The following selected financial data should be read in conjunction with MD&A and our consolidated financial statements and notes thereto under Item 8 of this Annual Report on Form 10-K (the “Financial Statements”). Effective March 1, 2018, we adopted the FASB amended guidance regarding the recognition of revenue from contracts with customers using the retrospective application method. Accordingly, we have restated sales, net sales, gross profit, operating income, income before income taxes, provision for income taxes, net income, net income attributable to CBI and net income per common share attributable to CBI, for the years ended February 28, 2018, and February 28, 2017. For additional information, refer to Note 1 of the Notes to the Financial Statements.
For the Years Ended
February 28, 2019
February 28, 2018
February 28, 2017 (1)
February 29, 2016
February 28, 2015
(in millions, except per share data)
Sales
$
8,884.3
$
8,322.1
$
8,051.2
$
7,223.8
$
6,672.1
Excise taxes
(768.3
)
(741.8
)
(730.1
)
(675.4
)
(644.1
)
Net sales
8,116.0
7,580.3
7,321.1
6,548.4
6,028.0
Cost of product sold
(4,035.7
)
(3,767.8
)
(3,802.1
)
(3,606.1
)
(3,449.4
)
Gross profit
4,080.3
3,812.5
3,519.0
2,942.3
2,578.6
Selling, general and administrative expenses (2) (3)
(1,668.1
)
(1,532.7
)
(1,392.4
)
(1,177.2
)
(1,078.4
)
Gain on sale of business
—
—
262.4
—
—
Operating income
2,412.2
2,279.8
2,389.0
1,765.1
1,500.2
Income from unconsolidated investments (4)
2,101.6
487.2
27.3
51.1
21.5
Interest expense
(367.1
)
(332.0
)
(333.3
)
(313.9
)
(337.7
)
Loss on extinguishment of debt (5)
(1.7
)
(97.0
)
—
(1.1
)
(4.4
)
Income before income taxes
4,145.0
2,338.0
2,083.0
1,501.2
1,179.6
Provision for income taxes (6)
(685.9
)
(22.7
)
(550.3
)
(440.6
)
(343.4
)
Net income
3,459.1
2,315.3
1,532.7
1,060.6
836.2
Net (income) loss attributable to noncontrolling interests
(23.2
)
(11.9
)
(4.1
)
(5.7
)
3.1
Net income attributable to CBI
$
3,435.9
$
2,303.4
$
1,528.6
$
1,054.9
$
839.3
Net income per common share attributable to CBI:
Basic – Class A Common Stock
$
18.24
$
11.96
$
7.76
$
5.42
$
4.40
Basic – Class B Convertible Common Stock
$
16.57
$
10.86
$
7.04
$
4.92
$
4.00
Diluted – Class A Common Stock
$
17.57
$
11.47
$
7.49
$
5.18
$
4.17
Diluted – Class B Convertible Common Stock
$
16.21
$
10.59
$
6.90
$
4.79
$
3.83
Cash dividends declared per common share:
Class A Common Stock
$
2.96
$
2.08
$
1.60
$
1.24
$
—
Class B Convertible Common Stock
$
2.68
$
1.88
$
1.44
$
1.12
$
—
Total assets
$
29,231.5
$
20,538.7
$
18,602.4
$
16,965.0
$
15,093.0
Long-term debt, including current maturities
$
12,825.0
$
9,439.9
$
8,631.6
$
7,672.9
$
7,244.1
(1)
In December 2016, we completed the Canadian Divestiture and recognized a gain on sale of business (refer to Note 2 of the Notes to the Financial Statements for additional discussion).
(2)
Includes impairment of intangible assets of $108.0 million, $86.8 million and $46.0 million for the years ended February 28, 2019, February 28, 2018, and February 28, 2017, respectively (refer to Note 7 of the Notes to the Financial Statements for additional discussion).
(3)
Includes a net gain in connection with the sale of our Accolade Wine Investment of $99.8 million for the year ended February 28, 2019 (refer to Note 2 of the Notes to the Financial Statements for additional discussion).
(4)
Includes unrealized net gain from the changes in fair value of the Canopy securities measured at fair value of $1,971.2 million and $464.3 million for the years ended February 28, 2019, and February 28, 2018, respectively (refer to Note 7 of the Notes to the Financial Statements for additional discussion).
(5)
Consists 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 in connection with prior-to-maturity repayments of various debt obligations for the year ended February 28, 2018 (refer to Note 12 of the Notes to the Financial Statements for additional discussion).
(6)
Includes a provisional net income tax benefit of $351.2 million for the year ended February 28, 2018, associated with the December 2017 enactment of the TCJ Act (refer to Note 13 of the Notes to the Financial Statements for additional discussion).
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