Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Apr. 17, 2019 | Aug. 31, 2018 | |
Entity Registrant Name | CONSTELLATION BRANDS, INC. | ||
Entity Central Index Key | 0000016918 | ||
Document Type | 10-K | ||
Document Period End Date | Feb. 28, 2019 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --02-28 | ||
Entity Well-Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 33,122,314,698 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 166,883,483 | ||
Class B Convertible Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 23,316,614 | ||
Class 1 Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 1,149,714 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Feb. 28, 2019 | Feb. 28, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 93.6 | $ 90.3 |
Accounts receivable | 846.9 | 776.2 |
Inventories | 2,130.4 | 2,084 |
Prepaid expenses and other | 613.1 | 523.5 |
Total current assets | 3,684 | 3,474 |
Property, plant and equipment | 5,267.3 | 4,789.7 |
Goodwill | 8,088.8 | 8,083.1 |
Intangible assets | 3,198.1 | 3,304.8 |
Equity method investments | 3,465.6 | 121.5 |
Securities measured at fair value | 3,234.7 | 672.2 |
Deferred income taxes | 2,183.3 | 0 |
Other assets | 109.7 | 93.4 |
Total assets | 29,231.5 | 20,538.7 |
Current liabilities: | ||
Short-term borrowings | 791.5 | 746.8 |
Current maturities of long-term debt | 1,065.2 | 22.3 |
Accounts payable | 616.7 | 592.2 |
Other accrued expenses and liabilities | 690.4 | 678.3 |
Total current liabilities | 3,163.8 | 2,039.6 |
Long-term debt, less current maturities | 11,759.8 | 9,417.6 |
Deferred income taxes and other liabilities | 1,470.7 | 1,089.8 |
Total liabilities | 16,394.3 | 12,547 |
Commitments and contingencies (Note 15) | ||
CBI stockholders’ equity: | ||
Preferred Stock, Value | 0 | 0 |
Additional paid-in capital | 1,410.8 | 2,825.3 |
Retained earnings | 14,276.2 | 9,157.2 |
Accumulated other comprehensive loss | (353.9) | (202.9) |
Total stockholders' equity before treasury stock adjustments | 15,335.3 | 11,782.5 |
Less: Treasury stock – | (2,784.3) | (3,807.4) |
Total CBI stockholders’ equity | 12,551 | 7,975.1 |
Noncontrolling interests | 286.2 | 16.6 |
Total stockholders’ equity | 12,837.2 | 7,991.7 |
Total liabilities and stockholders’ equity | 29,231.5 | 20,538.7 |
Class A Common Stock [Member] | ||
CBI stockholders’ equity: | ||
Common Stock, Value | 1.9 | 2.6 |
Less: Treasury stock – | (2,782.1) | (3,805.2) |
Class B Convertible Common Stock [Member] | ||
CBI stockholders’ equity: | ||
Common Stock, Value | 0.3 | 0.3 |
Less: Treasury stock – | (2.2) | (2.2) |
Class 1 Common Stock [Member] | ||
CBI stockholders’ equity: | ||
Common Stock, Value | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Feb. 28, 2019 | Feb. 28, 2018 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Class A Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 322,000,000 | 322,000,000 |
Common Stock, shares issued | 185,740,178 | 258,718,356 |
Treasury Stock, shares at cost | 18,927,966 | 90,743,239 |
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 | 28,322,419 | 28,335,387 |
Treasury Stock, shares at cost | 5,005,800 | 5,005,800 |
Class 1 Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 25,000,000 | 25,000,000 |
Common Stock, shares issued | 1,149,624 | 1,970 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Sales | $ 8,884.3 | $ 8,322.1 | $ 8,051.2 |
Excise taxes | (768.3) | (741.8) | (730.1) |
Net sales | 8,116 | 7,580.3 | 7,321.1 |
Cost of product sold | (4,035.7) | (3,767.8) | (3,802.1) |
Gross profit | 4,080.3 | 3,812.5 | 3,519 |
Selling, general and administrative expenses | (1,668.1) | (1,532.7) | (1,392.4) |
Gain on sale of business | 0 | 0 | 262.4 |
Operating income | 2,412.2 | 2,279.8 | 2,389 |
Income from unconsolidated investments | 2,101.6 | 487.2 | 27.3 |
Interest expense | (367.1) | (332) | (333.3) |
Loss on extinguishment of debt | (1.7) | (97) | 0 |
Income before income taxes | 4,145 | 2,338 | 2,083 |
Provision for income taxes | (685.9) | (22.7) | (550.3) |
Net income | 3,459.1 | 2,315.3 | 1,532.7 |
Net income attributable to noncontrolling interests | (23.2) | (11.9) | (4.1) |
Net income attributable to CBI | 3,435.9 | 2,303.4 | 1,528.6 |
Class A Common Stock [Member] | |||
Net income attributable to CBI | $ 3,049.5 | $ 2,049.9 | $ 1,364.3 |
Net income per common share attributable to CBI: | |||
Net income per common share attributable to CBI, basic (in dollars per share) | $ 18.24 | $ 11.96 | $ 7.76 |
Net income per common share attributable to CBI, diluted (in dollars per share) | $ 17.57 | $ 11.47 | $ 7.49 |
Weighted average number of shares outstanding: | |||
Weighted average common shares outstanding, basic | 167,249 | 171,457 | 175,934 |
Weighted average common shares outstanding, diluted | 195,532 | 200,745 | 204,099 |
Cash dividends declared per common share: | |||
Cash dividends declared per common share | $ 2.96 | $ 2.08 | $ 1.60 |
Class B Convertible Common Stock [Member] | |||
Net income attributable to CBI | $ 386.4 | $ 253.5 | $ 164.3 |
Net income per common share attributable to CBI: | |||
Net income per common share attributable to CBI, basic (in dollars per share) | $ 16.57 | $ 10.86 | $ 7.04 |
Net income per common share attributable to CBI, diluted (in dollars per share) | $ 16.21 | $ 10.59 | $ 6.90 |
Weighted average number of shares outstanding: | |||
Weighted average common shares outstanding, basic | 23,321 | 23,336 | 23,353 |
Weighted average common shares outstanding, diluted | 23,321 | 23,336 | 23,353 |
Cash dividends declared per common share: | |||
Cash dividends declared per common share | $ 2.68 | $ 1.88 | $ 1.44 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 3,459.1 | $ 2,315.3 | $ 1,532.7 |
Other comprehensive income (loss), net of income tax effect | (152.8) | 208 | 42 |
Comprehensive income | 3,306.3 | 2,523.3 | 1,574.7 |
Comprehensive (income) loss, attributable to noncontrolling interests | (21.4) | (23) | 6.6 |
Comprehensive income attributable to CBI | 3,284.9 | 2,500.3 | 1,581.3 |
Share of other comprehensive income of equity method investments [Member] | |||
Other comprehensive income (loss), net of income tax effect | 29.6 | 0 | 0 |
Foreign currency translation adjustments [Member] | |||
Other comprehensive income (loss), net of income tax effect | (196.8) | 153.8 | 22.1 |
Unrealized gains (losses) on cash flow hedges [Member] | |||
Other comprehensive income (loss), net of income tax effect | 11.4 | 55.5 | 7.8 |
Unrealized gain (loss) on available-for-sale debt securities [Member] | |||
Other comprehensive income (loss), net of income tax effect | 2.5 | (0.2) | 0.5 |
Pension/postretirement adjustments [Member] | |||
Other comprehensive income (loss), net of income tax effect | $ 0.5 | $ (1.1) | $ 11.6 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Class A Common Stock [Member] | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Convertible Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interests [Member] |
Stockholders' equity, beginning of period at Feb. 29, 2016 | $ 6,691.8 | $ 2.6 | $ 0.3 | $ 2,589 | $ 6,090.5 | $ (452.5) | $ (1,670.3) | $ 132.2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,532.7 | 0 | 0 | 0 | 1,528.6 | 0 | 0 | 4.1 | |
Net income | Accounting Standards Update 2014-09, Revenue recognition [Member] | 1,532.7 | ||||||||
Other comprehensive income (loss), net of income tax effect | 42 | 0 | 0 | 0 | 0 | 52.7 | 0 | (10.7) | |
Comprehensive income | 1,574.7 | ||||||||
Repurchase of shares | (1,122.7) | $ (1,122.7) | 0 | 0 | 0 | 0 | 0 | (1,122.7) | 0 |
Dividends declared | (315.6) | 0 | 0 | 0 | (315.6) | 0 | 0 | 0 | |
Conversion of noncontrolling equity interests to long-term debt | (132) | 0 | 0 | 0 | 0 | 0 | 0 | (132) | |
Shares issued under equity compensation plans | (4.8) | 0 | 0 | (20.1) | 0 | 0 | 15.3 | 0 | |
Stock-based compensation | 55.5 | 0 | 0 | 55.5 | 0 | 0 | 0 | 0 | |
Tax benefit on stock-based compensation | 131.4 | 0 | 0 | 131.4 | 0 | 0 | 0 | 0 | |
Stockholders' equity, end of period at Feb. 28, 2017 | 6,829.3 | 2.6 | 0.3 | 2,755.8 | 7,254.5 | (399.8) | (2,777.7) | (6.4) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Conversion of long-term debt to noncontrolling equity interest | 0 | ||||||||
Net income | 2,315.3 | 0 | 0 | 0 | 2,303.4 | 0 | 0 | 11.9 | |
Net income | Accounting Standards Update 2014-09, Revenue recognition [Member] | 2,315.3 | ||||||||
Other comprehensive income (loss), net of income tax effect | 208 | 0 | 0 | 0 | 0 | 196.9 | 0 | 11.1 | |
Comprehensive income | 2,523.3 | ||||||||
Repurchase of shares | (1,038.5) | (1,038.5) | 0 | 0 | 0 | 0 | 0 | (1,038.5) | 0 |
Dividends declared | (400.7) | 0 | 0 | 0 | (400.7) | 0 | 0 | 0 | |
Conversion of noncontrolling equity interests to long-term debt | 0 | ||||||||
Shares issued under equity compensation plans | 17.1 | 0 | 0 | 8.3 | 0 | 0 | 8.8 | 0 | |
Stock-based compensation | 61.2 | 0 | 0 | 61.2 | 0 | 0 | 0 | 0 | |
Stockholders' equity, end of period at Feb. 28, 2018 | 7,991.7 | 2.6 | 0.3 | 2,825.3 | 9,157.2 | (202.9) | (3,807.4) | 16.6 | |
Stockholders' equity, end of period (Accounting Standards Update 2014-09, Revenue recognition [Member]) at Feb. 28, 2018 | 7,991.7 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Conversion of long-term debt to noncontrolling equity interest | 0 | ||||||||
Net income | 3,459.1 | 0 | 0 | 0 | 3,435.9 | 0 | 0 | 23.2 | |
Other comprehensive income (loss), net of income tax effect | (152.8) | 0 | 0 | 0 | 0 | (151) | 0 | (1.8) | |
Comprehensive income | 3,306.3 | ||||||||
Repurchase of shares | (504.3) | $ (504.3) | 0 | 0 | 0 | 0 | 0 | (504.3) | 0 |
Dividends declared | (558.9) | 0 | 0 | 0 | (558.9) | 0 | 0 | 0 | |
Conversion of noncontrolling equity interests to long-term debt | 0 | ||||||||
Shares issued under equity compensation plans | 49.6 | 0 | 0 | 45.2 | 0 | 0 | 4.4 | 0 | |
Stock-based compensation | 62.6 | 0 | 0 | 62.6 | 0 | 0 | 0 | 0 | |
Stockholders' equity, end of period at Feb. 28, 2019 | 12,837.2 | 1.9 | 0.3 | 1,410.8 | 14,276.2 | (353.9) | (2,784.3) | 286.2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Retirement of treasury shares | 0 | (0.7) | 0 | (1,522.3) | 0 | 0 | 1,523 | 0 | |
Conversion of long-term debt to noncontrolling equity interest | $ 248.2 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 248.2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 3,459.1 | $ 2,315.3 | $ 1,532.7 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Unrealized net gain on securities measured at fair value | (1,971.2) | (464.3) | 0 |
Net gain on sale of unconsolidated investment | (99.8) | 0 | 0 |
Measurement period adjustment, Net income tax benefit related to the Tax Cuts and Jobs Act | (37.6) | ||
Net income tax benefit related to the Tax Cuts and Jobs Act | (351.2) | 0 | |
Deferred tax provision | 426.9 | 113.8 | 124.8 |
Depreciation | 333.1 | 293.8 | 237.5 |
Impairment and amortization of intangible assets | 114 | 92.7 | 56.4 |
Stock-based compensation | 64.1 | 60.9 | 56.1 |
Amortization of debt issuance costs and loss on extinguishment of debt | 29.4 | 108.7 | 12.7 |
Gain on sale of business | 0 | 0 | (262.4) |
Loss on contract termination | 0 | 59 | 0 |
Change in operating assets and liabilities, net of effects from purchases of businesses: | |||
Accounts receivable | (71.9) | (34.1) | (49.4) |
Inventories | (61.9) | (123.8) | (151) |
Prepaid expenses and other current assets | (103) | (111.5) | (71.6) |
Accounts payable | 21.4 | 12.8 | 115.9 |
Other accrued expenses and liabilities | (22.1) | (66.8) | 132.6 |
Other | 165.8 | 26.1 | (38.3) |
Total adjustments | (1,212.8) | (383.9) | 163.3 |
Net cash provided by operating activities | 2,246.3 | 1,931.4 | 1,696 |
Cash flows from investing activities: | |||
Investments in equity method investees and securities | (4,081.5) | (210.9) | (17.1) |
Purchases of property, plant and equipment | (886.3) | (1,057.6) | (907.4) |
Purchases of businesses, net of cash acquired | (45.6) | (150.1) | (1,111) |
Proceeds from sale of unconsolidated investment | 110.2 | 0 | 0 |
Proceeds from sales of assets | 72.3 | 5.9 | 2.1 |
Proceeds from (payments related to) sale of business | 0 | (5) | 575.3 |
Other investing activities | (0.9) | (5.4) | (3.7) |
Net cash used in investing activities | (4,831.8) | (1,423.1) | (1,461.8) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 3,657.6 | 7,933.4 | 1,965.6 |
Proceeds from shares issued under equity compensation plans | 63.2 | 49.4 | 59.7 |
Net proceeds from short-term borrowings | 45.5 | 137.2 | 197.1 |
Dividends paid | (557.7) | (400.1) | (315.1) |
Purchases of treasury stock | (504.3) | (1,038.5) | (1,122.7) |
Principal payments of long-term debt | (62.8) | (7,128.7) | (971.8) |
Payments of debt issuance, debt extinguishment and other financing costs | (34.6) | (122.2) | (14.1) |
Payments of minimum tax withholdings on stock-based payment awards | (13.6) | (31.7) | (64.9) |
Excess tax benefits from stock-based payment awards | 0 | 0 | 131.4 |
Net cash provided by (used in) financing activities | 2,593.3 | (601.2) | (134.8) |
Effect of exchange rate changes on cash and cash equivalents | (4.5) | 5.8 | (5.1) |
Net increase (decrease) in cash and cash equivalents | 3.3 | (87.1) | 94.3 |
Cash and cash equivalents, beginning of year | 90.3 | 177.4 | 83.1 |
Cash and cash equivalents, end of year | 93.6 | 90.3 | 177.4 |
Cash paid during the year: | |||
Interest, net of interest capitalized | 324.8 | 322.2 | 300.4 |
Income taxes, net of refunds received | 186.2 | 238.6 | 219.6 |
Noncash investing and financing activities: | |||
Additions to property, plant and equipment | 141.7 | 170 | 190.3 |
Conversion of long-term debt to noncontrolling equity interest | 248.2 | 0 | 0 |
Conversion of noncontrolling equity interest to long-term debt | $ 0 | $ 0 | $ 132 |
Description of Business, Basis
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 28, 2019 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Description of business – Constellation Brands, Inc. and its subsidiaries operate primarily in the beverage alcohol industry. Unless the context otherwise requires, the terms “Company,” “CBI,” “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. We are an international beverage alcohol company with a broad portfolio of consumer-preferred, high-end imported and craft beer brands, and higher-end wine and spirits brands. Basis of presentation – Principles of consolidation: Our consolidated financial statements include our accounts and our majority-owned and controlled domestic and foreign subsidiaries. In addition, we have an equally-owned joint venture with Owens-Illinois. The joint venture owns and operates a state-of-the-art glass production plant which provides bottles exclusively for our brewery located in Nava, Coahuila, Mexico (the “Nava Brewery”). We have determined that we are the primary beneficiary of this variable interest entity and accordingly, the results of operations of the joint venture are reported in the Beer segment and are included in our consolidated results of operations. All intercompany accounts and transactions are eliminated in consolidation. Equity method investments: If we are not required to consolidate our investment in another entity, we use the equity method when we (i) can exercise significant influence over the other entity and (ii) hold common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, plus or minus our equity in the increases and decreases in the investee’s net assets after the date of acquisition. We monitor our equity method investments for factors indicating other-than-temporary impairment. Dividends received from the investee reduce the carrying amount of the investment. Management’s use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Summary of significant accounting policies – Revenue recognition: Effective March 1, 2018, we adopted the FASB amended guidance regarding the recognition of revenue from contracts with customers using the retrospective application method (see “Recently adopted accounting guidance – Revenue recognition” below for impacts of adoption). Our revenue (referred to in our financial statements as “sales”) consists primarily of the sale of beer, wine and spirits domestically in the U.S. Sales of products are for cash or otherwise agreed-upon credit terms. Our payment terms vary by location and customer, however, the time period between when revenue is recognized and when payment is due is not significant. Our customers consist primarily of wholesale distributors. Our revenue generating activities have a single performance obligation and are recognized at the point in time when control transfers and our obligation has been fulfilled, which is when the related goods are shipped or delivered to the customer, depending upon the method of distribution and shipping terms. Revenue is measured as the amount of consideration we expect to receive in exchange for the sale of our product. Our sales terms do not allow for a right of return except for matters related to any manufacturing defects on our part. Amounts billed to customers for shipping and handling are included in sales. As noted, the majority of our revenues are generated from the domestic sale of beer, wine and spirits to wholesale distributors in the U.S. Our other revenue generating activities include the export of certain of our products to select international markets, as well as the sale of our products through state alcohol beverage control agencies and on-premise, retail locations in certain markets. We have evaluated these other revenue generating activities under the disaggregation disclosure criteria outlined within the amended guidance and concluded that these other revenue generating activities are immaterial for separate disclosure. See Note 22 for disclosure of net sales by product type. Sales reflect reductions attributable to consideration given to customers in various customer incentive programs, including pricing discounts on single transactions, volume discounts, promotional and advertising allowances, coupons and rebates. This variable consideration is recognized as a reduction of the transaction price based upon expected amounts at the time revenue for the corresponding product sale is recognized. For example, customer promotional discount programs are entered into with certain distributors for certain periods of time. The amount ultimately reimbursed to distributors is determined based upon agreed-upon promotional discounts which are applied to distributors’ sales to retailers. Other common forms of variable consideration include volume rebates for meeting established sales targets, and coupons and mail-in rebates offered to the end consumer. The determination of the reduction of the transaction price for variable consideration requires that we make certain estimates and assumptions that affect the timing and amounts of revenue and liabilities recognized. We estimate this variable consideration by taking into account factors such as the nature of the promotional activity, historical information and current trends, availability of actual results and expectations of customer and consumer behavior. Excise taxes remitted to tax authorities are government-imposed excise taxes on our beverage alcohol products. Excise taxes are shown on a separate line item as a reduction of sales and are recognized in our results of operations when the related product sale is recognized. Excise taxes are recognized as a current liability in other accrued expenses and liabilities, with the liability subsequently reduced when the taxes are remitted to the tax authority. Cost of product sold: The types of costs included in cost of product sold are raw materials, packaging materials, manufacturing costs, plant administrative support and overheads, and freight and warehouse costs (including distribution network costs). Distribution network costs include inbound freight charges and outbound shipping and handling costs, purchasing and receiving costs, inspection costs, warehousing and internal transfer costs. Selling, general and administrative expenses: The types of costs included in selling, general and administrative expenses consist predominately of advertising and non-manufacturing administrative and overhead costs. Distribution network costs are included in cost of product sold. We expense advertising costs as incurred, shown or distributed. Advertising expense for the years ended February 28, 2019 , February 28, 2018 , and February 28, 2017 , was $700.8 million , $615.7 million and $552.8 million , respectively. Foreign currency translation: The functional currency of our foreign subsidiaries is generally the respective local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate for the period. The resulting translation adjustments are recognized as a component of Accumulated Other Comprehensive Income (Loss) (“AOCI”). Gains or losses resulting from foreign currency denominated transactions are included in selling, general and administrative expenses. Cash and cash equivalents: Cash equivalents consist of highly liquid investments with an original maturity when purchased of three months or less and are stated at cost, which approximates fair value. Fair value of financial instruments: We calculate the estimated fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available, we use standard pricing models for various types of financial instruments (such as forwards, options, swaps and convertible debt) which take into account the present value of estimated future cash flows (see Note 7 ). Derivative instruments: We enter into derivative instruments to manage our exposure to fluctuations in foreign currency exchange rates, commodity prices and interest rates. We enter into derivatives for risk management purposes only, including derivatives designated in hedge accounting relationships as well as those derivatives utilized as economic hedges. We do not enter into derivatives for trading or speculative purposes. We recognize all derivatives as either assets or liabilities and measure those instruments at estimated fair value (see Note 6 and Note 7 ). We present our derivative positions gross on our balance sheets. Effective March 1, 2018, we adopted FASB guidance which amends, among other items, the requirement to separately measure and report hedge ineffectiveness for outstanding cash flow hedges. Accordingly, the entire change in the fair value of outstanding cash flow hedges is deferred in stockholders’ equity as a component of AOCI prospectively from the date of adoption. For the years ended February 28, 2018, and February 28, 2017, changes in fair values of outstanding cash flow hedges deferred in stockholders’ equity as a component of AOCI consisted only of amounts deemed effective, with ineffectiveness associated for these derivative instruments recognized immediately in our results of operations for the applicable period. For all periods presented herein, gains or losses deferred in stockholders’ equity as a component of AOCI are recognized in our results of operations in the same period in which the hedged items are recognized and on the same financial statement line item as the hedged items. Changes in fair values for derivative instruments not designated in a hedge accounting relationship are recognized directly in our results of operations each period and on the same financial statement line item as the hedged item. For purposes of measuring segment operating performance, the net gain (loss) from the changes in fair value of our undesignated commodity derivative contracts, prior to settlement, is reported outside of segment operating results until such time that the underlying exposure is recognized in the segment operating results. Upon settlement, the net gain (loss) from the changes in fair value of the undesignated commodity derivative contracts is reported in the appropriate operating segment, allowing our operating segment results to reflect the economic effects of the commodity derivative contracts without the resulting unrealized mark to fair value volatility. Cash flows from the settlement of derivatives, including both economic hedges and those designated in hedge accounting relationships, appear on our statements of cash flows in the same categories as the cash flows of the hedged items. Inventories: Inventories are stated at the lower of cost (primarily computed in accordance with the first-in, first-out method) or net realizable value. Elements of cost include materials, labor and overhead. Bulk wine inventories are included as in-process inventories within current assets, in accordance with the general practices of the wine industry, although a portion of such inventories may be aged for periods greater than one year. A substantial portion of barreled whiskey and brandy will not be sold within one year because of the duration of the aging process. All barreled whiskey and brandy are classified as in-process inventories and are included in current assets, in accordance with industry practice. Warehousing, insurance, value added taxes and other carrying charges applicable to barreled whiskey and brandy held for aging are included in inventory costs. We assess the valuation of our inventories and reduce the carrying value of those inventories that are obsolete or in excess of our forecasted usage to their estimated net realizable value based on analyses and assumptions including, but not limited to, historical usage, future demand and market requirements. Property, plant and equipment: Property, plant and equipment is stated at cost. Major additions and improvements are recognized as an increase to the property accounts, while maintenance and repairs are expensed as incurred. The cost of properties sold or otherwise disposed of and the related accumulated depreciation are eliminated from the balance sheet accounts at the time of disposal and resulting gains and losses are included as a component of operating income. Depreciation: Depreciation is computed primarily using the straight-line method over the following estimated useful lives: Years Land improvements 15 to 32 Vineyards 16 to 26 Buildings and improvements 10 to 50 Machinery and equipment 3 to 35 Motor vehicles 3 to 8 Goodwill and other intangible assets: Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. We review our goodwill and indefinite lived intangible assets annually for impairment, or sooner, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We use January 1 as our annual impairment test measurement date. Indefinite lived intangible assets consist principally of trademarks. Intangible assets determined to have a finite life, primarily customer relationships, are amortized over their estimated useful lives and are subject to review for impairment when events or circumstances indicate that the carrying amount of an asset may not be recoverable. Note 9 provides a summary of intangible assets segregated between amortizable and nonamortizable amounts. Indemnification liabilities: We have indemnified respective parties against certain liabilities that may arise in connection with certain acquisitions and divestitures. Indemnification liabilities are recognized when probable and estimable and included in deferred income taxes and other liabilities (see Note 15 ). Income taxes: We use the asset and liability method of accounting for income taxes. This method accounts for deferred income taxes by applying statutory rates in effect at the balance sheet date to the difference between the financial reporting and tax bases of assets and liabilities. We provide for taxes that may be payable if undistributed earnings of foreign subsidiaries were to be remitted to the U.S., except for those earnings that we consider to be indefinitely reinvested (see Note 13 ). Interest and penalties are recognized as a component of provision for income taxes. Net income per common share attributable to CBI: We have two classes of common stock with a material number of shares outstanding: Class A Common Stock and Class B Convertible Common Stock (see Note 16 ). In addition, we have another class of common stock with an immaterial number of shares outstanding: Class 1 Common Stock (see Note 16 ). If we pay a cash dividend on Class B Convertible Common Stock, each share of Class A Common Stock will receive an amount at least ten percent greater than the amount of the cash dividend per share paid on Class B Convertible Common Stock. Class B Convertible Common Stock shares are convertible into shares of Class A Common Stock on a one-to-one basis at any time at the option of the holder. We use the two-class method for the computation and presentation of net income per common share attributable to CBI (hereafter referred to as “net income per common share”) (see Note 18 ). The two-class method is an earnings allocation formula that calculates basic and diluted net income per common share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings as if all such earnings had been distributed during the period. Under the two-class method, Class A Common Stock is assumed to receive a ten percent greater participation in undistributed earnings than Class B Convertible Common Stock, in accordance with the respective minimum dividend rights of each class of stock. Net income per common share – basic excludes the effect of common stock equivalents and is computed using the two-class method. Net income per common share – diluted for Class A Common Stock reflects the potential dilution that could result if securities or other contracts to issue common stock were exercised or converted into common stock. Net income per common share – diluted for Class A Common Stock is computed using the more dilutive of the if-converted or two-class method. Net income per common share – diluted for Class A Common Stock is 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. Net income per common share – diluted for Class B Convertible Common Stock is computed using the two-class method and does not assume conversion of Class B Convertible Common Stock into shares of Class A Common Stock. Stock-based employee compensation: We have two stock-based employee compensation plans (see Note 17 ). We apply grant date fair-value-based measurement methods in accounting for our stock-based payment arrangements and recognize all costs resulting from stock-based payment transactions, net of expected forfeitures, ratably over the requisite service period. Stock-based awards are subject to specific vesting conditions, generally time vesting, or upon retirement, disability or death of the employee (as defined by the plan), if earlier. For awards granted to retirement-eligible employees, we recognize compensation expense ratably over the period from the date of grant to the date of retirement-eligibility. Recently adopted accounting guidance – 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. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We adopted this guidance on March 1, 2018, using the retrospective application method to allow for comparable reporting in all periods throughout the year ending February 28, 2019. Based on our analysis, we concluded that the adoption of the amended guidance did not have a material impact on our net sales recognition. However, the broad definition of variable consideration under this guidance requires us to estimate and recognize certain variable payments resulting from various sales incentives earlier than we have historically recognized them. This change in the timing of when we recognize sales incentives resulted in a shift in net sales recognition primarily between our fiscal quarters. Under the retrospective application method, we recognized the cumulative effect of adopting this guidance in the first quarter of fiscal 2019 with a reduction to our March 1, 2016, opening retained earnings of $49.0 million , net of income tax effect, with an offsetting increase to current accrued promotion expense and the recognition of a deferred tax asset to align the timing of when we recognize sales incentive expense and when we recognize revenue. The effects of the retrospective application method on our consolidated financial statements for the periods presented in this report are as follows: As Previously Reported Revenue Recognition Adjustments As Adjusted (in millions ) Consolidated Balance Sheet at February 28, 2018 Other accrued expenses and liabilities $ 583.4 $ 94.9 $ 678.3 Total current liabilities $ 1,944.7 $ 94.9 $ 2,039.6 Deferred income taxes and other liabilities (including deferred income taxes – as previously reported, $718.3 million; as adjusted, $694.4 million) $ 1,113.7 $ (23.9 ) $ 1,089.8 Total liabilities $ 12,476.0 $ 71.0 $ 12,547.0 Retained earnings $ 9,228.2 $ (71.0 ) $ 9,157.2 Total stockholders’ equity $ 8,062.7 $ (71.0 ) $ 7,991.7 For the Year Ended February 28, 2018 For the Year Ended February 28, 2017 As Revenue As As Revenue As (in millions, except per share data ) Consolidated Statements of Comprehensive Income Sales $ 8,326.8 $ (4.7 ) $ 8,322.1 $ 8,061.6 $ (10.4 ) $ 8,051.2 Net sales $ 7,585.0 $ (4.7 ) $ 7,580.3 $ 7,331.5 $ (10.4 ) $ 7,321.1 Gross profit $ 3,817.2 $ (4.7 ) $ 3,812.5 $ 3,529.4 $ (10.4 ) $ 3,519.0 Operating income $ 2,284.5 $ (4.7 ) $ 2,279.8 $ 2,399.4 $ (10.4 ) $ 2,389.0 Income before income taxes $ 2,342.7 $ (4.7 ) $ 2,338.0 $ 2,093.4 $ (10.4 ) $ 2,083.0 Provision for income taxes $ (11.9 ) $ (10.8 ) $ (22.7 ) $ (554.2 ) $ 3.9 $ (550.3 ) Net income $ 2,330.8 $ (15.5 ) $ 2,315.3 $ 1,539.2 $ (6.5 ) $ 1,532.7 Net income attributable to CBI $ 2,318.9 $ (15.5 ) $ 2,303.4 $ 1,535.1 $ (6.5 ) $ 1,528.6 Comprehensive income attributable to CBI $ 2,515.8 $ (15.5 ) $ 2,500.3 $ 1,587.8 $ (6.5 ) $ 1,581.3 Net income per common share attributable to CBI: Basic – Class A Common Stock $ 12.04 $ (0.08 ) $ 11.96 $ 7.79 $ (0.03 ) $ 7.76 Basic – Class B Convertible Common Stock $ 10.93 $ (0.07 ) $ 10.86 $ 7.07 $ (0.03 ) $ 7.04 Diluted – Class A Common Stock $ 11.55 $ (0.08 ) $ 11.47 $ 7.52 $ (0.03 ) $ 7.49 Diluted – Class B Convertible Common Stock $ 10.66 $ (0.07 ) $ 10.59 $ 6.93 $ (0.03 ) $ 6.90 The adoption of the revenue recognition guidance had no impact to cash flows from operating, financing or investing activities in our consolidated statements of cash flows for the years ended February 28, 2018, and February 28, 2017. Income taxes: In October 2016, the FASB issued guidance that simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Under this guidance, an entity is required to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Prior guidance prohibited the recognition in earnings of current and deferred income taxes for an intra-entity asset transfer until the asset had been sold to an outside party or recovered through use. We adopted this guidance on March 1, 2018, using the modified retrospective basis, which requires a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. Based on our assessment of intra-entity asset transfers that are in scope and the related deferred income taxes, we recognized the cumulative effect of adopting this guidance in the first quarter of fiscal 2019 with a net increase to our March 1, 2018, opening retained earnings and deferred tax assets of approximately $2.2 billion , primarily in connection with the intra-entity transfer of certain intellectual property related to our imported beer business for the year ended February 28, 2018. In connection with a change in forecast within that business for the fourth quarter of fiscal 2019, we recognized a tax benefit of $50.1 million from the reversal of a valuation allowance established in connection with the adoption of this guidance on March 1, 2018. Accounting guidance not yet adopted – Leases: In February 2016, the FASB issued guidance for the accounting for leases. Under this guidance, a lessee will recognize assets and liabilities on its balance sheet for most leases, but will recognize expense similar to current lease accounting guidance. Additionally, this guidance requires enhanced disclosures regarding the amount, timing and uncertainty of cash flows arising from leasing arrangements. We adopted this guidance on March 1, 2019, using the modified retrospective approach. We will apply the transition method which does not require adjustments to comparative periods or require modified disclosures for those comparative periods for Fiscal 2020. The guidance provides a number of optional practical expedients in transition. We have elected all of the available transition practical expedients, other than the use-of-hindsight. We are finalizing the implementation of changes to our accounting policies, systems and controls, including the implementation of new leasing software capable of producing the required data for accounting and disclosure purposes. The adoption of this guidance did not have a material impact on our results of operations or liquidity. We expect to recognize new right-of-use assets and lease liabilities associated with our operating leases of approximately $600.0 million to $650.0 million in the first quarter of fiscal 2020. The guidance also provides practical expedients for an entity’s ongoing accounting. We have elected the short-term lease recognition exemption which allows us to not recognize right-of-use assets and lease liabilities for all leases with an initial term of 12 months or less. We have also elected the practical expedient to not separate lease and non-lease components for all of our leases. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Feb. 28, 2019 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DIVESTITURES | ACQUISITIONS AND DIVESTITURES: Acquisitions – Obregon Brewery: In December 2016, we acquired a brewery operation business in Obregon, Sonora, Mexico from Grupo Modelo, S. de R.L. de C.V., formerly known as Grupo Modelo, S.A.B. de C.V., (“Modelo”), a subsidiary of Anheuser-Busch InBev SA/NV for cash paid of $569.7 million , net of cash acquired (the “Obregon Brewery”). The transaction primarily included the acquisition of operations; goodwill; property, plant and equipment; and inventories. This acquisition provided us with immediate functioning brewery capacity to support our fast-growing, high-end Mexican beer portfolio and flexibility for future innovation initiatives. It also enabled us to become fully independent from an interim supply agreement with Modelo, which was terminated at the time of this acquisition. The results of operations of the Obregon Brewery are reported in the Beer segment and have been included in our consolidated results of operations from the date of acquisition. Charles Smith: In October 2016, we acquired the Charles Smith Wines, LLC business, a collection of five super and ultra-premium wine brands, for $120.8 million (“Charles Smith”). This transaction primarily included the acquisition of goodwill, trademarks, inventories and certain grape supply contracts, plus an earn-out over three years based on the performance of the brands. The results of operations of Charles Smith are reported in the Wine and Spirits segment and have been included in our consolidated results of operations from the date of acquisition. High West: In October 2016, we acquired all of the issued and outstanding common and preferred membership interests of High West Holdings, LLC for $136.6 million , net of cash acquired (“High West”). This transaction primarily included the acquisition of operations, goodwill, trademarks, inventories and property, plant and equipment. This acquisition included a portfolio of craft whiskeys and other select spirits. The results of operations of High West are reported in the Wine and Spirits segment and have been included in our consolidated results of operations from the date of acquisition. Prisoner: In April 2016, we acquired The Prisoner Wine Company business, including a portfolio of five super-luxury wine brands, for $284.9 million (“Prisoner”). This transaction primarily included the acquisition of goodwill, inventories, trademarks and certain grape supply contracts. The results of operations of Prisoner are reported in the Wine and Spirits segment and have been included in our consolidated results of operations from the date of acquisition. Other Acquisitions: During the year ended February 28, 2019, we completed the acquisitions of other businesses, including the Four Corners Brewing Company LLC business, which included a portfolio of high-quality, dynamic and bicultural, Texas-based craft beers (“Four Corners”), and a business in Italy, which provided additional processing and sourcing capabilities for our Italian wine portfolio. The purchase price for the Four Corners acquisition was primarily allocated to goodwill, property, plant and equipment, and trademarks, plus an earn-out over five years based on the performance of the brands. The purchase price for the acquired business in Italy was primarily allocated to a production facility, vineyards and inventory. The results of operations of these acquired businesses are reported in the respective segment and have been included in our consolidated results of operations from their respective date of acquisition. During the year ended February 28, 2018, we completed the acquisitions of other businesses, including the Funky Buddha Brewery LLC business, which included a portfolio of high-quality, Florida-based craft beers (“Funky Buddha”), and the Schrader Cellars, LLC business, which included a collection of highly-rated, limited-production fine wines (“Schrader Cellars”). The total combined purchase price for these acquisitions was $149.8 million . The purchase price for each acquisition was primarily allocated to goodwill and trademarks. In addition, the purchase price for Funky Buddha includes an earn-out over five years based on the performance of the brands. The results of operations of these acquired businesses are reported in the respective segment and have been included in our consolidated results of operations from their respective date of acquisition. Divestitures – Sale of Accolade Wine Investment: In May 2018, we completed the sale of our remaining interest in our previously-owned Australian and European business (the “ Accolade Wine Investment”) for A$149.1 million , or $113.6 million , subject to closing adjustments. We received cash proceeds, net of direct costs to sell, of $110.2 million and a note receivable of $3.4 million . This interest consisted of an investment accounted for under the cost method and AFS debt securities. For the year ended February 28, 2019, we recognized a net gain of $99.8 million in connection with this transaction. This net gain is included in income from unconsolidated investments. Canadian Divestiture: In December 2016, we sold the Wine and Spirits Canadian wine business, which included Canadian wine brands such as Jackson-Triggs and Inniskillin, wineries, vineyards, offices, facilities and Wine Rack retail stores, at a transaction value of C$1.03 billion , or $775.1 million (the “Canadian Divestiture”). We received cash proceeds of $570.3 million , net of outstanding debt and direct costs to sell of $194.9 million and $9.9 million , respectively. The following table summarizes the net gain recognized in connection with this divestiture: (in millions) Cash received from buyer $ 580.2 Net assets sold (175.3 ) AOCI reclassification adjustments, primarily foreign currency translation (122.5 ) Direct costs to sell (9.9 ) Other (10.1 ) Gain on sale of business $ 262.4 Additionally, our Wine and Spirits U.S. business recognized an impairment of $8.4 million for the fourth quarter of fiscal 2017 for trademarks associated with certain U.S. brands sold exclusively through the Canadian wine business for which we expected future sales of these brands to be minimal subsequent to the Canadian Divestiture. We have also recognized $15.2 million of other costs associated with the Canadian Divestiture, with $12.0 million recognized for the year ended February 28, 2017, primarily in connection with the evaluation of the merits of executing an initial public offering for a portion of our then-owned Canadian wine business, and $3.2 million recognized for the first quarter of fiscal 2018 in connection with the sale of the Canadian wine business. These amounts are included in selling, general and administrative expenses. In total, we have recognized $238.8 million of net gains associated with the Canadian Divestiture, with $242.0 million of net gains recognized for the year ended February 28, 2017, and $3.2 million of net losses recognized for the year ended February 28, 2018, as follows: (in millions) Gain on sale of business $ 262.4 Impairment of trademarks (8.4 ) Other net costs (15.2 ) Net gain associated with the Canadian Divestiture and related activities $ 238.8 |
Inventories
Inventories | 12 Months Ended |
Feb. 28, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES: The components of inventories are as follows: February 28, February 28, (in millions ) Raw materials and supplies $ 182.6 $ 160.8 In-process inventories 1,480.5 1,382.8 Finished case goods 467.3 540.4 $ 2,130.4 $ 2,084.0 |
Prepaid Expenses and Other
Prepaid Expenses and Other | 12 Months Ended |
Feb. 28, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER | PREPAID EXPENSES AND OTHER: The major components of prepaid expenses and other are as follows: February 28, February 28, (in millions ) Value added taxes receivable $ 315.8 $ 209.9 Income taxes receivable 105.2 121.0 Prepaid excise and sales taxes 48.1 59.2 Other 144.0 133.4 $ 613.1 $ 523.5 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Feb. 28, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT: The major components of property, plant and equipment are as follows: February 28, February 28, (in millions) Land and land improvements $ 456.7 $ 438.0 Vineyards 221.3 238.3 Buildings and improvements 1,067.3 883.0 Machinery and equipment 3,931.1 3,548.3 Motor vehicles 81.8 93.6 Construction in progress 1,214.3 1,072.5 6,972.5 6,273.7 Less – Accumulated depreciation (1,705.2 ) (1,484.0 ) $ 5,267.3 $ 4,789.7 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Feb. 28, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS: Overview – We are exposed to market risk from changes in foreign currency exchange rates, commodity prices, interest rates and equity prices that could affect our results of operations and financial condition. The impact on our results and financial position and the amounts reported in our financial statements will vary based upon the currency, commodity, interest rate and equity market movements during the period, the effectiveness and level of derivative instruments outstanding and whether they are designated and qualify for hedge accounting. The estimated fair values of our derivative instruments change with fluctuations in currency rates, commodity prices, interest rates and/or equity prices and are expected to offset changes in the values of the underlying exposures. Our derivative instruments are held solely to manage our exposures to the aforementioned market risks as part of our normal business operations. We follow strict policies to manage these risks and do not enter into derivative instruments for trading or speculative purposes. We have investments in certain equity securities which provide us with the option to purchase an additional ownership interest in the equity securities of that issuer (see Note 10 ). These investments are included in securities measured at fair value and are accounted for at fair value, with the net gain (loss) from the changes in fair value of these investments recognized in income (loss) from unconsolidated investments (see Note 7 ). The aggregate notional value of outstanding derivative instruments is as follows: February 28, February 28, (in millions ) Derivative instruments designated as hedging instruments Foreign currency contracts $ 1,579.3 $ 1,465.4 Derivative instruments not designated as hedging instruments Foreign currency contracts $ 460.3 $ 440.6 Commodity derivative contracts $ 284.7 $ 177.5 Cash flow hedges – Our derivative instruments designated in hedge accounting relationships are designated as cash flow hedges. We are exposed to foreign denominated cash flow fluctuations primarily in connection with third party and intercompany sales and purchases. We primarily use foreign currency forward contracts to hedge certain of these risks. In addition, we utilize interest rate swap contracts periodically to manage our exposure to changes in interest rates. Derivatives managing our cash flow exposures generally mature within three years or less, with a maximum maturity of five years . To qualify for hedge accounting treatment, the details of the hedging relationship must be formally documented at inception of the arrangement, including the risk management objective, hedging strategy, hedged item, specific risk that is being hedged, the derivative instrument, how effectiveness is being assessed and how ineffectiveness will be measured. The derivative must be highly effective in offsetting changes in the cash flows of the risk being hedged. Throughout the term of the designated cash flow hedge relationship on at least a quarterly basis, a retrospective evaluation and prospective assessment of hedge effectiveness is performed based on quantitative and qualitative measures. All components of our derivative instruments’ gains or losses are included in the assessment of hedge effectiveness. When we determine that a derivative instrument which qualified for hedge accounting treatment has ceased to be highly effective as a hedge, we discontinue hedge accounting prospectively. In the event the relationship is no longer effective, we recognize the change in the fair value of the hedging derivative instrument from the date the hedging derivative instrument became no longer effective immediately in our results of operations. We also discontinue hedge accounting prospectively when (i) a derivative expires or is sold, terminated, or exercised; (ii) it is no longer probable that the forecasted transaction will occur; or (iii) we determine that designating the derivative as a hedging instrument is no longer appropriate. When we discontinue hedge accounting prospectively, but the original forecasted transaction continues to be probable of occurring, the existing gain or loss of the derivative instrument remains in AOCI and is reclassified into earnings when the forecasted transaction occurs. When it becomes probable that the forecasted transaction will not occur, any remaining gain or loss in AOCI is recognized immediately in our results of operations. We expect $11.8 million of net gains, net of income tax effect, to be reclassified from AOCI to our results of operations within the next 12 months. Undesignated hedges – Certain of our derivative instruments do not qualify for hedge accounting treatment; for others, we choose not to maintain the required documentation to apply hedge accounting treatment. These undesignated instruments are primarily used to economically hedge our exposure to fluctuations in the value of foreign currency denominated receivables and payables; foreign currency investments, primarily consisting of loans to subsidiaries and foreign-denominated investments, and cash flows related primarily to the repatriation of those loans or investments; and commodity prices, including aluminum, corn, diesel fuel, natural gas and wheat prices. We primarily use foreign currency forward and option contracts, generally less than 12 months in duration, and commodity swap contracts, generally less than 36 months in duration, with a maximum maturity of five years , to hedge some of these risks. In addition, from time to time, we utilize interest rate swap contracts, generally less than six months in duration, to economically hedge our exposure to changes in interest rates associated with the financing of significant investments and acquisitions. Our derivative policy permits the use of undesignated derivatives as approved by senior management. 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 February 28, 2019 , the estimated fair value of derivative instruments in a net liability position due to counterparties was $3.4 million . If we were required to settle the net liability position under these derivative instruments on February 28, 2019 , we would have had sufficient 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 7 ): Assets Liabilities February 28, February 28, February 28, February 28, (in millions) Derivative instruments designated as hedging instruments Foreign currency contracts: Prepaid expenses and other $ 14.1 $ 21.2 Other accrued expenses and liabilities $ 8.8 $ 7.8 Other assets $ 22.1 $ 17.0 Deferred income taxes and other liabilities $ 6.3 $ 9.9 Derivative instruments not designated as hedging instruments Foreign currency contracts: Prepaid expenses and other $ 2.0 $ 2.1 Other accrued expenses and liabilities $ 0.6 $ 2.2 Commodity derivative contracts: Prepaid expenses and other $ 6.1 $ 6.3 Other accrued expenses and liabilities $ 6.1 $ 3.0 Other assets $ 2.6 $ 2.8 Deferred income taxes and other liabilities $ 5.5 $ 2.6 The principal 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 Location of Net Gain (Loss) Reclassified from AOCI to Income Net Gain (Loss) Reclassified from AOCI to Income (in millions) For the Year Ended February 28, 2019 Foreign currency contracts $ 15.9 Sales $ 0.4 Cost of product sold 4.1 $ 15.9 $ 4.5 For the Year Ended February 28, 2018 Foreign currency contracts $ 61.4 Sales $ (1.4 ) Cost of product sold 1.3 Interest rate swap contracts (1.5 ) Interest expense 2.2 $ 59.9 $ 2.1 For the Year Ended February 28, 2017 Foreign currency contracts $ (26.1 ) Sales $ 1.1 Cost of product sold (28.3 ) Interest rate swap contracts 2.8 Interest expense (4.0 ) $ (23.3 ) $ (31.2 ) 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 Gain (Loss) Recognized in Income Net Gain (Loss) Recognized in Income (in millions) For the Year Ended February 28, 2019 Commodity derivative contracts Cost of product sold $ 1.8 Foreign currency contracts Selling, general and administrative expenses (60.8 ) Interest rate swap contracts Interest expense 35.0 $ (24.0 ) For the Year Ended February 28, 2018 Commodity derivative contracts Cost of product sold $ 7.5 Foreign currency contracts Selling, general and administrative expenses 6.0 $ 13.5 For the Year Ended February 28, 2017 Commodity derivative contracts Cost of product sold $ 16.3 Foreign currency contracts Selling, general and administrative expenses (26.1 ) $ (9.8 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Feb. 28, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS: Authoritative guidance establishes a framework for measuring fair value, including 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. Fair value methodology – The following methods and assumptions are used to estimate the fair value for each class of our financial instruments: Foreign currency and commodity derivative contracts: The fair value is estimated 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, market commodity prices, interest-rate yield curves and currency volatilities, as applicable (Level 2 fair value measurement). Canopy investments: Equity securities, Common stock – The fair value of the November 2017 Canopy Investment (as defined in Note 10 ) is calculated through the date of the November 2018 Canopy Transaction (as defined in Note 10 ) by using the closing market price of the underlying equity security (Level 1 fair value measurement). As of the date of the November 2018 Canopy Transaction, the November 2017 Canopy Investment, collectively with the November 2018 Canopy Investment (as defined in Note 10 ), is accounted for under the equity method (see Note 10 ). Equity securities, Warrants – The fair value of the November 2017 Canopy Warrants and the November 2018 Canopy Warrants (both as defined in Note 10 ) is estimated using the Black-Scholes option-pricing model (Level 2 fair value measurement). The inputs used to estimate the fair value of the warrants are as follows: February 28, 2019 February 28, November 2018 Canopy Warrants November 2017 Canopy Warrants November 2017 Canopy Warrants Issue date exercise price (1) C$ 50.40 C$ 12.98 C$ 12.98 Valuation date stock price (1) C$ 62.38 C$ 62.38 C$ 27.35 Expected life (2) 2.7 years 1.2 years 2.2 years Expected volatility (3) 79.3 % 87.8 % 70.9 % Risk-free interest rate (4) 1.8 % 1.8 % 1.8 % Expected dividend yield (5) 0.0 % 0.0 % 0.0 % (1) Based on the closing market price for Canopy common stock on the Toronto Stock Exchange (“TSX”) as of the applicable date. (2) Based on the expiration date of the warrants. (3) Based on historical volatility levels of the underlying equity security. (4) Based on the implied yield currently available on Canadian Treasury zero coupon issues with a remaining term equal to the expected life. (5) Based on historical dividend levels. Debt securities, Convertible – In June 2018, we acquired convertible debt securities issued by Canopy for C$200.0 million , or $150.5 million (the “Canopy Debt Securities”). We have elected the fair value option to account for the Canopy Debt Securities, which, at that time, provided the greatest level of consistency with the accounting treatment for the November 2017 Canopy Warrants. Interest income on the Canopy Debt Securities is calculated using the effective interest method and is recognized separately from the changes in fair value in interest expense. The Canopy Debt Securities have a contractual maturity of five years from the date of issuance, but may be converted prior to maturity by either party upon the occurrence of certain events. At settlement, the Canopy Debt Securities can be settled at the option of the issuer, in cash, equity shares of the issuer, or a combination thereof. The fair value is estimated using a binomial lattice option-pricing model (Level 2 fair value measurement), which includes an estimate of the credit spread based on the implied spread as of the issuance date of the notes. As of February 28, 2019 , the inputs used to estimate the fair value of the Canopy Debt Securities are as follows: Conversion price (1) C$ 48.17 Expected volatility (2) 45.9 % Valuation date stock price (3) C$ 62.38 Risk-free interest rate (4) 1.8 % Remaining term (5) 4.4 years Expected dividend yield (6) 0.0 % (1) Based on the rate which the Canopy Debt Securities may be converted into equity shares, or the equivalent amount of cash, at the option of the issuer. (2) Based on historical volatility levels of the underlying equity security reduced to account for certain risks not incorporated into the option-pricing model. (3) Based on the closing market price for Canopy common stock on the TSX as of the applicable date. (4) Based on the implied yield currently available on Canadian Treasury zero coupon issues with a term equal to the remaining contractual term of the debt securities. (5) Based on the contractual maturity date of the notes. (6) Based on historical dividend levels. Debt securities, Available-for-sale (“AFS”) : The fair value is estimated by discounting cash flows using market-based inputs (Level 3 fair value measurement). Short-term borrowings: The revolving credit facility under our senior credit facility is a variable interest rate bearing note which includes a fixed margin which is adjustable based upon our debt rating (as defined in our senior credit facility). Its fair value is estimated by discounting cash flows using LIBOR plus a margin reflecting current market conditions obtained from participating member financial institutions (Level 2 fair value measurement). The remaining instruments, including our commercial paper, are variable interest rate bearing notes for which the carrying value approximates the fair value. Long-term debt: The term loans under our 2018 Credit Agreement and our Term Credit Agreement (both as defined in Note 12 ) are variable interest rate bearing notes which include a fixed margin which is adjustable based upon our debt rating. The Senior Floating Rate Notes (as defined in Note 12 ) are variable interest rate bearing notes which include a fixed margin. The fair value of the term loans and the Senior Floating Rate Notes are estimated by discounting cash flows using LIBOR plus a margin reflecting current market conditions obtained from participating member financial institutions (Level 2 fair value measurement). The fair value of the remaining long-term debt, which is primarily fixed interest rate, is estimated by discounting cash flows using interest rates currently available for debt with similar terms and maturities (Level 2 fair value measurement). The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings, approximate fair value as of February 28, 2019 , and February 28, 2018 , due to the relatively short maturity of these instruments. As of February 28, 2019 , the carrying amount of long-term debt, including the current portion, was $12,825.0 million , compared with an estimated fair value of $12,768.5 million . As of February 28, 2018 , the carrying amount of long-term debt, including the current portion, was $9,439.9 million , compared with an estimated fair value of $9,398.4 million . Recurring basis measurements – 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) February 28, 2019 Assets: Foreign currency contracts $ — $ 38.2 $ — $ 38.2 Commodity derivative contracts $ — $ 8.7 $ — $ 8.7 Equity securities (1) (2) $ — $ 3,023.2 $ — $ 3,023.2 Canopy Debt Securities (2) $ — $ 211.5 $ — $ 211.5 Liabilities: Foreign currency contracts $ — $ 15.7 $ — $ 15.7 Commodity derivative contracts $ — $ 11.6 $ — $ 11.6 February 28, 2018 Assets: Foreign currency contracts $ — $ 40.3 $ — $ 40.3 Commodity derivative contracts $ — $ 9.1 $ — $ 9.1 Equity securities (1) (2) $ 402.4 $ 253.2 $ — $ 655.6 Debt securities, AFS $ — $ — $ 16.6 $ 16.6 Liabilities: Foreign currency contracts $ — $ 19.9 $ — $ 19.9 Commodity derivative contracts $ — $ 5.6 $ — $ 5.6 (1) Equity securities consist of: February 28, February 28, (in millions) November 2017 Canopy Investment (i) $ — $ 402.4 November 2017 Canopy Warrants 718.7 253.2 November 2018 Canopy Warrants 2,304.5 — $ 3,023.2 $ 655.6 (2) Unrealized net gain from the changes in fair value of our securities measured at fair value recognized in income from unconsolidated investments, are as follows: February 28, February 28, (in millions) November 2017 Canopy Investment (i) $ 292.5 $ 272.3 November 2017 Canopy Warrants 465.5 192.0 November 2018 Canopy Warrants 1,157.7 — Canopy Debt Securities 55.5 — $ 1,971.2 $ 464.3 (i) Accounted for at fair value from the date of investment in November 2017 through October 31, 2018. Accounted for under the equity method from November 1, 2018. Nonrecurring basis measurements – The following table presents our assets and liabilities measured at estimated fair value on a nonrecurring basis for which an impairment assessment was performed for the periods presented. Impairment losses are included in selling, general and administrative for the periods presented: Fair Value Measurements Using Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses (in millions) For the Year Ended February 28, 2019 Trademarks $ — $ — $ 28.0 $ 108.0 For the Year Ended February 28, 2018 Trademarks $ — $ — $ 136.0 $ 86.8 For the Year Ended February 28, 2017 Trademarks $ — $ — $ — $ 46.0 Trademarks: For the fourth quarter of fiscal 2019, in connection with certain continuing negative trends within our Beer segment’s Ballast Point craft beer portfolio, including slower growth rates and increased competition, we implemented a change in strategy for our Ballast Point craft beer portfolio. This change in strategy, when combined with the continuing negative trends, indicated that it was more likely than not that the fair value of our indefinite lived intangible asset associated with the craft beer trademarks might be below its carrying value. The change in strategy for our Ballast Point craft beer portfolio focuses on improving profitability by rationalizing the number of product offerings while targeting distribution growth in select strategic markets. This change in strategy resulted in updated long-term financial forecasts with lower revenues and cash flows for the related portfolio. Accordingly, we performed a quantitative assessment for impairment of the Ballast Point craft beer trademark asset. As a result of this assessment, the Ballast Point craft beer trademark asset with a carrying value of $136.0 million was written down to its estimated fair value of $28.0 million , resulting in an impairment of $108.0 million . For the first quarter of fiscal 2018, we identified certain negative trends within our Beer segment’s Ballast Point craft beer portfolio which, when combined with the then-recent negative craft beer industry trends, including slower growth rates and increased competition, indicated that it was more likely than not that the fair value of our indefinite lived intangible asset associated with the craft beer trademarks might be below its carrying value. These negative trends were the result of (i) a disruption in our distribution network transition plan, (ii) an unexpected decrease in sales from product innovations and (iii) a significant shift in market conditions for our craft beer portfolio, all of which resulted in a decline in net sales and depletion trends, which represent distributor shipments of our branded products to retail customers, for the first quarter of fiscal 2018 as compared to the first quarter of fiscal 2017, following consecutive quarters of significant net sales and depletion volume growth for our craft beer portfolio. Additionally, net sales for the first quarter of fiscal 2018 were below our forecasted net sales for the first quarter of fiscal 2018. Accordingly, we performed a quantitative assessment for impairment of the craft beer trademark asset. As a result of this assessment, the craft beer trademark asset with a carrying value of $222.8 million was written down to its estimated fair value of $136.0 million , resulting in an impairment of $86.8 million . For the fourth quarter of fiscal 2017, in connection with our continued focus on the consumer-led trend towards premiumization of our branded wine and spirits portfolio, a decision was made to discontinue certain small-scale, lower-margin U.S. brands within our Wine and Spirits’ portfolio. As a result, trademark assets with a carrying value of $37.6 million were written down to their estimated fair value, resulting in an impairment of $37.6 million . In addition, in connection with the Canadian Divestiture in the fourth quarter of fiscal 2017, trademark assets with a carrying value of $8.4 million were written down to their estimated fair value, resulting in an impairment of $8.4 million . These trademarks were associated with certain U.S. brands within our Wine and Spirits’ portfolio sold exclusively through the Canadian wine business, for which we expected future sales of these brands to be minimal subsequent to the Canadian Divestiture. When performing a quantitative assessment for impairment of a trademark asset, we measure the amount of impairment by calculating the amount by which the carrying value of the trademark asset exceeds its estimated fair value. The estimated fair value is determined based on an income approach using the relief from royalty method, which assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of the trademark asset. The cash flow projections we use to estimate the fair value of our trademark assets involve several assumptions, including (i) projected revenue growth rates, (ii) estimated royalty rates, (iii) after-tax royalty savings expected from ownership of the trademarks and (iv) discount rates used to derive the estimated fair value of the trademark assets. |
Goodwill
Goodwill | 12 Months Ended |
Feb. 28, 2019 | |
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, 2017 $ 5,053.0 $ 2,867.5 $ 7,920.5 Purchase accounting allocations (1) 63.9 56.2 120.1 Foreign currency translation adjustments 40.7 1.8 42.5 Balance, February 28, 2018 5,157.6 2,925.5 8,083.1 Purchase accounting allocations (2) 22.3 2.7 25.0 Foreign currency translation adjustments (12.0 ) (7.3 ) (19.3 ) Balance, February 28, 2019 $ 5,167.9 $ 2,920.9 $ 8,088.8 (1) Purchase accounting allocations associated primarily with the acquisitions of the Obregon Brewery ( $13.8 million ) and Funky Buddha (Beer), and Schrader Cellars (Wine and Spirits). (2) Preliminary purchase accounting allocations associated primarily with the acquisition of Four Corners (Beer). |
Intangible Assets
Intangible Assets | 12 Months Ended |
Feb. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS: The major components of intangible assets are as follows: February 28, 2019 February 28, 2018 Gross Carrying Amount Net Carrying Amount Gross Carrying Amount Net Carrying Amount (in millions) Amortizable intangible assets Customer relationships $ 89.9 $ 39.1 $ 89.8 $ 44.2 Other 20.5 0.9 20.3 1.4 Total $ 110.4 40.0 $ 110.1 45.6 Nonamortizable intangible assets Trademarks 3,158.1 3,259.2 Total intangible assets $ 3,198.1 $ 3,304.8 We did not incur costs to renew or extend the term of acquired intangible assets for the years ended February 28, 2019 , and February 28, 2018 . Net carrying amount represents the gross carrying value net of accumulated amortization. Amortization expense for intangible assets was $6.0 million , $5.9 million and $10.4 million for the years ended February 28, 2019 , February 28, 2018 , and February 28, 2017 , respectively. Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows: (in millions) 2020 $ 5.8 2021 $ 5.4 2022 $ 5.1 2023 $ 3.3 2024 $ 1.6 Thereafter $ 18.8 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Feb. 28, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS: Our equity method investments are as follows: February 28, 2019 February 28, 2018 Carrying Value Ownership Percentage Carrying Value Ownership Percentage (in millions) Canopy Equity Method Investment $ 3,332.1 36.0 % $ — — % Other equity method investments 133.5 20%-50% 121.5 20%-50% $ 3,465.6 $ 121.5 In November 2017, we acquired 18.9 million common shares, which represented a 9.9% ownership interest in Ontario, Canada-based Canopy Growth Corporation (the “November 2017 Canopy Investment”), a public company and leading provider of medicinal and recreational cannabis products (“Canopy”), plus warrants which give us the option to purchase an additional 18.9 million common shares of Canopy (the “November 2017 Canopy Warrants”) for C$245.0 million , or $191.3 million . The November 2017 Canopy Warrants were issued with an exercise price of C$12.98 per warrant share and are exercisable as of February 28, 2019. These warrants expire in May 2020 . The November 2017 Canopy Investment was accounted for at fair value from the date of investment through October 31, 2018. From November 1, 2018, the November 2017 Canopy Investment has been accounted for under the equity method (see “Canopy Equity Method Investment” below). The November 2017 Canopy Warrants have been accounted for at fair value from the date of investment. On November 1, 2018, we increased our ownership interest in Canopy by acquiring an additional 104.5 million common shares (the “November 2018 Canopy Investment”) (see Canopy Equity Method Investment below), plus warrants which give us the option to purchase an additional 139.7 million common shares of Canopy (the “November 2018 Canopy Warrants”, and together with the November 2018 Canopy Investment, the “November 2018 Canopy Transaction”) for C$5,078.7 million , or $3,869.9 million . The allocation of the consideration paid as of the date of closing was determined using a relative fair value approach based upon a market value of C$5,060.9 million for the acquired common shares and a fair value of C$2,131.3 million for the acquired warrants using a Black-Scholes option-pricing model. The inputs used to estimate the fair value of the November 2018 Canopy Warrants as of November 1, 2018, are as follows: Issue date exercise price C$ 50.40 Expected volatility 75.9 % Valuation date stock price C$ 48.43 Risk-free interest rate 2.4 % Expected life 3.0 years Expected dividend yield 0.0 % Accordingly, C$3,573.7 million , or $2,723.1 million , was allocated to the November 2018 Canopy Investment, and C$1,505.0 million , or $1,146.8 million , was allocated to the November 2018 Canopy Warrants. In addition, we incurred $24.5 million of direct acquisition costs which were allocated to the acquired securities utilizing this relative fair value approach. This resulted in $17.2 million of direct acquisition costs being allocated to the November 2018 Canopy Investment and included in the value of the Canopy Equity Method Investment under the cost-accumulation model, and $7.3 million being allocated to the November 2018 Canopy Warrants and expensed to selling, general and administrative expenses. The November 2018 Canopy Warrants consist of 88.5 million warrants (the “Tranche A Warrants”) and 51.2 million warrants (the “Tranche B Warrants”). The Tranche A Warrants are immediately exercisable at an exercise price of C$50.40 per warrant share. The Tranche B Warrants are exercisable upon the exercise, in full, of the Tranche A Warrants and at an exercise price based on the volume-weighted average of the closing market price of Canopy’s common shares on the TSX for the five trading days immediately preceding the exercise date. The November 2018 Canopy Warrants expire in November 2021 and are accounted for at fair value from the date of investment. On November 1, 2018, our ownership interest in Canopy increased to 36.6% and, as this allows us to exercise significant influence over Canopy, we account for the November 2017 Canopy Investment and the November 2018 Canopy Investment, each of which represents an investment in common shares of Canopy, collectively, under the equity method (the “Canopy Equity Method Investment”). As of November 1, 2018, the Canopy Equity Method Investment balance consisted of the amount allocated to the November 2018 Canopy Investment of $2,740.3 million , plus the fair value of the November 2017 Canopy Investment at that date of $694.9 million . We recognize equity in earnings (losses) for this investment on a two-month lag. Accordingly, we recognized $2.6 million of equity in losses from Canopy’s results of operations for the period November 1, 2018, through December 31, 2018, and related activities, in our consolidated financial statements for the year ended February 28, 2019 . As of February 28, 2019 , the carrying amount of the Canopy Equity Method Investment is greater than our equity in the book value of net assets of Canopy by $1.4 billion . This difference primarily represents our basis in identifiable intangible assets and goodwill associated with the November 2018 investment. Equity in earnings (losses) from the Canopy Equity Method Investment and related activities include, among other items, the amortization of the fair value adjustments associated with the definite-lived intangible assets over their estimated useful lives, the flow through of inventory step up and unrealized gains associated with changes in our Canopy ownership percentage resulting from periodic equity issuances made by Canopy. Canopy has various convertible equity securities outstanding, including equity awards granted to its employees and options and warrants issued to various third parties, including our November 2017 Canopy Warrants and November 2018 Canopy Warrants. As of February 28, 2019 , the conversion of Canopy equity securities held by its employees and/or held by other third parties would not have a significant effect on our share of Canopy’s reported earnings or losses. Additionally, under an amended and restated investor rights agreement, we have the option to purchase additional common shares of Canopy at the then-current price of the underlying equity security to allow us to maintain our relative ownership interest. The exercise of our November 2017 Canopy Warrants as of February 28, 2019 , also would not have a significant effect on our share of Canopy’s reported earnings or losses. However, as of February 28, 2019 , the exercise of all of the November 2017 Canopy Warrants and the November 2018 Canopy Warrants held by us would result in an increase in our ownership interest in Canopy to greater than 50% and the consolidation of Canopy’s results of operations in our consolidated results of operations with the recognition of an associated noncontrolling ownership interest, as appropriate. This could have a significant effect on our share of Canopy’s reported earnings or losses. As of February 28, 2019 , the exercise of all Canopy warrants held by us would have required a cash outflow of approximately $5.9 billion based on the terms of the November 2017 Canopy Warrants and the November 2018 Canopy Warrants. Additionally, as of February 28, 2019 , the fair value of our equity method investment in Canopy was $5,842.9 million based on the closing price of the underlying equity security as of that date. The following table presents summarized financial information for Canopy presented in accordance with U.S. GAAP. The amounts shown represent 100% of Canopy’s financial position as of December 31, 2018, and results of operations from the date of our investment on November 1, 2018, through December 31, 2018. We recognize our equity in earnings (losses) for Canopy on a two-month lag. Accordingly, we recognized our share of Canopy’s losses from November and December 2018, which was included in Canopy’s third quarter fiscal 2019 results, in our fourth quarter fiscal 2019 results. February 28, 2019 For the Year Ended February 28, 2019 (in millions) Current assets $ 3,800.7 Net sales $ 48.6 Noncurrent assets $ 2,466.0 Gross profit $ 11.2 Current liabilities $ 216.8 Net loss $ (39.6 ) Noncurrent liabilities $ 668.2 Net loss attributable to Canopy $ (27.8 ) Noncontrolling interests $ 143.3 Subsequent event – In April 2019, we agreed to modify the terms of the November 2018 Canopy Warrants and certain other rights. Modification of the November 2018 Canopy Warrants is subject to, among other things, approval by Canopy’s shareholders. These changes are the result of Canopy’s intention to acquire Acreage Holdings, Inc. (“Acreage”) upon U.S. Federal cannabis legalization, subject to certain conditions. As a result of the proposed modifications, and following all necessary Canopy shareholder approvals, we will continue to have the option to purchase an additional 139.7 million common shares of Canopy upon exercise of the warrants originally received in November 2018; however, this option will consist of three tranches of warrants, including 88.5 million warrants (the “New Tranche A Warrants”), 38.4 million warrants (the “New Tranche B Warrants”) and 12.8 million warrants (the “New Tranche C Warrants”, and collectively with the New Tranche A Warrants and the New Tranche B Warrants, the “New November 2018 Canopy Warrants”). The New Tranche A Warrants will continue to have an exercise price of C$50.40 per warrant share and remain currently exercisable, but would expire November 1, 2023. The New Tranche B Warrants would have an exercise price of C$76.68 per warrant share and the New Tranche C Warrants would have an exercise price based on the volume-weighted average of the closing market price of Canopy’s common shares on the TSX for the five trading days immediately preceding the exercise date. The New Tranche B Warrants and the New Tranche C Warrants would have an expiration date of November 1, 2026. If Canopy exercises its proposed right to acquire the shares of Acreage and we were to exercise all of our outstanding November 2017 Canopy Warrants and the New November 2018 Canopy Warrants, our ownership interest in Canopy would no longer be expected to be greater than 50 percent. |
Other Accrued Expenses and Liab
Other Accrued Expenses and Liabilities | 12 Months Ended |
Feb. 28, 2019 | |
Payables and Accruals [Abstract] | |
OTHER ACCRUED EXPENSES AND LIABILITIES | OTHER ACCRUED EXPENSES AND LIABILITIES: The major components of other accrued expenses and liabilities are as follows: February 28, February 28, (in millions) Promotions and advertising $ 181.2 $ 209.0 Salaries, commissions, and payroll benefits and withholdings 163.1 149.0 Accrued interest 107.3 86.7 Income taxes payable 24.5 48.5 Accrued excise taxes 21.0 28.7 Other 193.3 156.4 $ 690.4 $ 678.3 |
Borrowings
Borrowings | 12 Months Ended |
Feb. 28, 2019 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS: Borrowings consist of the following: February 28, 2019 February 28, Current Long-term Total Total (in millions) Short-term borrowings Senior credit facility, Revolving credit loan $ 59.0 $ 79.0 Commercial paper 732.5 266.9 Other — 400.9 $ 791.5 $ 746.8 Long-term debt Senior credit facility, Term loan $ 5.0 $ 487.8 $ 492.8 $ 497.7 Term loan credit facilities 50.0 1,436.4 1,486.4 — Senior notes 997.8 9,819.1 10,816.9 8,674.2 Other 12.4 16.5 28.9 268.0 $ 1,065.2 $ 11,759.8 $ 12,825.0 $ 9,439.9 Bank facilities – Senior credit facility: In March 2016, the Company, CIH International S.à r.l., a wholly-owned subsidiary of ours (“CIH”), CIH Holdings S.à r.l., a wholly-owned subsidiary of ours (“CIHH”), Bank of America, N.A., as administrative agent (the “Administrative Agent”), and certain other lenders entered into a Restatement Agreement (the “March 2016 Restatement Agreement”) that amended and restated our then-existing senior credit facility (as amended and restated by the March 2016 Restatement Agreement, the “March 2016 Credit Agreement”). The principal changes effected by the March 2016 Restatement Agreement were: • The creation of a new $700.0 million European Term A-1 loan facility maturing on March 10, 2021; • An increase of the European revolving commitment under the revolving credit facility by $425.0 million to $1.0 billion ; • The addition of CIHH as a new borrower under the new European Term A-1 loan facility and the European revolving commitment; and • The entry into a cross-guarantee agreement by CIH and CIHH whereby each guarantees the other’s obligations under the March 2016 Credit Agreement. In October 2016, the Company, CIH, CIHH, CB International Finance S.à r.l., a wholly-owned subsidiary of ours (“CB International” and together with CIH and CIHH, the “2016 European Borrowers”), the Administrative Agent, and certain other lenders entered into a Restatement Agreement (the “2016 Restatement Agreement”) that amended and restated the March 2016 Credit Agreement (as amended and restated by the 2016 Restatement Agreement, the “2016 Credit Agreement”). The principal changes effected by the 2016 Restatement Agreement were: • The creation of a new $400.0 million European Term A-2 loan facility with CIH as the borrower, maturing on March 10, 2021; • An adjustment of the Incremental Facilities (as defined below) from a fixed amount to a flexible amount; • The addition of CB International as a new borrower under the European revolving commitment; and • The entry into an amended and restated cross-guarantee agreement by the 2016 European Borrowers whereby each guarantees the others’ obligations under the 2016 Credit Agreement. In May 2017, we repaid the outstanding obligations under the U.S. Term A loan facility under the 2016 Credit Agreement primarily with a portion of the proceeds from the May 2017 senior notes and revolver borrowings under the 2016 Credit Agreement. In July 2017, the Company, CIH, CB International (together with CIH, the “European Borrowers”), CIHH, the Administrative Agent, and certain other lenders entered into a Restatement Agreement (the “2017 Restatement Agreement”) that amended and restated the 2016 Credit Agreement (as amended and restated by the 2017 Restatement Agreement, the “2017 Credit Agreement”). The principal changes effected by the 2017 Restatement Agreement were: • The refinance and increase of the existing U.S. Term A-1 loan facility by $261.1 million to $500.0 million and extension of its maturity to July 14, 2024; • The creation of a new $2.0 billion European Term A loan facility into which the then-existing European Term A loan facility, European Term A-1 loan facility and European Term A-2 loan facility were combined; • The increase of the revolving credit facility by $350.0 million to $1.5 billion and extension of its maturity to July 14, 2022; and • The removal of CIHH as a borrower under the 2017 Restatement Agreement. In addition, the Company and certain of our U.S. subsidiaries executed an amended and restated guarantee agreement which, among other things, released certain of our U.S. subsidiaries as guarantors of borrowings under the 2017 Credit Agreement. Furthermore, the European Borrowers executed an amended and restated cross-guarantee agreement which, among other things, removed CIHH as a party to the amended and restated cross-guarantee agreement. In November 2017, we repaid the outstanding obligations under the European Term A loan facility under the 2017 Credit Agreement primarily with proceeds from the November 2017 senior notes. In August 2018, the Company, CIH, CB International, certain of the Company’s subsidiaries as guarantors, the Administrative Agent, and certain other lenders entered into a Restatement Agreement (the “August 2018 Restatement Agreement”) that amended and restated the 2017 Credit Agreement (as amended and restated by the August 2018 Restatement Agreement, the “August 2018 Credit Agreement”). The principal changes effected by the August 2018 Restatement Agreement were: • The removal of CIH as a borrower under the August 2018 Credit Agreement; • The termination of a cross-guarantee agreement by the European Borrowers; and • The addition of a mechanism to provide for the replacement of LIBOR with an alternative benchmark rate in certain circumstances where LIBOR cannot be adequately ascertained or available. In September 2018, the Company, CB International, certain of the Company’s subsidiaries as guarantors, the Administrative Agent, and certain other lenders entered into a Restatement Agreement (the “2018 Restatement Agreement”) that amended and restated the August 2018 Credit Agreement (as amended and restated by the 2018 Restatement Agreement, the “2018 Credit Agreement”). The primary change effected by the 2018 Restatement Agreement was the increase of the revolving credit facility from $1.5 billion to $2.0 billion and extension of its maturity to September 14, 2023. The 2018 Restatement Agreement also modified certain financial covenants in connection with the November 2018 Canopy Transaction and added various representations and warranties, covenants and an event of default related to the November 2018 Canopy Transaction. Term Credit Agreement: In September 2018, the Company, the Administrative Agent, and certain other lenders entered into a term loan credit agreement (the “Term Credit Agreement”). The Term Credit Agreement provides for aggregate credit facilities of $1.5 billion , consisting of a $500.0 million three-year term loan facility (the “Three-Year Term Facility”) and a $1.0 billion five-year term loan facility (the “Five-Year Term Facility”). The Three-Year Term Facility is not subject to amortization payments, with the balance due and payable at maturity. The Five-Year Term Facility will be repaid in quarterly payments of principal equal to 1.25% of the original aggregate principal amount of the Five-Year Term Facility, with the balance due and payable at maturity. General: The obligations under the 2018 Credit Agreement and the Term Credit Agreement are guaranteed by certain of our U.S. subsidiaries. We and our subsidiaries are subject to covenants that are contained in the 2018 Credit Agreement and the Term Credit Agreement, including those restricting the incurrence of additional indebtedness (including guarantees of indebtedness) by subsidiaries that are not guarantors, additional liens, mergers and consolidations, transactions with affiliates, and sale and leaseback transactions, in each case subject to numerous conditions, exceptions and thresholds. The financial covenants are limited to a minimum interest coverage ratio and a maximum net leverage ratio. Our senior credit facility permits us to elect, subject to the willingness of existing or new lenders to fund such increase or term loans and other customary conditions, to increase the revolving credit commitments or add one or more tranches of additional term loans (the “Incremental Facilities”). The Incremental Facilities may be an unlimited amount so long as our leverage ratio, as defined and computed pursuant to our senior credit facility, is no greater than 4.00 to 1.00 subject to certain limitations for the period defined pursuant to our senior credit facility. As of February 28, 2019 , aggregate credit facilities under the 2018 Credit Agreement and the Term Credit Agreement consist of the following: Amount Maturity Amount Maturity (in millions) 2018 Credit Agreement Term Credit Agreement Revolving Credit Facility (1) (2) $ 2,000.0 Sept 14, 2023 Three-Year Term Facility (1) (3) $ 500.0 Nov 1, 2021 U.S. Term A-1 Facility (1) (3) 500.0 July 14, 2024 Five-Year Term Facility (1) (3) 1,000.0 Nov 1, 2023 $ 2,500.0 $ 1,500.0 (1) Contractual interest rate varies based on our debt rating (as defined in the respective agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin, or, in certain circumstances where LIBOR cannot be adequately ascertained or available, an alternative benchmark rate plus a margin. (2) We and/or CB International are the borrower under the $2,000.0 million Revolving Credit Facility. Includes a sub-facility for letters of credit of up to $200.0 million . (3) We are the borrower under the U.S. Term A-1 loan facility, the Three-Year Term Facility and the Five-Year Term Facility. As of February 28, 2019 , information with respect to borrowings under the 2018 Credit Agreement and the Term Credit Agreement is as follows: 2018 Credit Agreement Term Credit Agreement Revolving Credit Facility U.S. Term A Facility (1) Three-Year Term Facility (1) Five-Year Term Facility (1) (in millions) Outstanding borrowings $ 59.0 $ 492.8 $ 499.5 $ 986.9 Interest rate 3.6 % 4.0 % 3.6 % 3.8 % LIBOR margin 1.13 % 1.50 % 1.13 % 1.25 % Outstanding letters of credit $ 10.8 Remaining borrowing capacity (2) $ 1,196.7 (1) Outstanding term loan facility borrowings are net of unamortized debt issuance costs. (2) Net of outstanding revolving credit facility borrowings and outstanding letters of credit under the 2018 Credit Agreement and outstanding borrowings under our commercial paper program of $733.5 million (excluding unamortized discount) (see “Commercial paper program”). Commercial paper program – In October 2017, we implemented a commercial paper program which provided for the issuance of up to an aggregate principal amount of $1.0 billion of commercial paper. In October 2018, our Board of Directors authorized a $1.0 billion increase to our commercial paper program, thereby providing for the issuance of up to an aggregate principal amount of $2.0 billion of commercial paper. Our commercial paper program is backed by unused commitments under our revolving credit facility under our 2018 Credit Agreement. Accordingly, outstanding borrowings under our commercial paper program reduce the amount available under our revolving credit facility under our 2018 Credit Agreement. As of February 28, 2019 , we had $732.5 million of outstanding borrowings, net of unamortized discount, under our commercial paper program with a weighted average annual interest rate of 3.0% and a weighted average remaining term of 18 days . As of February 28, 2018 , we had $266.9 million of outstanding borrowings, net of unamortized discount, under our commercial paper program with a weighted average annual interest rate of 2.1% and a weighted average remaining term of 10 days . Senior notes – Our outstanding senior notes are as follows: Date of Outstanding Balance (1) Principal Issuance Maturity Interest Payments February 28, February 28, (in millions) 3.75% Senior Notes (2) (3) $ 500.0 May 2013 May 2021 May/Nov $ 498.6 $ 498.0 4.25% Senior Notes (2) (3) $ 1,050.0 May 2013 May 2023 May/Nov 1,045.4 1,044.4 3.875% Senior Notes (2) (3) $ 400.0 Nov 2014 Nov 2019 May/Nov 399.1 397.9 4.75% Senior Notes (2) (3) $ 400.0 Nov 2014 Nov 2024 May/Nov 396.4 395.9 4.75% Senior Notes (2) (3) $ 400.0 Dec 2015 Dec 2025 Jun/Dec 395.8 395.3 3.70% Senior Notes (2) (4) $ 600.0 Dec 2016 Dec 2026 Jun/Dec 595.4 594.9 2.70% Senior Notes (2) (4) $ 500.0 May 2017 May 2022 May/Nov 496.8 495.9 3.50% Senior Notes (2) (4) $ 500.0 May 2017 May 2027 May/Nov 495.6 495.1 4.50% Senior Notes (2) (4) $ 500.0 May 2017 May 2047 May/Nov 492.9 492.7 2.00% Senior Notes (2) (5) $ 600.0 Nov 2017 Nov 2019 May/Nov 598.6 596.8 2.25% Senior Notes (2) (5) $ 700.0 Nov 2017 Nov 2020 May/Nov 696.8 695.0 2.65% Senior Notes (2) (4) $ 700.0 Nov 2017 Nov 2022 May/Nov 693.9 692.3 3.20% Senior Notes (2) (4) $ 600.0 Feb 2018 Feb 2023 Feb/Aug 596.0 595.0 3.60% Senior Notes (2) (4) $ 700.0 Feb 2018 Feb 2028 Feb/Aug 693.8 693.2 4.10% Senior Notes (2) (4) $ 600.0 Feb 2018 Feb 2048 Feb/Aug 592.0 591.8 Senior Floating Rate Notes (2) (6) $ 650.0 Oct 2018 Nov 2021 Quarterly 646.8 — 4.40% Senior Notes (2) (4) $ 500.0 Oct 2018 Nov 2025 May/Nov 495.4 — 4.65% Senior Notes (2) (4) $ 500.0 Oct 2018 Nov 2028 May/Nov 494.7 — 5.25% Senior Notes (2) (4) $ 500.0 Oct 2018 Nov 2048 May/Nov 492.9 — $ 10,816.9 $ 8,674.2 (1) Amounts are net of unamortized debt issuance costs and unamortized discounts, where applicable. (2) Senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness. Guaranteed by certain of our U.S. subsidiaries on a senior unsecured basis. (3) Redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 50 basis points. (4) Redeemable, in whole or in part, at our option at any time prior to the stated redemption date as defined in the indenture, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the adjusted Treasury Rate plus the stated basis points as defined in the indenture. On or after the stated redemption date, redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest. Redemption Stated Redemption Date Stated Basis Points 3.70% Senior Notes due December 2026 Sept 2026 25 2.70% Senior Notes due May 2022 Apr 2022 15 3.50% Senior Notes due May 2027 Feb 2027 20 4.50% Senior Notes due May 2047 Nov 2046 25 2.65% Senior Notes due November 2022 Oct 2022 15 3.20% Senior Notes due February 2023 Jan 2023 13 3.60% Senior Notes due February 2028 Nov 2027 15 4.10% Senior Notes due February 2048 Aug 2047 20 4.40% Senior Notes due November 2025 Sept 2025 20 4.65% Senior Notes due November 2028 Aug 2028 25 5.25% Senior Notes due November 2048 May 2048 30 (5) Redeemable, in whole or in part, at our option at any time prior to maturity, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 10 basis points. (6) Interest will accrue for each quarterly interest period at a rate equal to three-month LIBOR plus 0.70% per year as determined on the applicable interest determination date as defined in the indenture. Interest is payable quarterly in February, May, August and November. The notes are not redeemable prior to October 30, 2019. On or after this date, the notes are redeemable, in whole or in part, at our option at any time prior to maturity, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest. For the year ended February 28, 2018, we recognized a loss on extinguishment of debt of $97.0 million . This amount consisted of a make-whole payment of $73.6 million in connection with the early redemption of our April 2012 senior notes and the write-off of debt issuance costs of $23.4 million primarily in connection with the prior-to-maturity repayments of term loan facilities under our applicable senior credit facility in May and November 2017. Indentures – Our indentures relating to our outstanding senior notes contain certain covenants, including, but not limited to: (i) a limitation on liens on certain assets, (ii) a limitation on certain sale and leaseback transactions and (iii) restrictions on mergers, consolidations and the transfer of all or substantially all of our assets to another person. Subsidiary credit facilities – General: We have additional credit arrangements totaling $45.1 million and $503.5 million as of February 28, 2019 , and February 28, 2018 , respectively. As of February 28, 2019 , and February 28, 2018 , amounts outstanding under these arrangements were $28.9 million and $277.0 million , respectively, the majority of which is classified as long-term as of the respective date. These arrangements primarily support the financing needs of our domestic and foreign subsidiary operations (see “Other long-term debt” for additional information). Interest rates and other terms of these borrowings vary from country to country, depending on local market conditions. Other long-term debt: During the year ended February 28, 2019, we recorded a conversion of $248.2 million from long-term debt to noncontrolling equity interests associated with the noncash settlement of a prior contractual agreement with our glass production plant joint venture partner, Owens-Illinois. During the year ended February 28, 2017, we had recorded a noncash conversion of $132.0 million from noncontrolling equity interests to long-term debt associated with the same contractual agreement. As of February 28, 2018 , outstanding borrowings under this contractual agreement were $230.5 million and were included in our consolidated balance sheet in accordance with our consolidation of this variable interest entity. Debt payments – As of February 28, 2019 , the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $69.6 million and $15.5 million , respectively) for each of the five succeeding fiscal years and thereafter are as follows: (in millions) 2020 $ 1,067.4 2021 764.3 2022 1,710.3 2023 1,856.8 2024 1,842.5 Thereafter 5,668.8 $ 12,910.1 Accounts receivable securitization facilities – As of February 28, 2018 , we had two outstanding 364 -day revolving trade accounts receivable securitization facilities with aggregate borrowings outstanding of $391.9 million at a weighted average interest rate of 2.4% . Both facilities reached full maturation in accordance with the respective terms for each facility during the year ended February 28, 2019 , and were not renewed. |
Deferred Income Taxes and Other
Deferred Income Taxes and Other Liabilities | 12 Months Ended |
Feb. 28, 2019 | |
Other Liabilities Disclosure [Abstract] | |
DEFERRED INCOME TAXES AND OTHER LIABILITIES | DEFERRED INCOME TAXES AND OTHER LIABILITIES: The major components of deferred income taxes and other liabilities are as follows: February 28, February 28, (in millions) Deferred income taxes $ 1,029.7 $ 694.4 Unrecognized tax benefit liabilities 239.0 93.7 Long-term income tax payable 95.4 165.6 Other 106.6 136.1 $ 1,470.7 $ 1,089.8 |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES: Income before income taxes was generated as follows: For the Years Ended February 28, February 28, February 28, (in millions) Domestic $ 1,615.9 $ 591.5 $ 777.6 Foreign 2,529.1 1,746.5 1,305.4 $ 4,145.0 $ 2,338.0 $ 2,083.0 The income tax provision (benefit) consisted of the following: For the Years Ended February 28, February 28, February 28, (in millions) Current Federal $ 4.1 $ 261.1 $ 270.8 State 15.7 20.4 28.5 Foreign 239.2 158.4 126.2 Total current 259.0 439.9 425.5 Deferred Federal 223.9 (475.9 ) 109.9 State 75.0 0.4 7.1 Foreign 128.0 58.3 7.8 Total deferred 426.9 (417.2 ) 124.8 Income tax provision $ 685.9 $ 22.7 $ 550.3 On December 22, 2017, the Tax Cuts and Jobs Act (the “TCJ Act”) was signed into law. The TCJ Act significantly changes U.S. corporate income taxes by, among other items, lowering the federal statutory rate from 35% to 21%, eliminating certain deductions, changing how foreign earnings are subject to U.S. tax and imposing a mandatory one-time transition tax on accumulated earnings of foreign subsidiaries. In December 2017, the SEC issued guidance related to the income tax accounting implications of the TCJ Act. This guidance provides a measurement period, which extends no longer than one year from the enactment date of the TCJ Act, during which a company may complete its accounting for the income tax implications of the TCJ Act. In accordance with this guidance, we recognized a provisional net income tax benefit of $351.2 million for the year ended February 28, 2018. This amount is comprised primarily of (i) a benefit of $311.2 million from the remeasurement of our deferred tax assets and liabilities to the new, lower federal statutory rate and (ii) a benefit of $220.0 million from the reversal of deferred tax liabilities previously provided for unremitted earnings of foreign subsidiaries which were not considered to be indefinitely reinvested; partially offset by the recording of the mandatory one-time transition tax of $180.0 million on unremitted earnings of our foreign subsidiaries. For the third quarter of fiscal 2019, we completed our analysis of the income tax implications of the TCJ Act. We recognized an additional income tax benefit of $37.6 million resulting from a decrease in the mandatory one-time transition tax on unremitted earnings of our foreign businesses. The TCJ Act also creates a new requirement that certain income earned by foreign subsidiaries (“GILTI”), must be included in U.S. gross income. The FASB allows an accounting policy election of either recognizing deferred taxes for temporary differences expected to reverse as GILTI in future years or recognizing such taxes as a current period expense when incurred. We have elected to treat the tax effect of GILTI as a current period tax expense when incurred. Prior to the third quarter of fiscal 2017, we had historically provided deferred income taxes for the repatriation to the U.S. of earnings from our foreign subsidiaries. During the third quarter of fiscal 2017, in connection with the agreement to divest the Canadian wine business and the ongoing Beer capacity expansion activities in Mexico, including the agreement to acquire the Obregon Brewery, we changed our assertion regarding our ability and intent to indefinitely reinvest unremitted earnings of certain foreign subsidiaries. Approximately $420 million of our earnings for the year ended February 28, 2017, and all future earnings for these foreign subsidiaries were expected to be indefinitely reinvested. Therefore, no deferred income taxes had been provided on these applicable unremitted earnings. Although we expect to continue to reinvest these foreign earnings, as the TCJ Act reduces the tax impact of repatriation, beginning in the fourth quarter of fiscal 2018, we have provided deferred income taxes, consisting primarily of foreign withholding and state taxes, on all applicable unremitted earnings of our foreign subsidiaries. A reconciliation of the total tax provision (benefit) to the amount computed by applying the statutory U.S. Federal income tax rate to income before provision for (benefit from) income taxes is as follows: For the Years Ended February 28, 2019 February 28, 2018 February 28, 2017 Amount % of Pretax Income Amount % of Pretax Income Amount % of Pretax Income (in millions, except % of pretax income data) Income tax provision at statutory rate $ 870.5 21.0 % $ 765.4 32.7 % $ 729.1 35.0 % State and local income taxes, net of federal income tax benefit (1) 81.3 2.0 % 18.0 0.8 % 23.1 1.1 % Net income tax benefit from TCJ Act (37.6 ) (0.9 %) (351.2 ) (15.0 %) — — % Earnings of subsidiaries taxed at other than U.S. statutory rate (2) (149.0 ) (3.6 %) (319.1 ) (13.7 %) (160.4 ) (7.7 %) Excess tax benefits from stock-based compensation awards (3) (82.9 ) (2.0 %) (68.6 ) (2.9 %) — — % Canadian Divestiture — — % — — % (25.5 ) (1.2 %) Miscellaneous items, net 3.6 — % (21.8 ) (0.9 %) (16.0 ) (0.8 %) Income tax provision at effective rate $ 685.9 16.5 % $ 22.7 1.0 % $ 550.3 26.4 % (1) Includes differences resulting from adjustments to the current and deferred state effective tax rates. (2) Consists of the difference between the U.S. statutory rate and local jurisdiction tax rates, as well as the provision for incremental U.S. taxes on unremitted earnings of certain foreign subsidiaries offset by foreign tax credits and other foreign adjustments. (3) Represents the recognition of the income tax effect of stock-based compensation awards in the income statement when the awards vest or are settled as a result of our March 1, 2017, adoption of FASB amended share-based compensation guidance (see Note 17 ). Deferred tax assets and liabilities reflect the future income tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that apply to taxable income. Significant components of deferred tax assets (liabilities) consist of the following: February 28, February 28, (in millions) Deferred tax assets Intangible assets $ 1,616.7 $ — Loss carryforwards 147.8 106.0 Stock-based compensation 33.4 29.1 Inventory 20.3 18.3 Other accruals 93.4 81.1 Gross deferred tax assets 1,911.6 234.5 Valuation allowances (86.9 ) (112.1 ) Deferred tax assets, net 1,824.7 122.4 Deferred tax liabilities Intangible assets — (499.8 ) Property, plant and equipment (191.5 ) (197.8 ) Investments in unconsolidated investees (448.9 ) (78.2 ) Provision for unremitted earnings (22.8 ) (21.2 ) Derivative instruments (7.9 ) (19.8 ) Total deferred tax liabilities (671.1 ) (816.8 ) Deferred tax assets (liabilities), net $ 1,153.6 $ (694.4 ) In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some or all of the deferred tax assets will not be realized. In making this assessment, we consider the projected reversal of deferred tax liabilities and projected future taxable income. Based upon this assessment, we believe it is more likely than not that we will realize the benefits of these deductible differences, net of any valuation allowances. As of February 28, 2019 , operating loss carryforwards, which are primarily state and foreign, totaling $833.3 million are being carried forward in a number of jurisdictions where we are permitted to use tax operating losses from prior periods to reduce future taxable income. Of these operating loss carryforwards, $745.5 million will expire in fiscal 2020 through fiscal 2039 and $87.8 million of operating losses in certain jurisdictions may be carried forward indefinitely. Additionally, as of February 28, 2019 , federal capital losses totaling $222.3 million are being carried forward and will expire in fiscal 2022. We have recognized valuation allowances for operating loss carryforwards, capital loss carryforwards and other deferred tax assets when we believe it is more likely than not that these items will not be realized. The decrease in our valuation allowances as of February 28, 2019 , primarily relates to the reversal of valuation allowances in connection with the sale of our Accolade Wine Investment in the first quarter of fiscal 2019. The liability for income taxes associated with uncertain tax positions, excluding interest and penalties, and a reconciliation of the beginning and ending unrecognized tax benefit liabilities is as follows: For the Years Ended February 28, February 28, February 28, (in millions) Balance as of March 1 $ 89.3 $ 39.5 $ 30.4 Increases as a result of tax positions taken during a prior period 56.4 7.5 — Decreases as a result of tax positions taken during a prior period (1.4 ) (0.1 ) (11.5 ) Increases as a result of tax positions taken during the current period 88.8 43.8 21.3 Decreases related to settlements with tax authorities (0.8 ) (0.4 ) — Decreases related to lapse of applicable statute of limitations (8.0 ) (1.0 ) (0.7 ) Balance as of last day of February $ 224.3 $ 89.3 $ 39.5 As of February 28, 2019 , and February 28, 2018 , we had $239.0 million and $93.7 million , respectively, of non-current unrecognized tax benefit liabilities, including interest and penalties, recognized on our balance sheets. These liabilities are recorded as non-current as payment of cash is not anticipated within one year of the balance sheet date. As of February 28, 2019 , and February 28, 2018 , we had $224.3 million and $89.3 million , respectively, of unrecognized tax benefit liabilities that, if recognized, would decrease the effective tax rate. We file U.S. Federal income tax returns and various state, local and foreign income tax returns. Major tax jurisdictions where we are subject to examination by tax authorities include Canada, Luxembourg, Mexico, Switzerland and the U.S. Various U.S. Federal, state and foreign income tax examinations are currently in progress. It is reasonably possible that the liability associated with our unrecognized tax benefit liabilities will increase or decrease within the next twelve months as a result of these examinations or the expiration of statutes of limitation. As of February 28, 2019 , we estimate that unrecognized tax benefit liabilities could change by a range of $1 million to $13 million . With few exceptions, we are no longer subject to U.S. Federal, state, local or foreign income tax examinations for fiscal years prior to February 29, 2012. We provide for additional tax expense based on probable outcomes of ongoing tax examinations and assessments in various jurisdictions. While it is often difficult to predict the outcome or the timing of resolution of any tax matter, we believe the reserves reflect the probable outcome of known tax contingencies. Unfavorable settlement of any particular issue would require the use of cash. Favorable resolution would be recognized as a reduction to the effective tax rate in the year of resolution. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES: Operating leases – The minimum lease payments for our operating leases are recognized on a straight-line basis over the minimum lease term. Step rent provisions, escalation clauses, capital improvement funding and other lease concessions, when present in our leases, are taken into account in computing the minimum lease payments. Future payments under noncancelable operating leases having initial or remaining terms of one year or more are as follows for each of the five succeeding fiscal years and thereafter: (in millions) 2020 $ 59.0 2021 58.2 2022 51.1 2023 47.9 2024 41.2 Thereafter 302.1 $ 559.5 Rental expense was $63.5 million , $59.1 million and $59.2 million for the years ended February 28, 2019 , February 28, 2018 , and February 28, 2017 , respectively. Purchase commitments and contingencies – We have entered into various long-term contracts in the normal course of business for the purchase of (i) certain inventory components, (ii) property, plant and equipment and related contractor and manufacturing services, (iii) processing and warehousing services, (iv) transportation services and (v) certain energy requirements. As of February 28, 2019 , the estimated aggregate minimum purchase obligations under these contracts are as follows: Type Length of Commitment Amount (in millions) Raw materials and supplies (1) Packaging, grapes, hops, malts and other raw materials through May 2034 $ 5,955.1 In-process inventories Bulk wine and spirits through February 2027 100.4 Capital expenditures (2) Property, plant and equipment, and contractor and manufacturing services through February 2022 649.8 Other Processing and warehousing services, transportation services, energy contracts through December 2030 488.9 $ 7,194.2 (1) Certain grape purchasing arrangements include the purchase of grape production yielded from specified blocks of a vineyard. The actual tonnage and price of grapes that we purchase will vary each year depending on certain factors, including weather, time of harvest, overall market conditions and the agricultural practices and location of the vineyard. Amounts included herein for the estimated aggregate minimum grape purchase obligations consist of estimates for the purchase of the grapes and the implicit leases of the land. Upon adoption of the new lease guidance on March 1, 2019, certain grape purchasing arrangements classified as leases will result in the recognition of right-of-use assets and lease liabilities on our balance sheet. However, certain other grape purchasing arrangements classified as leases will not result in the recognition of right-of-use assets and lease liabilities on our balance sheet due to their variable nature. (2) Consists of purchase commitments entered into primarily in connection with the construction of a new, state-of-the-art brewery located in Mexicali, Baja California, Mexico (the “Mexicali Brewery”), and the expansion project for the Obregon Brewery. Additionally, we have entered into various contractual arrangements with affiliates of Owens-Illinois primarily for the purchase of glass bottles used largely in our imported and craft beer portfolios. Amounts purchased under these arrangements for the years ended February 28, 2019 , February 28, 2018 , and February 28, 2017 , were $238.8 million , $316.6 million and $292.3 million , respectively. Indemnification liabilities – In connection with prior divestitures, we have indemnified respective parties against certain liabilities that may arise subsequent to the divestiture. As of February 28, 2019, and February 28, 2018, these liabilities consist primarily of indemnifications related to certain income tax matters. During the year ended February 28, 2019, in connection with the sale of the Accolade Wine Investment, we were released from certain guarantees and we recognized a gain of $3.7 million as part of the net gain on the sale of this business. This net gain is included in income from unconsolidated investments. As of February 28, 2019 , and February 28, 2018 , the carrying amount of our indemnification liabilities was $9.2 million and $12.8 million , respectively, and is included in deferred income taxes and other liabilities. We do not expect to be required to make material payments under the indemnifications and we believe that the likelihood is remote that the indemnifications could have a material adverse effect on our business, liquidity, financial condition and/or results of operations. Legal matters – In the course of our business, we are subject to litigation from time to time. Although the amount of any liability with respect to such litigation cannot be determined, in the opinion of management, such liability will not have a material adverse effect on our financial condition, results of operations or cash flows. Other – In connection with the write-down of certain bulk wine inventory as a result of smoke damage sustained during the Fall 2017 California wildfires, we have recognized total losses of $20.6 million , with $1.5 million recognized for the first quarter of fiscal 2019 and $19.1 million recognized for the fourth quarter of 2018. While we are pursuing reimbursement from our insurance carriers, there can be no assurance there will be any potential recoveries. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Feb. 28, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY: Common stock – We have two classes of common stock with a material number of shares outstanding: Class A Common Stock and Class B Convertible Common Stock. Class B Convertible Common Stock shares are convertible into shares of Class A Common Stock on a one-to-one basis at any time at the option of the holder. Holders of Class B Convertible Common Stock are entitled to ten votes per share . Holders of Class A Common Stock are entitled to one vote per share and a cash dividend premium. If we pay a cash dividend on Class B Convertible Common Stock, each share of Class A Common Stock will receive an amount at least ten percent greater than the amount of the cash dividend per share paid on Class B Convertible Common Stock. In addition, the Board of Directors may declare and pay a dividend on Class A Common Stock without paying any dividend on Class B Convertible Common Stock. However, our senior credit facility limits the cash dividends that we can pay on our common stock to a fixed amount per quarter but the fixed amount may be exceeded subject to various conditions set forth in the senior credit facility. In addition, we have a class of common stock with an immaterial number of shares outstanding: Class 1 Common Stock. Shares of Class 1 Common Stock generally have no voting rights . Class 1 Common Stock shares are convertible into shares of Class A Common Stock on a one-to-one basis at any time at the option of the holder, provided that the holder immediately sells the Class A Common Stock acquired upon conversion. Because shares of Class 1 Common Stock are convertible into shares of Class A Common Stock, for each share of Class 1 Common Stock issued, we must reserve one share of Class A Common Stock for issuance upon the conversion of the share of Class 1 Common Stock. Holders of Class 1 Common Stock do not have any preference as to dividends, but may participate in any dividend if and when declared by the Board of Directors. If we pay a cash dividend on Class 1 Common Stock, each share of Class A Common Stock will receive an amount at least ten percent greater than the amount of cash dividend per share paid on Class 1 Common Stock. In addition, the Board of Directors may declare and pay a dividend on Class A Common Stock without paying a dividend on Class 1 Common Stock. The cash dividends declared and paid on Class B Convertible Common Stock and Class 1 Common Stock must always be the same. The number of shares of common stock issued and treasury stock, and associated share activity, are as follows: Common Stock Treasury Stock Class A Class B Class 1 Class A Class B Balance at February 29, 2016 255,558,026 28,358,529 2,000 79,454,011 5,005,800 Share repurchases — — — 7,407,051 — Conversion of shares 2 (2 ) — — — Exercise of stock options 1,948,156 — 80 — — Employee stock purchases — — — (77,671 ) — Grant of restricted stock awards — — — (4,088 ) — Vesting of restricted stock units (1) — — — (325,773 ) — Vesting of performance share units (2) — — — (190,559 ) — Balance at February 28, 2017 257,506,184 28,358,527 2,080 86,262,971 5,005,800 Share repurchases — — — 4,810,061 — Conversion of shares 29,640 (23,140 ) (6,500 ) — — Exercise of stock options 1,182,532 — 6,390 — — Employee stock purchases — — — (75,023 ) — Grant of restricted stock awards — — — (3,848 ) — Vesting of restricted stock units (1) — — — (181,994 ) — Vesting of performance share units (2) — — — (68,928 ) — Balance at February 28, 2018 258,718,356 28,335,387 1,970 90,743,239 5,005,800 Retirement of treasury shares (3) (74,000,000 ) — — (74,000,000 ) — Share repurchases — — — 2,352,145 — Conversion of shares 12,968 (12,968 ) — — — Exercise of stock options 1,008,854 — 1,147,654 — — Employee stock purchases — — — (76,844 ) — Grant of restricted stock awards — — — (3,914 ) — Vesting of restricted stock units (1) — — — (24,308 ) — Vesting of performance share units (2) — — — (62,352 ) — Balance at February 28, 2019 185,740,178 28,322,419 1,149,624 18,927,966 5,005,800 (1) Net of 15,409 shares, 117,188 shares and 241,870 shares withheld for the years ended February 28, 2019 , February 28, 2018 , and February 28, 2017 , respectively, to satisfy tax withholding requirements. (2) Net of 44,016 shares, 55,584 shares and 168,811 shares withheld for the years ended February 28, 2019 , February 28, 2018 , and February 28, 2017 , respectively, to satisfy tax withholding requirements. (3) Shares of our Class A Treasury Stock were retired to authorized and unissued shares of our Class A Common Stock. Stock repurchases – From time to time, our Board of Directors has authorized the repurchase of our Class A Common Stock and Class B Convertible Common Stock. Shares may be repurchased through open market or privately negotiated transactions. Shares repurchased under such authorizations have become treasury shares. A summary of share repurchase activity is as follows: Class A Common Shares Repurchased Repurchase Authorization For the Year Ended February 28, 2019 For the Year Ended February 28, 2018 For the Year Ended February 28, 2017 Date Amount Authorized Dollar Value Number of Shares Dollar Value Number of Shares Dollar Value Number of Shares (in millions, except share data) 2013 Authorization (1) Apr 2012 $1,000.0 $ — — $ — — $ 669.6 4,400,504 2017 Authorization (2) Nov 2016 $1,000.0 — — 546.9 2,530,194 453.1 3,006,547 2018 Authorization (3) Jan 2018 $3,000.0 504.3 2,352,145 491.6 2,279,867 — — $ 504.3 2,352,145 $ 1,038.5 4,810,061 $ 1,122.7 7,407,051 (1) The 2013 Authorization was fully utilized during the year ended February 28, 2017. (2) The 2017 Authorization was fully utilized during the year ended February 28, 2018. (3) As of February 28, 2019, $2,004.1 million remains available for future share repurchase under the 2018 Authorization. The Board of Directors did not specify a date upon which this authorization would expire. Common stock dividends – In April 2019, our Board of Directors declared a quarterly cash dividend of $0.75 per share of Class A Common Stock, $0.68 per share of Class B Convertible Common Stock and $0.68 per share of Class 1 Common Stock payable in the first quarter of fiscal 2020. |
Stock-Based Employee Compensati
Stock-Based Employee Compensation | 12 Months Ended |
Feb. 28, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED EMPLOYEE COMPENSATION | STOCK-BASED EMPLOYEE COMPENSATION: Effective March 1, 2017, we adopted the FASB amended guidance for, among other items, the accounting for income taxes related to share-based compensation and the related classification in the statement of cash flows. This guidance requires the recognition of excess tax benefits and deficiencies (resulting from an increase or decrease in the fair value of an award from grant date to the vesting or settlement date) in the provision for income taxes as a discrete item in the quarterly period in which they occur. Through February 28, 2017, these amounts were recognized in additional paid-in capital at the time of vesting or settlement. Additionally, effective March 1, 2017, excess tax benefits are classified as an operating activity in the statement of cash flows instead of as a financing activity where they were previously presented. We adopted this guidance on a prospective basis and, accordingly, prior periods have not been adjusted. The adoption of this amended guidance also impacted our calculation of diluted earnings per share under the treasury stock method, as excess tax benefits and deficiencies resulting from share-based compensation are no longer included in the assumed proceeds calculation. We have two stock-based employee compensation plans (as further discussed below). Total compensation cost recognized for our stock-based awards and income tax benefits related thereto are as follows: For the Years Ended February 28, February 28, February 28, (in millions) Total compensation cost recognized in our results of operations $ 64.1 $ 60.9 $ 56.1 Income tax benefit related thereto recognized in our results of operations $ 11.6 $ 13.5 $ 18.5 Long-term stock incentive plan – Under our Long-Term Stock Incentive Plan, nonqualified stock options, restricted stock, restricted stock units, performance share units and other stock-based awards may be granted to our employees, officers and directors. The aggregate number of shares of our Class A Common Stock and Class 1 Common Stock available for awards under our Long-Term Stock Incentive Plan is 108,000,000 shares. The exercise price, vesting period and term of nonqualified stock options granted are established by the committee administering the plan (the “Committee”). The exercise price of any nonqualified stock option may not be less than the fair market value of our Class A Common Stock on the date of grant. Nonqualified stock options generally vest and become exercisable over a four -year period from the date of grant and expire as established by the Committee, but not later than ten years after the grant date. Grants of restricted stock, restricted stock units, performance share units and other stock-based awards may contain such vesting periods, terms, conditions and other requirements as the Committee may establish. Restricted stock and restricted stock unit awards are based on service and generally vest over one to four years from the date of grant. Performance share unit awards are based on service and the satisfaction of certain performance conditions, and vest over a required employee service period, generally from one to three years from the date of grant, which closely matches the performance period. The performance conditions include the achievement of specified financial or operational performance metrics, or market conditions which require the achievement of specified levels of shareholder return relative to other companies as defined in the applicable performance share unit agreement. The actual number of shares to be awarded upon vesting of a performance share unit award will range between 0% and 200% of the target award, based upon the measure of performance as certified by the Committee. A summary of stock option activity under our Long-Term Stock Incentive Plan is as follows: For the Years Ended February 28, 2019 February 28, 2018 February 28, 2017 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Outstanding as of March 1 7,444,701 $ 56.33 8,070,255 $ 44.31 9,541,393 $ 34.03 Granted 540,640 $ 227.91 624,121 $ 172.70 648,147 $ 157.01 Exercised (2,156,508 ) $ 23.55 (1,188,922 ) $ 31.86 (1,948,236 ) $ 25.79 Forfeited (133,250 ) $ 187.84 (59,725 ) $ 136.08 (170,711 ) $ 109.23 Expired (4,364 ) $ 175.86 (1,028 ) $ 36.13 (338 ) $ 31.92 Outstanding as of last day of February 5,691,219 $ 81.87 7,444,701 $ 56.33 8,070,255 $ 44.31 Exercisable 4,456,486 $ 53.18 5,983,286 $ 34.12 6,456,382 $ 26.66 As of February 28, 2019 , the aggregate intrinsic value of our options outstanding and exercisable was $527.2 million and $517.9 million , respectively. In addition, the weighted average remaining contractual life for our options outstanding and exercisable was 4.5 years and 3.5 years , respectively. The fair value of stock options vested, and the intrinsic value of and tax benefit realized from the exercise of stock options, are as follows: For the Years Ended February 28, February 28, February 28, (in millions) Fair value of stock options vested $ 22.8 $ 20.3 $ 20.3 Intrinsic value of stock options exercised $ 348.5 $ 189.9 $ 260.4 Tax benefit realized from stock options exercised $ 82.6 $ 59.8 $ 106.0 The weighted average grant-date fair value of stock options granted and the weighted average inputs used to estimate the fair value on the date of grant using the Black-Scholes option-pricing model are as follows: For the Years Ended February 28, February 28, February 28, Grant-date fair value $ 53.06 $ 42.88 $ 40.09 Expected life (1) 5.9 years 5.9 years 5.9 years Expected volatility (2) 22.3 % 26.0 % 27.1 % Risk-free interest rate (3) 2.9 % 2.0 % 1.6 % Expected dividend yield (4) 1.3 % 1.2 % 1.0 % (1) Based on historical experience of employees’ exercise behavior for similar type awards. (2) Based primarily on historical volatility levels of our Class A Common Stock. (3) Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the expected life. (4) Based on the calculated yield on our Class A Common Stock at date of grant using the current fiscal year projected annualized dividend distribution rate. A summary of restricted Class A Common Stock activity under our Long-Term Stock Incentive Plan is as follows: For the Years Ended February 28, 2019 February 28, 2018 February 28, 2017 Number Weighted Average Grant-Date Fair Value Number Weighted Average Grant-Date Fair Value Number Weighted Average Grant-Date Fair Value Restricted Stock Awards Outstanding balance as of March 1, Nonvested 3,848 $ 197.18 4,088 $ 166.34 4,984 $ 119.37 Granted 3,914 $ 214.29 3,848 $ 197.18 4,088 $ 166.34 Vested (3,848 ) $ 197.18 (4,088 ) $ 166.34 (4,984 ) $ 119.37 Outstanding balance as of last day of February, Nonvested 3,914 $ 214.29 3,848 $ 197.18 4,088 $ 166.34 Restricted Stock Units Outstanding balance as of March 1, Nonvested 286,658 $ 157.29 455,699 $ 117.44 917,009 $ 70.23 Granted 108,545 $ 226.97 157,200 $ 178.11 174,187 $ 156.74 Vested (39,717 ) $ 129.57 (299,182 ) $ 109.09 (567,643 ) $ 54.29 Forfeited (41,234 ) $ 182.00 (27,059 ) $ 140.00 (67,854 ) $ 108.56 Outstanding balance as of last day of February, Nonvested 314,252 $ 181.62 286,658 $ 157.29 455,699 $ 117.44 Performance Share Units Outstanding balance as of March 1, Nonvested 227,720 $ 177.90 250,333 $ 141.91 501,261 $ 92.41 Granted 172,468 $ 222.92 55,464 $ 236.79 75,765 $ 190.33 Performance achievement (1) (281 ) $ 155.72 55,081 $ 99.85 105,330 $ 66.50 Vested (106,368 ) $ 147.34 (124,512 ) $ 100.73 (359,370 ) $ 60.50 Forfeited (34,075 ) $ 215.63 (8,646 ) $ 144.57 (72,653 ) $ 144.26 Outstanding balance as of last day of February, Nonvested 259,464 $ 213.27 227,720 $ 177.90 250,333 $ 141.91 (1) Reflects the net number of awards achieved above (below) target levels based on actual performance measured at the end of the performance period. The fair value of shares vested for our restricted Class A Common Stock awards is as follows: For the Years Ended February 28, February 28, February 28, (in millions) Restricted stock awards $ 0.8 $ 0.8 $ 0.8 Restricted stock units $ 9.0 $ 56.5 $ 89.4 Performance share units $ 24.4 $ 21.4 $ 57.2 The weighted average grant-date fair value of performance share units granted with a market condition and the weighted average inputs used to estimate the fair value on the date of grant using the Monte Carlo Simulation model are as follows: For the Years Ended February 28, February 28, February 28, Grant-date fair value $ 322.42 $ 250.30 $ 204.53 Grant-date price $ 228.26 $ 172.09 $ 157.33 Performance period 2.9 years 2.9 years 2.8 years Expected volatility (1) 20.7 % 21.5 % 20.6 % Risk-free interest rate (2) 2.6 % 1.4 % 1.0 % Expected dividend yield (3) 0.0 % 0.0 % 0.0 % (1) Based primarily on historical volatility levels of our Class A Common Stock. (2) Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the performance period. (3) No expected dividend yield as units granted earn dividend equivalents. Employee stock purchase plan – We have a stock purchase plan (the “Employee Stock Purchase Plan”) under which 9,000,000 shares of Class A Common Stock may be issued. Under the terms of the plan, eligible employees may purchase shares of our Class A Common Stock through payroll deductions. The purchase price is the lower of 85% of the fair market value of the stock on the first or last day of the purchase period. For the years ended February 28, 2019 , February 28, 2018 , and February 28, 2017 , employees purchased 76,844 shares, 75,023 shares and 77,671 shares, respectively, under this plan. Other – As of February 28, 2019 , there was $86.3 million of total unrecognized compensation cost related to nonvested stock-based compensation arrangements granted under our stock-based employee compensation plans. This cost is expected to be recognized in our results of operations over a weighted-average period of 2.4 years . With respect to the issuance of shares under any of our stock-based compensation plans, we have the option to issue authorized but unissued shares or treasury shares. |
Net Income Per Common Share Att
Net Income Per Common Share Attributable to CBI | 12 Months Ended |
Feb. 28, 2019 | |
Earnings Per Share [Abstract] | |
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO CBI | NET INCOME PER COMMON SHARE ATTRIBUTABLE TO CBI: The computation of basic and diluted net income per common share is as follows: For the Years Ended February 28, 2019 February 28, 2018 February 28, 2017 Common Stock Common Stock Common Stock Class A Class B Class A Class B Class A Class B (in millions, except per share data) Net income attributable to CBI allocated – basic $ 3,049.5 $ 386.4 $ 2,049.9 $ 253.5 $ 1,364.3 $ 164.3 Conversion of Class B common shares into Class A common shares 386.4 — 253.5 — 164.3 — Effect of stock-based awards on allocated net income — (8.3 ) — (6.3 ) — (3.1 ) Net income attributable to CBI allocated – diluted $ 3,435.9 $ 378.1 $ 2,303.4 $ 247.2 $ 1,528.6 $ 161.2 Weighted average common shares outstanding – basic 167.249 23.321 171.457 23.336 175.934 23.353 Conversion of Class B common shares into Class A common shares 23.321 — 23.336 — 23.353 — Stock-based awards, primarily stock options 4.962 — 5.952 — 4.812 — Weighted average common shares outstanding – diluted 195.532 23.321 200.745 23.336 204.099 23.353 Net income per common share attributable to CBI – basic $ 18.24 $ 16.57 $ 11.96 $ 10.86 $ 7.76 $ 7.04 Net income per common share attributable to CBI – diluted $ 17.57 $ 16.21 $ 11.47 $ 10.59 $ 7.49 $ 6.90 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Feb. 28, 2019 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS: Other comprehensive income (loss) attributable to CBI includes the following components: Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (in millions) For the Year Ended February 28, 2017 Other comprehensive income attributable to CBI: Foreign currency translation adjustments: Net loss $ (78.3 ) $ (0.7 ) $ (79.0 ) Reclassification adjustments 111.5 — 111.5 Net gain recognized in other comprehensive income 33.2 (0.7 ) 32.5 Unrealized loss on cash flow hedges: Net derivative loss (34.7 ) 11.7 (23.0 ) Reclassification adjustments 45.2 (14.1 ) 31.1 Net gain recognized in other comprehensive income 10.5 (2.4 ) 8.1 Unrealized gain on AFS debt securities: Net AFS debt securities gain 0.4 0.1 0.5 Reclassification adjustments — — — Net gain recognized in other comprehensive income 0.4 0.1 0.5 Pension/postretirement adjustments: Net actuarial gain 0.3 (0.1 ) 0.2 Reclassification adjustments 11.5 (0.1 ) 11.4 Net gain recognized in other comprehensive income 11.8 (0.2 ) 11.6 Other comprehensive income attributable to CBI $ 55.9 $ (3.2 ) $ 52.7 For the Year Ended February 28, 2018 Other comprehensive income (loss) attributable to CBI: Foreign currency translation adjustments: Net gain $ 147.3 $ (1.6 ) $ 145.7 Reclassification adjustments — — — Net gain recognized in other comprehensive income 147.3 (1.6 ) 145.7 Unrealized gain on cash flow hedges: Net derivative gain 76.7 (21.5 ) 55.2 Reclassification adjustments (2.9 ) 0.2 (2.7 ) Net gain recognized in other comprehensive income 73.8 (21.3 ) 52.5 Unrealized loss on AFS debt securities: Net AFS debt securities loss — (0.2 ) (0.2 ) Reclassification adjustments — — — Net loss recognized in other comprehensive income — (0.2 ) (0.2 ) Pension/postretirement adjustments: Net actuarial loss (1.7 ) 0.6 (1.1 ) Reclassification adjustments — — — Net loss recognized in other comprehensive income (1.7 ) 0.6 (1.1 ) Other comprehensive income attributable to CBI $ 219.4 $ (22.5 ) $ 196.9 Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (in millions) For the Year Ended February 28, 2019 Other comprehensive income (loss) attributable to CBI: Foreign currency translation adjustments: Net loss $ (194.2 ) $ — $ (194.2 ) Reclassification adjustments — — — Net loss recognized in other comprehensive loss (194.2 ) — (194.2 ) Unrealized gain on cash flow hedges: Net derivative gain 8.3 5.0 13.3 Reclassification adjustments (3.6 ) 0.9 (2.7 ) Net gain recognized in other comprehensive loss 4.7 5.9 10.6 Unrealized loss on AFS debt securities: Net AFS debt securities loss (0.4 ) 0.1 (0.3 ) Reclassification adjustments 1.9 0.9 2.8 Net gain recognized in other comprehensive loss 1.5 1.0 2.5 Pension/postretirement adjustments: Net actuarial gain 0.4 (0.1 ) 0.3 Reclassification adjustments 0.3 (0.1 ) 0.2 Net gain recognized in other comprehensive loss 0.7 (0.2 ) 0.5 Share of OCI of equity method investments: Net gain 38.7 (9.1 ) 29.6 Reclassification adjustments — — — Net gain recognized in other comprehensive loss 38.7 (9.1 ) 29.6 Other comprehensive loss attributable to CBI $ (148.6 ) $ (2.4 ) $ (151.0 ) Accumulated other comprehensive loss, net of income tax effect, includes the following components: Foreign Currency Translation Adjustments Net Unrealized Gain on Derivative Instruments Net Unrealized Loss on AFS Debt Securities Pension/ Postretirement Adjustments Share of OCI of Equity Method Investments Accumulated Other Comprehensive Loss (in millions) Balance, February 28, 2018 $ (212.3 ) $ 14.5 $ (2.5 ) $ (2.6 ) $ — $ (202.9 ) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification adjustments (194.2 ) 13.3 (0.3 ) 0.3 29.6 (151.3 ) Amounts reclassified from accumulated other comprehensive income (loss) — (2.7 ) 2.8 0.2 — 0.3 Other comprehensive income (loss) (194.2 ) 10.6 2.5 0.5 29.6 (151.0 ) Balance, February 28, 2019 $ (406.5 ) $ 25.1 $ — $ (2.1 ) $ 29.6 $ (353.9 ) |
Significant Customers and Conce
Significant Customers and Concentration of Credit Risk | 12 Months Ended |
Feb. 28, 2019 | |
Risks and Uncertainties [Abstract] | |
SIGNIFICANT CUSTOMERS AND CONCENTRATION OF CREDIT RISK | SIGNIFICANT CUSTOMERS AND CONCENTRATION OF CREDIT RISK: Net sales to our five largest customers represented 32.7% , 32.5% and 32.6% of our net sales for the years ended February 28, 2019 , February 28, 2018 , and February 28, 2017 , respectively. Net sales to our five largest customers are expected to continue to represent a significant portion of our revenues. Net sales to an individual customer which amount to 10% or more of our net sales , and the associated amounts receivable from this customer as a percentage of our accounts receivable, are as follows: For the Years Ended February 28, February 28, February 28, Southern Glazer’s Wine and Spirits Net sales 12.9 % 13.0 % 14.1 % Accounts receivable 30.8 % 28.1 % 32.1 % Net sales for the above customer are primarily reported within the Wine and Spirits segment. Our arrangements with certain of our customers may, generally, be terminated by either party with prior notice. The majority of our accounts receivable balance is generated from sales to independent distributors with whom we have a predetermined collection date arranged through electronic funds transfer. We perform ongoing credit evaluations of our customers’ financial position, and management is of the opinion that any risk of significant loss is reduced due to the diversity of our customers and geographic sales area. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Feb. 28, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | CONDENSED CONSOLIDATING FINANCIAL INFORMATION: The following information sets forth the condensed consolidating balance sheets as of February 28, 2019 , and February 28, 2018 , the condensed consolidating statements of comprehensive income for the years ended February 28, 2019 , February 28, 2018 , and February 28, 2017 , and the condensed consolidating statements of cash flows for the years ended February 28, 2019 , February 28, 2018 , and February 28, 2017 , 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 the Summary of Significant Accounting Policies in Note 1 . 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 February 28, 2019 Current assets: Cash and cash equivalents $ 11.0 $ 2.6 $ 80.0 $ — $ 93.6 Accounts receivable 435.6 370.6 40.7 — 846.9 Inventories 197.7 1,485.4 609.9 (162.6 ) 2,130.4 Intercompany receivable 29,712.5 33,775.4 20,050.6 (83,538.5 ) — Prepaid expenses and other 89.9 78.1 446.7 (1.6 ) 613.1 Total current assets 30,446.7 35,712.1 21,227.9 (83,702.7 ) 3,684.0 Property, plant and equipment 85.3 786.8 4,395.2 — 5,267.3 Investments in subsidiaries 26,533.8 1,599.6 2,982.1 (31,115.5 ) — Goodwill — 6,185.5 1,903.3 — 8,088.8 Intangible assets — 605.0 2,593.1 — 3,198.1 Intercompany notes receivable 3,218.6 — 38.6 (3,257.2 ) — Equity method investments — 1.7 3,463.9 — 3,465.6 Securities measured as fair value — — 3,234.7 — 3,234.7 Deferred income taxes 69.2 — 2,183.3 (69.2 ) 2,183.3 Other assets 17.3 1.1 91.3 — 109.7 Total assets $ 60,370.9 $ 44,891.8 $ 42,113.4 $ (118,144.6 ) $ 29,231.5 Current liabilities: Short-term borrowings $ 732.5 $ — $ 59.0 $ — $ 791.5 Current maturities of long-term debt 1,052.8 12.2 0.2 — 1,065.2 Accounts payable 59.6 141.3 415.8 — 616.7 Intercompany payable 33,787.6 31,428.9 18,322.0 (83,538.5 ) — Other accrued expenses and liabilities 374.3 184.0 156.6 (24.5 ) 690.4 Total current liabilities 36,006.8 31,766.4 18,953.6 (83,563.0 ) 3,163.8 Long-term debt, less current maturities 11,743.4 16.0 0.4 — 11,759.8 Intercompany notes payable 38.5 2,694.4 524.3 (3,257.2 ) — Deferred income taxes and other liabilities 31.2 540.5 955.9 (56.9 ) 1,470.7 Total liabilities 47,819.9 35,017.3 20,434.2 (86,877.1 ) 16,394.3 CBI stockholders’ equity 12,551.0 9,874.5 21,393.0 (31,267.5 ) 12,551.0 Noncontrolling interests — — 286.2 — 286.2 Total stockholders’ equity 12,551.0 9,874.5 21,679.2 (31,267.5 ) 12,837.2 Total liabilities and stockholders’ equity $ 60,370.9 $ 44,891.8 $ 42,113.4 $ (118,144.6 ) $ 29,231.5 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Balance Sheet at February 28, 2018 Current assets: Cash and cash equivalents $ 4.6 $ 4.4 $ 81.3 $ — $ 90.3 Accounts receivable 2.0 12.6 761.6 — 776.2 Inventories 184.3 1,537.5 546.6 (184.4 ) 2,084.0 Intercompany receivable 27,680.0 37,937.5 18,940.8 (84,558.3 ) — Prepaid expenses and other 138.4 77.7 311.0 (3.6 ) 523.5 Total current assets 28,009.3 39,569.7 20,641.3 (84,746.3 ) 3,474.0 Property, plant and equipment 76.2 775.7 3,937.8 — 4,789.7 Investments in subsidiaries 20,948.7 442.0 5,876.9 (27,267.6 ) — Goodwill — 6,185.5 1,897.6 — 8,083.1 Intangible assets — 718.2 2,586.6 — 3,304.8 Intercompany notes receivable 6,236.4 2,435.4 — (8,671.8 ) — Equity method investments — 1.9 119.6 — 121.5 Securities measured at fair value — — 672.2 — 672.2 Deferred income taxes 17.4 — — (17.4 ) — Other assets 15.7 2.8 74.9 — 93.4 Total assets $ 55,303.7 $ 50,131.2 $ 35,806.9 $ (120,703.1 ) $ 20,538.7 Current liabilities: Short-term borrowings $ 266.9 $ — $ 479.9 $ — $ 746.8 Current maturities of long-term debt 7.1 15.0 0.2 — 22.3 Accounts payable 63.4 128.3 400.5 — 592.2 Intercompany payable 37,408.2 30,029.7 17,120.4 (84,558.3 ) — Other accrued expenses and liabilities 356.2 199.3 150.5 (27.7 ) 678.3 Total current liabilities 38,101.8 30,372.3 18,151.5 (84,586.0 ) 2,039.6 Long-term debt, less current maturities 9,166.9 9.1 241.6 — 9,417.6 Intercompany notes payable — 5,029.2 3,642.6 (8,671.8 ) — Deferred income taxes and other liabilities 59.9 493.5 553.8 (17.4 ) 1,089.8 Total liabilities 47,328.6 35,904.1 22,589.5 (93,275.2 ) 12,547.0 CBI stockholders’ equity 7,975.1 14,227.1 13,200.8 (27,427.9 ) 7,975.1 Noncontrolling interests — — 16.6 — 16.6 Total stockholders’ equity 7,975.1 14,227.1 13,217.4 (27,427.9 ) 7,991.7 Total liabilities and stockholders’ equity $ 55,303.7 $ 50,131.2 $ 35,806.9 $ (120,703.1 ) $ 20,538.7 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2019 Sales $ 2,996.9 $ 7,323.1 $ 3,905.8 $ (5,341.5 ) $ 8,884.3 Excise taxes (359.3 ) (396.2 ) (12.8 ) — (768.3 ) Net sales 2,637.6 6,926.9 3,893.0 (5,341.5 ) 8,116.0 Cost of product sold (2,060.3 ) (5,399.8 ) (1,924.2 ) 5,348.6 (4,035.7 ) Gross profit 577.3 1,527.1 1,968.8 7.1 4,080.3 Selling, general and administrative expenses (548.1 ) (908.7 ) (233.6 ) 22.3 (1,668.1 ) Operating income 29.2 618.4 1,735.2 29.4 2,412.2 Equity in earnings (losses) of equity method investees and subsidiaries and related activities 3,889.6 (39.4 ) 482.9 (4,302.5 ) 30.6 Unrealized net gain on securities measured at fair value — — 1,971.2 — 1,971.2 Net gain on sale of unconsolidated investment — — 99.8 — 99.8 Interest income 0.6 — 11.4 — 12.0 Intercompany interest income 259.7 647.1 6.3 (913.1 ) — Interest expense (361.7 ) (1.0 ) (16.4 ) — (379.1 ) Intercompany interest expense (547.1 ) (196.3 ) (169.7 ) 913.1 — Loss on extinguishment of debt (1.7 ) — — — (1.7 ) Income before income taxes 3,268.6 1,028.8 4,120.7 (4,273.1 ) 4,145.0 (Provision for) benefit from income taxes 167.3 (250.2 ) (598.1 ) (4.9 ) (685.9 ) Net income 3,435.9 778.6 3,522.6 (4,278.0 ) 3,459.1 Net income attributable to noncontrolling interests — — (23.2 ) — (23.2 ) Net income attributable to CBI $ 3,435.9 $ 778.6 $ 3,499.4 $ (4,278.0 ) $ 3,435.9 Comprehensive income attributable to CBI $ 3,284.9 $ 777.7 $ 3,358.4 $ (4,136.1 ) $ 3,284.9 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2018 Sales $ 2,953.5 $ 6,822.8 $ 3,499.6 $ (4,953.8 ) $ 8,322.1 Excise taxes (353.5 ) (375.6 ) (12.7 ) — (741.8 ) Net sales 2,600.0 6,447.2 3,486.9 (4,953.8 ) 7,580.3 Cost of product sold (2,080.3 ) (4,809.5 ) (1,795.7 ) 4,917.7 (3,767.8 ) Gross profit 519.7 1,637.7 1,691.2 (36.1 ) 3,812.5 Selling, general and administrative expenses (468.8 ) (820.0 ) (259.9 ) 16.0 (1,532.7 ) Operating income 50.9 817.7 1,431.3 (20.1 ) 2,279.8 Equity in earnings (losses) of equity method investees and subsidiaries and related activities 2,515.1 (13.9 ) 547.8 (3,014.4 ) 34.6 Unrealized net gain on securities measured at fair value and related activities — — 452.6 — 452.6 Interest income 0.4 — 1.9 — 2.3 Intercompany interest income 240.9 491.1 4.2 (736.2 ) — Interest expense (279.1 ) (1.1 ) (54.1 ) — (334.3 ) Intercompany interest expense (395.3 ) (195.6 ) (145.3 ) 736.2 — Loss on extinguishment of debt (81.8 ) — (15.2 ) — (97.0 ) Income before income taxes 2,051.1 1,098.2 2,223.2 (3,034.5 ) 2,338.0 (Provision for) benefit from income taxes 252.3 (74.2 ) (180.9 ) (19.9 ) (22.7 ) Net income 2,303.4 1,024.0 2,042.3 (3,054.4 ) 2,315.3 Net income attributable to noncontrolling interests — — (11.9 ) — (11.9 ) Net income attributable to CBI $ 2,303.4 $ 1,024.0 $ 2,030.4 $ (3,054.4 ) $ 2,303.4 Comprehensive income attributable to CBI $ 2,500.3 $ 1,024.4 $ 2,232.4 $ (3,256.8 ) $ 2,500.3 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2017 Sales $ 2,824.2 $ 6,252.4 $ 3,535.1 $ (4,560.5 ) $ 8,051.2 Excise taxes (351.9 ) (320.8 ) (57.4 ) — (730.1 ) Net sales 2,472.3 5,931.6 3,477.7 (4,560.5 ) 7,321.1 Cost of product sold (1,974.5 ) (4,373.8 ) (1,949.9 ) 4,496.1 (3,802.1 ) Gross profit 497.8 1,557.8 1,527.8 (64.4 ) 3,519.0 Selling, general and administrative expenses (417.2 ) (707.5 ) (290.5 ) 22.8 (1,392.4 ) Gain on sale of business (23.4 ) (4.3 ) 290.1 — 262.4 Operating income 57.2 846.0 1,527.4 (41.6 ) 2,389.0 Equity in earnings (losses) of equity method investees and subsidiaries and related activities 1,656.1 (31.1 ) 410.4 (2,008.1 ) 27.3 Interest income 0.4 — 1.4 — 1.8 Intercompany interest income 227.1 402.7 3.6 (633.4 ) — Interest expense (280.0 ) (1.5 ) (53.6 ) — (335.1 ) Intercompany interest expense (311.1 ) (197.4 ) (124.9 ) 633.4 — Income before income taxes 1,349.7 1,018.7 1,764.3 (2,049.7 ) 2,083.0 (Provision for) benefit from income taxes 178.9 (385.1 ) (347.6 ) 3.5 (550.3 ) Net income 1,528.6 633.6 1,416.7 (2,046.2 ) 1,532.7 Net income attributable to noncontrolling interests — — (4.1 ) — (4.1 ) Net income attributable to CBI $ 1,528.6 $ 633.6 $ 1,412.6 $ (2,046.2 ) $ 1,528.6 Comprehensive income attributable to CBI $ 1,581.3 $ 633.5 $ 1,435.0 $ (2,068.5 ) $ 1,581.3 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2019 Net cash provided by operating activities $ 169.8 $ 353.1 $ 1,880.4 $ (157.0 ) $ 2,246.3 Cash flows from investing activities: Investments in equity method investees and securities — (0.1 ) (4,081.4 ) — (4,081.5 ) Purchases of property, plant and equipment (34.4 ) (104.2 ) (747.7 ) — (886.3 ) Purchases of businesses, net of cash acquired — (19.5 ) (26.1 ) — (45.6 ) Proceeds from sale of unconsolidated investment — — 110.2 — 110.2 Proceeds from sales of assets 0.6 41.1 30.6 — 72.3 Net proceeds from intercompany notes 525.1 — — (525.1 ) — Net investment in equity affiliates (3,927.8 ) (11.1 ) — 3,938.9 — Other investing activities — — (0.9 ) — (0.9 ) Net cash used in investing activities (3,436.5 ) (93.8 ) (4,715.3 ) 3,413.8 (4,831.8 ) Cash flows from financing activities: Dividends paid to parent company — — (209.5 ) 209.5 — Net contributions from equity affiliates — 25.8 3,965.6 (3,991.4 ) — Net proceeds from (repayments of) intercompany notes 214.9 (256.9 ) (483.1 ) 525.1 — Proceeds from issuance of long-term debt 3,645.6 — 12.0 — 3,657.6 Proceeds from shares issued under equity compensation plans 63.2 — — — 63.2 Net proceeds from (repayments of) short-term borrowings 465.6 — (420.1 ) — 45.5 Dividends paid (557.7 ) — — — (557.7 ) Purchases of treasury stock (504.3 ) — — — (504.3 ) Principal payments of long-term debt (19.6 ) (17.2 ) (26.0 ) — (62.8 ) Payments of debt issuance, debt extinguishment and other financing costs (34.6 ) — — — (34.6 ) Payments of minimum tax withholdings on stock-based payment awards — (12.8 ) (0.8 ) — (13.6 ) Net cash provided by (used in) financing activities 3,273.1 (261.1 ) 2,838.1 (3,256.8 ) 2,593.3 Effect of exchange rate changes on cash and cash equivalents — — (4.5 ) — (4.5 ) Net increase (decrease) in cash and cash equivalents 6.4 (1.8 ) (1.3 ) — 3.3 Cash and cash equivalents, beginning of year 4.6 4.4 81.3 — 90.3 Cash and cash equivalents, end of year $ 11.0 $ 2.6 $ 80.0 $ — $ 93.6 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2018 Net cash provided by (used in) operating activities $ (374.5 ) $ 1,288.2 $ 1,017.7 $ — $ 1,931.4 Cash flows from investing activities: Investments in equity method investees and securities — (0.1 ) (210.8 ) — (210.9 ) Purchases of property, plant and equipment (21.3 ) (128.3 ) (908.0 ) — (1,057.6 ) Purchases of businesses, net of cash acquired — (70.9 ) (79.2 ) — (150.1 ) Proceeds from sales of assets 0.1 — 5.8 — 5.9 Payments related to sale of business — — (5.0 ) — (5.0 ) Net proceeds from intercompany notes 265.8 — 3.8 (269.6 ) — Net investment in equity affiliates (1,355.0 ) — — 1,355.0 — Other investing activities (6.2 ) — 0.8 — (5.4 ) Net cash used in investing activities (1,116.6 ) (199.3 ) (1,192.6 ) 1,085.4 (1,423.1 ) Cash flows from financing activities: Dividends paid to parent company — — (70.0 ) 70.0 — Net contributions from equity affiliates — 0.9 1,424.1 (1,425.0 ) — Net proceeds from (repayments of) intercompany notes (211.0 ) (1,041.1 ) 982.5 269.6 — Proceeds from issuance of long-term debt 5,886.4 — 2,047.0 — 7,933.4 Proceeds from shares issued under equity compensation plan 49.4 — — — 49.4 Net proceeds from short-term borrowings 33.3 — 103.9 — 137.2 Dividends paid (400.1 ) — — — (400.1 ) Purchases of treasury stock (1,038.5 ) — — — (1,038.5 ) Principal payments of long-term debt (2,717.8 ) (19.1 ) (4,391.8 ) — (7,128.7 ) Payments of debt issuance, debt extinguishment and other financing costs (115.6 ) — (6.6 ) — (122.2 ) Payments of minimum tax withholdings on stock-based payment awards — (30.5 ) (1.2 ) — (31.7 ) Net cash provided by (used in) financing activities 1,486.1 (1,089.8 ) 87.9 (1,085.4 ) (601.2 ) Effect of exchange rate changes on cash and cash equivalents — — 5.8 — 5.8 Net decrease in cash and cash equivalents (5.0 ) (0.9 ) (81.2 ) — (87.1 ) Cash and cash equivalents, beginning of year 9.6 5.3 162.5 — 177.4 Cash and cash equivalents, end of year $ 4.6 $ 4.4 $ 81.3 $ — $ 90.3 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2017 Net cash provided by operating activities $ 341.4 $ 1,051.5 $ 958.5 $ (655.4 ) $ 1,696.0 Cash flows from investing activities: Investments in equity method investees and securities — (0.1 ) (17.0 ) — (17.1 ) Purchases of property, plant and equipment (12.8 ) (89.8 ) (804.8 ) — (907.4 ) Purchases of businesses, net of cash acquired — — (1,111.0 ) — (1,111.0 ) Proceeds from sales of assets 0.7 — 1.4 — 2.1 Proceeds from sale of business (9.9 ) — 585.2 — 575.3 Net proceeds from intercompany notes 422.0 — — (422.0 ) — Net returns of capital from equity affiliates 470.7 — — (470.7 ) — Other investing activities — — (3.7 ) — (3.7 ) Net cash provided by (used in) investing activities 870.7 (89.9 ) (1,349.9 ) (892.7 ) (1,461.8 ) Cash flows from financing activities: Dividends paid to parent company — — (868.7 ) 868.7 — Net returns of capital to equity affiliates — (22.0 ) (235.4 ) 257.4 — Net proceeds from (repayments of) intercompany notes (20.2 ) (855.4 ) 453.6 422.0 — Proceeds from issuance of long-term debt 600.0 — 1,365.6 — 1,965.6 Proceeds from shares issued under equity compensation plans 59.7 — — — 59.7 Net proceeds from (repayments of) short-term borrowings 231.0 — (33.9 ) — 197.1 Dividends paid (315.1 ) — — — (315.1 ) Purchases of treasury stock (1,122.7 ) — — — (1,122.7 ) Principal payments of long-term debt (767.6 ) (20.6 ) (183.6 ) — (971.8 ) Payments of debt issuance, debt extinguishment and other financing costs (5.0 ) — (9.1 ) — (14.1 ) Payments of minimum tax withholdings on stock-based payment awards — (61.9 ) (3.0 ) — (64.9 ) Excess tax benefits from stock-based payment awards 131.4 — — — 131.4 Net cash provided by (used in) financing activities (1,208.5 ) (959.9 ) 485.5 1,548.1 (134.8 ) Effect of exchange rate changes on cash and cash equivalents — — (5.1 ) — (5.1 ) Net increase in cash and cash equivalents 3.6 1.7 89.0 — 94.3 Cash and cash equivalents, beginning of year 6.0 3.6 73.5 — 83.1 Cash and cash equivalents, end of year $ 9.6 $ 5.3 $ 162.5 $ — $ 177.4 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Feb. 28, 2019 | |
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, our portfolio consists of high-end imported and craft beer brands. 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 portfolio that includes higher-margin, higher-growth wine brands complemented by certain higher-end spirits brands. Amounts included in the Corporate Operations and Other segment consist of costs of executive management, corporate development, corporate finance, corporate growth and strategy, human resources, internal audit, investor relations, legal, public relations and information technology, as well as our investments in Canopy Growth Corporation and those made through our corporate venture capital function. All costs 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 resources are allocated, how operating performance 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 Comparable Adjustments. 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 Years Ended February 28, February 28, February 28, (in millions) Cost of product sold Accelerated depreciation $ (8.9 ) $ — $ — Settlements of undesignated commodity derivative contracts (8.6 ) 2.3 23.4 Flow through of inventory step-up (4.9 ) (18.7 ) (20.1 ) Loss on inventory write-down (3.3 ) (19.1 ) — Net gain on undesignated commodity derivative contracts 1.8 7.4 16.3 Other losses (6.0 ) — (2.2 ) Total cost of product sold (29.9 ) (28.1 ) 17.4 For the Years Ended February 28, February 28, February 28, (in millions) Selling, general and administrative expenses Impairment of intangible assets (108.0 ) (86.8 ) (37.6 ) Net loss on foreign currency derivative contracts associated with acquisition of investment (32.6 ) — — Restructuring and other strategic business development costs (17.1 ) (14.0 ) (0.9 ) Deferred compensation (16.3 ) — — Transaction, integration and other acquisition-related costs (10.2 ) (8.1 ) (14.2 ) Loss on contract termination (1) — (59.0 ) — Costs associated with the Canadian Divestiture and related activities — (3.2 ) (20.4 ) Other gains (losses) (2) 10.1 10.5 (2.6 ) Total selling, general and administrative expenses (174.1 ) (160.6 ) (75.7 ) Gain on sale of business — — 262.4 Comparable Adjustments, Operating income (loss) $ (204.0 ) $ (188.7 ) $ 204.1 (1) Represents a loss incurred in connection with the early termination of a beer glass supply contract with an affiliate of Owens-Illinois. (2) Includes a gain of $8.5 million for the year ended February 28, 2019, in connection with the sale of certain non-core assets and a gain of $8.1 million for the year ended February 28, 2018, in connection with the reduction in estimated fair value of a contingent liability associated with a prior period acquisition. The accounting policies of the segments are the same as those described for the Company in the Summary of Significant Accounting Policies in Note 1 . Segment information is as follows: For the Years Ended February 28, February 28, February 28, (in millions) Beer Net sales $ 5,202.1 $ 4,660.4 $ 4,227.3 Segment operating income $ 2,042.9 $ 1,840.2 $ 1,532.4 Long-lived tangible assets $ 4,050.1 $ 3,611.6 $ 2,810.0 Total assets $ 15,044.1 $ 12,325.2 $ 11,325.3 Capital expenditures $ 720.0 $ 882.6 $ 759.2 Depreciation and amortization $ 203.5 $ 168.8 $ 114.9 Wine and Spirits Net sales: Wine $ 2,532.5 $ 2,556.3 $ 2,732.7 Spirits 381.4 363.6 361.1 Net sales $ 2,913.9 $ 2,919.9 $ 3,093.8 Segment operating income $ 771.2 $ 794.1 $ 792.4 Income from unconsolidated investments $ 33.4 $ 34.4 $ 29.2 Long-lived tangible assets $ 1,125.5 $ 1,080.7 $ 992.9 Equity method investments $ 79.7 $ 80.7 $ 77.6 Total assets $ 7,305.7 $ 7,217.4 $ 6,976.6 Capital expenditures $ 129.5 $ 151.1 $ 100.0 Depreciation and amortization $ 98.4 $ 94.0 $ 99.4 For the Years Ended February 28, February 28, February 28, (in millions) Corporate Operations and Other Segment operating loss $ (197.9 ) $ (165.8 ) $ (139.9 ) Income (loss) from unconsolidated investments $ (16.7 ) $ 0.2 $ (0.2 ) Long-lived tangible assets $ 91.7 $ 97.4 $ 129.9 Equity method investments $ 3,385.9 $ 40.8 $ 21.1 Total assets $ 6,881.7 $ 996.1 $ 300.5 Capital expenditures $ 36.8 $ 23.9 $ 48.2 Depreciation and amortization $ 28.3 $ 36.9 $ 31.4 Comparable Adjustments Operating income (loss) $ (204.0 ) $ (188.7 ) $ 204.1 Income (loss) from unconsolidated investments $ 2,084.9 $ 452.6 $ (1.7 ) Depreciation and amortization $ 8.9 $ — $ 2.2 Consolidated Net sales $ 8,116.0 $ 7,580.3 $ 7,321.1 Operating income $ 2,412.2 $ 2,279.8 $ 2,389.0 Income from unconsolidated investments (1) $ 2,101.6 $ 487.2 $ 27.3 Long-lived tangible assets $ 5,267.3 $ 4,789.7 $ 3,932.8 Equity method investments $ 3,465.6 $ 121.5 $ 98.7 Total assets $ 29,231.5 $ 20,538.7 $ 18,602.4 Capital expenditures $ 886.3 $ 1,057.6 $ 907.4 Depreciation and amortization $ 339.1 $ 299.7 $ 247.9 (1) Income from unconsolidated investments consists of: For the Years Ended February 28, February 28, February 28, (in millions) Unrealized net gain on securities measured at fair value $ 1,971.2 $ 464.3 $ — Net gain on sale of unconsolidated investment 99.8 — — Equity in earnings from equity method investees and related activities 30.6 34.6 27.3 Other (i) — (11.7 ) — $ 2,101.6 $ 487.2 $ 27.3 (i) Net loss on foreign currency derivative contracts associated with November 2017 Canopy securities measured at fair value Our principal area of operation is in the U.S. Current operations outside the U.S. are in Mexico for the Beer segment and primarily in New Zealand, Italy and Canada for the Wine and Spirits segment. Revenues are attributed to countries based on the location of the customer. Geographic data is as follows: For the Years Ended February 28, February 28, February 28, (in millions) Net sales U.S. $ 7,894.8 $ 7,325.4 $ 6,797.3 Non-U.S. (primarily Canada) 221.2 254.9 523.8 $ 8,116.0 $ 7,580.3 $ 7,321.1 February 28, February 28, (in millions) Long-lived tangible assets U.S. $ 1,127.7 $ 1,124.5 Non-U.S. (primarily Mexico) 4,139.6 3,665.2 $ 5,267.3 $ 4,789.7 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Feb. 28, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT: In April 2019, we entered into a definitive agreement to sell a portion of our wine and spirits business, including approximately 30 lower-margin, lower-growth wine and spirits brands, wineries, vineyards, offices and facilities, for approximately $1.7 billion , subject to certain adjustments (the “Wine and Spirits Transaction”). The Wine and Spirits Transaction is subject to the satisfaction of certain closing conditions, including receipt of required regulatory approval, and is expected to close around the end of our first quarter of fiscal 2020. We expect to use the net cash proceeds from the Wine and Spirits Transaction primarily to reduce outstanding borrowings. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Feb. 28, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED): A summary of selected quarterly financial information is as follows: QUARTER ENDED May 31, August 31, November 30, February 28, Full Year (in millions, except per share data) Fiscal 2019 Net sales $ 2,047.1 $ 2,299.1 $ 1,972.6 $ 1,797.2 $ 8,116.0 Gross profit $ 1,048.6 $ 1,168.2 $ 970.0 $ 893.5 $ 4,080.3 Net income attributable to CBI (1) $ 743.8 $ 1,149.5 $ 303.1 $ 1,239.5 $ 3,435.9 Net income per common share attributable to CBI (1) (2) : Basic – Class A Common Stock $ 3.93 $ 6.11 $ 1.62 $ 6.57 $ 18.24 Basic – Class B Convertible Common Stock $ 3.57 $ 5.55 $ 1.47 $ 5.97 $ 16.57 Diluted – Class A Common Stock $ 3.77 $ 5.87 $ 1.56 $ 6.37 $ 17.57 Diluted – Class B Convertible Common Stock $ 3.48 $ 5.41 $ 1.45 $ 5.87 $ 16.21 QUARTER ENDED May 31, August 31, November 30, February 28, Full Year (in millions, except per share data) Fiscal 2018 Net sales $ 1,928.5 $ 2,087.9 $ 1,801.9 $ 1,762.0 $ 7,580.3 Gross profit $ 988.3 $ 1,068.7 $ 910.3 $ 845.2 $ 3,812.5 Net income attributable to CBI (1) $ 398.5 $ 501.6 $ 492.8 $ 910.5 $ 2,303.4 Net income per common share attributable to CBI (1) (2) : Basic – Class A Common Stock $ 2.07 $ 2.59 $ 2.55 $ 4.76 $ 11.96 Basic – Class B Convertible Common Stock $ 1.88 $ 2.36 $ 2.32 $ 4.32 $ 10.86 Diluted – Class A Common Stock $ 1.98 $ 2.49 $ 2.45 $ 4.56 $ 11.47 Diluted – Class B Convertible Common Stock $ 1.83 $ 2.30 $ 2.26 $ 4.21 $ 10.59 (1) Includes the following: QUARTER ENDED (in millions, net of income tax effect) May 31, August 31, November 30, February 28, Unrealized net gain (loss) on securities measured at fair value $ 224.1 $ 595.1 $ (168.4 ) $ 911.7 Net gain (loss) on sale of unconsolidated investment $ 99.5 $ (1.6 ) $ — $ — Impairment of intangible assets $ — $ — $ — $ (81.0 ) QUARTER ENDED May 31, August 31, November 30, February 28, Unrealized net gain on securities measured at fair value $ — $ — $ 138.7 $ 264.0 Net income tax benefit related to the TCJ Act $ — $ — $ — $ 351.2 Impairment of intangible assets $ (54.4 ) $ — $ — $ — (2) The sum of the quarterly net income per common share for Fiscal 2019 and Fiscal 2018 may not equal the total computed for the respective years as the net income per common share is computed independently for each of the quarters presented and for the full year. |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 28, 2019 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation: Our consolidated financial statements include our accounts and our majority-owned and controlled domestic and foreign subsidiaries. In addition, we have an equally-owned joint venture with Owens-Illinois. The joint venture owns and operates a state-of-the-art glass production plant which provides bottles exclusively for our brewery located in Nava, Coahuila, Mexico (the “Nava Brewery”). We have determined that we are the primary beneficiary of this variable interest entity and accordingly, the results of operations of the joint venture are reported in the Beer segment and are included in our consolidated results of operations. All intercompany accounts and transactions are eliminated in consolidation. |
Equity method investments | Equity method investments: If we are not required to consolidate our investment in another entity, we use the equity method when we (i) can exercise significant influence over the other entity and (ii) hold common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, plus or minus our equity in the increases and decreases in the investee’s net assets after the date of acquisition. We monitor our equity method investments for factors indicating other-than-temporary impairment. Dividends received from the investee reduce the carrying amount of the investment. |
Management's use of estimates | Management’s use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
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. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We adopted this guidance on March 1, 2018, using the retrospective application method to allow for comparable reporting in all periods throughout the year ending February 28, 2019. Based on our analysis, we concluded that the adoption of the amended guidance did not have a material impact on our net sales recognition. However, the broad definition of variable consideration under this guidance requires us to estimate and recognize certain variable payments resulting from various sales incentives earlier than we have historically recognized them. This change in the timing of when we recognize sales incentives resulted in a shift in net sales recognition primarily between our fiscal quarters. Under the retrospective application method, we recognized the cumulative effect of adopting this guidance in the first quarter of fiscal 2019 with a reduction to our March 1, 2016, opening retained earnings of $49.0 million , net of income tax effect, with an offsetting increase to current accrued promotion expense and the recognition of a deferred tax asset to align the timing of when we recognize sales incentive expense and when we recognize revenue. The effects of the retrospective application method on our consolidated financial statements for the periods presented in this report are as follows: As Previously Reported Revenue Recognition Adjustments As Adjusted (in millions ) Consolidated Balance Sheet at February 28, 2018 Other accrued expenses and liabilities $ 583.4 $ 94.9 $ 678.3 Total current liabilities $ 1,944.7 $ 94.9 $ 2,039.6 Deferred income taxes and other liabilities (including deferred income taxes – as previously reported, $718.3 million; as adjusted, $694.4 million) $ 1,113.7 $ (23.9 ) $ 1,089.8 Total liabilities $ 12,476.0 $ 71.0 $ 12,547.0 Retained earnings $ 9,228.2 $ (71.0 ) $ 9,157.2 Total stockholders’ equity $ 8,062.7 $ (71.0 ) $ 7,991.7 For the Year Ended February 28, 2018 For the Year Ended February 28, 2017 As Revenue As As Revenue As (in millions, except per share data ) Consolidated Statements of Comprehensive Income Sales $ 8,326.8 $ (4.7 ) $ 8,322.1 $ 8,061.6 $ (10.4 ) $ 8,051.2 Net sales $ 7,585.0 $ (4.7 ) $ 7,580.3 $ 7,331.5 $ (10.4 ) $ 7,321.1 Gross profit $ 3,817.2 $ (4.7 ) $ 3,812.5 $ 3,529.4 $ (10.4 ) $ 3,519.0 Operating income $ 2,284.5 $ (4.7 ) $ 2,279.8 $ 2,399.4 $ (10.4 ) $ 2,389.0 Income before income taxes $ 2,342.7 $ (4.7 ) $ 2,338.0 $ 2,093.4 $ (10.4 ) $ 2,083.0 Provision for income taxes $ (11.9 ) $ (10.8 ) $ (22.7 ) $ (554.2 ) $ 3.9 $ (550.3 ) Net income $ 2,330.8 $ (15.5 ) $ 2,315.3 $ 1,539.2 $ (6.5 ) $ 1,532.7 Net income attributable to CBI $ 2,318.9 $ (15.5 ) $ 2,303.4 $ 1,535.1 $ (6.5 ) $ 1,528.6 Comprehensive income attributable to CBI $ 2,515.8 $ (15.5 ) $ 2,500.3 $ 1,587.8 $ (6.5 ) $ 1,581.3 Net income per common share attributable to CBI: Basic – Class A Common Stock $ 12.04 $ (0.08 ) $ 11.96 $ 7.79 $ (0.03 ) $ 7.76 Basic – Class B Convertible Common Stock $ 10.93 $ (0.07 ) $ 10.86 $ 7.07 $ (0.03 ) $ 7.04 Diluted – Class A Common Stock $ 11.55 $ (0.08 ) $ 11.47 $ 7.52 $ (0.03 ) $ 7.49 Diluted – Class B Convertible Common Stock $ 10.66 $ (0.07 ) $ 10.59 $ 6.93 $ (0.03 ) $ 6.90 The adoption of the revenue recognition guidance had no impact to cash flows from operating, financing or investing activities in our consolidated statements of cash flows for the years ended February 28, 2018, and February 28, 2017. Revenue recognition: Effective March 1, 2018, we adopted the FASB amended guidance regarding the recognition of revenue from contracts with customers using the retrospective application method (see “Recently adopted accounting guidance – Revenue recognition” below for impacts of adoption). Our revenue (referred to in our financial statements as “sales”) consists primarily of the sale of beer, wine and spirits domestically in the U.S. Sales of products are for cash or otherwise agreed-upon credit terms. Our payment terms vary by location and customer, however, the time period between when revenue is recognized and when payment is due is not significant. Our customers consist primarily of wholesale distributors. Our revenue generating activities have a single performance obligation and are recognized at the point in time when control transfers and our obligation has been fulfilled, which is when the related goods are shipped or delivered to the customer, depending upon the method of distribution and shipping terms. Revenue is measured as the amount of consideration we expect to receive in exchange for the sale of our product. Our sales terms do not allow for a right of return except for matters related to any manufacturing defects on our part. Amounts billed to customers for shipping and handling are included in sales. As noted, the majority of our revenues are generated from the domestic sale of beer, wine and spirits to wholesale distributors in the U.S. Our other revenue generating activities include the export of certain of our products to select international markets, as well as the sale of our products through state alcohol beverage control agencies and on-premise, retail locations in certain markets. We have evaluated these other revenue generating activities under the disaggregation disclosure criteria outlined within the amended guidance and concluded that these other revenue generating activities are immaterial for separate disclosure. See Note 22 for disclosure of net sales by product type. Sales reflect reductions attributable to consideration given to customers in various customer incentive programs, including pricing discounts on single transactions, volume discounts, promotional and advertising allowances, coupons and rebates. This variable consideration is recognized as a reduction of the transaction price based upon expected amounts at the time revenue for the corresponding product sale is recognized. For example, customer promotional discount programs are entered into with certain distributors for certain periods of time. The amount ultimately reimbursed to distributors is determined based upon agreed-upon promotional discounts which are applied to distributors’ sales to retailers. Other common forms of variable consideration include volume rebates for meeting established sales targets, and coupons and mail-in rebates offered to the end consumer. The determination of the reduction of the transaction price for variable consideration requires that we make certain estimates and assumptions that affect the timing and amounts of revenue and liabilities recognized. We estimate this variable consideration by taking into account factors such as the nature of the promotional activity, historical information and current trends, availability of actual results and expectations of customer and consumer behavior. Excise taxes remitted to tax authorities are government-imposed excise taxes on our beverage alcohol products. Excise taxes are shown on a separate line item as a reduction of sales and are recognized in our results of operations when the related product sale is recognized. Excise taxes are recognized as a current liability in other accrued expenses and liabilities, with the liability subsequently reduced when the taxes are remitted to the tax authority. |
Cost of product sold | Cost of product sold: The types of costs included in cost of product sold are raw materials, packaging materials, manufacturing costs, plant administrative support and overheads, and freight and warehouse costs (including distribution network costs). Distribution network costs include inbound freight charges and outbound shipping and handling costs, purchasing and receiving costs, inspection costs, warehousing and internal transfer costs. |
Selling, general and administrative expenses | Selling, general and administrative expenses: The types of costs included in selling, general and administrative expenses consist predominately of advertising and non-manufacturing administrative and overhead costs. Distribution network costs are included in cost of product sold. |
Advertising expenses | We expense advertising costs as incurred, shown or distributed. |
Foreign currency translation | Foreign currency translation: The functional currency of our foreign subsidiaries is generally the respective local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate for the period. The resulting translation adjustments are recognized as a component of Accumulated Other Comprehensive Income (Loss) (“AOCI”). Gains or losses resulting from foreign currency denominated transactions are included in selling, general and administrative expenses. |
Cash and cash equivalents | Cash and cash equivalents: Cash equivalents consist of highly liquid investments with an original maturity when purchased of three months or less and are stated at cost, which approximates fair value. |
Fair value of financial instruments | Fair value of financial instruments: We calculate the estimated fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available, we use standard pricing models for various types of financial instruments (such as forwards, options, swaps and convertible debt) which take into account the present value of estimated future cash flows (see Note 7 ). |
Derivative instruments | Derivative instruments: We enter into derivative instruments to manage our exposure to fluctuations in foreign currency exchange rates, commodity prices and interest rates. We enter into derivatives for risk management purposes only, including derivatives designated in hedge accounting relationships as well as those derivatives utilized as economic hedges. We do not enter into derivatives for trading or speculative purposes. We recognize all derivatives as either assets or liabilities and measure those instruments at estimated fair value (see Note 6 and Note 7 ). We present our derivative positions gross on our balance sheets. Effective March 1, 2018, we adopted FASB guidance which amends, among other items, the requirement to separately measure and report hedge ineffectiveness for outstanding cash flow hedges. Accordingly, the entire change in the fair value of outstanding cash flow hedges is deferred in stockholders’ equity as a component of AOCI prospectively from the date of adoption. For the years ended February 28, 2018, and February 28, 2017, changes in fair values of outstanding cash flow hedges deferred in stockholders’ equity as a component of AOCI consisted only of amounts deemed effective, with ineffectiveness associated for these derivative instruments recognized immediately in our results of operations for the applicable period. For all periods presented herein, gains or losses deferred in stockholders’ equity as a component of AOCI are recognized in our results of operations in the same period in which the hedged items are recognized and on the same financial statement line item as the hedged items. Changes in fair values for derivative instruments not designated in a hedge accounting relationship are recognized directly in our results of operations each period and on the same financial statement line item as the hedged item. For purposes of measuring segment operating performance, the net gain (loss) from the changes in fair value of our undesignated commodity derivative contracts, prior to settlement, is reported outside of segment operating results until such time that the underlying exposure is recognized in the segment operating results. Upon settlement, the net gain (loss) from the changes in fair value of the undesignated commodity derivative contracts is reported in the appropriate operating segment, allowing our operating segment results to reflect the economic effects of the commodity derivative contracts without the resulting unrealized mark to fair value volatility. Cash flows from the settlement of derivatives, including both economic hedges and those designated in hedge accounting relationships, appear on our statements of cash flows in the same categories as the cash flows of the hedged items. |
Inventories | Inventories: Inventories are stated at the lower of cost (primarily computed in accordance with the first-in, first-out method) or net realizable value. Elements of cost include materials, labor and overhead. Bulk wine inventories are included as in-process inventories within current assets, in accordance with the general practices of the wine industry, although a portion of such inventories may be aged for periods greater than one year. A substantial portion of barreled whiskey and brandy will not be sold within one year because of the duration of the aging process. All barreled whiskey and brandy are classified as in-process inventories and are included in current assets, in accordance with industry practice. Warehousing, insurance, value added taxes and other carrying charges applicable to barreled whiskey and brandy held for aging are included in inventory costs. We assess the valuation of our inventories and reduce the carrying value of those inventories that are obsolete or in excess of our forecasted usage to their estimated net realizable value based on analyses and assumptions including, but not limited to, historical usage, future demand and market requirements. |
Property, plant and equipment | Property, plant and equipment: Property, plant and equipment is stated at cost. Major additions and improvements are recognized as an increase to the property accounts, while maintenance and repairs are expensed as incurred. The cost of properties sold or otherwise disposed of and the related accumulated depreciation are eliminated from the balance sheet accounts at the time of disposal and resulting gains and losses are included as a component of operating income. |
Depreciation | Depreciation: Depreciation is computed primarily using the straight-line method over the following estimated useful lives: Years Land improvements 15 to 32 Vineyards 16 to 26 Buildings and improvements 10 to 50 Machinery and equipment 3 to 35 Motor vehicles 3 to 8 |
Goodwill and other intangible assets | Goodwill and other intangible assets: Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. We review our goodwill and indefinite lived intangible assets annually for impairment, or sooner, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We use January 1 as our annual impairment test measurement date. Indefinite lived intangible assets consist principally of trademarks. Intangible assets determined to have a finite life, primarily customer relationships, are amortized over their estimated useful lives and are subject to review for impairment when events or circumstances indicate that the carrying amount of an asset may not be recoverable. Note 9 provides a summary of intangible assets segregated between amortizable and nonamortizable amounts. |
Indemnification liabilities | Indemnification liabilities: We have indemnified respective parties against certain liabilities that may arise in connection with certain acquisitions and divestitures. Indemnification liabilities are recognized when probable and estimable and included in deferred income taxes and other liabilities (see Note 15 ). |
Income taxes | Income taxes: We use the asset and liability method of accounting for income taxes. This method accounts for deferred income taxes by applying statutory rates in effect at the balance sheet date to the difference between the financial reporting and tax bases of assets and liabilities. We provide for taxes that may be payable if undistributed earnings of foreign subsidiaries were to be remitted to the U.S., except for those earnings that we consider to be indefinitely reinvested (see Note 13 ). Interest and penalties are recognized as a component of provision for income taxes. Income taxes: In October 2016, the FASB issued guidance that simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Under this guidance, an entity is required to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Prior guidance prohibited the recognition in earnings of current and deferred income taxes for an intra-entity asset transfer until the asset had been sold to an outside party or recovered through use. We adopted this guidance on March 1, 2018, using the modified retrospective basis, which requires a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. Based on our assessment of intra-entity asset transfers that are in scope and the related deferred income taxes, we recognized the cumulative effect of adopting this guidance in the first quarter of fiscal 2019 with a net increase to our March 1, 2018, opening retained earnings and deferred tax assets of approximately $2.2 billion , primarily in connection with the intra-entity transfer of certain intellectual property related to our imported beer business for the year ended February 28, 2018. In connection with a change in forecast within that business for the fourth quarter of fiscal 2019, we recognized a tax benefit of $50.1 million from the reversal of a valuation allowance established in connection with the adoption of this guidance on March 1, 2018. |
Net income per common share attributable to CBI | Net income per common share attributable to CBI: We have two classes of common stock with a material number of shares outstanding: Class A Common Stock and Class B Convertible Common Stock (see Note 16 ). In addition, we have another class of common stock with an immaterial number of shares outstanding: Class 1 Common Stock (see Note 16 ). If we pay a cash dividend on Class B Convertible Common Stock, each share of Class A Common Stock will receive an amount at least ten percent greater than the amount of the cash dividend per share paid on Class B Convertible Common Stock. Class B Convertible Common Stock shares are convertible into shares of Class A Common Stock on a one-to-one basis at any time at the option of the holder. We use the two-class method for the computation and presentation of net income per common share attributable to CBI (hereafter referred to as “net income per common share”) (see Note 18 ). The two-class method is an earnings allocation formula that calculates basic and diluted net income per common share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings as if all such earnings had been distributed during the period. Under the two-class method, Class A Common Stock is assumed to receive a ten percent greater participation in undistributed earnings than Class B Convertible Common Stock, in accordance with the respective minimum dividend rights of each class of stock. Net income per common share – basic excludes the effect of common stock equivalents and is computed using the two-class method. Net income per common share – diluted for Class A Common Stock reflects the potential dilution that could result if securities or other contracts to issue common stock were exercised or converted into common stock. Net income per common share – diluted for Class A Common Stock is computed using the more dilutive of the if-converted or two-class method. Net income per common share – diluted for Class A Common Stock is 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. Net income per common share – diluted for Class B Convertible Common Stock is computed using the two-class method and does not assume conversion of Class B Convertible Common Stock into shares of Class A Common Stock. |
Stock-based employee compensation | Stock-based employee compensation: We have two stock-based employee compensation plans (see Note 17 ). We apply grant date fair-value-based measurement methods in accounting for our stock-based payment arrangements and recognize all costs resulting from stock-based payment transactions, net of expected forfeitures, ratably over the requisite service period. Stock-based awards are subject to specific vesting conditions, generally time vesting, or upon retirement, disability or death of the employee (as defined by the plan), if earlier. For awards granted to retirement-eligible employees, we recognize compensation expense ratably over the period from the date of grant to the date of retirement-eligibility. |
Leases | Leases: In February 2016, the FASB issued guidance for the accounting for leases. Under this guidance, a lessee will recognize assets and liabilities on its balance sheet for most leases, but will recognize expense similar to current lease accounting guidance. Additionally, this guidance requires enhanced disclosures regarding the amount, timing and uncertainty of cash flows arising from leasing arrangements. We adopted this guidance on March 1, 2019, using the modified retrospective approach. We will apply the transition method which does not require adjustments to comparative periods or require modified disclosures for those comparative periods for Fiscal 2020. The guidance provides a number of optional practical expedients in transition. We have elected all of the available transition practical expedients, other than the use-of-hindsight. We are finalizing the implementation of changes to our accounting policies, systems and controls, including the implementation of new leasing software capable of producing the required data for accounting and disclosure purposes. The adoption of this guidance did not have a material impact on our results of operations or liquidity. We expect to recognize new right-of-use assets and lease liabilities associated with our operating leases of approximately $600.0 million to $650.0 million in the first quarter of fiscal 2020. The guidance also provides practical expedients for an entity’s ongoing accounting. We have elected the short-term lease recognition exemption which allows us to not recognize right-of-use assets and lease liabilities for all leases with an initial term of 12 months or less. We have also elected the practical expedient to not separate lease and non-lease components for all of our leases. |
Description of Business, Basi_3
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Accounting Policies [Abstract] | |
Estimated useful lives for depreciation | Depreciation is computed primarily using the straight-line method over the following estimated useful lives: Years Land improvements 15 to 32 Vineyards 16 to 26 Buildings and improvements 10 to 50 Machinery and equipment 3 to 35 Motor vehicles 3 to 8 The major components of property, plant and equipment are as follows: February 28, February 28, (in millions) Land and land improvements $ 456.7 $ 438.0 Vineyards 221.3 238.3 Buildings and improvements 1,067.3 883.0 Machinery and equipment 3,931.1 3,548.3 Motor vehicles 81.8 93.6 Construction in progress 1,214.3 1,072.5 6,972.5 6,273.7 Less – Accumulated depreciation (1,705.2 ) (1,484.0 ) $ 5,267.3 $ 4,789.7 |
Effect of retrospective application method on consolidated financial statements | The effects of the retrospective application method on our consolidated financial statements for the periods presented in this report are as follows: As Previously Reported Revenue Recognition Adjustments As Adjusted (in millions ) Consolidated Balance Sheet at February 28, 2018 Other accrued expenses and liabilities $ 583.4 $ 94.9 $ 678.3 Total current liabilities $ 1,944.7 $ 94.9 $ 2,039.6 Deferred income taxes and other liabilities (including deferred income taxes – as previously reported, $718.3 million; as adjusted, $694.4 million) $ 1,113.7 $ (23.9 ) $ 1,089.8 Total liabilities $ 12,476.0 $ 71.0 $ 12,547.0 Retained earnings $ 9,228.2 $ (71.0 ) $ 9,157.2 Total stockholders’ equity $ 8,062.7 $ (71.0 ) $ 7,991.7 For the Year Ended February 28, 2018 For the Year Ended February 28, 2017 As Revenue As As Revenue As (in millions, except per share data ) Consolidated Statements of Comprehensive Income Sales $ 8,326.8 $ (4.7 ) $ 8,322.1 $ 8,061.6 $ (10.4 ) $ 8,051.2 Net sales $ 7,585.0 $ (4.7 ) $ 7,580.3 $ 7,331.5 $ (10.4 ) $ 7,321.1 Gross profit $ 3,817.2 $ (4.7 ) $ 3,812.5 $ 3,529.4 $ (10.4 ) $ 3,519.0 Operating income $ 2,284.5 $ (4.7 ) $ 2,279.8 $ 2,399.4 $ (10.4 ) $ 2,389.0 Income before income taxes $ 2,342.7 $ (4.7 ) $ 2,338.0 $ 2,093.4 $ (10.4 ) $ 2,083.0 Provision for income taxes $ (11.9 ) $ (10.8 ) $ (22.7 ) $ (554.2 ) $ 3.9 $ (550.3 ) Net income $ 2,330.8 $ (15.5 ) $ 2,315.3 $ 1,539.2 $ (6.5 ) $ 1,532.7 Net income attributable to CBI $ 2,318.9 $ (15.5 ) $ 2,303.4 $ 1,535.1 $ (6.5 ) $ 1,528.6 Comprehensive income attributable to CBI $ 2,515.8 $ (15.5 ) $ 2,500.3 $ 1,587.8 $ (6.5 ) $ 1,581.3 Net income per common share attributable to CBI: Basic – Class A Common Stock $ 12.04 $ (0.08 ) $ 11.96 $ 7.79 $ (0.03 ) $ 7.76 Basic – Class B Convertible Common Stock $ 10.93 $ (0.07 ) $ 10.86 $ 7.07 $ (0.03 ) $ 7.04 Diluted – Class A Common Stock $ 11.55 $ (0.08 ) $ 11.47 $ 7.52 $ (0.03 ) $ 7.49 Diluted – Class B Convertible Common Stock $ 10.66 $ (0.07 ) $ 10.59 $ 6.93 $ (0.03 ) $ 6.90 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Business Combinations [Abstract] | |
Net gain associated with the Canadian Divestiture | In total, we have recognized $238.8 million of net gains associated with the Canadian Divestiture, with $242.0 million of net gains recognized for the year ended February 28, 2017, and $3.2 million of net losses recognized for the year ended February 28, 2018, as follows: (in millions) Gain on sale of business $ 262.4 Impairment of trademarks (8.4 ) Other net costs (15.2 ) Net gain associated with the Canadian Divestiture and related activities $ 238.8 The following table summarizes the net gain recognized in connection with this divestiture: (in millions) Cash received from buyer $ 580.2 Net assets sold (175.3 ) AOCI reclassification adjustments, primarily foreign currency translation (122.5 ) Direct costs to sell (9.9 ) Other (10.1 ) Gain on sale of business $ 262.4 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Inventory Disclosure [Abstract] | |
Components of inventories | The components of inventories are as follows: February 28, February 28, (in millions ) Raw materials and supplies $ 182.6 $ 160.8 In-process inventories 1,480.5 1,382.8 Finished case goods 467.3 540.4 $ 2,130.4 $ 2,084.0 |
Prepaid Expenses and Other (Tab
Prepaid Expenses and Other (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of prepaid expenses and other | The major components of prepaid expenses and other are as follows: February 28, February 28, (in millions ) Value added taxes receivable $ 315.8 $ 209.9 Income taxes receivable 105.2 121.0 Prepaid excise and sales taxes 48.1 59.2 Other 144.0 133.4 $ 613.1 $ 523.5 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Property, Plant and Equipment [Abstract] | |
Components of property, plant and equipment | Depreciation is computed primarily using the straight-line method over the following estimated useful lives: Years Land improvements 15 to 32 Vineyards 16 to 26 Buildings and improvements 10 to 50 Machinery and equipment 3 to 35 Motor vehicles 3 to 8 The major components of property, plant and equipment are as follows: February 28, February 28, (in millions) Land and land improvements $ 456.7 $ 438.0 Vineyards 221.3 238.3 Buildings and improvements 1,067.3 883.0 Machinery and equipment 3,931.1 3,548.3 Motor vehicles 81.8 93.6 Construction in progress 1,214.3 1,072.5 6,972.5 6,273.7 Less – Accumulated depreciation (1,705.2 ) (1,484.0 ) $ 5,267.3 $ 4,789.7 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
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: February 28, February 28, (in millions ) Derivative instruments designated as hedging instruments Foreign currency contracts $ 1,579.3 $ 1,465.4 Derivative instruments not designated as hedging instruments Foreign currency contracts $ 460.3 $ 440.6 Commodity derivative contracts $ 284.7 $ 177.5 |
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 7 ): Assets Liabilities February 28, February 28, February 28, February 28, (in millions) Derivative instruments designated as hedging instruments Foreign currency contracts: Prepaid expenses and other $ 14.1 $ 21.2 Other accrued expenses and liabilities $ 8.8 $ 7.8 Other assets $ 22.1 $ 17.0 Deferred income taxes and other liabilities $ 6.3 $ 9.9 Derivative instruments not designated as hedging instruments Foreign currency contracts: Prepaid expenses and other $ 2.0 $ 2.1 Other accrued expenses and liabilities $ 0.6 $ 2.2 Commodity derivative contracts: Prepaid expenses and other $ 6.1 $ 6.3 Other accrued expenses and liabilities $ 6.1 $ 3.0 Other assets $ 2.6 $ 2.8 Deferred income taxes and other liabilities $ 5.5 $ 2.6 |
Effect of derivative instruments on our results of operations | The principal 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 Location of Net Gain (Loss) Reclassified from AOCI to Income Net Gain (Loss) Reclassified from AOCI to Income (in millions) For the Year Ended February 28, 2019 Foreign currency contracts $ 15.9 Sales $ 0.4 Cost of product sold 4.1 $ 15.9 $ 4.5 For the Year Ended February 28, 2018 Foreign currency contracts $ 61.4 Sales $ (1.4 ) Cost of product sold 1.3 Interest rate swap contracts (1.5 ) Interest expense 2.2 $ 59.9 $ 2.1 For the Year Ended February 28, 2017 Foreign currency contracts $ (26.1 ) Sales $ 1.1 Cost of product sold (28.3 ) Interest rate swap contracts 2.8 Interest expense (4.0 ) $ (23.3 ) $ (31.2 ) 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 Gain (Loss) Recognized in Income Net Gain (Loss) Recognized in Income (in millions) For the Year Ended February 28, 2019 Commodity derivative contracts Cost of product sold $ 1.8 Foreign currency contracts Selling, general and administrative expenses (60.8 ) Interest rate swap contracts Interest expense 35.0 $ (24.0 ) For the Year Ended February 28, 2018 Commodity derivative contracts Cost of product sold $ 7.5 Foreign currency contracts Selling, general and administrative expenses 6.0 $ 13.5 For the Year Ended February 28, 2017 Commodity derivative contracts Cost of product sold $ 16.3 Foreign currency contracts Selling, general and administrative expenses (26.1 ) $ (9.8 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement inputs | As of February 28, 2019 , the inputs used to estimate the fair value of the Canopy Debt Securities are as follows: Conversion price (1) C$ 48.17 Expected volatility (2) 45.9 % Valuation date stock price (3) C$ 62.38 Risk-free interest rate (4) 1.8 % Remaining term (5) 4.4 years Expected dividend yield (6) 0.0 % (1) Based on the rate which the Canopy Debt Securities may be converted into equity shares, or the equivalent amount of cash, at the option of the issuer. (2) Based on historical volatility levels of the underlying equity security reduced to account for certain risks not incorporated into the option-pricing model. (3) Based on the closing market price for Canopy common stock on the TSX as of the applicable date. (4) Based on the implied yield currently available on Canadian Treasury zero coupon issues with a term equal to the remaining contractual term of the debt securities. (5) Based on the contractual maturity date of the notes. (6) Based on historical dividend levels. The inputs used to estimate the fair value of the warrants are as follows: February 28, 2019 February 28, November 2018 Canopy Warrants November 2017 Canopy Warrants November 2017 Canopy Warrants Issue date exercise price (1) C$ 50.40 C$ 12.98 C$ 12.98 Valuation date stock price (1) C$ 62.38 C$ 62.38 C$ 27.35 Expected life (2) 2.7 years 1.2 years 2.2 years Expected volatility (3) 79.3 % 87.8 % 70.9 % Risk-free interest rate (4) 1.8 % 1.8 % 1.8 % Expected dividend yield (5) 0.0 % 0.0 % 0.0 % (1) Based on the closing market price for Canopy common stock on the Toronto Stock Exchange (“TSX”) as of the applicable date. (2) Based on the expiration date of the warrants. (3) Based on historical volatility levels of the underlying equity security. (4) Based on the implied yield currently available on Canadian Treasury zero coupon issues with a remaining term equal to the expected life. (5) Based on historical dividend levels. The inputs used to estimate the fair value of the November 2018 Canopy Warrants as of November 1, 2018, are as follows: Issue date exercise price C$ 50.40 Expected volatility 75.9 % Valuation date stock price C$ 48.43 Risk-free interest rate 2.4 % Expected life 3.0 years Expected dividend yield 0.0 % |
Financial assets and liabilities measured at 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) February 28, 2019 Assets: Foreign currency contracts $ — $ 38.2 $ — $ 38.2 Commodity derivative contracts $ — $ 8.7 $ — $ 8.7 Equity securities (1) (2) $ — $ 3,023.2 $ — $ 3,023.2 Canopy Debt Securities (2) $ — $ 211.5 $ — $ 211.5 Liabilities: Foreign currency contracts $ — $ 15.7 $ — $ 15.7 Commodity derivative contracts $ — $ 11.6 $ — $ 11.6 February 28, 2018 Assets: Foreign currency contracts $ — $ 40.3 $ — $ 40.3 Commodity derivative contracts $ — $ 9.1 $ — $ 9.1 Equity securities (1) (2) $ 402.4 $ 253.2 $ — $ 655.6 Debt securities, AFS $ — $ — $ 16.6 $ 16.6 Liabilities: Foreign currency contracts $ — $ 19.9 $ — $ 19.9 Commodity derivative contracts $ — $ 5.6 $ — $ 5.6 (1) Equity securities consist of: February 28, February 28, (in millions) November 2017 Canopy Investment (i) $ — $ 402.4 November 2017 Canopy Warrants 718.7 253.2 November 2018 Canopy Warrants 2,304.5 — $ 3,023.2 $ 655.6 (2) Unrealized net gain from the changes in fair value of our securities measured at fair value recognized in income from unconsolidated investments, are as follows: February 28, February 28, (in millions) November 2017 Canopy Investment (i) $ 292.5 $ 272.3 November 2017 Canopy Warrants 465.5 192.0 November 2018 Canopy Warrants 1,157.7 — Canopy Debt Securities 55.5 — $ 1,971.2 $ 464.3 (i) Accounted for at fair value from the date of investment in November 2017 through October 31, 2018. Accounted for under the equity method from November 1, 2018. |
Assets and liabilities measured at fair value on a nonrecurring basis | The following table presents our assets and liabilities measured at estimated fair value on a nonrecurring basis for which an impairment assessment was performed for the periods presented. Impairment losses are included in selling, general and administrative for the periods presented: Fair Value Measurements Using Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses (in millions) For the Year Ended February 28, 2019 Trademarks $ — $ — $ 28.0 $ 108.0 For the Year Ended February 28, 2018 Trademarks $ — $ — $ 136.0 $ 86.8 For the Year Ended February 28, 2017 Trademarks $ — $ — $ — $ 46.0 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
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, 2017 $ 5,053.0 $ 2,867.5 $ 7,920.5 Purchase accounting allocations (1) 63.9 56.2 120.1 Foreign currency translation adjustments 40.7 1.8 42.5 Balance, February 28, 2018 5,157.6 2,925.5 8,083.1 Purchase accounting allocations (2) 22.3 2.7 25.0 Foreign currency translation adjustments (12.0 ) (7.3 ) (19.3 ) Balance, February 28, 2019 $ 5,167.9 $ 2,920.9 $ 8,088.8 (1) Purchase accounting allocations associated primarily with the acquisitions of the Obregon Brewery ( $13.8 million ) and Funky Buddha (Beer), and Schrader Cellars (Wine and Spirits). (2) Preliminary purchase accounting allocations associated primarily with the acquisition of Four Corners (Beer). |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Major components of intangible assets, Amortizable intangible assets | The major components of intangible assets are as follows: February 28, 2019 February 28, 2018 Gross Carrying Amount Net Carrying Amount Gross Carrying Amount Net Carrying Amount (in millions) Amortizable intangible assets Customer relationships $ 89.9 $ 39.1 $ 89.8 $ 44.2 Other 20.5 0.9 20.3 1.4 Total $ 110.4 40.0 $ 110.1 45.6 Nonamortizable intangible assets Trademarks 3,158.1 3,259.2 Total intangible assets $ 3,198.1 $ 3,304.8 |
Major components of intangible assets, Nonamortizable intangible assets | The major components of intangible assets are as follows: February 28, 2019 February 28, 2018 Gross Carrying Amount Net Carrying Amount Gross Carrying Amount Net Carrying Amount (in millions) Amortizable intangible assets Customer relationships $ 89.9 $ 39.1 $ 89.8 $ 44.2 Other 20.5 0.9 20.3 1.4 Total $ 110.4 40.0 $ 110.1 45.6 Nonamortizable intangible assets Trademarks 3,158.1 3,259.2 Total intangible assets $ 3,198.1 $ 3,304.8 |
Estimated amortization expense | Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows: (in millions) 2020 $ 5.8 2021 $ 5.4 2022 $ 5.1 2023 $ 3.3 2024 $ 1.6 Thereafter $ 18.8 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity method investments | The following table presents summarized financial information for Canopy presented in accordance with U.S. GAAP. The amounts shown represent 100% of Canopy’s financial position as of December 31, 2018, and results of operations from the date of our investment on November 1, 2018, through December 31, 2018. We recognize our equity in earnings (losses) for Canopy on a two-month lag. Accordingly, we recognized our share of Canopy’s losses from November and December 2018, which was included in Canopy’s third quarter fiscal 2019 results, in our fourth quarter fiscal 2019 results. February 28, 2019 For the Year Ended February 28, 2019 (in millions) Current assets $ 3,800.7 Net sales $ 48.6 Noncurrent assets $ 2,466.0 Gross profit $ 11.2 Current liabilities $ 216.8 Net loss $ (39.6 ) Noncurrent liabilities $ 668.2 Net loss attributable to Canopy $ (27.8 ) Noncontrolling interests $ 143.3 Our equity method investments are as follows: February 28, 2019 February 28, 2018 Carrying Value Ownership Percentage Carrying Value Ownership Percentage (in millions) Canopy Equity Method Investment $ 3,332.1 36.0 % $ — — % Other equity method investments 133.5 20%-50% 121.5 20%-50% $ 3,465.6 $ 121.5 |
Fair value measurement inputs | As of February 28, 2019 , the inputs used to estimate the fair value of the Canopy Debt Securities are as follows: Conversion price (1) C$ 48.17 Expected volatility (2) 45.9 % Valuation date stock price (3) C$ 62.38 Risk-free interest rate (4) 1.8 % Remaining term (5) 4.4 years Expected dividend yield (6) 0.0 % (1) Based on the rate which the Canopy Debt Securities may be converted into equity shares, or the equivalent amount of cash, at the option of the issuer. (2) Based on historical volatility levels of the underlying equity security reduced to account for certain risks not incorporated into the option-pricing model. (3) Based on the closing market price for Canopy common stock on the TSX as of the applicable date. (4) Based on the implied yield currently available on Canadian Treasury zero coupon issues with a term equal to the remaining contractual term of the debt securities. (5) Based on the contractual maturity date of the notes. (6) Based on historical dividend levels. The inputs used to estimate the fair value of the warrants are as follows: February 28, 2019 February 28, November 2018 Canopy Warrants November 2017 Canopy Warrants November 2017 Canopy Warrants Issue date exercise price (1) C$ 50.40 C$ 12.98 C$ 12.98 Valuation date stock price (1) C$ 62.38 C$ 62.38 C$ 27.35 Expected life (2) 2.7 years 1.2 years 2.2 years Expected volatility (3) 79.3 % 87.8 % 70.9 % Risk-free interest rate (4) 1.8 % 1.8 % 1.8 % Expected dividend yield (5) 0.0 % 0.0 % 0.0 % (1) Based on the closing market price for Canopy common stock on the Toronto Stock Exchange (“TSX”) as of the applicable date. (2) Based on the expiration date of the warrants. (3) Based on historical volatility levels of the underlying equity security. (4) Based on the implied yield currently available on Canadian Treasury zero coupon issues with a remaining term equal to the expected life. (5) Based on historical dividend levels. The inputs used to estimate the fair value of the November 2018 Canopy Warrants as of November 1, 2018, are as follows: Issue date exercise price C$ 50.40 Expected volatility 75.9 % Valuation date stock price C$ 48.43 Risk-free interest rate 2.4 % Expected life 3.0 years Expected dividend yield 0.0 % |
Other Accrued Expenses and Li_2
Other Accrued Expenses and Liabilities (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Payables and Accruals [Abstract] | |
Components of other accrued expenses and liabilities | The major components of other accrued expenses and liabilities are as follows: February 28, February 28, (in millions) Promotions and advertising $ 181.2 $ 209.0 Salaries, commissions, and payroll benefits and withholdings 163.1 149.0 Accrued interest 107.3 86.7 Income taxes payable 24.5 48.5 Accrued excise taxes 21.0 28.7 Other 193.3 156.4 $ 690.4 $ 678.3 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | As of February 28, 2019 , information with respect to borrowings under the 2018 Credit Agreement and the Term Credit Agreement is as follows: 2018 Credit Agreement Term Credit Agreement Revolving Credit Facility U.S. Term A Facility (1) Three-Year Term Facility (1) Five-Year Term Facility (1) (in millions) Outstanding borrowings $ 59.0 $ 492.8 $ 499.5 $ 986.9 Interest rate 3.6 % 4.0 % 3.6 % 3.8 % LIBOR margin 1.13 % 1.50 % 1.13 % 1.25 % Outstanding letters of credit $ 10.8 Remaining borrowing capacity (2) $ 1,196.7 (1) Outstanding term loan facility borrowings are net of unamortized debt issuance costs. (2) Net of outstanding revolving credit facility borrowings and outstanding letters of credit under the 2018 Credit Agreement and outstanding borrowings under our commercial paper program of $733.5 million (excluding unamortized discount) (see “Commercial paper program”). Borrowings consist of the following: February 28, 2019 February 28, Current Long-term Total Total (in millions) Short-term borrowings Senior credit facility, Revolving credit loan $ 59.0 $ 79.0 Commercial paper 732.5 266.9 Other — 400.9 $ 791.5 $ 746.8 Long-term debt Senior credit facility, Term loan $ 5.0 $ 487.8 $ 492.8 $ 497.7 Term loan credit facilities 50.0 1,436.4 1,486.4 — Senior notes 997.8 9,819.1 10,816.9 8,674.2 Other 12.4 16.5 28.9 268.0 $ 1,065.2 $ 11,759.8 $ 12,825.0 $ 9,439.9 Our outstanding senior notes are as follows: Date of Outstanding Balance (1) Principal Issuance Maturity Interest Payments February 28, February 28, (in millions) 3.75% Senior Notes (2) (3) $ 500.0 May 2013 May 2021 May/Nov $ 498.6 $ 498.0 4.25% Senior Notes (2) (3) $ 1,050.0 May 2013 May 2023 May/Nov 1,045.4 1,044.4 3.875% Senior Notes (2) (3) $ 400.0 Nov 2014 Nov 2019 May/Nov 399.1 397.9 4.75% Senior Notes (2) (3) $ 400.0 Nov 2014 Nov 2024 May/Nov 396.4 395.9 4.75% Senior Notes (2) (3) $ 400.0 Dec 2015 Dec 2025 Jun/Dec 395.8 395.3 3.70% Senior Notes (2) (4) $ 600.0 Dec 2016 Dec 2026 Jun/Dec 595.4 594.9 2.70% Senior Notes (2) (4) $ 500.0 May 2017 May 2022 May/Nov 496.8 495.9 3.50% Senior Notes (2) (4) $ 500.0 May 2017 May 2027 May/Nov 495.6 495.1 4.50% Senior Notes (2) (4) $ 500.0 May 2017 May 2047 May/Nov 492.9 492.7 2.00% Senior Notes (2) (5) $ 600.0 Nov 2017 Nov 2019 May/Nov 598.6 596.8 2.25% Senior Notes (2) (5) $ 700.0 Nov 2017 Nov 2020 May/Nov 696.8 695.0 2.65% Senior Notes (2) (4) $ 700.0 Nov 2017 Nov 2022 May/Nov 693.9 692.3 3.20% Senior Notes (2) (4) $ 600.0 Feb 2018 Feb 2023 Feb/Aug 596.0 595.0 3.60% Senior Notes (2) (4) $ 700.0 Feb 2018 Feb 2028 Feb/Aug 693.8 693.2 4.10% Senior Notes (2) (4) $ 600.0 Feb 2018 Feb 2048 Feb/Aug 592.0 591.8 Senior Floating Rate Notes (2) (6) $ 650.0 Oct 2018 Nov 2021 Quarterly 646.8 — 4.40% Senior Notes (2) (4) $ 500.0 Oct 2018 Nov 2025 May/Nov 495.4 — 4.65% Senior Notes (2) (4) $ 500.0 Oct 2018 Nov 2028 May/Nov 494.7 — 5.25% Senior Notes (2) (4) $ 500.0 Oct 2018 Nov 2048 May/Nov 492.9 — $ 10,816.9 $ 8,674.2 (1) Amounts are net of unamortized debt issuance costs and unamortized discounts, where applicable. (2) Senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness. Guaranteed by certain of our U.S. subsidiaries on a senior unsecured basis. (3) Redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 50 basis points. (4) Redeemable, in whole or in part, at our option at any time prior to the stated redemption date as defined in the indenture, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the adjusted Treasury Rate plus the stated basis points as defined in the indenture. On or after the stated redemption date, redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest. Redemption Stated Redemption Date Stated Basis Points 3.70% Senior Notes due December 2026 Sept 2026 25 2.70% Senior Notes due May 2022 Apr 2022 15 3.50% Senior Notes due May 2027 Feb 2027 20 4.50% Senior Notes due May 2047 Nov 2046 25 2.65% Senior Notes due November 2022 Oct 2022 15 3.20% Senior Notes due February 2023 Jan 2023 13 3.60% Senior Notes due February 2028 Nov 2027 15 4.10% Senior Notes due February 2048 Aug 2047 20 4.40% Senior Notes due November 2025 Sept 2025 20 4.65% Senior Notes due November 2028 Aug 2028 25 5.25% Senior Notes due November 2048 May 2048 30 (5) Redeemable, in whole or in part, at our option at any time prior to maturity, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 10 basis points. (6) Interest will accrue for each quarterly interest period at a rate equal to three-month LIBOR plus 0.70% per year as determined on the applicable interest determination date as defined in the indenture. Interest is payable quarterly in February, May, August and November. The notes are not redeemable prior to October 30, 2019. On or after this date, the notes are redeemable, in whole or in part, at our option at any time prior to maturity, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest. As of February 28, 2019 , aggregate credit facilities under the 2018 Credit Agreement and the Term Credit Agreement consist of the following: Amount Maturity Amount Maturity (in millions) 2018 Credit Agreement Term Credit Agreement Revolving Credit Facility (1) (2) $ 2,000.0 Sept 14, 2023 Three-Year Term Facility (1) (3) $ 500.0 Nov 1, 2021 U.S. Term A-1 Facility (1) (3) 500.0 July 14, 2024 Five-Year Term Facility (1) (3) 1,000.0 Nov 1, 2023 $ 2,500.0 $ 1,500.0 (1) Contractual interest rate varies based on our debt rating (as defined in the respective agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin, or, in certain circumstances where LIBOR cannot be adequately ascertained or available, an alternative benchmark rate plus a margin. (2) We and/or CB International are the borrower under the $2,000.0 million Revolving Credit Facility. Includes a sub-facility for letters of credit of up to $200.0 million . (3) We are the borrower under the U.S. Term A-1 loan facility, the Three-Year Term Facility and the Five-Year Term Facility. |
Required principal repayments under long-term debt obligations | As of February 28, 2019 , the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $69.6 million and $15.5 million , respectively) for each of the five succeeding fiscal years and thereafter are as follows: (in millions) 2020 $ 1,067.4 2021 764.3 2022 1,710.3 2023 1,856.8 2024 1,842.5 Thereafter 5,668.8 $ 12,910.1 |
Deferred Income Taxes and Oth_2
Deferred Income Taxes and Other Liabilities (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Components of deferred income taxes and other liabilities | The major components of deferred income taxes and other liabilities are as follows: February 28, February 28, (in millions) Deferred income taxes $ 1,029.7 $ 694.4 Unrecognized tax benefit liabilities 239.0 93.7 Long-term income tax payable 95.4 165.6 Other 106.6 136.1 $ 1,470.7 $ 1,089.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Income before income taxes | Income before income taxes was generated as follows: For the Years Ended February 28, February 28, February 28, (in millions) Domestic $ 1,615.9 $ 591.5 $ 777.6 Foreign 2,529.1 1,746.5 1,305.4 $ 4,145.0 $ 2,338.0 $ 2,083.0 |
Components of income tax provision (benefit) | The income tax provision (benefit) consisted of the following: For the Years Ended February 28, February 28, February 28, (in millions) Current Federal $ 4.1 $ 261.1 $ 270.8 State 15.7 20.4 28.5 Foreign 239.2 158.4 126.2 Total current 259.0 439.9 425.5 Deferred Federal 223.9 (475.9 ) 109.9 State 75.0 0.4 7.1 Foreign 128.0 58.3 7.8 Total deferred 426.9 (417.2 ) 124.8 Income tax provision $ 685.9 $ 22.7 $ 550.3 |
Effective income tax rate reconciliation | A reconciliation of the total tax provision (benefit) to the amount computed by applying the statutory U.S. Federal income tax rate to income before provision for (benefit from) income taxes is as follows: For the Years Ended February 28, 2019 February 28, 2018 February 28, 2017 Amount % of Pretax Income Amount % of Pretax Income Amount % of Pretax Income (in millions, except % of pretax income data) Income tax provision at statutory rate $ 870.5 21.0 % $ 765.4 32.7 % $ 729.1 35.0 % State and local income taxes, net of federal income tax benefit (1) 81.3 2.0 % 18.0 0.8 % 23.1 1.1 % Net income tax benefit from TCJ Act (37.6 ) (0.9 %) (351.2 ) (15.0 %) — — % Earnings of subsidiaries taxed at other than U.S. statutory rate (2) (149.0 ) (3.6 %) (319.1 ) (13.7 %) (160.4 ) (7.7 %) Excess tax benefits from stock-based compensation awards (3) (82.9 ) (2.0 %) (68.6 ) (2.9 %) — — % Canadian Divestiture — — % — — % (25.5 ) (1.2 %) Miscellaneous items, net 3.6 — % (21.8 ) (0.9 %) (16.0 ) (0.8 %) Income tax provision at effective rate $ 685.9 16.5 % $ 22.7 1.0 % $ 550.3 26.4 % (1) Includes differences resulting from adjustments to the current and deferred state effective tax rates. (2) Consists of the difference between the U.S. statutory rate and local jurisdiction tax rates, as well as the provision for incremental U.S. taxes on unremitted earnings of certain foreign subsidiaries offset by foreign tax credits and other foreign adjustments. (3) Represents the recognition of the income tax effect of stock-based compensation awards in the income statement when the awards vest or are settled as a result of our March 1, 2017, adoption of FASB amended share-based compensation guidance (see Note 17 ). |
Significant components of deferred tax assets (liabilities) | Significant components of deferred tax assets (liabilities) consist of the following: February 28, February 28, (in millions) Deferred tax assets Intangible assets $ 1,616.7 $ — Loss carryforwards 147.8 106.0 Stock-based compensation 33.4 29.1 Inventory 20.3 18.3 Other accruals 93.4 81.1 Gross deferred tax assets 1,911.6 234.5 Valuation allowances (86.9 ) (112.1 ) Deferred tax assets, net 1,824.7 122.4 Deferred tax liabilities Intangible assets — (499.8 ) Property, plant and equipment (191.5 ) (197.8 ) Investments in unconsolidated investees (448.9 ) (78.2 ) Provision for unremitted earnings (22.8 ) (21.2 ) Derivative instruments (7.9 ) (19.8 ) Total deferred tax liabilities (671.1 ) (816.8 ) Deferred tax assets (liabilities), net $ 1,153.6 $ (694.4 ) |
Reconciliation of unrecognized tax benefit liabilities | The liability for income taxes associated with uncertain tax positions, excluding interest and penalties, and a reconciliation of the beginning and ending unrecognized tax benefit liabilities is as follows: For the Years Ended February 28, February 28, February 28, (in millions) Balance as of March 1 $ 89.3 $ 39.5 $ 30.4 Increases as a result of tax positions taken during a prior period 56.4 7.5 — Decreases as a result of tax positions taken during a prior period (1.4 ) (0.1 ) (11.5 ) Increases as a result of tax positions taken during the current period 88.8 43.8 21.3 Decreases related to settlements with tax authorities (0.8 ) (0.4 ) — Decreases related to lapse of applicable statute of limitations (8.0 ) (1.0 ) (0.7 ) Balance as of last day of February $ 224.3 $ 89.3 $ 39.5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future payments under noncancelable operating leases | Future payments under noncancelable operating leases having initial or remaining terms of one year or more are as follows for each of the five succeeding fiscal years and thereafter: (in millions) 2020 $ 59.0 2021 58.2 2022 51.1 2023 47.9 2024 41.2 Thereafter 302.1 $ 559.5 |
Future minimum purchase commitments and obligations | As of February 28, 2019 , the estimated aggregate minimum purchase obligations under these contracts are as follows: Type Length of Commitment Amount (in millions) Raw materials and supplies (1) Packaging, grapes, hops, malts and other raw materials through May 2034 $ 5,955.1 In-process inventories Bulk wine and spirits through February 2027 100.4 Capital expenditures (2) Property, plant and equipment, and contractor and manufacturing services through February 2022 649.8 Other Processing and warehousing services, transportation services, energy contracts through December 2030 488.9 $ 7,194.2 (1) Certain grape purchasing arrangements include the purchase of grape production yielded from specified blocks of a vineyard. The actual tonnage and price of grapes that we purchase will vary each year depending on certain factors, including weather, time of harvest, overall market conditions and the agricultural practices and location of the vineyard. Amounts included herein for the estimated aggregate minimum grape purchase obligations consist of estimates for the purchase of the grapes and the implicit leases of the land. Upon adoption of the new lease guidance on March 1, 2019, certain grape purchasing arrangements classified as leases will result in the recognition of right-of-use assets and lease liabilities on our balance sheet. However, certain other grape purchasing arrangements classified as leases will not result in the recognition of right-of-use assets and lease liabilities on our balance sheet due to their variable nature. (2) Consists of purchase commitments entered into primarily in connection with the construction of a new, state-of-the-art brewery located in Mexicali, Baja California, Mexico (the “Mexicali Brewery”), and the expansion project for the Obregon Brewery. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Equity [Abstract] | |
Number of shares of common stock issued and treasury stock, and associated share activity | The number of shares of common stock issued and treasury stock, and associated share activity, are as follows: Common Stock Treasury Stock Class A Class B Class 1 Class A Class B Balance at February 29, 2016 255,558,026 28,358,529 2,000 79,454,011 5,005,800 Share repurchases — — — 7,407,051 — Conversion of shares 2 (2 ) — — — Exercise of stock options 1,948,156 — 80 — — Employee stock purchases — — — (77,671 ) — Grant of restricted stock awards — — — (4,088 ) — Vesting of restricted stock units (1) — — — (325,773 ) — Vesting of performance share units (2) — — — (190,559 ) — Balance at February 28, 2017 257,506,184 28,358,527 2,080 86,262,971 5,005,800 Share repurchases — — — 4,810,061 — Conversion of shares 29,640 (23,140 ) (6,500 ) — — Exercise of stock options 1,182,532 — 6,390 — — Employee stock purchases — — — (75,023 ) — Grant of restricted stock awards — — — (3,848 ) — Vesting of restricted stock units (1) — — — (181,994 ) — Vesting of performance share units (2) — — — (68,928 ) — Balance at February 28, 2018 258,718,356 28,335,387 1,970 90,743,239 5,005,800 Retirement of treasury shares (3) (74,000,000 ) — — (74,000,000 ) — Share repurchases — — — 2,352,145 — Conversion of shares 12,968 (12,968 ) — — — Exercise of stock options 1,008,854 — 1,147,654 — — Employee stock purchases — — — (76,844 ) — Grant of restricted stock awards — — — (3,914 ) — Vesting of restricted stock units (1) — — — (24,308 ) — Vesting of performance share units (2) — — — (62,352 ) — Balance at February 28, 2019 185,740,178 28,322,419 1,149,624 18,927,966 5,005,800 (1) Net of 15,409 shares, 117,188 shares and 241,870 shares withheld for the years ended February 28, 2019 , February 28, 2018 , and February 28, 2017 , respectively, to satisfy tax withholding requirements. (2) Net of 44,016 shares, 55,584 shares and 168,811 shares withheld for the years ended February 28, 2019 , February 28, 2018 , and February 28, 2017 , respectively, to satisfy tax withholding requirements. (3) Shares of our Class A Treasury Stock were retired to authorized and unissued shares of our Class A Common Stock. |
Summary of share repurchase activity | A summary of share repurchase activity is as follows: Class A Common Shares Repurchased Repurchase Authorization For the Year Ended February 28, 2019 For the Year Ended February 28, 2018 For the Year Ended February 28, 2017 Date Amount Authorized Dollar Value Number of Shares Dollar Value Number of Shares Dollar Value Number of Shares (in millions, except share data) 2013 Authorization (1) Apr 2012 $1,000.0 $ — — $ — — $ 669.6 4,400,504 2017 Authorization (2) Nov 2016 $1,000.0 — — 546.9 2,530,194 453.1 3,006,547 2018 Authorization (3) Jan 2018 $3,000.0 504.3 2,352,145 491.6 2,279,867 — — $ 504.3 2,352,145 $ 1,038.5 4,810,061 $ 1,122.7 7,407,051 (1) The 2013 Authorization was fully utilized during the year ended February 28, 2017. (2) The 2017 Authorization was fully utilized during the year ended February 28, 2018. (3) As of February 28, 2019, $2,004.1 million remains available for future share repurchase under the 2018 Authorization. The Board of Directors did not specify a date upon which this authorization would expire. |
Stock-Based Employee Compensa_2
Stock-Based Employee Compensation (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Total compensation cost and income tax benefits recognized | Total compensation cost recognized for our stock-based awards and income tax benefits related thereto are as follows: For the Years Ended February 28, February 28, February 28, (in millions) Total compensation cost recognized in our results of operations $ 64.1 $ 60.9 $ 56.1 Income tax benefit related thereto recognized in our results of operations $ 11.6 $ 13.5 $ 18.5 |
Stock option activity | A summary of stock option activity under our Long-Term Stock Incentive Plan is as follows: For the Years Ended February 28, 2019 February 28, 2018 February 28, 2017 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Outstanding as of March 1 7,444,701 $ 56.33 8,070,255 $ 44.31 9,541,393 $ 34.03 Granted 540,640 $ 227.91 624,121 $ 172.70 648,147 $ 157.01 Exercised (2,156,508 ) $ 23.55 (1,188,922 ) $ 31.86 (1,948,236 ) $ 25.79 Forfeited (133,250 ) $ 187.84 (59,725 ) $ 136.08 (170,711 ) $ 109.23 Expired (4,364 ) $ 175.86 (1,028 ) $ 36.13 (338 ) $ 31.92 Outstanding as of last day of February 5,691,219 $ 81.87 7,444,701 $ 56.33 8,070,255 $ 44.31 Exercisable 4,456,486 $ 53.18 5,983,286 $ 34.12 6,456,382 $ 26.66 The fair value of stock options vested, and the intrinsic value of and tax benefit realized from the exercise of stock options, are as follows: For the Years Ended February 28, February 28, February 28, (in millions) Fair value of stock options vested $ 22.8 $ 20.3 $ 20.3 Intrinsic value of stock options exercised $ 348.5 $ 189.9 $ 260.4 Tax benefit realized from stock options exercised $ 82.6 $ 59.8 $ 106.0 |
Fair value of options, weighted average valuation assumptions | The weighted average grant-date fair value of stock options granted and the weighted average inputs used to estimate the fair value on the date of grant using the Black-Scholes option-pricing model are as follows: For the Years Ended February 28, February 28, February 28, Grant-date fair value $ 53.06 $ 42.88 $ 40.09 Expected life (1) 5.9 years 5.9 years 5.9 years Expected volatility (2) 22.3 % 26.0 % 27.1 % Risk-free interest rate (3) 2.9 % 2.0 % 1.6 % Expected dividend yield (4) 1.3 % 1.2 % 1.0 % (1) Based on historical experience of employees’ exercise behavior for similar type awards. (2) Based primarily on historical volatility levels of our Class A Common Stock. (3) Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the expected life. (4) Based on the calculated yield on our Class A Common Stock at date of grant using the current fiscal year projected annualized dividend distribution rate. |
Restricted stock activity | A summary of restricted Class A Common Stock activity under our Long-Term Stock Incentive Plan is as follows: For the Years Ended February 28, 2019 February 28, 2018 February 28, 2017 Number Weighted Average Grant-Date Fair Value Number Weighted Average Grant-Date Fair Value Number Weighted Average Grant-Date Fair Value Restricted Stock Awards Outstanding balance as of March 1, Nonvested 3,848 $ 197.18 4,088 $ 166.34 4,984 $ 119.37 Granted 3,914 $ 214.29 3,848 $ 197.18 4,088 $ 166.34 Vested (3,848 ) $ 197.18 (4,088 ) $ 166.34 (4,984 ) $ 119.37 Outstanding balance as of last day of February, Nonvested 3,914 $ 214.29 3,848 $ 197.18 4,088 $ 166.34 Restricted Stock Units Outstanding balance as of March 1, Nonvested 286,658 $ 157.29 455,699 $ 117.44 917,009 $ 70.23 Granted 108,545 $ 226.97 157,200 $ 178.11 174,187 $ 156.74 Vested (39,717 ) $ 129.57 (299,182 ) $ 109.09 (567,643 ) $ 54.29 Forfeited (41,234 ) $ 182.00 (27,059 ) $ 140.00 (67,854 ) $ 108.56 Outstanding balance as of last day of February, Nonvested 314,252 $ 181.62 286,658 $ 157.29 455,699 $ 117.44 Performance Share Units Outstanding balance as of March 1, Nonvested 227,720 $ 177.90 250,333 $ 141.91 501,261 $ 92.41 Granted 172,468 $ 222.92 55,464 $ 236.79 75,765 $ 190.33 Performance achievement (1) (281 ) $ 155.72 55,081 $ 99.85 105,330 $ 66.50 Vested (106,368 ) $ 147.34 (124,512 ) $ 100.73 (359,370 ) $ 60.50 Forfeited (34,075 ) $ 215.63 (8,646 ) $ 144.57 (72,653 ) $ 144.26 Outstanding balance as of last day of February, Nonvested 259,464 $ 213.27 227,720 $ 177.90 250,333 $ 141.91 (1) Reflects the net number of awards achieved above (below) target levels based on actual performance measured at the end of the performance period. The fair value of shares vested for our restricted Class A Common Stock awards is as follows: For the Years Ended February 28, February 28, February 28, (in millions) Restricted stock awards $ 0.8 $ 0.8 $ 0.8 Restricted stock units $ 9.0 $ 56.5 $ 89.4 Performance share units $ 24.4 $ 21.4 $ 57.2 |
Fair value of performance stock units, weighted average valuation assumptions | The weighted average grant-date fair value of performance share units granted with a market condition and the weighted average inputs used to estimate the fair value on the date of grant using the Monte Carlo Simulation model are as follows: For the Years Ended February 28, February 28, February 28, Grant-date fair value $ 322.42 $ 250.30 $ 204.53 Grant-date price $ 228.26 $ 172.09 $ 157.33 Performance period 2.9 years 2.9 years 2.8 years Expected volatility (1) 20.7 % 21.5 % 20.6 % Risk-free interest rate (2) 2.6 % 1.4 % 1.0 % Expected dividend yield (3) 0.0 % 0.0 % 0.0 % (1) Based primarily on historical volatility levels of our Class A Common Stock. (2) Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the performance period. (3) No expected dividend yield as units granted earn dividend equivalents. |
Net Income Per Common Share A_2
Net Income Per Common Share Attributable to CBI (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
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 Years Ended February 28, 2019 February 28, 2018 February 28, 2017 Common Stock Common Stock Common Stock Class A Class B Class A Class B Class A Class B (in millions, except per share data) Net income attributable to CBI allocated – basic $ 3,049.5 $ 386.4 $ 2,049.9 $ 253.5 $ 1,364.3 $ 164.3 Conversion of Class B common shares into Class A common shares 386.4 — 253.5 — 164.3 — Effect of stock-based awards on allocated net income — (8.3 ) — (6.3 ) — (3.1 ) Net income attributable to CBI allocated – diluted $ 3,435.9 $ 378.1 $ 2,303.4 $ 247.2 $ 1,528.6 $ 161.2 Weighted average common shares outstanding – basic 167.249 23.321 171.457 23.336 175.934 23.353 Conversion of Class B common shares into Class A common shares 23.321 — 23.336 — 23.353 — Stock-based awards, primarily stock options 4.962 — 5.952 — 4.812 — Weighted average common shares outstanding – diluted 195.532 23.321 200.745 23.336 204.099 23.353 Net income per common share attributable to CBI – basic $ 18.24 $ 16.57 $ 11.96 $ 10.86 $ 7.76 $ 7.04 Net income per common share attributable to CBI – diluted $ 17.57 $ 16.21 $ 11.47 $ 10.59 $ 7.49 $ 6.90 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Equity [Abstract] | |
Other comprehensive income (loss) attributable to CBI | Other comprehensive income (loss) attributable to CBI includes the following components: Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (in millions) For the Year Ended February 28, 2017 Other comprehensive income attributable to CBI: Foreign currency translation adjustments: Net loss $ (78.3 ) $ (0.7 ) $ (79.0 ) Reclassification adjustments 111.5 — 111.5 Net gain recognized in other comprehensive income 33.2 (0.7 ) 32.5 Unrealized loss on cash flow hedges: Net derivative loss (34.7 ) 11.7 (23.0 ) Reclassification adjustments 45.2 (14.1 ) 31.1 Net gain recognized in other comprehensive income 10.5 (2.4 ) 8.1 Unrealized gain on AFS debt securities: Net AFS debt securities gain 0.4 0.1 0.5 Reclassification adjustments — — — Net gain recognized in other comprehensive income 0.4 0.1 0.5 Pension/postretirement adjustments: Net actuarial gain 0.3 (0.1 ) 0.2 Reclassification adjustments 11.5 (0.1 ) 11.4 Net gain recognized in other comprehensive income 11.8 (0.2 ) 11.6 Other comprehensive income attributable to CBI $ 55.9 $ (3.2 ) $ 52.7 For the Year Ended February 28, 2018 Other comprehensive income (loss) attributable to CBI: Foreign currency translation adjustments: Net gain $ 147.3 $ (1.6 ) $ 145.7 Reclassification adjustments — — — Net gain recognized in other comprehensive income 147.3 (1.6 ) 145.7 Unrealized gain on cash flow hedges: Net derivative gain 76.7 (21.5 ) 55.2 Reclassification adjustments (2.9 ) 0.2 (2.7 ) Net gain recognized in other comprehensive income 73.8 (21.3 ) 52.5 Unrealized loss on AFS debt securities: Net AFS debt securities loss — (0.2 ) (0.2 ) Reclassification adjustments — — — Net loss recognized in other comprehensive income — (0.2 ) (0.2 ) Pension/postretirement adjustments: Net actuarial loss (1.7 ) 0.6 (1.1 ) Reclassification adjustments — — — Net loss recognized in other comprehensive income (1.7 ) 0.6 (1.1 ) Other comprehensive income attributable to CBI $ 219.4 $ (22.5 ) $ 196.9 Before Tax Amount Tax (Expense) Benefit Net of Tax Amount (in millions) For the Year Ended February 28, 2019 Other comprehensive income (loss) attributable to CBI: Foreign currency translation adjustments: Net loss $ (194.2 ) $ — $ (194.2 ) Reclassification adjustments — — — Net loss recognized in other comprehensive loss (194.2 ) — (194.2 ) Unrealized gain on cash flow hedges: Net derivative gain 8.3 5.0 13.3 Reclassification adjustments (3.6 ) 0.9 (2.7 ) Net gain recognized in other comprehensive loss 4.7 5.9 10.6 Unrealized loss on AFS debt securities: Net AFS debt securities loss (0.4 ) 0.1 (0.3 ) Reclassification adjustments 1.9 0.9 2.8 Net gain recognized in other comprehensive loss 1.5 1.0 2.5 Pension/postretirement adjustments: Net actuarial gain 0.4 (0.1 ) 0.3 Reclassification adjustments 0.3 (0.1 ) 0.2 Net gain recognized in other comprehensive loss 0.7 (0.2 ) 0.5 Share of OCI of equity method investments: Net gain 38.7 (9.1 ) 29.6 Reclassification adjustments — — — Net gain recognized in other comprehensive loss 38.7 (9.1 ) 29.6 Other comprehensive loss attributable to CBI $ (148.6 ) $ (2.4 ) $ (151.0 ) |
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 Gain on Derivative Instruments Net Unrealized Loss on AFS Debt Securities Pension/ Postretirement Adjustments Share of OCI of Equity Method Investments Accumulated Other Comprehensive Loss (in millions) Balance, February 28, 2018 $ (212.3 ) $ 14.5 $ (2.5 ) $ (2.6 ) $ — $ (202.9 ) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification adjustments (194.2 ) 13.3 (0.3 ) 0.3 29.6 (151.3 ) Amounts reclassified from accumulated other comprehensive income (loss) — (2.7 ) 2.8 0.2 — 0.3 Other comprehensive income (loss) (194.2 ) 10.6 2.5 0.5 29.6 (151.0 ) Balance, February 28, 2019 $ (406.5 ) $ 25.1 $ — $ (2.1 ) $ 29.6 $ (353.9 ) |
Significant Customers and Con_2
Significant Customers and Concentration of Credit Risk (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Risks and Uncertainties [Abstract] | |
Net sales and accounts receivable from a major customer | Net sales to an individual customer which amount to 10% or more of our net sales , and the associated amounts receivable from this customer as a percentage of our accounts receivable, are as follows: For the Years Ended February 28, February 28, February 28, Southern Glazer’s Wine and Spirits Net sales 12.9 % 13.0 % 14.1 % Accounts receivable 30.8 % 28.1 % 32.1 % |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Balance Sheet at February 28, 2019 Current assets: Cash and cash equivalents $ 11.0 $ 2.6 $ 80.0 $ — $ 93.6 Accounts receivable 435.6 370.6 40.7 — 846.9 Inventories 197.7 1,485.4 609.9 (162.6 ) 2,130.4 Intercompany receivable 29,712.5 33,775.4 20,050.6 (83,538.5 ) — Prepaid expenses and other 89.9 78.1 446.7 (1.6 ) 613.1 Total current assets 30,446.7 35,712.1 21,227.9 (83,702.7 ) 3,684.0 Property, plant and equipment 85.3 786.8 4,395.2 — 5,267.3 Investments in subsidiaries 26,533.8 1,599.6 2,982.1 (31,115.5 ) — Goodwill — 6,185.5 1,903.3 — 8,088.8 Intangible assets — 605.0 2,593.1 — 3,198.1 Intercompany notes receivable 3,218.6 — 38.6 (3,257.2 ) — Equity method investments — 1.7 3,463.9 — 3,465.6 Securities measured as fair value — — 3,234.7 — 3,234.7 Deferred income taxes 69.2 — 2,183.3 (69.2 ) 2,183.3 Other assets 17.3 1.1 91.3 — 109.7 Total assets $ 60,370.9 $ 44,891.8 $ 42,113.4 $ (118,144.6 ) $ 29,231.5 Current liabilities: Short-term borrowings $ 732.5 $ — $ 59.0 $ — $ 791.5 Current maturities of long-term debt 1,052.8 12.2 0.2 — 1,065.2 Accounts payable 59.6 141.3 415.8 — 616.7 Intercompany payable 33,787.6 31,428.9 18,322.0 (83,538.5 ) — Other accrued expenses and liabilities 374.3 184.0 156.6 (24.5 ) 690.4 Total current liabilities 36,006.8 31,766.4 18,953.6 (83,563.0 ) 3,163.8 Long-term debt, less current maturities 11,743.4 16.0 0.4 — 11,759.8 Intercompany notes payable 38.5 2,694.4 524.3 (3,257.2 ) — Deferred income taxes and other liabilities 31.2 540.5 955.9 (56.9 ) 1,470.7 Total liabilities 47,819.9 35,017.3 20,434.2 (86,877.1 ) 16,394.3 CBI stockholders’ equity 12,551.0 9,874.5 21,393.0 (31,267.5 ) 12,551.0 Noncontrolling interests — — 286.2 — 286.2 Total stockholders’ equity 12,551.0 9,874.5 21,679.2 (31,267.5 ) 12,837.2 Total liabilities and stockholders’ equity $ 60,370.9 $ 44,891.8 $ 42,113.4 $ (118,144.6 ) $ 29,231.5 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Balance Sheet at February 28, 2018 Current assets: Cash and cash equivalents $ 4.6 $ 4.4 $ 81.3 $ — $ 90.3 Accounts receivable 2.0 12.6 761.6 — 776.2 Inventories 184.3 1,537.5 546.6 (184.4 ) 2,084.0 Intercompany receivable 27,680.0 37,937.5 18,940.8 (84,558.3 ) — Prepaid expenses and other 138.4 77.7 311.0 (3.6 ) 523.5 Total current assets 28,009.3 39,569.7 20,641.3 (84,746.3 ) 3,474.0 Property, plant and equipment 76.2 775.7 3,937.8 — 4,789.7 Investments in subsidiaries 20,948.7 442.0 5,876.9 (27,267.6 ) — Goodwill — 6,185.5 1,897.6 — 8,083.1 Intangible assets — 718.2 2,586.6 — 3,304.8 Intercompany notes receivable 6,236.4 2,435.4 — (8,671.8 ) — Equity method investments — 1.9 119.6 — 121.5 Securities measured at fair value — — 672.2 — 672.2 Deferred income taxes 17.4 — — (17.4 ) — Other assets 15.7 2.8 74.9 — 93.4 Total assets $ 55,303.7 $ 50,131.2 $ 35,806.9 $ (120,703.1 ) $ 20,538.7 Current liabilities: Short-term borrowings $ 266.9 $ — $ 479.9 $ — $ 746.8 Current maturities of long-term debt 7.1 15.0 0.2 — 22.3 Accounts payable 63.4 128.3 400.5 — 592.2 Intercompany payable 37,408.2 30,029.7 17,120.4 (84,558.3 ) — Other accrued expenses and liabilities 356.2 199.3 150.5 (27.7 ) 678.3 Total current liabilities 38,101.8 30,372.3 18,151.5 (84,586.0 ) 2,039.6 Long-term debt, less current maturities 9,166.9 9.1 241.6 — 9,417.6 Intercompany notes payable — 5,029.2 3,642.6 (8,671.8 ) — Deferred income taxes and other liabilities 59.9 493.5 553.8 (17.4 ) 1,089.8 Total liabilities 47,328.6 35,904.1 22,589.5 (93,275.2 ) 12,547.0 CBI stockholders’ equity 7,975.1 14,227.1 13,200.8 (27,427.9 ) 7,975.1 Noncontrolling interests — — 16.6 — 16.6 Total stockholders’ equity 7,975.1 14,227.1 13,217.4 (27,427.9 ) 7,991.7 Total liabilities and stockholders’ equity $ 55,303.7 $ 50,131.2 $ 35,806.9 $ (120,703.1 ) $ 20,538.7 |
Condensed Consolidating Statement of Comprehensive Income | Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2019 Sales $ 2,996.9 $ 7,323.1 $ 3,905.8 $ (5,341.5 ) $ 8,884.3 Excise taxes (359.3 ) (396.2 ) (12.8 ) — (768.3 ) Net sales 2,637.6 6,926.9 3,893.0 (5,341.5 ) 8,116.0 Cost of product sold (2,060.3 ) (5,399.8 ) (1,924.2 ) 5,348.6 (4,035.7 ) Gross profit 577.3 1,527.1 1,968.8 7.1 4,080.3 Selling, general and administrative expenses (548.1 ) (908.7 ) (233.6 ) 22.3 (1,668.1 ) Operating income 29.2 618.4 1,735.2 29.4 2,412.2 Equity in earnings (losses) of equity method investees and subsidiaries and related activities 3,889.6 (39.4 ) 482.9 (4,302.5 ) 30.6 Unrealized net gain on securities measured at fair value — — 1,971.2 — 1,971.2 Net gain on sale of unconsolidated investment — — 99.8 — 99.8 Interest income 0.6 — 11.4 — 12.0 Intercompany interest income 259.7 647.1 6.3 (913.1 ) — Interest expense (361.7 ) (1.0 ) (16.4 ) — (379.1 ) Intercompany interest expense (547.1 ) (196.3 ) (169.7 ) 913.1 — Loss on extinguishment of debt (1.7 ) — — — (1.7 ) Income before income taxes 3,268.6 1,028.8 4,120.7 (4,273.1 ) 4,145.0 (Provision for) benefit from income taxes 167.3 (250.2 ) (598.1 ) (4.9 ) (685.9 ) Net income 3,435.9 778.6 3,522.6 (4,278.0 ) 3,459.1 Net income attributable to noncontrolling interests — — (23.2 ) — (23.2 ) Net income attributable to CBI $ 3,435.9 $ 778.6 $ 3,499.4 $ (4,278.0 ) $ 3,435.9 Comprehensive income attributable to CBI $ 3,284.9 $ 777.7 $ 3,358.4 $ (4,136.1 ) $ 3,284.9 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2018 Sales $ 2,953.5 $ 6,822.8 $ 3,499.6 $ (4,953.8 ) $ 8,322.1 Excise taxes (353.5 ) (375.6 ) (12.7 ) — (741.8 ) Net sales 2,600.0 6,447.2 3,486.9 (4,953.8 ) 7,580.3 Cost of product sold (2,080.3 ) (4,809.5 ) (1,795.7 ) 4,917.7 (3,767.8 ) Gross profit 519.7 1,637.7 1,691.2 (36.1 ) 3,812.5 Selling, general and administrative expenses (468.8 ) (820.0 ) (259.9 ) 16.0 (1,532.7 ) Operating income 50.9 817.7 1,431.3 (20.1 ) 2,279.8 Equity in earnings (losses) of equity method investees and subsidiaries and related activities 2,515.1 (13.9 ) 547.8 (3,014.4 ) 34.6 Unrealized net gain on securities measured at fair value and related activities — — 452.6 — 452.6 Interest income 0.4 — 1.9 — 2.3 Intercompany interest income 240.9 491.1 4.2 (736.2 ) — Interest expense (279.1 ) (1.1 ) (54.1 ) — (334.3 ) Intercompany interest expense (395.3 ) (195.6 ) (145.3 ) 736.2 — Loss on extinguishment of debt (81.8 ) — (15.2 ) — (97.0 ) Income before income taxes 2,051.1 1,098.2 2,223.2 (3,034.5 ) 2,338.0 (Provision for) benefit from income taxes 252.3 (74.2 ) (180.9 ) (19.9 ) (22.7 ) Net income 2,303.4 1,024.0 2,042.3 (3,054.4 ) 2,315.3 Net income attributable to noncontrolling interests — — (11.9 ) — (11.9 ) Net income attributable to CBI $ 2,303.4 $ 1,024.0 $ 2,030.4 $ (3,054.4 ) $ 2,303.4 Comprehensive income attributable to CBI $ 2,500.3 $ 1,024.4 $ 2,232.4 $ (3,256.8 ) $ 2,500.3 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2017 Sales $ 2,824.2 $ 6,252.4 $ 3,535.1 $ (4,560.5 ) $ 8,051.2 Excise taxes (351.9 ) (320.8 ) (57.4 ) — (730.1 ) Net sales 2,472.3 5,931.6 3,477.7 (4,560.5 ) 7,321.1 Cost of product sold (1,974.5 ) (4,373.8 ) (1,949.9 ) 4,496.1 (3,802.1 ) Gross profit 497.8 1,557.8 1,527.8 (64.4 ) 3,519.0 Selling, general and administrative expenses (417.2 ) (707.5 ) (290.5 ) 22.8 (1,392.4 ) Gain on sale of business (23.4 ) (4.3 ) 290.1 — 262.4 Operating income 57.2 846.0 1,527.4 (41.6 ) 2,389.0 Equity in earnings (losses) of equity method investees and subsidiaries and related activities 1,656.1 (31.1 ) 410.4 (2,008.1 ) 27.3 Interest income 0.4 — 1.4 — 1.8 Intercompany interest income 227.1 402.7 3.6 (633.4 ) — Interest expense (280.0 ) (1.5 ) (53.6 ) — (335.1 ) Intercompany interest expense (311.1 ) (197.4 ) (124.9 ) 633.4 — Income before income taxes 1,349.7 1,018.7 1,764.3 (2,049.7 ) 2,083.0 (Provision for) benefit from income taxes 178.9 (385.1 ) (347.6 ) 3.5 (550.3 ) Net income 1,528.6 633.6 1,416.7 (2,046.2 ) 1,532.7 Net income attributable to noncontrolling interests — — (4.1 ) — (4.1 ) Net income attributable to CBI $ 1,528.6 $ 633.6 $ 1,412.6 $ (2,046.2 ) $ 1,528.6 Comprehensive income attributable to CBI $ 1,581.3 $ 633.5 $ 1,435.0 $ (2,068.5 ) $ 1,581.3 |
Condensed Consolidating Statement of Cash Flows | Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2019 Net cash provided by operating activities $ 169.8 $ 353.1 $ 1,880.4 $ (157.0 ) $ 2,246.3 Cash flows from investing activities: Investments in equity method investees and securities — (0.1 ) (4,081.4 ) — (4,081.5 ) Purchases of property, plant and equipment (34.4 ) (104.2 ) (747.7 ) — (886.3 ) Purchases of businesses, net of cash acquired — (19.5 ) (26.1 ) — (45.6 ) Proceeds from sale of unconsolidated investment — — 110.2 — 110.2 Proceeds from sales of assets 0.6 41.1 30.6 — 72.3 Net proceeds from intercompany notes 525.1 — — (525.1 ) — Net investment in equity affiliates (3,927.8 ) (11.1 ) — 3,938.9 — Other investing activities — — (0.9 ) — (0.9 ) Net cash used in investing activities (3,436.5 ) (93.8 ) (4,715.3 ) 3,413.8 (4,831.8 ) Cash flows from financing activities: Dividends paid to parent company — — (209.5 ) 209.5 — Net contributions from equity affiliates — 25.8 3,965.6 (3,991.4 ) — Net proceeds from (repayments of) intercompany notes 214.9 (256.9 ) (483.1 ) 525.1 — Proceeds from issuance of long-term debt 3,645.6 — 12.0 — 3,657.6 Proceeds from shares issued under equity compensation plans 63.2 — — — 63.2 Net proceeds from (repayments of) short-term borrowings 465.6 — (420.1 ) — 45.5 Dividends paid (557.7 ) — — — (557.7 ) Purchases of treasury stock (504.3 ) — — — (504.3 ) Principal payments of long-term debt (19.6 ) (17.2 ) (26.0 ) — (62.8 ) Payments of debt issuance, debt extinguishment and other financing costs (34.6 ) — — — (34.6 ) Payments of minimum tax withholdings on stock-based payment awards — (12.8 ) (0.8 ) — (13.6 ) Net cash provided by (used in) financing activities 3,273.1 (261.1 ) 2,838.1 (3,256.8 ) 2,593.3 Effect of exchange rate changes on cash and cash equivalents — — (4.5 ) — (4.5 ) Net increase (decrease) in cash and cash equivalents 6.4 (1.8 ) (1.3 ) — 3.3 Cash and cash equivalents, beginning of year 4.6 4.4 81.3 — 90.3 Cash and cash equivalents, end of year $ 11.0 $ 2.6 $ 80.0 $ — $ 93.6 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2018 Net cash provided by (used in) operating activities $ (374.5 ) $ 1,288.2 $ 1,017.7 $ — $ 1,931.4 Cash flows from investing activities: Investments in equity method investees and securities — (0.1 ) (210.8 ) — (210.9 ) Purchases of property, plant and equipment (21.3 ) (128.3 ) (908.0 ) — (1,057.6 ) Purchases of businesses, net of cash acquired — (70.9 ) (79.2 ) — (150.1 ) Proceeds from sales of assets 0.1 — 5.8 — 5.9 Payments related to sale of business — — (5.0 ) — (5.0 ) Net proceeds from intercompany notes 265.8 — 3.8 (269.6 ) — Net investment in equity affiliates (1,355.0 ) — — 1,355.0 — Other investing activities (6.2 ) — 0.8 — (5.4 ) Net cash used in investing activities (1,116.6 ) (199.3 ) (1,192.6 ) 1,085.4 (1,423.1 ) Cash flows from financing activities: Dividends paid to parent company — — (70.0 ) 70.0 — Net contributions from equity affiliates — 0.9 1,424.1 (1,425.0 ) — Net proceeds from (repayments of) intercompany notes (211.0 ) (1,041.1 ) 982.5 269.6 — Proceeds from issuance of long-term debt 5,886.4 — 2,047.0 — 7,933.4 Proceeds from shares issued under equity compensation plan 49.4 — — — 49.4 Net proceeds from short-term borrowings 33.3 — 103.9 — 137.2 Dividends paid (400.1 ) — — — (400.1 ) Purchases of treasury stock (1,038.5 ) — — — (1,038.5 ) Principal payments of long-term debt (2,717.8 ) (19.1 ) (4,391.8 ) — (7,128.7 ) Payments of debt issuance, debt extinguishment and other financing costs (115.6 ) — (6.6 ) — (122.2 ) Payments of minimum tax withholdings on stock-based payment awards — (30.5 ) (1.2 ) — (31.7 ) Net cash provided by (used in) financing activities 1,486.1 (1,089.8 ) 87.9 (1,085.4 ) (601.2 ) Effect of exchange rate changes on cash and cash equivalents — — 5.8 — 5.8 Net decrease in cash and cash equivalents (5.0 ) (0.9 ) (81.2 ) — (87.1 ) Cash and cash equivalents, beginning of year 9.6 5.3 162.5 — 177.4 Cash and cash equivalents, end of year $ 4.6 $ 4.4 $ 81.3 $ — $ 90.3 Parent Company Subsidiary Guarantors Subsidiary Nonguarantors Eliminations Consolidated (in millions) Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2017 Net cash provided by operating activities $ 341.4 $ 1,051.5 $ 958.5 $ (655.4 ) $ 1,696.0 Cash flows from investing activities: Investments in equity method investees and securities — (0.1 ) (17.0 ) — (17.1 ) Purchases of property, plant and equipment (12.8 ) (89.8 ) (804.8 ) — (907.4 ) Purchases of businesses, net of cash acquired — — (1,111.0 ) — (1,111.0 ) Proceeds from sales of assets 0.7 — 1.4 — 2.1 Proceeds from sale of business (9.9 ) — 585.2 — 575.3 Net proceeds from intercompany notes 422.0 — — (422.0 ) — Net returns of capital from equity affiliates 470.7 — — (470.7 ) — Other investing activities — — (3.7 ) — (3.7 ) Net cash provided by (used in) investing activities 870.7 (89.9 ) (1,349.9 ) (892.7 ) (1,461.8 ) Cash flows from financing activities: Dividends paid to parent company — — (868.7 ) 868.7 — Net returns of capital to equity affiliates — (22.0 ) (235.4 ) 257.4 — Net proceeds from (repayments of) intercompany notes (20.2 ) (855.4 ) 453.6 422.0 — Proceeds from issuance of long-term debt 600.0 — 1,365.6 — 1,965.6 Proceeds from shares issued under equity compensation plans 59.7 — — — 59.7 Net proceeds from (repayments of) short-term borrowings 231.0 — (33.9 ) — 197.1 Dividends paid (315.1 ) — — — (315.1 ) Purchases of treasury stock (1,122.7 ) — — — (1,122.7 ) Principal payments of long-term debt (767.6 ) (20.6 ) (183.6 ) — (971.8 ) Payments of debt issuance, debt extinguishment and other financing costs (5.0 ) — (9.1 ) — (14.1 ) Payments of minimum tax withholdings on stock-based payment awards — (61.9 ) (3.0 ) — (64.9 ) Excess tax benefits from stock-based payment awards 131.4 — — — 131.4 Net cash provided by (used in) financing activities (1,208.5 ) (959.9 ) 485.5 1,548.1 (134.8 ) Effect of exchange rate changes on cash and cash equivalents — — (5.1 ) — (5.1 ) Net increase in cash and cash equivalents 3.6 1.7 89.0 — 94.3 Cash and cash equivalents, beginning of year 6.0 3.6 73.5 — 83.1 Cash and cash equivalents, end of year $ 9.6 $ 5.3 $ 162.5 $ — $ 177.4 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Segment Reporting [Abstract] | |
Comparable adjustments | Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows: For the Years Ended February 28, February 28, February 28, (in millions) Cost of product sold Accelerated depreciation $ (8.9 ) $ — $ — Settlements of undesignated commodity derivative contracts (8.6 ) 2.3 23.4 Flow through of inventory step-up (4.9 ) (18.7 ) (20.1 ) Loss on inventory write-down (3.3 ) (19.1 ) — Net gain on undesignated commodity derivative contracts 1.8 7.4 16.3 Other losses (6.0 ) — (2.2 ) Total cost of product sold (29.9 ) (28.1 ) 17.4 For the Years Ended February 28, February 28, February 28, (in millions) Selling, general and administrative expenses Impairment of intangible assets (108.0 ) (86.8 ) (37.6 ) Net loss on foreign currency derivative contracts associated with acquisition of investment (32.6 ) — — Restructuring and other strategic business development costs (17.1 ) (14.0 ) (0.9 ) Deferred compensation (16.3 ) — — Transaction, integration and other acquisition-related costs (10.2 ) (8.1 ) (14.2 ) Loss on contract termination (1) — (59.0 ) — Costs associated with the Canadian Divestiture and related activities — (3.2 ) (20.4 ) Other gains (losses) (2) 10.1 10.5 (2.6 ) Total selling, general and administrative expenses (174.1 ) (160.6 ) (75.7 ) Gain on sale of business — — 262.4 Comparable Adjustments, Operating income (loss) $ (204.0 ) $ (188.7 ) $ 204.1 (1) Represents a loss incurred in connection with the early termination of a beer glass supply contract with an affiliate of Owens-Illinois. (2) Includes a gain of $8.5 million for the year ended February 28, 2019, in connection with the sale of certain non-core assets and a gain of $8.1 million for the year ended February 28, 2018, in connection with the reduction in estimated fair value of a contingent liability associated with a prior period acquisition. |
Segment information | Segment information is as follows: For the Years Ended February 28, February 28, February 28, (in millions) Beer Net sales $ 5,202.1 $ 4,660.4 $ 4,227.3 Segment operating income $ 2,042.9 $ 1,840.2 $ 1,532.4 Long-lived tangible assets $ 4,050.1 $ 3,611.6 $ 2,810.0 Total assets $ 15,044.1 $ 12,325.2 $ 11,325.3 Capital expenditures $ 720.0 $ 882.6 $ 759.2 Depreciation and amortization $ 203.5 $ 168.8 $ 114.9 Wine and Spirits Net sales: Wine $ 2,532.5 $ 2,556.3 $ 2,732.7 Spirits 381.4 363.6 361.1 Net sales $ 2,913.9 $ 2,919.9 $ 3,093.8 Segment operating income $ 771.2 $ 794.1 $ 792.4 Income from unconsolidated investments $ 33.4 $ 34.4 $ 29.2 Long-lived tangible assets $ 1,125.5 $ 1,080.7 $ 992.9 Equity method investments $ 79.7 $ 80.7 $ 77.6 Total assets $ 7,305.7 $ 7,217.4 $ 6,976.6 Capital expenditures $ 129.5 $ 151.1 $ 100.0 Depreciation and amortization $ 98.4 $ 94.0 $ 99.4 For the Years Ended February 28, February 28, February 28, (in millions) Corporate Operations and Other Segment operating loss $ (197.9 ) $ (165.8 ) $ (139.9 ) Income (loss) from unconsolidated investments $ (16.7 ) $ 0.2 $ (0.2 ) Long-lived tangible assets $ 91.7 $ 97.4 $ 129.9 Equity method investments $ 3,385.9 $ 40.8 $ 21.1 Total assets $ 6,881.7 $ 996.1 $ 300.5 Capital expenditures $ 36.8 $ 23.9 $ 48.2 Depreciation and amortization $ 28.3 $ 36.9 $ 31.4 Comparable Adjustments Operating income (loss) $ (204.0 ) $ (188.7 ) $ 204.1 Income (loss) from unconsolidated investments $ 2,084.9 $ 452.6 $ (1.7 ) Depreciation and amortization $ 8.9 $ — $ 2.2 Consolidated Net sales $ 8,116.0 $ 7,580.3 $ 7,321.1 Operating income $ 2,412.2 $ 2,279.8 $ 2,389.0 Income from unconsolidated investments (1) $ 2,101.6 $ 487.2 $ 27.3 Long-lived tangible assets $ 5,267.3 $ 4,789.7 $ 3,932.8 Equity method investments $ 3,465.6 $ 121.5 $ 98.7 Total assets $ 29,231.5 $ 20,538.7 $ 18,602.4 Capital expenditures $ 886.3 $ 1,057.6 $ 907.4 Depreciation and amortization $ 339.1 $ 299.7 $ 247.9 (1) Income from unconsolidated investments consists of: For the Years Ended February 28, February 28, February 28, (in millions) Unrealized net gain on securities measured at fair value $ 1,971.2 $ 464.3 $ — Net gain on sale of unconsolidated investment 99.8 — — Equity in earnings from equity method investees and related activities 30.6 34.6 27.3 Other (i) — (11.7 ) — $ 2,101.6 $ 487.2 $ 27.3 (i) Net loss on foreign currency derivative contracts associated with November 2017 Canopy securities measured at fair value |
Geographic data | Geographic data is as follows: For the Years Ended February 28, February 28, February 28, (in millions) Net sales U.S. $ 7,894.8 $ 7,325.4 $ 6,797.3 Non-U.S. (primarily Canada) 221.2 254.9 523.8 $ 8,116.0 $ 7,580.3 $ 7,321.1 February 28, February 28, (in millions) Long-lived tangible assets U.S. $ 1,127.7 $ 1,124.5 Non-U.S. (primarily Mexico) 4,139.6 3,665.2 $ 5,267.3 $ 4,789.7 |
Selected Quarterly Financial _2
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of selected quarterly financial information | A summary of selected quarterly financial information is as follows: QUARTER ENDED May 31, August 31, November 30, February 28, Full Year (in millions, except per share data) Fiscal 2019 Net sales $ 2,047.1 $ 2,299.1 $ 1,972.6 $ 1,797.2 $ 8,116.0 Gross profit $ 1,048.6 $ 1,168.2 $ 970.0 $ 893.5 $ 4,080.3 Net income attributable to CBI (1) $ 743.8 $ 1,149.5 $ 303.1 $ 1,239.5 $ 3,435.9 Net income per common share attributable to CBI (1) (2) : Basic – Class A Common Stock $ 3.93 $ 6.11 $ 1.62 $ 6.57 $ 18.24 Basic – Class B Convertible Common Stock $ 3.57 $ 5.55 $ 1.47 $ 5.97 $ 16.57 Diluted – Class A Common Stock $ 3.77 $ 5.87 $ 1.56 $ 6.37 $ 17.57 Diluted – Class B Convertible Common Stock $ 3.48 $ 5.41 $ 1.45 $ 5.87 $ 16.21 QUARTER ENDED May 31, August 31, November 30, February 28, Full Year (in millions, except per share data) Fiscal 2018 Net sales $ 1,928.5 $ 2,087.9 $ 1,801.9 $ 1,762.0 $ 7,580.3 Gross profit $ 988.3 $ 1,068.7 $ 910.3 $ 845.2 $ 3,812.5 Net income attributable to CBI (1) $ 398.5 $ 501.6 $ 492.8 $ 910.5 $ 2,303.4 Net income per common share attributable to CBI (1) (2) : Basic – Class A Common Stock $ 2.07 $ 2.59 $ 2.55 $ 4.76 $ 11.96 Basic – Class B Convertible Common Stock $ 1.88 $ 2.36 $ 2.32 $ 4.32 $ 10.86 Diluted – Class A Common Stock $ 1.98 $ 2.49 $ 2.45 $ 4.56 $ 11.47 Diluted – Class B Convertible Common Stock $ 1.83 $ 2.30 $ 2.26 $ 4.21 $ 10.59 (1) Includes the following: QUARTER ENDED (in millions, net of income tax effect) May 31, August 31, November 30, February 28, Unrealized net gain (loss) on securities measured at fair value $ 224.1 $ 595.1 $ (168.4 ) $ 911.7 Net gain (loss) on sale of unconsolidated investment $ 99.5 $ (1.6 ) $ — $ — Impairment of intangible assets $ — $ — $ — $ (81.0 ) QUARTER ENDED May 31, August 31, November 30, February 28, Unrealized net gain on securities measured at fair value $ — $ — $ 138.7 $ 264.0 Net income tax benefit related to the TCJ Act $ — $ — $ — $ 351.2 Impairment of intangible assets $ (54.4 ) $ — $ — $ — (2) The sum of the quarterly net income per common share for Fiscal 2019 and Fiscal 2018 may not equal the total computed for the respective years as the net income per common share is computed independently for each of the quarters presented and for the full year. |
Description of Business, Basi_4
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Feb. 28, 2019 | |
Land improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable life in years | 15 years |
Land improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable life in years | 32 years |
Vineyards [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable life in years | 16 years |
Vineyards [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable life in years | 26 years |
Buildings and improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable life in years | 10 years |
Buildings and improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable life in years | 50 years |
Machinery and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable life in years | 3 years |
Machinery and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable life in years | 35 years |
Motor vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable life in years | 3 years |
Motor vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable life in years | 8 years |
Description of Business, Basi_5
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details 1) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Statement of Financial Position [Abstract] | ||||||||||||
Other accrued expenses and liabilities | $ 690.4 | $ 678.3 | $ 690.4 | $ 678.3 | ||||||||
Total current liabilities | 3,163.8 | 2,039.6 | 3,163.8 | 2,039.6 | ||||||||
Deferred income taxes and other liabilities | 1,470.7 | 1,089.8 | 1,470.7 | 1,089.8 | ||||||||
Total liabilities | 16,394.3 | 12,547 | 16,394.3 | 12,547 | ||||||||
Retained earnings | 14,276.2 | 9,157.2 | 14,276.2 | 9,157.2 | ||||||||
Total stockholders’ equity | 12,837.2 | 7,991.7 | 12,837.2 | 7,991.7 | $ 6,829.3 | $ 6,691.8 | ||||||
Deferred income taxes | 1,029.7 | 694.4 | 1,029.7 | 694.4 | ||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||
Sales | 8,884.3 | 8,322.1 | 8,051.2 | |||||||||
Net sales | 1,797.2 | $ 1,972.6 | $ 2,299.1 | $ 2,047.1 | 1,762 | $ 1,801.9 | $ 2,087.9 | $ 1,928.5 | 8,116 | 7,580.3 | 7,321.1 | |
Gross profit | 893.5 | 970 | 1,168.2 | 1,048.6 | 845.2 | 910.3 | 1,068.7 | 988.3 | 4,080.3 | 3,812.5 | 3,519 | |
Operating income | 2,412.2 | 2,279.8 | 2,389 | |||||||||
Income before income taxes | 4,145 | 2,338 | 2,083 | |||||||||
Provision for income taxes | (685.9) | (22.7) | (550.3) | |||||||||
Net income | 3,459.1 | 2,315.3 | 1,532.7 | |||||||||
Net income attributable to CBI | $ 1,239.5 | $ 303.1 | $ 1,149.5 | $ 743.8 | 910.5 | $ 492.8 | $ 501.6 | $ 398.5 | 3,435.9 | 2,303.4 | 1,528.6 | |
Comprehensive income attributable to CBI | 3,284.9 | 2,500.3 | 1,581.3 | |||||||||
Accounting Standards Update 2014-09, Revenue recognition [Member] | ||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||
Other accrued expenses and liabilities | 678.3 | 678.3 | ||||||||||
Total current liabilities | 2,039.6 | 2,039.6 | ||||||||||
Deferred income taxes and other liabilities | 1,089.8 | 1,089.8 | ||||||||||
Total liabilities | 12,547 | 12,547 | ||||||||||
Retained earnings | 9,157.2 | 9,157.2 | ||||||||||
Total stockholders’ equity | 7,991.7 | 7,991.7 | ||||||||||
Deferred income taxes | 694.4 | 694.4 | ||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||
Sales | 8,322.1 | 8,051.2 | ||||||||||
Net sales | 7,580.3 | 7,321.1 | ||||||||||
Gross profit | 3,812.5 | 3,519 | ||||||||||
Operating income | 2,279.8 | 2,389 | ||||||||||
Income before income taxes | 2,338 | 2,083 | ||||||||||
Provision for income taxes | (22.7) | (550.3) | ||||||||||
Net income | 2,315.3 | 1,532.7 | ||||||||||
Net income attributable to CBI | 2,303.4 | 1,528.6 | ||||||||||
Comprehensive income attributable to CBI | 2,500.3 | 1,581.3 | ||||||||||
Accounting Standards Update 2014-09, Revenue recognition [Member] | Previously Reported [Member] | ||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||
Other accrued expenses and liabilities | 583.4 | 583.4 | ||||||||||
Total current liabilities | 1,944.7 | 1,944.7 | ||||||||||
Deferred income taxes and other liabilities | 1,113.7 | 1,113.7 | ||||||||||
Total liabilities | 12,476 | 12,476 | ||||||||||
Retained earnings | 9,228.2 | 9,228.2 | ||||||||||
Total stockholders’ equity | 8,062.7 | 8,062.7 | ||||||||||
Deferred income taxes | 718.3 | 718.3 | ||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||
Sales | 8,326.8 | 8,061.6 | ||||||||||
Net sales | 7,585 | 7,331.5 | ||||||||||
Gross profit | 3,817.2 | 3,529.4 | ||||||||||
Operating income | 2,284.5 | 2,399.4 | ||||||||||
Income before income taxes | 2,342.7 | 2,093.4 | ||||||||||
Provision for income taxes | (11.9) | (554.2) | ||||||||||
Net income | 2,330.8 | 1,539.2 | ||||||||||
Net income attributable to CBI | 2,318.9 | 1,535.1 | ||||||||||
Comprehensive income attributable to CBI | 2,515.8 | 1,587.8 | ||||||||||
Accounting Standards Update 2014-09, Revenue recognition [Member] | Restatement Adjustment [Member] | ||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||
Other accrued expenses and liabilities | 94.9 | 94.9 | ||||||||||
Total current liabilities | 94.9 | 94.9 | ||||||||||
Deferred income taxes and other liabilities | (23.9) | (23.9) | ||||||||||
Total liabilities | 71 | 71 | ||||||||||
Retained earnings | (71) | (71) | ||||||||||
Total stockholders’ equity | $ (71) | (71) | ||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||
Sales | (4.7) | (10.4) | ||||||||||
Net sales | (4.7) | (10.4) | ||||||||||
Gross profit | (4.7) | (10.4) | ||||||||||
Operating income | (4.7) | (10.4) | ||||||||||
Income before income taxes | (4.7) | (10.4) | ||||||||||
Provision for income taxes | (10.8) | 3.9 | ||||||||||
Net income | (15.5) | (6.5) | ||||||||||
Net income attributable to CBI | (15.5) | (6.5) | ||||||||||
Comprehensive income attributable to CBI | (15.5) | (6.5) | ||||||||||
Common Class A [Member] | ||||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||
Net income attributable to CBI | $ 3,049.5 | $ 2,049.9 | $ 1,364.3 | |||||||||
Net income per common share attributable to CBI | ||||||||||||
Net income per common share attributable to CBI – basic | $ 6.57 | $ 1.62 | $ 6.11 | $ 3.93 | $ 4.76 | $ 2.55 | $ 2.59 | $ 2.07 | $ 18.24 | $ 11.96 | $ 7.76 | |
Net income per common share attributable to CBI – diluted | 6.37 | 1.56 | 5.87 | 3.77 | 4.56 | 2.45 | 2.49 | 1.98 | $ 17.57 | 11.47 | 7.49 | |
Common Class A [Member] | Accounting Standards Update 2014-09, Revenue recognition [Member] | ||||||||||||
Net income per common share attributable to CBI | ||||||||||||
Net income per common share attributable to CBI – basic | 11.96 | 7.76 | ||||||||||
Net income per common share attributable to CBI – diluted | 11.47 | 7.49 | ||||||||||
Common Class A [Member] | Accounting Standards Update 2014-09, Revenue recognition [Member] | Previously Reported [Member] | ||||||||||||
Net income per common share attributable to CBI | ||||||||||||
Net income per common share attributable to CBI – basic | 12.04 | 7.79 | ||||||||||
Net income per common share attributable to CBI – diluted | 11.55 | 7.52 | ||||||||||
Common Class A [Member] | Accounting Standards Update 2014-09, Revenue recognition [Member] | Restatement Adjustment [Member] | ||||||||||||
Net income per common share attributable to CBI | ||||||||||||
Net income per common share attributable to CBI – basic | (0.08) | (0.03) | ||||||||||
Net income per common share attributable to CBI – diluted | $ (0.08) | $ (0.03) | ||||||||||
Common Class B [Member] | ||||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||
Net income attributable to CBI | $ 386.4 | $ 253.5 | $ 164.3 | |||||||||
Net income per common share attributable to CBI | ||||||||||||
Net income per common share attributable to CBI – basic | 5.97 | 1.47 | 5.55 | 3.57 | 4.32 | 2.32 | 2.36 | 1.88 | $ 16.57 | $ 10.86 | $ 7.04 | |
Net income per common share attributable to CBI – diluted | $ 5.87 | $ 1.45 | $ 5.41 | $ 3.48 | $ 4.21 | $ 2.26 | $ 2.30 | $ 1.83 | $ 16.21 | 10.59 | 6.90 | |
Common Class B [Member] | Accounting Standards Update 2014-09, Revenue recognition [Member] | ||||||||||||
Net income per common share attributable to CBI | ||||||||||||
Net income per common share attributable to CBI – basic | 10.86 | 7.04 | ||||||||||
Net income per common share attributable to CBI – diluted | 10.59 | 6.90 | ||||||||||
Common Class B [Member] | Accounting Standards Update 2014-09, Revenue recognition [Member] | Previously Reported [Member] | ||||||||||||
Net income per common share attributable to CBI | ||||||||||||
Net income per common share attributable to CBI – basic | 10.93 | 7.07 | ||||||||||
Net income per common share attributable to CBI – diluted | 10.66 | 6.93 | ||||||||||
Common Class B [Member] | Accounting Standards Update 2014-09, Revenue recognition [Member] | Restatement Adjustment [Member] | ||||||||||||
Net income per common share attributable to CBI | ||||||||||||
Net income per common share attributable to CBI – basic | (0.07) | (0.03) | ||||||||||
Net income per common share attributable to CBI – diluted | $ (0.07) | $ (0.03) |
Description of Business, Basi_6
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | |||||
Feb. 28, 2019USD ($)stock_based_compensation_planclass_of_stock | Feb. 28, 2019USD ($)stock_based_compensation_planclass_of_stock | Feb. 28, 2018USD ($) | Feb. 28, 2017USD ($) | Mar. 01, 2019USD ($) | Mar. 01, 2018USD ($) | Mar. 01, 2016USD ($) | |
Class of Stock [Line Items] | |||||||
Number of classes of common stock with a material number of shares outstanding | class_of_stock | 2 | 2 | |||||
Statement of Cash Flows [Abstract] | |||||||
Cash flows from operating activities | $ 2,246,300,000 | $ 1,931,400,000 | $ 1,696,000,000 | ||||
Cash flows from investing activities | (4,831,800,000) | (1,423,100,000) | (1,461,800,000) | ||||
Cash flows from financing activities | 2,593,300,000 | (601,200,000) | (134,800,000) | ||||
Deferred tax assets adjustment | $ 1,911,600,000 | 1,911,600,000 | 234,500,000 | ||||
Income tax benefit from reversal of valuation allowance | $ (50,100,000) | ||||||
Advertising expense | $ 700,800,000 | 615,700,000 | 552,800,000 | ||||
Number of stock-based employee compensation plans | stock_based_compensation_plan | 2 | 2 | |||||
Class A Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, dividend rights | 10.00% | ||||||
Accounting Standards Update 2014-09, Revenue recognition [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Opening retained earnings adjustment | $ (49,000,000) | ||||||
Accounting Standards Update 2014-09, Revenue recognition [Member] | Restatement Adjustment [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Opening retained earnings adjustment | $ (49,000,000) | ||||||
Statement of Cash Flows [Abstract] | |||||||
Cash flows from operating activities | 0 | 0 | |||||
Cash flows from investing activities | 0 | 0 | |||||
Cash flows from financing activities | $ 0 | $ 0 | |||||
Accounting Standards Update 2016-16, Income taxes [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Opening retained earnings adjustment | $ 2,242,000,000 | ||||||
Statement of Cash Flows [Abstract] | |||||||
Deferred tax assets adjustment | $ 2,200,000,000 | ||||||
Accounting Standards Update 2016-02, Leases [Member] | Minimum [Member] | Subsequent Event [Member] | |||||||
Statement of Cash Flows [Abstract] | |||||||
Estimated right-of-use assets, operating leases | $ 600,000,000 | ||||||
Estimated lease liabilities, operating leases | 600,000,000 | ||||||
Accounting Standards Update 2016-02, Leases [Member] | Maximum [Member] | Subsequent Event [Member] | |||||||
Statement of Cash Flows [Abstract] | |||||||
Estimated right-of-use assets, operating leases | 650,000,000 | ||||||
Estimated lease liabilities, operating leases | $ 650,000,000 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Details) - USD ($) $ in Millions | Feb. 28, 2018 | May 31, 2017 | Feb. 28, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Dec. 31, 2016 |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |||||||
Gain on sale of business | $ 0 | $ 0 | $ 262.4 | ||||
Gain on sale of business | $ 0 | 0 | 262.4 | ||||
Other net costs | $ (15.2) | $ (3.2) | (12) | ||||
Net gain associated with the Canadian Divestiture and related activities | 238.8 | $ (3.2) | 242 | ||||
Operating Segments [Member] | Wine and Spirits [Member] | Trademarks [Member] | |||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |||||||
Impairment of trademarks | $ (8.4) | (8.4) | |||||
Canadian Divestiture [Member] | Disposal Group, Not Discontinued Operations [Member] | |||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |||||||
Cash received from buyer | $ 580.2 | ||||||
AOCI reclassification adjustments, primarily foreign currency translation | (122.5) | ||||||
Direct costs to sell | (9.9) | ||||||
Other | (10.1) | ||||||
Gain on sale of business | 262.4 | ||||||
Gain on sale of business | $ 262.4 | ||||||
Canadian Divestiture [Member] | Disposal Group, Not Discontinued Operations [Member] | Operating Segments [Member] | Wine and Spirits [Member] | |||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |||||||
Net assets sold | $ (175.3) |
Acquisitions and Divestitures_3
Acquisitions and Divestitures (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Oct. 31, 2016 | Apr. 30, 2016 | Feb. 28, 2018 | |
Obregon Brewery [Member] | Operating Segments [Member] | Beer [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price, net of cash acquired | $ 569.7 | |||
Charles Smith Acquisition [Member] | Operating Segments [Member] | Wine and Spirits [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price, net of cash acquired | $ 120.8 | |||
High West Acquisition [Member] | Operating Segments [Member] | Wine and Spirits [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price, net of cash acquired | $ 136.6 | |||
Prisoner Acquisition [Member] | Operating Segments [Member] | Wine and Spirits [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price, net of cash acquired | $ 284.9 | |||
Other Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price, net of cash acquired | $ 149.8 |
Acquisitions and Divestitures_4
Acquisitions and Divestitures (Details Textual 1) $ in Millions, $ in Millions | 12 Months Ended | ||||
Feb. 28, 2019USD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2017USD ($) | May 31, 2018AUD ($) | May 31, 2018USD ($) | |
Business Combinations [Abstract] | |||||
Transaction value of sale of Accolade Wine Investment | $ 149.1 | $ 113.6 | |||
Proceeds from sale of unconsolidated investment | $ 110.2 | $ 0 | $ 0 | ||
Note receivable | 3.4 | ||||
Net gain on sale of unconsolidated investment | $ 99.8 | $ 0 | $ 0 |
Acquisitions and Divestitures_5
Acquisitions and Divestitures (Details Textual 2) $ in Millions, $ in Millions, $ in Millions | Feb. 28, 2018USD ($) | May 31, 2017USD ($) | Feb. 28, 2017USD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2017USD ($) | Feb. 28, 2019USD ($) | May 31, 2018AUD ($) | May 31, 2018USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CAD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Transaction value of divestiture | $ 149.1 | $ 113.6 | ||||||||
Outstanding debt | $ 268 | $ 268 | $ 28.9 | |||||||
Other net costs | 15.2 | $ 3.2 | $ 12 | |||||||
Net gain associated with the Canadian Divestiture and related activities | 238.8 | $ (3.2) | 242 | |||||||
Operating Segments [Member] | Wine and Spirits [Member] | Trademarks [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Impairment of trademarks | $ 8.4 | 8.4 | ||||||||
Canadian Divestiture [Member] | Disposal Group, Not Discontinued Operations [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Transaction value of divestiture | $ 775.1 | $ 1,030 | ||||||||
Cash proceeds, net of outstanding debt and direct costs to sell | $ 570.3 | |||||||||
Outstanding debt | $ 194.9 | |||||||||
Direct costs to sell | $ 9.9 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Feb. 28, 2019 | Feb. 28, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 182.6 | $ 160.8 |
In-process inventories | 1,480.5 | 1,382.8 |
Finished case goods | 467.3 | 540.4 |
Inventories, Total | $ 2,130.4 | $ 2,084 |
Prepaid Expenses and Other (Det
Prepaid Expenses and Other (Details) - USD ($) $ in Millions | Feb. 28, 2019 | Feb. 28, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Value added taxes receivable | $ 315.8 | $ 209.9 |
Income taxes receivable | 105.2 | 121 |
Prepaid excise and sales taxes | 48.1 | 59.2 |
Other | 144 | 133.4 |
Prepaid expenses and other, Total | $ 613.1 | $ 523.5 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 |
Components of property, plant and equipment | |||
Property, plant and equipment, gross | $ 6,972.5 | $ 6,273.7 | |
Less – Accumulated depreciation | (1,705.2) | (1,484) | |
Property, plant and equipment, Total | 5,267.3 | 4,789.7 | $ 3,932.8 |
Land and land improvements [Member] | |||
Components of property, plant and equipment | |||
Property, plant and equipment, gross | 456.7 | 438 | |
Vineyards [Member] | |||
Components of property, plant and equipment | |||
Property, plant and equipment, gross | 221.3 | 238.3 | |
Buildings and improvements [Member] | |||
Components of property, plant and equipment | |||
Property, plant and equipment, gross | 1,067.3 | 883 | |
Machinery and equipment [Member] | |||
Components of property, plant and equipment | |||
Property, plant and equipment, gross | 3,931.1 | 3,548.3 | |
Motor vehicles [Member] | |||
Components of property, plant and equipment | |||
Property, plant and equipment, gross | 81.8 | 93.6 | |
Construction in progress [Member] | |||
Components of property, plant and equipment | |||
Property, plant and equipment, gross | $ 1,214.3 | $ 1,072.5 |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Millions | Feb. 28, 2019 | Feb. 28, 2018 |
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | ||
Derivative [Line Items] | ||
Aggregate notional value of derivative instruments | $ 1,579.3 | $ 1,465.4 |
Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | ||
Derivative [Line Items] | ||
Aggregate notional value of derivative instruments | 460.3 | 440.6 |
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member] | ||
Derivative [Line Items] | ||
Aggregate notional value of derivative instruments | $ 284.7 | $ 177.5 |
Derivative Instruments (Detai_2
Derivative Instruments (Details 1) - USD ($) $ in Millions | Feb. 28, 2019 | Feb. 28, 2018 |
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 | $ 14.1 | $ 21.2 |
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 | 8.8 | 7.8 |
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 | 22.1 | 17 |
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 | 6.3 | 9.9 |
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 | 2 | 2.1 |
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 | 0.6 | 2.2 |
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 | 6.1 | 6.3 |
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 | 6.1 | 3 |
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 | 2.6 | 2.8 |
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 | $ 5.5 | $ 2.6 |
Derivative Instruments (Detai_3
Derivative Instruments (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Effect of our undesignated derivative instruments on our results of operations | |||
Net gain (loss) recognized in income | $ (24) | $ 13.5 | $ (9.8) |
Foreign currency contracts [Member] | Selling, general and administrative expenses [Member] | |||
Effect of our undesignated derivative instruments on our results of operations | |||
Net gain (loss) recognized in income | (60.8) | 6 | (26.1) |
Interest rate swap contracts [Member] | Interest expense [Member] | |||
Effect of our undesignated derivative instruments on our results of operations | |||
Net gain (loss) recognized in income | 35 | ||
Commodity derivative contracts [Member] | Cost of product sold [Member] | |||
Effect of our undesignated derivative instruments on our results of operations | |||
Net gain (loss) recognized in income | 1.8 | 7.5 | 16.3 |
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 | 15.9 | ||
Net gain (loss) reclassified from AOCI to income | 4.5 | ||
ASU 2017-12 Transition [Abstract] | |||
Net gain (loss) recognized in OCI | 59.9 | (23.3) | |
Net gain (loss) reclassified from AOCI to income | 2.1 | (31.2) | |
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 | 15.9 | ||
ASU 2017-12 Transition [Abstract] | |||
Net gain (loss) recognized in OCI | 61.4 | (26.1) | |
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 | 0.4 | ||
ASU 2017-12 Transition [Abstract] | |||
Net gain (loss) reclassified from AOCI to income | (1.4) | 1.1 | |
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 | $ 4.1 | ||
ASU 2017-12 Transition [Abstract] | |||
Net gain (loss) reclassified from AOCI to income | 1.3 | (28.3) | |
Cash flow hedging [Member] | Interest rate swap contracts [Member] | |||
ASU 2017-12 Transition [Abstract] | |||
Net gain (loss) recognized in OCI | (1.5) | 2.8 | |
Cash flow hedging [Member] | Interest rate swap contracts [Member] | Interest expense [Member] | |||
ASU 2017-12 Transition [Abstract] | |||
Net gain (loss) reclassified from AOCI to income | $ 2.2 | $ (4) |
Derivative Instruments (Detai_4
Derivative Instruments (Details Textual) $ in Millions | 12 Months Ended |
Feb. 28, 2019USD ($) | |
Derivative [Line Items] | |
Amount of net gains, net of income tax effect, to be reclassified from AOCI to earnings within the next 12 months | $ 11.8 |
Fair value of derivative instruments in a net liability position due to counterparties | $ 3.4 |
Designated as hedging instrument [Member] | Cash flow hedging [Member] | |
Derivative [Line Items] | |
Average maturity period for derivative instruments | 3 years |
Designated as hedging instrument [Member] | Cash flow hedging [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Maximum maturity period for derivative instruments | 5 years |
Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | |
Derivative [Line Items] | |
Average maturity period for derivative instruments | 12 months |
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member] | |
Derivative [Line Items] | |
Average maturity period for derivative instruments | 36 months |
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | |
Derivative [Line Items] | |
Average maturity period for derivative instruments | 6 months |
Not designated as hedging instrument [Member] | Maximum [Member] | Commodity derivative contracts [Member] | |
Derivative [Line Items] | |
Maximum maturity period for derivative instruments | 5 years |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - Significant Other Observable Inputs (Level 2) [Member] | Feb. 28, 2019$ / shares | Nov. 01, 2018$ / shares | Feb. 28, 2018$ / shares |
Warrant [Member] | November 2018 Canopy Warrants [Member] | Issue date exercise price [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants outstanding, measurement input, per share | $ 50.40 | $ 50.40 | |
Warrant [Member] | November 2018 Canopy Warrants [Member] | Valuation date stock price [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants outstanding, measurement input, per share | $ 62.38 | $ 48.43 | |
Warrant [Member] | November 2018 Canopy Warrants [Member] | Expected life (in years) [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants outstanding, term | 2 years 8 months | 3 years | |
Warrant [Member] | November 2018 Canopy Warrants [Member] | Expected volatility [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants, measurement input, decimal | 0.793 | 0.759 | |
Warrant [Member] | November 2018 Canopy Warrants [Member] | Risk-free interest rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants, measurement input, decimal | 0.018 | 0.024 | |
Warrant [Member] | November 2018 Canopy Warrants [Member] | Expected dividend yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants, measurement input, decimal | 0 | 0 | |
Warrant [Member] | November 2017 Canopy Warrants [Member] | Issue date exercise price [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants outstanding, measurement input, per share | $ 12.98 | $ 12.98 | |
Warrant [Member] | November 2017 Canopy Warrants [Member] | Valuation date stock price [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants outstanding, measurement input, per share | $ 62.38 | $ 27.35 | |
Warrant [Member] | November 2017 Canopy Warrants [Member] | Expected life (in years) [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants outstanding, term | 1 year 2 months | 2 years 2 months | |
Warrant [Member] | November 2017 Canopy Warrants [Member] | Expected volatility [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants, measurement input, decimal | 0.878 | 0.709 | |
Warrant [Member] | November 2017 Canopy Warrants [Member] | Risk-free interest rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants, measurement input, decimal | 0.018 | 0.018 | |
Warrant [Member] | November 2017 Canopy Warrants [Member] | Expected dividend yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants, measurement input, decimal | 0 | 0 | |
Convertible debt securities [Member] | Valuation date stock price [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt instrument, measurement input, monetary | $ 62.38 | ||
Convertible debt securities [Member] | Expected life (in years) [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt securities, term | 4 years 5 months | ||
Convertible debt securities [Member] | Expected volatility [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt instrument, measurement input | 0.459 | ||
Convertible debt securities [Member] | Risk-free interest rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt instrument, measurement input | 0.018 | ||
Convertible debt securities [Member] | Expected dividend yield [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt instrument, measurement input | 0 | ||
Convertible debt securities [Member] | Conversion price [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt instrument, measurement input, monetary | $ 48.17 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Details 1) $ in Millions, $ in Millions | 12 Months Ended | |||
Feb. 28, 2019USD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2017USD ($) | Nov. 01, 2018CAD ($) | |
Fair Value Net Asset (Liability) [Abstract] | ||||
Debt securities | $ 3,234.7 | $ 672.2 | ||
Debt and Equity Securities, Unrealized Gain (Loss), Excluding Other-than-temporary Impairment [Abstract] | ||||
Unrealized net gain on securities measured at fair value | 1,971.2 | 464.3 | $ 0 | |
Equity Securities [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Equity securities | 3,023.2 | 655.6 | ||
Equity Securities [Member] | November 2017 Canopy Investment [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Equity securities | 0 | 402.4 | ||
Debt and Equity Securities, Unrealized Gain (Loss), Excluding Other-than-temporary Impairment [Abstract] | ||||
Unrealized net gain on securities measured at fair value | 292.5 | 272.3 | ||
Warrant [Member] | November 2017 Canopy Warrants [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Equity securities | 718.7 | 253.2 | ||
Debt and Equity Securities, Unrealized Gain (Loss), Excluding Other-than-temporary Impairment [Abstract] | ||||
Unrealized net gain on securities measured at fair value | 465.5 | 192 | ||
Warrant [Member] | November 2018 Canopy Warrants [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Equity securities | 2,304.5 | 0 | $ 2,131.3 | |
Debt and Equity Securities, Unrealized Gain (Loss), Excluding Other-than-temporary Impairment [Abstract] | ||||
Unrealized net gain on securities measured at fair value | 1,157.7 | 0 | ||
Convertible debt securities [Member] | ||||
Debt and Equity Securities, Unrealized Gain (Loss), Excluding Other-than-temporary Impairment [Abstract] | ||||
Unrealized net gain on securities measured at fair value | 55.5 | 0 | ||
Recurring [Member] | Foreign currency contracts [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Derivative Asset | 38.2 | 40.3 | ||
Derivative liability | 15.7 | 19.9 | ||
Recurring [Member] | Commodity derivative contracts [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Derivative Asset | 8.7 | 9.1 | ||
Derivative liability | 11.6 | 5.6 | ||
Recurring [Member] | Equity Securities [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Equity securities | 3,023.2 | 655.6 | ||
Recurring [Member] | Convertible debt securities [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Debt securities | 211.5 | |||
Recurring [Member] | Available-for-sale Securities [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Debt securities | 16.6 | |||
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Foreign currency contracts [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Derivative Asset | 0 | 0 | ||
Derivative liability | 0 | 0 | ||
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Commodity derivative contracts [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Derivative Asset | 0 | 0 | ||
Derivative liability | 0 | 0 | ||
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Equity Securities [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Equity securities | 0 | 402.4 | ||
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Convertible debt securities [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Debt securities | 0 | |||
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Available-for-sale Securities [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Debt securities | 0 | |||
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign currency contracts [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Derivative Asset | 38.2 | 40.3 | ||
Derivative liability | 15.7 | 19.9 | ||
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commodity derivative contracts [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Derivative Asset | 8.7 | 9.1 | ||
Derivative liability | 11.6 | 5.6 | ||
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Equity securities | 3,023.2 | 253.2 | ||
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Convertible debt securities [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Debt securities | 211.5 | |||
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale Securities [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Debt securities | 0 | |||
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign currency contracts [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Derivative Asset | 0 | 0 | ||
Derivative liability | 0 | 0 | ||
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commodity derivative contracts [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Derivative Asset | 0 | 0 | ||
Derivative liability | 0 | 0 | ||
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Equity securities | 0 | 0 | ||
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Convertible debt securities [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Debt securities | $ 0 | |||
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Available-for-sale Securities [Member] | ||||
Fair Value Net Asset (Liability) [Abstract] | ||||
Debt securities | $ 16.6 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Details 2) - Nonrecurring [Member] - Trademarks [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trademarks, Total Losses | $ 108 | $ 86.8 | $ 46 | |
Quoted Prices in Active Markets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trademarks | 0 | 0 | $ 0 | |
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trademarks | 0 | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trademarks | $ 28 | $ 0 | $ 136 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Details Textual) $ in Millions, $ in Millions | Jun. 30, 2018USD ($) | Jun. 30, 2018CAD ($) | Feb. 28, 2019USD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2017USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Payments to acquire investments | $ 4,081.5 | $ 210.9 | $ 17.1 | ||
Long-term debt, including current portion | 12,825 | 9,439.9 | |||
Carrying amount [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt, including current portion | 12,825 | 9,439.9 | |||
Fair value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt, including current portion | $ 12,768.5 | $ 9,398.4 | |||
Convertible debt securities [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Payments to acquire investments | $ 150.5 | $ 200 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Details Textual 1) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Feb. 28, 2019 | May 31, 2017 | Feb. 28, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trademarks, carrying value | $ 3,198.1 | $ 3,198.1 | $ 3,304.8 | |||
Nonrecurring [Member] | Trademarks [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment of trademarks | 108 | $ 86.8 | $ 46 | |||
Operating Segments [Member] | Beer [Member] | Nonrecurring [Member] | Trademarks [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trademarks, carrying value | 136 | $ 222.8 | 136 | |||
Trademarks, estimated fair value | 28 | 136 | $ 28 | |||
Impairment of trademarks | $ 108 | $ 86.8 | ||||
Operating Segments [Member] | Wine and Spirits [Member] | Trademarks [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trademarks, carrying value | $ 8.4 | 8.4 | ||||
Impairment of trademarks | 8.4 | 8.4 | ||||
Operating Segments [Member] | Wine and Spirits [Member] | Nonrecurring [Member] | Trademarks [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trademarks, carrying value | 37.6 | $ 37.6 | ||||
Impairment of trademarks | $ 37.6 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Changes in the Carrying Amount of Goodwill [Rollforward] | ||
Goodwill, beginning of period | $ 8,083.1 | $ 7,920.5 |
Purchase accounting allocations | 25 | 120.1 |
Foreign currency translation adjustments | (19.3) | 42.5 |
Goodwill, end of period | 8,088.8 | 8,083.1 |
Operating Segments [Member] | Beer [Member] | ||
Changes in the Carrying Amount of Goodwill [Rollforward] | ||
Goodwill, beginning of period | 5,157.6 | 5,053 |
Purchase accounting allocations | 22.3 | 63.9 |
Foreign currency translation adjustments | (12) | 40.7 |
Goodwill, end of period | 5,167.9 | 5,157.6 |
Operating Segments [Member] | Beer [Member] | Obregon Brewery [Member] | ||
Changes in the Carrying Amount of Goodwill [Rollforward] | ||
Purchase accounting allocations | 13.8 | |
Operating Segments [Member] | Wine and Spirits [Member] | ||
Changes in the Carrying Amount of Goodwill [Rollforward] | ||
Goodwill, beginning of period | 2,925.5 | 2,867.5 |
Purchase accounting allocations | 2.7 | 56.2 |
Foreign currency translation adjustments | (7.3) | 1.8 |
Goodwill, end of period | $ 2,920.9 | $ 2,925.5 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, Gross Carrying Amount | $ 110.4 | $ 110.1 | |
Amortizable intangible assets, Net Carrying Amount | 40 | 45.6 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Intangible assets | 3,198.1 | 3,304.8 | |
Amortization expense for intangible assets | 6 | 5.9 | $ 10.4 |
Trademarks [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Nonamortizable intangible assets, Net Carrying Amount | 3,158.1 | 3,259.2 | |
Customer relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, Gross Carrying Amount | 89.9 | 89.8 | |
Amortizable intangible assets, Net Carrying Amount | 39.1 | 44.2 | |
Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, Gross Carrying Amount | 20.5 | 20.3 | |
Amortizable intangible assets, Net Carrying Amount | $ 0.9 | $ 1.4 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) $ in Millions | Feb. 28, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 5.8 |
2021 | 5.4 |
2022 | 5.1 |
2023 | 3.3 |
2024 | 1.6 |
Thereafter | $ 18.8 |
Equity Method Invesments (Detai
Equity Method Invesments (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 28, 2019 | Nov. 01, 2018 | Feb. 28, 2018 | Feb. 28, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 3,465.6 | $ 121.5 | $ 98.7 | |
Canopy Equity Method Investment [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 3,332.1 | $ 0 | ||
Equity method investment, ownership percentage | 36.00% | 36.60% | 0.00% | |
Current assets | $ 3,800.7 | |||
Noncurrent assets | 2,466 | |||
Current liabilities | 216.8 | |||
Noncurrent liabilities | 668.2 | |||
Noncontrolling interests | 143.3 | |||
Net sales | 48.6 | |||
Gross profit | 11.2 | |||
Net loss | (39.6) | |||
Net loss attributable to Canopy | (27.8) | |||
Other equity method investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 133.5 | $ 121.5 | ||
Other equity method investments [Member] | Minimum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 20.00% | 20.00% | ||
Other equity method investments [Member] | Maximum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% |
Equity Method Investments (Deta
Equity Method Investments (Details 1) - Significant Other Observable Inputs (Level 2) [Member] - Warrant [Member] - November 2018 Canopy Warrants [Member] | Feb. 28, 2019$ / shares | Nov. 01, 2018$ / shares |
Issue date exercise price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants outstanding, measurement input, per share | $ 50.40 | $ 50.40 |
Valuation date stock price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants outstanding, measurement input, per share | $ 62.38 | $ 48.43 |
Expected life (in years) [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants outstanding, term | 2 years 8 months | 3 years |
Expected volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants, measurement input, decimal | 0.793 | 0.759 |
Risk-free interest rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants, measurement input, decimal | 0.018 | 0.024 |
Expected dividend yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants, measurement input, decimal | 0 | 0 |
Equity Method Investments (De_2
Equity Method Investments (Details Textuals) $ / shares in Units, shares in Millions, $ in Millions, $ in Millions | Feb. 28, 2019USD ($) | Nov. 01, 2018USD ($)shares | Nov. 01, 2018CAD ($) | Nov. 30, 2018USD ($) | Nov. 30, 2017USD ($) | Nov. 30, 2017CAD ($)$ / sharesshares | Feb. 28, 2019USD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2017USD ($) | Apr. 23, 2019$ / sharesshares | Nov. 01, 2018CAD ($)$ / sharesshares |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Payments to acquire investments | $ 4,081.5 | $ 210.9 | $ 17.1 | ||||||||
Equity method investments | $ 3,465.6 | 3,465.6 | $ 121.5 | $ 98.7 | |||||||
November 2018 Canopy Investment [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Direct acquisition costs | $ 17.2 | ||||||||||
Equity method investments | $ 2,740.3 | ||||||||||
November 2017 Canopy Investment [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investments | $ 694.9 | ||||||||||
Canopy Equity Method Investment [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Fair value of equity method investment | $ 5,842.9 | $ 5,842.9 | |||||||||
Equity method investment, ownership percentage | 36.00% | 36.60% | 36.00% | 0.00% | 36.60% | ||||||
Equity method investments | $ 3,332.1 | $ 3,332.1 | $ 0 | ||||||||
Equity in losses of equity method investment | (2.6) | ||||||||||
Carrying amount of investment greater than equity in underlying assets | 1,400 | 1,400 | |||||||||
November 2018 Canopy Warrants [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Direct acquisition costs | 7.3 | ||||||||||
November 2017 Canopy Investment [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Cost method investment, ownership percentage | 9.90% | ||||||||||
November 2018 Canopy Transaction [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Direct acquisition costs | $ 24.5 | ||||||||||
Equity Securities [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Payments to acquire investments | $ 3,869.9 | $ 5,078.7 | $ 191.3 | $ 245 | |||||||
Equity securities at fair value | 3,023.2 | 3,023.2 | 655.6 | ||||||||
Equity Securities [Member] | November 2017 Canopy Investment [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity securities at fair value | 0 | 0 | 402.4 | ||||||||
Common Stock [Member] | November 2018 Canopy Investment [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of common shares acquired | shares | 104.5 | 104.5 | |||||||||
Fair value of equity method investment | $ 5,060.9 | ||||||||||
Equity securities, relative fair value allocation | $ 2,723.1 | $ 3,573.7 | |||||||||
Common Stock [Member] | November 2017 Canopy Investment [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of common shares acquired | shares | 18.9 | ||||||||||
Warrant [Member] | Canopy Warrants [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Payments to acquire investments | 5,900 | ||||||||||
Warrant [Member] | November 2017 Canopy Warrants [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of common shares to be acquired upon exercise of warrants | shares | 18.9 | ||||||||||
Exercise price of warrants | $ / shares | $ 12.98 | ||||||||||
Equity securities at fair value | 718.7 | 718.7 | 253.2 | ||||||||
Warrant [Member] | November 2018 Canopy Warrants [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of common shares to be acquired upon exercise of warrants | shares | 139.7 | 139.7 | |||||||||
Equity securities at fair value | $ 2,304.5 | $ 2,304.5 | $ 0 | $ 2,131.3 | |||||||
Equity securities, relative fair value allocation | $ 1,146.8 | $ 1,505 | |||||||||
Warrant [Member] | Tranche A Warrants [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of common shares to be acquired upon exercise of warrants | shares | 88.5 | 88.5 | |||||||||
Exercise price of warrants | $ / shares | $ 50.40 | ||||||||||
Warrant [Member] | Tranche B Warrants [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of common shares to be acquired upon exercise of warrants | shares | 51.2 | 51.2 | |||||||||
Warrant [Member] | New November 2018 Canopy Warrants [Member] | Subsequent Event [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of common shares to be acquired upon exercise of warrants | shares | 139.7 | ||||||||||
Warrant [Member] | New Tranche A Warrants [Member] | Subsequent Event [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of common shares to be acquired upon exercise of warrants | shares | 88.5 | ||||||||||
Exercise price of warrants | $ / shares | $ 50.40 | ||||||||||
Warrant [Member] | New Tranche B Warrants [Member] | Subsequent Event [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of common shares to be acquired upon exercise of warrants | shares | 38.4 | ||||||||||
Exercise price of warrants | $ / shares | $ 76.68 | ||||||||||
Warrant [Member] | New Tranche C Warrants [Member] | Subsequent Event [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of common shares to be acquired upon exercise of warrants | shares | 12.8 |
Other Accrued Expenses and Li_3
Other Accrued Expenses and Liabilities (Details) - USD ($) $ in Millions | Feb. 28, 2019 | Feb. 28, 2018 |
Components of other accrued expenses and liabilities | ||
Promotions and advertising | $ 181.2 | $ 209 |
Salaries, commissions, and payroll benefits and withholdings | 163.1 | 149 |
Accrued interest | 107.3 | 86.7 |
Income taxes payable | 24.5 | 48.5 |
Accrued excise taxes | 21 | 28.7 |
Other | 193.3 | 156.4 |
Other accrued expenses and liabilities, Total | $ 690.4 | $ 678.3 |
Borrowings (Details)
Borrowings (Details) - USD ($) | Feb. 28, 2019 | Oct. 31, 2018 | Sep. 30, 2018 | Aug. 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Jul. 31, 2017 | May 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2014 | May 31, 2013 |
Short-term Debt | ||||||||||||
Short-term borrowings | $ 791,500,000 | $ 746,800,000 | ||||||||||
Long-term Debt | ||||||||||||
Other, Current | 12,400,000 | |||||||||||
Other, Long-term | 16,500,000 | |||||||||||
Other, Total | 28,900,000 | 268,000,000 | ||||||||||
Long-term debt, Current | 1,065,200,000 | 22,300,000 | ||||||||||
Long-term debt, Long-term | 11,759,800,000 | 9,417,600,000 | ||||||||||
Long-term debt, Total | 12,825,000,000 | 9,439,900,000 | ||||||||||
Debt instrument, face amount | $ 2,500,000,000 | |||||||||||
Unsecured debt [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Percentage of outstanding principal amount as redemption price | 100.00% | |||||||||||
Unsecured debt [Member] | Senior credit facility, Term loan [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Current | $ 5,000,000 | |||||||||||
Unsecured debt, Long-term | 487,800,000 | |||||||||||
Unsecured debt, Total | 492,800,000 | 497,700,000 | ||||||||||
Unsecured debt [Member] | Term loan credit facility [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Current | 50,000,000 | |||||||||||
Unsecured debt, Long-term | 1,436,400,000 | |||||||||||
Unsecured debt, Total | 1,486,400,000 | 0 | ||||||||||
Debt instrument, face amount | 1,500,000,000 | $ 1,500,000,000 | ||||||||||
Unsecured debt [Member] | Senior notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Current | 997,800,000 | |||||||||||
Unsecured debt, Long-term | 9,819,100,000 | |||||||||||
Unsecured debt, Total | 10,816,900,000 | 8,674,200,000 | ||||||||||
Unsecured debt [Member] | U.S. Term A-1 Facility [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | 492,800,000 | |||||||||||
Debt instrument, face amount | $ 500,000,000 | $ 500,000,000 | ||||||||||
Interest rate | 4.00% | |||||||||||
LIBOR margin | 1.50% | |||||||||||
Unsecured debt [Member] | Three-Year Term Facility [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 499,500,000 | |||||||||||
Debt instrument, face amount | $ 500,000,000 | 500,000,000 | ||||||||||
Interest rate | 3.60% | |||||||||||
LIBOR margin | 1.13% | |||||||||||
Unsecured debt [Member] | Five-Year Term Facility [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 986,900,000 | |||||||||||
Debt instrument, face amount | $ 1,000,000,000 | 1,000,000,000 | ||||||||||
Interest rate | 3.80% | |||||||||||
LIBOR margin | 1.25% | |||||||||||
Unsecured debt [Member] | May 2013 Eight Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 498,600,000 | 498,000,000 | ||||||||||
Debt instrument, face amount | $ 500,000,000 | |||||||||||
Basis points above adjusted treasury rate | 50.00% | |||||||||||
Coupon rate of notes | 3.75% | |||||||||||
Unsecured debt [Member] | May 2013 Ten Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 1,045,400,000 | 1,044,400,000 | ||||||||||
Debt instrument, face amount | $ 1,050,000,000 | |||||||||||
Basis points above adjusted treasury rate | 50.00% | |||||||||||
Coupon rate of notes | 4.25% | |||||||||||
Unsecured debt [Member] | November 2014 Five Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 399,100,000 | 397,900,000 | ||||||||||
Debt instrument, face amount | $ 400,000,000 | |||||||||||
Basis points above adjusted treasury rate | 50.00% | |||||||||||
Coupon rate of notes | 3.875% | |||||||||||
Unsecured debt [Member] | November 2014 Ten Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 396,400,000 | 395,900,000 | ||||||||||
Debt instrument, face amount | $ 400,000,000 | |||||||||||
Basis points above adjusted treasury rate | 50.00% | |||||||||||
Coupon rate of notes | 4.75% | |||||||||||
Unsecured debt [Member] | December 2015 Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 395,800,000 | 395,300,000 | ||||||||||
Debt instrument, face amount | $ 400,000,000 | |||||||||||
Basis points above adjusted treasury rate | 50.00% | |||||||||||
Coupon rate of notes | 4.75% | |||||||||||
Unsecured debt [Member] | December 2016 Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 595,400,000 | 594,900,000 | ||||||||||
Debt instrument, face amount | $ 600,000,000 | |||||||||||
Basis points above adjusted treasury rate | 25.00% | |||||||||||
Coupon rate of notes | 3.70% | |||||||||||
Unsecured debt [Member] | May 2017 Five Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 496,800,000 | 495,900,000 | ||||||||||
Debt instrument, face amount | $ 500,000,000 | |||||||||||
Basis points above adjusted treasury rate | 15.00% | |||||||||||
Coupon rate of notes | 2.70% | |||||||||||
Unsecured debt [Member] | May 2017 Ten Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 495,600,000 | 495,100,000 | ||||||||||
Debt instrument, face amount | 500,000,000 | |||||||||||
Basis points above adjusted treasury rate | 20.00% | |||||||||||
Coupon rate of notes | 3.50% | |||||||||||
Unsecured debt [Member] | May 2017 Thirty Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 492,900,000 | 492,700,000 | ||||||||||
Debt instrument, face amount | $ 500,000,000 | |||||||||||
Basis points above adjusted treasury rate | 25.00% | |||||||||||
Coupon rate of notes | 4.50% | |||||||||||
Unsecured debt [Member] | November 2017 Two Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 598,600,000 | 596,800,000 | ||||||||||
Debt instrument, face amount | $ 600,000,000 | |||||||||||
Basis points above adjusted treasury rate | 10.00% | |||||||||||
Coupon rate of notes | 2.00% | |||||||||||
Unsecured debt [Member] | November 2017 Three Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 696,800,000 | 695,000,000 | ||||||||||
Debt instrument, face amount | 700,000,000 | |||||||||||
Basis points above adjusted treasury rate | 10.00% | |||||||||||
Coupon rate of notes | 2.25% | |||||||||||
Unsecured debt [Member] | November 2017 Five Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 693,900,000 | 692,300,000 | ||||||||||
Debt instrument, face amount | $ 700,000,000 | |||||||||||
Basis points above adjusted treasury rate | 15.00% | |||||||||||
Coupon rate of notes | 2.65% | |||||||||||
Unsecured debt [Member] | February 2018 Five Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 596,000,000 | 595,000,000 | ||||||||||
Debt instrument, face amount | 600,000,000 | |||||||||||
Basis points above adjusted treasury rate | 13.00% | |||||||||||
Coupon rate of notes | 3.20% | |||||||||||
Unsecured debt [Member] | February 2018 Ten Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 693,800,000 | 693,200,000 | ||||||||||
Debt instrument, face amount | 700,000,000 | |||||||||||
Basis points above adjusted treasury rate | 15.00% | |||||||||||
Coupon rate of notes | 3.60% | |||||||||||
Unsecured debt [Member] | February 2018 Thirty Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 592,000,000 | 591,800,000 | ||||||||||
Debt instrument, face amount | 600,000,000 | |||||||||||
Basis points above adjusted treasury rate | 20.00% | |||||||||||
Coupon rate of notes | 4.10% | |||||||||||
Unsecured debt [Member] | October 2018 Senior Floating Rate Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 646,800,000 | 0 | ||||||||||
Debt instrument, face amount | $ 650,000,000 | |||||||||||
Unsecured debt [Member] | October 2018 Seven Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 495,400,000 | 0 | ||||||||||
Debt instrument, face amount | 500,000,000 | |||||||||||
Basis points above adjusted treasury rate | 20.00% | |||||||||||
Coupon rate of notes | 4.40% | |||||||||||
Unsecured debt [Member] | October 2018 Ten Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 494,700,000 | 0 | ||||||||||
Debt instrument, face amount | 500,000,000 | |||||||||||
Basis points above adjusted treasury rate | 25.00% | |||||||||||
Coupon rate of notes | 4.65% | |||||||||||
Unsecured debt [Member] | October 2018 Thirty Year Senior Notes [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Unsecured debt, Total | $ 492,900,000 | 0 | ||||||||||
Debt instrument, face amount | $ 500,000,000 | |||||||||||
Basis points above adjusted treasury rate | 30.00% | |||||||||||
Coupon rate of notes | 4.25% | |||||||||||
Senior credit facility, Revolving credit loans [Member] | ||||||||||||
Short-term Debt | ||||||||||||
Short-term borrowings | $ 59,000,000 | 79,000,000 | ||||||||||
Long-term Debt | ||||||||||||
Debt instrument, face amount | $ 2,000,000,000 | $ 2,000,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | ||||||||
Interest rate | 3.60% | |||||||||||
LIBOR margin | 1.13% | |||||||||||
Remaining borrowing capacity | $ 1,196,700,000 | |||||||||||
Letters of credit [Member] | ||||||||||||
Long-term Debt | ||||||||||||
Debt instrument, face amount | 200,000,000 | |||||||||||
Outstanding letters of credit | 10,800,000 | |||||||||||
Commercial paper [Member] | ||||||||||||
Short-term Debt | ||||||||||||
Short-term borrowings | 732,500,000 | $ 266,900,000 | ||||||||||
Long-term Debt | ||||||||||||
Debt instrument, face amount | $ 733,500,000 | |||||||||||
Interest rate | 3.00% | 2.10% | ||||||||||
Other [Member] | ||||||||||||
Short-term Debt | ||||||||||||
Short-term borrowings | $ 0 | $ 400,900,000 |
Borrowings (Details 1)
Borrowings (Details 1) $ in Millions | Feb. 28, 2019USD ($) |
Required principal repayments under long-term debt obligations | |
2020 | $ 1,067.4 |
2021 | 764.3 |
2022 | 1,710.3 |
2023 | 1,856.8 |
2024 | 1,842.5 |
Thereafter | 5,668.8 |
Long-term debt, Gross | $ 12,910.1 |
Borrowings (Details Textual)
Borrowings (Details Textual) - USD ($) | Feb. 28, 2018 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Oct. 31, 2018 | Sep. 30, 2018 | Aug. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Oct. 31, 2016 | Mar. 31, 2016 |
Schedule of Debt [Line Items] | ||||||||||||
Debt instrument, face amount | $ 2,500,000,000 | |||||||||||
Short-term borrowings | $ 746,800,000 | $ 746,800,000 | 791,500,000 | $ 746,800,000 | ||||||||
Loss on extinguishment of debt | (1,700,000) | (97,000,000) | $ 0 | |||||||||
Make-whole payment | 73,600,000 | |||||||||||
Loss on write-off of debt issuance costs | 23,400,000 | |||||||||||
Additional credit arrangements | 503,500,000 | 503,500,000 | 45,100,000 | 503,500,000 | ||||||||
Additional credit arrangements, Outstanding | $ 277,000,000 | 277,000,000 | 28,900,000 | 277,000,000 | ||||||||
Conversion of long-term debt to noncontrolling equity interest | 248,200,000 | 0 | 0 | |||||||||
Conversion of noncontrolling equity interest to long-term debt | 0 | 0 | 132,000,000 | |||||||||
Other, Long-term | 16,500,000 | |||||||||||
Unamortized debt issuance costs, long-term debt obligations | 69,600,000 | |||||||||||
Unamortized discount, long-term debt obligations | 15,500,000 | |||||||||||
Accounts receivable securitization facility, term | 364 days | |||||||||||
Noncontrolling Interests [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Conversion of long-term debt to noncontrolling equity interest | 248,200,000 | |||||||||||
Conversion of noncontrolling equity interest to long-term debt | $ 132,000,000 | |||||||||||
NCI Arrangement [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Conversion of long-term debt to noncontrolling equity interest | 248,200,000 | |||||||||||
Other, Long-term | $ 230,500,000 | 230,500,000 | 230,500,000 | |||||||||
Revolving Credit Facility [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Debt instrument, face amount | 2,000,000,000 | $ 2,000,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | ||||||||
Incremental borrowings under credit facility | 350,000,000 | |||||||||||
Short-term borrowings | 79,000,000 | 79,000,000 | $ 59,000,000 | 79,000,000 | ||||||||
Interest rate | 3.60% | |||||||||||
Revolving Credit Facility [Member] | European Revolving Credit Facility [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Debt instrument, face amount | $ 1,000,000,000 | |||||||||||
Incremental borrowings under credit facility | 425,000,000 | |||||||||||
Commercial paper [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Debt instrument, face amount | $ 733,500,000 | |||||||||||
Incremental borrowings under credit facility | $ 1,000,000,000 | |||||||||||
Short-term borrowings | $ 266,900,000 | $ 266,900,000 | $ 732,500,000 | $ 266,900,000 | ||||||||
Interest rate | 2.10% | 2.10% | 3.00% | 2.10% | ||||||||
Commercial paper [Member] | Maximum [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Debt instrument, face amount | $ 2,000,000,000 | $ 1,000,000,000 | ||||||||||
Other [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Short-term borrowings | $ 400,900,000 | $ 400,900,000 | $ 0 | $ 400,900,000 | ||||||||
Other [Member] | Accounts Receivable Securitization Facility [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Short-term borrowings | $ 391,900,000 | $ 391,900,000 | $ 391,900,000 | |||||||||
Interest rate | 2.40% | 2.40% | 2.40% | |||||||||
Unsecured debt [Member] | European Term A-1 Facility [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Debt instrument, face amount | $ 700,000,000 | |||||||||||
Unsecured debt [Member] | European Term A-2 Facility [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Debt instrument, face amount | $ 400,000,000 | |||||||||||
Unsecured debt [Member] | U.S. Term A-1 Facility [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Debt instrument, face amount | $ 500,000,000 | 500,000,000 | ||||||||||
Incremental borrowings under credit facility | 261,100,000 | |||||||||||
Interest rate | 4.00% | |||||||||||
Unsecured debt [Member] | European Term A Facility [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Debt instrument, face amount | $ 2,000,000,000 | |||||||||||
Unsecured debt [Member] | Term loan credit facility [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Debt instrument, face amount | $ 1,500,000,000 | 1,500,000,000 | ||||||||||
Unsecured debt [Member] | Three-Year Term Facility [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Debt instrument, face amount | $ 500,000,000 | 500,000,000 | ||||||||||
Interest rate | 3.60% | |||||||||||
Unsecured debt [Member] | Five-Year Term Facility [Member] | ||||||||||||
Schedule of Debt [Line Items] | ||||||||||||
Debt instrument, face amount | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||||
Interest rate | 3.80% |
Deferred Income Taxes and Oth_3
Deferred Income Taxes and Other Liabilities (Details) - USD ($) $ in Millions | Feb. 28, 2019 | Feb. 28, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Deferred income taxes | $ 1,029.7 | $ 694.4 |
Unrecognized tax benefit liabilities | 239 | 93.7 |
Long-term income tax payable | 95.4 | 165.6 |
Other | 106.6 | 136.1 |
Deferred income taxes and other liabilities | $ 1,470.7 | $ 1,089.8 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Income before income taxes | |||
Domestic | $ 1,615.9 | $ 591.5 | $ 777.6 |
Foreign | 2,529.1 | 1,746.5 | 1,305.4 |
Income before income taxes | $ 4,145 | $ 2,338 | $ 2,083 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Current | |||
Federal | $ 4.1 | $ 261.1 | $ 270.8 |
State | 15.7 | 20.4 | 28.5 |
Foreign | 239.2 | 158.4 | 126.2 |
Total current | 259 | 439.9 | 425.5 |
Deferred | |||
Federal | 223.9 | (475.9) | 109.9 |
State | 75 | 0.4 | 7.1 |
Foreign | 128 | 58.3 | 7.8 |
Total deferred | (417.2) | ||
Total deferred | 426.9 | 113.8 | 124.8 |
Income tax provision | $ 685.9 | $ 22.7 | $ 550.3 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Effective Income Tax Rate Reconciliation, Amount | ||||||||
Income tax provision at statutory rate | $ 870.5 | $ 765.4 | $ 729.1 | |||||
State and local income taxes, net of federal income tax benefit | 81.3 | 18 | 23.1 | |||||
Measurement period adjustment, Net income tax benefit related to the Tax Cuts and Jobs Act | $ (37.6) | (37.6) | ||||||
Net income tax benefit related to the Tax Cuts and Jobs Act | $ (351.2) | $ 0 | $ 0 | $ 0 | (351.2) | 0 | ||
Earnings of subsidiaries taxed at other than U.S. statutory rate | (149) | (319.1) | (160.4) | |||||
Excess tax benefits fom stock-based compensation awards | (82.9) | (68.6) | 0 | |||||
Canadian Divestiture | 0 | 0 | (25.5) | |||||
Miscellaneous items, net | 3.6 | (21.8) | (16) | |||||
Income tax provision | $ 685.9 | $ 22.7 | $ 550.3 | |||||
Effective Income Tax Rate Reconciliation, % of Pretax Income | ||||||||
Income tax provision at statutory rate | 21.00% | 32.70% | 35.00% | |||||
State and local income taxes, net of federal income tax benefit | 2.00% | 0.80% | 1.10% | |||||
Measurement period adjustment, Net income tax benefit from Tax Cuts and Jobs Act | (0.90%) | |||||||
Provisional net income tax benefit from TCJ Act | (15.00%) | 0.00% | ||||||
Earnings of subsidiaries taxed at other than U.S. statutory rate | (3.60%) | (13.70%) | (7.70%) | |||||
Excess tax benefits from stock-based compensation awards | (2.00%) | (2.90%) | 0.00% | |||||
Canadian Divestiture | 0.00% | 0.00% | (1.20%) | |||||
Miscellaneous items, net | 0.00% | (0.90%) | (0.80%) | |||||
Income tax provision at effective rate | 16.50% | 1.00% | 26.40% |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Millions | Feb. 28, 2019 | Feb. 28, 2018 |
Deferred tax assets | ||
Intangible assets | $ 1,616.7 | $ 0 |
Loss carryforwards | 147.8 | 106 |
Stock-based compensation | 33.4 | 29.1 |
Inventory | 20.3 | 18.3 |
Other accruals | 93.4 | 81.1 |
Gross deferred tax assets | 1,911.6 | 234.5 |
Valuation allowances | (86.9) | (112.1) |
Deferred tax assets, net | 1,824.7 | 122.4 |
Deferred tax liabilities | ||
Intangible assets | 0 | (499.8) |
Property, plant and equipment | (191.5) | (197.8) |
Investments in unconsolidated investees | (448.9) | (78.2) |
Provision for unremitted earnings | (22.8) | (21.2) |
Derivative instruments | (7.9) | (19.8) |
Total deferred tax liabilities | (671.1) | (816.8) |
Deferred tax assets (liabilities), net | $ 1,153.6 | $ (694.4) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefit liabilities, beginning of period | $ 89.3 | $ 39.5 | $ 30.4 |
Increases as a result of tax positions taken during a prior period | 56.4 | 7.5 | 0 |
Decreases as a result of tax positions taken during a prior period | (1.4) | (0.1) | (11.5) |
Increases as a result of tax positions taken during the current period | 88.8 | 43.8 | 21.3 |
Decreases related to settlements with tax authorities | (0.8) | (0.4) | 0 |
Decreases related to lapse of applicable statute of limitations | (8) | (1) | (0.7) |
Unrecognized tax benefit liabilities, end of period | $ 224.3 | $ 89.3 | $ 39.5 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||||||
Unrecognized tax benefit liabilities | $ 93.7 | $ 239 | $ 93.7 | |||||
Unrecognized tax benefits that would impact effective tax rate if recognized | 89.3 | 224.3 | 89.3 | |||||
Provisional net income tax benefit related to the Tax Cuts and Jobs Act | $ (351.2) | $ 0 | $ 0 | $ 0 | (351.2) | $ 0 | ||
Benefit from remeasurement of deferred tax assets and liabilities to new rate | (311.2) | |||||||
Benefit from reversal of deferred tax liabilities previously provided for unremitted earnings of foreign subsidiaries | 220 | |||||||
Transition tax provision on unremitted earnings of foreign subsidiaries | $ 180 | |||||||
Measurement period adjustment, Net income tax benefit related to the Tax Cuts and Jobs Act | $ (37.6) | (37.6) | ||||||
Undistributed earnings of foreign subsidiaries expected to be indefinitely reinvested | $ 420 | |||||||
Operating loss carryforwards | 833.3 | |||||||
Operating loss carryforwards subject to expiration | 745.5 | |||||||
Operating loss carryforwards not subject to expiration | 87.8 | |||||||
Federal capital losses subject to expiration | 222.3 | |||||||
Minimum [Member] | ||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||||||
Estimate of change in unrecognized tax benefit liability reasonably possible as a result of examination or expiration of statutes of limitation | 1 | |||||||
Maximum [Member] | ||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||||||
Estimate of change in unrecognized tax benefit liability reasonably possible as a result of examination or expiration of statutes of limitation | $ 13 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | Feb. 28, 2019USD ($) |
Future payments under noncancelable operating leases | |
2020 | $ 59 |
2021 | 58.2 |
2022 | 51.1 |
2023 | 47.9 |
2024 | 41.2 |
Thereafter | 302.1 |
Future payments under noncancelable operating leases, Total | $ 559.5 |
Commitments and Contingencies_3
Commitments and Contingencies (Details 1) $ in Millions | 12 Months Ended |
Feb. 28, 2019USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitment, Amount | $ 7,194.2 |
Raw materials and supplies [Member] | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitment, Amount | 5,955.1 |
In-process inventories [Member] | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitment, Amount | 100.4 |
Capital expenditures [Member] | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitment, Amount | 649.8 |
Other purchase commitments [Member] | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitment, Amount | $ 488.9 |
Commitments and Contingencies_4
Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Feb. 28, 2019 | May 31, 2018 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 |
Loss Contingencies [Line Items] | ||||||
Rental expense | $ 63.5 | $ 59.1 | $ 59.2 | |||
Amounts purchased under related-party arrangements | 238.8 | 316.6 | $ 292.3 | |||
Estimated loss on inventory write-down | $ 20.6 | $ 1.5 | $ 19.1 | |||
Guarantee obligations [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Gain on release of indemnifications | 3.7 | |||||
Indemnification liabilities | $ 9.2 | $ 12.8 | $ 9.2 | $ 12.8 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - shares | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Class A Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common Stock, beginning of period | 258,718,356 | ||
Treasury Stock, beginning of period | 90,743,239 | ||
Share repurchases | 2,352,145 | 4,810,061 | 7,407,051 |
Common Stock, end of period | 185,740,178 | 258,718,356 | |
Treasury Stock, end of period | 18,927,966 | 90,743,239 | |
Class B Convertible Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common Stock, beginning of period | 28,335,387 | ||
Treasury Stock, beginning of period | 5,005,800 | ||
Common Stock, end of period | 28,322,419 | 28,335,387 | |
Treasury Stock, end of period | 5,005,800 | 5,005,800 | |
Class 1 Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common Stock, beginning of period | 1,970 | ||
Common Stock, end of period | 1,149,624 | 1,970 | |
Common Stock [Member] | Class A Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common Stock, beginning of period | 258,718,356 | 257,506,184 | 255,558,026 |
Share repurchases | 0 | 0 | 0 |
Conversion of shares | 12,968 | 29,640 | 2 |
Exercise of stock options | 1,008,854 | 1,182,532 | 1,948,156 |
Employee stock purchases | 0 | 0 | 0 |
Grant of restricted stock awards | 0 | 0 | 0 |
Common Stock, end of period | 185,740,178 | 258,718,356 | 257,506,184 |
Retirement of treasury shares | (74,000,000) | ||
Common Stock [Member] | Class A Common Stock [Member] | Restricted stock units [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Vesting of stock units | 0 | 0 | 0 |
Common Stock [Member] | Class A Common Stock [Member] | Performance share units [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Vesting of stock units | 0 | 0 | 0 |
Common Stock [Member] | Class B Convertible Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common Stock, beginning of period | 28,335,387 | 28,358,527 | 28,358,529 |
Share repurchases | 0 | 0 | 0 |
Conversion of shares | (12,968) | (23,140) | (2) |
Exercise of stock options | 0 | 0 | 0 |
Employee stock purchases | 0 | 0 | 0 |
Grant of restricted stock awards | 0 | 0 | 0 |
Common Stock, end of period | 28,322,419 | 28,335,387 | 28,358,527 |
Retirement of treasury shares | 0 | ||
Common Stock [Member] | Class B Convertible Common Stock [Member] | Restricted stock units [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Vesting of stock units | 0 | 0 | 0 |
Common Stock [Member] | Class B Convertible Common Stock [Member] | Performance share units [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Vesting of stock units | 0 | 0 | 0 |
Common Stock [Member] | Class 1 Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common Stock, beginning of period | 1,970 | 2,080 | 2,000 |
Share repurchases | 0 | 0 | 0 |
Conversion of shares | 0 | (6,500) | 0 |
Exercise of stock options | 1,147,654 | 6,390 | 80 |
Employee stock purchases | 0 | 0 | 0 |
Grant of restricted stock awards | 0 | 0 | 0 |
Common Stock, end of period | 1,149,624 | 1,970 | 2,080 |
Retirement of treasury shares | 0 | ||
Common Stock [Member] | Class 1 Common Stock [Member] | Restricted stock units [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Vesting of stock units | 0 | 0 | 0 |
Common Stock [Member] | Class 1 Common Stock [Member] | Performance share units [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Vesting of stock units | 0 | 0 | 0 |
Treasury Stock [Member] | Class A Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury Stock, beginning of period | 90,743,239 | 86,262,971 | 79,454,011 |
Share repurchases | 2,352,145 | 4,810,061 | 7,407,051 |
Conversion of shares | 0 | 0 | 0 |
Exercise of stock options | 0 | 0 | 0 |
Employee stock purchases | (76,844) | (75,023) | (77,671) |
Grant of restricted stock awards | (3,914) | (3,848) | (4,088) |
Treasury Stock, end of period | 18,927,966 | 90,743,239 | 86,262,971 |
Retirement of treasury shares | (74,000,000) | ||
Treasury Stock [Member] | Class A Common Stock [Member] | Restricted stock units [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Vesting of stock units | (24,308) | (181,994) | (325,773) |
Shares withheld to satisfy tax withholding requirements | 15,409 | 117,188 | 241,870 |
Treasury Stock [Member] | Class A Common Stock [Member] | Performance share units [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Vesting of stock units | (62,352) | (68,928) | (190,559) |
Shares withheld to satisfy tax withholding requirements | 44,016 | 55,584 | 168,811 |
Treasury Stock [Member] | Class B Convertible Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury Stock, beginning of period | 5,005,800 | 5,005,800 | 5,005,800 |
Share repurchases | 0 | 0 | 0 |
Conversion of shares | 0 | 0 | 0 |
Exercise of stock options | 0 | 0 | 0 |
Employee stock purchases | 0 | 0 | 0 |
Grant of restricted stock awards | 0 | 0 | 0 |
Treasury Stock, end of period | 5,005,800 | 5,005,800 | 5,005,800 |
Retirement of treasury shares | 0 | ||
Treasury Stock [Member] | Class B Convertible Common Stock [Member] | Restricted stock units [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Vesting of stock units | 0 | 0 | 0 |
Treasury Stock [Member] | Class B Convertible Common Stock [Member] | Performance share units [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Vesting of stock units | 0 | 0 | 0 |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) - USD ($) | 12 Months Ended | |||||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Jan. 31, 2018 | Nov. 30, 2016 | Apr. 30, 2012 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Dollar Value of Shares Repurchased | $ 504,300,000 | $ 1,038,500,000 | $ 1,122,700,000 | |||
Class A and Class B [Member] | 2013 Authorization [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Repurchase Authorization | $ 1,000,000,000 | |||||
Class A and Class B [Member] | 2017 Authorization [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Repurchase Authorization | $ 1,000,000,000 | |||||
Class A and Class B [Member] | 2018 Authorization [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Repurchase Authorization | $ 3,000,000,000 | |||||
Class A Common Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Dollar Value of Shares Repurchased | $ 504,300,000 | $ 1,038,500,000 | $ 1,122,700,000 | |||
Number of Shares Repurchased | 2,352,145 | 4,810,061 | 7,407,051 | |||
Class A Common Stock [Member] | 2013 Authorization [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Dollar Value of Shares Repurchased | $ 0 | $ 0 | $ 669,600,000 | |||
Number of Shares Repurchased | 0 | 0 | 4,400,504 | |||
Class A Common Stock [Member] | 2017 Authorization [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Dollar Value of Shares Repurchased | $ 0 | $ 546,900,000 | $ 453,100,000 | |||
Number of Shares Repurchased | 0 | 2,530,194 | 3,006,547 | |||
Class A Common Stock [Member] | 2018 Authorization [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Dollar Value of Shares Repurchased | $ 504,300,000 | $ 491,600,000 | $ 0 | |||
Number of Shares Repurchased | 2,352,145 | 2,279,867 | 0 | |||
Remaining authorized repurchase amount | $ 2,004,100,000 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Apr. 23, 2019$ / shares | Feb. 28, 2019class_of_stock$ / shares | Feb. 28, 2018$ / shares | Feb. 28, 2017$ / shares | |
Class of Stock [Line Items] | ||||
Number of classes of common stock with a material number of shares outstanding | class_of_stock | 2 | |||
Class B Convertible Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, conversion features | convertible into shares of Class A Common Stock on a one-to-one basis | |||
Common stock, voting rights | ten votes per share | |||
Cash dividends declared per common share | $ 2.68 | $ 1.88 | $ 1.44 | |
Class B Convertible Common Stock [Member] | Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Cash dividends declared per common share | $ 0.68 | |||
Class A Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, voting rights | one vote per share | |||
Common stock, dividend rights | 10.00% | |||
Cash dividends declared per common share | $ 2.96 | $ 2.08 | $ 1.60 | |
Class A Common Stock [Member] | Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Cash dividends declared per common share | 0.75 | |||
Class 1 Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, conversion features | convertible into shares of Class A Common Stock on a one-to-one basis | |||
Common stock, voting rights | generally have no voting rights | |||
Class 1 Common Stock [Member] | Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Cash dividends declared per common share | $ 0.68 |
Stock-Based Employee Compensa_3
Stock-Based Employee Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total compensation cost recognized in our results of operations | $ 64.1 | $ 60.9 | $ 56.1 |
Income tax benefit related thereto recognized in our results of operations | $ 11.6 | $ 13.5 | $ 18.5 |
Stock-Based Employee Compensa_4
Stock-Based Employee Compensation (Details 1) - Long-Term Stock Incentive Plan [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Number of Options [Rollforward] | |||
Number of Options, Outstanding, beginning of period (in shares) | 7,444,701 | 8,070,255 | 9,541,393 |
Number of Options, Granted (in shares) | 540,640 | 624,121 | 648,147 |
Number of Options, Exercised (in shares) | (2,156,508) | (1,188,922) | (1,948,236) |
Number of Options, Forfeited (in shares) | (133,250) | (59,725) | (170,711) |
Number of Options, Expired (in shares) | (4,364) | (1,028) | (338) |
Number of Options, Outstanding, end of period (in shares) | 5,691,219 | 7,444,701 | 8,070,255 |
Number of Options, Exercisable (in shares) | 4,456,486 | 5,983,286 | 6,456,382 |
Weighted Average Exercise Price [Rollforward] | |||
Options, Weighted Average Exercise Price, Outstanding, beginning of period (in dollars per share) | $ 56.33 | $ 44.31 | $ 34.03 |
Options, Weighted Average Exercise Price, Granted (in dollars per share) | 227.91 | 172.70 | 157.01 |
Options, Weighted Average Exercise Price, Exercised (in dollars per share) | 23.55 | 31.86 | 25.79 |
Options, Weighted Average Exercise Price, Forfeited (in dollars per share) | 187.84 | 136.08 | 109.23 |
Options, Weighted Average Exercise Price, Expired (in dollars per share) | 175.86 | 36.13 | 31.92 |
Options, Weighted Average Exercise Price, Outstanding, end of period (in dollars per share) | 81.87 | 56.33 | 44.31 |
Options, Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 53.18 | $ 34.12 | $ 26.66 |
Fair value of stock options vested | $ 22.8 | $ 20.3 | $ 20.3 |
Intrinsic value of stock options exercised | 348.5 | 189.9 | 260.4 |
Tax benefit realized from stock options exercised | $ 82.6 | $ 59.8 | $ 106 |
Stock-Based Employee Compensa_5
Stock-Based Employee Compensation (Details 2) - Long-Term Stock Incentive Plan [Member] - Stock options [Member] - $ / shares | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Weighted average assumptions to estimate fair value of equity instruments using Black-Scholes option-pricing model | |||
Grant-date fair value | $ 53.06 | $ 42.88 | $ 40.09 |
Expected life | 5 years 11 months | 5 years 11 months | 5 years 11 months |
Expected volatility | 22.30% | 26.00% | 27.10% |
Risk-free interest rate | 2.90% | 2.00% | 1.60% |
Expected dividend yield | 1.30% | 1.20% | 1.00% |
Stock-Based Employee Compensa_6
Stock-Based Employee Compensation (Details 3) - Long-Term Stock Incentive Plan [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Restricted stock awards [Member] | |||
Number of Restricted Stock Awards [Rollforward] | |||
Number of Nonvested Awards, Outstanding, beginning of period (in shares) | 3,848 | 4,088 | 4,984 |
Number of Nonvested Awards, Granted (in shares) | 3,914 | 3,848 | 4,088 |
Number of Nonvested Awards, Vested (in shares) | (3,848) | (4,088) | (4,984) |
Number of Nonvested Awards, Outstanding, end of period (in shares) | 3,914 | 3,848 | 4,088 |
Weighted Average Grant-Date Fair Value [Rollforward] | |||
Weighted Average Grant-Date Fair Value, Outstanding, beginning of period | $ 197.18 | $ 166.34 | $ 119.37 |
Weighted Average Grant-Date Fair Value, Granted | 214.29 | 197.18 | 166.34 |
Weighted Average Grant-Date Fair Value, Vested | 197.18 | 166.34 | 119.37 |
Weighted Average Grant-Date Fair Value, Outstanding, end of period | $ 214.29 | $ 197.18 | $ 166.34 |
Fair value of shares vested | $ 0.8 | $ 0.8 | $ 0.8 |
Restricted stock units [Member] | |||
Number of Restricted Stock Awards [Rollforward] | |||
Number of Nonvested Awards, Outstanding, beginning of period (in shares) | 286,658 | 455,699 | 917,009 |
Number of Nonvested Awards, Granted (in shares) | 108,545 | 157,200 | 174,187 |
Number of Nonvested Awards, Vested (in shares) | (39,717) | (299,182) | (567,643) |
Number of Nonvested Awards, Forfeited (in shares) | (41,234) | (27,059) | (67,854) |
Number of Nonvested Awards, Outstanding, end of period (in shares) | 314,252 | 286,658 | 455,699 |
Weighted Average Grant-Date Fair Value [Rollforward] | |||
Weighted Average Grant-Date Fair Value, Outstanding, beginning of period | $ 157.29 | $ 117.44 | $ 70.23 |
Weighted Average Grant-Date Fair Value, Granted | 226.97 | 178.11 | 156.74 |
Weighted Average Grant-Date Fair Value, Vested | 129.57 | 109.09 | 54.29 |
Weighted Average Grant-Date Fair Value, Forfeited | 182 | 140 | 108.56 |
Weighted Average Grant-Date Fair Value, Outstanding, end of period | $ 181.62 | $ 157.29 | $ 117.44 |
Fair value of shares vested | $ 9 | $ 56.5 | $ 89.4 |
Performance share units [Member] | |||
Number of Restricted Stock Awards [Rollforward] | |||
Number of Nonvested Awards, Outstanding, beginning of period (in shares) | 227,720 | 250,333 | 501,261 |
Number of Nonvested Awards, Granted (in shares) | 172,468 | 55,464 | 75,765 |
Number of Nonvested Awards, Vested (in shares) | (106,368) | (124,512) | (359,370) |
Number of Nonvested Awards, Forfeited (in shares) | (34,075) | (8,646) | (72,653) |
Number of Nonvested Awards, Outstanding, end of period (in shares) | 259,464 | 227,720 | 250,333 |
Number of Nonvested Awards, Performance achievement (in shares) | (281) | 55,081 | 105,330 |
Weighted Average Grant-Date Fair Value [Rollforward] | |||
Weighted Average Grant-Date Fair Value, Outstanding, beginning of period | $ 177.90 | $ 141.91 | $ 92.41 |
Weighted Average Grant-Date Fair Value, Granted | 222.92 | 236.79 | 190.33 |
Weighted Average Grant-Date Fair Value, Vested | 147.34 | 100.73 | 60.50 |
Weighted Average Grant-Date Fair Value, Forfeited | 215.63 | 144.57 | 144.26 |
Weighted Average Grant-Date Fair Value, Outstanding, end of period | 213.27 | 177.90 | 141.91 |
Weighted Average Grant-Date Fair Value, Performance achievement | $ 155.72 | $ 99.85 | $ 66.50 |
Fair value of shares vested | $ 24.4 | $ 21.4 | $ 57.2 |
Stock-Based Employee Compensa_7
Stock-Based Employee Compensation (Details 4) - Long-Term Stock Incentive Plan [Member] - $ / shares | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Performance share units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Grant-date fair value | $ 222.92 | $ 236.79 | $ 190.33 |
Performance Share Units, Market Condition [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Grant-date fair value | 322.42 | 250.30 | 204.53 |
Grant-date price | $ 228.26 | $ 172.09 | $ 157.33 |
Performance period | 2 years 11 months | 2 years 11 months | 2 years 10 months |
Expected volatility | 20.70% | 21.50% | 20.60% |
Risk-free interest rate | 2.60% | 1.40% | 1.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Employee Compensa_8
Stock-Based Employee Compensation (Details Textual) $ in Millions | 12 Months Ended | ||
Feb. 28, 2019USD ($)stock_based_compensation_planshares | Feb. 28, 2018shares | Feb. 28, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock-based employee compensation plans | stock_based_compensation_plan | 2 | ||
Total unrecognized compensation cost related to nonvested stock-based compensation arrangements | $ | $ 86.3 | ||
Expected weighted average period to recognize nonvested stock-based compensation cost | 2 years 5 months | ||
Long-Term Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate number of shares authorized | shares | 108,000,000 | ||
Aggregate intrinsic value, Options outstanding | $ | $ 527.2 | ||
Aggregate intrinsic value, Options exercisable | $ | $ 517.9 | ||
Weighted average remaining contractual life, Options outstanding | 4 years 6 months | ||
Weighted average remaining contractual life, Options exercisable | 3 years 6 months | ||
Long-Term Stock Incentive Plan [Member] | Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Expiration period | 10 years | ||
Long-Term Stock Incentive Plan [Member] | Restricted stock awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Long-Term Stock Incentive Plan [Member] | Restricted stock awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Long-Term Stock Incentive Plan [Member] | Restricted stock units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Long-Term Stock Incentive Plan [Member] | Restricted stock units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Long-Term Stock Incentive Plan [Member] | Performance share units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Target percentage of units to be awarded based on performance, minimum | 0.00% | ||
Long-Term Stock Incentive Plan [Member] | Performance share units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Target percentage of units to be awarded based on performance, minimum | 200.00% | ||
1989 Employee Stock Purchase Plan [Member] | Employee stock purchase plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate number of shares authorized | shares | 9,000,000 | ||
Purchase price as a percent of the fair market value, lower of the fair market value on the first or last day of the purchase period | 85.00% | ||
Shares purchased under employee stock purchase plan | shares | 76,844 | 75,023 | 77,671 |
Net Income Per Common Share A_3
Net Income Per Common Share Attributable to CBI (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Earnings per share reconciliation | |||||||||||
Net income attributable to CBI allocated – basic | $ 1,239.5 | $ 303.1 | $ 1,149.5 | $ 743.8 | $ 910.5 | $ 492.8 | $ 501.6 | $ 398.5 | $ 3,435.9 | $ 2,303.4 | $ 1,528.6 |
Class A Common Stock [Member] | |||||||||||
Earnings per share reconciliation | |||||||||||
Net income attributable to CBI allocated – basic | 3,049.5 | 2,049.9 | 1,364.3 | ||||||||
Conversion of Class B common shares into Class A common shares | 386.4 | 253.5 | 164.3 | ||||||||
Effect of stock-based awards on allocated net income | 0 | 0 | 0 | ||||||||
Net income attributable to CBI allocated – diluted | $ 3,435.9 | $ 2,303.4 | $ 1,528.6 | ||||||||
Weighted average number of shares outstanding reconciliation | |||||||||||
Weighted average common shares outstanding – basic | 167,249 | 171,457 | 175,934 | ||||||||
Conversion of Class B common shares into Class A common shares | 23,321 | 23,336 | 23,353 | ||||||||
Stock-based awards, primarily stock options | 4,962 | 5,952 | 4,812 | ||||||||
Weighted average common shares outstanding – diluted | 195,532 | 200,745 | 204,099 | ||||||||
Basic and diluted net income per common share attributable to CBI | |||||||||||
Net income per common share attributable to CBI – basic | $ 6.57 | $ 1.62 | $ 6.11 | $ 3.93 | $ 4.76 | $ 2.55 | $ 2.59 | $ 2.07 | $ 18.24 | $ 11.96 | $ 7.76 |
Net income per common share attributable to CBI – diluted | 6.37 | 1.56 | 5.87 | 3.77 | 4.56 | 2.45 | 2.49 | 1.98 | $ 17.57 | $ 11.47 | $ 7.49 |
Class B Convertible Common Stock [Member] | |||||||||||
Earnings per share reconciliation | |||||||||||
Net income attributable to CBI allocated – basic | $ 386.4 | $ 253.5 | $ 164.3 | ||||||||
Conversion of Class B common shares into Class A common shares | 0 | 0 | 0 | ||||||||
Effect of stock-based awards on allocated net income | (8.3) | (6.3) | (3.1) | ||||||||
Net income attributable to CBI allocated – diluted | $ 378.1 | $ 247.2 | $ 161.2 | ||||||||
Weighted average number of shares outstanding reconciliation | |||||||||||
Weighted average common shares outstanding – basic | 23,321 | 23,336 | 23,353 | ||||||||
Conversion of Class B common shares into Class A common shares | 0 | 0 | 0 | ||||||||
Stock-based awards, primarily stock options | 0 | 0 | 0 | ||||||||
Weighted average common shares outstanding – diluted | 23,321 | 23,336 | 23,353 | ||||||||
Basic and diluted net income per common share attributable to CBI | |||||||||||
Net income per common share attributable to CBI – basic | 5.97 | 1.47 | 5.55 | 3.57 | 4.32 | 2.32 | 2.36 | 1.88 | $ 16.57 | $ 10.86 | $ 7.04 |
Net income per common share attributable to CBI – diluted | $ 5.87 | $ 1.45 | $ 5.41 | $ 3.48 | $ 4.21 | $ 2.26 | $ 2.30 | $ 1.83 | $ 16.21 | $ 10.59 | $ 6.90 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Other comprehensive income (loss) attributable to CBI | |||
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | $ (152.8) | $ 208 | $ 42 |
Share of other comprehensive income of equity method investments [Member] | |||
Other comprehensive income (loss) attributable to CBI | |||
Net gain (loss), Before Tax Amount | 38.7 | ||
Net gain (loss), Tax (Expense) Benefit | (9.1) | ||
Net gain (loss), Net of Tax Amount | 29.6 | ||
Reclassification adjustments, Before Tax Amount | 0 | ||
Reclassification adjustments, Tax (Expense) Benefit | 0 | ||
Reclassification adjustments, Net of Tax Amount | 0 | ||
Other comprehensive income (loss) attributable to CBI, Before Tax Amount | 38.7 | ||
Other comprehensive income (loss) attributable to CBI, Tax (Expense) Benefit | (9.1) | ||
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | 29.6 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Other comprehensive income (loss) attributable to CBI | |||
Net gain (loss), Net of Tax Amount | (151.3) | ||
Reclassification adjustments, Net of Tax Amount | 0.3 | ||
Other comprehensive income (loss) attributable to CBI, Before Tax Amount | (148.6) | 219.4 | 55.9 |
Other comprehensive income (loss) attributable to CBI, Tax (Expense) Benefit | (2.4) | (22.5) | (3.2) |
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | (151) | 196.9 | 52.7 |
Foreign currency translation adjustments [Member] | |||
Other comprehensive income (loss) attributable to CBI | |||
Net gain (loss), Before Tax Amount | (194.2) | 147.3 | (78.3) |
Net gain (loss), Tax (Expense) Benefit | 0 | (1.6) | (0.7) |
Net gain (loss), Net of Tax Amount | (194.2) | 145.7 | (79) |
Reclassification adjustments, Before Tax Amount | 0 | 0 | 111.5 |
Reclassification adjustments, Tax (Expense) Benefit | 0 | 0 | 0 |
Reclassification adjustments, Net of Tax Amount | 0 | 0 | 111.5 |
Other comprehensive income (loss) attributable to CBI, Before Tax Amount | (194.2) | 147.3 | 33.2 |
Other comprehensive income (loss) attributable to CBI, Tax (Expense) Benefit | 0 | (1.6) | (0.7) |
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | (194.2) | 145.7 | 32.5 |
Net gain (loss) on derivative instruments [Member] | |||
Other comprehensive income (loss) attributable to CBI | |||
Net gain (loss), Before Tax Amount | 8.3 | 76.7 | (34.7) |
Net gain (loss), Tax (Expense) Benefit | 5 | (21.5) | 11.7 |
Net gain (loss), Net of Tax Amount | 13.3 | 55.2 | (23) |
Reclassification adjustments, Before Tax Amount | (3.6) | (2.9) | 45.2 |
Reclassification adjustments, Tax (Expense) Benefit | 0.9 | 0.2 | (14.1) |
Reclassification adjustments, Net of Tax Amount | (2.7) | (2.7) | 31.1 |
Other comprehensive income (loss) attributable to CBI, Before Tax Amount | 4.7 | 73.8 | 10.5 |
Other comprehensive income (loss) attributable to CBI, Tax (Expense) Benefit | 5.9 | (21.3) | (2.4) |
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | 10.6 | 52.5 | 8.1 |
Net unrealized loss on AFS debt securities [Member] | |||
Other comprehensive income (loss) attributable to CBI | |||
Net gain (loss), Before Tax Amount | (0.4) | 0 | 0.4 |
Net gain (loss), Tax (Expense) Benefit | 0.1 | (0.2) | 0.1 |
Net gain (loss), Net of Tax Amount | (0.3) | (0.2) | 0.5 |
Reclassification adjustments, Before Tax Amount | 1.9 | 0 | 0 |
Reclassification adjustments, Tax (Expense) Benefit | 0.9 | 0 | 0 |
Reclassification adjustments, Net of Tax Amount | 2.8 | 0 | 0 |
Other comprehensive income (loss) attributable to CBI, Before Tax Amount | 1.5 | 0 | 0.4 |
Other comprehensive income (loss) attributable to CBI, Tax (Expense) Benefit | 1 | (0.2) | 0.1 |
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | 2.5 | (0.2) | 0.5 |
Pension/ postretirement adjustments [Member] | |||
Other comprehensive income (loss) attributable to CBI | |||
Net gain (loss), Before Tax Amount | 0.4 | (1.7) | 0.3 |
Net gain (loss), Tax (Expense) Benefit | (0.1) | 0.6 | (0.1) |
Net gain (loss), Net of Tax Amount | 0.3 | (1.1) | 0.2 |
Reclassification adjustments, Before Tax Amount | 0.3 | 0 | 11.5 |
Reclassification adjustments, Tax (Expense) Benefit | (0.1) | 0 | (0.1) |
Reclassification adjustments, Net of Tax Amount | 0.2 | 0 | 11.4 |
Other comprehensive income (loss) attributable to CBI, Before Tax Amount | 0.7 | (1.7) | 11.8 |
Other comprehensive income (loss) attributable to CBI, Tax (Expense) Benefit | (0.2) | 0.6 | (0.2) |
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | $ 0.5 | $ (1.1) | $ 11.6 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity, beginning of period | $ 7,975.1 | ||
Other comprehensive income (loss) attributable to CBI | |||
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | (152.8) | $ 208 | $ 42 |
Stockholders' equity, end of period | 12,551 | 7,975.1 | |
Share of other comprehensive income of equity method investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity, beginning of period | 0 | ||
Other comprehensive income (loss) attributable to CBI | |||
Other comprehensive income (loss), before reclassification adjustments | 29.6 | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | ||
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | 29.6 | 0 | 0 |
Stockholders' equity, end of period | 29.6 | 0 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity, beginning of period | (202.9) | ||
Other comprehensive income (loss) attributable to CBI | |||
Other comprehensive income (loss), before reclassification adjustments | (151.3) | ||
Amounts reclassified from accumulated other comprehensive loss | 0.3 | ||
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | (151) | 196.9 | 52.7 |
Stockholders' equity, end of period | (353.9) | (202.9) | |
Foreign currency translation adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity, beginning of period | (212.3) | ||
Other comprehensive income (loss) attributable to CBI | |||
Other comprehensive income (loss), before reclassification adjustments | (194.2) | 145.7 | (79) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 111.5 |
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | (194.2) | 145.7 | 32.5 |
Stockholders' equity, end of period | (406.5) | (212.3) | |
Net gain (loss) on derivative instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity, beginning of period | 14.5 | ||
Other comprehensive income (loss) attributable to CBI | |||
Other comprehensive income (loss), before reclassification adjustments | 13.3 | 55.2 | (23) |
Amounts reclassified from accumulated other comprehensive loss | (2.7) | (2.7) | 31.1 |
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | 10.6 | 52.5 | 8.1 |
Stockholders' equity, end of period | 25.1 | 14.5 | |
Net unrealized loss on AFS debt securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity, beginning of period | (2.5) | ||
Other comprehensive income (loss) attributable to CBI | |||
Other comprehensive income (loss), before reclassification adjustments | (0.3) | (0.2) | 0.5 |
Amounts reclassified from accumulated other comprehensive loss | 2.8 | 0 | 0 |
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | 2.5 | (0.2) | 0.5 |
Stockholders' equity, end of period | 0 | (2.5) | |
Pension/ postretirement adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity, beginning of period | (2.6) | ||
Other comprehensive income (loss) attributable to CBI | |||
Other comprehensive income (loss), before reclassification adjustments | 0.3 | (1.1) | 0.2 |
Amounts reclassified from accumulated other comprehensive loss | 0.2 | 0 | 11.4 |
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount | 0.5 | (1.1) | $ 11.6 |
Stockholders' equity, end of period | $ (2.1) | $ (2.6) |
Significant Customers and Con_3
Significant Customers and Concentration of Credit Risk (Details) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Net sales [Member] | Customer concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, Percentage | 32.70% | 32.50% | 32.60% |
Net sales [Member] | Customer concentration risk [Member] | Southern Glazer's Wine and Spirits [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, Percentage | 12.90% | 13.00% | 14.10% |
Accounts receivable [Member] | Credit concentration risk [Member] | Southern Glazer's Wine and Spirits [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, Percentage | 30.80% | 28.10% | 32.10% |
Significant Customers and Con_4
Significant Customers and Concentration of Credit Risk (Details Textual) - Customer concentration risk [Member] | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Concentration Risk [Line Items] | |||
Concentration risk, Additional Characteristic | 10% or more of our net sales | 10% or more of our net sales | 10% or more of our net sales |
Net sales [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, Additional Characteristic | five largest customers | five largest customers | five largest customers |
Concentration risk, Percentage | 32.70% | 32.50% | 32.60% |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information (Details) - USD ($) $ in Millions | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 |
Condensed Financial Statements, Captions [Line Items] | ||||
Percentage of parent ownership of subsidiary guarantors | 100.00% | |||
Current assets: | ||||
Cash and cash equivalents | $ 93.6 | $ 90.3 | $ 177.4 | $ 83.1 |
Accounts receivable | 846.9 | 776.2 | ||
Inventories | 2,130.4 | 2,084 | ||
Intercompany receivable | 0 | 0 | ||
Prepaid expenses and other | 613.1 | 523.5 | ||
Total current assets | 3,684 | 3,474 | ||
Property, plant and equipment | 5,267.3 | 4,789.7 | 3,932.8 | |
Investments in subsidiaries | 0 | 0 | ||
Goodwill | 8,088.8 | 8,083.1 | 7,920.5 | |
Intangible assets | 3,198.1 | 3,304.8 | ||
Intercompany notes receivable | 0 | 0 | ||
Equity method investments | 3,465.6 | 121.5 | 98.7 | |
Securities measured at fair value | 3,234.7 | 672.2 | ||
Deferred income taxes | 2,183.3 | 0 | ||
Other assets | 109.7 | 93.4 | ||
Total assets | 29,231.5 | 20,538.7 | 18,602.4 | |
Current liabilities: | ||||
Short-term borrowings | 791.5 | 746.8 | ||
Current maturities of long-term debt | 1,065.2 | 22.3 | ||
Accounts payable | 616.7 | 592.2 | ||
Intercompany payable | 0 | 0 | ||
Other accrued expenses and liabilities | 690.4 | 678.3 | ||
Total current liabilities | 3,163.8 | 2,039.6 | ||
Long-term debt, less current maturities | 11,759.8 | 9,417.6 | ||
Intercompany notes payable | 0 | 0 | ||
Deferred income taxes and other liabilities | 1,470.7 | 1,089.8 | ||
Total liabilities | 16,394.3 | 12,547 | ||
CBI stockholders’ equity | 12,551 | 7,975.1 | ||
Noncontrolling interests | 286.2 | 16.6 | ||
Total stockholders’ equity | 12,837.2 | 7,991.7 | 6,829.3 | 6,691.8 |
Total liabilities and stockholders’ equity | 29,231.5 | 20,538.7 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Inventories | (162.6) | (184.4) | ||
Intercompany receivable | (83,538.5) | (84,558.3) | ||
Prepaid expenses and other | (1.6) | (3.6) | ||
Total current assets | (83,702.7) | (84,746.3) | ||
Property, plant and equipment | 0 | 0 | ||
Investments in subsidiaries | (31,115.5) | (27,267.6) | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Intercompany notes receivable | (3,257.2) | (8,671.8) | ||
Equity method investments | 0 | 0 | ||
Securities measured at fair value | 0 | 0 | ||
Deferred income taxes | (69.2) | (17.4) | ||
Other assets | 0 | 0 | ||
Total assets | (118,144.6) | (120,703.1) | ||
Current liabilities: | ||||
Short-term borrowings | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Intercompany payable | (83,538.5) | (84,558.3) | ||
Other accrued expenses and liabilities | (24.5) | (27.7) | ||
Total current liabilities | (83,563) | (84,586) | ||
Long-term debt, less current maturities | 0 | 0 | ||
Intercompany notes payable | (3,257.2) | (8,671.8) | ||
Deferred income taxes and other liabilities | (56.9) | (17.4) | ||
Total liabilities | (86,877.1) | (93,275.2) | ||
CBI stockholders’ equity | (31,267.5) | (27,427.9) | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ equity | (31,267.5) | (27,427.9) | ||
Total liabilities and stockholders’ equity | (118,144.6) | (120,703.1) | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 11 | 4.6 | 9.6 | 6 |
Accounts receivable | 435.6 | 2 | ||
Inventories | 197.7 | 184.3 | ||
Intercompany receivable | 29,712.5 | 27,680 | ||
Prepaid expenses and other | 89.9 | 138.4 | ||
Total current assets | 30,446.7 | 28,009.3 | ||
Property, plant and equipment | 85.3 | 76.2 | ||
Investments in subsidiaries | 26,533.8 | 20,948.7 | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Intercompany notes receivable | 3,218.6 | 6,236.4 | ||
Equity method investments | 0 | 0 | ||
Securities measured at fair value | 0 | 0 | ||
Deferred income taxes | 69.2 | 17.4 | ||
Other assets | 17.3 | 15.7 | ||
Total assets | 60,370.9 | 55,303.7 | ||
Current liabilities: | ||||
Short-term borrowings | 732.5 | 266.9 | ||
Current maturities of long-term debt | 1,052.8 | 7.1 | ||
Accounts payable | 59.6 | 63.4 | ||
Intercompany payable | 33,787.6 | 37,408.2 | ||
Other accrued expenses and liabilities | 374.3 | 356.2 | ||
Total current liabilities | 36,006.8 | 38,101.8 | ||
Long-term debt, less current maturities | 11,743.4 | 9,166.9 | ||
Intercompany notes payable | 38.5 | 0 | ||
Deferred income taxes and other liabilities | 31.2 | 59.9 | ||
Total liabilities | 47,819.9 | 47,328.6 | ||
CBI stockholders’ equity | 12,551 | 7,975.1 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ equity | 12,551 | 7,975.1 | ||
Total liabilities and stockholders’ equity | 60,370.9 | 55,303.7 | ||
Subsidiary Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 2.6 | 4.4 | 5.3 | 3.6 |
Accounts receivable | 370.6 | 12.6 | ||
Inventories | 1,485.4 | 1,537.5 | ||
Intercompany receivable | 33,775.4 | 37,937.5 | ||
Prepaid expenses and other | 78.1 | 77.7 | ||
Total current assets | 35,712.1 | 39,569.7 | ||
Property, plant and equipment | 786.8 | 775.7 | ||
Investments in subsidiaries | 1,599.6 | 442 | ||
Goodwill | 6,185.5 | 6,185.5 | ||
Intangible assets | 605 | 718.2 | ||
Intercompany notes receivable | 0 | 2,435.4 | ||
Equity method investments | 1.7 | 1.9 | ||
Securities measured at fair value | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other assets | 1.1 | 2.8 | ||
Total assets | 44,891.8 | 50,131.2 | ||
Current liabilities: | ||||
Short-term borrowings | 0 | 0 | ||
Current maturities of long-term debt | 12.2 | 15 | ||
Accounts payable | 141.3 | 128.3 | ||
Intercompany payable | 31,428.9 | 30,029.7 | ||
Other accrued expenses and liabilities | 184 | 199.3 | ||
Total current liabilities | 31,766.4 | 30,372.3 | ||
Long-term debt, less current maturities | 16 | 9.1 | ||
Intercompany notes payable | 2,694.4 | 5,029.2 | ||
Deferred income taxes and other liabilities | 540.5 | 493.5 | ||
Total liabilities | 35,017.3 | 35,904.1 | ||
CBI stockholders’ equity | 9,874.5 | 14,227.1 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ equity | 9,874.5 | 14,227.1 | ||
Total liabilities and stockholders’ equity | 44,891.8 | 50,131.2 | ||
Subsidiary Nonguarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 80 | 81.3 | $ 162.5 | $ 73.5 |
Accounts receivable | 40.7 | 761.6 | ||
Inventories | 609.9 | 546.6 | ||
Intercompany receivable | 20,050.6 | 18,940.8 | ||
Prepaid expenses and other | 446.7 | 311 | ||
Total current assets | 21,227.9 | 20,641.3 | ||
Property, plant and equipment | 4,395.2 | 3,937.8 | ||
Investments in subsidiaries | 2,982.1 | 5,876.9 | ||
Goodwill | 1,903.3 | 1,897.6 | ||
Intangible assets | 2,593.1 | 2,586.6 | ||
Intercompany notes receivable | 38.6 | 0 | ||
Equity method investments | 3,463.9 | 119.6 | ||
Securities measured at fair value | 3,234.7 | 672.2 | ||
Deferred income taxes | 2,183.3 | 0 | ||
Other assets | 91.3 | 74.9 | ||
Total assets | 42,113.4 | 35,806.9 | ||
Current liabilities: | ||||
Short-term borrowings | 59 | 479.9 | ||
Current maturities of long-term debt | 0.2 | 0.2 | ||
Accounts payable | 415.8 | 400.5 | ||
Intercompany payable | 18,322 | 17,120.4 | ||
Other accrued expenses and liabilities | 156.6 | 150.5 | ||
Total current liabilities | 18,953.6 | 18,151.5 | ||
Long-term debt, less current maturities | 0.4 | 241.6 | ||
Intercompany notes payable | 524.3 | 3,642.6 | ||
Deferred income taxes and other liabilities | 955.9 | 553.8 | ||
Total liabilities | 20,434.2 | 22,589.5 | ||
CBI stockholders’ equity | 21,393 | 13,200.8 | ||
Noncontrolling interests | 286.2 | 16.6 | ||
Total stockholders’ equity | 21,679.2 | 13,217.4 | ||
Total liabilities and stockholders’ equity | $ 42,113.4 | $ 35,806.9 |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information (Details 1) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||
Sales | $ 8,884.3 | $ 8,322.1 | $ 8,051.2 | ||||||||
Excise taxes | (768.3) | (741.8) | (730.1) | ||||||||
Net sales | $ 1,797.2 | $ 1,972.6 | $ 2,299.1 | $ 2,047.1 | $ 1,762 | $ 1,801.9 | $ 2,087.9 | $ 1,928.5 | 8,116 | 7,580.3 | 7,321.1 |
Cost of product sold | (4,035.7) | (3,767.8) | (3,802.1) | ||||||||
Gross profit | 893.5 | 970 | 1,168.2 | 1,048.6 | 845.2 | 910.3 | 1,068.7 | 988.3 | 4,080.3 | 3,812.5 | 3,519 |
Selling, general and administrative expenses | (1,668.1) | (1,532.7) | (1,392.4) | ||||||||
Operating income | 2,412.2 | 2,279.8 | 2,389 | ||||||||
Equity in earnings (losses) of equity method investees and subsidiaries and related activities | 30.6 | 34.6 | 27.3 | ||||||||
Unrealized net gain on securities measured at fair value | 1,971.2 | 464.3 | 0 | ||||||||
Net gain on sale of unconsolidated investment | 99.8 | 0 | 0 | ||||||||
Interest income | 12 | 2.3 | 1.8 | ||||||||
Intercompany interest income | 0 | 0 | 0 | ||||||||
Interest expense | (379.1) | (334.3) | (335.1) | ||||||||
Intercompany interest expense | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | (1.7) | (97) | 0 | ||||||||
Income before income taxes | 4,145 | 2,338 | 2,083 | ||||||||
(Provision for) benefit from income taxes | (685.9) | (22.7) | (550.3) | ||||||||
Net income | 3,459.1 | 2,315.3 | 1,532.7 | ||||||||
Net income attributable to noncontrolling interests | (23.2) | (11.9) | (4.1) | ||||||||
Net income attributable to CBI | $ 1,239.5 | $ 303.1 | $ 1,149.5 | $ 743.8 | $ 910.5 | $ 492.8 | $ 501.6 | $ 398.5 | 3,435.9 | 2,303.4 | 1,528.6 |
Comprehensive income attributable to CBI | 3,284.9 | 2,500.3 | 1,581.3 | ||||||||
Unrealized net gain on securities measured at fair value and related activities | 452.6 | ||||||||||
Gain on sale of business | 0 | 0 | 262.4 | ||||||||
Eliminations [Member] | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||
Sales | (5,341.5) | (4,953.8) | (4,560.5) | ||||||||
Excise taxes | 0 | 0 | 0 | ||||||||
Net sales | (5,341.5) | (4,953.8) | (4,560.5) | ||||||||
Cost of product sold | 5,348.6 | 4,917.7 | 4,496.1 | ||||||||
Gross profit | 7.1 | (36.1) | (64.4) | ||||||||
Selling, general and administrative expenses | 22.3 | 16 | 22.8 | ||||||||
Operating income | 29.4 | (20.1) | (41.6) | ||||||||
Equity in earnings (losses) of equity method investees and subsidiaries and related activities | (4,302.5) | (3,014.4) | (2,008.1) | ||||||||
Unrealized net gain on securities measured at fair value | 0 | ||||||||||
Net gain on sale of unconsolidated investment | 0 | ||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Intercompany interest income | (913.1) | (736.2) | (633.4) | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Intercompany interest expense | 913.1 | 736.2 | 633.4 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Income before income taxes | (4,273.1) | (3,034.5) | (2,049.7) | ||||||||
(Provision for) benefit from income taxes | (4.9) | (19.9) | 3.5 | ||||||||
Net income | (4,278) | (3,054.4) | (2,046.2) | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to CBI | (4,278) | (3,054.4) | (2,046.2) | ||||||||
Comprehensive income attributable to CBI | (4,136.1) | (3,256.8) | (2,068.5) | ||||||||
Unrealized net gain on securities measured at fair value and related activities | 0 | ||||||||||
Gain on sale of business | 0 | ||||||||||
Parent Company [Member] | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||
Sales | 2,996.9 | 2,953.5 | 2,824.2 | ||||||||
Excise taxes | (359.3) | (353.5) | (351.9) | ||||||||
Net sales | 2,637.6 | 2,600 | 2,472.3 | ||||||||
Cost of product sold | (2,060.3) | (2,080.3) | (1,974.5) | ||||||||
Gross profit | 577.3 | 519.7 | 497.8 | ||||||||
Selling, general and administrative expenses | (548.1) | (468.8) | (417.2) | ||||||||
Operating income | 29.2 | 50.9 | 57.2 | ||||||||
Equity in earnings (losses) of equity method investees and subsidiaries and related activities | 3,889.6 | 2,515.1 | 1,656.1 | ||||||||
Unrealized net gain on securities measured at fair value | 0 | ||||||||||
Net gain on sale of unconsolidated investment | 0 | ||||||||||
Interest income | 0.6 | 0.4 | 0.4 | ||||||||
Intercompany interest income | 259.7 | 240.9 | 227.1 | ||||||||
Interest expense | (361.7) | (279.1) | (280) | ||||||||
Intercompany interest expense | (547.1) | (395.3) | (311.1) | ||||||||
Loss on extinguishment of debt | (1.7) | (81.8) | |||||||||
Income before income taxes | 3,268.6 | 2,051.1 | 1,349.7 | ||||||||
(Provision for) benefit from income taxes | 167.3 | 252.3 | 178.9 | ||||||||
Net income | 3,435.9 | 2,303.4 | 1,528.6 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to CBI | 3,435.9 | 2,303.4 | 1,528.6 | ||||||||
Comprehensive income attributable to CBI | 3,284.9 | 2,500.3 | 1,581.3 | ||||||||
Unrealized net gain on securities measured at fair value and related activities | 0 | ||||||||||
Gain on sale of business | (23.4) | ||||||||||
Subsidiary Guarantors [Member] | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||
Sales | 7,323.1 | 6,822.8 | 6,252.4 | ||||||||
Excise taxes | (396.2) | (375.6) | (320.8) | ||||||||
Net sales | 6,926.9 | 6,447.2 | 5,931.6 | ||||||||
Cost of product sold | (5,399.8) | (4,809.5) | (4,373.8) | ||||||||
Gross profit | 1,527.1 | 1,637.7 | 1,557.8 | ||||||||
Selling, general and administrative expenses | (908.7) | (820) | (707.5) | ||||||||
Operating income | 618.4 | 817.7 | 846 | ||||||||
Equity in earnings (losses) of equity method investees and subsidiaries and related activities | (39.4) | (13.9) | (31.1) | ||||||||
Unrealized net gain on securities measured at fair value | 0 | ||||||||||
Net gain on sale of unconsolidated investment | 0 | ||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Intercompany interest income | 647.1 | 491.1 | 402.7 | ||||||||
Interest expense | (1) | (1.1) | (1.5) | ||||||||
Intercompany interest expense | (196.3) | (195.6) | (197.4) | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Income before income taxes | 1,028.8 | 1,098.2 | 1,018.7 | ||||||||
(Provision for) benefit from income taxes | (250.2) | (74.2) | (385.1) | ||||||||
Net income | 778.6 | 1,024 | 633.6 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to CBI | 778.6 | 1,024 | 633.6 | ||||||||
Comprehensive income attributable to CBI | 777.7 | 1,024.4 | 633.5 | ||||||||
Unrealized net gain on securities measured at fair value and related activities | 0 | ||||||||||
Gain on sale of business | (4.3) | ||||||||||
Subsidiary Nonguarantors [Member] | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||
Sales | 3,905.8 | 3,499.6 | 3,535.1 | ||||||||
Excise taxes | (12.8) | (12.7) | (57.4) | ||||||||
Net sales | 3,893 | 3,486.9 | 3,477.7 | ||||||||
Cost of product sold | (1,924.2) | (1,795.7) | (1,949.9) | ||||||||
Gross profit | 1,968.8 | 1,691.2 | 1,527.8 | ||||||||
Selling, general and administrative expenses | (233.6) | (259.9) | (290.5) | ||||||||
Operating income | 1,735.2 | 1,431.3 | 1,527.4 | ||||||||
Equity in earnings (losses) of equity method investees and subsidiaries and related activities | 482.9 | 547.8 | 410.4 | ||||||||
Unrealized net gain on securities measured at fair value | 1,971.2 | ||||||||||
Net gain on sale of unconsolidated investment | 99.8 | ||||||||||
Interest income | 11.4 | 1.9 | 1.4 | ||||||||
Intercompany interest income | 6.3 | 4.2 | 3.6 | ||||||||
Interest expense | (16.4) | (54.1) | (53.6) | ||||||||
Intercompany interest expense | (169.7) | (145.3) | (124.9) | ||||||||
Loss on extinguishment of debt | 0 | (15.2) | |||||||||
Income before income taxes | 4,120.7 | 2,223.2 | 1,764.3 | ||||||||
(Provision for) benefit from income taxes | (598.1) | (180.9) | (347.6) | ||||||||
Net income | 3,522.6 | 2,042.3 | 1,416.7 | ||||||||
Net income attributable to noncontrolling interests | (23.2) | (11.9) | (4.1) | ||||||||
Net income attributable to CBI | 3,499.4 | 2,030.4 | 1,412.6 | ||||||||
Comprehensive income attributable to CBI | $ 3,358.4 | 2,232.4 | 1,435 | ||||||||
Unrealized net gain on securities measured at fair value and related activities | $ 452.6 | ||||||||||
Gain on sale of business | $ 290.1 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Condensed Consolidating Statement of Cash Flows | |||
Net cash provided by (used in) operating activities | $ 2,246.3 | $ 1,931.4 | $ 1,696 |
Cash flows from investing activities: | |||
Investments in equity method investees and securities | (4,081.5) | (210.9) | (17.1) |
Purchases of property, plant and equipment | (886.3) | (1,057.6) | (907.4) |
Purchases of businesses, net of cash acquired | (45.6) | (150.1) | (1,111) |
Proceeds from sale of unconsolidated investment | 110.2 | 0 | 0 |
Proceeds from sales of assets | 72.3 | 5.9 | 2.1 |
Net proceeds from intercompany notes | 0 | 0 | 0 |
Net returns of capital from (investment in) equity affiliates | 0 | 0 | 0 |
Other investing activities | (0.9) | (5.4) | (3.7) |
Net cash used in investing activities | (4,831.8) | (1,423.1) | (1,461.8) |
Proceeds from (payments related to) sale of business | 0 | (5) | 575.3 |
Cash flows from financing activities: | |||
Dividends paid to parent company | 0 | 0 | 0 |
Net contributions from (returns of capital to) equity affiliates | 0 | 0 | 0 |
Net proceeds from (repayments of) intercompany notes | 0 | 0 | 0 |
Proceeds from issuance of long-term debt | 3,657.6 | 7,933.4 | 1,965.6 |
Proceeds from shares issued under equity compensation plans | 63.2 | 49.4 | 59.7 |
Net proceeds from (repayments of) short-term borrowings | 45.5 | 137.2 | 197.1 |
Dividends paid | (557.7) | (400.1) | (315.1) |
Purchases of treasury stock | (504.3) | (1,038.5) | (1,122.7) |
Principal payments of long-term debt | (62.8) | (7,128.7) | (971.8) |
Payments of debt issuance, debt extinguishment and other financing costs | (34.6) | (122.2) | (14.1) |
Payments of minimum tax withholdings on stock-based payment awards | (13.6) | (31.7) | (64.9) |
Net cash provided by (used in) financing activities | 2,593.3 | (601.2) | (134.8) |
Excess tax benefits from stock-based payment awards | 0 | 0 | 131.4 |
Effect of exchange rate changes on cash and cash equivalents | (4.5) | 5.8 | (5.1) |
Net increase (decrease) in cash and cash equivalents | 3.3 | (87.1) | 94.3 |
Cash and cash equivalents, beginning of year | 90.3 | 177.4 | 83.1 |
Cash and cash equivalents, end of year | 93.6 | 90.3 | 177.4 |
Eliminations [Member] | |||
Condensed Consolidating Statement of Cash Flows | |||
Net cash provided by (used in) operating activities | (157) | 0 | (655.4) |
Cash flows from investing activities: | |||
Investments in equity method investees and securities | 0 | 0 | 0 |
Purchases of property, plant and equipment | 0 | 0 | 0 |
Purchases of businesses, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of unconsolidated investment | 0 | ||
Proceeds from sales of assets | 0 | 0 | 0 |
Net proceeds from intercompany notes | (525.1) | (269.6) | (422) |
Net returns of capital from (investment in) equity affiliates | 3,938.9 | 1,355 | (470.7) |
Other investing activities | 0 | 0 | 0 |
Net cash used in investing activities | 3,413.8 | 1,085.4 | (892.7) |
Proceeds from (payments related to) sale of business | 0 | 0 | |
Cash flows from financing activities: | |||
Dividends paid to parent company | 209.5 | 70 | 868.7 |
Net contributions from (returns of capital to) equity affiliates | (3,991.4) | (1,425) | 257.4 |
Net proceeds from (repayments of) intercompany notes | 525.1 | 269.6 | 422 |
Proceeds from issuance of long-term debt | 0 | 0 | 0 |
Proceeds from shares issued under equity compensation plans | 0 | 0 | 0 |
Net proceeds from (repayments of) short-term borrowings | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Purchases of treasury stock | 0 | 0 | 0 |
Principal payments of long-term debt | 0 | 0 | 0 |
Payments of debt issuance, debt extinguishment and other financing costs | 0 | 0 | 0 |
Payments of minimum tax withholdings on stock-based payment awards | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | (3,256.8) | (1,085.4) | 1,548.1 |
Excess tax benefits from stock-based payment awards | 0 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of year | 0 | 0 | 0 |
Cash and cash equivalents, end of year | 0 | 0 | 0 |
Parent Company [Member] | |||
Condensed Consolidating Statement of Cash Flows | |||
Net cash provided by (used in) operating activities | 169.8 | (374.5) | 341.4 |
Cash flows from investing activities: | |||
Investments in equity method investees and securities | 0 | 0 | 0 |
Purchases of property, plant and equipment | (34.4) | (21.3) | (12.8) |
Purchases of businesses, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of unconsolidated investment | 0 | ||
Proceeds from sales of assets | 0.6 | 0.1 | 0.7 |
Net proceeds from intercompany notes | 525.1 | 265.8 | 422 |
Net returns of capital from (investment in) equity affiliates | (3,927.8) | (1,355) | 470.7 |
Other investing activities | 0 | (6.2) | 0 |
Net cash used in investing activities | (3,436.5) | (1,116.6) | 870.7 |
Proceeds from (payments related to) sale of business | 0 | (9.9) | |
Cash flows from financing activities: | |||
Dividends paid to parent company | 0 | 0 | 0 |
Net contributions from (returns of capital to) equity affiliates | 0 | 0 | 0 |
Net proceeds from (repayments of) intercompany notes | 214.9 | (211) | (20.2) |
Proceeds from issuance of long-term debt | 3,645.6 | 5,886.4 | 600 |
Proceeds from shares issued under equity compensation plans | 63.2 | 49.4 | 59.7 |
Net proceeds from (repayments of) short-term borrowings | 465.6 | 33.3 | 231 |
Dividends paid | (557.7) | (400.1) | (315.1) |
Purchases of treasury stock | (504.3) | (1,038.5) | (1,122.7) |
Principal payments of long-term debt | (19.6) | (2,717.8) | (767.6) |
Payments of debt issuance, debt extinguishment and other financing costs | (34.6) | (115.6) | (5) |
Payments of minimum tax withholdings on stock-based payment awards | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 3,273.1 | 1,486.1 | (1,208.5) |
Excess tax benefits from stock-based payment awards | 131.4 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 6.4 | (5) | 3.6 |
Cash and cash equivalents, beginning of year | 4.6 | 9.6 | 6 |
Cash and cash equivalents, end of year | 11 | 4.6 | 9.6 |
Subsidiaries Guarantors [Member] | |||
Condensed Consolidating Statement of Cash Flows | |||
Net cash provided by (used in) operating activities | 353.1 | 1,288.2 | 1,051.5 |
Cash flows from investing activities: | |||
Investments in equity method investees and securities | (0.1) | (0.1) | (0.1) |
Purchases of property, plant and equipment | (104.2) | (128.3) | (89.8) |
Purchases of businesses, net of cash acquired | (19.5) | (70.9) | 0 |
Proceeds from sale of unconsolidated investment | 0 | ||
Proceeds from sales of assets | 41.1 | 0 | 0 |
Net proceeds from intercompany notes | 0 | 0 | 0 |
Net returns of capital from (investment in) equity affiliates | (11.1) | 0 | 0 |
Other investing activities | 0 | 0 | 0 |
Net cash used in investing activities | (93.8) | (199.3) | (89.9) |
Proceeds from (payments related to) sale of business | 0 | 0 | |
Cash flows from financing activities: | |||
Dividends paid to parent company | 0 | 0 | 0 |
Net contributions from (returns of capital to) equity affiliates | 25.8 | 0.9 | (22) |
Net proceeds from (repayments of) intercompany notes | (256.9) | (1,041.1) | (855.4) |
Proceeds from issuance of long-term debt | 0 | 0 | 0 |
Proceeds from shares issued under equity compensation plans | 0 | 0 | 0 |
Net proceeds from (repayments of) short-term borrowings | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Purchases of treasury stock | 0 | 0 | 0 |
Principal payments of long-term debt | (17.2) | (19.1) | (20.6) |
Payments of debt issuance, debt extinguishment and other financing costs | 0 | 0 | 0 |
Payments of minimum tax withholdings on stock-based payment awards | (12.8) | (30.5) | (61.9) |
Net cash provided by (used in) financing activities | (261.1) | (1,089.8) | (959.9) |
Excess tax benefits from stock-based payment awards | 0 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (1.8) | (0.9) | 1.7 |
Cash and cash equivalents, beginning of year | 4.4 | 5.3 | 3.6 |
Cash and cash equivalents, end of year | 2.6 | 4.4 | 5.3 |
Subsidiary Nonguarantors [Member] | |||
Condensed Consolidating Statement of Cash Flows | |||
Net cash provided by (used in) operating activities | 1,880.4 | 1,017.7 | 958.5 |
Cash flows from investing activities: | |||
Investments in equity method investees and securities | (4,081.4) | (210.8) | (17) |
Purchases of property, plant and equipment | (747.7) | (908) | (804.8) |
Purchases of businesses, net of cash acquired | (26.1) | (79.2) | (1,111) |
Proceeds from sale of unconsolidated investment | 110.2 | ||
Proceeds from sales of assets | 30.6 | 5.8 | 1.4 |
Net proceeds from intercompany notes | 0 | 3.8 | 0 |
Net returns of capital from (investment in) equity affiliates | 0 | 0 | 0 |
Other investing activities | (0.9) | 0.8 | (3.7) |
Net cash used in investing activities | (4,715.3) | (1,192.6) | (1,349.9) |
Proceeds from (payments related to) sale of business | (5) | 585.2 | |
Cash flows from financing activities: | |||
Dividends paid to parent company | (209.5) | (70) | (868.7) |
Net contributions from (returns of capital to) equity affiliates | 3,965.6 | 1,424.1 | (235.4) |
Net proceeds from (repayments of) intercompany notes | (483.1) | 982.5 | 453.6 |
Proceeds from issuance of long-term debt | 12 | 2,047 | 1,365.6 |
Proceeds from shares issued under equity compensation plans | 0 | 0 | 0 |
Net proceeds from (repayments of) short-term borrowings | (420.1) | 103.9 | (33.9) |
Dividends paid | 0 | 0 | 0 |
Purchases of treasury stock | 0 | 0 | 0 |
Principal payments of long-term debt | (26) | (4,391.8) | (183.6) |
Payments of debt issuance, debt extinguishment and other financing costs | 0 | (6.6) | (9.1) |
Payments of minimum tax withholdings on stock-based payment awards | (0.8) | (1.2) | (3) |
Net cash provided by (used in) financing activities | 2,838.1 | 87.9 | 485.5 |
Excess tax benefits from stock-based payment awards | 0 | ||
Effect of exchange rate changes on cash and cash equivalents | (4.5) | 5.8 | (5.1) |
Net increase (decrease) in cash and cash equivalents | (1.3) | (81.2) | 89 |
Cash and cash equivalents, beginning of year | 81.3 | 162.5 | 73.5 |
Cash and cash equivalents, end of year | $ 80 | $ 81.3 | $ 162.5 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Millions | Feb. 28, 2019 | Feb. 28, 2018 | May 31, 2018 | Feb. 28, 2018 | May 31, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 |
Cost of product sold | ||||||||
Loss on inventory write-down | $ (20.6) | $ (1.5) | $ (19.1) | |||||
Net gain (loss) on undesignated derivative contracts | $ (24) | $ 13.5 | $ (9.8) | |||||
Total cost of product sold | (4,035.7) | (3,767.8) | (3,802.1) | |||||
Selling, general and administrative expenses | ||||||||
Net gain (loss) on undesignated derivative contracts | (24) | 13.5 | (9.8) | |||||
Loss on contract termination | 0 | (59) | 0 | |||||
Costs associated with the Canadian Divestiture and related activities | $ (15.2) | $ (3.2) | (12) | |||||
Total selling, general and administrative expenses | (1,668.1) | (1,532.7) | (1,392.4) | |||||
Gain on sale of business | 0 | 0 | 262.4 | |||||
Comparable Adjustments [Member] | ||||||||
Cost of product sold | ||||||||
Accelerated depreciation | (8.9) | 0 | 0 | |||||
Flow through of inventory step-up | (4.9) | (18.7) | (20.1) | |||||
Loss on inventory write-down | (3.3) | (19.1) | 0 | |||||
Other losses | (6) | 0 | (2.2) | |||||
Total cost of product sold | (29.9) | (28.1) | 17.4 | |||||
Selling, general and administrative expenses | ||||||||
Impairment of intangible assets | (108) | (86.8) | (37.6) | |||||
Restructuring and other strategic business development costs | (17.1) | (14) | (0.9) | |||||
Deferred compensation | (16.3) | 0 | 0 | |||||
Transaction, integration and other acquisition-related costs | (10.2) | (8.1) | (14.2) | |||||
Loss on contract termination | 0 | (59) | 0 | |||||
Costs associated with the Canadian Divestiture and related activities | 0 | (3.2) | (20.4) | |||||
Other gains (losses) | 10.1 | 10.5 | (2.6) | |||||
Total selling, general and administrative expenses | (174.1) | (160.6) | (75.7) | |||||
Gain on sale of business | 0 | 0 | 262.4 | |||||
Comparable Adjustments, Operating income (loss) | (204) | (188.7) | 204.1 | |||||
Gain on sale of certain non-core assets | 8.5 | |||||||
Reduction in estimated fair value of contingent liability | 8.1 | |||||||
Comparable Adjustments [Member] | Commodity derivative contracts [Member] | ||||||||
Cost of product sold | ||||||||
Settlements of undesignated commodity derivative contracts | (8.6) | 2.3 | 23.4 | |||||
Net gain (loss) on undesignated derivative contracts | 1.8 | 7.4 | 16.3 | |||||
Selling, general and administrative expenses | ||||||||
Net gain (loss) on undesignated derivative contracts | 1.8 | 7.4 | 16.3 | |||||
Comparable Adjustments [Member] | Foreign currency contracts [Member] | ||||||||
Cost of product sold | ||||||||
Net gain (loss) on undesignated derivative contracts | (32.6) | 0 | 0 | |||||
Selling, general and administrative expenses | ||||||||
Net gain (loss) on undesignated derivative contracts | $ (32.6) | $ 0 | $ 0 |
Business Segment Information _2
Business Segment Information (Details 1) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,797.2 | $ 1,972.6 | $ 2,299.1 | $ 2,047.1 | $ 1,762 | $ 1,801.9 | $ 2,087.9 | $ 1,928.5 | $ 8,116 | $ 7,580.3 | $ 7,321.1 |
Segment operating income (loss) | 2,412.2 | 2,279.8 | 2,389 | ||||||||
Long-lived tangible assets | 5,267.3 | 4,789.7 | 5,267.3 | 4,789.7 | 3,932.8 | ||||||
Total assets | 29,231.5 | 20,538.7 | 29,231.5 | 20,538.7 | 18,602.4 | ||||||
Capital expenditures | 886.3 | 1,057.6 | 907.4 | ||||||||
Depreciation and amortization | 339.1 | 299.7 | 247.9 | ||||||||
Income (loss) from unconsolidated investments | 2,101.6 | 487.2 | 27.3 | ||||||||
Equity method investments | 3,465.6 | 121.5 | 3,465.6 | 121.5 | 98.7 | ||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments [Abstract] | |||||||||||
Unrealized net gain on securities measured at fair value | 1,971.2 | 464.3 | 0 | ||||||||
Net gain on sale of unconsolidated investment | 99.8 | 0 | 0 | ||||||||
Equity in earnings from equity method investees and related activities | 30.6 | 34.6 | 27.3 | ||||||||
Net gain (loss) on undesignated derivative contracts | (24) | 13.5 | (9.8) | ||||||||
Income from unconsolidated investments | 2,101.6 | 487.2 | 27.3 | ||||||||
Foreign currency contracts [Member] | November 2017 Canopy Transaction [Member] | |||||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments [Abstract] | |||||||||||
Net gain (loss) on undesignated derivative contracts | 0 | (11.7) | 0 | ||||||||
Operating Segments [Member] | Beer [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 5,202.1 | 4,660.4 | 4,227.3 | ||||||||
Segment operating income (loss) | 2,042.9 | 1,840.2 | 1,532.4 | ||||||||
Long-lived tangible assets | 4,050.1 | 3,611.6 | 4,050.1 | 3,611.6 | 2,810 | ||||||
Total assets | 15,044.1 | 12,325.2 | 15,044.1 | 12,325.2 | 11,325.3 | ||||||
Capital expenditures | 720 | 882.6 | 759.2 | ||||||||
Depreciation and amortization | 203.5 | 168.8 | 114.9 | ||||||||
Operating Segments [Member] | Wine and Spirits [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,913.9 | 2,919.9 | 3,093.8 | ||||||||
Segment operating income (loss) | 771.2 | 794.1 | 792.4 | ||||||||
Long-lived tangible assets | 1,125.5 | 1,080.7 | 1,125.5 | 1,080.7 | 992.9 | ||||||
Total assets | 7,305.7 | 7,217.4 | 7,305.7 | 7,217.4 | 6,976.6 | ||||||
Capital expenditures | 129.5 | 151.1 | 100 | ||||||||
Depreciation and amortization | 98.4 | 94 | 99.4 | ||||||||
Income (loss) from unconsolidated investments | 33.4 | 34.4 | 29.2 | ||||||||
Equity method investments | 79.7 | 80.7 | 79.7 | 80.7 | 77.6 | ||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments [Abstract] | |||||||||||
Income from unconsolidated investments | 33.4 | 34.4 | 29.2 | ||||||||
Operating Segments [Member] | Wine and Spirits [Member] | Wine [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,532.5 | 2,556.3 | 2,732.7 | ||||||||
Operating Segments [Member] | Wine and Spirits [Member] | Spirits [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 381.4 | 363.6 | 361.1 | ||||||||
Operating Segments [Member] | Corporate Operations and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment operating income (loss) | (197.9) | (165.8) | (139.9) | ||||||||
Long-lived tangible assets | 91.7 | 97.4 | 91.7 | 97.4 | 129.9 | ||||||
Total assets | 6,881.7 | 996.1 | 6,881.7 | 996.1 | 300.5 | ||||||
Capital expenditures | 36.8 | 23.9 | 48.2 | ||||||||
Depreciation and amortization | 28.3 | 36.9 | 31.4 | ||||||||
Income (loss) from unconsolidated investments | (16.7) | 0.2 | (0.2) | ||||||||
Equity method investments | $ 3,385.9 | $ 40.8 | 3,385.9 | 40.8 | 21.1 | ||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments [Abstract] | |||||||||||
Income from unconsolidated investments | (16.7) | 0.2 | (0.2) | ||||||||
Comparable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment operating income (loss) | (204) | (188.7) | 204.1 | ||||||||
Depreciation and amortization | 8.9 | 0 | 2.2 | ||||||||
Income (loss) from unconsolidated investments | 2,084.9 | 452.6 | (1.7) | ||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments [Abstract] | |||||||||||
Income from unconsolidated investments | 2,084.9 | 452.6 | (1.7) | ||||||||
Comparable Adjustments [Member] | Foreign currency contracts [Member] | |||||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments [Abstract] | |||||||||||
Net gain (loss) on undesignated derivative contracts | $ (32.6) | $ 0 | $ 0 |
Business Segment Information _3
Business Segment Information (Details 2) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net sales | $ 1,797.2 | $ 1,972.6 | $ 2,299.1 | $ 2,047.1 | $ 1,762 | $ 1,801.9 | $ 2,087.9 | $ 1,928.5 | $ 8,116 | $ 7,580.3 | $ 7,321.1 |
Long-lived tangible assets | 5,267.3 | 4,789.7 | 5,267.3 | 4,789.7 | 3,932.8 | ||||||
Geographical Components [Member] | U.S. [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net sales | 7,894.8 | 7,325.4 | 6,797.3 | ||||||||
Long-lived tangible assets | 1,127.7 | 1,124.5 | 1,127.7 | 1,124.5 | |||||||
Geographical Components [Member] | Non-U.S. [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net sales | 221.2 | 254.9 | $ 523.8 | ||||||||
Long-lived tangible assets | $ 4,139.6 | $ 3,665.2 | $ 4,139.6 | $ 3,665.2 |
Business Segment Information _4
Business Segment Information (Details Textual) | 12 Months Ended |
Feb. 28, 2019divisionsegment | |
Segment Reporting [Abstract] | |
Number of business divisions | division | 2 |
Number of reportable operating segments | segment | 3 |
Subsequent Event (Details Textu
Subsequent Event (Details Textual) $ in Millions, $ in Millions | Apr. 23, 2019USD ($) | May 31, 2018AUD ($) | May 31, 2018USD ($) |
Subsequent Event [Line Items] | |||
Transaction value of divestiture | $ 149.1 | $ 113.6 | |
Wine and Spirits Transaction [Member] | Disposal Group, Not Discontinued Operations [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Transaction value of divestiture | $ 1,700 |
Selected Quarterly Financial _3
Selected Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Summary of selected quarterly financial information | |||||||||||
Net sales | $ 1,797.2 | $ 1,972.6 | $ 2,299.1 | $ 2,047.1 | $ 1,762 | $ 1,801.9 | $ 2,087.9 | $ 1,928.5 | $ 8,116 | $ 7,580.3 | $ 7,321.1 |
Gross profit | 893.5 | 970 | 1,168.2 | 1,048.6 | 845.2 | 910.3 | 1,068.7 | 988.3 | 4,080.3 | 3,812.5 | 3,519 |
Net income attributable to CBI | 1,239.5 | 303.1 | 1,149.5 | 743.8 | 910.5 | 492.8 | 501.6 | 398.5 | 3,435.9 | 2,303.4 | 1,528.6 |
Earnings Per Share [Abstract] | |||||||||||
Unrealized net gain (loss) on securities measured at fair value, net of income tax effect | 911.7 | (168.4) | 595.1 | 224.1 | 264 | 138.7 | 0 | 0 | |||
Net gain (loss) on sale of unconsolidated investment, net of income tax effect | 0 | 0 | (1.6) | 99.5 | |||||||
Impairment of intangible assets, net of income tax effect | $ (81) | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | (54.4) | |||
Net income tax benefit related to the Tax Cuts and Jobs Act | $ (351.2) | $ 0 | $ 0 | $ 0 | (351.2) | 0 | |||||
Class A Common Stock [Member] | |||||||||||
Summary of selected quarterly financial information | |||||||||||
Net income attributable to CBI | $ 3,049.5 | $ 2,049.9 | $ 1,364.3 | ||||||||
Earnings Per Share [Abstract] | |||||||||||
Net income per common share attributable to CBI, basic (in dollars per share) | $ 6.57 | $ 1.62 | $ 6.11 | $ 3.93 | $ 4.76 | $ 2.55 | $ 2.59 | $ 2.07 | $ 18.24 | $ 11.96 | $ 7.76 |
Net income per common share attributable to CBI, diluted (in dollars per share) | 6.37 | 1.56 | 5.87 | 3.77 | 4.56 | 2.45 | 2.49 | 1.98 | $ 17.57 | $ 11.47 | $ 7.49 |
Class B Convertible Common Stock [Member] | |||||||||||
Summary of selected quarterly financial information | |||||||||||
Net income attributable to CBI | $ 386.4 | $ 253.5 | $ 164.3 | ||||||||
Earnings Per Share [Abstract] | |||||||||||
Net income per common share attributable to CBI, basic (in dollars per share) | 5.97 | 1.47 | 5.55 | 3.57 | 4.32 | 2.32 | 2.36 | 1.88 | $ 16.57 | $ 10.86 | $ 7.04 |
Net income per common share attributable to CBI, diluted (in dollars per share) | $ 5.87 | $ 1.45 | $ 5.41 | $ 3.48 | $ 4.21 | $ 2.26 | $ 2.30 | $ 1.83 | $ 16.21 | $ 10.59 | $ 6.90 |
Uncategorized Items - stz-20190
Label | Element | Value |
Accounting Standards Update 2016-16 [Member] | Noncontrolling Interest [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | $ 0 |
Accounting Standards Update 2016-16 [Member] | Retained Earnings [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 2,242,000,000 |
Accounting Standards Update 2016-16 [Member] | Additional Paid-in Capital [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2016-16 [Member] | AOCI Attributable to Parent [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2016-16 [Member] | Treasury Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2016-16 [Member] | Common Class B [Member] | Common Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2016-16 [Member] | Common Class A [Member] | Common Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2014-09 [Member] | Noncontrolling Interest [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | (49,000,000) |
Accounting Standards Update 2014-09 [Member] | Additional Paid-in Capital [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2014-09 [Member] | AOCI Attributable to Parent [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2014-09 [Member] | Treasury Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2014-09 [Member] | Common Class B [Member] | Common Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2014-09 [Member] | Common Class A [Member] | Common Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | $ 0 |