 0 | ' |
Net assets acquired | ' | 159.3 | ' |
Plus b settlement of obligation from put option of shareholder | ' | 0 | ' |
Less b fair value of preexisting equity interest | ' | 0 | ' |
Less - purchase price and working capital adjustments not yet paid | ' | 0 | ' |
Less b cash acquired | ' | 0 | ' |
Net cash paid for purchase of business | ' | 159.3 | ' |
Ruffino Acquisition [Member] | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of business, net of cash acquired | ' | ' | -51.5 |
Purchase of business | ' | ' | ' |
Fair value of assets acquired, including cash acquired | ' | ' | 157.3 |
Liabilities assumed | ' | ' | -133.8 |
Net assets acquired | ' | ' | 23.5 |
Plus b settlement of obligation from put option of shareholder | ' | ' | 56.7 |
Less b fair value of preexisting equity interest | ' | ' | -11.6 |
Less - purchase price and working capital adjustments not yet paid | ' | ' | 0 |
Less b cash acquired | ' | ' | -17.1 |
Net cash paid for purchase of business | ' | ' | $51.50 |
Description_of_Business_Basis_
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
Description of business – | ||||||||
Constellation Brands, Inc. and its subsidiaries (the “Company”) operate primarily in the beverage alcohol industry. The Company is a leading international producer and marketer of beverage alcohol with a broad portfolio of consumer-preferred imported beer, premium wine and spirits brands complemented by other select beverage alcohol products. The Company is a leading producer and marketer of beer in the United States (“U.S.”) and has a leading premium wine business in the world. The Company is a leading producer and marketer of wine in the U.S.; a leading producer and marketer of wine in Canada; and a leading producer and exporter of wine from both New Zealand and Italy. The Company is a leading multi-category supplier (beer, wine and spirits) of beverage alcohol in the U.S. In North America, the Company’s products are primarily sold to wholesale distributors as well as state and provincial alcohol beverage control agencies. In New Zealand, the Company’s products are primarily sold to retailers, wholesalers and importers. In Italy, the Company’s products are primarily sold to retailers, wholesalers and importers, as well as direct to on-premise. | ||||||||
Basis of presentation – | ||||||||
Principles of consolidation: | ||||||||
The consolidated financial statements of the Company include the accounts of the Company and its majority-owned subsidiaries and entities in which the Company has a controlling financial interest after the elimination of intercompany accounts and transactions. The Company has a controlling financial interest if the Company owns a majority of the outstanding voting common stock or has significant control over an entity through contractual or economic interests in which the Company is the primary beneficiary. | ||||||||
Management’s use of estimates: | ||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||
Equity method investments: | ||||||||
If the Company is not required to consolidate its investment in another entity, the Company uses the equity method if the Company (i) can exercise significant influence over the other entity and (ii) holds common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, plus or minus the Company’s equity in the increases and decreases in the investee’s net assets after the date of acquisition and certain other adjustments. The Company’s share of the net income or loss of the investee is included in equity in earnings of equity method investees on the Company’s Consolidated Statements of Comprehensive Income. Dividends received from the investee reduce the carrying amount of the investment. | ||||||||
Equity method investments are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investments may not be recoverable. No instances of impairment were noted on the Company’s equity method investments for the years ended February 28, 2014, February 28, 2013, and February 29, 2012. | ||||||||
Other: | ||||||||
Certain February 28, 2013, and February 29, 2012, balances have been reclassified to conform to current year presentation. | ||||||||
Summary of significant accounting policies – | ||||||||
Revenue recognition: | ||||||||
Sales are recognized when title and risk of loss pass to the customer, which is generally when the product is shipped. Amounts billed to customers for shipping and handling are classified as sales. Sales reflect reductions attributable to consideration given to customers in various customer incentive programs, including pricing discounts on single transactions, volume discounts, promotional and advertising allowances, coupons, and rebates. | ||||||||
Cost of product sold: | ||||||||
The types of costs included in cost of product sold are raw materials, packaging materials, manufacturing costs, plant administrative support and overheads, and freight and warehouse costs (including distribution network costs). Distribution network costs include inbound freight charges and outbound shipping and handling costs, purchasing and receiving costs, inspection costs, warehousing and internal transfer costs. | ||||||||
Selling, general and administrative expenses: | ||||||||
The types of costs included in selling, general and administrative expenses consist predominately of advertising and non-manufacturing administrative and overhead costs. Distribution network costs are not included in the Company’s selling, general and administrative expenses, but are included in cost of product sold as described above. The Company expenses advertising costs as incurred, shown or distributed. Prepaid advertising costs at February 28, 2014, and February 28, 2013, were not material. Advertising expense for the years ended February 28, 2014, February 28, 2013, and February 29, 2012, was $278.5 million, $121.9 million and $116.0 million, respectively. | ||||||||
Foreign currency translation: | ||||||||
The “functional currency” of the Company’s subsidiaries outside the U.S. is generally in the respective local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate for the period. The resulting translation adjustments are recorded as a component of Accumulated Other Comprehensive Income (“AOCI”). Gains or losses resulting from foreign currency denominated transactions are included in selling, general and administrative expenses on the Company’s Consolidated Statements of Comprehensive Income. The Company engages in foreign currency denominated transactions with customers and suppliers, as well as between subsidiaries with different functional currencies. Aggregate foreign currency transaction net gains (losses) were $5.3 million, $3.7 million and ($0.7) million for the years ended February 28, 2014, February 28, 2013, and February 29, 2012, respectively. | ||||||||
Cash investments: | ||||||||
Cash investments consist of highly liquid investments with an original maturity when purchased of three months or less and are stated at cost, which approximates fair value. | ||||||||
Allowance for doubtful accounts: | ||||||||
The Company records an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The majority of the accounts receivable balance is generated from sales to independent distributors with whom the Company has a predetermined collection date arranged through electronic funds transfer. The allowance for doubtful accounts was $1.8 million and $1.9 million as of February 28, 2014, and February 28, 2013, respectively. | ||||||||
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 (see Note 7). | ||||||||
Derivative instruments: | ||||||||
As a multinational company, the Company is exposed to market risk from changes in foreign currency exchange rates, commodity 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, commodity and interest rate market movements during that same period. | ||||||||
The Company enters into derivative instruments, primarily foreign currency forward and option contracts, commodity pricing swaps and interest rate swaps, to manage foreign currency, commodity pricing and interest rate risks, respectively. The Company recognizes all derivatives as either assets or liabilities on its Consolidated Balance Sheets and measures those instruments at fair value (see Note 6, Note 7). The fair values of the Company’s derivative instruments change with fluctuations in currency rates, commodity prices and/or interest rates 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 foreign currency, commodity pricing and interest rate risks, including prohibitions on derivative market-making or other speculative activities. | ||||||||
To qualify for hedge accounting treatment under the Financial Accounting Standards Board (“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 and qualitative measures. | ||||||||
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. | ||||||||
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 commodity prices, primarily consisting of diesel fuel, corn and natural gas prices. Foreign currency contracts, generally less than 12 months in duration, and commodity 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 on the Company’s Consolidated Statements of Comprehensive Income. For purposes of measuring segment operating performance, the unrealized gains or losses from the mark to fair value of the Company’s undesignated commodity swap contracts are reported outside of segment operating results until such time that the underlying exposure is realized in the segment operating results. At that time, the realized gains or losses from the mark to fair value of the undesignated commodity swap contracts are reported in the appropriate operating segment, allowing the Company’s operating segments to realize the economic effects of the commodity swap contracts without the resulting unrealized mark to fair value volatility. The net unrealized gain reported outside of segment operating results for the year ended February 28, 2014, was not material. There were no amounts reported outside of segment operating results for the years ended February 28, 2013, and February 29, 2012. | ||||||||
The Company had undesignated foreign currency contracts outstanding with an absolute notional value of $643.8 million and $355.1 million as of February 28, 2014, and February 28, 2013, respectively, and undesignated commodity swap contracts outstanding with an absolute notional value of $88.0 million as of February 28, 2014. The Company had no undesignated commodity swap contracts outstanding as of February 28, 2013. In addition, the Company had offsetting undesignated interest rate swap agreements outstanding with an absolute notional value of $1.0 billion as of February 28, 2014, and February 28, 2013 (see Note 12). | ||||||||
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 commodity swap contracts to manage its exposure to changes in commodity prices and interest rate swap contracts to manage its exposure to changes in interest rates. 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. | ||||||||
The Company records the fair value of its foreign currency contracts, commodity swap contracts and interest rate 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. | ||||||||
The Company had cash flow designated foreign currency contracts outstanding with an absolute notional value of $636.6 million and $220.3 million as of February 28, 2014, and February 28, 2013, respectively; cash flow designated commodity swap contracts outstanding with an absolute notional value of $17.4 million as of February 28, 2013; and a cash flow designated interest rate swap agreement outstanding with a notional value of $500.0 million as of February 28, 2014, and February 28, 2013 (see Note 12). The Company had no cash flow designated commodity swap contracts outstanding as of February 28, 2014. The Company expects $3.1 million of net losses, net of income tax effect, to be reclassified from AOCI to earnings within the next 12 months. | ||||||||
Fair value hedges: | ||||||||
Fair value hedges are hedges that offset the risk of changes in the fair values of recorded assets and liabilities, and firm commitments. The Company records changes in fair value of derivative instruments, which are designated and deemed effective as fair value hedges, in earnings offset by the corresponding changes in the fair value of the hedged items. The Company did not designate any derivative instruments as fair value hedges for the years ended February 28, 2014, February 28, 2013, and February 29, 2012. | ||||||||
Net investment hedges: | ||||||||
Net investment hedges are hedges that use derivative instruments or non-derivative instruments to hedge the foreign currency exposure of a net investment in a foreign operation. Historically, the Company has managed currency exposures resulting from certain of its net investments in foreign subsidiaries principally with debt denominated in the related foreign currency. Accordingly, gains and losses on these instruments were recorded as foreign currency translation adjustments in AOCI. The Company did not designate any derivative or non-derivative instruments as net investment hedges for the years ended February 28, 2014, February 28, 2013, and February 29, 2012. | ||||||||
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 February 28, 2014, the fair value of derivative instruments in a net liability position due to counterparties was $30.4 million. If the Company were required to settle the net liability position under these derivative instruments on February 28, 2014, 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 February 28, 2014, 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 February 28, 2014, the fair value of derivative instruments in a net receivable position due from counterparties was $17.0 million. | ||||||||
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 are classified as follows: | ||||||||
28-Feb-14 | 28-Feb-13 | |||||||
(in millions) | ||||||||
Raw materials and supplies | $ | 87.8 | $ | 45.5 | ||||
In-process inventories | 1,235.40 | 1,168.10 | ||||||
Finished case goods | 420.6 | 267.3 | ||||||
$ | 1,743.80 | $ | 1,480.90 | |||||
Bulk wine inventories are included as in-process inventories within current assets, in accordance with the general practices of the wine industry, although a portion of such inventories may be aged for periods greater than one year. A substantial portion of barreled whiskey and brandy will not be sold within one year because of the duration of the aging process. All barreled whiskey and brandy are classified as in-process inventories and are included in current assets, in accordance with industry practice. Warehousing, insurance, ad valorem taxes and other carrying charges applicable to barreled whiskey and brandy held for aging are included in inventory costs. | ||||||||
The Company assesses the valuation of its inventories and reduces the carrying value of those inventories that are obsolete or in excess of the Company’s forecasted usage to their estimated net realizable value. The Company estimates the net realizable value of such inventories based on analyses and assumptions including, but not limited to, historical usage, future demand and market requirements. Reductions to the carrying value of inventories are recorded in cost of product sold. If the future demand for the Company’s products is less favorable than the Company’s forecasts, then the value of the inventories may be required to be reduced, which could result in additional expense to the Company and affect its results of operations. | ||||||||
Property, plant and equipment: | ||||||||
Property, plant and equipment is stated at cost. Major additions and betterments are charged to property accounts, while maintenance and repairs are charged to operations as incurred. The cost of properties sold or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts at the time of disposal and resulting gains and losses are included as a component of operating income. | ||||||||
Depreciation: | ||||||||
Depreciation is computed primarily using the straight-line method over the following estimated useful lives: | ||||||||
Depreciable Life in Years | ||||||||
Land improvements | 15 to 32 | |||||||
Vineyards | 16 to 26 | |||||||
Buildings and improvements | 10 to 44 | |||||||
Machinery and equipment | 3 to 35 | |||||||
Motor vehicles | 3 to 7 | |||||||
Goodwill and other intangible assets: | ||||||||
The Company reviews its goodwill and indefinite lived intangible assets annually for impairment, or sooner, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company uses January 1 as its annual impairment test measurement date. Indefinite lived intangible assets consist principally of trademarks. Intangible assets determined to have a finite life, primarily customer relationships and a favorable interim supply agreement (see Note 3), are amortized over their estimated useful lives and are subject to review for impairment in accordance with the FASB guidance for property, plant and equipment. Note 9 provides a summary of intangible assets segregated between amortizable and nonamortizable amounts. | ||||||||
In the fourth quarter of fiscal 2014, pursuant to the Company’s accounting policy, the Company performed its annual goodwill impairment analysis. No indication of impairment was noted for any of the Company’s reporting units as the estimated fair value of each of the Company’s reporting units with goodwill exceeded their carrying value. The Company had previously recorded an impairment loss of $278.7 million, which is included in impairment of goodwill and intangible assets on the Company’s Consolidated Statements of Comprehensive Income, for the second quarter of fiscal 2014, in connection with the Wine and Spirits (formerly Constellation Wines and Spirits) segment’s Canadian reporting unit (Level 3 fair value measurement – see Note 7). In the fourth quarters of fiscal 2013 and fiscal 2012, pursuant to the Company’s accounting policy, the Company performed its annual goodwill impairment analysis. No indication of impairment was noted for any of the Company’s reporting units for the years ended February 28, 2013, and February 29, 2012, as the estimated fair value of each of the Company’s reporting units with goodwill exceeded their carrying value. | ||||||||
In the fourth quarter of fiscal 2014, pursuant to the Company’s accounting policy, the Company performed its annual review of indefinite lived intangible assets for impairment. No indication of impairment was noted for any of the Company’s indefinite lived intangible assets. The Company had previously recorded an impairment loss of $22.2 million, which is included in impairment of goodwill and intangible assets on the Company’s Consolidated Statements of Comprehensive Income, for the second quarter of fiscal 2014, in connection with certain trademarks associated with the Wine and Spirits segment’s Canadian business (Level 3 fair value measurement – see Note 7). In the fourth quarters of fiscal 2013 and fiscal 2012, pursuant to the Company’s accounting policy, the Company performed its annual review of indefinite lived intangible assets for impairment. No indication of impairment was noted for any of the Company’s indefinite lived intangible assets for the year ended February 28, 2013. The Company recorded an impairment loss of $38.1 million, which is included in impairment of goodwill and intangible assets on the Company’s Consolidated Statements of Comprehensive Income for the year ended February 29, 2012, in connection with certain trademarks associated with the Wine and Spirits segment’s Canadian business (Level 3 fair value measurement – see Note 7). | ||||||||
Other assets: | ||||||||
Other assets include the following: (i) investments in equity method investees which are carried under the equity method of accounting (see Note 10); (ii) deferred financing costs which are stated at cost, net of accumulated amortization, and are amortized on an effective interest basis over the term of the related debt; (iii) an investment in Accolade (as defined in Note 10) consisting of cost method investments which are carried at cost and available-for-sale (“AFS”) debt securities which are carried at fair value (see Note 10); (iv) deferred tax assets which are stated net of valuation allowances (see Note 13); and (v) derivative assets which are stated at fair value. Amortization of deferred financing costs is included in interest expense, net, on the Company’s Consolidated Statements of Comprehensive Income. | ||||||||
Long-lived assets impairment: | ||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted cash flows, an impairment loss is recognized to the extent that the carrying value of the asset exceeds its estimated fair value. Assets held for sale are reported at the lower of the carrying amount or fair value less costs to sell and are no longer depreciated. There were no assets classified as held for sale as of February 28, 2014, and February 28, 2013. There were no impairment losses recorded for any of the Company’s long-lived assets for the years ended February 28, 2014, February 28, 2013, and February 29, 2012. | ||||||||
Indemnification liabilities: | ||||||||
The Company has indemnified respective parties against certain liabilities that may arise in connection with certain acquisitions and divestitures. The carrying values of the indemnification liabilities are included in other liabilities on the Company’s Consolidated Balance Sheets (see Note 14). | ||||||||
Income taxes: | ||||||||
The Company uses the asset and liability method of accounting for income taxes. This method accounts for deferred income taxes by applying statutory rates in effect at the balance sheet date to the difference between the financial reporting and tax bases of assets and liabilities. | ||||||||
Environmental: | ||||||||
Environmental expenditures that relate to current operations or to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities for environmental risks or components thereof are recorded when environmental assessments and/or remedial efforts are probable, and the cost can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or the Company’s commitment to a formal plan of action. Liabilities for environmental costs were not material at February 28, 2014, and February 28, 2013. | ||||||||
Earnings per common share: | ||||||||
The Company has two classes of outstanding common stock: Class A Common Stock and Class B Convertible Common Stock (see Note 15). In addition, the Company has another class of common stock consisting of shares of Class 1 Common Stock (see Note 15). With respect to dividend rights, the Class A Common Stock is entitled to cash dividends of at least ten percent greater than those declared and paid on the Class B Convertible Common Stock. Accordingly, the Company uses the two-class computation method for the computation of earnings per common share – basic and earnings per common share – diluted. The two-class computation method for each period reflects the amount of allocated undistributed earnings per share computed using the participation percentage which reflects the minimum dividend rights of each class of stock. | ||||||||
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 years ended February 28, 2014, February 28, 2013, and February 29, 2012, earnings per common share – diluted for Class A Common Stock has been calculated using the if-converted method. For the years ended February 28, 2014, February 28, 2013, and February 29, 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. | ||||||||
Stock-based employee compensation plans: | ||||||||
The Company has two material stock-based employee compensation plans (see Note 16). The Company applies a grant date fair-value-based measurement method in accounting for its stock-based payment arrangements and records all costs resulting from stock-based payment transactions ratably over the requisite service period in its consolidated financial statements. Stock-based awards granted by the Company are subject to specific vesting conditions, generally time vesting, or upon retirement, disability or death of the employee (as defined by the stock option plan), if earlier. The Company recognizes compensation expense immediately for awards granted to retirement-eligible employees or ratably over the period from the date of grant to the date of retirement-eligibility if that is expected to occur during the requisite service period, when appropriate. |
Recently_Adopted_Accounting_Gu
Recently Adopted Accounting Guidance | 12 Months Ended |
Feb. 28, 2014 | |
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 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. | |
Goodwill and other intangible assets – | |
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. 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. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
ACQUISITIONS | ' | |||||||
ACQUISITIONS: | ||||||||
Beer Business Acquisition – | ||||||||
On June 7, 2013, the Company acquired (i) the remaining 50% equity interest in Crown Imports (as defined in Note 10) (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 10) 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 the supplier 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 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 the estimated fair value of an additional purchase price for the finalization of the Final EBITDA Amount (as defined in the stock purchase agreement) of $543.3 million, as well as additional estimated cash payments for certain working capital adjustments. The fair value of the additional purchase price related to the Final EBITDA Amount was estimated by discounting future cash flows. In the third quarter of fiscal 2014, the calculation of the Final EBITDA Amount was finalized requiring the Company to make a payment of $558.0 million no later than June 7, 2014, consisting of the additional purchase price of $543.3 million plus imputed interest of $14.7 million. | ||||||||
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 12); | |||||||
• | $1,500.0 million in term loans consisting of a $500.0 million European Term A Facility (as defined in Note 12) and a $1,000.0 million European Term B Facility (as defined in Note 12) under the 2013 Credit Agreement (as defined in Note 12); | |||||||
• | $675.0 million in term loans under the U.S. Term A-2 Facility (as defined in Note 12) 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. | ||||||||
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 estimated 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. | ||||||||
The aggregate 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 upon the estimated fair value of each as of the acquisition date. 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 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 | ) | ||||||
Aggregate purchase price | $ | 5,226.40 | ||||||
The acquired accounts receivable consist primarily of trade receivables, all of which have been collected. The acquired inventory was all sold during the second quarter of fiscal 2014. The 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 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 favorable supply contract was determined using an income approach, specifically, the differential method. The estimated fair value for the trademarks was determined using an income approach, specifically, the relief from royalty 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 $1,647.0 million of the goodwill recognized is expected to be deductible for income tax purposes. | ||||||||
The Company has recognized acquisition-related costs of $78.3 million through February 28, 2014, with $52.3 million and $26.0 million recognized for the years ended February 28, 2014, and February 28, 2013, respectively. These costs are included primarily 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 (formerly the Crown Imports segment) and has been included in the consolidated results of operations of the Company from the date of acquisition. The following table sets forth the unaudited pro forma financial information for the years ended February 28, 2014, and February 28, 2013, respectively. The unaudited pro forma financial information for the years ended February 28, 2014, and February 28, 2013, 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 year ended February 28, 2014, combines (i) the Company’s historical statement of income for the year ended February 28, 2014; (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 year ended February 28, 2014, 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 year ended February 28, 2013, combines (i) the Company’s historical statement of income for the year ended February 28, 2013; (ii) Crown Imports’ historical statement of income for the year ended December 31, 2012; and (iii) the Brewery Business’ carve-out combined income statement for the year ended December 31, 2012. The unaudited pro forma financial information is presented after giving effect to certain adjustments for 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 gain on the remeasurement to fair value of the Company’s preexisting 50% equity interest in Crown Imports and the acquisition-related costs noted above as both are nonrecurring amounts directly attributable to the transaction. 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 Years Ended | ||||||||
February 28, 2014 | February 28, 2013 | |||||||
(in millions, except per share data) | ||||||||
Net sales | $ | 5,485.10 | $ | 5,365.60 | ||||
Income before income taxes | $ | 707.7 | $ | 933.9 | ||||
Net income | $ | 398.6 | $ | 675.4 | ||||
Earnings per common share: | ||||||||
Basic – Class A Common Stock | $ | 2.14 | $ | 3.75 | ||||
Basic – Class B Convertible Common Stock | $ | 1.95 | $ | 3.41 | ||||
Diluted – Class A Common Stock | $ | 2.02 | $ | 3.55 | ||||
Diluted – Class B Convertible Common Stock | $ | 1.85 | $ | 3.26 | ||||
Weighted average common shares outstanding: | ||||||||
Basic – Class A Common Stock | 164.687 | 158.658 | ||||||
Basic – Class B Convertible Common Stock | 23.467 | 23.532 | ||||||
Diluted – Class A Common Stock | 197.57 | 190.307 | ||||||
Diluted – Class B Convertible Common Stock | 23.467 | 23.532 | ||||||
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. | ||||||||
Ruffino – | ||||||||
In connection with the Company’s December 2004 investment in Ruffino S.r.l. (“Ruffino”), the well-known Italian fine wine company, the Company granted separate irrevocable and unconditional options to two other shareholders of Ruffino to put to the Company all of the ownership interests held by these shareholders for a price as calculated in the joint venture agreement. Each option was exercisable during the period starting from January 1, 2010, and ending on December 31, 2010. During the year ended February 28, 2010, the 9.9% shareholder of Ruffino exercised its option to put its entire equity interest in Ruffino to the Company. In May 2010, the Company settled this put option, thereby increasing the Company’s equity interest in Ruffino from 40.0% to 49.9%. In December 2010, the Company received notification from the 50.1% shareholder of Ruffino that it was exercising its option to put its entire equity interest in Ruffino to the Company. | ||||||||
In October 2011, the Company acquired the remaining 50.1% shareholder’s equity interest in Ruffino, for €50.3 million ($68.6 million). As a result of this acquisition, the Company assumed indebtedness of Ruffino, net of cash acquired, of €54.2 million ($73.1 million). 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 Ruffino was not material for purposes of supplemental disclosure pursuant to the FASB guidance on business combinations. The results of operations of the Ruffino business 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. |
Prepaid_Expenses_and_Other
Prepaid Expenses and Other | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
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: | ||||||||
February 28, 2014 | February 28, 2013 | |||||||
(in millions) | ||||||||
Income taxes receivable | $ | 117.5 | $ | 117.3 | ||||
Prepaid excise, sales and value added taxes | 81.6 | 20.2 | ||||||
Other | 114.2 | 49.4 | ||||||
$ | 313.3 | $ | 186.9 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT: | ||||||||
The major components of property, plant and equipment are as follows: | ||||||||
28-Feb-14 | 28-Feb-13 | |||||||
(in millions) | ||||||||
Land and land improvements | $ | 334 | $ | 304.6 | ||||
Vineyards | 220.1 | 214.5 | ||||||
Buildings and improvements | 519.5 | 342 | ||||||
Machinery and equipment | 1,585.90 | 1,090.60 | ||||||
Motor vehicles | 48.5 | 47.3 | ||||||
Construction in progress | 231 | 47.9 | ||||||
2,939.00 | 2,046.90 | |||||||
Less – Accumulated depreciation | (924.7 | ) | (817.9 | ) | ||||
$ | 2,014.30 | $ | 1,229.00 | |||||
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||
Feb. 28, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
DERIVATIVE INSTRUMENTS | ' | ||||||||||
DERIVATIVE INSTRUMENTS: | |||||||||||
The estimated fair value and location of the Company’s derivative instruments on its Consolidated Balance Sheets are as follows (see Note 7): | |||||||||||
Balance Sheet Location | 28-Feb-14 | 28-Feb-13 | |||||||||
(in millions) | |||||||||||
Derivative instruments designated as hedging instruments | |||||||||||
Foreign currency contracts: | |||||||||||
Prepaid expenses and other | $ | 11.2 | $ | 6.4 | |||||||
Other accrued expenses and liabilities | $ | 3.2 | $ | 0.1 | |||||||
Other assets, net | $ | 4.4 | $ | 2.4 | |||||||
Other liabilities | $ | 0.7 | $ | 0.1 | |||||||
Interest rate swap contracts: | |||||||||||
Other accrued expenses and liabilities | $ | 3.4 | $ | 3.2 | |||||||
Other liabilities | $ | 0.7 | $ | 3.1 | |||||||
Commodity 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 | $ | 3.3 | $ | 0.9 | |||||||
Other accrued expenses and liabilities | $ | 0.9 | $ | 5.1 | |||||||
Interest rate swap contracts: | |||||||||||
Prepaid expenses and other | $ | 3.5 | $ | 3.3 | |||||||
Other accrued expenses and liabilities | $ | 13.3 | $ | 13.2 | |||||||
Other assets, net | $ | 0.9 | $ | 3.3 | |||||||
Other liabilities | $ | 15.5 | $ | 27.6 | |||||||
Commodity swap contracts: | |||||||||||
Prepaid expenses and other | $ | 1.3 | $ | — | |||||||
Other accrued expenses and liabilities | $ | 0.1 | $ | — | |||||||
Other assets, net | $ | 0.2 | $ | — | |||||||
Other liabilities | $ | 0.4 | $ | — | |||||||
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 | Gain (Loss) | Reclassified from AOCI to | Gain (Loss) | ||||||||
Hedging Relationships | Recognized | Income (Effective portion) | Reclassified | ||||||||
in OCI | from AOCI to Income | ||||||||||
(Effective | (Effective | ||||||||||
portion) | portion) | ||||||||||
(in millions) | |||||||||||
For the Year Ended February 28, 2014 | |||||||||||
Foreign currency contracts | $ | 5.6 | Sales | $ | 3.5 | ||||||
Foreign currency contracts | 2.2 | Cost of product sold | 0.7 | ||||||||
Interest rate swap contracts | (0.7 | ) | Interest expense, net | (8.2 | ) | ||||||
Total | $ | 7.1 | Total | $ | (4.0 | ) | |||||
For the Year Ended February 28, 2013 | |||||||||||
Foreign currency contracts | $ | 3.1 | Sales | $ | 2.4 | ||||||
Foreign currency contracts | — | Cost of product sold | 2 | ||||||||
Commodity swap contracts | 0.7 | Cost of product sold | 0.5 | ||||||||
Interest rate swap contracts | (6.3 | ) | Interest expense, net | (8.0 | ) | ||||||
Total | $ | (2.5 | ) | Total | $ | (3.1 | ) | ||||
For the Year Ended February 29, 2012 | |||||||||||
Foreign currency contracts | $ | 5.8 | Sales | $ | 6.4 | ||||||
Foreign currency contracts | 3.1 | Cost of product sold | 1.6 | ||||||||
Interest rate swap contracts | (27.2 | ) | Interest expense, net | (3.8 | ) | ||||||
Total | $ | (18.3 | ) | Total | $ | 4.2 | |||||
Derivative Instruments in | Location of Net (Loss) Gain | Net (Loss) Gain | |||||||||
Designated Cash Flow | Recognized in Income | Recognized | |||||||||
Hedging Relationships | (Ineffective portion) | in Income | |||||||||
(Ineffective | |||||||||||
portion) | |||||||||||
(in millions) | |||||||||||
For the Year Ended February 28, 2014 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (0.3 | ) | |||||||
Commodity swap contracts | Selling, general and administrative expenses | 0.1 | |||||||||
$ | (0.2 | ) | |||||||||
For the Year Ended February 28, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.3 | ||||||||
For the Year Ended February 29, 2012 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 2.2 | ||||||||
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 | |||||||||
Designated as Hedging Instruments | Recognized in Income | (Loss) Gain | |||||||||
Recognized | |||||||||||
in Income | |||||||||||
(in millions) | |||||||||||
For the Year Ended February 28, 2014 | |||||||||||
Commodity swap contracts | Cost of product sold | $ | 1.5 | ||||||||
Foreign currency contracts | Selling, general and administrative expenses | (3.4 | ) | ||||||||
Interest rate swap contracts | Interest expense, net | (0.2 | ) | ||||||||
$ | (2.1 | ) | |||||||||
For the Year Ended February 28, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (3.8 | ) | |||||||
Interest rate swap contracts | Interest expense, net | (0.5 | ) | ||||||||
$ | (4.3 | ) | |||||||||
For the Year Ended February 29, 2012 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (1.9 | ) |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||
Feb. 28, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS: | ||||||||||||||||
The carrying amount and estimated fair value of the Company’s financial instruments are summarized as follows: | ||||||||||||||||
28-Feb-14 | 28-Feb-13 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(in millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash investments | $ | 63.9 | $ | 63.9 | $ | 331.5 | $ | 331.5 | ||||||||
Accounts receivable, net | $ | 626.2 | $ | 626.2 | $ | 471.9 | $ | 471.9 | ||||||||
AFS debt securities | $ | 8.8 | $ | 8.8 | $ | 34.2 | $ | 34.2 | ||||||||
Foreign currency contracts | $ | 18.9 | $ | 18.9 | $ | 9.7 | $ | 9.7 | ||||||||
Interest rate swap contracts | $ | 4.4 | $ | 4.4 | $ | 6.6 | $ | 6.6 | ||||||||
Commodity swap contracts | $ | 1.5 | $ | 1.5 | $ | 0.6 | $ | 0.6 | ||||||||
Liabilities: | ||||||||||||||||
Notes payable to banks | $ | 57.2 | $ | 57.2 | $ | — | $ | — | ||||||||
Accounts payable | $ | 295.2 | $ | 295.2 | $ | 209 | $ | 209 | ||||||||
Long-term debt, including current portion | $ | 6,963.30 | $ | 7,140.80 | $ | 3,305.40 | $ | 3,603.60 | ||||||||
Foreign currency contracts | $ | 4.8 | $ | 4.8 | $ | 5.3 | $ | 5.3 | ||||||||
Interest rate swap contracts | $ | 32.9 | $ | 32.9 | $ | 47.1 | $ | 47.1 | ||||||||
Commodity swap contracts | $ | 0.5 | $ | 0.5 | $ | 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). | ||||||||||||||||
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). | ||||||||||||||||
Commodity 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) | ||||||||||||||||
28-Feb-14 | ||||||||||||||||
Assets: | ||||||||||||||||
AFS debt securities | $ | — | $ | — | $ | 8.8 | $ | 8.8 | ||||||||
Foreign currency contracts | $ | — | $ | 18.9 | $ | — | $ | 18.9 | ||||||||
Interest rate swap contracts | $ | — | $ | 4.4 | $ | — | $ | 4.4 | ||||||||
Commodity swap contracts | $ | — | $ | 1.5 | $ | — | $ | 1.5 | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency contracts | $ | — | $ | 4.8 | $ | — | $ | 4.8 | ||||||||
Interest rate swap contracts | $ | — | $ | 32.9 | $ | — | $ | 32.9 | ||||||||
Commodity swap contracts | $ | — | $ | 0.5 | $ | — | $ | 0.5 | ||||||||
28-Feb-13 | ||||||||||||||||
Assets: | ||||||||||||||||
AFS debt securities | $ | — | $ | — | $ | 34.2 | $ | 34.2 | ||||||||
Foreign currency contracts | $ | — | $ | 9.7 | $ | — | $ | 9.7 | ||||||||
Interest rate swap contracts | $ | — | $ | 6.6 | $ | — | $ | 6.6 | ||||||||
Commodity swap contracts | $ | — | $ | 0.6 | $ | — | $ | 0.6 | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency contracts | $ | — | $ | 5.3 | $ | — | $ | 5.3 | ||||||||
Interest rate swap contracts | $ | — | $ | 47.1 | $ | — | $ | 47.1 | ||||||||
Commodity 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. Commodity 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 Year Ended February 28, 2014 | ||||||||||||||||
Goodwill | $ | — | $ | — | $ | 159.6 | $ | 278.7 | ||||||||
Trademarks | — | — | 68.3 | 22.2 | ||||||||||||
$ | — | $ | — | $ | 227.9 | $ | 300.9 | |||||||||
For the Year Ended February 29, 2012 | ||||||||||||||||
Trademarks | $ | — | $ | — | $ | 96 | $ | 38.1 | ||||||||
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 estimated 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 estimated 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 estimated fair value of the reporting unit with the estimated 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 $159.6 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 $278.7 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 discussed above, the Company performed a review of indefinite lived intangible assets for impairment. The Company determined that certain trademarks associated with the Wine and Spirits segment’s Canadian business 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. Accordingly, trademarks with a carrying value of $90.2 million were written down to their estimated fair value of $68.3 million, resulting in an impairment of $22.2 million. | ||||||||||||||||
For the year ended February 29, 2012, pursuant to the Company’s accounting policy, the Company performed its annual review of indefinite lived intangible assets for impairment. The Company determined that certain trademarks associated with the Wine and Spirits segment’s Canadian business were impaired largely due to lower revenue and profitability associated with products incorporating these assets included in long-term financial forecasts developed as part of the strategic planning cycle conducted during the Company’s fourth quarter. Accordingly, trademarks with a carrying value of $134.4 million, were written down to their estimated fair value of $96.0 million, resulting in an impairment of $38.1 million. | ||||||||||||||||
These impairments are included in impairment of goodwill and intangible assets on the Company’s Consolidated Statements of Comprehensive Income for the respective periods. For each period, 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 estimated 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 estimated fair value of the trademarks. |
Goodwill
Goodwill | 12 Months Ended | |||||||||||||||
Feb. 28, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
GOODWILL | ' | |||||||||||||||
GOODWILL: | ||||||||||||||||
The changes in the carrying amount of goodwill are as follows: | ||||||||||||||||
Wine and Spirits | Beer | Consolidation | 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 | (278.7 | ) | — | — | (278.7 | ) | ||||||||||
Foreign currency translation adjustments | (11.4 | ) | (1.2 | ) | — | (12.6 | ) | |||||||||
Balance, February 28, 2014 | ||||||||||||||||
Goodwill | 2,693.50 | 3,714.60 | — | 6,408.10 | ||||||||||||
Accumulated impairment losses | (261.3 | ) | — | — | (261.3 | ) | ||||||||||
$ | 2,432.20 | $ | 3,714.60 | $ | — | $ | 6,146.80 | |||||||||
For the year ended February 28, 2013, purchase accounting allocations of $110.0 million in the Wine and Spirits segment consist primarily of purchase accounting allocations associated with the acquisition of Mark West. For the year ended February 28, 2014, purchase accounting allocations of $3,702.8 million and $13.0 million in the Beer segment and Consolidation and Eliminations, respectively, consist of purchase accounting allocations associated with the Beer Business Acquisition. For the year ended February 28, 2014, impairment of goodwill in the Wine and Spirits segment consists of an impairment loss of $278.7 million associated with goodwill assigned to the segment’s Canadian reporting unit. |
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||||||||
Feb. 28, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
INTANGIBLE ASSETS | ' | |||||||||||||||
INTANGIBLE ASSETS: | ||||||||||||||||
The major components of intangible assets are as follows: | ||||||||||||||||
28-Feb-14 | 28-Feb-13 | |||||||||||||||
Gross | Net | Gross | Net | |||||||||||||
Carrying | Carrying | Carrying | Carrying | |||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||
(in millions) | ||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Customer relationships | $ | 103.6 | $ | 70.5 | $ | 82.9 | $ | 54.7 | ||||||||
Favorable interim supply agreement | 68.3 | 62.3 | — | — | ||||||||||||
Other | 14.7 | 5.3 | 7.9 | 2.2 | ||||||||||||
Total | $ | 186.6 | 138.1 | $ | 90.8 | 56.9 | ||||||||||
Nonamortizable intangible assets: | ||||||||||||||||
Trademarks | 3,088.00 | 809.1 | ||||||||||||||
Other | 5 | 5.4 | ||||||||||||||
Total | 3,093.00 | 814.5 | ||||||||||||||
Total intangible assets, net | $ | 3,231.10 | $ | 871.4 | ||||||||||||
The Company did not incur costs to renew or extend the term of acquired intangible assets during the years ended February 28, 2014, and February 28, 2013. 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 $15.5 million, $7.2 million and $5.4 million for the years ended February 28, 2014, February 28, 2013, and February 29, 2012, respectively. Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows: | ||||||||||||||||
(in millions) | ||||||||||||||||
2015 | $ | 43.5 | ||||||||||||||
2016 | $ | 32.6 | ||||||||||||||
2017 | $ | 8 | ||||||||||||||
2018 | $ | 5.5 | ||||||||||||||
2019 | $ | 5.5 | ||||||||||||||
Thereafter | $ | 43 | ||||||||||||||
Other_Assets
Other Assets | 12 Months Ended | |||||||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
OTHER ASSETS | ' | |||||||||||||||||||||||
OTHER ASSETS: | ||||||||||||||||||||||||
The major components of other assets are as follows: | ||||||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Deferred financing costs | $ | 85.2 | $ | 54.4 | ||||||||||||||||||||
Investments in equity method investees | 73.3 | 243.6 | ||||||||||||||||||||||
Investment in Accolade | 11.5 | 42.8 | ||||||||||||||||||||||
Other | 18.2 | 17.3 | ||||||||||||||||||||||
188.2 | 358.1 | |||||||||||||||||||||||
Less – Accumulated amortization | (25.5 | ) | (13.9 | ) | ||||||||||||||||||||
$ | 162.7 | $ | 344.2 | |||||||||||||||||||||
Investments in equity method investees – | ||||||||||||||||||||||||
Crown Imports: | ||||||||||||||||||||||||
Prior to June 7, 2013, Constellation Beers Ltd., an indirect wholly-owned subsidiary of the Company, and Diblo, S.A. de C.V., an entity majority-owned by Grupo Modelo, S.A.B. de C.V. (“Modelo”), each had, directly or indirectly, equal interests in a joint venture, Crown Imports LLC (“Crown Imports”). Crown Imports had the exclusive right to import, market and sell primarily Modelo’s Mexican beer portfolio sold in the U.S. and Guam (the “Mexican Beer Brands”). | ||||||||||||||||||||||||
In addition, prior to June 7, 2013, the Company accounted for its investment in Crown Imports under the equity method. Accordingly, the results of operations of Crown Imports were included in equity in earnings of equity method investees on the Company’s Consolidated Statements of Comprehensive Income through June 6, 2013. The Company received $30.3 million, $230.2 million and $222.0 million of cash distributions from Crown Imports for the years ended February 28, 2014, February 28, 2013, and February 29, 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. | ||||||||||||||||||||||||
Ruffino: | ||||||||||||||||||||||||
Prior to the October 2011 acquisition of Ruffino, the Company had a 49.9% interest in Ruffino. The Company did not have a controlling interest in Ruffino or exert any managerial control and the Company accounted for its investment in Ruffino under the equity method. Accordingly, the results of operations of Ruffino were included in equity in earnings of equity method investees on the Company’s Consolidated Statements of Comprehensive Income through the date of acquisition. | ||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||
In connection with prior acquisitions, the Company acquired several investments which are being accounted for under the equity method. The primary investment consists of Opus One Winery LLC (“Opus One”), a 50% owned joint venture arrangement. As of February 28, 2014, and February 28, 2013, the Company’s investment in Opus One was $63.5 million and $59.3 million, respectively. The percentage of ownership of the remaining investments ranges from 20% to 50%. | ||||||||||||||||||||||||
The following table presents summarized financial information for the Company’s Crown Imports equity method investment and the other material equity method investments discussed above. The amounts shown represent 100% of these equity method investments’ financial position and results of operations for those investments accounted for under the equity method as of February 28, 2014. As the financial position and results of operations of Crown Imports and Ruffino have been included in the Company’s consolidated financial position and results of operations from the dates of acquisition, amounts included for Crown Imports and Ruffino each represent 100% of the respective equity method investment’s results of operations prior to each of their respective dates of acquisition. | ||||||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | |||||||||||||||||||||||
Crown | Other | Total | Crown | Other | Total | |||||||||||||||||||
Imports | Imports | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Current assets | $ | — | $ | 32 | $ | 32 | $ | 404.1 | $ | 27.4 | $ | 431.5 | ||||||||||||
Noncurrent assets | $ | — | $ | 50.5 | $ | 50.5 | $ | 36.4 | $ | 50.8 | $ | 87.2 | ||||||||||||
Current liabilities | $ | — | $ | 4.2 | $ | 4.2 | $ | 123.2 | $ | 4.7 | $ | 127.9 | ||||||||||||
Noncurrent liabilities | $ | — | $ | 19.5 | $ | 19.5 | $ | 6 | $ | 22.6 | $ | 28.6 | ||||||||||||
Crown | Other | Total | ||||||||||||||||||||||
Imports | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
For the Year Ended February 28, 2014 | ||||||||||||||||||||||||
Net sales | $ | 813.4 | $ | 62.8 | $ | 876.2 | ||||||||||||||||||
Gross profit | $ | 241.5 | $ | 49.9 | $ | 291.4 | ||||||||||||||||||
Income from continuing operations | $ | 142.1 | $ | 34.5 | $ | 176.6 | ||||||||||||||||||
Net income | $ | 142.1 | $ | 34.5 | $ | 176.6 | ||||||||||||||||||
For the Year Ended February 28, 2013 | ||||||||||||||||||||||||
Net sales | $ | 2,588.10 | $ | 52.6 | $ | 2,640.70 | ||||||||||||||||||
Gross profit | $ | 755.4 | $ | 39 | $ | 794.4 | ||||||||||||||||||
Income from continuing operations | $ | 446.2 | $ | 24.8 | $ | 471 | ||||||||||||||||||
Net income | $ | 446.2 | $ | 24.8 | $ | 471 | ||||||||||||||||||
For the Year Ended February 29, 2012 | ||||||||||||||||||||||||
Net sales | $ | 2,469.50 | $ | 106.2 | $ | 2,575.70 | ||||||||||||||||||
Gross profit | $ | 721 | $ | 61.5 | $ | 782.5 | ||||||||||||||||||
Income from continuing operations | $ | 430.2 | $ | 28.1 | $ | 458.3 | ||||||||||||||||||
Net income | $ | 430.2 | $ | 28.1 | $ | 458.3 | ||||||||||||||||||
Investment in Accolade – | ||||||||||||||||||||||||
The Company’s less than 20% interest in its previously owned Australian and United Kingdom (“U.K.”) business, Accolade Wines (“Accolade”), consists of equity securities and AFS debt securities. The investment in the equity securities is accounted for under the cost method. Accordingly, the Company recognizes earnings only upon the receipt of a dividend from Accolade. The Company received a return of investment of $5.9 million for the year ended February 28, 2014, which was recorded as a reduction of the cost of the investment and is included in other investing activities on the Company’s Consolidated Statements of Cash Flows. The AFS debt securities are measured at fair value on a recurring basis with unrealized holding gains and losses, including foreign currency gains and losses, reported in AOCI until realized (see Note 18). Interest income is recognized based on the interest rate implicit in the AFS debt securities’ fair value and is reported in interest expense, net, on the Company’s Consolidated Statements of Comprehensive Income. Interest income recognized for the years ended February 28, 2014, February 28, 2013, and February 29, 2012, was not material. For the years ended February 28, 2014, and February 29, 2012, the Company received cash proceeds of $28.6 million (proceeds for principal of $23.4 million and interest of $5.2 million) and $21.7 million (proceeds for principal of $20.2 million and interest of $1.5 million), respectively, in connection with the early redemptions of certain of the AFS debt securities. No cash proceeds were received for the year ended February 28, 2013. Amounts reclassified from AOCI to selling, general and administrative expenses on the Company’s Consolidated Statements of Comprehensive Income in connection with the early redemptions for the years ended February 28, 2014, and February 29, 2012, were not material. The AFS debt securities contractually mature in January 2023 and can be settled, at the option of the issuer, in cash, equity shares of the issuer, or a combination thereof. |
Other_Accrued_Expenses_and_Lia
Other Accrued Expenses and Liabilities | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
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: | ||||||||
28-Feb-14 | 28-Feb-13 | |||||||
(in millions) | ||||||||
Beer Business Acquisition payable | $ | 555.7 | $ | — | ||||
Salaries, commissions, and payroll benefits and withholdings | 118.7 | 80.5 | ||||||
Promotions and advertising | 103.1 | 80.3 | ||||||
Accrued interest | 56.9 | 61.4 | ||||||
Deferred revenue | 52.8 | 49.3 | ||||||
Income taxes payable | 45.4 | 11.2 | ||||||
Other | 123 | 139.7 | ||||||
$ | 1,055.60 | $ | 422.4 | |||||
Borrowings
Borrowings | 12 Months Ended | |||||||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||
BORROWINGS | ' | |||||||||||||||||||||||
BORROWINGS: | ||||||||||||||||||||||||
Borrowings consist of the following: | ||||||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | |||||||||||||||||||||||
Current | Long-term | Total | Total | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Notes Payable to Banks: | ||||||||||||||||||||||||
Senior Credit Facility – Revolving Credit Loans | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Other | 57.2 | — | 57.2 | — | ||||||||||||||||||||
$ | 57.2 | $ | — | $ | 57.2 | $ | — | |||||||||||||||||
Long-term Debt: | ||||||||||||||||||||||||
Senior Credit Facility – Term Loans | $ | 72.8 | $ | 2,792.00 | $ | 2,864.80 | $ | 762.5 | ||||||||||||||||
Senior Notes | 499.5 | 3,547.80 | 4,047.30 | 2,496.00 | ||||||||||||||||||||
Other Long-term Debt | 17.7 | 33.5 | 51.2 | 46.9 | ||||||||||||||||||||
$ | 590 | $ | 6,373.30 | $ | 6,963.30 | $ | 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 February 28, 2014, 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) 65% of the ownership interests in 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 65% of the ownership interests in 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 February 28, 2014, under the 2013 Credit Agreement, the Company had outstanding borrowings under the U.S. Term A Facility of $496.3 million bearing an interest rate of 2.2%, U.S. Term A-1 Facility of $245.0 million bearing an interest rate of 2.4%, U.S. Term A-2 Facility of $649.7 million bearing an interest rate of 2.2%, European Term A Facility of $481.3 million bearing an interest rate of 2.2%, European Term B Facility of $992.5 million bearing an interest rate of 2.8%, outstanding letters of credit of $14.0 million, and $836.0 million in revolving loans available to be drawn. | ||||||||||||||||||||||||
As of February 28, 2014, the required principal repayments under the term loans of the 2013 Credit Agreement 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) | ||||||||||||||||||||||||
2015 | $ | 19.4 | $ | 1.8 | $ | 25.3 | $ | 18.8 | $ | 7.5 | $ | 72.8 | ||||||||||||
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 | ||||||||||||||||||
$ | 496.3 | $ | 245 | $ | 649.7 | $ | 481.3 | $ | 992.5 | $ | 2,864.80 | |||||||||||||
In June 2010, the Company entered into a five year delayed start interest rate swap agreement effective September 1, 2011, which was designated as a cash flow hedge for $500.0 million of the Company’s floating LIBOR rate debt. Accordingly, the Company fixed its interest rates on $500.0 million of the Company’s floating LIBOR rate debt at an average rate of 2.9% (exclusive of borrowing margins) through September 1, 2016. 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 by entering 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 as a hedge. The Company also entered into an additional interest rate swap agreement for $500.0 million that was not designated as a hedge to offset the prospective impact of the newly undesignated interest rate swap agreement. As a result of these hedges, 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. 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. For the years ended February 28, 2014, February 28, 2013, and February 29, 2012, the Company reclassified net losses of $8.2 million, $8.0 million and $3.8 million, net of income tax effect, respectively, from AOCI to interest expense, net, on the Company’s Consolidated Statements of Comprehensive Income. | ||||||||||||||||||||||||
Senior notes – | ||||||||||||||||||||||||
In August 2006, the Company issued $700.0 million aggregate principal amount of 7.25% Senior Notes due September 2016 at an issuance price of $693.1 million (net of $6.9 million unamortized discount, with an effective interest rate of 7.4%) (the “August 2006 Senior Notes”). Interest on the August 2006 Senior Notes is payable semiannually on March 1 and September 1 of each year, beginning March 1, 2007. As of February 28, 2014, and February 28, 2013, the Company had outstanding $697.8 million (net of $2.2 million unamortized discount) and $697.0 million (net of $3.0 million unamortized discount), respectively, aggregate principal amount of August 2006 Senior Notes. | ||||||||||||||||||||||||
In May 2007, the Company issued $700.0 million aggregate principal amount of 7.25% Senior Notes due May 2017 (the “Original May 2007 Senior Notes”). Interest on the Original May 2007 Senior Notes is payable semiannually on May 15 and November 15 of each year, beginning November 15, 2007. In January 2008, the Company exchanged $700.0 million aggregate principal amount of 7.25% Senior Notes due May 2017 (the “May 2007 Senior Notes”) for all of the Original May 2007 Senior Notes. The terms of the May 2007 Senior Notes are substantially identical in all material respects to the Original May 2007 Senior Notes, except that the May 2007 Senior Notes are registered under the Securities Act of 1933, as amended. As of February 28, 2014, and February 28, 2013, the Company had outstanding $700.0 million aggregate principal amount of May 2007 Senior Notes. | ||||||||||||||||||||||||
In December 2007, the Company issued $500.0 million aggregate principal amount of 8.375% Senior Notes due December 2014 at an issuance price of $496.7 million (net of $3.3 million unamortized discount, with an effective interest rate of 8.5%) (the “December 2007 Senior Notes”). Interest on the December 2007 Senior Notes is payable semiannually on June 15 and December 15 of each year, beginning June 15, 2008. As of February 28, 2014, and February 28, 2013, the Company had outstanding $499.5 million (net of $0.5 million unamortized discount) and $499.0 million (net of $1.0 million unamortized discount), respectively, aggregate principal amount of December 2007 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 then existing senior credit facility and common stock share repurchases under the 2013 Authorization (as defined in Note 15). Interest on the April 2012 Senior Notes is payable semiannually on May 1 and November 1 of each year, beginning November 1, 2012. As of February 28, 2014, and February 28, 2013, the Company had outstanding $600.0 million aggregate principal amount of April 2012 Senior Notes. | ||||||||||||||||||||||||
The senior notes described above 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 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 senior notes on a senior unsecured basis. | ||||||||||||||||||||||||
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”) (collectively, 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 February 28, 2014, the Company had outstanding $1,550.0 million aggregate principal amount of May 2013 Senior Notes. | ||||||||||||||||||||||||
Indentures – | ||||||||||||||||||||||||
The Company’s Indentures relating to its outstanding senior notes contain certain covenants, including, but not limited to: (i) a limitation on liens on certain assets; (ii) a limitation on certain sale and leaseback transactions; and (iii) restrictions on mergers, consolidations and the transfer of all or substantially all of the assets of the Company to another person. | ||||||||||||||||||||||||
Subsidiary credit facilities – | ||||||||||||||||||||||||
The Company has additional credit arrangements totaling $373.9 million and $371.5 million as of February 28, 2014, and February 28, 2013, respectively. These arrangements primarily support the financing needs of the Company’s domestic and foreign subsidiary operations. Interest rates and other terms of these borrowings vary from country to country, depending on local market conditions. As of February 28, 2014, and February 28, 2013, amounts outstanding under these arrangements were $89.2 million and $46.9 million, respectively, the majority of which is classified as current as of the respective date. | ||||||||||||||||||||||||
Debt payments – | ||||||||||||||||||||||||
As of February 28, 2014, the required principal repayments under long-term debt obligations (excluding unamortized discount of $2.7 million) for each of the five succeeding fiscal years and thereafter are as follows: | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
2015 | $ | 590.5 | ||||||||||||||||||||||
2016 | 153.2 | |||||||||||||||||||||||
2017 | 892 | |||||||||||||||||||||||
2018 | 887.3 | |||||||||||||||||||||||
2019 | 1,114.00 | |||||||||||||||||||||||
Thereafter | 3,329.00 | |||||||||||||||||||||||
$ | 6,966.00 | |||||||||||||||||||||||
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 services the trade accounts receivable as servicer for the CBI Facility. The trade accounts receivable balances related to the CBI Facility are reported as accounts receivable on the Company’s Consolidated Balance Sheets, but the trade accounts receivable are at all times owned by the CBI SPV and are included on the financial statements of the Company to comply with generally accepted accounting principles. On October 1, 2013, the Company and the CBI SPV effectively extended the CBI Facility through September 30, 2014, by amending and restating 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 are recorded as secured borrowings and 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 February 28, 2014, the CBI SPV had no aggregate outstanding borrowings under the Amended CBI Facility. As of February 28, 2014, the Company had $275.0 million available under the Amended CBI Facility. | ||||||||||||||||||||||||
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 services the trade accounts receivable as servicer for the Crown Facility. The trade accounts receivable balances related to the Crown Facility are reported as accounts receivable on the Company’s Consolidated Balance Sheets, but the trade accounts receivable are at all times owned by the Crown SPV and are 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 are recorded as secured borrowings and 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 February 28, 2014, the Crown SPV had aggregate outstanding borrowings under the Crown Facility of $19.2 million bearing a weighted average interest rate of 1.1%. As of February 28, 2014, the Company had $80.8 million available under the Crown Facility. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||||||
INCOME TAXES: | |||||||||||||||||||||
Income before income taxes was generated as follows: | |||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Domestic | $ | 2,050.80 | $ | 369.7 | $ | 441 | |||||||||||||||
Foreign | 151.5 | 146.7 | 93 | ||||||||||||||||||
$ | 2,202.30 | $ | 516.4 | $ | 534 | ||||||||||||||||
The income tax provision (benefit) consisted of the following: | |||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | 141.7 | $ | 47.8 | $ | 85.2 | |||||||||||||||
State | 18.5 | 11.2 | (45.9 | ) | |||||||||||||||||
Foreign | 57.4 | 30.4 | 1.7 | ||||||||||||||||||
Total current | 217.6 | 89.4 | 41 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | 61.4 | 42.7 | 76.6 | ||||||||||||||||||
State | 4.4 | (4.9 | ) | (20.5 | ) | ||||||||||||||||
Foreign | (24.2 | ) | 1.4 | (8.1 | ) | ||||||||||||||||
Total deferred | 41.6 | 39.2 | 48 | ||||||||||||||||||
Income tax provision | $ | 259.2 | $ | 128.6 | $ | 89 | |||||||||||||||
The foreign provision (benefit) for income taxes is based on foreign pretax earnings. Earnings of foreign subsidiaries would be subject to U.S. income taxation on repatriation to the U.S. The Company’s consolidated financial statements provide for anticipated tax liabilities on amounts that may be repatriated. | |||||||||||||||||||||
Deferred tax assets and liabilities reflect the future income tax effects of temporary differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that apply to taxable income. | |||||||||||||||||||||
Significant components of deferred tax assets (liabilities) consist of the following: | |||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Stock-based compensation | $ | 47.3 | $ | 51.1 | |||||||||||||||||
Net operating losses | 9.1 | 23.5 | |||||||||||||||||||
Insurance accruals | 3.8 | 4.7 | |||||||||||||||||||
Employee benefits | 2.6 | 7.9 | |||||||||||||||||||
Other accruals | 55.3 | 53.1 | |||||||||||||||||||
Gross deferred tax assets | 118.1 | 140.3 | |||||||||||||||||||
Valuation allowances | (27.7 | ) | (14.6 | ) | |||||||||||||||||
Deferred tax assets, net | 90.4 | 125.7 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Intangible assets | (456.3 | ) | (408.6 | ) | |||||||||||||||||
Property, plant and equipment | (285.9 | ) | (207.0 | ) | |||||||||||||||||
Provision for unremitted earnings | (62.2 | ) | (44.9 | ) | |||||||||||||||||
Investments in equity method investees | (24.0 | ) | (41.3 | ) | |||||||||||||||||
Inventory | (4.9 | ) | (6.6 | ) | |||||||||||||||||
Derivative instruments | (0.1 | ) | (1.4 | ) | |||||||||||||||||
Total deferred tax liabilities | (833.4 | ) | (709.8 | ) | |||||||||||||||||
Deferred tax liabilities, net | $ | (743.0 | ) | $ | (584.1 | ) | |||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Current deferred tax assets | $ | 20.4 | $ | 15.8 | |||||||||||||||||
Long-term deferred tax assets | — | 0.2 | |||||||||||||||||||
Current deferred tax liabilities | (0.8 | ) | (0.5 | ) | |||||||||||||||||
Long-term deferred tax liabilities | (762.6 | ) | (599.6 | ) | |||||||||||||||||
$ | (743.0 | ) | $ | (584.1 | ) | ||||||||||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. Management considers the projected reversal of deferred tax liabilities and projected future taxable income in making this assessment. Based upon this assessment, management believes it is more likely than not that the Company will realize the benefits of these deductible differences, net of any valuation allowances. | |||||||||||||||||||||
Operating loss carryforwards totaling $321.2 million at February 28, 2014, are being carried forward in a number of jurisdictions where the Company is permitted to use tax operating losses from prior periods to reduce future taxable income. Of these operating loss carryforwards, $308.6 million will expire in 2018 through 2032 and $12.6 million of operating losses in certain jurisdictions may be carried forward indefinitely. | |||||||||||||||||||||
The Company is subject to ongoing tax examinations and assessments in various jurisdictions. Accordingly, the Company provides for additional tax expense based on probable outcomes of such matters. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes the reserves reflect the probable outcome of known tax contingencies. Unfavorable settlement of any particular issue would require the use of cash. Favorable resolution would be recognized as a reduction to the effective tax rate in the year of resolution. During the year ended February 28, 2014, various U.S. Federal, state and international examinations were finalized. Tax benefits of $9.2 million were recorded related to the resolution of certain tax positions in connection with those examinations and the expiration of statutes of limitation. | |||||||||||||||||||||
A reconciliation of the total tax provision (benefit) to the amount computed by applying the statutory U.S. Federal income tax rate to income before provision for (benefit from) income taxes is as follows: | |||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||
February 28, 2014 | February 28, 2013 | February 29, 2012 | |||||||||||||||||||
Amount | % of | Amount | % of | Amount | % of | ||||||||||||||||
Pretax | Pretax | Pretax | |||||||||||||||||||
Income | Income | Income | |||||||||||||||||||
(in millions, except % of pretax income data) | |||||||||||||||||||||
Income tax provision at statutory rate | $ | 770.8 | 35 | $ | 180.7 | 35 | $ | 186.9 | 35 | ||||||||||||
State and local income taxes, net of federal income tax benefit | 14.8 | 0.7 | 4.1 | 0.8 | (43.2 | ) | (8.1 | ) | |||||||||||||
Impairment of nondeductible goodwill | 97.5 | 4.4 | — | — | — | — | |||||||||||||||
Net operating loss valuation allowance | 16.3 | 0.8 | 3.7 | 0.7 | 3.6 | 0.7 | |||||||||||||||
Gain on remeasurement to fair value of equity method investment | (574.7 | ) | (26.1 | ) | — | — | — | — | |||||||||||||
Earnings of subsidiaries taxed at other than U.S. statutory rate | (61.2 | ) | (2.8 | ) | (59.6 | ) | (11.5 | ) | (66.7 | ) | (12.5 | ) | |||||||||
Miscellaneous items, net | (4.3 | ) | (0.2 | ) | (0.3 | ) | (0.1 | ) | 8.4 | 1.6 | |||||||||||
Income tax provision at effective rate | $ | 259.2 | 11.8 | $ | 128.6 | 24.9 | $ | 89 | 16.7 | ||||||||||||
For the years ended February 28, 2014, and February 28, 2013, the state and local income taxes, net of federal income tax benefit, includes benefits resulting from adjustments to the current and deferred state effective tax rates. For the year ended February 29, 2012, the state and local income taxes, net of federal income tax benefit, includes benefits resulting from a change in the method of filing certain state income tax returns. These benefits consist of the recognition of prior period income tax refunds, decreases in uncertain tax positions and adjustments to the current and deferred state effective tax rates. The effect of earnings of foreign subsidiaries includes the difference between the U.S. statutory rate and local jurisdiction tax rates, as well as the provision for incremental U.S. taxes on unremitted earnings of foreign subsidiaries offset by foreign tax credits and other foreign adjustments. | |||||||||||||||||||||
As of February 28, 2014, February 28, 2013, and February 29, 2012, the liability for income taxes associated with uncertain tax positions, excluding interest and penalties, was $101.5 million, $100.6 million and $92.0 million, respectively. A reconciliation of the beginning and ending unrecognized tax benefit liabilities is as follows: | |||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Balance as of March 1 | $ | 100.6 | $ | 92 | $ | 154.4 | |||||||||||||||
Increases as a result of tax positions taken during a prior period | 2.3 | 1.3 | 11 | ||||||||||||||||||
Decreases as a result of tax positions taken during a prior period | (3.3 | ) | (9.5 | ) | (37.0 | ) | |||||||||||||||
Increases as a result of tax positions taken during the current period | 11.1 | 19.5 | 29.4 | ||||||||||||||||||
Decreases related to settlements with tax authorities | (6.7 | ) | (0.3 | ) | (59.5 | ) | |||||||||||||||
Decreases related to lapse of applicable statute of limitations | (2.5 | ) | (2.4 | ) | (6.3 | ) | |||||||||||||||
Balance as of last day of February | $ | 101.5 | $ | 100.6 | $ | 92 | |||||||||||||||
As of February 28, 2014, and February 28, 2013, the Company has $94.2 million and $90.3 million, respectively, of non-current unrecognized tax benefit liabilities, including interest and penalties, recorded on the Company’s Consolidated Balance Sheets. These liabilities are recorded as non-current as payment of cash is not anticipated within one year of the balance sheet date. | |||||||||||||||||||||
As of February 28, 2014, and February 28, 2013, the Company has $101.5 million and $100.6 million, respectively, of unrecognized tax benefit liabilities that, if recognized, would decrease the effective tax rate. | |||||||||||||||||||||
In accordance with the Company’s accounting policy, the Company recognizes interest and penalties related to unrecognized tax benefit liabilities as a component of the provision for income taxes on the Company’s Consolidated Statements of Comprehensive Income. For the years ended February 28, 2014, February 28, 2013, and February 29, 2012, the Company recorded $1.4 million, $0.4 million and ($3.7) million of net interest expense (income), net of income tax effect, and penalties, respectively. As of February 28, 2014, and February 28, 2013, $9.7 million, net of income tax effect, and $8.3 million, net of income tax effect, respectively, were included in the liability for uncertain tax positions for the possible payment of interest and penalties. | |||||||||||||||||||||
Various U.S. Federal, state and foreign income tax examinations are currently in progress. It is reasonably possible that the liability associated with the Company’s unrecognized tax benefit liabilities will increase or decrease within the next twelve months as a result of these examinations or the expiration of statutes of limitation. As of February 28, 2014, the Company estimates that unrecognized tax benefit liabilities could change by a range of $2 million to $43 million. The Company files U.S. Federal income tax returns and various state, local and foreign income tax returns. Major tax jurisdictions where the Company is subject to examination by tax authorities include Canada, Luxembourg, Mexico, New Zealand and the U.S. With few exceptions, the Company is no longer subject to U.S. Federal, state, local or foreign income tax examinations for fiscal years prior to February 28, 2009. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Feb. 28, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
COMMITMENTS AND CONTINGENCIES | ' | |||
COMMITMENTS AND CONTINGENCIES: | ||||
Operating leases – | ||||
Step rent provisions, escalation clauses, capital improvement funding and other lease concessions, when present in the Company’s leases, are taken into account in computing the minimum lease payments. The minimum lease payments for the Company’s operating leases are recognized on a straight-line basis over the minimum lease term. | ||||
Future payments under noncancelable operating leases having initial or remaining terms of one year or more are as follows for each of the five succeeding fiscal years and thereafter: | ||||
(in millions) | ||||
2015 | $ | 51.1 | ||
2016 | 42.6 | |||
2017 | 35.8 | |||
2018 | 32.6 | |||
2019 | 29.6 | |||
Thereafter | 214.3 | |||
$ | 406 | |||
Rental expense was $65.1 million, $60.4 million and $73.7 million for the years ended February 28, 2014, February 28, 2013, and February 29, 2012, respectively. | ||||
Purchase commitments and contingencies – | ||||
In connection with prior acquisitions, the Company has assumed grape purchase contracts with certain growers and suppliers. In addition, the Company has entered into other grape purchase contracts with various growers and suppliers in the normal course of business. Under the grape purchase contracts, the Company is committed to purchase grape production yielded from a specified number of acres for a period of time from one to fourteen years. The actual tonnage and price of grapes that must be purchased by the Company will vary each year depending on certain factors, including weather, time of harvest, overall market conditions and the agricultural practices and location of the growers and suppliers under contract. Based on current production yields and published grape prices, the aggregate minimum purchase obligations under these contracts are estimated to be $1,744.4 million over the remaining terms of the contracts which extend through December 2027. | ||||
The Company’s aggregate minimum purchase obligations under certain raw material purchase contracts are estimated to be $313.5 million over the remaining terms of the contracts which extend through December 2016. The Company’s aggregate minimum purchase obligations under bulk wine purchase contracts are estimated to be $63.8 million over the remaining terms of the contracts which extend through December 2016. | ||||
The Company has entered into certain processing and warehousing contracts which commit the Company to utilize outside services to process, package and/or store a minimum volume quantity. The Company’s aggregate minimum contractual obligations under these processing and warehousing contracts are estimated to be $85.7 million over the remaining terms of the contracts which extend through March 2019. | ||||
In connection with the Beer Business Acquisition and the associated interim supply agreement, the Company’s minimum purchase obligation under the interim supply agreement for finished goods is estimated to be $166.1 million for the first quarter of fiscal 2015. In addition, the Company has entered into contracts with certain contractors and manufacturers in connection with the Brewery expansion as well as for certain other capital expenditures. The Company’s aggregate minimum contractual obligations under these contracts are estimated to be $332.0 million over the remaining terms of the contracts which extend into calendar 2016. | ||||
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 February 28, 2014, and February 28, 2013, the carrying amount of these indemnification liabilities was $11.6 million and $15.1 million, respectively. 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 February 28, 2014, the Company estimates that these indemnifications could require the Company to make potential future payments of up to $292.7 million under these indemnifications with $278.9 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. | ||||
Employment contracts – | ||||
The Company has employment contracts with its executive officers and certain other management personnel with either automatic one year renewals after an initial term or an indefinite term of employment unless terminated by either party. These employment contracts provide for minimum salaries, as adjusted for annual increases, and may include incentive bonuses based upon attainment of specified management goals. These employment contracts may also provide for severance payments in the event of specified termination of employment. In addition, the Company has employment arrangements with certain other management personnel which provide for severance payments in the event of specified termination of employment. As of February 28, 2014, the aggregate commitment for future compensation and severance, excluding incentive bonuses, was $37.3 million, of which $8.0 million was accrued. | ||||
Employees covered by collective bargaining agreements – | ||||
Approximately 13% of the Company’s employees are covered by collective bargaining agreements at February 28, 2014. Agreements expiring within one year cover approximately 5% of the Company’s employees. | ||||
Legal matters – | ||||
In the course of its business, the Company is subject to litigation from time to time. Although the amount of any liability with respect to such litigation cannot be determined, in the opinion of management, such liability will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Feb. 28, 2014 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
STOCKHOLDERS’ EQUITY: | |
Common stock – | |
The Company has two classes of outstanding common stock: Class A Common Stock and Class B Convertible Common Stock. Class B Convertible Common Stock shares are convertible into shares of Class A Common Stock on a one-to-one basis at any time at the option of the holder. Holders of Class B Convertible Common Stock are entitled to ten votes per share. Holders of Class A Common Stock are entitled to one vote per share and a cash dividend premium. If the Company pays a cash dividend on Class B Convertible Common Stock, each share of Class A Common Stock will receive an amount at least ten percent greater than the amount of the cash dividend per share paid on Class B Convertible Common Stock. In addition, the Board of Directors may declare and pay a dividend on Class A Common Stock without paying any dividend on Class B Convertible Common Stock. However, the Company’s senior credit facility limits the cash dividends that can be paid by the Company on its common stock to an amount determined in accordance with the terms of the 2013 Credit Agreement. | |
In addition, the Company has a class of common stock consisting of shares of Class 1 Common Stock. Shares of Class 1 Common Stock generally have no voting rights. Class 1 Common Stock shares are convertible into shares of Class A Common Stock on a one-to-one basis at any time at the option of the holder, provided that the holder immediately sells the Class A Common Stock acquired upon conversion. Because shares of Class 1 Common Stock are convertible into shares of Class A Common Stock, for each share of Class 1 Common Stock issued, the Company must reserve one share of Class A Common Stock for issuance upon the conversion of the share of Class 1 Common Stock. Holders of Class 1 Common Stock do not have any preference as to dividends, but may participate in any dividend if and when declared by the Board of Directors. If the Company pays a cash dividend on Class 1 Common Stock, each share of Class A Common Stock will receive an amount at least ten percent greater than the amount of cash dividend per share paid on Class 1 Common Stock. In addition, the Board of Directors may declare and pay a dividend on Class A Common Stock without paying a dividend on Class 1 Common Stock. The cash dividends declared and paid on Class B Convertible Common Stock and Class 1 Common Stock must always be the same. | |
At February 28, 2014, the number of authorized shares of the Company’s Class A Common Stock, Class B Convertible Common Stock and Class 1 Common Stock were 322,000,000 shares, 30,000,000 shares and 25,000,000 shares, respectively. The aggregate number of authorized shares of the Company’s common and preferred stock was 378,000,000 shares. | |
At February 28, 2014, there were 168,039,369 shares of Class A Common Stock and 23,430,765 shares of Class B Convertible Common Stock outstanding, net of treasury stock. There were no shares of Class 1 Common Stock outstanding at February 28, 2014. | |
Stock repurchases – | |
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 year ended February 28, 2013, 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 year ended February 28, 2013, 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. |
StockBased_Employee_Compensati
Stock-Based Employee Compensation | 12 Months Ended | |||||||||||||
Feb. 28, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
STOCK-BASED EMPLOYEE COMPENSATION | ' | |||||||||||||
STOCK-BASED EMPLOYEE COMPENSATION: | ||||||||||||||
The Company has two material stock-based employee compensation plans (as further discussed below). Total compensation cost and income tax benefits recognized for the Company’s stock-based awards are as follows: | ||||||||||||||
For the Years Ended | ||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||||
(in millions) | ||||||||||||||
Total compensation cost for stock-based awards recognized in the Consolidated Statements of Comprehensive Income | $ | 49.9 | $ | 40.8 | $ | 47.6 | ||||||||
Total income tax benefit recognized in the Consolidated Statements of Comprehensive Income for stock-based compensation | $ | 17.1 | $ | 13.8 | $ | 16.3 | ||||||||
Total compensation cost for stock-based awards capitalized in inventory in the Consolidated Balance Sheets | $ | 4.2 | $ | 4.1 | $ | 3.7 | ||||||||
Long-term stock incentive plan – | ||||||||||||||
Under the Company’s Long-Term Stock Incentive Plan, nonqualified stock options, restricted stock, restricted stock units, performance share units, and other stock-based awards may be granted to employees, officers and directors of the Company. The aggregate number of shares of the Company’s Class A Common Stock and Class 1 Common Stock available for awards under the Company’s Long-Term Stock Incentive Plan is 108,000,000 shares. The exercise price, vesting period and term of nonqualified stock options granted are established by the committee administering the plan (the “Committee”). The exercise price of any nonqualified stock option may not be less than the fair market value of the Company’s Class A Common Stock on the date of grant. Nonqualified stock options generally vest and become exercisable over a four-year period from the date of grant. Nonqualified stock options expire at the times established by the Committee, but not later than ten years after the grant date. | ||||||||||||||
Grants of restricted stock, restricted stock units, performance share units, and other stock-based awards may contain such vesting, terms, conditions and other requirements as the Committee may establish. Restricted stock and restricted stock unit awards are based on service and generally vest over one to four years from the date of grant. Performance share unit awards are based on service and the satisfaction of certain performance conditions, and vest over a required employee service period, generally from one to three years from the date of grant, which closely matches the performance period. The performance conditions include the achievement of specified financial or operational performance metrics, or market conditions which require the achievement of specified levels of shareholder return relative to other companies as defined in the applicable performance share unit agreement. The actual number of shares to be awarded upon vesting of a performance share unit award will range between 0% and 200% of the target award, based upon the measure of performance as determined by the Committee. Performance share unit awards presented in the table below for the years ended February 28, 2014, February 28, 2013, and February 29, 2012, reflect the awards at target. For the year ended February 28, 2014, 309,653 shares of the Company’s Class A Common Stock (net of 267,577 shares withheld to satisfy tax withholding requirements) were issued from treasury shares for the vesting of performance share units at 200% of the target award. | ||||||||||||||
A summary of stock option activity primarily under the Company’s Long-Term Stock Incentive Plan is as follows: | ||||||||||||||
Number | Weighted | Number | Weighted | |||||||||||
of | Average | of | Average | |||||||||||
Options | Exercise | Options | Exercise | |||||||||||
Outstanding | Price | Exercisable | Price | |||||||||||
Balance, February 28, 2011 | 29,843,605 | $ | 18.63 | 18,148,632 | $ | 20.31 | ||||||||
Granted | 2,745,309 | $ | 20.62 | |||||||||||
Exercised | (3,438,706 | ) | $ | 14.75 | ||||||||||
Forfeited | (550,203 | ) | $ | 16.91 | ||||||||||
Expired | (1,668,708 | ) | $ | 24.03 | ||||||||||
Balance, February 29, 2012 | 26,931,297 | $ | 19.03 | 18,198,577 | $ | 20.18 | ||||||||
Granted | 1,980,260 | $ | 24.65 | |||||||||||
Exercised | (8,234,324 | ) | $ | 19.18 | ||||||||||
Forfeited | (207,945 | ) | $ | 17.81 | ||||||||||
Expired | (205,210 | ) | $ | 24.11 | ||||||||||
Balance, February 28, 2013 | 20,264,078 | $ | 19.48 | 13,697,345 | $ | 19.66 | ||||||||
Granted | 1,284,500 | $ | 48.79 | |||||||||||
Exercised | (6,119,923 | ) | $ | 19.63 | ||||||||||
Forfeited | (103,497 | ) | $ | 28.86 | ||||||||||
Expired | (11,084 | ) | $ | 18.79 | ||||||||||
Balance, February 28, 2014 | 15,314,074 | $ | 21.82 | 10,913,019 | $ | 18.91 | ||||||||
A summary of restricted Class A Common Stock activity under the Company’s Long-Term Stock Incentive Plan is as follows: | ||||||||||||||
Restricted Stock Awards | ||||||||||||||
Number of | Weighted | Fair | ||||||||||||
Restricted | Average | Value of | ||||||||||||
Stock Awards | Grant-Date | Shares | ||||||||||||
Outstanding | Fair Value | Vested | ||||||||||||
Nonvested balance, February 28, 2011 | 1,810,316 | $ | 14.83 | |||||||||||
Granted | 622,092 | $ | 20.63 | |||||||||||
Vested | (529,118 | ) | $ | 14.87 | $ | 11,826,372 | ||||||||
Forfeited | (105,402 | ) | $ | 16.56 | ||||||||||
Nonvested balance, February 29, 2012 | 1,797,888 | $ | 16.72 | |||||||||||
Granted | 18,190 | $ | 30.14 | |||||||||||
Vested | (626,914 | ) | $ | 16.26 | $ | 13,741,842 | ||||||||
Forfeited | (61,140 | ) | $ | 17.44 | ||||||||||
Nonvested balance, February 28, 2013 | 1,128,024 | $ | 17.16 | |||||||||||
Granted | 12,375 | $ | 50.9 | |||||||||||
Vested | (697,994 | ) | $ | 15.9 | $ | 34,427,377 | ||||||||
Forfeited | (33,661 | ) | $ | 19 | ||||||||||
Nonvested balance, February 28, 2014 | 408,744 | $ | 20.18 | |||||||||||
Restricted Stock Units | ||||||||||||||
Number of | Weighted | Fair | ||||||||||||
Restricted | Average | Value of | ||||||||||||
Stock Units | Grant-Date | Shares | ||||||||||||
Outstanding | Fair Value | Vested | ||||||||||||
Nonvested balance, February 28, 2011 | 219,498 | $ | 15.23 | |||||||||||
Granted | 80,970 | $ | 20.6 | |||||||||||
Vested | (60,928 | ) | $ | 15.43 | $ | 1,364,178 | ||||||||
Forfeited | (36,458 | ) | $ | 16.93 | ||||||||||
Nonvested balance, February 29, 2012 | 203,082 | $ | 17.01 | |||||||||||
Granted | 609,080 | $ | 25.08 | |||||||||||
Vested | (66,500 | ) | $ | 16.69 | $ | 1,443,700 | ||||||||
Forfeited | (24,159 | ) | $ | 23.31 | ||||||||||
Nonvested balance, February 28, 2013 | 721,503 | $ | 23.65 | |||||||||||
Granted | 656,710 | $ | 50.74 | |||||||||||
Vested | (218,306 | ) | $ | 21.3 | $ | 10,747,204 | ||||||||
Forfeited | (55,327 | ) | $ | 30.58 | ||||||||||
Nonvested balance, February 28, 2014 | 1,104,580 | $ | 39.87 | |||||||||||
Performance Share Units | ||||||||||||||
Number of | Weighted | Fair | ||||||||||||
Performance | Average | Value of | ||||||||||||
Share Units | Grant-Date | Shares | ||||||||||||
Outstanding | Fair Value | Vested | ||||||||||||
Nonvested balance, February 28, 2011 | 404,410 | $ | 16.67 | |||||||||||
Granted | 319,880 | $ | 20.6 | |||||||||||
Vested | (202,205 | ) | $ | 16.67 | $ | 4,527,370 | ||||||||
Forfeited | (33,875 | ) | $ | 18.93 | ||||||||||
Nonvested balance, February 29, 2012 | 488,210 | $ | 19.09 | |||||||||||
Granted | 256,420 | $ | 38.47 | |||||||||||
Vested | — | $ | — | $ | — | |||||||||
Forfeited | (15,620 | ) | $ | 21.15 | ||||||||||
Nonvested balance, February 28, 2013 | 729,010 | $ | 25.86 | |||||||||||
Granted | 298,710 | $ | 57.88 | |||||||||||
Vested | (197,450 | ) | $ | 16.97 | $ | 9,762,648 | ||||||||
Forfeited | (31,670 | ) | $ | 34.98 | ||||||||||
Nonvested balance, February 28, 2014 | 798,600 | $ | 39.67 | |||||||||||
The following table summarizes information about stock options outstanding at February 28, 2014: | ||||||||||||||
Range of Exercise Prices | Number | Weighted | Weighted | Aggregate | ||||||||||
of | Average | Average | Intrinsic | |||||||||||
Options | Remaining | Exercise | Value | |||||||||||
Contractual | Price | |||||||||||||
Life | ||||||||||||||
$11.85 – $16.63 | 2,682,830 | 5.0 years | $ | 11.96 | ||||||||||
$16.67 – $20.05 | 4,083,010 | 5.1 years | $ | 17.9 | ||||||||||
$20.60 – $23.02 | 3,782,757 | 5.2 years | $ | 20.86 | ||||||||||
$23.48 – $26.24 | 2,936,763 | 5.7 years | $ | 24.86 | ||||||||||
$27.24 – $53.41 | 1,828,714 | 6.8 years | $ | 42.13 | ||||||||||
Options outstanding | 15,314,074 | 5.4 years | $ | 21.82 | $ | 906,746,691 | ||||||||
Options exercisable | 10,913,019 | 4.5 years | $ | 18.91 | $ | 677,967,080 | ||||||||
Other information pertaining to stock options is as follows: | ||||||||||||||
For the Years Ended | ||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||||
Weighted average grant-date fair value of stock options granted | $ | 16.88 | $ | 8.39 | $ | 7.41 | ||||||||
Total fair value of stock options vested | $ | 20,457,096 | $ | 22,421,290 | $ | 31,140,184 | ||||||||
Total intrinsic value of stock options exercised | $ | 235,540,914 | $ | 95,033,640 | $ | 23,139,194 | ||||||||
Tax benefit realized from stock options exercised | $ | 61,354,379 | $ | 25,274,158 | $ | 10,835,473 | ||||||||
The fair value of stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||
For the Years Ended | ||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||||
Expected life | 5.9 years | 6.0 years | 5.9 years | |||||||||||
Expected volatility | 34.8 | % | 32.7 | % | 32 | % | ||||||||
Risk-free interest rate | 0.9 | % | 1.4 | % | 2.7 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
For the years ended February 28, 2014, February 28, 2013, and February 29, 2012, the Company used a projected expected life for each stock option award granted based on historical experience of employees’ exercise behavior for similar type awards. Expected volatility for the years ended February 28, 2014, February 28, 2013, and February 29, 2012, is based primarily on historical volatility levels of the Company’s Class A Common Stock. The risk-free interest rate for the years ended February 28, 2014, February 28, 2013, and February 29, 2012, is based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the expected life. | ||||||||||||||
The weighted average grant-date fair value of performance share units granted with a market condition for the years ended February 28, 2014, and February 28, 2013, was $66.33 and $38.47, respectively. There were no performance share units granted with a market condition for the year ended February 29, 2012. The fair value of performance share units granted with a market condition is estimated on the date of grant using the Monte Carlo Simulation model with the following weighted average assumptions: | ||||||||||||||
For the Years Ended | ||||||||||||||
28-Feb-14 | 28-Feb-13 | |||||||||||||
Grant-date price | $ | 48.89 | $ | 24.5 | ||||||||||
Performance period | 3.0 years | 2.9 years | ||||||||||||
Expected volatility | 38.7 | % | 28.6 | % | ||||||||||
Risk-free interest rate | 0.4 | % | 0.5 | % | ||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||
For the years ended February 28, 2014, and February 28, 2013, the Company based expected volatility primarily on historical volatility levels of the Company’s Class A Common Stock. The risk-free interest rate for the years ended February 28, 2014, and February 28, 2013, is based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the performance period. | ||||||||||||||
Employee stock purchase plan – | ||||||||||||||
The Company has a stock purchase plan (the “Employee Stock Purchase Plan”) under which 9,000,000 shares of Class A Common Stock may be issued. Under the terms of the plan, eligible employees may purchase shares of the Company’s Class A Common Stock through payroll deductions. The purchase price is the lower of 85% of the fair market value of the stock on the first or last day of the purchase period. For the years ended February 28, 2014, February 28, 2013, and February 29, 2012, employees purchased 163,817 shares, 210,895 shares and 272,560 shares, respectively, under this plan. In addition, for the year ended February 29, 2012, there were 6,801 shares purchased under an immaterial stock purchase plan for eligible employees and directors of the Company’s U.K. subsidiaries. | ||||||||||||||
The weighted average fair value of purchase rights granted under the Employee Stock Purchase Plan for the years ended February 28, 2014, February 28, 2013, and February 29, 2012, was $13.90, $8.23 and $4.90, respectively. The fair value of purchase rights granted is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||
For the Years Ended | ||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||||
Expected life | 0.5 years | 0.5 years | 0.5 years | |||||||||||
Expected volatility | 24.3 | % | 41.8 | % | 30.4 | % | ||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.2 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
As of February 28, 2014, there was $75.4 million of total unrecognized compensation cost related to nonvested stock-based compensation arrangements granted under the Company’s stock-based employee compensation plans. This cost is expected to be recognized in the Company’s Consolidated Statements of Comprehensive Income over a weighted-average period of 2.2 years. With respect to the issuance of shares under any of the Company’s stock-based compensation plans, the Company has the option to issue authorized but unissued shares or treasury shares. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER COMMON SHARE | ' | |||||||||||
EARNINGS PER COMMON SHARE: | ||||||||||||
The computation of basic and diluted earnings per common share is as follows: | ||||||||||||
For the Years Ended | ||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||
(in millions, except per share data) | ||||||||||||
Income available to common stockholders | $ | 1,943.10 | $ | 387.8 | $ | 445 | ||||||
Weighted average common shares outstanding – basic: | ||||||||||||
Class A Common Stock | 164.687 | 158.658 | 180.724 | |||||||||
Class B Convertible Common Stock | 23.467 | 23.532 | 23.59 | |||||||||
Weighted average common shares outstanding – diluted: | ||||||||||||
Class A Common Stock | 164.687 | 158.658 | 180.724 | |||||||||
Class B Convertible Common Stock | 23.467 | 23.532 | 23.59 | |||||||||
Stock-based awards, primarily stock options | 9.416 | 8.117 | 4.341 | |||||||||
Weighted average common shares outstanding – diluted | 197.57 | 190.307 | 208.655 | |||||||||
Earnings per common share – basic: | ||||||||||||
Class A Common Stock | $ | 10.45 | $ | 2.15 | $ | 2.2 | ||||||
Class B Convertible Common Stock | $ | 9.5 | $ | 1.96 | $ | 2 | ||||||
Earnings per common share – diluted: | ||||||||||||
Class A Common Stock | $ | 9.83 | $ | 2.04 | $ | 2.13 | ||||||
Class B Convertible Common Stock | $ | 9.04 | $ | 1.87 | $ | 1.96 | ||||||
For the years ended February 28, 2014, February 28, 2013, and February 29, 2012, stock-based awards, primarily stock options, which could result in the issuance of 0.3 million shares, 0.3 million shares and 8.9 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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): | ||||||||||||||||||||
Other comprehensive loss, net of income tax effect, includes the following components: | ||||||||||||||||||||
Before Tax | Tax (Expense) | Net of Tax | ||||||||||||||||||
Amount | Benefit | Amount | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the Year Ended February 29, 2012 | ||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net gains | $ | 7.4 | $ | 0.9 | $ | 8.3 | ||||||||||||||
Reclassification adjustments | 6.3 | — | 6.3 | |||||||||||||||||
Net gain recognized in other comprehensive loss | 13.7 | 0.9 | 14.6 | |||||||||||||||||
Unrealized loss on cash flow hedges: | ||||||||||||||||||||
Net derivative losses | (33.7 | ) | 15.4 | (18.3 | ) | |||||||||||||||
Reclassification adjustments | (6.9 | ) | 0.5 | (6.4 | ) | |||||||||||||||
Net loss recognized in other comprehensive loss | (40.6 | ) | 15.9 | (24.7 | ) | |||||||||||||||
Unrealized gain on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities gains | 3.9 | (1.6 | ) | 2.3 | ||||||||||||||||
Reclassification adjustments | (3.2 | ) | 1.1 | (2.1 | ) | |||||||||||||||
Net gain recognized in other comprehensive loss | 0.7 | (0.5 | ) | 0.2 | ||||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial losses | (7.3 | ) | 1.8 | (5.5 | ) | |||||||||||||||
Reclassification adjustments | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||
Net loss recognized in other comprehensive loss | (6.9 | ) | 1.7 | (5.2 | ) | |||||||||||||||
Other comprehensive loss | $ | (33.1 | ) | $ | 18 | $ | (15.1 | ) | ||||||||||||
For the Year Ended February 28, 2013 | ||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (46.9 | ) | $ | 9.5 | $ | (37.4 | ) | ||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (46.9 | ) | 9.5 | (37.4 | ) | |||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative losses | (4.9 | ) | 2.4 | (2.5 | ) | |||||||||||||||
Reclassification adjustments | 6.2 | (3.4 | ) | 2.8 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 1.3 | (1.0 | ) | 0.3 | ||||||||||||||||
Unrealized gain on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities gains | 0.7 | (0.3 | ) | 0.4 | ||||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive loss | 0.7 | (0.3 | ) | 0.4 | ||||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial losses | (7.4 | ) | 1.9 | (5.5 | ) | |||||||||||||||
Reclassification adjustments | 0.8 | (0.2 | ) | 0.6 | ||||||||||||||||
Net loss recognized in other comprehensive loss | (6.6 | ) | 1.7 | (4.9 | ) | |||||||||||||||
Other comprehensive loss | $ | (51.5 | ) | $ | 9.9 | $ | (41.6 | ) | ||||||||||||
Before Tax | Tax (Expense) | Net of Tax | ||||||||||||||||||
Amount | Benefit | Amount | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the Year Ended February 28, 2014 | ||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (63.2 | ) | $ | (3.6 | ) | $ | (66.8 | ) | |||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (63.2 | ) | (3.6 | ) | (66.8 | ) | ||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative gains | 9.8 | (2.7 | ) | 7.1 | ||||||||||||||||
Reclassification adjustments | 7.8 | (3.6 | ) | 4.2 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 17.6 | (6.3 | ) | 11.3 | ||||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities loss | (2.8 | ) | (0.3 | ) | (3.1 | ) | ||||||||||||||
Reclassification adjustments | (0.1 | ) | 0.3 | 0.2 | ||||||||||||||||
Net loss recognized in other comprehensive loss | (2.9 | ) | — | (2.9 | ) | |||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | 15.4 | (4.0 | ) | 11.4 | ||||||||||||||||
Reclassification adjustments | 1.1 | (0.2 | ) | 0.9 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 16.5 | (4.2 | ) | 12.3 | ||||||||||||||||
Other comprehensive loss | $ | (32.0 | ) | $ | (14.1 | ) | $ | (46.1 | ) | |||||||||||
Accumulated other comprehensive income (loss), 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 | (66.8 | ) | 7.1 | (3.1 | ) | 11.4 | (51.4 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 4.2 | 0.2 | 0.9 | 5.3 | |||||||||||||||
Other comprehensive (loss) income | (66.8 | ) | 11.3 | (2.9 | ) | 12.3 | (46.1 | ) | ||||||||||||
Balance, February 28, 2014 | $ | 103.6 | $ | (8.9 | ) | $ | (1.5 | ) | $ | (7.2 | ) | $ | 86 | |||||||
Significant_Customers_and_Conc
Significant Customers and Concentration of Credit Risk | 12 Months Ended | ||||||||
Feb. 28, 2014 | |||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||
SIGNIFICANT CUSTOMERS AND CONCENTRATION OF CREDIT RISK | ' | ||||||||
SIGNIFICANT CUSTOMERS AND CONCENTRATION OF CREDIT RISK: | |||||||||
Sales to the Company’s five largest customers represented 36.6%, 57.8% and 61.0% of the Company’s sales for the years ended February 28, 2014, February 28, 2013, and February 29, 2012, respectively. Sales to the Company’s five largest customers are expected to continue to represent a significant portion of the Company’s revenues. Sales to individual customers which amount to 10% or more of the Company's sales and associated amounts receivable from these customers as a percentage of the Company’s accounts receivable, net, are as follows: | |||||||||
For the Years Ended | |||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | |||||||
Southern Wine and Spirits | |||||||||
Sales | 18.4 | % | 30 | % | 32.4 | % | |||
Accounts receivable, net | 26.6 | % | 34.5 | % | 39.4 | % | |||
Republic National Distributing Company | |||||||||
Sales | 9.7 | % | 15.6 | % | 17.5 | % | |||
Accounts receivable, net | 13.9 | % | 18.7 | % | 17.2 | % | |||
Sales for the above customers are primarily reported within the Wine and Spirits segment. The Company’s arrangements with certain of its customers may, generally, be terminated by either party with prior notice. The Company performs ongoing credit evaluations of its customers’ financial position, and management of the Company is of the opinion that any risk of significant loss is reduced due to the diversity of customers and geographic sales area. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||
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 February 28, 2014, and February 28, 2013, the condensed consolidating statements of comprehensive income for the years ended February 28, 2014, February 28, 2013, and February 29, 2012, and the condensed consolidating statements of cash flows for the years ended February 28, 2014, February 28, 2013, and February 29, 2012, for the parent company, the combined subsidiaries of the Company which guarantee the Company’s senior notes (“Subsidiary Guarantors”), the combined subsidiaries of the Company which are not Subsidiary Guarantors (primarily foreign subsidiaries) (“Subsidiary Nonguarantors”) and the Company. 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 and include the recently adopted accounting guidance described in Note 2. 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. | ||||||||||||||||||||
In connection with the preparation of the condensed consolidating financial information, the Company made certain immaterial adjustments to the condensed consolidating balance sheet at February 28, 2013, and the condensed consolidating statements of cash flows for the years ended February 28, 2013, and February 29, 2012. The Company will also make similar adjustments to its condensed consolidating statements of cash flows for comparative prior periods presented in future filings. These adjustments (i) did not change the net increase in cash and cash investments for the parent company, the Subsidiary Guarantors or the Subsidiary Nonguarantors and (ii) had no impact on the consolidated amounts. The substantial majority of these adjustments had the effect of (i) decreasing the parent company’s cash flows from operating activities and increasing the parent company’s cash flows from financing activities and (ii) increasing the Subsidiary Guarantors’ cash flows from operating activities and decreasing the Subsidiary Guarantors’ cash flows from financing activities. | ||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Balance Sheet at February 28, 2014 | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash investments | $ | 0.5 | $ | 0.8 | $ | 62.6 | $ | — | $ | 63.9 | ||||||||||
Accounts receivable, net | 0.2 | 9 | 617 | — | 626.2 | |||||||||||||||
Inventories | 153.5 | 1,270.00 | 384.8 | (64.5 | ) | 1,743.80 | ||||||||||||||
Intercompany receivable | 8,529.40 | 13,339.00 | 4,104.00 | (25,972.4 | ) | — | ||||||||||||||
Prepaid expenses and other | 49.1 | 61.6 | 701.6 | (499.0 | ) | 313.3 | ||||||||||||||
Total current assets | 8,732.70 | 14,680.40 | 5,870.00 | (26,535.9 | ) | 2,747.20 | ||||||||||||||
Property, plant and equipment, net | 39.4 | 846.3 | 1,128.60 | — | 2,014.30 | |||||||||||||||
Investments in subsidiaries | 10,795.60 | 9.4 | — | (10,805.0 | ) | — | ||||||||||||||
Goodwill | — | 5,411.30 | 735.5 | — | 6,146.80 | |||||||||||||||
Intangible assets, net | — | 707.6 | 2,523.00 | 0.5 | 3,231.10 | |||||||||||||||
Intercompany notes receivable | 3,606.00 | 8.5 | — | (3,614.5 | ) | — | ||||||||||||||
Other assets, net | 62.4 | 64.6 | 35.7 | — | 162.7 | |||||||||||||||
Total assets | $ | 23,236.10 | $ | 21,728.10 | $ | 10,292.80 | $ | (40,954.9 | ) | $ | 14,302.10 | |||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable to banks | $ | — | $ | — | $ | 57.2 | $ | — | $ | 57.2 | ||||||||||
Current maturities of long-term debt | 547.1 | 16.4 | 26.5 | — | 590 | |||||||||||||||
Accounts payable | 24.4 | 109 | 161.8 | — | 295.2 | |||||||||||||||
Accrued excise taxes | 13.7 | 8.5 | 5.5 | — | 27.7 | |||||||||||||||
Intercompany payable | 11,996.50 | 9,700.40 | 4,275.50 | (25,972.4 | ) | — | ||||||||||||||
Other accrued expenses and liabilities | 712.9 | 182.3 | 680.7 | (520.3 | ) | 1,055.60 | ||||||||||||||
Total current liabilities | 13,294.60 | 10,016.60 | 5,207.20 | (26,492.7 | ) | 2,025.70 | ||||||||||||||
Long-term debt, less current maturities | 4,892.30 | 32.8 | 1,448.20 | — | 6,373.30 | |||||||||||||||
Deferred income taxes | 17.2 | 569.4 | 176 | — | 762.6 | |||||||||||||||
Intercompany notes payable | — | 3,597.70 | 16.8 | (3,614.5 | ) | — | ||||||||||||||
Other liabilities | 50.7 | 21.5 | 87 | — | 159.2 | |||||||||||||||
Stockholders’ equity | 4,981.30 | 7,490.10 | 3,357.60 | (10,847.7 | ) | 4,981.30 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 23,236.10 | $ | 21,728.10 | $ | 10,292.80 | $ | (40,954.9 | ) | $ | 14,302.10 | |||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
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 | ||||||||||||||
Intercompany receivable | 4,598.20 | 9,291.40 | 1,075.10 | (14,964.7 | ) | — | ||||||||||||||
Prepaid expenses and other | 33.9 | 46.4 | 447.8 | (341.2 | ) | 186.9 | ||||||||||||||
Total current assets | 4,970.10 | 10,368.00 | 2,446.20 | (15,313.1 | ) | 2,471.20 | ||||||||||||||
Property, plant and equipment, net | 43.3 | 832.7 | 353 | — | 1,229.00 | |||||||||||||||
Investments in subsidiaries | 7,307.00 | 2.8 | — | (7,309.8 | ) | — | ||||||||||||||
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 | 63.3 | 243.2 | 58.6 | (20.9 | ) | 344.2 | ||||||||||||||
Total assets | $ | 13,994.90 | $ | 14,231.10 | $ | 3,699.70 | $ | (24,287.6 | ) | $ | 7,638.10 | |||||||||
Current liabilities: | ||||||||||||||||||||
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 | 7,257.50 | 6,318.70 | 1,388.50 | (14,964.7 | ) | — | ||||||||||||||
Other accrued expenses and liabilities | 518.2 | 171.1 | 76.1 | (343.0 | ) | 422.4 | ||||||||||||||
Total current liabilities | 7,836.10 | 6,617.60 | 1,531.90 | (15,307.7 | ) | 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 | 47.5 | 41.8 | 133.2 | — | 222.5 | |||||||||||||||
Stockholders’ equity | 2,860.30 | 5,367.00 | 1,948.20 | (7,315.2 | ) | 2,860.30 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 13,994.90 | $ | 14,231.10 | $ | 3,699.70 | $ | (24,287.6 | ) | $ | 7,638.10 | |||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2014 | ||||||||||||||||||||
Sales | $ | 2,351.80 | $ | 3,868.30 | $ | 2,093.90 | $ | (2,903.0 | ) | $ | 5,411.00 | |||||||||
Less – excise taxes | (317.3 | ) | (155.9 | ) | (70.1 | ) | — | (543.3 | ) | |||||||||||
Net sales | 2,034.50 | 3,712.40 | 2,023.80 | (2,903.0 | ) | 4,867.70 | ||||||||||||||
Cost of product sold | (1,730.3 | ) | (2,661.6 | ) | (1,312.1 | ) | 2,828.00 | (2,876.0 | ) | |||||||||||
Gross profit | 304.2 | 1,050.80 | 711.7 | (75.0 | ) | 1,991.70 | ||||||||||||||
Selling, general and administrative expenses | (395.4 | ) | (361.7 | ) | (155.0 | ) | 17 | (895.1 | ) | |||||||||||
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 | (91.2 | ) | 2,331.10 | 255.8 | (58.0 | ) | 2,437.70 | |||||||||||||
Equity in earnings of equity method investees and subsidiaries | 2,219.20 | 92.7 | 0.6 | (2,224.7 | ) | 87.8 | ||||||||||||||
Interest income | 0.1 | — | 7.6 | — | 7.7 | |||||||||||||||
Intercompany interest income | 152.4 | 168.5 | 1.5 | (322.4 | ) | — | ||||||||||||||
Interest expense | (283.2 | ) | (2.5 | ) | (45.2 | ) | — | (330.9 | ) | |||||||||||
Intercompany interest expense | (168.1 | ) | (153.6 | ) | (0.7 | ) | 322.4 | — | ||||||||||||
Income before income taxes | 1,829.20 | 2,436.20 | 219.6 | (2,282.7 | ) | 2,202.30 | ||||||||||||||
Benefit from (provision for) income taxes | 113.9 | (292.5 | ) | (100.1 | ) | 19.5 | (259.2 | ) | ||||||||||||
Net income | $ | 1,943.10 | $ | 2,143.70 | $ | 119.5 | $ | (2,263.2 | ) | $ | 1,943.10 | |||||||||
Comprehensive income | $ | 1,897.00 | $ | 2,167.70 | $ | 64 | $ | (2,231.7 | ) | $ | 1,897.00 | |||||||||
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2013 | ||||||||||||||||||||
Sales | $ | 2,065.40 | $ | 1,758.60 | $ | 827.8 | $ | (1,480.4 | ) | $ | 3,171.40 | |||||||||
Less – excise taxes | (213.0 | ) | (95.9 | ) | (66.4 | ) | — | (375.3 | ) | |||||||||||
Net sales | 1,852.40 | 1,662.70 | 761.4 | (1,480.4 | ) | 2,796.10 | ||||||||||||||
Cost of product sold | (1,537.2 | ) | (1,156.6 | ) | (460.8 | ) | 1,466.80 | (1,687.8 | ) | |||||||||||
Gross profit | 315.2 | 506.1 | 300.6 | (13.6 | ) | 1,108.30 | ||||||||||||||
Selling, general and administrative expenses | (344.1 | ) | (101.4 | ) | (154.3 | ) | 14.4 | (585.4 | ) | |||||||||||
Operating (loss) income | (28.9 | ) | 404.7 | 146.3 | 0.8 | 522.9 | ||||||||||||||
Equity in earnings of equity method investees and subsidiaries | 622.2 | 232.9 | 0.5 | (622.5 | ) | 233.1 | ||||||||||||||
Interest income | 0.6 | — | 6.2 | — | 6.8 | |||||||||||||||
Intercompany interest income | 79 | 193.2 | 1.5 | (273.7 | ) | — | ||||||||||||||
Interest expense | (230.1 | ) | (1.4 | ) | (2.4 | ) | — | (233.9 | ) | |||||||||||
Intercompany interest expense | (193.2 | ) | (80.2 | ) | (0.3 | ) | 273.7 | — | ||||||||||||
Loss on write-off of financing costs | (12.5 | ) | — | — | — | (12.5 | ) | |||||||||||||
Income before income taxes | 237.1 | 749.2 | 151.8 | (621.7 | ) | 516.4 | ||||||||||||||
Benefit from (provision for) income taxes | 150.7 | (274.7 | ) | (4.5 | ) | (0.1 | ) | (128.6 | ) | |||||||||||
Net income | $ | 387.8 | $ | 474.5 | $ | 147.3 | $ | (621.8 | ) | $ | 387.8 | |||||||||
Comprehensive income | $ | 346.2 | $ | 439.5 | $ | 103.5 | $ | (543.0 | ) | $ | 346.2 | |||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 29, 2012 | ||||||||||||||||||||
Sales | $ | 1,319.10 | $ | 1,721.40 | $ | 712 | $ | (773.4 | ) | $ | 2,979.10 | |||||||||
Less – excise taxes | (169.2 | ) | (93.5 | ) | (62.1 | ) | — | (324.8 | ) | |||||||||||
Net sales | 1,149.90 | 1,627.90 | 649.9 | (773.4 | ) | 2,654.30 | ||||||||||||||
Cost of product sold | (864.3 | ) | (1,063.2 | ) | (389.6 | ) | 724.9 | (1,592.2 | ) | |||||||||||
Gross profit | 285.6 | 564.7 | 260.3 | (48.5 | ) | 1,062.10 | ||||||||||||||
Selling, general and administrative expenses | (237.3 | ) | (187.8 | ) | (161.0 | ) | 48.6 | (537.5 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | (38.1 | ) | — | (38.1 | ) | |||||||||||||
Operating income | 48.3 | 376.9 | 61.2 | 0.1 | 486.5 | |||||||||||||||
Equity in earnings of equity method investees and subsidiaries | 590.5 | 240.3 | 4.3 | (606.6 | ) | 228.5 | ||||||||||||||
Interest income | 0.2 | — | 6.4 | — | 6.6 | |||||||||||||||
Intercompany interest income | 78.2 | 125.5 | 1.4 | (205.1 | ) | — | ||||||||||||||
Interest expense | (180.6 | ) | (4.6 | ) | (2.4 | ) | — | (187.6 | ) | |||||||||||
Intercompany interest expense | (154.3 | ) | (50.5 | ) | (0.3 | ) | 205.1 | — | ||||||||||||
Income before income taxes | 382.3 | 687.6 | 70.6 | (606.5 | ) | 534 | ||||||||||||||
Benefit from (provision for) income taxes | 62.7 | (158.5 | ) | 6.5 | 0.3 | (89.0 | ) | |||||||||||||
Net income | $ | 445 | $ | 529.1 | $ | 77.1 | $ | (606.2 | ) | $ | 445 | |||||||||
Comprehensive income | $ | 429.9 | $ | 502.4 | $ | 85.5 | $ | (587.9 | ) | $ | 429.9 | |||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2014 | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (466.1 | ) | $ | 1,070.70 | $ | 240.4 | $ | (18.8 | ) | $ | 826.2 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of business, net of cash acquired | — | (1,770.0 | ) | (2,911.3 | ) | — | (4,681.3 | ) | ||||||||||||
Purchases of property, plant and equipment | (5.4 | ) | (61.4 | ) | (156.7 | ) | — | (223.5 | ) | |||||||||||
Proceeds from redemption of available-for-sale debt securities | — | — | 23.4 | — | 23.4 | |||||||||||||||
Proceeds from sales of assets | — | 0.2 | 7.6 | — | 7.8 | |||||||||||||||
Net proceeds from intercompany notes | 972.6 | — | — | (972.6 | ) | — | ||||||||||||||
Net investments in equity affiliates | (1,133.2 | ) | (5.1 | ) | 0.1 | 1,138.20 | — | |||||||||||||
Other investing activities | — | 2.2 | 7.6 | — | 9.8 | |||||||||||||||
Net cash used in investing activities | (166.0 | ) | (1,834.1 | ) | (3,029.3 | ) | 165.6 | (4,863.8 | ) | |||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments of dividends | — | — | (84.3 | ) | 84.3 | — | ||||||||||||||
Net (returns of capital to) contributions from equity affiliates | — | (172.8 | ) | 1,376.50 | (1,203.7 | ) | — | |||||||||||||
Net (repayments of) proceeds from intercompany notes | (1,850.1 | ) | 972.9 | (95.4 | ) | 972.6 | — | |||||||||||||
Proceeds from issuance of long-term debt | 2,225.00 | — | 1,500.00 | — | 3,725.00 | |||||||||||||||
Proceeds from exercises of employee stock options | 120.1 | — | — | — | 120.1 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 65.4 | — | — | — | 65.4 | |||||||||||||||
Net proceeds from notes payable | — | — | 57.3 | — | 57.3 | |||||||||||||||
Proceeds from employee stock purchases | 5.8 | — | — | — | 5.8 | |||||||||||||||
Principal payments of long-term debt | (49.8 | ) | (20.2 | ) | (26.4 | ) | — | (96.4 | ) | |||||||||||
Payments of financing costs of long-term debt | (69.6 | ) | — | (12.6 | ) | — | (82.2 | ) | ||||||||||||
Payments of minimum tax withholdings on stock-based payment awards | — | (16.4 | ) | (1.6 | ) | — | (18.0 | ) | ||||||||||||
Net cash provided by financing activities | 446.8 | 763.5 | 2,713.50 | (146.8 | ) | 3,777.00 | ||||||||||||||
Effect of exchange rate changes on cash and cash investments | — | — | (7.0 | ) | — | (7.0 | ) | |||||||||||||
Net (decrease) increase in cash and cash investments | (185.3 | ) | 0.1 | (82.4 | ) | — | (267.6 | ) | ||||||||||||
Cash and cash investments, beginning of year | 185.8 | 0.7 | 145 | — | 331.5 | |||||||||||||||
Cash and cash investments, end of year | $ | 0.5 | $ | 0.8 | $ | 62.6 | $ | — | $ | 63.9 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2013 | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (336.2 | ) | $ | 722.7 | $ | 169.8 | $ | — | $ | 556.3 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of business, net of cash acquired | — | (159.3 | ) | — | — | (159.3 | ) | |||||||||||||
Purchases of property, plant and equipment | (5.0 | ) | (39.8 | ) | (17.3 | ) | — | (62.1 | ) | |||||||||||
Proceeds from sales of assets | — | 5 | 5 | — | 10 | |||||||||||||||
Payments related to sale of business | (0.6 | ) | — | — | — | (0.6 | ) | |||||||||||||
Net proceeds from intercompany notes | 503.2 | — | — | (503.2 | ) | — | ||||||||||||||
Net investments in equity affiliates | 37.2 | (0.3 | ) | — | (36.9 | ) | — | |||||||||||||
Other investing activities | 1.2 | 4.6 | (0.6 | ) | — | 5.2 | ||||||||||||||
Net cash provided by (used in) investing activities | 536 | (189.8 | ) | (12.9 | ) | (540.1 | ) | (206.8 | ) | |||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net returns of capital to equity affiliates | — | (20.8 | ) | (16.1 | ) | 36.9 | — | |||||||||||||
Net proceeds from (repayments of) intercompany notes | 0.5 | (503.5 | ) | (0.2 | ) | 503.2 | — | |||||||||||||
Proceeds from issuance of long-term debt | 2,050.00 | — | — | — | 2,050.00 | |||||||||||||||
Proceeds from exercises of employee stock options | 158.3 | — | — | — | 158.3 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 17.7 | — | — | — | 17.7 | |||||||||||||||
Net repayments of notes payable | (297.9 | ) | — | (74.7 | ) | — | (372.6 | ) | ||||||||||||
Proceeds from employee stock purchases | 4.4 | — | — | — | 4.4 | |||||||||||||||
Principal payments of long-term debt | (1,528.7 | ) | (8.5 | ) | — | — | (1,537.2 | ) | ||||||||||||
Payments of financing costs of long-term debt | (35.8 | ) | — | — | — | (35.8 | ) | |||||||||||||
Payments of minimum tax withholdings on stock-based payment awards | — | — | (0.5 | ) | — | (0.5 | ) | |||||||||||||
Purchases of treasury stock | (383.0 | ) | — | — | — | (383.0 | ) | |||||||||||||
Net cash used in financing activities | (14.5 | ) | (532.8 | ) | (91.5 | ) | 540.1 | (98.7 | ) | |||||||||||
Effect of exchange rate changes on cash and cash investments | — | — | (5.1 | ) | — | (5.1 | ) | |||||||||||||
Net increase in cash and cash investments | 185.3 | 0.1 | 60.3 | — | 245.7 | |||||||||||||||
Cash and cash investments, beginning of year | 0.5 | 0.6 | 84.7 | — | 85.8 | |||||||||||||||
Cash and cash investments, end of year | $ | 185.8 | $ | 0.7 | $ | 145 | $ | — | $ | 331.5 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the Year Ended February 29, 2012 | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (20.9 | ) | $ | 695.5 | $ | 182.1 | $ | (72.6 | ) | $ | 784.1 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of business, net of cash acquired | — | — | (51.5 | ) | — | (51.5 | ) | |||||||||||||
Purchases of property, plant and equipment | (20.5 | ) | (33.4 | ) | (14.5 | ) | — | (68.4 | ) | |||||||||||
Proceeds from redemption of available-for-sale debt securities | — | — | 20.2 | — | 20.2 | |||||||||||||||
Proceeds from sales of assets | — | 3.3 | 0.3 | — | 3.6 | |||||||||||||||
Payments related to sale of business | (12.3 | ) | — | (18.5 | ) | — | (30.8 | ) | ||||||||||||
Net proceeds from intercompany notes | 613.2 | 0.6 | — | (613.8 | ) | — | ||||||||||||||
Net investments in equity affiliates | (22.8 | ) | — | — | 22.8 | — | ||||||||||||||
Other investing activities | 1 | (6.1 | ) | (3.1 | ) | — | (8.2 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 558.6 | (35.6 | ) | (67.1 | ) | (591.0 | ) | (135.1 | ) | |||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments of dividends | — | — | (22.6 | ) | 22.6 | — | ||||||||||||||
Net returns of capital to equity affiliates | — | (20.8 | ) | (7.5 | ) | 28.3 | — | |||||||||||||
Net (repayments of) proceeds from intercompany notes | — | (620.8 | ) | 8.1 | 612.7 | — | ||||||||||||||
Proceeds from exercises of employee stock options | 51.3 | — | — | — | 51.3 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 10.9 | — | — | — | 10.9 | |||||||||||||||
Net proceeds from notes payable | 223.1 | — | 26.7 | — | 249.8 | |||||||||||||||
Proceeds from employee stock purchases | 4.7 | — | — | — | 4.7 | |||||||||||||||
Principal payments of long-term debt | (414.2 | ) | (16.9 | ) | (44.8 | ) | — | (475.9 | ) | |||||||||||
Payments of minimum tax withholdings on stock-based payment awards | — | (1.7 | ) | (0.5 | ) | — | (2.2 | ) | ||||||||||||
Purchases of treasury stock | (413.7 | ) | — | — | — | (413.7 | ) | |||||||||||||
Net cash used in financing activities | (537.9 | ) | (660.2 | ) | (40.6 | ) | 663.6 | (575.1 | ) | |||||||||||
Effect of exchange rate changes on cash and cash investments | — | — | 2.7 | — | 2.7 | |||||||||||||||
Net (decrease) increase in cash and cash investments | (0.2 | ) | (0.3 | ) | 77.1 | — | 76.6 | |||||||||||||
Cash and cash investments, beginning of year | 0.7 | 0.9 | 7.6 | — | 9.2 | |||||||||||||||
Cash and cash investments, end of year | $ | 0.5 | $ | 0.6 | $ | 84.7 | $ | — | $ | 85.8 | ||||||||||
Business_Segment_Information
Business Segment Information | 12 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
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. 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, management excludes items that affect comparability (“Unusual Items”) from its evaluation of the results of each operating segment as these Unusual Items are not reflective of continuing operations of the segments. Segment operating performance and segment management compensation is evaluated based upon continuing 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 years ended February 28, 2014, February 28, 2013, and February 29, 2012, Unusual Items included in consolidated operating income consist of: | ||||||||||||
For the Years Ended | ||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||
(in millions) | ||||||||||||
Cost of Product Sold | ||||||||||||
Flow through of inventory step-up | $ | 11 | $ | 7.8 | $ | 1.6 | ||||||
Amortization of favorable interim supply agreement | 6 | — | — | |||||||||
Other costs | (1.0 | ) | — | 0.3 | ||||||||
Total Cost of Product Sold | 16 | 7.8 | 1.9 | |||||||||
Selling, General and Administrative Expenses | ||||||||||||
Transaction and related costs associated with pending and completed acquisitions | 51.5 | 27.7 | — | |||||||||
Deferred compensation | 7 | — | — | |||||||||
Restructuring charges and other | (2.8 | ) | (1.7 | ) | 13.5 | |||||||
Total Selling, General and Administrative Expenses | 55.7 | 26 | 13.5 | |||||||||
Impairment of Goodwill and Intangible Assets | 300.9 | — | 38.1 | |||||||||
Gain on Remeasurement to Fair Value of Equity Method Investment | (1,642.0 | ) | — | — | ||||||||
Unusual Items | $ | (1,269.4 | ) | $ | 33.8 | $ | 53.5 | |||||
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 and include the recently adopted accounting guidance described in Note 2. | ||||||||||||
Segment information is as follows: | ||||||||||||
For the Years Ended | ||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||
(in millions) | ||||||||||||
Beer | ||||||||||||
Net sales | $ | 2,835.60 | $ | 2,588.10 | $ | 2,469.50 | ||||||
Segment operating income | $ | 772.9 | $ | 448 | $ | 431 | ||||||
Long-lived tangible assets | $ | 801.3 | $ | 8.8 | $ | 10 | ||||||
Total assets | $ | 7,420.80 | $ | 440.5 | $ | 409.6 | ||||||
Capital expenditures | $ | 137.3 | $ | 1.3 | $ | 7.5 | ||||||
Depreciation and amortization | $ | 35.6 | $ | 2.5 | $ | 2.3 | ||||||
For the Years Ended | ||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||
(in millions) | ||||||||||||
Wine and Spirits | ||||||||||||
Net sales: | ||||||||||||
Wine | $ | 2,554.20 | $ | 2,495.80 | $ | 2,386.80 | ||||||
Spirits | 291.3 | 300.3 | 267.5 | |||||||||
Net sales | $ | 2,845.50 | $ | 2,796.10 | $ | 2,654.30 | ||||||
Segment operating income | $ | 637.8 | $ | 650.2 | $ | 621.9 | ||||||
Equity in earnings of equity method investees | $ | 17.6 | $ | 13 | $ | 13.4 | ||||||
Long-lived tangible assets | $ | 1,097.40 | $ | 1,100.50 | $ | 1,120.90 | ||||||
Investments in equity method investees | $ | 73.3 | $ | 74.3 | $ | 71.9 | ||||||
Total assets | $ | 6,515.50 | $ | 6,921.80 | $ | 6,729.70 | ||||||
Capital expenditures | $ | 71.7 | $ | 53.6 | $ | 48.1 | ||||||
Depreciation and amortization | $ | 96.7 | $ | 91.6 | $ | 86.7 | ||||||
Corporate Operations and Other | ||||||||||||
Net sales | $ | — | $ | — | $ | — | ||||||
Segment operating loss | $ | (99.8 | ) | $ | (93.5 | ) | $ | (81.9 | ) | |||
Long-lived tangible assets | $ | 115.6 | $ | 128.5 | $ | 134.9 | ||||||
Total assets | $ | 365.8 | $ | 547 | $ | 203.8 | ||||||
Capital expenditures | $ | 14.8 | $ | 8.5 | $ | 20.3 | ||||||
Depreciation and amortization | $ | 23.5 | $ | 23.8 | $ | 17.1 | ||||||
Unusual Items | ||||||||||||
Operating income (loss) | $ | 1,269.40 | $ | (33.8 | ) | $ | (53.5 | ) | ||||
Equity in losses of equity method investees | $ | (0.1 | ) | $ | (1.0 | ) | $ | — | ||||
Consolidation and Eliminations | ||||||||||||
Net sales | $ | (813.4 | ) | $ | (2,588.1 | ) | $ | (2,469.5 | ) | |||
Operating income | $ | (142.6 | ) | $ | (448.0 | ) | $ | (431.0 | ) | |||
Equity in earnings of Crown Imports | $ | 70.3 | $ | 221.1 | $ | 215.1 | ||||||
Long-lived tangible assets | $ | — | $ | (8.8 | ) | $ | (10.0 | ) | ||||
Investments in equity method investees | $ | — | $ | 169.3 | $ | 176.4 | ||||||
Total assets | $ | — | $ | (271.2 | ) | $ | (233.2 | ) | ||||
Capital expenditures | $ | (0.3 | ) | $ | (1.3 | ) | $ | (7.5 | ) | |||
Depreciation and amortization | $ | (0.5 | ) | $ | (2.5 | ) | $ | (2.3 | ) | |||
Consolidated | ||||||||||||
Net sales | $ | 4,867.70 | $ | 2,796.10 | $ | 2,654.30 | ||||||
Operating income | $ | 2,437.70 | $ | 522.9 | $ | 486.5 | ||||||
Equity in earnings of equity method investees | $ | 87.8 | $ | 233.1 | $ | 228.5 | ||||||
Long-lived tangible assets | $ | 2,014.30 | $ | 1,229.00 | $ | 1,255.80 | ||||||
Investments in equity method investees | $ | 73.3 | $ | 243.6 | $ | 248.3 | ||||||
Total assets | $ | 14,302.10 | $ | 7,638.10 | $ | 7,109.90 | ||||||
Capital expenditures | $ | 223.5 | $ | 62.1 | $ | 68.4 | ||||||
Depreciation and amortization | $ | 155.3 | $ | 115.4 | $ | 103.8 | ||||||
The Company’s areas of operations are principally in the U.S. Current operations outside the U.S. are in Mexico for the Beer segment and primarily in Canada, New Zealand and Italy for the Wine and Spirits segment. Revenues are attributed to countries based on the location of the selling company. | ||||||||||||
Geographic data is as follows: | ||||||||||||
For the Years Ended | ||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||
(in millions) | ||||||||||||
Net sales | ||||||||||||
U.S. | $ | 4,320.20 | $ | 2,251.10 | $ | 2,126.50 | ||||||
Non-U.S. | 547.5 | 545 | 527.8 | |||||||||
Total | $ | 4,867.70 | $ | 2,796.10 | $ | 2,654.30 | ||||||
Significant non-U.S. revenue sources include: | ||||||||||||
Canada | $ | 428.9 | $ | 433.8 | $ | 428.8 | ||||||
New Zealand | 71.7 | 71.3 | 80.6 | |||||||||
Italy | 36.4 | 30.5 | 8.6 | |||||||||
Other | 10.5 | 9.4 | 9.8 | |||||||||
Total | $ | 547.5 | $ | 545 | $ | 527.8 | ||||||
28-Feb-14 | 28-Feb-13 | |||||||||||
(in millions) | ||||||||||||
Long-lived tangible assets | ||||||||||||
U.S. | $ | 901.6 | $ | 894.5 | ||||||||
Non-U.S. | 1,112.70 | 334.5 | ||||||||||
Total | $ | 2,014.30 | $ | 1,229.00 | ||||||||
Significant non-U.S. long-lived tangible assets include: | ||||||||||||
Mexico | $ | 790.4 | $ | — | ||||||||
Canada | 144 | 156.4 | ||||||||||
New Zealand | 142.2 | 144 | ||||||||||
Italy | 34 | 31.9 | ||||||||||
Other | 2.1 | 2.2 | ||||||||||
Total | $ | 1,112.70 | $ | 334.5 | ||||||||
Accounting_Guidance_Not_Yet_Ad
Accounting Guidance Not Yet Adopted | 12 Months Ended |
Feb. 28, 2014 | |
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 adoption of this guidance on March 1, 2014, did not have a material impact on the Company’s consolidated financial statements. | |
Foreign currency translation – | |
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 adoption of this amended guidance on March 1, 2014, did not have a material impact on the Company’s 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 adoption of this amended guidance on March 1, 2014, did not have a material impact on the Company’s consolidated financial statements. | |
Discontinued operations – | |
In April 2014, the FASB issued amended guidance regarding the definition and disclosure of discontinued operations. Under the amended guidance, a disposal of a component of an entity (or a group of components) is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when certain criteria are met. The Company is required to adopt this guidance for its annual and interim periods beginning March 1, 2015. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Selected_Quarterly_Financial_I
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ' | |||||||||||||||||||
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED): | ||||||||||||||||||||
A summary of selected quarterly financial information is as follows: | ||||||||||||||||||||
QUARTER ENDED | ||||||||||||||||||||
31-May-13 | 31-Aug-13 | 30-Nov-13 | 28-Feb-14 | Full Year | ||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||
Net sales | $ | 673.4 | $ | 1,459.80 | $ | 1,443.30 | $ | 1,291.20 | $ | 4,867.70 | ||||||||||
Gross profit | $ | 256.1 | $ | 577 | $ | 609.7 | $ | 548.9 | $ | 1,991.70 | ||||||||||
Net income (1) | $ | 52.9 | $ | 1,522.00 | $ | 211 | $ | 157.2 | $ | 1,943.10 | ||||||||||
Earnings per common share (2): | ||||||||||||||||||||
Basic – Class A Common Stock | $ | 0.29 | $ | 8.18 | $ | 1.13 | $ | 0.84 | $ | 10.45 | ||||||||||
Basic – Class B Convertible Common Stock | $ | 0.26 | $ | 7.43 | $ | 1.03 | $ | 0.76 | $ | 9.5 | ||||||||||
Diluted – Class A Common Stock | $ | 0.27 | $ | 7.74 | $ | 1.07 | $ | 0.79 | $ | 9.83 | ||||||||||
Diluted – Class B Convertible Common Stock | $ | 0.25 | $ | 7.11 | $ | 0.98 | $ | 0.73 | $ | 9.04 | ||||||||||
QUARTER ENDED | ||||||||||||||||||||
31-May-12 | 31-Aug-12 | 30-Nov-12 | 28-Feb-13 | Full Year | ||||||||||||||||
Fiscal 2013 | ||||||||||||||||||||
Net sales | $ | 634.8 | $ | 698.5 | $ | 766.9 | $ | 695.9 | $ | 2,796.10 | ||||||||||
Gross profit | $ | 250.6 | $ | 285.1 | $ | 310.8 | $ | 261.8 | $ | 1,108.30 | ||||||||||
Net income (3) | $ | 72 | $ | 124.6 | $ | 109.5 | $ | 81.7 | $ | 387.8 | ||||||||||
Earnings per common share (2): | ||||||||||||||||||||
Basic – Class A Common Stock | $ | 0.39 | $ | 0.71 | $ | 0.61 | $ | 0.45 | $ | 2.15 | ||||||||||
Basic – Class B Convertible Common Stock | $ | 0.36 | $ | 0.64 | $ | 0.55 | $ | 0.41 | $ | 1.96 | ||||||||||
Diluted – Class A Common Stock | $ | 0.38 | $ | 0.67 | $ | 0.58 | $ | 0.43 | $ | 2.04 | ||||||||||
Diluted – Class B Convertible Common Stock | $ | 0.35 | $ | 0.62 | $ | 0.53 | $ | 0.39 | $ | 1.87 | ||||||||||
-1 | For Fiscal 2014, the Company recorded certain unusual items consisting of: amortization of a favorable interim supply agreement associated with the Beer Business Acquisition; other cost of product sold associated with a net gain from the mark to fair value of undesignated commodity swap contracts; transaction and related costs associated with the Beer Business Acquisition; previously unrecognized deferred compensation costs associated with certain employment agreements related to a prior period; restructuring charges and other selling, general and administrative costs associated primarily with certain previously announced restructuring plans; impairment of goodwill and intangible assets associated with the Company’s Canadian business; gain on remeasurement to fair value of the Company’s preexisting equity interest in Crown Imports; and other equity method investment costs. The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2014: | |||||||||||||||||||
QUARTER ENDED | ||||||||||||||||||||
31-May-13 | 31-Aug-13 | 30-Nov-13 | 28-Feb-14 | Full Year | ||||||||||||||||
(in millions, net of income tax effect) | ||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||
Amortization of favorable interim supply agreement | $ | — | $ | 1.5 | $ | 1.6 | $ | 1.2 | $ | 4.3 | ||||||||||
Other cost of product sold | $ | — | $ | — | $ | — | $ | (0.6 | ) | $ | (0.6 | ) | ||||||||
Transaction and related costs associated with completed acquisitions | $ | 17.2 | $ | 4.2 | $ | 5.8 | $ | 4.3 | $ | 31.5 | ||||||||||
Deferred compensation | $ | 4.4 | $ | — | $ | — | $ | — | $ | 4.4 | ||||||||||
Restructuring charges and other selling, general and administrative costs | $ | (1.8 | ) | $ | — | $ | 0.1 | $ | — | $ | (1.7 | ) | ||||||||
Impairment of goodwill and intangible assets | $ | — | $ | 296.4 | $ | (1.3 | ) | $ | — | $ | 295.1 | |||||||||
Gain on remeasurement to fair value of equity method investment | $ | — | $ | (1,642.0 | ) | $ | — | $ | — | $ | (1,642.0 | ) | ||||||||
Other equity method investment loss | $ | 0.1 | $ | — | $ | — | $ | — | $ | 0.1 | ||||||||||
-2 | The sum of the quarterly earnings per common share for Fiscal 2014 and Fiscal 2013 may not equal the total computed for the respective years as the earnings per common share are computed independently for each of the quarters presented and for the full year. | |||||||||||||||||||
-3 | For Fiscal 2013, the Company recorded certain unusual items consisting of: transaction and related costs associated with pending and completed acquisitions, including the Beer Business Acquisition and Mark West; restructuring charges and other selling, general and administrative costs associated primarily with certain previously announced restructuring plans and a gain on an adjustment to a guarantee originally recorded in connection with a prior divestiture; other equity method investment costs; and loss on the write-off of financing fees. The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2013: | |||||||||||||||||||
QUARTER ENDED | ||||||||||||||||||||
31-May-12 | 31-Aug-12 | 30-Nov-12 | 28-Feb-13 | Full Year | ||||||||||||||||
(in millions, net of income tax effect) | ||||||||||||||||||||
Fiscal 2013 | ||||||||||||||||||||
Transaction and related costs associated with pending and completed acquisitions | $ | — | $ | 5.7 | $ | 5.3 | $ | 7.1 | $ | 18.1 | ||||||||||
Restructuring charges and other selling, general and administrative costs | $ | 1.8 | $ | (0.3 | ) | $ | 1.5 | $ | (6.4 | ) | $ | (3.4 | ) | |||||||
Other equity method investment costs | $ | — | $ | — | $ | 0.1 | $ | 0.5 | $ | 0.6 | ||||||||||
Loss on write-off of financing costs | $ | 1.7 | $ | — | $ | — | $ | 6.1 | $ | 7.8 | ||||||||||
Description_of_Business_Basis_1
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Principles of consolidation | ' | |||||||
Principles of consolidation: | ||||||||
The consolidated financial statements of the Company include the accounts of the Company and its majority-owned subsidiaries and entities in which the Company has a controlling financial interest after the elimination of intercompany accounts and transactions. The Company has a controlling financial interest if the Company owns a majority of the outstanding voting common stock or has significant control over an entity through contractual or economic interests in which the Company is the primary beneficiary. | ||||||||
Management's use of estimates | ' | |||||||
Management’s use of estimates: | ||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||
Equity method investments | ' | |||||||
Equity method investments: | ||||||||
If the Company is not required to consolidate its investment in another entity, the Company uses the equity method if the Company (i) can exercise significant influence over the other entity and (ii) holds common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, plus or minus the Company’s equity in the increases and decreases in the investee’s net assets after the date of acquisition and certain other adjustments. The Company’s share of the net income or loss of the investee is included in equity in earnings of equity method investees on the Company’s Consolidated Statements of Comprehensive Income. Dividends received from the investee reduce the carrying amount of the investment. | ||||||||
Equity method investments are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investments may not be recoverable. | ||||||||
Revenue recognition | ' | |||||||
Revenue recognition: | ||||||||
Sales are recognized when title and risk of loss pass to the customer, which is generally when the product is shipped. Amounts billed to customers for shipping and handling are classified as sales. Sales reflect reductions attributable to consideration given to customers in various customer incentive programs, including pricing discounts on single transactions, volume discounts, promotional and advertising allowances, coupons, and rebates. | ||||||||
Cost of product sold | ' | |||||||
Cost of product sold: | ||||||||
The types of costs included in cost of product sold are raw materials, packaging materials, manufacturing costs, plant administrative support and overheads, and freight and warehouse costs (including distribution network costs). Distribution network costs include inbound freight charges and outbound shipping and handling costs, purchasing and receiving costs, inspection costs, warehousing and internal transfer costs. | ||||||||
Selling, general and administrative expenses | ' | |||||||
Selling, general and administrative expenses: | ||||||||
The types of costs included in selling, general and administrative expenses consist predominately of advertising and non-manufacturing administrative and overhead costs. Distribution network costs are not included in the Company’s selling, general and administrative expenses, but are included in cost of product sold as described above. | ||||||||
Advertising expenses | ' | |||||||
The Company expenses advertising costs as incurred, shown or distributed. | ||||||||
Foreign currency translation | ' | |||||||
Foreign currency translation: | ||||||||
The “functional currency” of the Company’s subsidiaries outside the U.S. is generally in the respective local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate for the period. The resulting translation adjustments are recorded as a component of Accumulated Other Comprehensive Income (“AOCI”). Gains or losses resulting from foreign currency denominated transactions are included in selling, general and administrative expenses on the Company’s Consolidated Statements of Comprehensive Income. | ||||||||
Foreign currency translation – | ||||||||
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 adoption of this amended guidance on March 1, 2014, did not have a material impact on the Company’s consolidated financial statements. | ||||||||
Cash investments | ' | |||||||
Cash investments: | ||||||||
Cash investments consist of highly liquid investments with an original maturity when purchased of three months or less and are stated at cost, which approximates fair value. | ||||||||
Allowance for doubtful accounts | ' | |||||||
Allowance for doubtful accounts: | ||||||||
The Company records an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The majority of the accounts receivable balance is generated from sales to independent distributors with whom the Company has a predetermined collection date arranged through electronic funds transfer. | ||||||||
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 (see Note 7). | ||||||||
Derivative instruments | ' | |||||||
Derivative instruments: | ||||||||
As a multinational company, the Company is exposed to market risk from changes in foreign currency exchange rates, commodity 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, commodity and interest rate market movements during that same period. | ||||||||
The Company enters into derivative instruments, primarily foreign currency forward and option contracts, commodity pricing swaps and interest rate swaps, to manage foreign currency, commodity pricing and interest rate risks, respectively. The Company recognizes all derivatives as either assets or liabilities on its Consolidated Balance Sheets and measures those instruments at fair value (see Note 6, Note 7). The fair values of the Company’s derivative instruments change with fluctuations in currency rates, commodity prices and/or interest rates 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 foreign currency, commodity pricing and interest rate risks, including prohibitions on derivative market-making or other speculative activities. | ||||||||
To qualify for hedge accounting treatment under the Financial Accounting Standards Board (“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 and qualitative measures. | ||||||||
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. | ||||||||
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 commodity prices, primarily consisting of diesel fuel, corn and natural gas prices. Foreign currency contracts, generally less than 12 months in duration, and commodity 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 on the Company’s Consolidated Statements of Comprehensive Income. For purposes of measuring segment operating performance, the unrealized gains or losses from the mark to fair value of the Company’s undesignated commodity swap contracts are reported outside of segment operating results until such time that the underlying exposure is realized in the segment operating results. At that time, the realized gains or losses from the mark to fair value of the undesignated commodity swap contracts are reported in the appropriate operating segment, allowing the Company’s operating segments to realize the economic effects of the commodity swap contracts without the resulting unrealized mark to fair value volatility. The net unrealized gain reported outside of segment operating results for the year ended February 28, 2014, was not material. There were no amounts reported outside of segment operating results for the years ended February 28, 2013, and February 29, 2012. | ||||||||
The Company had undesignated foreign currency contracts outstanding with an absolute notional value of $643.8 million and $355.1 million as of February 28, 2014, and February 28, 2013, respectively, and undesignated commodity swap contracts outstanding with an absolute notional value of $88.0 million as of February 28, 2014. The Company had no undesignated commodity swap contracts outstanding as of February 28, 2013. In addition, the Company had offsetting undesignated interest rate swap agreements outstanding with an absolute notional value of $1.0 billion as of February 28, 2014, and February 28, 2013 (see Note 12). | ||||||||
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 commodity swap contracts to manage its exposure to changes in commodity prices and interest rate swap contracts to manage its exposure to changes in interest rates. 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. | ||||||||
The Company records the fair value of its foreign currency contracts, commodity swap contracts and interest rate 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. | ||||||||
The Company had cash flow designated foreign currency contracts outstanding with an absolute notional value of $636.6 million and $220.3 million as of February 28, 2014, and February 28, 2013, respectively; cash flow designated commodity swap contracts outstanding with an absolute notional value of $17.4 million as of February 28, 2013; and a cash flow designated interest rate swap agreement outstanding with a notional value of $500.0 million as of February 28, 2014, and February 28, 2013 (see Note 12). The Company had no cash flow designated commodity swap contracts outstanding as of February 28, 2014. The Company expects $3.1 million of net losses, net of income tax effect, to be reclassified from AOCI to earnings within the next 12 months. | ||||||||
Fair value hedges: | ||||||||
Fair value hedges are hedges that offset the risk of changes in the fair values of recorded assets and liabilities, and firm commitments. The Company records changes in fair value of derivative instruments, which are designated and deemed effective as fair value hedges, in earnings offset by the corresponding changes in the fair value of the hedged items. The Company did not designate any derivative instruments as fair value hedges for the years ended February 28, 2014, February 28, 2013, and February 29, 2012. | ||||||||
Net investment hedges: | ||||||||
Net investment hedges are hedges that use derivative instruments or non-derivative instruments to hedge the foreign currency exposure of a net investment in a foreign operation. Historically, the Company has managed currency exposures resulting from certain of its net investments in foreign subsidiaries principally with debt denominated in the related foreign currency. Accordingly, gains and losses on these instruments were recorded as foreign currency translation adjustments in AOCI. The Company did not designate any derivative or non-derivative instruments as net investment hedges for the years ended February 28, 2014, February 28, 2013, and February 29, 2012. | ||||||||
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 February 28, 2014, the fair value of derivative instruments in a net liability position due to counterparties was $30.4 million. If the Company were required to settle the net liability position under these derivative instruments on February 28, 2014, 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 February 28, 2014, 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. | ||||||||
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. | ||||||||
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 are classified as follows: | ||||||||
28-Feb-14 | 28-Feb-13 | |||||||
(in millions) | ||||||||
Raw materials and supplies | $ | 87.8 | $ | 45.5 | ||||
In-process inventories | 1,235.40 | 1,168.10 | ||||||
Finished case goods | 420.6 | 267.3 | ||||||
$ | 1,743.80 | $ | 1,480.90 | |||||
Bulk wine inventories are included as in-process inventories within current assets, in accordance with the general practices of the wine industry, although a portion of such inventories may be aged for periods greater than one year. A substantial portion of barreled whiskey and brandy will not be sold within one year because of the duration of the aging process. All barreled whiskey and brandy are classified as in-process inventories and are included in current assets, in accordance with industry practice. Warehousing, insurance, ad valorem taxes and other carrying charges applicable to barreled whiskey and brandy held for aging are included in inventory costs. | ||||||||
The Company assesses the valuation of its inventories and reduces the carrying value of those inventories that are obsolete or in excess of the Company’s forecasted usage to their estimated net realizable value. The Company estimates the net realizable value of such inventories based on analyses and assumptions including, but not limited to, historical usage, future demand and market requirements. Reductions to the carrying value of inventories are recorded in cost of product sold. If the future demand for the Company’s products is less favorable than the Company’s forecasts, then the value of the inventories may be required to be reduced, which could result in additional expense to the Company and affect its results of operations. | ||||||||
Property, plant and equipment | ' | |||||||
Property, plant and equipment: | ||||||||
Property, plant and equipment is stated at cost. Major additions and betterments are charged to property accounts, while maintenance and repairs are charged to operations as incurred. The cost of properties sold or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts at the time of disposal and resulting gains and losses are included as a component of operating income. | ||||||||
Depreciation | ' | |||||||
Depreciation: | ||||||||
Depreciation is computed primarily using the straight-line method over the following estimated useful lives: | ||||||||
Depreciable Life in Years | ||||||||
Land improvements | 15 to 32 | |||||||
Vineyards | 16 to 26 | |||||||
Buildings and improvements | 10 to 44 | |||||||
Machinery and equipment | 3 to 35 | |||||||
Motor vehicles | 3 to 7 | |||||||
Goodwill and other intangible assets | ' | |||||||
Goodwill and other intangible assets: | ||||||||
The Company reviews its goodwill and indefinite lived intangible assets annually for impairment, or sooner, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company uses January 1 as its annual impairment test measurement date. Indefinite lived intangible assets consist principally of trademarks. Intangible assets determined to have a finite life, primarily customer relationships and a favorable interim supply agreement (see Note 3), are amortized over their estimated useful lives and are subject to review for impairment in accordance with the FASB guidance for property, plant and equipment. Note 9 provides a summary of intangible assets segregated between amortizable and nonamortizable amounts. | ||||||||
In the fourth quarter of fiscal 2014, pursuant to the Company’s accounting policy, the Company performed its annual goodwill impairment analysis. No indication of impairment was noted for any of the Company’s reporting units as the estimated fair value of each of the Company’s reporting units with goodwill exceeded their carrying value. The Company had previously recorded an impairment loss of $278.7 million, which is included in impairment of goodwill and intangible assets on the Company’s Consolidated Statements of Comprehensive Income, for the second quarter of fiscal 2014, in connection with the Wine and Spirits (formerly Constellation Wines and Spirits) segment’s Canadian reporting unit (Level 3 fair value measurement – see Note 7). In the fourth quarters of fiscal 2013 and fiscal 2012, pursuant to the Company’s accounting policy, the Company performed its annual goodwill impairment analysis. No indication of impairment was noted for any of the Company’s reporting units for the years ended February 28, 2013, and February 29, 2012, as the estimated fair value of each of the Company’s reporting units with goodwill exceeded their carrying value. | ||||||||
In the fourth quarter of fiscal 2014, pursuant to the Company’s accounting policy, the Company performed its annual review of indefinite lived intangible assets for impairment. No indication of impairment was noted for any of the Company’s indefinite lived intangible assets. The Company had previously recorded an impairment loss of $22.2 million, which is included in impairment of goodwill and intangible assets on the Company’s Consolidated Statements of Comprehensive Income, for the second quarter of fiscal 2014, in connection with certain trademarks associated with the Wine and Spirits segment’s Canadian business (Level 3 fair value measurement – see Note 7). In the fourth quarters of fiscal 2013 and fiscal 2012, pursuant to the Company’s accounting policy, the Company performed its annual review of indefinite lived intangible assets for impairment. No indication of impairment was noted for any of the Company’s indefinite lived intangible assets for the year ended February 28, 2013. The Company recorded an impairment loss of $38.1 million, which is included in impairment of goodwill and intangible assets on the Company’s Consolidated Statements of Comprehensive Income for the year ended February 29, 2012, in connection with certain trademarks associated with the Wine and Spirits segment’s Canadian business (Level 3 fair value measurement – see Note 7). | ||||||||
Goodwill and other intangible assets – | ||||||||
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. | ||||||||
Other assets | ' | |||||||
Other assets: | ||||||||
Other assets include the following: (i) investments in equity method investees which are carried under the equity method of accounting (see Note 10); (ii) deferred financing costs which are stated at cost, net of accumulated amortization, and are amortized on an effective interest basis over the term of the related debt; (iii) an investment in Accolade (as defined in Note 10) consisting of cost method investments which are carried at cost and available-for-sale (“AFS”) debt securities which are carried at fair value (see Note 10); (iv) deferred tax assets which are stated net of valuation allowances (see Note 13); and (v) derivative assets which are stated at fair value. Amortization of deferred financing costs is included in interest expense, net, on the Company’s Consolidated Statements of Comprehensive Income. | ||||||||
Long-lived assets impairment | ' | |||||||
Long-lived assets impairment: | ||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted cash flows, an impairment loss is recognized to the extent that the carrying value of the asset exceeds its estimated fair value. Assets held for sale are reported at the lower of the carrying amount or fair value less costs to sell and are no longer depreciated. | ||||||||
Indemnification liabilities | ' | |||||||
Indemnification liabilities: | ||||||||
The Company has indemnified respective parties against certain liabilities that may arise in connection with certain acquisitions and divestitures. The carrying values of the indemnification liabilities are included in other liabilities on the Company’s Consolidated Balance Sheets (see Note 14). | ||||||||
Income taxes | ' | |||||||
Income taxes: | ||||||||
The Company uses the asset and liability method of accounting for income taxes. This method accounts for deferred income taxes by applying statutory rates in effect at the balance sheet date to the difference between the financial reporting and tax bases of assets and liabilities. | ||||||||
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 adoption of this amended guidance on March 1, 2014, did not have a material impact on the Company’s consolidated financial statements. | ||||||||
Environmental | ' | |||||||
Environmental: | ||||||||
Environmental expenditures that relate to current operations or to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities for environmental risks or components thereof are recorded when environmental assessments and/or remedial efforts are probable, and the cost can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or the Company’s commitment to a formal plan of action. | ||||||||
Earnings per common share | ' | |||||||
Earnings per common share: | ||||||||
The Company has two classes of outstanding common stock: Class A Common Stock and Class B Convertible Common Stock (see Note 15). In addition, the Company has another class of common stock consisting of shares of Class 1 Common Stock (see Note 15). With respect to dividend rights, the Class A Common Stock is entitled to cash dividends of at least ten percent greater than those declared and paid on the Class B Convertible Common Stock. Accordingly, the Company uses the two-class computation method for the computation of earnings per common share – basic and earnings per common share – diluted. The two-class computation method for each period reflects the amount of allocated undistributed earnings per share computed using the participation percentage which reflects the minimum dividend rights of each class of stock. | ||||||||
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 years ended February 28, 2014, February 28, 2013, and February 29, 2012, earnings per common share – diluted for Class A Common Stock has been calculated using the if-converted method. For the years ended February 28, 2014, February 28, 2013, and February 29, 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. | ||||||||
Stock-based employee compensation plans | ' | |||||||
Stock-based employee compensation plans: | ||||||||
The Company has two material stock-based employee compensation plans (see Note 16). The Company applies a grant date fair-value-based measurement method in accounting for its stock-based payment arrangements and records all costs resulting from stock-based payment transactions ratably over the requisite service period in its consolidated financial statements. Stock-based awards granted by the Company are subject to specific vesting conditions, generally time vesting, or upon retirement, disability or death of the employee (as defined by the stock option plan), if earlier. The Company recognizes compensation expense immediately for awards granted to retirement-eligible employees or ratably over the period from the date of grant to the date of retirement-eligibility if that is expected to occur during the requisite service period, when appropriate. | ||||||||
Disclosures about offsetting assets and liabilities | ' | |||||||
Disclosures about offsetting assets and liabilities – | ||||||||
Effective March 1, 2013, the Company adopted the 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. | ||||||||
Comprehensive income | ' | |||||||
Comprehensive income – | ||||||||
Effective March 1, 2013, the Company adopted the amended guidance for reporting of amounts reclassified out of AOCI. 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. | ||||||||
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 adoption of this guidance on March 1, 2014, did not have a material impact on the Company’s consolidated financial statements. | ||||||||
Discontinued operations | ' | |||||||
Discontinued operations – | ||||||||
In April 2014, the FASB issued amended guidance regarding the definition and disclosure of discontinued operations. Under the amended guidance, a disposal of a component of an entity (or a group of components) is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when certain criteria are met. The Company is required to adopt this guidance for its annual and interim periods beginning March 1, 2015. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Description_of_Business_Basis_2
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
Accounting Policies [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 are classified as follows: | ||||||||
28-Feb-14 | 28-Feb-13 | |||||||
(in millions) | ||||||||
Raw materials and supplies | $ | 87.8 | $ | 45.5 | ||||
In-process inventories | 1,235.40 | 1,168.10 | ||||||
Finished case goods | 420.6 | 267.3 | ||||||
$ | 1,743.80 | $ | 1,480.90 | |||||
Estimated useful lives for depreciation | ' | |||||||
Depreciation is computed primarily using the straight-line method over the following estimated useful lives: | ||||||||
Depreciable Life in Years | ||||||||
Land improvements | 15 to 32 | |||||||
Vineyards | 16 to 26 | |||||||
Buildings and improvements | 10 to 44 | |||||||
Machinery and equipment | 3 to 35 | |||||||
Motor vehicles | 3 to 7 |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
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 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 | ) | ||||||
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 Years Ended | ||||||||
February 28, 2014 | February 28, 2013 | |||||||
(in millions, except per share data) | ||||||||
Net sales | $ | 5,485.10 | $ | 5,365.60 | ||||
Income before income taxes | $ | 707.7 | $ | 933.9 | ||||
Net income | $ | 398.6 | $ | 675.4 | ||||
Earnings per common share: | ||||||||
Basic – Class A Common Stock | $ | 2.14 | $ | 3.75 | ||||
Basic – Class B Convertible Common Stock | $ | 1.95 | $ | 3.41 | ||||
Diluted – Class A Common Stock | $ | 2.02 | $ | 3.55 | ||||
Diluted – Class B Convertible Common Stock | $ | 1.85 | $ | 3.26 | ||||
Weighted average common shares outstanding: | ||||||||
Basic – Class A Common Stock | 164.687 | 158.658 | ||||||
Basic – Class B Convertible Common Stock | 23.467 | 23.532 | ||||||
Diluted – Class A Common Stock | 197.57 | 190.307 | ||||||
Diluted – Class B Convertible Common Stock | 23.467 | 23.532 | ||||||
Prepaid_Expenses_and_Other_Tab
Prepaid Expenses and Other (Tables) | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
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: | ||||||||
February 28, 2014 | February 28, 2013 | |||||||
(in millions) | ||||||||
Income taxes receivable | $ | 117.5 | $ | 117.3 | ||||
Prepaid excise, sales and value added taxes | 81.6 | 20.2 | ||||||
Other | 114.2 | 49.4 | ||||||
$ | 313.3 | $ | 186.9 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Components of property, plant and equipment | ' | |||||||
The major components of property, plant and equipment are as follows: | ||||||||
28-Feb-14 | 28-Feb-13 | |||||||
(in millions) | ||||||||
Land and land improvements | $ | 334 | $ | 304.6 | ||||
Vineyards | 220.1 | 214.5 | ||||||
Buildings and improvements | 519.5 | 342 | ||||||
Machinery and equipment | 1,585.90 | 1,090.60 | ||||||
Motor vehicles | 48.5 | 47.3 | ||||||
Construction in progress | 231 | 47.9 | ||||||
2,939.00 | 2,046.90 | |||||||
Less – Accumulated depreciation | (924.7 | ) | (817.9 | ) | ||||
$ | 2,014.30 | $ | 1,229.00 | |||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||
Feb. 28, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ||||||||||
The estimated fair value and location of the Company’s derivative instruments on its Consolidated Balance Sheets are as follows (see Note 7): | |||||||||||
Balance Sheet Location | 28-Feb-14 | 28-Feb-13 | |||||||||
(in millions) | |||||||||||
Derivative instruments designated as hedging instruments | |||||||||||
Foreign currency contracts: | |||||||||||
Prepaid expenses and other | $ | 11.2 | $ | 6.4 | |||||||
Other accrued expenses and liabilities | $ | 3.2 | $ | 0.1 | |||||||
Other assets, net | $ | 4.4 | $ | 2.4 | |||||||
Other liabilities | $ | 0.7 | $ | 0.1 | |||||||
Interest rate swap contracts: | |||||||||||
Other accrued expenses and liabilities | $ | 3.4 | $ | 3.2 | |||||||
Other liabilities | $ | 0.7 | $ | 3.1 | |||||||
Commodity 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 | $ | 3.3 | $ | 0.9 | |||||||
Other accrued expenses and liabilities | $ | 0.9 | $ | 5.1 | |||||||
Interest rate swap contracts: | |||||||||||
Prepaid expenses and other | $ | 3.5 | $ | 3.3 | |||||||
Other accrued expenses and liabilities | $ | 13.3 | $ | 13.2 | |||||||
Other assets, net | $ | 0.9 | $ | 3.3 | |||||||
Other liabilities | $ | 15.5 | $ | 27.6 | |||||||
Commodity swap contracts: | |||||||||||
Prepaid expenses and other | $ | 1.3 | $ | — | |||||||
Other accrued expenses and liabilities | $ | 0.1 | $ | — | |||||||
Other assets, net | $ | 0.2 | $ | — | |||||||
Other liabilities | $ | 0.4 | $ | — | |||||||
Effect of the Company's derivative instruments on its Consolidated Statements of Comprehensive Income | ' | ||||||||||
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 | Gain (Loss) | Reclassified from AOCI to | Gain (Loss) | ||||||||
Hedging Relationships | Recognized | Income (Effective portion) | Reclassified | ||||||||
in OCI | from AOCI to Income | ||||||||||
(Effective | (Effective | ||||||||||
portion) | portion) | ||||||||||
(in millions) | |||||||||||
For the Year Ended February 28, 2014 | |||||||||||
Foreign currency contracts | $ | 5.6 | Sales | $ | 3.5 | ||||||
Foreign currency contracts | 2.2 | Cost of product sold | 0.7 | ||||||||
Interest rate swap contracts | (0.7 | ) | Interest expense, net | (8.2 | ) | ||||||
Total | $ | 7.1 | Total | $ | (4.0 | ) | |||||
For the Year Ended February 28, 2013 | |||||||||||
Foreign currency contracts | $ | 3.1 | Sales | $ | 2.4 | ||||||
Foreign currency contracts | — | Cost of product sold | 2 | ||||||||
Commodity swap contracts | 0.7 | Cost of product sold | 0.5 | ||||||||
Interest rate swap contracts | (6.3 | ) | Interest expense, net | (8.0 | ) | ||||||
Total | $ | (2.5 | ) | Total | $ | (3.1 | ) | ||||
For the Year Ended February 29, 2012 | |||||||||||
Foreign currency contracts | $ | 5.8 | Sales | $ | 6.4 | ||||||
Foreign currency contracts | 3.1 | Cost of product sold | 1.6 | ||||||||
Interest rate swap contracts | (27.2 | ) | Interest expense, net | (3.8 | ) | ||||||
Total | $ | (18.3 | ) | Total | $ | 4.2 | |||||
Derivative Instruments in | Location of Net (Loss) Gain | Net (Loss) Gain | |||||||||
Designated Cash Flow | Recognized in Income | Recognized | |||||||||
Hedging Relationships | (Ineffective portion) | in Income | |||||||||
(Ineffective | |||||||||||
portion) | |||||||||||
(in millions) | |||||||||||
For the Year Ended February 28, 2014 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (0.3 | ) | |||||||
Commodity swap contracts | Selling, general and administrative expenses | 0.1 | |||||||||
$ | (0.2 | ) | |||||||||
For the Year Ended February 28, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.3 | ||||||||
For the Year Ended February 29, 2012 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 2.2 | ||||||||
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 | |||||||||
Designated as Hedging Instruments | Recognized in Income | (Loss) Gain | |||||||||
Recognized | |||||||||||
in Income | |||||||||||
(in millions) | |||||||||||
For the Year Ended February 28, 2014 | |||||||||||
Commodity swap contracts | Cost of product sold | $ | 1.5 | ||||||||
Foreign currency contracts | Selling, general and administrative expenses | (3.4 | ) | ||||||||
Interest rate swap contracts | Interest expense, net | (0.2 | ) | ||||||||
$ | (2.1 | ) | |||||||||
For the Year Ended February 28, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (3.8 | ) | |||||||
Interest rate swap contracts | Interest expense, net | (0.5 | ) | ||||||||
$ | (4.3 | ) | |||||||||
For the Year Ended February 29, 2012 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (1.9 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Feb. 28, 2014 | ||||||||||||||||
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: | ||||||||||||||||
28-Feb-14 | 28-Feb-13 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(in millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash investments | $ | 63.9 | $ | 63.9 | $ | 331.5 | $ | 331.5 | ||||||||
Accounts receivable, net | $ | 626.2 | $ | 626.2 | $ | 471.9 | $ | 471.9 | ||||||||
AFS debt securities | $ | 8.8 | $ | 8.8 | $ | 34.2 | $ | 34.2 | ||||||||
Foreign currency contracts | $ | 18.9 | $ | 18.9 | $ | 9.7 | $ | 9.7 | ||||||||
Interest rate swap contracts | $ | 4.4 | $ | 4.4 | $ | 6.6 | $ | 6.6 | ||||||||
Commodity swap contracts | $ | 1.5 | $ | 1.5 | $ | 0.6 | $ | 0.6 | ||||||||
Liabilities: | ||||||||||||||||
Notes payable to banks | $ | 57.2 | $ | 57.2 | $ | — | $ | — | ||||||||
Accounts payable | $ | 295.2 | $ | 295.2 | $ | 209 | $ | 209 | ||||||||
Long-term debt, including current portion | $ | 6,963.30 | $ | 7,140.80 | $ | 3,305.40 | $ | 3,603.60 | ||||||||
Foreign currency contracts | $ | 4.8 | $ | 4.8 | $ | 5.3 | $ | 5.3 | ||||||||
Interest rate swap contracts | $ | 32.9 | $ | 32.9 | $ | 47.1 | $ | 47.1 | ||||||||
Commodity swap contracts | $ | 0.5 | $ | 0.5 | $ | 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) | ||||||||||||||||
28-Feb-14 | ||||||||||||||||
Assets: | ||||||||||||||||
AFS debt securities | $ | — | $ | — | $ | 8.8 | $ | 8.8 | ||||||||
Foreign currency contracts | $ | — | $ | 18.9 | $ | — | $ | 18.9 | ||||||||
Interest rate swap contracts | $ | — | $ | 4.4 | $ | — | $ | 4.4 | ||||||||
Commodity swap contracts | $ | — | $ | 1.5 | $ | — | $ | 1.5 | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency contracts | $ | — | $ | 4.8 | $ | — | $ | 4.8 | ||||||||
Interest rate swap contracts | $ | — | $ | 32.9 | $ | — | $ | 32.9 | ||||||||
Commodity swap contracts | $ | — | $ | 0.5 | $ | — | $ | 0.5 | ||||||||
28-Feb-13 | ||||||||||||||||
Assets: | ||||||||||||||||
AFS debt securities | $ | — | $ | — | $ | 34.2 | $ | 34.2 | ||||||||
Foreign currency contracts | $ | — | $ | 9.7 | $ | — | $ | 9.7 | ||||||||
Interest rate swap contracts | $ | — | $ | 6.6 | $ | — | $ | 6.6 | ||||||||
Commodity swap contracts | $ | — | $ | 0.6 | $ | — | $ | 0.6 | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency contracts | $ | — | $ | 5.3 | $ | — | $ | 5.3 | ||||||||
Interest rate swap contracts | $ | — | $ | 47.1 | $ | — | $ | 47.1 | ||||||||
Commodity 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 Year Ended February 28, 2014 | ||||||||||||||||
Goodwill | $ | — | $ | — | $ | 159.6 | $ | 278.7 | ||||||||
Trademarks | — | — | 68.3 | 22.2 | ||||||||||||
$ | — | $ | — | $ | 227.9 | $ | 300.9 | |||||||||
For the Year Ended February 29, 2012 | ||||||||||||||||
Trademarks | $ | — | $ | — | $ | 96 | $ | 38.1 | ||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||||
Feb. 28, 2014 | ||||||||||||||||
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 | Consolidation | 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 | (278.7 | ) | — | — | (278.7 | ) | ||||||||||
Foreign currency translation adjustments | (11.4 | ) | (1.2 | ) | — | (12.6 | ) | |||||||||
Balance, February 28, 2014 | ||||||||||||||||
Goodwill | 2,693.50 | 3,714.60 | — | 6,408.10 | ||||||||||||
Accumulated impairment losses | (261.3 | ) | — | — | (261.3 | ) | ||||||||||
$ | 2,432.20 | $ | 3,714.60 | $ | — | $ | 6,146.80 | |||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Feb. 28, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Major components of intangible assets | ' | |||||||||||||||
The major components of intangible assets are as follows: | ||||||||||||||||
28-Feb-14 | 28-Feb-13 | |||||||||||||||
Gross | Net | Gross | Net | |||||||||||||
Carrying | Carrying | Carrying | Carrying | |||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||
(in millions) | ||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Customer relationships | $ | 103.6 | $ | 70.5 | $ | 82.9 | $ | 54.7 | ||||||||
Favorable interim supply agreement | 68.3 | 62.3 | — | — | ||||||||||||
Other | 14.7 | 5.3 | 7.9 | 2.2 | ||||||||||||
Total | $ | 186.6 | 138.1 | $ | 90.8 | 56.9 | ||||||||||
Nonamortizable intangible assets: | ||||||||||||||||
Trademarks | 3,088.00 | 809.1 | ||||||||||||||
Other | 5 | 5.4 | ||||||||||||||
Total | 3,093.00 | 814.5 | ||||||||||||||
Total intangible assets, net | $ | 3,231.10 | $ | 871.4 | ||||||||||||
Estimated amortization expense | ' | |||||||||||||||
Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows: | ||||||||||||||||
(in millions) | ||||||||||||||||
2015 | $ | 43.5 | ||||||||||||||
2016 | $ | 32.6 | ||||||||||||||
2017 | $ | 8 | ||||||||||||||
2018 | $ | 5.5 | ||||||||||||||
2019 | $ | 5.5 | ||||||||||||||
Thereafter | $ | 43 | ||||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Components of other assets | ' | |||||||||||||||||||||||
The major components of other assets are as follows: | ||||||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Deferred financing costs | $ | 85.2 | $ | 54.4 | ||||||||||||||||||||
Investments in equity method investees | 73.3 | 243.6 | ||||||||||||||||||||||
Investment in Accolade | 11.5 | 42.8 | ||||||||||||||||||||||
Other | 18.2 | 17.3 | ||||||||||||||||||||||
188.2 | 358.1 | |||||||||||||||||||||||
Less – Accumulated amortization | (25.5 | ) | (13.9 | ) | ||||||||||||||||||||
$ | 162.7 | $ | 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 and the other material equity method investments discussed above. The amounts shown represent 100% of these equity method investments’ financial position and results of operations for those investments accounted for under the equity method as of February 28, 2014. As the financial position and results of operations of Crown Imports and Ruffino have been included in the Company’s consolidated financial position and results of operations from the dates of acquisition, amounts included for Crown Imports and Ruffino each represent 100% of the respective equity method investment’s results of operations prior to each of their respective dates of acquisition. | ||||||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | |||||||||||||||||||||||
Crown | Other | Total | Crown | Other | Total | |||||||||||||||||||
Imports | Imports | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Current assets | $ | — | $ | 32 | $ | 32 | $ | 404.1 | $ | 27.4 | $ | 431.5 | ||||||||||||
Noncurrent assets | $ | — | $ | 50.5 | $ | 50.5 | $ | 36.4 | $ | 50.8 | $ | 87.2 | ||||||||||||
Current liabilities | $ | — | $ | 4.2 | $ | 4.2 | $ | 123.2 | $ | 4.7 | $ | 127.9 | ||||||||||||
Noncurrent liabilities | $ | — | $ | 19.5 | $ | 19.5 | $ | 6 | $ | 22.6 | $ | 28.6 | ||||||||||||
Crown | Other | Total | ||||||||||||||||||||||
Imports | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
For the Year Ended February 28, 2014 | ||||||||||||||||||||||||
Net sales | $ | 813.4 | $ | 62.8 | $ | 876.2 | ||||||||||||||||||
Gross profit | $ | 241.5 | $ | 49.9 | $ | 291.4 | ||||||||||||||||||
Income from continuing operations | $ | 142.1 | $ | 34.5 | $ | 176.6 | ||||||||||||||||||
Net income | $ | 142.1 | $ | 34.5 | $ | 176.6 | ||||||||||||||||||
For the Year Ended February 28, 2013 | ||||||||||||||||||||||||
Net sales | $ | 2,588.10 | $ | 52.6 | $ | 2,640.70 | ||||||||||||||||||
Gross profit | $ | 755.4 | $ | 39 | $ | 794.4 | ||||||||||||||||||
Income from continuing operations | $ | 446.2 | $ | 24.8 | $ | 471 | ||||||||||||||||||
Net income | $ | 446.2 | $ | 24.8 | $ | 471 | ||||||||||||||||||
For the Year Ended February 29, 2012 | ||||||||||||||||||||||||
Net sales | $ | 2,469.50 | $ | 106.2 | $ | 2,575.70 | ||||||||||||||||||
Gross profit | $ | 721 | $ | 61.5 | $ | 782.5 | ||||||||||||||||||
Income from continuing operations | $ | 430.2 | $ | 28.1 | $ | 458.3 | ||||||||||||||||||
Net income | $ | 430.2 | $ | 28.1 | $ | 458.3 | ||||||||||||||||||
Other_Accrued_Expenses_and_Lia1
Other Accrued Expenses and Liabilities (Tables) | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Components of other accrued expenses and liabilities | ' | |||||||
The major components of other accrued expenses and liabilities are as follows: | ||||||||
28-Feb-14 | 28-Feb-13 | |||||||
(in millions) | ||||||||
Beer Business Acquisition payable | $ | 555.7 | $ | — | ||||
Salaries, commissions, and payroll benefits and withholdings | 118.7 | 80.5 | ||||||
Promotions and advertising | 103.1 | 80.3 | ||||||
Accrued interest | 56.9 | 61.4 | ||||||
Deferred revenue | 52.8 | 49.3 | ||||||
Income taxes payable | 45.4 | 11.2 | ||||||
Other | 123 | 139.7 | ||||||
$ | 1,055.60 | $ | 422.4 | |||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||
Borrowings | ' | |||||||||||||||||||||||
Borrowings consist of the following: | ||||||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | |||||||||||||||||||||||
Current | Long-term | Total | Total | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Notes Payable to Banks: | ||||||||||||||||||||||||
Senior Credit Facility – Revolving Credit Loans | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Other | 57.2 | — | 57.2 | — | ||||||||||||||||||||
$ | 57.2 | $ | — | $ | 57.2 | $ | — | |||||||||||||||||
Long-term Debt: | ||||||||||||||||||||||||
Senior Credit Facility – Term Loans | $ | 72.8 | $ | 2,792.00 | $ | 2,864.80 | $ | 762.5 | ||||||||||||||||
Senior Notes | 499.5 | 3,547.80 | 4,047.30 | 2,496.00 | ||||||||||||||||||||
Other Long-term Debt | 17.7 | 33.5 | 51.2 | 46.9 | ||||||||||||||||||||
$ | 590 | $ | 6,373.30 | $ | 6,963.30 | $ | 3,305.40 | |||||||||||||||||
Required principal repayments of term loans | ' | |||||||||||||||||||||||
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) | ||||||||||||||||||||||||
2015 | $ | 19.4 | $ | 1.8 | $ | 25.3 | $ | 18.8 | $ | 7.5 | $ | 72.8 | ||||||||||||
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 | ||||||||||||||||||
$ | 496.3 | $ | 245 | $ | 649.7 | $ | 481.3 | $ | 992.5 | $ | 2,864.80 | |||||||||||||
Required principal repayments under long-term debt obligations | ' | |||||||||||||||||||||||
Debt payments – | ||||||||||||||||||||||||
As of February 28, 2014, the required principal repayments under long-term debt obligations (excluding unamortized discount of $2.7 million) for each of the five succeeding fiscal years and thereafter are as follows: | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
2015 | $ | 590.5 | ||||||||||||||||||||||
2016 | 153.2 | |||||||||||||||||||||||
2017 | 892 | |||||||||||||||||||||||
2018 | 887.3 | |||||||||||||||||||||||
2019 | 1,114.00 | |||||||||||||||||||||||
Thereafter | 3,329.00 | |||||||||||||||||||||||
$ | 6,966.00 | |||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Income before income taxes | ' | ||||||||||||||||||||
Income before income taxes was generated as follows: | |||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Domestic | $ | 2,050.80 | $ | 369.7 | $ | 441 | |||||||||||||||
Foreign | 151.5 | 146.7 | 93 | ||||||||||||||||||
$ | 2,202.30 | $ | 516.4 | $ | 534 | ||||||||||||||||
Components of income tax provision (benefits) | ' | ||||||||||||||||||||
The income tax provision (benefit) consisted of the following: | |||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | 141.7 | $ | 47.8 | $ | 85.2 | |||||||||||||||
State | 18.5 | 11.2 | (45.9 | ) | |||||||||||||||||
Foreign | 57.4 | 30.4 | 1.7 | ||||||||||||||||||
Total current | 217.6 | 89.4 | 41 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | 61.4 | 42.7 | 76.6 | ||||||||||||||||||
State | 4.4 | (4.9 | ) | (20.5 | ) | ||||||||||||||||
Foreign | (24.2 | ) | 1.4 | (8.1 | ) | ||||||||||||||||
Total deferred | 41.6 | 39.2 | 48 | ||||||||||||||||||
Income tax provision | $ | 259.2 | $ | 128.6 | $ | 89 | |||||||||||||||
Significant components of deferred tax assets (liabilities) | ' | ||||||||||||||||||||
Significant components of deferred tax assets (liabilities) consist of the following: | |||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Stock-based compensation | $ | 47.3 | $ | 51.1 | |||||||||||||||||
Net operating losses | 9.1 | 23.5 | |||||||||||||||||||
Insurance accruals | 3.8 | 4.7 | |||||||||||||||||||
Employee benefits | 2.6 | 7.9 | |||||||||||||||||||
Other accruals | 55.3 | 53.1 | |||||||||||||||||||
Gross deferred tax assets | 118.1 | 140.3 | |||||||||||||||||||
Valuation allowances | (27.7 | ) | (14.6 | ) | |||||||||||||||||
Deferred tax assets, net | 90.4 | 125.7 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Intangible assets | (456.3 | ) | (408.6 | ) | |||||||||||||||||
Property, plant and equipment | (285.9 | ) | (207.0 | ) | |||||||||||||||||
Provision for unremitted earnings | (62.2 | ) | (44.9 | ) | |||||||||||||||||
Investments in equity method investees | (24.0 | ) | (41.3 | ) | |||||||||||||||||
Inventory | (4.9 | ) | (6.6 | ) | |||||||||||||||||
Derivative instruments | (0.1 | ) | (1.4 | ) | |||||||||||||||||
Total deferred tax liabilities | (833.4 | ) | (709.8 | ) | |||||||||||||||||
Deferred tax liabilities, net | $ | (743.0 | ) | $ | (584.1 | ) | |||||||||||||||
Amounts recognized in the Consolidated Balance Sheets | ' | ||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Current deferred tax assets | $ | 20.4 | $ | 15.8 | |||||||||||||||||
Long-term deferred tax assets | — | 0.2 | |||||||||||||||||||
Current deferred tax liabilities | (0.8 | ) | (0.5 | ) | |||||||||||||||||
Long-term deferred tax liabilities | (762.6 | ) | (599.6 | ) | |||||||||||||||||
$ | (743.0 | ) | $ | (584.1 | ) | ||||||||||||||||
Effective income tax rate reconciliation | ' | ||||||||||||||||||||
A reconciliation of the total tax provision (benefit) to the amount computed by applying the statutory U.S. Federal income tax rate to income before provision for (benefit from) income taxes is as follows: | |||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||
February 28, 2014 | February 28, 2013 | February 29, 2012 | |||||||||||||||||||
Amount | % of | Amount | % of | Amount | % of | ||||||||||||||||
Pretax | Pretax | Pretax | |||||||||||||||||||
Income | Income | Income | |||||||||||||||||||
(in millions, except % of pretax income data) | |||||||||||||||||||||
Income tax provision at statutory rate | $ | 770.8 | 35 | $ | 180.7 | 35 | $ | 186.9 | 35 | ||||||||||||
State and local income taxes, net of federal income tax benefit | 14.8 | 0.7 | 4.1 | 0.8 | (43.2 | ) | (8.1 | ) | |||||||||||||
Impairment of nondeductible goodwill | 97.5 | 4.4 | — | — | — | — | |||||||||||||||
Net operating loss valuation allowance | 16.3 | 0.8 | 3.7 | 0.7 | 3.6 | 0.7 | |||||||||||||||
Gain on remeasurement to fair value of equity method investment | (574.7 | ) | (26.1 | ) | — | — | — | — | |||||||||||||
Earnings of subsidiaries taxed at other than U.S. statutory rate | (61.2 | ) | (2.8 | ) | (59.6 | ) | (11.5 | ) | (66.7 | ) | (12.5 | ) | |||||||||
Miscellaneous items, net | (4.3 | ) | (0.2 | ) | (0.3 | ) | (0.1 | ) | 8.4 | 1.6 | |||||||||||
Income tax provision at effective rate | $ | 259.2 | 11.8 | $ | 128.6 | 24.9 | $ | 89 | 16.7 | ||||||||||||
Reconciliation of beginning and ending unrecognized tax benefit liabilities | ' | ||||||||||||||||||||
A reconciliation of the beginning and ending unrecognized tax benefit liabilities is as follows: | |||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Balance as of March 1 | $ | 100.6 | $ | 92 | $ | 154.4 | |||||||||||||||
Increases as a result of tax positions taken during a prior period | 2.3 | 1.3 | 11 | ||||||||||||||||||
Decreases as a result of tax positions taken during a prior period | (3.3 | ) | (9.5 | ) | (37.0 | ) | |||||||||||||||
Increases as a result of tax positions taken during the current period | 11.1 | 19.5 | 29.4 | ||||||||||||||||||
Decreases related to settlements with tax authorities | (6.7 | ) | (0.3 | ) | (59.5 | ) | |||||||||||||||
Decreases related to lapse of applicable statute of limitations | (2.5 | ) | (2.4 | ) | (6.3 | ) | |||||||||||||||
Balance as of last day of February | $ | 101.5 | $ | 100.6 | $ | 92 | |||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Feb. 28, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future payments under noncancelable operating leases | ' | |||
Future payments under noncancelable operating leases having initial or remaining terms of one year or more are as follows for each of the five succeeding fiscal years and thereafter: | ||||
(in millions) | ||||
2015 | $ | 51.1 | ||
2016 | 42.6 | |||
2017 | 35.8 | |||
2018 | 32.6 | |||
2019 | 29.6 | |||
Thereafter | 214.3 | |||
$ | 406 | |||
StockBased_Employee_Compensati1
Stock-Based Employee Compensation (Tables) | 12 Months Ended | |||||||||||||
Feb. 28, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Total compensation cost and income tax benefits recognized | ' | |||||||||||||
Total compensation cost and income tax benefits recognized for the Company’s stock-based awards are as follows: | ||||||||||||||
For the Years Ended | ||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||||
(in millions) | ||||||||||||||
Total compensation cost for stock-based awards recognized in the Consolidated Statements of Comprehensive Income | $ | 49.9 | $ | 40.8 | $ | 47.6 | ||||||||
Total income tax benefit recognized in the Consolidated Statements of Comprehensive Income for stock-based compensation | $ | 17.1 | $ | 13.8 | $ | 16.3 | ||||||||
Total compensation cost for stock-based awards capitalized in inventory in the Consolidated Balance Sheets | $ | 4.2 | $ | 4.1 | $ | 3.7 | ||||||||
Stock option activity | ' | |||||||||||||
A summary of stock option activity primarily under the Company’s Long-Term Stock Incentive Plan is as follows: | ||||||||||||||
Number | Weighted | Number | Weighted | |||||||||||
of | Average | of | Average | |||||||||||
Options | Exercise | Options | Exercise | |||||||||||
Outstanding | Price | Exercisable | Price | |||||||||||
Balance, February 28, 2011 | 29,843,605 | $ | 18.63 | 18,148,632 | $ | 20.31 | ||||||||
Granted | 2,745,309 | $ | 20.62 | |||||||||||
Exercised | (3,438,706 | ) | $ | 14.75 | ||||||||||
Forfeited | (550,203 | ) | $ | 16.91 | ||||||||||
Expired | (1,668,708 | ) | $ | 24.03 | ||||||||||
Balance, February 29, 2012 | 26,931,297 | $ | 19.03 | 18,198,577 | $ | 20.18 | ||||||||
Granted | 1,980,260 | $ | 24.65 | |||||||||||
Exercised | (8,234,324 | ) | $ | 19.18 | ||||||||||
Forfeited | (207,945 | ) | $ | 17.81 | ||||||||||
Expired | (205,210 | ) | $ | 24.11 | ||||||||||
Balance, February 28, 2013 | 20,264,078 | $ | 19.48 | 13,697,345 | $ | 19.66 | ||||||||
Granted | 1,284,500 | $ | 48.79 | |||||||||||
Exercised | (6,119,923 | ) | $ | 19.63 | ||||||||||
Forfeited | (103,497 | ) | $ | 28.86 | ||||||||||
Expired | (11,084 | ) | $ | 18.79 | ||||||||||
Balance, February 28, 2014 | 15,314,074 | $ | 21.82 | 10,913,019 | $ | 18.91 | ||||||||
Restricted stock activity | ' | |||||||||||||
A summary of restricted Class A Common Stock activity under the Company’s Long-Term Stock Incentive Plan is as follows: | ||||||||||||||
Restricted Stock Awards | ||||||||||||||
Number of | Weighted | Fair | ||||||||||||
Restricted | Average | Value of | ||||||||||||
Stock Awards | Grant-Date | Shares | ||||||||||||
Outstanding | Fair Value | Vested | ||||||||||||
Nonvested balance, February 28, 2011 | 1,810,316 | $ | 14.83 | |||||||||||
Granted | 622,092 | $ | 20.63 | |||||||||||
Vested | (529,118 | ) | $ | 14.87 | $ | 11,826,372 | ||||||||
Forfeited | (105,402 | ) | $ | 16.56 | ||||||||||
Nonvested balance, February 29, 2012 | 1,797,888 | $ | 16.72 | |||||||||||
Granted | 18,190 | $ | 30.14 | |||||||||||
Vested | (626,914 | ) | $ | 16.26 | $ | 13,741,842 | ||||||||
Forfeited | (61,140 | ) | $ | 17.44 | ||||||||||
Nonvested balance, February 28, 2013 | 1,128,024 | $ | 17.16 | |||||||||||
Granted | 12,375 | $ | 50.9 | |||||||||||
Vested | (697,994 | ) | $ | 15.9 | $ | 34,427,377 | ||||||||
Forfeited | (33,661 | ) | $ | 19 | ||||||||||
Nonvested balance, February 28, 2014 | 408,744 | $ | 20.18 | |||||||||||
Restricted Stock Units | ||||||||||||||
Number of | Weighted | Fair | ||||||||||||
Restricted | Average | Value of | ||||||||||||
Stock Units | Grant-Date | Shares | ||||||||||||
Outstanding | Fair Value | Vested | ||||||||||||
Nonvested balance, February 28, 2011 | 219,498 | $ | 15.23 | |||||||||||
Granted | 80,970 | $ | 20.6 | |||||||||||
Vested | (60,928 | ) | $ | 15.43 | $ | 1,364,178 | ||||||||
Forfeited | (36,458 | ) | $ | 16.93 | ||||||||||
Nonvested balance, February 29, 2012 | 203,082 | $ | 17.01 | |||||||||||
Granted | 609,080 | $ | 25.08 | |||||||||||
Vested | (66,500 | ) | $ | 16.69 | $ | 1,443,700 | ||||||||
Forfeited | (24,159 | ) | $ | 23.31 | ||||||||||
Nonvested balance, February 28, 2013 | 721,503 | $ | 23.65 | |||||||||||
Granted | 656,710 | $ | 50.74 | |||||||||||
Vested | (218,306 | ) | $ | 21.3 | $ | 10,747,204 | ||||||||
Forfeited | (55,327 | ) | $ | 30.58 | ||||||||||
Nonvested balance, February 28, 2014 | 1,104,580 | $ | 39.87 | |||||||||||
Performance Share Units | ||||||||||||||
Number of | Weighted | Fair | ||||||||||||
Performance | Average | Value of | ||||||||||||
Share Units | Grant-Date | Shares | ||||||||||||
Outstanding | Fair Value | Vested | ||||||||||||
Nonvested balance, February 28, 2011 | 404,410 | $ | 16.67 | |||||||||||
Granted | 319,880 | $ | 20.6 | |||||||||||
Vested | (202,205 | ) | $ | 16.67 | $ | 4,527,370 | ||||||||
Forfeited | (33,875 | ) | $ | 18.93 | ||||||||||
Nonvested balance, February 29, 2012 | 488,210 | $ | 19.09 | |||||||||||
Granted | 256,420 | $ | 38.47 | |||||||||||
Vested | — | $ | — | $ | — | |||||||||
Forfeited | (15,620 | ) | $ | 21.15 | ||||||||||
Nonvested balance, February 28, 2013 | 729,010 | $ | 25.86 | |||||||||||
Granted | 298,710 | $ | 57.88 | |||||||||||
Vested | (197,450 | ) | $ | 16.97 | $ | 9,762,648 | ||||||||
Forfeited | (31,670 | ) | $ | 34.98 | ||||||||||
Nonvested balance, February 28, 2014 | 798,600 | $ | 39.67 | |||||||||||
Stock options outstanding | ' | |||||||||||||
The following table summarizes information about stock options outstanding at February 28, 2014: | ||||||||||||||
Range of Exercise Prices | Number | Weighted | Weighted | Aggregate | ||||||||||
of | Average | Average | Intrinsic | |||||||||||
Options | Remaining | Exercise | Value | |||||||||||
Contractual | Price | |||||||||||||
Life | ||||||||||||||
$11.85 – $16.63 | 2,682,830 | 5.0 years | $ | 11.96 | ||||||||||
$16.67 – $20.05 | 4,083,010 | 5.1 years | $ | 17.9 | ||||||||||
$20.60 – $23.02 | 3,782,757 | 5.2 years | $ | 20.86 | ||||||||||
$23.48 – $26.24 | 2,936,763 | 5.7 years | $ | 24.86 | ||||||||||
$27.24 – $53.41 | 1,828,714 | 6.8 years | $ | 42.13 | ||||||||||
Options outstanding | 15,314,074 | 5.4 years | $ | 21.82 | $ | 906,746,691 | ||||||||
Options exercisable | 10,913,019 | 4.5 years | $ | 18.91 | $ | 677,967,080 | ||||||||
Other information, Stock options | ' | |||||||||||||
Other information pertaining to stock options is as follows: | ||||||||||||||
For the Years Ended | ||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||||
Weighted average grant-date fair value of stock options granted | $ | 16.88 | $ | 8.39 | $ | 7.41 | ||||||||
Total fair value of stock options vested | $ | 20,457,096 | $ | 22,421,290 | $ | 31,140,184 | ||||||||
Total intrinsic value of stock options exercised | $ | 235,540,914 | $ | 95,033,640 | $ | 23,139,194 | ||||||||
Tax benefit realized from stock options exercised | $ | 61,354,379 | $ | 25,274,158 | $ | 10,835,473 | ||||||||
Fair value of options, weighted average valuation assumptions | ' | |||||||||||||
The fair value of stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||
For the Years Ended | ||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||||
Expected life | 5.9 years | 6.0 years | 5.9 years | |||||||||||
Expected volatility | 34.8 | % | 32.7 | % | 32 | % | ||||||||
Risk-free interest rate | 0.9 | % | 1.4 | % | 2.7 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
Fair value of performance stock units, weighted average valuation assumptions | ' | |||||||||||||
The fair value of performance share units granted with a market condition is estimated on the date of grant using the Monte Carlo Simulation model with the following weighted average assumptions: | ||||||||||||||
For the Years Ended | ||||||||||||||
28-Feb-14 | 28-Feb-13 | |||||||||||||
Grant-date price | $ | 48.89 | $ | 24.5 | ||||||||||
Performance period | 3.0 years | 2.9 years | ||||||||||||
Expected volatility | 38.7 | % | 28.6 | % | ||||||||||
Risk-free interest rate | 0.4 | % | 0.5 | % | ||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||
Fair value of purchase rights, weighted average valuation assumptions | ' | |||||||||||||
The fair value of purchase rights granted is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||
For the Years Ended | ||||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||||
Expected life | 0.5 years | 0.5 years | 0.5 years | |||||||||||
Expected volatility | 24.3 | % | 41.8 | % | 30.4 | % | ||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.2 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
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 Years Ended | ||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||
(in millions, except per share data) | ||||||||||||
Income available to common stockholders | $ | 1,943.10 | $ | 387.8 | $ | 445 | ||||||
Weighted average common shares outstanding – basic: | ||||||||||||
Class A Common Stock | 164.687 | 158.658 | 180.724 | |||||||||
Class B Convertible Common Stock | 23.467 | 23.532 | 23.59 | |||||||||
Weighted average common shares outstanding – diluted: | ||||||||||||
Class A Common Stock | 164.687 | 158.658 | 180.724 | |||||||||
Class B Convertible Common Stock | 23.467 | 23.532 | 23.59 | |||||||||
Stock-based awards, primarily stock options | 9.416 | 8.117 | 4.341 | |||||||||
Weighted average common shares outstanding – diluted | 197.57 | 190.307 | 208.655 | |||||||||
Earnings per common share – basic: | ||||||||||||
Class A Common Stock | $ | 10.45 | $ | 2.15 | $ | 2.2 | ||||||
Class B Convertible Common Stock | $ | 9.5 | $ | 1.96 | $ | 2 | ||||||
Earnings per common share – diluted: | ||||||||||||
Class A Common Stock | $ | 9.83 | $ | 2.04 | $ | 2.13 | ||||||
Class B Convertible Common Stock | $ | 9.04 | $ | 1.87 | $ | 1.96 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Other comprehensive income (loss), net of income tax effect | ' | |||||||||||||||||||
Other comprehensive loss, net of income tax effect, includes the following components: | ||||||||||||||||||||
Before Tax | Tax (Expense) | Net of Tax | ||||||||||||||||||
Amount | Benefit | Amount | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the Year Ended February 29, 2012 | ||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net gains | $ | 7.4 | $ | 0.9 | $ | 8.3 | ||||||||||||||
Reclassification adjustments | 6.3 | — | 6.3 | |||||||||||||||||
Net gain recognized in other comprehensive loss | 13.7 | 0.9 | 14.6 | |||||||||||||||||
Unrealized loss on cash flow hedges: | ||||||||||||||||||||
Net derivative losses | (33.7 | ) | 15.4 | (18.3 | ) | |||||||||||||||
Reclassification adjustments | (6.9 | ) | 0.5 | (6.4 | ) | |||||||||||||||
Net loss recognized in other comprehensive loss | (40.6 | ) | 15.9 | (24.7 | ) | |||||||||||||||
Unrealized gain on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities gains | 3.9 | (1.6 | ) | 2.3 | ||||||||||||||||
Reclassification adjustments | (3.2 | ) | 1.1 | (2.1 | ) | |||||||||||||||
Net gain recognized in other comprehensive loss | 0.7 | (0.5 | ) | 0.2 | ||||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial losses | (7.3 | ) | 1.8 | (5.5 | ) | |||||||||||||||
Reclassification adjustments | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||
Net loss recognized in other comprehensive loss | (6.9 | ) | 1.7 | (5.2 | ) | |||||||||||||||
Other comprehensive loss | $ | (33.1 | ) | $ | 18 | $ | (15.1 | ) | ||||||||||||
For the Year Ended February 28, 2013 | ||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (46.9 | ) | $ | 9.5 | $ | (37.4 | ) | ||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (46.9 | ) | 9.5 | (37.4 | ) | |||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative losses | (4.9 | ) | 2.4 | (2.5 | ) | |||||||||||||||
Reclassification adjustments | 6.2 | (3.4 | ) | 2.8 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 1.3 | (1.0 | ) | 0.3 | ||||||||||||||||
Unrealized gain on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities gains | 0.7 | (0.3 | ) | 0.4 | ||||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive loss | 0.7 | (0.3 | ) | 0.4 | ||||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial losses | (7.4 | ) | 1.9 | (5.5 | ) | |||||||||||||||
Reclassification adjustments | 0.8 | (0.2 | ) | 0.6 | ||||||||||||||||
Net loss recognized in other comprehensive loss | (6.6 | ) | 1.7 | (4.9 | ) | |||||||||||||||
Other comprehensive loss | $ | (51.5 | ) | $ | 9.9 | $ | (41.6 | ) | ||||||||||||
Before Tax | Tax (Expense) | Net of Tax | ||||||||||||||||||
Amount | Benefit | Amount | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the Year Ended February 28, 2014 | ||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (63.2 | ) | $ | (3.6 | ) | $ | (66.8 | ) | |||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (63.2 | ) | (3.6 | ) | (66.8 | ) | ||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative gains | 9.8 | (2.7 | ) | 7.1 | ||||||||||||||||
Reclassification adjustments | 7.8 | (3.6 | ) | 4.2 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 17.6 | (6.3 | ) | 11.3 | ||||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities loss | (2.8 | ) | (0.3 | ) | (3.1 | ) | ||||||||||||||
Reclassification adjustments | (0.1 | ) | 0.3 | 0.2 | ||||||||||||||||
Net loss recognized in other comprehensive loss | (2.9 | ) | — | (2.9 | ) | |||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | 15.4 | (4.0 | ) | 11.4 | ||||||||||||||||
Reclassification adjustments | 1.1 | (0.2 | ) | 0.9 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 16.5 | (4.2 | ) | 12.3 | ||||||||||||||||
Other comprehensive loss | $ | (32.0 | ) | $ | (14.1 | ) | $ | (46.1 | ) | |||||||||||
Accumulated other comprehensive income (loss), net of income tax effect | ' | |||||||||||||||||||
Accumulated other comprehensive income (loss), 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 | (66.8 | ) | 7.1 | (3.1 | ) | 11.4 | (51.4 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 4.2 | 0.2 | 0.9 | 5.3 | |||||||||||||||
Other comprehensive (loss) income | (66.8 | ) | 11.3 | (2.9 | ) | 12.3 | (46.1 | ) | ||||||||||||
Balance, February 28, 2014 | $ | 103.6 | $ | (8.9 | ) | $ | (1.5 | ) | $ | (7.2 | ) | $ | 86 | |||||||
Significant_Customers_and_Conc1
Significant Customers and Concentration of Credit Risk (Tables) | 12 Months Ended | ||||||||
Feb. 28, 2014 | |||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||
Sales and accounts receivable, net, from major customers | ' | ||||||||
Sales to individual customers which amount to 10% or more of the Company's sales and associated amounts receivable from these customers as a percentage of the Company’s accounts receivable, net, are as follows: | |||||||||
For the Years Ended | |||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | |||||||
Southern Wine and Spirits | |||||||||
Sales | 18.4 | % | 30 | % | 32.4 | % | |||
Accounts receivable, net | 26.6 | % | 34.5 | % | 39.4 | % | |||
Republic National Distributing Company | |||||||||
Sales | 9.7 | % | 15.6 | % | 17.5 | % | |||
Accounts receivable, net | 13.9 | % | 18.7 | % | 17.2 | % | |||
Sales for the above customers are primarily reported within the Wine and Spirits segment. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||
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 February 28, 2014 | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash investments | $ | 0.5 | $ | 0.8 | $ | 62.6 | $ | — | $ | 63.9 | ||||||||||
Accounts receivable, net | 0.2 | 9 | 617 | — | 626.2 | |||||||||||||||
Inventories | 153.5 | 1,270.00 | 384.8 | (64.5 | ) | 1,743.80 | ||||||||||||||
Intercompany receivable | 8,529.40 | 13,339.00 | 4,104.00 | (25,972.4 | ) | — | ||||||||||||||
Prepaid expenses and other | 49.1 | 61.6 | 701.6 | (499.0 | ) | 313.3 | ||||||||||||||
Total current assets | 8,732.70 | 14,680.40 | 5,870.00 | (26,535.9 | ) | 2,747.20 | ||||||||||||||
Property, plant and equipment, net | 39.4 | 846.3 | 1,128.60 | — | 2,014.30 | |||||||||||||||
Investments in subsidiaries | 10,795.60 | 9.4 | — | (10,805.0 | ) | — | ||||||||||||||
Goodwill | — | 5,411.30 | 735.5 | — | 6,146.80 | |||||||||||||||
Intangible assets, net | — | 707.6 | 2,523.00 | 0.5 | 3,231.10 | |||||||||||||||
Intercompany notes receivable | 3,606.00 | 8.5 | — | (3,614.5 | ) | — | ||||||||||||||
Other assets, net | 62.4 | 64.6 | 35.7 | — | 162.7 | |||||||||||||||
Total assets | $ | 23,236.10 | $ | 21,728.10 | $ | 10,292.80 | $ | (40,954.9 | ) | $ | 14,302.10 | |||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable to banks | $ | — | $ | — | $ | 57.2 | $ | — | $ | 57.2 | ||||||||||
Current maturities of long-term debt | 547.1 | 16.4 | 26.5 | — | 590 | |||||||||||||||
Accounts payable | 24.4 | 109 | 161.8 | — | 295.2 | |||||||||||||||
Accrued excise taxes | 13.7 | 8.5 | 5.5 | — | 27.7 | |||||||||||||||
Intercompany payable | 11,996.50 | 9,700.40 | 4,275.50 | (25,972.4 | ) | — | ||||||||||||||
Other accrued expenses and liabilities | 712.9 | 182.3 | 680.7 | (520.3 | ) | 1,055.60 | ||||||||||||||
Total current liabilities | 13,294.60 | 10,016.60 | 5,207.20 | (26,492.7 | ) | 2,025.70 | ||||||||||||||
Long-term debt, less current maturities | 4,892.30 | 32.8 | 1,448.20 | — | 6,373.30 | |||||||||||||||
Deferred income taxes | 17.2 | 569.4 | 176 | — | 762.6 | |||||||||||||||
Intercompany notes payable | — | 3,597.70 | 16.8 | (3,614.5 | ) | — | ||||||||||||||
Other liabilities | 50.7 | 21.5 | 87 | — | 159.2 | |||||||||||||||
Stockholders’ equity | 4,981.30 | 7,490.10 | 3,357.60 | (10,847.7 | ) | 4,981.30 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 23,236.10 | $ | 21,728.10 | $ | 10,292.80 | $ | (40,954.9 | ) | $ | 14,302.10 | |||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
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 | ||||||||||||||
Intercompany receivable | 4,598.20 | 9,291.40 | 1,075.10 | (14,964.7 | ) | — | ||||||||||||||
Prepaid expenses and other | 33.9 | 46.4 | 447.8 | (341.2 | ) | 186.9 | ||||||||||||||
Total current assets | 4,970.10 | 10,368.00 | 2,446.20 | (15,313.1 | ) | 2,471.20 | ||||||||||||||
Property, plant and equipment, net | 43.3 | 832.7 | 353 | — | 1,229.00 | |||||||||||||||
Investments in subsidiaries | 7,307.00 | 2.8 | — | (7,309.8 | ) | — | ||||||||||||||
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 | 63.3 | 243.2 | 58.6 | (20.9 | ) | 344.2 | ||||||||||||||
Total assets | $ | 13,994.90 | $ | 14,231.10 | $ | 3,699.70 | $ | (24,287.6 | ) | $ | 7,638.10 | |||||||||
Current liabilities: | ||||||||||||||||||||
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 | 7,257.50 | 6,318.70 | 1,388.50 | (14,964.7 | ) | — | ||||||||||||||
Other accrued expenses and liabilities | 518.2 | 171.1 | 76.1 | (343.0 | ) | 422.4 | ||||||||||||||
Total current liabilities | 7,836.10 | 6,617.60 | 1,531.90 | (15,307.7 | ) | 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 | 47.5 | 41.8 | 133.2 | — | 222.5 | |||||||||||||||
Stockholders’ equity | 2,860.30 | 5,367.00 | 1,948.20 | (7,315.2 | ) | 2,860.30 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 13,994.90 | $ | 14,231.10 | $ | 3,699.70 | $ | (24,287.6 | ) | $ | 7,638.10 | |||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ' | |||||||||||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2014 | ||||||||||||||||||||
Sales | $ | 2,351.80 | $ | 3,868.30 | $ | 2,093.90 | $ | (2,903.0 | ) | $ | 5,411.00 | |||||||||
Less – excise taxes | (317.3 | ) | (155.9 | ) | (70.1 | ) | — | (543.3 | ) | |||||||||||
Net sales | 2,034.50 | 3,712.40 | 2,023.80 | (2,903.0 | ) | 4,867.70 | ||||||||||||||
Cost of product sold | (1,730.3 | ) | (2,661.6 | ) | (1,312.1 | ) | 2,828.00 | (2,876.0 | ) | |||||||||||
Gross profit | 304.2 | 1,050.80 | 711.7 | (75.0 | ) | 1,991.70 | ||||||||||||||
Selling, general and administrative expenses | (395.4 | ) | (361.7 | ) | (155.0 | ) | 17 | (895.1 | ) | |||||||||||
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 | (91.2 | ) | 2,331.10 | 255.8 | (58.0 | ) | 2,437.70 | |||||||||||||
Equity in earnings of equity method investees and subsidiaries | 2,219.20 | 92.7 | 0.6 | (2,224.7 | ) | 87.8 | ||||||||||||||
Interest income | 0.1 | — | 7.6 | — | 7.7 | |||||||||||||||
Intercompany interest income | 152.4 | 168.5 | 1.5 | (322.4 | ) | — | ||||||||||||||
Interest expense | (283.2 | ) | (2.5 | ) | (45.2 | ) | — | (330.9 | ) | |||||||||||
Intercompany interest expense | (168.1 | ) | (153.6 | ) | (0.7 | ) | 322.4 | — | ||||||||||||
Income before income taxes | 1,829.20 | 2,436.20 | 219.6 | (2,282.7 | ) | 2,202.30 | ||||||||||||||
Benefit from (provision for) income taxes | 113.9 | (292.5 | ) | (100.1 | ) | 19.5 | (259.2 | ) | ||||||||||||
Net income | $ | 1,943.10 | $ | 2,143.70 | $ | 119.5 | $ | (2,263.2 | ) | $ | 1,943.10 | |||||||||
Comprehensive income | $ | 1,897.00 | $ | 2,167.70 | $ | 64 | $ | (2,231.7 | ) | $ | 1,897.00 | |||||||||
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2013 | ||||||||||||||||||||
Sales | $ | 2,065.40 | $ | 1,758.60 | $ | 827.8 | $ | (1,480.4 | ) | $ | 3,171.40 | |||||||||
Less – excise taxes | (213.0 | ) | (95.9 | ) | (66.4 | ) | — | (375.3 | ) | |||||||||||
Net sales | 1,852.40 | 1,662.70 | 761.4 | (1,480.4 | ) | 2,796.10 | ||||||||||||||
Cost of product sold | (1,537.2 | ) | (1,156.6 | ) | (460.8 | ) | 1,466.80 | (1,687.8 | ) | |||||||||||
Gross profit | 315.2 | 506.1 | 300.6 | (13.6 | ) | 1,108.30 | ||||||||||||||
Selling, general and administrative expenses | (344.1 | ) | (101.4 | ) | (154.3 | ) | 14.4 | (585.4 | ) | |||||||||||
Operating (loss) income | (28.9 | ) | 404.7 | 146.3 | 0.8 | 522.9 | ||||||||||||||
Equity in earnings of equity method investees and subsidiaries | 622.2 | 232.9 | 0.5 | (622.5 | ) | 233.1 | ||||||||||||||
Interest income | 0.6 | — | 6.2 | — | 6.8 | |||||||||||||||
Intercompany interest income | 79 | 193.2 | 1.5 | (273.7 | ) | — | ||||||||||||||
Interest expense | (230.1 | ) | (1.4 | ) | (2.4 | ) | — | (233.9 | ) | |||||||||||
Intercompany interest expense | (193.2 | ) | (80.2 | ) | (0.3 | ) | 273.7 | — | ||||||||||||
Loss on write-off of financing costs | (12.5 | ) | — | — | — | (12.5 | ) | |||||||||||||
Income before income taxes | 237.1 | 749.2 | 151.8 | (621.7 | ) | 516.4 | ||||||||||||||
Benefit from (provision for) income taxes | 150.7 | (274.7 | ) | (4.5 | ) | (0.1 | ) | (128.6 | ) | |||||||||||
Net income | $ | 387.8 | $ | 474.5 | $ | 147.3 | $ | (621.8 | ) | $ | 387.8 | |||||||||
Comprehensive income | $ | 346.2 | $ | 439.5 | $ | 103.5 | $ | (543.0 | ) | $ | 346.2 | |||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 29, 2012 | ||||||||||||||||||||
Sales | $ | 1,319.10 | $ | 1,721.40 | $ | 712 | $ | (773.4 | ) | $ | 2,979.10 | |||||||||
Less – excise taxes | (169.2 | ) | (93.5 | ) | (62.1 | ) | — | (324.8 | ) | |||||||||||
Net sales | 1,149.90 | 1,627.90 | 649.9 | (773.4 | ) | 2,654.30 | ||||||||||||||
Cost of product sold | (864.3 | ) | (1,063.2 | ) | (389.6 | ) | 724.9 | (1,592.2 | ) | |||||||||||
Gross profit | 285.6 | 564.7 | 260.3 | (48.5 | ) | 1,062.10 | ||||||||||||||
Selling, general and administrative expenses | (237.3 | ) | (187.8 | ) | (161.0 | ) | 48.6 | (537.5 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | (38.1 | ) | — | (38.1 | ) | |||||||||||||
Operating income | 48.3 | 376.9 | 61.2 | 0.1 | 486.5 | |||||||||||||||
Equity in earnings of equity method investees and subsidiaries | 590.5 | 240.3 | 4.3 | (606.6 | ) | 228.5 | ||||||||||||||
Interest income | 0.2 | — | 6.4 | — | 6.6 | |||||||||||||||
Intercompany interest income | 78.2 | 125.5 | 1.4 | (205.1 | ) | — | ||||||||||||||
Interest expense | (180.6 | ) | (4.6 | ) | (2.4 | ) | — | (187.6 | ) | |||||||||||
Intercompany interest expense | (154.3 | ) | (50.5 | ) | (0.3 | ) | 205.1 | — | ||||||||||||
Income before income taxes | 382.3 | 687.6 | 70.6 | (606.5 | ) | 534 | ||||||||||||||
Benefit from (provision for) income taxes | 62.7 | (158.5 | ) | 6.5 | 0.3 | (89.0 | ) | |||||||||||||
Net income | $ | 445 | $ | 529.1 | $ | 77.1 | $ | (606.2 | ) | $ | 445 | |||||||||
Comprehensive income | $ | 429.9 | $ | 502.4 | $ | 85.5 | $ | (587.9 | ) | $ | 429.9 | |||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2014 | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (466.1 | ) | $ | 1,070.70 | $ | 240.4 | $ | (18.8 | ) | $ | 826.2 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of business, net of cash acquired | — | (1,770.0 | ) | (2,911.3 | ) | — | (4,681.3 | ) | ||||||||||||
Purchases of property, plant and equipment | (5.4 | ) | (61.4 | ) | (156.7 | ) | — | (223.5 | ) | |||||||||||
Proceeds from redemption of available-for-sale debt securities | — | — | 23.4 | — | 23.4 | |||||||||||||||
Proceeds from sales of assets | — | 0.2 | 7.6 | — | 7.8 | |||||||||||||||
Net proceeds from intercompany notes | 972.6 | — | — | (972.6 | ) | — | ||||||||||||||
Net investments in equity affiliates | (1,133.2 | ) | (5.1 | ) | 0.1 | 1,138.20 | — | |||||||||||||
Other investing activities | — | 2.2 | 7.6 | — | 9.8 | |||||||||||||||
Net cash used in investing activities | (166.0 | ) | (1,834.1 | ) | (3,029.3 | ) | 165.6 | (4,863.8 | ) | |||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments of dividends | — | — | (84.3 | ) | 84.3 | — | ||||||||||||||
Net (returns of capital to) contributions from equity affiliates | — | (172.8 | ) | 1,376.50 | (1,203.7 | ) | — | |||||||||||||
Net (repayments of) proceeds from intercompany notes | (1,850.1 | ) | 972.9 | (95.4 | ) | 972.6 | — | |||||||||||||
Proceeds from issuance of long-term debt | 2,225.00 | — | 1,500.00 | — | 3,725.00 | |||||||||||||||
Proceeds from exercises of employee stock options | 120.1 | — | — | — | 120.1 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 65.4 | — | — | — | 65.4 | |||||||||||||||
Net proceeds from notes payable | — | — | 57.3 | — | 57.3 | |||||||||||||||
Proceeds from employee stock purchases | 5.8 | — | — | — | 5.8 | |||||||||||||||
Principal payments of long-term debt | (49.8 | ) | (20.2 | ) | (26.4 | ) | — | (96.4 | ) | |||||||||||
Payments of financing costs of long-term debt | (69.6 | ) | — | (12.6 | ) | — | (82.2 | ) | ||||||||||||
Payments of minimum tax withholdings on stock-based payment awards | — | (16.4 | ) | (1.6 | ) | — | (18.0 | ) | ||||||||||||
Net cash provided by financing activities | 446.8 | 763.5 | 2,713.50 | (146.8 | ) | 3,777.00 | ||||||||||||||
Effect of exchange rate changes on cash and cash investments | — | — | (7.0 | ) | — | (7.0 | ) | |||||||||||||
Net (decrease) increase in cash and cash investments | (185.3 | ) | 0.1 | (82.4 | ) | — | (267.6 | ) | ||||||||||||
Cash and cash investments, beginning of year | 185.8 | 0.7 | 145 | — | 331.5 | |||||||||||||||
Cash and cash investments, end of year | $ | 0.5 | $ | 0.8 | $ | 62.6 | $ | — | $ | 63.9 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2013 | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (336.2 | ) | $ | 722.7 | $ | 169.8 | $ | — | $ | 556.3 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of business, net of cash acquired | — | (159.3 | ) | — | — | (159.3 | ) | |||||||||||||
Purchases of property, plant and equipment | (5.0 | ) | (39.8 | ) | (17.3 | ) | — | (62.1 | ) | |||||||||||
Proceeds from sales of assets | — | 5 | 5 | — | 10 | |||||||||||||||
Payments related to sale of business | (0.6 | ) | — | — | — | (0.6 | ) | |||||||||||||
Net proceeds from intercompany notes | 503.2 | — | — | (503.2 | ) | — | ||||||||||||||
Net investments in equity affiliates | 37.2 | (0.3 | ) | — | (36.9 | ) | — | |||||||||||||
Other investing activities | 1.2 | 4.6 | (0.6 | ) | — | 5.2 | ||||||||||||||
Net cash provided by (used in) investing activities | 536 | (189.8 | ) | (12.9 | ) | (540.1 | ) | (206.8 | ) | |||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net returns of capital to equity affiliates | — | (20.8 | ) | (16.1 | ) | 36.9 | — | |||||||||||||
Net proceeds from (repayments of) intercompany notes | 0.5 | (503.5 | ) | (0.2 | ) | 503.2 | — | |||||||||||||
Proceeds from issuance of long-term debt | 2,050.00 | — | — | — | 2,050.00 | |||||||||||||||
Proceeds from exercises of employee stock options | 158.3 | — | — | — | 158.3 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 17.7 | — | — | — | 17.7 | |||||||||||||||
Net repayments of notes payable | (297.9 | ) | — | (74.7 | ) | — | (372.6 | ) | ||||||||||||
Proceeds from employee stock purchases | 4.4 | — | — | — | 4.4 | |||||||||||||||
Principal payments of long-term debt | (1,528.7 | ) | (8.5 | ) | — | — | (1,537.2 | ) | ||||||||||||
Payments of financing costs of long-term debt | (35.8 | ) | — | — | — | (35.8 | ) | |||||||||||||
Payments of minimum tax withholdings on stock-based payment awards | — | — | (0.5 | ) | — | (0.5 | ) | |||||||||||||
Purchases of treasury stock | (383.0 | ) | — | — | — | (383.0 | ) | |||||||||||||
Net cash used in financing activities | (14.5 | ) | (532.8 | ) | (91.5 | ) | 540.1 | (98.7 | ) | |||||||||||
Effect of exchange rate changes on cash and cash investments | — | — | (5.1 | ) | — | (5.1 | ) | |||||||||||||
Net increase in cash and cash investments | 185.3 | 0.1 | 60.3 | — | 245.7 | |||||||||||||||
Cash and cash investments, beginning of year | 0.5 | 0.6 | 84.7 | — | 85.8 | |||||||||||||||
Cash and cash investments, end of year | $ | 185.8 | $ | 0.7 | $ | 145 | $ | — | $ | 331.5 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the Year Ended February 29, 2012 | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (20.9 | ) | $ | 695.5 | $ | 182.1 | $ | (72.6 | ) | $ | 784.1 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of business, net of cash acquired | — | — | (51.5 | ) | — | (51.5 | ) | |||||||||||||
Purchases of property, plant and equipment | (20.5 | ) | (33.4 | ) | (14.5 | ) | — | (68.4 | ) | |||||||||||
Proceeds from redemption of available-for-sale debt securities | — | — | 20.2 | — | 20.2 | |||||||||||||||
Proceeds from sales of assets | — | 3.3 | 0.3 | — | 3.6 | |||||||||||||||
Payments related to sale of business | (12.3 | ) | — | (18.5 | ) | — | (30.8 | ) | ||||||||||||
Net proceeds from intercompany notes | 613.2 | 0.6 | — | (613.8 | ) | — | ||||||||||||||
Net investments in equity affiliates | (22.8 | ) | — | — | 22.8 | — | ||||||||||||||
Other investing activities | 1 | (6.1 | ) | (3.1 | ) | — | (8.2 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 558.6 | (35.6 | ) | (67.1 | ) | (591.0 | ) | (135.1 | ) | |||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments of dividends | — | — | (22.6 | ) | 22.6 | — | ||||||||||||||
Net returns of capital to equity affiliates | — | (20.8 | ) | (7.5 | ) | 28.3 | — | |||||||||||||
Net (repayments of) proceeds from intercompany notes | — | (620.8 | ) | 8.1 | 612.7 | — | ||||||||||||||
Proceeds from exercises of employee stock options | 51.3 | — | — | — | 51.3 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 10.9 | — | — | — | 10.9 | |||||||||||||||
Net proceeds from notes payable | 223.1 | — | 26.7 | — | 249.8 | |||||||||||||||
Proceeds from employee stock purchases | 4.7 | — | — | — | 4.7 | |||||||||||||||
Principal payments of long-term debt | (414.2 | ) | (16.9 | ) | (44.8 | ) | — | (475.9 | ) | |||||||||||
Payments of minimum tax withholdings on stock-based payment awards | — | (1.7 | ) | (0.5 | ) | — | (2.2 | ) | ||||||||||||
Purchases of treasury stock | (413.7 | ) | — | — | — | (413.7 | ) | |||||||||||||
Net cash used in financing activities | (537.9 | ) | (660.2 | ) | (40.6 | ) | 663.6 | (575.1 | ) | |||||||||||
Effect of exchange rate changes on cash and cash investments | — | — | 2.7 | — | 2.7 | |||||||||||||||
Net (decrease) increase in cash and cash investments | (0.2 | ) | (0.3 | ) | 77.1 | — | 76.6 | |||||||||||||
Cash and cash investments, beginning of year | 0.7 | 0.9 | 7.6 | — | 9.2 | |||||||||||||||
Cash and cash investments, end of year | $ | 0.5 | $ | 0.6 | $ | 84.7 | $ | — | $ | 85.8 | ||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Unusual items | ' | |||||||||||
For the years ended February 28, 2014, February 28, 2013, and February 29, 2012, Unusual Items included in consolidated operating income consist of: | ||||||||||||
For the Years Ended | ||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||
(in millions) | ||||||||||||
Cost of Product Sold | ||||||||||||
Flow through of inventory step-up | $ | 11 | $ | 7.8 | $ | 1.6 | ||||||
Amortization of favorable interim supply agreement | 6 | — | — | |||||||||
Other costs | (1.0 | ) | — | 0.3 | ||||||||
Total Cost of Product Sold | 16 | 7.8 | 1.9 | |||||||||
Selling, General and Administrative Expenses | ||||||||||||
Transaction and related costs associated with pending and completed acquisitions | 51.5 | 27.7 | — | |||||||||
Deferred compensation | 7 | — | — | |||||||||
Restructuring charges and other | (2.8 | ) | (1.7 | ) | 13.5 | |||||||
Total Selling, General and Administrative Expenses | 55.7 | 26 | 13.5 | |||||||||
Impairment of Goodwill and Intangible Assets | 300.9 | — | 38.1 | |||||||||
Gain on Remeasurement to Fair Value of Equity Method Investment | (1,642.0 | ) | — | — | ||||||||
Unusual Items | $ | (1,269.4 | ) | $ | 33.8 | $ | 53.5 | |||||
Segment information | ' | |||||||||||
Segment information is as follows: | ||||||||||||
For the Years Ended | ||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||
(in millions) | ||||||||||||
Beer | ||||||||||||
Net sales | $ | 2,835.60 | $ | 2,588.10 | $ | 2,469.50 | ||||||
Segment operating income | $ | 772.9 | $ | 448 | $ | 431 | ||||||
Long-lived tangible assets | $ | 801.3 | $ | 8.8 | $ | 10 | ||||||
Total assets | $ | 7,420.80 | $ | 440.5 | $ | 409.6 | ||||||
Capital expenditures | $ | 137.3 | $ | 1.3 | $ | 7.5 | ||||||
Depreciation and amortization | $ | 35.6 | $ | 2.5 | $ | 2.3 | ||||||
For the Years Ended | ||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||
(in millions) | ||||||||||||
Wine and Spirits | ||||||||||||
Net sales: | ||||||||||||
Wine | $ | 2,554.20 | $ | 2,495.80 | $ | 2,386.80 | ||||||
Spirits | 291.3 | 300.3 | 267.5 | |||||||||
Net sales | $ | 2,845.50 | $ | 2,796.10 | $ | 2,654.30 | ||||||
Segment operating income | $ | 637.8 | $ | 650.2 | $ | 621.9 | ||||||
Equity in earnings of equity method investees | $ | 17.6 | $ | 13 | $ | 13.4 | ||||||
Long-lived tangible assets | $ | 1,097.40 | $ | 1,100.50 | $ | 1,120.90 | ||||||
Investments in equity method investees | $ | 73.3 | $ | 74.3 | $ | 71.9 | ||||||
Total assets | $ | 6,515.50 | $ | 6,921.80 | $ | 6,729.70 | ||||||
Capital expenditures | $ | 71.7 | $ | 53.6 | $ | 48.1 | ||||||
Depreciation and amortization | $ | 96.7 | $ | 91.6 | $ | 86.7 | ||||||
Corporate Operations and Other | ||||||||||||
Net sales | $ | — | $ | — | $ | — | ||||||
Segment operating loss | $ | (99.8 | ) | $ | (93.5 | ) | $ | (81.9 | ) | |||
Long-lived tangible assets | $ | 115.6 | $ | 128.5 | $ | 134.9 | ||||||
Total assets | $ | 365.8 | $ | 547 | $ | 203.8 | ||||||
Capital expenditures | $ | 14.8 | $ | 8.5 | $ | 20.3 | ||||||
Depreciation and amortization | $ | 23.5 | $ | 23.8 | $ | 17.1 | ||||||
Unusual Items | ||||||||||||
Operating income (loss) | $ | 1,269.40 | $ | (33.8 | ) | $ | (53.5 | ) | ||||
Equity in losses of equity method investees | $ | (0.1 | ) | $ | (1.0 | ) | $ | — | ||||
Consolidation and Eliminations | ||||||||||||
Net sales | $ | (813.4 | ) | $ | (2,588.1 | ) | $ | (2,469.5 | ) | |||
Operating income | $ | (142.6 | ) | $ | (448.0 | ) | $ | (431.0 | ) | |||
Equity in earnings of Crown Imports | $ | 70.3 | $ | 221.1 | $ | 215.1 | ||||||
Long-lived tangible assets | $ | — | $ | (8.8 | ) | $ | (10.0 | ) | ||||
Investments in equity method investees | $ | — | $ | 169.3 | $ | 176.4 | ||||||
Total assets | $ | — | $ | (271.2 | ) | $ | (233.2 | ) | ||||
Capital expenditures | $ | (0.3 | ) | $ | (1.3 | ) | $ | (7.5 | ) | |||
Depreciation and amortization | $ | (0.5 | ) | $ | (2.5 | ) | $ | (2.3 | ) | |||
Consolidated | ||||||||||||
Net sales | $ | 4,867.70 | $ | 2,796.10 | $ | 2,654.30 | ||||||
Operating income | $ | 2,437.70 | $ | 522.9 | $ | 486.5 | ||||||
Equity in earnings of equity method investees | $ | 87.8 | $ | 233.1 | $ | 228.5 | ||||||
Long-lived tangible assets | $ | 2,014.30 | $ | 1,229.00 | $ | 1,255.80 | ||||||
Investments in equity method investees | $ | 73.3 | $ | 243.6 | $ | 248.3 | ||||||
Total assets | $ | 14,302.10 | $ | 7,638.10 | $ | 7,109.90 | ||||||
Capital expenditures | $ | 223.5 | $ | 62.1 | $ | 68.4 | ||||||
Depreciation and amortization | $ | 155.3 | $ | 115.4 | $ | 103.8 | ||||||
Geographic data | ' | |||||||||||
Geographic data is as follows: | ||||||||||||
For the Years Ended | ||||||||||||
28-Feb-14 | 28-Feb-13 | 29-Feb-12 | ||||||||||
(in millions) | ||||||||||||
Net sales | ||||||||||||
U.S. | $ | 4,320.20 | $ | 2,251.10 | $ | 2,126.50 | ||||||
Non-U.S. | 547.5 | 545 | 527.8 | |||||||||
Total | $ | 4,867.70 | $ | 2,796.10 | $ | 2,654.30 | ||||||
Significant non-U.S. revenue sources include: | ||||||||||||
Canada | $ | 428.9 | $ | 433.8 | $ | 428.8 | ||||||
New Zealand | 71.7 | 71.3 | 80.6 | |||||||||
Italy | 36.4 | 30.5 | 8.6 | |||||||||
Other | 10.5 | 9.4 | 9.8 | |||||||||
Total | $ | 547.5 | $ | 545 | $ | 527.8 | ||||||
28-Feb-14 | 28-Feb-13 | |||||||||||
(in millions) | ||||||||||||
Long-lived tangible assets | ||||||||||||
U.S. | $ | 901.6 | $ | 894.5 | ||||||||
Non-U.S. | 1,112.70 | 334.5 | ||||||||||
Total | $ | 2,014.30 | $ | 1,229.00 | ||||||||
Significant non-U.S. long-lived tangible assets include: | ||||||||||||
Mexico | $ | 790.4 | $ | — | ||||||||
Canada | 144 | 156.4 | ||||||||||
New Zealand | 142.2 | 144 | ||||||||||
Italy | 34 | 31.9 | ||||||||||
Other | 2.1 | 2.2 | ||||||||||
Total | $ | 1,112.70 | $ | 334.5 | ||||||||
Selected_Quarterly_Financial_I1
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Summary of selected quarterly financial information | ' | |||||||||||||||||||
A summary of selected quarterly financial information is as follows: | ||||||||||||||||||||
QUARTER ENDED | ||||||||||||||||||||
31-May-13 | 31-Aug-13 | 30-Nov-13 | 28-Feb-14 | Full Year | ||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||
Net sales | $ | 673.4 | $ | 1,459.80 | $ | 1,443.30 | $ | 1,291.20 | $ | 4,867.70 | ||||||||||
Gross profit | $ | 256.1 | $ | 577 | $ | 609.7 | $ | 548.9 | $ | 1,991.70 | ||||||||||
Net income (1) | $ | 52.9 | $ | 1,522.00 | $ | 211 | $ | 157.2 | $ | 1,943.10 | ||||||||||
Earnings per common share (2): | ||||||||||||||||||||
Basic – Class A Common Stock | $ | 0.29 | $ | 8.18 | $ | 1.13 | $ | 0.84 | $ | 10.45 | ||||||||||
Basic – Class B Convertible Common Stock | $ | 0.26 | $ | 7.43 | $ | 1.03 | $ | 0.76 | $ | 9.5 | ||||||||||
Diluted – Class A Common Stock | $ | 0.27 | $ | 7.74 | $ | 1.07 | $ | 0.79 | $ | 9.83 | ||||||||||
Diluted – Class B Convertible Common Stock | $ | 0.25 | $ | 7.11 | $ | 0.98 | $ | 0.73 | $ | 9.04 | ||||||||||
QUARTER ENDED | ||||||||||||||||||||
31-May-12 | 31-Aug-12 | 30-Nov-12 | 28-Feb-13 | Full Year | ||||||||||||||||
Fiscal 2013 | ||||||||||||||||||||
Net sales | $ | 634.8 | $ | 698.5 | $ | 766.9 | $ | 695.9 | $ | 2,796.10 | ||||||||||
Gross profit | $ | 250.6 | $ | 285.1 | $ | 310.8 | $ | 261.8 | $ | 1,108.30 | ||||||||||
Net income (3) | $ | 72 | $ | 124.6 | $ | 109.5 | $ | 81.7 | $ | 387.8 | ||||||||||
Earnings per common share (2): | ||||||||||||||||||||
Basic – Class A Common Stock | $ | 0.39 | $ | 0.71 | $ | 0.61 | $ | 0.45 | $ | 2.15 | ||||||||||
Basic – Class B Convertible Common Stock | $ | 0.36 | $ | 0.64 | $ | 0.55 | $ | 0.41 | $ | 1.96 | ||||||||||
Diluted – Class A Common Stock | $ | 0.38 | $ | 0.67 | $ | 0.58 | $ | 0.43 | $ | 2.04 | ||||||||||
Diluted – Class B Convertible Common Stock | $ | 0.35 | $ | 0.62 | $ | 0.53 | $ | 0.39 | $ | 1.87 | ||||||||||
Summary of unusual items, net of income tax effect | ' | |||||||||||||||||||
The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2014: | ||||||||||||||||||||
QUARTER ENDED | ||||||||||||||||||||
31-May-13 | 31-Aug-13 | 30-Nov-13 | 28-Feb-14 | Full Year | ||||||||||||||||
(in millions, net of income tax effect) | ||||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||||
Amortization of favorable interim supply agreement | $ | — | $ | 1.5 | $ | 1.6 | $ | 1.2 | $ | 4.3 | ||||||||||
Other cost of product sold | $ | — | $ | — | $ | — | $ | (0.6 | ) | $ | (0.6 | ) | ||||||||
Transaction and related costs associated with completed acquisitions | $ | 17.2 | $ | 4.2 | $ | 5.8 | $ | 4.3 | $ | 31.5 | ||||||||||
Deferred compensation | $ | 4.4 | $ | — | $ | — | $ | — | $ | 4.4 | ||||||||||
Restructuring charges and other selling, general and administrative costs | $ | (1.8 | ) | $ | — | $ | 0.1 | $ | — | $ | (1.7 | ) | ||||||||
Impairment of goodwill and intangible assets | $ | — | $ | 296.4 | $ | (1.3 | ) | $ | — | $ | 295.1 | |||||||||
Gain on remeasurement to fair value of equity method investment | $ | — | $ | (1,642.0 | ) | $ | — | $ | — | $ | (1,642.0 | ) | ||||||||
Other equity method investment loss | $ | 0.1 | $ | — | $ | — | $ | — | $ | 0.1 | ||||||||||
-2 | The sum of the quarterly earnings per common share for Fiscal 2014 and Fiscal 2013 may not equal the total computed for the respective years as the earnings per common share are computed independently for each of the quarters presented and for the full year. | |||||||||||||||||||
-3 | For Fiscal 2013, the Company recorded certain unusual items consisting of: transaction and related costs associated with pending and completed acquisitions, including the Beer Business Acquisition and Mark West; restructuring charges and other selling, general and administrative costs associated primarily with certain previously announced restructuring plans and a gain on an adjustment to a guarantee originally recorded in connection with a prior divestiture; other equity method investment costs; and loss on the write-off of financing fees. The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2013: | |||||||||||||||||||
QUARTER ENDED | ||||||||||||||||||||
31-May-12 | 31-Aug-12 | 30-Nov-12 | 28-Feb-13 | Full Year | ||||||||||||||||
(in millions, net of income tax effect) | ||||||||||||||||||||
Fiscal 2013 | ||||||||||||||||||||
Transaction and related costs associated with pending and completed acquisitions | $ | — | $ | 5.7 | $ | 5.3 | $ | 7.1 | $ | 18.1 | ||||||||||
Restructuring charges and other selling, general and administrative costs | $ | 1.8 | $ | (0.3 | ) | $ | 1.5 | $ | (6.4 | ) | $ | (3.4 | ) | |||||||
Other equity method investment costs | $ | — | $ | — | $ | 0.1 | $ | 0.5 | $ | 0.6 | ||||||||||
Loss on write-off of financing costs | $ | 1.7 | $ | — | $ | — | $ | 6.1 | $ | 7.8 | ||||||||||
Description_of_Business_Basis_3
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials and supplies | $87.80 | $45.50 |
In-process inventories | 1,235.40 | 1,168.10 |
Finished case goods | 420.6 | 267.3 |
Total | $1,743.80 | $1,480.90 |
Description_of_Business_Basis_4
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details 1) | 12 Months Ended |
Feb. 28, 2014 | |
Minimum [Member] | Land improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable life in years | '15 years |
Minimum [Member] | Vineyards [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable life in years | '16 years |
Minimum [Member] | Buildings and improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable life in years | '10 years |
Minimum [Member] | Machinery and equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable life in years | '3 years |
Minimum [Member] | Motor vehicles [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable life in years | '3 years |
Maximum [Member] | Land improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable life in years | '32 years |
Maximum [Member] | Vineyards [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable life in years | '26 years |
Maximum [Member] | Buildings and improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable life in years | '44 years |
Maximum [Member] | Machinery and equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable life in years | '35 years |
Maximum [Member] | Motor vehicles [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable life in years | '7 years |
Description_of_Business_Basis_5
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||
Feb. 28, 2014 | Aug. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | |
class_of_stock | class_of_stock | ||||
stock_based_compensation_plan | stock_based_compensation_plan | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Equity method investment impairment loss | ' | ' | $0 | $0 | $0 |
Advertising expense | ' | ' | 278,500,000 | 121,900,000 | 116,000,000 |
Aggregate foreign currency transaction net gains (losses) | ' | ' | 5,300,000 | 3,700,000 | -700,000 |
Allowance for doubtful accounts | 1,800,000 | ' | 1,800,000 | 1,900,000 | ' |
Aging period of bulk wine inventories | ' | ' | '1 year | ' | ' |
Impairment of goodwill | 0 | 278,700,000 | 278,700,000 | 0 | 0 |
Impairment of trademarks | 0 | 22,200,000 | ' | 0 | 38,100,000 |
Assets classified as held for sale | 0 | ' | 0 | 0 | ' |
Impairment of long-lived assets | ' | ' | $0 | $0 | $0 |
Number of classes of outstanding common stock | 2 | ' | 2 | ' | ' |
Number of stock-based employee compensation plans | 2 | ' | 2 | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Original maturity of cash investments | ' | ' | '3 months | ' | ' |
Class A Common Stock [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Common stock, dividend rights | ' | ' | 10.00% | ' | ' |
Description_of_Business_Basis_6
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details Textual 1) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Apr. 30, 2012 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Apr. 30, 2012 | Sep. 02, 2011 | Jun. 30, 2010 | |
Commodity swap contracts [Member] | Commodity swap contracts [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | |||
Unusual Items [Member] | Unusual Items [Member] | Foreign currency contracts [Member] | Foreign currency contracts [Member] | Commodity swap contracts [Member] | Commodity swap contracts [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | Cash flow hedging [Member] | Foreign currency contracts [Member] | Foreign currency contracts [Member] | Commodity swap contracts [Member] | Commodity swap contracts [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | |||
Cash flow hedging [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | |||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity of derivative instruments | ' | ' | ' | ' | '12 months | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain (loss) on commodity swap contracts reported outside of segment operating results | ($2,100,000) | ($4,300,000) | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional value of derivative instruments | ' | ' | ' | ' | 643,800,000 | 355,100,000 | 88,000,000 | 0 | 1,000,000,000 | 1,000,000,000 | 500,000,000 | ' | 636,600,000 | 220,300,000 | 0 | 17,400,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 |
Average maturity period for cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum maturity period for cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of net losses, net of income tax effect, to be reclassified from AOCI to earnings within the next 12 months | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivative instruments in a net liability position due to counterparties | 30,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivative instruments in a net receivable position due from counterparties | $17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2014 | Jun. 07, 2013 |
In Millions, unless otherwise specified | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | |||
Beer [Member] | Beer [Member] | Beer [Member] | Operating Segments [Member] | |||||
Beer [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 | 6,408.10 | 2,722.30 | 2,632.90 | 3,714.60 | 13 | 13 | ' | 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 fair value | ' | ' | ' | ' | ' | ' | ' | 7,178.20 |
Less - fair value of the Company's preexisting 50% equity interest in Crown Imports | ' | ' | ' | ' | ' | ' | 1,845 | ' |
Less b cash acquired | ' | ' | ' | ' | ' | ' | -106.8 | -106.8 |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | $5,226.40 |
Acquisitions_Details_1
Acquisitions (Details 1) (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Class A Common Stock [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Weighted average common shares outstanding - basic | 164,687 | 158,658 | 180,724 |
Weighted average common shares outstanding - diluted | 197,570 | 190,307 | 208,655 |
Class B Convertible Common Stock [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Weighted average common shares outstanding - basic | 23,467 | 23,532 | 23,590 |
Weighted average common shares outstanding - diluted | 23,467 | 23,532 | 23,590 |
Beer Business Acquisition [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Net sales | 5,485.10 | 5,365.60 | ' |
Income before income taxes | 707.7 | 933.9 | ' |
Net income | 398.6 | 675.4 | ' |
Beer Business Acquisition [Member] | Class A Common Stock [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Earnings per common share - basic | 2.14 | 3.75 | ' |
Earnings per common share - diluted | 2.02 | 3.55 | ' |
Beer Business Acquisition [Member] | Class B Convertible Common Stock [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Earnings per common share - basic | 1.95 | 3.41 | ' |
Earnings per common share - diluted | 1.85 | 3.26 | ' |
Acquisitions_Details_Textual
Acquisitions (Details Textual) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||
Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Jun. 07, 2013 | Feb. 28, 2011 | Jun. 05, 2013 | Dec. 31, 2004 | Oct. 04, 2011 | Dec. 31, 2010 | 31-May-10 | Feb. 28, 2010 | Feb. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Feb. 28, 2014 | Jun. 07, 2013 | Feb. 28, 2014 | Jun. 07, 2013 | Feb. 28, 2014 | Jun. 07, 2013 | Feb. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 30, 2012 | Jun. 07, 2013 | Feb. 28, 2013 | Jul. 31, 2012 | Feb. 29, 2012 | Oct. 31, 2011 | Oct. 31, 2011 | Oct. 05, 2011 | Oct. 05, 2011 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Crown Imports [Member] | Ruffino [Member] | Ruffino [Member] | Ruffino [Member] | Ruffino [Member] | Ruffino [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Accounts Receivable Securitization Facility [Member] | Senior Notes [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [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] | Mark West [Member] | Mark West [Member] | Ruffino Acquisition [Member] | Ruffino Acquisition [Member] | Ruffino Acquisition [Member] | Ruffino Acquisition [Member] | Ruffino Acquisition [Member] | |
shareholder | USD ($) | USD ($) | Other [Member] | May 2013 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] | USD ($) | Crown Imports [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | USD ($) | USD ($) | Operating Segments [Member] | USD ($) | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | ||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Beer [Member] | Beer [Member] | Beer [Member] | Beer [Member] | Beer [Member] | Beer [Member] | Beer [Member] | Beer [Member] | Wine and Spirits [Member] | Wine and Spirits [Member] | Wine and Spirits [Member] | Wine and Spirits [Member] | Wine and Spirits [Member] | |||||||||||||||||||
USD ($) | USD ($) | USD ($) | Trademarks [Member] | Customer Relationships [Member] | Copyrights [Member] | Distribution Rights [Member] | Favorable Interim Supply Agreement [Member] | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | |||||||||||||||||||||||||||||
l | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | 50.10% | 50.10% |
Business acquisition, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,226,400,000 | ' | ' | ' | ' | ' | ' | ' | $1,850,000,000 | ' | ' | $159,300,000 | ' | $68,600,000 | € 50,300,000 | ' | ' |
Cash paid at closing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,745,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106,800,000 | ' | 106,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 17,100,000 | ' | ' | ' | ' |
Fair value of additional EBITDA payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 543,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA purchase price adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 558,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Imputed interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,550,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing amount under credit facility | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 580,000,000 | 208,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash investments | 63,900,000 | 331,500,000 | 85,800,000 | 232,000,000 | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term debt | 51,200,000 | 46,900,000 | ' | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preexisting equity interest | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of preexisting equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,845,000,000 | 1,845,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | -11,600,000 | ' | ' | ' | ' |
Gain on remeasurement to fair value of equity method investment | 1,642,000,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,642,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired definite lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,500,000 | 6,500,000 | 400,000 | 68,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,647,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,300,000 | 52,300,000 | 26,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of other shareholders with separate irrevocable and unconditional options granted | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option period to be exercised | ' | ' | ' | ' | ' | ' | 'starting from January 1, 2010, and ending on December 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shareholder of Ruffino exercising its option to put its entire equity interest in Ruffino to the Company | ' | ' | ' | ' | ' | ' | ' | ' | 50.10% | ' | 9.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | ' | 49.90% | ' | 49.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt assumed, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $73,100,000 | € 54,200,000 |
Required build out | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid_Expenses_and_Other_Det
Prepaid Expenses and Other (Details) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Income taxes receivable | $117.50 | $117.30 |
Prepaid excise, sales and value added taxes | 81.6 | 20.2 |
Other | 114.2 | 49.4 |
Total | $313.30 | $186.90 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
In Millions, unless otherwise specified | |||
Components of property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | $2,939 | $2,046.90 | ' |
Less b Accumulated depreciation | -924.7 | -817.9 | ' |
Property, plant and equipment, net | 2,014.30 | 1,229 | 1,255.80 |
Land and land improvements [Member] | ' | ' | ' |
Components of property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 334 | 304.6 | ' |
Vineyards [Member] | ' | ' | ' |
Components of property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 220.1 | 214.5 | ' |
Buildings and improvements [Member] | ' | ' | ' |
Components of property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 519.5 | 342 | ' |
Machinery and equipment [Member] | ' | ' | ' |
Components of property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 1,585.90 | 1,090.60 | ' |
Motor vehicles [Member] | ' | ' | ' |
Components of property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 48.5 | 47.3 | ' |
Construction in progress [Member] | ' | ' | ' |
Components of property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | $231 | $47.90 | ' |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Foreign currency contracts [Member] | Prepaid expenses and other [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative assets, gross | $11.20 | $6.40 |
Foreign currency contracts [Member] | Prepaid expenses and other [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative assets, gross | 3.3 | 0.9 |
Foreign currency contracts [Member] | Other accrued expenses and liabilities [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liabilities, gross | 3.2 | 0.1 |
Foreign currency contracts [Member] | Other accrued expenses and liabilities [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liabilities, gross | 0.9 | 5.1 |
Foreign currency contracts [Member] | Other assets, net [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative assets, gross | 4.4 | 2.4 |
Foreign currency contracts [Member] | Other liabilities [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liabilities, gross | 0.7 | 0.1 |
Interest rate swap contracts [Member] | Prepaid expenses and other [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative assets, gross | 3.5 | 3.3 |
Interest rate swap contracts [Member] | Other accrued expenses and liabilities [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liabilities, gross | 3.4 | 3.2 |
Interest rate swap contracts [Member] | Other accrued expenses and liabilities [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liabilities, gross | 13.3 | 13.2 |
Interest rate swap contracts [Member] | Other assets, net [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative assets, gross | 0.9 | 3.3 |
Interest rate swap contracts [Member] | Other liabilities [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liabilities, gross | 0.7 | 3.1 |
Interest rate swap contracts [Member] | Other liabilities [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liabilities, gross | 15.5 | 27.6 |
Commodity swap contracts [Member] | Prepaid expenses and other [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative assets, gross | 0 | 0.5 |
Commodity swap contracts [Member] | Prepaid expenses and other [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative assets, gross | 1.3 | 0 |
Commodity swap contracts [Member] | Other accrued expenses and liabilities [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liabilities, gross | 0.1 | 0 |
Commodity swap contracts [Member] | Other assets, net [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative assets, gross | 0 | 0.1 |
Commodity swap contracts [Member] | Other assets, net [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative assets, gross | 0.2 | 0 |
Commodity swap contracts [Member] | Other liabilities [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liabilities, gross | 0 | 0.1 |
Commodity swap contracts [Member] | Other liabilities [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liabilities, gross | $0.40 | $0 |
Derivative_Instruments_Details1
Derivative Instruments (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Effect of the Company's undesignated derivative instruments on its Consolidated Statements of Comprehensive Income | ' | ' | ' |
Net (Loss) Gain Recognized in Income | ($2.10) | ($4.30) | ' |
Cost of product sold [Member] | Commodity swap contracts [Member] | ' | ' | ' |
Effect of the Company's undesignated derivative instruments on its Consolidated Statements of Comprehensive Income | ' | ' | ' |
Net (Loss) Gain Recognized in Income | 1.5 | ' | ' |
Interest expense, net [Member] | Interest rate swap contracts [Member] | ' | ' | ' |
Effect of the Company's undesignated derivative instruments on its Consolidated Statements of Comprehensive Income | ' | ' | ' |
Net (Loss) Gain Recognized in Income | -0.2 | -0.5 | ' |
Selling, general and administrative expenses [Member] | Foreign currency contracts [Member] | ' | ' | ' |
Effect of the Company's undesignated derivative instruments on its Consolidated Statements of Comprehensive Income | ' | ' | ' |
Net (Loss) Gain Recognized in Income | -3.4 | -3.8 | -1.9 |
Cash flow hedging [Member] | ' | ' | ' |
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' |
Net Gain (Loss) Recognized in OCI (Effective portion) | 7.1 | -2.5 | -18.3 |
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) | -4 | -3.1 | 4.2 |
Net (Loss) Gain Recognized in Income (Ineffective portion) | -0.2 | ' | ' |
Cash flow hedging [Member] | Foreign currency contracts one [Member] | ' | ' | ' |
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' |
Net Gain (Loss) Recognized in OCI (Effective portion) | 5.6 | 3.1 | 5.8 |
Cash flow hedging [Member] | Foreign currency contracts two [Member] | ' | ' | ' |
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' |
Net Gain (Loss) Recognized in OCI (Effective portion) | 2.2 | 0 | 3.1 |
Cash flow hedging [Member] | Interest rate swap contracts [Member] | ' | ' | ' |
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' |
Net Gain (Loss) Recognized in OCI (Effective portion) | -0.7 | -6.3 | -27.2 |
Cash flow hedging [Member] | Commodity swap contracts [Member] | ' | ' | ' |
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' |
Net Gain (Loss) Recognized in OCI (Effective portion) | ' | 0.7 | ' |
Cash flow hedging [Member] | Sales [Member] | Foreign currency contracts one [Member] | ' | ' | ' |
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' |
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) | 3.5 | 2.4 | 6.4 |
Cash flow hedging [Member] | Cost of product sold [Member] | Foreign currency contracts two [Member] | ' | ' | ' |
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' |
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) | 0.7 | 2 | 1.6 |
Cash flow hedging [Member] | Cost of product sold [Member] | Commodity swap contracts [Member] | ' | ' | ' |
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' |
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) | ' | 0.5 | ' |
Cash flow hedging [Member] | Interest expense, net [Member] | Interest rate swap contracts [Member] | ' | ' | ' |
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' |
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) | -8.2 | -8 | -3.8 |
Cash flow hedging [Member] | Selling, general and administrative expenses [Member] | Commodity swap contracts [Member] | ' | ' | ' |
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' |
Net (Loss) 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 designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' |
Net (Loss) Gain Recognized in Income (Ineffective portion) | ($0.30) | $0.30 | $2.20 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Feb. 28, 2014 | Jun. 07, 2013 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2011 |
In Millions, unless otherwise specified | |||||
Assets: | ' | ' | ' | ' | ' |
Cash and cash investments | $63.90 | $232 | $331.50 | $85.80 | $9.20 |
Accounts receivable, net | 626.2 | ' | 471.9 | ' | ' |
Liabilities: | ' | ' | ' | ' | ' |
Notes payable to banks | 57.2 | ' | 0 | ' | ' |
Accounts payable | 295.2 | ' | 209 | ' | ' |
Long-term debt, including current portion | 6,963.30 | ' | 3,305.40 | ' | ' |
Carrying Amount [Member] | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Cash and cash investments | 63.9 | ' | 331.5 | ' | ' |
Accounts receivable, net | 626.2 | ' | 471.9 | ' | ' |
AFS debt securities | 8.8 | ' | 34.2 | ' | ' |
Foreign currency contracts | 18.9 | ' | 9.7 | ' | ' |
Interest rate swap contracts | 4.4 | ' | 6.6 | ' | ' |
Commodity swap contracts | 1.5 | ' | 0.6 | ' | ' |
Liabilities: | ' | ' | ' | ' | ' |
Notes payable to banks | 57.2 | ' | 0 | ' | ' |
Accounts payable | 295.2 | ' | 209 | ' | ' |
Long-term debt, including current portion | 6,963.30 | ' | 3,305.40 | ' | ' |
Foreign currency contracts | 4.8 | ' | 5.3 | ' | ' |
Interest rate swap contracts | 32.9 | ' | 47.1 | ' | ' |
Commodity swap contracts | 0.5 | ' | 0.1 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Cash and cash investments | 63.9 | ' | 331.5 | ' | ' |
Accounts receivable, net | 626.2 | ' | 471.9 | ' | ' |
AFS debt securities | 8.8 | ' | 34.2 | ' | ' |
Foreign currency contracts | 18.9 | ' | 9.7 | ' | ' |
Interest rate swap contracts | 4.4 | ' | 6.6 | ' | ' |
Commodity swap contracts | 1.5 | ' | 0.6 | ' | ' |
Liabilities: | ' | ' | ' | ' | ' |
Notes payable to banks | 57.2 | ' | 0 | ' | ' |
Accounts payable | 295.2 | ' | 209 | ' | ' |
Long-term debt, including current portion | 7,140.80 | ' | 3,603.60 | ' | ' |
Foreign currency contracts | 4.8 | ' | 5.3 | ' | ' |
Interest rate swap contracts | 32.9 | ' | 47.1 | ' | ' |
Commodity swap contracts | $0.50 | ' | $0.10 | ' | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 1) (Recurring [Member], USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
AFS debt securities | $8.80 | $34.20 |
Foreign currency contracts | 18.9 | 9.7 |
Interest rate swap contracts | 4.4 | 6.6 |
Commodity swap contracts | 1.5 | 0.6 |
Liabilities: | ' | ' |
Foreign currency contracts | 4.8 | 5.3 |
Interest rate swap contracts | 32.9 | 47.1 |
Commodity swap contracts | 0.5 | 0.1 |
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 |
Commodity swap contracts | 0 | 0 |
Liabilities: | ' | ' |
Foreign currency contracts | 0 | 0 |
Interest rate swap contracts | 0 | 0 |
Commodity swap contracts | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets: | ' | ' |
AFS debt securities | 0 | 0 |
Foreign currency contracts | 18.9 | 9.7 |
Interest rate swap contracts | 4.4 | 6.6 |
Commodity swap contracts | 1.5 | 0.6 |
Liabilities: | ' | ' |
Foreign currency contracts | 4.8 | 5.3 |
Interest rate swap contracts | 32.9 | 47.1 |
Commodity swap contracts | 0.5 | 0.1 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets: | ' | ' |
AFS debt securities | 8.8 | 34.2 |
Foreign currency contracts | 0 | 0 |
Interest rate swap contracts | 0 | 0 |
Commodity swap contracts | 0 | 0 |
Liabilities: | ' | ' |
Foreign currency contracts | 0 | 0 |
Interest rate swap contracts | 0 | 0 |
Commodity swap contracts | $0 | $0 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||
Feb. 28, 2014 | Aug. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Total Losses | $0 | $278,700,000 | $278,700,000 | $0 | $0 |
Trademarks, Total Losses | 0 | 22,200,000 | ' | 0 | 38,100,000 |
Impairment of goodwill and intangible assets | ' | ' | 300,900,000 | 0 | 38,100,000 |
Nonrecurring [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Total Losses | ' | 278,700,000 | 278,700,000 | ' | ' |
Impairment of goodwill and intangible assets | ' | ' | 300,900,000 | ' | ' |
Nonrecurring [Member] | Trademarks [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Trademarks, Total Losses | ' | 22,200,000 | 22,200,000 | ' | 38,100,000 |
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 | ' | ' | ' |
Total nonrecurring fair value measurements | ' | 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 | ' | ' | ' |
Total nonrecurring fair value measurements | ' | 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 | ' | 159,600,000 | ' | ' | ' |
Total nonrecurring fair value measurements | ' | 227,900,000 | ' | ' | ' |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Trademarks [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Trademarks | ' | $68,300,000 | ' | ' | $96,000,000 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||
Feb. 28, 2014 | Aug. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Goodwill | $6,146,800,000 | ' | $6,146,800,000 | $2,722,300,000 | $2,632,900,000 |
Impairment of goodwill | 0 | 278,700,000 | 278,700,000 | 0 | 0 |
Intangible assets, net | 3,231,100,000 | ' | 3,231,100,000 | 871,400,000 | ' |
Impairment of trademarks | 0 | 22,200,000 | ' | 0 | 38,100,000 |
Nonrecurring [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Goodwill | ' | 433,900,000 | ' | ' | ' |
Impairment of goodwill | ' | 278,700,000 | 278,700,000 | ' | ' |
Nonrecurring [Member] | Trademarks [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, net | ' | 90,200,000 | ' | ' | 134,400,000 |
Impairment of trademarks | ' | 22,200,000 | 22,200,000 | ' | 38,100,000 |
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 | ' | 159,600,000 | ' | ' | ' |
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 | ' | $68,300,000 | ' | ' | $96,000,000 |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Feb. 28, 2014 | Aug. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | |
Changes in the carrying amount of goodwill: | ' | ' | ' | ' | ' |
Goodwill | $6,408,100,000 | ' | $6,408,100,000 | $2,722,300,000 | $2,632,900,000 |
Accumulated impairment losses | -261,300,000 | ' | -261,300,000 | 0 | 0 |
Goodwill, net | 6,146,800,000 | ' | 6,146,800,000 | 2,722,300,000 | 2,632,900,000 |
Purchase accounting allocations | ' | ' | 3,715,800,000 | 110,000,000 | ' |
Foreign currency translation adjustments | ' | ' | -12,600,000 | -20,600,000 | ' |
Impairment of goodwill | 0 | -278,700,000 | -278,700,000 | 0 | 0 |
Operating Segments [Member] | Wine and Spirits [Member] | ' | ' | ' | ' | ' |
Changes in the carrying amount of goodwill: | ' | ' | ' | ' | ' |
Goodwill | 2,693,500,000 | ' | 2,693,500,000 | 2,722,300,000 | 2,632,900,000 |
Accumulated impairment losses | -261,300,000 | ' | -261,300,000 | 0 | 0 |
Goodwill, net | 2,432,200,000 | ' | 2,432,200,000 | 2,722,300,000 | 2,632,900,000 |
Purchase accounting allocations | ' | ' | 0 | 110,000,000 | ' |
Foreign currency translation adjustments | ' | ' | -11,400,000 | -20,600,000 | ' |
Impairment of goodwill | ' | ' | -278,700,000 | ' | ' |
Operating Segments [Member] | Beer [Member] | ' | ' | ' | ' | ' |
Changes in the carrying amount of goodwill: | ' | ' | ' | ' | ' |
Goodwill | 3,714,600,000 | ' | 3,714,600,000 | 13,000,000 | 13,000,000 |
Accumulated impairment losses | 0 | ' | 0 | 0 | 0 |
Goodwill, net | 3,714,600,000 | ' | 3,714,600,000 | 13,000,000 | 13,000,000 |
Purchase accounting allocations | ' | ' | 3,702,800,000 | 0 | ' |
Foreign currency translation adjustments | ' | ' | -1,200,000 | 0 | ' |
Impairment of goodwill | ' | ' | 0 | ' | ' |
Consolidation and Eliminations [Member] | ' | ' | ' | ' | ' |
Changes in the carrying amount of goodwill: | ' | ' | ' | ' | ' |
Goodwill | 0 | ' | 0 | -13,000,000 | -13,000,000 |
Accumulated impairment losses | 0 | ' | 0 | 0 | 0 |
Goodwill, net | 0 | ' | 0 | -13,000,000 | -13,000,000 |
Purchase accounting allocations | ' | ' | 13,000,000 | 0 | ' |
Foreign currency translation adjustments | ' | ' | 0 | 0 | ' |
Impairment of goodwill | ' | ' | $0 | ' | ' |
Goodwill_Details_Textual
Goodwill (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||
Feb. 28, 2014 | Aug. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Purchase accounting allocations | ' | ' | $3,715,800,000 | $110,000,000 | ' |
Impairment of goodwill | 0 | 278,700,000 | 278,700,000 | 0 | 0 |
Operating Segments [Member] | Wine and Spirits [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Purchase accounting allocations | ' | ' | 0 | 110,000,000 | ' |
Impairment of goodwill | ' | ' | 278,700,000 | ' | ' |
Operating Segments [Member] | Wine and Spirits [Member] | Mark West [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Purchase accounting allocations | ' | ' | ' | 110,000,000 | ' |
Operating Segments [Member] | Beer [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Purchase accounting allocations | ' | ' | 3,702,800,000 | 0 | ' |
Impairment of goodwill | ' | ' | 0 | ' | ' |
Operating Segments [Member] | Beer [Member] | Beer Business Acquisition [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Purchase accounting allocations | ' | ' | 3,702,800,000 | ' | ' |
Consolidation and Eliminations [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Purchase accounting allocations | ' | ' | 13,000,000 | 0 | ' |
Impairment of goodwill | ' | ' | 0 | ' | ' |
Consolidation and Eliminations [Member] | Beer Business Acquisition [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Purchase accounting allocations | ' | ' | $13,000,000 | ' | ' |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | $186.60 | $90.80 | ' |
Amortizable intangible assets, Net Carrying Amount | 138.1 | 56.9 | ' |
Nonamortizable intangible assets, Net Carrying Amount | 3,093 | 814.5 | ' |
Total intangible assets, net, Net Carrying Amount | 3,231.10 | 871.4 | ' |
Amortization expense for intangible assets | 15.5 | 7.2 | 5.4 |
Trademarks [Member] | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Nonamortizable intangible assets, Net Carrying Amount | 3,088 | 809.1 | ' |
Other [Member] | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Nonamortizable intangible assets, Net Carrying Amount | 5 | 5.4 | ' |
Customer relationships [Member] | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 103.6 | 82.9 | ' |
Amortizable intangible assets, Net Carrying Amount | 70.5 | 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 | 0 | ' |
Amortizable intangible assets, Net Carrying Amount | 62.3 | 0 | ' |
Other [Member] | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 14.7 | 7.9 | ' |
Amortizable intangible assets, Net Carrying Amount | $5.30 | $2.20 | ' |
Intangible_Assets_Details_1
Intangible Assets (Details 1) (USD $) | Feb. 28, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2015 | $43.50 |
2016 | 32.6 |
2017 | 8 |
2018 | 5.5 |
2019 | 5.5 |
Thereafter | $43 |
Other_Assets_Details
Other Assets (Details) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
In Millions, unless otherwise specified | |||
Components of other assets | ' | ' | ' |
Deferred financing costs | $85.20 | $54.40 | ' |
Investments in equity method investees | 73.3 | 243.6 | 248.3 |
Investment in Accolade | 11.5 | 42.8 | ' |
Other | 18.2 | 17.3 | ' |
Other assets, gross | 188.2 | 358.1 | ' |
Less b Accumulated amortization | -25.5 | -13.9 | ' |
Other assets, net | $162.70 | $344.20 | ' |
Other_Assets_Details_1
Other Assets (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Summary of financial information for Company's equity method investments | ' | ' | ' |
Current assets | $32 | $431.50 | ' |
Noncurrent assets | 50.5 | 87.2 | ' |
Current liabilities | 4.2 | 127.9 | ' |
Noncurrent liabilities | 19.5 | 28.6 | ' |
Net sales | 876.2 | 2,640.70 | 2,575.70 |
Gross profit | 291.4 | 794.4 | 782.5 |
Income from continuing operations | 176.6 | 471 | 458.3 |
Net income | 176.6 | 471 | 458.3 |
Crown Imports [Member] | ' | ' | ' |
Summary of financial information for Company's equity method investments | ' | ' | ' |
Current assets | 0 | 404.1 | ' |
Noncurrent assets | 0 | 36.4 | ' |
Current liabilities | 0 | 123.2 | ' |
Noncurrent liabilities | 0 | 6 | ' |
Net sales | 813.4 | 2,588.10 | 2,469.50 |
Gross profit | 241.5 | 755.4 | 721 |
Income from continuing operations | 142.1 | 446.2 | 430.2 |
Net income | 142.1 | 446.2 | 430.2 |
Other [Member] | ' | ' | ' |
Summary of financial information for Company's equity method investments | ' | ' | ' |
Current assets | 32 | 27.4 | ' |
Noncurrent assets | 50.5 | 50.8 | ' |
Current liabilities | 4.2 | 4.7 | ' |
Noncurrent liabilities | 19.5 | 22.6 | ' |
Net sales | 62.8 | 52.6 | 106.2 |
Gross profit | 49.9 | 39 | 61.5 |
Income from continuing operations | 34.5 | 24.8 | 28.1 |
Net income | $34.50 | $24.80 | $28.10 |
Other_Assets_Details_Textual
Other Assets (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Jun. 07, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Oct. 04, 2011 | 31-May-10 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2014 |
Crown Imports [Member] | Crown Imports [Member] | Crown Imports [Member] | Crown Imports [Member] | Ruffino [Member] | Ruffino [Member] | Opus One [Member] | Opus One [Member] | Other [Member] | Other [Member] | ||||
Minimum [Member] | Maximum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distributions received | ' | ' | ' | ' | $30.30 | $230.20 | $222 | ' | ' | ' | ' | ' | ' |
Investments in equity method investees | 73.3 | 243.6 | 248.3 | ' | ' | 169.3 | ' | ' | ' | 63.5 | 59.3 | ' | ' |
Carrying amount of equity method investment in excess of Company's equity in underlying assets | ' | ' | ' | ' | ' | $13.60 | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | ' | 49.90% | 49.90% | 50.00% | ' | 20.00% | 50.00% |
Percentage of equity method investments' summarized financial information | 100.00% | ' | ' | 100.00% | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Other_Assets_Details_Textual_1
Other Assets (Details Textual 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Cash proceeds from principal in connection with early redemption of AFS debt securities | $23.40 | $0 | $20.20 |
Accolade [Member] | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Less than 20% ownership interest | 20.00% | ' | ' |
Return of investment | 5.9 | ' | ' |
Cash proceeds in connection with early redemption of AFS debt securities | 28.6 | 0 | 21.7 |
Cash proceeds from principal in connection with early redemption of AFS debt securities | 23.4 | ' | 20.2 |
Cash proceeds from interest in connection with early redemption of AFS debt securities | $5.20 | ' | $1.50 |
Other_Accrued_Expenses_and_Lia2
Other Accrued Expenses and Liabilities (Details) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Components of other accrued expenses and liabilities | ' | ' |
Beer Business Acquisition payable | $555.70 | $0 |
Salaries, commissions, and payroll benefits and withholdings | 118.7 | 80.5 |
Promotions and advertising | 103.1 | 80.3 |
Accrued interest | 56.9 | 61.4 |
Deferred revenue | 52.8 | 49.3 |
Income taxes payable | 45.4 | 11.2 |
Other | 123 | 139.7 |
Total | $1,055.60 | $422.40 |
Borrowings_Details
Borrowings (Details) (USD $) | Feb. 28, 2014 | Jun. 07, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | |||
Short-term Debt | ' | ' | ' |
Notes Payable to Banks, Current | $57.20 | ' | $0 |
Notes Payable to Banks, Long-term | 0 | ' | ' |
Notes Payable to Banks, Total | 57.2 | ' | 0 |
Long-term Debt | ' | ' | ' |
Other Long-term Debt, Current | 17.7 | ' | ' |
Other Long-term Debt, Long-term | 33.5 | ' | ' |
Other Long-term Debt, Total | 51.2 | 13 | 46.9 |
Long-term Debt, Current | 590 | ' | 27.6 |
Long-term Debt, Long-term | 6,373.30 | ' | 3,277.80 |
Long-term Debt, Total | 6,963.30 | ' | 3,305.40 |
Senior Credit Facility - Term Loans [Member] | ' | ' | ' |
Long-term Debt | ' | ' | ' |
Senior Credit Facility - Term Loans, Current | 72.8 | ' | ' |
Senior Credit Facility - Term Loans, Long-term | 2,792 | ' | ' |
Senior Credit Facility - Term Loans, Total | 2,864.80 | ' | 762.5 |
Senior Notes [Member] | ' | ' | ' |
Long-term Debt | ' | ' | ' |
Senior Notes, Current | 499.5 | ' | ' |
Senior Notes, Long-term | 3,547.80 | ' | ' |
Senior Notes, Total | 4,047.30 | ' | 2,496 |
Senior Credit Facility - Revolving Credit Loans [Member] | ' | ' | ' |
Short-term Debt | ' | ' | ' |
Notes Payable to Banks, Current | 0 | ' | ' |
Notes Payable to Banks, Long-term | 0 | ' | ' |
Notes Payable to Banks, Total | 0 | ' | 0 |
Other [Member] | ' | ' | ' |
Short-term Debt | ' | ' | ' |
Notes Payable to Banks, Current | 57.2 | ' | ' |
Notes Payable to Banks, Long-term | 0 | ' | ' |
Notes Payable to Banks, Total | $57.20 | ' | $0 |
Borrowings_Details_1
Borrowings (Details 1) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Required Principal Repayments Under Term Loans | ' | ' |
2015 | $590.50 | ' |
2016 | 153.2 | ' |
2017 | 892 | ' |
2018 | 887.3 | ' |
2019 | 1,114 | ' |
Thereafter | 3,329 | ' |
Senior Credit Facility - Term Loans [Member] | ' | ' |
Required Principal Repayments Under Term Loans | ' | ' |
2015 | 72.8 | ' |
2016 | 139.3 | ' |
2017 | 181.5 | ' |
2018 | 181.5 | ' |
2019 | 1,111.40 | ' |
Thereafter | 1,178.30 | ' |
Senior Credit Facility - Term Loans, Total | 2,864.80 | 762.5 |
Senior Credit Facility - Term Loans [Member] | U.S. Term A Facility [Member] | ' | ' |
Required Principal Repayments Under Term Loans | ' | ' |
2015 | 19.4 | ' |
2016 | 38.7 | ' |
2017 | 51.5 | ' |
2018 | 51.5 | ' |
2019 | 335.2 | ' |
Thereafter | 0 | ' |
Senior Credit Facility - Term Loans, Total | 496.3 | ' |
Senior Credit Facility - Term Loans [Member] | U.S. Term A-1 Facility [Member] | ' | ' |
Required Principal Repayments Under Term Loans | ' | ' |
2015 | 1.8 | ' |
2016 | 2.5 | ' |
2017 | 2.5 | ' |
2018 | 2.5 | ' |
2019 | 2.4 | ' |
Thereafter | 233.3 | ' |
Senior Credit Facility - Term Loans, Total | 245 | ' |
Senior Credit Facility - Term Loans [Member] | U.S. Term A-2 Facility [Member] | ' | ' |
Required Principal Repayments Under Term Loans | ' | ' |
2015 | 25.3 | ' |
2016 | 50.6 | ' |
2017 | 67.5 | ' |
2018 | 67.5 | ' |
2019 | 438.8 | ' |
Thereafter | 0 | ' |
Senior Credit Facility - Term Loans, Total | 649.7 | ' |
Senior Credit Facility - Term Loans [Member] | European Term A Facility [Member] | ' | ' |
Required Principal Repayments Under Term Loans | ' | ' |
2015 | 18.8 | ' |
2016 | 37.5 | ' |
2017 | 50 | ' |
2018 | 50 | ' |
2019 | 325 | ' |
Thereafter | 0 | ' |
Senior Credit Facility - Term Loans, Total | 481.3 | ' |
Senior Credit Facility - Term Loans [Member] | European Term B Facility [Member] | ' | ' |
Required Principal Repayments Under Term Loans | ' | ' |
2015 | 7.5 | ' |
2016 | 10 | ' |
2017 | 10 | ' |
2018 | 10 | ' |
2019 | 10 | ' |
Thereafter | 945 | ' |
Senior Credit Facility - Term Loans, Total | $992.50 | ' |
Borrowings_Details_2
Borrowings (Details 2) (USD $) | Feb. 28, 2014 |
In Millions, unless otherwise specified | |
Required principal repayments under long-term debt obligations | ' |
2015 | $590.50 |
2016 | 153.2 |
2017 | 892 |
2018 | 887.3 |
2019 | 1,114 |
Thereafter | 3,329 |
Long-term Debt, Total | $6,966 |
Borrowings_Details_Textual
Borrowings (Details Textual) (USD $) | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Jun. 07, 2013 | Feb. 28, 2014 | Jun. 07, 2013 | Feb. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 |
Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Senior Credit Facility - Revolving Credit Loans [Member] | Letters of Credit [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [Member] | ||
London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | U.S. Term A Facility [Member] | U.S. Term A-1 Facility [Member] | U.S. Term A-2 Facility [Member] | U.S. Term A-2 Facility [Member] | European Term A Facility [Member] | European Term A Facility [Member] | European Term B Facility [Member] | European Term B Facility [Member] | European Term Loans [Member] | ||||||||
Schedule of Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing amount under credit facility | $3,787,500,000 | ' | ' | ' | ' | $850,000,000 | $200,000,000 | ' | ' | $515,600,000 | $246,900,000 | $675,000,000 | $675,000,000 | $500,000,000 | $500,000,000 | $1,000,000,000 | $1,000,000,000 | $1,500,000,000 |
Incremental borrowings under credit facility | ' | 25,000,000 | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pledge of voting capital stock interests in certain of Company's foreign subsidiaries, Maximum | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pledge of ownership interests in certain of CIH's subsidiaries | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes outstanding | ' | ' | ' | ' | ' | ' | ' | 2,864,800,000 | 762,500,000 | 496,300,000 | 245,000,000 | 649,700,000 | ' | 481,300,000 | ' | 992,500,000 | ' | ' |
Credit facility, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.20% | 2.40% | 2.20% | ' | 2.20% | ' | 2.80% | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | $836,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Details_Textual_1
Borrowings (Details Textual 1) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 30, 2012 | Jun. 30, 2010 | Apr. 30, 2012 | Mar. 31, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Apr. 30, 2012 | Sep. 02, 2011 | Jun. 30, 2010 | Feb. 28, 2014 | Feb. 28, 2013 | Apr. 30, 2012 | |
Cash flow hedging [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | Not designated as hedging instrument [Member] | |||||
Cash flow hedging [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | Interest rate swap contracts [Member] | ||||||||
Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Length of delayed start interest rate swap agreement, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Notional value of interest rate swap agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | $500,000,000 | $500,000,000 | $500,000,000 | $500,000,000 | $1,000,000,000 | $1,000,000,000 | $500,000,000 |
Derivative fixed average interest rate | 2.80% | 2.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis on interest rate swap agreements | ' | ' | 'one-month LIBOR base rate | 'three-month LIBOR base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net losses reclassified from AOCI to interest expense, net | ' | ' | ' | ' | ($4,000,000) | ($3,100,000) | $4,200,000 | ($8,200,000) | ($8,000,000) | ($3,800,000) | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Details_Textual_2
Borrowings (Details Textual 2) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||
Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Jun. 30, 2012 | Jun. 07, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2013 | Aug. 15, 2006 | 14-May-07 | Feb. 28, 2014 | Feb. 28, 2013 | Jan. 31, 2008 | Feb. 28, 2014 | Feb. 28, 2013 | Dec. 05, 2007 | Apr. 30, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Apr. 17, 2012 | Aug. 31, 2012 | Aug. 14, 2012 | 14-May-13 | 14-May-13 | 31-May-13 | Feb. 28, 2014 | Jun. 07, 2013 | 14-May-13 | |
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] | 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] | ||||
August 2006 Senior Notes [Member] | August 2006 Senior Notes [Member] | August 2006 Senior Notes [Member] | Original May 2007 Senior Notes [Member] | May 2007 Senior Notes [Member] | May 2007 Senior Notes [Member] | May 2007 Senior Notes [Member] | December 2007 Senior Notes [Member] | December 2007 Senior Notes [Member] | December 2007 Senior Notes [Member] | April 2012 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 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 | ' | ' | ' | ' | ' | ' | ' | ' | $700,000,000 | $700,000,000 | ' | ' | ' | ' | ' | $500,000,000 | ' | ' | ' | $600,000,000 | ' | $650,000,000 | $500,000,000 | $1,050,000,000 | ' | ' | $1,550,000,000 | ' |
Coupon rate of notes | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | 7.25% | ' | ' | 7.25% | ' | ' | 8.38% | ' | ' | ' | 6.00% | ' | 4.63% | 3.75% | 4.25% | ' | ' | ' | ' |
Issuance price of debt | ' | ' | ' | ' | ' | ' | ' | ' | 693,100,000 | ' | ' | ' | ' | ' | ' | 496,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount on senior notes | 2,700,000 | ' | ' | ' | ' | ' | 2,200,000 | 3,000,000 | 6,900,000 | ' | ' | ' | ' | 500,000 | 1,000,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate on senior notes | ' | ' | ' | ' | ' | ' | ' | ' | 7.40% | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount outstanding | ' | ' | ' | ' | ' | ' | 697,800,000 | 697,000,000 | ' | ' | 700,000,000 | 700,000,000 | ' | 499,500,000 | 499,000,000 | ' | ' | 600,000,000 | 600,000,000 | ' | ' | ' | ' | ' | ' | 1,550,000,000 | ' | ' |
Exchange of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of senior notes | 3,725,000,000 | 2,050,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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% | ' | ' | ' |
Acquired equity interest | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, purchase price | ' | ' | ' | 1,850,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding principal amount, Escrowed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | 100.00% |
Percentage of outstanding principal amount as Special Mandatory Redemption price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Additional credit arrangements | 373,900,000 | 371,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional credit arrangements, Outstanding | $89,200,000 | $46,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Details_Textual_3
Borrowings (Details Textual 3) (Other [Member], USD $) | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||
Dec. 04, 2012 | Jun. 07, 2013 | Oct. 01, 2013 | Feb. 28, 2014 | Oct. 01, 2013 | Feb. 28, 2014 | |
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 | |||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' |
Accounts receivable securitization facility, Term | '364 days | ' | '364 days | ' | '364 days | ' |
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% | ' |
Basis points margin for borrowings under accounts receivable securitization facility | ' | ' | 90.00% | ' | 90.00% | ' |
One-month LIBOR | ' | ' | 'one-month LIBOR | ' | 'one-month LIBOR | ' |
Accounts receivable securitization facility, Maximum borrowings one | ' | ' | $190,000,000 | ' | $100,000,000 | ' |
Accounts receivable securitization facility, Maximum borrowings two | ' | ' | 290,000,000 | ' | 160,000,000 | ' |
Outstanding borrowings under accounts receivable securitization facility | ' | 208,000,000 | ' | 0 | ' | 19,200,000 |
Remaining borrowing capacity | ' | ' | ' | $275,000,000 | ' | $80,800,000 |
Credit facility, interest rate | ' | ' | ' | ' | ' | 1.10% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Income before income taxes | ' | ' | ' |
Domestic | $2,050.80 | $369.70 | $441 |
Foreign | 151.5 | 146.7 | 93 |
Income before income taxes | $2,202.30 | $516.40 | $534 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Current: | ' | ' | ' |
Federal | $141.70 | $47.80 | $85.20 |
State | 18.5 | 11.2 | -45.9 |
Foreign | 57.4 | 30.4 | 1.7 |
Total current | 217.6 | 89.4 | 41 |
Deferred: | ' | ' | ' |
Federal | 61.4 | 42.7 | 76.6 |
State | 4.4 | -4.9 | -20.5 |
Foreign | -24.2 | 1.4 | -8.1 |
Total deferred | 41.6 | 39.2 | 48 |
Income tax provision | $259.20 | $128.60 | $89 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Stock-based compensation | $47.30 | $51.10 |
Net operating losses | 9.1 | 23.5 |
Insurance accruals | 3.8 | 4.7 |
Employee benefits | 2.6 | 7.9 |
Other accruals | 55.3 | 53.1 |
Gross deferred tax assets | 118.1 | 140.3 |
Valuation allowances | -27.7 | -14.6 |
Deferred tax assets, net | 90.4 | 125.7 |
Deferred tax liabilities: | ' | ' |
Intangible assets | -456.3 | -408.6 |
Property, plant and equipment | -285.9 | -207 |
Provision for unremitted earnings | -62.2 | -44.9 |
Investments in equity method investees | -24 | -41.3 |
Inventory | -4.9 | -6.6 |
Derivative instruments | -0.1 | -1.4 |
Total deferred tax liabilities | -833.4 | -709.8 |
Deferred tax liabilities, net | ($743) | ($584.10) |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||
Amounts recognized in the Consolidated Balance Sheets | ' | ' |
Current deferred tax assets | $20.40 | $15.80 |
Long-term deferred tax assets | 0 | 0.2 |
Current deferred tax liabilities | -0.8 | -0.5 |
Long-term deferred tax liabilities | -762.6 | -599.6 |
Deferred tax liabilities, net | ($743) | ($584.10) |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Amount | ' | ' | ' |
Income tax provision at statutory rate | $770.80 | $180.70 | $186.90 |
State and local income taxes, net of federal income tax benefit | 14.8 | 4.1 | -43.2 |
Impairment of nondeductible goodwill | 97.5 | 0 | 0 |
Net operating loss valuation allowance | 16.3 | 3.7 | 3.6 |
Gain on remeasurement to fair value of equity method investment | -574.7 | 0 | 0 |
Earnings of subsidiaries taxed at other than U.S. statutory rate | -61.2 | -59.6 | -66.7 |
Miscellaneous items, net | -4.3 | -0.3 | 8.4 |
Income tax provision | $259.20 | $128.60 | $89 |
% of Pretax Income | ' | ' | ' |
Income tax provision at statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal income tax benefit | 0.70% | 0.80% | -8.10% |
Impairment of nondeductible goodwill | 4.40% | 0.00% | 0.00% |
Net operating loss valuation allowance | 0.80% | 0.70% | 0.70% |
Gain on remeasurement to fair value of equity method investment | -26.10% | 0.00% | 0.00% |
Earnings of subsidiaries taxed at other than U.S. statutory rate | -2.80% | -11.50% | -12.50% |
Miscellaneous items, net | -0.20% | -0.10% | 1.60% |
Income tax provision at effective rate | 11.80% | 24.90% | 16.70% |
Income_Taxes_Details_5
Income Taxes (Details 5) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Balance as of March 1 | $100.60 | $92 | $154.40 |
Increases as a result of tax positions taken during a prior period | 2.3 | 1.3 | 11 |
Decreases as a result of tax positions taken during a prior period | -3.3 | -9.5 | -37 |
Increases as a result of tax positions taken during the current period | 11.1 | 19.5 | 29.4 |
Decreases related to settlements with tax authorities | -6.7 | -0.3 | -59.5 |
Decreases related to lapse of applicable statute of limitations | -2.5 | -2.4 | -6.3 |
Balance as of last day of February | $101.50 | $100.60 | $92 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Operating loss carryforwards | $321.20 | ' | ' | ' |
Operating loss carryforwards subject to expiration | 308.6 | ' | ' | ' |
Operating loss carryforwards not subject to expiration | 12.6 | ' | ' | ' |
Tax benefits related to resolution of certain tax positions and expiration of statutes of limitations | -9.2 | ' | ' | ' |
Liability for income taxes associated with uncertain tax positions, excluding interest and penalties | 101.5 | 100.6 | 92 | 154.4 |
Non-current unrecognized tax benefit liabilities, including interest and penalties | 94.2 | 90.3 | ' | ' |
Unrecognized tax benefit liabilities that would impact effective tax rate if recognized | 101.5 | 100.6 | ' | ' |
Income tax interest and penalties expense (income) | 1.4 | 0.4 | -3.7 | ' |
Income tax interest and penalties liability | 9.7 | 8.3 | ' | ' |
Estimate of change in unrecognized tax benefit liability reasonably possible as a result of examination or expiration of statutes of limitation, Minimum | 2 | ' | ' | ' |
Estimate of change in unrecognized tax benefit liability reasonably possible as a result of examination or expiration of statutes of limitation, Maximum | $43 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Feb. 28, 2014 |
In Millions, unless otherwise specified | |
Future payments under noncancelable operating leases | ' |
2015 | $51.10 |
2016 | 42.6 |
2017 | 35.8 |
2018 | 32.6 |
2019 | 29.6 |
Thereafter | 214.3 |
Total | $406 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Rental expense | $65.10 | $60.40 | $73.70 |
Grape [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Aggregate minimum purchase obligation | 1,744.40 | ' | ' |
Grape [Member] | Minimum [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Commitment period for purchase contracts, years | '1 year | ' | ' |
Grape [Member] | Maximum [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Commitment period for purchase contracts, years | '14 years | ' | ' |
Raw Material [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Aggregate minimum purchase obligation | 313.5 | ' | ' |
Bulk Wine [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Aggregate minimum purchase obligation | 63.8 | ' | ' |
Processing and Warehousing [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Aggregate minimum purchase obligation | 85.7 | ' | ' |
Finished Goods [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Aggregate minimum purchase obligation | 166.1 | ' | ' |
Capital Expenditures [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Aggregate minimum purchase obligation | $332 | ' | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details Textual 1) (USD $) | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2013 |
In Millions, unless otherwise specified | Minimum [Member] | Maximum [Member] | Guarantee Obligations [Member] | Guarantee Obligations [Member] | |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Indemnification liabilities | ' | ' | ' | $11.60 | $15.10 |
Potential future payments | ' | ' | ' | 292.7 | ' |
Amount subject to recovery from third parties under recourse provisions | ' | ' | ' | 278.9 | ' |
Automatic renewal period for employment contracts | ' | '1 year | 'indefinite | ' | ' |
Employment contracts, aggregate commitment for future compensation and severance | 37.3 | ' | ' | ' | ' |
Accrual for deferred compensation costs | $8 | ' | ' | ' | ' |
Commitments_and_Contengencies_
Commitments and Contengencies (Details Textual 2) | 12 Months Ended |
Feb. 28, 2014 | |
Workforce Subject to Collective Bargaining Arrangements [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration Risk, Percentage | 13.00% |
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration Risk, Percentage | 5.00% |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 12 Months Ended | 1 Months Ended | |||||||
Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Apr. 30, 2012 | Apr. 30, 2011 | |
class_of_stock | Class B Convertible Common Stock [Member] | Class B Convertible Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class 1 Common Stock [Member] | Class 1 Common Stock [Member] | Class A and Class B [Member] | Class A and Class B [Member] | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of classes of outstanding common stock | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, conversion features | ' | ' | ' | 'convertible into shares of Class A Common Stock on a one-to-one basis | ' | ' | ' | ' | ' | ' | 'convertible into shares of Class A Common Stock on a one-to-one basis | ' | ' | ' |
Common stock, voting rights | ' | ' | ' | 'ten votes per share | ' | ' | ' | 'one vote per share | ' | ' | 'generally have no voting rights | ' | ' | ' |
Common stock, dividend rights | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | ' | 30,000,000 | 30,000,000 | 322,000,000 | ' | 322,000,000 | 322,000,000 | 322,000,000 | 25,000,000 | 25,000,000 | ' | ' |
Common and preferred stock, shares authorized | ' | ' | 378,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | ' | ' | 23,430,765 | ' | ' | ' | 168,039,369 | ' | ' | 0 | ' | ' | ' |
Maximum authorized repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000,000 | $500,000,000 |
Common stock repurchased, shares | 17,994,466 | 21,234,266 | ' | ' | ' | 14,023,985 | 21,234,266 | ' | 3,970,481 | 25,204,747 | ' | ' | ' | ' |
Common stock repurchased | $383,000,000 | $413,700,000 | ' | ' | ' | $296,700,000 | $413,700,000 | ' | $86,300,000 | $500,000,000 | ' | ' | ' | ' |
Average cost of common stock repurchased | ' | ' | ' | ' | ' | $21.15 | $19.48 | ' | $21.74 | $19.84 | ' | ' | ' | ' |
StockBased_Employee_Compensati2
Stock-Based Employee Compensation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Total compensation cost for stock-based awards recognized in the Consolidated Statements of Comprehensive Income | $49.90 | $40.80 | $47.60 |
Total income tax benefit recognized in the Consolidated Statements of Comprehensive Income for stock-based compensation | 17.1 | 13.8 | 16.3 |
Total compensation cost for stock-based awards capitalized in inventory in the Consolidated Balance Sheets | $4.20 | $4.10 | $3.70 |
StockBased_Employee_Compensati3
Stock-Based Employee Compensation (Details 1) (USD $) | 12 Months Ended | ||
Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | |
Number of Options Outstanding | ' | ' | ' |
Number of Options Outstanding, Beginning Balance (in shares) | 20,264,078 | 26,931,297 | 29,843,605 |
Number of Options Outstanding, Granted (in shares) | 1,284,500 | 1,980,260 | 2,745,309 |
Number of Options Outstanding, Exercised (in shares) | -6,119,923 | -8,234,324 | -3,438,706 |
Number of Options Outstanding, Forfeited (in shares) | -103,497 | -207,945 | -550,203 |
Number of Options Outstanding, Expired (in shares) | -11,084 | -205,210 | -1,668,708 |
Number of Options Outstanding, Ending Balance (in shares) | 15,314,074 | 20,264,078 | 26,931,297 |
Number of Options Exercisable, Beginning Balance (in shares) | 13,697,345 | 18,198,577 | 18,148,632 |
Number of Options Exercisable, Ending Balance (in shares) | 10,913,019 | 13,697,345 | 18,198,577 |
Weighted Average Exercise Price | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $19.48 | $19.03 | $18.63 |
Options Outstanding, Weighted Average Exercise Price, Granted (in dollars per share) | $48.79 | $24.65 | $20.62 |
Options Outstanding, Weighted Average Exercise Price, Exercised (in dollars per share) | $19.63 | $19.18 | $14.75 |
Options Outstanding, Weighted Average Exercise Price, Forfeited (in dollars per share) | $28.86 | $17.81 | $16.91 |
Options Outstanding, Weighted Average Exercise Price, Expired (in dollars per share) | $18.79 | $24.11 | $24.03 |
Options Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $21.82 | $19.48 | $19.03 |
Options Exercisable, Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $19.66 | $20.18 | $20.31 |
Options Exercisable, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $18.91 | $19.66 | $20.18 |
StockBased_Employee_Compensati4
Stock-Based Employee Compensation (Details 2) (Long Term Stock Incentive Plan [Member], USD $) | 12 Months Ended | ||
Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | |
Restricted stock awards [Member] | ' | ' | ' |
Number of Restricted Stock Awards Outstanding | ' | ' | ' |
Number of Nonvested Awards Outstanding, Beginning Balance | 1,128,024 | 1,797,888 | 1,810,316 |
Number of Nonvested Awards Outstanding, Granted | 12,375 | 18,190 | 622,092 |
Number of Nonvested Awards Outstanding, Vested | -697,994 | -626,914 | -529,118 |
Number of Nonvested Awards Outstanding, Forfeited | -33,661 | -61,140 | -105,402 |
Number of Nonvested Awards Outstanding, Ending Balance | 408,744 | 1,128,024 | 1,797,888 |
Weighted Average Grant-Date Fair Value | ' | ' | ' |
Weighted Average Grant-Date Price, Beginning Balance | $17.16 | $16.72 | $14.83 |
Weighted Average Grant-Date Price, Granted | $50.90 | $30.14 | $20.63 |
Weighted Average Grant-Date Price, Vested | $15.90 | $16.26 | $14.87 |
Weighted Average Grant-Date Price, Forfeited | $19 | $17.44 | $16.56 |
Weighted Average Grant-Date Price, Ending Balance | $20.18 | $17.16 | $16.72 |
Fair value of shares vested | $34,427,377 | $13,741,842 | $11,826,372 |
Restricted stock units [Member] | ' | ' | ' |
Number of Restricted Stock Awards Outstanding | ' | ' | ' |
Number of Nonvested Awards Outstanding, Beginning Balance | 721,503 | 203,082 | 219,498 |
Number of Nonvested Awards Outstanding, Granted | 656,710 | 609,080 | 80,970 |
Number of Nonvested Awards Outstanding, Vested | -218,306 | -66,500 | -60,928 |
Number of Nonvested Awards Outstanding, Forfeited | -55,327 | -24,159 | -36,458 |
Number of Nonvested Awards Outstanding, Ending Balance | 1,104,580 | 721,503 | 203,082 |
Weighted Average Grant-Date Fair Value | ' | ' | ' |
Weighted Average Grant-Date Price, Beginning Balance | $23.65 | $17.01 | $15.23 |
Weighted Average Grant-Date Price, Granted | $50.74 | $25.08 | $20.60 |
Weighted Average Grant-Date Price, Vested | $21.30 | $16.69 | $15.43 |
Weighted Average Grant-Date Price, Forfeited | $30.58 | $23.31 | $16.93 |
Weighted Average Grant-Date Price, Ending Balance | $39.87 | $23.65 | $17.01 |
Fair value of shares vested | 10,747,204 | 1,443,700 | 1,364,178 |
Performance share units [Member] | ' | ' | ' |
Number of Restricted Stock Awards Outstanding | ' | ' | ' |
Number of Nonvested Awards Outstanding, Beginning Balance | 729,010 | 488,210 | 404,410 |
Number of Nonvested Awards Outstanding, Granted | 298,710 | 256,420 | 319,880 |
Number of Nonvested Awards Outstanding, Vested | -197,450 | 0 | -202,205 |
Number of Nonvested Awards Outstanding, Forfeited | -31,670 | -15,620 | -33,875 |
Number of Nonvested Awards Outstanding, Ending Balance | 798,600 | 729,010 | 488,210 |
Weighted Average Grant-Date Fair Value | ' | ' | ' |
Weighted Average Grant-Date Price, Beginning Balance | $25.86 | $19.09 | $16.67 |
Weighted Average Grant-Date Price, Granted | $57.88 | $38.47 | $20.60 |
Weighted Average Grant-Date Price, Vested | $16.97 | $0 | $16.67 |
Weighted Average Grant-Date Price, Forfeited | $34.98 | $21.15 | $18.93 |
Weighted Average Grant-Date Price, Ending Balance | $39.67 | $25.86 | $19.09 |
Fair value of shares vested | $9,762,648 | $0 | $4,527,370 |
StockBased_Employee_Compensati5
Stock-Based Employee Compensation (Details 3) (USD $) | 12 Months Ended |
Feb. 28, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number of Options outstanding | 15,314,074 |
Options outstanding, Weighted Average Remaining Contractual Life | '5 years 5 months |
Options outstanding, Weighted Average Exercise Price | $21.82 |
Options outstanding, Aggregate Intrinsic Value | $906,746,691 |
Number of Options exercisable | 10,913,019 |
Options exercisable, Weighted Average Remaining Contractual Life | '4 years 6 months |
Options exercisable, Weighted Average Exercise Price | $18.91 |
Options exercisable, Aggregate Intrinsic Value | $677,967,080 |
Range of Exercise Prices, $11.85 - $16.63 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower range | $11.85 |
Range of Exercise Prices, upper range | $16.63 |
Number of Options outstanding | 2,682,830 |
Options outstanding, Weighted Average Remaining Contractual Life | '5 years 0 months 0 days |
Options outstanding, Weighted Average Exercise Price | $11.96 |
Range of Exercise Prices, $16.67 - $20.05 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower range | $16.67 |
Range of Exercise Prices, upper range | $20.05 |
Number of Options outstanding | 4,083,010 |
Options outstanding, Weighted Average Remaining Contractual Life | '5 years 1 month |
Options outstanding, Weighted Average Exercise Price | $17.90 |
Range of Exercise Prices, $20.60 - $23.02 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower range | $20.60 |
Range of Exercise Prices, upper range | $23.02 |
Number of Options outstanding | 3,782,757 |
Options outstanding, Weighted Average Remaining Contractual Life | '5 years 2 months |
Options outstanding, Weighted Average Exercise Price | $20.86 |
Range of Exercise Prices, $23.48 - $26.24 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower range | $23.48 |
Range of Exercise Prices, upper range | $26.24 |
Number of Options outstanding | 2,936,763 |
Options outstanding, Weighted Average Remaining Contractual Life | '5 years 8 months |
Options outstanding, Weighted Average Exercise Price | $24.86 |
Range of Exercise Prices, $27.24 - $53.41 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, lower range | $27.24 |
Range of Exercise Prices, upper range | $53.41 |
Number of Options outstanding | 1,828,714 |
Options outstanding, Weighted Average Remaining Contractual Life | '6 years 9 months |
Options outstanding, Weighted Average Exercise Price | $42.13 |
StockBased_Employee_Compensati6
Stock-Based Employee Compensation (Details 4) (USD $) | 12 Months Ended | ||
Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Weighted average grant-date fair value of stock options granted | $16.88 | $8.39 | $7.41 |
Total fair value of stock options vested | $20,457,096 | $22,421,290 | $31,140,184 |
Total intrinsic value of stock options exercised | 235,540,914 | 95,033,640 | 23,139,194 |
Tax benefit realized from stock options exercised | $61,354,379 | $25,274,158 | $10,835,473 |
StockBased_Employee_Compensati7
Stock-Based Employee Compensation (Details 5) (Long Term Stock Incentive Plan [Member], Stock options [Member]) | 12 Months Ended | ||
Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | |
Long Term Stock Incentive Plan [Member] | Stock options [Member] | ' | ' | ' |
Weighted average assumptions to estimate fair value of equity instruments using Black-Scholes option-pricing model | ' | ' | ' |
Expected life | '5 years 11 months | '6 years | '5 years 11 months |
Expected volatility | 34.80% | 32.70% | 32.00% |
Risk-free interest rate | 0.90% | 1.40% | 2.70% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
StockBased_Employee_Compensati8
Stock-Based Employee Compensation (Details 6) (Long Term Stock Incentive Plan [Member], Performance Share Units, Market Condition [Member], USD $) | 12 Months Ended | |
Feb. 28, 2014 | Feb. 28, 2013 | |
Long Term Stock Incentive Plan [Member] | Performance Share Units, Market Condition [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' |
Grant-date price | $48.89 | $24.50 |
Performance period | '3 years | '2 years 10 months 24 days |
Expected volatility | 38.70% | 28.60% |
Risk-free interest rate | 0.40% | 0.50% |
Expected dividend yield | 0.00% | 0.00% |
StockBased_Employee_Compensati9
Stock-Based Employee Compensation (Details 7) (1989 Employee Stock Purchase Plan [Member], Employee stock purchase plan [Member]) | 12 Months Ended | ||
Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | |
1989 Employee Stock Purchase Plan [Member] | Employee stock purchase plan [Member] | ' | ' | ' |
Weighted average assumptions to estimate fair value of equity instruments using Black-Scholes option-pricing model | ' | ' | ' |
Expected life | '0 years 6 months | '0 years 6 months | '0 years 6 months |
Expected volatility | 24.30% | 41.80% | 30.40% |
Risk-free interest rate | 0.10% | 0.10% | 0.20% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Recovered_Sheet1
Stock-Based Employee Compensation (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of stock-based employee compensation plans | 2 | ' | ' |
Total unrecognized compensation cost related to nonvested stock-based compensation arrangements | 75.4 | ' | ' |
Expected weighted average period to recognize nonvested stock-based compensation cost | '2 years 2 months | ' | ' |
Restricted stock units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting of stock units, net of shares withheld to satisfy tax withholding requirements | 121,539 | 42,664 | 38,783 |
Shares withheld to satisfy tax withholding requirements | 96,767 | 23,836 | 22,145 |
Performance share units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting of stock units, net of shares withheld to satisfy tax withholding requirements | ' | ' | 123,822 |
Shares withheld to satisfy tax withholding requirements | ' | ' | 78,383 |
Long-Term Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Aggregate number of shares authorized | 108,000,000 | ' | ' |
Long-Term Stock Incentive Plan [Member] | Stock options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '4 years | ' | ' |
Expiration period | '10 years | ' | ' |
Long-Term Stock Incentive Plan [Member] | Restricted stock awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average grant-date fair value | 50.9 | 30.14 | 20.63 |
Grant of Class A Common shares - restricted stock awards | 12,375 | 18,190 | 622,092 |
Long-Term Stock Incentive Plan [Member] | Restricted stock awards [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '1 year | ' | ' |
Long-Term Stock Incentive Plan [Member] | Restricted stock awards [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '4 years | ' | ' |
Long-Term Stock Incentive Plan [Member] | Restricted stock units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average grant-date fair value | 50.74 | 25.08 | 20.6 |
Grant of Class A Common shares - restricted stock awards | 656,710 | 609,080 | 80,970 |
Long-Term Stock Incentive Plan [Member] | Restricted stock units [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '1 year | ' | ' |
Long-Term Stock Incentive Plan [Member] | Restricted stock units [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '4 years | ' | ' |
Long-Term Stock Incentive Plan [Member] | Performance share units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Target percentage of units to be awarded based on performance, minimum | 0.00% | ' | ' |
Target percentage of units to be awarded based on performance, maximum | 200.00% | ' | ' |
Vesting of stock units, net of shares withheld to satisfy tax withholding requirements | 309,653 | ' | ' |
Shares withheld to satisfy tax withholding requirements | 267,577 | ' | ' |
Weighted average grant-date fair value | 57.88 | 38.47 | 20.6 |
Grant of Class A Common shares - restricted stock awards | 298,710 | 256,420 | 319,880 |
Long-Term Stock Incentive Plan [Member] | Performance share units [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '1 year | ' | ' |
Long-Term Stock Incentive Plan [Member] | Performance share units [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Long-Term Stock Incentive Plan [Member] | Performance Share Units, Market Condition [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average grant-date fair value | 66.33 | 38.47 | ' |
Grant of Class A Common shares - restricted stock awards | 0 | ' | ' |
1989 Employee Stock Purchase Plan [Member] | Employee stock purchase plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Aggregate number of shares authorized | 9,000,000 | ' | ' |
Weighted average grant-date fair value | 13.9 | 8.23 | 4.9 |
Purchase price as a percent of the fair market value, lower of the fair market value on the first or last day of the purchase period | 85.00% | ' | ' |
Shares purchased under employee stock purchase plan | 163,817 | 210,895 | 272,560 |
U.K. Sharesave Scheme [Member] | Employee stock purchase plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares purchased under employee stock purchase plan | ' | ' | 6,801 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Basic and diluted earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common stockholders | $157.20 | $211 | $1,522 | $52.90 | $81.70 | $109.50 | $124.60 | $72 | $1,943.10 | $387.80 | $445 |
Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding b basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 164,687,000 | 158,658,000 | 180,724,000 |
Weighted average common shares outstanding b diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 164,687,000 | 158,658,000 | 180,724,000 |
Stock-based awards, primarily stock options | ' | ' | ' | ' | ' | ' | ' | ' | 9,416,000 | 8,117,000 | 4,341,000 |
Weighted average common shares outstanding - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 197,570,000 | 190,307,000 | 208,655,000 |
Earnings per common share b basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per common share - basic (in dollars per share) | $0.84 | $1.13 | $8.18 | $0.29 | $0.45 | $0.61 | $0.71 | $0.39 | $10.45 | $2.15 | $2.20 |
Earnings per common share b diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per common share - diluted (in dollars per share) | $0.79 | $1.07 | $7.74 | $0.27 | $0.43 | $0.58 | $0.67 | $0.38 | $9.83 | $2.04 | $2.13 |
Earnings Per Common Share (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive shares not included in computation of earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | 8,900,000 |
Class B Convertible Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding b basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 23,467,000 | 23,532,000 | 23,590,000 |
Weighted average common shares outstanding b diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 23,467,000 | 23,532,000 | 23,590,000 |
Weighted average common shares outstanding - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 23,467,000 | 23,532,000 | 23,590,000 |
Earnings per common share b basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per common share - basic (in dollars per share) | $0.76 | $1.03 | $7.43 | $0.26 | $0.41 | $0.55 | $0.64 | $0.36 | $9.50 | $1.96 | $2 |
Earnings per common share b diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per common share - diluted (in dollars per share) | $0.73 | $0.98 | $7.11 | $0.25 | $0.39 | $0.53 | $0.62 | $0.35 | $9.04 | $1.87 | $1.96 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Foreign currency translation adjustments | ' | ' | ' |
Net gains (losses), Before Tax Amount | ($63.20) | ($46.90) | $7.40 |
Net gains (losses), Tax (Expense) Benefit | -3.6 | 9.5 | 0.9 |
Net gains (losses), Net of Tax Amount | -66.8 | -37.4 | 8.3 |
Reclassification adjustments, Before Tax Amount | 0 | 0 | 6.3 |
Reclassification adjustments, Tax (Expense) Benefit | 0 | 0 | 0 |
Reclassification adjustments, Net of Tax Amount | 0 | 0 | 6.3 |
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount | -63.2 | -46.9 | 13.7 |
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit | -3.6 | 9.5 | 0.9 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | -66.8 | -37.4 | 14.6 |
Unrealized gain (loss) on cash flow hedges | ' | ' | ' |
Net derivative gains (losses), Before Tax Amount | 9.8 | -4.9 | -33.7 |
Net derivative gains (losses), Tax (Expense) Benefit | -2.7 | 2.4 | 15.4 |
Net derivative gains (losses), Net of Tax Amount | 7.1 | -2.5 | -18.3 |
Reclassification adjustments, Before Tax Amount | 7.8 | 6.2 | -6.9 |
Reclassification adjustments, Tax (Expense) Benefit | -3.6 | -3.4 | 0.5 |
Reclassification adjustments, Net of Tax Amount | 4.2 | 2.8 | -6.4 |
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount | 17.6 | 1.3 | -40.6 |
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit | -6.3 | -1 | 15.9 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | 11.3 | 0.3 | -24.7 |
Unrealized gain (loss) on AFS debt securities | ' | ' | ' |
Net AFS debt securities gains (losses), Before Tax Amount | -2.8 | 0.7 | 3.9 |
Net AFS debt securities gains (losses), Tax (Expense) Benefit | -0.3 | -0.3 | -1.6 |
Net AFS debt securities gains (losses), Net of Tax Amount | -3.1 | 0.4 | 2.3 |
Reclassification adjustments, Before Tax Amount | -0.1 | 0 | -3.2 |
Reclassification adjustments, Tax (Expense) Benefit | 0.3 | 0 | 1.1 |
Reclassification adjustments, Net of Tax Amount | 0.2 | 0 | -2.1 |
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount | -2.9 | 0.7 | 0.7 |
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit | 0 | -0.3 | -0.5 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | -2.9 | 0.4 | 0.2 |
Pension/postretirement adjustments | ' | ' | ' |
Net actuarial gains (losses), Before Tax Amount | 15.4 | -7.4 | -7.3 |
Net actuarial gains (losses), Tax (Expense) Benefit | -4 | 1.9 | 1.8 |
Net actuarial gains (losses), Net of Tax Amount | 11.4 | -5.5 | -5.5 |
Reclassification adjustments, Before Tax Amount | 1.1 | 0.8 | 0.4 |
Reclassification adjustments, Tax (Expense) Benefit | -0.2 | -0.2 | -0.1 |
Reclassification adjustments, Net of Tax Amount | 0.9 | 0.6 | 0.3 |
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount | 16.5 | -6.6 | -6.9 |
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit | -4.2 | 1.7 | 1.7 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | 12.3 | -4.9 | -5.2 |
Other comprehensive income (loss), Before Tax Amount | -32 | -51.5 | -33.1 |
Other comprehensive income (loss), Tax (Expense) Benefit | -14.1 | 9.9 | 18 |
OTHER COMPREHENSIVE LOSS, net of income tax effect | ($46.10) | ($41.60) | ($15.10) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 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 | -66.8 | -37.4 | 8.3 |
Amounts reclassified from accumulated other comprehensive income, Foreign Currency Translation Adjustments | 0 | 0 | 6.3 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | -66.8 | -37.4 | 14.6 |
Balance, February 28, 2014, Foreign Currency Translation Adjustments | 103.6 | 170.4 | ' |
Net Unrealized (Losses) Gains on Derivative Instruments | ' | ' | ' |
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 | 7.1 | -2.5 | -18.3 |
Amounts reclassified from accumulated other comprehensive income, Net Unrealized (Losses) Gains on Derivative Instruments | 4.2 | 2.8 | -6.4 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | 11.3 | 0.3 | -24.7 |
Balance, February 28, 2014, Net Unrealized (Losses) Gains on Derivative Instruments | -8.9 | -20.2 | ' |
Net Unrealized Gains on AFS Debt Securities | ' | ' | ' |
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 | -3.1 | 0.4 | 2.3 |
Amounts reclassified from accumulated other comprehensive income, Net Unrealized Gains (Losses) on AFS Debt Securities | 0.2 | 0 | -2.1 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | -2.9 | 0.4 | 0.2 |
Balance, February 28, 2014, Net Unrealized Gains (Losses) on AFS Debt Securities | -1.5 | 1.4 | ' |
Pension/ Postretirement Adjustments | ' | ' | ' |
Balance, February 28, 2013, Pension/Postretirement Adjustments | -19.5 | ' | ' |
Other comprehensive (loss) income before reclassification adjustments, Pension/Postretirement Adjustments | 11.4 | -5.5 | -5.5 |
Amounts reclassified from accumulated other comprehensive income, Pension/Postretirement Adjustments | 0.9 | 0.6 | 0.3 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | 12.3 | -4.9 | -5.2 |
Balance, February 28, 2014, Pension/Postretirement Adjustments | -7.2 | -19.5 | ' |
Balance, February 28, 2013, Accumulated Other Comprehensive Income | 132.1 | ' | ' |
Other comprehensive (loss) income before reclassification adjustments, Accumulated Other Comprehensive Income | -51.4 | ' | ' |
Amounts reclassified from accumulated other comprehensive income, Accumulated Other Comprehensive Income | 5.3 | ' | ' |
OTHER COMPREHENSIVE LOSS, net of income tax effect | -46.1 | -41.6 | -15.1 |
Balance, February 28, 2014, Accumulated Other Comprehensive Income | $86 | $132.10 | ' |
Significant_Customers_and_Conc2
Significant Customers and Concentration of Credit Risk (Details) | 12 Months Ended | ||
Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | |
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Sales and accounts receivable, net, from major customers | ' | ' | ' |
Concentration Risk, Percentage | 36.60% | 57.80% | 61.00% |
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Southern Wine and Spirits [Member] | ' | ' | ' |
Sales and accounts receivable, net, from major customers | ' | ' | ' |
Concentration Risk, Percentage | 18.40% | 30.00% | 32.40% |
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Republic National Distributing Company [Member] | ' | ' | ' |
Sales and accounts receivable, net, from major customers | ' | ' | ' |
Concentration Risk, Percentage | 9.70% | 15.60% | 17.50% |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Southern Wine and Spirits [Member] | ' | ' | ' |
Sales and accounts receivable, net, from major customers | ' | ' | ' |
Concentration Risk, Percentage | 26.60% | 34.50% | 39.40% |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Republic National Distributing Company [Member] | ' | ' | ' |
Sales and accounts receivable, net, from major customers | ' | ' | ' |
Concentration Risk, Percentage | 13.90% | 18.70% | 17.20% |
Significant_Customers_and_Conc3
Significant Customers and Concentration of Credit Risk (Details Textual) (Customer Concentration Risk [Member]) | 12 Months Ended | ||
Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Additional Characteristic | '10% or more of the Company's sales | '10% or more of the Company's sales | '10% or more of the Company's sales |
Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Additional Characteristic | 'five largest customers | 'five largest customers | 'five largest customers |
Concentration Risk, Percentage | 36.60% | 57.80% | 61.00% |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Details) (USD $) | Feb. 28, 2014 | Jun. 07, 2013 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2011 |
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 | $63.90 | $232 | $331.50 | $85.80 | $9.20 |
Accounts receivable, net | 626.2 | ' | 471.9 | ' | ' |
Inventories | 1,743.80 | ' | 1,480.90 | ' | ' |
Intercompany receivable | 0 | ' | 0 | ' | ' |
Prepaid expenses and other | 313.3 | ' | 186.9 | ' | ' |
Total current assets | 2,747.20 | ' | 2,471.20 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 2,014.30 | ' | 1,229 | 1,255.80 | ' |
Investments in subsidiaries | 0 | ' | 0 | ' | ' |
Goodwill | 6,146.80 | ' | 2,722.30 | 2,632.90 | ' |
Intangible assets, net | 3,231.10 | ' | 871.4 | ' | ' |
Intercompany notes receivable | 0 | ' | 0 | ' | ' |
Other assets, net | 162.7 | ' | 344.2 | ' | ' |
Total assets | 14,302.10 | ' | 7,638.10 | 7,109.90 | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Notes payable to banks | 57.2 | ' | 0 | ' | ' |
Current maturities of long-term debt | 590 | ' | 27.6 | ' | ' |
Accounts payable | 295.2 | ' | 209 | ' | ' |
Accrued excise taxes | 27.7 | ' | 18.9 | ' | ' |
Intercompany payable | 0 | ' | 0 | ' | ' |
Other accrued expenses and liabilities | 1,055.60 | ' | 422.4 | ' | ' |
Total current liabilities | 2,025.70 | ' | 677.9 | ' | ' |
Long-term debt, less current maturities | 6,373.30 | ' | 3,277.80 | ' | ' |
Deferred income taxes | 762.6 | ' | 599.6 | ' | ' |
Intercompany notes payable | 0 | ' | 0 | ' | ' |
Other liabilities | 159.2 | ' | 222.5 | ' | ' |
Stockholdersb equity | 4,981.30 | ' | 2,860.30 | 2,676 | 2,551.90 |
Total liabilities and stockholdersb equity | 14,302.10 | ' | 7,638.10 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash investments | 0.5 | ' | 185.8 | 0.5 | 0.7 |
Accounts receivable, net | 0.2 | ' | 0.7 | ' | ' |
Inventories | 153.5 | ' | 151.5 | ' | ' |
Intercompany receivable | 8,529.40 | ' | 4,598.20 | ' | ' |
Prepaid expenses and other | 49.1 | ' | 33.9 | ' | ' |
Total current assets | 8,732.70 | ' | 4,970.10 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 39.4 | ' | 43.3 | ' | ' |
Investments in subsidiaries | 10,795.60 | ' | 7,307 | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' |
Intangible assets, net | 0 | ' | 0 | ' | ' |
Intercompany notes receivable | 3,606 | ' | 1,611.20 | ' | ' |
Other assets, net | 62.4 | ' | 63.3 | ' | ' |
Total assets | 23,236.10 | ' | 13,994.90 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Notes payable to banks | 0 | ' | ' | ' | ' |
Current maturities of long-term debt | 547.1 | ' | 9.8 | ' | ' |
Accounts payable | 24.4 | ' | 39.2 | ' | ' |
Accrued excise taxes | 13.7 | ' | 11.4 | ' | ' |
Intercompany payable | 11,996.50 | ' | 7,257.50 | ' | ' |
Other accrued expenses and liabilities | 712.9 | ' | 518.2 | ' | ' |
Total current liabilities | 13,294.60 | ' | 7,836.10 | ' | ' |
Long-term debt, less current maturities | 4,892.30 | ' | 3,251 | ' | ' |
Deferred income taxes | 17.2 | ' | 0 | ' | ' |
Intercompany notes payable | 0 | ' | 0 | ' | ' |
Other liabilities | 50.7 | ' | 47.5 | ' | ' |
Stockholdersb equity | 4,981.30 | ' | 2,860.30 | ' | ' |
Total liabilities and stockholdersb equity | 23,236.10 | ' | 13,994.90 | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash investments | 0.8 | ' | 0.7 | 0.6 | 0.9 |
Accounts receivable, net | 9 | ' | 10.1 | ' | ' |
Inventories | 1,270 | ' | 1,019.40 | ' | ' |
Intercompany receivable | 13,339 | ' | 9,291.40 | ' | ' |
Prepaid expenses and other | 61.6 | ' | 46.4 | ' | ' |
Total current assets | 14,680.40 | ' | 10,368 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 846.3 | ' | 832.7 | ' | ' |
Investments in subsidiaries | 9.4 | ' | 2.8 | ' | ' |
Goodwill | 5,411.30 | ' | 2,097.90 | ' | ' |
Intangible assets, net | 707.6 | ' | 686.5 | ' | ' |
Intercompany notes receivable | 8.5 | ' | 0 | ' | ' |
Other assets, net | 64.6 | ' | 243.2 | ' | ' |
Total assets | 21,728.10 | ' | 14,231.10 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Notes payable to banks | 0 | ' | ' | ' | ' |
Current maturities of long-term debt | 16.4 | ' | 17.7 | ' | ' |
Accounts payable | 109 | ' | 106.4 | ' | ' |
Accrued excise taxes | 8.5 | ' | 3.7 | ' | ' |
Intercompany payable | 9,700.40 | ' | 6,318.70 | ' | ' |
Other accrued expenses and liabilities | 182.3 | ' | 171.1 | ' | ' |
Total current liabilities | 10,016.60 | ' | 6,617.60 | ' | ' |
Long-term debt, less current maturities | 32.8 | ' | 26.8 | ' | ' |
Deferred income taxes | 569.4 | ' | 543 | ' | ' |
Intercompany notes payable | 3,597.70 | ' | 1,634.90 | ' | ' |
Other liabilities | 21.5 | ' | 41.8 | ' | ' |
Stockholdersb equity | 7,490.10 | ' | 5,367 | ' | ' |
Total liabilities and stockholdersb equity | 21,728.10 | ' | 14,231.10 | ' | ' |
Subsidiary Nonguarantors [Member] | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash investments | 62.6 | ' | 145 | 84.7 | 7.6 |
Accounts receivable, net | 617 | ' | 461.1 | ' | ' |
Inventories | 384.8 | ' | 317.2 | ' | ' |
Intercompany receivable | 4,104 | ' | 1,075.10 | ' | ' |
Prepaid expenses and other | 701.6 | ' | 447.8 | ' | ' |
Total current assets | 5,870 | ' | 2,446.20 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 1,128.60 | ' | 353 | ' | ' |
Investments in subsidiaries | 0 | ' | 0 | ' | ' |
Goodwill | 735.5 | ' | 624.4 | ' | ' |
Intangible assets, net | 2,523 | ' | 184.9 | ' | ' |
Intercompany notes receivable | 0 | ' | 32.6 | ' | ' |
Other assets, net | 35.7 | ' | 58.6 | ' | ' |
Total assets | 10,292.80 | ' | 3,699.70 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Notes payable to banks | 57.2 | ' | ' | ' | ' |
Current maturities of long-term debt | 26.5 | ' | 0.1 | ' | ' |
Accounts payable | 161.8 | ' | 63.4 | ' | ' |
Accrued excise taxes | 5.5 | ' | 3.8 | ' | ' |
Intercompany payable | 4,275.50 | ' | 1,388.50 | ' | ' |
Other accrued expenses and liabilities | 680.7 | ' | 76.1 | ' | ' |
Total current liabilities | 5,207.20 | ' | 1,531.90 | ' | ' |
Long-term debt, less current maturities | 1,448.20 | ' | 0 | ' | ' |
Deferred income taxes | 176 | ' | 77.5 | ' | ' |
Intercompany notes payable | 16.8 | ' | 8.9 | ' | ' |
Other liabilities | 87 | ' | 133.2 | ' | ' |
Stockholdersb equity | 3,357.60 | ' | 1,948.20 | ' | ' |
Total liabilities and stockholdersb equity | 10,292.80 | ' | 3,699.70 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash investments | 0 | ' | 0 | 0 | 0 |
Accounts receivable, net | 0 | ' | 0 | ' | ' |
Inventories | -64.5 | ' | -7.2 | ' | ' |
Intercompany receivable | -25,972.40 | ' | -14,964.70 | ' | ' |
Prepaid expenses and other | -499 | ' | -341.2 | ' | ' |
Total current assets | -26,535.90 | ' | -15,313.10 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 0 | ' | 0 | ' | ' |
Investments in subsidiaries | -10,805 | ' | -7,309.80 | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' |
Intangible assets, net | 0.5 | ' | 0 | ' | ' |
Intercompany notes receivable | -3,614.50 | ' | -1,643.80 | ' | ' |
Other assets, net | 0 | ' | -20.9 | ' | ' |
Total assets | -40,954.90 | ' | -24,287.60 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Notes payable to banks | 0 | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | ' | 0 | ' | ' |
Accounts payable | 0 | ' | 0 | ' | ' |
Accrued excise taxes | 0 | ' | 0 | ' | ' |
Intercompany payable | -25,972.40 | ' | -14,964.70 | ' | ' |
Other accrued expenses and liabilities | -520.3 | ' | -343 | ' | ' |
Total current liabilities | -26,492.70 | ' | -15,307.70 | ' | ' |
Long-term debt, less current maturities | 0 | ' | 0 | ' | ' |
Deferred income taxes | 0 | ' | -20.9 | ' | ' |
Intercompany notes payable | -3,614.50 | ' | -1,643.80 | ' | ' |
Other liabilities | 0 | ' | 0 | ' | ' |
Stockholdersb equity | -10,847.70 | ' | -7,315.20 | ' | ' |
Total liabilities and stockholdersb equity | ($40,954.90) | ' | ($24,287.60) | ' | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | $5,411 | $3,171.40 | $2,979.10 |
Less b excise taxes | ' | ' | ' | ' | ' | ' | ' | ' | -543.3 | -375.3 | -324.8 |
Net sales | 1,291.20 | 1,443.30 | 1,459.80 | 673.4 | 695.9 | 766.9 | 698.5 | 634.8 | 4,867.70 | 2,796.10 | 2,654.30 |
Cost of product sold | ' | ' | ' | ' | ' | ' | ' | ' | -2,876 | -1,687.80 | -1,592.20 |
Gross profit | 548.9 | 609.7 | 577 | 256.1 | 261.8 | 310.8 | 285.1 | 250.6 | 1,991.70 | 1,108.30 | 1,062.10 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -895.1 | -585.4 | -537.5 |
Impairment of goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | -300.9 | 0 | -38.1 |
Gain on remeasurement to fair value of equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | 1,642 | 0 | 0 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 2,437.70 | 522.9 | 486.5 |
Equity in earnings of equity method investees and subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 87.8 | 233.1 | 228.5 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 7.7 | 6.8 | 6.6 |
Intercompany interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -330.9 | -233.9 | -187.6 |
Intercompany interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on write-off of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -12.5 | 0 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,202.30 | 516.4 | 534 |
Benefit from (provision for) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -259.2 | -128.6 | -89 |
NET INCOME | 157.2 | 211 | 1,522 | 52.9 | 81.7 | 109.5 | 124.6 | 72 | 1,943.10 | 387.8 | 445 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 1,897 | 346.2 | 429.9 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,351.80 | 2,065.40 | 1,319.10 |
Less b excise taxes | ' | ' | ' | ' | ' | ' | ' | ' | -317.3 | -213 | -169.2 |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,034.50 | 1,852.40 | 1,149.90 |
Cost of product sold | ' | ' | ' | ' | ' | ' | ' | ' | -1,730.30 | -1,537.20 | -864.3 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 304.2 | 315.2 | 285.6 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -395.4 | -344.1 | -237.3 |
Impairment of goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Gain on remeasurement to fair value of equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -91.2 | -28.9 | 48.3 |
Equity in earnings of equity method investees and subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 2,219.20 | 622.2 | 590.5 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0.6 | 0.2 |
Intercompany interest income | ' | ' | ' | ' | ' | ' | ' | ' | 152.4 | 79 | 78.2 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -283.2 | -230.1 | -180.6 |
Intercompany interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -168.1 | -193.2 | -154.3 |
Loss on write-off of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12.5 | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,829.20 | 237.1 | 382.3 |
Benefit from (provision for) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 113.9 | 150.7 | 62.7 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 1,943.10 | 387.8 | 445 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 1,897 | 346.2 | 429.9 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,868.30 | 1,758.60 | 1,721.40 |
Less b excise taxes | ' | ' | ' | ' | ' | ' | ' | ' | -155.9 | -95.9 | -93.5 |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,712.40 | 1,662.70 | 1,627.90 |
Cost of product sold | ' | ' | ' | ' | ' | ' | ' | ' | -2,661.60 | -1,156.60 | -1,063.20 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 1,050.80 | 506.1 | 564.7 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -361.7 | -101.4 | -187.8 |
Impairment of goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Gain on remeasurement to fair value of equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | 1,642 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 2,331.10 | 404.7 | 376.9 |
Equity in earnings of equity method investees and subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 92.7 | 232.9 | 240.3 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany interest income | ' | ' | ' | ' | ' | ' | ' | ' | 168.5 | 193.2 | 125.5 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -2.5 | -1.4 | -4.6 |
Intercompany interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -153.6 | -80.2 | -50.5 |
Loss on write-off of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,436.20 | 749.2 | 687.6 |
Benefit from (provision for) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -292.5 | -274.7 | -158.5 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 2,143.70 | 474.5 | 529.1 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 2,167.70 | 439.5 | 502.4 |
Subsidiary Nonguarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,093.90 | 827.8 | 712 |
Less b excise taxes | ' | ' | ' | ' | ' | ' | ' | ' | -70.1 | -66.4 | -62.1 |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,023.80 | 761.4 | 649.9 |
Cost of product sold | ' | ' | ' | ' | ' | ' | ' | ' | -1,312.10 | -460.8 | -389.6 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 711.7 | 300.6 | 260.3 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -155 | -154.3 | -161 |
Impairment of goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | -300.9 | ' | -38.1 |
Gain on remeasurement to fair value of equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 255.8 | 146.3 | 61.2 |
Equity in earnings of equity method investees and subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | 0.5 | 4.3 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 7.6 | 6.2 | 6.4 |
Intercompany interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | 1.5 | 1.4 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -45.2 | -2.4 | -2.4 |
Intercompany interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -0.7 | -0.3 | -0.3 |
Loss on write-off of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 219.6 | 151.8 | 70.6 |
Benefit from (provision for) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -100.1 | -4.5 | 6.5 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 119.5 | 147.3 | 77.1 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 64 | 103.5 | 85.5 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | -2,903 | -1,480.40 | -773.4 |
Less b excise taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | -2,903 | -1,480.40 | -773.4 |
Cost of product sold | ' | ' | ' | ' | ' | ' | ' | ' | 2,828 | 1,466.80 | 724.9 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | -75 | -13.6 | -48.5 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 17 | 14.4 | 48.6 |
Impairment of goodwill and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Gain on remeasurement to fair value of equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -58 | 0.8 | 0.1 |
Equity in earnings of equity method investees and subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -2,224.70 | -622.5 | -606.6 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany interest income | ' | ' | ' | ' | ' | ' | ' | ' | -322.4 | -273.7 | -205.1 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 322.4 | 273.7 | 205.1 |
Loss on write-off of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,282.70 | -621.7 | -606.5 |
Benefit from (provision for) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 19.5 | -0.1 | 0.3 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -2,263.20 | -621.8 | -606.2 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ($2,231.70) | ($543) | ($587.90) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Details 2) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | Jun. 07, 2013 |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | $826.20 | $556.30 | $784.10 | ' |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchase of business, net of cash acquired | -4,681.30 | -159.3 | -51.5 | ' |
Purchases of property, plant and equipment | -223.5 | -62.1 | -68.4 | ' |
Proceeds from redemption of available-for-sale debt securities | 23.4 | 0 | 20.2 | ' |
Proceeds from sales of assets | 7.8 | 10 | 3.6 | ' |
Payments related to sale of business | 0 | -0.6 | -30.8 | ' |
Net proceeds from intercompany notes | 0 | 0 | 0 | ' |
Net investments in equity affiliates | 0 | 0 | 0 | ' |
Other investing activities | 9.8 | 5.2 | -8.2 | ' |
Net cash used in investing activities | -4,863.80 | -206.8 | -135.1 | ' |
Cash flows from financing activities: | ' | ' | ' | ' |
Payments of dividends | 0 | ' | 0 | ' |
Net (returns of capital to) contributions from equity affiliates | 0 | 0 | 0 | ' |
Net (repayments of) proceeds from intercompany notes | 0 | 0 | 0 | ' |
Proceeds from issuance of long-term debt | 3,725 | 2,050 | 0 | ' |
Proceeds from exercises of employee stock options | 120.1 | 158.3 | 51.3 | ' |
Excess tax benefits from stock-based payment awards | 65.4 | 17.7 | 10.9 | ' |
Net proceeds from (repayments of) notes payable | 57.3 | -372.6 | 249.8 | ' |
Proceeds from employee stock purchases | 5.8 | 4.4 | 4.7 | ' |
Principal payments of long-term debt | -96.4 | -1,537.20 | -475.9 | ' |
Payments of financing costs of long-term debt | -82.2 | -35.8 | 0 | ' |
Payments of minimum tax withholdings on stock-based payment awards | -18 | -0.5 | -2.2 | ' |
Purchases of treasury stock | 0 | -383 | -413.7 | ' |
Net cash provided by (used in) financing activities | 3,777 | -98.7 | -575.1 | ' |
Effect of exchange rate changes on cash and cash investments | -7 | -5.1 | 2.7 | ' |
NET (DECREASE) INCREASE IN CASH AND CASH INVESTMENTS | -267.6 | 245.7 | 76.6 | ' |
CASH AND CASH INVESTMENTS, beginning of year | 331.5 | 85.8 | 9.2 | 232 |
CASH AND CASH INVESTMENTS, end of year | 63.9 | 331.5 | 85.8 | 232 |
Parent Company [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | -466.1 | -336.2 | -20.9 | ' |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchase of business, net of cash acquired | 0 | 0 | 0 | ' |
Purchases of property, plant and equipment | -5.4 | -5 | -20.5 | ' |
Proceeds from redemption of available-for-sale debt securities | 0 | ' | 0 | ' |
Proceeds from sales of assets | 0 | 0 | 0 | ' |
Payments related to sale of business | ' | -0.6 | -12.3 | ' |
Net proceeds from intercompany notes | 972.6 | 503.2 | 613.2 | ' |
Net investments in equity affiliates | -1,133.20 | 37.2 | -22.8 | ' |
Other investing activities | 0 | 1.2 | 1 | ' |
Net cash used in investing activities | -166 | 536 | 558.6 | ' |
Cash flows from financing activities: | ' | ' | ' | ' |
Payments of dividends | 0 | ' | 0 | ' |
Net (returns of capital to) contributions from equity affiliates | 0 | 0 | 0 | ' |
Net (repayments of) proceeds from intercompany notes | -1,850.10 | 0.5 | 0 | ' |
Proceeds from issuance of long-term debt | 2,225 | 2,050 | ' | ' |
Proceeds from exercises of employee stock options | 120.1 | 158.3 | 51.3 | ' |
Excess tax benefits from stock-based payment awards | 65.4 | 17.7 | 10.9 | ' |
Net proceeds from (repayments of) notes payable | 0 | -297.9 | 223.1 | ' |
Proceeds from employee stock purchases | 5.8 | 4.4 | 4.7 | ' |
Principal payments of long-term debt | -49.8 | -1,528.70 | -414.2 | ' |
Payments of financing costs of long-term debt | -69.6 | -35.8 | ' | ' |
Payments of minimum tax withholdings on stock-based payment awards | 0 | 0 | 0 | ' |
Purchases of treasury stock | ' | -383 | -413.7 | ' |
Net cash provided by (used in) financing activities | 446.8 | -14.5 | -537.9 | ' |
Effect of exchange rate changes on cash and cash investments | 0 | 0 | 0 | ' |
NET (DECREASE) INCREASE IN CASH AND CASH INVESTMENTS | -185.3 | 185.3 | -0.2 | ' |
CASH AND CASH INVESTMENTS, beginning of year | 185.8 | 0.5 | 0.7 | ' |
CASH AND CASH INVESTMENTS, end of year | 0.5 | 185.8 | 0.5 | ' |
Subsidiaries Guarantors [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | 1,070.70 | 722.7 | 695.5 | ' |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchase of business, net of cash acquired | -1,770 | -159.3 | 0 | ' |
Purchases of property, plant and equipment | -61.4 | -39.8 | -33.4 | ' |
Proceeds from redemption of available-for-sale debt securities | 0 | ' | 0 | ' |
Proceeds from sales of assets | 0.2 | 5 | 3.3 | ' |
Payments related to sale of business | ' | 0 | 0 | ' |
Net proceeds from intercompany notes | 0 | 0 | 0.6 | ' |
Net investments in equity affiliates | -5.1 | -0.3 | 0 | ' |
Other investing activities | 2.2 | 4.6 | -6.1 | ' |
Net cash used in investing activities | -1,834.10 | -189.8 | -35.6 | ' |
Cash flows from financing activities: | ' | ' | ' | ' |
Payments of dividends | 0 | ' | 0 | ' |
Net (returns of capital to) contributions from equity affiliates | -172.8 | -20.8 | -20.8 | ' |
Net (repayments of) proceeds from intercompany notes | 972.9 | -503.5 | -620.8 | ' |
Proceeds from issuance of long-term debt | 0 | 0 | ' | ' |
Proceeds from exercises of employee stock options | 0 | 0 | 0 | ' |
Excess tax benefits from stock-based payment awards | 0 | 0 | 0 | ' |
Net proceeds from (repayments of) notes payable | 0 | 0 | 0 | ' |
Proceeds from employee stock purchases | 0 | 0 | 0 | ' |
Principal payments of long-term debt | -20.2 | -8.5 | -16.9 | ' |
Payments of financing costs of long-term debt | 0 | 0 | ' | ' |
Payments of minimum tax withholdings on stock-based payment awards | -16.4 | 0 | -1.7 | ' |
Purchases of treasury stock | ' | 0 | 0 | ' |
Net cash provided by (used in) financing activities | 763.5 | -532.8 | -660.2 | ' |
Effect of exchange rate changes on cash and cash investments | 0 | 0 | 0 | ' |
NET (DECREASE) INCREASE IN CASH AND CASH INVESTMENTS | 0.1 | 0.1 | -0.3 | ' |
CASH AND CASH INVESTMENTS, beginning of year | 0.7 | 0.6 | 0.9 | ' |
CASH AND CASH INVESTMENTS, end of year | 0.8 | 0.7 | 0.6 | ' |
Subsidiary Nonguarantors [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | 240.4 | 169.8 | 182.1 | ' |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchase of business, net of cash acquired | -2,911.30 | 0 | -51.5 | ' |
Purchases of property, plant and equipment | -156.7 | -17.3 | -14.5 | ' |
Proceeds from redemption of available-for-sale debt securities | 23.4 | ' | 20.2 | ' |
Proceeds from sales of assets | 7.6 | 5 | 0.3 | ' |
Payments related to sale of business | ' | 0 | -18.5 | ' |
Net proceeds from intercompany notes | 0 | 0 | 0 | ' |
Net investments in equity affiliates | 0.1 | 0 | 0 | ' |
Other investing activities | 7.6 | -0.6 | -3.1 | ' |
Net cash used in investing activities | -3,029.30 | -12.9 | -67.1 | ' |
Cash flows from financing activities: | ' | ' | ' | ' |
Payments of dividends | -84.3 | ' | -22.6 | ' |
Net (returns of capital to) contributions from equity affiliates | 1,376.50 | -16.1 | -7.5 | ' |
Net (repayments of) proceeds from intercompany notes | -95.4 | -0.2 | 8.1 | ' |
Proceeds from issuance of long-term debt | 1,500 | 0 | ' | ' |
Proceeds from exercises of employee stock options | 0 | 0 | 0 | ' |
Excess tax benefits from stock-based payment awards | 0 | 0 | 0 | ' |
Net proceeds from (repayments of) notes payable | 57.3 | -74.7 | 26.7 | ' |
Proceeds from employee stock purchases | 0 | 0 | 0 | ' |
Principal payments of long-term debt | -26.4 | 0 | -44.8 | ' |
Payments of financing costs of long-term debt | -12.6 | 0 | ' | ' |
Payments of minimum tax withholdings on stock-based payment awards | -1.6 | -0.5 | -0.5 | ' |
Purchases of treasury stock | ' | 0 | 0 | ' |
Net cash provided by (used in) financing activities | 2,713.50 | -91.5 | -40.6 | ' |
Effect of exchange rate changes on cash and cash investments | -7 | -5.1 | 2.7 | ' |
NET (DECREASE) INCREASE IN CASH AND CASH INVESTMENTS | -82.4 | 60.3 | 77.1 | ' |
CASH AND CASH INVESTMENTS, beginning of year | 145 | 84.7 | 7.6 | ' |
CASH AND CASH INVESTMENTS, end of year | 62.6 | 145 | 84.7 | ' |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | -18.8 | 0 | -72.6 | ' |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchase of business, net of cash acquired | 0 | 0 | 0 | ' |
Purchases of property, plant and equipment | 0 | 0 | 0 | ' |
Proceeds from redemption of available-for-sale debt securities | 0 | ' | 0 | ' |
Proceeds from sales of assets | 0 | 0 | 0 | ' |
Payments related to sale of business | ' | 0 | 0 | ' |
Net proceeds from intercompany notes | -972.6 | -503.2 | -613.8 | ' |
Net investments in equity affiliates | 1,138.20 | -36.9 | 22.8 | ' |
Other investing activities | 0 | 0 | 0 | ' |
Net cash used in investing activities | 165.6 | -540.1 | -591 | ' |
Cash flows from financing activities: | ' | ' | ' | ' |
Payments of dividends | 84.3 | ' | 22.6 | ' |
Net (returns of capital to) contributions from equity affiliates | -1,203.70 | 36.9 | 28.3 | ' |
Net (repayments of) proceeds from intercompany notes | 972.6 | 503.2 | 612.7 | ' |
Proceeds from issuance of long-term debt | 0 | 0 | ' | ' |
Proceeds from exercises of employee stock options | 0 | 0 | 0 | ' |
Excess tax benefits from stock-based payment awards | 0 | 0 | 0 | ' |
Net proceeds from (repayments of) notes payable | 0 | 0 | 0 | ' |
Proceeds from employee stock purchases | 0 | 0 | 0 | ' |
Principal payments of long-term debt | 0 | 0 | 0 | ' |
Payments of financing costs of long-term debt | 0 | 0 | ' | ' |
Payments of minimum tax withholdings on stock-based payment awards | 0 | 0 | 0 | ' |
Purchases of treasury stock | ' | 0 | 0 | ' |
Net cash provided by (used in) financing activities | -146.8 | 540.1 | 663.6 | ' |
Effect of exchange rate changes on cash and cash investments | 0 | 0 | 0 | ' |
NET (DECREASE) INCREASE IN CASH AND CASH INVESTMENTS | 0 | 0 | 0 | ' |
CASH AND CASH INVESTMENTS, beginning of year | 0 | 0 | 0 | ' |
CASH AND CASH INVESTMENTS, end of year | $0 | $0 | $0 | ' |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Cost of Product Sold | ' | ' | ' |
Amortization of favorable interim supply agreement | $15.50 | $7.20 | $5.40 |
Total Cost of Product Sold | 2,876 | 1,687.80 | 1,592.20 |
Selling, General and Administrative Expenses | ' | ' | ' |
Total Selling, General and Administrative Expenses | 895.1 | 585.4 | 537.5 |
Impairment of Goodwill and Intangible Assets | 300.9 | 0 | 38.1 |
Gain on Remeasurement to Fair Value of Equity Method Investment | -1,642 | 0 | 0 |
Unusual Items [Member] | ' | ' | ' |
Cost of Product Sold | ' | ' | ' |
Flow through of inventory step-up | 11 | 7.8 | 1.6 |
Amortization of favorable interim supply agreement | 6 | 0 | 0 |
Other | -1 | 0 | 0.3 |
Total Cost of Product Sold | 16 | 7.8 | 1.9 |
Selling, General and Administrative Expenses | ' | ' | ' |
Transaction and related costs associated with pending and completed acquisitions | 51.5 | 27.7 | 0 |
Deferred compensation | 7 | 0 | 0 |
Restructuring charges and other | -2.8 | -1.7 | 13.5 |
Total Selling, General and Administrative Expenses | 55.7 | 26 | 13.5 |
Impairment of Goodwill and Intangible Assets | 300.9 | 0 | 38.1 |
Gain on Remeasurement to Fair Value of Equity Method Investment | -1,642 | 0 | 0 |
Unusual Items | ($1,269.40) | $33.80 | $53.50 |
Business_Segment_Information_D1
Business Segment Information (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,291.20 | $1,443.30 | $1,459.80 | $673.40 | $695.90 | $766.90 | $698.50 | $634.80 | $4,867.70 | $2,796.10 | $2,654.30 |
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,437.70 | 522.9 | 486.5 |
Long-lived tangible assets | 2,014.30 | ' | ' | ' | 1,229 | ' | ' | ' | 2,014.30 | 1,229 | 1,255.80 |
Total assets | 14,302.10 | ' | ' | ' | 7,638.10 | ' | ' | ' | 14,302.10 | 7,638.10 | 7,109.90 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 223.5 | 62.1 | 68.4 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 155.3 | 115.4 | 103.8 |
EQUITY IN EARNINGS OF EQUITY METHOD INVESTEES | ' | ' | ' | ' | ' | ' | ' | ' | 87.8 | 233.1 | 228.5 |
Investments in equity method investees | 73.3 | ' | ' | ' | 243.6 | ' | ' | ' | 73.3 | 243.6 | 248.3 |
Operating Segments [Member] | Beer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,835.60 | 2,588.10 | 2,469.50 |
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 772.9 | 448 | 431 |
Long-lived tangible assets | 801.3 | ' | ' | ' | 8.8 | ' | ' | ' | 801.3 | 8.8 | 10 |
Total assets | 7,420.80 | ' | ' | ' | 440.5 | ' | ' | ' | 7,420.80 | 440.5 | 409.6 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 137.3 | 1.3 | 7.5 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 35.6 | 2.5 | 2.3 |
Operating Segments [Member] | Wine and Spirits [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,845.50 | 2,796.10 | 2,654.30 |
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 637.8 | 650.2 | 621.9 |
Long-lived tangible assets | 1,097.40 | ' | ' | ' | 1,100.50 | ' | ' | ' | 1,097.40 | 1,100.50 | 1,120.90 |
Total assets | 6,515.50 | ' | ' | ' | 6,921.80 | ' | ' | ' | 6,515.50 | 6,921.80 | 6,729.70 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 71.7 | 53.6 | 48.1 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 96.7 | 91.6 | 86.7 |
EQUITY IN EARNINGS OF EQUITY METHOD INVESTEES | ' | ' | ' | ' | ' | ' | ' | ' | 17.6 | 13 | 13.4 |
Investments in equity method investees | 73.3 | ' | ' | ' | 74.3 | ' | ' | ' | 73.3 | 74.3 | 71.9 |
Operating Segments [Member] | Wine and Spirits [Member] | Wine [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,554.20 | 2,495.80 | 2,386.80 |
Operating Segments [Member] | Wine and Spirits [Member] | Spirits [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 291.3 | 300.3 | 267.5 |
Operating Segments [Member] | Corporate Operations and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -99.8 | -93.5 | -81.9 |
Long-lived tangible assets | 115.6 | ' | ' | ' | 128.5 | ' | ' | ' | 115.6 | 128.5 | 134.9 |
Total assets | 365.8 | ' | ' | ' | 547 | ' | ' | ' | 365.8 | 547 | 203.8 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 14.8 | 8.5 | 20.3 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 23.5 | 23.8 | 17.1 |
Unusual Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,269.40 | -33.8 | -53.5 |
EQUITY IN EARNINGS OF EQUITY METHOD INVESTEES | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | -1 | 0 |
Consolidation and Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | -813.4 | -2,588.10 | -2,469.50 |
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -142.6 | -448 | -431 |
Long-lived tangible assets | 0 | ' | ' | ' | -8.8 | ' | ' | ' | 0 | -8.8 | -10 |
Total assets | 0 | ' | ' | ' | -271.2 | ' | ' | ' | 0 | -271.2 | -233.2 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | -1.3 | -7.5 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -0.5 | -2.5 | -2.3 |
EQUITY IN EARNINGS OF EQUITY METHOD INVESTEES | ' | ' | ' | ' | ' | ' | ' | ' | 70.3 | 221.1 | 215.1 |
Investments in equity method investees | $0 | ' | ' | ' | $169.30 | ' | ' | ' | $0 | $169.30 | $176.40 |
Business_Segment_Information_D2
Business Segment Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,291.20 | $1,443.30 | $1,459.80 | $673.40 | $695.90 | $766.90 | $698.50 | $634.80 | $4,867.70 | $2,796.10 | $2,654.30 |
Long-lived tangible assets | 2,014.30 | ' | ' | ' | 1,229 | ' | ' | ' | 2,014.30 | 1,229 | 1,255.80 |
Geographical Components [Member] | U.S. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,320.20 | 2,251.10 | 2,126.50 |
Long-lived tangible assets | 901.6 | ' | ' | ' | 894.5 | ' | ' | ' | 901.6 | 894.5 | ' |
Geographical Components [Member] | Non-U.S. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 547.5 | 545 | 527.8 |
Long-lived tangible assets | 1,112.70 | ' | ' | ' | 334.5 | ' | ' | ' | 1,112.70 | 334.5 | ' |
Geographical Components [Member] | Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 428.9 | 433.8 | 428.8 |
Long-lived tangible assets | 144 | ' | ' | ' | 156.4 | ' | ' | ' | 144 | 156.4 | ' |
Geographical Components [Member] | New Zealand [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 71.7 | 71.3 | 80.6 |
Long-lived tangible assets | 142.2 | ' | ' | ' | 144 | ' | ' | ' | 142.2 | 144 | ' |
Geographical Components [Member] | Italy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 36.4 | 30.5 | 8.6 |
Long-lived tangible assets | 34 | ' | ' | ' | 31.9 | ' | ' | ' | 34 | 31.9 | ' |
Geographical Components [Member] | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 10.5 | 9.4 | 9.8 |
Long-lived tangible assets | 2.1 | ' | ' | ' | 2.2 | ' | ' | ' | 2.1 | 2.2 | ' |
Geographical Components [Member] | Mexico [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived tangible assets | $790.40 | ' | ' | ' | $0 | ' | ' | ' | $790.40 | $0 | ' |
Business_Segment_Information_D3
Business Segment Information (Details Textual) | 12 Months Ended |
Feb. 28, 2014 | |
segment | |
division | |
Segment Reporting [Abstract] | ' |
Number of business divisions | 2 |
Number of reportable operating segments | 3 |
Selected_Quarterly_Financial_I2
Selected Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Summary of selected quarterly financial information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,291.20 | $1,443.30 | $1,459.80 | $673.40 | $695.90 | $766.90 | $698.50 | $634.80 | $4,867.70 | $2,796.10 | $2,654.30 |
Gross profit | 548.9 | 609.7 | 577 | 256.1 | 261.8 | 310.8 | 285.1 | 250.6 | 1,991.70 | 1,108.30 | 1,062.10 |
Net income | $157.20 | $211 | $1,522 | $52.90 | $81.70 | $109.50 | $124.60 | $72 | $1,943.10 | $387.80 | $445 |
Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per common share, basic (in dollars per share) | $0.84 | $1.13 | $8.18 | $0.29 | $0.45 | $0.61 | $0.71 | $0.39 | $10.45 | $2.15 | $2.20 |
Earnings per common share, diluted (in dollars per share) | $0.79 | $1.07 | $7.74 | $0.27 | $0.43 | $0.58 | $0.67 | $0.38 | $9.83 | $2.04 | $2.13 |
Class B Convertible Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per common share, basic (in dollars per share) | $0.76 | $1.03 | $7.43 | $0.26 | $0.41 | $0.55 | $0.64 | $0.36 | $9.50 | $1.96 | $2 |
Earnings per common share, diluted (in dollars per share) | $0.73 | $0.98 | $7.11 | $0.25 | $0.39 | $0.53 | $0.62 | $0.35 | $9.04 | $1.87 | $1.96 |
Selected_Quarterly_Financial_I3
Selected Quarterly Financial Information (Unaudited) (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 28, 2014 | Feb. 28, 2013 |
Summary of unusual items, net of income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of favorable interim supply agreement | $1.20 | $1.60 | $1.50 | $0 | ' | ' | ' | ' | $4.30 | ' |
Other cost of product sold | -0.6 | 0 | 0 | 0 | ' | ' | ' | ' | -0.6 | ' |
Transaction and related costs associated with pending and completed acquisitions | 4.3 | 5.8 | 4.2 | 17.2 | 7.1 | 5.3 | 5.7 | 0 | 31.5 | 18.1 |
Deferred compensation | 0 | 0 | 0 | 4.4 | ' | ' | ' | ' | 4.4 | ' |
Restructuring charges and other selling, general and administrative costs | 0 | 0.1 | 0 | -1.8 | -6.4 | 1.5 | -0.3 | 1.8 | -1.7 | -3.4 |
Impairment of goodwill and intangible assets | 0 | -1.3 | 296.4 | 0 | ' | ' | ' | ' | 295.1 | ' |
Gain on remeasurement to fair value of equity method investment | 0 | 0 | -1,642 | 0 | ' | ' | ' | ' | -1,642 | ' |
Other equity method investment costs | 0 | 0 | 0 | 0.1 | 0.5 | 0.1 | 0 | 0 | 0.1 | 0.6 |
Loss on write-off of financing costs | ' | ' | ' | ' | $6.10 | $0 | $0 | $1.70 | ' | $7.80 |