Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 31, 2015 | Sep. 30, 2015 | |
Entity Registrant Name | CONSTELLATION BRANDS, INC. | |
Entity Central Index Key | 16,918 | |
Document Type | 10-Q | |
Document Period End Date | Aug. 31, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --02-29 | |
Entity Filer Category | Large Accelerated Filer | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 173,148,322 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 23,360,754 | |
Class 1 Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Aug. 31, 2015 | Feb. 28, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 329.7 | $ 110.1 |
Accounts receivable | 723.5 | 598.9 |
Inventories | 1,777.1 | 1,827.2 |
Prepaid expenses and other | 301.2 | 374.6 |
Total current assets | 3,131.5 | 2,910.8 |
Property, plant and equipment | 2,773.3 | 2,681.6 |
Goodwill | 6,416.8 | 6,208.2 |
Intangible assets | 3,188.7 | 3,181 |
Other assets | 163.1 | 162.9 |
Total assets | 15,673.4 | 15,144.5 |
Current liabilities: | ||
Notes payable to banks | 29.3 | 52.4 |
Current maturities of long-term debt | 156.1 | 158.1 |
Accounts payable | 373.3 | 285.8 |
Accrued excise taxes | 26.9 | 28.7 |
Other accrued expenses and liabilities | 626.6 | 605.7 |
Total current liabilities | 1,212.2 | 1,130.7 |
Long-term debt, less current maturities | 7,238.2 | 7,137.5 |
Deferred income taxes | 894.4 | 818.9 |
Other liabilities | 163.6 | 176.1 |
Total liabilities | $ 9,508.4 | $ 9,263.2 |
Commitments and contingencies | ||
CBI stockholders’ equity: | ||
Additional paid-in capital | $ 2,369.3 | $ 2,269.8 |
Retained earnings | 5,698.5 | 5,277.5 |
Accumulated other comprehensive loss | (370.2) | (130.9) |
Total stockholders’ equity before treasury stock adjustments | 7,700.4 | 7,419.2 |
Less: Treasury stock – | (1,637.6) | (1,648.5) |
Total CBI stockholders’ equity | 6,062.8 | 5,770.7 |
Noncontrolling interests | 102.2 | 110.6 |
Total stockholders’ equity | 6,165 | 5,881.3 |
Total liabilities and stockholders’ equity | 15,673.4 | 15,144.5 |
Class A Common Stock [Member] | ||
CBI stockholders’ equity: | ||
Common stock, value | 2.5 | 2.5 |
Less: Treasury stock – | (1,635.4) | (1,646.3) |
Class B Convertible Common Stock [Member] | ||
CBI stockholders’ equity: | ||
Common stock, value | 0.3 | 0.3 |
Less: Treasury stock – | $ (2.2) | $ (2.2) |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Aug. 31, 2015 | Feb. 28, 2015 |
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 | 252,083,716 | 250,839,359 |
Treasury stock, shares at cost | 79,254,408 | 79,681,859 |
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 | 28,366,554 | 28,389,608 |
Treasury stock, shares at cost | 5,005,800 | 5,005,800 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Sales | $ 1,912.9 | $ 1,770 | $ 3,710.9 | $ 3,457.1 |
Less – excise taxes | (179.5) | (165.9) | (346.2) | (327) |
Net sales | 1,733.4 | 1,604.1 | 3,364.7 | 3,130.1 |
Cost of product sold | (957.8) | (932.1) | (1,852) | (1,788) |
Gross profit | 775.6 | 672 | 1,512.7 | 1,342.1 |
Selling, general and administrative expenses | (296.2) | (293.3) | (606) | (571.2) |
Operating income | 479.4 | 378.7 | 906.7 | 770.9 |
Equity in earnings (losses) of equity method investees | 0.2 | (0.6) | 1.2 | (0.1) |
Interest expense | (77.3) | (85) | (154.8) | (171.4) |
Loss on write-off of financing costs | (1.1) | (4.4) | (1.1) | (4.4) |
Income before income taxes | 401.2 | 288.7 | 752 | 595 |
Provision for income taxes | (97.1) | (92.9) | (207.7) | (192.5) |
Net income | 304.1 | 195.8 | 544.3 | 402.5 |
Net income attributable to noncontrolling interests | (1.7) | 0 | (3.3) | 0 |
Net income attributable to CBI | 302.4 | 195.8 | 541 | 402.5 |
Comprehensive income | 109.8 | 167.2 | 293.3 | 421.3 |
Comprehensive loss attributable to noncontrolling interests | 7.2 | 0 | 8.4 | 0 |
Comprehensive income attributable to CBI | 117 | 167.2 | 301.7 | 421.3 |
Class A Common Stock [Member] | ||||
Net income attributable to CBI | $ 269.3 | $ 173.9 | $ 481.6 | $ 357.4 |
Net income per common share attributable to CBI: | ||||
Net income per common share attributable to CBI, basic | $ 1.56 | $ 1.03 | $ 2.80 | $ 2.12 |
Net income per common share attributable to CBI, diluted | $ 1.49 | $ 0.98 | $ 2.67 | $ 2.01 |
Weighted average common shares outstanding: | ||||
Weighted average common shares outstanding, basic | 172,239 | 169,158 | 171,805 | 168,663 |
Weighted average common shares outstanding, diluted | 203,110 | 200,800 | 202,984 | 200,579 |
Cash dividends declared per common share: | ||||
Cash dividends declared per common share | $ 0.31 | $ 0 | $ 0.62 | $ 0 |
Class B Convertible Common Stock [Member] | ||||
Net income attributable to CBI | $ 33.1 | $ 21.9 | $ 59.4 | $ 45.1 |
Net income per common share attributable to CBI: | ||||
Net income per common share attributable to CBI, basic | $ 1.42 | $ 0.93 | $ 2.54 | $ 1.93 |
Net income per common share attributable to CBI, diluted | $ 1.38 | $ 0.90 | $ 2.47 | $ 1.84 |
Weighted average common shares outstanding: | ||||
Weighted average common shares outstanding, basic | 23,364 | 23,401 | 23,370 | 23,408 |
Weighted average common shares outstanding, diluted | 23,364 | 23,401 | 23,370 | 23,408 |
Cash dividends declared per common share: | ||||
Cash dividends declared per common share | $ 0.28 | $ 0 | $ 0.56 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 544.3 | $ 402.5 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Deferred tax provision | 94 | 67.6 |
Depreciation | 88.7 | 78.3 |
Stock-based compensation | 26 | 27.9 |
Amortization of intangible assets | 22.7 | 24.7 |
Amortization of deferred financing costs | 6.2 | 5.8 |
Noncash portion of loss on write-off of financing costs | 1.1 | 3.3 |
Change in operating assets and liabilities, net of effects from purchase of business: | ||
Accounts receivable | (128.9) | (31.3) |
Inventories | 63.6 | (34.3) |
Prepaid expenses and other current assets | 44.7 | (30.7) |
Accounts payable | 94.1 | 107.1 |
Accrued excise taxes | (1.4) | 1.8 |
Other accrued expenses and liabilities | (22.5) | 59.8 |
Other | (29.5) | (14.4) |
Total adjustments | 258.8 | 265.6 |
Net cash provided by operating activities | 803.1 | 668.1 |
Cash flows from investing activities: | ||
Purchase of business | (317.9) | 0 |
Purchases of property, plant and equipment | (294.8) | (308.2) |
Other investing activities | 3.7 | 2 |
Net cash used in investing activities | (609) | (306.2) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 200 | 0 |
Excess tax benefits from stock-based payment awards | 89.7 | 64 |
Proceeds from shares issued under equity compensation plans | 33.2 | 22.1 |
Dividends paid | (119.8) | 0 |
Principal payments of long-term debt | (109.3) | (34.4) |
Payments of minimum tax withholdings on stock-based payment awards | (38.4) | (28.4) |
Net proceeds from (repayments of) notes payable | (18.5) | 197 |
Payments of financing costs of long-term debt | (7.6) | (2) |
Payment of delayed purchase price arrangement | 0 | (543.3) |
Net cash provided by (used in) financing activities | 29.3 | (325) |
Effect of exchange rate changes on cash and cash equivalents | (3.8) | 3.5 |
Net increase in cash and cash equivalents | 219.6 | 40.4 |
Cash and cash equivalents, beginning of period | 110.1 | 63.9 |
Cash and cash equivalents, end of period | 329.7 | 104.3 |
Purchase of business | ||
Fair value of assets acquired | 332.8 | 0 |
Liabilities assumed | (16.6) | 0 |
Net assets acquired | 316.2 | 0 |
Plus - payment of purchase price adjustments | 1.7 | 0 |
Cash paid for purchase of business | $ 317.9 | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Aug. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION: Unless the context otherwise requires, the terms “Company,” “CBI,” “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. We have prepared the consolidated financial statements included herein, 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 our opinion, all adjustments necessary to present fairly our financial information. 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 our Annual Report on Form 10-K for the fiscal year ended February 28, 2015 (the “2015 Annual Report”). Results of operations for interim periods are not necessarily indicative of annual results. |
Inventories
Inventories | 6 Months Ended |
Aug. 31, 2015 | |
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, (in millions ) Raw materials and supplies $ 94.3 $ 106.0 In-process inventories 1,144.0 1,244.0 Finished case goods 538.8 477.2 $ 1,777.1 $ 1,827.2 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Aug. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS: Overview – Our risk management and derivative accounting policies are presented in Notes 1 and 6 of our consolidated financial statements included in our 2015 Annual Report and have not changed significantly for the six months and three months ended August 31, 2015 . The aggregate notional value of outstanding derivative instruments is as follows: August 31, February 28, (in millions ) Derivative instruments designated as hedging instruments Foreign currency contracts $ 679.2 $ 454.8 Interest rate swap contracts $ 500.0 $ 500.0 Derivative instruments not designated as hedging instruments Foreign currency contracts $ 894.3 $ 1,548.5 Commodity derivative contracts $ 214.5 $ 190.8 Interest rate swap contracts $ 1,000.0 $ 1,000.0 Credit risk – We are exposed to credit-related losses if the counterparties to our derivative contracts default. This credit risk is limited to the fair value of the derivative contracts. To manage this risk, we contract only with major financial institutions that have earned investment-grade credit ratings and with whom we have standard International Swaps and Derivatives Association agreements which allow for net settlement of the derivative contracts. We have also established counterparty credit guidelines that are regularly monitored. Because of these safeguards, we believe the risk of loss from counterparty default to be immaterial. In addition, our derivative instruments are not subject to credit rating contingencies or collateral requirements. As of August 31, 2015 , the estimated fair value of derivative instruments in a net liability position due to counterparties was $105.9 million . If we were required to settle the net liability position under these derivative instruments on August 31, 2015 , we would have had sufficient availability under our available liquidity on hand to satisfy this obligation. Results of period derivative activity – The estimated fair value and location of our derivative instruments on our balance sheets are as follows (see Note 4): Assets Liabilities August 31, February 28, August 31, February 28, (in millions) Derivative instruments designated as hedging instruments Foreign currency contracts: Prepaid expenses and other $ 5.2 $ 5.3 Other accrued expenses and liabilities $ 39.8 $ 23.1 Other assets $ 1.2 $ 2.0 Other liabilities $ 24.5 $ 9.5 Interest rate swap contracts: Other assets $ — $ 0.2 Other accrued expenses and liabilities $ 2.4 $ 2.7 Derivative instruments not designated as hedging instruments Foreign currency contracts: Prepaid expenses and other $ 4.5 $ 27.3 Other accrued expenses and liabilities $ 7.0 $ 26.4 Commodity derivative contracts: Prepaid expenses and other $ 0.2 $ 0.5 Other accrued expenses and liabilities $ 21.0 $ 18.0 Other assets $ 0.4 $ 0.2 Other liabilities $ 10.4 $ 9.4 Interest rate swap contracts: Prepaid expenses and other $ 3.0 $ 3.3 Other accrued expenses and liabilities $ 15.3 $ 15.6 Other liabilities $ — $ 4.9 The effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, as well as Other Comprehensive Income (“OCI”), net of income tax effect, is as follows: Derivative Instruments in Designated Cash Flow Hedging Relationships Net Gain (Loss) Recognized in OCI (Effective portion) Location of Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) (in millions) For the Six Months Ended August 31, 2015 Foreign currency contracts $ (34.9 ) Sales $ 0.9 Cost of product sold (7.8 ) Interest rate swap contracts (1.0 ) Interest expense (4.2 ) $ (35.9 ) $ (11.1 ) For the Six Months Ended August 31, 2014 Foreign currency contracts $ 5.0 Sales $ 4.2 Cost of product sold 0.5 Interest rate swap contracts (0.2 ) Interest expense (4.2 ) $ 4.8 $ 0.5 For the Three Months Ended August 31, 2015 Foreign currency contracts $ (28.0 ) Sales $ 0.3 Cost of product sold (4.3 ) Interest rate swap contracts (0.3 ) Interest expense (2.1 ) $ (28.3 ) $ (6.1 ) For the Three Months Ended August 31, 2014 Foreign currency contracts $ (5.3 ) Sales $ 3.0 Cost of product sold 0.2 Interest rate swap contracts 0.3 Interest expense (2.2 ) $ (5.0 ) $ 1.0 Derivative Instruments in Designated Cash Flow Hedging Relationships Location of Net Gain (Loss) Recognized in Income (Ineffective portion) Net Gain (Loss) Recognized in Income (Ineffective portion) (in millions) For the Six Months Ended August 31, 2015 Foreign currency contracts Selling, general and administrative expenses $ (0.1 ) For the Six Months Ended August 31, 2014 Foreign currency contracts Selling, general and administrative expenses $ 0.2 For the Three Months Ended August 31, 2015 Foreign currency contracts Selling, general and administrative expenses $ — For the Three Months Ended August 31, 2014 Foreign currency contracts Selling, general and administrative expenses $ 0.3 We expect $33.2 million of net losses, net of income tax effect, to be reclassified from accumulated other comprehensive income (loss) (“AOCI”) to our results of operations within the next 12 months. The effect of our undesignated derivative instruments on our results of operations is as follows: Derivative Instruments Not Designated as Hedging Instruments Location of Net Loss Recognized in Income Net Loss Recognized in Income (in millions) For the Six Months Ended August 31, 2015 Commodity derivative contracts Cost of product sold $ (16.4 ) Foreign currency contracts Selling, general and administrative expenses (15.1 ) $ (31.5 ) For the Six Months Ended August 31, 2014 Commodity derivative contracts Cost of product sold $ (2.7 ) Foreign currency contracts Selling, general and administrative expenses (7.1 ) $ (9.8 ) For the Three Months Ended August 31, 2015 Commodity derivative contracts Cost of product sold $ (11.2 ) Foreign currency contracts Selling, general and administrative expenses (11.0 ) $ (22.2 ) For the Three Months Ended August 31, 2014 Commodity derivative contracts Cost of product sold $ (2.9 ) Foreign currency contracts Selling, general and administrative expenses (1.4 ) $ (4.3 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Aug. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS: Authoritative guidance establishes a framework for measuring fair value and requires disclosures about fair value measurements for financial instruments. 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. It 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 includes 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 methods and assumptions we use to estimate the fair value for each class of our financial instruments are presented in Notes 1 and 7 of our consolidated financial statements included in our 2015 Annual Report and have not changed significantly for the six months and three months ended August 31, 2015 . The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and notes payable to banks, approximate fair value as of August 31, 2015 , and February 28, 2015 , due to the relatively short maturity of these instruments. As of August 31, 2015 , the carrying amount of long-term debt, including the current portion, was $7,394.3 million , compared with an estimated fair value of $7,196.7 million . As of February 28, 2015 , the carrying amount of long-term debt, including the current portion, was $7,295.6 million , compared with an estimated fair value of $7,378.6 million . The following table presents our financial assets and liabilities measured at estimated fair value on a recurring basis. Fair Value Measurements Using Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in millions) August 31, 2015 Assets: Foreign currency contracts $ — $ 10.9 $ — $ 10.9 Commodity derivative contracts $ — $ 0.6 $ — $ 0.6 Interest rate swap contracts $ — $ 3.0 $ — $ 3.0 Available-for-sale (“AFS”) debt securities $ — $ — $ 7.4 $ 7.4 Liabilities: Foreign currency contracts $ — $ 71.3 $ — $ 71.3 Commodity derivative contracts $ — $ 31.4 $ — $ 31.4 Interest rate swap contracts $ — $ 17.7 $ — $ 17.7 February 28, 2015 Assets: Foreign currency contracts $ — $ 34.6 $ — $ 34.6 Commodity derivative contracts $ — $ 0.7 $ — $ 0.7 Interest rate swap contracts $ — $ 3.5 $ — $ 3.5 AFS debt securities $ — $ — $ 7.8 $ 7.8 Liabilities: Foreign currency contracts $ — $ 59.0 $ — $ 59.0 Commodity derivative contracts $ — $ 27.4 $ — $ 27.4 Interest rate swap contracts $ — $ 23.2 $ — $ 23.2 Our 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. Commodity derivative fair values are based on quotes from respective counterparties. Quotes are corroborated by using market data. Interest rate swap fair values are based on quotes from respective counterparties. Quotes are corroborated by using discounted cash flow calculations based upon forward interest-rate yield curves, which are obtained from independent pricing services. AFS debt securities are valued using market-based inputs into discounted cash flow models. |
Goodwill
Goodwill | 6 Months Ended |
Aug. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL: The changes in the carrying amount of goodwill are as follows: Beer Wine and Spirits Consolidated (in millions) Balance, February 28, 2014 $ 3,714.6 $ 2,432.2 $ 6,146.8 Purchase accounting allocations (1) 66.7 34.0 100.7 Foreign currency translation adjustments (5.1 ) (34.2 ) (39.3 ) Balance, February 28, 2015 3,776.2 2,432.0 6,208.2 Purchase accounting allocations (2) — 239.8 239.8 Foreign currency translation adjustments (4.9 ) (26.3 ) (31.2 ) Balance, August 31, 2015 $ 3,771.3 $ 2,645.5 $ 6,416.8 (1) Purchase accounting allocations associated with acquisitions of a glass production plant (Beer) and a super-premium tequila brand (Wine and Spirits). (2) Preliminary purchase accounting allocations associated with the acquisition of Meiomi (as defined below). As of August 31, 2015 , and February 28, 2015 , we have accumulated impairment losses of $220.0 million and $231.0 million , respectively, within our Wine and Spirits segment. Meiomi – In August 2015, we acquired the Meiomi wine business, consisting primarily of the Meiomi trademark, related inventories and certain grape supply contracts (“Meiomi”). The results of operations of Meiomi are reported in the Wine and Spirits segment and are included in our consolidated results of operations from the date of acquisition. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Aug. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS: The major components of intangible assets are as follows: August 31, 2015 February 28, 2015 Gross Carrying Amount Net Carrying Amount Gross Carrying Amount Net Carrying Amount ( in millions) Amortizable intangible assets Customer relationships $ 100.8 $ 61.0 $ 100.9 $ 63.3 Favorable interim supply agreement 68.3 16.0 68.3 33.9 Other 21.5 4.1 21.0 5.5 Total $ 190.6 81.1 $ 190.2 102.7 Nonamortizable intangible assets Trademarks 3,103.4 3,073.9 Other 4.2 4.4 Total 3,107.6 3,078.3 Total intangible assets $ 3,188.7 $ 3,181.0 We did not incur costs to renew or extend the term of acquired intangible assets for the six months and three months ended August 31, 2015 , and August 31, 2014 . Net carrying amount represents the gross carrying value net of accumulated amortization. Amortization expense for intangible assets was $22.7 million and $24.7 million for the six months ended August 31, 2015 , and August 31, 2014 , respectively, and $11.0 million and $14.2 million for the three months ended August 31, 2015 , and August 31, 2014 , respectively. Estimated amortization expense for the remaining six months of fiscal 2016 and for each of the five succeeding fiscal years and thereafter is as follows: (in millions) 2016 $ 17.3 2017 $ 10.5 2018 $ 5.6 2019 $ 5.6 2020 $ 5.5 2021 $ 5.4 Thereafter $ 31.2 |
Borrowings
Borrowings | 6 Months Ended |
Aug. 31, 2015 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS: Borrowings consist of the following: August 31, 2015 February 28, Current Long-term Total Total ( in millions) Notes payable to banks Senior Credit Facility – Revolving Credit Loans $ — $ — $ — $ — Other 29.3 — 29.3 52.4 $ 29.3 $ — $ 29.3 $ 52.4 Long-term debt Senior Credit Facility – Term Loans $ 137.5 $ 2,806.1 $ 2,943.6 $ 2,792.1 Senior Notes — 4,349.1 4,349.1 4,348.6 Other 18.6 83.0 101.6 154.9 $ 156.1 $ 7,238.2 $ 7,394.3 $ 7,295.6 Senior credit facility – On July 16, 2015, the Company, CIH International S.à r.l., an indirect wholly-owned subsidiary of ours (“CIH” and together with the Company, the “Borrowers”), Bank of America, N.A., as administrative agent (the “Administrative Agent”), and certain lenders (all such parties other than either of the Borrowers and the Administrative Agent are collectively referred to as the “Lenders”) entered into Amendment No. 2 (the “Amendment”) to our then-existing senior credit facility (as amended, the “2015 Credit Agreement”). The Amendment was entered into primarily for (i) the creation of a new $1.27 billion U.S. Term A loan facility into which the existing U.S. Term A and Term A-2 loan facilities have been combined and increased by $200.0 million , (ii) the refinance of the existing U.S. Term A-1 loan facility and extension of its maturity to July 16, 2021, (iii) the creation of a new $1.43 billion European Term A loan facility into which the existing European Term A and Term B-1 loan facilities have been combined, (iv) the extension of the maturity date of all tranches, other than the new U.S. Term A-1 loan facility, to July 16, 2020, and (v) the increase of the revolving credit facility by $300.0 million to $1.15 billion . The 2015 Credit Agreement was used to refinance the outstanding obligations under our then-existing senior credit facility, with the incremental $200.0 million of borrowings under the new U.S. Term A loan facility used to finance a portion of the purchase price for the acquisition of Meiomi. The Amendment also modified certain of our financial and other covenants, and provides for the automatic revision of certain covenants (including financial covenants) and the suspension of the Incremental Cap (as defined below) and the collateral requirements under the 2015 Credit Agreement if we receive an Investment Grade Rating (as defined in the 2015 Credit Agreement) on our corporate ratings from each of S&P and Moody’s, and no default or event of default has occurred or is continuing (a “Covenant Suspension Period”). A Covenant Suspension Period will continue until such time as any of our corporate ratings cease to be an Investment Grade Rating. The 2015 Credit Agreement provides for aggregate credit facilities of $4,093.6 million , consisting of the following: Amount Maturity (in millions) Revolving Credit Facility (1)(2) $ 1,150.0 July 16, 2020 U.S. Term A Facility (1)(3) 1,271.6 July 16, 2020 U.S. Term A-1 Facility (1)(3) 241.9 July 16, 2021 European Term A Facility (1)(3) 1,430.1 July 16, 2020 $ 4,093.6 (1) Contractual interest rate varies based on our debt ratio (as defined in the 2015 Credit Agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin. (2) Provides for credit facilities consisting of a $575.0 million U.S. Revolving Credit Facility and a $575.0 million European Revolving Credit Facility. Includes two sub-facilities for letters of credit of up to $200.0 million in the aggregate. We are the borrower under the U.S. Revolving Credit Facility and we and/or CIH are the borrowers under the European Revolving Credit Facility. (3) We are the borrower under the U.S. Term A and the U.S. Term A-1 loan facilities. CIH is the borrower under the European Term A loan facility. The 2015 Credit Agreement also permits us to elect to increase the 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 . 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 (the “Incremental Cap”), except during a Covenant Suspension Period, during which time the Incremental Cap would be an unlimited amount. As of August 31, 2015 , information with respect to borrowings under the 2015 Credit Agreement is as follows: Revolving Credit Facility U.S. Term A Facility U.S. Term A-1 Facility European Term A Facility (in millions, except percentage data) Outstanding borrowings $ — $ 1,271.6 $ 241.9 $ 1,430.1 Interest rate — % 1.7 % 1.9 % 1.7 % Libor margin 1.5 % 1.5 % 1.75 % 1.5 % Outstanding letters of credit $ 15.2 Remaining borrowing capacity $ 1,134.8 In addition, in April 2012, we entered into interest rate swap agreements which fixed our interest rates on $500.0 million of our floating LIBOR rate debt at an average rate of 2.8% (exclusive of borrowing margins) through September 1, 2016. As of August 31, 2015 , the required principal repayments of the term loans under the 2015 Credit Agreement for the remaining six months of fiscal 2016 and for each of the five succeeding fiscal years and thereafter are as follows: U.S. Term A Facility U.S. Term A-1 Facility European Term A Facility Total (in millions) 2016 $ 31.8 $ 1.2 $ 35.8 $ 68.8 2017 63.6 2.4 71.5 137.5 2018 63.6 2.4 71.5 137.5 2019 63.6 2.4 71.5 137.5 2020 63.5 2.5 71.5 137.5 2021 985.5 2.4 1,108.3 2,096.2 Thereafter — 228.6 — 228.6 $ 1,271.6 $ 241.9 $ 1,430.1 $ 2,943.6 Accounts receivable securitization facilities – On September 29, 2014, we entered into an amended 364 -day revolving trade accounts receivable securitization facility (the “CBI Facility”). Under the CBI Facility, trade accounts receivable generated by us and certain of our subsidiaries are sold by us to a wholly-owned bankruptcy remote single purpose subsidiary (the “CBI SPV”), which is consolidated by us 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 our business, subject to further limitations based upon various pre-agreed formulas. Also, on September 29, 2014, 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 by us 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, 2015 , our accounts receivable securitization facilities are as follows: Outstanding Borrowings Weighted Average Interest Rate Remaining Borrowing Capacity (in millions) CBI Facility $ — — % $ 270.0 Crown Facility $ — — % $ 160.0 On September 28, 2015, our existing accounts receivable securitization facilities were amended, resulting in the extension of each facility for an additional 364 -day term. In addition, the newly amended CBI Facility provides borrowing capacity of $235.0 million up to $330.0 million and the newly amended Crown Facility provides borrowing capacity of $100.0 million up to $190.0 million . 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, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES: Our effective tax rate for the six months ended August 31, 2015 , and August 31, 2014 , was 27.6% and 32.4% , respectively. Our effective tax rate for the three months ended August 31, 2015 , and August 31, 2014 , was 24.2% and 32.2% , respectively. For the six months and three months ended August 31, 2015 , our effective tax rates were lower than the federal statutory rate of 35% primarily due to a decrease in uncertain tax positions and lower effective tax rates applicable to our foreign businesses. Our effective tax rates for the six months and three months ended August 31, 2014 , were lower than the federal statutory rate of 35% primarily due to lower effective tax rates applicable to our foreign businesses. The Internal Revenue Service (“IRS”) concluded its review of our fiscal years ended February 29, 2010, and February 28, 2011. We received a Revenue Agent’s Report (“RAR”) from the IRS proposing tax assessments for those years. We disagree with certain assessments in this report and have submitted a written protest stating our formal disagreement with the conclusions presented in the RAR. We believe that our position will be successfully sustained. For other items that were effectively settled, we reduced our liability for uncertain tax positions and recorded a tax benefit of $31.9 million for the three months ended August 31, 2015 . |
Net Income Per Common Share Att
Net Income Per Common Share Attributable to CBI | 6 Months Ended |
Aug. 31, 2015 | |
Earnings Per Share [Abstract] | |
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO CBI | NET INCOME PER COMMON SHARE ATTRIBUTABLE TO CBI: For the six months and three months ended August 31, 2015 , and August 31, 2014 , net income per common share – diluted for Class A Common Stock has been computed using the if-converted method and assumes the exercise of stock options using the treasury stock method and the conversion of Class B Convertible Common Stock as this method is more dilutive than the two-class method. For the six months and three months ended August 31, 2015 , and August 31, 2014 , net income per common share – diluted for Class B Convertible Common Stock has been computed using the two-class method and does not assume conversion of Class B Convertible Common Stock into shares of Class A Common Stock. The computation of basic and diluted net income per common share is as follows: For the Six Months Ended August 31, 2015 August 31, 2014 Common Stock Common Stock Class A Class B Class A Class B (in millions, except per share data) Net income attributable to CBI allocated – basic $ 481.6 $ 59.4 $ 357.4 $ 45.1 Conversion of Class B common shares into Class A common shares 59.4 — 45.1 — Effect of stock-based awards on allocated net income — (1.8 ) — (1.9 ) Net income attributable to CBI allocated – diluted $ 541.0 $ 57.6 $ 402.5 $ 43.2 Weighted average common shares outstanding – basic 171.805 23.370 168.663 23.408 Conversion of Class B common shares into Class A common shares 23.370 — 23.408 — Stock-based awards, primarily stock options 7.809 — 8.508 — Weighted average common shares outstanding – diluted 202.984 23.370 200.579 23.408 Net income per common share attributable to CBI – basic $ 2.80 $ 2.54 $ 2.12 $ 1.93 Net income per common share attributable to CBI – diluted $ 2.67 $ 2.47 $ 2.01 $ 1.84 For the Three Months Ended August 31, 2015 August 31, 2014 Common Stock Common Stock Class A Class B Class A Class B (in millions, except per share data) Net income attributable to CBI allocated – basic $ 269.3 $ 33.1 $ 173.9 $ 21.9 Conversion of Class B common shares into Class A common shares 33.1 — 21.9 — Effect of stock-based awards on allocated net income — (1.0 ) — (0.9 ) Net income attributable to CBI allocated – diluted $ 302.4 $ 32.1 $ 195.8 $ 21.0 Weighted average common shares outstanding – basic 172.239 23.364 169.158 23.401 Conversion of Class B common shares into Class A common shares 23.364 — 23.401 — Stock-based awards, primarily stock options 7.507 — 8.241 — Weighted average common shares outstanding – diluted 203.110 23.364 200.800 23.401 Net income per common share attributable to CBI – basic $ 1.56 $ 1.42 $ 1.03 $ 0.93 Net income per common share attributable to CBI – diluted $ 1.49 $ 1.38 $ 0.98 $ 0.90 |
Comprehensive Income Attributab
Comprehensive Income Attributable to CBI | 6 Months Ended |
Aug. 31, 2015 | |
Equity [Abstract] | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CBI | COMPREHENSIVE INCOME ATTRIBUTABLE TO CBI: 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 attributable to CBI to comprehensive income attributable to CBI is as follows: Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (in millions) For the Six Months Ended August 31, 2015 Net income attributable to CBI $ 541.0 Other comprehensive loss: Foreign currency translation adjustments: Net losses $ (217.8 ) $ 2.8 (215.0 ) Reclassification adjustments — — — Net loss recognized in other comprehensive loss (217.8 ) 2.8 (215.0 ) Unrealized loss on cash flow hedges: Net derivative losses (48.9 ) 13.0 (35.9 ) Reclassification adjustments 16.3 (5.1 ) 11.2 Net loss recognized in other comprehensive loss (32.6 ) 7.9 (24.7 ) Unrealized loss on AFS debt securities: Net AFS debt securities losses (0.4 ) — (0.4 ) Reclassification adjustments — — — Net loss recognized in other comprehensive loss (0.4 ) — (0.4 ) Pension/postretirement adjustments: Net actuarial gains 0.9 (0.3 ) 0.6 Reclassification adjustments 0.2 — 0.2 Net gain recognized in other comprehensive loss 1.1 (0.3 ) 0.8 Other comprehensive loss attributable to CBI $ (249.7 ) $ 10.4 (239.3 ) Comprehensive income attributable to CBI $ 301.7 Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (in millions) For the Six Months Ended August 31, 2014 Net income attributable to CBI $ 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 Other comprehensive income attributable to CBI $ 22.3 $ (3.5 ) 18.8 Comprehensive income attributable to CBI $ 421.3 For the Three Months Ended August 31, 2015 Net income attributable to CBI $ 302.4 Other comprehensive loss: Foreign currency translation adjustments: Net losses $ (167.1 ) $ 3.4 (163.7 ) Reclassification adjustments — — — Net loss recognized in other comprehensive loss (167.1 ) 3.4 (163.7 ) Unrealized loss on cash flow hedges: Net derivative losses (38.4 ) 10.1 (28.3 ) Reclassification adjustments 8.7 (2.6 ) 6.1 Net loss recognized in other comprehensive loss (29.7 ) 7.5 (22.2 ) Unrealized loss on AFS debt securities: Net AFS debt securities losses (0.3 ) — (0.3 ) Reclassification adjustments — — — Net loss recognized in other comprehensive loss (0.3 ) — (0.3 ) Pension/postretirement adjustments: Net actuarial gains 1.0 (0.3 ) 0.7 Reclassification adjustments 0.1 — 0.1 Net gain recognized in other comprehensive loss 1.1 (0.3 ) 0.8 Other comprehensive loss attributable to CBI $ (196.0 ) $ 10.6 (185.4 ) Comprehensive income attributable to CBI $ 117.0 Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (in millions) For the Three Months Ended August 31, 2014 Net income attributable to CBI $ 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 ) Other comprehensive loss attributable to CBI $ (30.5 ) $ 1.9 (28.6 ) Comprehensive income attributable to CBI $ 167.2 Accumulated other comprehensive loss, net of income tax effect, includes the following components: Foreign Currency Translation Adjustments Net Unrealized Losses on Derivative Instruments Net Unrealized Losses on AFS Debt Securities Pension/ Postretirement Adjustments Accumulated Other Comprehensive Loss (in millions) Balance, February 28, 2015 $ (86.1 ) $ (29.1 ) $ (2.5 ) $ (13.2 ) $ (130.9 ) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification adjustments (215.0 ) (35.9 ) (0.4 ) 0.6 (250.7 ) Amounts reclassified from accumulated other comprehensive loss — 11.2 — 0.2 11.4 Other comprehensive income (loss) (215.0 ) (24.7 ) (0.4 ) 0.8 (239.3 ) Balance, August 31, 2015 $ (301.1 ) $ (53.8 ) $ (2.9 ) $ (12.4 ) $ (370.2 ) |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Aug. 31, 2015 | |
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, 2015 , and February 28, 2015 , the condensed consolidating statements of comprehensive income for the six months and three months ended August 31, 2015 , and August 31, 2014 , and the condensed consolidating statements of cash flows for the six months ended August 31, 2015 , and August 31, 2014 , for the parent company, our combined subsidiaries which guarantee our senior notes (“Subsidiary Guarantors”), our combined subsidiaries 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 our 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 our senior notes. Separate financial statements for our Subsidiary Guarantors are not presented because we have 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 Note 1 of our consolidated financial statements included in our 2015 Annual Report. There are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to us in the form of cash dividends, loans or advances. Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Balance Sheet at August 31, 2015 Current assets: Cash and cash equivalents $ 132.9 $ 0.8 $ 196.0 $ — $ 329.7 Accounts receivable 0.1 10.4 713.0 — 723.5 Inventories 158.7 1,365.3 354.9 (101.8 ) 1,777.1 Intercompany receivable 15,048.2 20,751.7 7,772.2 (43,572.1 ) — Prepaid expenses and other 49.0 51.6 332.6 (132.0 ) 301.2 Total current assets 15,388.9 22,179.8 9,368.7 (43,805.9 ) 3,131.5 Property, plant and equipment 58.3 833.5 1,881.5 — 2,773.3 Investments in subsidiaries 12,308.7 16.8 — (12,325.5 ) — Goodwill — 5,651.0 765.8 — 6,416.8 Intangible assets — 740.5 2,444.3 3.9 3,188.7 Intercompany notes receivable 3,880.0 85.8 — (3,965.8 ) — Other assets 59.7 70.6 32.8 — 163.1 Total assets $ 31,695.6 $ 29,578.0 $ 14,493.1 $ (60,093.3 ) $ 15,673.4 Current liabilities: Notes payable to banks $ — $ — $ 29.3 $ — $ 29.3 Current maturities of long-term debt 66.0 17.0 73.1 — 156.1 Accounts payable 28.8 188.9 155.6 — 373.3 Accrued excise taxes 13.6 9.0 4.3 — 26.9 Intercompany payable 19,303.6 16,264.1 8,004.4 (43,572.1 ) — Other accrued expenses and liabilities 390.5 189.4 210.4 (163.7 ) 626.6 Total current liabilities 19,802.5 16,668.4 8,477.1 (43,735.8 ) 1,212.2 Long-term debt, less current maturities 5,796.6 28.6 1,413.0 — 7,238.2 Deferred income taxes 21.8 664.8 207.8 — 894.4 Intercompany notes payable — 3,949.8 16.0 (3,965.8 ) — Other liabilities 11.9 42.9 108.8 — 163.6 Total liabilities 25,632.8 21,354.5 10,222.7 (47,701.6 ) 9,508.4 Total CBI stockholders’ equity 6,062.8 8,223.5 4,168.2 (12,391.7 ) 6,062.8 Noncontrolling interests — — 102.2 — 102.2 Total stockholders’ equity 6,062.8 8,223.5 4,270.4 (12,391.7 ) 6,165.0 Total liabilities and stockholders’ equity $ 31,695.6 $ 29,578.0 $ 14,493.1 $ (60,093.3 ) $ 15,673.4 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Balance Sheet at February 28, 2015 Current assets: Cash and cash equivalents $ 24.5 $ 0.7 $ 84.9 $ — $ 110.1 Accounts receivable 0.8 27.3 570.8 — 598.9 Inventories 153.3 1,419.0 357.7 (102.8 ) 1,827.2 Intercompany receivable 13,158.7 18,389.9 6,512.0 (38,060.6 ) — Prepaid expenses and other 46.2 94.0 427.0 (192.6 ) 374.6 Total current assets 13,383.5 19,930.9 7,952.4 (38,356.0 ) 2,910.8 Property, plant and equipment 59.3 854.5 1,767.8 — 2,681.6 Investments in subsidiaries 11,657.2 13.8 — (11,671.0 ) — Goodwill — 5,411.3 796.9 — 6,208.2 Intangible assets — 703.3 2,474.3 3.4 3,181.0 Intercompany notes receivable 4,087.3 129.9 — (4,217.2 ) — Other assets 61.4 68.4 33.1 — 162.9 Total assets $ 29,248.7 $ 27,112.1 $ 13,024.5 $ (54,240.8 ) $ 15,144.5 Current liabilities: Notes payable to banks $ — $ — $ 52.4 $ — $ 52.4 Current maturities of long-term debt 92.3 16.9 48.9 — 158.1 Accounts payable 41.2 113.2 131.4 — 285.8 Accrued excise taxes 12.6 11.3 4.8 — 28.7 Intercompany payable 17,206.7 14,201.6 6,652.3 (38,060.6 ) — Other accrued expenses and liabilities 462.5 211.2 156.9 (224.9 ) 605.7 Total current liabilities 17,815.3 14,554.2 7,046.7 (38,285.5 ) 1,130.7 Long-term debt, less current maturities 5,601.4 30.9 1,505.2 — 7,137.5 Deferred income taxes 17.6 633.6 167.7 — 818.9 Intercompany notes payable — 3,863.4 353.8 (4,217.2 ) — Other liabilities 43.7 36.7 95.7 — 176.1 Total liabilities 23,478.0 19,118.8 9,169.1 (42,502.7 ) 9,263.2 Total CBI stockholders’ equity 5,770.7 7,993.3 3,744.8 (11,738.1 ) 5,770.7 Noncontrolling interests — — 110.6 — 110.6 Total stockholders’ equity 5,770.7 7,993.3 3,855.4 (11,738.1 ) 5,881.3 Total liabilities and stockholders’ equity $ 29,248.7 $ 27,112.1 $ 13,024.5 $ (54,240.8 ) $ 15,144.5 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2015 Sales $ 1,183.6 $ 2,922.4 $ 1,618.0 $ (2,013.1 ) $ 3,710.9 Less – excise taxes (159.7 ) (154.8 ) (31.7 ) — (346.2 ) Net sales 1,023.9 2,767.6 1,586.3 (2,013.1 ) 3,364.7 Cost of product sold (828.5 ) (2,079.6 ) (952.1 ) 2,008.2 (1,852.0 ) Gross profit 195.4 688.0 634.2 (4.9 ) 1,512.7 Selling, general and administrative expenses (199.6 ) (351.3 ) (62.2 ) 7.1 (606.0 ) Operating income (loss) (4.2 ) 336.7 572.0 2.2 906.7 Equity in earnings of equity method investees and subsidiaries 626.3 3.7 0.4 (629.2 ) 1.2 Interest income 0.1 — 0.3 — 0.4 Intercompany interest income 92.0 130.3 — (222.3 ) — Interest expense (140.8 ) (0.6 ) (13.8 ) — (155.2 ) Intercompany interest expense (130.0 ) (91.9 ) (0.4 ) 222.3 — Loss on write-off of financing costs (0.4 ) — (0.7 ) — (1.1 ) Income before income taxes 443.0 378.2 557.8 (627.0 ) 752.0 (Provision for) benefit from income taxes 98.0 (147.9 ) (156.8 ) (1.0 ) (207.7 ) Net income 541.0 230.3 401.0 (628.0 ) 544.3 Net income attributable to noncontrolling interests — — (3.3 ) — (3.3 ) Net income attributable to CBI $ 541.0 $ 230.3 $ 397.7 $ (628.0 ) $ 541.0 Comprehensive income attributable to CBI $ 301.7 $ 230.1 $ 155.8 $ (385.9 ) $ 301.7 Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2014 Sales $ 1,139.2 $ 2,659.5 $ 1,605.4 $ (1,947.0 ) $ 3,457.1 Less – excise taxes (153.2 ) (139.1 ) (34.7 ) — (327.0 ) Net sales 986.0 2,520.4 1,570.7 (1,947.0 ) 3,130.1 Cost of product sold (796.9 ) (1,906.4 ) (1,012.9 ) 1,928.2 (1,788.0 ) Gross profit 189.1 614.0 557.8 (18.8 ) 1,342.1 Selling, general and administrative expenses (194.1 ) (301.0 ) (83.5 ) 7.4 (571.2 ) Operating income (loss) (5.0 ) 313.0 474.3 (11.4 ) 770.9 Equity in earnings (losses) of equity method investees and subsidiaries 509.0 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 343.0 329.5 445.4 (522.9 ) 595.0 (Provision for) benefit from income taxes 59.5 (123.1 ) (132.4 ) 3.5 (192.5 ) Net income 402.5 206.4 313.0 (519.4 ) 402.5 Net income attributable to noncontrolling interests — — — — — Net income attributable to CBI $ 402.5 $ 206.4 $ 313.0 $ (519.4 ) $ 402.5 Comprehensive income attributable to CBI $ 421.3 $ 207.5 $ 329.4 $ (536.9 ) $ 421.3 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2015 Sales $ 625.0 $ 1,497.5 $ 792.8 $ (1,002.4 ) $ 1,912.9 Less – excise taxes (83.5 ) (79.7 ) (16.3 ) — (179.5 ) Net sales 541.5 1,417.8 776.5 (1,002.4 ) 1,733.4 Cost of product sold (437.7 ) (1,076.0 ) (466.0 ) 1,021.9 (957.8 ) Gross profit 103.8 341.8 310.5 19.5 775.6 Selling, general and administrative expenses (96.8 ) (174.1 ) (28.7 ) 3.4 (296.2 ) Operating income 7.0 167.7 281.8 22.9 479.4 Equity in earnings of equity method investees and subsidiaries 322.1 1.5 0.2 (323.6 ) 0.2 Interest income — — 0.1 — 0.1 Intercompany interest income 46.2 66.4 — (112.6 ) — Interest expense (71.5 ) (0.3 ) (5.6 ) — (77.4 ) Intercompany interest expense (66.4 ) (46.0 ) (0.2 ) 112.6 — Loss on write-off of financing costs (0.4 ) — (0.7 ) — (1.1 ) Income before income taxes 237.0 189.3 275.6 (300.7 ) 401.2 (Provision for) benefit from income taxes 65.4 (74.8 ) (80.1 ) (7.6 ) (97.1 ) Net income 302.4 114.5 195.5 (308.3 ) 304.1 Net income attributable to noncontrolling interests — — (1.7 ) — (1.7 ) Net income attributable to CBI $ 302.4 $ 114.5 $ 193.8 $ (308.3 ) $ 302.4 Comprehensive income attributable to CBI $ 117.0 $ 115.0 $ 6.2 $ (121.2 ) $ 117.0 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2014 Sales $ 594.7 $ 1,357.2 $ 791.4 $ (973.3 ) $ 1,770.0 Less – excise taxes (76.9 ) (71.5 ) (17.5 ) — (165.9 ) Net sales 517.8 1,285.7 773.9 (973.3 ) 1,604.1 Cost of product sold (418.6 ) (983.1 ) (504.2 ) 973.8 (932.1 ) Gross profit 99.2 302.6 269.7 0.5 672.0 Selling, general and administrative expenses (101.2 ) (152.5 ) (43.1 ) 3.5 (293.3 ) Operating income (loss) (2.0 ) 150.1 226.6 4.0 378.7 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 ) 99.0 — Loss on write-off of financing costs — — (4.4 ) — (4.4 ) Income (loss) before income taxes (82.8 ) 160.2 211.8 (0.5 ) 288.7 (Provision for) benefit from 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 Net income attributable to noncontrolling interests — — — — — Net income (loss) attributable to CBI $ 195.8 $ 99.6 $ (98.0 ) $ (1.6 ) $ 195.8 Comprehensive income (loss) attributable to CBI $ 167.2 $ 99.0 $ (128.4 ) $ 29.4 $ 167.2 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2015 Net cash provided by (used in) operating activities $ (239.4 ) $ 495.1 $ 547.4 $ — $ 803.1 Cash flows from investing activities: Purchase of business — (316.2 ) (1.7 ) — (317.9 ) Purchases of property, plant and equipment (5.4 ) (19.5 ) (269.9 ) — (294.8 ) Net proceeds from intercompany notes 139.4 — — (139.4 ) — Net investments in equity affiliates (260.6 ) — — 260.6 — Other investing activities 2.0 — 1.7 — 3.7 Net cash used in investing activities (124.6 ) (335.7 ) (269.9 ) 121.2 (609.0 ) Cash flows from financing activities: Net contributions from (returns of capital to) equity affiliates — (10.5 ) 271.1 (260.6 ) — Net proceeds from (repayments of) intercompany notes 308.4 (103.6 ) (344.2 ) 139.4 — Proceeds from issuance of long-term debt 200.0 — — — 200.0 Excess tax benefits from stock-based payment awards 89.7 — — — 89.7 Proceeds from shares issued under equity compensation plans 33.2 — — — 33.2 Dividends paid (119.8 ) — — — (119.8 ) Principal payments of long-term debt (31.5 ) (9.5 ) (68.3 ) — (109.3 ) Payments of minimum tax withholdings on stock-based payment awards — (35.7 ) (2.7 ) — (38.4 ) Net repayments of notes payable — — (18.5 ) — (18.5 ) Payments of financing costs of long-term debt (7.6 ) — — — (7.6 ) Net cash provided by (used in) financing activities 472.4 (159.3 ) (162.6 ) (121.2 ) 29.3 Effect of exchange rate changes on cash and cash equivalents — — (3.8 ) — (3.8 ) Net increase in cash and cash equivalents 108.4 0.1 111.1 — 219.6 Cash and cash equivalents, beginning of period 24.5 0.7 84.9 — 110.1 Cash and cash equivalents, end of period $ 132.9 $ 0.8 $ 196.0 $ — $ 329.7 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2014 Net cash provided by (used in) 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 — 2.0 Net cash provided by (used in) investing activities 148.2 (60.2 ) (232.7 ) (161.5 ) (306.2 ) Cash flows from financing activities: Dividends paid to parent company — — (24.9 ) 24.9 — Net contributions from (returns of capital to) equity affiliates — (16.6 ) 87.9 (71.3 ) — Net proceeds from (repayments of) intercompany notes 20.6 (281.7 ) 53.2 207.9 — Excess tax benefits from stock-based payment awards 64.0 — — — 64.0 Proceeds from shares issued under equity compensation plans 22.1 — — — 22.1 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 ) Net proceeds from notes payable — — 197.0 — 197.0 Payments of financing costs of long-term debt (0.1 ) — (1.9 ) — (2.0 ) Payment of delayed purchase price arrangement — — (543.3 ) — (543.3 ) 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 equivalents — — 3.5 — 3.5 Net increase (decrease) in cash and cash equivalents 13.2 (0.1 ) 27.3 — 40.4 Cash and cash equivalents, beginning of period 0.5 0.8 62.6 — 63.9 Cash and cash equivalents, end of period $ 13.7 $ 0.7 $ 89.9 $ — $ 104.3 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Aug. 31, 2015 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION: Our internal management financial reporting consists of two business divisions: (i) Beer and (ii) Wine and Spirits, and we report our operating results in three segments: (i) Beer, (ii) Wine and Spirits, and (iii) Corporate Operations and Other. In the Beer segment, we have an exclusive perpetual brand license to import, market and sell in the U.S. our Mexican beer portfolio. In the Wine and Spirits segment, we sell 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 our chief operating decision maker’s evaluation of the operating income performance of the other reportable segments. The business segments reflect how our operations are managed, how operating performance within the Company is evaluated by senior management and the structure of our internal financial reporting. In addition, management excludes items that affect comparability (“Comparable Adjustments”) from its evaluation of the results of each operating segment as these Comparable Adjustments are not reflective of core operations of the segments. Segment operating performance and segment management compensation are evaluated based upon core segment operating income (loss). As such, the performance measures for incentive compensation purposes for segment management do not include the impact of these items. We evaluate segment operating performance based on operating income (loss) of the respective business units. Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows: For the Six Months For the Three Months 2015 2014 2015 2014 (in millions) Net sales Product recall $ — $ (3.5 ) $ — $ (3.5 ) Cost of product sold Amortization of favorable interim supply agreement (17.9 ) (18.9 ) (9.0 ) (11.3 ) Net loss on undesignated commodity derivative contracts (16.4 ) (2.7 ) (11.2 ) (2.9 ) Flow through of inventory step-up (1.2 ) — (1.2 ) — Settlements of undesignated commodity derivative contracts 12.2 (0.6 ) 6.7 (0.1 ) Product recall — (5.4 ) — (5.4 ) Other losses — (2.6 ) — (2.6 ) Total cost of product sold (23.3 ) (30.2 ) (14.7 ) (22.3 ) Selling, general and administrative expenses Restructuring and related charges (14.3 ) — (1.3 ) — Transaction, integration and other acquisition-related costs (10.8 ) (13.1 ) (5.5 ) (8.6 ) Product recall — (0.3 ) — (0.3 ) Total selling, general and administrative expenses (25.1 ) (13.4 ) (6.8 ) (8.9 ) Comparable Adjustments, Operating loss $ (48.4 ) $ (47.1 ) $ (21.5 ) $ (34.7 ) The accounting policies of the segments are the same as those described for the Company in Note 1 of our consolidated financial statements included in our 2015 Annual Report. Segment information is as follows: For the Six Months For the Three Months 2015 2014 2015 2014 (in millions) Beer Net sales $ 1,985.3 $ 1,759.5 $ 1,019.5 $ 891.8 Segment operating income $ 692.4 $ 558.5 $ 355.9 $ 271.0 Long-lived tangible assets $ 1,630.8 $ 1,060.6 $ 1,630.8 $ 1,060.6 Total assets $ 8,470.7 $ 7,713.3 $ 8,470.7 $ 7,713.3 Capital expenditures $ 260.7 $ 228.8 $ 149.2 $ 143.5 Depreciation and amortization $ 27.9 $ 19.9 $ 13.6 $ 10.1 Wine and Spirits Net sales: Wine $ 1,212.1 $ 1,227.1 $ 624.3 $ 640.7 Spirits 167.3 147.0 89.6 75.1 Net sales $ 1,379.4 $ 1,374.1 $ 713.9 $ 715.8 Segment operating income $ 320.1 $ 313.0 $ 175.9 $ 169.8 Equity in earnings (losses) of equity method investees $ 1.2 $ (0.1 ) $ 0.2 $ (0.6 ) Long-lived tangible assets $ 1,030.0 $ 1,107.5 $ 1,030.0 $ 1,107.5 Investments in equity method investees $ 73.3 $ 72.0 $ 73.3 $ 72.0 Total assets $ 6,725.7 $ 6,610.0 $ 6,725.7 $ 6,610.0 Capital expenditures $ 31.9 $ 51.5 $ 15.2 $ 20.2 Depreciation and amortization $ 51.6 $ 50.9 $ 27.4 $ 25.3 Corporate Operations and Other Segment operating loss $ (57.4 ) $ (53.5 ) $ (30.9 ) $ (27.4 ) Long-lived tangible assets $ 112.5 $ 131.8 $ 112.5 $ 131.8 Investments in equity method investees $ 1.0 $ — $ 1.0 $ — Total assets $ 477.0 $ 334.1 $ 477.0 $ 334.1 Capital expenditures $ 2.2 $ 27.9 $ 0.7 $ 13.1 Depreciation and amortization $ 14.0 $ 13.3 $ 6.7 $ 6.8 Comparable Adjustments Net sales $ — $ (3.5 ) $ — $ (3.5 ) Operating loss $ (48.4 ) $ (47.1 ) $ (21.5 ) $ (34.7 ) Depreciation and amortization $ 17.9 $ 18.9 $ 9.0 $ 11.3 Consolidated Net sales $ 3,364.7 $ 3,130.1 $ 1,733.4 $ 1,604.1 Operating income $ 906.7 $ 770.9 $ 479.4 $ 378.7 Equity in earnings (losses) of equity method investees $ 1.2 $ (0.1 ) $ 0.2 $ (0.6 ) Long-lived tangible assets $ 2,773.3 $ 2,299.9 $ 2,773.3 $ 2,299.9 Investments in equity method investees $ 74.3 $ 72.0 $ 74.3 $ 72.0 Total assets $ 15,673.4 $ 14,657.4 $ 15,673.4 $ 14,657.4 Capital expenditures $ 294.8 $ 308.2 $ 165.1 $ 176.8 Depreciation and amortization $ 111.4 $ 103.0 $ 56.7 $ 53.5 |
Accounting Guidance Not Yet Ado
Accounting Guidance Not Yet Adopted | 6 Months Ended |
Aug. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
ACCOUNTING GUIDANCE NOT YET ADOPTED | ACCOUNTING GUIDANCE NOT YET ADOPTED: 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. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2018, 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. We are currently assessing the financial impact of this guidance on our consolidated financial statements. |
Accounting Guidance Not Yet A19
Accounting Guidance Not Yet Adopted (Policies) | 6 Months Ended |
Aug. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
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. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2018, 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. We are currently assessing the financial impact of this guidance on our consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Aug. 31, 2015 | |
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, (in millions ) Raw materials and supplies $ 94.3 $ 106.0 In-process inventories 1,144.0 1,244.0 Finished case goods 538.8 477.2 $ 1,777.1 $ 1,827.2 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Aug. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Aggregate notional value of outstanding derivative instruments | The aggregate notional value of outstanding derivative instruments is as follows: August 31, February 28, (in millions ) Derivative instruments designated as hedging instruments Foreign currency contracts $ 679.2 $ 454.8 Interest rate swap contracts $ 500.0 $ 500.0 Derivative instruments not designated as hedging instruments Foreign currency contracts $ 894.3 $ 1,548.5 Commodity derivative contracts $ 214.5 $ 190.8 Interest rate swap contracts $ 1,000.0 $ 1,000.0 |
Fair value and location of derivative instruments on our balance sheets | The estimated fair value and location of our derivative instruments on our balance sheets are as follows (see Note 4): Assets Liabilities August 31, February 28, August 31, February 28, (in millions) Derivative instruments designated as hedging instruments Foreign currency contracts: Prepaid expenses and other $ 5.2 $ 5.3 Other accrued expenses and liabilities $ 39.8 $ 23.1 Other assets $ 1.2 $ 2.0 Other liabilities $ 24.5 $ 9.5 Interest rate swap contracts: Other assets $ — $ 0.2 Other accrued expenses and liabilities $ 2.4 $ 2.7 Derivative instruments not designated as hedging instruments Foreign currency contracts: Prepaid expenses and other $ 4.5 $ 27.3 Other accrued expenses and liabilities $ 7.0 $ 26.4 Commodity derivative contracts: Prepaid expenses and other $ 0.2 $ 0.5 Other accrued expenses and liabilities $ 21.0 $ 18.0 Other assets $ 0.4 $ 0.2 Other liabilities $ 10.4 $ 9.4 Interest rate swap contracts: Prepaid expenses and other $ 3.0 $ 3.3 Other accrued expenses and liabilities $ 15.3 $ 15.6 Other liabilities $ — $ 4.9 |
Effect of derivative instruments on our statements of income | The effect of our undesignated derivative instruments on our results of operations is as follows: Derivative Instruments Not Designated as Hedging Instruments Location of Net Loss Recognized in Income Net Loss Recognized in Income (in millions) For the Six Months Ended August 31, 2015 Commodity derivative contracts Cost of product sold $ (16.4 ) Foreign currency contracts Selling, general and administrative expenses (15.1 ) $ (31.5 ) For the Six Months Ended August 31, 2014 Commodity derivative contracts Cost of product sold $ (2.7 ) Foreign currency contracts Selling, general and administrative expenses (7.1 ) $ (9.8 ) For the Three Months Ended August 31, 2015 Commodity derivative contracts Cost of product sold $ (11.2 ) Foreign currency contracts Selling, general and administrative expenses (11.0 ) $ (22.2 ) For the Three Months Ended August 31, 2014 Commodity derivative contracts Cost of product sold $ (2.9 ) Foreign currency contracts Selling, general and administrative expenses (1.4 ) $ (4.3 ) The effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, as well as Other Comprehensive Income (“OCI”), net of income tax effect, is as follows: Derivative Instruments in Designated Cash Flow Hedging Relationships Net Gain (Loss) Recognized in OCI (Effective portion) Location of Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) (in millions) For the Six Months Ended August 31, 2015 Foreign currency contracts $ (34.9 ) Sales $ 0.9 Cost of product sold (7.8 ) Interest rate swap contracts (1.0 ) Interest expense (4.2 ) $ (35.9 ) $ (11.1 ) For the Six Months Ended August 31, 2014 Foreign currency contracts $ 5.0 Sales $ 4.2 Cost of product sold 0.5 Interest rate swap contracts (0.2 ) Interest expense (4.2 ) $ 4.8 $ 0.5 For the Three Months Ended August 31, 2015 Foreign currency contracts $ (28.0 ) Sales $ 0.3 Cost of product sold (4.3 ) Interest rate swap contracts (0.3 ) Interest expense (2.1 ) $ (28.3 ) $ (6.1 ) For the Three Months Ended August 31, 2014 Foreign currency contracts $ (5.3 ) Sales $ 3.0 Cost of product sold 0.2 Interest rate swap contracts 0.3 Interest expense (2.2 ) $ (5.0 ) $ 1.0 Derivative Instruments in Designated Cash Flow Hedging Relationships Location of Net Gain (Loss) Recognized in Income (Ineffective portion) Net Gain (Loss) Recognized in Income (Ineffective portion) (in millions) For the Six Months Ended August 31, 2015 Foreign currency contracts Selling, general and administrative expenses $ (0.1 ) For the Six Months Ended August 31, 2014 Foreign currency contracts Selling, general and administrative expenses $ 0.2 For the Three Months Ended August 31, 2015 Foreign currency contracts Selling, general and administrative expenses $ — For the Three Months Ended August 31, 2014 Foreign currency contracts Selling, general and administrative expenses $ 0.3 |
Fair Value of Financial Instr22
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Aug. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities measured at estimated fair value on a recurring basis | The following table presents our financial assets and liabilities measured at estimated fair value on a recurring basis. Fair Value Measurements Using Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in millions) August 31, 2015 Assets: Foreign currency contracts $ — $ 10.9 $ — $ 10.9 Commodity derivative contracts $ — $ 0.6 $ — $ 0.6 Interest rate swap contracts $ — $ 3.0 $ — $ 3.0 Available-for-sale (“AFS”) debt securities $ — $ — $ 7.4 $ 7.4 Liabilities: Foreign currency contracts $ — $ 71.3 $ — $ 71.3 Commodity derivative contracts $ — $ 31.4 $ — $ 31.4 Interest rate swap contracts $ — $ 17.7 $ — $ 17.7 February 28, 2015 Assets: Foreign currency contracts $ — $ 34.6 $ — $ 34.6 Commodity derivative contracts $ — $ 0.7 $ — $ 0.7 Interest rate swap contracts $ — $ 3.5 $ — $ 3.5 AFS debt securities $ — $ — $ 7.8 $ 7.8 Liabilities: Foreign currency contracts $ — $ 59.0 $ — $ 59.0 Commodity derivative contracts $ — $ 27.4 $ — $ 27.4 Interest rate swap contracts $ — $ 23.2 $ — $ 23.2 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Aug. 31, 2015 | |
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 Consolidated (in millions) Balance, February 28, 2014 $ 3,714.6 $ 2,432.2 $ 6,146.8 Purchase accounting allocations (1) 66.7 34.0 100.7 Foreign currency translation adjustments (5.1 ) (34.2 ) (39.3 ) Balance, February 28, 2015 3,776.2 2,432.0 6,208.2 Purchase accounting allocations (2) — 239.8 239.8 Foreign currency translation adjustments (4.9 ) (26.3 ) (31.2 ) Balance, August 31, 2015 $ 3,771.3 $ 2,645.5 $ 6,416.8 (1) Purchase accounting allocations associated with acquisitions of a glass production plant (Beer) and a super-premium tequila brand (Wine and Spirits). (2) Preliminary purchase accounting allocations associated with the acquisition of Meiomi (as defined below). |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Aug. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Major components of intangible assets | The major components of intangible assets are as follows: August 31, 2015 February 28, 2015 Gross Carrying Amount Net Carrying Amount Gross Carrying Amount Net Carrying Amount ( in millions) Amortizable intangible assets Customer relationships $ 100.8 $ 61.0 $ 100.9 $ 63.3 Favorable interim supply agreement 68.3 16.0 68.3 33.9 Other 21.5 4.1 21.0 5.5 Total $ 190.6 81.1 $ 190.2 102.7 Nonamortizable intangible assets Trademarks 3,103.4 3,073.9 Other 4.2 4.4 Total 3,107.6 3,078.3 Total intangible assets $ 3,188.7 $ 3,181.0 |
Estimated amortization expense | Estimated amortization expense for the remaining six months of fiscal 2016 and for each of the five succeeding fiscal years and thereafter is as follows: (in millions) 2016 $ 17.3 2017 $ 10.5 2018 $ 5.6 2019 $ 5.6 2020 $ 5.5 2021 $ 5.4 Thereafter $ 31.2 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Aug. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | The 2015 Credit Agreement provides for aggregate credit facilities of $4,093.6 million , consisting of the following: Amount Maturity (in millions) Revolving Credit Facility (1)(2) $ 1,150.0 July 16, 2020 U.S. Term A Facility (1)(3) 1,271.6 July 16, 2020 U.S. Term A-1 Facility (1)(3) 241.9 July 16, 2021 European Term A Facility (1)(3) 1,430.1 July 16, 2020 $ 4,093.6 (1) Contractual interest rate varies based on our debt ratio (as defined in the 2015 Credit Agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin. (2) Provides for credit facilities consisting of a $575.0 million U.S. Revolving Credit Facility and a $575.0 million European Revolving Credit Facility. Includes two sub-facilities for letters of credit of up to $200.0 million in the aggregate. We are the borrower under the U.S. Revolving Credit Facility and we and/or CIH are the borrowers under the European Revolving Credit Facility. (3) We are the borrower under the U.S. Term A and the U.S. Term A-1 loan facilities. CIH is the borrower under the European Term A loan facility. Borrowings consist of the following: August 31, 2015 February 28, Current Long-term Total Total ( in millions) Notes payable to banks Senior Credit Facility – Revolving Credit Loans $ — $ — $ — $ — Other 29.3 — 29.3 52.4 $ 29.3 $ — $ 29.3 $ 52.4 Long-term debt Senior Credit Facility – Term Loans $ 137.5 $ 2,806.1 $ 2,943.6 $ 2,792.1 Senior Notes — 4,349.1 4,349.1 4,348.6 Other 18.6 83.0 101.6 154.9 $ 156.1 $ 7,238.2 $ 7,394.3 $ 7,295.6 As of August 31, 2015 , information with respect to borrowings under the 2015 Credit Agreement is as follows: Revolving Credit Facility U.S. Term A Facility U.S. Term A-1 Facility European Term A Facility (in millions, except percentage data) Outstanding borrowings $ — $ 1,271.6 $ 241.9 $ 1,430.1 Interest rate — % 1.7 % 1.9 % 1.7 % Libor margin 1.5 % 1.5 % 1.75 % 1.5 % Outstanding letters of credit $ 15.2 Remaining borrowing capacity $ 1,134.8 As of August 31, 2015 , our accounts receivable securitization facilities are as follows: Outstanding Borrowings Weighted Average Interest Rate Remaining Borrowing Capacity (in millions) CBI Facility $ — — % $ 270.0 Crown Facility $ — — % $ 160.0 |
Required principal repayments under senior credit facility term loan obligations | As of August 31, 2015 , the required principal repayments of the term loans under the 2015 Credit Agreement for the remaining six months of fiscal 2016 and for each of the five succeeding fiscal years and thereafter are as follows: U.S. Term A Facility U.S. Term A-1 Facility European Term A Facility Total (in millions) 2016 $ 31.8 $ 1.2 $ 35.8 $ 68.8 2017 63.6 2.4 71.5 137.5 2018 63.6 2.4 71.5 137.5 2019 63.6 2.4 71.5 137.5 2020 63.5 2.5 71.5 137.5 2021 985.5 2.4 1,108.3 2,096.2 Thereafter — 228.6 — 228.6 $ 1,271.6 $ 241.9 $ 1,430.1 $ 2,943.6 |
Net Income Per Common Share A26
Net Income Per Common Share Attributable to CBI (Tables) | 6 Months Ended |
Aug. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and diluted net income per common share attributable to CBI | The computation of basic and diluted net income per common share is as follows: For the Six Months Ended August 31, 2015 August 31, 2014 Common Stock Common Stock Class A Class B Class A Class B (in millions, except per share data) Net income attributable to CBI allocated – basic $ 481.6 $ 59.4 $ 357.4 $ 45.1 Conversion of Class B common shares into Class A common shares 59.4 — 45.1 — Effect of stock-based awards on allocated net income — (1.8 ) — (1.9 ) Net income attributable to CBI allocated – diluted $ 541.0 $ 57.6 $ 402.5 $ 43.2 Weighted average common shares outstanding – basic 171.805 23.370 168.663 23.408 Conversion of Class B common shares into Class A common shares 23.370 — 23.408 — Stock-based awards, primarily stock options 7.809 — 8.508 — Weighted average common shares outstanding – diluted 202.984 23.370 200.579 23.408 Net income per common share attributable to CBI – basic $ 2.80 $ 2.54 $ 2.12 $ 1.93 Net income per common share attributable to CBI – diluted $ 2.67 $ 2.47 $ 2.01 $ 1.84 For the Three Months Ended August 31, 2015 August 31, 2014 Common Stock Common Stock Class A Class B Class A Class B (in millions, except per share data) Net income attributable to CBI allocated – basic $ 269.3 $ 33.1 $ 173.9 $ 21.9 Conversion of Class B common shares into Class A common shares 33.1 — 21.9 — Effect of stock-based awards on allocated net income — (1.0 ) — (0.9 ) Net income attributable to CBI allocated – diluted $ 302.4 $ 32.1 $ 195.8 $ 21.0 Weighted average common shares outstanding – basic 172.239 23.364 169.158 23.401 Conversion of Class B common shares into Class A common shares 23.364 — 23.401 — Stock-based awards, primarily stock options 7.507 — 8.241 — Weighted average common shares outstanding – diluted 203.110 23.364 200.800 23.401 Net income per common share attributable to CBI – basic $ 1.56 $ 1.42 $ 1.03 $ 0.93 Net income per common share attributable to CBI – diluted $ 1.49 $ 1.38 $ 0.98 $ 0.90 |
Comprehensive Income Attribut27
Comprehensive Income Attributable to CBI (Tables) | 6 Months Ended |
Aug. 31, 2015 | |
Equity [Abstract] | |
Reconciliation of net income attributable to CBI to comprehensive income attributable to CBI | The reconciliation of net income attributable to CBI to comprehensive income attributable to CBI is as follows: Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (in millions) For the Six Months Ended August 31, 2015 Net income attributable to CBI $ 541.0 Other comprehensive loss: Foreign currency translation adjustments: Net losses $ (217.8 ) $ 2.8 (215.0 ) Reclassification adjustments — — — Net loss recognized in other comprehensive loss (217.8 ) 2.8 (215.0 ) Unrealized loss on cash flow hedges: Net derivative losses (48.9 ) 13.0 (35.9 ) Reclassification adjustments 16.3 (5.1 ) 11.2 Net loss recognized in other comprehensive loss (32.6 ) 7.9 (24.7 ) Unrealized loss on AFS debt securities: Net AFS debt securities losses (0.4 ) — (0.4 ) Reclassification adjustments — — — Net loss recognized in other comprehensive loss (0.4 ) — (0.4 ) Pension/postretirement adjustments: Net actuarial gains 0.9 (0.3 ) 0.6 Reclassification adjustments 0.2 — 0.2 Net gain recognized in other comprehensive loss 1.1 (0.3 ) 0.8 Other comprehensive loss attributable to CBI $ (249.7 ) $ 10.4 (239.3 ) Comprehensive income attributable to CBI $ 301.7 Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (in millions) For the Six Months Ended August 31, 2014 Net income attributable to CBI $ 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 Other comprehensive income attributable to CBI $ 22.3 $ (3.5 ) 18.8 Comprehensive income attributable to CBI $ 421.3 For the Three Months Ended August 31, 2015 Net income attributable to CBI $ 302.4 Other comprehensive loss: Foreign currency translation adjustments: Net losses $ (167.1 ) $ 3.4 (163.7 ) Reclassification adjustments — — — Net loss recognized in other comprehensive loss (167.1 ) 3.4 (163.7 ) Unrealized loss on cash flow hedges: Net derivative losses (38.4 ) 10.1 (28.3 ) Reclassification adjustments 8.7 (2.6 ) 6.1 Net loss recognized in other comprehensive loss (29.7 ) 7.5 (22.2 ) Unrealized loss on AFS debt securities: Net AFS debt securities losses (0.3 ) — (0.3 ) Reclassification adjustments — — — Net loss recognized in other comprehensive loss (0.3 ) — (0.3 ) Pension/postretirement adjustments: Net actuarial gains 1.0 (0.3 ) 0.7 Reclassification adjustments 0.1 — 0.1 Net gain recognized in other comprehensive loss 1.1 (0.3 ) 0.8 Other comprehensive loss attributable to CBI $ (196.0 ) $ 10.6 (185.4 ) Comprehensive income attributable to CBI $ 117.0 Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (in millions) For the Three Months Ended August 31, 2014 Net income attributable to CBI $ 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 ) Other comprehensive loss attributable to CBI $ (30.5 ) $ 1.9 (28.6 ) Comprehensive income attributable to CBI $ 167.2 |
Accumulated other comprehensive loss, net of income tax effect | Accumulated other comprehensive loss, net of income tax effect, includes the following components: Foreign Currency Translation Adjustments Net Unrealized Losses on Derivative Instruments Net Unrealized Losses on AFS Debt Securities Pension/ Postretirement Adjustments Accumulated Other Comprehensive Loss (in millions) Balance, February 28, 2015 $ (86.1 ) $ (29.1 ) $ (2.5 ) $ (13.2 ) $ (130.9 ) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification adjustments (215.0 ) (35.9 ) (0.4 ) 0.6 (250.7 ) Amounts reclassified from accumulated other comprehensive loss — 11.2 — 0.2 11.4 Other comprehensive income (loss) (215.0 ) (24.7 ) (0.4 ) 0.8 (239.3 ) Balance, August 31, 2015 $ (301.1 ) $ (53.8 ) $ (2.9 ) $ (12.4 ) $ (370.2 ) |
Condensed Consolidating Finan28
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Aug. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Balance Sheet at August 31, 2015 Current assets: Cash and cash equivalents $ 132.9 $ 0.8 $ 196.0 $ — $ 329.7 Accounts receivable 0.1 10.4 713.0 — 723.5 Inventories 158.7 1,365.3 354.9 (101.8 ) 1,777.1 Intercompany receivable 15,048.2 20,751.7 7,772.2 (43,572.1 ) — Prepaid expenses and other 49.0 51.6 332.6 (132.0 ) 301.2 Total current assets 15,388.9 22,179.8 9,368.7 (43,805.9 ) 3,131.5 Property, plant and equipment 58.3 833.5 1,881.5 — 2,773.3 Investments in subsidiaries 12,308.7 16.8 — (12,325.5 ) — Goodwill — 5,651.0 765.8 — 6,416.8 Intangible assets — 740.5 2,444.3 3.9 3,188.7 Intercompany notes receivable 3,880.0 85.8 — (3,965.8 ) — Other assets 59.7 70.6 32.8 — 163.1 Total assets $ 31,695.6 $ 29,578.0 $ 14,493.1 $ (60,093.3 ) $ 15,673.4 Current liabilities: Notes payable to banks $ — $ — $ 29.3 $ — $ 29.3 Current maturities of long-term debt 66.0 17.0 73.1 — 156.1 Accounts payable 28.8 188.9 155.6 — 373.3 Accrued excise taxes 13.6 9.0 4.3 — 26.9 Intercompany payable 19,303.6 16,264.1 8,004.4 (43,572.1 ) — Other accrued expenses and liabilities 390.5 189.4 210.4 (163.7 ) 626.6 Total current liabilities 19,802.5 16,668.4 8,477.1 (43,735.8 ) 1,212.2 Long-term debt, less current maturities 5,796.6 28.6 1,413.0 — 7,238.2 Deferred income taxes 21.8 664.8 207.8 — 894.4 Intercompany notes payable — 3,949.8 16.0 (3,965.8 ) — Other liabilities 11.9 42.9 108.8 — 163.6 Total liabilities 25,632.8 21,354.5 10,222.7 (47,701.6 ) 9,508.4 Total CBI stockholders’ equity 6,062.8 8,223.5 4,168.2 (12,391.7 ) 6,062.8 Noncontrolling interests — — 102.2 — 102.2 Total stockholders’ equity 6,062.8 8,223.5 4,270.4 (12,391.7 ) 6,165.0 Total liabilities and stockholders’ equity $ 31,695.6 $ 29,578.0 $ 14,493.1 $ (60,093.3 ) $ 15,673.4 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Balance Sheet at February 28, 2015 Current assets: Cash and cash equivalents $ 24.5 $ 0.7 $ 84.9 $ — $ 110.1 Accounts receivable 0.8 27.3 570.8 — 598.9 Inventories 153.3 1,419.0 357.7 (102.8 ) 1,827.2 Intercompany receivable 13,158.7 18,389.9 6,512.0 (38,060.6 ) — Prepaid expenses and other 46.2 94.0 427.0 (192.6 ) 374.6 Total current assets 13,383.5 19,930.9 7,952.4 (38,356.0 ) 2,910.8 Property, plant and equipment 59.3 854.5 1,767.8 — 2,681.6 Investments in subsidiaries 11,657.2 13.8 — (11,671.0 ) — Goodwill — 5,411.3 796.9 — 6,208.2 Intangible assets — 703.3 2,474.3 3.4 3,181.0 Intercompany notes receivable 4,087.3 129.9 — (4,217.2 ) — Other assets 61.4 68.4 33.1 — 162.9 Total assets $ 29,248.7 $ 27,112.1 $ 13,024.5 $ (54,240.8 ) $ 15,144.5 Current liabilities: Notes payable to banks $ — $ — $ 52.4 $ — $ 52.4 Current maturities of long-term debt 92.3 16.9 48.9 — 158.1 Accounts payable 41.2 113.2 131.4 — 285.8 Accrued excise taxes 12.6 11.3 4.8 — 28.7 Intercompany payable 17,206.7 14,201.6 6,652.3 (38,060.6 ) — Other accrued expenses and liabilities 462.5 211.2 156.9 (224.9 ) 605.7 Total current liabilities 17,815.3 14,554.2 7,046.7 (38,285.5 ) 1,130.7 Long-term debt, less current maturities 5,601.4 30.9 1,505.2 — 7,137.5 Deferred income taxes 17.6 633.6 167.7 — 818.9 Intercompany notes payable — 3,863.4 353.8 (4,217.2 ) — Other liabilities 43.7 36.7 95.7 — 176.1 Total liabilities 23,478.0 19,118.8 9,169.1 (42,502.7 ) 9,263.2 Total CBI stockholders’ equity 5,770.7 7,993.3 3,744.8 (11,738.1 ) 5,770.7 Noncontrolling interests — — 110.6 — 110.6 Total stockholders’ equity 5,770.7 7,993.3 3,855.4 (11,738.1 ) 5,881.3 Total liabilities and stockholders’ equity $ 29,248.7 $ 27,112.1 $ 13,024.5 $ (54,240.8 ) $ 15,144.5 |
Condensed Consolidating Statement of Comprehensive Income | Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2015 Sales $ 1,183.6 $ 2,922.4 $ 1,618.0 $ (2,013.1 ) $ 3,710.9 Less – excise taxes (159.7 ) (154.8 ) (31.7 ) — (346.2 ) Net sales 1,023.9 2,767.6 1,586.3 (2,013.1 ) 3,364.7 Cost of product sold (828.5 ) (2,079.6 ) (952.1 ) 2,008.2 (1,852.0 ) Gross profit 195.4 688.0 634.2 (4.9 ) 1,512.7 Selling, general and administrative expenses (199.6 ) (351.3 ) (62.2 ) 7.1 (606.0 ) Operating income (loss) (4.2 ) 336.7 572.0 2.2 906.7 Equity in earnings of equity method investees and subsidiaries 626.3 3.7 0.4 (629.2 ) 1.2 Interest income 0.1 — 0.3 — 0.4 Intercompany interest income 92.0 130.3 — (222.3 ) — Interest expense (140.8 ) (0.6 ) (13.8 ) — (155.2 ) Intercompany interest expense (130.0 ) (91.9 ) (0.4 ) 222.3 — Loss on write-off of financing costs (0.4 ) — (0.7 ) — (1.1 ) Income before income taxes 443.0 378.2 557.8 (627.0 ) 752.0 (Provision for) benefit from income taxes 98.0 (147.9 ) (156.8 ) (1.0 ) (207.7 ) Net income 541.0 230.3 401.0 (628.0 ) 544.3 Net income attributable to noncontrolling interests — — (3.3 ) — (3.3 ) Net income attributable to CBI $ 541.0 $ 230.3 $ 397.7 $ (628.0 ) $ 541.0 Comprehensive income attributable to CBI $ 301.7 $ 230.1 $ 155.8 $ (385.9 ) $ 301.7 Condensed Consolidating Statement of Comprehensive Income for the Six Months Ended August 31, 2014 Sales $ 1,139.2 $ 2,659.5 $ 1,605.4 $ (1,947.0 ) $ 3,457.1 Less – excise taxes (153.2 ) (139.1 ) (34.7 ) — (327.0 ) Net sales 986.0 2,520.4 1,570.7 (1,947.0 ) 3,130.1 Cost of product sold (796.9 ) (1,906.4 ) (1,012.9 ) 1,928.2 (1,788.0 ) Gross profit 189.1 614.0 557.8 (18.8 ) 1,342.1 Selling, general and administrative expenses (194.1 ) (301.0 ) (83.5 ) 7.4 (571.2 ) Operating income (loss) (5.0 ) 313.0 474.3 (11.4 ) 770.9 Equity in earnings (losses) of equity method investees and subsidiaries 509.0 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 343.0 329.5 445.4 (522.9 ) 595.0 (Provision for) benefit from income taxes 59.5 (123.1 ) (132.4 ) 3.5 (192.5 ) Net income 402.5 206.4 313.0 (519.4 ) 402.5 Net income attributable to noncontrolling interests — — — — — Net income attributable to CBI $ 402.5 $ 206.4 $ 313.0 $ (519.4 ) $ 402.5 Comprehensive income attributable to CBI $ 421.3 $ 207.5 $ 329.4 $ (536.9 ) $ 421.3 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2015 Sales $ 625.0 $ 1,497.5 $ 792.8 $ (1,002.4 ) $ 1,912.9 Less – excise taxes (83.5 ) (79.7 ) (16.3 ) — (179.5 ) Net sales 541.5 1,417.8 776.5 (1,002.4 ) 1,733.4 Cost of product sold (437.7 ) (1,076.0 ) (466.0 ) 1,021.9 (957.8 ) Gross profit 103.8 341.8 310.5 19.5 775.6 Selling, general and administrative expenses (96.8 ) (174.1 ) (28.7 ) 3.4 (296.2 ) Operating income 7.0 167.7 281.8 22.9 479.4 Equity in earnings of equity method investees and subsidiaries 322.1 1.5 0.2 (323.6 ) 0.2 Interest income — — 0.1 — 0.1 Intercompany interest income 46.2 66.4 — (112.6 ) — Interest expense (71.5 ) (0.3 ) (5.6 ) — (77.4 ) Intercompany interest expense (66.4 ) (46.0 ) (0.2 ) 112.6 — Loss on write-off of financing costs (0.4 ) — (0.7 ) — (1.1 ) Income before income taxes 237.0 189.3 275.6 (300.7 ) 401.2 (Provision for) benefit from income taxes 65.4 (74.8 ) (80.1 ) (7.6 ) (97.1 ) Net income 302.4 114.5 195.5 (308.3 ) 304.1 Net income attributable to noncontrolling interests — — (1.7 ) — (1.7 ) Net income attributable to CBI $ 302.4 $ 114.5 $ 193.8 $ (308.3 ) $ 302.4 Comprehensive income attributable to CBI $ 117.0 $ 115.0 $ 6.2 $ (121.2 ) $ 117.0 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended August 31, 2014 Sales $ 594.7 $ 1,357.2 $ 791.4 $ (973.3 ) $ 1,770.0 Less – excise taxes (76.9 ) (71.5 ) (17.5 ) — (165.9 ) Net sales 517.8 1,285.7 773.9 (973.3 ) 1,604.1 Cost of product sold (418.6 ) (983.1 ) (504.2 ) 973.8 (932.1 ) Gross profit 99.2 302.6 269.7 0.5 672.0 Selling, general and administrative expenses (101.2 ) (152.5 ) (43.1 ) 3.5 (293.3 ) Operating income (loss) (2.0 ) 150.1 226.6 4.0 378.7 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 ) 99.0 — Loss on write-off of financing costs — — (4.4 ) — (4.4 ) Income (loss) before income taxes (82.8 ) 160.2 211.8 (0.5 ) 288.7 (Provision for) benefit from 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 Net income attributable to noncontrolling interests — — — — — Net income (loss) attributable to CBI $ 195.8 $ 99.6 $ (98.0 ) $ (1.6 ) $ 195.8 Comprehensive income (loss) attributable to CBI $ 167.2 $ 99.0 $ (128.4 ) $ 29.4 $ 167.2 |
Condensed Consolidating Statement of Cash Flows | Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2015 Net cash provided by (used in) operating activities $ (239.4 ) $ 495.1 $ 547.4 $ — $ 803.1 Cash flows from investing activities: Purchase of business — (316.2 ) (1.7 ) — (317.9 ) Purchases of property, plant and equipment (5.4 ) (19.5 ) (269.9 ) — (294.8 ) Net proceeds from intercompany notes 139.4 — — (139.4 ) — Net investments in equity affiliates (260.6 ) — — 260.6 — Other investing activities 2.0 — 1.7 — 3.7 Net cash used in investing activities (124.6 ) (335.7 ) (269.9 ) 121.2 (609.0 ) Cash flows from financing activities: Net contributions from (returns of capital to) equity affiliates — (10.5 ) 271.1 (260.6 ) — Net proceeds from (repayments of) intercompany notes 308.4 (103.6 ) (344.2 ) 139.4 — Proceeds from issuance of long-term debt 200.0 — — — 200.0 Excess tax benefits from stock-based payment awards 89.7 — — — 89.7 Proceeds from shares issued under equity compensation plans 33.2 — — — 33.2 Dividends paid (119.8 ) — — — (119.8 ) Principal payments of long-term debt (31.5 ) (9.5 ) (68.3 ) — (109.3 ) Payments of minimum tax withholdings on stock-based payment awards — (35.7 ) (2.7 ) — (38.4 ) Net repayments of notes payable — — (18.5 ) — (18.5 ) Payments of financing costs of long-term debt (7.6 ) — — — (7.6 ) Net cash provided by (used in) financing activities 472.4 (159.3 ) (162.6 ) (121.2 ) 29.3 Effect of exchange rate changes on cash and cash equivalents — — (3.8 ) — (3.8 ) Net increase in cash and cash equivalents 108.4 0.1 111.1 — 219.6 Cash and cash equivalents, beginning of period 24.5 0.7 84.9 — 110.1 Cash and cash equivalents, end of period $ 132.9 $ 0.8 $ 196.0 $ — $ 329.7 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Cash Flows for the Six Months Ended August 31, 2014 Net cash provided by (used in) 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 — 2.0 Net cash provided by (used in) investing activities 148.2 (60.2 ) (232.7 ) (161.5 ) (306.2 ) Cash flows from financing activities: Dividends paid to parent company — — (24.9 ) 24.9 — Net contributions from (returns of capital to) equity affiliates — (16.6 ) 87.9 (71.3 ) — Net proceeds from (repayments of) intercompany notes 20.6 (281.7 ) 53.2 207.9 — Excess tax benefits from stock-based payment awards 64.0 — — — 64.0 Proceeds from shares issued under equity compensation plans 22.1 — — — 22.1 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 ) Net proceeds from notes payable — — 197.0 — 197.0 Payments of financing costs of long-term debt (0.1 ) — (1.9 ) — (2.0 ) Payment of delayed purchase price arrangement — — (543.3 ) — (543.3 ) 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 equivalents — — 3.5 — 3.5 Net increase (decrease) in cash and cash equivalents 13.2 (0.1 ) 27.3 — 40.4 Cash and cash equivalents, beginning of period 0.5 0.8 62.6 — 63.9 Cash and cash equivalents, end of period $ 13.7 $ 0.7 $ 89.9 $ — $ 104.3 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Aug. 31, 2015 | |
Segment Reporting [Abstract] | |
Comparable adjustments | Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows: For the Six Months For the Three Months 2015 2014 2015 2014 (in millions) Net sales Product recall $ — $ (3.5 ) $ — $ (3.5 ) Cost of product sold Amortization of favorable interim supply agreement (17.9 ) (18.9 ) (9.0 ) (11.3 ) Net loss on undesignated commodity derivative contracts (16.4 ) (2.7 ) (11.2 ) (2.9 ) Flow through of inventory step-up (1.2 ) — (1.2 ) — Settlements of undesignated commodity derivative contracts 12.2 (0.6 ) 6.7 (0.1 ) Product recall — (5.4 ) — (5.4 ) Other losses — (2.6 ) — (2.6 ) Total cost of product sold (23.3 ) (30.2 ) (14.7 ) (22.3 ) Selling, general and administrative expenses Restructuring and related charges (14.3 ) — (1.3 ) — Transaction, integration and other acquisition-related costs (10.8 ) (13.1 ) (5.5 ) (8.6 ) Product recall — (0.3 ) — (0.3 ) Total selling, general and administrative expenses (25.1 ) (13.4 ) (6.8 ) (8.9 ) Comparable Adjustments, Operating loss $ (48.4 ) $ (47.1 ) $ (21.5 ) $ (34.7 ) |
Segment information | Segment information is as follows: For the Six Months For the Three Months 2015 2014 2015 2014 (in millions) Beer Net sales $ 1,985.3 $ 1,759.5 $ 1,019.5 $ 891.8 Segment operating income $ 692.4 $ 558.5 $ 355.9 $ 271.0 Long-lived tangible assets $ 1,630.8 $ 1,060.6 $ 1,630.8 $ 1,060.6 Total assets $ 8,470.7 $ 7,713.3 $ 8,470.7 $ 7,713.3 Capital expenditures $ 260.7 $ 228.8 $ 149.2 $ 143.5 Depreciation and amortization $ 27.9 $ 19.9 $ 13.6 $ 10.1 Wine and Spirits Net sales: Wine $ 1,212.1 $ 1,227.1 $ 624.3 $ 640.7 Spirits 167.3 147.0 89.6 75.1 Net sales $ 1,379.4 $ 1,374.1 $ 713.9 $ 715.8 Segment operating income $ 320.1 $ 313.0 $ 175.9 $ 169.8 Equity in earnings (losses) of equity method investees $ 1.2 $ (0.1 ) $ 0.2 $ (0.6 ) Long-lived tangible assets $ 1,030.0 $ 1,107.5 $ 1,030.0 $ 1,107.5 Investments in equity method investees $ 73.3 $ 72.0 $ 73.3 $ 72.0 Total assets $ 6,725.7 $ 6,610.0 $ 6,725.7 $ 6,610.0 Capital expenditures $ 31.9 $ 51.5 $ 15.2 $ 20.2 Depreciation and amortization $ 51.6 $ 50.9 $ 27.4 $ 25.3 Corporate Operations and Other Segment operating loss $ (57.4 ) $ (53.5 ) $ (30.9 ) $ (27.4 ) Long-lived tangible assets $ 112.5 $ 131.8 $ 112.5 $ 131.8 Investments in equity method investees $ 1.0 $ — $ 1.0 $ — Total assets $ 477.0 $ 334.1 $ 477.0 $ 334.1 Capital expenditures $ 2.2 $ 27.9 $ 0.7 $ 13.1 Depreciation and amortization $ 14.0 $ 13.3 $ 6.7 $ 6.8 Comparable Adjustments Net sales $ — $ (3.5 ) $ — $ (3.5 ) Operating loss $ (48.4 ) $ (47.1 ) $ (21.5 ) $ (34.7 ) Depreciation and amortization $ 17.9 $ 18.9 $ 9.0 $ 11.3 Consolidated Net sales $ 3,364.7 $ 3,130.1 $ 1,733.4 $ 1,604.1 Operating income $ 906.7 $ 770.9 $ 479.4 $ 378.7 Equity in earnings (losses) of equity method investees $ 1.2 $ (0.1 ) $ 0.2 $ (0.6 ) Long-lived tangible assets $ 2,773.3 $ 2,299.9 $ 2,773.3 $ 2,299.9 Investments in equity method investees $ 74.3 $ 72.0 $ 74.3 $ 72.0 Total assets $ 15,673.4 $ 14,657.4 $ 15,673.4 $ 14,657.4 Capital expenditures $ 294.8 $ 308.2 $ 165.1 $ 176.8 Depreciation and amortization $ 111.4 $ 103.0 $ 56.7 $ 53.5 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Aug. 31, 2015 | Feb. 28, 2015 |
Inventories | ||
Raw materials and supplies | $ 94.3 | $ 106 |
In-process inventories | 1,144 | 1,244 |
Finished case goods | 538.8 | 477.2 |
Total | $ 1,777.1 | $ 1,827.2 |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Millions | Aug. 31, 2015 | Feb. 28, 2015 |
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | ||
Derivative [Line Items] | ||
Aggregate notional value of derivative instruments | $ 679.2 | $ 454.8 |
Designated as hedging instrument [Member] | Interest rate swap contracts [Member] | ||
Derivative [Line Items] | ||
Aggregate notional value of derivative instruments | 500 | 500 |
Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | ||
Derivative [Line Items] | ||
Aggregate notional value of derivative instruments | 894.3 | 1,548.5 |
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | ||
Derivative [Line Items] | ||
Aggregate notional value of derivative instruments | 1,000 | 1,000 |
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member] | ||
Derivative [Line Items] | ||
Aggregate notional value of derivative instruments | $ 214.5 | $ 190.8 |
Derivative Instruments (Detai32
Derivative Instruments (Details 1) - USD ($) $ in Millions | Aug. 31, 2015 | Feb. 28, 2015 |
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Prepaid expenses and other [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Foreign currency contracts, Assets | $ 5.2 | $ 5.3 |
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Other accrued expenses and liabilities [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Foreign currency contracts, Liabilities | 39.8 | 23.1 |
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Other assets [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Foreign currency contracts, Assets | 1.2 | 2 |
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Other liabilities [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Foreign currency contracts, Liabilities | 24.5 | 9.5 |
Designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other accrued expenses and liabilities [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Interest rate swap contracts, Liabilities | 2.4 | 2.7 |
Designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other assets [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Interest rate swap contracts, Assets | 0 | 0.2 |
Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | Prepaid expenses and other [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Foreign currency contracts, Assets | 4.5 | 27.3 |
Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | Other accrued expenses and liabilities [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Foreign currency contracts, Liabilities | 7 | 26.4 |
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Prepaid expenses and other [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Interest rate swap contracts, Assets | 3 | 3.3 |
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other accrued expenses and liabilities [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Interest rate swap contracts, Liabilities | 15.3 | 15.6 |
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other liabilities [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Interest rate swap contracts, Liabilities | 0 | 4.9 |
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member] | Prepaid expenses and other [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Commodity derivative contracts, Assets | 0.2 | 0.5 |
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member] | Other accrued expenses and liabilities [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Commodity derivative contracts, Liabilities | 21 | 18 |
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member] | Other assets [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Commodity derivative contracts, Assets | 0.4 | 0.2 |
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member] | Other liabilities [Member] | ||
Fair value and location of our derivative instruments on our balance sheets | ||
Commodity derivative contracts, Liabilities | $ 10.4 | $ 9.4 |
Derivative Instruments (Detai33
Derivative Instruments (Details 2) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Effect of our undesignated derivative instruments on our results of operations | ||||
Net Loss Recognized in Income | $ (22.2) | $ (4.3) | $ (31.5) | $ (9.8) |
Foreign currency contracts [Member] | Selling, general and administrative expenses [Member] | ||||
Effect of our undesignated derivative instruments on our results of operations | ||||
Net Loss Recognized in Income | (11) | (1.4) | (15.1) | (7.1) |
Commodity derivative contracts [Member] | Cost of product sold [Member] | ||||
Effect of our undesignated derivative instruments on our results of operations | ||||
Net Loss Recognized in Income | (11.2) | (2.9) | (16.4) | (2.7) |
Cash flow hedging [Member] | ||||
Effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, net of income tax effect | ||||
Net Gain (Loss) Recognized in OCI (Effective portion) | (28.3) | (5) | (35.9) | 4.8 |
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) | (6.1) | 1 | (11.1) | 0.5 |
Cash flow hedging [Member] | Foreign currency contracts [Member] | ||||
Effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, net of income tax effect | ||||
Net Gain (Loss) Recognized in OCI (Effective portion) | (28) | (5.3) | (34.9) | 5 |
Cash flow hedging [Member] | Foreign currency contracts [Member] | Sales [Member] | ||||
Effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, net of income tax effect | ||||
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) | 0.3 | 3 | 0.9 | 4.2 |
Cash flow hedging [Member] | Foreign currency contracts [Member] | Cost of product sold [Member] | ||||
Effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, net of income tax effect | ||||
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) | (4.3) | 0.2 | (7.8) | 0.5 |
Cash flow hedging [Member] | Foreign currency contracts [Member] | Selling, general and administrative expenses [Member] | ||||
Effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, net of income tax effect | ||||
Net Gain (Loss) Recognized in Income (Ineffective portion) | 0 | 0.3 | (0.1) | 0.2 |
Cash flow hedging [Member] | Interest rate swap contracts [Member] | ||||
Effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, net of income tax effect | ||||
Net Gain (Loss) Recognized in OCI (Effective portion) | (0.3) | 0.3 | (1) | (0.2) |
Cash flow hedging [Member] | Interest rate swap contracts [Member] | Interest expense [Member] | ||||
Effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, net of income tax effect | ||||
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion) | $ (2.1) | $ (2.2) | $ (4.2) | $ (4.2) |
Derivative Instruments (Detai34
Derivative Instruments (Details Textual) $ in Millions | 6 Months Ended |
Aug. 31, 2015USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of derivative instruments in a net liability position due to counterparties | $ 105.9 |
Amount of net losses, net of income tax effect, to be reclassified from AOCI to earnings within the next 12 months | $ (33.2) |
Fair Value of Financial Instr35
Fair Value of Financial Instruments (Details) - Recurring [Member] - USD ($) $ in Millions | Aug. 31, 2015 | Feb. 28, 2015 |
Assets: | ||
Foreign currency contracts | $ 10.9 | $ 34.6 |
Commodity derivative contracts | 0.6 | 0.7 |
Interest rate swap contracts | 3 | 3.5 |
AFS debt securities | 7.4 | 7.8 |
Liabilities: | ||
Foreign currency contracts | 71.3 | 59 |
Commodity derivative contracts | 31.4 | 27.4 |
Interest rate swap contracts | 17.7 | 23.2 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets: | ||
Foreign currency contracts | 0 | 0 |
Commodity derivative contracts | 0 | 0 |
Interest rate swap contracts | 0 | 0 |
AFS debt securities | 0 | 0 |
Liabilities: | ||
Foreign currency contracts | 0 | 0 |
Commodity derivative contracts | 0 | 0 |
Interest rate swap contracts | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Foreign currency contracts | 10.9 | 34.6 |
Commodity derivative contracts | 0.6 | 0.7 |
Interest rate swap contracts | 3 | 3.5 |
AFS debt securities | 0 | 0 |
Liabilities: | ||
Foreign currency contracts | 71.3 | 59 |
Commodity derivative contracts | 31.4 | 27.4 |
Interest rate swap contracts | 17.7 | 23.2 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Foreign currency contracts | 0 | 0 |
Commodity derivative contracts | 0 | 0 |
Interest rate swap contracts | 0 | 0 |
AFS debt securities | 7.4 | 7.8 |
Liabilities: | ||
Foreign currency contracts | 0 | 0 |
Commodity derivative contracts | 0 | 0 |
Interest rate swap contracts | $ 0 | $ 0 |
Fair Value of Financial Instr36
Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions | Aug. 31, 2015 | Feb. 28, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $ 7,394.3 | $ 7,295.6 |
Carrying amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | 7,394.3 | 7,295.6 |
Fair value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $ 7,196.7 | $ 7,378.6 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Aug. 31, 2015 | Feb. 28, 2015 | |
Changes in the carrying amount of goodwill | ||
Goodwill, beginning of period | $ 6,208.2 | $ 6,146.8 |
Purchase accounting allocations | 239.8 | 100.7 |
Foreign currency translation adjustments | (31.2) | (39.3) |
Goodwill, end of period | 6,416.8 | 6,208.2 |
Operating Segments [Member] | Beer [Member] | ||
Changes in the carrying amount of goodwill | ||
Goodwill, beginning of period | 3,776.2 | 3,714.6 |
Purchase accounting allocations | 0 | 66.7 |
Foreign currency translation adjustments | (4.9) | (5.1) |
Goodwill, end of period | 3,771.3 | 3,776.2 |
Operating Segments [Member] | Wine and Spirits [Member] | ||
Changes in the carrying amount of goodwill | ||
Goodwill, beginning of period | 2,432 | 2,432.2 |
Purchase accounting allocations | 239.8 | 34 |
Foreign currency translation adjustments | (26.3) | (34.2) |
Goodwill, end of period | $ 2,645.5 | $ 2,432 |
Goodwill (Details Textual)
Goodwill (Details Textual) - USD ($) $ in Millions | Aug. 31, 2015 | Feb. 28, 2015 |
Operating Segments [Member] | Wine and Spirits [Member] | ||
Goodwill [Line Items] | ||
Accumulated impairment losses | $ 220 | $ 231 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Feb. 28, 2015 | |
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||||
Amortizable intangible assets, Gross Carrying Amount | $ 190.6 | $ 190.6 | $ 190.2 | ||
Amortizable intangible assets, Net Carrying Amount | 81.1 | 81.1 | 102.7 | ||
Nonamortizable intangible assets, Net Carrying Amount | 3,107.6 | 3,107.6 | 3,078.3 | ||
Total intangible assets, Net Carrying Amount | 3,188.7 | 3,188.7 | 3,181 | ||
Amortization expense for intangible assets | 11 | $ 14.2 | 22.7 | $ 24.7 | |
Trademarks [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||||
Nonamortizable intangible assets, Net Carrying Amount | 3,103.4 | 3,103.4 | 3,073.9 | ||
Other [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||||
Nonamortizable intangible assets, Net Carrying Amount | 4.2 | 4.2 | 4.4 | ||
Customer relationships [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||||
Amortizable intangible assets, Gross Carrying Amount | 100.8 | 100.8 | 100.9 | ||
Amortizable intangible assets, Net Carrying Amount | 61 | 61 | 63.3 | ||
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 | 16 | 16 | 33.9 | ||
Other [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | |||||
Amortizable intangible assets, Gross Carrying Amount | 21.5 | 21.5 | 21 | ||
Amortizable intangible assets, Net Carrying Amount | $ 4.1 | $ 4.1 | $ 5.5 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) $ in Millions | Aug. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 17.3 |
2,017 | 10.5 |
2,018 | 5.6 |
2,019 | 5.6 |
2,020 | 5.5 |
2,021 | 5.4 |
Thereafter | $ 31.2 |
Borrowings (Details)
Borrowings (Details) - USD ($) | Aug. 31, 2015 | Jul. 16, 2015 | Feb. 28, 2015 |
Short-term Debt | |||
Notes payable to banks, Current | $ 29,300,000 | $ 52,400,000 | |
Notes payable to banks, Long-term | 0 | ||
Notes payable to banks, Total | 29,300,000 | 52,400,000 | |
Long-term Debt | |||
Other, Current | 18,600,000 | ||
Other, Long-term | 83,000,000 | ||
Other, Total | 101,600,000 | 154,900,000 | |
Long-term debt, Current | 156,100,000 | 158,100,000 | |
Long-term debt, Long-term | 7,238,200,000 | 7,137,500,000 | |
Long-term debt, Total | 7,394,300,000 | 7,295,600,000 | |
Maximum borrowing amount under credit facility | 4,093,600,000 | ||
Senior Credit Facility - Term Loans [Member] | |||
Long-term Debt | |||
Senior Credit Facility - Term Loans, Current | 137,500,000 | ||
Senior Credit Facility - Term Loans, Long-term | 2,806,100,000 | ||
Senior Credit Facility - Term Loans, Total | 2,943,600,000 | 2,792,100,000 | |
Senior Credit Facility - Term Loans [Member] | U.S. Term A Facility [Member] | |||
Long-term Debt | |||
Senior Credit Facility - Term Loans, Total | 1,271,600,000 | ||
Maximum borrowing amount under credit facility | $ 1,271,600,000 | $ 1,270,000,000 | |
Interest rate | 1.70% | ||
LIBOR margin | 1.50% | ||
Senior Credit Facility - Term Loans [Member] | U.S. Term A-1 Facility [Member] | |||
Long-term Debt | |||
Senior Credit Facility - Term Loans, Total | $ 241,900,000 | ||
Maximum borrowing amount under credit facility | $ 241,900,000 | ||
Interest rate | 1.90% | ||
LIBOR margin | 1.75% | ||
Senior Credit Facility - Term Loans [Member] | European Term A Facility [Member] | |||
Long-term Debt | |||
Senior Credit Facility - Term Loans, Total | $ 1,430,100,000 | ||
Maximum borrowing amount under credit facility | $ 1,430,100,000 | 1,430,000,000 | |
Interest rate | 1.70% | ||
LIBOR margin | 1.50% | ||
Senior Notes [Member] | |||
Long-term Debt | |||
Senior Notes, Current | $ 0 | ||
Senior Notes, Long-term | 4,349,100,000 | ||
Senior Notes, Total | 4,349,100,000 | 4,348,600,000 | |
Senior Credit Facility - Revolving Credit Loans [Member] | |||
Short-term Debt | |||
Notes payable to banks, Current | 0 | ||
Notes payable to banks, Long-term | 0 | ||
Notes payable to banks, Total | 0 | 0 | |
Long-term Debt | |||
Maximum borrowing amount under credit facility | $ 1,150,000,000 | $ 1,150,000,000 | |
Interest rate | 0.00% | ||
LIBOR margin | 1.50% | ||
Remaining borrowing capacity | $ 1,134,800,000 | ||
Senior Credit Facility - Revolving Credit Loans [Member] | U.S. Revolving Credit Facility [Member] | |||
Long-term Debt | |||
Maximum borrowing amount under credit facility | 575,000,000 | ||
Senior Credit Facility - Revolving Credit Loans [Member] | European Revolving Credit Facility [Member] | |||
Long-term Debt | |||
Maximum borrowing amount under credit facility | 575,000,000 | ||
Letters of Credit [Member] | |||
Long-term Debt | |||
Maximum borrowing amount under credit facility | 200,000,000 | ||
Outstanding letters of credit | 15,200,000 | ||
Other [Member] | |||
Short-term Debt | |||
Notes payable to banks, Current | 29,300,000 | ||
Notes payable to banks, Long-term | 0 | ||
Notes payable to banks, Total | 29,300,000 | $ 52,400,000 | |
Other [Member] | CBI accounts receivable securitization facility [Member] | |||
Short-term Debt | |||
Notes payable to banks, Current | $ 0 | ||
Long-term Debt | |||
Interest rate | 0.00% | ||
Remaining borrowing capacity | $ 270,000,000 | ||
Other [Member] | Crown accounts receivable securitization facility [Member] | |||
Short-term Debt | |||
Notes payable to banks, Current | $ 0 | ||
Long-term Debt | |||
Interest rate | 0.00% | ||
Remaining borrowing capacity | $ 160,000,000 |
Borrowings (Details 1)
Borrowings (Details 1) - Senior Credit Facility - Term Loans [Member] - USD ($) $ in Millions | Aug. 31, 2015 | Feb. 28, 2015 |
Required principal repayments under term loan obligations | ||
2,016 | $ 68.8 | |
2,017 | 137.5 | |
2,018 | 137.5 | |
2,019 | 137.5 | |
2,020 | 137.5 | |
2,021 | 2,096.2 | |
Thereafter | 228.6 | |
Senior Credit Facility - Term Loans, Total | 2,943.6 | $ 2,792.1 |
U.S. Term A Facility [Member] | ||
Required principal repayments under term loan obligations | ||
2,016 | 31.8 | |
2,017 | 63.6 | |
2,018 | 63.6 | |
2,019 | 63.6 | |
2,020 | 63.5 | |
2,021 | 985.5 | |
Thereafter | 0 | |
Senior Credit Facility - Term Loans, Total | 1,271.6 | |
U.S. Term A-1 Facility [Member] | ||
Required principal repayments under term loan obligations | ||
2,016 | 1.2 | |
2,017 | 2.4 | |
2,018 | 2.4 | |
2,019 | 2.4 | |
2,020 | 2.5 | |
2,021 | 2.4 | |
Thereafter | 228.6 | |
Senior Credit Facility - Term Loans, Total | 241.9 | |
European Term A Facility [Member] | ||
Required principal repayments under term loan obligations | ||
2,016 | 35.8 | |
2,017 | 71.5 | |
2,018 | 71.5 | |
2,019 | 71.5 | |
2,020 | 71.5 | |
2,021 | 1,108.3 | |
Thereafter | 0 | |
Senior Credit Facility - Term Loans, Total | $ 1,430.1 |
Borrowings (Details Textual)
Borrowings (Details Textual) - USD ($) | Aug. 31, 2015 | Jul. 16, 2015 |
Schedule of Debt [Line Items] | ||
Maximum borrowing amount under credit facility | $ 4,093,600,000 | |
Minimum [Member] | ||
Schedule of Debt [Line Items] | ||
Incremental borrowings under credit facility | 25,000,000 | |
Maximum [Member] | ||
Schedule of Debt [Line Items] | ||
Incremental borrowings under credit facility | 750,000,000 | |
Senior Credit Facility - Revolving Credit Loans [Member] | ||
Schedule of Debt [Line Items] | ||
Maximum borrowing amount under credit facility | 1,150,000,000 | $ 1,150,000,000 |
Incremental borrowings under credit facility | 300,000,000 | |
Senior Credit Facility - Term Loans [Member] | U.S. Term A Facility [Member] | ||
Schedule of Debt [Line Items] | ||
Maximum borrowing amount under credit facility | 1,271,600,000 | 1,270,000,000 |
Incremental borrowings under credit facility | 200,000,000 | |
Senior Credit Facility - Term Loans [Member] | European Term A Facility [Member] | ||
Schedule of Debt [Line Items] | ||
Maximum borrowing amount under credit facility | $ 1,430,100,000 | $ 1,430,000,000 |
Borrowings (Details Textual 1)
Borrowings (Details Textual 1) | Apr. 30, 2012USD ($) |
Debt Instrument [Line Items] | |
Derivative fixed average interest rate | 2.80% |
LIBOR [Member] | |
Debt Instrument [Line Items] | |
Floating LIBOR rate debt | $ 500,000,000 |
Borrowings (Details Textual 2)
Borrowings (Details Textual 2) - Other [Member] - USD ($) | Sep. 28, 2015 | Sep. 29, 2014 |
Subsequent event [Member] | ||
Short-term Debt [Line Items] | ||
Accounts receivable securitization facility, Term | 364 days | |
CBI accounts receivable securitization facility [Member] | ||
Short-term Debt [Line Items] | ||
Accounts receivable securitization facility, Term | 364 days | |
Accounts receivable securitization facility, Maximum borrowings one | $ 190,000,000 | |
Accounts receivable securitization facility, Maximum borrowings two | $ 290,000,000 | |
CBI accounts receivable securitization facility [Member] | Subsequent event [Member] | ||
Short-term Debt [Line Items] | ||
Accounts receivable securitization facility, Maximum borrowings one | $ 235,000,000 | |
Accounts receivable securitization facility, Maximum borrowings two | 330,000,000 | |
Crown accounts receivable securitization facility [Member] | ||
Short-term Debt [Line Items] | ||
Accounts receivable securitization facility, Term | 364 days | |
Accounts receivable securitization facility, Maximum borrowings one | $ 100,000,000 | |
Accounts receivable securitization facility, Maximum borrowings two | $ 160,000,000 | |
Crown accounts receivable securitization facility [Member] | Subsequent event [Member] | ||
Short-term Debt [Line Items] | ||
Accounts receivable securitization facility, Maximum borrowings one | 100,000,000 | |
Accounts receivable securitization facility, Maximum borrowings two | $ 190,000,000 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 24.20% | 32.20% | 27.60% | 32.40% |
Tax benefit related to effective settlement of certain tax positions | $ 31.9 |
Net Income Per Common Share A47
Net Income Per Common Share Attributable to CBI (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Earnings per share reconciliation | ||||
Net income attributable to CBI allocated - basic | $ 302.4 | $ 195.8 | $ 541 | $ 402.5 |
Class A Common Stock [Member] | ||||
Earnings per share reconciliation | ||||
Net income attributable to CBI allocated - basic | 269.3 | 173.9 | 481.6 | 357.4 |
Conversion of Class B common shares into Class A common shares | 33.1 | 21.9 | 59.4 | 45.1 |
Effect of stock-based awards on allocated net income | 0 | 0 | 0 | 0 |
Net income attributable to CBI allocated - diluted | $ 302.4 | $ 195.8 | $ 541 | $ 402.5 |
Weighted average number of shares outstanding reconciliation | ||||
Weighted average common shares outstanding - basic | 172,239 | 169,158 | 171,805 | 168,663 |
Conversion of Class B common shares into Class A common shares | 23,364 | 23,401 | 23,370 | 23,408 |
Stock-based awards, primarily stock options | 7,507 | 8,241 | 7,809 | 8,508 |
Weighted average common shares outstanding - diluted | 203,110 | 200,800 | 202,984 | 200,579 |
Basic and diluted net income per common share attributable to CBI | ||||
Net income per common share attributable to CBI - basic | $ 1.56 | $ 1.03 | $ 2.80 | $ 2.12 |
Net income per common share attributable to CBI - diluted | $ 1.49 | $ 0.98 | $ 2.67 | $ 2.01 |
Class B Convertible Common Stock [Member] | ||||
Earnings per share reconciliation | ||||
Net income attributable to CBI allocated - basic | $ 33.1 | $ 21.9 | $ 59.4 | $ 45.1 |
Conversion of Class B common shares into Class A common shares | 0 | 0 | 0 | 0 |
Effect of stock-based awards on allocated net income | (1) | (0.9) | (1.8) | (1.9) |
Net income attributable to CBI allocated - diluted | $ 32.1 | $ 21 | $ 57.6 | $ 43.2 |
Weighted average number of shares outstanding reconciliation | ||||
Weighted average common shares outstanding - basic | 23,364 | 23,401 | 23,370 | 23,408 |
Conversion of Class B common shares into Class A common shares | 0 | 0 | 0 | 0 |
Stock-based awards, primarily stock options | 0 | 0 | 0 | 0 |
Weighted average common shares outstanding - diluted | 23,364 | 23,401 | 23,370 | 23,408 |
Basic and diluted net income per common share attributable to CBI | ||||
Net income per common share attributable to CBI - basic | $ 1.42 | $ 0.93 | $ 2.54 | $ 1.93 |
Net income per common share attributable to CBI - diluted | $ 1.38 | $ 0.90 | $ 2.47 | $ 1.84 |
Comprehensive Income Attribut48
Comprehensive Income Attributable to CBI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net income attributable to CBI | $ 302.4 | $ 195.8 | $ 541 | $ 402.5 |
Pension/postretirement adjustments | ||||
Comprehensive income attributable to CBI | 117 | 167.2 | 301.7 | 421.3 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Foreign currency translation adjustments | ||||
Net gains (losses), Before Tax Amount | (167.1) | (21.7) | (217.8) | 15.8 |
Net gains (losses), Tax (Expense) Benefit | 3.4 | (0.5) | 2.8 | (1.2) |
Net gains (losses), Net of Tax Amount | (163.7) | (22.2) | (215) | 14.6 |
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 | (167.1) | (21.7) | (217.8) | 15.8 |
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit | 3.4 | (0.5) | 2.8 | (1.2) |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | (163.7) | (22.2) | (215) | 14.6 |
Unrealized gain (loss) on cash flow hedges | ||||
Net derivative gains (losses), Before Tax Amount | (38.4) | (7.2) | (48.9) | 6.4 |
Net derivative gains (losses), Tax (Expense) Benefit | 10.1 | 2.2 | 13 | (1.6) |
Net derivative gains (losses), Net of Tax Amount | (28.3) | (5) | (35.9) | 4.8 |
Reclassification adjustments, Before Tax Amount | 8.7 | (1.5) | 16.3 | (0.1) |
Reclassification adjustments, Tax (Expense) Benefit | (2.6) | 0.2 | (5.1) | (0.6) |
Reclassification adjustments, Net of Tax Amount | 6.1 | (1.3) | 11.2 | (0.7) |
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount | (29.7) | (8.7) | (32.6) | 6.3 |
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit | 7.5 | 2.4 | 7.9 | (2.2) |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | (22.2) | (6.3) | (24.7) | 4.1 |
Unrealized gain (loss) on AFS debt securities | ||||
Net AFS debt securities gains (losses), Before Tax Amount | (0.3) | (0.1) | (0.4) | 0.2 |
Net AFS debt securities gains (losses), Tax (Expense) Benefit | 0 | 0 | 0 | (0.1) |
Net AFS debt securities gains (losses), Net of Tax Amount | (0.3) | (0.1) | (0.4) | 0.1 |
Reclassification adjustments, Before Tax Amount | 0 | 0 | 0 | 0 |
Reclassification adjustments, Tax (Expense) Benefit | 0 | 0 | 0 | 0 |
Reclassification adjustments, Net of Tax Amount | 0 | 0 | 0 | 0 |
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount | (0.3) | (0.1) | (0.4) | 0.2 |
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit | 0 | 0 | 0 | (0.1) |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | (0.3) | (0.1) | (0.4) | 0.1 |
Pension/postretirement adjustments | ||||
Net actuarial gains (losses), Before Tax Amount | 1 | 0.9 | ||
Net actuarial gains (losses), Tax (Expense) Benefit | (0.3) | (0.3) | ||
Net actuarial gains (losses), Net of Tax Amount | 0.7 | 0.6 | ||
Reclassification adjustments, Before Tax Amount | 0.1 | 0.2 | ||
Reclassification adjustments, Tax (Expense) Benefit | 0 | 0 | ||
Reclassification adjustments, Net of Tax Amount | 0.1 | 0.2 | ||
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount | 1.1 | 1.1 | ||
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit | (0.3) | (0.3) | ||
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | 0.8 | 0.8 | ||
Other comprehensive income (loss) attributable to CBI, before Tax | (196) | (30.5) | (249.7) | 22.3 |
Other comprehensive income (loss) attributable to CBI, Tax | 10.6 | 1.9 | 10.4 | (3.5) |
Other comprehensive income (loss) attributable to CBI, Net of Tax | $ (185.4) | $ (28.6) | $ (239.3) | $ 18.8 |
Comprehensive Income Attribut49
Comprehensive Income Attributable to CBI (Details 1) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Pension/postretirement adjustments | ||||
Balance, February 28, 2015, Accumulated Other Comprehensive Income (Loss) | $ (130.9) | |||
Balance, August 31, 2015, Accumulated Other Comprehensive Income (Loss) | $ (370.2) | (370.2) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Foreign currency translation adjustments | ||||
Balance, February 28, 2015, Foreign Currency Translation Adjustments | (86.1) | |||
Other comprehensive income (loss) before reclassification adjustments, Foreign Currency Translation Adjustments | (163.7) | $ (22.2) | (215) | $ 14.6 |
Amounts reclassified from accumulated other comprehensive income (loss), Foreign Currency Translation Adjustments | 0 | 0 | 0 | 0 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | (163.7) | (22.2) | (215) | 14.6 |
Balance, August 31, 2015, Foreign Currency Translation Adjustments | (301.1) | (301.1) | ||
Net unrealized gains (losses) on derivative instruments | ||||
Balance, February 28, 2015, Net Unrealized Gains (Losses) on Derivative Instruments | (29.1) | |||
Other comprehensive income (loss) before reclassification adjustments, Net Unrealized Gains (Losses) on Derivative Instruments | (28.3) | (5) | (35.9) | 4.8 |
Amounts reclassified from accumulated other comprehensive income (loss), Net Unrealized Gains (Losses) on Derivative Instruments | 6.1 | (1.3) | 11.2 | (0.7) |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | (22.2) | (6.3) | (24.7) | 4.1 |
Balance, August 31, 2015, Net Unrealized Gains (Losses) on Derivative Instruments | (53.8) | (53.8) | ||
Net unrealized gains (losses) on AFS debt securities | ||||
Balance, February 28, 2015, Net Unrealized Gains (Losses) on AFS Debt Securities | (2.5) | |||
Other comprehensive income (loss) before reclassification adjustments, Net Unrealized Gains (Losses) on AFS Debt Securities | (0.3) | (0.1) | (0.4) | 0.1 |
Amounts reclassified from accumulated other comprehensive income (loss), Net Unrealized Gains (Losses) on AFS Debt Securities | 0 | 0 | 0 | 0 |
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | (0.3) | (0.1) | (0.4) | 0.1 |
Balance, August 31, 2015, Net Unrealized Gains (Losses) on AFS Debt Securities | (2.9) | (2.9) | ||
Pension/postretirement adjustments | ||||
Balance, February 28, 2015, Pension/Postretirement Adjustments | (13.2) | |||
Other comprehensive income (loss) before reclassification adjustments, Pension/Postretirement Adjustments | 0.7 | 0.6 | ||
Amounts reclassified from accumulated other comprehensive income (loss), Pension/Postretirement Adjustments | 0.1 | 0.2 | ||
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount | 0.8 | 0.8 | ||
Balance, August 31, 2015, Pension/Postretirement Adjustments | (12.4) | (12.4) | ||
Balance, February 28, 2015, Accumulated Other Comprehensive Income (Loss) | (130.9) | |||
Other comprehensive income (loss) before reclassification adjustments, Accumulated Other Comprehensive Income (Loss) | (250.7) | |||
Amounts reclassified from accumulated other comprehensive income (loss), Accumulated Other Comprehensive Income (Loss) | 11.4 | |||
Other comprehensive income (loss) attributable to CBI, Net of Tax | (185.4) | $ (28.6) | (239.3) | $ 18.8 |
Balance, August 31, 2015, Accumulated Other Comprehensive Income (Loss) | $ (370.2) | $ (370.2) |
Condensed Consolidating Finan50
Condensed Consolidating Financial Information (Details) - USD ($) $ in Millions | Aug. 31, 2015 | Feb. 28, 2015 | Aug. 31, 2014 | Feb. 28, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
Percentage of parent ownership of subsidiary guarantors | 100.00% | |||
Current assets: | ||||
Cash and cash equivalents | $ 329.7 | $ 110.1 | $ 104.3 | $ 63.9 |
Accounts receivable | 723.5 | 598.9 | ||
Inventories | 1,777.1 | 1,827.2 | ||
Intercompany receivable | 0 | 0 | ||
Prepaid expenses and other | 301.2 | 374.6 | ||
Total current assets | 3,131.5 | 2,910.8 | ||
Property, plant and equipment | 2,773.3 | 2,681.6 | 2,299.9 | |
Investments in subsidiaries | 0 | 0 | ||
Goodwill | 6,416.8 | 6,208.2 | 6,146.8 | |
Intangible assets | 3,188.7 | 3,181 | ||
Intercompany notes receivable | 0 | 0 | ||
Other assets | 163.1 | 162.9 | ||
Total assets | 15,673.4 | 15,144.5 | 14,657.4 | |
Current liabilities: | ||||
Notes payable to banks | 29.3 | 52.4 | ||
Current maturities of long-term debt | 156.1 | 158.1 | ||
Accounts payable | 373.3 | 285.8 | ||
Accrued excise taxes | 26.9 | 28.7 | ||
Intercompany payable | 0 | 0 | ||
Other accrued expenses and liabilities | 626.6 | 605.7 | ||
Total current liabilities | 1,212.2 | 1,130.7 | ||
Long-term debt, less current maturities | 7,238.2 | 7,137.5 | ||
Deferred income taxes | 894.4 | 818.9 | ||
Intercompany notes payable | 0 | 0 | ||
Other liabilities | 163.6 | 176.1 | ||
Total liabilities | 9,508.4 | 9,263.2 | ||
Total CBI stockholders’ equity | 6,062.8 | 5,770.7 | ||
Noncontrolling interests | 102.2 | 110.6 | ||
Total stockholders’ equity | 6,165 | 5,881.3 | ||
Total liabilities and stockholders’ equity | 15,673.4 | 15,144.5 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 132.9 | 24.5 | 13.7 | 0.5 |
Accounts receivable | 0.1 | 0.8 | ||
Inventories | 158.7 | 153.3 | ||
Intercompany receivable | 15,048.2 | 13,158.7 | ||
Prepaid expenses and other | 49 | 46.2 | ||
Total current assets | 15,388.9 | 13,383.5 | ||
Property, plant and equipment | 58.3 | 59.3 | ||
Investments in subsidiaries | 12,308.7 | 11,657.2 | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Intercompany notes receivable | 3,880 | 4,087.3 | ||
Other assets | 59.7 | 61.4 | ||
Total assets | 31,695.6 | 29,248.7 | ||
Current liabilities: | ||||
Notes payable to banks | 0 | 0 | ||
Current maturities of long-term debt | 66 | 92.3 | ||
Accounts payable | 28.8 | 41.2 | ||
Accrued excise taxes | 13.6 | 12.6 | ||
Intercompany payable | 19,303.6 | 17,206.7 | ||
Other accrued expenses and liabilities | 390.5 | 462.5 | ||
Total current liabilities | 19,802.5 | 17,815.3 | ||
Long-term debt, less current maturities | 5,796.6 | 5,601.4 | ||
Deferred income taxes | 21.8 | 17.6 | ||
Intercompany notes payable | 0 | 0 | ||
Other liabilities | 11.9 | 43.7 | ||
Total liabilities | 25,632.8 | 23,478 | ||
Total CBI stockholders’ equity | 6,062.8 | 5,770.7 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ equity | 6,062.8 | 5,770.7 | ||
Total liabilities and stockholders’ equity | 31,695.6 | 29,248.7 | ||
Subsidiary Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0.8 | 0.7 | 0.7 | 0.8 |
Accounts receivable | 10.4 | 27.3 | ||
Inventories | 1,365.3 | 1,419 | ||
Intercompany receivable | 20,751.7 | 18,389.9 | ||
Prepaid expenses and other | 51.6 | 94 | ||
Total current assets | 22,179.8 | 19,930.9 | ||
Property, plant and equipment | 833.5 | 854.5 | ||
Investments in subsidiaries | 16.8 | 13.8 | ||
Goodwill | 5,651 | 5,411.3 | ||
Intangible assets | 740.5 | 703.3 | ||
Intercompany notes receivable | 85.8 | 129.9 | ||
Other assets | 70.6 | 68.4 | ||
Total assets | 29,578 | 27,112.1 | ||
Current liabilities: | ||||
Notes payable to banks | 0 | 0 | ||
Current maturities of long-term debt | 17 | 16.9 | ||
Accounts payable | 188.9 | 113.2 | ||
Accrued excise taxes | 9 | 11.3 | ||
Intercompany payable | 16,264.1 | 14,201.6 | ||
Other accrued expenses and liabilities | 189.4 | 211.2 | ||
Total current liabilities | 16,668.4 | 14,554.2 | ||
Long-term debt, less current maturities | 28.6 | 30.9 | ||
Deferred income taxes | 664.8 | 633.6 | ||
Intercompany notes payable | 3,949.8 | 3,863.4 | ||
Other liabilities | 42.9 | 36.7 | ||
Total liabilities | 21,354.5 | 19,118.8 | ||
Total CBI stockholders’ equity | 8,223.5 | 7,993.3 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ equity | 8,223.5 | 7,993.3 | ||
Total liabilities and stockholders’ equity | 29,578 | 27,112.1 | ||
Subsidiary Nonguarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 196 | 84.9 | 89.9 | 62.6 |
Accounts receivable | 713 | 570.8 | ||
Inventories | 354.9 | 357.7 | ||
Intercompany receivable | 7,772.2 | 6,512 | ||
Prepaid expenses and other | 332.6 | 427 | ||
Total current assets | 9,368.7 | 7,952.4 | ||
Property, plant and equipment | 1,881.5 | 1,767.8 | ||
Investments in subsidiaries | 0 | 0 | ||
Goodwill | 765.8 | 796.9 | ||
Intangible assets | 2,444.3 | 2,474.3 | ||
Intercompany notes receivable | 0 | 0 | ||
Other assets | 32.8 | 33.1 | ||
Total assets | 14,493.1 | 13,024.5 | ||
Current liabilities: | ||||
Notes payable to banks | 29.3 | 52.4 | ||
Current maturities of long-term debt | 73.1 | 48.9 | ||
Accounts payable | 155.6 | 131.4 | ||
Accrued excise taxes | 4.3 | 4.8 | ||
Intercompany payable | 8,004.4 | 6,652.3 | ||
Other accrued expenses and liabilities | 210.4 | 156.9 | ||
Total current liabilities | 8,477.1 | 7,046.7 | ||
Long-term debt, less current maturities | 1,413 | 1,505.2 | ||
Deferred income taxes | 207.8 | 167.7 | ||
Intercompany notes payable | 16 | 353.8 | ||
Other liabilities | 108.8 | 95.7 | ||
Total liabilities | 10,222.7 | 9,169.1 | ||
Total CBI stockholders’ equity | 4,168.2 | 3,744.8 | ||
Noncontrolling interests | 102.2 | 110.6 | ||
Total stockholders’ equity | 4,270.4 | 3,855.4 | ||
Total liabilities and stockholders’ equity | 14,493.1 | 13,024.5 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable | 0 | 0 | ||
Inventories | (101.8) | (102.8) | ||
Intercompany receivable | (43,572.1) | (38,060.6) | ||
Prepaid expenses and other | (132) | (192.6) | ||
Total current assets | (43,805.9) | (38,356) | ||
Property, plant and equipment | 0 | 0 | ||
Investments in subsidiaries | (12,325.5) | (11,671) | ||
Goodwill | 0 | 0 | ||
Intangible assets | 3.9 | 3.4 | ||
Intercompany notes receivable | (3,965.8) | (4,217.2) | ||
Other assets | 0 | 0 | ||
Total assets | (60,093.3) | (54,240.8) | ||
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 | (43,572.1) | (38,060.6) | ||
Other accrued expenses and liabilities | (163.7) | (224.9) | ||
Total current liabilities | (43,735.8) | (38,285.5) | ||
Long-term debt, less current maturities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Intercompany notes payable | (3,965.8) | (4,217.2) | ||
Other liabilities | 0 | 0 | ||
Total liabilities | (47,701.6) | (42,502.7) | ||
Total CBI stockholders’ equity | (12,391.7) | (11,738.1) | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ equity | (12,391.7) | (11,738.1) | ||
Total liabilities and stockholders’ equity | $ (60,093.3) | $ (54,240.8) |
Condensed Consolidating Finan51
Condensed Consolidating Financial Information (Details 1) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Condensed Consolidating Statement of Comprehensive Income | ||||
Sales | $ 1,912.9 | $ 1,770 | $ 3,710.9 | $ 3,457.1 |
Less – excise taxes | (179.5) | (165.9) | (346.2) | (327) |
Net sales | 1,733.4 | 1,604.1 | 3,364.7 | 3,130.1 |
Cost of product sold | (957.8) | (932.1) | (1,852) | (1,788) |
Gross profit | 775.6 | 672 | 1,512.7 | 1,342.1 |
Selling, general and administrative expenses | (296.2) | (293.3) | (606) | (571.2) |
Operating income | 479.4 | 378.7 | 906.7 | 770.9 |
Equity in earnings (losses) of equity method investees and subsidiaries | 0.2 | (0.6) | 1.2 | (0.1) |
Interest income | 0.1 | 0.1 | 0.4 | 0.6 |
Intercompany interest income | 0 | 0 | 0 | 0 |
Interest expense | (77.4) | (85.1) | (155.2) | (172) |
Intercompany interest expense | 0 | 0 | 0 | 0 |
Loss on write-off of financing costs | (1.1) | (4.4) | (1.1) | (4.4) |
Income before income taxes | 401.2 | 288.7 | 752 | 595 |
(Provision for) benefit from income taxes | (97.1) | (92.9) | (207.7) | (192.5) |
Net income | 304.1 | 195.8 | 544.3 | 402.5 |
Net income attributable to noncontrolling interests | (1.7) | 0 | (3.3) | 0 |
Net income attributable to CBI | 302.4 | 195.8 | 541 | 402.5 |
Comprehensive income attributable to CBI | 117 | 167.2 | 301.7 | 421.3 |
Parent Company [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Sales | 625 | 594.7 | 1,183.6 | 1,139.2 |
Less – excise taxes | (83.5) | (76.9) | (159.7) | (153.2) |
Net sales | 541.5 | 517.8 | 1,023.9 | 986 |
Cost of product sold | (437.7) | (418.6) | (828.5) | (796.9) |
Gross profit | 103.8 | 99.2 | 195.4 | 189.1 |
Selling, general and administrative expenses | (96.8) | (101.2) | (199.6) | (194.1) |
Operating income | 7 | (2) | (4.2) | (5) |
Equity in earnings (losses) of equity method investees and subsidiaries | 322.1 | 3.2 | 626.3 | 509 |
Interest income | 0 | 0 | 0.1 | 0 |
Intercompany interest income | 46.2 | 44.4 | 92 | 88.5 |
Interest expense | (71.5) | (74.1) | (140.8) | (146) |
Intercompany interest expense | (66.4) | (54.3) | (130) | (103.5) |
Loss on write-off of financing costs | (0.4) | 0 | (0.4) | 0 |
Income before income taxes | 237 | (82.8) | 443 | 343 |
(Provision for) benefit from income taxes | 65.4 | 278.6 | 98 | 59.5 |
Net income | 302.4 | 195.8 | 541 | 402.5 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to CBI | 302.4 | 195.8 | 541 | 402.5 |
Comprehensive income attributable to CBI | 117 | 167.2 | 301.7 | 421.3 |
Subsidiary Guarantors [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Sales | 1,497.5 | 1,357.2 | 2,922.4 | 2,659.5 |
Less – excise taxes | (79.7) | (71.5) | (154.8) | (139.1) |
Net sales | 1,417.8 | 1,285.7 | 2,767.6 | 2,520.4 |
Cost of product sold | (1,076) | (983.1) | (2,079.6) | (1,906.4) |
Gross profit | 341.8 | 302.6 | 688 | 614 |
Selling, general and administrative expenses | (174.1) | (152.5) | (351.3) | (301) |
Operating income | 167.7 | 150.1 | 336.7 | 313 |
Equity in earnings (losses) of equity method investees and subsidiaries | 1.5 | 0.3 | 3.7 | 1.8 |
Interest income | 0 | 0 | 0 | 0 |
Intercompany interest income | 66.4 | 54.5 | 130.3 | 103.8 |
Interest expense | (0.3) | (0.4) | (0.6) | (0.7) |
Intercompany interest expense | (46) | (44.3) | (91.9) | (88.4) |
Loss on write-off of financing costs | 0 | 0 | 0 | 0 |
Income before income taxes | 189.3 | 160.2 | 378.2 | 329.5 |
(Provision for) benefit from income taxes | (74.8) | (60.6) | (147.9) | (123.1) |
Net income | 114.5 | 99.6 | 230.3 | 206.4 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to CBI | 114.5 | 99.6 | 230.3 | 206.4 |
Comprehensive income attributable to CBI | 115 | 99 | 230.1 | 207.5 |
Subsidiary Nonguarantors [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Sales | 792.8 | 791.4 | 1,618 | 1,605.4 |
Less – excise taxes | (16.3) | (17.5) | (31.7) | (34.7) |
Net sales | 776.5 | 773.9 | 1,586.3 | 1,570.7 |
Cost of product sold | (466) | (504.2) | (952.1) | (1,012.9) |
Gross profit | 310.5 | 269.7 | 634.2 | 557.8 |
Selling, general and administrative expenses | (28.7) | (43.1) | (62.2) | (83.5) |
Operating income | 281.8 | 226.6 | 572 | 474.3 |
Equity in earnings (losses) of equity method investees and subsidiaries | 0.2 | 0.4 | 0.4 | 0.6 |
Interest income | 0.1 | 0.1 | 0.3 | 0.6 |
Intercompany interest income | 0 | 0.1 | 0 | 0.2 |
Interest expense | (5.6) | (10.6) | (13.8) | (25.3) |
Intercompany interest expense | (0.2) | (0.4) | (0.4) | (0.6) |
Loss on write-off of financing costs | (0.7) | (4.4) | (0.7) | (4.4) |
Income before income taxes | 275.6 | 211.8 | 557.8 | 445.4 |
(Provision for) benefit from income taxes | (80.1) | (309.8) | (156.8) | (132.4) |
Net income | 195.5 | (98) | 401 | 313 |
Net income attributable to noncontrolling interests | (1.7) | 0 | (3.3) | 0 |
Net income attributable to CBI | 193.8 | (98) | 397.7 | 313 |
Comprehensive income attributable to CBI | 6.2 | (128.4) | 155.8 | 329.4 |
Eliminations [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Sales | (1,002.4) | (973.3) | (2,013.1) | (1,947) |
Less – excise taxes | 0 | 0 | 0 | 0 |
Net sales | (1,002.4) | (973.3) | (2,013.1) | (1,947) |
Cost of product sold | 1,021.9 | 973.8 | 2,008.2 | 1,928.2 |
Gross profit | 19.5 | 0.5 | (4.9) | (18.8) |
Selling, general and administrative expenses | 3.4 | 3.5 | 7.1 | 7.4 |
Operating income | 22.9 | 4 | 2.2 | (11.4) |
Equity in earnings (losses) of equity method investees and subsidiaries | (323.6) | (4.5) | (629.2) | (511.5) |
Interest income | 0 | 0 | 0 | 0 |
Intercompany interest income | (112.6) | (99) | (222.3) | (192.5) |
Interest expense | 0 | 0 | 0 | 0 |
Intercompany interest expense | 112.6 | 99 | 222.3 | 192.5 |
Loss on write-off of financing costs | 0 | 0 | 0 | 0 |
Income before income taxes | (300.7) | (0.5) | (627) | (522.9) |
(Provision for) benefit from income taxes | (7.6) | (1.1) | (1) | 3.5 |
Net income | (308.3) | (1.6) | (628) | (519.4) |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to CBI | (308.3) | (1.6) | (628) | (519.4) |
Comprehensive income attributable to CBI | $ (121.2) | $ 29.4 | $ (385.9) | $ (536.9) |
Condensed Consolidating Finan52
Condensed Consolidating Financial Information (Details 2) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Condensed Consolidating Statement of Cash Flows | ||||
Net cash provided by (used in) operating activities | $ 803.1 | $ 668.1 | ||
Cash flows from investing activities: | ||||
Purchase of business | (317.9) | 0 | ||
Purchases of property, plant and equipment | $ (165.1) | $ (176.8) | (294.8) | (308.2) |
Net proceeds from (repayments of) intercompany notes | 0 | 0 | ||
Net returns of capital from (investments in) equity affiliates | 0 | 0 | ||
Other investing activities | 3.7 | 2 | ||
Net cash used in investing activities | (609) | (306.2) | ||
Cash flows from financing activities: | ||||
Net contributions from (returns of capital to) equity affiliates | 0 | 0 | ||
Net proceeds from (repayments of) intercompany notes | 0 | 0 | ||
Proceeds from issuance of long-term debt | 200 | 0 | ||
Excess tax benefits from stock-based payment awards | 89.7 | 64 | ||
Proceeds from shares issued under equity compensation plans | 33.2 | 22.1 | ||
Dividends paid | (119.8) | |||
Principal payments of long-term debt | (109.3) | (34.4) | ||
Payments of minimum tax withholdings on stock-based payment awards | (38.4) | (28.4) | ||
Net proceeds from (repayments of) notes payable | (18.5) | 197 | ||
Payments of financing costs of long-term debt | (7.6) | (2) | ||
Net cash provided by (used in) financing activities | 29.3 | (325) | ||
Dividends paid to parent company | 0 | |||
Payment of delayed purchase price arrangement | 0 | (543.3) | ||
Effect of exchange rate changes on cash and cash equivalents | (3.8) | 3.5 | ||
Net increase in cash and cash equivalents | 219.6 | 40.4 | ||
Cash and cash equivalents, beginning of period | 110.1 | 63.9 | ||
Cash and cash equivalents, end of period | 329.7 | 104.3 | 329.7 | 104.3 |
Parent Company [Member] | ||||
Condensed Consolidating Statement of Cash Flows | ||||
Net cash provided by (used in) operating activities | (239.4) | (224.8) | ||
Cash flows from investing activities: | ||||
Purchase of business | 0 | |||
Purchases of property, plant and equipment | (5.4) | (13.3) | ||
Net proceeds from (repayments of) intercompany notes | 139.4 | 207.9 | ||
Net returns of capital from (investments in) equity affiliates | (260.6) | (46.4) | ||
Other investing activities | 2 | 0 | ||
Net cash used in investing activities | (124.6) | 148.2 | ||
Cash flows from financing activities: | ||||
Net contributions from (returns of capital to) equity affiliates | 0 | 0 | ||
Net proceeds from (repayments of) intercompany notes | 308.4 | 20.6 | ||
Proceeds from issuance of long-term debt | 200 | |||
Excess tax benefits from stock-based payment awards | 89.7 | 64 | ||
Proceeds from shares issued under equity compensation plans | 33.2 | 22.1 | ||
Dividends paid | (119.8) | |||
Principal payments of long-term debt | (31.5) | (16.8) | ||
Payments of minimum tax withholdings on stock-based payment awards | 0 | 0 | ||
Net proceeds from (repayments of) notes payable | 0 | 0 | ||
Payments of financing costs of long-term debt | (7.6) | (0.1) | ||
Net cash provided by (used in) financing activities | 472.4 | 89.8 | ||
Dividends paid to parent company | 0 | |||
Payment of delayed purchase price arrangement | 0 | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net increase in cash and cash equivalents | 108.4 | 13.2 | ||
Cash and cash equivalents, beginning of period | 24.5 | 0.5 | ||
Cash and cash equivalents, end of period | 132.9 | 13.7 | 132.9 | 13.7 |
Subsidiaries Guarantors [Member] | ||||
Condensed Consolidating Statement of Cash Flows | ||||
Net cash provided by (used in) operating activities | 495.1 | 393.2 | ||
Cash flows from investing activities: | ||||
Purchase of business | (316.2) | |||
Purchases of property, plant and equipment | (19.5) | (54.5) | ||
Net proceeds from (repayments of) intercompany notes | 0 | 0 | ||
Net returns of capital from (investments in) equity affiliates | 0 | 0 | ||
Other investing activities | 0 | (5.7) | ||
Net cash used in investing activities | (335.7) | (60.2) | ||
Cash flows from financing activities: | ||||
Net contributions from (returns of capital to) equity affiliates | (10.5) | (16.6) | ||
Net proceeds from (repayments of) intercompany notes | (103.6) | (281.7) | ||
Proceeds from issuance of long-term debt | 0 | |||
Excess tax benefits from stock-based payment awards | 0 | 0 | ||
Proceeds from shares issued under equity compensation plans | 0 | 0 | ||
Dividends paid | 0 | |||
Principal payments of long-term debt | (9.5) | (8.7) | ||
Payments of minimum tax withholdings on stock-based payment awards | (35.7) | (26.1) | ||
Net proceeds from (repayments of) notes payable | 0 | 0 | ||
Payments of financing costs of long-term debt | 0 | 0 | ||
Net cash provided by (used in) financing activities | (159.3) | (333.1) | ||
Dividends paid to parent company | 0 | |||
Payment of delayed purchase price arrangement | 0 | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net increase in cash and cash equivalents | 0.1 | (0.1) | ||
Cash and cash equivalents, beginning of period | 0.7 | 0.8 | ||
Cash and cash equivalents, end of period | 0.8 | 0.7 | 0.8 | 0.7 |
Subsidiary Nonguarantors [Member] | ||||
Condensed Consolidating Statement of Cash Flows | ||||
Net cash provided by (used in) operating activities | 547.4 | 499.7 | ||
Cash flows from investing activities: | ||||
Purchase of business | (1.7) | |||
Purchases of property, plant and equipment | (269.9) | (240.4) | ||
Net proceeds from (repayments of) intercompany notes | 0 | 0 | ||
Net returns of capital from (investments in) equity affiliates | 0 | 0 | ||
Other investing activities | 1.7 | 7.7 | ||
Net cash used in investing activities | (269.9) | (232.7) | ||
Cash flows from financing activities: | ||||
Net contributions from (returns of capital to) equity affiliates | 271.1 | 87.9 | ||
Net proceeds from (repayments of) intercompany notes | (344.2) | 53.2 | ||
Proceeds from issuance of long-term debt | 0 | |||
Excess tax benefits from stock-based payment awards | 0 | 0 | ||
Proceeds from shares issued under equity compensation plans | 0 | 0 | ||
Dividends paid | 0 | |||
Principal payments of long-term debt | (68.3) | (8.9) | ||
Payments of minimum tax withholdings on stock-based payment awards | (2.7) | (2.3) | ||
Net proceeds from (repayments of) notes payable | (18.5) | 197 | ||
Payments of financing costs of long-term debt | 0 | (1.9) | ||
Net cash provided by (used in) financing activities | (162.6) | (243.2) | ||
Dividends paid to parent company | (24.9) | |||
Payment of delayed purchase price arrangement | (543.3) | |||
Effect of exchange rate changes on cash and cash equivalents | (3.8) | 3.5 | ||
Net increase in cash and cash equivalents | 111.1 | 27.3 | ||
Cash and cash equivalents, beginning of period | 84.9 | 62.6 | ||
Cash and cash equivalents, end of period | 196 | 89.9 | 196 | 89.9 |
Eliminations [Member] | ||||
Condensed Consolidating Statement of Cash Flows | ||||
Net cash provided by (used in) operating activities | 0 | 0 | ||
Cash flows from investing activities: | ||||
Purchase of business | 0 | |||
Purchases of property, plant and equipment | 0 | 0 | ||
Net proceeds from (repayments of) intercompany notes | (139.4) | (207.9) | ||
Net returns of capital from (investments in) equity affiliates | 260.6 | 46.4 | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities | 121.2 | (161.5) | ||
Cash flows from financing activities: | ||||
Net contributions from (returns of capital to) equity affiliates | (260.6) | (71.3) | ||
Net proceeds from (repayments of) intercompany notes | 139.4 | 207.9 | ||
Proceeds from issuance of long-term debt | 0 | |||
Excess tax benefits from stock-based payment awards | 0 | 0 | ||
Proceeds from shares issued under equity compensation plans | 0 | 0 | ||
Dividends paid | 0 | |||
Principal payments of long-term debt | 0 | 0 | ||
Payments of minimum tax withholdings on stock-based payment awards | 0 | 0 | ||
Net proceeds from (repayments of) notes payable | 0 | 0 | ||
Payments of financing costs of long-term debt | 0 | 0 | ||
Net cash provided by (used in) financing activities | (121.2) | 161.5 | ||
Dividends paid to parent company | 24.9 | |||
Payment of delayed purchase price arrangement | 0 | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net increase in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 0 | 0 | ||
Cash and cash equivalents, end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Cost of product sold | ||||
Amortization of favorable interim supply agreement | $ (22.7) | $ (24.7) | ||
Net loss on undesignated commodity derivative contracts | $ (22.2) | $ (4.3) | (31.5) | (9.8) |
Total cost of product sold | (957.8) | (932.1) | (1,852) | (1,788) |
Selling, general and administrative expenses | ||||
Total selling, general and administrative expenses | (296.2) | (293.3) | (606) | (571.2) |
Cost of product sold [Member] | Commodity derivative contracts [Member] | ||||
Cost of product sold | ||||
Net loss on undesignated commodity derivative contracts | (11.2) | (2.9) | (16.4) | (2.7) |
Comparable Adjustments [Member] | ||||
Selling, general and administrative expenses | ||||
Comparable Adjustments, Operating loss | (21.5) | (34.7) | (48.4) | (47.1) |
Comparable Adjustments [Member] | Sales [Member] | ||||
Net sales | ||||
Product recall | 0 | (3.5) | 0 | (3.5) |
Cost of product sold | ||||
Product recall | 0 | (3.5) | 0 | (3.5) |
Selling, general and administrative expenses | ||||
Product recall | 0 | (3.5) | 0 | (3.5) |
Comparable Adjustments [Member] | Cost of product sold [Member] | ||||
Net sales | ||||
Product recall | 0 | (5.4) | 0 | (5.4) |
Cost of product sold | ||||
Amortization of favorable interim supply agreement | (9) | (11.3) | (17.9) | (18.9) |
Flow through of inventory step up | (1.2) | 0 | (1.2) | 0 |
Product recall | 0 | (5.4) | 0 | (5.4) |
Other losses | 0 | (2.6) | 0 | (2.6) |
Total cost of product sold | (14.7) | (22.3) | (23.3) | (30.2) |
Selling, general and administrative expenses | ||||
Product recall | 0 | (5.4) | 0 | (5.4) |
Comparable Adjustments [Member] | Cost of product sold [Member] | Commodity derivative contracts [Member] | ||||
Cost of product sold | ||||
Net loss on undesignated commodity derivative contracts | (11.2) | (2.9) | (16.4) | (2.7) |
Settlements of undesignated commodity derivative contracts | 6.7 | (0.1) | 12.2 | (0.6) |
Comparable Adjustments [Member] | Selling, general and administrative expenses [Member] | ||||
Net sales | ||||
Product recall | 0 | (0.3) | 0 | (0.3) |
Cost of product sold | ||||
Product recall | 0 | (0.3) | 0 | (0.3) |
Selling, general and administrative expenses | ||||
Restructuring and related charges | (1.3) | 0 | (14.3) | 0 |
Transaction, integration and other acquisition-related costs | (5.5) | (8.6) | (10.8) | (13.1) |
Product recall | 0 | (0.3) | 0 | (0.3) |
Total selling, general and administrative expenses | $ (6.8) | $ (8.9) | $ (25.1) | $ (13.4) |
Business Segment Information 54
Business Segment Information (Details 1) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Feb. 28, 2015 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 1,733.4 | $ 1,604.1 | $ 3,364.7 | $ 3,130.1 | |
Segment operating income (loss) | 479.4 | 378.7 | 906.7 | 770.9 | |
Long-lived tangible assets | 2,773.3 | 2,299.9 | 2,773.3 | 2,299.9 | $ 2,681.6 |
Total assets | 15,673.4 | 14,657.4 | 15,673.4 | 14,657.4 | $ 15,144.5 |
Capital expenditures | 165.1 | 176.8 | 294.8 | 308.2 | |
Depreciation and amortization | 56.7 | 53.5 | 111.4 | 103 | |
Equity in earnings (losses) of equity method investees | 0.2 | (0.6) | 1.2 | (0.1) | |
Investments in equity method investees | 74.3 | 72 | 74.3 | 72 | |
Operating Segments [Member] | Beer [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,019.5 | 891.8 | 1,985.3 | 1,759.5 | |
Segment operating income (loss) | 355.9 | 271 | 692.4 | 558.5 | |
Long-lived tangible assets | 1,630.8 | 1,060.6 | 1,630.8 | 1,060.6 | |
Total assets | 8,470.7 | 7,713.3 | 8,470.7 | 7,713.3 | |
Capital expenditures | 149.2 | 143.5 | 260.7 | 228.8 | |
Depreciation and amortization | 13.6 | 10.1 | 27.9 | 19.9 | |
Operating Segments [Member] | Wine and Spirits [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 713.9 | 715.8 | 1,379.4 | 1,374.1 | |
Segment operating income (loss) | 175.9 | 169.8 | 320.1 | 313 | |
Long-lived tangible assets | 1,030 | 1,107.5 | 1,030 | 1,107.5 | |
Total assets | 6,725.7 | 6,610 | 6,725.7 | 6,610 | |
Capital expenditures | 15.2 | 20.2 | 31.9 | 51.5 | |
Depreciation and amortization | 27.4 | 25.3 | 51.6 | 50.9 | |
Equity in earnings (losses) of equity method investees | 0.2 | (0.6) | 1.2 | (0.1) | |
Investments in equity method investees | 73.3 | 72 | 73.3 | 72 | |
Operating Segments [Member] | Wine and Spirits [Member] | Wine [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 624.3 | 640.7 | 1,212.1 | 1,227.1 | |
Operating Segments [Member] | Wine and Spirits [Member] | Spirits [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 89.6 | 75.1 | 167.3 | 147 | |
Operating Segments [Member] | Corporate Operations and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment operating income (loss) | (30.9) | (27.4) | (57.4) | (53.5) | |
Long-lived tangible assets | 112.5 | 131.8 | 112.5 | 131.8 | |
Total assets | 477 | 334.1 | 477 | 334.1 | |
Capital expenditures | 0.7 | 13.1 | 2.2 | 27.9 | |
Depreciation and amortization | 6.7 | 6.8 | 14 | 13.3 | |
Investments in equity method investees | 1 | 0 | 1 | 0 | |
Comparable Adjustments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 0 | (3.5) | 0 | (3.5) | |
Segment operating income (loss) | (21.5) | (34.7) | (48.4) | (47.1) | |
Depreciation and amortization | $ 9 | $ 11.3 | $ 17.9 | $ 18.9 |
Business Segment Information 55
Business Segment Information (Details Textual) | 6 Months Ended |
Aug. 31, 2015divisionsegment | |
Segment Reporting [Abstract] | |
Number of business divisions | division | 2 |
Number of reportable operating segments | 3 |