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”).
For the Years Ended
February 29, 2020(1)
February 28, 2019
February 28, 2018
February 28, 2017 (2)
February 29, 2016
(in millions, except per share data)
Sales
$
9,113.0
$
8,884.3
$
8,322.1
$
8,051.2
$
7,223.8
Excise taxes
(769.5
)
(768.3
)
(741.8
)
(730.1
)
(675.4
)
Net sales
8,343.5
8,116.0
7,580.3
7,321.1
6,548.4
Cost of product sold (3)
(4,191.6
)
(4,035.7
)
(3,767.8
)
(3,802.1
)
(3,606.1
)
Gross profit
4,151.9
4,080.3
3,812.5
3,519.0
2,942.3
Selling, general, and administrative expenses (4)
(1,621.8
)
(1,668.1
)
(1,532.7
)
(1,392.4
)
(1,177.2
)
Impairment of assets held for sale
(449.7
)
—
—
—
—
Gain (loss) on sale of business
74.1
—
—
262.4
—
Operating income (loss)
2,154.5
2,412.2
2,279.8
2,389.0
1,765.1
Income (loss) from unconsolidated investments (5) (6) (7)
(2,668.6
)
2,101.6
487.2
27.3
51.1
Interest expense
(428.7
)
(367.1
)
(332.0
)
(333.3
)
(313.9
)
Loss on extinguishment of debt (8)
(2.4
)
(1.7
)
(97.0
)
—
(1.1
)
Income (loss) before income taxes
(945.2
)
4,145.0
2,338.0
2,083.0
1,501.2
(Provision for) benefit from income taxes (9)
966.6
(685.9
)
(22.7
)
(550.3
)
(440.6
)
Net income (loss)
21.4
3,459.1
2,315.3
1,532.7
1,060.6
Net (income) loss attributable to noncontrolling interests
(33.2
)
(23.2
)
(11.9
)
(4.1
)
(5.7
)
Net income (loss) attributable to CBI
$
(11.8
)
$
3,435.9
$
2,303.4
$
1,528.6
$
1,054.9
Net income (loss) per common share attributable to CBI:
Basic – Class A Common Stock
$
(0.07
)
$
18.24
$
11.96
$
7.76
$
5.42
Basic – Class B Convertible Common Stock
$
(0.07
)
$
16.57
$
10.86
$
7.04
$
4.92
Diluted – Class A Common Stock
$
(0.07
)
$
17.57
$
11.47
$
7.49
$
5.18
Diluted – Class B Convertible Common Stock
$
(0.07
)
$
16.21
$
10.59
$
6.90
$
4.79
Cash dividends declared per common share:
Class A Common Stock
$
3.00
$
2.96
$
2.08
$
1.60
$
1.24
Class B Convertible Common Stock
$
2.72
$
2.68
$
1.88
$
1.44
$
1.12
Total assets
$
27,323.2
$
29,231.5
$
20,538.7
$
18,602.4
$
16,695.0
Long-term debt, including current maturities
$
11,945.7
$
12,825.0
$
9,439.9
$
8,631.6
$
7,672.9
(1)
Includes an impairment of long-lived assets held for sale in connection with the New Wine and Spirits Transactions, Other Wine and Spirits Transactions, and the Ballast Point Transaction (refer to Notes 2 and 7 of the Notes to the Financial Statements for additional discussion). Additionally, in November 2019, we sold the Black Velvet Canadian Whisky business and recognized a net gain on sale of business (refer to Note 2 of the Notes to the Financial Statements for additional discussion).
In December 2016, we sold the Wine and Spirits Canadian wine business and recognized a net gain on sale of business.
(3)
Includes a loss on inventory write-downs of $102.9 million in connection with the wine and spirits optimization activities for the year ended February 29, 2020 (refer to Note 2 of the Notes to the Financial Statements for additional discussion).
(4)
Includes impairment of intangible assets of $11.0 million, $108.0 million, $86.8 million, and $46.0 million for the years ended February 29, 2020, 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).
(5)
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).
(6)
Includes unrealized net gain (loss) from the changes in fair value of the Canopy securities measured at fair value of $(2,126.4) million, $1,971.2 million, and $464.3 million for the years ended February 29, 2020, February 28, 2019, and February 28, 2018, respectively (refer to Note 7 of the Notes to the Financial Statements for additional discussion).
(7)
Includes equity in earnings (losses) from Canopy of $(575.9) million and $(2.6) million for the years ended February 29, 2020, and February 28, 2019, respectively (refer to Note 10 of the Notes to the Financial Statements for additional discussion).
(8)
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 13 of the Notes to the Financial Statements for additional discussion).
(9)
Includes a net income tax benefit of $547.4 million for the year ended February 29, 2020, resulting from the remeasurement of our deferred tax assets in connection with the enactment of tax reform in Switzerland and a provisional net income tax benefit of $351.2 million for the year ended February 28, 2018, associated with the enactment of the TCJ Act (refer to Note 14 of the Notes to the Financial Statements for additional discussion).
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