10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2016

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-08495

CONSTELLATION BRANDS, INC.

(Exact name of registrant as specified in its charter)

Delaware	16-0716709
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

	207 High Point Drive, Building 100, Victor, New York	14564
	(Address of principal executive offices)	(Zip Code)
	(585) 678-7100
	(Registrant’s telephone number, including area code)
	Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                       ý  Yes    ¨  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  ý  Yes    ¨  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	ý	Accelerated filer	¨
Non-accelerated filer	¨ (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

The number of shares outstanding with respect to each of the classes of common stock of Constellation Brands, Inc., as of December 31, 2016, is set forth below:

Class	Number of Shares Outstanding
Class A Common Stock, par value $.01 per share	172,704,868
Class B Common Stock, par value $.01 per share	23,352,727
Class 1 Common Stock, par value $.01 per share	2,080

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements	1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3. Quantitative and Qualitative Disclosures About Market Risk	47
Item 4. Controls and Procedures	50
PART II – OTHER INFORMATION
Item 1. Legal Proceedings	50
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	51
Item 4. Mine Safety Disclosures	51
Item 6. Exhibits	51
SIGNATURES	52
INDEX TO EXHIBITS	53

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements. For further information regarding such forward-looking statements, risks and uncertainties, please see “Information Regarding Forward-Looking Statements” under Part I – Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Unless the context otherwise requires, the terms “Company,” “CBI,” “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. Unless otherwise defined herein, refer to the Notes to Consolidated Financial Statements under Item 1 of this Quarterly Report on Form 10-Q for the definition of capitalized terms used herein. All references to “Fiscal 2016” refer to our fiscal year ended February 29, 2016. All references to “Fiscal 2017” and “Fiscal 2018” refer to our fiscal year ending February 28, 2017, and February 28, 2018, respectively.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions, except share and per share data) (unaudited)
	November 30, 2016			February 29, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	197.3		$	83.1
Accounts receivable	856.0			732.5
Inventories	2,123.1			1,851.6
Prepaid expenses and other	268.4			310.4
Total current assets	3,444.8			2,977.6
Property, plant and equipment	3,708.0			3,333.4
Goodwill	7,517.9			7,138.6
Intangible assets	3,494.2			3,403.8
Other assets	155.2			111.6
Total assets	$	18,320.1		$	16,965.0
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable to banks	$	353.4		$	408.3
Current maturities of long-term debt	915.7			856.7
Accounts payable	772.3			429.3
Accrued excise taxes	33.0			33.6
Other accrued expenses and liabilities	562.2			544.4
Total current liabilities	2,636.6			2,272.3
Long-term debt, less current maturities	7,362.5			6,816.2
Deferred income taxes	1,124.0			1,022.2
Other liabilities	199.3			162.5
Total liabilities	11,322.4			10,273.2
Commitments and contingencies
CBI stockholders’ equity:
Class A Common Stock, $.01 par value – Authorized, 322,000,000 shares; Issued, 256,983,922 shares and 255,558,026 shares, respectively	2.6			2.6
Class B Convertible Common Stock, $.01 par value – Authorized, 30,000,000 shares; Issued, 28,358,527 shares and 28,358,529 shares, respectively	0.3			0.3
Additional paid-in capital	2,705.5			2,589.0
Retained earnings	6,934.9			6,090.5
Accumulated other comprehensive loss	(596.7		)	(452.5		)
	9,046.6			8,229.9
Less: Treasury stock –
Class A Common Stock, at cost, 81,308,730 shares and 79,454,011 shares, respectively	(2,026.4		)	(1,668.1		)
Class B Convertible Common Stock, at cost, 5,005,800 shares	(2.2		)	(2.2		)
	(2,028.6		)	(1,670.3		)
Total CBI stockholders’ equity	7,018.0			6,559.6
Noncontrolling interests	(20.3		)	132.2
Total stockholders’ equity	6,997.7			6,691.8
Total liabilities and stockholders’ equity	$	18,320.1		$	16,965.0

The accompanying notes are an integral part of these statements.

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CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions, except per share data) (unaudited)
	For the Nine Months Ended November 30,						For the Three Months Ended November 30,
	2016			2015			2016			2015
Sales	$	6,268.5		$	5,523.3		$	1,992.7		$	1,812.4
Less – excise taxes	(565.0		)	(518.1		)	(182.2		)	(171.9		)
Net sales	5,703.5			5,005.2			1,810.5			1,640.5
Cost of product sold	(2,961.8		)	(2,759.0		)	(919.1		)	(907.0		)
Gross profit	2,741.7			2,246.2			891.4			733.5
Selling, general and administrative expenses	(1,044.1		)	(892.2		)	(357.4		)	(286.2		)
Operating income	1,697.6			1,354.0			534.0			447.3
Equity in earnings of equity method investees	28.2			28.5			27.5			27.3
Interest expense	(256.3		)	(230.4		)	(77.6		)	(75.6		)
Loss on write-off of debt issuance costs	—			(1.1		)	—			—
Income before income taxes	1,469.5			1,151.0			483.9			399.0
Provision for income taxes	(392.2		)	(335.7		)	(78.9		)	(128.0		)
Net income	1,077.3			815.3			405.0			271.0
Net (income) loss attributable to noncontrolling interests	5.8			(3.8		)	0.9			(0.5		)
Net income attributable to CBI	$	1,083.1		$	811.5		$	405.9		$	270.5
Comprehensive income	$	918.4		$	591.2		$	240.3		$	297.9
Comprehensive (income) loss attributable to noncontrolling interests	20.5			6.3			12.0			(2.1		)
Comprehensive income attributable to CBI	$	938.9		$	597.5		$	252.3		$	295.8
Net income per common share attributable to CBI:
Basic – Class A Common Stock	$	5.46		$	4.19		$	2.04		$	1.39
Basic – Class B Convertible Common Stock	$	4.95		$	3.80		$	1.85		$	1.26
Diluted – Class A Common Stock	$	5.27		$	3.99		$	1.98		$	1.33
Diluted – Class B Convertible Common Stock	$	4.86		$	3.69		$	1.82		$	1.22
Weighted average common shares outstanding:
Basic – Class A Common Stock	177.171			172.509			177.513			173.933
Basic – Class B Convertible Common Stock	23.353			23.366			23.353			23.358
Diluted – Class A Common Stock	205.484			203.356			205.455			204.096
Diluted – Class B Convertible Common Stock	23.353			23.366			23.353			23.358
Cash dividends declared per common share:
Class A Common Stock	$	1.20		$	0.93		$	0.40		$	0.31
Class B Convertible Common Stock	$	1.08		$	0.84		$	0.36		$	0.28

The accompanying notes are an integral part of these statements.

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CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited)
	For the Nine Months Ended November 30,
	2016			2015
Cash flows from operating activities:
Net income	$	1,077.3		$	815.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	175.3			130.5
Deferred tax provision	114.7			192.5
Stock-based compensation	44.4			40.5
Amortization of debt issuance costs	9.6			9.0
Amortization of intangible assets	8.4			32.2
Equity in earnings of equity method investees, net of distributed earnings	(16.2		)	(18.7		)
Noncash portion of loss on write-off of debt issuance costs	—			1.1
Change in operating assets and liabilities, net of effects from purchases of businesses:
Accounts receivable	(121.5		)	(121.5		)
Inventories	(193.9		)	(25.0		)
Prepaid expenses and other current assets	(30.4		)	46.8
Accounts payable	290.0			136.8
Accrued excise taxes	(0.6		)	4.3
Other accrued expenses and liabilities	77.5			(128.1		)
Other	(18.9		)	(24.1		)
Total adjustments	338.4			276.3
Net cash provided by operating activities	1,415.7			1,091.6
Cash flows from investing activities:
Purchases of property, plant and equipment	(591.6		)	(513.8		)
Purchases of businesses, net of cash acquired	(542.2		)	(317.9		)
Other investing activities	(15.3		)	4.0
Net cash used in investing activities	(1,149.1		)	(827.7		)
Cash flows from financing activities:
Principal payments of long-term debt	(907.7		)	(148.3		)
Purchases of treasury stock	(372.6		)	—
Dividends paid	(238.3		)	(180.4		)
Payments of minimum tax withholdings on stock-based payment awards	(66.9		)	(38.4		)
Net repayments of notes payable	(55.9		)	(15.9		)
Payments of debt issuance costs	(6.6		)	(7.9		)
Proceeds from issuance of long-term debt	1,350.1			210.0
Excess tax benefits from stock-based payment awards	112.2			204.2
Proceeds from shares issued under equity compensation plans	39.3			98.9
Net cash provided by (used in) financing activities	(146.4		)	122.2
Effect of exchange rate changes on cash and cash equivalents	(6.0		)	(4.9		)
Net increase in cash and cash equivalents	114.2			381.2
Cash and cash equivalents, beginning of period	83.1			110.1
Cash and cash equivalents, end of period	$	197.3		$	491.3
Supplemental disclosures of noncash investing and financing activities:
Additions to property, plant and equipment	$	218.0		$	53.1
Conversion of noncontrolling equity interest to long-term debt	$	132.0		$	—

The accompanying notes are an integral part of these statements.

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CONSTELLATION BRANDS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOVEMBER 30, 2016

(unaudited)

1.    BASIS OF PRESENTATION:

Unless the context otherwise requires, the terms “Company,” “CBI,” “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. We have prepared the consolidated financial statements included herein, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission applicable to quarterly reporting on Form 10-Q and reflect, in our opinion, all adjustments necessary to present fairly our financial information. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements, prepared in accordance with generally accepted accounting principles, have been condensed or omitted as permitted by such rules and regulations. These consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended February 29, 2016 (the “2016 Annual Report”). Results of operations for interim periods are not necessarily indicative of annual results.

2.    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 and consist of the following:

	November 30, 2016		February 29, 2016
(in millions)
Raw materials and supplies	$	140.5	$	107.2
In-process inventories	1,382.7		1,218.7
Finished case goods	599.9		525.7
	$	2,123.1	$	1,851.6

3.    DERIVATIVE INSTRUMENTS:

Overview –

Our risk management and derivative accounting policies are presented in Notes 1 and 6 of our consolidated financial statements included in our 2016 Annual Report and have not changed significantly for the nine months and three months endedNovember 30, 2016. For the three months ended November 30, 2016, in connection with the Canadian Divestiture (as defined in Note 5), we entered into economic hedges totaling an aggregate notional value of C$550.0 million to minimize the foreign currency exchange rate risk associated with the expected proceeds from the Canadian Divestiture. As of November 30, 2016, these derivative instruments had a fair value of $3.3 million, which was recorded in prepaid expenses and other, with the change in fair value recognized in selling, general and administrative expenses.

4

The aggregate notional value of outstanding derivative instruments is as follows:

	November 30, 2016		February 29, 2016
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts	$	1,062.6	$	731.6
Interest rate swap contracts	$	250.0	$	600.0
Derivative instruments not designated as hedging instruments
Foreign currency contracts	$	1,440.2	$	975.6
Commodity derivative contracts	$	168.7	$	198.7
Interest rate swap contracts	$	—	$	1,000.0

Credit risk –

We are exposed to credit-related losses if the counterparties to our derivative contracts default. This credit risk is limited to the fair value of the derivative contracts. To manage this risk, we contract only with major financial institutions that have earned investment-grade credit ratings and with whom we have standard International Swaps and Derivatives Association agreements which allow for net settlement of the derivative contracts. We have also established counterparty credit guidelines that are regularly monitored. Because of these safeguards, we believe the risk of loss from counterparty default to be immaterial.

In addition, our derivative instruments are not subject to credit rating contingencies or collateral requirements. As of November 30, 2016, the estimated fair value of derivative instruments in a net liability position due to counterparties was $98.3 million. If we were required to settle the net liability position under these derivative instruments on November 30, 2016, we would have had sufficient availability under our available liquidity on hand to satisfy this obligation.

Results of period derivative activity –

The estimated fair value and location of our derivative instruments on our balance sheets are as follows (see Note 4):

Assets					Liabilities
	November 30, 2016		February 29, 2016			November 30, 2016		February 29, 2016
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	5.1	$	5.5	Other accrued expenses and liabilities	$	43.1	$	33.0
Other assets	$	2.8	$	1.2	Other liabilities	$	54.9	$	26.2
Interest rate swap contracts:
Other assets	$	3.8	$	0.3	Other accrued expenses and liabilities	$	0.6	$	1.5
					Other liabilities	$	—	$	0.4

5

Assets					Liabilities
	November 30, 2016		February 29, 2016			November 30, 2016		February 29, 2016
(in millions)
Derivative instruments not designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	5.0	$	4.8	Other accrued expenses and liabilities	$	2.6	$	9.8
Commodity derivative contracts:
Prepaid expenses and other	$	3.2	$	0.6	Other accrued expenses and liabilities	$	11.4	$	29.3
Other assets	$	1.8	$	0.3	Other liabilities	$	4.6	$	16.8
Interest rate swap contracts:
Prepaid expenses and other	$	—	$	0.7	Other accrued expenses and liabilities	$	—	$	5.7

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 (Effective portion)			Location of Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)
(in millions)
For the Nine Months Ended November 30, 2016
Foreign currency contracts	$	(39.7	)	Sales	$	0.5
				Cost of product sold	(18.4		)
Interest rate swap contracts	2.2			Interest expense	(3.9		)
	$	(37.5	)		$	(21.8	)
For the Nine Months Ended November 30, 2015
Foreign currency contracts	$	(25.5	)	Sales	$	1.6
				Cost of product sold	(14.1		)
Interest rate swap contracts	(1.0		)	Interest expense	(6.2		)
	$	(26.5	)		$	(18.7	)
For the Three Months Ended November 30, 2016
Foreign currency contracts	$	(39.1	)	Sales	$	0.3
				Cost of product sold	(7.7		)
Interest rate swap contracts	2.1			Interest expense	(0.2		)
	$	(37.0	)		$	(7.6	)
For the Three Months Ended November 30, 2015
Foreign currency contracts	$	9.4		Sales	$	0.7
				Cost of product sold	(6.3		)
Interest rate swap contracts	—			Interest expense	(2.0		)
	$	9.4			$	(7.6	)

We expect $26.6 million of net losses, net of income tax effect, to be reclassified from accumulated other comprehensive income (loss) (“AOCI”) to our results of operations within the next 12 months.

6

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 Nine Months Ended November 30, 2016
Commodity derivative contracts	Cost of product sold	$	14.4
Foreign currency contracts	Selling, general and administrative expenses	(20.4		)
		$	(6.0	)
For the Nine Months Ended November 30, 2015
Commodity derivative contracts	Cost of product sold	$	(34.5	)
Foreign currency contracts	Selling, general and administrative expenses	(18.9		)
		$	(53.4	)
For the Three Months Ended November 30, 2016
Commodity derivative contracts	Cost of product sold	$	6.7
Foreign currency contracts	Selling, general and administrative expenses	(6.1		)
		$	0.6
For the Three Months Ended November 30, 2015
Commodity derivative contracts	Cost of product sold	$	(18.1	)
Foreign currency contracts	Selling, general and administrative expenses	(3.8		)
		$	(21.9	)

4.    FAIR VALUE OF FINANCIAL INSTRUMENTS:

Authoritative guidance establishes a framework for measuring fair value and requires disclosures about fair value measurements for financial instruments. This guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and states that a fair value measurement should be determined based on assumptions that market participants would use in pricing an asset or liability. It establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy includes three levels:

• Level 1 inputs are quoted prices in active markets for identical assets or liabilities;

• Level 2 inputs include data points that are observable such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) such as interest rates and yield curves that are observable for the asset and liability, either directly or indirectly; and

• Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

Fair value methodology and assumptions –

The methods and assumptions we use to estimate the fair value for each class of our financial instruments are presented in Notes 1 and 7 of our consolidated financial statements included in our 2016 Annual Report and have not changed significantly for the nine months and three months endedNovember 30, 2016. The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and notes payable to banks, approximate fair value as of November 30, 2016, and February 29, 2016, due to the relatively short maturity of these instruments. As of November 30, 2016, the carrying amount of long-term debt, including the current portion, was $8,278.2 million, compared with an estimated fair value of $8,390.1 million. As

7

of February 29, 2016, the carrying amount of long-term debt, including the current portion, was $7,672.9 million, compared with an estimated fair value of $7,252.0 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)
November 30, 2016
Assets:
Foreign currency contracts	$	—	$	12.9	$	—	$	12.9
Commodity derivative contracts	$	—	$	5.0	$	—	$	5.0
Interest rate swap contracts	$	—	$	3.8	$	—	$	3.8
Available-for-sale (“AFS”) debt securities	$	—	$	—	$	4.8	$	4.8
Liabilities:
Foreign currency contracts	$	—	$	100.6	$	—	$	100.6
Commodity derivative contracts	$	—	$	16.0	$	—	$	16.0
Interest rate swap contracts	$	—	$	0.6	$	—	$	0.6
February 29, 2016
Assets:
Foreign currency contracts	$	—	$	11.5	$	—	$	11.5
Commodity derivative contracts	$	—	$	0.9	$	—	$	0.9
Interest rate swap contracts	$	—	$	1.0	$	—	$	1.0
AFS debt securities	$	—	$	—	$	4.6	$	4.6
Liabilities:
Foreign currency contracts	$	—	$	69.0	$	—	$	69.0
Commodity derivative contracts	$	—	$	46.1	$	—	$	46.1
Interest rate swap contracts	$	—	$	7.6	$	—	$	7.6

5.    GOODWILL:

The changes in the carrying amount of goodwill are as follows:

	Beer			Wine and Spirits			Consolidated
(in millions)
Balance, February 28, 2015	$	3,776.2		$	2,432.0		$	6,208.2
Purchase accounting allocations (1)	761.8			203.3			965.1
Foreign currency translation adjustments	(7.9		)	(26.8		)	(34.7		)
Balance, February 29, 2016	4,530.1			2,608.5			7,138.6
Purchase accounting allocations (2)	1.4			373.7			375.1
Foreign currency translation adjustments	(4.4		)	8.6			4.2
Balance, November 30, 2016	$	4,527.1		$	2,990.8		$	7,517.9

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⁽¹⁾  Purchase accounting allocations associated with the acquisitions of Ballast Point (as defined below) (Beer) and Meiomi (as defined below) (Wine and Spirits).

⁽²⁾  Preliminary purchase accounting allocations associated primarily with the acquisitions of Prisoner, High West and Charles Smith (all as defined below) (Wine and Spirits).

As of November 30, 2016, and February 29, 2016, we have accumulated impairment losses associated with goodwill assigned to our Wine and Spirits’ Canadian reporting unit of C$289.1 million, or $215.2 million and $213.5 million, respectively.

Acquisitions –

High West:

In October 2016, we acquired all of the issued and outstanding common and preferred membership interests of High West Holdings, LLC for $136.5 million, net of cash acquired, subject to post-closing adjustments (“High West”). This transaction primarily includes the acquisition of operations, goodwill, trademarks, inventories and property, plant and equipment. This acquisition includes 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.

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 includes the acquisition of goodwill, trademarks, inventories and certain grape supply contracts. 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.

Prisoner:

In April 2016, we acquired The Prisoner Wine Company business, consisting primarily of goodwill, inventories, trademarks and certain grape supply contracts, for $284.9 million (“Prisoner”). This transaction primarily includes the acquisition of a portfolio of five super-luxury wine brands. The results of operations of Prisoner are reported in the Wine and Spirits segment and have been included in our results of operations from the date of acquisition.

Ballast Point:

In December 2015, we acquired all of the issued and outstanding common and preferred stock of Home Brew Mart, Inc. d/b/a/ Ballast Point Brewing & Spirits (“Ballast Point”). The following table summarizes the allocation of the estimated fair value for the significant assets acquired:

(in millions)
Goodwill	$	763.2
Trademarks	222.8
Other	14.0
Total estimated fair value	1,000.0
Less – cash acquired	(1.5		)
Purchase price	$	998.5

Goodwill associated with the acquisition is primarily attributable to the future growth opportunities associated with the acquisition of a high-growth premium platform that enables us to compete in the growing craft beer category, further strengthening our position in the high-end U.S. beer market. None of the goodwill recognized is expected to be deductible for income tax purposes. The results of operations of Ballast Point are reported in the Beer segment and have been included in our consolidated results of operations from the date of acquisition.

Meiomi:

In August 2015, we acquired the Meiomi wine business, consisting primarily of goodwill, inventories, the trademark and certain grape supply contracts, for $316.2 million (“Meiomi”). The results of operations of Meiomi

9

are reported in the Wine and Spirits segment and have been included in our consolidated results of operations from the date of acquisition.

Divestiture –

Canadian Divestiture:

On December 17, 2016, we sold our Canadian wine business, which includes Canadian wine brands such as Jackson-Triggs and Inniskillin, wineries, vineyards, offices, facilities and Wine Rack retail stores, at a transaction value of C$1.04 billion, or $776.2 million, (the “Canadian Divestiture”). We received cash proceeds of C$775.1 million, or $581.2 million, net of outstanding debt of C$260.0 million, or $195.0 million, subject to post-closing adjustments. We expect to recognize a net gain in connection with the Canadian Divestiture for the fourth quarter of fiscal 2017. Our preliminary estimate of this net gain is approximately $255 million.

As previously discussed, in connection with the Canadian Divestiture, we entered into economic hedges to minimize the foreign currency exchange rate risk associated with the expected proceeds from the Canadian Divestiture. As of November 30, 2016, these derivative instruments had a fair value of $3.3 million. At closing, these derivative instruments had a fair value of $4.6 million. In addition, our Wine and Spirits’ U.S. business expects to recognize an impairment of $8.4 million in the fourth quarter of fiscal 2017 for trademarks associated with certain U.S. brands sold exclusively through the Canadian wine business, which we no longer expect to sell subsequent to the Canadian Divestiture.

As of November 30, 2016, in connection with the Canadian Divestiture, we had $165.5 million of net assets held for sale reported within the Wine and Spirits segment. The carrying amounts of the major classes of assets and liabilities classified as held for sale as of November 30, 2016, are presented below. Amounts presented below are included within the respective line on our balance sheet.

	November 30, 2016
(in millions)
Cash	$	7.8
Accounts receivable	44.7
Inventories	147.9
Prepaid expenses and other	6.3
Total current assets	206.7
Property, plant and equipment	112.6
Goodwill	125.1
Intangible assets	68.5
Other assets	1.7
Total assets	514.6
Current liabilities	(93.3		)
Long-term liabilities	(255.8		)
Total liabilities	(349.1		)
Net assets held for sale	$	165.5

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6.    INTANGIBLE ASSETS:

The major components of intangible assets are as follows:

	November 30, 2016				February 29, 2016
	Gross Carrying Amount		Net Carrying Amount		Gross Carrying Amount		Net Carrying Amount
(in millions)
Amortizable intangible assets
Customer relationships	$	106.2	$	59.6	$	102.5	$	60.2
Favorable interim supply agreement	68.3		—		68.3		2.2
Other	21.4		2.6		22.3		3.5
Total	$	195.9	62.2		$	193.1	65.9
Nonamortizable intangible assets
Trademarks			3,427.9				3,333.8
Other			4.1				4.1
Total			3,432.0				3,337.9
Total intangible assets			$	3,494.2			$	3,403.8

We did not incur costs to renew or extend the term of acquired intangible assets for the nine months and three months endedNovember 30, 2016, and November 30, 2015. Net carrying amount represents the gross carrying value net of accumulated amortization. Amortization expense for intangible assets was $8.4 million and $32.2 million for the nine months endedNovember 30, 2016, and November 30, 2015, respectively, and $2.1 million and $9.5 million for the three months endedNovember 30, 2016, and November 30, 2015, respectively. Estimated amortization expense for the remaining three months of fiscal 2017 and for each of the five succeeding fiscal years and thereafter is as follows:

(in millions)
2017	$	2.1
2018	$	6.4
2019	$	6.4
2020	$	6.2
2021	$	5.8
2022	$	5.4
Thereafter	$	29.9

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7.    BORROWINGS:

Borrowings consist of the following:

	November 30, 2016						February 29, 2016
	Current		Long-term		Total		Total
(in millions)
Notes payable to banks
Senior Credit Facility – Revolving Credit Loans	$	220.0	$	—	$	220.0	$	92.0
Other	133.4		—		133.4		316.3
	$	353.4	$	—	$	353.4	$	408.3
Long-term debt
Senior Credit Facility – Term Loans	$	192.5	$	3,641.8	$	3,834.3	$	2,856.8
Senior Notes	699.6		3,321.2		4,020.8		4,716.3
Other	23.6		399.5		423.1		99.8
	$	915.7	$	7,362.5	$	8,278.2	$	7,672.9

Senior credit facility –

In March 2016, the Company, CIH International S.à r.l., a wholly-owned indirect subsidiary of ours (“CIH”), CIH Holdings S.à r.l., a wholly-owned indirect 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 prior 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 indirect subsidiary of ours (“CB International” and together with CIH and CIHH, the “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 European Borrowers whereby each guarantees the others’ obligations under the 2016 Credit Agreement.

In addition, the European obligations under the 2016 Credit Agreement are guaranteed by us and certain of our U.S. subsidiaries. These obligations are also secured by a pledge of (i)  100% of certain interests in certain of the European Borrowers’ subsidiaries and (ii)  100% of the ownership interests in certain of our U.S. subsidiaries and 65% of the ownership interests in certain of our foreign subsidiaries.

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The 2016 Credit Agreement provides for aggregate credit facilities of $5,004.2 million, consisting of the following:

	Amount		Maturity
(in millions)
Revolving Credit Facility (1) (2)	$	1,150.0	July 16, 2020
U.S. Term A Facility (1) (3)	1,192.1		July 16, 2020
U.S. Term A-1 Facility (1) (3)	238.9		July 16, 2021
European Term A Facility (1) (3)	1,340.7		July 16, 2020
European Term A-1 Facility (1) (3)	682.5		March 10, 2021
European Term A-2 Facility (1) (3)	400.0		March 10, 2021
	$	5,004.2

⁽¹⁾  Contractual interest rate varies based on our debt ratio (as defined in the 2016 Credit Agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin.

⁽²⁾  Provides for credit facilities consisting of a $150.0 million U.S. Revolving Credit Facility and a $1,000.0 million European Revolving Credit Facility. Includes two sub-facilities for letters of credit of up to $200.0 million in the aggregate. We are the borrower under the U.S. Revolving Credit Facility and we and/or CIH and/or CIHH and/or CB International are the borrowers under the European Revolving Credit Facility.

⁽³⁾  We are the borrower under the U.S. Term A and the U.S. Term A-1 loan facilities. CIH is the borrower under the European Term A and the European Term A-2 loan facilities. CIHH is the borrower under the European Term A-1 loan facility.

The 2016 Credit Agreement also 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 not exceed $750.0 million plus an unlimited amount so long as our leverage ratio, as defined and computed pursuant to the 2016 Credit Agreement, is no greater than 4.50 to 1.00 for the period defined pursuant to the 2016 Credit Agreement.

As of November 30, 2016, information with respect to borrowings under the 2016 Credit Agreement is as follows:

	Revolving Credit Facility			U.S. Term A Facility (1)			U.S. Term A-1 Facility (1)			European Term A Facility (1)			European Term A-1 Facility (1)			European Term A-2 Facility (1)
(in millions)
Outstanding borrowings	$	220.0		$	1,184.4		$	238.5		$	1,334.1		$	679.6		$	397.7
Interest rate	2.1		%	2.0		%	2.3		%	2.0		%	2.0		%	2.0		%
Libor margin	1.5		%	1.5		%	1.75		%	1.5		%	1.5		%	1.5		%
Outstanding letters of credit	$	16.7
Remaining borrowing capacity	$	913.3

⁽¹⁾  Outstanding term loan facility borrowings are net of unamortized debt issuance costs.

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As of November 30, 2016, the required principal repayments of the term loans under the 2016 Credit Agreement (excluding unamortized debt issuance costs of $19.9 million) for the remaining three months of fiscal 2017 and for each of the five succeeding fiscal years are as follows:

	U.S. Term A Facility		U.S. Term A-1 Facility		European Term A Facility		European Term A-1 Facility		European Term A-2 Facility		Total
(in millions)
2017	$	15.9	$	0.6	$	17.8	$	8.8	$	5.0	$	48.1
2018	63.6		2.4		71.5		35.0		20.0		192.5
2019	63.6		2.4		71.5		35.0		20.0		192.5
2020	63.6		2.4		71.5		35.0		20.0		192.5
2021	985.4		2.4		1,108.4		35.0		20.0		2,151.2
2022	—		228.7		—		533.7		315.0		1,077.4
	$	1,192.1	$	238.9	$	1,340.7	$	682.5	$	400.0	$	3,854.2

Interest rate swap contracts –

In April 2012, we entered into interest rate swap agreements which fixed our interest rates on $500.0 million of our floating LIBOR rate debt at an average rate of 2.8% (exclusive of borrowing margins) through September 1, 2016. We have entered into additional interest rate swap agreements which fixed our interest rates on $250.0 million of our floating LIBOR rate debt at an average rate of 1.1% (exclusive of borrowing margins) from September 1, 2016, through July 1, 2020.

Senior notes –

In August 2006, we issued $700.0 million aggregate principal amount of 7.25% Senior Notes due September 2016 (the “August 2006 Senior Notes”). On August 30, 2016, we repaid the August 2006 Senior Notes primarily with cash flows from operating activities.

In December 2016, we issued $600.0 million aggregate principal amount of 3.70% Senior Notes due December 2026 (the “December 2016 Senior Notes”). Proceeds from this offering, net of discount and debt issuance costs, were $594.7 million. Interest on the December 2016 Senior Notes is payable semiannually on June 6 and December 6 of each year, beginning June 6, 2017. The December 2016 Senior Notes are redeemable, in whole or in part, at our option at any time prior to September 6, 2026, 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 25 basis points. On or after September 6, 2026, we may redeem the December 2016 Senior Notes, 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. The December 2016 Senior Notes are senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness. Certain of our U.S. subsidiaries guarantee the December 2016 Senior Notes on a senior unsecured basis.

Other –

Canadian credit agreement:

In June 2016, through a wholly-owned indirect subsidiary of ours, we entered into a new secured Canadian credit agreement which provided for a C$275.0 million term loan facility ($214.1 million at issuance) and a C$50.0 million revolving credit facility which was undrawn at issuance (the “Canadian Credit Agreement”). The interest rate varied based on the subsidiary’s consolidated leverage ratio (as defined in the Canadian Credit Agreement) and was a function of a base rate plus a margin. As of November 30, 2016, under the Canadian Credit Agreement, there were outstanding term loan borrowings of C$275.0 million, or $204.7 million (excluding unamortized debt issuance costs of $0.7 million), bearing an interest rate of 2.6%. There were no outstanding revolver borrowings under the Canadian Credit Agreement as of November 30, 2016. In connection with the Canadian Divestiture in December 2016, our obligations associated with the Canadian Credit Agreement terminated.

14

Other long-term debt:

We have outstanding borrowings with our glass production plant joint venture partner, Owens-Illinois, which are included in our consolidated balance sheet as of November 30, 2016, in accordance with our consolidation of this variable interest entity. These borrowings have a maturity date of December 2064 with both a fixed and variable interest rate component. The variable interest rate is based upon certain performance measures as defined in the contractual agreement. As of November 30, 2016, amounts outstanding under the contractual agreement were $168.0 million with a weighted average interest rate of 7.0%.

Accounts receivable securitization facilities:

On September 27, 2016, we amended our prior trade accounts receivable securitization facility (as amended, the “CBI Facility”) for an additional 364-day term. Under the CBI Facility, trade accounts receivable generated by us and certain of our subsidiaries are sold by us to a wholly-owned bankruptcy remote single purpose subsidiary, the CBI SPV, which is consolidated by us for financial reporting purposes. The CBI Facility provides borrowing capacity of $235.0 millionup to $340.0 millionstructured to account for the seasonality of our business, subject to further limitations based upon various pre-agreed formulas. The remaining provisions of the CBI Facility are substantially identical in all material respects to the prior CBI facility.

Also, on September 27, 2016, Crown Imports amended its prior trade accounts receivable securitization facility (as amended, the “Crown Facility”) for an additional 364-day term. Under the Crown Facility, trade accounts receivable generated by Crown Imports are sold by Crown Imports to its wholly-owned bankruptcy remote single purpose subsidiary, the Crown SPV, which is consolidated by us for financial reporting purposes. The Crown Facility provides borrowing capacity of $120.0 million up to $210.0 million structured to account for the seasonality of Crown Imports’ business. The remaining provisions of the Crown Facility are substantially identical in all material respects to the prior Crown facility.

As of November 30, 2016, our accounts receivable securitization facilities are as follows:

	Outstanding Borrowings		Weighted Average Interest Rate		Remaining Borrowing Capacity
(in millions)
CBI Facility	$	97.0	1.5	%	$	208.0
Crown Facility	$	—	—	%	$	150.0

8.    INCOME TAXES:

Our effective tax rate for the nine months endedNovember 30, 2016, and November 30, 2015, was 26.7% and 29.2%, respectively. Our effective tax rate for the three months endedNovember 30, 2016, and November 30, 2015, was 16.3% and 32.1%, respectively.

Our effective tax rates for the nine months and three months endedNovember 30, 2016, were lower than the federal statutory rate of 35% primarily due to a change in our assertion regarding our ability and intent to indefinitely reinvest undistributed earnings of certain foreign subsidiaries. Our effective tax rate for the nine months endedNovember 30, 2015, was lower than the federal statutory rate primarily due to decreases in uncertain tax positions and lower effective tax rates applicable to our foreign businesses. Our effective tax rate for the three months endedNovember 30, 2015, was lower than the federal statutory rate primarily due to lower effective tax rates applicable to our foreign businesses.

We have historically provided deferred income taxes for the repatriation to the U.S. of earnings from our foreign subsidiaries. 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 (as defined in Note 15), we changed our assertion regarding our ability and intent to indefinitely reinvest undistributed earnings of certain foreign subsidiaries during the three months ended November 30, 2016. Approximately $380 million of our estimated earnings for the year ending February 28, 2017, and all future earnings for these foreign subsidiaries are expected to be indefinitely reinvested. Our current U.S. cash flow estimates, including proceeds from the Canadian

15

Divestiture, and available borrowing capacity are expected to be sufficient to meet future domestic cash needs. Our intent to repatriate historical foreign earnings prior to our third quarter assertion remains unchanged and accordingly, we continue to provide for anticipated tax liabilities on amounts that are still expected to be repatriated to support our U.S. investments in the future.

Because of this assertion, we revised our estimated effective tax rate for the year ending February 28, 2017. Due to the reduction in the full year tax rate, the income tax expense for the three months ended November 30, 2016, includes the effect of this revised tax rate on our cumulative earnings through August 31, 2016. We did not provide income taxes on the indefinitely reinvested earnings. If at some future date these earnings cease to be indefinitely reinvested and are repatriated, we may be subject to additional U.S. income and other taxes on such amounts of approximately $100 million. We continue to provide deferred income taxes, as required, on the undistributed net earnings of those foreign subsidiaries that are not deemed to be indefinitely reinvested in operations outside the United States.

9.    STOCKHOLDERS’ EQUITY:

In April 2012, our Board of Directors authorized the repurchase of up to $1.0 billion of our Class A Common Stock and Class B Convertible Common Stock (the “2013 Authorization”). The Board of Directors did not specify a date upon which this authorization would expire. Shares repurchased under the 2013 Authorization have become treasury shares.

Additionally, in November 2016, our Board of Directors authorized the repurchase of up to $1.0 billion of our Class A Common Stock and Class B Convertible Common Stock (the “2017 Authorization”). The Board of Directors did not specify a date upon which this authorization would expire. Shares repurchased under the 2017 Authorization have become treasury shares.

For the nine months endedNovember 30, 2016, we repurchased 2,412,193 shares of Class A Common Stock pursuant to the 2013 Authorization at an aggregate cost of $372.6 million through open market transactions. Subsequent to November 30, 2016, we utilized the remaining $296.9 million available under the 2013 Authorization to repurchase 1,988,311 shares of Class A Common Stock through open market transactions. In addition, we repurchased 994,142 shares of Class A Common Stock pursuant to the 2017 Authorization at an aggregate cost of $153.1 million through open market transactions. All repurchases made subsequent to November 30, 2016, were made pursuant to a Rule 10b5-1 trading plan.

As of January 5, 2017, total shares repurchased are as follows:

			Class A Common Shares
	Repurchase Authorization		Dollar Value of Shares Repurchased		Number of Shares Repurchased
(in millions, except share data)
2013 Authorization	$	1,000.0	$	1,000.0	18,670,632
2017 Authorization	$	1,000.0	$	153.1	994,142

10.    NET INCOME PER COMMON SHARE ATTRIBUTABLE TO CBI:

For the nine months and three months endedNovember 30, 2016, and November 30, 2015, net income per common share – diluted for Class A Common Stock has been computed using the if-converted method and assumes the exercise of stock options using the treasury stock method and the conversion of Class B Convertible Common Stock as this method is more dilutive than the two-class method. For the nine months and three months endedNovember 30, 2016, and November 30, 2015, net income per common share – diluted for Class B Convertible Common Stock has been computed using the two-class method and does not assume conversion of Class B Convertible Common Stock into shares of Class A Common Stock.

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The computation of basic and diluted net income per common share is as follows:

	For the Nine Months Ended
	November 30, 2016					November 30, 2015
	Common Stock					Common Stock
	Class A		Class B			Class A		Class B
(in millions, except per share data)
Net income attributable to CBI allocated – basic	$	967.5	$	115.6		$	722.7	$	88.8
Conversion of Class B common shares into Class A common shares	115.6		—			88.8		—
Effect of stock-based awards on allocated net income	—		(2.2		)	—		(2.6		)
Net income attributable to CBI allocated – diluted	$	1,083.1	$	113.4		$	811.5	$	86.2
Weighted average common shares outstanding – basic	177.171		23.353			172.509		23.366
Conversion of Class B common shares into Class A common shares	23.353		—			23.366		—
Stock-based awards, primarily stock options	4.960		—			7.481		—
Weighted average common shares outstanding – diluted	205.484		23.353			203.356		23.366
Net income per common share attributable to CBI – basic	$	5.46	$	4.95		$	4.19	$	3.80
Net income per common share attributable to CBI – diluted	$	5.27	$	4.86		$	3.99	$	3.69
	For the Three Months Ended
	November 30, 2016					November 30, 2015
	Common Stock					Common Stock
	Class A		Class B			Class A		Class B
Net income attributable to CBI allocated – basic	$	362.6	$	43.3		$	241.1	$	29.4
Conversion of Class B common shares into Class A common shares	43.3		—			29.4		—
Effect of stock-based awards on allocated net income	—		(0.8		)	—		(0.8		)
Net income attributable to CBI allocated – diluted	$	405.9	$	42.5		$	270.5	$	28.6
Weighted average common shares outstanding – basic	177.513		23.353			173.933		23.358
Conversion of Class B common shares into Class A common shares	23.353		—			23.358		—
Stock-based awards, primarily stock options	4.589		—			6.805		—
Weighted average common shares outstanding – diluted	205.455		23.353			204.096		23.358
Net income per common share attributable to CBI – basic	$	2.04	$	1.85		$	1.39	$	1.26
Net income per common share attributable to CBI – diluted	$	1.98	$	1.82		$	1.33	$	1.22

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11.    COMPREHENSIVE INCOME ATTRIBUTABLE TO CBI:

Comprehensive income consists of net income, foreign currency translation adjustments, net unrealized gains (losses) on derivative instruments, net unrealized gains (losses) on AFS debt securities and pension/postretirement adjustments. The reconciliation of net income attributable to CBI to comprehensive income attributable to CBI is as follows:

	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Nine Months Ended November 30, 2016
Net income attributable to CBI							$	1,083.1
Other comprehensive income (loss) attributable to CBI:
Foreign currency translation adjustments:
Net losses	$	(128.4	)	$	(0.7	)	(129.1		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(128.4		)	(0.7		)	(129.1		)
Unrealized loss on cash flow hedges:
Net derivative losses	(55.3		)	17.8			(37.5		)
Reclassification adjustments	32.0			(10.1		)	21.9
Net loss recognized in other comprehensive loss	(23.3		)	7.7			(15.6		)
Unrealized gain on AFS debt securities:
Net AFS debt securities gains	0.1			0.1			0.2
Reclassification adjustments	—			—			—
Net gain recognized in other comprehensive loss	0.1			0.1			0.2
Pension/postretirement adjustments:
Net actuarial losses	(0.1		)	—			(0.1		)
Reclassification adjustments	0.5			(0.1		)	0.4
Net gain recognized in other comprehensive loss	0.4			(0.1		)	0.3
Other comprehensive loss attributable to CBI	$	(151.2	)	$	7.0		(144.2		)
Comprehensive income attributable to CBI							$	938.9

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	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Nine Months Ended November 30, 2015
Net income attributable to CBI							$	811.5
Other comprehensive income (loss) attributable to CBI:
Foreign currency translation adjustments:
Net losses	$	(209.7	)	$	2.7		(207.0		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(209.7		)	2.7			(207.0		)
Unrealized loss on cash flow hedges:
Net derivative losses	(36.2		)	9.7			(26.5		)
Reclassification adjustments	27.1			(8.2		)	18.9
Net loss recognized in other comprehensive loss	(9.1		)	1.5			(7.6		)
Unrealized loss on AFS debt securities:
Net AFS debt securities losses	(0.4		)	—			(0.4		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(0.4		)	—			(0.4		)
Pension/postretirement adjustments:
Net actuarial gains	1.2			(0.3		)	0.9
Reclassification adjustments	0.3			(0.2		)	0.1
Net gain recognized in other comprehensive loss	1.5			(0.5		)	1.0
Other comprehensive loss attributable to CBI	$	(217.7	)	$	3.7		(214.0		)
Comprehensive income attributable to CBI							$	597.5
For the Three Months Ended November 30, 2016
Net income attributable to CBI							$	405.9
Other comprehensive income (loss) attributable to CBI:
Foreign currency translation adjustments:
Net losses	$	(125.6	)	$	1.0		(124.6		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(125.6		)	1.0			(124.6		)
Unrealized loss on cash flow hedges:
Net derivative losses	(52.2		)	15.2			(37.0		)
Reclassification adjustments	11.1			(3.4		)	7.7
Net loss recognized in other comprehensive loss	(41.1		)	11.8			(29.3		)
Unrealized loss on AFS debt securities:
Net AFS debt securities losses	(0.1		)	—			(0.1		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(0.1		)	—			(0.1		)
Pension/postretirement adjustments:
Net actuarial gains	0.5			(0.2		)	0.3
Reclassification adjustments	0.2			(0.1		)	0.1
Net gain recognized in other comprehensive loss	0.7			(0.3		)	0.4
Other comprehensive loss attributable to CBI	$	(166.1	)	$	12.5		(153.6		)
Comprehensive income attributable to CBI							$	252.3

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	Before Tax Amount		Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Three Months Ended November 30, 2015
Net income attributable to CBI						$	270.5
Other comprehensive income attributable to CBI:
Foreign currency translation adjustments:
Net gains	$	8.1	$	(0.1	)	8.0
Reclassification adjustments	—		—			—
Net gain recognized in other comprehensive income	8.1		(0.1		)	8.0
Unrealized gain on cash flow hedges:
Net derivative gains	12.7		(3.3		)	9.4
Reclassification adjustments	10.8		(3.1		)	7.7
Net gain recognized in other comprehensive income	23.5		(6.4		)	17.1
Pension/postretirement adjustments:
Net actuarial gains	0.3		—			0.3
Reclassification adjustments	0.1		(0.2		)	(0.1		)
Net gain recognized in other comprehensive income	0.4		(0.2		)	0.2
Other comprehensive income attributable to CBI	$	32.0	$	(6.7	)	25.3
Comprehensive income attributable to CBI						$	295.8

Accumulated other comprehensive loss, net of income tax effect, includes the following components:

	Foreign Currency Translation Adjustments			Net Unrealized Losses on Derivative Instruments			Net Unrealized Gains (Losses) on AFS Debt Securities			Pension/ Postretirement Adjustments			Accumulated Other Comprehensive Loss
(in millions)
Balance, February 29, 2016	$	(390.5	)	$	(46.1	)	$	(2.8	)	$	(13.1	)	$	(452.5	)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassification adjustments	(129.1		)	(37.5		)	0.2			(0.1		)	(166.5		)
Amounts reclassified from accumulated other comprehensive loss	—			21.9			—			0.4			22.3
Other comprehensive income (loss)	(129.1		)	(15.6		)	0.2			0.3			(144.2		)
Balance, November 30, 2016	$	(519.6	)	$	(61.7	)	$	(2.6	)	$	(12.8	)	$	(596.7	)

12.    CONDENSED CONSOLIDATING FINANCIAL INFORMATION:

The following information sets forth the condensed consolidating balance sheets as of November 30, 2016, and February 29, 2016, the condensed consolidating statements of comprehensive income for the nine months and three months endedNovember 30, 2016, and November 30, 2015, and the condensed consolidating statements of cash flows for the nine months endedNovember 30, 2016, and November 30, 2015, 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 information for our Subsidiary

20

Guarantors is not presented because we have determined that such financial information would not be material to investors. The accounting policies of the parent company, the Subsidiary Guarantors and the Subsidiary Nonguarantors are the same as those described for the Company in Note 1 of our consolidated financial statements included in our 2016 Annual Report. There are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to us in the form of cash dividends, loans or advances.

	Parent Company		Subsidiary Guarantors		Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Balance Sheet at November 30, 2016
Current assets:
Cash and cash equivalents	$	13.3	$	7.7	$	176.3		$	—		$	197.3
Accounts receivable	0.7		23.7		831.6			—			856.0
Inventories	170.5		1,628.3		434.9			(110.6		)	2,123.1
Intercompany receivable	21,273.6		28,448.7		11,599.4			(61,321.7		)	—
Prepaid expenses and other	40.1		58.7		262.4			(92.8		)	268.4
Total current assets	21,498.2		30,167.1		13,304.6			(61,525.1		)	3,444.8
Property, plant and equipment	65.6		922.1		2,720.3			—			3,708.0
Investments in subsidiaries	13,258.5		23.4		—			(13,281.9		)	—
Goodwill	—		6,590.1		927.8			—			7,517.9
Intangible assets	—		1,002.9		2,491.3			—			3,494.2
Intercompany notes receivable	5,016.3		200.1		200.0			(5,416.4		)	—
Other assets	19.5		92.2		43.5			—			155.2
Total assets	$	39,858.1	$	38,997.9	$	19,687.5		$	(80,223.4	)	$	18,320.1
Current liabilities:
Notes payable to banks	$	220.0	$	—	$	133.4		$	—		$	353.4
Current maturities of long-term debt	767.7		17.0		131.0			—			915.7
Accounts payable	46.0		337.6		388.7			—			772.3
Accrued excise taxes	15.1		12.5		5.4			—			33.0
Intercompany payable	26,589.9		23,011.5		11,720.3			(61,321.7		)	—
Other accrued expenses and liabilities	280.4		214.4		195.9			(128.5		)	562.2
Total current liabilities	27,919.1		23,593.0		12,574.7			(61,450.2		)	2,636.6
Long-term debt, less current maturities	4,680.2		25.4		2,656.9			—			7,362.5
Deferred income taxes	12.5		815.4		296.1			—			1,124.0
Intercompany notes payable	200.0		5,184.0		32.4			(5,416.4		)	—
Other liabilities	28.3		30.2		140.8			—			199.3
Total liabilities	32,840.1		29,648.0		15,700.9			(66,866.6		)	11,322.4
Total CBI stockholders’ equity	7,018.0		9,349.9		4,006.9			(13,356.8		)	7,018.0
Noncontrolling interests	—		—		(20.3		)	—			(20.3		)
Total stockholders’ equity	7,018.0		9,349.9		3,986.6			(13,356.8		)	6,997.7
Total liabilities and stockholders’ equity	$	39,858.1	$	38,997.9	$	19,687.5		$	(80,223.4	)	$	18,320.1

21

	Parent Company		Subsidiary Guarantors		Subsidiary Nonguarantors		Eliminations			Consolidated
(in millions)
Condensed Consolidating Balance Sheet at February 29, 2016
Current assets:
Cash and cash equivalents	$	6.0	$	4.2	$	72.9	$	—		$	83.1
Accounts receivable	0.4		22.3		709.8		—			732.5
Inventories	151.6		1,483.5		344.0		(127.5		)	1,851.6
Intercompany receivable	17,459.3		23,758.9		9,393.5		(50,611.7		)	—
Prepaid expenses and other	29.6		67.8		281.1		(68.1		)	310.4
Total current assets	17,646.9		25,336.7		10,801.3		(50,807.3		)	2,977.6
Property, plant and equipment	63.2		879.8		2,390.4		—			3,333.4
Investments in subsidiaries	13,047.2		19.0		—		(13,066.2		)	—
Goodwill	—		6,376.4		762.2		—			7,138.6
Intangible assets	—		970.9		2,430.8		2.1			3,403.8
Intercompany notes receivable	4,705.9		86.6		—		(4,792.5		)	—
Other assets	20.0		69.6		22.0		—			111.6
Total assets	$	35,483.2	$	33,739.0	$	16,406.7	$	(68,663.9	)	$	16,965.0
Current liabilities:
Notes payable to banks	$	—	$	—	$	408.3	$	—		$	408.3
Current maturities of long-term debt	765.6		18.0		73.1		—			856.7
Accounts payable	37.7		100.7		290.9		—			429.3
Accrued excise taxes	14.7		14.7		4.2		—			33.6
Intercompany payable	22,293.3		19,018.6		9,299.8		(50,611.7		)	—
Other accrued expenses and liabilities	349.1		185.1		119.4		(109.2		)	544.4
Total current liabilities	23,460.4		19,337.1		10,195.7		(50,720.9		)	2,272.3
Long-term debt, less current maturities	5,421.4		26.3		1,368.5		—			6,816.2
Deferred income taxes	11.9		734.8		275.5		—			1,022.2
Intercompany notes payable	—		4,776.6		15.9		(4,792.5		)	—
Other liabilities	29.9		39.1		93.5		—			162.5
Total liabilities	28,923.6		24,913.9		11,949.1		(55,513.4		)	10,273.2
Total CBI stockholders’ equity	6,559.6		8,825.1		4,325.4		(13,150.5		)	6,559.6
Noncontrolling interests	—		—		132.2		—			132.2
Total stockholders’ equity	6,559.6		8,825.1		4,457.6		(13,150.5		)	6,691.8
Total liabilities and stockholders’ equity	$	35,483.2	$	33,739.0	$	16,406.7	$	(68,663.9	)	$	16,965.0

22

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended November 30, 2016
Sales	$	2,070.2		$	5,061.5		$	2,604.0		$	(3,467.2	)	$	6,268.5
Less – excise taxes	(260.0		)	(254.2		)	(50.8		)	—			(565.0		)
Net sales	1,810.2			4,807.3			2,553.2			(3,467.2		)	5,703.5
Cost of product sold	(1,472.9		)	(3,444.7		)	(1,483.5		)	3,439.3			(2,961.8		)
Gross profit	337.3			1,362.6			1,069.7			(27.9		)	2,741.7
Selling, general and administrative expenses	(310.4		)	(590.9		)	(181.7		)	38.9			(1,044.1		)
Operating income	26.9			771.7			888.0			11.0			1,697.6
Equity in earnings of equity method investees and subsidiaries	1,207.5			32.0			0.5			(1,211.8		)	28.2
Interest income	0.4			—			0.9			—			1.3
Intercompany interest income	170.9			229.5			0.1			(400.5		)	—
Interest expense	(212.6		)	(1.2		)	(43.8		)	—			(257.6		)
Intercompany interest expense	(229.1		)	(170.7		)	(0.7		)	400.5			—
Income before income taxes	964.0			861.3			845.0			(1,200.8		)	1,469.5
(Provision for) benefit from income taxes	119.1			(336.5		)	(170.5		)	(4.3		)	(392.2		)
Net income	1,083.1			524.8			674.5			(1,205.1		)	1,077.3
Net loss attributable to noncontrolling interests	—			—			5.8			—			5.8
Net income attributable to CBI	$	1,083.1		$	524.8		$	680.3		$	(1,205.1	)	$	1,083.1
Comprehensive income attributable to CBI	$	938.9		$	524.8		$	527.6		$	(1,052.4	)	$	938.9
Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended November 30, 2015
Sales	$	1,891.7		$	4,289.2		$	2,294.4		$	(2,952.0	)	$	5,523.3
Less – excise taxes	(251.3		)	(219.4		)	(47.4		)	—			(518.1		)
Net sales	1,640.4			4,069.8			2,247.0			(2,952.0		)	5,005.2
Cost of product sold	(1,325.4		)	(3,023.4		)	(1,377.4		)	2,967.2			(2,759.0		)
Gross profit	315.0			1,046.4			869.6			15.2			2,246.2
Selling, general and administrative expenses	(281.5		)	(508.9		)	(96.8		)	(5.0		)	(892.2		)
Operating income	33.5			537.5			772.8			10.2			1,354.0
Equity in earnings of equity method investees and subsidiaries	924.9			31.8			0.8			(929.0		)	28.5
Interest income	0.1			—			0.4			—			0.5
Intercompany interest income	138.0			196.6			0.1			(334.7		)	—
Interest expense	(212.3		)	(0.9		)	(17.7		)	—			(230.9		)
Intercompany interest expense	(196.2		)	(137.9		)	(0.6		)	334.7			—
Loss on write-off of debt issuance costs	(0.4		)	—			(0.7		)	—			(1.1		)
Income before income taxes	687.6			627.1			755.1			(918.8		)	1,151.0
(Provision for) benefit from income taxes	123.9			(247.1		)	(208.2		)	(4.3		)	(335.7		)
Net income	811.5			380.0			546.9			(923.1		)	815.3
Net income attributable to noncontrolling interests	—			—			(3.8		)	—			(3.8		)
Net income attributable to CBI	$	811.5		$	380.0		$	543.1		$	(923.1	)	$	811.5
Comprehensive income attributable to CBI	$	597.5		$	379.1		$	325.6		$	(704.7	)	$	597.5

23

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2016
Sales	$	734.8		$	1,563.5		$	815.2		$	(1,120.8	)	$	1,992.7
Less – excise taxes	(89.9		)	(73.8		)	(18.5		)	—			(182.2		)
Net sales	644.9			1,489.7			796.7			(1,120.8		)	1,810.5
Cost of product sold	(522.4		)	(1,043.9		)	(459.7		)	1,106.9			(919.1		)
Gross profit	122.5			445.8			337.0			(13.9		)	891.4
Selling, general and administrative expenses	(109.7		)	(194.7		)	(70.1		)	17.1			(357.4		)
Operating income	12.8			251.1			266.9			3.2			534.0
Equity in earnings of equity method investees and subsidiaries	430.9			28.4			0.1			(431.9		)	27.5
Interest income	—			—			0.3			—			0.3
Intercompany interest income	56.2			80.3			—			(136.5		)	—
Interest expense	(61.5		)	(0.4		)	(16.0		)	—			(77.9		)
Intercompany interest expense	(80.1		)	(56.1		)	(0.3		)	136.5			—
Income before income taxes	358.3			303.3			251.0			(428.7		)	483.9
(Provision for) benefit from income taxes	47.6			(119.1		)	(7.3		)	(0.1		)	(78.9		)
Net income	405.9			184.2			243.7			(428.8		)	405.0
Net loss attributable to noncontrolling interests	—			—			0.9			—			0.9
Net income attributable to CBI	$	405.9		$	184.2		$	244.6		$	(428.8	)	$	405.9
Comprehensive income attributable to CBI	$	252.3		$	182.5		$	85.9		$	(268.4	)	$	252.3
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2015
Sales	$	708.1		$	1,366.8		$	676.4		$	(938.9	)	$	1,812.4
Less – excise taxes	(91.6		)	(64.6		)	(15.7		)	—			(171.9		)
Net sales	616.5			1,302.2			660.7			(938.9		)	1,640.5
Cost of product sold	(496.9		)	(943.8		)	(425.3		)	959.0			(907.0		)
Gross profit	119.6			358.4			235.4			20.1			733.5
Selling, general and administrative expenses	(81.9		)	(157.6		)	(34.6		)	(12.1		)	(286.2		)
Operating income	37.7			200.8			200.8			8.0			447.3
Equity in earnings of equity method investees and subsidiaries	298.6			28.1			0.4			(299.8		)	27.3
Interest income	—			—			0.1			—			0.1
Intercompany interest income	46.0			66.3			0.1			(112.4		)	—
Interest expense	(71.5		)	(0.3		)	(3.9		)	—			(75.7		)
Intercompany interest expense	(66.2		)	(46.0		)	(0.2		)	112.4			—
Income before income taxes	244.6			248.9			197.3			(291.8		)	399.0
(Provision for) benefit from income taxes	25.9			(99.2		)	(51.4		)	(3.3		)	(128.0		)
Net income	270.5			149.7			145.9			(295.1		)	271.0
Net income attributable to noncontrolling interests	—			—			(0.5		)	—			(0.5		)
Net income attributable to CBI	$	270.5		$	149.7		$	145.4		$	(295.1	)	$	270.5
Comprehensive income attributable to CBI	$	295.8		$	149.0		$	169.8		$	(318.8	)	$	295.8

24

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended November 30, 2016
Net cash provided by operating activities	$	27.4		$	914.0		$	966.3		$	(492.0	)	$	1,415.7
Cash flows from investing activities:
Purchases of property, plant and equipment	(6.3		)	(110.3		)	(475.0		)	—			(591.6		)
Purchases of businesses, net of cash acquired	—			(284.9		)	(257.3		)	—			(542.2		)
Net proceeds from intercompany notes	267.2			7.5			—			(274.7		)	—
Net returns of capital from equity affiliates	361.7			—			—			(361.7		)	—
Other investing activities	0.2			0.1			(15.6		)	—			(15.3		)
Net cash provided by (used in) investing activities	622.8			(387.6		)	(747.9		)	(636.4		)	(1,149.1		)
Cash flows from financing activities:
Dividends paid to parent company	—			—			(850.4		)	850.4			—
Net contributions from (returns of capital to) equity affiliates	—			(8.6		)	5.3			3.3			—
Net proceeds from (repayments of) intercompany notes	347.7			(436.7		)	(185.7		)	274.7			—
Principal payments of long-term debt	(751.2		)	(15.9		)	(140.6		)	—			(907.7		)
Purchases of treasury stock	(372.6		)	—			—			—			(372.6		)
Dividends paid	(238.3		)	—			—			—			(238.3		)
Payments of minimum tax withholdings on stock-based payment awards	—			(61.7		)	(5.2		)	—			(66.9		)
Net proceeds from (repayments of) notes payable	220.0			—			(275.9		)	—			(55.9		)
Payments of debt issuance costs	—			—			(6.6		)	—			(6.6		)
Proceeds from issuance of long-term debt	—			—			1,350.1			—			1,350.1
Excess tax benefits from stock-based payment awards	112.2			—			—			—			112.2
Proceeds from shares issued under equity compensation plans	39.3			—			—			—			39.3
Net cash used in financing activities	(642.9		)	(522.9		)	(109.0		)	1,128.4			(146.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(6.0		)	—			(6.0		)
Net increase in cash and cash equivalents	7.3			3.5			103.4			—			114.2
Cash and cash equivalents, beginning of period	6.0			4.2			72.9			—			83.1
Cash and cash equivalents, end of period	$	13.3		$	7.7		$	176.3		$	—		$	197.3

25

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended November 30, 2015
Net cash provided by (used in) operating activities	$	(456.3	)	$	775.1		$	772.8		$	—		$	1,091.6
Cash flows from investing activities:
Purchases of property, plant and equipment	(8.8		)	(31.8		)	(473.2		)	—			(513.8		)
Purchases of businesses, net of cash acquired	—			(316.2		)	(1.7		)	—			(317.9		)
Net proceeds from intercompany notes	376.4			—			—			(376.4		)	—
Net investments in equity affiliates	(236.4		)	—			—			236.4			—
Other investing activities	2.0			(0.7		)	2.7			—			4.0
Net cash provided by (used in) investing activities	133.2			(348.7		)	(472.2		)	(140.0		)	(827.7		)
Cash flows from financing activities:
Net contributions from (returns of capital to) equity affiliates	—			(31.4		)	267.8			(236.4		)	—
Net proceeds from (repayments of) intercompany notes	292.2			(345.3		)	(323.3		)	376.4			—
Principal payments of long-term debt	(47.9		)	(13.8		)	(86.6		)	—			(148.3		)
Dividends paid	(180.4		)	—			—			—			(180.4		)
Payments of minimum tax withholdings on stock-based payment awards	—			(35.7		)	(2.7		)	—			(38.4		)
Net repayments of notes payable	—			—			(15.9		)	—			(15.9		)
Payments of debt issuance costs	(7.9		)	—			—			—			(7.9		)
Proceeds from issuance of long-term debt	200.0			—			10.0			—			210.0
Excess tax benefits from stock-based payment awards	204.2			—			—			—			204.2
Proceeds from shares issued under equity compensation plans	98.9			—			—			—			98.9
Net cash provided by (used in) financing activities	559.1			(426.2		)	(150.7		)	140.0			122.2
Effect of exchange rate changes on cash and cash equivalents	—			—			(4.9		)	—			(4.9		)
Net increase in cash and cash equivalents	236.0			0.2			145.0			—			381.2
Cash and cash equivalents, beginning of period	24.5			0.7			84.9			—			110.1
Cash and cash equivalents, end of period	$	260.5		$	0.9		$	229.9		$	—		$	491.3

13.    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 large number of wine brands across all categories – table wine, sparkling wine and dessert wine – and across all price points – popular, premium and luxury categories, primarily within the $5 to $25 price range at U.S. retail – complemented by certain premium spirits brands. Amounts included in the Corporate Operations and Other segment consist of costs of executive management, corporate development, corporate finance, human resources, internal audit, investor relations, legal, public relations and information technology. The amounts included in the Corporate Operations and Other segment are general costs that are

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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 items.

We evaluate segment operating performance based on operating income (loss) of the respective business units. Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:

	For the Nine Months Ended November 30,						For the Three Months Ended November 30,
	2016			2015			2016			2015
(in millions)
Cost of product sold
Settlements of undesignated commodity derivative contracts	$	20.3		$	20.4		$	5.2		$	8.2
Net gain (loss) on undesignated commodity derivative contracts	14.4			(34.5		)	6.7			(18.1		)
Flow through of inventory step-up	(16.4		)	(9.8		)	(4.9		)	(8.6		)
Amortization of favorable interim supply agreement	(2.2		)	(25.3		)	—			(7.4		)
Total cost of product sold	16.1			(49.2		)	7.0			(25.9		)
Selling, general and administrative expenses
Transaction, integration and other acquisition-related costs	(11.0		)	(12.7		)	(5.7		)	(1.9		)
Net gain (costs) associated with the Canadian Divestiture and related activities	(4.5		)	—			3.6			—
Restructuring and related charges	(0.9		)	(15.0		)	0.1			(0.7		)
Other costs	(2.6		)	—			(2.6		)	—
Total selling, general and administrative expenses	(19.0		)	(27.7		)	(4.6		)	(2.6		)
Comparable Adjustments, Operating income (loss)	$	(2.9	)	$	(76.9	)	$	2.4		$	(28.5	)

The accounting policies of the segments are the same as those described for the Company in Note 1 of our consolidated financial statements included in our 2016 Annual Report. Segment information is as follows:

	For the Nine Months Ended November 30,				For the Three Months Ended November 30,
	2016		2015		2016		2015
(in millions)
Beer
Net sales	$	3,338.1	$	2,816.6	$	964.6	$	831.3
Segment operating income	$	1,195.7	$	984.0	$	335.7	$	291.6
Long-lived tangible assets	$	2,506.6	$	1,806.7	$	2,506.6	$	1,806.7
Total assets	$	10,351.5	$	8,596.3	$	10,351.5	$	8,596.3
Capital expenditures	$	494.9	$	457.3	$	191.0	$	196.6
Depreciation and amortization	$	82.7	$	41.4	$	29.5	$	13.5

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	For the Nine Months Ended November 30,						For the Three Months Ended November 30,
	2016			2015			2016			2015
(in millions)
Wine and Spirits
Net sales:
Wine	$	2,102.8		$	1,931.5		$	754.3		$	719.4
Spirits	262.6			257.1			91.6			89.8
Net sales	$	2,365.4		$	2,188.6		$	845.9		$	809.2
Segment operating income	$	604.7		$	542.8		$	231.0		$	222.7
Equity in earnings of equity method investees	$	28.4		$	28.5		$	27.7		$	27.3
Long-lived tangible assets	$	1,069.7		$	1,034.1		$	1,069.7		$	1,034.1
Investments in equity method investees	$	92.9		$	91.0		$	92.9		$	91.0
Total assets	$	7,616.3		$	6,856.5		$	7,616.3		$	6,856.5
Capital expenditures	$	55.3		$	52.4		$	25.7		$	20.5
Depreciation and amortization	$	76.0		$	75.3		$	25.8		$	23.7
Corporate Operations and Other
Segment operating loss	$	(99.9	)	$	(95.9	)	$	(35.1	)	$	(38.5	)
Equity in losses of equity method investees	$	(0.2	)	$	—		$	(0.2	)	$	—
Long-lived tangible assets	$	131.7		$	108.2		$	131.7		$	108.2
Investments in equity method investees	$	22.8		$	1.0		$	22.8		$	1.0
Total assets	$	352.3		$	655.3		$	352.3		$	655.3
Capital expenditures	$	41.4		$	4.1		$	6.3		$	1.9
Depreciation and amortization	$	22.8		$	20.7		$	8.2		$	6.7
Comparable Adjustments
Operating income (loss)	$	(2.9	)	$	(76.9	)	$	2.4		$	(28.5	)
Depreciation and amortization	$	2.2		$	25.3		$	—		$	7.4
Consolidated
Net sales	$	5,703.5		$	5,005.2		$	1,810.5		$	1,640.5
Operating income	$	1,697.6		$	1,354.0		$	534.0		$	447.3
Equity in earnings of equity method investees	$	28.2		$	28.5		$	27.5		$	27.3
Long-lived tangible assets	$	3,708.0		$	2,949.0		$	3,708.0		$	2,949.0
Investments in equity method investees	$	115.7		$	92.0		$	115.7		$	92.0
Total assets	$	18,320.1		$	16,108.1		$	18,320.1		$	16,108.1
Capital expenditures	$	591.6		$	513.8		$	223.0		$	219.0
Depreciation and amortization	$	183.7		$	162.7		$	63.5		$	51.3

14.    ACCOUNTING GUIDANCE NOT YET ADOPTED:

Revenue recognition –

In May 2014, the FASB issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A five step process will be utilized to recognize revenue, as follows:  (i)  identify the contract with a customer, (ii)  identify the performance obligations in the contract, (iii)  determine the transaction price, (iv)  allocate the transaction price to the performance obligations in the contract and (v)  recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2018,

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utilizing one of two methods:  retrospective restatement for each reporting period presented at time of adoption, or retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. We are currently assessing the financial impact of this guidance on our consolidated financial statements.

Leases –

In February 2016, the FASB issued guidance for the accounting for leases. Under this guidance, a lessee will recognize assets and liabilities for most leases, but will recognize expense similar to current lease accounting guidance. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2019, using a modified retrospective approach. We are currently assessing the financial impact of this guidance on our consolidated financial statements.

Stock compensation –

In March 2016, the FASB issued guidance for the accounting for certain aspects of share-based payment transactions. The guidance requires, among other things, the recognition of the income tax effect of awards in the income statement when the awards vest or are settled, thereby eliminating the recording of the income tax effect in additional paid-in capital. The guidance also requires cash flows from excess tax benefits along with other income tax cash flows to be classified as cash flows from operating activities. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2017. We are currently assessing the financial impact of this guidance on our consolidated financial statements.

15.    SUBSEQUENT EVENT:

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. (“Grupo Modelo”), a subsidiary of Anheuser-Busch InBev SA/NV for $583.4 million, net of cash acquired, subject to post-closing adjustments (the “Obregon Brewery”). The transaction primarily includes the acquisition of goodwill, property, plant and equipment and inventories. The brewery is expected to have four million hectoliters of production capacity with minimal investment and optimization by us after closing. This acquisition provides us with immediate functioning brewery capacity to support our fast-growing, high-end Mexican beer portfolio and flexibility for future innovation initiatives. It also enables us to become fully independent from the interim supply agreement with Grupo Modelo, which was terminated at the time of the brewery acquisition. The results of operations of the Obregon Brewery will be reported in the Beer segment and will be included in our consolidated results of operations from the date of acquisition.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Introduction

This MD&A provides additional information on our businesses, current developments, financial condition, cash flows and results of operations. It should be read in conjunction with our consolidated financial statements and notes thereto included herein (the “Financial Statements”) and with our consolidated financial statements and notes included in our 2016 Annual Report. This MD&A is organized as follows:

• Overview.    This section provides a general description of our business, which we believe is important in understanding the results of our operations, financial condition and potential future trends.

• Strategy.    This section provides a description of our strategy on a business segment basis and a discussion of recent developments and acquisitions.

• Results of operations.    This section provides an analysis of our results of operations presented on a business segment basis. In addition, a brief description of transactions and other items that affect the comparability of the results is provided.

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• Financial liquidity and capital resources.    This section provides an analysis of our cash flows and a discussion of the amount of financial capacity available to fund our ongoing operations and future commitments, as well as a discussion of other financing arrangements.

Overview

We are a leading international beverage alcohol company with a broad portfolio of consumer-preferred high-end imported and craft beer brands, premium wine and spirits brands, and other select beverage alcohol products. We are the third-largest producer and marketer of beer for the U.S. market and the world’s leading premium wine company. We are the largest multi-category supplier (beer, wine and spirits) of beverage alcohol in the U.S., and a leading supplier of wine from New Zealand and Italy to North America.

Our internal management financial reporting consists oftwobusiness divisions:  (i)  Beer and (ii)  Wine and Spirits, and we report our operating results inthreesegments:  (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 large number of wine brands across all categories – table wine, sparkling wine and dessert wine – and across all price points – popular, premium and luxury categories, primarily within the $5 to $25 price range at U.S. retail – complemented by certain premium spirits brands. Amounts included in the Corporate Operations and Other segment consist of costs of executive management, corporate development, corporate finance, human resources, internal audit, investor relations, legal, public relations and information technology. The amounts included in the Corporate Operations and Other segment are general costs that are applicable to the consolidated group and are therefore not allocated to the other reportable segments. All costs reported within the Corporate Operations and Other segment are not included in our chief operating decision maker’s evaluation of the operating income performance of the other reportable segments.The business segments reflect how our operations are managed, how resources are allocated, how operating performance is evaluated by senior management and the structure of our internal financial reporting.

Strategy

Our business strategy in the Beer segment focuses on leading thehigh-end of the U.S. beer market. In connection with this strategy, we completed the expansion of our brewery located in Nava, Coahuila, Mexico (the “Nava Brewery”) from 10 million hectoliters production capacity to 20 million hectoliters production capacity in June 2016. In addition, our business strategy includes:

• continued focus on growing our Mexican beer portfolio in the U.S. throughexpanding distribution for key brands, as well as new product development and innovation within the existing portfolio of brands;

• completion of an additional 7.5 million hectoliters production capacity expansion of the Nava Brewery, from 20 million to 25 million expected by summer of calendar 2017 and from 25 million to 27.5 million expected by early calendar 2018;

• construction of a new, state-of-the-art brewery located in Mexicali, Baja California, Mexico (the “Mexicali Brewery”) with the first 5 million hectoliters of production capacity expected to be completed by calendar year-end 2019; and

• participation in the high-end craft beer category.

See additional discussion below under “Recent Developments” regarding our continued focus on obtaining functioning brewery capacity to support our fast-growing, high-end Mexican beer portfolio.

Our business strategy in the Wine and Spirits segment is centered on continued focus on consumer-preferred premium wine brands, complemented by premium spirits.In this segment, we continue to focus on the premiumization of our branded wine and spirits portfolio (see “Recent Developments” below). In markets where it is feasible, we have a consolidated U.S. distribution network in order to obtain dedicated distributor selling resources which focus on our U.S. wine and spirits portfolio to drive organic growth. This consolidated U.S.

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distribution network currently represents about 70% of our branded wine and spirits volume in the U.S. Throughout the terms of these contracts, we generally expect shipments on an annual basis to these distributors to essentially equal the distributors’ shipments to retailers. In addition, we dedicate a large share of our sales and marketing resources to some of our well-known wine and spirits brands sold in the U.S., which comprise our U.S. Focus Brands (“Focus Brands”), as they represent a majority of our U.S. wine and spirits revenue and profitability, and generally have strong positions in their respective price categories. These brands include:  Black Box, Clos du Bois, Estancia, Franciscan Estate, Inniskillin, Kim Crawford, Mark West, Meiomi, Mount Veeder, Nobilo, Robert Mondavi, Ruffino, Saved, Simi, SVEDKA Vodka, The Dreaming Tree, The Prisoner Brands and Wild Horse.

Marketing, sales and distribution of our products are managed on a geographic basis in order to fully leverage leading market positions. In addition, market dynamics and consumer trends vary across each of our markets. Within our primary market in the U.S., we offer a range of beverage alcohol products across the imported beer, craft beer, branded wine and spirits categories, with separate distribution networks utilized for our imported and craft beer portfolio and our wine and spirits portfolio. The environment for our products is competitive in each of our markets.

We remain committed to our long-term financial model of growing sales, expanding margins and increasing cash flow in order to achieve earnings per share growth, reduce borrowings and pay quarterly cash dividends.

Recent Developments

Wine and Spirits Segment

Canadian Divestiture

On December 17, 2016, we sold our Canadian wine business, which includes Canadian wine brands such as Jackson-Triggs and Inniskillin, wineries, vineyards, offices, facilities and Wine Rack retail stores, at a transaction value of C$1.04 billion, or $776.2 million. We received cash proceeds of C$775.1 million, or $581.2 million, net of outstanding debt of C$260.0 million, or $195.0 million, subject to post-closing adjustments. We will continue to export certain of our brands into the Canadian market. This transaction is consistent with our strategic focus on premium, high-margin and high-growth brands. We expect to recognize a net gain in connection with the Canadian Divestiture for the fourth quarter of fiscal 2017. Our preliminary estimate of this net gain is approximately $255 million. Additionally, our current estimate of the income taxes we expect to pay is approximately $70 million in total during Fiscal 2017 and Fiscal 2018 in connection with the Canadian Divestiture.

The following table presents selected financial information included in our historical consolidated financial statements that will no longer be part of our consolidated results after the Canadian Divestiture.

	For the Nine Months Ended November 30,				For the Year Ended February 29, 2016
	2016		2015
(in millions)
Net sales	$	288.6	$	284.3	$	365.1
Gross profit	$	122.5	$	117.7	$	152.9
Depreciation and amortization	$	8.6	$	8.5	$	11.1
Operating income	$	46.6	$	47.7	$	62.5
Income before income taxes	$	43.5	$	47.4	$	61.9
Cash flow from operating activities	$	35.2	$	55.0	$	80.0
Total assets	$	514.6
Long-term debt, including current maturities	$	204.0

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Additionally, the impact on our historical wine and spirits segment results are the same as the impact on the historical consolidated results for net sales, gross profit, depreciation and amortization, and total assets. However, as segment results do not include the impact of Comparable Adjustments, amounts reported for our historical wine and spirits segment operating income that will no longer be part of the segment’s results after the Canadian Divestiture are $44.8 million, $48.4 million and $63.3 million for Nine Months 2017, Nine Months 2016 and Fiscal 2016, respectively.

Beer Segment

Obregon Brewery

In December 2016, we acquired the Obregon Brewery for $583.4 million, net of cash acquired, subject to post-closing adjustments. The transaction primarily includes the acquisition of goodwill, property, plant and equipment and inventories. The brewery is expected to have four million hectoliters of production capacity with minimal investment and optimization by us after closing. This acquisition provides us with immediate functioning brewery capacity to support our fast-growing, high-end Mexican beer portfolio and flexibility for future innovation initiatives. It also enables us to become fully independent from the interim supply agreement with Grupo Modelo, which was terminated at the time of the brewery acquisition. The results of operations of the Obregon Brewery will be reported in the Beer segment and will be included in our consolidated results of operations from the date of acquisition.

Other

Comments made during the course of the 2016 United States presidential campaign and subsequent to the election indicate that the U.S. federal government may propose changes to international trade agreements, tariffs, taxes and other government rules and regulations. While we cannot predict what changes will actually occur with respect to these items, such changes could affect our business and results of operations.

Acquisitions

Wine and Spirits Segment

High West Acquisition

In October 2016, we acquired High West, which primarily includes the acquisition of operations, goodwill, trademarks, inventories and property, plant and equipment. This acquisition includes a portfolio of distinctive, award-winning, fast-growing and high-end 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.

Charles Smith Acquisition

In October 2016, we acquired Charles Smith, which primarily includes the acquisition of goodwill, trademarks, inventories and certain grape supply contracts. This acquisition includes a collection of five super and ultra-premium wine brands and solidifies our position as the second leading supplier of Washington State wines with this collection of fast-growing, high quality wines that have strong consumer affinity and demand. 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.

Prisoner Acquisition

In April 2016, we acquired Prisoner, which primarily includes the acquisition of goodwill, inventories, trademarks and certain grape supply contracts. This acquisition, which includes a portfolio of five fast-growing, higher-margin, super-luxury wine brands, aligns with our portfolio premiumization strategy and strengthens our

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position in the super-luxury wine category. 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.

Meiomi Acquisition

In August 2015, we acquired Meiomi, which primarily includes the acquisition of goodwill, inventories, the trademark and certain grape supply contracts. The acquisition of this higher-margin, luxury growth brand has complemented our existing portfolio and further strengthened our position in the U.S. pinot noir category.The results of operations of Meiomi are reported in the Wine and Spirits segment and have been included in our consolidated results of operations from the date of acquisition.

Beer Segment

Ballast Point Acquisition

In December 2015, we acquired Ballast Point for $998.5 million, net of cash acquired. The transaction primarily includes the acquisition of goodwill, trademarks and property, plant and equipment. This acquisition provides us with a high-growth premium platform that enables us to compete in the growing craft beer category, further strengthening our position in the high-end U.S. beer market. The results of operations of Ballast Point are reported in the Beer segment and have been included in our consolidated results of operations from the date of acquisition.

Results of Operations

Financial Highlights

References to organic throughout the following discussion exclude the impact of acquired brand activity in connection with the acquisitions of Meiomi, Prisoner, High West and Charles Smith (wine and spirits), and the acquisition of Ballast Point (beer), as appropriate.

For the three months endedNovember 30, 2016 (“Third Quarter 2017”), and November 30, 2015 (“Third Quarter 2016”):

• Our results of operations benefited from improvements in both the Beer and Wine and Spirits segments.

• Net sales increased10% primarily due to volume growth within our Mexican beer portfolio and net sales from the acquired Ballast Point and Prisoner brands.

• Operating incomeincreased19%primarilydue to the strong consumer demand for the Mexican beer portfolio and benefits from lower Comparable Adjustments.

• Net income attributable to CBI and diluted net income per common share attributable to CBI increased50% and 49%, respectively, primarily due to an income tax benefit driven largely by a change in our assertion regarding the indefinite reinvestment of certain foreign earnings in Third Quarter 2017 and the strong results for the Beer business.

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For the nine months endedNovember 30, 2016 (“Nine Months 2017”), and November 30, 2015 (“Nine Months 2016”):

• Our results of operations benefited from improvements in both the Beer and Wine and Spirits segments.

• Net sales increased14% primarily due to the strong consumer demand and the favorable impact from pricing in select markets within the Mexican beer portfolio and net sales from the acquired Ballast Point, Meiomi and Prisoner brands.

• Operating incomeincreased25%primarilydue to the strong consumer demand for the Mexican beer portfolio; benefits from the acquisitions of Ballast Point, Meiomi and Prisoner; and lower Comparable Adjustments.

• Net income attributable to CBI and diluted net income per common share attributable to CBI increased33% and 32%, respectively, primarily due to the items discussed above and an income tax benefit driven largely by a change in our assertion regarding the indefinite reinvestment of certain foreign earnings in Third Quarter 2017.

Comparable Adjustments

Management excludes items that affect comparability 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 on core segment operating income (loss). As such, the performance measures for incentive compensation purposes for segment management do not include the impact of these items.

As more fully described herein and in the related notes to the Financial Statements, the Comparable Adjustments that impacted comparability in our results for each period are as follows:

	Third Quarter 2017			Third Quarter 2016			Nine Months 2017			Nine Months 2016
(in millions)
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts	$	6.7		$	(18.1	)	$	14.4		$	(34.5	)
Settlements of undesignated commodity derivative contracts	5.2			8.2			20.3			20.4
Flow through of inventory step-up	(4.9		)	(8.6		)	(16.4		)	(9.8		)
Amortization of favorable interim supply agreement	—			(7.4		)	(2.2		)	(25.3		)
Total cost of product sold	7.0			(25.9		)	16.1			(49.2		)
Selling, general and administrative expenses
Transaction, integration and other acquisition-related costs	(5.7		)	(1.9		)	(11.0		)	(12.7		)
Net gain (costs) associated with the Canadian Divestiture and related activities	3.6			—			(4.5		)	—
Restructuring and related charges	0.1			(0.7		)	(0.9		)	(15.0		)
Other costs	(2.6		)	—			(2.6		)	—
Total selling, general and administrative expenses	(4.6		)	(2.6		)	(19.0		)	(27.7		)
Loss on write-off of debt issuance costs	—			—			—			(1.1		)
Comparable Adjustments	$	2.4		$	(28.5	)	$	(2.9	)	$	(78.0	)

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Cost of Product Sold

Undesignated Commodity Derivative Contracts

Net gain (loss) on undesignated commodity derivative contracts represents a net gain (loss) from the changes in fair value of undesignated commodity derivative contracts. The net gain (loss) is reported outside of segment operating results until such time that the underlying exposure is recognized in the segment operating results. At 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 the results of our operating segments to reflect the economic effects of the commodity derivative contracts without the resulting unrealized mark to fair value volatility.

Inventory Step-Up

In connection with acquisitions, the allocation of purchase price in excess of book value for certain inventories on hand at the date of acquisition is referred to as inventory step-up. Inventory step-up represents an assumed manufacturing profit attributable to the acquired business prior to acquisition. Flow through of inventory step-up was associated primarily with the acquisitions of Prisoner and Meiomi, as applicable.

Favorable Interim Supply Agreement

In connection with the June 2013 acquisition of the beer business, a temporary supply agreement was negotiated under a favorable pricing arrangement for the required volume of beer needed to fulfill expected U.S. demand in excess of the Nava Brewery’s capacity. Amortization of favorable interim supply agreement reflects amounts associated with non-Nava Brewery product purchased from the date of acquisition which has been sold to our U.S. customers during the respective period.

Selling, General and Administrative Expenses

Transaction, Integration And Other Acquisition-Related Costs

Transaction, integration and other acquisition-related costs primarily represent costs associated with the continuing integration of the June 2013 beer business acquisition and the acquisitions of High West and Prisoner, as applicable.

Net Gain (Costs) Associated With The Canadian Divestiture And Related Activities

Net gain (costs) associated with the Canadian Divestiture and related activities represent costs incurred in connection with the evaluation of the merits of executing an initial public offering for a portion of our Canadian wine business and net gains (costs) incurred in connection with the sale of the Canadian wine business.

Restructuring And Related Charges

Restructuring and related charges consist primarily of employee termination benefit costs recognized in connection with our plan initiated in May 2015 to streamline and simplify processes, and shift resources and investment to long-term, profitable growth opportunities across the business.

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Third Quarter 2017 Compared to Third Quarter 2016

Net Sales

	Third Quarter 2017		Third Quarter 2016		% Increase
(in millions)
Beer	$	964.6	$	831.3	16	%
Wine and Spirits:
Wine	754.3		719.4		5	%
Spirits	91.6		89.8		2	%
Total Wine and Spirits	845.9		809.2		5	%
Consolidated net sales	$	1,810.5	$	1,640.5	10	%

Net sales increased$170.0 million due to an increase in Beer’s net sales of $133.3 million driven predominantly by volume growth within our Mexican beer portfolio, and Wine and Spirits’ net sales of $36.7 million due largely to organic favorable product mix shift and net sales from acquired brands, partially offset by lower organic volume.

Beer	Third Quarter 2017		Third Quarter 2016		% Increase
(in millions, branded product, 24-pack, 12-ounce case equivalents)
Net sales	$	964.6	$	831.3	16	%
Shipment volume
Total	57.7		51.4		12.3	%
Organic	56.7		51.4		10.3	%
Depletion volume (1)					10.7	%

The increase in Beer’s net sales is primarily due to (i)  the volume growth within our Mexican beer portfolio, which benefited from continued consumer demand, (ii)  net sales from the acquired Ballast Point brand of $31.8 million and (iii)  a favorable impact from pricing in select markets within our Mexican beer portfolio.

Wine and Spirits	Third Quarter 2017		Third Quarter 2016		% Increase (Decrease)
(in millions, branded product, 9-liter case equivalents)
Net sales	$	845.9	$	809.2	5	%
Shipment volume
Total	18.3		18.4		(0.5	%)
Organic	18.2		18.4		(1.1	%)
U.S. Domestic	14.0		14.1		(0.7	%)
Organic U.S. Domestic	13.9		14.1		(1.4	%)
U.S. Domestic Focus Brands	8.1		7.6		6.6	%
Organic U.S. Domestic Focus Brands	8.1		7.6		6.6	%
Depletion volume (1)
U.S. Domestic					3.4	%
U.S. Domestic Focus Brands					8.8	%

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⁽¹⁾  Depletions represent distributor shipments of our respective branded products to retail customers, based on third-party data, including acquired brands from the date of acquisition and for the comparable prior year period.

The increase in Wine and Spirits’ net sales is primarily due to favorable product mix shift (predominantly within the U.S. organic branded wine portfolio) and net sales from acquired brands, primarily Prisoner, of $25.5 million, partially offset by lower organic branded wine and spirits volume.

For Third Quarter 2017, the change in U.S. shipment volume lagged the change in depletion volume due largely to timing of shipments in the second quarter of fiscal 2017. Additionally, U.S. shipment volume is expected to lag depletion volume for the fourth quarter of fiscal 2017 as we expect U.S. shipment volume to be generally aligned with depletion volume for Fiscal 2017.

Gross Profit

	Third Quarter 2017		Third Quarter 2016			% Increase
(in millions)
Beer	$	499.4	$	406.2		23	%
Wine and Spirits	385.0		353.2			9	%
Comparable Adjustments	7.0		(25.9		)	NM
Consolidated gross profit	$	891.4	$	733.5		22	%
NM = Not meaningful

Gross profit increased$157.9 million due to an increase in Beer of $93.2 million and Wine and Spirits of $31.8 million. In addition, the change in Comparable Adjustments contributed to an increase in gross profit of $32.9 million.

The increase in Beer is primarily due to (i)  the volume growth and the favorable impact from pricing in select markets within our Mexican beer portfolio, (ii)  lower cost of product sold for our organic beer business and (iii)  gross profit from the acquired Ballast Point brand. The lower cost of product sold is primarily due to brewery sourcing benefits and foreign currency transactional benefits within our Mexican beer portfolio, partially offset by higher depreciation expense. The lower cost of product sold also benefited from the Third Quarter 2017 overlap of an immaterial year-to-date reclassification in Third Quarter 2016 of certain expenses from selling, general and administrative expenses to cost of product sold.

The increase in Wine and Spirits is primarily due to growth from the organic wine and spirits business, including favorable product mix shift and lower cost of product sold, partially offsetby lower branded wine and spirits volume; combined with gross profit from the acquiredPrisoner, High West and Charles Smith brands.

Gross profit as a percent of net salesincreasedto49.2%forThird Quarter 2017compared with44.7%forThird Quarter 2016primarily due to the(i)  the change in Comparable Adjustments, (ii)  lower cost of product sold across both segments and (iii)  the favorable impact from Beer pricing in select markets.

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Selling, General and Administrative Expenses

	Third Quarter 2017		Third Quarter 2016		% Increase (Decrease)
(in millions)
Beer	$	163.7	$	114.6	43	%
Wine and Spirits	154.0		130.5		18	%
Corporate Operations and Other	35.1		38.5		(9	%)
Comparable Adjustments	4.6		2.6		77	%
Consolidated selling, general and administrative expenses	$	357.4	$	286.2	25	%

Selling, general and administrative expenses increased$71.2 million primarily due to an increase in Beer of $49.1 million and Wine and Spirits of $23.5 million.

The increase in Beer is due to an increase in marketing spend of $24.8 million and general and administrative expenses of $24.3 million.The increase in marketing spend is due largely to planned investment to support the growth of our Mexican beer portfolio. The increase in general and administrative expenses is predominantly driven by (i)  the overlap of the prior year’s immaterial year-to-date reclassification in Third Quarter 2016 of certain expenses from selling, general and administrative expenses to cost of product sold, (ii)  the acquired Ballast Point business and (iii)  higher compensation and benefits supporting the organic growth of the business.

The increase in Wine and Spirits is primarily due to an increase in general and administrative expenses of $13.2 million and marketing spend of $9.8 million. The increase in general and administrative expenses is predominantly driven by higher compensation and benefits and higher consulting expenses supporting the Wine and Spirits’ branded portfolio. The increase in marketing spend is due largely to planned investment to support the growth of our branded wine and spirits portfolio.

Selling, general and administrative expenses as a percent of net sales increased to 19.7% for Third Quarter 2017 as compared with 17.4% for Third Quarter 2016primarily due to the growth of selling, general and administrative expenses exceeding the growth in net sales for both the Beer and Wine and Spirits segments.

Operating Income

	Third Quarter 2017			Third Quarter 2016			% Increase
(in millions)
Beer	$	335.7		$	291.6		15	%
Wine and Spirits	231.0			222.7			4	%
Corporate Operations and Other	(35.1		)	(38.5		)	9	%
Comparable Adjustments	2.4			(28.5		)	NM
Consolidated operating income	$	534.0		$	447.3		19	%

Operating income increased$86.7 million primarily due to the growth in our Beer and Wine and Spirits segments driven predominantly by the factors discussed above. In addition, the favorable change in Comparable Adjustments contributed to an increase in operating income of $30.9 million.

Interest Expense

Interest expense increased slightly to $77.6 million for Third Quarter 2017 from $75.6 million for Third Quarter 2016, an increase of $2.0 million, or 3%. This increase was due to higher average borrowings, mostly offset by lower average interest rates in connection with (i)  $1.1 billion in new term loan facilities under our senior

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credit facility with an interest rate of LIBOR plus a margin, (ii)  issuance of the December 2015 senior notes with an interest rate of 4.75% and (iii)  repayment of the August 2006 Senior Notes with an interest rate of 7.25%.

Provision for Income Taxes

Our effective tax rate for Third Quarter 2017 and Third Quarter 2016 was 16.3% and 32.1%, respectively. For Third Quarter 2017, our effective tax rate was lower than the federal statutory rate of 35% primarily due to a change in our assertion regarding our ability and intent to indefinitely reinvest undistributed earnings of certain foreign subsidiaries. For Third Quarter 2016, our effective tax rate was lower than the federal statutory rate primarily due to lower effective tax rates applicable to our foreign businesses.

We have historically provided deferred income taxes for the repatriation to the U.S. of earnings from our foreign subsidiaries. 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 undistributed earnings of certain foreign subsidiaries during Third Quarter 2017. Approximately $380 million of our estimated earnings for Fiscal 2017 and all future earnings for these foreign subsidiaries are expected to be indefinitely reinvested. Accordingly, no deferred income taxes will be provided on these applicable undistributed earnings.

Because we intend to use our historical unremitted earnings generated from our existing foreign subsidiaries to continue to support our U.S. investments in the future, our intent to repatriate those historical foreign earnings remains unchanged and accordingly, we continue to provide for anticipated tax liabilities on these amounts that are expected to be repatriated.

We currently expect our effective tax rate for Fiscal 2017 to be approximately 26%, which includes the assertion of our intent for certain foreign earnings to be indefinitely reinvested and the estimated tax effects of the Canadian Divestiture.

Net Income Attributable to CBI

Net income attributable to CBI increased to $405.9 million for Third Quarter 2017 from $270.5 million for Third Quarter 2016, an increase of $135.4 million, or 50%, driven largely by the change in our assertion regarding the indefinite reinvestment of certain foreign earnings in Third Quarter 2017 and the strong results for the Beer business discussed above.

Nine Months 2017 Compared to Nine Months 2016

Net Sales

	Nine Months 2017		Nine Months 2016		% Increase
(in millions)
Beer	$	3,338.1	$	2,816.6	19	%
Wine and Spirits:
Wine	2,102.8		1,931.5		9	%
Spirits	262.6		257.1		2	%
Total Wine and Spirits	2,365.4		2,188.6		8	%
Consolidated net sales	$	5,703.5	$	5,005.2	14	%

Net sales increased$698.3 million due to an increase in Beer’s net sales of $521.5 million driven predominantly by volume growth within our Mexican beer portfolio, and Wine and Spirits’ net sales of $176.8

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million due largely to net sales from the acquired Meiomi and Prisoner brands and organic branded wine volume growth.

Beer	Nine Months 2017		Nine Months 2016		% Increase
(in millions, branded product, 24-pack, 12-ounce case equivalents)
Net sales	$	3,338.1	$	2,816.6	19	%
Shipment volume
Total	200.5		175.7		14.1	%
Organic	196.6		175.7		11.9	%
Depletion volume (1)					11.6	%

The increase in Beer’s net sales is primarily due to (i)  the volume growth within our Mexican beer portfolio, which benefited from continued consumer demand, (ii)  net sales from the acquired Ballast Point brand of $120.2 million and (iii)  a favorable impact from pricing in select markets within our Mexican beer portfolio.

Wine and Spirits	Nine Months 2017		Nine Months 2016		% Increase
(in millions, branded product, 9-liter case equivalents)
Net sales	$	2,365.4	$	2,188.6	8	%
Shipment volume
Total	52.9		51.1		3.5	%
Organic	52.3		51.1		2.3	%
U.S. Domestic	40.6		38.6		5.2	%
Organic U.S. Domestic	40.0		38.6		3.6	%
U.S. Domestic Focus Brands	23.4		20.8		12.5	%
Organic U.S. Domestic Focus Brands	22.9		20.8		10.1	%
Depletion volume (1)
U.S. Domestic					3.9	%
U.S. Domestic Focus Brands					9.7	%

⁽¹⁾  Depletions represent distributor shipments of our respective branded products to retail customers, based on third-party data, including acquired brands from the date of acquisition and for the comparable prior year period.

The increase in Wine and Spirits’ net sales is primarily due to (i)  net sales from acquired brands, primarily the Meiomi and Prisoner brands, of $91.7 million, (ii)  organic branded wine volume growth and (iii)  favorable product mix shift (predominantly within the U.S. organic branded wine portfolio).

For Nine Months 2017, U.S. shipment volume growth has outpaced depletion volume growth primarily due to timing of shipments in the second quarter of fiscal 2017. U.S. shipment volume is expected to lag depletion volume for the fourth quarter of fiscal 2017 as we expect U.S. shipment volume to be generally aligned with depletion volume for Fiscal 2017.

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Gross Profit

	Nine Months 2017		Nine Months 2016			% Increase
(in millions)
Beer	$	1,687.1	$	1,374.3		23	%
Wine and Spirits	1,038.5		921.1			13	%
Comparable Adjustments	16.1		(49.2		)	NM
Consolidated gross profit	$	2,741.7	$	2,246.2		22	%

Gross profit increased$495.5 million primarily due to an increase in Beer of $312.8 million and Wine and Spirits of $117.4 million. In addition, the change in Comparable Adjustments contributed to an increase in gross profit of $65.3 million. The increase in Beer is primarily due to (i)  the volume growth and the favorable impact from pricing in select markets within our Mexican beer portfolio and (ii)  gross profit from the acquired Ballast Point brand. The increase in Wine and Spirits is primarily due to (i)  gross profit from the acquired brands, primarily theMeiomi and Prisoner brands, and(ii)  growth from the organic wine and spirits business driven primarily bythe favorable product mix shift and thebranded wine volume growth.

Gross profit as a percent of net sales increased to 48.1% for Nine Months 2017 compared with 44.9% for Nine Months 2016 primarily due to(i)  the change in Comparable Adjustments, (ii)  lower cost of product sold across both segments, (iii)  the favorable impact from Beer pricing in select markets and (iv)  the acquisitions of Meiomi and Prisoner.

Selling, General and Administrative Expenses

	Nine Months 2017		Nine Months 2016		% Increase (Decrease)
(in millions)
Beer	$	491.4	$	390.3	26	%
Wine and Spirits	433.8		378.3		15	%
Corporate Operations and Other	99.9		95.9		4	%
Comparable Adjustments	19.0		27.7		(31	%)
Consolidated selling, general and administrative expenses	$	1,044.1	$	892.2	17	%

Selling, general and administrative expenses increased$151.9 million. This increase is primarily due to an increase in Beer of $101.1 million and Wine and Spirits of $55.5 million.

The increase in Beer is due to an increase in general and administrative expenses of $53.7 million and marketing spend of $47.4 million. The increase in general and administrative expenses is predominantly driven by higher compensation and benefits supporting the organic growth of the business and the acquired Ballast Point business. The increase in marketing spend is due largely to planned investment to support the growth of our Mexican beer portfolio.

The increase in Wine and Spirits is primarily due to an increase in general and administrative expenses of $31.7 million and marketing spend of $23.9 million. The increase in general and administrative expenses is predominantly driven by (i)  higher compensation and benefits and higher consulting expenses supporting the growth of the business and (ii)  an overlap of prior year foreign currency transaction gains with current year foreign currency transaction losses. The increase in marketing spend is due largely to planned investment to support the growth of our branded wine and spirits portfolio.

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Selling, general and administrative expenses as a percent of net salesincreased to 18.3%forNine Months 2017as compared with17.8%forNine Months 2016. The increase is primarily due to growth in selling, general and administrative expenses having exceeded growth in net sales for the Wine and Spirits and Beer segments, partially offset by the decrease in Comparable Adjustments.

Operating Income

	Nine Months 2017			Nine Months 2016			% Increase (Decrease)
(in millions)
Beer	$	1,195.7		$	984.0		22	%
Wine and Spirits	604.7			542.8			11	%
Corporate Operations and Other	(99.9		)	(95.9		)	(4	%)
Comparable Adjustments	(2.9		)	(76.9		)	NM
Consolidated operating income	$	1,697.6		$	1,354.0		25	%

Operating income increased$343.6 million primarily due to the growth in our Beer and Wine and Spirits segments driven predominantly by the factors discussed above. In addition, the decrease in Comparable Adjustments contributed to an increase in operating income of $74.0 million.

Interest Expense

Interest expense increased to $256.3 million for Nine Months 2017 from $230.4 million for Nine Months 2016, an increase of $25.9 million, or 11%. This increase was primarily due to higher average borrowings predominantly from the $1.1 billion in new term loan facilities under our senior credit facility for Nine Months 2017 and issuance of the December 2015 senior notes, partially offset by repayment of the August 2006 Senior Notes.

Provision for Income Taxes

Our effective tax rate for Nine Months 2017 and Nine Months 2016 was 26.7% and 29.2%, respectively. For Nine Months 2017, our effective tax rate was lower than the federal statutory rate of 35% primarily due to the change in our assertion regarding our ability and intent to indefinitely reinvest undistributed earnings of certain foreign subsidiaries (see additional discussion under Results of Operations – Third Quarter 2017 Compared to Third Quarter 2016, Provision for Income Taxes). For Nine Months 2016, our effective tax rate was lower than the federal statutory rate primarily due to a decrease in uncertain tax positions and lower effective tax rates applicable to our foreign businesses.

We currently expect our effective tax rate for Fiscal 2017 to be approximately 26%, which includes the assertion of our intent for certain foreign earnings to be indefinitely reinvested and the estimated tax effects of the Canadian Divestiture.

Net Income Attributable to CBI

As a result of the above factors, net income attributable to CBI increased to $1,083.1 million for Nine Months 2017 from $811.5 million for Nine Months 2016, an increase of $271.6 million, or 33%.

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Financial Liquidity and Capital Resources

General

Our ability to consistently generate cash flow from operating activities is one of our most significant financial strengths. Our strong cash flows enable us to invest in our people and our brands, make appropriate capital investments, provide a quarterly cash dividend program, and from time-to-time, repurchase shares of our common stock and make strategic acquisitions that we believe will enhance stockholder value. Our primary source of liquidity has been cash flow from operating activities. Our principal use of cash in our operating activities is for purchasing and carrying inventories and carrying seasonal accounts receivable. Historically, we have used cash flow from operating activities to repay our short-term borrowings and fund capital expenditures. We will continue to use our short-term borrowings, including our accounts receivable securitization facilities, to support our working capital requirements and capital expenditures.

We have maintained adequate liquidity to meet working capital requirements, fund capital expenditures and repay scheduled principal and interest payments on debt. Absent deterioration of market conditions, we believe that cash flows from operating activities and financing activities, primarily short-term borrowings, will provide adequate resources to satisfy our working capital, scheduled principal and interest payments on debt, anticipated dividend payments and anticipated capital expenditure requirements for both our short-term and long-term capital needs, including (i)  our Nava Brewery and glass production plant expansions and (ii)  our Mexicali Brewery construction (collectively, the “Mexico Beer Expansion Projects”).

Senior Credit Facility

In March 2016, we entered into the March 2016 Restatement Agreement that amended and restated our then-existing senior credit facility. Among other things, the March 2016 Restatement Agreement created a new $700.0 million European Term A-1 loan facility maturing on March 10, 2021. Proceeds from borrowings under the March 2016 Credit Agreement were used to refinance outstanding obligations under our then-existing senior credit facility and short-term borrowings under our accounts receivable securitization facilities, and for other general corporate purposes.

In October 2016, we entered into the 2016 Restatement Agreement that amended and restated our March 2016 Credit Agreement. Among other things, the 2016 Restatement Agreement created a new $400.0 million European Term A-2 loan facility maturing on March 10, 2021. Proceeds from borrowings under the 2016 Credit Agreement were primarily used to finance the purchase price for the acquisitions of High West and Charles Smith, and for other general corporate purposes.

Senior Notes

On December 6, 2016, we issued the December 2016 Senior Notes. Proceeds from this offering, net of discount and debt issuance costs, of $594.7 million were used for general corporate purposes, including the repayment of short-term borrowings and the repurchase of shares of our Class A Common Stock.

For additional information with respect to these and other borrowings, refer to Note 7 of the Financial Statements.

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Cash Flows

	Nine Months 2017			Nine Months 2016
(in millions)
Net cash provided by operating activities	$	1,415.7		$	1,091.6
Net cash used in investing activities	(1,149.1		)	(827.7		)
Net cash provided by (used in) financing activities	(146.4		)	122.2
Effect of exchange rate changes on cash and cash equivalents	(6.0		)	(4.9		)
Net increase in cash and cash equivalents	$	114.2		$	381.2

Operating Activities

Net cash provided by operating activities increased$324.1 million for Nine Months 2017 driven largely by strong cash flow from the Beer and Wine and Spirits segments. The increase in Beer was primarily due to the strong volume growth and the favorable pricing in the Mexican beer portfolio, partially offset by (i)  the timing of collections for recoverable value-added taxes and (ii)  an increase in beer inventory levels to support the continuing growth within the Mexican beer portfolio. The increase in Wine and Spirits resulted primarily from (i)  a benefit from the timing of cash payments for the calendar 2016 U.S. grape harvest, (ii)  accounts receivable inflows from strong net sales in the fourth quarter of fiscal 2016 and (iii)  a benefit from the timing of receipt of distributor payments for Nine Months 2017.

Investing Activities

Net cash used in investing activities increased$321.4 million for Nine Months 2017. This increase resulted primarily from (i)  additional acquisitions for Nine Months 2017, including the April 2016 acquisition of Prisoner and the October 2016 acquisitions of High West and Charles Smith, as compared to the August 2015 acquisition of Meiomi, and (ii)  additional purchases of property plant and equipment for Nine Months 2017 driven largely by the Mexico Beer Expansion Projects.

In connection with the acquisition of the Obregon Brewery and the associated functioning brewery capacity, we have revised the construction timeline for the build of our Mexicali Brewery. We continue to expect the initial 5 million hectoliters of production capacity to be completed by calendar year-end 2019, with an extension for the construction of the additional 5 million hectoliters of production capacity to align with future growth. Additionally, as noted in the second quarter of fiscal 2017, the timing of certain spend associated with the Nava Brewery expansion activities has shifted slightly from Fiscal 2017 to Fiscal 2018. Accordingly, we currently plan to spend from $825 million to $925 million for capital expenditures for Fiscal 2017, including from $725 million to $825 million for the Beer segment associated primarily with the Mexico Beer Expansion Projects. In total, over the next five fiscal year periods, including Fiscal 2017, we expect to spend approximately $2.4 billion for capital expenditures associated with the Mexico Beer Expansion Projects. Upon completion, the total spend from fiscal 2014 through fiscal 2021 for the Mexico Beer Expansion Projects is estimated to approximate $3.9 billion.

Financing Activities

Net cash used in financing activities increased$268.6 million for Nine Months 2017 primarily from the following:

• Nine Months 2017 principal payments of long-term debt driven largely by the repayment of the August 2006 Senior Notes of $700.0 million;

• Nine Months 2017 share repurchases under the 2013 Authorization of $372.6 million; and

• Nine Months 2017 excess tax benefits from stock-based payment awards of $112.2 million compared with $204.2 million for Nine Months 2016 due to decreased Nine Months 2017 employee equity award exercise activity;

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partially offset by:

• Nine Months 2017 proceeds from issuance of long-term debt of $700.0 million (used to refinance borrowings under our then-existing senior credit facility and accounts receivable securitization facilities, and for other general corporate purposes) and $400.0 million (used to finance the purchase price for the acquisitions of High West and Charles Smith, and for other general corporate purposes) from term loan borrowings under our senior credit facility;

• Nine Months 2017 proceeds from issuance of long-term debt of C$275.0 million ($214.1 million at issuance) from term loan borrowings under the Canadian Credit Agreement (used for general corporate purposes); compared with

• Nine Months 2016 proceeds from issuance of long-term debt of $200.0 million from term loan borrowings under our then-existing senior credit facility (used to fund a portion of the purchase price for the acquisition of Meiomi).

Debt

Total debt outstanding as of November 30, 2016, amounted to $8,631.6 million, an increase of $550.4 million from February 29, 2016. This increase was largely due to proceeds from the issuance of the European Term A-1 and European Term A-2 term loan borrowings under our senior credit facility, partially offset by the repayment of the August 2006 Senior Notes.

The majority of our outstanding borrowings as of November 30, 2016, consisted of fixed-rate senior unsecured notes, with maturities ranging from calendar 2017 to calendar 2025, and variable-rate senior secured term loan facilities under our 2016 Credit Agreement, with maturities ranging from calendar 2020 to calendar 2021.

We had the following borrowing capacity available under our 2016 Credit Agreement and our accounts receivable securitization facilities:

	Remaining Borrowing Capacity
	November 30, 2016		December 31, 2016
(in millions)
Revolving Credit Facility	$	913.3	$	1,038.3
CBI Facility	$	208.0	$	202.0
Crown Facility	$	150.0	$	140.0

The financial institutions participating in our 2016 Credit Agreement and our accounts receivable securitization facilities have complied with all prior funding requests and we believe such financial institutions will comply with any future funding requests. However, there can be no assurances that any particular financial institution will continue to do so.

As of November 30, 2016, we also have additional credit arrangements totaling $670.5 million, with $460.2 million outstanding under these arrangements. These arrangements primarily support the financing needs of our domestic and foreign subsidiary operations, as well as our glass production plant joint venture.

We have entered into various interest rate swap agreements to manage our exposure to the volatility of the interest rates associated with our variable-rate senior secured term loan facilities. As a result of these hedges, we have fixed our interest rates on $250.0 million of our floating LIBOR rate debt at an average rate of 1.1% (exclusive of borrowing margins) through July 1, 2020.

We and our subsidiaries are subject to covenants that are contained in the 2016 Credit Agreement, including those restricting the incurrence of additional indebtedness (including guarantees of indebtedness), additional liens, mergers and consolidations, the payment of dividends, the making of certain investments, prepayments of certain debt, transactions with affiliates, agreements that restrict our non-guarantor subsidiaries from paying dividends, and dispositions of property, in each case subject to numerous conditions, exceptions and thresholds. The financial

45

covenants are limited to a minimum interest coverage ratio and a maximum net debt coverage ratio, both as defined in the 2016 Credit Agreement. As of November 30, 2016, the minimum interest coverage ratio was 2.5x and the maximum net debt coverage ratio was 5.5x.

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.

As of November 30, 2016, we were in compliance with all of our covenants under both our 2016 Credit Agreement and our indentures, and have met all debt payment obligations.

For a complete discussion and presentation of all borrowings and available sources of borrowing, refer to Note 11 of our consolidated financial statements included in our 2016 Annual Report and Note 7 of the Financial Statements included herein.

Common Stock Dividends

On January 4, 2017, our Board of Directors declared a quarterly cash dividend of $0.40 per share of Class A Common Stock, $0.36 per share of Class B Convertible Common Stock and $0.36 per share of Class 1 Common Stock payable on February 23, 2017, to stockholders of record of each class on February 9, 2017.

We currently expect to pay quarterly cash dividends on our common stock in the future, but such payments are subject to approval of our Board of Directors and are dependent upon our financial condition, results of operations, capital requirements and other factors, including those set forth under Item 1A “Risk Factors” of our 2016 Annual Report.

Share Repurchase Programs

Our Board of Directors have authorized the repurchase of up to $1.0 billion of our Class A Common Stock and Class B Convertible Common Stock under the 2013 Authorization and the repurchase of up to an additional $1.0 billion of our Class A Common Stock and Class B Convertible Common Stock under the 2017 Authorization. Shares repurchased under these authorizations have become treasury shares.

As of January 5, 2017, total shares repurchased under these authorizations are as follows:

			Class A Common Shares
	Repurchase Authorization		Dollar Value of Shares Repurchased		Number of Shares Repurchased
(in millions, except share data)
2013 Authorization	$	1,000.0	$	1,000.0	18,670,632
2017 Authorization	$	1,000.0	$	153.1	994,142

Share repurchases under the 2017 Authorization may be accomplished at management’s discretion from time to time based on market conditions, our cash and debt position, and other factors as determined by management. Shares may be repurchased through open market or privately negotiated transactions. We may fund future share repurchases with cash generated from operations and/or proceeds from borrowings. Any repurchased shares will become treasury shares.

For additional information, refer to Note 14 of our consolidated financial statements included in our 2016 Annual Report and Note 9 of the Financial Statements included herein.

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Accounting Guidance Not Yet Adopted

Accounting guidance adopted on March 1, 2016, did not have a material impact on our consolidated financial statements. For further information on accounting guidance not yet adopted, refer to Note 14 of the Financial Statements.

Information Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q, including without limitation (I)  the statements under Part I – Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding (i)  our business strategy, future financial position, expected effective tax rate, prospects, plans and objectives of management, including the duration of reinvestment of earnings of certain foreign subsidiaries, (ii)  information concerning expected or potential actions of third parties, including potential changes to international trade agreements, tariffs, taxes and other government rules and regulations, (iii)  timing and source of funds for operating activities, (iv)  the manner, timing and duration of the share repurchase program and source of funds for share repurchases, and (v)  the amount and timing of future dividends, (II)  the statements regarding our Mexicali Brewery construction, Obregon Brewery optimization and the expansions of our Nava Brewery and our glass production plant, including anticipated costs and timeframes for completion, and (III)  the statements regarding (i)  the Canadian Divestiture and (ii)  the Obregon Brewery acquisition are forward-looking statements. When used in this Quarterly Report on Form 10-Q, the words “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. In addition to the risks and uncertainties of ordinary business operations and conditions in the general economy and markets in which we compete, our forward-looking statements contained in this Quarterly Report on Form 10-Q are also subject to the risk and uncertainty that (i)  the actual demand for our products will vary from current expectations due to, among other reasons, actual shipments to distributors and actual consumer demand, (ii)  the amount, manner and timing of and source of funds for any share repurchases may vary due to market conditions, our cash and debt position, the impact of the acquisition of the beer business, Mexicali Brewery construction, Obregon Brewery acquisition and optimization and Nava Brewery and glass production plant expansions, and other factors as determined by management from time to time, (iii)  the amount and timing of future dividends may differ from our current expectations if our ability to use cash flow to fund dividends is affected by unanticipated increases in total net debt, we are unable to generate cash flow at anticipated levels, or we fail to generate expected earnings, (iv)  the actual net gain realized and income taxes paid in connection with the Canadian Divestiture may vary from management’s preliminary estimates and (v)  the timeframe and actual costs associated with the Mexicali Brewery construction, Obregon Brewery optimization and the expansions of our Nava Brewery and our glass production plant may vary from management’s current expectations due to market conditions, our cash and debt position, receipt of all required permits and regulatory approvals by the expected dates and on the expected terms, and other factors as determined by management. For additional information about risks and uncertainties that could adversely affect our forward-looking statements, please refer to Item 1A “Risk Factors” of our 2016 Annual Report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

As a result of our global operating, acquisition and financing activities, we are exposed to market risk associated with changes in foreign currency exchange rates, commodity prices and interest rates. To manage the volatility relating to these risks, we periodically purchase and/or sell derivative instruments including foreign

47

currency forward and option contracts, commodity swap agreements and interest rate swap agreements. We use derivative instruments to reduce earnings and cash flow volatility resulting from shifts in market rates, as well as to hedge economic exposures. We do not enter into derivative instruments for trading or speculative purposes.

Foreign Currency and Commodity Price Risk

Foreign currency derivative instruments are or may be used to hedge existing foreign currency denominated assets and liabilities, forecasted foreign currency denominated sales/purchases to/from third parties as well as intercompany sales/purchases, intercompany principal and interest payments, and in connection with acquisitions, divestitures or joint venture investments outside the U.S. As of November 30, 2016, we had exposures to foreign currency risk primarily related to the Mexican peso, Canadian dollar, New Zealand dollar and euro. Approximately 85% of our balance sheet exposures and forecasted transactional exposures for the remaining three months of fiscal 2017 were hedged as of November 30, 2016.

Commodity derivative instruments are or may be used to hedge forecasted commodity purchases from third parties as either economic hedges or accounting hedges. As of November 30, 2016, exposures to commodity price risk which we are currently hedging primarily include diesel fuel, heating oil, corn, natural gas and aluminum prices. Approximately 80% of our forecasted transactional exposures for the remaining three months of fiscal 2017 were hedged as of November 30, 2016.

We have performed a sensitivity analysis to estimate our exposure to market risk of foreign exchange rates and commodity prices reflecting the impact of a hypothetical 10% adverse change in the applicable market. The volatility of the applicable rates and prices is dependent on many factors which cannot be forecasted with reliable accuracy. Losses or gains from the revaluation or settlement of the related underlying positions would substantially offset such gains or losses on the derivative instruments. The aggregate notional value, estimated fair value and sensitivity analysis for our open foreign currency and commodity derivative instruments are summarized as follows:

	Aggregate Notional Value				Fair Value, Net Liability				Increase in Fair Value – Hypothetical 10% Adverse Change
	November 30, 2016		November 30, 2015		November 30, 2016		November 30, 2015		November 30, 2016		November 30, 2015
(in millions)
Foreign currency contracts	$	2,502.8	$	1,573.6	$	87.7	$	37.0	$	30.2	$	62.2
Commodity derivative contracts	$	168.7	$	213.6	$	11.0	$	40.9	$	13.5	$	15.3

Interest Rate Risk

The estimated fair value of our fixed interest rate debt is subject to interest rate risk, credit risk and foreign currency risk. In addition, we also have variable interest rate debt outstanding (primarily LIBOR-based), certain of which includes a fixed margin subject to the same risks identified for our fixed interest rate debt.

As of November 30, 2016, and November 30, 2015, we had outstanding cash flow designated interest rate swap agreements which fixed LIBOR interest rates (to minimize interest rate volatility) on $250.0 million and $500.0 million, respectively, of our floating LIBOR rate debt. In addition, as of November 30, 2015, we had outstanding offsetting undesignated interest rate swap agreements. We had no offsetting undesignated interest rate swap agreements outstanding as of November 30, 2016.

We have performed a sensitivity analysis to estimate our exposure to market risk of interest rates reflecting the impact of a hypothetical 1% increase in the prevailing interest rates. The volatility of the applicable rates is dependent on many factors which cannot be forecasted with reliable accuracy. The aggregate notional value, estimated fair value and sensitivity analysis for our outstanding fixed and variable interest rate debt, including current maturities, and open interest rate derivative instruments are summarized as follows:

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	Aggregate Notional Value				Fair Value, Net Asset (Liability)						Increase (Decrease) in Fair Value – Hypothetical 1% Rate Increase
	November 30, 2016		November 30, 2015		November 30, 2016			November 30, 2015			November 30, 2016			November 30, 2015
(in millions)
Fixed interest rate debt	$	4,101.1	$	4,409.4	$	(4,320.2	)	$	(4,570.4	)	$	(187.1	)	$	(185.6	)
Variable interest rate debt	$	4,580.3	$	2,994.3	$	(4,416.8	)	$	(2,574.6	)	$	(133.7	)	$	(99.5	)
Interest rate swap contracts	$	250.0	$	1,500.0	$	3.2		$	(11.4	)	$	8.1		$	(2.6	)

For additional discussion on our market risk, refer to Notes 3 and 4 of the Financial Statements.

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Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Our Chief Executive Officer and our Chief Financial Officer have concluded, based on their evaluation as of the end of the period covered by this report, that the Company’s “disclosure controls and procedures” (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) are effective to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 (i)  is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii)  is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Internal Control Over Financial Reporting

In connection with the foregoing evaluation by our Chief Executive Officer and our Chief Financial Officer, no changes were identified in the Company’s “internal control over financial reporting” (as defined in the Securities Exchange Act of 1934 Rules 13a-15(f) and 15d-15(f)) that occurred during our fiscal quarter ended November 30, 2016, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

As previously reported, an action had been filed by private parties against the Company, Anheuser-Busch InBev SA/NV (“ABI”), and Grupo Modelo, S.A.B. de C.V. (“Modelo”) alleging certain antitrust claims and seeking to enjoin the proposed transaction between ABI and Modelo. On June 4, 2013, the United States District Court of the Northern District of California (“Northern District”) denied Plaintiffs’ Motion for a Temporary Restraining Order and the transaction between ABI and Modelo was consummated on June 7, 2013. Plaintiffs’ Second Amended and Supplemental Complaint was filed June 25, 2013, and dismissed by the Northern District on September 13, 2013, and the district judge denied Plaintiffs’ other procedural motions. Plaintiffs filed their Motion for Relief from Judgment Pursuant to Fed. R. Civ. P. 59(e) or 60(b), or in the alternative, Rule 60(d) on November 11, 2013 and the Motion was denied by the Northern District on January 24, 2014. Plaintiffs filed a Notice of Appeal on February 21, 2014. Plaintiffs, now Appellants, filed their opening brief on August 29, 2014, and the Company and ABI/Modelo filed their answering briefs on October 29, 2014. Appellants’ reply brief was filed January 21, 2015. Oral argument was conducted before the United States Court of Appeals for the Ninth Circuit on March 15, 2016. On April 4, 2016, the Ninth Circuit affirmed the Northern District’s dismissal of the Complaint without leave to amend and affirmed that the Northern District was within its discretion to deny Plaintiffs’ motion. As previously reported in the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended May 31, 2016 and August 31, 2016, Appellants filed on May 4, 2016, their petition for rehearing with a suggestion for rehearing en banc. On June 1, 2016, the Ninth Circuit denied Appellants’ petition for a rehearing and rejected the suggestion for rehearing en banc. On August 30, 2016, Appellants petitioned the Supreme Court of the United States (the “U.S. Supreme Court”) for a Writ of Certiorari, which the U.S. Supreme Court denied on October 3, 2016. Consequently, the decision of the Ninth Circuit, affirming the Northern District’s dismissal of the Complaint, remains unchanged.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

ISSUER PURCHASES OF EQUITY SECURITIES

Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of a Publicly Announced Program	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1) (4)
September 1 – 30, 2016	119,657	$	164.50	119,657	$	644,366,145	(2)
October 1 – 31, 2016	54,757	$	166.11	54,757	$	635,270,719	(2)
November 1 – 30, 2016	2,203,279	$	153.59	2,203,279	$	296,879,266	(3)
Total	2,377,693	$	154.42	2,377,693

⁽¹⁾  In April 2012, our Board of Directors authorized the repurchase of up to an aggregate amount of $1.0 billion of our Class A Common Stock and Class B Convertible Common Stock under the 2013 Authorization. The Board of Directors did not specify a date upon which the 2013 Authorization would expire.

⁽²⁾  Repurchases made September 1, 2016, through October 7, 2016, were made pursuant to a Rule 10b5-1 trading plan.

⁽³⁾  Subsequent to November 30, 2016, we utilized the remaining $296.9 million available under the 2013 Authorization to repurchase 1,988,311 shares of Class A Common Stock at an average cost of $149.31 per share, through open market transactions, thereby completing the 2013 Authorization. All repurchases made subsequent to November 30, 2016, were made pursuant to a Rule 10b5-1 trading plan.

⁽⁴⁾  In November 2016, our Board of Directors authorized the repurchase of up to an aggregate amount of $1.0 billion of our Class A Common Stock and Class B Convertible Common Stock under the 2017 Authorization. The Board of Directors did not specify a date upon which the 2017 Authorization would expire. Subsequent to November 30, 2016, we repurchased 994,142 shares of Class A Common Stock pursuant to the 2017 Authorization at an aggregate cost of $153.1 million, or an average cost of $154.02 per share, through open market transactions. All repurchases made subsequent to November 30, 2016, were made pursuant to a Rule 10b5-1 trading plan.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 6. Exhibits.

Exhibits required to be filed by Item 601 of Regulation S-K.

For the exhibits that are filed herewith or incorporated herein by reference, see the Index to Exhibits located on page 53 of this report. The Index to Exhibits is incorporated herein by reference.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		CONSTELLATION BRANDS, INC.
Date:	January 5, 2017	By:	/s/ Lisa M. Schnorr
			Lisa M. Schnorr, Senior Vice President and Controller
Date:	January 5, 2017	By:	/s/ David Klein
			David Klein, Executive Vice President and Chief Financial Officer (principal financial officer and principal accounting officer)

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INDEX TO EXHIBITS

Exhibit No.
2.1	Membership Interest Purchase Agreement, dated as of June 28, 2012, among Constellation Beers Ltd., Constellation Brands Beach Holdings, Inc., Constellation Brands, Inc. and Anheuser-Busch InBev SA/NV (filed as Exhibit 2.1 to the Company’s Amendment No. 1 to Current Report on Form 8-K/A dated June 28, 2012, filed November 9, 2012 and incorporated herein by reference). +
2.2	Amended and Restated Membership Interest Purchase Agreement, dated as of February 13, 2013, among Constellation Beers Ltd., Constellation Brands Beach Holdings, Inc., Constellation Brands, Inc. and Anheuser-Busch InBev SA/NV (filed as Exhibit 2.1 to the Company’s Amendment No. 1 to Current Report on Form 8-K/A dated February 13, 2013, filed February 25, 2013 and incorporated herein by reference). +
2.3	First Amendment dated as of April 19, 2013, to the Amended and Restated Membership Interest Purchase Agreement, dated as of February 13, 2013, among Constellation Beers Ltd., Constellation Brands Beach Holdings, Inc., Constellation Brands, Inc. and Anheuser-Busch InBev SA/NV (filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K dated April 19, 2013, filed April 19, 2013 and incorporated herein by reference). +
2.4	Stock Purchase Agreement dated as of February 13, 2013, between Anheuser-Busch InBev SA/NV and Constellation Brands, Inc. (filed as Exhibit 2.2 to the Company’s Amendment No. 1 to Current Report on Form 8-K/A dated February 13, 2013, filed February 25, 2013 and incorporated herein by reference). +
2.5	First Amendment dated as of April 19, 2013, to the Stock Purchase Agreement dated as of February 13, 2013, between Anheuser-Busch InBev SA/NV and Constellation Brands, Inc. (filed as Exhibit 2.2 to the Company’s Current Report on Form 8-K dated April 19, 2013, filed April 19, 2013 and incorporated herein by reference). +
3.1	Restated Certificate of Incorporation of the Company (filed as Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2009 and incorporated herein by reference). #
3.2	Certificate of Amendment to the Certificate of Incorporation of the Company (filed as Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2009 and incorporated herein by reference).#
3.3	Amended and Restated By-Laws of the Company, amended as of October 4, 2016 (filed herewith).
4.1	Indenture, dated as of August 15, 2006, by and among the Company, as Issuer, certain subsidiaries, as Guarantors and BNY Midwest Trust Company, as Trustee (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated August 15, 2006, filed August 18, 2006 and incorporated herein by reference). #
4.2	Supplemental Indenture No. 1, with respect to 7.25% Senior Notes due 2016 (no longer outstanding), dated as of August 15, 2006, among the Company, as Issuer, certain subsidiaries, as Guarantors, and BNY Midwest Trust Company, as Trustee (filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K dated August 15, 2006, filed August 18, 2006 and incorporated herein by reference). #
4.3	Supplemental Indenture No. 2, dated as of November 30, 2006, by and among the Company, Vincor International Partnership, Vincor International II, LLC, Vincor Holdings, Inc., R.H. Phillips, Inc., The Hogue Cellars, Ltd., Vincor Finance, LLC, and BNY Midwest Trust Company, as Trustee (filed as Exhibit 4.28 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2006 and incorporated herein by reference). #
4.4	Supplemental Indenture No. 3, dated as of May 4, 2007, by and among the Company, Barton SMO Holdings LLC, ALCOFI INC., and Spirits Marque One LLC, and BNY Midwest Trust Company, as Trustee (filed as Exhibit 4.32 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2007 and incorporated herein by reference). #
4.5	Supplemental Indenture No. 4, with respect to 8 3/8% Senior Notes due 2014 (no longer outstanding), dated as of December 5, 2007, by and among the Company, as Issuer, certain subsidiaries, as Guarantors, and The Bank of New York Trust Company, N.A., (as successor to BNY Midwest Trust Company), as Trustee (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated December 5, 2007, filed December 11, 2007 and incorporated herein by reference). #
4.6	Supplemental Indenture No. 5, dated as of January 22, 2008, by and among the Company, BWE, Inc., Atlas Peak Vineyards, Inc., Buena Vista Winery, Inc., Clos du Bois Wines, Inc., Gary Farrell Wines, Inc., Peak Wines International, Inc., and Planet 10 Spirits, LLC, and The Bank of New York Trust Company, N.A. (successor trustee to BNY Midwest Trust Company), as Trustee (filed as Exhibit 4.37 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2008 and incorporated herein by reference). #

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4.7	Supplemental Indenture No. 6, dated as of February 27, 2009, by and among the Company, Constellation Services LLC, and The Bank of New York Mellon Trust Company National Association (successor trustee to BNY Midwest Trust Company), as Trustee (filed as Exhibit 4.31 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2009 and incorporated herein by reference). #
4.8	Supplemental Indenture No. 7, dated as of June 7, 2013, among the Company, Constellation Brands Beach Holdings, Inc., Crown Imports LLC, and The Bank of New York Mellon Trust Company, National Association, as Trustee (filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K dated June 7, 2013, filed June 11, 2013 and incorporated herein by reference).
4.9	Supplemental Indenture No. 8, dated as of May 28, 2014, among the Company, Constellation Marketing Services, Inc., and The Bank of New York Mellon Trust Company, National Association, as trustee (filed as Exhibit 4.9 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2014 and incorporated herein by reference).
4.10	Supplemental Indenture No. 9, dated as of January 15, 2016, among the Company, Home Brew Mart, Inc. and The Bank of New York Mellon Trust Company, N.A. (successor trustee to BNY Midwest Trust Company), as Trustee (filed as Exhibit 4.10 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2016 and incorporated herein by reference).
4.11	Indenture, with respect to 7.25% Senior Notes due May 2017, dated May 14, 2007, by and among the Company, as Issuer, certain subsidiaries, as Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated May 9, 2007, filed May 14, 2007 and incorporated herein by reference). #
4.12	Supplemental Indenture No. 1, dated as of January 22, 2008, by and among the Company, BWE, Inc., Atlas Peak Vineyards, Inc., Buena Vista Winery, Inc., Clos du Bois Wines, Inc., Gary Farrell Wines, Inc., Peak Wines International, Inc., and Planet 10 Spirits, LLC, and The Bank of New York Trust Company, N.A. (successor trustee to BNY Midwest Trust Company), as Trustee (filed as Exhibit 4.39 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2008 and incorporated herein by reference). #
4.13	Supplemental Indenture No. 2, dated as of February 27, 2009, by and among the Company, Constellation Services LLC, and The Bank of New York Mellon Trust Company National Association (successor trustee to BNY Midwest Trust Company), as Trustee (filed as Exhibit 4.34 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2009 and incorporated herein by reference). #
4.14	Supplemental Indenture No. 3, dated as of June 7, 2013, among the Company, Constellation Brands Beach Holdings, Inc., Crown Imports LLC, and The Bank of New York Mellon Trust Company, National Association, as Trustee (filed as Exhibit 4.3 to the Company’s Current Report on Form 8-K dated June 7, 2013, filed June 11, 2013 and incorporated herein by reference).
4.15	Supplemental Indenture No. 4, dated as of May 28, 2014, among the Company, Constellation Marketing Services, Inc., and The Bank of New York Mellon Trust Company, National Association, as trustee (filed as Exhibit 4.14 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2014 and incorporated herein by reference).
4.16	Supplemental Indenture No. 5, dated as of January 15, 2016, among the Company, Home Brew Mart, Inc. and The Bank of New York Mellon Trust Company, N.A. (successor trustee to BNY Midwest Trust Company), as Trustee (filed as Exhibit 4.16 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2016 and incorporated herein by reference).
4.17	Indenture, dated as of April 17, 2012, by and among the Company, as Issuer, certain subsidiaries, as Guarantors, and Manufacturers and Traders Trust Company, as Trustee (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated April 17, 2012, filed April 23, 2012 and incorporated herein by reference).
4.18	Supplemental Indenture No. 1, with respect to 6.0% Senior Notes due May 2022, dated as of April 17, 2012, among the Company, as Issuer, certain subsidiaries, as Guarantors, and Manufacturers and Traders Trust Company, as Trustee (filed as Exhibit 4.1.1 to the Company’s Current Report on Form 8-K dated April 17, 2012, filed April 23, 2012 and incorporated herein by reference).
4.19	Supplemental Indenture No. 3, with respect to 3.75% Senior Notes due May 2021, dated as of May 14, 2013, among the Company, as Issuer, certain subsidiaries, as Guarantors, and Manufacturers and Traders Trust Company, as Trustee (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated May 14, 2013, filed May 16, 2013 and incorporated herein by reference).
4.20	Supplemental Indenture No. 4, with respect to 4.25% Senior Notes due May 2023, dated as of May 14, 2013, among the Company, as Issuer, certain subsidiaries, as Guarantors, and Manufacturers and Traders Trust Company, as Trustee (filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K dated May 14, 2013, filed May 16, 2013 and incorporated herein by reference).

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4.21	Supplemental Indenture No. 5, dated as of June 7, 2013, among the Company, Constellation Brands Beach Holdings, Inc., Crown Imports LLC, and Manufacturers and Traders Trust Company, as Trustee (filed as Exhibit 4.4 to the Company’s Current Report on Form 8-K dated June 7, 2013, filed June 11, 2013 and incorporated herein by reference).
4.22	Supplemental Indenture No. 6, dated as of May 28, 2014, among the Company, Constellation Marketing Services, Inc., and Manufacturers and Traders Trust Company, as Trustee (filed as Exhibit 4.21 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2014 and incorporated herein by reference).
4.23	Supplemental Indenture No. 7, with respect to 3.875% Senior Notes due 2019, dated as of November 3, 2014, among the Company, as Issuer, certain subsidiaries, as Guarantors, and Manufacturers and Traders Trust Company, as Trustee (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated November 3, 2014, filed November 7, 2014 and incorporated herein by reference).
4.24	Supplemental Indenture No. 8, with respect to 4.750% Senior Notes due 2024, dated as of November 3, 2014, among the Company, as Issuer, certain subsidiaries, as Guarantors, and Manufacturers and Traders Trust Company, as Trustee (filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K dated November 3, 2014, filed November 7, 2014 and incorporated herein by reference).
4.25	Supplemental Indenture No. 9, with respect to 4.750% Senior Notes due 2025, dated December 4, 2015, among the Company, as Issuer, certain subsidiaries, as Guarantors, and Manufacturers and Traders Trust Company, as Trustee (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated December 4, 2015, filed December 8, 2015 and incorporated herein by reference).
4.26	Supplemental Indenture No. 10, dated as of January 15, 2016, among the Company, Home Brew Mart, Inc. and Manufacturers and Traders Trust Company, as Trustee (filed as Exhibit 4.26 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2016 and incorporated herein by reference).
4.27	Supplemental Indenture No. 11 with respect to 3.700% Senior Notes due 2026, dated as of December 6, 2016, among the Company, as Issuer, certain subsidiaries, as Guarantors and Manufacturers and Traders Trust Company, as Trustee, (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated December 6, 2016, filed December 6, 2016 and incorporated herein by reference).
4.28	Restatement Agreement, dated as of March 10, 2016, by and among the Company, CIH International S.à r.l., CIH Holdings S.à r.l., CI Cerveza S.à r.l., the Guarantors, Bank of America, N.A., as administrative agent, and the Lenders party thereto, including the Fourth Amended and Restated Credit Agreement dated as of March 10, 2016, by and among the Company, CIH International S.à r.l., CIH Holdings S.à r.l., Bank of America, N.A., as administrative agent, and the Lenders party thereto (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated March 10, 2016, filed March 15, 2016 and incorporated herein by reference).
4.29	Restatement Agreement, dated as of October 13, 2016, by and among the Company, CIH International S.à r.l., CIH Holdings S.à r.l., CB International Finance S.à r.l., CI Cerveza S.à r.l., the Guarantors, Bank of America, N.A., as administrative agent, and the Lenders thereto, including the Fifth Amended and Restated Credit Agreement dated as of October 13, 2016, by and among the Company, CIH International S.à r.l., CIH Holdings S.à r.l., CB International Finance S.à r.l., Bank of America, N.A., as administrative agent, and the Lenders party thereto (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated October 13, 2016, filed October 18, 2016 and incorporated herein by reference).
10.1	Amended and Restated Guarantee Agreement, dated as of June 7, 2013, made by the subsidiaries of the Company from time to time party thereto and Constellation Brands, Inc., in favor of Bank of America, N.A., as Administrative Agent, for the ratable benefit of the Lenders party to the Credit Agreement (filed as Exhibit 10.4 to the Company’s Current Report on Form 8-K dated June 7, 2013, filed June 11, 2013 and incorporated herein by reference).
10.2	Cross-Guarantee Agreement, dated as of March 10, 2016, by and among CIH International S.à r.l., CIH Holdings S.à r.l. and Bank of America, N.A., as administrative agent (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 10, 2016, filed March 15, 2016 and incorporated herein by reference).
10.3	Form of U.S. Pledge Agreement (filed as Exhibit D-1 to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated May 2, 2013, filed May 7, 2013 and incorporated herein by reference).
10.4	Form of Luxembourg Equity Pledge Agreement (filed as Exhibit D-2 to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated May 2, 2013, filed May 7, 2013 and incorporated herein by reference).
10.5	Form of Luxembourg PEC Pledge Agreement (filed as Exhibit D-3 to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated May 2, 2013, filed May 7, 2013 and incorporated herein by reference).
10.6	Form of Barbados Charge Over Shares (filed as Exhibit D-4 to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated May 2, 2013, filed May 7, 2013 and incorporated herein by reference).
10.7	Form of Mexican Pledge Agreement (filed as 10.60 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2016 and incorporated herein by reference).

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10.8	Amended and Restated Cross-Guarantee Agreement, dated as of October 13, 2016, by and among CIH International S.à r.l., CIH Holdings S.à r.l., CB International Finance S.à r.l., and Bank of America, N.A., as administrative agent (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated October 13, 2016, filed October 18, 2016 and incorporated herein by reference).
10.9	Second Amendment to Interim Supply Agreement dated as of September 20, 2016, by and between CIH International S.à r.l., as successor by assignment to Crown Imports LLC and Grupo Modelo, S. de R.L. de C.V., as successor to Grupo Modelo, S.A.B. de C.V. (filed as Exhibit 10.12 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2016 and incorporated herein by reference). +
10.10	Retention Bonus Agreement dated November 24, 2016 between Constellation Brands Canada, Inc. and John A. (Jay) Wright (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated November 24, 2016, filed November 28, 2016 and incorporated herein by reference). *
12.1	Statements re computation of ratios (filed herewith).
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended (filed herewith).
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended (filed herewith).
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 (filed herewith).
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 (filed herewith).
99.1	Stipulation and Order dated April 19, 2013, among Constellation Brands, Inc., Anheuser-Busch Inbev SA/NV, Grupo Modelo, S.A.B. de C.V., and the Antitrust Division of the United States Department of Justice (filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated April 19, 2013, filed April 19, 2013 and incorporated herein by reference).
99.2	Final Judgment filed with the United States District Court for the District of Columbia on October 24, 2013, together with Exhibits B and C (filed as Exhibit 99.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2013 and incorporated herein by reference).
101.1	The following materials from the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of November 30, 2016 and February 29, 2016, (ii) Consolidated Statements of Comprehensive Income for the nine months and three months ended November 30, 2016 and 2015, (iii) Consolidated Statements of Cash Flows for the nine months ended November 30, 2016 and 2015, and (iv) Notes to Consolidated Financial Statements.

# Company’s Commission File No. 001-08495.

+ Portions of this exhibit were redacted pursuant to a confidential treatment request filed with and approved by the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

* Designates management contract or compensatory plan or arrangement.

The Company agrees, upon request of the Securities and Exchange Commission, to furnish copies of each instrument that defines the rights of holders of long-term debt of the Company or its subsidiaries that is not filed herewith pursuant to Item 601(b)(4)(iii)(A) because the total amount of long-term debt authorized under such instrument does not exceed 10% of the total assets of the Company and its subsidiaries on a consolidated basis.

56

EX-3.3

Exhibit 3.3

AMENDED AND RESTATED

BY-LAWS

OF

CONSTELLATION BRANDS, INC.

(Amended as of October 4, 2016)

ARTICLE I

STOCKHOLDERS

SECTION 1.1    Annual Meetings. An annual meeting of stockholders shall be held for the election of directors at such date, time and place, either within or without the State of Delaware, as may be designated by resolution of the Board of Directors from time to time. Any other proper business may be transacted at the annual meeting.

SECTION 1.2     Special Meetings. Special meetings of stockholders for any purpose or purposes may be called at any time by the Board of Directors, or by a committee of the Board of Directors which has been duly designated by the Board of Directors, and whose powers and authority, as expressly provided in a resolution of the Board of Directors, include the power to call such meetings, but such special meetings may not be called by any other person or persons.

SECTION 1.3    Notice of Meetings. Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, date and hour of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by law, the written notice of any meeting shall be given not less than ten nor more than sixty days before the date of the meeting to each stockholder entitled to vote at such meeting. If mailed, such notice shall be deemed to be given when deposited in the mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the Corporation.

SECTION 1.4    Adjournments. Any meeting of stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place, and notice need not be given of any such adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

SECTION 1.5    Quorum. The Corporation’s authorized capital stock consists of Class A Common Stock (the “Class A Common”), Class B Common Stock (the “Class B Common”), Class 1 Common Stock (the “Class 1 Common”) and Preferred Stock (the “Preferred Stock”). At each

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meeting of stockholders, except as otherwise provided by law, the Corporation’s Restated Certificate of Incorporation or these By-Laws, the holders of shares representing a majority of the votes entitled to be cast at the meeting by the holders of all outstanding shares entitled to vote, present in person or represented by proxy, shall constitute a quorum. In the absence of a quorum, the stockholders so present may adjourn the meeting from time to time in the manner provided in Section 1.4 of these By-Laws until a quorum shall attend. Such an adjournment may be approved by the affirmative vote of a majority of the votes entitled to be cast by the stockholders present or represented by proxy at such meeting notwithstanding that a quorum is not present. Shares of its own stock belonging to the Corporation or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the Corporation, shall neither be entitled to vote nor be counted for quorum purposes; provided, however, that the foregoing shall not limit the right of any corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity.

SECTION 1.6    Voting. At each meeting of stockholders (a) each holder of Class A Common present in person or represented by proxy at the meeting and entitled to vote on a matter shall be entitled to cast one (1) vote for each share of Class A Common held by such holder, (b) each holder of Class B Common present in person or represented by proxy at the meeting and entitled to vote on a matter shall be entitled to cast ten (10) votes for each share of Class B Common held by such holder, (c) each holder of Class 1 Common present in person or represented by proxy at the meeting and entitled to vote on a matter shall be entitled to cast one (1) vote for each share of Class 1 Common held by such holder, and (d) each holder of Preferred Stock present in person or represented by proxy at the meeting shall be entitled to such voting rights as shall be provided for in the Certificate of Designations relating to the Preferred Stock held by such holder. Except as otherwise provided by law, Section 2.2 of these By-Laws pertaining to the election of directors, or the Corporation’s Restated Certificate of Incorporation, all classes of stock entitled to vote with respect to a matter shall vote together as a single class and the affirmative vote of a majority of the votes entitled to be cast by stockholders present in person or represented by proxy at the meeting and entitled to vote on the matter shall be the act of the stockholders. Except as otherwise required by law or by the Restated Certificate of Incorporation, the Board of Directors may require a larger vote upon any election or question.

SECTION 1.7    Organization. Meetings of stockholders shall be presided over by the Chairman of the Board, if any, or in his absence by the Vice Chairman of the Board, if any, or in his absence by the Chief Executive Officer, or in his absence by the President or in the absence of the foregoing persons by a chairman designated by the Board of Directors, or in the absence of such designation by a chairman chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his absence the chairman of the meeting may appoint any person to act as secretary of the meeting.

SECTION 1.8    Proxies. Each stockholder entitled to vote at a meeting of stockholders may authorize another person or persons to act for him by proxy in any manner permitted by the General Corporation Law of the State of Delaware, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by filing an instrument in writing

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revoking the proxy or another duly executed proxy bearing a later date with the Secretary of the Corporation.

SECTION 1.9    Fixing Date for Determination of Stockholders of Record. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. If no record date is fixed: (1) the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; and (2) the record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

SECTION 1.10    List of Stockholders Entitled to Vote. The Secretary shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the offices of the transfer agent. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof and may be inspected by any stockholder who is present. The stock ledger shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list of stockholders or the books of the Corporation, or to vote in person or by proxy at any meeting of stockholders.

SECTION 1.11    Action by Consent of Stockholders. Unless otherwise restricted by the Restated Certificate of Incorporation, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.

SECTION 1.12    Business at Meetings of Stockholders. At an annual meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting. To be properly brought before an annual meeting, business must be (a) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors, (b) otherwise properly brought before the meeting by or at the direction of the Board of Directors, or

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(c) otherwise properly brought before the meeting by a stockholder. For business to be properly brought before an annual meeting by a stockholder, the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation. To be timely, a stockholder’s notice must be delivered to or mailed and received at the principal executive offices of the Corporation not less than 120 days before the date of the Corporation’s proxy statement that was released to stockholders in connection with its previous annual meeting of stockholders. If the date of the annual meeting has been changed by more than 30 days from the date of the previous year’s annual meeting or if no annual meeting was held during the previous year, then the notice must be received a reasonable time before the Corporation begins to print and mail its proxy materials. A stockholder’s notice to the Secretary shall set forth as to each matter the stockholder proposes to bring before the annual meeting: (w) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting, (x) the name, address and telephone number of the stockholder proposing such business, (y) the class and number of shares of the Corporation which are beneficially owned by the stockholder, and (z) any material interest of the stockholder in such business. A stockholder who makes a proposal shall provide the Corporation with such additional information regarding the proposal as shall be reasonably requested by the Corporation, including, without limitation, any information necessary for the Corporation to comply with federal securities laws. The Chairman of the annual meeting shall, if the facts warrant, determine and declare to the meeting that business was not properly brought before the meeting in accordance with the provisions of this Section 1.12, and if he should so determine, he shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted.

ARTICLE II

BOARD OF DIRECTORS

SECTION 2.1    Number; Qualifications. The Board of Directors shall consist of one or more members, the number thereof to be determined from time to time by resolution of the Board of Directors. Directors shall be elected at the annual meeting of stockholders and each director elected shall hold office until his successor is elected and qualified. Directors need not be stockholders.

SECTION 2.2    Election; Resignation; Removal; Vacancies. At every meeting of stockholders called for the election of directors, the holders of Class A Common, voting as a class, shall be entitled to elect one-fourth (1/4) of the number of directors to be elected at such meeting (rounded, if the total number of directors to be elected at such meeting is not evenly divisible by four (4), to the next higher whole number), and the holders of Class B Common, voting as a class, shall be entitled to elect the remaining number of directors to be elected at such meeting. Irrespective of the foregoing, if the number of outstanding Class B Common shares is less than 12 1/2% of the total number of outstanding shares of Class A Common and Class B Common, then the holders of the Class A Common shall be entitled to elect one-fourth (1/4) of the number of directors to be elected at such meeting (rounded, if the total number of directors to be elected at such meeting is not evenly divisible by four (4), to the next higher whole number) and shall be entitled to participate with the holders of the Class B Common voting as a single class in the election of the remaining number of directors to be elected at such meeting, provided that the holders of Class A Common shall have one (1) vote per share and the holders of Class B Common shall have ten (10) votes per share. In each case, the directors shall be elected by a plurality of the votes entitled to be cast by the stockholders who are present in person or represented by proxy at the meeting and entitled to vote on the election of directors. If, during the

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interval between annual meetings for the election of directors, the number of directors who have been elected by either the holders of the Class A Common or the Class B Common shall, by reason of resignation, death, retirement, disqualification or removal, be reduced, the vacancy or vacancies in directors so created may be filled by a majority vote of the remaining directors then in office, even if less than a quorum, or by a sole remaining director. Any director so elected by the remaining directors to fill any such vacancy may be removed from office by the vote of the holders of a majority of the shares of the Class A Common and the Class B Common voting as a single class, provided that the holders of Class A Common shall have one (1) vote per share and the holders of Class B Common shall have ten (10) votes per share.

SECTION 2.3    Regular Meetings. Regular meetings of the Board of Directors may be held at such places within or without the State of Delaware and at such times as the Board of Directors may from time to time determine, and if so determined notices thereof need not be given.

SECTION 2.4    Special Meetings. Special meetings of the Board of Directors may be held at any time or place within or without the State of Delaware whenever called by the Chairman, Chief Executive Officer, the President, any Vice-President, the Secretary, or by any two members of the Board of Directors. At least one days’ notice thereof shall be given by the person or persons calling the meeting, either personally, by mail or by telegram.

SECTION 2.5    Telephonic Meetings Permitted. Members of the Board of Directors, or any committee designated by the Board, may participate in a meeting of such Board or committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this By-Law shall constitute presence in person at such meeting.

SECTION 2.6    Quorum; Vote Required for Action. At all meetings of the Board of Directors a majority of the whole Board shall constitute a quorum for the transaction of business. Except in cases in which the Restated Certificate of Incorporation or these By-Laws otherwise provide, the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.

SECTION 2.7    Organization. Meetings of the Board of Directors shall be presided over by the Chairman of the Board, if any, or in his absence by the Vice Chairman of the Board, if any, or in his absence by the Chief Executive Officer, or in his absence by the President, or in the absence of the foregoing persons by a chairman chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his absence the chairman of the meeting may appoint any person to act as secretary of the meeting.

SECTION 2.8    Action by Unanimous Consent of Directors. Unless otherwise restricted by the certificate of incorporation or these bylaws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members of the Board of Directors or such committee, as the case may be, consent thereto in writing or by electronic transmission and the writing or writings or electronic transmissions are filed with the minutes of proceedings of the board or committee in accordance with applicable law.

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ARTICLE III

COMMITTEES

SECTION 3.1    Committees. The Board of Directors may, by resolution passed by a majority of the whole Board, designate one or more committees, each committee to consist of one or more of the directors of the Corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of the committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have power or authority in reference to amending the Restated Certificate of Incorporation of the Corporation, adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the Corporation’s property and assets, recommending to the stockholders a dissolution of the Corporation or a revocation of dissolution, or amending these By-Laws; and, unless the resolution expressly so provides, no such committee shall have the power or authority to declare a dividend or to authorize the issuance of stock.

SECTION 3.2    Committee Rules. Unless the Board of Directors otherwise provides, each committee designated by the Board may make, alter and repeal rules for the conduct of its business. In the absence of such rules each committee shall conduct its business in the same manner as the Board of Directors conducts its business pursuant to Article II of these By-Laws.

ARTICLE IV

OFFICERS

SECTION 4.1    Executive Officers; Election; Qualifications; Term of Office; Resignation; Removal; Vacancies. The Board of Directors shall choose a President and Secretary, and it may, if it so determines, choose a Chairman of the Board and a Vice Chairman of the Board from among its members. The Board of Directors may also choose a Chief Executive Officer, one or more Vice-Presidents, one or more Assistant Secretaries, a Treasurer and one or more Assistant Treasurers, and may choose such other officers as it may deem necessary, each of whom shall have such titles and duties as shall be determined by the Board of Directors. Each such officer shall hold office until the first meeting of the Board of Directors after the annual meeting of stockholders next succeeding this election, and until his successor is elected and qualified or until his earlier resignation or removal. Any officer may resign at any time upon written notice to the Corporation. The Board of Directors may remove any officer with or without cause at any time, but such removal shall be without prejudice to the contractual rights of such officer, if any, with the Corporation. Any number of offices may be held by the same person. Any vacancy occurring in any office of the Corporation by reason of death, resignation, removal or otherwise may be filled for the unexpired portion of the term by the Board of Directors at any regular or special meeting.

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SECTION 4.2    Chairman of the Board. The Chairman of the Board, if there be one, shall preside at all meetings of the Board of Directors and of the stockholders, and shall perform such other duties as the Board may direct.

SECTION 4.3    Chief Executive Officer. The Board of Directors may designate whether the Chairman of the Board, if one shall have been chosen, or the President shall be the Chief Executive Officer of the Corporation. If a Chairman of the Board has not been chosen, or if one has been chosen but not designated Chief Executive Officer, then the President shall be the Chief Executive Officer of the Corporation. The Chief Executive Officer shall be the principal executive officer of the Corporation and shall in general supervise and control all of the business and affairs of the Corporation, unless otherwise provided by the Board of Directors. He shall preside at meetings of the stockholders and of the Board of Directors under the circumstances described in Section 1.7 or 2.7, respectively, and shall see that orders and resolutions of the Board of Directors are carried into effect. He shall have general powers of supervision and shall be the final arbiter of all differences among officers of the Corporation and his decision as to any matter affecting the Corporation shall be final and binding as between the officers of the Corporation subject only to the Board of Directors.

SECTION 4.4    President. If the Chairman of the Board has not been chosen Chief Executive Officer or, if the Chairman of the Board has been so chosen, in the event of his inability or refusal to act, the President shall perform the duties of the Chief Executive Officer, and when so acting, shall have all the powers of and be subject to all the restrictions upon the Chief Executive Officer. At all other times, the President shall have the active management of the business of the Corporation under the general supervision of the Chief Executive Officer. In general, he shall perform all duties incident to the office of President, and such other duties as the Chief Executive Officer or the Board of Directors may from time to time prescribe. If the Chairman of the Board has been chosen Chief Executive Officer, the President shall preside at meetings of the stockholders and of the Board of Directors under the circumstances described in Section 1.7 or 2.7, respectively.

SECTION 4.5    Vice-Presidents. In the absence of the President or in the event of his inability or refusal to act, the Vice-President (or in the event there be more than one Vice-President, the Vice-Presidents in the order designated, or in the absence of any designation, then in the order of their election) shall perform the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon the President. The Vice-Presidents shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.

SECTION 4.6    Secretary. The Secretary shall attend all meetings of the Board of Directors and all meetings of the stockholders and record all the proceedings of the meetings of the stockholders and of the Board of Directors in a book to be kept for that purpose and shall perform like duties for the standing committees when required. He shall give, or cause to be given, notice of all meetings of the stockholders and special meetings of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors or Chief Executive Officer, under whose supervision he shall be. He shall have custody of the corporate seal of the Corporation and he, or an Assistant Secretary, shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by his signature or by the signature of such Assistant Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his signature.

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SECTION 4.7    Assistant Secretary. The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order determined by the Board of Directors (or if there be no such determination, then in the order of their election), shall, in the absence of the Secretary or in the event of his inability or refusal to act, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.

SECTION 4.8    Treasurer. The Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. He shall disburse the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the Chief Executive Officer and the Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account of all his transactions as Treasurer and of the financial condition of the Corporation. If required by the Board of Directors, he shall give the Corporation a bond (which shall be renewed every six years) in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors for the faithful performance of the duties of his office and for the restoration to the Corporation, in case of his death, resignation, retirement or removal from office, of all books, papers, vouchers, money and property of whatever kind in his possession or under his control belonging to the Corporation.

SECTION 4.9    Assistant Treasurer. The Assistant Treasurer, or if there be more than one, the Assistant Treasurers in the order determined by the Board of Directors (or if there be no such determination, then in the order of their election), shall, in the absence of the Treasurer or in the event of his inability or refusal to act, perform the duties and exercise the powers of the Treasurer and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.

ARTICLE V

STOCK

SECTION 5.1Certificates. The shares of stock of the Corporation shall be represented by certificates except to the extent that the Board of Directors has adopted one or more resolutions providing that some or all of any or all classes or series of the Corporation’s stock shall be uncertificated shares. Any such resolution adopted by the Board of Directors that relates to outstanding shares represented by a certificate shall not apply to such outstanding shares until such certificate is surrendered to the Corporation. Every holder of stock represented by certificates shall be entitled to have a certificate signed by or in the name of the Corporation by the Chairman or Vice Chairman of the Board of Directors, if any, or the President or a Vice-President, and by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary, of the Corporation, certifying the class and number of shares of the Corporation registered in certificate form that are owned by him. Any of or all the signatures on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.Within a reasonable time after the issuance or transfer of uncertificated shares, the Corporation shall send to the registered owner thereof a written notice setting forth the class and

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number of shares of the Corporation registered in his name. Any stock certificates issued and any notices given shall include such other information and legends as shall be required by law or necessary to give effect to any applicable transfer, voting or similar restrictions.

SECTION 5.2Lost, Stolen or Destroyed Stock Certificates; Issuance of New Certificates. The Corporation may issue a new certificate of stock in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or his legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate. If shares represented by a stock certificate alleged to have been lost, stolen or destroyed have become uncertificated shares, the Corporation may, in lieu of issuing a new certificate, cause such shares to be reflected on its books as uncertificated shares and may require the owner of the lost, stolen or destroyed certificate, or his legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate.

SECTION 5.3    Transfers of Stock. Upon surrender to the Corporation or the transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the Corporation to issue a new certificate or evidence of the issuance of uncertificated shares to the person entitled thereto, cancel the old certificate and record the transaction upon its books. Upon the receipt by the Corporation or the transfer agent of the Corporation of proper evidence of succession, assignment or authority to transfer with respect to uncertificated shares, it shall be the duty of the Corporation to record the transaction upon its books.

SECTION 5.4    Registered Stockholders. The Corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and to hold liable for calls and assessments a person registered on its books as the owner of shares, and shall not he bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware.

SECTION 5.5    Transfer Agents; Registrars; Regulations. The Board of Directors may appoint a transfer agent and one or more co-transfer agents and registrar and one or more co-registrars and may make, or authorize any such agent to make, all such rules and regulations deemed expedient concerning the issue, transfer and registration of shares of stock of the Corporation.

ARTICLE VI

MISCELLANEOUS

SECTION 6.1    Fiscal Year. The fiscal year of the Corporation shall be March 1 to the last day of February, unless otherwise determined by resolution of the Board of Directors.

SECTION 6.2    Seal. The corporate seal shall have the name of the Corporation inscribed thereon and shall be in such form as may be approved from time to time by the Board of Directors.

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SECTION 6.3    Waiver of Notice of Meetings of Stockholders, Directors and Committees. Any written waiver of notice, signed by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of any regular or special meeting of the stockholders, directors, or member of a committee of directors need be specified in any written waiver of notice.

SECTION 6.4    Interested Directors; Quorum. No contract or transaction between the Corporation and one or more of its directors or officers, or between the Corporation and any other corporation, partnership, association, or other organization in which one or more of its directors or officers are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the Board or committee thereof which authorizes the contract or transaction, or solely because his or their votes are counted for such purpose, if: (1) the material facts as to his relationship or interest and as to the contract or transaction are disclosed or are known to the Board of Directors or the committee, and the Board or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or (2) the material facts as to his relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or (3) the contract or transaction is fair as to the Corporation as of the time it is authorized, approved or ratified, by the Board of Directors, a committee thereof, or the stockholders. All directors, including interested directors, may be counted in determining the presence of a quorum at a meeting of the Board of Directors or of a committee which authorizes the contract or transaction.

SECTION 6.5    Form of Records. Any records maintained by the Corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or be in the form of, punch cards, magnetic tape, photographs, micro photographs, or any other information storage device, provided that the records so kept can be converted into clearly legible form within a reasonable time. The Corporation shall so convert any records so kept upon the request of any person entitled to inspect the same.

SECTION 6.6    Amendment of By-Laws. These By-Laws may be altered or repealed, and new By-Laws made, by the Board of Directors, but the stockholders may make additional By-Laws and may alter and repeal any By-Laws whether adopted by them or otherwise.

EX-12.1

Exhibit 12.1

CONSTELLATION BRANDS, INC. AND SUBSIDIARIES

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ^(a) 

(in millions of dollars)

	For the Nine Months Ended						For the Fiscal Years Ended
	November 30, 2016			November 30, 2015			February 29, 2016			February 28, 2015			February 28, 2014			February 28, 2013		February 29, 2012
Earnings:
Income before income taxes	$	1,469.5		$	1,151.0		$	1,501.2		$	1,179.6		$	2,202.3		$	516.4	$	534.0
Plus fixed charges	269.8			245.0			332.3			352.3			337.5			239.4		194.0
Less interest capitalized	(8.3		)	(10.5		)	(12.7		)	(8.2		)	(0.9		)	—		—
Earnings, as adjusted	$	1,731.0		$	1,385.5		$	1,820.8		$	1,523.7		$	2,538.9		$	755.8	$	728.0
Fixed Charges:
Interest on debt and capitalized leases, amortization of debt issuance costs, and amortization of discount on debt (b)	$	266.3		$	241.7		$	327.8		$	347.7		$	332.2		$	234.3	$	188.0
Interest element of rentals	3.6			3.3			4.5			4.7			5.3			5.1		6.0
Total fixed charges	$	269.9		$	245.0		$	332.3		$	352.4		$	337.5		$	239.4	$	194.0
Ratio of Earnings to Fixed Charges	6.4x			5.7x			5.5x			4.3x			7.5x			3.2x		3.8x

^(a)  For the purpose of calculating the ratio of earnings to fixed charges, “earnings” represent income before income taxes (adjusted, as appropriate, for equity in earnings of equity method investees) plus fixed charges less interest capitalized. “Fixed charges” consist of interest expensed and capitalized, amortization of debt issuance costs, amortization of discount on debt, and the portion of rental expense which management believes is representative of the interest component of lease expense.

^(b)  The Company’s policy is to classify interest expense recognized on uncertain tax positions as income tax expense. The Company has excluded interest expense recognized on uncertain tax positions from the Ratio of Earnings to Fixed Charges.

EX-31.1

Exhibit 31.1

RULE 13a-14(a)/15d-14(a) CERTIFICATION

OF CHIEF EXECUTIVE OFFICER

Constellation Brands, Inc.

Form 10-Q for Fiscal Quarter Ended November 30, 2016

I, Robert Sands, certify that:

1. I have reviewed this report on Form 10-Q of Constellation Brands, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 5, 2017

/s/ Robert Sands

Robert Sands

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

RULE 13a-14(a)/15d-14(a) CERTIFICATION

OF CHIEF FINANCIAL OFFICER

Constellation Brands, Inc.

Form 10-Q for Fiscal Quarter Ended November 30, 2016

I, David Klein, certify that:

1. I have reviewed this report on Form 10-Q of Constellation Brands, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 5, 2017

/s/ David Klein

David Klein

Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

SECTION 1350 CERTIFICATION

OF CHIEF EXECUTIVE OFFICER

Constellation Brands, Inc.

Form 10-Q for Fiscal Quarter Ended November 30, 2016

In connection with the Constellation Brands, Inc. Quarterly Report on Form 10-Q for the Fiscal Quarter Ended November 30, 2016, I, Robert Sands, certify pursuant to 18 U.S.C. Section 1350 that, to the best of my knowledge:

1.    The Quarterly Report on Form 10-Q for the Fiscal Quarter Ended November 30, 2016 of Constellation Brands, Inc. fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

2.    The information contained in the periodic report on Form 10-Q for the Fiscal Quarter Ended November 30, 2016 of Constellation Brands, Inc. fairly presents, in all material respects, the financial condition and results of operations of Constellation Brands, Inc.

Dated:	January 5, 2017	/s/ Robert Sands
		Robert Sands, President and Chief Executive Officer

EX-32.2

Exhibit 32.2

SECTION 1350 CERTIFICATION

OF CHIEF FINANCIAL OFFICER

Constellation Brands, Inc.

Form 10-Q for Fiscal Quarter Ended November 30, 2016

In connection with the Constellation Brands, Inc. Quarterly Report on Form 10-Q for the Fiscal Quarter Ended November 30, 2016, I, David Klein, certify pursuant to 18 U.S.C. Section 1350 that, to the best of my knowledge:

1.    The Quarterly Report on Form 10-Q for the Fiscal Quarter Ended November 30, 2016 of Constellation Brands, Inc. fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

2.    The information contained in the periodic report on Form 10-Q for the Fiscal Quarter Ended November 30, 2016 of Constellation Brands, Inc. fairly presents, in all material respects, the financial condition and results of operations of Constellation Brands, Inc.

Dated:	January 5, 2017	/s/ David Klein
		David Klein, Executive Vice President and Chief Financial Officer

XML

Document and Entity Information - shares	9 Months Ended
	Nov. 30, 2016	Dec. 31, 2016
Entity Registrant Name	CONSTELLATION BRANDS, INC.
Entity Central Index Key	0000016918
Document Type	10-Q
Document Period End Date	Nov. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--02-28
Entity Filer Category	Large Accelerated Filer
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		172,704,868
Class B Common Stock [Member]
Entity Common Stock, Shares Outstanding		23,352,727
Class 1 Common Stock [Member]
Entity Common Stock, Shares Outstanding		2,080

XML

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Nov. 30, 2016	Feb. 29, 2016
Current assets:
Cash and cash equivalents	$ 197.3	$ 83.1
Accounts receivable	856.0	732.5
Inventories	2,123.1	1,851.6
Prepaid expenses and other	268.4	310.4
Total current assets	3,444.8	2,977.6
Property, plant and equipment	3,708.0	3,333.4
Goodwill	7,517.9	7,138.6
Intangible assets	3,494.2	3,403.8
Other assets	155.2	111.6
Total assets	18,320.1	16,965.0
Current liabilities:
Notes payable to banks	353.4	408.3
Current maturities of long-term debt	915.7	856.7
Accounts payable	772.3	429.3
Accrued excise taxes	33.0	33.6
Other accrued expenses and liabilities	562.2	544.4
Total current liabilities	2,636.6	2,272.3
Long-term debt, less current maturities	7,362.5	6,816.2
Deferred income taxes	1,124.0	1,022.2
Other liabilities	199.3	162.5
Total liabilities	11,322.4	10,273.2
Commitments and contingencies
CBI stockholders’ equity:
Additional paid-in capital	2,705.5	2,589.0
Retained earnings	6,934.9	6,090.5
Accumulated other comprehensive loss	(596.7)	(452.5)
Total stockholders’ equity before treasury stock adjustments	9,046.6	8,229.9
Less: Treasury stock –	(2,028.6)	(1,670.3)
Total CBI stockholders’ equity	7,018.0	6,559.6
Noncontrolling interests	(20.3)	132.2
Total stockholders’ equity	6,997.7	6,691.8
Total liabilities and stockholders’ equity	18,320.1	16,965.0
Class A Common Stock [Member]
CBI stockholders’ equity:
Common stock, value	2.6	2.6
Less: Treasury stock –	(2,026.4)	(1,668.1)
Class B Convertible Common Stock [Member]
CBI stockholders’ equity:
Common stock, value	0.3	0.3
Less: Treasury stock –	$ (2.2)	$ (2.2)

XML

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Nov. 30, 2016	Feb. 29, 2016
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	256,983,922	255,558,026
Treasury stock, shares at cost	81,308,730	79,454,011
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	28,358,527	28,358,529
Treasury stock, shares at cost	5,005,800	5,005,800

XML

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Sales	$ 1,992.7	$ 1,812.4	$ 6,268.5	$ 5,523.3
Less – excise taxes	(182.2)	(171.9)	(565.0)	(518.1)
Net sales	1,810.5	1,640.5	5,703.5	5,005.2
Cost of product sold	(919.1)	(907.0)	(2,961.8)	(2,759.0)
Gross profit	891.4	733.5	2,741.7	2,246.2
Selling, general and administrative expenses	(357.4)	(286.2)	(1,044.1)	(892.2)
Operating income	534.0	447.3	1,697.6	1,354.0
Equity in earnings of equity method investees	27.5	27.3	28.2	28.5
Interest expense	(77.6)	(75.6)	(256.3)	(230.4)
Loss on write-off of debt issuance costs	0.0	0.0	0.0	(1.1)
Income before income taxes	483.9	399.0	1,469.5	1,151.0
Provision for income taxes	(78.9)	(128.0)	(392.2)	(335.7)
Net income	405.0	271.0	1,077.3	815.3
Net (income) loss attributable to noncontrolling interests	0.9	(0.5)	5.8	(3.8)
Net income attributable to CBI	405.9	270.5	1,083.1	811.5
Comprehensive income	240.3	297.9	918.4	591.2
Comprehensive (income) loss attributable to noncontrolling interests	12.0	(2.1)	20.5	6.3
Comprehensive income attributable to CBI	252.3	295.8	938.9	597.5
Class A Common Stock [Member]
Net income attributable to CBI	$ 362.6	$ 241.1	$ 967.5	$ 722.7
Net income per common share attributable to CBI:
Net income per common share attributable to CBI, basic	$ 2.04	$ 1.39	$ 5.46	$ 4.19
Net income per common share attributable to CBI, diluted	$ 1.98	$ 1.33	$ 5.27	$ 3.99
Weighted average common shares outstanding:
Weighted average common shares outstanding, basic	177,513	173,933	177,171	172,509
Weighted average common shares outstanding, diluted	205,455	204,096	205,484	203,356
Cash dividends declared per common share:
Cash dividends declared per common share	$ 0.40	$ 0.31	$ 1.20	$ 0.93
Class B Convertible Common Stock [Member]
Net income attributable to CBI	$ 43.3	$ 29.4	$ 115.6	$ 88.8
Net income per common share attributable to CBI:
Net income per common share attributable to CBI, basic	$ 1.85	$ 1.26	$ 4.95	$ 3.80
Net income per common share attributable to CBI, diluted	$ 1.82	$ 1.22	$ 4.86	$ 3.69
Weighted average common shares outstanding:
Weighted average common shares outstanding, basic	23,353	23,358	23,353	23,366
Weighted average common shares outstanding, diluted	23,353	23,358	23,353	23,366
Cash dividends declared per common share:
Cash dividends declared per common share	$ 0.36	$ 0.28	$ 1.08	$ 0.84

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
Cash flows from operating activities:
Net income	$ 1,077.3	$ 815.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	175.3	130.5
Deferred tax provision	114.7	192.5
Stock-based compensation	44.4	40.5
Amortization of debt issuance costs	9.6	9.0
Amortization of intangible assets	8.4	32.2
Equity in earnings of equity method investees, net of distributed earnings	(16.2)	(18.7)
Noncash portion of loss on write-off of debt issuance costs	0.0	1.1
Change in operating assets and liabilities, net of effects from purchases of businesses:
Accounts receivable	(121.5)	(121.5)
Inventories	(193.9)	(25.0)
Prepaid expenses and other current assets	(30.4)	46.8
Accounts payable	290.0	136.8
Accrued excise taxes	(0.6)	4.3
Other accrued expenses and liabilities	77.5	(128.1)
Other	(18.9)	(24.1)
Total adjustments	338.4	276.3
Net cash provided by operating activities	1,415.7	1,091.6
Cash flows from investing activities:
Purchases of property, plant and equipment	(591.6)	(513.8)
Purchases of businesses, net of cash acquired	(542.2)	(317.9)
Other investing activities	(15.3)	4.0
Net cash used in investing activities	(1,149.1)	(827.7)
Cash flows from financing activities:
Principal payments of long-term debt	(907.7)	(148.3)
Purchases of treasury stock	(372.6)	0.0
Dividends paid	(238.3)	(180.4)
Payments of minimum tax withholdings on stock-based payment awards	(66.9)	(38.4)
Net repayments of notes payable	(55.9)	(15.9)
Payments of debt issuance costs	(6.6)	(7.9)
Proceeds from issuance of long-term debt	1,350.1	210.0
Excess tax benefits from stock-based payment awards	112.2	204.2
Proceeds from shares issued under equity compensation plans	39.3	98.9
Net cash provided by (used in) financing activities	(146.4)	122.2
Effect of exchange rate changes on cash and cash equivalents	(6.0)	(4.9)
Net increase in cash and cash equivalents	114.2	381.2
Cash and cash equivalents, beginning of period	83.1	110.1
Cash and cash equivalents, end of period	197.3	491.3
Supplemental disclosures of noncash investing and financing activities:
Additions to property, plant and equipment	218.0	53.1
Conversion of noncontrolling equity interest to long-term debt	$ 132.0	$ 0.0

XML

Basis of Presentation

9 Months Ended

Nov. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

BASIS OF PRESENTATION:

Unless the context otherwise requires, the terms “Company,” “CBI,” “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. We have prepared the consolidated financial statements included herein, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission applicable to quarterly reporting on Form 10-Q and reflect, in our opinion, all adjustments necessary to present fairly our financial information. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements, prepared in accordance with generally accepted accounting principles, have been condensed or omitted as permitted by such rules and regulations. These consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended February 29, 2016 (the “2016 Annual Report”). Results of operations for interim periods are not necessarily indicative of annual results.

XML

Inventories

9 Months Ended

Nov. 30, 2016

Inventory Disclosure [Abstract]

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 and consist of the following:

	November 30, 2016		February 29, 2016
(in millions)
Raw materials and supplies	$	140.5	$	107.2
In-process inventories	1,382.7		1,218.7
Finished case goods	599.9		525.7
	$	2,123.1	$	1,851.6

XML

Derivative Instruments

9 Months Ended

Nov. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS:

Overview –

Our risk management and derivative accounting policies are presented in Notes 1 and 6 of our consolidated financial statements included in our 2016 Annual Report and have not changed significantly for the nine months and three months endedNovember 30, 2016. For the three months ended November 30, 2016, in connection with the Canadian Divestiture (as defined in Note 5), we entered into economic hedges totaling an aggregate notional value of C$550.0 million to minimize the foreign currency exchange rate risk associated with the expected proceeds from the Canadian Divestiture. As of November 30, 2016, these derivative instruments had a fair value of $3.3 million, which was recorded in prepaid expenses and other, with the change in fair value recognized in selling, general and administrative expenses.

The aggregate notional value of outstanding derivative instruments is as follows:

	November 30, 2016		February 29, 2016
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts	$	1,062.6	$	731.6
Interest rate swap contracts	$	250.0	$	600.0
Derivative instruments not designated as hedging instruments
Foreign currency contracts	$	1,440.2	$	975.6
Commodity derivative contracts	$	168.7	$	198.7
Interest rate swap contracts	$	—	$	1,000.0

Credit risk –

We are exposed to credit-related losses if the counterparties to our derivative contracts default. This credit risk is limited to the fair value of the derivative contracts. To manage this risk, we contract only with major financial institutions that have earned investment-grade credit ratings and with whom we have standard International Swaps and Derivatives Association agreements which allow for net settlement of the derivative contracts. We have also established counterparty credit guidelines that are regularly monitored. Because of these safeguards, we believe the risk of loss from counterparty default to be immaterial.

In addition, our derivative instruments are not subject to credit rating contingencies or collateral requirements. As of November 30, 2016, the estimated fair value of derivative instruments in a net liability position due to counterparties was $98.3 million. If we were required to settle the net liability position under these derivative instruments on November 30, 2016, we would have had sufficient availability under our available liquidity on hand to satisfy this obligation.

Results of period derivative activity –

The estimated fair value and location of our derivative instruments on our balance sheets are as follows (see Note 4):

Assets					Liabilities
	November 30, 2016		February 29, 2016			November 30, 2016		February 29, 2016
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	5.1	$	5.5	Other accrued expenses and liabilities	$	43.1	$	33.0
Other assets	$	2.8	$	1.2	Other liabilities	$	54.9	$	26.2
Interest rate swap contracts:
Other assets	$	3.8	$	0.3	Other accrued expenses and liabilities	$	0.6	$	1.5
					Other liabilities	$	—	$	0.4

Assets					Liabilities
	November 30, 2016		February 29, 2016			November 30, 2016		February 29, 2016
(in millions)
Derivative instruments not designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	5.0	$	4.8	Other accrued expenses and liabilities	$	2.6	$	9.8
Commodity derivative contracts:
Prepaid expenses and other	$	3.2	$	0.6	Other accrued expenses and liabilities	$	11.4	$	29.3
Other assets	$	1.8	$	0.3	Other liabilities	$	4.6	$	16.8
Interest rate swap contracts:
Prepaid expenses and other	$	—	$	0.7	Other accrued expenses and liabilities	$	—	$	5.7

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 (Effective portion)			Location of Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)
(in millions)
For the Nine Months Ended November 30, 2016
Foreign currency contracts	$	(39.7	)	Sales	$	0.5
				Cost of product sold	(18.4		)
Interest rate swap contracts	2.2			Interest expense	(3.9		)
	$	(37.5	)		$	(21.8	)
For the Nine Months Ended November 30, 2015
Foreign currency contracts	$	(25.5	)	Sales	$	1.6
				Cost of product sold	(14.1		)
Interest rate swap contracts	(1.0		)	Interest expense	(6.2		)
	$	(26.5	)		$	(18.7	)
For the Three Months Ended November 30, 2016
Foreign currency contracts	$	(39.1	)	Sales	$	0.3
				Cost of product sold	(7.7		)
Interest rate swap contracts	2.1			Interest expense	(0.2		)
	$	(37.0	)		$	(7.6	)
For the Three Months Ended November 30, 2015
Foreign currency contracts	$	9.4		Sales	$	0.7
				Cost of product sold	(6.3		)
Interest rate swap contracts	—			Interest expense	(2.0		)
	$	9.4			$	(7.6	)

We expect $26.6 million of net losses, net of income tax effect, to be reclassified from accumulated other comprehensive income (loss) (“AOCI”) to our results of operations within the next 12 months.

The effect of our undesignated derivative instruments on our results of operations is as follows:

Derivative Instruments Not Designated as Hedging Instruments	Location of Net Gain (Loss) Recognized in Income	Net Gain (Loss) Recognized in Income
(in millions)
For the Nine Months Ended November 30, 2016
Commodity derivative contracts	Cost of product sold	$	14.4
Foreign currency contracts	Selling, general and administrative expenses	(20.4		)
		$	(6.0	)
For the Nine Months Ended November 30, 2015
Commodity derivative contracts	Cost of product sold	$	(34.5	)
Foreign currency contracts	Selling, general and administrative expenses	(18.9		)
		$	(53.4	)
For the Three Months Ended November 30, 2016
Commodity derivative contracts	Cost of product sold	$	6.7
Foreign currency contracts	Selling, general and administrative expenses	(6.1		)
		$	0.6
For the Three Months Ended November 30, 2015
Commodity derivative contracts	Cost of product sold	$	(18.1	)
Foreign currency contracts	Selling, general and administrative expenses	(3.8		)
		$	(21.9	)

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Fair Value of Financial Instruments

9 Months Ended

Nov. 30, 2016

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS:

Authoritative guidance establishes a framework for measuring fair value and requires disclosures about fair value measurements for financial instruments. This guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and states that a fair value measurement should be determined based on assumptions that market participants would use in pricing an asset or liability. It establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy includes three levels:

• Level 1 inputs are quoted prices in active markets for identical assets or liabilities;

• Level 2 inputs include data points that are observable such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) such as interest rates and yield curves that are observable for the asset and liability, either directly or indirectly; and

• Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

Fair value methodology and assumptions –

The methods and assumptions we use to estimate the fair value for each class of our financial instruments are presented in Notes 1 and 7 of our consolidated financial statements included in our 2016 Annual Report and have not changed significantly for the nine months and three months endedNovember 30, 2016. The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and notes payable to banks, approximate fair value as of November 30, 2016, and February 29, 2016, due to the relatively short maturity of these instruments. As of November 30, 2016, the carrying amount of long-term debt, including the current portion, was $8,278.2 million, compared with an estimated fair value of $8,390.1 million. As of February 29, 2016, the carrying amount of long-term debt, including the current portion, was $7,672.9 million, compared with an estimated fair value of $7,252.0 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)
November 30, 2016
Assets:
Foreign currency contracts	$	—	$	12.9	$	—	$	12.9
Commodity derivative contracts	$	—	$	5.0	$	—	$	5.0
Interest rate swap contracts	$	—	$	3.8	$	—	$	3.8
Available-for-sale (“AFS”) debt securities	$	—	$	—	$	4.8	$	4.8
Liabilities:
Foreign currency contracts	$	—	$	100.6	$	—	$	100.6
Commodity derivative contracts	$	—	$	16.0	$	—	$	16.0
Interest rate swap contracts	$	—	$	0.6	$	—	$	0.6
February 29, 2016
Assets:
Foreign currency contracts	$	—	$	11.5	$	—	$	11.5
Commodity derivative contracts	$	—	$	0.9	$	—	$	0.9
Interest rate swap contracts	$	—	$	1.0	$	—	$	1.0
AFS debt securities	$	—	$	—	$	4.6	$	4.6
Liabilities:
Foreign currency contracts	$	—	$	69.0	$	—	$	69.0
Commodity derivative contracts	$	—	$	46.1	$	—	$	46.1
Interest rate swap contracts	$	—	$	7.6	$	—	$	7.6

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Goodwill

9 Months Ended

Nov. 30, 2016

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, 2015	$	3,776.2		$	2,432.0		$	6,208.2
Purchase accounting allocations (1)	761.8			203.3			965.1
Foreign currency translation adjustments	(7.9		)	(26.8		)	(34.7		)
Balance, February 29, 2016	4,530.1			2,608.5			7,138.6
Purchase accounting allocations (2)	1.4			373.7			375.1
Foreign currency translation adjustments	(4.4		)	8.6			4.2
Balance, November 30, 2016	$	4,527.1		$	2,990.8		$	7,517.9

⁽¹⁾  Purchase accounting allocations associated with the acquisitions of Ballast Point (as defined below) (Beer) and Meiomi (as defined below) (Wine and Spirits).

⁽²⁾  Preliminary purchase accounting allocations associated primarily with the acquisitions of Prisoner, High West and Charles Smith (all as defined below) (Wine and Spirits).

As of November 30, 2016, and February 29, 2016, we have accumulated impairment losses associated with goodwill assigned to our Wine and Spirits’ Canadian reporting unit of C$289.1 million, or $215.2 million and $213.5 million, respectively.

Acquisitions –

High West:

In October 2016, we acquired all of the issued and outstanding common and preferred membership interests of High West Holdings, LLC for $136.5 million, net of cash acquired, subject to post-closing adjustments (“High West”). This transaction primarily includes the acquisition of operations, goodwill, trademarks, inventories and property, plant and equipment. This acquisition includes 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.

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 includes the acquisition of goodwill, trademarks, inventories and certain grape supply contracts. 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.

Prisoner:

In April 2016, we acquired The Prisoner Wine Company business, consisting primarily of goodwill, inventories, trademarks and certain grape supply contracts, for $284.9 million (“Prisoner”). This transaction primarily includes the acquisition of a portfolio of five super-luxury wine brands. The results of operations of Prisoner are reported in the Wine and Spirits segment and have been included in our results of operations from the date of acquisition.

Ballast Point:

In December 2015, we acquired all of the issued and outstanding common and preferred stock of Home Brew Mart, Inc. d/b/a/ Ballast Point Brewing & Spirits (“Ballast Point”). The following table summarizes the allocation of the estimated fair value for the significant assets acquired:

(in millions)
Goodwill	$	763.2
Trademarks	222.8
Other	14.0
Total estimated fair value	1,000.0
Less – cash acquired	(1.5		)
Purchase price	$	998.5

Goodwill associated with the acquisition is primarily attributable to the future growth opportunities associated with the acquisition of a high-growth premium platform that enables us to compete in the growing craft beer category, further strengthening our position in the high-end U.S. beer market. None of the goodwill recognized is expected to be deductible for income tax purposes. The results of operations of Ballast Point are reported in the Beer segment and have been included in our consolidated results of operations from the date of acquisition.

Meiomi:

In August 2015, we acquired the Meiomi wine business, consisting primarily of goodwill, inventories, the trademark and certain grape supply contracts, for $316.2 million (“Meiomi”). The results of operations of Meiomi are reported in the Wine and Spirits segment and have been included in our consolidated results of operations from the date of acquisition.

Divestiture –

Canadian Divestiture:

On December 17, 2016, we sold our Canadian wine business, which includes Canadian wine brands such as Jackson-Triggs and Inniskillin, wineries, vineyards, offices, facilities and Wine Rack retail stores, at a transaction value of C$1.04 billion, or $776.2 million, (the “Canadian Divestiture”). We received cash proceeds of C$775.1 million, or $581.2 million, net of outstanding debt of C$260.0 million, or $195.0 million, subject to post-closing adjustments. We expect to recognize a net gain in connection with the Canadian Divestiture for the fourth quarter of fiscal 2017. Our preliminary estimate of this net gain is approximately $255 million.

As previously discussed, in connection with the Canadian Divestiture, we entered into economic hedges to minimize the foreign currency exchange rate risk associated with the expected proceeds from the Canadian Divestiture. As of November 30, 2016, these derivative instruments had a fair value of $3.3 million. At closing, these derivative instruments had a fair value of $4.6 million. In addition, our Wine and Spirits’ U.S. business expects to recognize an impairment of $8.4 million in the fourth quarter of fiscal 2017 for trademarks associated with certain U.S. brands sold exclusively through the Canadian wine business, which we no longer expect to sell subsequent to the Canadian Divestiture.

As of November 30, 2016, in connection with the Canadian Divestiture, we had $165.5 million of net assets held for sale reported within the Wine and Spirits segment. The carrying amounts of the major classes of assets and liabilities classified as held for sale as of November 30, 2016, are presented below. Amounts presented below are included within the respective line on our balance sheet.

	November 30, 2016
(in millions)
Cash	$	7.8
Accounts receivable	44.7
Inventories	147.9
Prepaid expenses and other	6.3
Total current assets	206.7
Property, plant and equipment	112.6
Goodwill	125.1
Intangible assets	68.5
Other assets	1.7
Total assets	514.6
Current liabilities	(93.3		)
Long-term liabilities	(255.8		)
Total liabilities	(349.1		)
Net assets held for sale	$	165.5

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Intangible Assets

9 Months Ended

Nov. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

INTANGIBLE ASSETS:

The major components of intangible assets are as follows:

	November 30, 2016				February 29, 2016
	Gross Carrying Amount		Net Carrying Amount		Gross Carrying Amount		Net Carrying Amount
(in millions)
Amortizable intangible assets
Customer relationships	$	106.2	$	59.6	$	102.5	$	60.2
Favorable interim supply agreement	68.3		—		68.3		2.2
Other	21.4		2.6		22.3		3.5
Total	$	195.9	62.2		$	193.1	65.9
Nonamortizable intangible assets
Trademarks			3,427.9				3,333.8
Other			4.1				4.1
Total			3,432.0				3,337.9
Total intangible assets			$	3,494.2			$	3,403.8

We did not incur costs to renew or extend the term of acquired intangible assets for the nine months and three months endedNovember 30, 2016, and November 30, 2015. Net carrying amount represents the gross carrying value net of accumulated amortization. Amortization expense for intangible assets was $8.4 million and $32.2 million for the nine months endedNovember 30, 2016, and November 30, 2015, respectively, and $2.1 million and $9.5 million for the three months endedNovember 30, 2016, and November 30, 2015, respectively. Estimated amortization expense for the remaining three months of fiscal 2017 and for each of the five succeeding fiscal years and thereafter is as follows:

(in millions)
2017	$	2.1
2018	$	6.4
2019	$	6.4
2020	$	6.2
2021	$	5.8
2022	$	5.4
Thereafter	$	29.9

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Borrowings

9 Months Ended

Nov. 30, 2016

Debt Disclosure [Abstract]

BORROWINGS

BORROWINGS:

Borrowings consist of the following:

	November 30, 2016						February 29, 2016
	Current		Long-term		Total		Total
(in millions)
Notes payable to banks
Senior Credit Facility – Revolving Credit Loans	$	220.0	$	—	$	220.0	$	92.0
Other	133.4		—		133.4		316.3
	$	353.4	$	—	$	353.4	$	408.3
Long-term debt
Senior Credit Facility – Term Loans	$	192.5	$	3,641.8	$	3,834.3	$	2,856.8
Senior Notes	699.6		3,321.2		4,020.8		4,716.3
Other	23.6		399.5		423.1		99.8
	$	915.7	$	7,362.5	$	8,278.2	$	7,672.9

Senior credit facility –

In March 2016, the Company, CIH International S.à r.l., a wholly-owned indirect subsidiary of ours (“CIH”), CIH Holdings S.à r.l., a wholly-owned indirect 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 prior 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 indirect subsidiary of ours (“CB International” and together with CIH and CIHH, the “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 European Borrowers whereby each guarantees the others’ obligations under the 2016 Credit Agreement.

In addition, the European obligations under the 2016 Credit Agreement are guaranteed by us and certain of our U.S. subsidiaries. These obligations are also secured by a pledge of (i)  100% of certain interests in certain of the European Borrowers’ subsidiaries and (ii)  100% of the ownership interests in certain of our U.S. subsidiaries and 65% of the ownership interests in certain of our foreign subsidiaries.

The 2016 Credit Agreement provides for aggregate credit facilities of $5,004.2 million, consisting of the following:

	Amount		Maturity
(in millions)
Revolving Credit Facility (1) (2)	$	1,150.0	July 16, 2020
U.S. Term A Facility (1) (3)	1,192.1		July 16, 2020
U.S. Term A-1 Facility (1) (3)	238.9		July 16, 2021
European Term A Facility (1) (3)	1,340.7		July 16, 2020
European Term A-1 Facility (1) (3)	682.5		March 10, 2021
European Term A-2 Facility (1) (3)	400.0		March 10, 2021
	$	5,004.2

⁽¹⁾  Contractual interest rate varies based on our debt ratio (as defined in the 2016 Credit Agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin.

⁽²⁾  Provides for credit facilities consisting of a $150.0 million U.S. Revolving Credit Facility and a $1,000.0 million European Revolving Credit Facility. Includes two sub-facilities for letters of credit of up to $200.0 million in the aggregate. We are the borrower under the U.S. Revolving Credit Facility and we and/or CIH and/or CIHH and/or CB International are the borrowers under the European Revolving Credit Facility.

⁽³⁾  We are the borrower under the U.S. Term A and the U.S. Term A-1 loan facilities. CIH is the borrower under the European Term A and the European Term A-2 loan facilities. CIHH is the borrower under the European Term A-1 loan facility.

The 2016 Credit Agreement also 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 not exceed $750.0 million plus an unlimited amount so long as our leverage ratio, as defined and computed pursuant to the 2016 Credit Agreement, is no greater than 4.50 to 1.00 for the period defined pursuant to the 2016 Credit Agreement.

As of November 30, 2016, information with respect to borrowings under the 2016 Credit Agreement is as follows:

	Revolving Credit Facility			U.S. Term A Facility (1)			U.S. Term A-1 Facility (1)			European Term A Facility (1)			European Term A-1 Facility (1)			European Term A-2 Facility (1)
(in millions)
Outstanding borrowings	$	220.0		$	1,184.4		$	238.5		$	1,334.1		$	679.6		$	397.7
Interest rate	2.1		%	2.0		%	2.3		%	2.0		%	2.0		%	2.0		%
Libor margin	1.5		%	1.5		%	1.75		%	1.5		%	1.5		%	1.5		%
Outstanding letters of credit	$	16.7
Remaining borrowing capacity	$	913.3

⁽¹⁾  Outstanding term loan facility borrowings are net of unamortized debt issuance costs.

As of November 30, 2016, the required principal repayments of the term loans under the 2016 Credit Agreement (excluding unamortized debt issuance costs of $19.9 million) for the remaining three months of fiscal 2017 and for each of the five succeeding fiscal years are as follows:

	U.S. Term A Facility		U.S. Term A-1 Facility		European Term A Facility		European Term A-1 Facility		European Term A-2 Facility		Total
(in millions)
2017	$	15.9	$	0.6	$	17.8	$	8.8	$	5.0	$	48.1
2018	63.6		2.4		71.5		35.0		20.0		192.5
2019	63.6		2.4		71.5		35.0		20.0		192.5
2020	63.6		2.4		71.5		35.0		20.0		192.5
2021	985.4		2.4		1,108.4		35.0		20.0		2,151.2
2022	—		228.7		—		533.7		315.0		1,077.4
	$	1,192.1	$	238.9	$	1,340.7	$	682.5	$	400.0	$	3,854.2

Interest rate swap contracts –

In April 2012, we entered into interest rate swap agreements which fixed our interest rates on $500.0 million of our floating LIBOR rate debt at an average rate of 2.8% (exclusive of borrowing margins) through September 1, 2016. We have entered into additional interest rate swap agreements which fixed our interest rates on $250.0 million of our floating LIBOR rate debt at an average rate of 1.1% (exclusive of borrowing margins) from September 1, 2016, through July 1, 2020.

Senior notes –

In August 2006, we issued $700.0 million aggregate principal amount of 7.25% Senior Notes due September 2016 (the “August 2006 Senior Notes”). On August 30, 2016, we repaid the August 2006 Senior Notes primarily with cash flows from operating activities.

In December 2016, we issued $600.0 million aggregate principal amount of 3.70% Senior Notes due December 2026 (the “December 2016 Senior Notes”). Proceeds from this offering, net of discount and debt issuance costs, were $594.7 million. Interest on the December 2016 Senior Notes is payable semiannually on June 6 and December 6 of each year, beginning June 6, 2017. The December 2016 Senior Notes are redeemable, in whole or in part, at our option at any time prior to September 6, 2026, 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 25 basis points. On or after September 6, 2026, we may redeem the December 2016 Senior Notes, 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. The December 2016 Senior Notes are senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness. Certain of our U.S. subsidiaries guarantee the December 2016 Senior Notes on a senior unsecured basis.

Other –

Canadian credit agreement:

In June 2016, through a wholly-owned indirect subsidiary of ours, we entered into a new secured Canadian credit agreement which provided for a C$275.0 million term loan facility ($214.1 million at issuance) and a C$50.0 million revolving credit facility which was undrawn at issuance (the “Canadian Credit Agreement”). The interest rate varied based on the subsidiary’s consolidated leverage ratio (as defined in the Canadian Credit Agreement) and was a function of a base rate plus a margin. As of November 30, 2016, under the Canadian Credit Agreement, there were outstanding term loan borrowings of C$275.0 million, or $204.7 million (excluding unamortized debt issuance costs of $0.7 million), bearing an interest rate of 2.6%. There were no outstanding revolver borrowings under the Canadian Credit Agreement as of November 30, 2016. In connection with the Canadian Divestiture in December 2016, our obligations associated with the Canadian Credit Agreement terminated.

Other long-term debt:

We have outstanding borrowings with our glass production plant joint venture partner, Owens-Illinois, which are included in our consolidated balance sheet as of November 30, 2016, in accordance with our consolidation of this variable interest entity. These borrowings have a maturity date of December 2064 with both a fixed and variable interest rate component. The variable interest rate is based upon certain performance measures as defined in the contractual agreement. As of November 30, 2016, amounts outstanding under the contractual agreement were $168.0 million with a weighted average interest rate of 7.0%.

Accounts receivable securitization facilities:

On September 27, 2016, we amended our prior trade accounts receivable securitization facility (as amended, the “CBI Facility”) for an additional 364-day term. Under the CBI Facility, trade accounts receivable generated by us and certain of our subsidiaries are sold by us to a wholly-owned bankruptcy remote single purpose subsidiary, the CBI SPV, which is consolidated by us for financial reporting purposes. The CBI Facility provides borrowing capacity of $235.0 millionup to $340.0 millionstructured to account for the seasonality of our business, subject to further limitations based upon various pre-agreed formulas. The remaining provisions of the CBI Facility are substantially identical in all material respects to the prior CBI facility.

Also, on September 27, 2016, Crown Imports amended its prior trade accounts receivable securitization facility (as amended, the “Crown Facility”) for an additional 364-day term. Under the Crown Facility, trade accounts receivable generated by Crown Imports are sold by Crown Imports to its wholly-owned bankruptcy remote single purpose subsidiary, the Crown SPV, which is consolidated by us for financial reporting purposes. The Crown Facility provides borrowing capacity of $120.0 million up to $210.0 million structured to account for the seasonality of Crown Imports’ business. The remaining provisions of the Crown Facility are substantially identical in all material respects to the prior Crown facility.

As of November 30, 2016, our accounts receivable securitization facilities are as follows:

	Outstanding Borrowings		Weighted Average Interest Rate		Remaining Borrowing Capacity
(in millions)
CBI Facility	$	97.0	1.5	%	$	208.0
Crown Facility	$	—	—	%	$	150.0

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Income Taxes

9 Months Ended

Nov. 30, 2016

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES:

Our effective tax rate for the nine months endedNovember 30, 2016, and November 30, 2015, was 26.7% and 29.2%, respectively. Our effective tax rate for the three months endedNovember 30, 2016, and November 30, 2015, was 16.3% and 32.1%, respectively.

Our effective tax rates for the nine months and three months endedNovember 30, 2016, were lower than the federal statutory rate of 35% primarily due to a change in our assertion regarding our ability and intent to indefinitely reinvest undistributed earnings of certain foreign subsidiaries. Our effective tax rate for the nine months endedNovember 30, 2015, was lower than the federal statutory rate primarily due to decreases in uncertain tax positions and lower effective tax rates applicable to our foreign businesses. Our effective tax rate for the three months endedNovember 30, 2015, was lower than the federal statutory rate primarily due to lower effective tax rates applicable to our foreign businesses.

We have historically provided deferred income taxes for the repatriation to the U.S. of earnings from our foreign subsidiaries. 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 (as defined in Note 15), we changed our assertion regarding our ability and intent to indefinitely reinvest undistributed earnings of certain foreign subsidiaries during the three months ended November 30, 2016. Approximately $380 million of our estimated earnings for the year ending February 28, 2017, and all future earnings for these foreign subsidiaries are expected to be indefinitely reinvested. Our current U.S. cash flow estimates, including proceeds from the Canadian Divestiture, and available borrowing capacity are expected to be sufficient to meet future domestic cash needs. Our intent to repatriate historical foreign earnings prior to our third quarter assertion remains unchanged and accordingly, we continue to provide for anticipated tax liabilities on amounts that are still expected to be repatriated to support our U.S. investments in the future.

Because of this assertion, we revised our estimated effective tax rate for the year ending February 28, 2017. Due to the reduction in the full year tax rate, the income tax expense for the three months ended November 30, 2016, includes the effect of this revised tax rate on our cumulative earnings through August 31, 2016. We did not provide income taxes on the indefinitely reinvested earnings. If at some future date these earnings cease to be indefinitely reinvested and are repatriated, we may be subject to additional U.S. income and other taxes on such amounts of approximately $100 million. We continue to provide deferred income taxes, as required, on the undistributed net earnings of those foreign subsidiaries that are not deemed to be indefinitely reinvested in operations outside the United States.

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Stockholders' Equity

9 Months Ended

Nov. 30, 2016

Stockholders' Equity Attributable to Parent [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY:

In April 2012, our Board of Directors authorized the repurchase of up to $1.0 billion of our Class A Common Stock and Class B Convertible Common Stock (the “2013 Authorization”). The Board of Directors did not specify a date upon which this authorization would expire. Shares repurchased under the 2013 Authorization have become treasury shares.

Additionally, in November 2016, our Board of Directors authorized the repurchase of up to $1.0 billion of our Class A Common Stock and Class B Convertible Common Stock (the “2017 Authorization”). The Board of Directors did not specify a date upon which this authorization would expire. Shares repurchased under the 2017 Authorization have become treasury shares.

For the nine months endedNovember 30, 2016, we repurchased 2,412,193 shares of Class A Common Stock pursuant to the 2013 Authorization at an aggregate cost of $372.6 million through open market transactions. Subsequent to November 30, 2016, we utilized the remaining $296.9 million available under the 2013 Authorization to repurchase 1,988,311 shares of Class A Common Stock through open market transactions. In addition, we repurchased 994,142 shares of Class A Common Stock pursuant to the 2017 Authorization at an aggregate cost of $153.1 million through open market transactions. All repurchases made subsequent to November 30, 2016, were made pursuant to a Rule 10b5-1 trading plan.

As of January 5, 2017, total shares repurchased are as follows:

			Class A Common Shares
	Repurchase Authorization		Dollar Value of Shares Repurchased		Number of Shares Repurchased
(in millions, except share data)
2013 Authorization	$	1,000.0	$	1,000.0	18,670,632
2017 Authorization	$	1,000.0	$	153.1	994,142

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Net Income Per Common Share Attributable to CBI

9 Months Ended

Nov. 30, 2016

Earnings Per Share [Abstract]

NET INCOME PER COMMON SHARE ATTRIBUTABLE TO CBI

NET INCOME PER COMMON SHARE ATTRIBUTABLE TO CBI:

For the nine months and three months endedNovember 30, 2016, and November 30, 2015, net income per common share – diluted for Class A Common Stock has been computed using the if-converted method and assumes the exercise of stock options using the treasury stock method and the conversion of Class B Convertible Common Stock as this method is more dilutive than the two-class method. For the nine months and three months endedNovember 30, 2016, and November 30, 2015, net income per common share – diluted for Class B Convertible Common Stock has been computed using the two-class method and does not assume conversion of Class B Convertible Common Stock into shares of Class A Common Stock.

The computation of basic and diluted net income per common share is as follows:

	For the Nine Months Ended
	November 30, 2016					November 30, 2015
	Common Stock					Common Stock
	Class A		Class B			Class A		Class B
(in millions, except per share data)
Net income attributable to CBI allocated – basic	$	967.5	$	115.6		$	722.7	$	88.8
Conversion of Class B common shares into Class A common shares	115.6		—			88.8		—
Effect of stock-based awards on allocated net income	—		(2.2		)	—		(2.6		)
Net income attributable to CBI allocated – diluted	$	1,083.1	$	113.4		$	811.5	$	86.2
Weighted average common shares outstanding – basic	177.171		23.353			172.509		23.366
Conversion of Class B common shares into Class A common shares	23.353		—			23.366		—
Stock-based awards, primarily stock options	4.960		—			7.481		—
Weighted average common shares outstanding – diluted	205.484		23.353			203.356		23.366
Net income per common share attributable to CBI – basic	$	5.46	$	4.95		$	4.19	$	3.80
Net income per common share attributable to CBI – diluted	$	5.27	$	4.86		$	3.99	$	3.69
	For the Three Months Ended
	November 30, 2016					November 30, 2015
	Common Stock					Common Stock
	Class A		Class B			Class A		Class B
Net income attributable to CBI allocated – basic	$	362.6	$	43.3		$	241.1	$	29.4
Conversion of Class B common shares into Class A common shares	43.3		—			29.4		—
Effect of stock-based awards on allocated net income	—		(0.8		)	—		(0.8		)
Net income attributable to CBI allocated – diluted	$	405.9	$	42.5		$	270.5	$	28.6
Weighted average common shares outstanding – basic	177.513		23.353			173.933		23.358
Conversion of Class B common shares into Class A common shares	23.353		—			23.358		—
Stock-based awards, primarily stock options	4.589		—			6.805		—
Weighted average common shares outstanding – diluted	205.455		23.353			204.096		23.358
Net income per common share attributable to CBI – basic	$	2.04	$	1.85		$	1.39	$	1.26
Net income per common share attributable to CBI – diluted	$	1.98	$	1.82		$	1.33	$	1.22

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Comprehensive Income Attributable to CBI

9 Months Ended

Nov. 30, 2016

Equity [Abstract]

COMPREHENSIVE INCOME ATTRIBUTABLE TO CBI

COMPREHENSIVE INCOME ATTRIBUTABLE TO CBI:

Comprehensive income consists of net income, foreign currency translation adjustments, net unrealized gains (losses) on derivative instruments, net unrealized gains (losses) on AFS debt securities and pension/postretirement adjustments. The reconciliation of net income attributable to CBI to comprehensive income attributable to CBI is as follows:

	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Nine Months Ended November 30, 2016
Net income attributable to CBI							$	1,083.1
Other comprehensive income (loss) attributable to CBI:
Foreign currency translation adjustments:
Net losses	$	(128.4	)	$	(0.7	)	(129.1		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(128.4		)	(0.7		)	(129.1		)
Unrealized loss on cash flow hedges:
Net derivative losses	(55.3		)	17.8			(37.5		)
Reclassification adjustments	32.0			(10.1		)	21.9
Net loss recognized in other comprehensive loss	(23.3		)	7.7			(15.6		)
Unrealized gain on AFS debt securities:
Net AFS debt securities gains	0.1			0.1			0.2
Reclassification adjustments	—			—			—
Net gain recognized in other comprehensive loss	0.1			0.1			0.2
Pension/postretirement adjustments:
Net actuarial losses	(0.1		)	—			(0.1		)
Reclassification adjustments	0.5			(0.1		)	0.4
Net gain recognized in other comprehensive loss	0.4			(0.1		)	0.3
Other comprehensive loss attributable to CBI	$	(151.2	)	$	7.0		(144.2		)
Comprehensive income attributable to CBI							$	938.9

	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Nine Months Ended November 30, 2015
Net income attributable to CBI							$	811.5
Other comprehensive income (loss) attributable to CBI:
Foreign currency translation adjustments:
Net losses	$	(209.7	)	$	2.7		(207.0		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(209.7		)	2.7			(207.0		)
Unrealized loss on cash flow hedges:
Net derivative losses	(36.2		)	9.7			(26.5		)
Reclassification adjustments	27.1			(8.2		)	18.9
Net loss recognized in other comprehensive loss	(9.1		)	1.5			(7.6		)
Unrealized loss on AFS debt securities:
Net AFS debt securities losses	(0.4		)	—			(0.4		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(0.4		)	—			(0.4		)
Pension/postretirement adjustments:
Net actuarial gains	1.2			(0.3		)	0.9
Reclassification adjustments	0.3			(0.2		)	0.1
Net gain recognized in other comprehensive loss	1.5			(0.5		)	1.0
Other comprehensive loss attributable to CBI	$	(217.7	)	$	3.7		(214.0		)
Comprehensive income attributable to CBI							$	597.5
For the Three Months Ended November 30, 2016
Net income attributable to CBI							$	405.9
Other comprehensive income (loss) attributable to CBI:
Foreign currency translation adjustments:
Net losses	$	(125.6	)	$	1.0		(124.6		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(125.6		)	1.0			(124.6		)
Unrealized loss on cash flow hedges:
Net derivative losses	(52.2		)	15.2			(37.0		)
Reclassification adjustments	11.1			(3.4		)	7.7
Net loss recognized in other comprehensive loss	(41.1		)	11.8			(29.3		)
Unrealized loss on AFS debt securities:
Net AFS debt securities losses	(0.1		)	—			(0.1		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(0.1		)	—			(0.1		)
Pension/postretirement adjustments:
Net actuarial gains	0.5			(0.2		)	0.3
Reclassification adjustments	0.2			(0.1		)	0.1
Net gain recognized in other comprehensive loss	0.7			(0.3		)	0.4
Other comprehensive loss attributable to CBI	$	(166.1	)	$	12.5		(153.6		)
Comprehensive income attributable to CBI							$	252.3

	Before Tax Amount		Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Three Months Ended November 30, 2015
Net income attributable to CBI						$	270.5
Other comprehensive income attributable to CBI:
Foreign currency translation adjustments:
Net gains	$	8.1	$	(0.1	)	8.0
Reclassification adjustments	—		—			—
Net gain recognized in other comprehensive income	8.1		(0.1		)	8.0
Unrealized gain on cash flow hedges:
Net derivative gains	12.7		(3.3		)	9.4
Reclassification adjustments	10.8		(3.1		)	7.7
Net gain recognized in other comprehensive income	23.5		(6.4		)	17.1
Pension/postretirement adjustments:
Net actuarial gains	0.3		—			0.3
Reclassification adjustments	0.1		(0.2		)	(0.1		)
Net gain recognized in other comprehensive income	0.4		(0.2		)	0.2
Other comprehensive income attributable to CBI	$	32.0	$	(6.7	)	25.3
Comprehensive income attributable to CBI						$	295.8

Accumulated other comprehensive loss, net of income tax effect, includes the following components:

	Foreign Currency Translation Adjustments			Net Unrealized Losses on Derivative Instruments			Net Unrealized Gains (Losses) on AFS Debt Securities			Pension/ Postretirement Adjustments			Accumulated Other Comprehensive Loss
(in millions)
Balance, February 29, 2016	$	(390.5	)	$	(46.1	)	$	(2.8	)	$	(13.1	)	$	(452.5	)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassification adjustments	(129.1		)	(37.5		)	0.2			(0.1		)	(166.5		)
Amounts reclassified from accumulated other comprehensive loss	—			21.9			—			0.4			22.3
Other comprehensive income (loss)	(129.1		)	(15.6		)	0.2			0.3			(144.2		)
Balance, November 30, 2016	$	(519.6	)	$	(61.7	)	$	(2.6	)	$	(12.8	)	$	(596.7	)

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Condensed Consolidating Financial Information

9 Months Ended

Nov. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

CONDENSED CONSOLIDATING FINANCIAL INFORMATION:

The following information sets forth the condensed consolidating balance sheets as of November 30, 2016, and February 29, 2016, the condensed consolidating statements of comprehensive income for the nine months and three months endedNovember 30, 2016, and November 30, 2015, and the condensed consolidating statements of cash flows for the nine months endedNovember 30, 2016, and November 30, 2015, 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 information for our Subsidiary Guarantors is not presented because we have determined that such financial information would not be material to investors. The accounting policies of the parent company, the Subsidiary Guarantors and the Subsidiary Nonguarantors are the same as those described for the Company in Note 1 of our consolidated financial statements included in our 2016 Annual Report. There are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to us in the form of cash dividends, loans or advances.

	Parent Company		Subsidiary Guarantors		Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Balance Sheet at November 30, 2016
Current assets:
Cash and cash equivalents	$	13.3	$	7.7	$	176.3		$	—		$	197.3
Accounts receivable	0.7		23.7		831.6			—			856.0
Inventories	170.5		1,628.3		434.9			(110.6		)	2,123.1
Intercompany receivable	21,273.6		28,448.7		11,599.4			(61,321.7		)	—
Prepaid expenses and other	40.1		58.7		262.4			(92.8		)	268.4
Total current assets	21,498.2		30,167.1		13,304.6			(61,525.1		)	3,444.8
Property, plant and equipment	65.6		922.1		2,720.3			—			3,708.0
Investments in subsidiaries	13,258.5		23.4		—			(13,281.9		)	—
Goodwill	—		6,590.1		927.8			—			7,517.9
Intangible assets	—		1,002.9		2,491.3			—			3,494.2
Intercompany notes receivable	5,016.3		200.1		200.0			(5,416.4		)	—
Other assets	19.5		92.2		43.5			—			155.2
Total assets	$	39,858.1	$	38,997.9	$	19,687.5		$	(80,223.4	)	$	18,320.1
Current liabilities:
Notes payable to banks	$	220.0	$	—	$	133.4		$	—		$	353.4
Current maturities of long-term debt	767.7		17.0		131.0			—			915.7
Accounts payable	46.0		337.6		388.7			—			772.3
Accrued excise taxes	15.1		12.5		5.4			—			33.0
Intercompany payable	26,589.9		23,011.5		11,720.3			(61,321.7		)	—
Other accrued expenses and liabilities	280.4		214.4		195.9			(128.5		)	562.2
Total current liabilities	27,919.1		23,593.0		12,574.7			(61,450.2		)	2,636.6
Long-term debt, less current maturities	4,680.2		25.4		2,656.9			—			7,362.5
Deferred income taxes	12.5		815.4		296.1			—			1,124.0
Intercompany notes payable	200.0		5,184.0		32.4			(5,416.4		)	—
Other liabilities	28.3		30.2		140.8			—			199.3
Total liabilities	32,840.1		29,648.0		15,700.9			(66,866.6		)	11,322.4
Total CBI stockholders’ equity	7,018.0		9,349.9		4,006.9			(13,356.8		)	7,018.0
Noncontrolling interests	—		—		(20.3		)	—			(20.3		)
Total stockholders’ equity	7,018.0		9,349.9		3,986.6			(13,356.8		)	6,997.7
Total liabilities and stockholders’ equity	$	39,858.1	$	38,997.9	$	19,687.5		$	(80,223.4	)	$	18,320.1

	Parent Company		Subsidiary Guarantors		Subsidiary Nonguarantors		Eliminations			Consolidated
(in millions)
Condensed Consolidating Balance Sheet at February 29, 2016
Current assets:
Cash and cash equivalents	$	6.0	$	4.2	$	72.9	$	—		$	83.1
Accounts receivable	0.4		22.3		709.8		—			732.5
Inventories	151.6		1,483.5		344.0		(127.5		)	1,851.6
Intercompany receivable	17,459.3		23,758.9		9,393.5		(50,611.7		)	—
Prepaid expenses and other	29.6		67.8		281.1		(68.1		)	310.4
Total current assets	17,646.9		25,336.7		10,801.3		(50,807.3		)	2,977.6
Property, plant and equipment	63.2		879.8		2,390.4		—			3,333.4
Investments in subsidiaries	13,047.2		19.0		—		(13,066.2		)	—
Goodwill	—		6,376.4		762.2		—			7,138.6
Intangible assets	—		970.9		2,430.8		2.1			3,403.8
Intercompany notes receivable	4,705.9		86.6		—		(4,792.5		)	—
Other assets	20.0		69.6		22.0		—			111.6
Total assets	$	35,483.2	$	33,739.0	$	16,406.7	$	(68,663.9	)	$	16,965.0
Current liabilities:
Notes payable to banks	$	—	$	—	$	408.3	$	—		$	408.3
Current maturities of long-term debt	765.6		18.0		73.1		—			856.7
Accounts payable	37.7		100.7		290.9		—			429.3
Accrued excise taxes	14.7		14.7		4.2		—			33.6
Intercompany payable	22,293.3		19,018.6		9,299.8		(50,611.7		)	—
Other accrued expenses and liabilities	349.1		185.1		119.4		(109.2		)	544.4
Total current liabilities	23,460.4		19,337.1		10,195.7		(50,720.9		)	2,272.3
Long-term debt, less current maturities	5,421.4		26.3		1,368.5		—			6,816.2
Deferred income taxes	11.9		734.8		275.5		—			1,022.2
Intercompany notes payable	—		4,776.6		15.9		(4,792.5		)	—
Other liabilities	29.9		39.1		93.5		—			162.5
Total liabilities	28,923.6		24,913.9		11,949.1		(55,513.4		)	10,273.2
Total CBI stockholders’ equity	6,559.6		8,825.1		4,325.4		(13,150.5		)	6,559.6
Noncontrolling interests	—		—		132.2		—			132.2
Total stockholders’ equity	6,559.6		8,825.1		4,457.6		(13,150.5		)	6,691.8
Total liabilities and stockholders’ equity	$	35,483.2	$	33,739.0	$	16,406.7	$	(68,663.9	)	$	16,965.0

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended November 30, 2016
Sales	$	2,070.2		$	5,061.5		$	2,604.0		$	(3,467.2	)	$	6,268.5
Less – excise taxes	(260.0		)	(254.2		)	(50.8		)	—			(565.0		)
Net sales	1,810.2			4,807.3			2,553.2			(3,467.2		)	5,703.5
Cost of product sold	(1,472.9		)	(3,444.7		)	(1,483.5		)	3,439.3			(2,961.8		)
Gross profit	337.3			1,362.6			1,069.7			(27.9		)	2,741.7
Selling, general and administrative expenses	(310.4		)	(590.9		)	(181.7		)	38.9			(1,044.1		)
Operating income	26.9			771.7			888.0			11.0			1,697.6
Equity in earnings of equity method investees and subsidiaries	1,207.5			32.0			0.5			(1,211.8		)	28.2
Interest income	0.4			—			0.9			—			1.3
Intercompany interest income	170.9			229.5			0.1			(400.5		)	—
Interest expense	(212.6		)	(1.2		)	(43.8		)	—			(257.6		)
Intercompany interest expense	(229.1		)	(170.7		)	(0.7		)	400.5			—
Income before income taxes	964.0			861.3			845.0			(1,200.8		)	1,469.5
(Provision for) benefit from income taxes	119.1			(336.5		)	(170.5		)	(4.3		)	(392.2		)
Net income	1,083.1			524.8			674.5			(1,205.1		)	1,077.3
Net loss attributable to noncontrolling interests	—			—			5.8			—			5.8
Net income attributable to CBI	$	1,083.1		$	524.8		$	680.3		$	(1,205.1	)	$	1,083.1
Comprehensive income attributable to CBI	$	938.9		$	524.8		$	527.6		$	(1,052.4	)	$	938.9
Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended November 30, 2015
Sales	$	1,891.7		$	4,289.2		$	2,294.4		$	(2,952.0	)	$	5,523.3
Less – excise taxes	(251.3		)	(219.4		)	(47.4		)	—			(518.1		)
Net sales	1,640.4			4,069.8			2,247.0			(2,952.0		)	5,005.2
Cost of product sold	(1,325.4		)	(3,023.4		)	(1,377.4		)	2,967.2			(2,759.0		)
Gross profit	315.0			1,046.4			869.6			15.2			2,246.2
Selling, general and administrative expenses	(281.5		)	(508.9		)	(96.8		)	(5.0		)	(892.2		)
Operating income	33.5			537.5			772.8			10.2			1,354.0
Equity in earnings of equity method investees and subsidiaries	924.9			31.8			0.8			(929.0		)	28.5
Interest income	0.1			—			0.4			—			0.5
Intercompany interest income	138.0			196.6			0.1			(334.7		)	—
Interest expense	(212.3		)	(0.9		)	(17.7		)	—			(230.9		)
Intercompany interest expense	(196.2		)	(137.9		)	(0.6		)	334.7			—
Loss on write-off of debt issuance costs	(0.4		)	—			(0.7		)	—			(1.1		)
Income before income taxes	687.6			627.1			755.1			(918.8		)	1,151.0
(Provision for) benefit from income taxes	123.9			(247.1		)	(208.2		)	(4.3		)	(335.7		)
Net income	811.5			380.0			546.9			(923.1		)	815.3
Net income attributable to noncontrolling interests	—			—			(3.8		)	—			(3.8		)
Net income attributable to CBI	$	811.5		$	380.0		$	543.1		$	(923.1	)	$	811.5
Comprehensive income attributable to CBI	$	597.5		$	379.1		$	325.6		$	(704.7	)	$	597.5

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2016
Sales	$	734.8		$	1,563.5		$	815.2		$	(1,120.8	)	$	1,992.7
Less – excise taxes	(89.9		)	(73.8		)	(18.5		)	—			(182.2		)
Net sales	644.9			1,489.7			796.7			(1,120.8		)	1,810.5
Cost of product sold	(522.4		)	(1,043.9		)	(459.7		)	1,106.9			(919.1		)
Gross profit	122.5			445.8			337.0			(13.9		)	891.4
Selling, general and administrative expenses	(109.7		)	(194.7		)	(70.1		)	17.1			(357.4		)
Operating income	12.8			251.1			266.9			3.2			534.0
Equity in earnings of equity method investees and subsidiaries	430.9			28.4			0.1			(431.9		)	27.5
Interest income	—			—			0.3			—			0.3
Intercompany interest income	56.2			80.3			—			(136.5		)	—
Interest expense	(61.5		)	(0.4		)	(16.0		)	—			(77.9		)
Intercompany interest expense	(80.1		)	(56.1		)	(0.3		)	136.5			—
Income before income taxes	358.3			303.3			251.0			(428.7		)	483.9
(Provision for) benefit from income taxes	47.6			(119.1		)	(7.3		)	(0.1		)	(78.9		)
Net income	405.9			184.2			243.7			(428.8		)	405.0
Net loss attributable to noncontrolling interests	—			—			0.9			—			0.9
Net income attributable to CBI	$	405.9		$	184.2		$	244.6		$	(428.8	)	$	405.9
Comprehensive income attributable to CBI	$	252.3		$	182.5		$	85.9		$	(268.4	)	$	252.3
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2015
Sales	$	708.1		$	1,366.8		$	676.4		$	(938.9	)	$	1,812.4
Less – excise taxes	(91.6		)	(64.6		)	(15.7		)	—			(171.9		)
Net sales	616.5			1,302.2			660.7			(938.9		)	1,640.5
Cost of product sold	(496.9		)	(943.8		)	(425.3		)	959.0			(907.0		)
Gross profit	119.6			358.4			235.4			20.1			733.5
Selling, general and administrative expenses	(81.9		)	(157.6		)	(34.6		)	(12.1		)	(286.2		)
Operating income	37.7			200.8			200.8			8.0			447.3
Equity in earnings of equity method investees and subsidiaries	298.6			28.1			0.4			(299.8		)	27.3
Interest income	—			—			0.1			—			0.1
Intercompany interest income	46.0			66.3			0.1			(112.4		)	—
Interest expense	(71.5		)	(0.3		)	(3.9		)	—			(75.7		)
Intercompany interest expense	(66.2		)	(46.0		)	(0.2		)	112.4			—
Income before income taxes	244.6			248.9			197.3			(291.8		)	399.0
(Provision for) benefit from income taxes	25.9			(99.2		)	(51.4		)	(3.3		)	(128.0		)
Net income	270.5			149.7			145.9			(295.1		)	271.0
Net income attributable to noncontrolling interests	—			—			(0.5		)	—			(0.5		)
Net income attributable to CBI	$	270.5		$	149.7		$	145.4		$	(295.1	)	$	270.5
Comprehensive income attributable to CBI	$	295.8		$	149.0		$	169.8		$	(318.8	)	$	295.8

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended November 30, 2016
Net cash provided by operating activities	$	27.4		$	914.0		$	966.3		$	(492.0	)	$	1,415.7
Cash flows from investing activities:
Purchases of property, plant and equipment	(6.3		)	(110.3		)	(475.0		)	—			(591.6		)
Purchases of businesses, net of cash acquired	—			(284.9		)	(257.3		)	—			(542.2		)
Net proceeds from intercompany notes	267.2			7.5			—			(274.7		)	—
Net returns of capital from equity affiliates	361.7			—			—			(361.7		)	—
Other investing activities	0.2			0.1			(15.6		)	—			(15.3		)
Net cash provided by (used in) investing activities	622.8			(387.6		)	(747.9		)	(636.4		)	(1,149.1		)
Cash flows from financing activities:
Dividends paid to parent company	—			—			(850.4		)	850.4			—
Net contributions from (returns of capital to) equity affiliates	—			(8.6		)	5.3			3.3			—
Net proceeds from (repayments of) intercompany notes	347.7			(436.7		)	(185.7		)	274.7			—
Principal payments of long-term debt	(751.2		)	(15.9		)	(140.6		)	—			(907.7		)
Purchases of treasury stock	(372.6		)	—			—			—			(372.6		)
Dividends paid	(238.3		)	—			—			—			(238.3		)
Payments of minimum tax withholdings on stock-based payment awards	—			(61.7		)	(5.2		)	—			(66.9		)
Net proceeds from (repayments of) notes payable	220.0			—			(275.9		)	—			(55.9		)
Payments of debt issuance costs	—			—			(6.6		)	—			(6.6		)
Proceeds from issuance of long-term debt	—			—			1,350.1			—			1,350.1
Excess tax benefits from stock-based payment awards	112.2			—			—			—			112.2
Proceeds from shares issued under equity compensation plans	39.3			—			—			—			39.3
Net cash used in financing activities	(642.9		)	(522.9		)	(109.0		)	1,128.4			(146.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(6.0		)	—			(6.0		)
Net increase in cash and cash equivalents	7.3			3.5			103.4			—			114.2
Cash and cash equivalents, beginning of period	6.0			4.2			72.9			—			83.1
Cash and cash equivalents, end of period	$	13.3		$	7.7		$	176.3		$	—		$	197.3

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended November 30, 2015
Net cash provided by (used in) operating activities	$	(456.3	)	$	775.1		$	772.8		$	—		$	1,091.6
Cash flows from investing activities:
Purchases of property, plant and equipment	(8.8		)	(31.8		)	(473.2		)	—			(513.8		)
Purchases of businesses, net of cash acquired	—			(316.2		)	(1.7		)	—			(317.9		)
Net proceeds from intercompany notes	376.4			—			—			(376.4		)	—
Net investments in equity affiliates	(236.4		)	—			—			236.4			—
Other investing activities	2.0			(0.7		)	2.7			—			4.0
Net cash provided by (used in) investing activities	133.2			(348.7		)	(472.2		)	(140.0		)	(827.7		)
Cash flows from financing activities:
Net contributions from (returns of capital to) equity affiliates	—			(31.4		)	267.8			(236.4		)	—
Net proceeds from (repayments of) intercompany notes	292.2			(345.3		)	(323.3		)	376.4			—
Principal payments of long-term debt	(47.9		)	(13.8		)	(86.6		)	—			(148.3		)
Dividends paid	(180.4		)	—			—			—			(180.4		)
Payments of minimum tax withholdings on stock-based payment awards	—			(35.7		)	(2.7		)	—			(38.4		)
Net repayments of notes payable	—			—			(15.9		)	—			(15.9		)
Payments of debt issuance costs	(7.9		)	—			—			—			(7.9		)
Proceeds from issuance of long-term debt	200.0			—			10.0			—			210.0
Excess tax benefits from stock-based payment awards	204.2			—			—			—			204.2
Proceeds from shares issued under equity compensation plans	98.9			—			—			—			98.9
Net cash provided by (used in) financing activities	559.1			(426.2		)	(150.7		)	140.0			122.2
Effect of exchange rate changes on cash and cash equivalents	—			—			(4.9		)	—			(4.9		)
Net increase in cash and cash equivalents	236.0			0.2			145.0			—			381.2
Cash and cash equivalents, beginning of period	24.5			0.7			84.9			—			110.1
Cash and cash equivalents, end of period	$	260.5		$	0.9		$	229.9		$	—		$	491.3

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Business Segment Information

9 Months Ended

Nov. 30, 2016

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 large number of wine brands across all categories – table wine, sparkling wine and dessert wine – and across all price points – popular, premium and luxury categories, primarily within the $5 to $25 price range at U.S. retail – complemented by certain premium spirits brands. Amounts included in the Corporate Operations and Other segment consist of costs of executive management, corporate development, corporate finance, human resources, internal audit, investor relations, legal, public relations and information technology. The amounts included in the Corporate Operations and Other segment are general costs that are applicable to the consolidated group and are therefore not allocated to the other reportable segments. All costs reported within the Corporate Operations and Other segment are not included in our chief operating decision maker’s evaluation of the operating income performance of the other reportable segments. The business segments reflect how our operations are managed, how 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 items.

We evaluate segment operating performance based on operating income (loss) of the respective business units. Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:

	For the Nine Months Ended November 30,						For the Three Months Ended November 30,
	2016			2015			2016			2015
(in millions)
Cost of product sold
Settlements of undesignated commodity derivative contracts	$	20.3		$	20.4		$	5.2		$	8.2
Net gain (loss) on undesignated commodity derivative contracts	14.4			(34.5		)	6.7			(18.1		)
Flow through of inventory step-up	(16.4		)	(9.8		)	(4.9		)	(8.6		)
Amortization of favorable interim supply agreement	(2.2		)	(25.3		)	—			(7.4		)
Total cost of product sold	16.1			(49.2		)	7.0			(25.9		)
Selling, general and administrative expenses
Transaction, integration and other acquisition-related costs	(11.0		)	(12.7		)	(5.7		)	(1.9		)
Net gain (costs) associated with the Canadian Divestiture and related activities	(4.5		)	—			3.6			—
Restructuring and related charges	(0.9		)	(15.0		)	0.1			(0.7		)
Other costs	(2.6		)	—			(2.6		)	—
Total selling, general and administrative expenses	(19.0		)	(27.7		)	(4.6		)	(2.6		)
Comparable Adjustments, Operating income (loss)	$	(2.9	)	$	(76.9	)	$	2.4		$	(28.5	)

The accounting policies of the segments are the same as those described for the Company in Note 1 of our consolidated financial statements included in our 2016 Annual Report. Segment information is as follows:

	For the Nine Months Ended November 30,				For the Three Months Ended November 30,
	2016		2015		2016		2015
(in millions)
Beer
Net sales	$	3,338.1	$	2,816.6	$	964.6	$	831.3
Segment operating income	$	1,195.7	$	984.0	$	335.7	$	291.6
Long-lived tangible assets	$	2,506.6	$	1,806.7	$	2,506.6	$	1,806.7
Total assets	$	10,351.5	$	8,596.3	$	10,351.5	$	8,596.3
Capital expenditures	$	494.9	$	457.3	$	191.0	$	196.6
Depreciation and amortization	$	82.7	$	41.4	$	29.5	$	13.5

	For the Nine Months Ended November 30,						For the Three Months Ended November 30,
	2016			2015			2016			2015
(in millions)
Wine and Spirits
Net sales:
Wine	$	2,102.8		$	1,931.5		$	754.3		$	719.4
Spirits	262.6			257.1			91.6			89.8
Net sales	$	2,365.4		$	2,188.6		$	845.9		$	809.2
Segment operating income	$	604.7		$	542.8		$	231.0		$	222.7
Equity in earnings of equity method investees	$	28.4		$	28.5		$	27.7		$	27.3
Long-lived tangible assets	$	1,069.7		$	1,034.1		$	1,069.7		$	1,034.1
Investments in equity method investees	$	92.9		$	91.0		$	92.9		$	91.0
Total assets	$	7,616.3		$	6,856.5		$	7,616.3		$	6,856.5
Capital expenditures	$	55.3		$	52.4		$	25.7		$	20.5
Depreciation and amortization	$	76.0		$	75.3		$	25.8		$	23.7
Corporate Operations and Other
Segment operating loss	$	(99.9	)	$	(95.9	)	$	(35.1	)	$	(38.5	)
Equity in losses of equity method investees	$	(0.2	)	$	—		$	(0.2	)	$	—
Long-lived tangible assets	$	131.7		$	108.2		$	131.7		$	108.2
Investments in equity method investees	$	22.8		$	1.0		$	22.8		$	1.0
Total assets	$	352.3		$	655.3		$	352.3		$	655.3
Capital expenditures	$	41.4		$	4.1		$	6.3		$	1.9
Depreciation and amortization	$	22.8		$	20.7		$	8.2		$	6.7
Comparable Adjustments
Operating income (loss)	$	(2.9	)	$	(76.9	)	$	2.4		$	(28.5	)
Depreciation and amortization	$	2.2		$	25.3		$	—		$	7.4
Consolidated
Net sales	$	5,703.5		$	5,005.2		$	1,810.5		$	1,640.5
Operating income	$	1,697.6		$	1,354.0		$	534.0		$	447.3
Equity in earnings of equity method investees	$	28.2		$	28.5		$	27.5		$	27.3
Long-lived tangible assets	$	3,708.0		$	2,949.0		$	3,708.0		$	2,949.0
Investments in equity method investees	$	115.7		$	92.0		$	115.7		$	92.0
Total assets	$	18,320.1		$	16,108.1		$	18,320.1		$	16,108.1
Capital expenditures	$	591.6		$	513.8		$	223.0		$	219.0
Depreciation and amortization	$	183.7		$	162.7		$	63.5		$	51.3

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Accounting Guidance Not Yet Adopted

9 Months Ended

Nov. 30, 2016

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

ACCOUNTING GUIDANCE NOT YET ADOPTED

ACCOUNTING GUIDANCE NOT YET ADOPTED:

Revenue recognition –

In May 2014, the FASB issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A five step process will be utilized to recognize revenue, as follows:  (i)  identify the contract with a customer, (ii)  identify the performance obligations in the contract, (iii)  determine the transaction price, (iv)  allocate the transaction price to the performance obligations in the contract and (v)  recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2018, utilizing one of two methods:  retrospective restatement for each reporting period presented at time of adoption, or retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. We are currently assessing the financial impact of this guidance on our consolidated financial statements.

Leases –

In February 2016, the FASB issued guidance for the accounting for leases. Under this guidance, a lessee will recognize assets and liabilities for most leases, but will recognize expense similar to current lease accounting guidance. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2019, using a modified retrospective approach. We are currently assessing the financial impact of this guidance on our consolidated financial statements.

Stock compensation –

In March 2016, the FASB issued guidance for the accounting for certain aspects of share-based payment transactions. The guidance requires, among other things, the recognition of the income tax effect of awards in the income statement when the awards vest or are settled, thereby eliminating the recording of the income tax effect in additional paid-in capital. The guidance also requires cash flows from excess tax benefits along with other income tax cash flows to be classified as cash flows from operating activities. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2017. We are currently assessing the financial impact of this guidance on our consolidated financial statements.

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Subsequent Event

9 Months Ended

Nov. 30, 2016

Subsequent Events [Abstract]

SUBSEQUENT EVENT

SUBSEQUENT EVENT:

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. (“Grupo Modelo”), a subsidiary of Anheuser-Busch InBev SA/NV for $583.4 million, net of cash acquired, subject to post-closing adjustments (the “Obregon Brewery”). The transaction primarily includes the acquisition of goodwill, property, plant and equipment and inventories. The brewery is expected to have four million hectoliters of production capacity with minimal investment and optimization by us after closing. This acquisition provides us with immediate functioning brewery capacity to support our fast-growing, high-end Mexican beer portfolio and flexibility for future innovation initiatives. It also enables us to become fully independent from the interim supply agreement with Grupo Modelo, which was terminated at the time of the brewery acquisition. The results of operations of the Obregon Brewery will be reported in the Beer segment and will be included in our consolidated results of operations from the date of acquisition.

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Accounting Guidance Not Yet Adopted (Policies)

9 Months Ended

Nov. 30, 2016

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Revenue recognition

Revenue recognition –

In May 2014, the FASB issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A five step process will be utilized to recognize revenue, as follows:  (i)  identify the contract with a customer, (ii)  identify the performance obligations in the contract, (iii)  determine the transaction price, (iv)  allocate the transaction price to the performance obligations in the contract and (v)  recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2018, utilizing one of two methods:  retrospective restatement for each reporting period presented at time of adoption, or retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. We are currently assessing the financial impact of this guidance on our consolidated financial statements.

Leases

Leases –

In February 2016, the FASB issued guidance for the accounting for leases. Under this guidance, a lessee will recognize assets and liabilities for most leases, but will recognize expense similar to current lease accounting guidance. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2019, using a modified retrospective approach. We are currently assessing the financial impact of this guidance on our consolidated financial statements.

Stock compensation

Stock compensation –

In March 2016, the FASB issued guidance for the accounting for certain aspects of share-based payment transactions. The guidance requires, among other things, the recognition of the income tax effect of awards in the income statement when the awards vest or are settled, thereby eliminating the recording of the income tax effect in additional paid-in capital. The guidance also requires cash flows from excess tax benefits along with other income tax cash flows to be classified as cash flows from operating activities. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2017. We are currently assessing the financial impact of this guidance on our consolidated financial statements.

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Inventories (Tables)

9 Months Ended

Nov. 30, 2016

Inventory Disclosure [Abstract]

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 and consist of the following:

	November 30, 2016		February 29, 2016
(in millions)
Raw materials and supplies	$	140.5	$	107.2
In-process inventories	1,382.7		1,218.7
Finished case goods	599.9		525.7
	$	2,123.1	$	1,851.6

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Derivative Instruments (Tables)

9 Months Ended

Nov. 30, 2016

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:

	November 30, 2016		February 29, 2016
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts	$	1,062.6	$	731.6
Interest rate swap contracts	$	250.0	$	600.0
Derivative instruments not designated as hedging instruments
Foreign currency contracts	$	1,440.2	$	975.6
Commodity derivative contracts	$	168.7	$	198.7
Interest rate swap contracts	$	—	$	1,000.0

Fair value and location of derivative instruments on our balance sheets

The estimated fair value and location of our derivative instruments on our balance sheets are as follows (see Note 4):

Assets					Liabilities
	November 30, 2016		February 29, 2016			November 30, 2016		February 29, 2016
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	5.1	$	5.5	Other accrued expenses and liabilities	$	43.1	$	33.0
Other assets	$	2.8	$	1.2	Other liabilities	$	54.9	$	26.2
Interest rate swap contracts:
Other assets	$	3.8	$	0.3	Other accrued expenses and liabilities	$	0.6	$	1.5
					Other liabilities	$	—	$	0.4

Assets					Liabilities
	November 30, 2016		February 29, 2016			November 30, 2016		February 29, 2016
(in millions)
Derivative instruments not designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	5.0	$	4.8	Other accrued expenses and liabilities	$	2.6	$	9.8
Commodity derivative contracts:
Prepaid expenses and other	$	3.2	$	0.6	Other accrued expenses and liabilities	$	11.4	$	29.3
Other assets	$	1.8	$	0.3	Other liabilities	$	4.6	$	16.8
Interest rate swap contracts:
Prepaid expenses and other	$	—	$	0.7	Other accrued expenses and liabilities	$	—	$	5.7

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 (Effective portion)			Location of Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)
(in millions)
For the Nine Months Ended November 30, 2016
Foreign currency contracts	$	(39.7	)	Sales	$	0.5
				Cost of product sold	(18.4		)
Interest rate swap contracts	2.2			Interest expense	(3.9		)
	$	(37.5	)		$	(21.8	)
For the Nine Months Ended November 30, 2015
Foreign currency contracts	$	(25.5	)	Sales	$	1.6
				Cost of product sold	(14.1		)
Interest rate swap contracts	(1.0		)	Interest expense	(6.2		)
	$	(26.5	)		$	(18.7	)
For the Three Months Ended November 30, 2016
Foreign currency contracts	$	(39.1	)	Sales	$	0.3
				Cost of product sold	(7.7		)
Interest rate swap contracts	2.1			Interest expense	(0.2		)
	$	(37.0	)		$	(7.6	)
For the Three Months Ended November 30, 2015
Foreign currency contracts	$	9.4		Sales	$	0.7
				Cost of product sold	(6.3		)
Interest rate swap contracts	—			Interest expense	(2.0		)
	$	9.4			$	(7.6	)

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 Nine Months Ended November 30, 2016
Commodity derivative contracts	Cost of product sold	$	14.4
Foreign currency contracts	Selling, general and administrative expenses	(20.4		)
		$	(6.0	)
For the Nine Months Ended November 30, 2015
Commodity derivative contracts	Cost of product sold	$	(34.5	)
Foreign currency contracts	Selling, general and administrative expenses	(18.9		)
		$	(53.4	)
For the Three Months Ended November 30, 2016
Commodity derivative contracts	Cost of product sold	$	6.7
Foreign currency contracts	Selling, general and administrative expenses	(6.1		)
		$	0.6
For the Three Months Ended November 30, 2015
Commodity derivative contracts	Cost of product sold	$	(18.1	)
Foreign currency contracts	Selling, general and administrative expenses	(3.8		)
		$	(21.9	)

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Nov. 30, 2016

Fair Value Disclosures [Abstract]

Financial assets and liabilities measured at estimated fair value on a recurring basis

The following table presents our financial assets and liabilities measured at estimated fair value on a recurring basis:

	Fair Value Measurements Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
(in millions)
November 30, 2016
Assets:
Foreign currency contracts	$	—	$	12.9	$	—	$	12.9
Commodity derivative contracts	$	—	$	5.0	$	—	$	5.0
Interest rate swap contracts	$	—	$	3.8	$	—	$	3.8
Available-for-sale (“AFS”) debt securities	$	—	$	—	$	4.8	$	4.8
Liabilities:
Foreign currency contracts	$	—	$	100.6	$	—	$	100.6
Commodity derivative contracts	$	—	$	16.0	$	—	$	16.0
Interest rate swap contracts	$	—	$	0.6	$	—	$	0.6
February 29, 2016
Assets:
Foreign currency contracts	$	—	$	11.5	$	—	$	11.5
Commodity derivative contracts	$	—	$	0.9	$	—	$	0.9
Interest rate swap contracts	$	—	$	1.0	$	—	$	1.0
AFS debt securities	$	—	$	—	$	4.6	$	4.6
Liabilities:
Foreign currency contracts	$	—	$	69.0	$	—	$	69.0
Commodity derivative contracts	$	—	$	46.1	$	—	$	46.1
Interest rate swap contracts	$	—	$	7.6	$	—	$	7.6

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Goodwill (Tables)

9 Months Ended

Nov. 30, 2016

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, 2015	$	3,776.2		$	2,432.0		$	6,208.2
Purchase accounting allocations (1)	761.8			203.3			965.1
Foreign currency translation adjustments	(7.9		)	(26.8		)	(34.7		)
Balance, February 29, 2016	4,530.1			2,608.5			7,138.6
Purchase accounting allocations (2)	1.4			373.7			375.1
Foreign currency translation adjustments	(4.4		)	8.6			4.2
Balance, November 30, 2016	$	4,527.1		$	2,990.8		$	7,517.9

⁽¹⁾  Purchase accounting allocations associated with the acquisitions of Ballast Point (as defined below) (Beer) and Meiomi (as defined below) (Wine and Spirits).

⁽²⁾  Preliminary purchase accounting allocations associated primarily with the acquisitions of Prisoner, High West and Charles Smith (all as defined below) (Wine and Spirits).

Allocation of estimated fair value for significant assets acquired

The following table summarizes the allocation of the estimated fair value for the significant assets acquired:

(in millions)
Goodwill	$	763.2
Trademarks	222.8
Other	14.0
Total estimated fair value	1,000.0
Less – cash acquired	(1.5		)
Purchase price	$	998.5

Carrying amounts of major classes of assets and liabilities classified as held for sale

The carrying amounts of the major classes of assets and liabilities classified as held for sale as of November 30, 2016, are presented below. Amounts presented below are included within the respective line on our balance sheet.

	November 30, 2016
(in millions)
Cash	$	7.8
Accounts receivable	44.7
Inventories	147.9
Prepaid expenses and other	6.3
Total current assets	206.7
Property, plant and equipment	112.6
Goodwill	125.1
Intangible assets	68.5
Other assets	1.7
Total assets	514.6
Current liabilities	(93.3		)
Long-term liabilities	(255.8		)
Total liabilities	(349.1		)
Net assets held for sale	$	165.5

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Intangible Assets (Tables)

9 Months Ended

Nov. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Major components of intangible assets

The major components of intangible assets are as follows:

	November 30, 2016				February 29, 2016
	Gross Carrying Amount		Net Carrying Amount		Gross Carrying Amount		Net Carrying Amount
(in millions)
Amortizable intangible assets
Customer relationships	$	106.2	$	59.6	$	102.5	$	60.2
Favorable interim supply agreement	68.3		—		68.3		2.2
Other	21.4		2.6		22.3		3.5
Total	$	195.9	62.2		$	193.1	65.9
Nonamortizable intangible assets
Trademarks			3,427.9				3,333.8
Other			4.1				4.1
Total			3,432.0				3,337.9
Total intangible assets			$	3,494.2			$	3,403.8

Estimated amortization expense

Estimated amortization expense for the remaining three months of fiscal 2017 and for each of the five succeeding fiscal years and thereafter is as follows:

(in millions)
2017	$	2.1
2018	$	6.4
2019	$	6.4
2020	$	6.2
2021	$	5.8
2022	$	5.4
Thereafter	$	29.9

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Borrowings (Tables)

9 Months Ended

Nov. 30, 2016

Debt Disclosure [Abstract]

Borrowings

Borrowings consist of the following:

	November 30, 2016						February 29, 2016
	Current		Long-term		Total		Total
(in millions)
Notes payable to banks
Senior Credit Facility – Revolving Credit Loans	$	220.0	$	—	$	220.0	$	92.0
Other	133.4		—		133.4		316.3
	$	353.4	$	—	$	353.4	$	408.3
Long-term debt
Senior Credit Facility – Term Loans	$	192.5	$	3,641.8	$	3,834.3	$	2,856.8
Senior Notes	699.6		3,321.2		4,020.8		4,716.3
Other	23.6		399.5		423.1		99.8
	$	915.7	$	7,362.5	$	8,278.2	$	7,672.9

The 2016 Credit Agreement provides for aggregate credit facilities of $5,004.2 million, consisting of the following:

	Amount		Maturity
(in millions)
Revolving Credit Facility (1) (2)	$	1,150.0	July 16, 2020
U.S. Term A Facility (1) (3)	1,192.1		July 16, 2020
U.S. Term A-1 Facility (1) (3)	238.9		July 16, 2021
European Term A Facility (1) (3)	1,340.7		July 16, 2020
European Term A-1 Facility (1) (3)	682.5		March 10, 2021
European Term A-2 Facility (1) (3)	400.0		March 10, 2021
	$	5,004.2

⁽¹⁾  Contractual interest rate varies based on our debt ratio (as defined in the 2016 Credit Agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin.

⁽²⁾  Provides for credit facilities consisting of a $150.0 million U.S. Revolving Credit Facility and a $1,000.0 million European Revolving Credit Facility. Includes two sub-facilities for letters of credit of up to $200.0 million in the aggregate. We are the borrower under the U.S. Revolving Credit Facility and we and/or CIH and/or CIHH and/or CB International are the borrowers under the European Revolving Credit Facility.

⁽³⁾  We are the borrower under the U.S. Term A and the U.S. Term A-1 loan facilities. CIH is the borrower under the European Term A and the European Term A-2 loan facilities. CIHH is the borrower under the European Term A-1 loan facility.

As of November 30, 2016, our accounts receivable securitization facilities are as follows:

	Outstanding Borrowings		Weighted Average Interest Rate		Remaining Borrowing Capacity
(in millions)
CBI Facility	$	97.0	1.5	%	$	208.0
Crown Facility	$	—	—	%	$	150.0

As of November 30, 2016, information with respect to borrowings under the 2016 Credit Agreement is as follows:

	Revolving Credit Facility			U.S. Term A Facility (1)			U.S. Term A-1 Facility (1)			European Term A Facility (1)			European Term A-1 Facility (1)			European Term A-2 Facility (1)
(in millions)
Outstanding borrowings	$	220.0		$	1,184.4		$	238.5		$	1,334.1		$	679.6		$	397.7
Interest rate	2.1		%	2.0		%	2.3		%	2.0		%	2.0		%	2.0		%
Libor margin	1.5		%	1.5		%	1.75		%	1.5		%	1.5		%	1.5		%
Outstanding letters of credit	$	16.7
Remaining borrowing capacity	$	913.3

⁽¹⁾  Outstanding term loan facility borrowings are net of unamortized debt issuance costs.

Required principal repayments under senior credit facility term loan obligations

As of November 30, 2016, the required principal repayments of the term loans under the 2016 Credit Agreement (excluding unamortized debt issuance costs of $19.9 million) for the remaining three months of fiscal 2017 and for each of the five succeeding fiscal years are as follows:

	U.S. Term A Facility		U.S. Term A-1 Facility		European Term A Facility		European Term A-1 Facility		European Term A-2 Facility		Total
(in millions)
2017	$	15.9	$	0.6	$	17.8	$	8.8	$	5.0	$	48.1
2018	63.6		2.4		71.5		35.0		20.0		192.5
2019	63.6		2.4		71.5		35.0		20.0		192.5
2020	63.6		2.4		71.5		35.0		20.0		192.5
2021	985.4		2.4		1,108.4		35.0		20.0		2,151.2
2022	—		228.7		—		533.7		315.0		1,077.4
	$	1,192.1	$	238.9	$	1,340.7	$	682.5	$	400.0	$	3,854.2

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Stockholders' Equity (Tables)

9 Months Ended

Nov. 30, 2016

Stockholders' Equity Attributable to Parent [Abstract]

Shares repurchased

As of January 5, 2017, total shares repurchased are as follows:

			Class A Common Shares
	Repurchase Authorization		Dollar Value of Shares Repurchased		Number of Shares Repurchased
(in millions, except share data)
2013 Authorization	$	1,000.0	$	1,000.0	18,670,632
2017 Authorization	$	1,000.0	$	153.1	994,142

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Net Income Per Common Share Attributable to CBI (Tables)

9 Months Ended

Nov. 30, 2016

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 Nine Months Ended
	November 30, 2016					November 30, 2015
	Common Stock					Common Stock
	Class A		Class B			Class A		Class B
(in millions, except per share data)
Net income attributable to CBI allocated – basic	$	967.5	$	115.6		$	722.7	$	88.8
Conversion of Class B common shares into Class A common shares	115.6		—			88.8		—
Effect of stock-based awards on allocated net income	—		(2.2		)	—		(2.6		)
Net income attributable to CBI allocated – diluted	$	1,083.1	$	113.4		$	811.5	$	86.2
Weighted average common shares outstanding – basic	177.171		23.353			172.509		23.366
Conversion of Class B common shares into Class A common shares	23.353		—			23.366		—
Stock-based awards, primarily stock options	4.960		—			7.481		—
Weighted average common shares outstanding – diluted	205.484		23.353			203.356		23.366
Net income per common share attributable to CBI – basic	$	5.46	$	4.95		$	4.19	$	3.80
Net income per common share attributable to CBI – diluted	$	5.27	$	4.86		$	3.99	$	3.69
	For the Three Months Ended
	November 30, 2016					November 30, 2015
	Common Stock					Common Stock
	Class A		Class B			Class A		Class B
Net income attributable to CBI allocated – basic	$	362.6	$	43.3		$	241.1	$	29.4
Conversion of Class B common shares into Class A common shares	43.3		—			29.4		—
Effect of stock-based awards on allocated net income	—		(0.8		)	—		(0.8		)
Net income attributable to CBI allocated – diluted	$	405.9	$	42.5		$	270.5	$	28.6
Weighted average common shares outstanding – basic	177.513		23.353			173.933		23.358
Conversion of Class B common shares into Class A common shares	23.353		—			23.358		—
Stock-based awards, primarily stock options	4.589		—			6.805		—
Weighted average common shares outstanding – diluted	205.455		23.353			204.096		23.358
Net income per common share attributable to CBI – basic	$	2.04	$	1.85		$	1.39	$	1.26
Net income per common share attributable to CBI – diluted	$	1.98	$	1.82		$	1.33	$	1.22

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Comprehensive Income Attributable to CBI (Tables)

9 Months Ended

Nov. 30, 2016

Equity [Abstract]

Reconciliation of net income attributable to CBI to comprehensive income attributable to CBI

The reconciliation of net income attributable to CBI to comprehensive income attributable to CBI is as follows:

	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Nine Months Ended November 30, 2016
Net income attributable to CBI							$	1,083.1
Other comprehensive income (loss) attributable to CBI:
Foreign currency translation adjustments:
Net losses	$	(128.4	)	$	(0.7	)	(129.1		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(128.4		)	(0.7		)	(129.1		)
Unrealized loss on cash flow hedges:
Net derivative losses	(55.3		)	17.8			(37.5		)
Reclassification adjustments	32.0			(10.1		)	21.9
Net loss recognized in other comprehensive loss	(23.3		)	7.7			(15.6		)
Unrealized gain on AFS debt securities:
Net AFS debt securities gains	0.1			0.1			0.2
Reclassification adjustments	—			—			—
Net gain recognized in other comprehensive loss	0.1			0.1			0.2
Pension/postretirement adjustments:
Net actuarial losses	(0.1		)	—			(0.1		)
Reclassification adjustments	0.5			(0.1		)	0.4
Net gain recognized in other comprehensive loss	0.4			(0.1		)	0.3
Other comprehensive loss attributable to CBI	$	(151.2	)	$	7.0		(144.2		)
Comprehensive income attributable to CBI							$	938.9

	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Nine Months Ended November 30, 2015
Net income attributable to CBI							$	811.5
Other comprehensive income (loss) attributable to CBI:
Foreign currency translation adjustments:
Net losses	$	(209.7	)	$	2.7		(207.0		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(209.7		)	2.7			(207.0		)
Unrealized loss on cash flow hedges:
Net derivative losses	(36.2		)	9.7			(26.5		)
Reclassification adjustments	27.1			(8.2		)	18.9
Net loss recognized in other comprehensive loss	(9.1		)	1.5			(7.6		)
Unrealized loss on AFS debt securities:
Net AFS debt securities losses	(0.4		)	—			(0.4		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(0.4		)	—			(0.4		)
Pension/postretirement adjustments:
Net actuarial gains	1.2			(0.3		)	0.9
Reclassification adjustments	0.3			(0.2		)	0.1
Net gain recognized in other comprehensive loss	1.5			(0.5		)	1.0
Other comprehensive loss attributable to CBI	$	(217.7	)	$	3.7		(214.0		)
Comprehensive income attributable to CBI							$	597.5
For the Three Months Ended November 30, 2016
Net income attributable to CBI							$	405.9
Other comprehensive income (loss) attributable to CBI:
Foreign currency translation adjustments:
Net losses	$	(125.6	)	$	1.0		(124.6		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(125.6		)	1.0			(124.6		)
Unrealized loss on cash flow hedges:
Net derivative losses	(52.2		)	15.2			(37.0		)
Reclassification adjustments	11.1			(3.4		)	7.7
Net loss recognized in other comprehensive loss	(41.1		)	11.8			(29.3		)
Unrealized loss on AFS debt securities:
Net AFS debt securities losses	(0.1		)	—			(0.1		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(0.1		)	—			(0.1		)
Pension/postretirement adjustments:
Net actuarial gains	0.5			(0.2		)	0.3
Reclassification adjustments	0.2			(0.1		)	0.1
Net gain recognized in other comprehensive loss	0.7			(0.3		)	0.4
Other comprehensive loss attributable to CBI	$	(166.1	)	$	12.5		(153.6		)
Comprehensive income attributable to CBI							$	252.3

	Before Tax Amount		Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Three Months Ended November 30, 2015
Net income attributable to CBI						$	270.5
Other comprehensive income attributable to CBI:
Foreign currency translation adjustments:
Net gains	$	8.1	$	(0.1	)	8.0
Reclassification adjustments	—		—			—
Net gain recognized in other comprehensive income	8.1		(0.1		)	8.0
Unrealized gain on cash flow hedges:
Net derivative gains	12.7		(3.3		)	9.4
Reclassification adjustments	10.8		(3.1		)	7.7
Net gain recognized in other comprehensive income	23.5		(6.4		)	17.1
Pension/postretirement adjustments:
Net actuarial gains	0.3		—			0.3
Reclassification adjustments	0.1		(0.2		)	(0.1		)
Net gain recognized in other comprehensive income	0.4		(0.2		)	0.2
Other comprehensive income attributable to CBI	$	32.0	$	(6.7	)	25.3
Comprehensive income attributable to CBI						$	295.8

Accumulated other comprehensive loss, net of income tax effect

Accumulated other comprehensive loss, net of income tax effect, includes the following components:

	Foreign Currency Translation Adjustments			Net Unrealized Losses on Derivative Instruments			Net Unrealized Gains (Losses) on AFS Debt Securities			Pension/ Postretirement Adjustments			Accumulated Other Comprehensive Loss
(in millions)
Balance, February 29, 2016	$	(390.5	)	$	(46.1	)	$	(2.8	)	$	(13.1	)	$	(452.5	)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassification adjustments	(129.1		)	(37.5		)	0.2			(0.1		)	(166.5		)
Amounts reclassified from accumulated other comprehensive loss	—			21.9			—			0.4			22.3
Other comprehensive income (loss)	(129.1		)	(15.6		)	0.2			0.3			(144.2		)
Balance, November 30, 2016	$	(519.6	)	$	(61.7	)	$	(2.6	)	$	(12.8	)	$	(596.7	)

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Condensed Consolidating Financial Information (Tables)

9 Months Ended

Nov. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet

	Parent Company		Subsidiary Guarantors		Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Balance Sheet at November 30, 2016
Current assets:
Cash and cash equivalents	$	13.3	$	7.7	$	176.3		$	—		$	197.3
Accounts receivable	0.7		23.7		831.6			—			856.0
Inventories	170.5		1,628.3		434.9			(110.6		)	2,123.1
Intercompany receivable	21,273.6		28,448.7		11,599.4			(61,321.7		)	—
Prepaid expenses and other	40.1		58.7		262.4			(92.8		)	268.4
Total current assets	21,498.2		30,167.1		13,304.6			(61,525.1		)	3,444.8
Property, plant and equipment	65.6		922.1		2,720.3			—			3,708.0
Investments in subsidiaries	13,258.5		23.4		—			(13,281.9		)	—
Goodwill	—		6,590.1		927.8			—			7,517.9
Intangible assets	—		1,002.9		2,491.3			—			3,494.2
Intercompany notes receivable	5,016.3		200.1		200.0			(5,416.4		)	—
Other assets	19.5		92.2		43.5			—			155.2
Total assets	$	39,858.1	$	38,997.9	$	19,687.5		$	(80,223.4	)	$	18,320.1
Current liabilities:
Notes payable to banks	$	220.0	$	—	$	133.4		$	—		$	353.4
Current maturities of long-term debt	767.7		17.0		131.0			—			915.7
Accounts payable	46.0		337.6		388.7			—			772.3
Accrued excise taxes	15.1		12.5		5.4			—			33.0
Intercompany payable	26,589.9		23,011.5		11,720.3			(61,321.7		)	—
Other accrued expenses and liabilities	280.4		214.4		195.9			(128.5		)	562.2
Total current liabilities	27,919.1		23,593.0		12,574.7			(61,450.2		)	2,636.6
Long-term debt, less current maturities	4,680.2		25.4		2,656.9			—			7,362.5
Deferred income taxes	12.5		815.4		296.1			—			1,124.0
Intercompany notes payable	200.0		5,184.0		32.4			(5,416.4		)	—
Other liabilities	28.3		30.2		140.8			—			199.3
Total liabilities	32,840.1		29,648.0		15,700.9			(66,866.6		)	11,322.4
Total CBI stockholders’ equity	7,018.0		9,349.9		4,006.9			(13,356.8		)	7,018.0
Noncontrolling interests	—		—		(20.3		)	—			(20.3		)
Total stockholders’ equity	7,018.0		9,349.9		3,986.6			(13,356.8		)	6,997.7
Total liabilities and stockholders’ equity	$	39,858.1	$	38,997.9	$	19,687.5		$	(80,223.4	)	$	18,320.1

	Parent Company		Subsidiary Guarantors		Subsidiary Nonguarantors		Eliminations			Consolidated
(in millions)
Condensed Consolidating Balance Sheet at February 29, 2016
Current assets:
Cash and cash equivalents	$	6.0	$	4.2	$	72.9	$	—		$	83.1
Accounts receivable	0.4		22.3		709.8		—			732.5
Inventories	151.6		1,483.5		344.0		(127.5		)	1,851.6
Intercompany receivable	17,459.3		23,758.9		9,393.5		(50,611.7		)	—
Prepaid expenses and other	29.6		67.8		281.1		(68.1		)	310.4
Total current assets	17,646.9		25,336.7		10,801.3		(50,807.3		)	2,977.6
Property, plant and equipment	63.2		879.8		2,390.4		—			3,333.4
Investments in subsidiaries	13,047.2		19.0		—		(13,066.2		)	—
Goodwill	—		6,376.4		762.2		—			7,138.6
Intangible assets	—		970.9		2,430.8		2.1			3,403.8
Intercompany notes receivable	4,705.9		86.6		—		(4,792.5		)	—
Other assets	20.0		69.6		22.0		—			111.6
Total assets	$	35,483.2	$	33,739.0	$	16,406.7	$	(68,663.9	)	$	16,965.0
Current liabilities:
Notes payable to banks	$	—	$	—	$	408.3	$	—		$	408.3
Current maturities of long-term debt	765.6		18.0		73.1		—			856.7
Accounts payable	37.7		100.7		290.9		—			429.3
Accrued excise taxes	14.7		14.7		4.2		—			33.6
Intercompany payable	22,293.3		19,018.6		9,299.8		(50,611.7		)	—
Other accrued expenses and liabilities	349.1		185.1		119.4		(109.2		)	544.4
Total current liabilities	23,460.4		19,337.1		10,195.7		(50,720.9		)	2,272.3
Long-term debt, less current maturities	5,421.4		26.3		1,368.5		—			6,816.2
Deferred income taxes	11.9		734.8		275.5		—			1,022.2
Intercompany notes payable	—		4,776.6		15.9		(4,792.5		)	—
Other liabilities	29.9		39.1		93.5		—			162.5
Total liabilities	28,923.6		24,913.9		11,949.1		(55,513.4		)	10,273.2
Total CBI stockholders’ equity	6,559.6		8,825.1		4,325.4		(13,150.5		)	6,559.6
Noncontrolling interests	—		—		132.2		—			132.2
Total stockholders’ equity	6,559.6		8,825.1		4,457.6		(13,150.5		)	6,691.8
Total liabilities and stockholders’ equity	$	35,483.2	$	33,739.0	$	16,406.7	$	(68,663.9	)	$	16,965.0

Condensed Consolidating Statement of Comprehensive Income

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended November 30, 2016
Sales	$	2,070.2		$	5,061.5		$	2,604.0		$	(3,467.2	)	$	6,268.5
Less – excise taxes	(260.0		)	(254.2		)	(50.8		)	—			(565.0		)
Net sales	1,810.2			4,807.3			2,553.2			(3,467.2		)	5,703.5
Cost of product sold	(1,472.9		)	(3,444.7		)	(1,483.5		)	3,439.3			(2,961.8		)
Gross profit	337.3			1,362.6			1,069.7			(27.9		)	2,741.7
Selling, general and administrative expenses	(310.4		)	(590.9		)	(181.7		)	38.9			(1,044.1		)
Operating income	26.9			771.7			888.0			11.0			1,697.6
Equity in earnings of equity method investees and subsidiaries	1,207.5			32.0			0.5			(1,211.8		)	28.2
Interest income	0.4			—			0.9			—			1.3
Intercompany interest income	170.9			229.5			0.1			(400.5		)	—
Interest expense	(212.6		)	(1.2		)	(43.8		)	—			(257.6		)
Intercompany interest expense	(229.1		)	(170.7		)	(0.7		)	400.5			—
Income before income taxes	964.0			861.3			845.0			(1,200.8		)	1,469.5
(Provision for) benefit from income taxes	119.1			(336.5		)	(170.5		)	(4.3		)	(392.2		)
Net income	1,083.1			524.8			674.5			(1,205.1		)	1,077.3
Net loss attributable to noncontrolling interests	—			—			5.8			—			5.8
Net income attributable to CBI	$	1,083.1		$	524.8		$	680.3		$	(1,205.1	)	$	1,083.1
Comprehensive income attributable to CBI	$	938.9		$	524.8		$	527.6		$	(1,052.4	)	$	938.9
Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended November 30, 2015
Sales	$	1,891.7		$	4,289.2		$	2,294.4		$	(2,952.0	)	$	5,523.3
Less – excise taxes	(251.3		)	(219.4		)	(47.4		)	—			(518.1		)
Net sales	1,640.4			4,069.8			2,247.0			(2,952.0		)	5,005.2
Cost of product sold	(1,325.4		)	(3,023.4		)	(1,377.4		)	2,967.2			(2,759.0		)
Gross profit	315.0			1,046.4			869.6			15.2			2,246.2
Selling, general and administrative expenses	(281.5		)	(508.9		)	(96.8		)	(5.0		)	(892.2		)
Operating income	33.5			537.5			772.8			10.2			1,354.0
Equity in earnings of equity method investees and subsidiaries	924.9			31.8			0.8			(929.0		)	28.5
Interest income	0.1			—			0.4			—			0.5
Intercompany interest income	138.0			196.6			0.1			(334.7		)	—
Interest expense	(212.3		)	(0.9		)	(17.7		)	—			(230.9		)
Intercompany interest expense	(196.2		)	(137.9		)	(0.6		)	334.7			—
Loss on write-off of debt issuance costs	(0.4		)	—			(0.7		)	—			(1.1		)
Income before income taxes	687.6			627.1			755.1			(918.8		)	1,151.0
(Provision for) benefit from income taxes	123.9			(247.1		)	(208.2		)	(4.3		)	(335.7		)
Net income	811.5			380.0			546.9			(923.1		)	815.3
Net income attributable to noncontrolling interests	—			—			(3.8		)	—			(3.8		)
Net income attributable to CBI	$	811.5		$	380.0		$	543.1		$	(923.1	)	$	811.5
Comprehensive income attributable to CBI	$	597.5		$	379.1		$	325.6		$	(704.7	)	$	597.5

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2016
Sales	$	734.8		$	1,563.5		$	815.2		$	(1,120.8	)	$	1,992.7
Less – excise taxes	(89.9		)	(73.8		)	(18.5		)	—			(182.2		)
Net sales	644.9			1,489.7			796.7			(1,120.8		)	1,810.5
Cost of product sold	(522.4		)	(1,043.9		)	(459.7		)	1,106.9			(919.1		)
Gross profit	122.5			445.8			337.0			(13.9		)	891.4
Selling, general and administrative expenses	(109.7		)	(194.7		)	(70.1		)	17.1			(357.4		)
Operating income	12.8			251.1			266.9			3.2			534.0
Equity in earnings of equity method investees and subsidiaries	430.9			28.4			0.1			(431.9		)	27.5
Interest income	—			—			0.3			—			0.3
Intercompany interest income	56.2			80.3			—			(136.5		)	—
Interest expense	(61.5		)	(0.4		)	(16.0		)	—			(77.9		)
Intercompany interest expense	(80.1		)	(56.1		)	(0.3		)	136.5			—
Income before income taxes	358.3			303.3			251.0			(428.7		)	483.9
(Provision for) benefit from income taxes	47.6			(119.1		)	(7.3		)	(0.1		)	(78.9		)
Net income	405.9			184.2			243.7			(428.8		)	405.0
Net loss attributable to noncontrolling interests	—			—			0.9			—			0.9
Net income attributable to CBI	$	405.9		$	184.2		$	244.6		$	(428.8	)	$	405.9
Comprehensive income attributable to CBI	$	252.3		$	182.5		$	85.9		$	(268.4	)	$	252.3
Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended November 30, 2015
Sales	$	708.1		$	1,366.8		$	676.4		$	(938.9	)	$	1,812.4
Less – excise taxes	(91.6		)	(64.6		)	(15.7		)	—			(171.9		)
Net sales	616.5			1,302.2			660.7			(938.9		)	1,640.5
Cost of product sold	(496.9		)	(943.8		)	(425.3		)	959.0			(907.0		)
Gross profit	119.6			358.4			235.4			20.1			733.5
Selling, general and administrative expenses	(81.9		)	(157.6		)	(34.6		)	(12.1		)	(286.2		)
Operating income	37.7			200.8			200.8			8.0			447.3
Equity in earnings of equity method investees and subsidiaries	298.6			28.1			0.4			(299.8		)	27.3
Interest income	—			—			0.1			—			0.1
Intercompany interest income	46.0			66.3			0.1			(112.4		)	—
Interest expense	(71.5		)	(0.3		)	(3.9		)	—			(75.7		)
Intercompany interest expense	(66.2		)	(46.0		)	(0.2		)	112.4			—
Income before income taxes	244.6			248.9			197.3			(291.8		)	399.0
(Provision for) benefit from income taxes	25.9			(99.2		)	(51.4		)	(3.3		)	(128.0		)
Net income	270.5			149.7			145.9			(295.1		)	271.0
Net income attributable to noncontrolling interests	—			—			(0.5		)	—			(0.5		)
Net income attributable to CBI	$	270.5		$	149.7		$	145.4		$	(295.1	)	$	270.5
Comprehensive income attributable to CBI	$	295.8		$	149.0		$	169.8		$	(318.8	)	$	295.8

Condensed Consolidating Statement of Cash Flows

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended November 30, 2016
Net cash provided by operating activities	$	27.4		$	914.0		$	966.3		$	(492.0	)	$	1,415.7
Cash flows from investing activities:
Purchases of property, plant and equipment	(6.3		)	(110.3		)	(475.0		)	—			(591.6		)
Purchases of businesses, net of cash acquired	—			(284.9		)	(257.3		)	—			(542.2		)
Net proceeds from intercompany notes	267.2			7.5			—			(274.7		)	—
Net returns of capital from equity affiliates	361.7			—			—			(361.7		)	—
Other investing activities	0.2			0.1			(15.6		)	—			(15.3		)
Net cash provided by (used in) investing activities	622.8			(387.6		)	(747.9		)	(636.4		)	(1,149.1		)
Cash flows from financing activities:
Dividends paid to parent company	—			—			(850.4		)	850.4			—
Net contributions from (returns of capital to) equity affiliates	—			(8.6		)	5.3			3.3			—
Net proceeds from (repayments of) intercompany notes	347.7			(436.7		)	(185.7		)	274.7			—
Principal payments of long-term debt	(751.2		)	(15.9		)	(140.6		)	—			(907.7		)
Purchases of treasury stock	(372.6		)	—			—			—			(372.6		)
Dividends paid	(238.3		)	—			—			—			(238.3		)
Payments of minimum tax withholdings on stock-based payment awards	—			(61.7		)	(5.2		)	—			(66.9		)
Net proceeds from (repayments of) notes payable	220.0			—			(275.9		)	—			(55.9		)
Payments of debt issuance costs	—			—			(6.6		)	—			(6.6		)
Proceeds from issuance of long-term debt	—			—			1,350.1			—			1,350.1
Excess tax benefits from stock-based payment awards	112.2			—			—			—			112.2
Proceeds from shares issued under equity compensation plans	39.3			—			—			—			39.3
Net cash used in financing activities	(642.9		)	(522.9		)	(109.0		)	1,128.4			(146.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(6.0		)	—			(6.0		)
Net increase in cash and cash equivalents	7.3			3.5			103.4			—			114.2
Cash and cash equivalents, beginning of period	6.0			4.2			72.9			—			83.1
Cash and cash equivalents, end of period	$	13.3		$	7.7		$	176.3		$	—		$	197.3

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended November 30, 2015
Net cash provided by (used in) operating activities	$	(456.3	)	$	775.1		$	772.8		$	—		$	1,091.6
Cash flows from investing activities:
Purchases of property, plant and equipment	(8.8		)	(31.8		)	(473.2		)	—			(513.8		)
Purchases of businesses, net of cash acquired	—			(316.2		)	(1.7		)	—			(317.9		)
Net proceeds from intercompany notes	376.4			—			—			(376.4		)	—
Net investments in equity affiliates	(236.4		)	—			—			236.4			—
Other investing activities	2.0			(0.7		)	2.7			—			4.0
Net cash provided by (used in) investing activities	133.2			(348.7		)	(472.2		)	(140.0		)	(827.7		)
Cash flows from financing activities:
Net contributions from (returns of capital to) equity affiliates	—			(31.4		)	267.8			(236.4		)	—
Net proceeds from (repayments of) intercompany notes	292.2			(345.3		)	(323.3		)	376.4			—
Principal payments of long-term debt	(47.9		)	(13.8		)	(86.6		)	—			(148.3		)
Dividends paid	(180.4		)	—			—			—			(180.4		)
Payments of minimum tax withholdings on stock-based payment awards	—			(35.7		)	(2.7		)	—			(38.4		)
Net repayments of notes payable	—			—			(15.9		)	—			(15.9		)
Payments of debt issuance costs	(7.9		)	—			—			—			(7.9		)
Proceeds from issuance of long-term debt	200.0			—			10.0			—			210.0
Excess tax benefits from stock-based payment awards	204.2			—			—			—			204.2
Proceeds from shares issued under equity compensation plans	98.9			—			—			—			98.9
Net cash provided by (used in) financing activities	559.1			(426.2		)	(150.7		)	140.0			122.2
Effect of exchange rate changes on cash and cash equivalents	—			—			(4.9		)	—			(4.9		)
Net increase in cash and cash equivalents	236.0			0.2			145.0			—			381.2
Cash and cash equivalents, beginning of period	24.5			0.7			84.9			—			110.1
Cash and cash equivalents, end of period	$	260.5		$	0.9		$	229.9		$	—		$	491.3

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Business Segment Information (Tables)

9 Months Ended

Nov. 30, 2016

Segment Reporting [Abstract]

Comparable adjustments

Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:

	For the Nine Months Ended November 30,						For the Three Months Ended November 30,
	2016			2015			2016			2015
(in millions)
Cost of product sold
Settlements of undesignated commodity derivative contracts	$	20.3		$	20.4		$	5.2		$	8.2
Net gain (loss) on undesignated commodity derivative contracts	14.4			(34.5		)	6.7			(18.1		)
Flow through of inventory step-up	(16.4		)	(9.8		)	(4.9		)	(8.6		)
Amortization of favorable interim supply agreement	(2.2		)	(25.3		)	—			(7.4		)
Total cost of product sold	16.1			(49.2		)	7.0			(25.9		)
Selling, general and administrative expenses
Transaction, integration and other acquisition-related costs	(11.0		)	(12.7		)	(5.7		)	(1.9		)
Net gain (costs) associated with the Canadian Divestiture and related activities	(4.5		)	—			3.6			—
Restructuring and related charges	(0.9		)	(15.0		)	0.1			(0.7		)
Other costs	(2.6		)	—			(2.6		)	—
Total selling, general and administrative expenses	(19.0		)	(27.7		)	(4.6		)	(2.6		)
Comparable Adjustments, Operating income (loss)	$	(2.9	)	$	(76.9	)	$	2.4		$	(28.5	)

Segment information

Segment information is as follows:

	For the Nine Months Ended November 30,				For the Three Months Ended November 30,
	2016		2015		2016		2015
(in millions)
Beer
Net sales	$	3,338.1	$	2,816.6	$	964.6	$	831.3
Segment operating income	$	1,195.7	$	984.0	$	335.7	$	291.6
Long-lived tangible assets	$	2,506.6	$	1,806.7	$	2,506.6	$	1,806.7
Total assets	$	10,351.5	$	8,596.3	$	10,351.5	$	8,596.3
Capital expenditures	$	494.9	$	457.3	$	191.0	$	196.6
Depreciation and amortization	$	82.7	$	41.4	$	29.5	$	13.5

	For the Nine Months Ended November 30,						For the Three Months Ended November 30,
	2016			2015			2016			2015
(in millions)
Wine and Spirits
Net sales:
Wine	$	2,102.8		$	1,931.5		$	754.3		$	719.4
Spirits	262.6			257.1			91.6			89.8
Net sales	$	2,365.4		$	2,188.6		$	845.9		$	809.2
Segment operating income	$	604.7		$	542.8		$	231.0		$	222.7
Equity in earnings of equity method investees	$	28.4		$	28.5		$	27.7		$	27.3
Long-lived tangible assets	$	1,069.7		$	1,034.1		$	1,069.7		$	1,034.1
Investments in equity method investees	$	92.9		$	91.0		$	92.9		$	91.0
Total assets	$	7,616.3		$	6,856.5		$	7,616.3		$	6,856.5
Capital expenditures	$	55.3		$	52.4		$	25.7		$	20.5
Depreciation and amortization	$	76.0		$	75.3		$	25.8		$	23.7
Corporate Operations and Other
Segment operating loss	$	(99.9	)	$	(95.9	)	$	(35.1	)	$	(38.5	)
Equity in losses of equity method investees	$	(0.2	)	$	—		$	(0.2	)	$	—
Long-lived tangible assets	$	131.7		$	108.2		$	131.7		$	108.2
Investments in equity method investees	$	22.8		$	1.0		$	22.8		$	1.0
Total assets	$	352.3		$	655.3		$	352.3		$	655.3
Capital expenditures	$	41.4		$	4.1		$	6.3		$	1.9
Depreciation and amortization	$	22.8		$	20.7		$	8.2		$	6.7
Comparable Adjustments
Operating income (loss)	$	(2.9	)	$	(76.9	)	$	2.4		$	(28.5	)
Depreciation and amortization	$	2.2		$	25.3		$	—		$	7.4
Consolidated
Net sales	$	5,703.5		$	5,005.2		$	1,810.5		$	1,640.5
Operating income	$	1,697.6		$	1,354.0		$	534.0		$	447.3
Equity in earnings of equity method investees	$	28.2		$	28.5		$	27.5		$	27.3
Long-lived tangible assets	$	3,708.0		$	2,949.0		$	3,708.0		$	2,949.0
Investments in equity method investees	$	115.7		$	92.0		$	115.7		$	92.0
Total assets	$	18,320.1		$	16,108.1		$	18,320.1		$	16,108.1
Capital expenditures	$	591.6		$	513.8		$	223.0		$	219.0
Depreciation and amortization	$	183.7		$	162.7		$	63.5		$	51.3

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Inventories (Details) - USD ($) $ in Millions	Nov. 30, 2016	Feb. 29, 2016
Inventories
Raw materials and supplies	$ 140.5	$ 107.2
In-process inventories	1,382.7	1,218.7
Finished case goods	599.9	525.7
Total	$ 2,123.1	$ 1,851.6

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Derivative Instruments (Details) - USD ($) $ in Millions	Nov. 30, 2016	Feb. 29, 2016
Designated as hedging instrument [Member] | Foreign currency contracts [Member]
Derivative [Line Items]
Aggregate notional value of derivative instruments	$ 1,062.6	$ 731.6
Designated as hedging instrument [Member] | Interest rate swap contracts [Member]
Derivative [Line Items]
Aggregate notional value of derivative instruments	250.0	600.0
Not designated as hedging instrument [Member] | Foreign currency contracts [Member]
Derivative [Line Items]
Aggregate notional value of derivative instruments	1,440.2	975.6
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member]
Derivative [Line Items]
Aggregate notional value of derivative instruments	0.0	1,000.0
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member]
Derivative [Line Items]
Aggregate notional value of derivative instruments	$ 168.7	$ 198.7

XML

Derivative Instruments (Details 1) - USD ($) $ in Millions	Nov. 30, 2016	Feb. 29, 2016
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Prepaid expenses and other [Member]
Fair value and location of our derivative instruments on our balance sheets
Foreign currency contracts, Assets	$ 5.1	$ 5.5
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	43.1	33.0
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	2.8	1.2
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Other liabilities [Member]
Fair value and location of our derivative instruments on our balance sheets
Foreign currency contracts, Liabilities	54.9	26.2
Designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other accrued expenses and liabilities [Member]
Fair value and location of our derivative instruments on our balance sheets
Interest rate swap contracts, Liabilities	0.6	1.5
Designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other assets [Member]
Fair value and location of our derivative instruments on our balance sheets
Interest rate swap contracts, Assets	3.8	0.3
Designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other liabilities [Member]
Fair value and location of our derivative instruments on our balance sheets
Interest rate swap contracts, Liabilities	0.0	0.4
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	5.0	4.8
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	2.6	9.8
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Prepaid expenses and other [Member]
Fair value and location of our derivative instruments on our balance sheets
Interest rate swap contracts, Assets	0.0	0.7
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other accrued expenses and liabilities [Member]
Fair value and location of our derivative instruments on our balance sheets
Interest rate swap contracts, Liabilities	0.0	5.7
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	3.2	0.6
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	11.4	29.3
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	1.8	0.3
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	$ 4.6	$ 16.8

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Derivative Instruments (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Effect of our undesignated derivative instruments on our results of operations
Net Gain (Loss) Recognized in Income	$ 0.6	$ (21.9)	$ (6.0)	$ (53.4)
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	(6.1)	(3.8)	(20.4)	(18.9)
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	6.7	(18.1)	14.4	(34.5)
Cash flow hedging [Member]
Effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, net of income tax effect
Net Gain (Loss) Recognized in OCI (Effective portion)	(37.0)	9.4	(37.5)	(26.5)
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	(7.6)	(7.6)	(21.8)	(18.7)
Cash flow hedging [Member] | Foreign currency contracts [Member]
Effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, net of income tax effect
Net Gain (Loss) Recognized in OCI (Effective portion)	(39.1)	9.4	(39.7)	(25.5)
Cash flow hedging [Member] | Foreign currency contracts [Member] | Sales [Member]
Effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, net of income tax effect
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	0.3	0.7	0.5	1.6
Cash flow hedging [Member] | Foreign currency contracts [Member] | Cost of product sold [Member]
Effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, net of income tax effect
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	(7.7)	(6.3)	(18.4)	(14.1)
Cash flow hedging [Member] | Interest rate swap contracts [Member]
Effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, net of income tax effect
Net Gain (Loss) Recognized in OCI (Effective portion)	2.1	0.0	2.2	(1.0)
Cash flow hedging [Member] | Interest rate swap contracts [Member] | Interest expense [Member]
Effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, net of income tax effect
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	$ (0.2)	$ (2.0)	$ (3.9)	$ (6.2)

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Derivative Instruments (Details Textual) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016 USD ($)	Nov. 30, 2015 USD ($)	Nov. 30, 2016 USD ($)	Nov. 30, 2015 USD ($)	Nov. 30, 2016 CAD	Feb. 29, 2016 USD ($)
Derivative [Line Items]
Net gain (loss) on undesignated commodity derivative contracts	$ 0.6	$ (21.9)	$ (6.0)	$ (53.4)
Fair value of derivative instruments in a net liability position due to counterparties	98.3		98.3
Amount of net losses, net of income tax effect, to be reclassified from AOCI to earnings within the next 12 months			(26.6)
Foreign currency contracts [Member] | Selling, general and administrative expenses [Member]
Derivative [Line Items]
Net gain (loss) on undesignated commodity derivative contracts	(6.1)	$ (3.8)	(20.4)	$ (18.9)
Not designated as hedging instrument [Member] | Foreign currency contracts [Member]
Derivative [Line Items]
Aggregate notional value of derivative instruments	1,440.2		1,440.2			$ 975.6
Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | Prepaid expenses and other [Member]
Derivative [Line Items]
Foreign currency contracts	5.0		5.0			$ 4.8
Canadian Divestiture [Member] | Foreign currency contracts [Member] | Selling, general and administrative expenses [Member]
Derivative [Line Items]
Net gain (loss) on undesignated commodity derivative contracts	3.3
Canadian Divestiture [Member] | Not designated as hedging instrument [Member] | Foreign currency contracts [Member]
Derivative [Line Items]
Aggregate notional value of derivative instruments | CAD					CAD 550,000,000
Canadian Divestiture [Member] | Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | Prepaid expenses and other [Member]
Derivative [Line Items]
Foreign currency contracts	$ 3.3		$ 3.3

XML

Fair Value of Financial Instruments (Details) - Recurring [Member] - USD ($) $ in Millions	Nov. 30, 2016	Feb. 29, 2016
Assets:
Foreign currency contracts	$ 12.9	$ 11.5
Commodity derivative contracts	5.0	0.9
Interest rate swap contracts	3.8	1.0
Available-for-sale (“AFS”) debt securities	4.8	4.6
Liabilities:
Foreign currency contracts	100.6	69.0
Commodity derivative contracts	16.0	46.1
Interest rate swap contracts	0.6	7.6
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Foreign currency contracts	0.0	0.0
Commodity derivative contracts	0.0	0.0
Interest rate swap contracts	0.0	0.0
Available-for-sale (“AFS”) debt securities	0.0	0.0
Liabilities:
Foreign currency contracts	0.0	0.0
Commodity derivative contracts	0.0	0.0
Interest rate swap contracts	0.0	0.0
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Foreign currency contracts	12.9	11.5
Commodity derivative contracts	5.0	0.9
Interest rate swap contracts	3.8	1.0
Available-for-sale (“AFS”) debt securities	0.0	0.0
Liabilities:
Foreign currency contracts	100.6	69.0
Commodity derivative contracts	16.0	46.1
Interest rate swap contracts	0.6	7.6
Significant Unobservable Inputs (Level 3) [Member]
Assets:
Foreign currency contracts	0.0	0.0
Commodity derivative contracts	0.0	0.0
Interest rate swap contracts	0.0	0.0
Available-for-sale (“AFS”) debt securities	4.8	4.6
Liabilities:
Foreign currency contracts	0.0	0.0
Commodity derivative contracts	0.0	0.0
Interest rate swap contracts	$ 0.0	$ 0.0

XML

Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	Nov. 30, 2016	Feb. 29, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 8,278.2	$ 7,672.9
Carrying amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	8,278.2	7,672.9
Fair value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 8,390.1	$ 7,252.0

XML

Goodwill (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Nov. 30, 2016	Feb. 29, 2016
Changes in the carrying amount of goodwill [Roll Forward]
Goodwill, beginning of period	$ 7,138.6	$ 6,208.2
Purchase accounting allocations	375.1	965.1
Foreign currency translation adjustments	4.2	(34.7)
Goodwill, end of period	7,517.9	7,138.6
Operating Segments [Member] | Beer [Member]
Changes in the carrying amount of goodwill [Roll Forward]
Goodwill, beginning of period	4,530.1	3,776.2
Purchase accounting allocations		761.8
Foreign currency translation adjustments	(4.4)	(7.9)
Goodwill, end of period	4,527.1	4,530.1
Purchase accounting allocations, adjustments	1.4
Operating Segments [Member] | Wine and Spirits [Member]
Changes in the carrying amount of goodwill [Roll Forward]
Goodwill, beginning of period	2,608.5	2,432.0
Purchase accounting allocations	373.7	203.3
Foreign currency translation adjustments	8.6	(26.8)
Goodwill, end of period	$ 2,990.8	$ 2,608.5

XML

Goodwill (Details 1) - Ballast Point Acquisition [Member] - Operating Segments [Member] - Beer [Member] $ in Millions	1 Months Ended
	Dec. 31, 2015 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 763.2
Other	14.0
Total estimated fair value	1,000.0
Less – cash acquired	(1.5)
Purchase price	998.5
Trademarks [Member]
Business Acquisition [Line Items]
Trademarks	$ 222.8

XML

Goodwill (Details 2) - Canadian Divestiture [Member] - Disposal group, Held-for-sale, Not discontinued operations [Member] - Operating Segments [Member] - ConstellationWinesAndSpirits [Member] $ in Millions	Nov. 30, 2016 USD ($)
Goodwill [Line Items]
Cash	$ 7.8
Accounts receivable	44.7
Inventories	147.9
Prepaid expenses and other	6.3
Total current assets	206.7
Property, plant and equipment	112.6
Goodwill	125.1
Intangible assets	68.5
Other assets	1.7
Total assets	514.6
Current liabilities	(93.3)
Long-term liabilities	(255.8)
Total liabilities	(349.1)
Net assets held for sale	$ 165.5

XML

Goodwill (Details Textual) - Operating Segments [Member] CAD in Millions	1 Months Ended
	Oct. 31, 2016 USD ($)	Apr. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)	Aug. 31, 2015 USD ($)	Nov. 30, 2016 USD ($)	Nov. 30, 2016 CAD	Feb. 29, 2016 USD ($)	Feb. 29, 2016 CAD
Wine and Spirits [Member]
Goodwill [Line Items]
Accumulated impairment losses					$ 215,200,000	CAD 289.1	$ 213,500,000	CAD 289.1
Wine and Spirits [Member] | High West Acquisition [Member]
Goodwill [Line Items]
Purchase price, net of cash acquired	$ 136,500,000
Wine and Spirits [Member] | Charles Smith Acquisition [Member]
Goodwill [Line Items]
Purchase price, net of cash acquired	$ 120,800,000
Wine and Spirits [Member] | Prisoner Acquisition [Member]
Goodwill [Line Items]
Purchase price, net of cash acquired		$ 284,900,000
Wine and Spirits [Member] | Meiomi Acquisition [Member]
Goodwill [Line Items]
Purchase price, net of cash acquired				$ 316,200,000
Beer [Member] | Ballast Point Acquisition [Member]
Goodwill [Line Items]
Purchase price, net of cash acquired			$ 998,500,000
Goodwill expected to be tax deductible			$ 0

XML

Goodwill (Details Textual 1) CAD in Millions, $ in Millions	1 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CAD	Dec. 31, 2016 CAD	Nov. 30, 2016 USD ($)	Feb. 29, 2016 USD ($)
Goodwill [Line Items]
Outstanding debt				$ 423.1	$ 99.8
Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | Prepaid expenses and other [Member]
Goodwill [Line Items]
Foreign currency contracts				5.0	$ 4.8
Canadian Divestiture [Member] | Operating Segments [Member] | ConstellationWinesAndSpirits [Member] | Disposal group, Held-for-sale, Not discontinued operations [Member]
Goodwill [Line Items]
Net assets held for sale				165.5
Canadian Divestiture [Member] | Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | Prepaid expenses and other [Member]
Goodwill [Line Items]
Foreign currency contracts				$ 3.3
Subsequent Event [Member] | Canadian Divestiture [Member]
Goodwill [Line Items]
Transaction value of divestiture	$ 776.2		CAD 1,040.0
Cash proceeds, net of outstanding debt	581.2	CAD 775.1
Outstanding debt	195.0		CAD 260.0
Net gain, Canadian Divestiture	255.0
Subsequent Event [Member] | Canadian Divestiture [Member] | Trademarks [Member] | Operating Segments [Member] | ConstellationWinesAndSpirits [Member]
Goodwill [Line Items]
Impairment of trademarks	8.4
Subsequent Event [Member] | Canadian Divestiture [Member] | Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | Prepaid expenses and other [Member]
Goodwill [Line Items]
Foreign currency contracts	$ 4.6

XML

Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015	Feb. 29, 2016
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, Gross Carrying Amount	$ 195.9		$ 195.9		$ 193.1
Amortizable intangible assets, Net Carrying Amount	62.2		62.2		65.9
Nonamortizable intangible assets, Net Carrying Amount	3,432.0		3,432.0		3,337.9
Total intangible assets, Net Carrying Amount	3,494.2		3,494.2		3,403.8
Amortization expense for intangible assets	2.1	$ 9.5	8.4	$ 32.2
Trademarks [Member]
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Nonamortizable intangible assets, Net Carrying Amount	3,427.9		3,427.9		3,333.8
Other [Member]
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Nonamortizable intangible assets, Net Carrying Amount	4.1		4.1		4.1
Customer relationships [Member]
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, Gross Carrying Amount	106.2		106.2		102.5
Amortizable intangible assets, Net Carrying Amount	59.6		59.6		60.2
Favorable interim supply agreement [Member]
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, Gross Carrying Amount	68.3		68.3		68.3
Amortizable intangible assets, Net Carrying Amount	0.0		0.0		2.2
Other [Member]
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, Gross Carrying Amount	21.4		21.4		22.3
Amortizable intangible assets, Net Carrying Amount	$ 2.6		$ 2.6		$ 3.5

XML

Intangible Assets (Details 1) $ in Millions	Nov. 30, 2016 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2017	$ 2.1
2018	6.4
2019	6.4
2020	6.2
2021	5.8
2022	5.4
Thereafter	$ 29.9

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Borrowings (Details) - USD ($)	Nov. 30, 2016	Oct. 31, 2016	Mar. 31, 2016	Feb. 29, 2016
Short-term Debt
Notes payable to banks	$ 353,400,000			$ 408,300,000
Notes payable to banks, Long-term	0
Notes payable to banks, Total	353,400,000			408,300,000
Long-term Debt
Other, Current	23,600,000
Other, Long-term	399,500,000
Other, Total	423,100,000			99,800,000
Long-term debt, Current	915,700,000			856,700,000
Long-term debt, Long-term	7,362,500,000			6,816,200,000
Long-term debt, Total	8,278,200,000			7,672,900,000
Aggregate face amount of debt instrument	5,004,200,000
Senior Credit Facility - Term Loans [Member]
Long-term Debt
Senior Credit Facility - Term Loans, Current	192,500,000
Senior Credit Facility - Term Loans, Long-term	3,641,800,000
Senior Credit Facility - Term Loans, Total	3,834,300,000			2,856,800,000
Senior Credit Facility - Term Loans [Member] | U.S. Term A Facility [Member]
Long-term Debt
Senior Credit Facility - Term Loans, Total	1,184,400,000
Aggregate face amount of debt instrument	$ 1,192,100,000
Interest rate	2.00%
LIBOR margin	1.50%
Senior Credit Facility - Term Loans [Member] | U.S. Term A-1 Facility [Member]
Long-term Debt
Senior Credit Facility - Term Loans, Total	$ 238,500,000
Aggregate face amount of debt instrument	$ 238,900,000
Interest rate	2.30%
LIBOR margin	1.75%
Senior Credit Facility - Term Loans [Member] | European Term A Facility [Member]
Long-term Debt
Senior Credit Facility - Term Loans, Total	$ 1,334,100,000
Aggregate face amount of debt instrument	$ 1,340,700,000
Interest rate	2.00%
LIBOR margin	1.50%
Senior Credit Facility - Term Loans [Member] | European Term A-1 Facility [Member]
Long-term Debt
Senior Credit Facility - Term Loans, Total	$ 679,600,000
Aggregate face amount of debt instrument	$ 682,500,000		$ 700,000,000.0
Interest rate	2.00%
LIBOR margin	1.50%
Senior Credit Facility - Term Loans [Member] | European Term A-2 Facility [Member]
Long-term Debt
Senior Credit Facility - Term Loans, Total	$ 397,700,000
Aggregate face amount of debt instrument	$ 400,000,000	$ 400,000,000
Interest rate	2.00%
LIBOR margin	1.50%
Senior Notes [Member]
Long-term Debt
Senior Notes, Current	$ 699,600,000
Senior Notes, Long-term	3,321,200,000
Senior Notes, Total	4,020,800,000			4,716,300,000
Senior Credit Facility - Revolving Credit Loans [Member]
Short-term Debt
Notes payable to banks	220,000,000
Notes payable to banks, Long-term	0
Notes payable to banks, Total	220,000,000			92,000,000
Long-term Debt
Aggregate face amount of debt instrument	$ 1,150,000,000
Interest rate	2.10%
LIBOR margin	1.50%
Remaining borrowing capacity	$ 913,300,000
Senior Credit Facility - Revolving Credit Loans [Member] | U.S. Revolving Credit Facility [Member]
Long-term Debt
Aggregate face amount of debt instrument	150,000,000
Senior Credit Facility - Revolving Credit Loans [Member] | European Revolving Credit Facility [Member]
Long-term Debt
Aggregate face amount of debt instrument	1,000,000,000		$ 1,000,000,000.0
Letters of Credit [Member]
Long-term Debt
Aggregate face amount of debt instrument	200,000,000.0
Outstanding letters of credit	16,700,000
Other [Member]
Short-term Debt
Notes payable to banks	133,400,000
Notes payable to banks, Long-term	0
Notes payable to banks, Total	133,400,000			$ 316,300,000
Other [Member] | CBI accounts receivable securitization facility [Member]
Short-term Debt
Notes payable to banks	$ 97,000,000
Long-term Debt
Interest rate	1.50%
Remaining borrowing capacity	$ 208,000,000
Other [Member] | Crown accounts receivable securitization facility [Member]
Short-term Debt
Notes payable to banks	$ 0
Long-term Debt
Interest rate	0.00%
Remaining borrowing capacity	$ 150,000,000

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Borrowings (Details 1) - Senior Credit Facility - Term Loans [Member] $ in Millions	Nov. 30, 2016 USD ($)
Required principal repayments under term loan obligations
2017	$ 48.1
2018	192.5
2019	192.5
2020	192.5
2021	2,151.2
2022	1,077.4
Long-term Debt, Gross	3,854.2
U.S. Term A Facility [Member]
Required principal repayments under term loan obligations
2017	15.9
2018	63.6
2019	63.6
2020	63.6
2021	985.4
2022	0.0
Long-term Debt, Gross	1,192.1
U.S. Term A-1 Facility [Member]
Required principal repayments under term loan obligations
2017	0.6
2018	2.4
2019	2.4
2020	2.4
2021	2.4
2022	228.7
Long-term Debt, Gross	238.9
European Term A Facility [Member]
Required principal repayments under term loan obligations
2017	17.8
2018	71.5
2019	71.5
2020	71.5
2021	1,108.4
2022	0.0
Long-term Debt, Gross	1,340.7
European Term A-1 Facility [Member]
Required principal repayments under term loan obligations
2017	8.8
2018	35.0
2019	35.0
2020	35.0
2021	35.0
2022	533.7
Long-term Debt, Gross	682.5
European Term A-2 Facility [Member]
Required principal repayments under term loan obligations
2017	5.0
2018	20.0
2019	20.0
2020	20.0
2021	20.0
2022	315.0
Long-term Debt, Gross	$ 400.0

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Borrowings (Details Textual)	1 Months Ended
	Dec. 31, 2016 USD ($)	Nov. 30, 2016 USD ($)	Nov. 30, 2016 CAD	Oct. 31, 2016 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2016 CAD	Mar. 31, 2016 USD ($)	Feb. 29, 2016 USD ($)	Aug. 31, 2006 USD ($)
Schedule of Debt [Line Items]
Aggregate face amount of debt instrument		$ 5,004,200,000
Incremental borrowings under credit facility		750,000,000
Pledge of certain interests in certain of European Borrowers' subsidiaries				100.00%
Pledge of ownership interests in certain of Company's domestic subsidiaries				100.00%
Pledge of ownership interests in certain of Company's foreign subsidiaries				65.00%
Outstanding term loan borrowings		399,500,000
Notes payable to banks		353,400,000						$ 408,300,000
Senior Credit Facility - Revolving Credit Loans [Member]
Schedule of Debt [Line Items]
Aggregate face amount of debt instrument		$ 1,150,000,000
Interest rate		2.10%	2.10%
Notes payable to banks		$ 220,000,000
Other [Member]
Schedule of Debt [Line Items]
Notes payable to banks		133,400,000
European Revolving Credit Facility [Member] | Senior Credit Facility - Revolving Credit Loans [Member]
Schedule of Debt [Line Items]
Aggregate face amount of debt instrument		1,000,000,000					$ 1,000,000,000.0
Incremental borrowings under credit facility							425,000,000.0
Canadian Term Loan [Member]
Schedule of Debt [Line Items]
Aggregate face amount of debt instrument					$ 214,100,000	CAD 275,000,000.0
Unamortized debt issuance costs, long-term debt obligations		700,000
Outstanding term loan borrowings		$ 204,700,000	CAD 275,000,000
Interest rate		2.60%	2.60%
Canadian Revolving Credit Facility [Member] | Other [Member]
Schedule of Debt [Line Items]
Aggregate face amount of debt instrument | CAD						CAD 50,000,000.0
Notes payable to banks		$ 0
NCI Arrangement [Member]
Schedule of Debt [Line Items]
Outstanding term loan borrowings		$ 168,000,000.0
Interest rate		7.00%	7.00%
Senior Credit Facility - Term Loans [Member]
Schedule of Debt [Line Items]
Unamortized debt issuance costs, long-term debt obligations		$ 19,900,000
Senior Credit Facility - Term Loans [Member] | European Term A-1 Facility [Member]
Schedule of Debt [Line Items]
Aggregate face amount of debt instrument		$ 682,500,000					$ 700,000,000.0
Interest rate		2.00%	2.00%
Senior Credit Facility - Term Loans [Member] | European Term A-2 Facility [Member]
Schedule of Debt [Line Items]
Aggregate face amount of debt instrument		$ 400,000,000		$ 400,000,000
Interest rate		2.00%	2.00%
Senior Notes [Member]
Schedule of Debt [Line Items]
Senior notes		$ 4,020,800,000						$ 4,716,300,000
Senior Notes [Member] | August 2006 Senior Notes [Member]
Schedule of Debt [Line Items]
Aggregate face amount of debt instrument									$ 700,000,000
Interest rate, Stated									7.25%
Senior Notes [Member] | December 2016 Senior Notes [Member] | Subsequent Event [Member]
Schedule of Debt [Line Items]
Aggregate face amount of debt instrument	$ 600,000,000
Interest rate, Stated	3.70%
Senior notes	$ 594,700,000
Percentage of outstanding principal amount as redemption price	100.00%
Basis points above adjusted treasury rate	25.00%

XML

Borrowings (Details Textual 1) - USD ($)		1 Months Ended
	Nov. 30, 2016	Apr. 30, 2012
Debt Instrument [Line Items]
Derivative fixed average interest rate	1.10%	2.80%
LIBOR [Member]
Debt Instrument [Line Items]
Floating LIBOR rate debt	$ 250,000,000.0	$ 500,000,000

XML

Borrowings (Details Textual 2) - Other [Member]	Sep. 27, 2016 USD ($)
CBI accounts receivable securitization facility [Member]
Short-term Debt [Line Items]
Accounts receivable securitization facility, Term	364 days
Accounts receivable securitization facility, Maximum borrowings one	$ 235,000,000
Accounts receivable securitization facility, Maximum borrowings two	$ 340,000,000
Crown accounts receivable securitization facility [Member]
Short-term Debt [Line Items]
Accounts receivable securitization facility, Term	364 days
Accounts receivable securitization facility, Maximum borrowings one	$ 120,000,000
Accounts receivable securitization facility, Maximum borrowings two	$ 210,000,000

XML

Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Income Tax Disclosure [Abstract]
Effective tax rate	16.30%	32.10%	26.70%	29.20%
Undistributed earnings of foreign subsidiaries expected to be indefinitely reinvested	$ 380		$ 380
Amount of unrecognized deferred taxes on undistributed earnings of foreign subsidiaries expected to be indefinitely reinvested	$ 100		$ 100

XML

Stockholders' Equity (Details) - USD ($)		1 Months Ended	9 Months Ended
	Jan. 05, 2017	Jan. 05, 2017	Nov. 30, 2016	Apr. 30, 2012
Class A and Class B [Member] | 2013 Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization				$ 1,000,000,000.0
Class A and Class B [Member] | 2017 Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization			$ 1,000,000,000
Class A Common Stock [Member] | 2013 Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Dollar Value of Shares Repurchased			$ 372,600,000
Number of Shares Repurchased			2,412,193
Class A Common Stock [Member] | 2013 Authorization [Member] | Subsequent Event [Member]
Equity, Class of Treasury Stock [Line Items]
Dollar Value of Shares Repurchased	$ 1,000,000,000	$ 296,900,000
Number of Shares Repurchased	18,670,632	1,988,311
Class A Common Stock [Member] | 2017 Authorization [Member] | Subsequent Event [Member]
Equity, Class of Treasury Stock [Line Items]
Dollar Value of Shares Repurchased	$ 153,100,000	$ 153,100,000
Number of Shares Repurchased	994,142	994,142

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Stockholders' Equity (Details Textual) - USD ($)		1 Months Ended	9 Months Ended
	Jan. 05, 2017	Jan. 05, 2017	Nov. 30, 2016	Apr. 30, 2012
Class A and Class B [Member] | 2013 Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase authorization				$ 1,000,000,000.0
Class A and Class B [Member] | 2017 Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase authorization			$ 1,000,000,000
Class A Common Stock [Member] | 2013 Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased			2,412,193
Dollar value of shares repurchased			$ 372,600,000
Class A Common Stock [Member] | 2013 Authorization [Member] | Subsequent Event [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased	18,670,632	1,988,311
Dollar value of shares repurchased	$ 1,000,000,000	$ 296,900,000
Class A Common Stock [Member] | 2017 Authorization [Member] | Subsequent Event [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased	994,142	994,142
Dollar value of shares repurchased	$ 153,100,000	$ 153,100,000

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Net Income Per Common Share Attributable to CBI (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Earnings per share reconciliation
Net income attributable to CBI allocated – basic	$ 405.9	$ 270.5	$ 1,083.1	$ 811.5
Class A Common Stock [Member]
Earnings per share reconciliation
Net income attributable to CBI allocated – basic	362.6	241.1	967.5	722.7
Conversion of Class B common shares into Class A common shares	43.3	29.4	115.6	88.8
Effect of stock-based awards on allocated net income	0.0	0.0	0.0	0.0
Net income attributable to CBI allocated – diluted	$ 405.9	$ 270.5	$ 1,083.1	$ 811.5
Weighted average number of shares outstanding reconciliation
Weighted average common shares outstanding – basic	177,513	173,933	177,171	172,509
Conversion of Class B common shares into Class A common shares	23,353	23,358	23,353	23,366
Stock-based awards, primarily stock options	4,589	6,805	4,960	7,481
Weighted average common shares outstanding – diluted	205,455	204,096	205,484	203,356
Basic and diluted net income per common share attributable to CBI
Net income per common share attributable to CBI – basic	$ 2.04	$ 1.39	$ 5.46	$ 4.19
Net income per common share attributable to CBI – diluted	$ 1.98	$ 1.33	$ 5.27	$ 3.99
Class B Convertible Common Stock [Member]
Earnings per share reconciliation
Net income attributable to CBI allocated – basic	$ 43.3	$ 29.4	$ 115.6	$ 88.8
Conversion of Class B common shares into Class A common shares	0.0	0.0	0.0	0.0
Effect of stock-based awards on allocated net income	(0.8)	(0.8)	(2.2)	(2.6)
Net income attributable to CBI allocated – diluted	$ 42.5	$ 28.6	$ 113.4	$ 86.2
Weighted average number of shares outstanding reconciliation
Weighted average common shares outstanding – basic	23,353	23,358	23,353	23,366
Conversion of Class B common shares into Class A common shares	0	0	0	0
Stock-based awards, primarily stock options	0	0	0	0
Weighted average common shares outstanding – diluted	23,353	23,358	23,353	23,366
Basic and diluted net income per common share attributable to CBI
Net income per common share attributable to CBI – basic	$ 1.85	$ 1.26	$ 4.95	$ 3.80
Net income per common share attributable to CBI – diluted	$ 1.82	$ 1.22	$ 4.86	$ 3.69

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Comprehensive Income Attributable to CBI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net income attributable to CBI	$ 405.9	$ 270.5	$ 1,083.1	$ 811.5
Pension/postretirement adjustments
Comprehensive income attributable to CBI	252.3	295.8	938.9	597.5
Accumulated Other Comprehensive Income (Loss) [Member]
Foreign currency translation adjustments
Net gains (losses), Before Tax Amount	(125.6)	8.1	(128.4)	(209.7)
Net gains (losses), Tax (Expense) Benefit	1.0	(0.1)	(0.7)	2.7
Net gains (losses), Net of Tax Amount	(124.6)	8.0	(129.1)	(207.0)
Reclassification adjustments, Before Tax Amount	0.0	0.0	0.0	0.0
Reclassification adjustments, Tax (Expense) Benefit	0.0	0.0	0.0	0.0
Reclassification adjustments, Net of Tax Amount	0.0	0.0	0.0	0.0
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount	(125.6)	8.1	(128.4)	(209.7)
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit	1.0	(0.1)	(0.7)	2.7
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(124.6)	8.0	(129.1)	(207.0)
Unrealized gain (loss) on cash flow hedges
Net derivative gains (losses), Before Tax Amount	(52.2)	12.7	(55.3)	(36.2)
Net derivative gains (losses), Tax (Expense) Benefit	15.2	(3.3)	17.8	9.7
Net derivative gains (losses), Net of Tax Amount	(37.0)	9.4	(37.5)	(26.5)
Reclassification adjustments, Before Tax Amount	11.1	10.8	32.0	27.1
Reclassification adjustments, Tax (Expense) Benefit	(3.4)	(3.1)	(10.1)	(8.2)
Reclassification adjustments, Net of Tax Amount	7.7	7.7	21.9	18.9
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount	(41.1)	23.5	(23.3)	(9.1)
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit	11.8	(6.4)	7.7	1.5
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(29.3)	17.1	(15.6)	(7.6)
Unrealized gain (loss) on AFS debt securities
Net AFS debt securities gains (losses), Before Tax Amount	(0.1)		0.1	(0.4)
Net AFS debt securities gains (losses), Tax (Expense) Benefit	0.0		0.1	0.0
Net AFS debt securities gains (losses), Net of Tax Amount	(0.1)		0.2	(0.4)
Reclassification adjustments, Before Tax Amount	0.0		0.0	0.0
Reclassification adjustments, Tax (Expense) Benefit	0.0		0.0	0.0
Reclassification adjustments, Net of Tax Amount	0.0		0.0	0.0
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount	(0.1)		0.1	(0.4)
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit	0.0		0.1	0.0
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(0.1)		0.2	(0.4)
Pension/postretirement adjustments
Net actuarial gains (losses), Before Tax Amount	0.5	0.3	(0.1)	1.2
Net actuarial gains (losses), Tax (Expense) Benefit	(0.2)	0.0	0.0	(0.3)
Net actuarial gains (losses), Net of Tax Amount	0.3	0.3	(0.1)	0.9
Reclassification adjustments, Before Tax Amount	0.2	0.1	0.5	0.3
Reclassification adjustments, Tax (Expense) Benefit	(0.1)	(0.2)	(0.1)	(0.2)
Reclassification adjustments, Net of Tax Amount	0.1	(0.1)	0.4	0.1
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount	0.7	0.4	0.4	1.5
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit	(0.3)	(0.2)	(0.1)	(0.5)
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	0.4	0.2	0.3	1.0
Other comprehensive income (loss) attributable to CBI, Before Tax Amount	(166.1)	32.0	(151.2)	(217.7)
Other comprehensive income (loss) attributable to CBI, Tax (Expense) Benefit	12.5	(6.7)	7.0	3.7
Other comprehensive income (loss) attributable to CBI, Net of Tax Amount	$ (153.6)	$ 25.3	$ (144.2)	$ (214.0)

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Comprehensive Income Attributable to CBI (Details 1) $ in Millions	9 Months Ended
	Nov. 30, 2016 USD ($)
Accumulated other comprehensive income (loss), net of income tax effect [Roll Forward]
Balance, February 29, 2016	$ 6,559.6
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Balance, November 30, 2016	7,018.0
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated other comprehensive income (loss), net of income tax effect [Roll Forward]
Balance, February 29, 2016	(452.5)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Other comprehensive income (loss) before reclassification adjustments	(166.5)
Amounts reclassified from accumulated other comprehensive loss	22.3
Other comprehensive income (loss)	(144.2)
Balance, November 30, 2016	(596.7)
Foreign Currency Translation Adjustments [Member]
Accumulated other comprehensive income (loss), net of income tax effect [Roll Forward]
Balance, February 29, 2016	(390.5)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Other comprehensive income (loss) before reclassification adjustments	(129.1)
Amounts reclassified from accumulated other comprehensive loss	0.0
Other comprehensive income (loss)	(129.1)
Balance, November 30, 2016	(519.6)
Net Unrealized Losses on Derivative Instruments [Member]
Accumulated other comprehensive income (loss), net of income tax effect [Roll Forward]
Balance, February 29, 2016	(46.1)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Other comprehensive income (loss) before reclassification adjustments	(37.5)
Amounts reclassified from accumulated other comprehensive loss	21.9
Other comprehensive income (loss)	(15.6)
Balance, November 30, 2016	(61.7)
Net Unrealized Gains (Losses) on AFS Debt Securities [Member]
Accumulated other comprehensive income (loss), net of income tax effect [Roll Forward]
Balance, February 29, 2016	(2.8)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Other comprehensive income (loss) before reclassification adjustments	0.2
Amounts reclassified from accumulated other comprehensive loss	0.0
Other comprehensive income (loss)	0.2
Balance, November 30, 2016	(2.6)
Pension/ Postretirement Adjustments [Member]
Accumulated other comprehensive income (loss), net of income tax effect [Roll Forward]
Balance, February 29, 2016	(13.1)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Other comprehensive income (loss) before reclassification adjustments	(0.1)
Amounts reclassified from accumulated other comprehensive loss	0.4
Other comprehensive income (loss)	0.3
Balance, November 30, 2016	$ (12.8)

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Condensed Consolidating Financial Information (Details) - USD ($) $ in Millions	Nov. 30, 2016	Feb. 29, 2016	Nov. 30, 2015	Feb. 28, 2015
Condensed Financial Statements, Captions [Line Items]
Percentage of parent ownership of subsidiary guarantors	100.00%
Current assets:
Cash and cash equivalents	$ 197.3	$ 83.1	$ 491.3	$ 110.1
Accounts receivable	856.0	732.5
Inventories	2,123.1	1,851.6
Intercompany receivable	0.0	0.0
Prepaid expenses and other	268.4	310.4
Total current assets	3,444.8	2,977.6
Property, plant and equipment	3,708.0	3,333.4	2,949.0
Investments in subsidiaries	0.0	0.0
Goodwill	7,517.9	7,138.6		6,208.2
Intangible assets	3,494.2	3,403.8
Intercompany notes receivable	0.0	0.0
Other assets	155.2	111.6
Total assets	18,320.1	16,965.0	16,108.1
Current liabilities:
Notes payable to banks	353.4	408.3
Current maturities of long-term debt	915.7	856.7
Accounts payable	772.3	429.3
Accrued excise taxes	33.0	33.6
Intercompany payable	0.0	0.0
Other accrued expenses and liabilities	562.2	544.4
Total current liabilities	2,636.6	2,272.3
Long-term debt, less current maturities	7,362.5	6,816.2
Deferred income taxes	1,124.0	1,022.2
Intercompany notes payable	0.0	0.0
Other liabilities	199.3	162.5
Total liabilities	11,322.4	10,273.2
Total CBI stockholders’ equity	7,018.0	6,559.6
Noncontrolling interests	(20.3)	132.2
Total stockholders’ equity	6,997.7	6,691.8
Total liabilities and stockholders’ equity	18,320.1	16,965.0
Eliminations [Member]
Current assets:
Cash and cash equivalents	0.0	0.0	0.0	0.0
Accounts receivable	0.0	0.0
Inventories	(110.6)	(127.5)
Intercompany receivable	(61,321.7)	(50,611.7)
Prepaid expenses and other	(92.8)	(68.1)
Total current assets	(61,525.1)	(50,807.3)
Property, plant and equipment	0.0	0.0
Investments in subsidiaries	(13,281.9)	(13,066.2)
Goodwill	0.0	0.0
Intangible assets	0.0	2.1
Intercompany notes receivable	(5,416.4)	(4,792.5)
Other assets	0.0	0.0
Total assets	(80,223.4)	(68,663.9)
Current liabilities:
Notes payable to banks	0.0	0.0
Current maturities of long-term debt	0.0	0.0
Accounts payable	0.0	0.0
Accrued excise taxes	0.0	0.0
Intercompany payable	(61,321.7)	(50,611.7)
Other accrued expenses and liabilities	(128.5)	(109.2)
Total current liabilities	(61,450.2)	(50,720.9)
Long-term debt, less current maturities	0.0	0.0
Deferred income taxes	0.0	0.0
Intercompany notes payable	(5,416.4)	(4,792.5)
Other liabilities	0.0	0.0
Total liabilities	(66,866.6)	(55,513.4)
Total CBI stockholders’ equity	(13,356.8)	(13,150.5)
Noncontrolling interests	0.0	0.0
Total stockholders’ equity	(13,356.8)	(13,150.5)
Total liabilities and stockholders’ equity	(80,223.4)	(68,663.9)
Parent Company [Member]
Current assets:
Cash and cash equivalents	13.3	6.0	260.5	24.5
Accounts receivable	0.7	0.4
Inventories	170.5	151.6
Intercompany receivable	21,273.6	17,459.3
Prepaid expenses and other	40.1	29.6
Total current assets	21,498.2	17,646.9
Property, plant and equipment	65.6	63.2
Investments in subsidiaries	13,258.5	13,047.2
Goodwill	0.0	0.0
Intangible assets	0.0	0.0
Intercompany notes receivable	5,016.3	4,705.9
Other assets	19.5	20.0
Total assets	39,858.1	35,483.2
Current liabilities:
Notes payable to banks	220.0	0.0
Current maturities of long-term debt	767.7	765.6
Accounts payable	46.0	37.7
Accrued excise taxes	15.1	14.7
Intercompany payable	26,589.9	22,293.3
Other accrued expenses and liabilities	280.4	349.1
Total current liabilities	27,919.1	23,460.4
Long-term debt, less current maturities	4,680.2	5,421.4
Deferred income taxes	12.5	11.9
Intercompany notes payable	200.0	0.0
Other liabilities	28.3	29.9
Total liabilities	32,840.1	28,923.6
Total CBI stockholders’ equity	7,018.0	6,559.6
Noncontrolling interests	0.0	0.0
Total stockholders’ equity	7,018.0	6,559.6
Total liabilities and stockholders’ equity	39,858.1	35,483.2
Subsidiary Guarantors [Member]
Current assets:
Cash and cash equivalents	7.7	4.2	0.9	0.7
Accounts receivable	23.7	22.3
Inventories	1,628.3	1,483.5
Intercompany receivable	28,448.7	23,758.9
Prepaid expenses and other	58.7	67.8
Total current assets	30,167.1	25,336.7
Property, plant and equipment	922.1	879.8
Investments in subsidiaries	23.4	19.0
Goodwill	6,590.1	6,376.4
Intangible assets	1,002.9	970.9
Intercompany notes receivable	200.1	86.6
Other assets	92.2	69.6
Total assets	38,997.9	33,739.0
Current liabilities:
Notes payable to banks	0.0	0.0
Current maturities of long-term debt	17.0	18.0
Accounts payable	337.6	100.7
Accrued excise taxes	12.5	14.7
Intercompany payable	23,011.5	19,018.6
Other accrued expenses and liabilities	214.4	185.1
Total current liabilities	23,593.0	19,337.1
Long-term debt, less current maturities	25.4	26.3
Deferred income taxes	815.4	734.8
Intercompany notes payable	5,184.0	4,776.6
Other liabilities	30.2	39.1
Total liabilities	29,648.0	24,913.9
Total CBI stockholders’ equity	9,349.9	8,825.1
Noncontrolling interests	0.0	0.0
Total stockholders’ equity	9,349.9	8,825.1
Total liabilities and stockholders’ equity	38,997.9	33,739.0
Subsidiary Nonguarantors [Member]
Current assets:
Cash and cash equivalents	176.3	72.9	$ 229.9	$ 84.9
Accounts receivable	831.6	709.8
Inventories	434.9	344.0
Intercompany receivable	11,599.4	9,393.5
Prepaid expenses and other	262.4	281.1
Total current assets	13,304.6	10,801.3
Property, plant and equipment	2,720.3	2,390.4
Investments in subsidiaries	0.0	0.0
Goodwill	927.8	762.2
Intangible assets	2,491.3	2,430.8
Intercompany notes receivable	200.0	0.0
Other assets	43.5	22.0
Total assets	19,687.5	16,406.7
Current liabilities:
Notes payable to banks	133.4	408.3
Current maturities of long-term debt	131.0	73.1
Accounts payable	388.7	290.9
Accrued excise taxes	5.4	4.2
Intercompany payable	11,720.3	9,299.8
Other accrued expenses and liabilities	195.9	119.4
Total current liabilities	12,574.7	10,195.7
Long-term debt, less current maturities	2,656.9	1,368.5
Deferred income taxes	296.1	275.5
Intercompany notes payable	32.4	15.9
Other liabilities	140.8	93.5
Total liabilities	15,700.9	11,949.1
Total CBI stockholders’ equity	4,006.9	4,325.4
Noncontrolling interests	(20.3)	132.2
Total stockholders’ equity	3,986.6	4,457.6
Total liabilities and stockholders’ equity	$ 19,687.5	$ 16,406.7

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Condensed Consolidating Financial Information (Details 1) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Condensed Consolidating Statement of Comprehensive Income
Sales	$ 1,992.7	$ 1,812.4	$ 6,268.5	$ 5,523.3
Less – excise taxes	(182.2)	(171.9)	(565.0)	(518.1)
Net sales	1,810.5	1,640.5	5,703.5	5,005.2
Cost of product sold	(919.1)	(907.0)	(2,961.8)	(2,759.0)
Gross profit	891.4	733.5	2,741.7	2,246.2
Selling, general and administrative expenses	(357.4)	(286.2)	(1,044.1)	(892.2)
Operating income	534.0	447.3	1,697.6	1,354.0
Equity in earnings of equity method investees and subsidiaries	27.5	27.3	28.2	28.5
Interest income	0.3	0.1	1.3	0.5
Intercompany interest income	0.0	0.0	0.0	0.0
Interest expense	(77.9)	(75.7)	(257.6)	(230.9)
Intercompany interest expense	0.0	0.0	0.0	0.0
Income before income taxes	483.9	399.0	1,469.5	1,151.0
(Provision for) benefit from income taxes	(78.9)	(128.0)	(392.2)	(335.7)
Net income	405.0	271.0	1,077.3	815.3
Net (income) loss attributable to noncontrolling interests	0.9	(0.5)	5.8	(3.8)
Net income attributable to CBI	405.9	270.5	1,083.1	811.5
Comprehensive income attributable to CBI	252.3	295.8	938.9	597.5
Loss on write-off of debt issuance costs	0.0	0.0	0.0	(1.1)
Eliminations [Member]
Condensed Consolidating Statement of Comprehensive Income
Sales	(1,120.8)	(938.9)	(3,467.2)	(2,952.0)
Less – excise taxes	0.0	0.0	0.0	0.0
Net sales	(1,120.8)	(938.9)	(3,467.2)	(2,952.0)
Cost of product sold	1,106.9	959.0	3,439.3	2,967.2
Gross profit	(13.9)	20.1	(27.9)	15.2
Selling, general and administrative expenses	17.1	(12.1)	38.9	(5.0)
Operating income	3.2	8.0	11.0	10.2
Equity in earnings of equity method investees and subsidiaries	(431.9)	(299.8)	(1,211.8)	(929.0)
Interest income	0.0	0.0	0.0	0.0
Intercompany interest income	(136.5)	(112.4)	(400.5)	(334.7)
Interest expense	0.0	0.0	0.0	0.0
Intercompany interest expense	136.5	112.4	400.5	334.7
Income before income taxes	(428.7)	(291.8)	(1,200.8)	(918.8)
(Provision for) benefit from income taxes	(0.1)	(3.3)	(4.3)	(4.3)
Net income	(428.8)	(295.1)	(1,205.1)	(923.1)
Net (income) loss attributable to noncontrolling interests	0.0	0.0	0.0	0.0
Net income attributable to CBI	(428.8)	(295.1)	(1,205.1)	(923.1)
Comprehensive income attributable to CBI	(268.4)	(318.8)	(1,052.4)	(704.7)
Loss on write-off of debt issuance costs				0.0
Parent Company [Member]
Condensed Consolidating Statement of Comprehensive Income
Sales	734.8	708.1	2,070.2	1,891.7
Less – excise taxes	(89.9)	(91.6)	(260.0)	(251.3)
Net sales	644.9	616.5	1,810.2	1,640.4
Cost of product sold	(522.4)	(496.9)	(1,472.9)	(1,325.4)
Gross profit	122.5	119.6	337.3	315.0
Selling, general and administrative expenses	(109.7)	(81.9)	(310.4)	(281.5)
Operating income	12.8	37.7	26.9	33.5
Equity in earnings of equity method investees and subsidiaries	430.9	298.6	1,207.5	924.9
Interest income	0.0	0.0	0.4	0.1
Intercompany interest income	56.2	46.0	170.9	138.0
Interest expense	(61.5)	(71.5)	(212.6)	(212.3)
Intercompany interest expense	(80.1)	(66.2)	(229.1)	(196.2)
Income before income taxes	358.3	244.6	964.0	687.6
(Provision for) benefit from income taxes	47.6	25.9	119.1	123.9
Net income	405.9	270.5	1,083.1	811.5
Net (income) loss attributable to noncontrolling interests	0.0	0.0	0.0	0.0
Net income attributable to CBI	405.9	270.5	1,083.1	811.5
Comprehensive income attributable to CBI	252.3	295.8	938.9	597.5
Loss on write-off of debt issuance costs				(0.4)
Subsidiary Guarantors [Member]
Condensed Consolidating Statement of Comprehensive Income
Sales	1,563.5	1,366.8	5,061.5	4,289.2
Less – excise taxes	(73.8)	(64.6)	(254.2)	(219.4)
Net sales	1,489.7	1,302.2	4,807.3	4,069.8
Cost of product sold	(1,043.9)	(943.8)	(3,444.7)	(3,023.4)
Gross profit	445.8	358.4	1,362.6	1,046.4
Selling, general and administrative expenses	(194.7)	(157.6)	(590.9)	(508.9)
Operating income	251.1	200.8	771.7	537.5
Equity in earnings of equity method investees and subsidiaries	28.4	28.1	32.0	31.8
Interest income	0.0	0.0	0.0	0.0
Intercompany interest income	80.3	66.3	229.5	196.6
Interest expense	(0.4)	(0.3)	(1.2)	(0.9)
Intercompany interest expense	(56.1)	(46.0)	(170.7)	(137.9)
Income before income taxes	303.3	248.9	861.3	627.1
(Provision for) benefit from income taxes	(119.1)	(99.2)	(336.5)	(247.1)
Net income	184.2	149.7	524.8	380.0
Net (income) loss attributable to noncontrolling interests	0.0	0.0	0.0	0.0
Net income attributable to CBI	184.2	149.7	524.8	380.0
Comprehensive income attributable to CBI	182.5	149.0	524.8	379.1
Loss on write-off of debt issuance costs				0.0
Subsidiary Nonguarantors [Member]
Condensed Consolidating Statement of Comprehensive Income
Sales	815.2	676.4	2,604.0	2,294.4
Less – excise taxes	(18.5)	(15.7)	(50.8)	(47.4)
Net sales	796.7	660.7	2,553.2	2,247.0
Cost of product sold	(459.7)	(425.3)	(1,483.5)	(1,377.4)
Gross profit	337.0	235.4	1,069.7	869.6
Selling, general and administrative expenses	(70.1)	(34.6)	(181.7)	(96.8)
Operating income	266.9	200.8	888.0	772.8
Equity in earnings of equity method investees and subsidiaries	0.1	0.4	0.5	0.8
Interest income	0.3	0.1	0.9	0.4
Intercompany interest income	0.0	0.1	0.1	0.1
Interest expense	(16.0)	(3.9)	(43.8)	(17.7)
Intercompany interest expense	(0.3)	(0.2)	(0.7)	(0.6)
Income before income taxes	251.0	197.3	845.0	755.1
(Provision for) benefit from income taxes	(7.3)	(51.4)	(170.5)	(208.2)
Net income	243.7	145.9	674.5	546.9
Net (income) loss attributable to noncontrolling interests	0.9	(0.5)	5.8	(3.8)
Net income attributable to CBI	244.6	145.4	680.3	543.1
Comprehensive income attributable to CBI	$ 85.9	$ 169.8	$ 527.6	325.6
Loss on write-off of debt issuance costs				$ (0.7)

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Condensed Consolidating Financial Information (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities			$ 1,415.7	$ 1,091.6
Cash flows from investing activities:
Purchases of property, plant and equipment	$ (223.0)	$ (219.0)	(591.6)	(513.8)
Purchases of businesses, net of cash acquired			(542.2)	(317.9)
Net proceeds from (repayments of) intercompany notes			0.0	0.0
Net returns of capital from (investments in) equity affiliates			0.0	0.0
Other investing activities			(15.3)	4.0
Net cash used in investing activities			(1,149.1)	(827.7)
Cash flows from financing activities:
Dividends paid to parent company			0.0
Net contributions from (returns of capital to) equity affiliates			0.0	0.0
Net proceeds from (repayments of) intercompany notes			0.0	0.0
Principal payments of long-term debt			(907.7)	(148.3)
Purchases of treasury stock			(372.6)	0.0
Dividends paid			(238.3)	(180.4)
Payments of minimum tax withholdings on stock-based payment awards			(66.9)	(38.4)
Net repayments of notes payable			(55.9)	(15.9)
Payments of debt issuance costs			(6.6)	(7.9)
Proceeds from issuance of long-term debt			1,350.1	210.0
Excess tax benefits from stock-based payment awards			112.2	204.2
Proceeds from shares issued under equity compensation plans			39.3	98.9
Net cash provided by (used in) financing activities			(146.4)	122.2
Effect of exchange rate changes on cash and cash equivalents			(6.0)	(4.9)
Net increase in cash and cash equivalents			114.2	381.2
Cash and cash equivalents, beginning of period			83.1	110.1
Cash and cash equivalents, end of period	197.3	491.3	197.3	491.3
Eliminations [Member]
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities			(492.0)	0.0
Cash flows from investing activities:
Purchases of property, plant and equipment			0.0	0.0
Purchases of businesses, net of cash acquired			0.0	0.0
Net proceeds from (repayments of) intercompany notes			(274.7)	(376.4)
Net returns of capital from (investments in) equity affiliates			(361.7)	236.4
Other investing activities			0.0	0.0
Net cash used in investing activities			(636.4)	(140.0)
Cash flows from financing activities:
Dividends paid to parent company			850.4
Net contributions from (returns of capital to) equity affiliates			3.3	(236.4)
Net proceeds from (repayments of) intercompany notes			274.7	376.4
Principal payments of long-term debt			0.0	0.0
Purchases of treasury stock			0.0
Dividends paid			0.0	0.0
Payments of minimum tax withholdings on stock-based payment awards			0.0	0.0
Net repayments of notes payable			0.0	0.0
Payments of debt issuance costs			0.0	0.0
Proceeds from issuance of long-term debt			0.0	0.0
Excess tax benefits from stock-based payment awards			0.0	0.0
Proceeds from shares issued under equity compensation plans			0.0	0.0
Net cash provided by (used in) financing activities			1,128.4	140.0
Effect of exchange rate changes on cash and cash equivalents			0.0	0.0
Net increase in cash and cash equivalents			0.0	0.0
Cash and cash equivalents, beginning of period			0.0	0.0
Cash and cash equivalents, end of period	0.0	0.0	0.0	0.0
Parent Company [Member]
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities			27.4	(456.3)
Cash flows from investing activities:
Purchases of property, plant and equipment			(6.3)	(8.8)
Purchases of businesses, net of cash acquired			0.0	0.0
Net proceeds from (repayments of) intercompany notes			267.2	376.4
Net returns of capital from (investments in) equity affiliates			361.7	(236.4)
Other investing activities			0.2	2.0
Net cash used in investing activities			622.8	133.2
Cash flows from financing activities:
Dividends paid to parent company			0.0
Net contributions from (returns of capital to) equity affiliates			0.0	0.0
Net proceeds from (repayments of) intercompany notes			347.7	292.2
Principal payments of long-term debt			(751.2)	(47.9)
Purchases of treasury stock			(372.6)
Dividends paid			(238.3)	(180.4)
Payments of minimum tax withholdings on stock-based payment awards			0.0	0.0
Net repayments of notes payable			220.0	0.0
Payments of debt issuance costs			0.0	(7.9)
Proceeds from issuance of long-term debt			0.0	200.0
Excess tax benefits from stock-based payment awards			112.2	204.2
Proceeds from shares issued under equity compensation plans			39.3	98.9
Net cash provided by (used in) financing activities			(642.9)	559.1
Effect of exchange rate changes on cash and cash equivalents			0.0	0.0
Net increase in cash and cash equivalents			7.3	236.0
Cash and cash equivalents, beginning of period			6.0	24.5
Cash and cash equivalents, end of period	13.3	260.5	13.3	260.5
Subsidiaries Guarantors [Member]
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities			914.0	775.1
Cash flows from investing activities:
Purchases of property, plant and equipment			(110.3)	(31.8)
Purchases of businesses, net of cash acquired			(284.9)	(316.2)
Net proceeds from (repayments of) intercompany notes			7.5	0.0
Net returns of capital from (investments in) equity affiliates			0.0	0.0
Other investing activities			0.1	(0.7)
Net cash used in investing activities			(387.6)	(348.7)
Cash flows from financing activities:
Dividends paid to parent company			0.0
Net contributions from (returns of capital to) equity affiliates			(8.6)	(31.4)
Net proceeds from (repayments of) intercompany notes			(436.7)	(345.3)
Principal payments of long-term debt			(15.9)	(13.8)
Purchases of treasury stock			0.0
Dividends paid			0.0	0.0
Payments of minimum tax withholdings on stock-based payment awards			(61.7)	(35.7)
Net repayments of notes payable			0.0	0.0
Payments of debt issuance costs			0.0	0.0
Proceeds from issuance of long-term debt			0.0	0.0
Excess tax benefits from stock-based payment awards			0.0	0.0
Proceeds from shares issued under equity compensation plans			0.0	0.0
Net cash provided by (used in) financing activities			(522.9)	(426.2)
Effect of exchange rate changes on cash and cash equivalents			0.0	0.0
Net increase in cash and cash equivalents			3.5	0.2
Cash and cash equivalents, beginning of period			4.2	0.7
Cash and cash equivalents, end of period	7.7	0.9	7.7	0.9
Subsidiary Nonguarantors [Member]
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities			966.3	772.8
Cash flows from investing activities:
Purchases of property, plant and equipment			(475.0)	(473.2)
Purchases of businesses, net of cash acquired			(257.3)	(1.7)
Net proceeds from (repayments of) intercompany notes			0.0	0.0
Net returns of capital from (investments in) equity affiliates			0.0	0.0
Other investing activities			(15.6)	2.7
Net cash used in investing activities			(747.9)	(472.2)
Cash flows from financing activities:
Dividends paid to parent company			(850.4)
Net contributions from (returns of capital to) equity affiliates			5.3	267.8
Net proceeds from (repayments of) intercompany notes			(185.7)	(323.3)
Principal payments of long-term debt			(140.6)	(86.6)
Purchases of treasury stock			0.0
Dividends paid			0.0	0.0
Payments of minimum tax withholdings on stock-based payment awards			(5.2)	(2.7)
Net repayments of notes payable			(275.9)	(15.9)
Payments of debt issuance costs			(6.6)	0.0
Proceeds from issuance of long-term debt			1,350.1	10.0
Excess tax benefits from stock-based payment awards			0.0	0.0
Proceeds from shares issued under equity compensation plans			0.0	0.0
Net cash provided by (used in) financing activities			(109.0)	(150.7)
Effect of exchange rate changes on cash and cash equivalents			(6.0)	(4.9)
Net increase in cash and cash equivalents			103.4	145.0
Cash and cash equivalents, beginning of period			72.9	84.9
Cash and cash equivalents, end of period	$ 176.3	$ 229.9	$ 176.3	$ 229.9

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Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts	$ 0.6	$ (21.9)	$ (6.0)	$ (53.4)
Amortization of favorable interim supply agreement			(8.4)	(32.2)
Total cost of product sold	(919.1)	(907.0)	(2,961.8)	(2,759.0)
Selling, general and administrative expenses
Total selling, general and administrative expenses	(357.4)	(286.2)	(1,044.1)	(892.2)
Comparable Adjustments [Member]
Cost of product sold
Flow through of inventory step-up	(4.9)	(8.6)	(16.4)	(9.8)
Amortization of favorable interim supply agreement	0.0	(7.4)	(2.2)	(25.3)
Total cost of product sold	7.0	(25.9)	16.1	(49.2)
Selling, general and administrative expenses
Transaction, integration and other acquisition-related costs	(5.7)	(1.9)	(11.0)	(12.7)
Net gain (costs) associated with the Canadian Divestiture and related activities	3.6	0.0	(4.5)	0.0
Restructuring and related charges	0.1	(0.7)	(0.9)	(15.0)
Other costs	(2.6)	0.0	(2.6)	0.0
Total selling, general and administrative expenses	(4.6)	(2.6)	(19.0)	(27.7)
Comparable Adjustments, Operating income (loss)	2.4	(28.5)	(2.9)	(76.9)
Comparable Adjustments [Member] | Commodity derivative contracts [Member]
Cost of product sold
Settlements of undesignated commodity derivative contracts	5.2	8.2	20.3	20.4
Net gain (loss) on undesignated commodity derivative contracts	$ 6.7	$ (18.1)	$ 14.4	$ (34.5)

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Business Segment Information (Details 1) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015	Feb. 29, 2016
Segment Reporting Information [Line Items]
Net sales	$ 1,810.5	$ 1,640.5	$ 5,703.5	$ 5,005.2
Segment operating income (loss)	534.0	447.3	1,697.6	1,354.0
Long-lived tangible assets	3,708.0	2,949.0	3,708.0	2,949.0	$ 3,333.4
Total assets	18,320.1	16,108.1	18,320.1	16,108.1	$ 16,965.0
Capital expenditures	223.0	219.0	591.6	513.8
Depreciation and amortization	63.5	51.3	183.7	162.7
Equity in earnings of equity method investees	27.5	27.3	28.2	28.5
Investments in equity method investees	115.7	92.0	115.7	92.0
Operating Segments [Member] | Beer [Member]
Segment Reporting Information [Line Items]
Net sales	964.6	831.3	3,338.1	2,816.6
Segment operating income (loss)	335.7	291.6	1,195.7	984.0
Long-lived tangible assets	2,506.6	1,806.7	2,506.6	1,806.7
Total assets	10,351.5	8,596.3	10,351.5	8,596.3
Capital expenditures	191.0	196.6	494.9	457.3
Depreciation and amortization	29.5	13.5	82.7	41.4
Operating Segments [Member] | Wine and Spirits [Member]
Segment Reporting Information [Line Items]
Net sales	845.9	809.2	2,365.4	2,188.6
Segment operating income (loss)	231.0	222.7	604.7	542.8
Long-lived tangible assets	1,069.7	1,034.1	1,069.7	1,034.1
Total assets	7,616.3	6,856.5	7,616.3	6,856.5
Capital expenditures	25.7	20.5	55.3	52.4
Depreciation and amortization	25.8	23.7	76.0	75.3
Equity in earnings of equity method investees	27.7	27.3	28.4	28.5
Investments in equity method investees	92.9	91.0	92.9	91.0
Operating Segments [Member] | Wine and Spirits [Member] | Wine [Member]
Segment Reporting Information [Line Items]
Net sales	754.3	719.4	2,102.8	1,931.5
Operating Segments [Member] | Wine and Spirits [Member] | Spirits [Member]
Segment Reporting Information [Line Items]
Net sales	91.6	89.8	262.6	257.1
Operating Segments [Member] | Corporate Operations and Other [Member]
Segment Reporting Information [Line Items]
Segment operating income (loss)	(35.1)	(38.5)	(99.9)	(95.9)
Long-lived tangible assets	131.7	108.2	131.7	108.2
Total assets	352.3	655.3	352.3	655.3
Capital expenditures	6.3	1.9	41.4	4.1
Depreciation and amortization	8.2	6.7	22.8	20.7
Equity in earnings of equity method investees	(0.2)	0.0	(0.2)	0.0
Investments in equity method investees	22.8	1.0	22.8	1.0
Comparable Adjustments [Member]
Segment Reporting Information [Line Items]
Segment operating income (loss)	2.4	(28.5)	(2.9)	(76.9)
Depreciation and amortization	$ 0.0	$ 7.4	$ 2.2	$ 25.3

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Business Segment Information (Details Textual)	9 Months Ended
	Nov. 30, 2016 division segment
Segment Reporting [Abstract]
Number of business divisions | division	2
Number of reportable operating segments | segment	3

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Subsequent Event (Details Textual) $ in Millions	1 Months Ended
	Dec. 31, 2016 USD ($)
Subsequent Event [Member] | Obregon Brewery [Member] | Operating Segments [Member] | Beer [Member]
Subsequent Event [Line Items]
Purchase price, net of cash acquired	$ 583.4