Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |||
Aug. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | Class 1 Common Stock [Member] | ||
Entity Registrant Name | 'CONSTELLATION BRANDS, INC. | ' | ' | ' |
Entity Central Index Key | '0000016918 | ' | ' | ' |
Document Type | '10-Q | ' | ' | ' |
Document Period End Date | 31-Aug-14 | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Fiscal Year Focus | '2015 | ' | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' | ' |
Current Fiscal Year End Date | '--02-28 | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 169,484,895 | 23,387,613 | 0 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash investments | $104.30 | $63.90 |
Accounts receivable, net | 656.9 | 626.2 |
Inventories | 1,778.90 | 1,743.80 |
Prepaid expenses and other | 298 | 313.3 |
Total current assets | 2,838.10 | 2,747.20 |
PROPERTY, PLANT AND EQUIPMENT, net | 2,299.90 | 2,014.30 |
GOODWILL | 6,149.30 | 6,146.80 |
INTANGIBLE ASSETS, net | 3,213.50 | 3,231.10 |
OTHER ASSETS, net | 156.6 | 162.7 |
Total assets | 14,657.40 | 14,302.10 |
CURRENT LIABILITIES: | ' | ' |
Notes payable to banks | 253 | 57.2 |
Current maturities of long-term debt | 615.7 | 590 |
Accounts payable | 441.9 | 295.2 |
Accrued excise taxes | 29.5 | 27.7 |
Other accrued expenses and liabilities | 536.2 | 1,055.60 |
Total current liabilities | 1,876.30 | 2,025.70 |
LONG-TERM DEBT, less current maturities | 6,323.20 | 6,373.30 |
DEFERRED INCOME TAXES | 815 | 762.6 |
OTHER LIABILITIES | 155.5 | 159.2 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Additional paid-in capital | 2,189.10 | 2,116.60 |
Retained earnings | 4,840.70 | 4,438.20 |
Accumulated other comprehensive income | 104.8 | 86 |
Total stockholders' equity before treasury stock adjustments | 7,137.40 | 6,643.60 |
Less: Treasury stock - | -1,650 | -1,662.30 |
Total stockholders' equity | 5,487.40 | 4,981.30 |
Total liabilities and stockholders' equity | 14,657.40 | 14,302.10 |
Class A Common Stock [Member] | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock | 2.5 | 2.5 |
Less: Treasury stock - | -1,647.80 | -1,660.10 |
Class B Convertible Common Stock [Member] | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock | 0.3 | 0.3 |
Less: Treasury stock - | ($2.20) | ($2.20) |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
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 | 249,196,712 | 248,264,944 |
Treasury Stock, shares at cost | 79,738,820 | 80,225,575 |
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 | 28,395,261 | 28,436,565 |
Treasury Stock, shares at cost | 5,005,800 | 5,005,800 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
SALES | $1,770 | $1,613.30 | $3,457.10 | $2,379.50 |
Less - excise taxes | -165.9 | -153.5 | -327 | -246.3 |
Net sales | 1,604.10 | 1,459.80 | 3,130.10 | 2,133.20 |
COST OF PRODUCT SOLD | -932.1 | -882.8 | -1,788 | -1,300.10 |
Gross profit | 672 | 577 | 1,342.10 | 833.1 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | -293.3 | -244.1 | -571.2 | -429.7 |
IMPAIRMENT OF GOODWILL AND INTANGIBLE ASSETS | 0 | -300.9 | 0 | -300.9 |
GAIN ON REMEASUREMENT TO FAIR VALUE OF EQUITY METHOD INVESTMENT | 0 | 1,642 | 0 | 1,642 |
Operating income | 378.7 | 1,674 | 770.9 | 1,744.50 |
EQUITY IN (LOSSES) EARNINGS OF EQUITY METHOD INVESTEES | -0.6 | 3.7 | -0.1 | 70.3 |
INTEREST EXPENSE, net | -85 | -90.3 | -171.4 | -145.1 |
LOSS ON WRITE-OFF OF FINANCING COSTS | -4.4 | 0 | -4.4 | 0 |
Income before income taxes | 288.7 | 1,587.40 | 595 | 1,669.70 |
PROVISION FOR INCOME TAXES | -92.9 | -65.4 | -192.5 | -94.8 |
NET INCOME | 195.8 | 1,522 | 402.5 | 1,574.90 |
COMPREHENSIVE INCOME | $167.20 | $1,478 | $421.30 | $1,507.40 |
Class A Common Stock [Member] | ' | ' | ' | ' |
Earnings per common share: | ' | ' | ' | ' |
Earnings per common share, basic | $1.03 | $8.18 | $2.12 | $8.53 |
Earnings per common share, diluted | $0.98 | $7.74 | $2.01 | $8.03 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Weighted average common shares outstanding, basic | 169,158 | 164,825 | 168,663 | 163,277 |
Weighted average common shares outstanding, diluted | 200,800 | 196,767 | 200,579 | 196,056 |
Class B Convertible Common Stock [Member] | ' | ' | ' | ' |
Earnings per common share: | ' | ' | ' | ' |
Earnings per common share, basic | $0.93 | $7.43 | $1.93 | $7.75 |
Earnings per common share, diluted | $0.90 | $7.11 | $1.84 | $7.38 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Weighted average common shares outstanding, basic | 23,401 | 23,472 | 23,408 | 23,485 |
Weighted average common shares outstanding, diluted | 23,401 | 23,472 | 23,408 | 23,485 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2013 |
Beer Business Acquisition [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income | $402.50 | $1,574.90 | ' |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Depreciation of property, plant and equipment | 78.3 | 64.1 | ' |
Deferred tax provision | 67.6 | 9.6 | ' |
Stock-based compensation expense | 27.9 | 25.6 | ' |
Amortization of intangible assets | 24.7 | 7.1 | ' |
Amortization of deferred financing costs | 5.8 | 5 | ' |
Noncash portion of loss on write-off of financing costs | 3.3 | 0 | ' |
Equity in earnings of equity method investees, net of distributed earnings | 1.3 | -39.1 | ' |
Gain on remeasurement to fair value of equity method investment | 0 | -1,642 | ' |
Impairment of goodwill and intangible assets | 0 | 300.9 | ' |
Change in operating assets and liabilities, net of effects from purchase of business | ' | ' | ' |
Accounts receivable, net | -31.3 | 8.4 | ' |
Inventories | -34.3 | 67.4 | ' |
Prepaid expenses and other current assets | -30.7 | 17.6 | ' |
Accounts payable | 107.1 | 10.4 | ' |
Accrued excise taxes | 1.8 | -5.6 | ' |
Other accrued expenses and liabilities | 59.8 | 59.8 | ' |
Other, net | -15.7 | 24.9 | ' |
Total adjustments | 265.6 | -1,085.90 | ' |
Net cash provided by operating activities | 668.1 | 489 | ' |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Purchases of property, plant and equipment | -308.2 | -49.2 | ' |
Purchase of business, net of cash acquired | 0 | -4,672.90 | -4,672.90 |
Other investing activities | 2 | 2.7 | ' |
Net cash used in investing activities | -306.2 | -4,719.40 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Payment of delayed purchase price arrangement | -543.3 | 0 | ' |
Principal payments of long-term debt | -34.4 | -9.9 | ' |
Payments of minimum tax withholdings on stock-based payment awards | -28.4 | -18 | ' |
Payments of financing costs of long-term debt | -2 | -82.2 | ' |
Net proceeds from notes payable | 197 | 272.1 | ' |
Excess tax benefits from stock-based payment awards | 64 | 53.8 | ' |
Proceeds from exercises of employee stock options | 18.3 | 77.5 | ' |
Proceeds from employee stock purchases | 3.8 | 2.5 | ' |
Proceeds from issuance of long-term debt | 0 | 3,725 | ' |
Net cash (used in) provided by financing activities | -325 | 4,020.80 | ' |
Effect of exchange rate changes on cash and cash investments | 3.5 | -5.1 | ' |
NET INCREASE (DECREASE) IN CASH AND CASH INVESTMENTS | 40.4 | -214.7 | ' |
CASH AND CASH INVESTMENTS, beginning of period | 63.9 | 331.5 | ' |
CASH AND CASH INVESTMENTS, end of period | 104.3 | 116.8 | ' |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Property, plant and equipment acquired under financing arrangements | 9.2 | 6.7 | ' |
Purchase of business | ' | ' | ' |
Fair value of assets acquired, including cash acquired | 0 | ' | 7,465.70 |
Liabilities assumed | 0 | ' | -287.5 |
Net assets acquired | 0 | ' | 7,178.20 |
Less - fair value of preexisting equity interest | 0 | ' | -1,845 |
Less - purchase price and working capital adjustments not yet paid | 0 | ' | -553.5 |
Less - cash acquired | 0 | ' | -106.8 |
Net cash paid for purchase of business | $0 | $4,672.90 | $4,672.90 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Aug. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION: | |
The consolidated financial statements included herein have been prepared by Constellation Brands, Inc. and its subsidiaries (the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission applicable to quarterly reporting on Form 10-Q and reflect, in the opinion of the Company, all adjustments necessary to present fairly the financial information for the Company. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements, prepared in accordance with generally accepted accounting principles, have been condensed or omitted as permitted by such rules and regulations. These consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2014 (the “2014 Annual Report”). Results of operations for interim periods are not necessarily indicative of annual results. |
Recently_Adopted_Accounting_Gu
Recently Adopted Accounting Guidance | 6 Months Ended |
Aug. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
RECENTLY ADOPTED ACCOUNTING GUIDANCE | ' |
RECENTLY ADOPTED ACCOUNTING GUIDANCE: | |
Liabilities – | |
Effective March 1, 2014, the Company adopted the Financial Accounting Standards Board (“FASB”) 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 adoption of this guidance on March 1, 2014, did not have a material impact on the Company’s consolidated financial statements. | |
Foreign currency translation – | |
Effective March 1, 2014, the Company adopted the FASB 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 adoption of this amended guidance on March 1, 2014, did not have a material impact on the Company’s consolidated financial statements. | |
Income taxes – | |
Effective March 1, 2014, the Company adopted the FASB 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 adoption of this amended guidance on March 1, 2014, did not have a material impact on the Company’s consolidated financial statements. |
Acquisition
Acquisition | 6 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
ACQUISITION | ' | |||||||||||||||
ACQUISITION: | ||||||||||||||||
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”). | ||||||||||||||||
On June 7, 2013, the Company acquired (i) the remaining 50% equity interest in Crown Imports (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 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 from 10 million hectoliters to a nominal capacity of at least 20 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 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. During 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 10); | |||||||||||||||
• | $1,500.0 million in term loans consisting of a $500.0 million European Term A Facility (as defined in Note 10) and a $1,000.0 million then existing European Term B loan facility under the 2013 Credit Agreement (as defined in Note 10); | |||||||||||||||
• | $675.0 million in term loans under the U.S. Term A-2 Facility (as defined in Note 10) 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 Company’s 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). | |||||||||||||||
On June 6, 2014, the Company paid the Final EBITDA Amount of $558.0 million with $150.0 million in borrowings under the Revolving Credit Facility (as defined in Note 10) under the May 2014 Credit Agreement (as defined in Note 10), $100.0 million in proceeds of borrowings under the Company’s accounts receivable securitization facilities and $308.0 million of cash on hand. | ||||||||||||||||
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 values 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 estimated fair value | 7,178.20 | |||||||||||||||
Less – fair value of the Company’s preexisting 50% equity interest in Crown Imports | (1,845.0 | ) | ||||||||||||||
Less – cash acquired | (106.8 | ) | ||||||||||||||
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 transaction, integration and other acquisition-related costs of $91.4 million through August 31, 2014. For the six months ended August 31, 2014, and August 31, 2013, the Company has recognized transaction, integration and other acquisition-related costs of $13.1 million and $35.8 million, respectively. For the three months ended August 31, 2014, and August 31, 2013, the Company has recognized transaction, integration and other acquisition-related costs of $8.6 million and $8.2 million, respectively. These costs are included in selling, general and administrative expenses on the Company’s Consolidated Statements of Comprehensive Income. | ||||||||||||||||
The results of operations of the Beer Business Acquisition is reported in the Company’s Beer segment and has been included in the consolidated results of operations of the Company from the date of acquisition. The following table sets forth the unaudited historical financial information for the six months and three months ended August 31, 2014, and the unaudited pro forma financial information for the six months and three months ended August 31, 2013. The unaudited pro forma financial information for the six months and three months ended August 31, 2013, presents consolidated information as if the Beer Business Acquisition had occurred on March 1, 2013. Because of different fiscal period ends, and in order to present results for comparable periods, the unaudited pro forma financial information for the six months ended August 31, 2013, combines (i) the Company’s historical statement of income for the six months ended August 31, 2013; (ii) Crown Imports’ historical statement of income for (a) the three months ended March 31, 2013, and (b) the period from June 1, 2013, through June 6, 2013; and(iii) the Brewery Business’ carve-out combined income statement for the three months ended March 31, 2013. The unaudited pro forma financial information for the three months ended August 31, 2013, combines (i) the Company’s historical statement of income for the three months ended August 31, 2013; and (ii) Crown Imports’ historical statement of income for the period from June 1, 2013, through June 6, 2013. The unaudited pro forma financial information for the six months and three months ended August 31, 2013, does not give effect to the Brewery Business’ carve-out combined income statement for the period from June 1, 2013, through June 6, 2013, as it is not significant. The unaudited pro forma financial information 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 Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Net sales | $ | 3,130.10 | $ | 2,750.60 | $ | 1,604.10 | $ | 1,511.60 | ||||||||
Income (loss) before income taxes | $ | 595 | $ | 162.9 | $ | 288.7 | $ | (43.5 | ) | |||||||
Net income (loss) | $ | 402.5 | $ | 22.5 | $ | 195.8 | $ | (112.8 | ) | |||||||
Earnings (loss) per common share: | ||||||||||||||||
Basic – Class A Common Stock | $ | 2.12 | $ | 0.12 | $ | 1.03 | $ | (0.61 | ) | |||||||
Basic – Class B Convertible Common Stock | $ | 1.93 | $ | 0.11 | $ | 0.93 | $ | (0.55 | ) | |||||||
Diluted – Class A Common Stock | $ | 2.01 | $ | 0.11 | $ | 0.98 | $ | (0.61 | ) | |||||||
Diluted – Class B Convertible Common Stock | $ | 1.84 | $ | 0.11 | $ | 0.9 | $ | (0.55 | ) | |||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic – Class A Common Stock | 168.663 | 163.277 | 169.158 | 164.825 | ||||||||||||
Basic – Class B Convertible Common Stock | 23.408 | 23.485 | 23.401 | 23.472 | ||||||||||||
Diluted – Class A Common Stock | 200.579 | 196.056 | 200.8 | 196.767 | ||||||||||||
Diluted – Class B Convertible Common Stock | 23.408 | 23.485 | 23.401 | 23.472 | ||||||||||||
Subsequent to August 31, 2014, the Company agreed to acquire a state-of-the-art glass production plant that is located adjacent to the Brewery in Nava, Mexico, for approximately $300 million. This transaction also includes the purchase of a high-density warehouse, land and rail infrastructure and, along with customary closing conditions, is subject to U.S. Department of Justice and Mexican regulatory approvals, both of which are expected to be received before the end of calendar year 2014. The Company also entered into an agreement to form an equally-owned joint venture with Owens-Illinois to own and operate the glass production plant. |
Inventories
Inventories | 6 Months Ended | |||||||
Aug. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES: | ||||||||
Inventories are stated at the lower of cost (computed in accordance with the first-in, first-out method) or market. Elements of cost include materials, labor and overhead and consist of the following: | ||||||||
August 31, | February 28, | |||||||
2014 | 2014 | |||||||
(in millions) | ||||||||
Raw materials and supplies | $ | 82.6 | $ | 87.8 | ||||
In-process inventories | 1,122.00 | 1,235.40 | ||||||
Finished case goods | 574.3 | 420.6 | ||||||
$ | 1,778.90 | $ | 1,743.80 | |||||
Derivative_Instruments
Derivative Instruments | 6 Months Ended | ||||||||||
Aug. 31, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
DERIVATIVE INSTRUMENTS | ' | ||||||||||
DERIVATIVE INSTRUMENTS: | |||||||||||
As a multinational company, the Company is exposed to market risk from changes in foreign currency exchange rates, 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). 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 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, aluminum 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 loss reported outside of segment operating results for the six months and three months ended August 31, 2014, was not material. There were no amounts reported outside of segment operating results for the six months and three months ended August 31, 2013. | |||||||||||
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 (as defined in Note 15)). 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 expects $1.8 million of net losses, net of income tax effect, to be reclassified from AOCI to earnings within the next 12 months. | |||||||||||
The absolute notional value of outstanding derivative instruments are as follows: | |||||||||||
August 31, | February 28, | ||||||||||
2014 | 2014 | ||||||||||
(in millions) | |||||||||||
Derivative instruments designated as hedging instruments | |||||||||||
Foreign currency contracts | $ | 628.3 | $ | 636.6 | |||||||
Interest rate swap contracts | $ | 500 | $ | 500 | |||||||
Derivative instruments not designated as hedging instruments | |||||||||||
Foreign currency contracts | $ | 1,000.00 | $ | 643.8 | |||||||
Commodity swap contracts | $ | 194.4 | $ | 88 | |||||||
Interest rate swap contracts | $ | 1,000.00 | $ | 1,000.00 | |||||||
Fair values of derivative instruments: | |||||||||||
The estimated fair value and location of the Company’s derivative instruments on its Consolidated Balance Sheets are as follows (see Note 6): | |||||||||||
Balance Sheet Location | August 31, | February 28, | |||||||||
2014 | 2014 | ||||||||||
(in millions) | |||||||||||
Derivative instruments designated as hedging instruments | |||||||||||
Foreign currency contracts: | |||||||||||
Prepaid expenses and other | $ | 9.1 | $ | 11.2 | |||||||
Other accrued expenses and liabilities | $ | 3.4 | $ | 3.2 | |||||||
Other assets, net | $ | 5.1 | $ | 4.4 | |||||||
Other liabilities | $ | 0.9 | $ | 0.7 | |||||||
Interest rate swap contracts: | |||||||||||
Other accrued expenses and liabilities | $ | 3.4 | $ | 3.4 | |||||||
Other assets, net | $ | 0.6 | $ | — | |||||||
Other liabilities | $ | — | $ | 0.7 | |||||||
Derivative instruments not designated as hedging instruments | |||||||||||
Foreign currency contracts: | |||||||||||
Prepaid expenses and other | $ | 2.5 | $ | 3.3 | |||||||
Other accrued expenses and liabilities | $ | 2.4 | $ | 0.9 | |||||||
Commodity swap contracts: | |||||||||||
Prepaid expenses and other | $ | 2 | $ | 1.3 | |||||||
Other accrued expenses and liabilities | $ | 4 | $ | 0.1 | |||||||
Other assets, net | $ | 2 | $ | 0.2 | |||||||
Other liabilities | $ | 2.3 | $ | 0.4 | |||||||
Interest rate swap contracts: | |||||||||||
Prepaid expenses and other | $ | 4.1 | $ | 3.5 | |||||||
Other accrued expenses and liabilities | $ | 16.4 | $ | 13.3 | |||||||
Other assets, net | $ | — | $ | 0.9 | |||||||
Other liabilities | $ | 9.8 | $ | 15.5 | |||||||
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 | ||||||||||
(Effective | Income | ||||||||||
portion) | (Effective | ||||||||||
portion) | |||||||||||
(in millions) | |||||||||||
For the Six Months Ended August 31, 2014 | |||||||||||
Foreign currency contracts | $ | 5.1 | Sales | $ | 4.2 | ||||||
Foreign currency contracts | (0.1 | ) | Cost of product sold | 0.5 | |||||||
Interest rate swap contracts | (0.2 | ) | Interest expense, net | (4.2 | ) | ||||||
Total | $ | 4.8 | Total | $ | 0.5 | ||||||
For the Six Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | $ | (0.2 | ) | Sales | $ | 1.6 | |||||
Foreign currency contracts | (1.8 | ) | Cost of product sold | 0.2 | |||||||
Interest rate swap contracts | 2.6 | Interest expense, net | (4.1 | ) | |||||||
Total | $ | 0.6 | Total | $ | (2.3 | ) | |||||
For the Three Months Ended August 31, 2014 | |||||||||||
Foreign currency contracts | $ | (4.8 | ) | Sales | $ | 3 | |||||
Foreign currency contracts | (0.5 | ) | Cost of product sold | 0.2 | |||||||
Interest rate swap contracts | 0.3 | Interest expense, net | (2.2 | ) | |||||||
Total | $ | (5.0 | ) | Total | $ | 1 | |||||
For the Three Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | $ | 0.3 | Sales | $ | 0.7 | ||||||
Foreign currency contracts | (0.6 | ) | Cost of product sold | — | |||||||
Interest rate swap contracts | 1.4 | Interest expense, net | (2.0 | ) | |||||||
Total | $ | 1.1 | Total | $ | (1.3 | ) | |||||
Derivative Instruments in | Location of Net Gain | Net Gain | |||||||||
Designated Cash Flow | Recognized in Income | Recognized | |||||||||
Hedging Relationships | (Ineffective portion) | in Income | |||||||||
(Ineffective | |||||||||||
portion) | |||||||||||
(in millions) | |||||||||||
For the Six Months Ended August 31, 2014 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.2 | ||||||||
For the Six Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.2 | ||||||||
Commodity swap contracts | Selling, general and administrative expenses | 0.1 | |||||||||
$ | 0.3 | ||||||||||
For the Three Months Ended August 31, 2014 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.3 | ||||||||
For the Three Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.1 | ||||||||
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 Six Months Ended August 31, 2014 | |||||||||||
Commodity swap contracts | Cost of product sold | $ | (2.6 | ) | |||||||
Foreign currency contracts | Selling, general and administrative expenses | (7.2 | ) | ||||||||
$ | (9.8 | ) | |||||||||
For the Six Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (2.6 | ) | |||||||
Commodity swap contracts | Selling, general and administrative expenses | 1.6 | |||||||||
$ | (1.0 | ) | |||||||||
For the Three Months Ended August 31, 2014 | |||||||||||
Commodity swap contracts | Cost of product sold | $ | (2.8 | ) | |||||||
Foreign currency contracts | Selling, general and administrative expenses | (1.5 | ) | ||||||||
$ | (4.3 | ) | |||||||||
For the Three Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (0.6 | ) | |||||||
Commodity swap contracts | Selling, general and administrative expenses | 2.6 | |||||||||
$ | 2 | ||||||||||
Credit risk: | |||||||||||
The Company enters into master agreements with its bank derivative trading counterparties that allow netting of certain derivative positions in order to manage credit risk. The Company’s derivative instruments are not subject to credit rating contingencies or collateral requirements. As of August 31, 2014, the estimated fair value of derivative instruments in a net liability position due to counterparties was $27.1 million. If the Company were required to settle the net liability position under these derivative instruments on August 31, 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 August 31, 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 August 31, 2014, the estimated fair value of derivative instruments in a net receivable position due from counterparties was $9.9 million. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS: | ||||||||||||||||
The Company calculates the estimated fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available, the Company uses standard pricing models for various types of financial instruments (such as forwards, options, swaps, etc.) which take into account the present value of estimated future cash flows. | ||||||||||||||||
The carrying amount and estimated fair value of the Company’s financial instruments are summarized as follows: | ||||||||||||||||
August 31, 2014 | February 28, 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(in millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash investments | $ | 104.3 | $ | 104.3 | $ | 63.9 | $ | 63.9 | ||||||||
Accounts receivable, net | $ | 656.9 | $ | 656.9 | $ | 626.2 | $ | 626.2 | ||||||||
Available-for-sale debt securities | $ | 9 | $ | 9 | $ | 8.8 | $ | 8.8 | ||||||||
Foreign currency contracts | $ | 16.7 | $ | 16.7 | $ | 18.9 | $ | 18.9 | ||||||||
Interest rate swap contracts | $ | 4.7 | $ | 4.7 | $ | 4.4 | $ | 4.4 | ||||||||
Commodity swap contracts | $ | 4 | $ | 4 | $ | 1.5 | $ | 1.5 | ||||||||
Liabilities: | ||||||||||||||||
Notes payable to banks | $ | 253 | $ | 246.7 | $ | 57.2 | $ | 57.2 | ||||||||
Accounts payable | $ | 441.9 | $ | 441.9 | $ | 295.2 | $ | 295.2 | ||||||||
Long-term debt, including current portion | $ | 6,938.90 | $ | 7,058.00 | $ | 6,963.30 | $ | 7,140.80 | ||||||||
Foreign currency contracts | $ | 6.7 | $ | 6.7 | $ | 4.8 | $ | 4.8 | ||||||||
Interest rate swap contracts | $ | 29.6 | $ | 29.6 | $ | 32.9 | $ | 32.9 | ||||||||
Commodity swap contracts | $ | 6.3 | $ | 6.3 | $ | 0.5 | $ | 0.5 | ||||||||
The following methods and assumptions are used to estimate the fair value of each class of financial instruments: | ||||||||||||||||
Cash and cash investments, accounts receivable and accounts payable: The carrying amounts approximate fair value due to the short maturity of these instruments (Level 1 fair value measurement). | ||||||||||||||||
Available-for-sale (“AFS”) debt securities: The fair value is estimated by discounting cash flows using market-based inputs (see “Fair value measurements” below) (Level 3 fair value measurement). | ||||||||||||||||
Foreign currency contracts: The fair value is estimated using market-based inputs, obtained from independent pricing services, into valuation models (see “Fair value measurements” below) (Level 2 fair value measurement). | ||||||||||||||||
Interest rate swap contracts: The fair value is estimated based on quoted market prices from respective counterparties (see “Fair value measurements” below) (Level 2 fair value measurement). | ||||||||||||||||
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 estimated fair value on a recurring basis. | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in millions) | ||||||||||||||||
August 31, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
AFS debt securities | $ | — | $ | — | $ | 9 | $ | 9 | ||||||||
Foreign currency contracts | $ | — | $ | 16.7 | $ | — | $ | 16.7 | ||||||||
Interest rate swap contracts | $ | — | $ | 4.7 | $ | — | $ | 4.7 | ||||||||
Commodity swap contracts | $ | — | $ | 4 | $ | — | $ | 4 | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency contracts | $ | — | $ | 6.7 | $ | — | $ | 6.7 | ||||||||
Interest rate swap contracts | $ | — | $ | 29.6 | $ | — | $ | 29.6 | ||||||||
Commodity swap contracts | $ | — | $ | 6.3 | $ | — | $ | 6.3 | ||||||||
February 28, 2014 | ||||||||||||||||
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 | ||||||||
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 estimated fair value on a nonrecurring basis for which an impairment assessment was performed for the periods presented: | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Quoted | Significant | Significant | Total Losses | |||||||||||||
Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in millions) | ||||||||||||||||
For the Six Months Ended August 31, 2013 | ||||||||||||||||
Goodwill | $ | — | $ | — | $ | 159.6 | $ | 278.7 | ||||||||
Trademarks | — | — | 68.3 | 22.2 | ||||||||||||
$ | — | $ | — | $ | 227.9 | $ | 300.9 | |||||||||
For the Three Months Ended August 31, 2013 | ||||||||||||||||
Goodwill | $ | — | $ | — | $ | 159.6 | $ | 278.7 | ||||||||
Trademarks | — | — | 68.3 | 22.2 | ||||||||||||
$ | — | $ | — | $ | 227.9 | $ | 300.9 | |||||||||
Goodwill: | ||||||||||||||||
For the three months ended August 31, 2013, the Company identified certain negative trends within its Wine and Spirits’ Canadian reporting unit which, when combined with then recent changes in strategy within the Canadian business, indicated that the estimated fair value of the reporting unit might be below its carrying value. Accordingly, the Company performed the two-step process to evaluate goodwill for impairment for the Wine and Spirits’ Canadian reporting unit. In connection with this evaluation, 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 for the six months and three months ended August 31, 2013. | ||||||||||||||||
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 then updated long-term financial forecasts developed as part of the Company’s then 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. This impairment is included in impairment of goodwill and intangible assets on the Company’s Consolidated Statements of Comprehensive Income for the six months and three months ended August 31, 2013. |
Goodwill
Goodwill | 6 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
GOODWILL | ' | |||||||||||||||
GOODWILL: | ||||||||||||||||
The changes in the carrying amount of goodwill are as follows: | ||||||||||||||||
Beer | Wine and Spirits | Consolidation | Consolidated | |||||||||||||
and | ||||||||||||||||
Eliminations | ||||||||||||||||
(in millions) | ||||||||||||||||
Balance, February 28, 2013 | ||||||||||||||||
Goodwill | $ | 13 | $ | 2,722.30 | $ | (13.0 | ) | $ | 2,722.30 | |||||||
Accumulated impairment losses | — | — | — | — | ||||||||||||
13 | 2,722.30 | (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 | (1.2 | ) | (11.4 | ) | — | (12.6 | ) | |||||||||
Balance, February 28, 2014 | ||||||||||||||||
Goodwill | 3,714.60 | 2,693.50 | — | 6,408.10 | ||||||||||||
Accumulated impairment losses | — | (261.3 | ) | — | (261.3 | ) | ||||||||||
3,714.60 | 2,432.20 | — | 6,146.80 | |||||||||||||
Foreign currency translation adjustments | 0.6 | 1.9 | — | 2.5 | ||||||||||||
Balance, August 31, 2014 | ||||||||||||||||
Goodwill | 3,715.20 | 2,699.90 | — | 6,415.10 | ||||||||||||
Accumulated impairment losses | — | (265.8 | ) | — | (265.8 | ) | ||||||||||
$ | 3,715.20 | $ | 2,434.10 | $ | — | $ | 6,149.30 | |||||||||
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 | 6 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
INTANGIBLE ASSETS | ' | |||||||||||||||
INTANGIBLE ASSETS: | ||||||||||||||||
The major components of intangible assets are as follows: | ||||||||||||||||
August 31, 2014 | February 28, 2014 | |||||||||||||||
Gross | Net | Gross | Net | |||||||||||||
Carrying | Carrying | Carrying | Carrying | |||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||
(in millions) | ||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Customer relationships | $ | 103.9 | $ | 68 | $ | 103.6 | $ | 70.5 | ||||||||
Favorable interim supply agreement | 68.3 | 43.4 | 68.3 | 62.3 | ||||||||||||
Other | 21.5 | 8.7 | 14.7 | 5.3 | ||||||||||||
Total | $ | 193.7 | 120.1 | $ | 186.6 | 138.1 | ||||||||||
Nonamortizable intangible assets: | ||||||||||||||||
Trademarks | 3,088.30 | 3,088.00 | ||||||||||||||
Other | 5.1 | 5 | ||||||||||||||
Total | 3,093.40 | 3,093.00 | ||||||||||||||
Total intangible assets, net | $ | 3,213.50 | $ | 3,231.10 | ||||||||||||
The Company did not incur costs to renew or extend the term of acquired intangible assets during the six months and three months ended August 31, 2014, and August 31, 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 $24.7 million and $7.1 million for the six months ended August 31, 2014, and August 31, 2013, respectively, and $14.2 million and $5.6 million for the three months ended August 31, 2014, and August 31, 2013, respectively. Estimated amortization expense for the remaining six months of fiscal 2015 and for each of the five succeeding fiscal years and thereafter is as follows: | ||||||||||||||||
(in millions) | ||||||||||||||||
2015 | $ | 17.6 | ||||||||||||||
2016 | $ | 39.4 | ||||||||||||||
2017 | $ | 8.9 | ||||||||||||||
2018 | $ | 5.5 | ||||||||||||||
2019 | $ | 5.5 | ||||||||||||||
2020 | $ | 5.5 | ||||||||||||||
Thereafter | $ | 37.7 | ||||||||||||||
Other_Accrued_Expenses_and_Lia
Other Accrued Expenses and Liabilities | 6 Months Ended | |||||||
Aug. 31, 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: | ||||||||
August 31, | February 28, | |||||||
2014 | 2014 | |||||||
(in millions) | ||||||||
Promotions and advertising | $ | 110.2 | $ | 103.1 | ||||
Accrued interest | 87.6 | 56.9 | ||||||
Salaries, commissions, and payroll benefits and withholdings | 78.2 | 118.7 | ||||||
Income taxes payable | 77.7 | 45.4 | ||||||
Deferred revenue | 44.5 | 52.8 | ||||||
Beer Business Acquisition payable | 1.4 | 555.7 | ||||||
Other | 136.6 | 123 | ||||||
$ | 536.2 | $ | 1,055.60 | |||||
Borrowings
Borrowings | 6 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
BORROWINGS | ' | |||||||||||||||
BORROWINGS: | ||||||||||||||||
Borrowings consist of the following: | ||||||||||||||||
August 31, 2014 | February 28, 2014 | |||||||||||||||
Current | Long-term | Total | Total | |||||||||||||
(in millions) | ||||||||||||||||
Notes Payable to Banks: | ||||||||||||||||
Senior Credit Facility – Revolving Credit Loans | $ | 110 | $ | — | $ | 110 | $ | — | ||||||||
Other | 143 | — | 143 | 57.2 | ||||||||||||
$ | 253 | $ | — | $ | 253 | $ | 57.2 | |||||||||
Long-term Debt: | ||||||||||||||||
Senior Credit Facility – Term Loans | $ | 97 | $ | 2,743.50 | $ | 2,840.50 | $ | 2,864.80 | ||||||||
Senior Notes | 499.8 | 3,548.20 | 4,048.00 | 4,047.30 | ||||||||||||
Other Long-term Debt | 18.9 | 31.5 | 50.4 | 51.2 | ||||||||||||
$ | 615.7 | $ | 6,323.20 | $ | 6,938.90 | $ | 6,963.30 | |||||||||
Senior credit facility – | ||||||||||||||||
In connection with the Beer Business Acquisition, on May 2, 2013, 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 entered into a Restatement Agreement (the “2013 Restatement Agreement”) that amended and restated the Company’s then existing senior credit facility (as amended and restated by the 2013 Restatement Agreement, the “2013 Credit Agreement”). The 2013 Restatement Agreement was entered into by the Company to arrange a portion of the debt to finance the Beer Business Acquisition. | ||||||||||||||||
On May 28, 2014, the Company, CIH, the Administrative Agent, and certain other lenders entered into a Restatement Agreement (the “2014 Restatement Agreement”) that amended and restated the 2013 Credit Agreement (as amended and restated by the 2014 Restatement Agreement, the “May 2014 Credit Agreement”). The principal change to the 2013 Credit Agreement effected by the May 2014 Credit Agreement was the conversion of the pre-existing $850.0 million revolving credit facility into two tranches, a $425.0 million U.S. revolving credit facility (the “U.S. Revolving Credit Facility”) and a $425.0 million European revolving credit facility (the “European Revolving Credit Facility”). The Company is the borrower under the U.S. Revolving Credit Facility and the Company and/or CIH is the borrower under the European Revolving Credit Facility. | ||||||||||||||||
On August 20, 2014, the Company, CIH, 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 Amendment No. 1 (the “Amendment”) to the May 2014 Credit Agreement (as amended, the “ 2014 Credit Agreement”). The Amendment was entered into primarily to reduce the interest rate applicable to the then existing European Term B loan facility under the May 2014 Credit Agreement by removing the provisions imposing certain minimums, or floors, used in the calculation of the interest rate on the European Term B loan facility. This was accomplished by adding a new European Term B-1 tranche to the 2014 Credit Agreement which replaced the existing European Term B loan facility. | ||||||||||||||||
The 2014 Credit Agreement provides for aggregate credit facilities of $3,712.3 million, consisting of a $496.3 million U.S. term loan facility maturing on June 7, 2018 (the “U.S. Term A Facility”), a $245.0 million U.S. term loan facility maturing on June 7, 2019 (the “U.S. Term A-1 Facility”), a $649.7 million U.S. term loan facility maturing on June 7, 2018 (the “U.S. Term A-2 Facility”), a $481.3 million European term loan facility maturing on June 7, 2018 (the “European Term A Facility”), a $990.0 million European term loan facility maturing on June 7, 2020 (the “European Term B-1 Facility”), and an aggregate $850.0 million revolving credit facility (including two sub-facilities for letters of credit of up to $200.0 million in the aggregate) which terminates on June 7, 2018 (the “Revolving Credit Facility”). The Revolving Credit Facility provides for credit facilities consisting of the $425.0 million U.S. Revolving Credit Facility and the $425.0 million European Revolving Credit Facility. The 2014 Credit Agreement also permits the Company from time to time to elect to increase the Lenders’ revolving credit commitments under the U.S. Revolving Credit Facility 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 then existing senior credit facility with the remainder used to finance a portion of the purchase price for the Beer Business Acquisition and related expenses. | ||||||||||||||||
The rate of interest for borrowings under the 2014 Credit Agreement is a function of LIBOR plus a margin or the base rate plus a margin. The margin is adjustable based upon the Company’s debt ratio (as defined in the 2014 Credit Agreement). As of August 31, 2014, the LIBOR margin for the U.S. Term A Facility, the U.S. Term A-2 Facility, the European Term A Facility, the European Term B-1 Facility and the Revolving Credit Facility was 1.75%; and the LIBOR margin for the U.S. Term A-1 Facility was 2.0%. | ||||||||||||||||
The U.S. obligations under the 2014 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 2014 Credit Agreement are guaranteed by the Company and certain of the Company’s U.S. subsidiaries. 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. | ||||||||||||||||
As of August 31, 2014, under the 2014 Credit Agreement, the Company had outstanding borrowings under the U.S. Term A Facility of $489.8 million bearing an interest rate of 1.9%, U.S. Term A-1 Facility of $244.4 million bearing an interest rate of 2.2%, U.S. Term A-2 Facility of $641.3 million bearing an interest rate of 1.9%, European Term A Facility of $475.0 million bearing an interest rate of 1.9%, European Term B-1 Facility of $990.0 million bearing an interest rate of 1.9%, Revolving Credit Facility of $110.0 million bearing an interest rate of 1.9%, outstanding letters of credit of $14.1 million, and $725.9 million in revolving loans available to be drawn. | ||||||||||||||||
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 six months ended August 31, 2014, and August 31, 2013, the Company reclassified net losses of $4.2 million and $4.1 million, net of income tax effect, respectively, from AOCI to interest expense, net, on the Company’s Consolidated Statements of Comprehensive Income. For the three months ended August 31, 2014, and August 31, 2013, the Company reclassified net losses of $2.2 million and $2.0 million, net of income tax effect, respectively, from AOCI to interest expense, net, on the Company’s Consolidated Statements of Comprehensive Income. | ||||||||||||||||
Senior notes – | ||||||||||||||||
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 August 31, 2014, the Company had outstanding $1,550.0 million aggregate principal amount of May 2013 Senior Notes. | ||||||||||||||||
Accounts receivable securitization facilities – | ||||||||||||||||
On October 1, 2013, the Company entered into an amended and restated 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. The 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 August 31, 2014, the CBI SPV had no aggregate outstanding borrowings under the CBI Facility. As of August 31, 2014, the Company had $270.0 million available under the 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. 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 August 31, 2014, the Crown SPV had aggregate outstanding borrowings under the Crown Facility of $6.0 million bearing a weighted average interest rate of 1.1%. As of August 31, 2014, the Company had $154.0 million available under the Crown Facility. | ||||||||||||||||
On September 29, 2014, the Company’s existing accounts receivable securitization facilities were amended, resulting in the extension of each facility for an additional 364-day term. The remaining provisions of the amended facilities are substantially identical in all material respects to the prior facilities. |
Income_Taxes
Income Taxes | 6 Months Ended |
Aug. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES: | |
The Company’s effective tax rate for the six months ended August 31, 2014, and August 31, 2013, was 32.4% and 5.7%, respectively. The Company’s effective tax rate for the three months ended August 31, 2014, and August 31, 2013, was 32.2% and 4.1%, respectively. | |
The Company’s effective tax rate for both the six months and three months ended August 31, 2014, benefited primarily from the integration of the Beer Business Acquisition. The Company’s effective tax rate for both the six months and three months ended August 31, 2013, was favorably impacted by the Beer Business Acquisition, primarily attributable to the recognition of the nontaxable gain on the remeasurement to fair value of the Company’s preexisting 50% equity interest in Crown Imports of $1,642.0 million, and the recognition of tax benefits of $6.6 million related to the resolution of certain tax positions, partially offset by the write-off of nondeductible goodwill of $278.7 million. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Aug. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES: | |
Indemnification liabilities – | |
In connection with a prior divestiture, the Company indemnified respective parties against certain liabilities that may arise related to certain contracts with certain investees of the divested business, a certain facility in the U.K. and certain income tax matters. As of August 31, 2014, and February 28, 2014, the carrying amount of these indemnification liabilities was $11.3 million and $11.6 million, respectively, and is included in other liabilities on the Company’s Consolidated Balance Sheets. If the indemnified party were to incur a liability, pursuant to the terms of the indemnification, the Company would be required to reimburse the indemnified party. As of August 31, 2014, the Company estimates that these indemnifications could require the Company to make potential future payments of up to $292.5 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. |
Product_Recall
Product Recall | 6 Months Ended |
Aug. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
PRODUCT RECALL | ' |
PRODUCT RECALL: | |
In August 2014, the Company announced a voluntary product recall of select packages in the U.S. and Guam containing 12-ounce clear glass bottles of its Corona Extra beer that may contain small particles of glass (the “Product Recall”). The Product Recall was a precautionary step after routine inspections in the Company’s quality control laboratory detected defects in certain bottles that could cause small particles of glass to break off and fall into the bottle. The potentially affected bottles came from a glass plant run by a third-party manufacturer that supplies the Company with bottles. | |
For the six months and three months ended August 31, 2014, the Company has recorded an estimated $9.2 million reduction, net of recoveries, to operating income for costs which the third-party manufacturer has not yet agreed to reimburse to the Company. This reduction consists primarily of a reduction to net sales of $3.5 million and a charge to cost of product sold of $5.4 million. The reduction to net sales is associated primarily with wholesale distributor payments in connection with the collection and handling of recalled product. The charge to cost of product sold consists primarily of freight costs associated with the potentially affected product. | |
While the Company expects to continue to collaborate with its third-party manufacturer and obtain reimbursement from its third-party manufacturer for some or all of the costs associated with the Product Recall, there can be no assurance there will be any potential recoveries. The Company may incur additional direct costs related to the Product Recall within the next three to six months. |
Earnings_Per_Common_Share
Earnings Per Common Share | 6 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
EARNINGS PER COMMON SHARE | ' | |||||||||||||||
EARNINGS PER COMMON SHARE: | ||||||||||||||||
Earnings per common share – basic excludes the effect of common stock equivalents and is computed using the two-class computation method. Earnings per common share – diluted for Class A Common Stock reflects the potential dilution that could result if securities or other contracts to issue common stock were exercised or converted into common stock. Earnings per common share – diluted for Class A Common Stock has been computed using the more dilutive of the if-converted or two-class computation method. Using the if-converted method, earnings per common share – diluted for Class A Common Stock assumes the exercise of stock options using the treasury stock method and the conversion of Class B Convertible Common Stock. Using the two-class computation method, earnings per common share – diluted for Class A Common Stock assumes the exercise of stock options using the treasury stock method and no conversion of Class B Convertible Common Stock. For the six months and three months ended August 31, 2014, and August 31, 2013, earnings per common share – diluted for Class A Common Stock has been calculated using the if-converted method. For the six months and three months ended August 31, 2014, and August 31, 2013, earnings per common share – diluted for Class B Convertible Common Stock is presented without assuming conversion into Class A Common Stock and is computed using the two-class computation method. | ||||||||||||||||
The computation of basic and diluted earnings per common share is as follows: | ||||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Income available to common stockholders | $ | 402.5 | $ | 1,574.90 | $ | 195.8 | $ | 1,522.00 | ||||||||
Weighted average common shares outstanding – basic: | ||||||||||||||||
Class A Common Stock | 168.663 | 163.277 | 169.158 | 164.825 | ||||||||||||
Class B Convertible Common Stock | 23.408 | 23.485 | 23.401 | 23.472 | ||||||||||||
Weighted average common shares outstanding – diluted: | ||||||||||||||||
Class A Common Stock | 168.663 | 163.277 | 169.158 | 164.825 | ||||||||||||
Class B Convertible Common Stock | 23.408 | 23.485 | 23.401 | 23.472 | ||||||||||||
Stock-based awards, primarily stock options | 8.508 | 9.294 | 8.241 | 8.47 | ||||||||||||
Weighted average common shares outstanding – diluted | 200.579 | 196.056 | 200.8 | 196.767 | ||||||||||||
Earnings per common share – basic: | ||||||||||||||||
Class A Common Stock | $ | 2.12 | $ | 8.53 | $ | 1.03 | $ | 8.18 | ||||||||
Class B Convertible Common Stock | $ | 1.93 | $ | 7.75 | $ | 0.93 | $ | 7.43 | ||||||||
Earnings per common share – diluted: | ||||||||||||||||
Class A Common Stock | $ | 2.01 | $ | 8.03 | $ | 0.98 | $ | 7.74 | ||||||||
Class B Convertible Common Stock | $ | 1.84 | $ | 7.38 | $ | 0.9 | $ | 7.11 | ||||||||
For the six months ended August 31, 2014, and August 31, 2013, stock-based awards, primarily stock options, which could result in the issuance of 1.0 million and 1.4 million shares, respectively, of Class A Common Stock were outstanding, but were not included in the computation of earnings per common share – diluted for Class A Common Stock because the effect of including such awards would have been antidilutive. For the three months ended August 31, 2014, and August 31, 2013, stock-based awards, primarily stock options, which could result in the issuance of 0.9 million and 1.4 million shares, respectively, of Class A Common Stock were outstanding, but were not included in the computation of earnings per common share – diluted for Class A Common Stock because the effect of including such awards would have been antidilutive. |
Comprehensive_Income
Comprehensive Income | 6 Months Ended | |||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
COMPREHENSIVE INCOME | ' | |||||||||||||||||||
COMPREHENSIVE INCOME: | ||||||||||||||||||||
Comprehensive income consists of net income, foreign currency translation adjustments, net unrealized gains (losses) on derivative instruments, net unrealized gains (losses) on AFS debt securities and pension/postretirement adjustments. The reconciliation of net income to comprehensive income is as follows: | ||||||||||||||||||||
Before Tax | Tax (Expense) Benefit | Net of Tax | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the Six Months Ended August 31, 2014 | ||||||||||||||||||||
Net income | $ | 402.5 | ||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net gains | $ | 15.8 | $ | (1.2 | ) | 14.6 | ||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive income | 15.8 | (1.2 | ) | 14.6 | ||||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative gains | 6.4 | (1.6 | ) | 4.8 | ||||||||||||||||
Reclassification adjustments | (0.1 | ) | (0.6 | ) | (0.7 | ) | ||||||||||||||
Net gain recognized in other comprehensive income | 6.3 | (2.2 | ) | 4.1 | ||||||||||||||||
Unrealized gain on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities gains | 0.2 | (0.1 | ) | 0.1 | ||||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive income | 0.2 | (0.1 | ) | 0.1 | ||||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | — | — | — | |||||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive income | — | — | — | |||||||||||||||||
Other comprehensive income | $ | 22.3 | $ | (3.5 | ) | 18.8 | ||||||||||||||
Total comprehensive income | $ | 421.3 | ||||||||||||||||||
For the Six Months Ended August 31, 2013 | ||||||||||||||||||||
Net income | $ | 1,574.90 | ||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (66.4 | ) | $ | (1.6 | ) | (68.0 | ) | ||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (66.4 | ) | (1.6 | ) | (68.0 | ) | ||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative gains | 2.4 | (1.8 | ) | 0.6 | ||||||||||||||||
Reclassification adjustments | 3.6 | (1.6 | ) | 2 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 6 | (3.4 | ) | 2.6 | ||||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities losses | (2.9 | ) | (0.1 | ) | (3.0 | ) | ||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (2.9 | ) | (0.1 | ) | (3.0 | ) | ||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | 0.6 | (0.2 | ) | 0.4 | ||||||||||||||||
Reclassification adjustments | 0.6 | (0.1 | ) | 0.5 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 1.2 | (0.3 | ) | 0.9 | ||||||||||||||||
Other comprehensive loss | $ | (62.1 | ) | $ | (5.4 | ) | (67.5 | ) | ||||||||||||
Total comprehensive income | $ | 1,507.40 | ||||||||||||||||||
Before Tax | Tax (Expense) Benefit | Net of Tax | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the Three Months Ended August 31, 2014 | ||||||||||||||||||||
Net income | $ | 195.8 | ||||||||||||||||||
Other comprehensive loss: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (21.7 | ) | $ | (0.5 | ) | (22.2 | ) | ||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (21.7 | ) | (0.5 | ) | (22.2 | ) | ||||||||||||||
Unrealized loss on cash flow hedges: | ||||||||||||||||||||
Net derivative losses | (7.2 | ) | 2.2 | (5.0 | ) | |||||||||||||||
Reclassification adjustments | (1.5 | ) | 0.2 | (1.3 | ) | |||||||||||||||
Net loss recognized in other comprehensive loss | (8.7 | ) | 2.4 | (6.3 | ) | |||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities losses | (0.1 | ) | — | (0.1 | ) | |||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (0.1 | ) | — | (0.1 | ) | |||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | — | — | — | |||||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive loss | — | — | — | |||||||||||||||||
Other comprehensive loss | $ | (30.5 | ) | $ | 1.9 | (28.6 | ) | |||||||||||||
Total comprehensive income | $ | 167.2 | ||||||||||||||||||
For the Three Months Ended August 31, 2013 | ||||||||||||||||||||
Net income | $ | 1,522.00 | ||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (44.1 | ) | $ | (1.1 | ) | (45.2 | ) | ||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (44.1 | ) | (1.1 | ) | (45.2 | ) | ||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative gains | 2.4 | (1.3 | ) | 1.1 | ||||||||||||||||
Reclassification adjustments | 2.1 | (0.9 | ) | 1.2 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 4.5 | (2.2 | ) | 2.3 | ||||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities losses | (1.7 | ) | — | (1.7 | ) | |||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (1.7 | ) | — | (1.7 | ) | |||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||
Reclassification adjustments | 0.3 | — | 0.3 | |||||||||||||||||
Net gain recognized in other comprehensive loss | 0.7 | (0.1 | ) | 0.6 | ||||||||||||||||
Other comprehensive loss | $ | (40.6 | ) | $ | (3.4 | ) | (44.0 | ) | ||||||||||||
Total comprehensive income | $ | 1,478.00 | ||||||||||||||||||
Accumulated other comprehensive income (loss) (“AOCI”), net of income tax effect, includes the following components: | ||||||||||||||||||||
Foreign | Net | Net | Pension/ | Accumulated | ||||||||||||||||
Currency | Unrealized | Unrealized | Postretirement | Other | ||||||||||||||||
Translation | (Losses) Gains on | (Losses) Gains | Adjustments | Comprehensive | ||||||||||||||||
Adjustments | Derivative Instruments | on AFS Debt | Income | |||||||||||||||||
Securities | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Balance, February 28, 2014 | $ | 103.6 | $ | (8.9 | ) | $ | (1.5 | ) | $ | (7.2 | ) | $ | 86 | |||||||
Other comprehensive income: | ||||||||||||||||||||
Other comprehensive income before reclassification adjustments | 14.6 | 4.8 | 0.1 | — | 19.5 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (0.7 | ) | — | — | (0.7 | ) | |||||||||||||
Other comprehensive income | 14.6 | 4.1 | 0.1 | — | 18.8 | |||||||||||||||
Balance, August 31, 2014 | $ | 118.2 | $ | (4.8 | ) | $ | (1.4 | ) | $ | (7.2 | ) | $ | 104.8 | |||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 6 Months Ended | |||||||||||||||||||
Aug. 31, 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 August 31, 2014, and February 28, 2014, the condensed consolidating statements of comprehensive income for the six months and three months ended August 31, 2014, and August 31, 2013, and the condensed consolidating statements of cash flows for the six months ended August 31, 2014, and August 31, 2013, 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 to the Company’s consolidated financial statements included in the Company’s 2014 Annual Report, and include the recently adopted accounting guidance described in Note 2 herein. There are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to the Company in the form of cash dividends, loans or advances. | ||||||||||||||||||||
In connection with the preparation of the condensed consolidating financial information, the Company made certain immaterial adjustments to the condensed consolidating statement of cash flows for the six months ended August 31, 2013. These adjustments (i) did not change the net (decrease) 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 August 31, 2014 | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash investments | $ | 13.7 | $ | 0.7 | $ | 89.9 | $ | — | $ | 104.3 | ||||||||||
Accounts receivable, net | 0.3 | 6.8 | 649.7 | 0.1 | 656.9 | |||||||||||||||
Inventories | 158.2 | 1,294.40 | 404.7 | (78.4 | ) | 1,778.90 | ||||||||||||||
Intercompany receivable | 10,723.10 | 15,121.00 | 4,970.60 | (30,814.7 | ) | — | ||||||||||||||
Prepaid expenses and other | 47.3 | 54.4 | 682.7 | (486.4 | ) | 298 | ||||||||||||||
Total current assets | 10,942.60 | 16,477.30 | 6,797.60 | (31,379.4 | ) | 2,838.10 | ||||||||||||||
Property, plant and equipment, net | 51.9 | 861.3 | 1,386.70 | — | 2,299.90 | |||||||||||||||
Investments in subsidiaries | 11,384.40 | 11.9 | — | (11,396.3 | ) | — | ||||||||||||||
Goodwill | — | 5,411.30 | 738 | — | 6,149.30 | |||||||||||||||
Intangible assets, net | — | 708.4 | 2,501.80 | 3.3 | 3,213.50 | |||||||||||||||
Intercompany notes receivable | 3,715.00 | 9.8 | — | (3,724.8 | ) | — | ||||||||||||||
Other assets, net | 57 | 69.9 | 29.7 | — | 156.6 | |||||||||||||||
Total assets | $ | 26,150.90 | $ | 23,549.90 | $ | 11,453.80 | $ | (46,497.2 | ) | $ | 14,657.40 | |||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable to banks | $ | — | $ | — | $ | 253 | $ | — | $ | 253 | ||||||||||
Current maturities of long-term debt | 563.1 | 17.2 | 35.4 | — | 615.7 | |||||||||||||||
Accounts payable | 26.6 | 169.6 | 245.7 | — | 441.9 | |||||||||||||||
Accrued excise taxes | 14.5 | 10.1 | 4.9 | — | 29.5 | |||||||||||||||
Intercompany payable | 14,396.00 | 11,167.30 | 5,251.40 | (30,814.7 | ) | — | ||||||||||||||
Other accrued expenses and liabilities | 752.4 | 129.1 | 165.8 | (511.1 | ) | 536.2 | ||||||||||||||
Total current liabilities | 15,752.60 | 11,493.30 | 5,956.20 | (31,325.8 | ) | 1,876.30 | ||||||||||||||
Long-term debt, less current maturities | 4,861.70 | 30.4 | 1,431.10 | — | 6,323.20 | |||||||||||||||
Deferred income taxes | 18.3 | 602.7 | 194 | — | 815 | |||||||||||||||
Intercompany notes payable | — | 3,702.00 | 22.8 | (3,724.8 | ) | — | ||||||||||||||
Other liabilities | 30.9 | 24.2 | 100.4 | — | 155.5 | |||||||||||||||
Stockholders’ equity | 5,487.40 | 7,697.30 | 3,749.30 | (11,446.6 | ) | 5,487.40 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 26,150.90 | $ | 23,549.90 | $ | 11,453.80 | $ | (46,497.2 | ) | $ | 14,657.40 | |||||||||
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 Statement of Comprehensive Income for the Six Months Ended August 31, 2014 | ||||||||||||||||||||
Sales | $ | 1,139.20 | $ | 2,659.50 | $ | 1,605.40 | $ | (1,947.0 | ) | $ | 3,457.10 | |||||||||
Less – excise taxes | (153.2 | ) | (139.1 | ) | (34.7 | ) | — | (327.0 | ) | |||||||||||
Net sales | 986 | 2,520.40 | 1,570.70 | (1,947.0 | ) | 3,130.10 | ||||||||||||||
Cost of product sold | (796.9 | ) | (1,906.4 | ) | (1,012.9 | ) | 1,928.20 | (1,788.0 | ) | |||||||||||
Gross profit | 189.1 | 614 | 557.8 | (18.8 | ) | 1,342.10 | ||||||||||||||
Selling, general and administrative expenses | (194.1 | ) | (301.0 | ) | (83.5 | ) | 7.4 | (571.2 | ) | |||||||||||
Operating (loss) income | (5.0 | ) | 313 | 474.3 | (11.4 | ) | 770.9 | |||||||||||||
Equity in earnings (losses) of equity method investees and subsidiaries | 509 | 1.8 | 0.6 | (511.5 | ) | (0.1 | ) | |||||||||||||
Interest income | — | — | 0.6 | — | 0.6 | |||||||||||||||
Intercompany interest income | 88.5 | 103.8 | 0.2 | (192.5 | ) | — | ||||||||||||||
Interest expense | (146.0 | ) | (0.7 | ) | (25.3 | ) | — | (172.0 | ) | |||||||||||
Intercompany interest expense | (103.5 | ) | (88.4 | ) | (0.6 | ) | 192.5 | — | ||||||||||||
Loss on write-off of financing costs | — | — | (4.4 | ) | — | (4.4 | ) | |||||||||||||
Income before income taxes | 343 | 329.5 | 445.4 | (522.9 | ) | 595 | ||||||||||||||
Benefit from (provision for) income taxes | 59.5 | (123.1 | ) | (132.4 | ) | 3.5 | (192.5 | ) | ||||||||||||
Net income | $ | 402.5 | $ | 206.4 | $ | 313 | $ | (519.4 | ) | $ | 402.5 | |||||||||
Comprehensive income | $ | 421.3 | $ | 207.5 | $ | 329.4 | $ | (536.9 | ) | $ | 421.3 | |||||||||
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2013 | ||||||||||||||||||||
Sales | $ | 1,121.80 | $ | 1,633.40 | $ | 821.6 | $ | (1,197.3 | ) | $ | 2,379.50 | |||||||||
Less – excise taxes | (153.3 | ) | (59.1 | ) | (33.9 | ) | — | (246.3 | ) | |||||||||||
Net sales | 968.5 | 1,574.30 | 787.7 | (1,197.3 | ) | 2,133.20 | ||||||||||||||
Cost of product sold | (825.0 | ) | (1,092.7 | ) | (539.9 | ) | 1,157.50 | (1,300.1 | ) | |||||||||||
Gross profit | 143.5 | 481.6 | 247.8 | (39.8 | ) | 833.1 | ||||||||||||||
Selling, general and administrative expenses | (219.4 | ) | (144.5 | ) | (74.1 | ) | 8.3 | (429.7 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | (300.9 | ) | — | (300.9 | ) | |||||||||||||
Gain on remeasurement to fair value of equity method investment | — | 1,642.00 | — | — | 1,642.00 | |||||||||||||||
Operating (loss) income | (75.9 | ) | 1,979.10 | (127.2 | ) | (31.5 | ) | 1,744.50 | ||||||||||||
Equity in earnings of equity method investees and subsidiaries | 1,722.80 | 74.1 | 0.2 | (1,726.8 | ) | 70.3 | ||||||||||||||
Interest income | 0.1 | — | 3.8 | — | 3.9 | |||||||||||||||
Intercompany interest income | 70.7 | 77.9 | 0.8 | (149.4 | ) | — | ||||||||||||||
Interest expense | (130.8 | ) | (3.0 | ) | (15.2 | ) | — | (149.0 | ) | |||||||||||
Intercompany interest expense | (82.7 | ) | (66.4 | ) | (0.3 | ) | 149.4 | — | ||||||||||||
Income (loss) before income taxes | 1,504.20 | 2,061.70 | (137.9 | ) | (1,758.3 | ) | 1,669.70 | |||||||||||||
Benefit from (provision for) income taxes | 70.7 | (153.0 | ) | (21.7 | ) | 9.2 | (94.8 | ) | ||||||||||||
Net income (loss) | $ | 1,574.90 | $ | 1,908.70 | $ | (159.6 | ) | $ | (1,749.1 | ) | $ | 1,574.90 | ||||||||
Comprehensive income (loss) | $ | 1,507.40 | $ | 1,915.80 | $ | (234.4 | ) | $ | (1,681.4 | ) | $ | 1,507.40 | ||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2014 | ||||||||||||||||||||
Sales | $ | 594.7 | $ | 1,357.20 | $ | 791.4 | $ | (973.3 | ) | $ | 1,770.00 | |||||||||
Less – excise taxes | (76.9 | ) | (71.5 | ) | (17.5 | ) | — | (165.9 | ) | |||||||||||
Net sales | 517.8 | 1,285.70 | 773.9 | (973.3 | ) | 1,604.10 | ||||||||||||||
Cost of product sold | (418.6 | ) | (983.1 | ) | (504.2 | ) | 973.8 | (932.1 | ) | |||||||||||
Gross profit | 99.2 | 302.6 | 269.7 | 0.5 | 672 | |||||||||||||||
Selling, general and administrative expenses | (101.2 | ) | (152.5 | ) | (43.1 | ) | 3.5 | (293.3 | ) | |||||||||||
Operating (loss) income | (2.0 | ) | 150.1 | 226.6 | 4 | 378.7 | ||||||||||||||
Equity in earnings (losses) of equity method investees and subsidiaries | 3.2 | 0.3 | 0.4 | (4.5 | ) | (0.6 | ) | |||||||||||||
Interest income | — | — | 0.1 | — | 0.1 | |||||||||||||||
Intercompany interest income | 44.4 | 54.5 | 0.1 | (99.0 | ) | — | ||||||||||||||
Interest expense | (74.1 | ) | (0.4 | ) | (10.6 | ) | — | (85.1 | ) | |||||||||||
Intercompany interest expense | (54.3 | ) | (44.3 | ) | (0.4 | ) | 99 | — | ||||||||||||
Loss on write-off of financing costs | — | — | (4.4 | ) | — | (4.4 | ) | |||||||||||||
(Loss) income before income taxes | (82.8 | ) | 160.2 | 211.8 | (0.5 | ) | 288.7 | |||||||||||||
Benefit from (provision for) income taxes | 278.6 | (60.6 | ) | (309.8 | ) | (1.1 | ) | (92.9 | ) | |||||||||||
Net income (loss) | $ | 195.8 | $ | 99.6 | $ | (98.0 | ) | $ | (1.6 | ) | $ | 195.8 | ||||||||
Comprehensive income (loss) | $ | 167.2 | $ | 99 | $ | (128.4 | ) | $ | 29.4 | $ | 167.2 | |||||||||
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2013 | ||||||||||||||||||||
Sales | $ | 569.3 | $ | 1,243.10 | $ | 607.7 | $ | (806.8 | ) | $ | 1,613.30 | |||||||||
Less – excise taxes | (75.2 | ) | (61.1 | ) | (17.2 | ) | — | (153.5 | ) | |||||||||||
Net sales | 494.1 | 1,182.00 | 590.5 | (806.8 | ) | 1,459.80 | ||||||||||||||
Cost of product sold | (425.0 | ) | (817.6 | ) | (413.4 | ) | 773.2 | (882.8 | ) | |||||||||||
Gross profit | 69.1 | 364.4 | 177.1 | (33.6 | ) | 577 | ||||||||||||||
Selling, general and administrative expenses | (100.4 | ) | (115.6 | ) | (32.2 | ) | 4.1 | (244.1 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | (300.9 | ) | — | (300.9 | ) | |||||||||||||
Gain on remeasurement to fair value of equity method investment | — | 1,642.00 | — | — | 1,642.00 | |||||||||||||||
Operating (loss) income | (31.3 | ) | 1,890.80 | (156.0 | ) | (29.5 | ) | 1,674.00 | ||||||||||||
Equity in earnings of equity method investees and subsidiaries | 1,589.00 | 7.7 | 0.1 | (1,593.1 | ) | 3.7 | ||||||||||||||
Interest income | 0.1 | — | 1.9 | — | 2 | |||||||||||||||
Intercompany interest income | 44.9 | 41.2 | 0.4 | (86.5 | ) | — | ||||||||||||||
Interest expense | (77.4 | ) | (0.3 | ) | (14.6 | ) | — | (92.3 | ) | |||||||||||
Intercompany interest expense | (43.7 | ) | (42.6 | ) | (0.2 | ) | 86.5 | — | ||||||||||||
Income (loss) before income taxes | 1,481.60 | 1,896.80 | (168.4 | ) | (1,622.6 | ) | 1,587.40 | |||||||||||||
Benefit from (provision for) income taxes | 40.4 | (91.0 | ) | (23.4 | ) | 8.6 | (65.4 | ) | ||||||||||||
Net income (loss) | $ | 1,522.00 | $ | 1,805.80 | $ | (191.8 | ) | $ | (1,614.0 | ) | $ | 1,522.00 | ||||||||
Comprehensive income (loss) | $ | 1,478.00 | $ | 1,809.50 | $ | (239.8 | ) | $ | (1,569.7 | ) | $ | 1,478.00 | ||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2014 | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (224.8 | ) | $ | 393.2 | $ | 499.7 | $ | — | $ | 668.1 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (13.3 | ) | (54.5 | ) | (240.4 | ) | — | (308.2 | ) | |||||||||||
Net proceeds from intercompany notes | 207.9 | — | — | (207.9 | ) | — | ||||||||||||||
Net investments in equity affiliates | (46.4 | ) | — | — | 46.4 | — | ||||||||||||||
Other investing activities | — | (5.7 | ) | 7.7 | — | 2 | ||||||||||||||
Net cash provided by (used in) investing activities | 148.2 | (60.2 | ) | (232.7 | ) | (161.5 | ) | (306.2 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments of dividends | — | — | (24.9 | ) | 24.9 | — | ||||||||||||||
Net (returns of capital to) contributions from equity affiliates | — | (16.6 | ) | 87.9 | (71.3 | ) | — | |||||||||||||
Net proceeds from (repayments of) intercompany notes | 20.6 | (281.7 | ) | 53.2 | 207.9 | — | ||||||||||||||
Payment of delayed purchase price arrangement | — | — | (543.3 | ) | — | (543.3 | ) | |||||||||||||
Principal payments of long-term debt | (16.8 | ) | (8.7 | ) | (8.9 | ) | — | (34.4 | ) | |||||||||||
Payments of minimum tax withholdings on stock-based payment awards | — | (26.1 | ) | (2.3 | ) | — | (28.4 | ) | ||||||||||||
Payments of financing costs of long-term debt | (0.1 | ) | — | (1.9 | ) | — | (2.0 | ) | ||||||||||||
Net proceeds from notes payable | — | — | 197 | — | 197 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 64 | — | — | — | 64 | |||||||||||||||
Proceeds from exercises of employee stock options | 18.3 | — | — | — | 18.3 | |||||||||||||||
Proceeds from employee stock purchases | 3.8 | — | — | — | 3.8 | |||||||||||||||
Net cash provided by (used in) financing activities | 89.8 | (333.1 | ) | (243.2 | ) | 161.5 | (325.0 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash investments | — | — | 3.5 | — | 3.5 | |||||||||||||||
Net increase (decrease) in cash and cash investments | 13.2 | (0.1 | ) | 27.3 | — | 40.4 | ||||||||||||||
Cash and cash investments, beginning of period | 0.5 | 0.8 | 62.6 | — | 63.9 | |||||||||||||||
Cash and cash investments, end of period | $ | 13.7 | $ | 0.7 | $ | 89.9 | $ | — | $ | 104.3 | ||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2013 | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (138.9 | ) | $ | 704.3 | $ | (57.6 | ) | $ | (18.8 | ) | $ | 489 | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (5.0 | ) | (33.1 | ) | (11.1 | ) | — | (49.2 | ) | |||||||||||
Purchase of business, net of cash acquired | — | (1,770.1 | ) | (2,902.8 | ) | — | (4,672.9 | ) | ||||||||||||
Net proceeds from intercompany notes | 695.3 | — | — | (695.3 | ) | — | ||||||||||||||
Net investments in equity affiliates | (1,149.7 | ) | — | — | 1,149.70 | — | ||||||||||||||
Other investing activities | — | 2.5 | 0.2 | — | 2.7 | |||||||||||||||
Net cash used in investing activities | (459.4 | ) | (1,800.7 | ) | (2,913.7 | ) | 454.4 | (4,719.4 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments of dividends | — | — | (18.8 | ) | 18.8 | — | ||||||||||||||
Net (returns of capital to) contributions from equity affiliates | — | (139.7 | ) | 1,289.40 | (1,149.7 | ) | — | |||||||||||||
Net (repayments of) proceeds from intercompany notes | (1,945.0 | ) | 1,260.70 | (11.0 | ) | 695.3 | — | |||||||||||||
Principal payments of long-term debt | (2.3 | ) | (7.6 | ) | — | — | (9.9 | ) | ||||||||||||
Payments of minimum tax withholdings on stock-based payment awards | — | (16.4 | ) | (1.6 | ) | — | (18.0 | ) | ||||||||||||
Payments of financing costs of long-term debt | (69.6 | ) | — | (12.6 | ) | — | (82.2 | ) | ||||||||||||
Net proceeds from notes payable | 78 | — | 194.1 | — | 272.1 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 53.8 | — | — | — | 53.8 | |||||||||||||||
Proceeds from exercises of employee stock options | 77.5 | — | — | — | 77.5 | |||||||||||||||
Proceeds from employee stock purchases | 2.5 | — | — | — | 2.5 | |||||||||||||||
Proceeds from issuance of long-term debt | 2,225.00 | — | 1,500.00 | — | 3,725.00 | |||||||||||||||
Net cash provided by financing activities | 419.9 | 1,097.00 | 2,939.50 | (435.6 | ) | 4,020.80 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (5.1 | ) | — | (5.1 | ) | |||||||||||||
and cash investments | ||||||||||||||||||||
Net (decrease) increase in cash and cash investments | (178.4 | ) | 0.6 | (36.9 | ) | — | (214.7 | ) | ||||||||||||
Cash and cash investments, beginning of period | 185.8 | 0.7 | 145 | — | 331.5 | |||||||||||||||
Cash and cash investments, end of period | $ | 7.4 | $ | 1.3 | $ | 108.1 | $ | — | $ | 116.8 | ||||||||||
Business_Segment_Information
Business Segment Information | 6 Months Ended | |||||||||||||||
Aug. 31, 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, (ii) Wine and Spirits, and (iii) Corporate Operations and Other. In the Beer segment, the Company has an exclusive perpetual brand license to import, market and sell in the U.S. the Mexican Beer Brands. In the Wine and Spirits segment, the Company sells a large number of wine brands across all categories – table wine, sparkling wine and dessert wine – and across all price points – popular, premium, super-premium and fine wine, complemented by certain premium spirits brands. 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. 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. | ||||||||||||||||
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 six months and three months ended August 31, 2014, and August 31, 2013, Unusual Items included in consolidated operating income consist of: | ||||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Net Sales | ||||||||||||||||
Product recall | $ | 3.5 | $ | — | $ | 3.5 | $ | — | ||||||||
Cost of Product Sold | ||||||||||||||||
Amortization of favorable interim supply agreement | 18.9 | 2.1 | 11.3 | 2.1 | ||||||||||||
Product recall | 5.4 | — | 5.4 | — | ||||||||||||
Flow through of inventory step-up | — | 11 | — | 9.5 | ||||||||||||
Other costs | 5.9 | — | 5.6 | — | ||||||||||||
Total Cost of Product Sold | 30.2 | 13.1 | 22.3 | 11.6 | ||||||||||||
Selling, General and Administrative Expenses | ||||||||||||||||
Transaction, integration and other acquisition-related costs | 13.1 | 34.9 | 8.6 | 7.4 | ||||||||||||
Product recall | 0.3 | — | 0.3 | — | ||||||||||||
Deferred compensation | — | 7 | — | — | ||||||||||||
Restructuring charges and other | — | (2.9 | ) | — | — | |||||||||||
Total Selling, General and Administrative Expenses | 13.4 | 39 | 8.9 | 7.4 | ||||||||||||
Impairment of Goodwill and Intangible Assets | — | 300.9 | — | 300.9 | ||||||||||||
Gain on Remeasurement to Fair Value of Equity Method Investment | — | (1,642.0 | ) | — | (1,642.0 | ) | ||||||||||
Unusual Items | $ | 47.1 | $ | (1,289.0 | ) | $ | 34.7 | $ | (1,322.1 | ) | ||||||
The Company evaluates performance based on operating income of the respective business units. The accounting policies of the segments are the same as those described for the Company in the Summary of Significant Accounting Policies in Note 1 to the Company’s consolidated financial statements included in the Company’s 2014 Annual Report, and include the recently adopted accounting guidance described in Note 2 herein. | ||||||||||||||||
Segment information is as follows: | ||||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Beer | ||||||||||||||||
Net sales | $ | 1,759.50 | $ | 1,576.20 | $ | 891.8 | $ | 814.6 | ||||||||
Segment operating income | $ | 558.6 | $ | 360.4 | $ | 271.1 | $ | 226.4 | ||||||||
Long-lived tangible assets | $ | 1,060.60 | $ | 668.7 | $ | 1,060.60 | $ | 668.7 | ||||||||
Total assets | $ | 7,713.30 | $ | 7,294.50 | $ | 7,713.30 | $ | 7,294.50 | ||||||||
Capital expenditures | $ | 228.8 | $ | 3.6 | $ | 143.5 | $ | 3.3 | ||||||||
Depreciation and amortization | $ | 19.9 | $ | 11 | $ | 10.1 | $ | 10.5 | ||||||||
Wine and Spirits | ||||||||||||||||
Net sales: | ||||||||||||||||
Wine | $ | 1,227.10 | $ | 1,226.40 | $ | 640.7 | $ | 629.1 | ||||||||
Spirits | 147 | 144 | 75.1 | 67.9 | ||||||||||||
Net sales | $ | 1,374.10 | $ | 1,370.40 | $ | 715.8 | $ | 697 | ||||||||
Segment operating income | $ | 312.9 | $ | 285.8 | $ | 169.7 | $ | 158.2 | ||||||||
Equity in (losses) earnings of equity method investees | $ | (0.1 | ) | $ | 0.1 | $ | (0.6 | ) | $ | (0.6 | ) | |||||
Long-lived tangible assets | $ | 1,107.50 | $ | 1,081.30 | $ | 1,107.50 | $ | 1,081.30 | ||||||||
Investments in equity method investees | $ | 72 | $ | 73.2 | $ | 72 | $ | 73.2 | ||||||||
Total assets | $ | 6,610.00 | $ | 6,403.10 | $ | 6,610.00 | $ | 6,403.10 | ||||||||
Capital expenditures | $ | 51.5 | $ | 35.6 | $ | 20.2 | $ | 19.1 | ||||||||
Depreciation and amortization | $ | 50.9 | $ | 47.5 | $ | 25.3 | $ | 23.4 | ||||||||
Corporate Operations and Other | ||||||||||||||||
Segment operating loss | $ | (53.5 | ) | $ | (48.1 | ) | $ | (27.4 | ) | $ | (24.1 | ) | ||||
Long-lived tangible assets | $ | 131.8 | $ | 120.4 | $ | 131.8 | $ | 120.4 | ||||||||
Total assets | $ | 334.1 | $ | 425.2 | $ | 334.1 | $ | 425.2 | ||||||||
Capital expenditures | $ | 27.9 | $ | 10.3 | $ | 13.1 | $ | 4.8 | ||||||||
Depreciation and amortization | $ | 13.3 | $ | 11.1 | $ | 6.8 | $ | 6.2 | ||||||||
Unusual Items | ||||||||||||||||
Net sales | $ | (3.5 | ) | $ | — | $ | (3.5 | ) | $ | — | ||||||
Operating (loss) income | $ | (47.1 | ) | $ | 1,289.00 | $ | (34.7 | ) | $ | 1,322.10 | ||||||
Equity in losses of equity method investees | $ | — | $ | (0.1 | ) | $ | — | $ | — | |||||||
Depreciation and amortization | $ | 18.9 | $ | 2.1 | $ | 11.3 | $ | 2.1 | ||||||||
Consolidation and Eliminations | ||||||||||||||||
Net sales | $ | — | $ | (813.4 | ) | $ | — | $ | (51.8 | ) | ||||||
Operating income | $ | — | $ | (142.6 | ) | $ | — | $ | (8.6 | ) | ||||||
Equity in earnings of Crown Imports | $ | — | $ | 70.3 | $ | — | $ | 4.3 | ||||||||
Capital expenditures | $ | — | $ | (0.3 | ) | $ | — | $ | — | |||||||
Depreciation and amortization | $ | — | $ | (0.5 | ) | $ | — | $ | — | |||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Consolidated | ||||||||||||||||
Net sales | $ | 3,130.10 | $ | 2,133.20 | $ | 1,604.10 | $ | 1,459.80 | ||||||||
Operating income | $ | 770.9 | $ | 1,744.50 | $ | 378.7 | $ | 1,674.00 | ||||||||
Equity in (losses) earnings of equity method investees | $ | (0.1 | ) | $ | 70.3 | $ | (0.6 | ) | $ | 3.7 | ||||||
Long-lived tangible assets | $ | 2,299.90 | $ | 1,870.40 | $ | 2,299.90 | $ | 1,870.40 | ||||||||
Investments in equity method investees | $ | 72 | $ | 73.2 | $ | 72 | $ | 73.2 | ||||||||
Total assets | $ | 14,657.40 | $ | 14,122.80 | $ | 14,657.40 | $ | 14,122.80 | ||||||||
Capital expenditures | $ | 308.2 | $ | 49.2 | $ | 176.8 | $ | 27.2 | ||||||||
Depreciation and amortization | $ | 103 | $ | 71.2 | $ | 53.5 | $ | 42.2 | ||||||||
Accounting_Guidance_Not_Yet_Ad
Accounting Guidance Not Yet Adopted | 6 Months Ended |
Aug. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
ACCOUNTING GUIDANCE NOT YET ADOPTED | ' |
ACCOUNTING GUIDANCE NOT YET ADOPTED: | |
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. | |
Revenue recognition – | |
In May 2014, the FASB issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A five step process will be utilized to recognize revenue, as follows: (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company is required to adopt this guidance for its annual and interim periods beginning March 1, 2017, utilizing one of two methods: retrospective restatement for each reporting period presented at time of adoption, or retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. The Company is currently assessing the financial impact of this guidance on its consolidated financial statements. | |
Share-based employee compensation – | |
In June 2014, the FASB issued amended guidance on the accounting for certain share-based employee compensation awards. The amended guidance requires that share-based employee compensation awards with terms of a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award and compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. The Company is required to adopt this guidance for its annual and interim periods beginning March 1, 2016. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Recently_Adopted_Accounting_Gu1
Recently Adopted Accounting Guidance (Policies) | 6 Months Ended |
Aug. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Liabilities | ' |
Liabilities – | |
Effective March 1, 2014, the Company adopted the Financial Accounting Standards Board (“FASB”) 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 adoption of this guidance on March 1, 2014, did not have a material impact on the Company’s consolidated financial statements. | |
Foreign currency translation | ' |
Foreign currency translation – | |
Effective March 1, 2014, the Company adopted the FASB 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 adoption of this amended guidance on March 1, 2014, did not have a material impact on the Company’s consolidated financial statements. | |
Income taxes | ' |
Income taxes – | |
Effective March 1, 2014, the Company adopted the FASB 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 adoption of this amended 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. | |
Revenue recognition | ' |
Revenue recognition – | |
In May 2014, the FASB issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A five step process will be utilized to recognize revenue, as follows: (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company is required to adopt this guidance for its annual and interim periods beginning March 1, 2017, utilizing one of two methods: retrospective restatement for each reporting period presented at time of adoption, or retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. The Company is currently assessing the financial impact of this guidance on its consolidated financial statements. | |
Share-based employee compensation | ' |
Share-based employee compensation – | |
In June 2014, the FASB issued amended guidance on the accounting for certain share-based employee compensation awards. The amended guidance requires that share-based employee compensation awards with terms of a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award and compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. The Company is required to adopt this guidance for its annual and interim periods beginning March 1, 2016. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Acquisition_Tables
Acquisition (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 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 estimated fair value | 7,178.20 | |||||||||||||||
Less – fair value of the Company’s preexisting 50% equity interest in Crown Imports | (1,845.0 | ) | ||||||||||||||
Less – cash acquired | (106.8 | ) | ||||||||||||||
Aggregate purchase price | $ | 5,226.40 | ||||||||||||||
Unaudited pro forma financial information | ' | |||||||||||||||
The unaudited pro forma financial information is based upon currently available information and upon certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma financial information does not purport to present what the Company’s results of operations would actually have been if the aforementioned transaction had in fact occurred on such date or at the beginning of the period indicated, nor does it project the Company’s financial position or results of operations at any future date or for any future period. | ||||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Net sales | $ | 3,130.10 | $ | 2,750.60 | $ | 1,604.10 | $ | 1,511.60 | ||||||||
Income (loss) before income taxes | $ | 595 | $ | 162.9 | $ | 288.7 | $ | (43.5 | ) | |||||||
Net income (loss) | $ | 402.5 | $ | 22.5 | $ | 195.8 | $ | (112.8 | ) | |||||||
Earnings (loss) per common share: | ||||||||||||||||
Basic – Class A Common Stock | $ | 2.12 | $ | 0.12 | $ | 1.03 | $ | (0.61 | ) | |||||||
Basic – Class B Convertible Common Stock | $ | 1.93 | $ | 0.11 | $ | 0.93 | $ | (0.55 | ) | |||||||
Diluted – Class A Common Stock | $ | 2.01 | $ | 0.11 | $ | 0.98 | $ | (0.61 | ) | |||||||
Diluted – Class B Convertible Common Stock | $ | 1.84 | $ | 0.11 | $ | 0.9 | $ | (0.55 | ) | |||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic – Class A Common Stock | 168.663 | 163.277 | 169.158 | 164.825 | ||||||||||||
Basic – Class B Convertible Common Stock | 23.408 | 23.485 | 23.401 | 23.472 | ||||||||||||
Diluted – Class A Common Stock | 200.579 | 196.056 | 200.8 | 196.767 | ||||||||||||
Diluted – Class B Convertible Common Stock | 23.408 | 23.485 | 23.401 | 23.472 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Aug. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories are stated at the lower of cost (computed in accordance with the first-in, first-out method) or market. Elements of cost include materials, labor and overhead and consist of the following: | ||||||||
August 31, | February 28, | |||||||
2014 | 2014 | |||||||
(in millions) | ||||||||
Raw materials and supplies | $ | 82.6 | $ | 87.8 | ||||
In-process inventories | 1,122.00 | 1,235.40 | ||||||
Finished case goods | 574.3 | 420.6 | ||||||
$ | 1,778.90 | $ | 1,743.80 | |||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 6 Months Ended | ||||||||||
Aug. 31, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Absolute notional value of outstanding derivative instruments | ' | ||||||||||
The absolute notional value of outstanding derivative instruments are as follows: | |||||||||||
August 31, | February 28, | ||||||||||
2014 | 2014 | ||||||||||
(in millions) | |||||||||||
Derivative instruments designated as hedging instruments | |||||||||||
Foreign currency contracts | $ | 628.3 | $ | 636.6 | |||||||
Interest rate swap contracts | $ | 500 | $ | 500 | |||||||
Derivative instruments not designated as hedging instruments | |||||||||||
Foreign currency contracts | $ | 1,000.00 | $ | 643.8 | |||||||
Commodity swap contracts | $ | 194.4 | $ | 88 | |||||||
Interest rate swap contracts | $ | 1,000.00 | $ | 1,000.00 | |||||||
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 6): | |||||||||||
Balance Sheet Location | August 31, | February 28, | |||||||||
2014 | 2014 | ||||||||||
(in millions) | |||||||||||
Derivative instruments designated as hedging instruments | |||||||||||
Foreign currency contracts: | |||||||||||
Prepaid expenses and other | $ | 9.1 | $ | 11.2 | |||||||
Other accrued expenses and liabilities | $ | 3.4 | $ | 3.2 | |||||||
Other assets, net | $ | 5.1 | $ | 4.4 | |||||||
Other liabilities | $ | 0.9 | $ | 0.7 | |||||||
Interest rate swap contracts: | |||||||||||
Other accrued expenses and liabilities | $ | 3.4 | $ | 3.4 | |||||||
Other assets, net | $ | 0.6 | $ | — | |||||||
Other liabilities | $ | — | $ | 0.7 | |||||||
Derivative instruments not designated as hedging instruments | |||||||||||
Foreign currency contracts: | |||||||||||
Prepaid expenses and other | $ | 2.5 | $ | 3.3 | |||||||
Other accrued expenses and liabilities | $ | 2.4 | $ | 0.9 | |||||||
Commodity swap contracts: | |||||||||||
Prepaid expenses and other | $ | 2 | $ | 1.3 | |||||||
Other accrued expenses and liabilities | $ | 4 | $ | 0.1 | |||||||
Other assets, net | $ | 2 | $ | 0.2 | |||||||
Other liabilities | $ | 2.3 | $ | 0.4 | |||||||
Interest rate swap contracts: | |||||||||||
Prepaid expenses and other | $ | 4.1 | $ | 3.5 | |||||||
Other accrued expenses and liabilities | $ | 16.4 | $ | 13.3 | |||||||
Other assets, net | $ | — | $ | 0.9 | |||||||
Other liabilities | $ | 9.8 | $ | 15.5 | |||||||
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 | ||||||||||
(Effective | Income | ||||||||||
portion) | (Effective | ||||||||||
portion) | |||||||||||
(in millions) | |||||||||||
For the Six Months Ended August 31, 2014 | |||||||||||
Foreign currency contracts | $ | 5.1 | Sales | $ | 4.2 | ||||||
Foreign currency contracts | (0.1 | ) | Cost of product sold | 0.5 | |||||||
Interest rate swap contracts | (0.2 | ) | Interest expense, net | (4.2 | ) | ||||||
Total | $ | 4.8 | Total | $ | 0.5 | ||||||
For the Six Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | $ | (0.2 | ) | Sales | $ | 1.6 | |||||
Foreign currency contracts | (1.8 | ) | Cost of product sold | 0.2 | |||||||
Interest rate swap contracts | 2.6 | Interest expense, net | (4.1 | ) | |||||||
Total | $ | 0.6 | Total | $ | (2.3 | ) | |||||
For the Three Months Ended August 31, 2014 | |||||||||||
Foreign currency contracts | $ | (4.8 | ) | Sales | $ | 3 | |||||
Foreign currency contracts | (0.5 | ) | Cost of product sold | 0.2 | |||||||
Interest rate swap contracts | 0.3 | Interest expense, net | (2.2 | ) | |||||||
Total | $ | (5.0 | ) | Total | $ | 1 | |||||
For the Three Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | $ | 0.3 | Sales | $ | 0.7 | ||||||
Foreign currency contracts | (0.6 | ) | Cost of product sold | — | |||||||
Interest rate swap contracts | 1.4 | Interest expense, net | (2.0 | ) | |||||||
Total | $ | 1.1 | Total | $ | (1.3 | ) | |||||
Derivative Instruments in | Location of Net Gain | Net Gain | |||||||||
Designated Cash Flow | Recognized in Income | Recognized | |||||||||
Hedging Relationships | (Ineffective portion) | in Income | |||||||||
(Ineffective | |||||||||||
portion) | |||||||||||
(in millions) | |||||||||||
For the Six Months Ended August 31, 2014 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.2 | ||||||||
For the Six Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.2 | ||||||||
Commodity swap contracts | Selling, general and administrative expenses | 0.1 | |||||||||
$ | 0.3 | ||||||||||
For the Three Months Ended August 31, 2014 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.3 | ||||||||
For the Three Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | 0.1 | ||||||||
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 Six Months Ended August 31, 2014 | |||||||||||
Commodity swap contracts | Cost of product sold | $ | (2.6 | ) | |||||||
Foreign currency contracts | Selling, general and administrative expenses | (7.2 | ) | ||||||||
$ | (9.8 | ) | |||||||||
For the Six Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (2.6 | ) | |||||||
Commodity swap contracts | Selling, general and administrative expenses | 1.6 | |||||||||
$ | (1.0 | ) | |||||||||
For the Three Months Ended August 31, 2014 | |||||||||||
Commodity swap contracts | Cost of product sold | $ | (2.8 | ) | |||||||
Foreign currency contracts | Selling, general and administrative expenses | (1.5 | ) | ||||||||
$ | (4.3 | ) | |||||||||
For the Three Months Ended August 31, 2013 | |||||||||||
Foreign currency contracts | Selling, general and administrative expenses | $ | (0.6 | ) | |||||||
Commodity swap contracts | Selling, general and administrative expenses | 2.6 | |||||||||
$ | 2 | ||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 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: | ||||||||||||||||
August 31, 2014 | February 28, 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
(in millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash investments | $ | 104.3 | $ | 104.3 | $ | 63.9 | $ | 63.9 | ||||||||
Accounts receivable, net | $ | 656.9 | $ | 656.9 | $ | 626.2 | $ | 626.2 | ||||||||
Available-for-sale debt securities | $ | 9 | $ | 9 | $ | 8.8 | $ | 8.8 | ||||||||
Foreign currency contracts | $ | 16.7 | $ | 16.7 | $ | 18.9 | $ | 18.9 | ||||||||
Interest rate swap contracts | $ | 4.7 | $ | 4.7 | $ | 4.4 | $ | 4.4 | ||||||||
Commodity swap contracts | $ | 4 | $ | 4 | $ | 1.5 | $ | 1.5 | ||||||||
Liabilities: | ||||||||||||||||
Notes payable to banks | $ | 253 | $ | 246.7 | $ | 57.2 | $ | 57.2 | ||||||||
Accounts payable | $ | 441.9 | $ | 441.9 | $ | 295.2 | $ | 295.2 | ||||||||
Long-term debt, including current portion | $ | 6,938.90 | $ | 7,058.00 | $ | 6,963.30 | $ | 7,140.80 | ||||||||
Foreign currency contracts | $ | 6.7 | $ | 6.7 | $ | 4.8 | $ | 4.8 | ||||||||
Interest rate swap contracts | $ | 29.6 | $ | 29.6 | $ | 32.9 | $ | 32.9 | ||||||||
Commodity swap contracts | $ | 6.3 | $ | 6.3 | $ | 0.5 | $ | 0.5 | ||||||||
Financial assets and liabilities measured at estimated fair value on a recurring basis | ' | |||||||||||||||
The following table presents the Company’s financial assets and liabilities measured at estimated fair value on a recurring basis. | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in millions) | ||||||||||||||||
August 31, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
AFS debt securities | $ | — | $ | — | $ | 9 | $ | 9 | ||||||||
Foreign currency contracts | $ | — | $ | 16.7 | $ | — | $ | 16.7 | ||||||||
Interest rate swap contracts | $ | — | $ | 4.7 | $ | — | $ | 4.7 | ||||||||
Commodity swap contracts | $ | — | $ | 4 | $ | — | $ | 4 | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency contracts | $ | — | $ | 6.7 | $ | — | $ | 6.7 | ||||||||
Interest rate swap contracts | $ | — | $ | 29.6 | $ | — | $ | 29.6 | ||||||||
Commodity swap contracts | $ | — | $ | 6.3 | $ | — | $ | 6.3 | ||||||||
February 28, 2014 | ||||||||||||||||
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 | ||||||||
Assets and liabilities measured at estimated fair value on a nonrecurring basis | ' | |||||||||||||||
The following table presents the Company’s assets and liabilities measured at estimated fair value on a nonrecurring basis for which an impairment assessment was performed for the periods presented: | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Quoted | Significant | Significant | Total Losses | |||||||||||||
Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in millions) | ||||||||||||||||
For the Six Months Ended August 31, 2013 | ||||||||||||||||
Goodwill | $ | — | $ | — | $ | 159.6 | $ | 278.7 | ||||||||
Trademarks | — | — | 68.3 | 22.2 | ||||||||||||
$ | — | $ | — | $ | 227.9 | $ | 300.9 | |||||||||
For the Three Months Ended August 31, 2013 | ||||||||||||||||
Goodwill | $ | — | $ | — | $ | 159.6 | $ | 278.7 | ||||||||
Trademarks | — | — | 68.3 | 22.2 | ||||||||||||
$ | — | $ | — | $ | 227.9 | $ | 300.9 | |||||||||
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 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: | ||||||||||||||||
Beer | Wine and Spirits | Consolidation | Consolidated | |||||||||||||
and | ||||||||||||||||
Eliminations | ||||||||||||||||
(in millions) | ||||||||||||||||
Balance, February 28, 2013 | ||||||||||||||||
Goodwill | $ | 13 | $ | 2,722.30 | $ | (13.0 | ) | $ | 2,722.30 | |||||||
Accumulated impairment losses | — | — | — | — | ||||||||||||
13 | 2,722.30 | (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 | (1.2 | ) | (11.4 | ) | — | (12.6 | ) | |||||||||
Balance, February 28, 2014 | ||||||||||||||||
Goodwill | 3,714.60 | 2,693.50 | — | 6,408.10 | ||||||||||||
Accumulated impairment losses | — | (261.3 | ) | — | (261.3 | ) | ||||||||||
3,714.60 | 2,432.20 | — | 6,146.80 | |||||||||||||
Foreign currency translation adjustments | 0.6 | 1.9 | — | 2.5 | ||||||||||||
Balance, August 31, 2014 | ||||||||||||||||
Goodwill | 3,715.20 | 2,699.90 | — | 6,415.10 | ||||||||||||
Accumulated impairment losses | — | (265.8 | ) | — | (265.8 | ) | ||||||||||
$ | 3,715.20 | $ | 2,434.10 | $ | — | $ | 6,149.30 | |||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Major components of intangible assets | ' | |||||||||||||||
The major components of intangible assets are as follows: | ||||||||||||||||
August 31, 2014 | February 28, 2014 | |||||||||||||||
Gross | Net | Gross | Net | |||||||||||||
Carrying | Carrying | Carrying | Carrying | |||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||
(in millions) | ||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Customer relationships | $ | 103.9 | $ | 68 | $ | 103.6 | $ | 70.5 | ||||||||
Favorable interim supply agreement | 68.3 | 43.4 | 68.3 | 62.3 | ||||||||||||
Other | 21.5 | 8.7 | 14.7 | 5.3 | ||||||||||||
Total | $ | 193.7 | 120.1 | $ | 186.6 | 138.1 | ||||||||||
Nonamortizable intangible assets: | ||||||||||||||||
Trademarks | 3,088.30 | 3,088.00 | ||||||||||||||
Other | 5.1 | 5 | ||||||||||||||
Total | 3,093.40 | 3,093.00 | ||||||||||||||
Total intangible assets, net | $ | 3,213.50 | $ | 3,231.10 | ||||||||||||
Estimated amortization expense | ' | |||||||||||||||
Estimated amortization expense for the remaining six months of fiscal 2015 and for each of the five succeeding fiscal years and thereafter is as follows: | ||||||||||||||||
(in millions) | ||||||||||||||||
2015 | $ | 17.6 | ||||||||||||||
2016 | $ | 39.4 | ||||||||||||||
2017 | $ | 8.9 | ||||||||||||||
2018 | $ | 5.5 | ||||||||||||||
2019 | $ | 5.5 | ||||||||||||||
2020 | $ | 5.5 | ||||||||||||||
Thereafter | $ | 37.7 | ||||||||||||||
Other_Accrued_Expenses_and_Lia1
Other Accrued Expenses and Liabilities (Tables) | 6 Months Ended | |||||||
Aug. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Components of other accrued expenses and liabilities | ' | |||||||
The major components of other accrued expenses and liabilities are as follows: | ||||||||
August 31, | February 28, | |||||||
2014 | 2014 | |||||||
(in millions) | ||||||||
Promotions and advertising | $ | 110.2 | $ | 103.1 | ||||
Accrued interest | 87.6 | 56.9 | ||||||
Salaries, commissions, and payroll benefits and withholdings | 78.2 | 118.7 | ||||||
Income taxes payable | 77.7 | 45.4 | ||||||
Deferred revenue | 44.5 | 52.8 | ||||||
Beer Business Acquisition payable | 1.4 | 555.7 | ||||||
Other | 136.6 | 123 | ||||||
$ | 536.2 | $ | 1,055.60 | |||||
Borrowings_Tables
Borrowings (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Borrowings | ' | |||||||||||||||
Borrowings consist of the following: | ||||||||||||||||
August 31, 2014 | February 28, 2014 | |||||||||||||||
Current | Long-term | Total | Total | |||||||||||||
(in millions) | ||||||||||||||||
Notes Payable to Banks: | ||||||||||||||||
Senior Credit Facility – Revolving Credit Loans | $ | 110 | $ | — | $ | 110 | $ | — | ||||||||
Other | 143 | — | 143 | 57.2 | ||||||||||||
$ | 253 | $ | — | $ | 253 | $ | 57.2 | |||||||||
Long-term Debt: | ||||||||||||||||
Senior Credit Facility – Term Loans | $ | 97 | $ | 2,743.50 | $ | 2,840.50 | $ | 2,864.80 | ||||||||
Senior Notes | 499.8 | 3,548.20 | 4,048.00 | 4,047.30 | ||||||||||||
Other Long-term Debt | 18.9 | 31.5 | 50.4 | 51.2 | ||||||||||||
$ | 615.7 | $ | 6,323.20 | $ | 6,938.90 | $ | 6,963.30 | |||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 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 Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Income available to common stockholders | $ | 402.5 | $ | 1,574.90 | $ | 195.8 | $ | 1,522.00 | ||||||||
Weighted average common shares outstanding – basic: | ||||||||||||||||
Class A Common Stock | 168.663 | 163.277 | 169.158 | 164.825 | ||||||||||||
Class B Convertible Common Stock | 23.408 | 23.485 | 23.401 | 23.472 | ||||||||||||
Weighted average common shares outstanding – diluted: | ||||||||||||||||
Class A Common Stock | 168.663 | 163.277 | 169.158 | 164.825 | ||||||||||||
Class B Convertible Common Stock | 23.408 | 23.485 | 23.401 | 23.472 | ||||||||||||
Stock-based awards, primarily stock options | 8.508 | 9.294 | 8.241 | 8.47 | ||||||||||||
Weighted average common shares outstanding – diluted | 200.579 | 196.056 | 200.8 | 196.767 | ||||||||||||
Earnings per common share – basic: | ||||||||||||||||
Class A Common Stock | $ | 2.12 | $ | 8.53 | $ | 1.03 | $ | 8.18 | ||||||||
Class B Convertible Common Stock | $ | 1.93 | $ | 7.75 | $ | 0.93 | $ | 7.43 | ||||||||
Earnings per common share – diluted: | ||||||||||||||||
Class A Common Stock | $ | 2.01 | $ | 8.03 | $ | 0.98 | $ | 7.74 | ||||||||
Class B Convertible Common Stock | $ | 1.84 | $ | 7.38 | $ | 0.9 | $ | 7.11 | ||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 6 Months Ended | |||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Reconciliation of net income to comprehensive income | ' | |||||||||||||||||||
The reconciliation of net income to comprehensive income is as follows: | ||||||||||||||||||||
Before Tax | Tax (Expense) Benefit | Net of Tax | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the Six Months Ended August 31, 2014 | ||||||||||||||||||||
Net income | $ | 402.5 | ||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net gains | $ | 15.8 | $ | (1.2 | ) | 14.6 | ||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive income | 15.8 | (1.2 | ) | 14.6 | ||||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative gains | 6.4 | (1.6 | ) | 4.8 | ||||||||||||||||
Reclassification adjustments | (0.1 | ) | (0.6 | ) | (0.7 | ) | ||||||||||||||
Net gain recognized in other comprehensive income | 6.3 | (2.2 | ) | 4.1 | ||||||||||||||||
Unrealized gain on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities gains | 0.2 | (0.1 | ) | 0.1 | ||||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive income | 0.2 | (0.1 | ) | 0.1 | ||||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | — | — | — | |||||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive income | — | — | — | |||||||||||||||||
Other comprehensive income | $ | 22.3 | $ | (3.5 | ) | 18.8 | ||||||||||||||
Total comprehensive income | $ | 421.3 | ||||||||||||||||||
For the Six Months Ended August 31, 2013 | ||||||||||||||||||||
Net income | $ | 1,574.90 | ||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (66.4 | ) | $ | (1.6 | ) | (68.0 | ) | ||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (66.4 | ) | (1.6 | ) | (68.0 | ) | ||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative gains | 2.4 | (1.8 | ) | 0.6 | ||||||||||||||||
Reclassification adjustments | 3.6 | (1.6 | ) | 2 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 6 | (3.4 | ) | 2.6 | ||||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities losses | (2.9 | ) | (0.1 | ) | (3.0 | ) | ||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (2.9 | ) | (0.1 | ) | (3.0 | ) | ||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | 0.6 | (0.2 | ) | 0.4 | ||||||||||||||||
Reclassification adjustments | 0.6 | (0.1 | ) | 0.5 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 1.2 | (0.3 | ) | 0.9 | ||||||||||||||||
Other comprehensive loss | $ | (62.1 | ) | $ | (5.4 | ) | (67.5 | ) | ||||||||||||
Total comprehensive income | $ | 1,507.40 | ||||||||||||||||||
Before Tax | Tax (Expense) Benefit | Net of Tax | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the Three Months Ended August 31, 2014 | ||||||||||||||||||||
Net income | $ | 195.8 | ||||||||||||||||||
Other comprehensive loss: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (21.7 | ) | $ | (0.5 | ) | (22.2 | ) | ||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (21.7 | ) | (0.5 | ) | (22.2 | ) | ||||||||||||||
Unrealized loss on cash flow hedges: | ||||||||||||||||||||
Net derivative losses | (7.2 | ) | 2.2 | (5.0 | ) | |||||||||||||||
Reclassification adjustments | (1.5 | ) | 0.2 | (1.3 | ) | |||||||||||||||
Net loss recognized in other comprehensive loss | (8.7 | ) | 2.4 | (6.3 | ) | |||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities losses | (0.1 | ) | — | (0.1 | ) | |||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (0.1 | ) | — | (0.1 | ) | |||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | — | — | — | |||||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net gain recognized in other comprehensive loss | — | — | — | |||||||||||||||||
Other comprehensive loss | $ | (30.5 | ) | $ | 1.9 | (28.6 | ) | |||||||||||||
Total comprehensive income | $ | 167.2 | ||||||||||||||||||
For the Three Months Ended August 31, 2013 | ||||||||||||||||||||
Net income | $ | 1,522.00 | ||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net losses | $ | (44.1 | ) | $ | (1.1 | ) | (45.2 | ) | ||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (44.1 | ) | (1.1 | ) | (45.2 | ) | ||||||||||||||
Unrealized gain on cash flow hedges: | ||||||||||||||||||||
Net derivative gains | 2.4 | (1.3 | ) | 1.1 | ||||||||||||||||
Reclassification adjustments | 2.1 | (0.9 | ) | 1.2 | ||||||||||||||||
Net gain recognized in other comprehensive loss | 4.5 | (2.2 | ) | 2.3 | ||||||||||||||||
Unrealized loss on AFS debt securities: | ||||||||||||||||||||
Net AFS debt securities losses | (1.7 | ) | — | (1.7 | ) | |||||||||||||||
Reclassification adjustments | — | — | — | |||||||||||||||||
Net loss recognized in other comprehensive loss | (1.7 | ) | — | (1.7 | ) | |||||||||||||||
Pension/postretirement adjustments: | ||||||||||||||||||||
Net actuarial gains | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||
Reclassification adjustments | 0.3 | — | 0.3 | |||||||||||||||||
Net gain recognized in other comprehensive loss | 0.7 | (0.1 | ) | 0.6 | ||||||||||||||||
Other comprehensive loss | $ | (40.6 | ) | $ | (3.4 | ) | (44.0 | ) | ||||||||||||
Total comprehensive income | $ | 1,478.00 | ||||||||||||||||||
Accumulated other comprehensive income (loss), net of income tax effect | ' | |||||||||||||||||||
Accumulated other comprehensive income (loss) (“AOCI”), net of income tax effect, includes the following components: | ||||||||||||||||||||
Foreign | Net | Net | Pension/ | Accumulated | ||||||||||||||||
Currency | Unrealized | Unrealized | Postretirement | Other | ||||||||||||||||
Translation | (Losses) Gains on | (Losses) Gains | Adjustments | Comprehensive | ||||||||||||||||
Adjustments | Derivative Instruments | on AFS Debt | Income | |||||||||||||||||
Securities | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Balance, February 28, 2014 | $ | 103.6 | $ | (8.9 | ) | $ | (1.5 | ) | $ | (7.2 | ) | $ | 86 | |||||||
Other comprehensive income: | ||||||||||||||||||||
Other comprehensive income before reclassification adjustments | 14.6 | 4.8 | 0.1 | — | 19.5 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (0.7 | ) | — | — | (0.7 | ) | |||||||||||||
Other comprehensive income | 14.6 | 4.1 | 0.1 | — | 18.8 | |||||||||||||||
Balance, August 31, 2014 | $ | 118.2 | $ | (4.8 | ) | $ | (1.4 | ) | $ | (7.2 | ) | $ | 104.8 | |||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 6 Months Ended | |||||||||||||||||||
Aug. 31, 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 August 31, 2014 | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash investments | $ | 13.7 | $ | 0.7 | $ | 89.9 | $ | — | $ | 104.3 | ||||||||||
Accounts receivable, net | 0.3 | 6.8 | 649.7 | 0.1 | 656.9 | |||||||||||||||
Inventories | 158.2 | 1,294.40 | 404.7 | (78.4 | ) | 1,778.90 | ||||||||||||||
Intercompany receivable | 10,723.10 | 15,121.00 | 4,970.60 | (30,814.7 | ) | — | ||||||||||||||
Prepaid expenses and other | 47.3 | 54.4 | 682.7 | (486.4 | ) | 298 | ||||||||||||||
Total current assets | 10,942.60 | 16,477.30 | 6,797.60 | (31,379.4 | ) | 2,838.10 | ||||||||||||||
Property, plant and equipment, net | 51.9 | 861.3 | 1,386.70 | — | 2,299.90 | |||||||||||||||
Investments in subsidiaries | 11,384.40 | 11.9 | — | (11,396.3 | ) | — | ||||||||||||||
Goodwill | — | 5,411.30 | 738 | — | 6,149.30 | |||||||||||||||
Intangible assets, net | — | 708.4 | 2,501.80 | 3.3 | 3,213.50 | |||||||||||||||
Intercompany notes receivable | 3,715.00 | 9.8 | — | (3,724.8 | ) | — | ||||||||||||||
Other assets, net | 57 | 69.9 | 29.7 | — | 156.6 | |||||||||||||||
Total assets | $ | 26,150.90 | $ | 23,549.90 | $ | 11,453.80 | $ | (46,497.2 | ) | $ | 14,657.40 | |||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable to banks | $ | — | $ | — | $ | 253 | $ | — | $ | 253 | ||||||||||
Current maturities of long-term debt | 563.1 | 17.2 | 35.4 | — | 615.7 | |||||||||||||||
Accounts payable | 26.6 | 169.6 | 245.7 | — | 441.9 | |||||||||||||||
Accrued excise taxes | 14.5 | 10.1 | 4.9 | — | 29.5 | |||||||||||||||
Intercompany payable | 14,396.00 | 11,167.30 | 5,251.40 | (30,814.7 | ) | — | ||||||||||||||
Other accrued expenses and liabilities | 752.4 | 129.1 | 165.8 | (511.1 | ) | 536.2 | ||||||||||||||
Total current liabilities | 15,752.60 | 11,493.30 | 5,956.20 | (31,325.8 | ) | 1,876.30 | ||||||||||||||
Long-term debt, less current maturities | 4,861.70 | 30.4 | 1,431.10 | — | 6,323.20 | |||||||||||||||
Deferred income taxes | 18.3 | 602.7 | 194 | — | 815 | |||||||||||||||
Intercompany notes payable | — | 3,702.00 | 22.8 | (3,724.8 | ) | — | ||||||||||||||
Other liabilities | 30.9 | 24.2 | 100.4 | — | 155.5 | |||||||||||||||
Stockholders’ equity | 5,487.40 | 7,697.30 | 3,749.30 | (11,446.6 | ) | 5,487.40 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 26,150.90 | $ | 23,549.90 | $ | 11,453.80 | $ | (46,497.2 | ) | $ | 14,657.40 | |||||||||
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 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ' | |||||||||||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2014 | ||||||||||||||||||||
Sales | $ | 1,139.20 | $ | 2,659.50 | $ | 1,605.40 | $ | (1,947.0 | ) | $ | 3,457.10 | |||||||||
Less – excise taxes | (153.2 | ) | (139.1 | ) | (34.7 | ) | — | (327.0 | ) | |||||||||||
Net sales | 986 | 2,520.40 | 1,570.70 | (1,947.0 | ) | 3,130.10 | ||||||||||||||
Cost of product sold | (796.9 | ) | (1,906.4 | ) | (1,012.9 | ) | 1,928.20 | (1,788.0 | ) | |||||||||||
Gross profit | 189.1 | 614 | 557.8 | (18.8 | ) | 1,342.10 | ||||||||||||||
Selling, general and administrative expenses | (194.1 | ) | (301.0 | ) | (83.5 | ) | 7.4 | (571.2 | ) | |||||||||||
Operating (loss) income | (5.0 | ) | 313 | 474.3 | (11.4 | ) | 770.9 | |||||||||||||
Equity in earnings (losses) of equity method investees and subsidiaries | 509 | 1.8 | 0.6 | (511.5 | ) | (0.1 | ) | |||||||||||||
Interest income | — | — | 0.6 | — | 0.6 | |||||||||||||||
Intercompany interest income | 88.5 | 103.8 | 0.2 | (192.5 | ) | — | ||||||||||||||
Interest expense | (146.0 | ) | (0.7 | ) | (25.3 | ) | — | (172.0 | ) | |||||||||||
Intercompany interest expense | (103.5 | ) | (88.4 | ) | (0.6 | ) | 192.5 | — | ||||||||||||
Loss on write-off of financing costs | — | — | (4.4 | ) | — | (4.4 | ) | |||||||||||||
Income before income taxes | 343 | 329.5 | 445.4 | (522.9 | ) | 595 | ||||||||||||||
Benefit from (provision for) income taxes | 59.5 | (123.1 | ) | (132.4 | ) | 3.5 | (192.5 | ) | ||||||||||||
Net income | $ | 402.5 | $ | 206.4 | $ | 313 | $ | (519.4 | ) | $ | 402.5 | |||||||||
Comprehensive income | $ | 421.3 | $ | 207.5 | $ | 329.4 | $ | (536.9 | ) | $ | 421.3 | |||||||||
Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2013 | ||||||||||||||||||||
Sales | $ | 1,121.80 | $ | 1,633.40 | $ | 821.6 | $ | (1,197.3 | ) | $ | 2,379.50 | |||||||||
Less – excise taxes | (153.3 | ) | (59.1 | ) | (33.9 | ) | — | (246.3 | ) | |||||||||||
Net sales | 968.5 | 1,574.30 | 787.7 | (1,197.3 | ) | 2,133.20 | ||||||||||||||
Cost of product sold | (825.0 | ) | (1,092.7 | ) | (539.9 | ) | 1,157.50 | (1,300.1 | ) | |||||||||||
Gross profit | 143.5 | 481.6 | 247.8 | (39.8 | ) | 833.1 | ||||||||||||||
Selling, general and administrative expenses | (219.4 | ) | (144.5 | ) | (74.1 | ) | 8.3 | (429.7 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | (300.9 | ) | — | (300.9 | ) | |||||||||||||
Gain on remeasurement to fair value of equity method investment | — | 1,642.00 | — | — | 1,642.00 | |||||||||||||||
Operating (loss) income | (75.9 | ) | 1,979.10 | (127.2 | ) | (31.5 | ) | 1,744.50 | ||||||||||||
Equity in earnings of equity method investees and subsidiaries | 1,722.80 | 74.1 | 0.2 | (1,726.8 | ) | 70.3 | ||||||||||||||
Interest income | 0.1 | — | 3.8 | — | 3.9 | |||||||||||||||
Intercompany interest income | 70.7 | 77.9 | 0.8 | (149.4 | ) | — | ||||||||||||||
Interest expense | (130.8 | ) | (3.0 | ) | (15.2 | ) | — | (149.0 | ) | |||||||||||
Intercompany interest expense | (82.7 | ) | (66.4 | ) | (0.3 | ) | 149.4 | — | ||||||||||||
Income (loss) before income taxes | 1,504.20 | 2,061.70 | (137.9 | ) | (1,758.3 | ) | 1,669.70 | |||||||||||||
Benefit from (provision for) income taxes | 70.7 | (153.0 | ) | (21.7 | ) | 9.2 | (94.8 | ) | ||||||||||||
Net income (loss) | $ | 1,574.90 | $ | 1,908.70 | $ | (159.6 | ) | $ | (1,749.1 | ) | $ | 1,574.90 | ||||||||
Comprehensive income (loss) | $ | 1,507.40 | $ | 1,915.80 | $ | (234.4 | ) | $ | (1,681.4 | ) | $ | 1,507.40 | ||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2014 | ||||||||||||||||||||
Sales | $ | 594.7 | $ | 1,357.20 | $ | 791.4 | $ | (973.3 | ) | $ | 1,770.00 | |||||||||
Less – excise taxes | (76.9 | ) | (71.5 | ) | (17.5 | ) | — | (165.9 | ) | |||||||||||
Net sales | 517.8 | 1,285.70 | 773.9 | (973.3 | ) | 1,604.10 | ||||||||||||||
Cost of product sold | (418.6 | ) | (983.1 | ) | (504.2 | ) | 973.8 | (932.1 | ) | |||||||||||
Gross profit | 99.2 | 302.6 | 269.7 | 0.5 | 672 | |||||||||||||||
Selling, general and administrative expenses | (101.2 | ) | (152.5 | ) | (43.1 | ) | 3.5 | (293.3 | ) | |||||||||||
Operating (loss) income | (2.0 | ) | 150.1 | 226.6 | 4 | 378.7 | ||||||||||||||
Equity in earnings (losses) of equity method investees and subsidiaries | 3.2 | 0.3 | 0.4 | (4.5 | ) | (0.6 | ) | |||||||||||||
Interest income | — | — | 0.1 | — | 0.1 | |||||||||||||||
Intercompany interest income | 44.4 | 54.5 | 0.1 | (99.0 | ) | — | ||||||||||||||
Interest expense | (74.1 | ) | (0.4 | ) | (10.6 | ) | — | (85.1 | ) | |||||||||||
Intercompany interest expense | (54.3 | ) | (44.3 | ) | (0.4 | ) | 99 | — | ||||||||||||
Loss on write-off of financing costs | — | — | (4.4 | ) | — | (4.4 | ) | |||||||||||||
(Loss) income before income taxes | (82.8 | ) | 160.2 | 211.8 | (0.5 | ) | 288.7 | |||||||||||||
Benefit from (provision for) income taxes | 278.6 | (60.6 | ) | (309.8 | ) | (1.1 | ) | (92.9 | ) | |||||||||||
Net income (loss) | $ | 195.8 | $ | 99.6 | $ | (98.0 | ) | $ | (1.6 | ) | $ | 195.8 | ||||||||
Comprehensive income (loss) | $ | 167.2 | $ | 99 | $ | (128.4 | ) | $ | 29.4 | $ | 167.2 | |||||||||
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2013 | ||||||||||||||||||||
Sales | $ | 569.3 | $ | 1,243.10 | $ | 607.7 | $ | (806.8 | ) | $ | 1,613.30 | |||||||||
Less – excise taxes | (75.2 | ) | (61.1 | ) | (17.2 | ) | — | (153.5 | ) | |||||||||||
Net sales | 494.1 | 1,182.00 | 590.5 | (806.8 | ) | 1,459.80 | ||||||||||||||
Cost of product sold | (425.0 | ) | (817.6 | ) | (413.4 | ) | 773.2 | (882.8 | ) | |||||||||||
Gross profit | 69.1 | 364.4 | 177.1 | (33.6 | ) | 577 | ||||||||||||||
Selling, general and administrative expenses | (100.4 | ) | (115.6 | ) | (32.2 | ) | 4.1 | (244.1 | ) | |||||||||||
Impairment of goodwill and intangible assets | — | — | (300.9 | ) | — | (300.9 | ) | |||||||||||||
Gain on remeasurement to fair value of equity method investment | — | 1,642.00 | — | — | 1,642.00 | |||||||||||||||
Operating (loss) income | (31.3 | ) | 1,890.80 | (156.0 | ) | (29.5 | ) | 1,674.00 | ||||||||||||
Equity in earnings of equity method investees and subsidiaries | 1,589.00 | 7.7 | 0.1 | (1,593.1 | ) | 3.7 | ||||||||||||||
Interest income | 0.1 | — | 1.9 | — | 2 | |||||||||||||||
Intercompany interest income | 44.9 | 41.2 | 0.4 | (86.5 | ) | — | ||||||||||||||
Interest expense | (77.4 | ) | (0.3 | ) | (14.6 | ) | — | (92.3 | ) | |||||||||||
Intercompany interest expense | (43.7 | ) | (42.6 | ) | (0.2 | ) | 86.5 | — | ||||||||||||
Income (loss) before income taxes | 1,481.60 | 1,896.80 | (168.4 | ) | (1,622.6 | ) | 1,587.40 | |||||||||||||
Benefit from (provision for) income taxes | 40.4 | (91.0 | ) | (23.4 | ) | 8.6 | (65.4 | ) | ||||||||||||
Net income (loss) | $ | 1,522.00 | $ | 1,805.80 | $ | (191.8 | ) | $ | (1,614.0 | ) | $ | 1,522.00 | ||||||||
Comprehensive income (loss) | $ | 1,478.00 | $ | 1,809.50 | $ | (239.8 | ) | $ | (1,569.7 | ) | $ | 1,478.00 | ||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2014 | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (224.8 | ) | $ | 393.2 | $ | 499.7 | $ | — | $ | 668.1 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (13.3 | ) | (54.5 | ) | (240.4 | ) | — | (308.2 | ) | |||||||||||
Net proceeds from intercompany notes | 207.9 | — | — | (207.9 | ) | — | ||||||||||||||
Net investments in equity affiliates | (46.4 | ) | — | — | 46.4 | — | ||||||||||||||
Other investing activities | — | (5.7 | ) | 7.7 | — | 2 | ||||||||||||||
Net cash provided by (used in) investing activities | 148.2 | (60.2 | ) | (232.7 | ) | (161.5 | ) | (306.2 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments of dividends | — | — | (24.9 | ) | 24.9 | — | ||||||||||||||
Net (returns of capital to) contributions from equity affiliates | — | (16.6 | ) | 87.9 | (71.3 | ) | — | |||||||||||||
Net proceeds from (repayments of) intercompany notes | 20.6 | (281.7 | ) | 53.2 | 207.9 | — | ||||||||||||||
Payment of delayed purchase price arrangement | — | — | (543.3 | ) | — | (543.3 | ) | |||||||||||||
Principal payments of long-term debt | (16.8 | ) | (8.7 | ) | (8.9 | ) | — | (34.4 | ) | |||||||||||
Payments of minimum tax withholdings on stock-based payment awards | — | (26.1 | ) | (2.3 | ) | — | (28.4 | ) | ||||||||||||
Payments of financing costs of long-term debt | (0.1 | ) | — | (1.9 | ) | — | (2.0 | ) | ||||||||||||
Net proceeds from notes payable | — | — | 197 | — | 197 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 64 | — | — | — | 64 | |||||||||||||||
Proceeds from exercises of employee stock options | 18.3 | — | — | — | 18.3 | |||||||||||||||
Proceeds from employee stock purchases | 3.8 | — | — | — | 3.8 | |||||||||||||||
Net cash provided by (used in) financing activities | 89.8 | (333.1 | ) | (243.2 | ) | 161.5 | (325.0 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash investments | — | — | 3.5 | — | 3.5 | |||||||||||||||
Net increase (decrease) in cash and cash investments | 13.2 | (0.1 | ) | 27.3 | — | 40.4 | ||||||||||||||
Cash and cash investments, beginning of period | 0.5 | 0.8 | 62.6 | — | 63.9 | |||||||||||||||
Cash and cash investments, end of period | $ | 13.7 | $ | 0.7 | $ | 89.9 | $ | — | $ | 104.3 | ||||||||||
Parent | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Nonguarantors | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2013 | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (138.9 | ) | $ | 704.3 | $ | (57.6 | ) | $ | (18.8 | ) | $ | 489 | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (5.0 | ) | (33.1 | ) | (11.1 | ) | — | (49.2 | ) | |||||||||||
Purchase of business, net of cash acquired | — | (1,770.1 | ) | (2,902.8 | ) | — | (4,672.9 | ) | ||||||||||||
Net proceeds from intercompany notes | 695.3 | — | — | (695.3 | ) | — | ||||||||||||||
Net investments in equity affiliates | (1,149.7 | ) | — | — | 1,149.70 | — | ||||||||||||||
Other investing activities | — | 2.5 | 0.2 | — | 2.7 | |||||||||||||||
Net cash used in investing activities | (459.4 | ) | (1,800.7 | ) | (2,913.7 | ) | 454.4 | (4,719.4 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments of dividends | — | — | (18.8 | ) | 18.8 | — | ||||||||||||||
Net (returns of capital to) contributions from equity affiliates | — | (139.7 | ) | 1,289.40 | (1,149.7 | ) | — | |||||||||||||
Net (repayments of) proceeds from intercompany notes | (1,945.0 | ) | 1,260.70 | (11.0 | ) | 695.3 | — | |||||||||||||
Principal payments of long-term debt | (2.3 | ) | (7.6 | ) | — | — | (9.9 | ) | ||||||||||||
Payments of minimum tax withholdings on stock-based payment awards | — | (16.4 | ) | (1.6 | ) | — | (18.0 | ) | ||||||||||||
Payments of financing costs of long-term debt | (69.6 | ) | — | (12.6 | ) | — | (82.2 | ) | ||||||||||||
Net proceeds from notes payable | 78 | — | 194.1 | — | 272.1 | |||||||||||||||
Excess tax benefits from stock-based payment awards | 53.8 | — | — | — | 53.8 | |||||||||||||||
Proceeds from exercises of employee stock options | 77.5 | — | — | — | 77.5 | |||||||||||||||
Proceeds from employee stock purchases | 2.5 | — | — | — | 2.5 | |||||||||||||||
Proceeds from issuance of long-term debt | 2,225.00 | — | 1,500.00 | — | 3,725.00 | |||||||||||||||
Net cash provided by financing activities | 419.9 | 1,097.00 | 2,939.50 | (435.6 | ) | 4,020.80 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (5.1 | ) | — | (5.1 | ) | |||||||||||||
and cash investments | ||||||||||||||||||||
Net (decrease) increase in cash and cash investments | (178.4 | ) | 0.6 | (36.9 | ) | — | (214.7 | ) | ||||||||||||
Cash and cash investments, beginning of period | 185.8 | 0.7 | 145 | — | 331.5 | |||||||||||||||
Cash and cash investments, end of period | $ | 7.4 | $ | 1.3 | $ | 108.1 | $ | — | $ | 116.8 | ||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Unusual items | ' | |||||||||||||||
For the six months and three months ended August 31, 2014, and August 31, 2013, Unusual Items included in consolidated operating income consist of: | ||||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Net Sales | ||||||||||||||||
Product recall | $ | 3.5 | $ | — | $ | 3.5 | $ | — | ||||||||
Cost of Product Sold | ||||||||||||||||
Amortization of favorable interim supply agreement | 18.9 | 2.1 | 11.3 | 2.1 | ||||||||||||
Product recall | 5.4 | — | 5.4 | — | ||||||||||||
Flow through of inventory step-up | — | 11 | — | 9.5 | ||||||||||||
Other costs | 5.9 | — | 5.6 | — | ||||||||||||
Total Cost of Product Sold | 30.2 | 13.1 | 22.3 | 11.6 | ||||||||||||
Selling, General and Administrative Expenses | ||||||||||||||||
Transaction, integration and other acquisition-related costs | 13.1 | 34.9 | 8.6 | 7.4 | ||||||||||||
Product recall | 0.3 | — | 0.3 | — | ||||||||||||
Deferred compensation | — | 7 | — | — | ||||||||||||
Restructuring charges and other | — | (2.9 | ) | — | — | |||||||||||
Total Selling, General and Administrative Expenses | 13.4 | 39 | 8.9 | 7.4 | ||||||||||||
Impairment of Goodwill and Intangible Assets | — | 300.9 | — | 300.9 | ||||||||||||
Gain on Remeasurement to Fair Value of Equity Method Investment | — | (1,642.0 | ) | — | (1,642.0 | ) | ||||||||||
Unusual Items | $ | 47.1 | $ | (1,289.0 | ) | $ | 34.7 | $ | (1,322.1 | ) | ||||||
Segment information | ' | |||||||||||||||
Segment information is as follows: | ||||||||||||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Beer | ||||||||||||||||
Net sales | $ | 1,759.50 | $ | 1,576.20 | $ | 891.8 | $ | 814.6 | ||||||||
Segment operating income | $ | 558.6 | $ | 360.4 | $ | 271.1 | $ | 226.4 | ||||||||
Long-lived tangible assets | $ | 1,060.60 | $ | 668.7 | $ | 1,060.60 | $ | 668.7 | ||||||||
Total assets | $ | 7,713.30 | $ | 7,294.50 | $ | 7,713.30 | $ | 7,294.50 | ||||||||
Capital expenditures | $ | 228.8 | $ | 3.6 | $ | 143.5 | $ | 3.3 | ||||||||
Depreciation and amortization | $ | 19.9 | $ | 11 | $ | 10.1 | $ | 10.5 | ||||||||
Wine and Spirits | ||||||||||||||||
Net sales: | ||||||||||||||||
Wine | $ | 1,227.10 | $ | 1,226.40 | $ | 640.7 | $ | 629.1 | ||||||||
Spirits | 147 | 144 | 75.1 | 67.9 | ||||||||||||
Net sales | $ | 1,374.10 | $ | 1,370.40 | $ | 715.8 | $ | 697 | ||||||||
Segment operating income | $ | 312.9 | $ | 285.8 | $ | 169.7 | $ | 158.2 | ||||||||
Equity in (losses) earnings of equity method investees | $ | (0.1 | ) | $ | 0.1 | $ | (0.6 | ) | $ | (0.6 | ) | |||||
Long-lived tangible assets | $ | 1,107.50 | $ | 1,081.30 | $ | 1,107.50 | $ | 1,081.30 | ||||||||
Investments in equity method investees | $ | 72 | $ | 73.2 | $ | 72 | $ | 73.2 | ||||||||
Total assets | $ | 6,610.00 | $ | 6,403.10 | $ | 6,610.00 | $ | 6,403.10 | ||||||||
Capital expenditures | $ | 51.5 | $ | 35.6 | $ | 20.2 | $ | 19.1 | ||||||||
Depreciation and amortization | $ | 50.9 | $ | 47.5 | $ | 25.3 | $ | 23.4 | ||||||||
Corporate Operations and Other | ||||||||||||||||
Segment operating loss | $ | (53.5 | ) | $ | (48.1 | ) | $ | (27.4 | ) | $ | (24.1 | ) | ||||
Long-lived tangible assets | $ | 131.8 | $ | 120.4 | $ | 131.8 | $ | 120.4 | ||||||||
Total assets | $ | 334.1 | $ | 425.2 | $ | 334.1 | $ | 425.2 | ||||||||
Capital expenditures | $ | 27.9 | $ | 10.3 | $ | 13.1 | $ | 4.8 | ||||||||
Depreciation and amortization | $ | 13.3 | $ | 11.1 | $ | 6.8 | $ | 6.2 | ||||||||
Unusual Items | ||||||||||||||||
Net sales | $ | (3.5 | ) | $ | — | $ | (3.5 | ) | $ | — | ||||||
Operating (loss) income | $ | (47.1 | ) | $ | 1,289.00 | $ | (34.7 | ) | $ | 1,322.10 | ||||||
Equity in losses of equity method investees | $ | — | $ | (0.1 | ) | $ | — | $ | — | |||||||
Depreciation and amortization | $ | 18.9 | $ | 2.1 | $ | 11.3 | $ | 2.1 | ||||||||
Consolidation and Eliminations | ||||||||||||||||
Net sales | $ | — | $ | (813.4 | ) | $ | — | $ | (51.8 | ) | ||||||
Operating income | $ | — | $ | (142.6 | ) | $ | — | $ | (8.6 | ) | ||||||
Equity in earnings of Crown Imports | $ | — | $ | 70.3 | $ | — | $ | 4.3 | ||||||||
Capital expenditures | $ | — | $ | (0.3 | ) | $ | — | $ | — | |||||||
Depreciation and amortization | $ | — | $ | (0.5 | ) | $ | — | $ | — | |||||||
For the Six Months | For the Three Months | |||||||||||||||
Ended August 31, | Ended August 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Consolidated | ||||||||||||||||
Net sales | $ | 3,130.10 | $ | 2,133.20 | $ | 1,604.10 | $ | 1,459.80 | ||||||||
Operating income | $ | 770.9 | $ | 1,744.50 | $ | 378.7 | $ | 1,674.00 | ||||||||
Equity in (losses) earnings of equity method investees | $ | (0.1 | ) | $ | 70.3 | $ | (0.6 | ) | $ | 3.7 | ||||||
Long-lived tangible assets | $ | 2,299.90 | $ | 1,870.40 | $ | 2,299.90 | $ | 1,870.40 | ||||||||
Investments in equity method investees | $ | 72 | $ | 73.2 | $ | 72 | $ | 73.2 | ||||||||
Total assets | $ | 14,657.40 | $ | 14,122.80 | $ | 14,657.40 | $ | 14,122.80 | ||||||||
Capital expenditures | $ | 308.2 | $ | 49.2 | $ | 176.8 | $ | 27.2 | ||||||||
Depreciation and amortization | $ | 103 | $ | 71.2 | $ | 53.5 | $ | 42.2 | ||||||||
Acquisition_Details
Acquisition (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||
In Millions, unless otherwise specified | Aug. 31, 2014 | Feb. 28, 2014 | Feb. 28, 2013 | Aug. 31, 2014 | Feb. 28, 2014 | Feb. 28, 2013 | Jun. 07, 2013 | Aug. 31, 2013 | Jun. 07, 2013 |
Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Beer Business Acquisition [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 | 6,415.10 | 6,408.10 | 2,722.30 | 3,715.20 | 3,714.60 | 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 estimated fair value | ' | ' | ' | ' | ' | ' | ' | ' | 7,178.20 |
Less - fair value of the Company's preexisting 50% equity interest in Crown Imports | 0 | ' | ' | ' | ' | ' | 1,845 | 1,845 | ' |
Less - cash acquired | 0 | ' | ' | ' | ' | ' | -106.8 | -106.8 | -106.8 |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | $5,226.40 |
Acquisition_Details_1
Acquisition (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Net sales | $1,604.10 | $1,459.80 | $3,130.10 | $2,133.20 |
Income before income taxes | 288.7 | 1,587.40 | 595 | 1,669.70 |
Net income | 195.8 | 1,522 | 402.5 | 1,574.90 |
Class A Common Stock [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Earnings per common share - basic | $1.03 | $8.18 | $2.12 | $8.53 |
Earnings per common share - diluted | $0.98 | $7.74 | $2.01 | $8.03 |
Weighted average common shares outstanding - basic | 169,158 | 164,825 | 168,663 | 163,277 |
Weighted average common shares outstanding - diluted | 200,800 | 196,767 | 200,579 | 196,056 |
Class B Convertible Common Stock [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Earnings per common share - basic | $0.93 | $7.43 | $1.93 | $7.75 |
Earnings per common share - diluted | $0.90 | $7.11 | $1.84 | $7.38 |
Weighted average common shares outstanding - basic | 23,401 | 23,472 | 23,408 | 23,485 |
Weighted average common shares outstanding - diluted | 23,401 | 23,472 | 23,408 | 23,485 |
Beer Business Acquisition [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Net sales, pro forma | ' | 1,511.60 | ' | 2,750.60 |
Income (loss) before income taxes, pro forma | ' | -43.5 | ' | 162.9 |
Net income (loss), pro forma | ' | ($112.80) | ' | $22.50 |
Beer Business Acquisition [Member] | Class A Common Stock [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Earnings (loss) per common share - basic, pro forma | ' | ($0.61) | ' | $0.12 |
Earnings (loss) per common share - diluted, pro forma | ' | ($0.61) | ' | $0.11 |
Beer Business Acquisition [Member] | Class B Convertible Common Stock [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Earnings (loss) per common share - basic, pro forma | ' | ($0.55) | ' | $0.11 |
Earnings (loss) per common share - diluted, pro forma | ' | ($0.55) | ' | $0.11 |
Acquisition_Details_Textual
Acquisition (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Jun. 06, 2014 | Feb. 28, 2014 | Jun. 07, 2013 | Jun. 05, 2013 | Feb. 28, 2013 | Jun. 05, 2013 | Jun. 06, 2014 | Aug. 31, 2014 | Jun. 06, 2014 | 27-May-14 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Aug. 31, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Aug. 31, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Oct. 31, 2014 | |
Crown Imports [Member] | Other [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [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] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Beer Business Acquisition [Member] | Crown Acquisition [Member] | Glass Production Plant [Member] | ||||||||||
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] | U.S. Term A-2 Facility [Member] | U.S. Term A-2 Facility [Member] | Crown Imports [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Beer [Member] | Beer [Member] | Beer [Member] | Beer [Member] | Beer [Member] | Beer [Member] | ||||||||||||||||||||||||||||||||
l | Trademarks [Member] | Customer Relationships [Member] | Copyrights [Member] | Distribution Rights [Member] | Favorable Interim Supply Agreement [Member] | ||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,226,400,000 | ' | ' | ' | ' | ' | ' | $300,000,000 |
Cash paid at closing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,745,000,000 | ' | ' | ' | ' | ' | ' | ' |
Cash acquired | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106,800,000 | ' | ' | ' | 106,800,000 | ' | 106,800,000 | ' | ' | ' | ' | ' | ' | ' |
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 | 3,712,300,000 | ' | 3,712,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 850,000,000 | ' | 850,000,000 | ' | ' | ' | 1,500,000,000 | 481,300,000 | 500,000,000 | 1,000,000,000 | 649,700,000 | 675,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 110,000,000 | 150,000,000 | ' | 580,000,000 | 208,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash investments | 104,300,000 | 116,800,000 | 104,300,000 | 116,800,000 | 308,000,000 | 63,900,000 | 232,000,000 | ' | 331,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term debt | 50,400,000 | ' | 50,400,000 | ' | ' | 51,200,000 | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preexisting equity interest | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of preexisting 50% equity interest | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,845,000,000 | ' | ' | ' | -1,845,000,000 | 1,845,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on remeasurement to fair value of preexisting equity interest | 0 | 1,642,000,000 | 0 | 1,642,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,642,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired definite lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,500,000 | 6,500,000 | 400,000 | 68,300,000 | ' | ' |
Expected life of definite lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | '2 years | '1 year 7 months | '3 years | ' | ' |
Acquired indefinite lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,305,500,000 | ' | ' | ' | ' | ' | ' |
Goodwill expected to be tax deductible | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,647,000,000 | ' | ' | ' | ' | ' | ' | ' |
Transaction, integration and other acquisition-related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $91,400,000 | $8,600,000 | $8,200,000 | $13,100,000 | $35,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Existing hectoliter output | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' |
Required build out | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
In Millions, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials and supplies | $82.60 | $87.80 |
In-process inventories | 1,122 | 1,235.40 |
Finished case goods | 574.3 | 420.6 |
Total | $1,778.90 | $1,743.80 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | Aug. 31, 2014 | Feb. 28, 2014 | Apr. 30, 2012 |
Designated as hedging instrument [Member] | Cash flow hedging [Member] | Foreign currency contracts [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Absolute notional value of derivative instruments | $628,300,000 | $636,600,000 | ' |
Designated as hedging instrument [Member] | Cash flow hedging [Member] | Interest rate swap contracts [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Absolute notional value of derivative instruments | 500,000,000 | 500,000,000 | 500,000,000 |
Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Absolute notional value of derivative instruments | 1,000,000,000 | 643,800,000 | ' |
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Absolute notional value of derivative instruments | 1,000,000,000 | 1,000,000,000 | 500,000,000 |
Not designated as hedging instrument [Member] | Commodity swap contracts [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Absolute notional value of derivative instruments | $194,400,000 | $88,000,000 | ' |
Derivative_Instruments_Details1
Derivative Instruments (Details 1) (USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
In Millions, unless otherwise specified | ||
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Prepaid expenses and other [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative asset, gross | $9.10 | $11.20 |
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Other accrued expenses and liabilities [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liability, gross | 3.4 | 3.2 |
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Other assets, net [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative asset, gross | 5.1 | 4.4 |
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Other liabilities [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liability, gross | 0.9 | 0.7 |
Designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other accrued expenses and liabilities [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liability, gross | 3.4 | 3.4 |
Designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other assets, net [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative asset, gross | 0.6 | 0 |
Designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other liabilities [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liability, gross | 0 | 0.7 |
Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | Prepaid expenses and other [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative asset, gross | 2.5 | 3.3 |
Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | Other accrued expenses and liabilities [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liability, gross | 2.4 | 0.9 |
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Prepaid expenses and other [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative asset, gross | 4.1 | 3.5 |
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other accrued expenses and liabilities [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liability, gross | 16.4 | 13.3 |
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other assets, net [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative asset, gross | 0 | 0.9 |
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other liabilities [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liability, gross | 9.8 | 15.5 |
Not designated as hedging instrument [Member] | Commodity swap contracts [Member] | Prepaid expenses and other [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative asset, gross | 2 | 1.3 |
Not designated as hedging instrument [Member] | Commodity swap contracts [Member] | Other accrued expenses and liabilities [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liability, gross | 4 | 0.1 |
Not designated as hedging instrument [Member] | Commodity swap contracts [Member] | Other assets, net [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative asset, gross | 2 | 0.2 |
Not designated as hedging instrument [Member] | Commodity swap contracts [Member] | Other liabilities [Member] | ' | ' |
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets | ' | ' |
Fair value of derivative liability, gross | $2.30 | $0.40 |
Derivative_Instruments_Details2
Derivative Instruments (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Effect of the Company's undesignated derivative instruments on its Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Net (Loss) Gain Recognized in Income | ($4.30) | $2 | ($9.80) | ($1) |
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 | -2.8 | ' | -2.6 | ' |
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 | -1.5 | -0.6 | -7.2 | -2.6 |
Selling, general and administrative expenses [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 | ' | 2.6 | ' | 1.6 |
Cash flow hedging [Member] | ' | ' | ' | ' |
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' | ' |
Net Gain (Loss) Recognized in OCI (Effective portion) | -5 | 1.1 | 4.8 | 0.6 |
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) | 1 | -1.3 | 0.5 | -2.3 |
Net Gain Recognized in Income (Ineffective portion) | ' | ' | ' | 0.3 |
Cash flow hedging [Member] | Foreign currency contracts one [Member] | ' | ' | ' | ' |
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' | ' |
Net Gain (Loss) Recognized in OCI (Effective portion) | -4.8 | 0.3 | 5.1 | -0.2 |
Cash flow hedging [Member] | Foreign currency contracts two [Member] | ' | ' | ' | ' |
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' | ' |
Net Gain (Loss) Recognized in OCI (Effective portion) | -0.5 | -0.6 | -0.1 | -1.8 |
Cash flow hedging [Member] | Interest rate swap contracts [Member] | ' | ' | ' | ' |
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' | ' |
Net Gain (Loss) Recognized in OCI (Effective portion) | 0.3 | 1.4 | -0.2 | 2.6 |
Cash flow hedging [Member] | Sales [Member] | Foreign currency contracts one [Member] | ' | ' | ' | ' |
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' | ' |
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) | 3 | 0.7 | 4.2 | 1.6 |
Cash flow hedging [Member] | Cost of product sold [Member] | Foreign currency contracts two [Member] | ' | ' | ' | ' |
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' | ' |
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) | 0.2 | 0 | 0.5 | 0.2 |
Cash flow hedging [Member] | Interest expense, net [Member] | Interest rate swap contracts [Member] | ' | ' | ' | ' |
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' | ' |
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) | -2.2 | -2 | -4.2 | -4.1 |
Cash flow hedging [Member] | Selling, general and administrative expenses [Member] | Foreign currency contracts [Member] | ' | ' | ' | ' |
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' | ' |
Net Gain Recognized in Income (Ineffective portion) | 0.3 | 0.1 | 0.2 | 0.2 |
Cash flow hedging [Member] | Selling, general and administrative expenses [Member] | Commodity swap contracts [Member] | ' | ' | ' | ' |
Effect of the Company's derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Comprehensive Income, net of income tax effect | ' | ' | ' | ' |
Net Gain Recognized in Income (Ineffective portion) | ' | ' | ' | $0.10 |
Derivative_Instruments_Details3
Derivative Instruments (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Derivative [Line Items] | ' | ' | ' | ' |
Net unrealized loss on commodity swap contracts reported outside of segment operating results | ($4.30) | $2 | ($9.80) | ($1) |
Amount of net gains, net of income tax effect, to be reclassified from AOCI to earnings within the next 12 months | ' | ' | -1.8 | ' |
Fair value of derivative instruments in a net liability position due to counterparties | 27.1 | ' | 27.1 | ' |
Fair value of derivative instruments in a net receivable position due from counterparties | 9.9 | ' | 9.9 | ' |
Commodity swap contracts [Member] | Unusual Items [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Net unrealized loss on commodity swap contracts reported outside of segment operating results | ' | $0 | ' | $0 |
Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Maturity period for derivative instruments | ' | ' | '12 months | ' |
Not designated as hedging instrument [Member] | Commodity swap contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Maturity period for derivative instruments | ' | ' | '36 months | ' |
Designated as hedging instrument [Member] | Cash flow hedging [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Average maturity period for cash flow hedges | ' | ' | '3 years | ' |
Maximum maturity period for cash flow hedges | ' | ' | '5 years | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Aug. 31, 2014 | Jun. 06, 2014 | Feb. 28, 2014 | Aug. 31, 2013 | Jun. 07, 2013 | Feb. 28, 2013 |
In Millions, unless otherwise specified | ||||||
Assets: | ' | ' | ' | ' | ' | ' |
Cash and cash investments | $104.30 | $308 | $63.90 | $116.80 | $232 | $331.50 |
Accounts receivable, net | 656.9 | ' | 626.2 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Notes payable to banks | 253 | ' | 57.2 | ' | ' | ' |
Accounts payable | 441.9 | ' | 295.2 | ' | ' | ' |
Long-term debt, including current portion | 6,938.90 | ' | 6,963.30 | ' | ' | ' |
Carrying Amount [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Cash and cash investments | 104.3 | ' | 63.9 | ' | ' | ' |
Accounts receivable, net | 656.9 | ' | 626.2 | ' | ' | ' |
Available-for-sale debt securities | 9 | ' | 8.8 | ' | ' | ' |
Foreign currency contracts | 16.7 | ' | 18.9 | ' | ' | ' |
Interest rate swap contracts | 4.7 | ' | 4.4 | ' | ' | ' |
Commodity swap contracts | 4 | ' | 1.5 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Notes payable to banks | 253 | ' | 57.2 | ' | ' | ' |
Accounts payable | 441.9 | ' | 295.2 | ' | ' | ' |
Long-term debt, including current portion | 6,938.90 | ' | 6,963.30 | ' | ' | ' |
Foreign currency contracts | 6.7 | ' | 4.8 | ' | ' | ' |
Interest rate swap contracts | 29.6 | ' | 32.9 | ' | ' | ' |
Commodity swap contracts | 6.3 | ' | 0.5 | ' | ' | ' |
Fair Value [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Cash and cash investments | 104.3 | ' | 63.9 | ' | ' | ' |
Accounts receivable, net | 656.9 | ' | 626.2 | ' | ' | ' |
Available-for-sale debt securities | 9 | ' | 8.8 | ' | ' | ' |
Foreign currency contracts | 16.7 | ' | 18.9 | ' | ' | ' |
Interest rate swap contracts | 4.7 | ' | 4.4 | ' | ' | ' |
Commodity swap contracts | 4 | ' | 1.5 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Notes payable to banks | 246.7 | ' | 57.2 | ' | ' | ' |
Accounts payable | 441.9 | ' | 295.2 | ' | ' | ' |
Long-term debt, including current portion | 7,058 | ' | 7,140.80 | ' | ' | ' |
Foreign currency contracts | 6.7 | ' | 4.8 | ' | ' | ' |
Interest rate swap contracts | 29.6 | ' | 32.9 | ' | ' | ' |
Commodity swap contracts | $6.30 | ' | $0.50 | ' | ' | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 1) (Recurring [Member], USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
AFS debt securities | $9 | $8.80 |
Foreign currency contracts | 16.7 | 18.9 |
Interest rate swap contracts | 4.7 | 4.4 |
Commodity swap contracts | 4 | 1.5 |
Liabilities: | ' | ' |
Foreign currency contracts | 6.7 | 4.8 |
Interest rate swap contracts | 29.6 | 32.9 |
Commodity swap contracts | 6.3 | 0.5 |
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 | 16.7 | 18.9 |
Interest rate swap contracts | 4.7 | 4.4 |
Commodity swap contracts | 4 | 1.5 |
Liabilities: | ' | ' |
Foreign currency contracts | 6.7 | 4.8 |
Interest rate swap contracts | 29.6 | 32.9 |
Commodity swap contracts | 6.3 | 0.5 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets: | ' | ' |
AFS debt securities | 9 | 8.8 |
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 | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Feb. 28, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Total Losses | ' | $278.70 | ' | $278.70 | $278.70 |
Impairment of goodwill and intangible assets | 0 | 300.9 | 0 | 300.9 | ' |
Nonrecurring [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Total Losses | ' | 278.7 | ' | 278.7 | ' |
Impairment of goodwill and intangible assets | ' | 300.9 | ' | 300.9 | ' |
Nonrecurring [Member] | Trademarks [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Trademarks, Total Losses | ' | 22.2 | ' | 22.2 | ' |
Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Goodwill | ' | 0 | ' | 0 | ' |
Total nonrecurring fair value measurements | ' | 0 | ' | 0 | ' |
Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Trademarks [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Trademarks | ' | 0 | ' | 0 | ' |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Goodwill | ' | 0 | ' | 0 | ' |
Total nonrecurring fair value measurements | ' | 0 | ' | 0 | ' |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Trademarks [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Trademarks | ' | 0 | ' | 0 | ' |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Goodwill | ' | 159.6 | ' | 159.6 | ' |
Total nonrecurring fair value measurements | ' | 227.9 | ' | 227.9 | ' |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Trademarks [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Trademarks | ' | $68.30 | ' | $68.30 | ' |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2013 | Feb. 28, 2014 | Aug. 31, 2014 | Feb. 28, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Goodwill | ' | ' | $6,146.80 | $6,149.30 | $2,722.30 |
Impairment of goodwill | 278.7 | 278.7 | 278.7 | ' | ' |
Intangible assets, net | ' | ' | 3,231.10 | 3,213.50 | ' |
Nonrecurring [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Goodwill | 433.9 | 433.9 | ' | ' | ' |
Impairment of goodwill | 278.7 | 278.7 | ' | ' | ' |
Nonrecurring [Member] | Trademarks [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, net | 90.2 | 90.2 | ' | ' | ' |
Impairment of trademarks | 22.2 | 22.2 | ' | ' | ' |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Implied fair value of goodwill | 159.6 | 159.6 | ' | ' | ' |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Trademarks [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Fair value of trademarks | $68.30 | $68.30 | ' | ' | ' |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2013 |
Changes in the carrying amount of goodwill: | ' | ' | ' | ' | ' |
Goodwill | ' | $6,415.10 | ' | $6,408.10 | $2,722.30 |
Accumulated impairment losses | ' | -265.8 | ' | -261.3 | 0 |
Goodwill, net | ' | 6,149.30 | ' | 6,146.80 | 2,722.30 |
Purchase accounting allocations | ' | ' | ' | 3,715.80 | ' |
Impairment of goodwill | -278.7 | ' | -278.7 | -278.7 | ' |
Foreign currency translation adjustments | ' | 2.5 | ' | -12.6 | ' |
Operating Segments [Member] | Beer [Member] | ' | ' | ' | ' | ' |
Changes in the carrying amount of goodwill: | ' | ' | ' | ' | ' |
Goodwill | ' | 3,715.20 | ' | 3,714.60 | 13 |
Accumulated impairment losses | ' | 0 | ' | 0 | 0 |
Goodwill, net | ' | 3,715.20 | ' | 3,714.60 | 13 |
Purchase accounting allocations | ' | ' | ' | 3,702.80 | ' |
Impairment of goodwill | ' | ' | ' | 0 | ' |
Foreign currency translation adjustments | ' | 0.6 | ' | -1.2 | ' |
Operating Segments [Member] | Wine and Spirits [Member] | ' | ' | ' | ' | ' |
Changes in the carrying amount of goodwill: | ' | ' | ' | ' | ' |
Goodwill | ' | 2,699.90 | ' | 2,693.50 | 2,722.30 |
Accumulated impairment losses | ' | -265.8 | ' | -261.3 | 0 |
Goodwill, net | ' | 2,434.10 | ' | 2,432.20 | 2,722.30 |
Purchase accounting allocations | ' | ' | ' | 0 | ' |
Impairment of goodwill | ' | ' | ' | -278.7 | ' |
Foreign currency translation adjustments | ' | 1.9 | ' | -11.4 | ' |
Consolidation and Eliminations [Member] | ' | ' | ' | ' | ' |
Changes in the carrying amount of goodwill: | ' | ' | ' | ' | ' |
Goodwill | ' | 0 | ' | 0 | -13 |
Accumulated impairment losses | ' | 0 | ' | 0 | 0 |
Goodwill, net | ' | 0 | ' | 0 | -13 |
Purchase accounting allocations | ' | ' | ' | 13 | ' |
Impairment of goodwill | ' | ' | ' | 0 | ' |
Foreign currency translation adjustments | ' | $0 | ' | $0 | ' |
Goodwill_Details_Textual
Goodwill (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2013 | Feb. 28, 2014 |
Goodwill [Line Items] | ' | ' | ' |
Purchase accounting allocations | ' | ' | $3,715.80 |
Impairment of goodwill | 278.7 | 278.7 | 278.7 |
Operating Segments [Member] | Beer [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Purchase accounting allocations | ' | ' | 3,702.80 |
Impairment of goodwill | ' | ' | 0 |
Operating Segments [Member] | Beer [Member] | Beer Business Acquisition [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Purchase accounting allocations | ' | ' | 3,702.80 |
Operating Segments [Member] | Wine and Spirits [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Purchase accounting allocations | ' | ' | 0 |
Impairment of goodwill | ' | ' | 278.7 |
Consolidation and Eliminations [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Purchase accounting allocations | ' | ' | 13 |
Impairment of goodwill | ' | ' | 0 |
Consolidation and Eliminations [Member] | Beer Business Acquisition [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Purchase accounting allocations | ' | ' | $13 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Feb. 28, 2014 |
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | $193.70 | ' | $193.70 | ' | $186.60 |
Amortizable intangible assets, Net Carrying Amount | 120.1 | ' | 120.1 | ' | 138.1 |
Nonamortizable intangible assets, Net Carrying Amount | 3,093.40 | ' | 3,093.40 | ' | 3,093 |
Total intangible assets, net, Net Carrying Amount | 3,213.50 | ' | 3,213.50 | ' | 3,231.10 |
Amortization expense for intangible assets | 14.2 | 5.6 | 24.7 | 7.1 | ' |
Trademarks [Member] | ' | ' | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' | ' | ' |
Nonamortizable intangible assets, Net Carrying Amount | 3,088.30 | ' | 3,088.30 | ' | 3,088 |
Other [Member] | ' | ' | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' | ' | ' |
Nonamortizable intangible assets, Net Carrying Amount | 5.1 | ' | 5.1 | ' | 5 |
Customer Relationships [Member] | ' | ' | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 103.9 | ' | 103.9 | ' | 103.6 |
Amortizable intangible assets, Net Carrying Amount | 68 | ' | 68 | ' | 70.5 |
Favorable Interim Supply Agreement [Member] | ' | ' | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 68.3 | ' | 68.3 | ' | 68.3 |
Amortizable intangible assets, Net Carrying Amount | 43.4 | ' | 43.4 | ' | 62.3 |
Other [Member] | ' | ' | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 21.5 | ' | 21.5 | ' | 14.7 |
Amortizable intangible assets, Net Carrying Amount | $8.70 | ' | $8.70 | ' | $5.30 |
Intangible_Assets_Details_1
Intangible Assets (Details 1) (USD $) | Aug. 31, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2015 | $17.60 |
2016 | 39.4 |
2017 | 8.9 |
2018 | 5.5 |
2019 | 5.5 |
2020 | 5.5 |
Thereafter | $37.70 |
Other_Accrued_Expenses_and_Lia2
Other Accrued Expenses and Liabilities (Details) (USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
In Millions, unless otherwise specified | ||
Components of other accrued expenses and liabilities | ' | ' |
Promotions and advertising | $110.20 | $103.10 |
Accrued interest | 87.6 | 56.9 |
Salaries, commissions, and payroll benefits and withholdings | 78.2 | 118.7 |
Income taxes payable | 77.7 | 45.4 |
Deferred revenue | 44.5 | 52.8 |
Beer Business Acquisition payable | 1.4 | 555.7 |
Other | 136.6 | 123 |
Total | $536.20 | $1,055.60 |
Borrowings_Details
Borrowings (Details) (USD $) | Aug. 31, 2014 | Feb. 28, 2014 | Jun. 07, 2013 |
In Millions, unless otherwise specified | |||
Short-term Debt | ' | ' | ' |
Notes Payable to Banks, Current | $253 | $57.20 | ' |
Notes Payable to Banks, Long-term | 0 | ' | ' |
Notes Payable to Banks, Total | 253 | 57.2 | ' |
Long-term Debt | ' | ' | ' |
Other Long-term Debt, Current | 18.9 | ' | ' |
Other Long-term Debt, Long-term | 31.5 | ' | ' |
Other Long-term Debt, Total | 50.4 | 51.2 | 13 |
Long-term Debt, Current | 615.7 | 590 | ' |
Long-term Debt, Long-term | 6,323.20 | 6,373.30 | ' |
Long-term Debt, Total | 6,938.90 | 6,963.30 | ' |
Senior Credit Facility - Term Loans [Member] | ' | ' | ' |
Long-term Debt | ' | ' | ' |
Senior Credit Facility - Term Loans, Current | 97 | ' | ' |
Senior Credit Facility - Term Loans, Long-term | 2,743.50 | ' | ' |
Senior Credit Facility - Term Loans, Total | 2,840.50 | 2,864.80 | ' |
Senior Notes [Member] | ' | ' | ' |
Long-term Debt | ' | ' | ' |
Senior Notes, Current | 499.8 | ' | ' |
Senior Notes, Long-term | 3,548.20 | ' | ' |
Senior Notes, Total | 4,048 | 4,047.30 | ' |
Senior Credit Facility - Revolving Credit Loans [Member] | ' | ' | ' |
Short-term Debt | ' | ' | ' |
Notes Payable to Banks, Current | 110 | ' | ' |
Notes Payable to Banks, Long-term | 0 | ' | ' |
Notes Payable to Banks, Total | 110 | 0 | ' |
Other [Member] | ' | ' | ' |
Short-term Debt | ' | ' | ' |
Notes Payable to Banks, Current | 143 | ' | ' |
Notes Payable to Banks, Long-term | 0 | ' | ' |
Notes Payable to Banks, Total | $143 | $57.20 | ' |
Borrowings_Details_Textual
Borrowings (Details Textual) (USD $) | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Feb. 28, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Jun. 07, 2013 | Aug. 31, 2014 | Jun. 07, 2013 | Aug. 31, 2014 | Aug. 31, 2014 | Jun. 06, 2014 | 27-May-14 | Jun. 07, 2013 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 |
Minimum [Member] | Maximum [Member] | Senior Credit Facility - Term Loans [Member] | Senior Credit Facility - Term Loans [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-1 Facility [Member] | Senior Credit Facility - Revolving Credit Loans [Member] | Senior Credit Facility - Revolving Credit Loans [Member] | Senior Credit Facility - Revolving Credit Loans [Member] | Senior Credit Facility - Revolving Credit Loans [Member] | Senior Credit Facility - Revolving Credit Loans [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] | U.S. Revolving Credit Facility [Member] | European Revolving Credit Facility [Member] | |||||||||||
Schedule of Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing amount under credit facility | $3,712,300,000 | ' | ' | ' | ' | $496,300,000 | $245,000,000 | $649,700,000 | $675,000,000 | $481,300,000 | $500,000,000 | $990,000,000 | $850,000,000 | ' | $850,000,000 | ' | $425,000,000 | $425,000,000 | $200,000,000 |
Incremental borrowings under credit facility | ' | 25,000,000 | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR margin | ' | ' | ' | ' | ' | 1.75% | 2.00% | 1.75% | ' | 1.75% | ' | 1.75% | 1.75% | ' | ' | ' | ' | ' | ' |
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 | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pledge of ownership interests in certain of CIH's subsidiaries | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes outstanding | ' | ' | ' | 2,840,500,000 | 2,864,800,000 | 489,800,000 | 244,400,000 | 641,300,000 | ' | 475,000,000 | ' | 990,000,000 | ' | ' | ' | ' | ' | ' | ' |
Credit facility, interest rate | ' | ' | ' | ' | ' | 1.90% | 2.20% | 1.90% | ' | 1.90% | ' | 1.90% | 1.90% | ' | ' | ' | ' | ' | ' |
Outstanding borrowings under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | 150,000,000 | ' | 580,000,000 | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,100,000 |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $725,900,000 | ' | ' | ' | ' | ' | ' |
Borrowings_Details_Textual_1
Borrowings (Details Textual 1) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
Apr. 30, 2012 | Apr. 30, 2012 | Mar. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Feb. 28, 2014 | Apr. 30, 2012 | Aug. 31, 2014 | Feb. 28, 2014 | Apr. 30, 2012 | |
Cash flow hedging [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] | 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] | 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 Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | Cash flow hedging [Member] | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis on interest rate swap agreements | ' | 'one-month LIBOR base rate | 'three-month LIBOR base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional value of interest rate swap agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net losses reclassified from AOCI to interest expense, net | ' | ' | ' | $1,000,000 | ($1,300,000) | $500,000 | ($2,300,000) | ($2,200,000) | ($2,000,000) | ($4,200,000) | ($4,100,000) | ' | ' | ' | ' | ' | ' |
Borrowings_Details_Textual_2
Borrowings (Details Textual 2) (USD $) | 6 Months Ended | 1 Months Ended | ||||||
Aug. 31, 2014 | Aug. 31, 2013 | 14-May-13 | 14-May-13 | 31-May-13 | Aug. 31, 2014 | Jun. 07, 2013 | 14-May-13 | |
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | 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 | ' | ' | $500,000,000 | $1,050,000,000 | ' | ' | $1,550,000,000 | ' |
Coupon rate of notes | ' | ' | 3.75% | 4.25% | ' | ' | ' | ' |
Net proceeds from issuance of senior notes | 0 | 3,725,000,000 | ' | ' | 1,535,500,000 | ' | ' | ' |
Percentage of outstanding principal amount as redemption price | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Basis points above adjusted treasury rate | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Percentage of outstanding principal amount, Escrowed | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Aggregate principal amount outstanding | ' | ' | ' | ' | ' | $1,550,000,000 | ' | ' |
Borrowings_Details_Textual_3
Borrowings (Details Textual 3) (Other [Member], USD $) | Jun. 06, 2014 | Sep. 29, 2014 | Oct. 01, 2013 | Aug. 31, 2014 | Oct. 01, 2013 | Aug. 31, 2014 |
Subsequent Event [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] | ||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' |
Accounts receivable securitization facility, Term | ' | '364 days | '364 days | ' | '364 days | ' |
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 | 100,000,000 | ' | ' | 0 | ' | 6,000,000 |
Remaining borrowing capacity | ' | ' | ' | $270,000,000 | ' | $154,000,000 |
Credit facility, interest rate | ' | ' | ' | ' | ' | 1.10% |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Feb. 28, 2014 | Jun. 05, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Effective tax rate | 32.20% | 4.10% | 32.40% | 5.70% | ' | ' |
Preexisting equity interest | ' | ' | ' | ' | ' | 50.00% |
Gain on remeasurement to fair value of preexisting equity interest | $0 | $1,642 | $0 | $1,642 | ' | ' |
Recognition of tax benefits | ' | 6.6 | ' | 6.6 | ' | ' |
Impairment of goodwill | ' | $278.70 | ' | $278.70 | $278.70 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (Guarantor Obligations [Member], USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Carrying amount of indemnification liabilities | $11.30 | $11.60 |
Potential future payments | 292.5 | ' |
Amount subject to recovery from third parties under recourse provisions | $278.90 | ' |
Product_Recall_Details_Textual
Product Recall (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2014 |
Loss Contingencies [Line Items] | ' | ' |
Product recall | $9.20 | $9.20 |
Net Sales [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Product recall | 3.5 | 3.5 |
Cost of Product Sold [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Product recall | $5.40 | $5.40 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Basic and diluted earnings per common share | ' | ' | ' | ' |
Income available to common stockholders | $195.80 | $1,522 | $402.50 | $1,574.90 |
Class A Common Stock [Member] | ' | ' | ' | ' |
Weighted average common shares outstanding - basic: | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | 169,158,000 | 164,825,000 | 168,663,000 | 163,277,000 |
Weighted average common shares outstanding - diluted | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | 169,158,000 | 164,825,000 | 168,663,000 | 163,277,000 |
Stock-based awards, primarily stock options | 8,241,000 | 8,470,000 | 8,508,000 | 9,294,000 |
Weighted average common shares outstanding - diluted | 200,800,000 | 196,767,000 | 200,579,000 | 196,056,000 |
Earnings per common share - basic: | ' | ' | ' | ' |
Earnings per common share - basic | $1.03 | $8.18 | $2.12 | $8.53 |
Earnings per common share - diluted: | ' | ' | ' | ' |
Earnings per common share - diluted | $0.98 | $7.74 | $2.01 | $8.03 |
Earnings Per Common Share (Textual) | ' | ' | ' | ' |
Antidilutive shares not included in computation of earnings per common share | 900,000 | 1,400,000 | 1,000,000 | 1,400,000 |
Class B Convertible Common Stock [Member] | ' | ' | ' | ' |
Weighted average common shares outstanding - basic: | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | 23,401,000 | 23,472,000 | 23,408,000 | 23,485,000 |
Weighted average common shares outstanding - diluted | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | 23,401,000 | 23,472,000 | 23,408,000 | 23,485,000 |
Weighted average common shares outstanding - diluted | 23,401,000 | 23,472,000 | 23,408,000 | 23,485,000 |
Earnings per common share - basic: | ' | ' | ' | ' |
Earnings per common share - basic | $0.93 | $7.43 | $1.93 | $7.75 |
Earnings per common share - diluted: | ' | ' | ' | ' |
Earnings per common share - diluted | $0.90 | $7.11 | $1.84 | $7.38 |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Reconciliation of net income to comprehensive income | ' | ' | ' | ' |
Net income | $195.80 | $1,522 | $402.50 | $1,574.90 |
Foreign currency translation adjustments | ' | ' | ' | ' |
Net gains (losses), Before Tax Amount | -21.7 | -44.1 | 15.8 | -66.4 |
Net gains (losses), Tax (Expense) Benefit | -0.5 | -1.1 | -1.2 | -1.6 |
Net gains (losses), Net of Tax Amount | -22.2 | -45.2 | 14.6 | -68 |
Reclassification adjustments, Before Tax Amount | 0 | 0 | 0 | 0 |
Reclassification adjustments, Tax (Expense) Benefit | 0 | 0 | 0 | 0 |
Reclassification adjustments, Net of Tax Amount | 0 | 0 | 0 | 0 |
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount | -21.7 | -44.1 | 15.8 | -66.4 |
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit | -0.5 | -1.1 | -1.2 | -1.6 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | -22.2 | -45.2 | 14.6 | -68 |
Unrealized gain (loss) on cash flow hedges | ' | ' | ' | ' |
Net derivative gains (losses), Before Tax Amount | -7.2 | 2.4 | 6.4 | 2.4 |
Net derivative gains (losses), Tax (Expense) Benefit | 2.2 | -1.3 | -1.6 | -1.8 |
Net derivative gains (losses), Net of Tax Amount | -5 | 1.1 | 4.8 | 0.6 |
Reclassification adjustments, Before Tax Amount | -1.5 | 2.1 | -0.1 | 3.6 |
Reclassification adjustments, Tax (Expense) Benefit | 0.2 | -0.9 | -0.6 | -1.6 |
Reclassification adjustments, Net of Tax Amount | -1.3 | 1.2 | -0.7 | 2 |
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount | -8.7 | 4.5 | 6.3 | 6 |
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit | 2.4 | -2.2 | -2.2 | -3.4 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | -6.3 | 2.3 | 4.1 | 2.6 |
Unrealized gain (loss) on AFS debt securities | ' | ' | ' | ' |
Net AFS debt securities gains (losses), Before Tax Amount | -0.1 | -1.7 | 0.2 | -2.9 |
Net AFS debt securities gains (losses), Tax (Expense) Benefit | 0 | 0 | -0.1 | -0.1 |
Net AFS debt securities gains (losses), Net of Tax Amount | -0.1 | -1.7 | 0.1 | -3 |
Reclassification adjustments, Before Tax Amount | 0 | 0 | 0 | 0 |
Reclassification adjustments, Tax (Expense) Benefit | 0 | 0 | 0 | 0 |
Reclassification adjustments, Net of Tax Amount | 0 | 0 | 0 | 0 |
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount | -0.1 | -1.7 | 0.2 | -2.9 |
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit | 0 | 0 | -0.1 | -0.1 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | -0.1 | -1.7 | 0.1 | -3 |
Pension/postretirement adjustments | ' | ' | ' | ' |
Net actuarial gains (losses), Before Tax Amount | 0 | 0.4 | 0 | 0.6 |
Net actuarial gains (losses), Tax (Expense) Benefit | 0 | -0.1 | 0 | -0.2 |
Net actuarial gains (losses), Net of Tax Amount | 0 | 0.3 | 0 | 0.4 |
Reclassification adjustments, Before Tax Amount | 0 | 0.3 | 0 | 0.6 |
Reclassification adjustments, Tax (Expense) Benefit | 0 | 0 | 0 | -0.1 |
Reclassification adjustments, Net of Tax Amount | 0 | 0.3 | 0 | 0.5 |
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount | 0 | 0.7 | 0 | 1.2 |
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit | 0 | -0.1 | 0 | -0.3 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | 0 | 0.6 | 0 | 0.9 |
Other comprehensive income (loss), Before Tax Amount | -30.5 | -40.6 | 22.3 | -62.1 |
Other comprehensive income (loss), Tax (Expense) Benefit | 1.9 | -3.4 | -3.5 | -5.4 |
Other comprehensive income (loss), Net of Tax Amount | -28.6 | -44 | 18.8 | -67.5 |
Total comprehensive income, Net of Tax Amount | $167.20 | $1,478 | $421.30 | $1,507.40 |
Comprehensive_Income_Details_1
Comprehensive Income (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Foreign currency translation adjustments | ' | ' | ' | ' |
Balance, February 28, 2014, Foreign Currency Translation Adjustments | ' | ' | $103.60 | ' |
Other comprehensive income before reclassification adjustments, Foreign Currency Translation Adjustments | -22.2 | -45.2 | 14.6 | -68 |
Amounts reclassified from accumulated other comprehensive income, Foreign Currency Translation Adjustments | 0 | 0 | 0 | 0 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | -22.2 | -45.2 | 14.6 | -68 |
Balance, August 31, 2014, Foreign Currency Translation Adjustments | 118.2 | ' | 118.2 | ' |
Net unrealized (losses) gains on derivative instruments | ' | ' | ' | ' |
Balance, February 28, 2014, Net Unrealized (Losses) Gains on Derivative Instruments | ' | ' | -8.9 | ' |
Other comprehensive income before reclassification adjustments, Net Unrealized (Losses) Gains on Derivative Instruments | -5 | 1.1 | 4.8 | 0.6 |
Amounts reclassified from accumulated other comprehensive income, Net Unrealized (Losses) Gains on Derivative Instruments | -1.3 | 1.2 | -0.7 | 2 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | -6.3 | 2.3 | 4.1 | 2.6 |
Balance, August 31, 2014, Net Unrealized (Losses) Gains on Derivative Instruments | -4.8 | ' | -4.8 | ' |
Net unrealized (losses) gains on AFS debt securities | ' | ' | ' | ' |
Balance, February 28, 2014, Net Unrealized (Losses) Gains on AFS Debt Securities | ' | ' | -1.5 | ' |
Other comprehensive income before reclassification adjustments, Net Unrealized (Losses) Gains on AFS Debt Securities | -0.1 | -1.7 | 0.1 | -3 |
Amounts reclassified from accumulated other comprehensive income, Net Unrealized (Losses) Gains on AFS Debt Securities | 0 | 0 | 0 | 0 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | -0.1 | -1.7 | 0.1 | -3 |
Balance, August 31, 2014, Net Unrealized (Losses) Gains on AFS Debt Securities | -1.4 | ' | -1.4 | ' |
Pension/postretirement adjustments | ' | ' | ' | ' |
Balance, February 28, 2014, Pension/Postretirement Adjustments | ' | ' | -7.2 | ' |
Other comprehensive income before reclassification adjustments, Pension/Postretirement Adjustments | 0 | 0.3 | 0 | 0.4 |
Amounts reclassified from accumulated other comprehensive income, Pension/Postretirement Adjustments | 0 | 0.3 | 0 | 0.5 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | 0 | 0.6 | 0 | 0.9 |
Balance, August 31, 2014, Pension/Postretirement Adjustments | -7.2 | ' | -7.2 | ' |
Balance, February 28, 2014, Accumulated Other Comprehensive Income | ' | ' | 86 | ' |
Other comprehensive income before reclassification adjustments | ' | ' | 19.5 | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -0.7 | ' |
Other comprehensive income (loss), Net of Tax Amount | -28.6 | -44 | 18.8 | -67.5 |
Balance, August 31, 2014, Accumulated Other Comprehensive Income | $104.80 | ' | $104.80 | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Details) (USD $) | Aug. 31, 2014 | Jun. 06, 2014 | Feb. 28, 2014 | Aug. 31, 2013 | Jun. 07, 2013 | Feb. 28, 2013 |
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 | $104.30 | $308 | $63.90 | $116.80 | $232 | $331.50 |
Accounts receivable, net | 656.9 | ' | 626.2 | ' | ' | ' |
Inventories | 1,778.90 | ' | 1,743.80 | ' | ' | ' |
Intercompany receivable | 0 | ' | 0 | ' | ' | ' |
Prepaid expenses and other | 298 | ' | 313.3 | ' | ' | ' |
Total current assets | 2,838.10 | ' | 2,747.20 | ' | ' | ' |
Property, plant and equipment, net | 2,299.90 | ' | 2,014.30 | 1,870.40 | ' | ' |
Investments in subsidiaries | 0 | ' | 0 | ' | ' | ' |
Goodwill | 6,149.30 | ' | 6,146.80 | ' | ' | 2,722.30 |
Intangible assets, net | 3,213.50 | ' | 3,231.10 | ' | ' | ' |
Intercompany notes receivable | 0 | ' | 0 | ' | ' | ' |
Other assets, net | 156.6 | ' | 162.7 | ' | ' | ' |
Total assets | 14,657.40 | ' | 14,302.10 | 14,122.80 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Notes payable to banks | 253 | ' | 57.2 | ' | ' | ' |
Current maturities of long-term debt | 615.7 | ' | 590 | ' | ' | ' |
Accounts payable | 441.9 | ' | 295.2 | ' | ' | ' |
Accrued excise taxes | 29.5 | ' | 27.7 | ' | ' | ' |
Intercompany payable | 0 | ' | 0 | ' | ' | ' |
Other accrued expenses and liabilities | 536.2 | ' | 1,055.60 | ' | ' | ' |
Total current liabilities | 1,876.30 | ' | 2,025.70 | ' | ' | ' |
Long-term debt, less current maturities | 6,323.20 | ' | 6,373.30 | ' | ' | ' |
Deferred income taxes | 815 | ' | 762.6 | ' | ' | ' |
Intercompany notes payable | 0 | ' | 0 | ' | ' | ' |
Other liabilities | 155.5 | ' | 159.2 | ' | ' | ' |
Stockholders' equity | 5,487.40 | ' | 4,981.30 | ' | ' | ' |
Total liabilities and stockholders' equity | 14,657.40 | ' | 14,302.10 | ' | ' | ' |
Parent Company [Member] | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash investments | 13.7 | ' | 0.5 | 7.4 | ' | 185.8 |
Accounts receivable, net | 0.3 | ' | 0.2 | ' | ' | ' |
Inventories | 158.2 | ' | 153.5 | ' | ' | ' |
Intercompany receivable | 10,723.10 | ' | 8,529.40 | ' | ' | ' |
Prepaid expenses and other | 47.3 | ' | 49.1 | ' | ' | ' |
Total current assets | 10,942.60 | ' | 8,732.70 | ' | ' | ' |
Property, plant and equipment, net | 51.9 | ' | 39.4 | ' | ' | ' |
Investments in subsidiaries | 11,384.40 | ' | 10,795.60 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Intangible assets, net | 0 | ' | 0 | ' | ' | ' |
Intercompany notes receivable | 3,715 | ' | 3,606 | ' | ' | ' |
Other assets, net | 57 | ' | 62.4 | ' | ' | ' |
Total assets | 26,150.90 | ' | 23,236.10 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Notes payable to banks | 0 | ' | 0 | ' | ' | ' |
Current maturities of long-term debt | 563.1 | ' | 547.1 | ' | ' | ' |
Accounts payable | 26.6 | ' | 24.4 | ' | ' | ' |
Accrued excise taxes | 14.5 | ' | 13.7 | ' | ' | ' |
Intercompany payable | 14,396 | ' | 11,996.50 | ' | ' | ' |
Other accrued expenses and liabilities | 752.4 | ' | 712.9 | ' | ' | ' |
Total current liabilities | 15,752.60 | ' | 13,294.60 | ' | ' | ' |
Long-term debt, less current maturities | 4,861.70 | ' | 4,892.30 | ' | ' | ' |
Deferred income taxes | 18.3 | ' | 17.2 | ' | ' | ' |
Intercompany notes payable | 0 | ' | 0 | ' | ' | ' |
Other liabilities | 30.9 | ' | 50.7 | ' | ' | ' |
Stockholders' equity | 5,487.40 | ' | 4,981.30 | ' | ' | ' |
Total liabilities and stockholders' equity | 26,150.90 | ' | 23,236.10 | ' | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash investments | 0.7 | ' | 0.8 | 1.3 | ' | 0.7 |
Accounts receivable, net | 6.8 | ' | 9 | ' | ' | ' |
Inventories | 1,294.40 | ' | 1,270 | ' | ' | ' |
Intercompany receivable | 15,121 | ' | 13,339 | ' | ' | ' |
Prepaid expenses and other | 54.4 | ' | 61.6 | ' | ' | ' |
Total current assets | 16,477.30 | ' | 14,680.40 | ' | ' | ' |
Property, plant and equipment, net | 861.3 | ' | 846.3 | ' | ' | ' |
Investments in subsidiaries | 11.9 | ' | 9.4 | ' | ' | ' |
Goodwill | 5,411.30 | ' | 5,411.30 | ' | ' | ' |
Intangible assets, net | 708.4 | ' | 707.6 | ' | ' | ' |
Intercompany notes receivable | 9.8 | ' | 8.5 | ' | ' | ' |
Other assets, net | 69.9 | ' | 64.6 | ' | ' | ' |
Total assets | 23,549.90 | ' | 21,728.10 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Notes payable to banks | 0 | ' | 0 | ' | ' | ' |
Current maturities of long-term debt | 17.2 | ' | 16.4 | ' | ' | ' |
Accounts payable | 169.6 | ' | 109 | ' | ' | ' |
Accrued excise taxes | 10.1 | ' | 8.5 | ' | ' | ' |
Intercompany payable | 11,167.30 | ' | 9,700.40 | ' | ' | ' |
Other accrued expenses and liabilities | 129.1 | ' | 182.3 | ' | ' | ' |
Total current liabilities | 11,493.30 | ' | 10,016.60 | ' | ' | ' |
Long-term debt, less current maturities | 30.4 | ' | 32.8 | ' | ' | ' |
Deferred income taxes | 602.7 | ' | 569.4 | ' | ' | ' |
Intercompany notes payable | 3,702 | ' | 3,597.70 | ' | ' | ' |
Other liabilities | 24.2 | ' | 21.5 | ' | ' | ' |
Stockholders' equity | 7,697.30 | ' | 7,490.10 | ' | ' | ' |
Total liabilities and stockholders' equity | 23,549.90 | ' | 21,728.10 | ' | ' | ' |
Subsidiary Nonguarantors [Member] | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash investments | 89.9 | ' | 62.6 | 108.1 | ' | 145 |
Accounts receivable, net | 649.7 | ' | 617 | ' | ' | ' |
Inventories | 404.7 | ' | 384.8 | ' | ' | ' |
Intercompany receivable | 4,970.60 | ' | 4,104 | ' | ' | ' |
Prepaid expenses and other | 682.7 | ' | 701.6 | ' | ' | ' |
Total current assets | 6,797.60 | ' | 5,870 | ' | ' | ' |
Property, plant and equipment, net | 1,386.70 | ' | 1,128.60 | ' | ' | ' |
Investments in subsidiaries | 0 | ' | 0 | ' | ' | ' |
Goodwill | 738 | ' | 735.5 | ' | ' | ' |
Intangible assets, net | 2,501.80 | ' | 2,523 | ' | ' | ' |
Intercompany notes receivable | 0 | ' | 0 | ' | ' | ' |
Other assets, net | 29.7 | ' | 35.7 | ' | ' | ' |
Total assets | 11,453.80 | ' | 10,292.80 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Notes payable to banks | 253 | ' | 57.2 | ' | ' | ' |
Current maturities of long-term debt | 35.4 | ' | 26.5 | ' | ' | ' |
Accounts payable | 245.7 | ' | 161.8 | ' | ' | ' |
Accrued excise taxes | 4.9 | ' | 5.5 | ' | ' | ' |
Intercompany payable | 5,251.40 | ' | 4,275.50 | ' | ' | ' |
Other accrued expenses and liabilities | 165.8 | ' | 680.7 | ' | ' | ' |
Total current liabilities | 5,956.20 | ' | 5,207.20 | ' | ' | ' |
Long-term debt, less current maturities | 1,431.10 | ' | 1,448.20 | ' | ' | ' |
Deferred income taxes | 194 | ' | 176 | ' | ' | ' |
Intercompany notes payable | 22.8 | ' | 16.8 | ' | ' | ' |
Other liabilities | 100.4 | ' | 87 | ' | ' | ' |
Stockholders' equity | 3,749.30 | ' | 3,357.60 | ' | ' | ' |
Total liabilities and stockholders' equity | 11,453.80 | ' | 10,292.80 | ' | ' | ' |
Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash investments | 0 | ' | 0 | 0 | ' | 0 |
Accounts receivable, net | 0.1 | ' | 0 | ' | ' | ' |
Inventories | -78.4 | ' | -64.5 | ' | ' | ' |
Intercompany receivable | -30,814.70 | ' | -25,972.40 | ' | ' | ' |
Prepaid expenses and other | -486.4 | ' | -499 | ' | ' | ' |
Total current assets | -31,379.40 | ' | -26,535.90 | ' | ' | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' | ' | ' |
Investments in subsidiaries | -11,396.30 | ' | -10,805 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Intangible assets, net | 3.3 | ' | 0.5 | ' | ' | ' |
Intercompany notes receivable | -3,724.80 | ' | -3,614.50 | ' | ' | ' |
Other assets, net | 0 | ' | 0 | ' | ' | ' |
Total assets | -46,497.20 | ' | -40,954.90 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Notes payable to banks | 0 | ' | 0 | ' | ' | ' |
Current maturities of long-term debt | 0 | ' | 0 | ' | ' | ' |
Accounts payable | 0 | ' | 0 | ' | ' | ' |
Accrued excise taxes | 0 | ' | 0 | ' | ' | ' |
Intercompany payable | -30,814.70 | ' | -25,972.40 | ' | ' | ' |
Other accrued expenses and liabilities | -511.1 | ' | -520.3 | ' | ' | ' |
Total current liabilities | -31,325.80 | ' | -26,492.70 | ' | ' | ' |
Long-term debt, less current maturities | 0 | ' | 0 | ' | ' | ' |
Deferred income taxes | 0 | ' | 0 | ' | ' | ' |
Intercompany notes payable | -3,724.80 | ' | -3,614.50 | ' | ' | ' |
Other liabilities | 0 | ' | 0 | ' | ' | ' |
Stockholders' equity | -11,446.60 | ' | -10,847.70 | ' | ' | ' |
Total liabilities and stockholders' equity | ($46,497.20) | ' | ($40,954.90) | ' | ' | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' |
Sales | $1,770 | $1,613.30 | $3,457.10 | $2,379.50 |
Less - excise taxes | -165.9 | -153.5 | -327 | -246.3 |
Net sales | 1,604.10 | 1,459.80 | 3,130.10 | 2,133.20 |
Cost of product sold | -932.1 | -882.8 | -1,788 | -1,300.10 |
Gross profit | 672 | 577 | 1,342.10 | 833.1 |
Selling, general and administrative expenses | -293.3 | -244.1 | -571.2 | -429.7 |
Impairment of goodwill and intangible assets | 0 | -300.9 | 0 | -300.9 |
Gain on remeasurement to fair value of preexisting equity interest | 0 | 1,642 | 0 | 1,642 |
Operating income | 378.7 | 1,674 | 770.9 | 1,744.50 |
Equity in earnings (losses) of equity method investees and subsidiaries | -0.6 | 3.7 | -0.1 | 70.3 |
Interest income | 0.1 | 2 | 0.6 | 3.9 |
Intercompany interest income | 0 | 0 | 0 | 0 |
Interest expense | -85.1 | -92.3 | -172 | -149 |
Intercompany interest expense | 0 | 0 | 0 | 0 |
Loss on write-off of financing costs | -4.4 | 0 | -4.4 | 0 |
Income before income taxes | 288.7 | 1,587.40 | 595 | 1,669.70 |
Benefit from (provision for) income taxes | -92.9 | -65.4 | -192.5 | -94.8 |
NET INCOME | 195.8 | 1,522 | 402.5 | 1,574.90 |
Comprehensive income | 167.2 | 1,478 | 421.3 | 1,507.40 |
Parent Company [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' |
Sales | 594.7 | 569.3 | 1,139.20 | 1,121.80 |
Less - excise taxes | -76.9 | -75.2 | -153.2 | -153.3 |
Net sales | 517.8 | 494.1 | 986 | 968.5 |
Cost of product sold | -418.6 | -425 | -796.9 | -825 |
Gross profit | 99.2 | 69.1 | 189.1 | 143.5 |
Selling, general and administrative expenses | -101.2 | -100.4 | -194.1 | -219.4 |
Impairment of goodwill and intangible assets | ' | 0 | ' | 0 |
Gain on remeasurement to fair value of preexisting equity interest | ' | 0 | ' | 0 |
Operating income | -2 | -31.3 | -5 | -75.9 |
Equity in earnings (losses) of equity method investees and subsidiaries | 3.2 | 1,589 | 509 | 1,722.80 |
Interest income | 0 | 0.1 | 0 | 0.1 |
Intercompany interest income | 44.4 | 44.9 | 88.5 | 70.7 |
Interest expense | -74.1 | -77.4 | -146 | -130.8 |
Intercompany interest expense | -54.3 | -43.7 | -103.5 | -82.7 |
Loss on write-off of financing costs | 0 | ' | 0 | ' |
Income before income taxes | -82.8 | 1,481.60 | 343 | 1,504.20 |
Benefit from (provision for) income taxes | 278.6 | 40.4 | 59.5 | 70.7 |
NET INCOME | 195.8 | 1,522 | 402.5 | 1,574.90 |
Comprehensive income | 167.2 | 1,478 | 421.3 | 1,507.40 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' |
Sales | 1,357.20 | 1,243.10 | 2,659.50 | 1,633.40 |
Less - excise taxes | -71.5 | -61.1 | -139.1 | -59.1 |
Net sales | 1,285.70 | 1,182 | 2,520.40 | 1,574.30 |
Cost of product sold | -983.1 | -817.6 | -1,906.40 | -1,092.70 |
Gross profit | 302.6 | 364.4 | 614 | 481.6 |
Selling, general and administrative expenses | -152.5 | -115.6 | -301 | -144.5 |
Impairment of goodwill and intangible assets | ' | 0 | ' | 0 |
Gain on remeasurement to fair value of preexisting equity interest | ' | 1,642 | ' | 1,642 |
Operating income | 150.1 | 1,890.80 | 313 | 1,979.10 |
Equity in earnings (losses) of equity method investees and subsidiaries | 0.3 | 7.7 | 1.8 | 74.1 |
Interest income | 0 | 0 | 0 | 0 |
Intercompany interest income | 54.5 | 41.2 | 103.8 | 77.9 |
Interest expense | -0.4 | -0.3 | -0.7 | -3 |
Intercompany interest expense | -44.3 | -42.6 | -88.4 | -66.4 |
Loss on write-off of financing costs | 0 | ' | 0 | ' |
Income before income taxes | 160.2 | 1,896.80 | 329.5 | 2,061.70 |
Benefit from (provision for) income taxes | -60.6 | -91 | -123.1 | -153 |
NET INCOME | 99.6 | 1,805.80 | 206.4 | 1,908.70 |
Comprehensive income | 99 | 1,809.50 | 207.5 | 1,915.80 |
Subsidiary Nonguarantors [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' |
Sales | 791.4 | 607.7 | 1,605.40 | 821.6 |
Less - excise taxes | -17.5 | -17.2 | -34.7 | -33.9 |
Net sales | 773.9 | 590.5 | 1,570.70 | 787.7 |
Cost of product sold | -504.2 | -413.4 | -1,012.90 | -539.9 |
Gross profit | 269.7 | 177.1 | 557.8 | 247.8 |
Selling, general and administrative expenses | -43.1 | -32.2 | -83.5 | -74.1 |
Impairment of goodwill and intangible assets | ' | -300.9 | ' | -300.9 |
Gain on remeasurement to fair value of preexisting equity interest | ' | 0 | ' | 0 |
Operating income | 226.6 | -156 | 474.3 | -127.2 |
Equity in earnings (losses) of equity method investees and subsidiaries | 0.4 | 0.1 | 0.6 | 0.2 |
Interest income | 0.1 | 1.9 | 0.6 | 3.8 |
Intercompany interest income | 0.1 | 0.4 | 0.2 | 0.8 |
Interest expense | -10.6 | -14.6 | -25.3 | -15.2 |
Intercompany interest expense | -0.4 | -0.2 | -0.6 | -0.3 |
Loss on write-off of financing costs | -4.4 | ' | -4.4 | ' |
Income before income taxes | 211.8 | -168.4 | 445.4 | -137.9 |
Benefit from (provision for) income taxes | -309.8 | -23.4 | -132.4 | -21.7 |
NET INCOME | -98 | -191.8 | 313 | -159.6 |
Comprehensive income | -128.4 | -239.8 | 329.4 | -234.4 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' |
Sales | -973.3 | -806.8 | -1,947 | -1,197.30 |
Less - excise taxes | 0 | 0 | 0 | 0 |
Net sales | -973.3 | -806.8 | -1,947 | -1,197.30 |
Cost of product sold | 973.8 | 773.2 | 1,928.20 | 1,157.50 |
Gross profit | 0.5 | -33.6 | -18.8 | -39.8 |
Selling, general and administrative expenses | 3.5 | 4.1 | 7.4 | 8.3 |
Impairment of goodwill and intangible assets | ' | 0 | ' | 0 |
Gain on remeasurement to fair value of preexisting equity interest | ' | 0 | ' | 0 |
Operating income | 4 | -29.5 | -11.4 | -31.5 |
Equity in earnings (losses) of equity method investees and subsidiaries | -4.5 | -1,593.10 | -511.5 | -1,726.80 |
Interest income | 0 | 0 | 0 | 0 |
Intercompany interest income | -99 | -86.5 | -192.5 | -149.4 |
Interest expense | 0 | 0 | 0 | 0 |
Intercompany interest expense | 99 | 86.5 | 192.5 | 149.4 |
Loss on write-off of financing costs | 0 | ' | 0 | ' |
Income before income taxes | -0.5 | -1,622.60 | -522.9 | -1,758.30 |
Benefit from (provision for) income taxes | -1.1 | 8.6 | 3.5 | 9.2 |
NET INCOME | -1.6 | -1,614 | -519.4 | -1,749.10 |
Comprehensive income | $29.40 | ($1,569.70) | ($536.90) | ($1,681.40) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Jun. 06, 2014 | Jun. 07, 2013 |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | ' | $668.10 | $489 | ' | ' |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' |
Purchases of property, plant and equipment | -176.8 | -27.2 | -308.2 | -49.2 | ' | ' |
Purchase of business, net of cash acquired | ' | ' | 0 | -4,672.90 | ' | ' |
Net proceeds from intercompany notes | ' | ' | 0 | 0 | ' | ' |
Net investments in equity affiliates | ' | ' | 0 | 0 | ' | ' |
Other investing activities | ' | ' | 2 | 2.7 | ' | ' |
Net cash used in investing activities | ' | ' | -306.2 | -4,719.40 | ' | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' |
Payments of dividends | ' | ' | 0 | 0 | ' | ' |
Net (returns of capital to) contribution from equity affiliates | ' | ' | 0 | 0 | ' | ' |
Net proceeds from (repayments of) intercompany notes | ' | ' | 0 | 0 | ' | ' |
Payment of delayed purchase price arrangement | ' | ' | -543.3 | 0 | ' | ' |
Principal payments of long-term debt | ' | ' | -34.4 | -9.9 | ' | ' |
Payments of minimum tax withholdings on stock-based payment awards | ' | ' | -28.4 | -18 | ' | ' |
Payments of financing costs of long-term debt | ' | ' | -2 | -82.2 | ' | ' |
Net proceeds from notes payable | ' | ' | 197 | 272.1 | ' | ' |
Excess tax benefits from stock-based payment awards | ' | ' | 64 | 53.8 | ' | ' |
Proceeds from exercises of employee stock options | ' | ' | 18.3 | 77.5 | ' | ' |
Proceeds from employee stock purchases | ' | ' | 3.8 | 2.5 | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | 0 | 3,725 | ' | ' |
Net cash (used in) provided by financing activities | ' | ' | -325 | 4,020.80 | ' | ' |
Effect of exchange rate changes on cash and cash investments | ' | ' | 3.5 | -5.1 | ' | ' |
NET INCREASE (DECREASE) IN CASH AND CASH INVESTMENTS | ' | ' | 40.4 | -214.7 | ' | ' |
CASH AND CASH INVESTMENTS, beginning of period | ' | ' | 63.9 | 331.5 | 308 | 232 |
CASH AND CASH INVESTMENTS, end of period | 104.3 | 116.8 | 104.3 | 116.8 | 308 | 232 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | ' | -224.8 | -138.9 | ' | ' |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' |
Purchases of property, plant and equipment | ' | ' | -13.3 | -5 | ' | ' |
Purchase of business, net of cash acquired | ' | ' | ' | 0 | ' | ' |
Net proceeds from intercompany notes | ' | ' | 207.9 | 695.3 | ' | ' |
Net investments in equity affiliates | ' | ' | -46.4 | -1,149.70 | ' | ' |
Other investing activities | ' | ' | 0 | 0 | ' | ' |
Net cash used in investing activities | ' | ' | 148.2 | -459.4 | ' | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' |
Payments of dividends | ' | ' | 0 | 0 | ' | ' |
Net (returns of capital to) contribution from equity affiliates | ' | ' | 0 | 0 | ' | ' |
Net proceeds from (repayments of) intercompany notes | ' | ' | 20.6 | -1,945 | ' | ' |
Payment of delayed purchase price arrangement | ' | ' | 0 | ' | ' | ' |
Principal payments of long-term debt | ' | ' | -16.8 | -2.3 | ' | ' |
Payments of minimum tax withholdings on stock-based payment awards | ' | ' | 0 | 0 | ' | ' |
Payments of financing costs of long-term debt | ' | ' | -0.1 | -69.6 | ' | ' |
Net proceeds from notes payable | ' | ' | 0 | 78 | ' | ' |
Excess tax benefits from stock-based payment awards | ' | ' | 64 | 53.8 | ' | ' |
Proceeds from exercises of employee stock options | ' | ' | 18.3 | 77.5 | ' | ' |
Proceeds from employee stock purchases | ' | ' | 3.8 | 2.5 | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | 2,225 | ' | ' |
Net cash (used in) provided by financing activities | ' | ' | 89.8 | 419.9 | ' | ' |
Effect of exchange rate changes on cash and cash investments | ' | ' | 0 | 0 | ' | ' |
NET INCREASE (DECREASE) IN CASH AND CASH INVESTMENTS | ' | ' | 13.2 | -178.4 | ' | ' |
CASH AND CASH INVESTMENTS, beginning of period | ' | ' | 0.5 | 185.8 | ' | ' |
CASH AND CASH INVESTMENTS, end of period | 13.7 | 7.4 | 13.7 | 7.4 | ' | ' |
Subsidiaries Guarantors [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | ' | 393.2 | 704.3 | ' | ' |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' |
Purchases of property, plant and equipment | ' | ' | -54.5 | -33.1 | ' | ' |
Purchase of business, net of cash acquired | ' | ' | ' | -1,770.10 | ' | ' |
Net proceeds from intercompany notes | ' | ' | 0 | 0 | ' | ' |
Net investments in equity affiliates | ' | ' | 0 | 0 | ' | ' |
Other investing activities | ' | ' | -5.7 | 2.5 | ' | ' |
Net cash used in investing activities | ' | ' | -60.2 | -1,800.70 | ' | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' |
Payments of dividends | ' | ' | 0 | 0 | ' | ' |
Net (returns of capital to) contribution from equity affiliates | ' | ' | -16.6 | -139.7 | ' | ' |
Net proceeds from (repayments of) intercompany notes | ' | ' | -281.7 | 1,260.70 | ' | ' |
Payment of delayed purchase price arrangement | ' | ' | 0 | ' | ' | ' |
Principal payments of long-term debt | ' | ' | -8.7 | -7.6 | ' | ' |
Payments of minimum tax withholdings on stock-based payment awards | ' | ' | -26.1 | -16.4 | ' | ' |
Payments of financing costs of long-term debt | ' | ' | 0 | 0 | ' | ' |
Net proceeds from notes payable | ' | ' | 0 | 0 | ' | ' |
Excess tax benefits from stock-based payment awards | ' | ' | 0 | 0 | ' | ' |
Proceeds from exercises of employee stock options | ' | ' | 0 | 0 | ' | ' |
Proceeds from employee stock purchases | ' | ' | 0 | 0 | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | 0 | ' | ' |
Net cash (used in) provided by financing activities | ' | ' | -333.1 | 1,097 | ' | ' |
Effect of exchange rate changes on cash and cash investments | ' | ' | 0 | 0 | ' | ' |
NET INCREASE (DECREASE) IN CASH AND CASH INVESTMENTS | ' | ' | -0.1 | 0.6 | ' | ' |
CASH AND CASH INVESTMENTS, beginning of period | ' | ' | 0.8 | 0.7 | ' | ' |
CASH AND CASH INVESTMENTS, end of period | 0.7 | 1.3 | 0.7 | 1.3 | ' | ' |
Subsidiary Nonguarantors [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | ' | 499.7 | -57.6 | ' | ' |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' |
Purchases of property, plant and equipment | ' | ' | -240.4 | -11.1 | ' | ' |
Purchase of business, net of cash acquired | ' | ' | ' | -2,902.80 | ' | ' |
Net proceeds from intercompany notes | ' | ' | 0 | 0 | ' | ' |
Net investments in equity affiliates | ' | ' | 0 | 0 | ' | ' |
Other investing activities | ' | ' | 7.7 | 0.2 | ' | ' |
Net cash used in investing activities | ' | ' | -232.7 | -2,913.70 | ' | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' |
Payments of dividends | ' | ' | -24.9 | -18.8 | ' | ' |
Net (returns of capital to) contribution from equity affiliates | ' | ' | 87.9 | 1,289.40 | ' | ' |
Net proceeds from (repayments of) intercompany notes | ' | ' | 53.2 | -11 | ' | ' |
Payment of delayed purchase price arrangement | ' | ' | -543.3 | ' | ' | ' |
Principal payments of long-term debt | ' | ' | -8.9 | 0 | ' | ' |
Payments of minimum tax withholdings on stock-based payment awards | ' | ' | -2.3 | -1.6 | ' | ' |
Payments of financing costs of long-term debt | ' | ' | -1.9 | -12.6 | ' | ' |
Net proceeds from notes payable | ' | ' | 197 | 194.1 | ' | ' |
Excess tax benefits from stock-based payment awards | ' | ' | 0 | 0 | ' | ' |
Proceeds from exercises of employee stock options | ' | ' | 0 | 0 | ' | ' |
Proceeds from employee stock purchases | ' | ' | 0 | 0 | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | 1,500 | ' | ' |
Net cash (used in) provided by financing activities | ' | ' | -243.2 | 2,939.50 | ' | ' |
Effect of exchange rate changes on cash and cash investments | ' | ' | 3.5 | -5.1 | ' | ' |
NET INCREASE (DECREASE) IN CASH AND CASH INVESTMENTS | ' | ' | 27.3 | -36.9 | ' | ' |
CASH AND CASH INVESTMENTS, beginning of period | ' | ' | 62.6 | 145 | ' | ' |
CASH AND CASH INVESTMENTS, end of period | 89.9 | 108.1 | 89.9 | 108.1 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | ' | 0 | -18.8 | ' | ' |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' |
Purchases of property, plant and equipment | ' | ' | 0 | 0 | ' | ' |
Purchase of business, net of cash acquired | ' | ' | ' | 0 | ' | ' |
Net proceeds from intercompany notes | ' | ' | -207.9 | -695.3 | ' | ' |
Net investments in equity affiliates | ' | ' | 46.4 | 1,149.70 | ' | ' |
Other investing activities | ' | ' | 0 | 0 | ' | ' |
Net cash used in investing activities | ' | ' | -161.5 | 454.4 | ' | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' |
Payments of dividends | ' | ' | 24.9 | 18.8 | ' | ' |
Net (returns of capital to) contribution from equity affiliates | ' | ' | -71.3 | -1,149.70 | ' | ' |
Net proceeds from (repayments of) intercompany notes | ' | ' | 207.9 | 695.3 | ' | ' |
Payment of delayed purchase price arrangement | ' | ' | 0 | ' | ' | ' |
Principal payments of long-term debt | ' | ' | 0 | 0 | ' | ' |
Payments of minimum tax withholdings on stock-based payment awards | ' | ' | 0 | 0 | ' | ' |
Payments of financing costs of long-term debt | ' | ' | 0 | 0 | ' | ' |
Net proceeds from notes payable | ' | ' | 0 | 0 | ' | ' |
Excess tax benefits from stock-based payment awards | ' | ' | 0 | 0 | ' | ' |
Proceeds from exercises of employee stock options | ' | ' | 0 | 0 | ' | ' |
Proceeds from employee stock purchases | ' | ' | 0 | 0 | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | 0 | ' | ' |
Net cash (used in) provided by financing activities | ' | ' | 161.5 | -435.6 | ' | ' |
Effect of exchange rate changes on cash and cash investments | ' | ' | 0 | 0 | ' | ' |
NET INCREASE (DECREASE) IN CASH AND CASH INVESTMENTS | ' | ' | 0 | 0 | ' | ' |
CASH AND CASH INVESTMENTS, beginning of period | ' | ' | 0 | 0 | ' | ' |
CASH AND CASH INVESTMENTS, end of period | $0 | $0 | $0 | $0 | ' | ' |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Net Sales | ' | ' | ' | ' |
Product recall | $9.20 | ' | $9.20 | ' |
Cost of Product Sold | ' | ' | ' | ' |
Amortization of favorable interim supply agreement | ' | ' | 24.7 | 7.1 |
Product recall | 9.2 | ' | 9.2 | ' |
Total Cost of Product Sold | 932.1 | 882.8 | 1,788 | 1,300.10 |
Selling, General and Administrative Expenses | ' | ' | ' | ' |
Product recall | 9.2 | ' | 9.2 | ' |
Total Selling, General and Administrative Expenses | 293.3 | 244.1 | 571.2 | 429.7 |
Impairment of Goodwill and Intangible Assets | 0 | 300.9 | 0 | 300.9 |
Gain on Remeasurement to Fair Value of Equity Method Investment | 0 | -1,642 | 0 | -1,642 |
Net Sales [Member] | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' |
Product recall | 3.5 | ' | 3.5 | ' |
Cost of Product Sold | ' | ' | ' | ' |
Product recall | 3.5 | ' | 3.5 | ' |
Selling, General and Administrative Expenses | ' | ' | ' | ' |
Product recall | 3.5 | ' | 3.5 | ' |
Cost of Product Sold [Member] | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' |
Product recall | 5.4 | ' | 5.4 | ' |
Cost of Product Sold | ' | ' | ' | ' |
Product recall | 5.4 | ' | 5.4 | ' |
Selling, General and Administrative Expenses | ' | ' | ' | ' |
Product recall | 5.4 | ' | 5.4 | ' |
Unusual Items [Member] | ' | ' | ' | ' |
Selling, General and Administrative Expenses | ' | ' | ' | ' |
Impairment of Goodwill and Intangible Assets | 0 | 300.9 | 0 | 300.9 |
Gain on Remeasurement to Fair Value of Equity Method Investment | 0 | -1,642 | 0 | -1,642 |
Unusual Items | 34.7 | -1,322.10 | 47.1 | -1,289 |
Unusual Items [Member] | Net Sales [Member] | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' |
Product recall | 3.5 | 0 | 3.5 | 0 |
Cost of Product Sold | ' | ' | ' | ' |
Product recall | 3.5 | 0 | 3.5 | 0 |
Selling, General and Administrative Expenses | ' | ' | ' | ' |
Product recall | 3.5 | 0 | 3.5 | 0 |
Unusual Items [Member] | Cost of Product Sold [Member] | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' |
Product recall | 5.4 | 0 | 5.4 | 0 |
Cost of Product Sold | ' | ' | ' | ' |
Amortization of favorable interim supply agreement | 11.3 | 2.1 | 18.9 | 2.1 |
Product recall | 5.4 | 0 | 5.4 | 0 |
Flow through of inventory step-up | 0 | 9.5 | 0 | 11 |
Other costs | 5.6 | 0 | 5.9 | 0 |
Total Cost of Product Sold | 22.3 | 11.6 | 30.2 | 13.1 |
Selling, General and Administrative Expenses | ' | ' | ' | ' |
Product recall | 5.4 | 0 | 5.4 | 0 |
Unusual Items [Member] | Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' |
Product recall | 0.3 | 0 | 0.3 | 0 |
Cost of Product Sold | ' | ' | ' | ' |
Product recall | 0.3 | 0 | 0.3 | 0 |
Selling, General and Administrative Expenses | ' | ' | ' | ' |
Transaction, integration and other acquisition-related costs | 8.6 | 7.4 | 13.1 | 34.9 |
Product recall | 0.3 | 0 | 0.3 | 0 |
Deferred compensation | 0 | 0 | 0 | 7 |
Restructuring charges and other | 0 | 0 | 0 | -2.9 |
Total Selling, General and Administrative Expenses | $8.90 | $7.40 | $13.40 | $39 |
Business_Segment_Information_D1
Business Segment Information (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Feb. 28, 2014 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $1,604.10 | $1,459.80 | $3,130.10 | $2,133.20 | ' |
Segment operating income (loss) | 378.7 | 1,674 | 770.9 | 1,744.50 | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 2,299.90 | 1,870.40 | 2,299.90 | 1,870.40 | 2,014.30 |
Total assets | 14,657.40 | 14,122.80 | 14,657.40 | 14,122.80 | 14,302.10 |
Capital expenditures | 176.8 | 27.2 | 308.2 | 49.2 | ' |
Depreciation and amortization | 53.5 | 42.2 | 103 | 71.2 | ' |
EQUITY IN (LOSSES) EARNINGS OF EQUITY METHOD INVESTEES | -0.6 | 3.7 | -0.1 | 70.3 | ' |
Investments in equity method investees | 72 | 73.2 | 72 | 73.2 | ' |
Operating Segments [Member] | Beer [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 891.8 | 814.6 | 1,759.50 | 1,576.20 | ' |
Segment operating income (loss) | 271.1 | 226.4 | 558.6 | 360.4 | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 1,060.60 | 668.7 | 1,060.60 | 668.7 | ' |
Total assets | 7,713.30 | 7,294.50 | 7,713.30 | 7,294.50 | ' |
Capital expenditures | 143.5 | 3.3 | 228.8 | 3.6 | ' |
Depreciation and amortization | 10.1 | 10.5 | 19.9 | 11 | ' |
Operating Segments [Member] | Wine and Spirits [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 715.8 | 697 | 1,374.10 | 1,370.40 | ' |
Segment operating income (loss) | 169.7 | 158.2 | 312.9 | 285.8 | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 1,107.50 | 1,081.30 | 1,107.50 | 1,081.30 | ' |
Total assets | 6,610 | 6,403.10 | 6,610 | 6,403.10 | ' |
Capital expenditures | 20.2 | 19.1 | 51.5 | 35.6 | ' |
Depreciation and amortization | 25.3 | 23.4 | 50.9 | 47.5 | ' |
EQUITY IN (LOSSES) EARNINGS OF EQUITY METHOD INVESTEES | -0.6 | -0.6 | -0.1 | 0.1 | ' |
Investments in equity method investees | 72 | 73.2 | 72 | 73.2 | ' |
Operating Segments [Member] | Wine and Spirits [Member] | Wine [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 640.7 | 629.1 | 1,227.10 | 1,226.40 | ' |
Operating Segments [Member] | Wine and Spirits [Member] | Spirits [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 75.1 | 67.9 | 147 | 144 | ' |
Operating Segments [Member] | Corporate Operations and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment operating income (loss) | -27.4 | -24.1 | -53.5 | -48.1 | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 131.8 | 120.4 | 131.8 | 120.4 | ' |
Total assets | 334.1 | 425.2 | 334.1 | 425.2 | ' |
Capital expenditures | 13.1 | 4.8 | 27.9 | 10.3 | ' |
Depreciation and amortization | 6.8 | 6.2 | 13.3 | 11.1 | ' |
Unusual Items [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | -3.5 | 0 | -3.5 | 0 | ' |
Segment operating income (loss) | -34.7 | 1,322.10 | -47.1 | 1,289 | ' |
Depreciation and amortization | 11.3 | 2.1 | 18.9 | 2.1 | ' |
EQUITY IN (LOSSES) EARNINGS OF EQUITY METHOD INVESTEES | 0 | 0 | 0 | -0.1 | ' |
Consolidation and Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 0 | -51.8 | 0 | -813.4 | ' |
Segment operating income (loss) | 0 | -8.6 | 0 | -142.6 | ' |
Capital expenditures | 0 | 0 | 0 | -0.3 | ' |
Depreciation and amortization | 0 | 0 | 0 | -0.5 | ' |
EQUITY IN (LOSSES) EARNINGS OF EQUITY METHOD INVESTEES | $0 | $4.30 | $0 | $70.30 | ' |
Business_Segment_Information_D2
Business Segment Information (Details Textual) | 6 Months Ended |
Aug. 31, 2014 | |
segment | |
division | |
Segment Reporting [Abstract] | ' |
Number of business divisions | 2 |
Number of reportable operating segments | 3 |