10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

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

For the fiscal year ended February 28, 2015

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)
Registrant’s telephone number, including area code (585) 678-7100
Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Name of each exchange on which registered
Class A Common Stock (par value $.01 per share)	New York Stock Exchange
Class B Common Stock (par value $.01 per share)	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ý    No  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  ý

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.    Yes  ý    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).    Yes  ý    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ý

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 aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based upon the closing sales prices of the registrant’s Class A and Class B Common Stock as reported on the New York Stock Exchange as of the last business day of the registrant’s most recently completed second fiscal quarter was $14,090,012,424.

The number of shares outstanding with respect to each of the classes of common stock of Constellation Brands, Inc., as of April 22, 2015, is set forth below:
Class	Number of Shares Outstanding
Class A Common Stock, par value $.01 per share	171,373,750
Class B Common Stock, par value $.01 per share	23,370,208
Class 1 Common Stock, par value $.01 per share	None

DOCUMENTS INCORPORATED BY REFERENCE

The Proxy Statement of Constellation Brands, Inc. to be issued for the Annual Meeting of Stockholders which is expected to be held July 22, 2015 is incorporated by reference in Part III to the extent described therein.

TABLE OF CONTENTS

		Page
PART I
ITEM 1.	Business	1
ITEM 1A.	Risk Factors	10
ITEM 1B.	Unresolved Staff Comments	21
ITEM 2.	Properties	21
ITEM 3.	Legal Proceedings	22
ITEM 4.	Mine Safety Disclosures	23
PART II
ITEM 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	24
ITEM 6.	Selected Financial Data	25
ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
ITEM 7A.	Quantitative and Qualitative Disclosures About Market Risk	46
ITEM 8.	Financial Statements and Supplementary Data	48
ITEM 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	106
ITEM 9A.	Controls and Procedures	106
ITEM 9B.	Other Information	106
PART III
ITEM 10.	Directors, Executive Officers and Corporate Governance	107
ITEM 11.	Executive Compensation	107
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	107
ITEM 13.	Certain Relationships and Related Transactions, and Director Independence	108
ITEM 14.	Principal Accounting Fees and Services	108
PART IV
ITEM 15.	Exhibits, Financial Statement Schedules	109

This Annual Report on Form 10-K 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 Annual Report on Form 10-K, including without limitation (I)the statements under Item 1 “Business” and Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding (i)our business strategy, future financial position, prospects, plans and objectives of management, (ii) information concerning expected or potential actions of third parties, (iii)information concerning the future expected balance of supply and demand for wine, (iv)the duration of the share repurchase implementation and source of funds for share repurchases, (v)our effective tax rate, (vi)the timing and source of funds for operating activities and (vii)the amount and timing of future dividends, and (II)the statements regarding the expansions of our Brewery, glass sourcing strategy, glass plant integration and expansion, and integration of the glass joint venture, including anticipated costs and timeframes for completion are forward-looking statements. When used in this Annual Report on Form 10-K, 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 Annual Report on Form 10-K. 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 Annual Report on Form 10-K are also subject to the risk and uncertainty that (i)  the actual balance of supply and demand for wine products will vary from current expectations due to, among other reasons, actual grape harvest, actual shipments to distributors and actual consumer demand, (ii)the actual demand for our products will vary from current expectations due to, among other reasons, actual shipments to distributors and actual consumer demand, (iii)  the amount 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 Beer Business Acquisition and other factors as determined by management from time to time, (iv)  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, and (v)  the timeframe and actual costs associated with the expansions of our Brewery, glass sourcing strategy, glass plant integration and expansion, and integration of the glass joint venture may vary from management’s current expectations due to market conditions, our cash and debt position, receipt of all required regulatory approvals by the expected dates and on the expected terms and other factors as determined by management. Additional important factors that could cause actual results to differ materially from those set forth in or implied by our forward-looking statements contained in this Annual Report on Form 10-K are those described in Item 1A “Risk Factors” and elsewhere in this report and in our other filings with the Securities and Exchange Commission.

Unless the context otherwise requires, the terms “Company,” “CBI,” “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. All references to “net sales” refer to gross sales less promotions, returns and allowances, and excise taxes consistent with the Company’s method of classification. All references to “Fiscal 2015,” “Fiscal 2014” and “Fiscal 2013” refer to the Company’s fiscal year ended the last day of February of the indicated year. All references to “Fiscal 2016” refer to our fiscal year ending February 29, 2016. Unless otherwise defined herein, refer to the Notes to the Consolidated Financial Statements under Item 8 of this Annual Report on Form 10-K for the definition of capitalized terms used herein.

Market positions and industry data discussed in this Annual Report on Form 10-K are as of calendar 2014 and have been obtained or derived from industry and government publications and our estimates. The industry and government publications include: Association for Canadian Distillers; Aztec; Beer Institute; Beer Marketers Insights; Beverage Information Group; Distilled Spirits Council of the United States; Euromonitor International; The Gomberg-Fredrikson Report; Impact Databank Review and Forecast; International Wine and Spirit Record; IRI; and National Alcohol Beverage Control Association. We have not independently verified the data from the industry and government publications. Unless otherwise noted, all references to market positions are based on equivalent unit volume.

PART I

Item 1. Business.

Introduction

We are a leading international beverage alcohol company with many of our products recognized as leaders in their respective categories and geographic markets. We are the third-largest producer and marketer of beer for the U.S. market and the world’s leading premium wine company with a leading market position in the U.S. and Canada. Our wine portfolio is complemented by select premium spirits brands and other select beverage alcohol products. We are the largest multi-category supplier (beer, wine and spirits) (“Multi-category Supplier”) of beverage alcohol in the U.S. Our strong market positions make us a supplier of choice to many of our customers, who include wholesale distributors, retailers, on-premise locations and government alcohol beverage control agencies.

The Company is a Delaware corporation incorporated on December 4, 1972, as the successor to a business founded in 1945. We have approximately 7,200 employees located primarily in the U.S., Canada and Mexico, with our corporate headquarters located in Victor, New York. We conduct our business through entities we wholly own as well as through a variety of joint ventures and other entities.

Strategy

Certain key industry trends during the past decade have impacted our activities, results and strategy. These include:

• consolidation of suppliers, wholesalers and retailers;

• high-end beer (imports and crafts) growing faster than domestic beer in the U.S.;

• an increase in global wine consumption, with premium wines growing faster than value-priced wines; and

• volume of premium spirits growing faster than value-priced spirits in the U.S.

To capitalize on these trends, become more competitive and grow our business, we have generally employed a strategy focused on a combination of organic growth and acquisitions, with an increasing focus on the higher-margin premium categories of the beverage alcohol industry. Key elements of our strategy include:

• leveraging our existing portfolio of leading brands;

• developing new products, new packaging and line extensions;

• strengthening relationships with wholesalers and retailers;

• expanding distribution of our product portfolio;

• enhancing and expanding production capabilities;

• realizing operating efficiencies and synergies; and

• maximizing asset utilization.

We have complemented this strategy by divesting certain businesses, brands and assets as part of our efforts to increase the mix of premium brands, improve margins, create operating efficiencies and reduce debt. Further, we have acquired higher-margin premium wine growth brands, and we have completed the Beer Business Acquisition to solidify our position in the U.S. beer market over the long-term; diversify our profit base and enhance our margins, results of operations and cash flow; and provide new avenues for growth.

For further information on our strategy, see Management’s Discussion and Analysis of Financial Condition and Results of Operations under Item 7 of this Annual Report on Form 10-K (“MD&A”).

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Investments, Acquisitions and Divestitures

As part of our strategy to improve margins, enhance production capabilities and keep an increased focus on the higher-margin premium categories of the beverage alcohol industry, we have made the following investments, acquisitions and divestitures:

Name	Period
Glass production plant acquisition through joint venture with Owens-Illinois	December 2014
Casa Noble acquisition	September 2014
Beer Business Acquisition	June 2013
Mark West acquisition	July 2012
Ruffino acquisition	October 2011
CWAE Divestiture	January 2011

Glass Production Plant Acquisition

The formation of an equally-owned joint venture with Owens-Illinois, the world’s largest glass container manufacturer, and the acquisition of a state-of-the-art glass production plant that is located adjacent to our Brewery in Nava, Mexico, has solidified our long-term glass sourcing strategy under favorable terms.

Casa Noble Acquisition

The acquisition of this fast-growing, higher-margin, super-premium tequila brand has complemented our Mexican beer portfolio and has further strengthened both our on and off-premise presence as tequila and Mexican beer share similar target consumers and drinking occasions. In addition, Casa Noble fits well into our existing wine and spirits distribution infrastructure.

Beer Business Acquisition

The acquisition of Modelo’s U.S. beer business included the remaining 50% interest in Crown Imports, which provides us with complete, independent control of our U.S. commercial beer business; a state-of-the-art Brewery in Mexico; and exclusive perpetual brand rights to import, market and sell Corona and the other Mexican Beer Brands in the U.S. market. The transaction solidified our position in the U.S. beer market for the long term and made us the third-largest brewer and seller of beer for the U.S. market. Combining this with our strong position in wine and spirits positions us as the largest Multi-category Supplier of beverage alcohol in the U.S.

Mark West

The acquisition of this higher-margin, premium wine growth brand has complemented our existing portfolio and further strengthened our position in the U.S. Pinot Noir category.

Ruffino

The acquisition of the remaining equity interest in this business has solidified our position in the Italian premium wine category in the U.S. and Canada.

CWAE Divestiture

Consistent with our strategic focus on premiumizing our portfolio and improving our margins and return on invested capital, we sold 80.1% of our Australian and U.K. business in January 2011 (the “CWAE Divestiture”).

For further information about our Fiscal 2015, Fiscal 2014 and Fiscal 2013 transactions, refer to (i)  MD&A and (ii)  Note 2 of the Notes to the Consolidated Financial Statements under Item 8 of this Annual Report on Form 10-K (“Notes to the Financial Statements”).

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Business Segments

We report our operating results in three segments: (i)  Beer, (ii)  Wine and Spirits, and (iii)  Corporate Operations and Other. The business segments reflect how our operations are managed, how operating performance is evaluated by senior management and the structure of our internal financial reporting. We report net sales in two reportable segments, as follows:

	For the Year Ended February 28, 2015		% of Reportable Segment Net Sales		For the Year Ended February 28, 2014			% of Reportable Segment Net Sales		For the Year Ended February 28, 2013			% of Reportable Segment Net Sales
(in millions)
Beer	$	3,188.6	52.9	%	$	2,835.6		49.9	%	$	2,588.1		48.1	%
Wine and Spirits:
Wine	2,523.4		41.9	%	2,554.2			44.9	%	2,495.8			46.4	%
Spirits	316.0		5.2	%	291.3			5.1	%	300.3			5.6	%
Total Wine and Spirits	2,839.4		47.1	%	2,845.5			50.1	%	2,796.1			51.9	%
Total Reportable Segments	6,028.0		100.0	%	5,681.1			100.0	%	5,384.2			100.0	%
Consolidation and Eliminations	—				(813.4		)			(2,588.1		)
Consolidated Net Sales	$	6,028.0			$	4,867.7				$	2,796.1

Beer

We have the exclusive right to import, market and sell these Mexican Beer Brands in all 50 states of the U.S.:

• Corona Extra

• Corona Light

• Modelo Especial

• Pacifico

• Negra Modelo

• Victoria

In the U.S., we have five of the top-selling 15 imported beer brands. Corona Extra is the best-selling imported beer and the fifth best-selling beer overall in the U.S.; Corona Light is the leading imported light beer; and Modelo Especial is the second-largest and one of the fastest-growing major imported beer brands. During Fiscal 2014, we introduced Modelo Especial Chelada, a blend of Modelo Especial with flavors of tomato, salt and lime, to further capitalize on the strength of this growing brand. Additionally, we are continuing efforts focused on increasing sales penetration of products in can and draft package formats.

The current capacity of our Brewery is 10 million hectoliters. We intend to expand the Brewery’s capacity by 15 million hectoliters to 25 million hectoliters of capacity. The first 10 million hectoliters of Brewery expansion is targeted to be completed in June 2016. The remaining 5 million hectoliters is expected to be completed by the end of calendar 2017. Total spend related to Brewery capacity expansion activities is estimated to be in the range of $1.45 to $1.65 billion. We invested approximately $125 million for the Brewery expansion for Fiscal 2014 and approximately $550 million for Fiscal 2015.

Prior to the Beer Business Acquisition, we and Modelo, indirectly, each had an equal interest in Crown Imports, which had the exclusive right to import, market and sell the Mexican Beer Brands.

Wine and Spirits

We are the world’s leading producer and marketer of premium wine. 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,

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super-premium and fine wine – and we have a leading market position in the U.S. and Canada. Our portfolio of super-premium and fine wines is supported by vineyard holdings in the U.S., Canada, New Zealand and Italy. Our top premium spirits brands have leading positions in their respective categories.

Our wine produced in the U.S. is primarily marketed domestically and in Canada. Wine produced in Canada is primarily marketed domestically. Wine produced in New Zealand and Italy is primarily marketed in the U.S. and Canada. In addition, we export our wine products to other major world markets.

In our spirits business, SVEDKA Vodka is imported from Sweden and is the second-largest imported vodka brand in the U.S. Black Velvet Canadian Whisky is the second-largest Canadian whisky brand in the U.S.

In the U.S., we sell 16 of the top-selling 100 table wine brands and are a leading premium wine company. Some of our well-known wine and spirits brands sold in the U.S., which comprise our U.S. Focus Brands (“Focus Brands”), include:

Wine Brands			Spirits Brands
Arbor Mist	Inniskillin	Rex Goliath	Black Velvet Canadian Whisky
Black Box	Kim Crawford	Robert Mondavi	SVEDKA Vodka
Blackstone	Mark West	Ruffino
Clos du Bois	Mount Veeder	Simi
Estancia	Nobilo	Toasted Head
Franciscan Estate	Ravenswood	Wild Horse

We dedicate a large share of sales and marketing resources to these brands as they represent a majority of our U.S. wine and spirits revenue and profitability, and have strong positions in their respective price segments, mostly within the $5 to $20 price range at U.S. retail. Within the Focus Brands, we have been increasing brand building support behind certain key brands which we believe collectively provide the best opportunity for growth and operating margin enhancement for our wine and spirits business. These brands include Robert Mondavi, SVEDKA, Black Box, Rex Goliath, Clos du Bois, Ruffino, Estancia, Kim Crawford and Mark West.

We have been increasing resources in support of product innovation as we believe this is one of the key drivers of overall beverage alcohol category growth. In wine, we have introduced varietal line extensions behind many of our focus brands and newer brands like The Dreaming Tree, Primal Roots, Milestone, Thorny Rose and Rosatello. In spirits, we have been introducing flavor extensions for SVEDKA, Black Velvet and Paul Masson Brandy.

In Canada, we are the leading wine company and have six of the top-selling 25 table wine brands. In this market, Jackson-Triggs is the top-selling wine brand and Inniskillin is the leading icewine brand. In addition to our domestic brands, we are targeting to increase our import brand presence in this market with offerings like Robert Mondavi, Kim Crawford and Ruffino.

Corporate Operations and Other

The Corporate Operations and Other segment includes traditional corporate-related items including executive management, corporate development, corporate finance, human resources, internal audit, investor relations, legal, public relations and global information technology.

Further information regarding net sales, operating income and total assets of each of our business segments and information regarding geographic areas is set forth in Note 21 of the Notes to the Financial Statements.

Marketing and Distribution

To focus on their respective product categories, build brand equity and increase sales, our segments employ full-time, in-house marketing, sales and customer service functions. These functions engage in a range of marketing

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activities and strategies, including market research, consumer and trade advertising, price promotions, point-of-sale materials, event sponsorship, on-premise promotions and public relations. Where opportunities exist, particularly with national accounts in the U.S., we leverage our sales and marketing skills across the organization.

In North America, our products are primarily distributed by wholesale distributors, with separate distribution networks utilized for our imported beer and wine and spirits portfolios, as well as state and provincial alcohol beverage control agencies. As is the case with all other beverage alcohol companies, products sold through these agencies are subject to obtaining and maintaining listings to sell our products in that agency’s state or province. State and provincial governments can affect prices paid by consumers of our products through the imposition of taxes or, in states and provinces in which the government acts as the distributor of our products through an alcohol beverage control agency, by directly setting the retail prices.

Trademarks and Distribution Agreements

Trademarks are an important aspect of our business. We sell products under a number of trademarks, which we own or use under license. Throughout our segments, we also have various licenses and distribution agreements for the sale, or the production and sale, of our products and products of third parties. These licenses and distribution agreements have varying terms and durations.

Prior to the Beer Business Acquisition, all of our imported beer products were imported, marketed and sold through Crown Imports. Crown Imports had entered into exclusive importation agreements with the suppliers of the imported beer products and had an exclusive sub-license to use certain trademarks related to the Mexican Beer Brands in the U.S. and Guam pursuant to a renewable sub-license agreement between Crown Imports and Marcas Modelo, S.A. de C.V. As a result of the Beer Business Acquisition, our sub-license agreement for the exclusive use of the trademarks for our Mexican Beer Brands is now perpetual.

Competition

The beverage alcohol industry is highly competitive. We compete on the basis of quality, price, brand recognition and distribution strength. Our beverage alcohol products compete with other alcoholic and non-alcoholic beverages for consumer purchases, as well as shelf space in retail stores, restaurant presence and wholesaler attention. We compete with numerous multinational producers and distributors of beverage alcohol products, some of which have greater resources than we do. Our principal competitors include:

Beer	Anheuser-Busch InBev, MillerCoors, Heineken, Boston Beer
Wine
U.S.	E&J Gallo Winery, The Wine Group, Trinchero, Treasury Wine Estates, Ste. Michelle Wine Estates, Deutsch Family Wine & Spirits, Jackson Family Wines
Canada	Andrew Peller, Treasury Wine Estates, E&J Gallo Winery, Pernod Ricard, Kruger Wines and Spirits
Spirits	Diageo, Beam Suntory, Brown-Forman, Sazerac, Pernod Ricard

Production

Approximately 50% of our Mexican Beer Brands requirements are currently produced by our Brewery, which is located in Nava, Coahuila, Mexico. This location is approximately 10 miles from the Texas border. The current capacity of the Brewery is 10 million hectoliters. To meet our beer supply requirements above the current Brewery capacity, we entered into a three-year interim supply agreement with Anheuser-Busch InBev SA/NV (“ABI”) in June 2013. This agreement also provides for up to two one-year extensions. However, the United States, acting through the Antitrust Division of the United States Department of Justice (“DOJ”), has a right of approval, in its sole discretion, of any extension of the term of this interim supply agreement beyond three years. We intend to expand the Brewery’s capacity to 25 million hectoliters. The initial Brewery expansion from 10 to 20 million hectoliters is targeted to be completed in June 2016 and is anticipated to meet our supply requirements at the end of that time period which coincides with the end of our interim supply agreement with ABI. The subsequent Brewery expansion from 20 to 25 million hectoliters is targeted to be complete by the end of calendar year 2017.

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In the U.S., we operate 19 wineries using many varieties of grapes grown principally in the Napa, Sonoma, Monterey and San Joaquin regions of California. We also operate eight wineries in Canada, four wineries in New Zealand and five wineries in Italy. Grapes are crushed at most of our wineries and stored as wine until packaged for sale under our brand names or sold in bulk. The inventories of wine are usually at their highest levels during and after the crush of each year’s grape harvest, and are reduced prior to the subsequent year’s crush. Wine inventories are usually at their highest levels in September through November in the U.S., Canada and Italy, and in March through May in New Zealand.

Our Canadian whisky requirements are produced and aged at our Canadian distillery in Lethbridge, Alberta. Our requirements for grains and bulk spirits used in the production of Canadian whisky are purchased from various suppliers.

Sources and Availability of Production Materials

The principal components in the production of our Mexican Beer Brands at our Brewery include water; agricultural products, such as malt, hops and corn starch; and packaging materials, which include glass, aluminum and cardboard. Packaging materials represent the largest cost component of production, with glass bottles representing the largest cost component of our packaging materials. In Fiscal 2015, the package format mix of our beer volume sold in the U.S. was 76% glass bottles, 22% aluminum cans and 2% in stainless steel kegs.

The Brewery receives allotments of water originating from a mountain aquifer. We believe we have adequate access to water allotments to support the Brewery’s on-going requirements and future requirements after completing the Brewery expansion. In connection with the Beer Business Acquisition, we entered into a transition services agreement with ABI for the supply of materials needed to produce and package beer for varying periods up to 36 months from the date of the acquisition. Investments and efforts to establish stand-alone procurement systems and independent supply arrangements for the beer business operations are progressing or have occurred. We believe that ABI will have adequate sources of the materials noted above to meet our sales expectations.

As part of our efforts to solidify our beer glass sourcing strategy over the long-term, we formed an equally-owned joint venture with Owens-Illinois, the world’s largest glass container manufacturer. The joint venture acquired a state-of-the-art glass production plant that is located adjacent to our Brewery in Nava, Mexico, in December 2014. The glass plant currently has one operational glass furnace and the joint venture intends to scale it to four furnaces over the next four years. When fully operational with four furnaces, the glass plant is expected to supply more than 50% of our beer glass requirements. We also entered into long-term glass supply agreements with other glass producers during fiscal 2015.

The principal components in the production of our wine and spirits products are agricultural products, such as grapes and grain, and packaging materials (primarily glass).

Most of our annual grape requirements are satisfied by purchases from each year’s harvest which normally begins in August and runs through October in the U.S., Canada and Italy, and begins in February and runs through May in New Zealand. We receive grapes from approximately 980 independent growers in the U.S. and approximately 240 independent growers located primarily in Canada and New Zealand. We enter into purchase agreements with a majority of these growers with pricing that generally varies year-to-year and is generally based on then-current market prices.

As of February 28, 2015, we owned or leased approximately 20,800 acres of land and vineyards, either fully bearing or under development, primarily in the U.S., Canada, New Zealand and Italy. This acreage supplies only a small percentage of our overall total grape needs for wine production. However, most of this acreage is used to supply a large portion of the grapes used for the production of certain of our higher-end wines. We continue to consider the purchase or lease of additional vineyards, and additional land for vineyard plantings, to supplement our grape supply.

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We believe that we have adequate sources of grape supplies to meet our sales expectations. However, when demand for certain wine products exceeds expectations, we look to source the extra requirements from the bulk wine markets around the world.

The distilled spirits manufactured and imported by us require various agricultural products, neutral grain spirits and bulk spirits which we fulfill through purchases from various sources by contractual arrangement and through purchases on the open market. We believe that adequate supplies of the aforementioned products are available at the present time.

We utilize glass and polyethylene terephthalate (“PET”) bottles and other materials such as caps, corks, capsules, labels, wine bags and cardboard cartons in the bottling and packaging of our wine and spirits products. After grape purchases, glass bottle costs are the largest component of our cost of product sold. In the U.S. and Canada, the glass bottle industry is highly concentrated with only a small number of producers. We have traditionally obtained, and continue to obtain, our glass requirements from a limited number of producers under long-term supply arrangements. Currently, one producer supplies most of our glass container requirements for our U.S. operations and a portion of our glass container requirements for our Canadian operations, with the remaining portion for our Canadian operations supplied by another producer. We have been able to satisfy our requirements with respect to the foregoing and consider our sources of supply to be adequate at this time.

Government Regulation

We are subject to a range of laws and regulations in the countries in which we operate. Where we produce products, we are subject to environmental laws and regulations, and may be required to obtain environmental and alcohol beverage permits and licenses to operate our facilities. Where we market and sell products, we may be subject to laws and regulations on brand registration, packaging and labeling, distribution methods and relationships, pricing and price changes, sales promotions, advertising and public relations. We are also subject to rules and regulations relating to changes in officers or directors, ownership or control.

We believe we are in compliance in all material respects with all applicable governmental laws and regulations in the countries in which we operate. We also believe that the cost of administration and compliance with, and liability under, such laws and regulations does not have, and is not expected to have, a material adverse impact on our financial condition, results of operations or cash flows.

Seasonality

The beverage alcohol industry is subject to seasonality in each major category. As a result, in response to wholesaler and retailer demand which precedes consumer purchases, our imported beer sales are typically highest during the first and second quarters of our fiscal year, which correspond to the Spring and Summer periods in the U.S. Our wine and spirits sales are typically highest during the third quarter of our fiscal year, primarily due to seasonal holiday buying.

Employees

As of the end of March 2015, we had approximately 7,200 employees. Approximately 3,400 employees were in the U.S. and approximately 3,800 employees were outside of the U.S., primarily in Canada and Mexico. We may employ additional workers during the grape crushing seasons. We consider our employee relations generally to be good.

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Executive Officers of the Company

Information with respect to our current executive officers is as follows:

NAME	AGE	OFFICE OR POSITION HELD
Richard Sands	64	Chairman of the Board
Robert Sands	56	President and Chief Executive Officer
William F. Hackett	63	Executive Vice President and President, Beer Division
F. Paul Hetterich	52	Executive Vice President, Corporate Development & Beer Operations
Thomas M. Kane	54	Executive Vice President and Chief Human Resources Officer
Thomas J. Mullin	63	Executive Vice President and General Counsel
William A. Newlands	56	Executive Vice President and Chief Growth Officer
Robert Ryder	55	Executive Vice President and Chief Financial Officer
John A. (Jay) Wright	56	Executive Vice President and President, Wine & Spirits Division

Richard Sands, Ph.D., is the Chairman of the Board of the Company. He has been employed by the Company in various capacities since 1979. He has served as a director since 1982. In September 1999, Mr. Sands was elected Chairman of the Board. He served as Chief Executive Officer from October 1993 to July 2007, as Executive Vice President from 1982 to May 1986, as President from May 1986 to December 2002 and as Chief Operating Officer from May 1986 to October 1993. He is the brother of Robert Sands.

Robert Sands is President and Chief Executive Officer of the Company. He was appointed Chief Executive Officer in July 2007 and appointed as President in December 2002. He has served as a director since January 1990. Mr. Sands also served as Chief Operating Officer from December 2002 to July 2007, as Group President from April 2000 through December 2002, as Chief Executive Officer, International from December 1998 through April 2000, as Executive Vice President from October 1993 through April 2000, as General Counsel from June 1986 through May 2000, and as Vice President from June 1990 through October 1993. He is the brother of Richard Sands.

William F. Hackett has served as the Company’s Executive Vice President and President, Beer Division since June 2013. Crown Imports LLC was previously owned 50% by the Company, and as a result of the Beer Business Acquisition, it is now a wholly-owned indirect subsidiary of the Company. Mr. Hackett is also President of Crown Imports LLC and has served in that position since January 2007. Prior to that, he was President of Barton Beers, Ltd. (an indirect wholly-owned subsidiary of the Company now known as Constellation Beers Ltd.), having served in that role from 1993 until January 2007. Prior to that, Mr. Hackett held several increasingly senior positions in Barton Beers, Ltd., having joined that company in 1984.

F. Paul Hetterich has been the Company’s Executive Vice President, Corporate Development & Beer Operations since January 2015 and from June 2011 until January 2015 served as Executive Vice President, Business Development and Corporate Strategy. From July 2009 until June 2011, he served as Executive Vice President, Business Development, Corporate Strategy and International. From June 2003 until July 2009, he served as Executive Vice President, Business Development and Corporate Strategy. From April 2001 to June 2003, Mr. Hetterich served as the Company’s Senior Vice President, Corporate Development. Prior to that, Mr. Hetterich held several increasingly senior positions in the Company’s marketing and business development groups. Mr. Hetterich has been with the Company since 1986.

Thomas M. Kane joined the Company in May 2013 as Executive Vice President and Chief Human Resources Officer. Mr. Kane previously served as Senior Vice President, Human Resources and Government Relations of Armstrong World Industries, Inc., a global producer of flooring products and ceiling systems, from February 2012 to May 2013, and he served as its Senior Vice President, Human Resources from August 2010 to February 2012 and served as its Chief Compliance Officer from February 2011 to February 2012. Prior to that, Mr. Kane served as Global Vice President, Human Resources for Black & Decker Power Tools, a manufacturer of power

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and hand tools, from 2002 to 2010. From 1999 to 2002, Mr. Kane served as Global HR leader of GE Specialty Materials, a large manufacturer of silicone products.

Thomas J. Mullin joined the Company as Executive Vice President and General Counsel in May 2000. Prior to joining the Company, Mr. Mullin served as President and Chief Executive Officer of TD Waterhouse Bank, NA, a national banking association, since February 2000, of CT USA, F.S.B. since September 1998, and of CT USA, Inc. since March 1997. He also served as Executive Vice President, Business Development and Corporate Strategy of C.T. Financial Services, Inc. from March 1997 through February 2000. From 1985 through 1997, Mr. Mullin served as Vice Chairman and Senior Executive Vice President of First Federal Savings and Loan Association of Rochester, New York and from 1982 through 1985, he was a partner in the law firm of Phillips Lytle LLP.

William A. Newlands joined the Company in January 2015 as Executive Vice President and Chief Growth Officer. Mr. Newlands served from October 2011 until August 2014 as Senior Vice President and President, North America of Beam Inc., as Senior Vice President and President, North America of Beam Global Spirits & Wine, Inc. from December 2010 to October 2011, and as Senior Vice President and President, USA of Beam Global Spirits & Wine, Inc. from February 2008 to December 2010. Beam Inc., a producer and seller of branded distilled spirits products, merged with a subsidiary of Suntory Holding Limited, a Japanese company, in 2014. Prior to October 2011, Beam Global Spirits & Wine, Inc. was the spirits operating segment of Fortune Brands, Inc., which was a leading consumer products company that made and sold branded consumer products worldwide in the distilled spirits, home and security, and golf markets.

Robert Ryder joined the Company in May 2007 as Executive Vice President and Chief Financial Officer. Mr. Ryder previously served from 2005 to 2006 as Executive Vice President and Chief Financial and Administrative Officer of IMG, a sports marketing and media company. From 2002 to 2005, he was Senior Vice President and Chief Financial Officer of American Greetings Corporation, a publicly traded, multi-national consumer products company. From 1989 to 2002, he held several management positions of increasing responsibility with PepsiCo, Inc. These included control, strategic planning, mergers and acquisitions and CFO and Controller positions serving at PepsiCo’s corporate headquarters and at its Frito-Lay International and Frito-Lay North America divisions. Mr. Ryder is a certified public accountant.

John A. (Jay) Wright has served as the Company’s Executive Vice President and President, Wine & Spirits Division since June 2013. He served as Executive Vice President and Chief Operating Officer of the Company from June 2011 to June 2013 and has served as President of the Company’s wholly-owned direct subsidiary Constellation Brands U.S. Operations, Inc. (formerly known as Constellation Wines U.S., Inc.) since December 2009. Additionally, from December 2009 until June 2011, he served as President, Constellation Wines North America. Prior to that, he served as Executive Vice President and Chief Commercial Officer of Constellation Wines U.S., Inc. from March 2009 until December 2009. Mr. Wright joined the Company in June 2006 with the Company’s acquisition of Vincor International Inc. (now known as Constellation Brands Canada, Inc.) Mr. Wright served as President of Vincor International Inc. from June 2006 until March 2009 and, prior to that, as President and Chief Operating Officer of Vincor International Inc.’s Canadian Wine Division from October 2001 until June 2006. Before that, he held various positions of increasing responsibility with various other consumer products companies.

Executive officers of the Company are generally chosen or elected to their positions annually and hold office until the earlier of their removal or resignation or until their successors are chosen and qualified.

Company Information

Our Internet website is http://www.cbrands.com. Our filings with the Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, are accessible free of charge at http://www.cbrands.com as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers, such as ourselves, that file electronically with the SEC. The Internet address of the SEC’s site is http://www.sec.gov. Also, the public may

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read and copy any materials that we file with the SEC at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-732-0330.

We have adopted a Chief Executive Officer and Senior Financial Executive Code of Ethics that specifically applies to our chief executive officer, our principal financial officer and our controller, and is available on our Internet site. This Chief Executive Officer and Senior Financial Executive Code of Ethics meets the requirements as set forth in the Securities Exchange Act of 1934, Item 406 of Regulation S-K.

We also have adopted a Code of Business Conduct and Ethics that applies to all employees, directors and officers, including each person who is subject to the Chief Executive Officer and Senior Financial Executive Code of Ethics. The Code of Business Conduct and Ethics is available on our Internet website, together with our Global Code of Responsible Practices for Beverage Alcohol Advertising and Marketing, our Board of Directors Corporate Governance Guidelines and the Charters of the Board’s Audit Committee, Human Resources Committee (which serves as the Board’s compensation committee) and Corporate Governance Committee (which serves as the Board’s nominating committee). All of these materials are accessible on our Internet website at http://www.cbrands.com/investors/corporate-governance. Amendments to, and waivers granted to our directors and executive officers under our codes of ethics, if any, will be posted in this area of our website. Copies of these materials are available in print to any shareholder who requests them. Shareholders should direct such requests in writing to Investor Relations Department, Constellation Brands, Inc., 207 High Point Drive, Building 100, Victor, New York 14564, or by telephoning our Investor Center at 1-888-922-2150.

The information regarding our website and its content is for your convenience only. The content of our website is not deemed to be incorporated by reference in this report or filed with the SEC.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the following factors which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks we face. Additional factors not presently known to us or that we currently deem to be immaterial also may materially adversely affect our business, cash flows, financial condition or results of operations in future periods.

Worldwide and domestic economic trends and financial market conditions

We are subject to risks associated with adverse economic conditions, including economic slowdown, inflation, and the disruption, volatility and tightening of credit and capital markets. Unfavorable global or regional economic conditions could adversely impact our business, liquidity, financial condition and results of operations. Unemployment, tax increases, governmental spending cuts or a return of high levels of inflation could affect consumer spending patterns and purchases of our products. These could also create or exacerbate credit issues, cash flow issues and other financial hardships for us and our suppliers, distributors, retailers and consumers. The inability of suppliers, distributors and retailers to access liquidity could impact our ability to produce and distribute our products. We have a committed credit facility and additional liquidity facilities available to us. While to date we have not experienced problems with accessing these facilities, to the extent that the financial institutions that participate in these facilities were to default on their obligation to fund, those funds would not be available to us.

Global operations, currency rate fluctuations, interest rate fluctuations and geopolitical uncertainty

Our products are produced and sold in numerous countries throughout the world. As a result of the Beer Business Acquisition, we also have operations in Mexico.

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Risks associated with international operations, any of which could have a material adverse effect on our business, liquidity, financial condition and results of operations, include:

• changes in local political, economic, social and labor conditions;

• potential disruption from socio-economic violence, including terrorism and drug-related violence;

• restrictions on foreign ownership and investments or on repatriation of cash earned in countries outside the U.S.;

• changes in laws, governmental regulations and policies in many countries outside the U.S.;

• import and export requirements;

• currency exchange rate fluctuations;

• a less developed and less certain legal and regulatory environment, which among other things can create uncertainty with regard to liability issues;

• laws regarding the enforcement of contract and intellectual property rights;

• inadequate levels of compliance with applicable anti-bribery laws, including the Foreign Corrupt Practices Act; and

• other challenges caused by distance, language and cultural differences.

Our success will depend, in part, on our ability to overcome the challenges we encounter with respect to these factors and other matters generally affecting U.S. companies with global operations. Although we have implemented policies and procedures designed to ensure compliance with U.S. and foreign laws and regulations, including anti-corruption laws, there can be no assurance that our employees, business partners or agents will not violate our policies or take action determined to be in violation of the law. Any determination that our operations or activities were not in compliance with applicable U.S. or foreign laws or regulations could result in the imposition of fines and penalties, interruptions of business, terminations of necessary licenses and permits, and other legal and equitable sanctions.

We are also exposed to risks associated with currency fluctuations and risks associated with interest rate fluctuations. Currency exchange rates between the U.S. dollar and foreign currencies in the markets in which we do business have fluctuated in recent years and are likely to continue to do so in the future. We manage our exposure to foreign currency and interest rate risks utilizing derivative instruments and other means to reduce those risks. We could experience changes in our ability to hedge against or manage fluctuations in foreign currency exchange rates or interest rates and, accordingly, there can be no assurance that we will be successful in reducing those risks. We could also be affected by nationalization of our international operations, unstable governments, unfamiliar or biased legal systems or intergovernmental disputes. These currency, economic and political uncertainties may have a material adverse effect on our results of operations and financial condition, especially to the extent these matters, or the decisions, policies or economic strength of our suppliers and distributors, affect our global operations.

Competition

We are in a highly competitive industry and the dollar amount and unit volume of our sales could be negatively affected by numerous factors including:

• our inability to maintain or increase prices;

• new entrants in our market or categories;

• a general decline in beverage alcohol consumption; or

• the decision of wholesalers or consumers to purchase a competitor’s product instead of ours.

Unit volume and dollar amount of sales could also be affected by pricing, purchasing, financing, operational, advertising or promotional decisions made by wholesalers, state and provincial agencies, and retailers which could affect their supply of, or consumer demand for, our products. We could also experience higher than expected selling, general and administrative expenses if we find it necessary to increase the number of our personnel or our advertising or marketing expenditures to maintain our competitive position or for other reasons.

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Dependence on sales of our Mexican Beer Brands

Since the Beer Business Acquisition, sales of the Mexican Beer Brands in the U.S. have become a more significant portion of our business. Accordingly, if the growth rate, amount or profitability of our sales of the Mexican Beer Brands in the U.S. declines, our business could be more adversely affected than as compared to a time prior to the Beer Business Acquisition. Further, consumer preferences and tastes may shift away from the Mexican Beer Brands, the categories in which they compete, or beer generally due to, among other reasons, changing taste preferences, demographics or perceived value. Consequently, any material shift in consumer preferences and taste away from the Mexican Beer Brands, or from the categories in which they compete, could have a material adverse effect on our business, our financial condition and results of operations.

Supply of Mexican Beer Brands

In order to fulfill our current and projected Mexican Beer Brands product requirements, we are currently dependent on our Brewery which is a single facility located in Nava, Coahuila, Mexico, and an interim supply agreement for our supply of Mexican Beer Brands through calendar year 2016. Although we are assessing options for additional capacity requirements and sources of supply after our Brewery expansions are completed, our Brewery may become our sole source of supply for our Mexican Beer Brands. The Brewery currently has the capacity to fill approximately half of our current projected product requirements. We are in the process of expanding the Brewery's capacity over a three-year period. The first phase, which is intended to make us self-sufficient, is targeted to be complete in calendar year 2016. The second phase to support further growth in the business is targeted for completion in calendar year 2017. In 2013, we entered into an interim supply agreement for a supply of additional Mexican Beer Brands products for an initial period of three years. This agreement also provides for up to two one-year extensions. However, the United States, acting though the DOJ, will have a right of approval, in its sole discretion, of any extension of the term of this interim supply agreement beyond three years. There can be no assurance that any requested extension would be granted.

Our Brewery Supply is also dependent upon an adequate supply of glass bottles. We recently formed the Mexican glass plant joint venture which acquired the glass plant adjacent to our Brewery. The Mexican glass plant joint venture plans to expand production of the glass plant facility within the next four years in order to increase bottle output to support increased production at our Brewery.

We may not be able to satisfy all of our product supply requirements for the Mexican Beer Brands in the event of a significant partial destruction or the total destruction of the Brewery or our interim supplier’s breweries. Also, if the contemplated expansion of our Brewery is not completed within three years after consummation of the Beer Business Acquisition, the Brewery may not be able to produce sufficient Mexican Beer Brands to satisfy our needs. Under such circumstances, we may be unable to obtain Mexican Beer Brands at a reasonable price from another source, if at all. A significant disruption at the Brewery or at our supplier’s breweries, even on a short-term basis, could impair our ability to produce and ship products to market on a timely basis. Alternative facilities with sufficient capacity or capabilities may not readily be available, may cost substantially more or may take a significant time to start production, any of which could negatively affect our business and financial performance. Similarly, although we have additional sources of supply of glass bottles, a significant partial destruction or the total destruction of the joint venture’s Mexican glass plant or the failure of the joint venture to complete the glass plant expansion could impair our ability to bottle and ship our Mexican beer products to market. Additionally, our general insurance policies may not cover certain types of catastrophes that might affect our supply of the Mexican Beer Brands. A major uninsured catastrophe could result in significant unrecoverable losses.

Supply of quality water, agricultural and other raw materials, certain raw materials and packaging materials purchased under short-term supply contracts, limited group of suppliers of glass bottles

The quality and quantity of water available for use is important to the supply of our agricultural raw materials and our ability to operate our business. Water is a limited resource in many parts of the world and if climate patterns change and droughts become more severe, there may be a scarcity of water or poor water quality which may affect our production costs or impose capacity constraints. We are dependent on sufficient amounts of quality water for operation of the Brewery, our wineries and our distillery, as well as to irrigate our vineyards and

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conduct our other operations. The suppliers of the agricultural raw materials we purchase are also dependent upon sufficient supplies of quality water for their vineyards and fields.

We have substantial wine operations in the state of California, which has endured an extended period of drought and has recently instituted restrictions on water usage. While we have undertaken a number of water saving initiatives and we currently believe we have sufficient water available for our California vineyards and wineries, continued or more severe drought conditions in California could have an adverse effect upon those operations, which effect could become more significant depending upon actual future drought conditions. Our Brewery and the glass plant receive water originating from a mountain aquifer. Although we anticipate the Brewery and the glass plant will receive water adequate to support their on-going requirements, including as a result of the anticipated expansions, there is no guarantee that the water available to them or their water requirements will not change materially in the future.

If water available to our operations or the operations of our suppliers becomes scarcer or the quality of that water deteriorates, we may incur increased production costs or face manufacturing constraints which could negatively affect our business and financial performance. Even if quality water is widely available, including to the Brewery, our wineries, our distillery and our vineyards, water purification and waste treatment infrastructure limitations could increase costs or constrain operation of our production facilities and vineyards. Any of these factors could have a material and adverse effect on our financial condition and results of operations.

The Brewery, the glass plant, our wineries and our distillery also use a large volume of agricultural and other raw materials to produce their products. As to the Brewery, these include corn starch, malt, hops and water; the glass plant uses large amounts of soda ash and silica sand; the wineries use large amounts of grapes and water; and the distillery uses large amounts of grain and water. The Brewery, our wineries and our distillery all use large amounts of various packaging materials, including glass, aluminum, cardboard and other paper products. Our production facilities, including the glass plant, also use a significant amount of energy in their operations, including electricity, natural gas and diesel fuel. Certain raw materials and packaging materials are purchased under contracts of varying maturities. The supply and price of raw materials, packaging materials and energy can be affected by a number of factors beyond our control, including market demand, global geopolitical events (especially as to their impact on crude oil prices), droughts and other weather conditions, economic factors affecting growth decisions, inflation, plant diseases and theft. To the extent any of the foregoing factors, including supply of goods and energy, affect the prices of ingredients or packaging or we do not effectively or completely hedge changes in commodity price risks,or are unable to recoup costs through increases in the price of our finished products, our financial condition and results of operations could be materially and adversely impacted.

Glass bottle costs are one of our largest components of cost of product sold. We have various suppliers of glass bottles for our Mexican Beer Brands. In the U.S. and Canada, glass bottles have only a small number of producers. Currently, one producer supplies most of our glass container requirements for our U.S. operations and a portion of our glass container requirements for our Canadian operations, with the remaining portion of our glass container requirements for our Canadian operations supplied by another producer. The inability of any of our glass bottle suppliers to satisfy our requirements could adversely affect our business.

Catastrophic loss to wineries, production facilities or distribution systems

Throughout the years, we have consolidated several of our winery and production facility operations. Three of our largest wineries are the Woodbridge Winery in Acampo, CA, the Mission Bell Winery in Madera, CA, and the Canandaigua Winery in Canandaigua, NY. These three facilities produce approximately 37.0 million cases (or approximately 58.2%) of our global wine and spirits product annually. Additionally, many of our vineyards and production and distribution facilities, such as our California wineries and our Lodi Distribution Center in Lodi, CA, are located in areas which are prone to seismic activity. If any of these vineyards and facilities were to experience a catastrophic loss, it could disrupt our operations, delay production, shipments and revenue, and result in potentially significant expenses to repair or replace the vineyard or facility. If such a disruption were to occur, we could breach agreements, our reputation could be harmed, and our business and operating results could be adversely affected. In addition, since we have consolidated certain of our operations and various production and distribution facilities, we are more likely to experience an interruption of our operations in the event of a catastrophic event in any one

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location, such as through acts of war or terrorism, fires, floods, earthquakes, hurricanes or other natural or man-made disasters. Although we carry insurance for property damage and business interruption, certain catastrophes are not covered by our insurance policies as we believe this to be a prudent financial decision. Economic conditions and uncertainties in global markets may adversely affect the cost and other terms upon which we are able to obtain insurance. If our insurance coverage is adversely affected, or to the extent we have elected to self-insure, we may be at greater risk that we may experience an adverse impact to our financial results. We take steps to minimize the damage that would be caused by a catastrophic event, but there is no certainty that our efforts would prove successful. If one or more significant uninsured events occur, we could suffer a major financial loss.

Expansion issues and operational disruptions

We are currently expanding our Brewery and our joint venture with Owens-Illinois is expanding the glass plant. While these multi-million dollar expansion activities are progressing with no unanticipated issues, there is always the potential risk of completion delays and cost overruns. Our supply of Mexican Beer Brands would be negatively impacted if a serious delay in these expansion activities were to occur, leading to a negative impact upon our results of operation and financial condition.

Many of our production facilities, such as our Brewery, wineries and distillery, and the Mexican glass plant held by the joint venture with Owens-Illinois are asset intensive. Our profitability could be affected by operational disruption of any of our production or bottling lines or the glass furnace. In such event we may experience an adverse effect to our business operations and profitability due to higher maintenance charges, unexpected capital spending or product supply constraints.

Acquisition, divestiture and joint venture strategy

We have made a number of acquisitions and divestitures and may, from time to time, acquire additional businesses, assets or securities of companies that we believe would provide a strategic fit with our business. We may also divest ourselves of businesses, assets or securities of companies that we believe no longer provide a strategic fit with our business. We will need to integrate acquired businesses with our existing operations; our overall internal control over financial reporting processes; and our financial, operations and information systems. If the financial performance of our business, as supplemented by the assets and businesses acquired, does not meet our expectations, it may make it more difficult for us to service our debt obligations and our results of operations may fail to meet market expectations.

We cannot assure you that we will realize the expected benefits of acquisitions or joint ventures, such as revenue, earnings or operating efficiency, and we may not effectively assimilate the business or product offerings of acquired companies into our business successfully or within the anticipated costs or timeframes. Complications with on-going integration of any acquisition or joint venture, including our Beer Business Acquisition or the acquisition of a Mexican glass plant by our joint venture with Owens-Illinois, could result from the following circumstances, among others:

• failure to implement our business plan for the combined business;

• unanticipated issues in integrating, migrating or changing manufacturing, logistics, information, communications, financial, internal control and other systems;

• failure to retain key customers and suppliers;

• unanticipated changes in applicable laws and regulations;

• failure to retain key employees;

• operating risks inherent in the acquired businesses and assets and our business;

• unanticipated issues, expenses and liabilities;

• failure to realize fully anticipated costs savings, growth opportunities and other potential synergies; and

• unfamiliarity with operating new locations.

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The integration of the Beer Business Acquisition can be further impacted by the following circumstances:

• failure to expand the Brewery under the timeline imposed by the DOJ pursuant to the final judgment;

• Brewery operations will be dependent upon the operational experience of employees who are relatively new to our organization; and

• our ability to secure or expand Brewery capacity beyond the initial Brewery expansion and the incremental Brewery expansion in order to support future growth of our beer business.

Our joint venture with Owens-Illinois to operate a glass plant adjacent to our Brewery is fully consolidated into our financial results and the entire output of that facility will be utilized to support our beer business and the production at our Brewery. The integration of the Mexican glass plant acquisition can be further impacted by the following circumstances:

• we share control of the joint venture with Owen-Illinois and while Owens-Illinois has deep experience running glass plants, we are not experienced in that particular business;

• glass plant operations will be dependent upon the operational experience of employees who are relatively new to our organization; and

• the ability of the joint venture to expand the glass plant capacity as planned in order to support the future growth of our beer business.

If these events were to occur with respect to any of our acquisitions, including our Beer Business Acquisition or the Mexican glass plant joint venture’s acquisition of the glass plant, our business, financial condition and results of operations may be negatively impacted.

We may provide various indemnifications in connection with the sale of assets or portions of our business. Additionally, our final determinations and appraisals of the estimated fair value of assets acquired and liabilities assumed in our acquisitions may vary materially from earlier estimates. We cannot assure you that the fair value of acquired businesses will remain constant.

We have entered into joint ventures such as our Mexican glass plant joint venture with Owens-Illinois and we may enter into additional joint ventures for other purposes and with other parties. We share control of our joint ventures. We have also acquired or retained ownership interests in companies which we do not control. Our joint venture partners or the other parties that hold the remaining ownership interests in companies which we do not control may at any time have economic, business or legal interests or goals that are inconsistent with our goals or the goals of the joint ventures or those companies. Our joint venture arrangements and the arrangements through which we acquired or hold our other equity or membership interests may require us, among other matters, to pay certain costs, to make capital investments, to fulfill alone our joint venture partners’ obligations, or to purchase other parties’ interests. Even though we share control of our Mexican glass plant joint venture, the financial results of that joint venture are consolidated into our financial results. Our failure to adequately manage the risks associated with any acquisition, or the failure of an entity in which we have an equity or membership interest, could adversely affect our financial condition or our valuation of these types of investments.

We cannot assure you that any of our acquisitions, investments or joint ventures will be profitable or that forecasts regarding acquisition, divestiture, joint venture or investment activities will be accurate.

Indebtedness

In recent years, we have incurred substantial indebtedness to finance our acquisitions, repurchase shares of our common stock and fund the Beer Business Acquisition. In the future, we may continue to incur substantial additional indebtedness to finance acquisitions, repurchase shares of our stock and fund other general corporate purposes, including our Brewery expansions and expansion of the glass plant held through the Mexican glass plant joint venture. We cannot assure you that our business will generate sufficient cash flow from operations to meet all of our debt service requirements, to pay dividends and to fund our general corporate and capital requirements.

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Our ability to satisfy our debt obligations will depend upon our future operating performance. We do not have complete control over our future operating performance because it is subject to prevailing economic conditions, levels of interest rates and financial, business and other factors.

Our current and future debt service obligations and covenants could have important consequences. These consequences include, or may include, the following:

• our ability to obtain financing for future working capital needs or acquisitions or other purposes may be limited;

• our funds available for operations, expansions, dividends or other distributions may be reduced because we dedicate a significant portion of our cash flow from operations to the payment of principal and interest on our indebtedness;

• our ability to conduct our business could be limited by restrictive covenants; and

• our vulnerability to adverse economic conditions may be greater than less leveraged competitors and, thus, our ability to withstand competitive pressures may be limited.

Restrictive covenants in our senior credit facility and in our indentures place limits on our ability to conduct our business. Covenants in our senior credit facility include those that restrict our ability to make acquisitions, incur debt, encumber or sell assets, pay dividends, engage in mergers and consolidations, enter into transactions with affiliates, make investments and permit our subsidiaries to enter into certain restrictive agreements. It additionally contains certain financial covenants, including a debt ratio test and an interest coverage ratio test. Covenants in our indentures are generally less restrictive than those in our senior credit facility but nevertheless, among other things, limit our ability under certain circumstances to create, encumber or enter into sale-leaseback transactions and impose conditions on our ability to engage in mergers, consolidations and sales of all or substantially all of our assets.

These agreements also contain certain change of control provisions which, if triggered, may result in an acceleration of our obligation to repay the debt. If we fail to comply with the obligations contained in the senior credit facility, our existing or future indentures or other loan agreements, we could be in default under such agreements, which could require us to immediately repay the related debt and also debt under other agreements that may contain cross-acceleration or cross-default provisions.

Potential decline in the consumption of products we sell

We rely on consumers’ demand for our products. Consumer preferences may shift due to a variety of factors, including changes in demographic or social trends, public health policies, and changes in leisure, dining and beverage consumption patterns. Our continued success will require us to anticipate and respond effectively to shifts in consumer behavior and drinking tastes. If consumer preferences were to move away from our premium brands, including our Mexican Beer Brands, in any of our major markets, our financial results might be adversely affected.

While over the past several years there have been modest increases in consumption of beverage alcohol in most of our product categories and geographic markets, there have been periods in the past in which there were sequential declines in the overall per capita consumption of certain beverage alcohol product categories in the U.S. and other markets in which we participate. A limited or general decline in consumption in one or more of our product categories could occur in the future due to a variety of factors, including:

• a general decline in economic or geopolitical conditions;

• concern about the health consequences of consuming beverage alcohol products and about drinking and driving;

• a general decline in the consumption of beverage alcohol products in on-premise establishments, such as may result from smoking bans and stricter laws relating to driving while under the influence of alcohol;

• consumer dietary preferences favoring lighter, lower calorie beverages such as diet soft drinks, sports drinks and water products;

• the increased activity of anti-alcohol groups;

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• increased federal, state, provincial and foreign excise or other taxes on beverage alcohol products and possible restrictions on beverage alcohol advertising and marketing;

• increased regulation placing restrictions on the purchase or consumption of beverage alcohol products or increasing prices due to the imposition of duties or excise tax;

• inflation; and

• wars, pandemics, weather and natural or man-made disasters.

In addition, our continued success depends, in part, on our ability to develop new products. The launch and ongoing success of new products are inherently uncertain especially with regard to their appeal to consumers. The launch of a new product can give rise to a variety of costs and an unsuccessful launch, among other things, can affect consumer perception of existing brands and our reputation. Unsuccessful implementation or short-lived popularity of our product innovations may result in inventory write-offs and other costs.

Reliance on wholesale distributors, major retailers and government agencies

Local market structures and distribution channels vary worldwide. Within our primary market in the U.S., we offer a range of beverage alcohol products across the imported beer, branded wine and spirits categories, with separate distribution networks utilized for our imported beer portfolio and our wine and spirits portfolio. In the U.S., we sell our products principally to wholesalers for resale to retail outlets including grocery stores, club and discount stores, package liquor stores and restaurants and also directly to government agencies, while in Canada, we sell our products principally to government agencies. In the U.S., we have entered into exclusive arrangements with certain wholesalers that generate a large portion of our U.S. wine and spirits sales. The replacement or poor performance of our major wholesalers, retailers or government agencies could result in temporary or longer-term sales disruptions or could materially and adversely affect our results of operations and financial condition for a particular period. Our inability to collect accounts receivable from our major wholesalers, retailers or government agencies could also materially and adversely affect our results of operations and financial condition.

Our industry is being affected by the trend toward consolidation in the wholesale and retail distribution channels, particularly in the U.S. If we are unable to adapt successfully to this changing environment, our net income, market share and volume growth could be negatively affected. In addition, wholesalers and retailers of our products offer products which compete directly with our products for retail shelf space, promotional support and consumer purchases. Accordingly, wholesalers or retailers may give higher priority to products of our competitors.

Reliance upon complex information systems and third party global networks

We depend on information technology to enable us to operate efficiently and interface with customers and suppliers, as well as maintain financial accuracy and efficiency. If we do not allocate and effectively manage the resources necessary to build and sustain the proper technology infrastructure, we could be subject to transaction errors, processing inefficiencies, the loss of customers, business disruptions, or the loss of or damage to intellectual property through security breach. We recognize that many groups on a world-wide basis have experienced increases in cyber attacks and other hacking activity. We have dedicated internal and external resources to review and address such threats. However, as with all large information technology systems, our systems could be penetrated by outside parties intent on extracting confidential or proprietary information, corrupting our information, disrupting our business processes, or engaging in the unauthorized use of strategic information about us or our employees, customers or consumers. Such unauthorized access could disrupt our business operations and could result in the loss of assets or revenues, litigation, remediation costs, damage to our reputation, or the failure by us to retain or attract customers following such an event. Such events could have a material adverse effect on our business, financial condition or results of operations.

We have outsourced various functions to third-party service providers and may outsource other functions in the future. We rely on those third-party service providers to provide services on a timely and effective basis. Although we believe we have robust service level agreements with such third parties, closely monitor their performance and maintain contingency plans in case they are unable to perform as agreed, we do not ultimately control their performance. Their failure to perform as expected or as required by contract could result in significant disruptions and costs to our operations, which could materially affect our business, financial condition, operating

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results and cash flow, and could impair our ability to make required filings with various reporting agencies on a timely or accurate basis.

In connection with the Beer Business Acquisition, we currently have the right to receive various services pursuant to our transition services agreement with ABI. These currently include certain limited services which are available for the time periods as set forth in the transition services agreement, which include certain general administrative services currently provided at our Brewery, including provision of certain historical data, and certain raw material supplies such as glass, malt, hops and yeast.

Similarly, in connection with the Mexican glass plant acquisition, the glass plant joint venture currently receives various services pursuant to a transition services agreement with ABI. These currently include certain general administrative services currently provided at the Mexican glass plant which are available for the time periods as set forth in the transition services agreement, including information technology (IT Service), finance and regulatory compliance, and certain services related to human resources.

The failure of ABI (or any third party that ABI is permitted to outsource to) to perform as expected or as required by our contract or the glass plant joint venture’s contract could result in significant disruptions and costs to our operations, and could also materially affect our business, financial condition, operating results and cash flow, and could impair our ability to make required filings with various reporting agencies on a timely or accurate basis.

Various diseases, pests and certain weather conditions

Various diseases, pests, fungi, viruses, drought, frosts and certain other weather conditions could affect the quality and quantity of grapes, hops and other agricultural raw materials available, decreasing the supply of our products and negatively impacting profitability. We cannot guarantee that our grape suppliers or our suppliers of other agricultural raw materials will succeed in preventing contamination in existing vineyards or fields or that we will succeed in preventing contamination in our existing vineyards or future vineyards we may acquire. Future government restrictions regarding the use of certain materials used in growing grapes or other agricultural raw materials may increase vineyard costs and/or reduce production of grapes or other crops. Growing agricultural raw materials also requires adequate water supplies. A substantial reduction in water supplies could result in material losses of grape crops and vines or other crops, which could lead to a shortage of our product supply.

Climate change, or legal, regulatory or market measures to address climate change

Our business depends upon agricultural activity and natural resources. There has been much public discussion related to concerns that carbon dioxide and other greenhouse gases in the atmosphere may have an adverse impact on global temperatures, weather patterns and the frequency and severity of extreme weather and natural disasters. Severe weather events, such as the current drought in California and recent prolonged cold winter in New York, and climate change may negatively affect agricultural productivity in the regions from which we presently source our various agricultural raw materials. Decreased availability of our raw materials may increase the cost of goods for our products. Severe weather events or changes in the frequency or intensity of weather events can also disrupt our supply chain, which may affect production operations, insurance cost and coverage, as well as delivery of our products to wholesalers, retailers and consumers.

Control by the Sands Family

Our Class B Common Stock is principally held by members of the Sands family, either directly or through entities controlled by members of the Sands family. Holders of Class A Common Stock are entitled to one vote per share and holders of Class B Common Stock are entitled to 10 votes per share. Holders of Class 1 Common Stock generally do not have voting rights. The stock ownership of the Sands family and entities controlled by members of the Sands family represents a majority of the combined voting power of all classes of our common stock as of April 22, 2015, voting as a single class. As a result, the Sands family has the power to elect a majority of our directors and approve actions requiring the approval of the stockholders of the Company voting as a single class.

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Import and excise duties or other taxes or government regulation

The U.S., Canada and other countries in which we operate impose import and excise duties and other taxes on beverage alcohol products in varying amounts which are subject to change. Significant increases in import and excise duties or other taxes on beverage alcohol products could materially and adversely affect our financial condition or results of operations. The U.S. federal budget and individual state, provincial or local municipal budget deficits could result in increased taxes on our products, business, customers or consumers. Various proposals to increase taxes on beverage alcohol products have been made at the federal and state or provincial level in recent years. Many U.S. states have considered proposals to increase, and some of these states have increased, state alcohol excise taxes. There may be further consideration by federal, state, provincial, local and foreign governmental entities to increase taxes upon beverage alcohol products as governmental entities explore available alternatives for raising funds during the current macroeconomic climate. In addition, federal, state, provincial, local and foreign governmental agencies extensively regulate the beverage alcohol products industry concerning such matters as licensing, warehousing, trade and pricing practices, permitted and required labeling, advertising and relations with wholesalers and retailers. Certain federal, state or provincial regulations also require warning labels and signage. New or revised regulations or increased licensing fees, requirements or taxes could also have a material adverse effect on our financial condition or results of operations.

Damage to our reputation

Maintaining a good reputation is critical to selling our branded products. Product contamination or tampering or the failure to maintain our standards for product quality, safety and integrity, including with respect to raw materials, naturally occurring compounds, packaging materials or product components obtained from suppliers, may reduce demand for our products or cause production and delivery disruptions. Although we maintain standards for the materials and product components we receive from our suppliers, and we also audit our suppliers’ compliance with our standards, it is possible that a supplier may not provide materials or product components which meet our required standards or may falsify documentation associated with the fulfillment of those requirements. If any of our products becomes unsafe or unfit for consumption, is misbranded or causes injury, we may have to engage in a product recall and/or be subject to liability and incur additional costs. A widespread product recall, multiple product recalls, or a significant product liability judgment could cause our products to be unavailable for a period of time, which could further reduce consumer demand and brand equity. Our reputation could be impacted negatively by public perception, adverse publicity (whether or not valid), negative comments in social media, or our responses relating to:

• a perceived failure to maintain high ethical, social and environmental standards for all of our operations and activities;

• a perceived failure to address concerns relating to the quality, safety or integrity of our products;

• our environmental impact, including use of agricultural materials, packaging, water and energy use, and waste management; or

• effects that are perceived as insufficient to promote the responsible use of alcohol.

Failure to comply with local laws and regulations, to maintain an effective system of internal controls, to provide accurate and timely financial statement information, or to protect our information systems against service interruptions, misappropriation of data or breaches of security, could also hurt our reputation. Damage to our reputation or loss of consumer confidence in our products for any of these or other reasons could result in decreased demand for our products and could have a material adverse effect on our business, financial condition and results of operations, as well as require additional resources to rebuild our reputation, competitive position and brand equity.

Contamination

The success of our brands depends upon the positive image that consumers have of those brands. Contamination, whether arising accidentally or through deliberate third-party action, or other events that harm the integrity or consumer support for our brands, could adversely affect their sales. Contaminants in raw materials, packaging materials or product components purchased from third parties and used in the production of our beer, wine or spirits products or defects in the fermentation or distillation process could lead to low beverage quality as

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well as illness among, or injury to, consumers of our products and may result in reduced sales of the affected brand or all of our brands.

Dependence upon trademarks and proprietary rights, failure to protect our intellectual property rights

Our future success depends significantly on our ability to protect our current and future brands and products and to defend our intellectual property rights. We have been granted numerous trademark registrations covering our brands and products and have filed, and expect to continue to file, trademark applications seeking to protect newly-developed brands and products. We cannot be sure that trademark registrations will be issued with respect to any of our trademark applications. There is also a risk that we could, by omission, fail to timely renew or protect a trademark or that our competitors will challenge, invalidate or circumvent any existing or future trademarks issued to, or licensed by, us.

Cost of energy or environmental regulatory compliance

We have experienced increases in energy costs in the past, and energy costs could rise in the future, which would result in higher transportation, freight and other operating costs. We may experience significant future increases in the costs associated with environmental regulatory compliance, including fees, licenses, and the cost of capital improvements to our operating facilities in order to meet environmental regulatory requirements. Our future operating expenses and margins will be dependent on our ability to manage the impact of cost increases. We cannot guarantee that we will be able to pass along increased energy costs or increased costs associated with environmental regulatory compliance to our customers through increased prices.

In addition, we may be party to various environmental remediation obligations arising in the normal course of our business or in connection with historical activities of businesses we acquire. Due to regulatory complexities, uncertainties inherent in litigation and the risk of unidentified contaminants in our current and former properties, the potential exists for remediation, liability and indemnification costs to differ materially from the costs that we have estimated. We cannot assure you that our costs in relation to these matters will not exceed our projections or otherwise have an adverse effect upon our business reputation, financial condition or results of operations.

Intangible assets, such as goodwill and trademarks

We continue to have a significant amount of intangible assets such as goodwill and trademarks and may acquire more intangible assets in the future. Intangible assets are subject to a periodic impairment evaluation under applicable accounting standards. The write-down of any of these intangible assets could materially and adversely affect our net income.

Benefit cost increases and labor relations

Our profitability is affected by employee medical costs and other employee benefits. In recent years, employee medical costs have increased due to factors such as the increase in health care costs in the U.S. These factors, plus the enactment of the Patient Protection and Affordable Care Act in March 2010, are expected to continue to put pressure on our business and financial performance due to higher employee benefit costs. Although we actively seek to control increases in employee benefit costs and encourage employees to maintain healthy lifestyles to reduce future potential medical costs, there can be no assurance that we will succeed in limiting future cost increases. Continued employee benefit cost increases could have an adverse effect on our results of operations and financial condition.

We believe our subsidiaries have good working relations with their employees. However, if their employees were to engage in a strike or other work stoppage, they could experience an operational disruption and/or experience higher on-going labor costs which may have a material adverse effect on our results of operations and financial condition.

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Class action or other litigation relating to alcohol abuse, the misuse of alcohol, product liability, or marketing or sales practices

There has been public attention directed at the beverage alcohol industry, which we believe is due to concern over problems related to harmful use of alcohol, including drinking and driving, underage drinking and health consequences from the misuse of alcohol. We also could be exposed to lawsuits relating to product liability or marketing or sales practices. Adverse developments in lawsuits concerning these types of matters or a significant decline in the social acceptability of beverage alcohol products that may result from lawsuits could have a material adverse effect on our business.

Item 1B. Unresolved Staff Comments.

Not Applicable.

Item 2. Properties.

We operate a brewery, wineries, a distilling plant and bottling plants, many of which include warehousing and distribution facilities on the premises, and through a joint venture, we operate a glass production plant. In addition to our properties described below, certain of our businesses maintain office space for sales and similar activities and offsite warehouse and distribution facilities in a variety of geographic locations.

Our corporate headquarters are located in leased offices in Victor, New York. Our segments also maintain leased office spaces in other locations in the U.S. and internationally.

We believe that our facilities, taken as a whole, are in good condition and working order and have adequate capacity to meet our needs for the foreseeable future, although we do possess certain underutilized assets. As of February 28, 2015, our properties include the following:

	Owned	Leased
Beer
Brewery
Mexico	1
Glass production plant (1)
Mexico	1
Warehouse and distribution facilities
U.S.		17
Mexico	1
Total warehouse and distribution facilities	1	17
Total Beer	3	17

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	Owned	Leased
Wine and Spirits
Wineries
U.S.
California	15	2
New York	1
Washington	1
Canada
British Columbia	3	1
Ontario	3
Quebec	1
New Zealand	3	1
Italy		5
Total wineries	27	9
Distillery
Canada	1
Warehouse, distribution and other production facilities
U.S.		4
Canada	2	1
Italy	1	8
Total warehouse, distribution and other production facilities	3	13
Total Wine and Spirits	31	22

⁽¹⁾  The glass production plant in Nava, Coahuila, Mexico is owned and operated by an equally-owned joint venture with Owens-Illinois and is located adjacent to our Brewery.

Within our Wine and Spirits segment, as of February 28, 2015, we owned, leased or had interests in approximately 13,200 acres of vineyards in California (U.S.), 5,000 acres of vineyards in New Zealand, 1,700 acres of vineyards in Canada and 900 acres of vineyards in Italy.

As of February 28, 2015, our principal facilities, all of which are owned, consist of:

• the Brewery in Nava, Coahuila, Mexico;

• the glass production plant in Nava, Coahuila, Mexico;

• two wineries in California:  the Woodbridge Winery in Acampo and the Mission Bell winery in Madera;

• the Canandaigua winery in Canandaigua, New York; and

• the distillery in Lethbridge, Alberta, Canada.

Item 3. Legal Proceedings.

In the ordinary course of their business, the Company and its subsidiaries are subject to lawsuits, arbitrations, claims and other legal proceedings in connection with their business. Some of the legal actions include claims for substantial or unspecified compensatory and/or punitive damages. A substantial adverse judgment or other unfavorable resolution of these matters could have a material adverse effect on the Company’s financial condition, results of operations and cash flows. Management believes that the Company has adequate legal defenses with respect to the legal proceedings to which it is a defendant or respondent and that the outcome of these pending proceedings is not likely to have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, the Company is unable to predict the outcome of these matters.

Regulatory Matters – The Company and its subsidiaries are in discussions with various governmental agencies concerning matters raised during regulatory examinations or otherwise subject to such agencies’ inquiry. These matters could result in censures, fines or other sanctions. Management believes the outcome of any pending

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regulatory matters will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. However, the Company is unable to predict the outcome of these matters.

As previously reported in the Company’s Form 10-K for the fiscal year ended February28, 2014, the United States District Court for the District of Columbia (“District Court”) signed the Stipulation and Order filed by the DOJ, permitting the Company and Anheuser-Busch InBev SA/NV (“ABI”) to consummate the Beer Business Acquisition. After expiration of the 60-day public comment period as required under the Antitrust Procedures and Penalties Act, the DOJ moved the District Court for entry of the Final Judgment. The Final Judgment was signed on October21, 2013, and entered into the District Court’s docket on October24, 2013, without modification to the terms included in the Proposed Final Judgment. The Company is operating in accordance with the requirements of the Final Judgment.

As previously reported in the Company’s Form 10-K for the fiscal year ended February28, 2014 and the Company’s Form 10-Q for the fiscal quarters ended May31, 2014, August31, 2014, and November30, 2014, an action had been filed by private parties against the Company, ABI, and Modelo alleging certain antitrust claims and seeking to enjoin the proposed transaction between ABI and Modelo. On June4, 2013, the United States District Court for the Northern District of California denied plaintiffs’ Motion for a Temporary Restraining Order and the transaction between ABI and Modelo was consummated on June7, 2013. Plaintiffs’ Second Amended and Supplemental Complaint was filed June25, 2013, and dismissed by the Court on September13, 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 November11, 2013 and the Motion was denied by the Court on January24, 2014. Plaintiffs filed a Notice of Appeal on February21, 2014. Plaintiffs, now Appellants, filed their opening brief on August29, 2014, and the Company and ABI/Modelo filed their answering briefs on October29, 2014. Appellants’ reply brief was filed January21, 2015. Appellants have requested oral argument before the Ninth Circuit. Management believes that this action is baseless and without merit and the Company intends to continue to defend itself vigorously against this claim.

Item 4. Mine Safety Disclosures.

Not Applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Our Class A Common Stock and Class B Common Stock trade on the New York Stock Exchange^® (“NYSE”) under the symbols STZ and STZ.B, respectively. There is no public trading market for our Class 1 Common Stock. The following tables set forth for the periods indicated the high and low sales prices of our Class A Common Stock and Class B Common Stock as reported on the NYSE.

CLASSA COMMON STOCK

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Fiscal 2014
High	$	54.64	$	56.00	$	71.18	$	82.84
Low	$	42.42	$	49.09	$	54.22	$	68.17
Fiscal 2015
High	$	85.91	$	94.77	$	96.60	$	116.29
Low	$	76.26	$	82.03	$	80.70	$	89.34

CLASSB COMMON STOCK

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Fiscal 2014
High	$	54.01	$	55.49	$	71.07	$	82.32
Low	$	42.89	$	49.69	$	54.76	$	68.38
Fiscal 2015
High	$	85.70	$	94.02	$	96.37	$	115.60
Low	$	76.65	$	82.12	$	80.89	$	90.20

At April 22, 2015, the number of holders of record of our Class A Common Stock and Class B Common Stock were 640 and 120, respectively. There were no holders of record of our Class 1 Common Stock at April 22, 2015.

We have not paid any cash dividends on our common stock since our initial public offering in 1973 as we have retained all of our earnings to finance the development and expansion of our business. However, on April 8, 2015, our Board of Directors approved the initiation of a dividend program under which we intend to pay a regular quarterly cash dividend to stockholders of our common stock and declared an initial quarterly cash dividend of $0.31 per share of Class A Common Stock, $0.28 per share of Class B Convertible Common Stock and $0.28 per share of Class 1 Common Stock payable on May 22, 2015, to stockholders of record of each class on May 8, 2015.

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 this Annual Report on Form 10-K. In addition, the terms of our 2014Credit Agreement may restrict the payment of cash dividends on our common stock under certain circumstances. Any indentures for debt securities issued in the future, the terms of any preferred stock issued in the future and any credit agreements entered into in the future may also restrict or prohibit the payment of cash dividends on our common stock.

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Item 6. Selected Financial Data.

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013			February 29, 2012			February 28, 2011
(in millions, except per share data)
Sales	$	6,672.1		$	5,411.0		$	3,171.4		$	2,979.1		$	4,096.7
Less – excise taxes	(644.1		)	(543.3		)	(375.3		)	(324.8		)	(764.7		)
Net sales	6,028.0			4,867.7			2,796.1			2,654.3			3,332.0
Cost of product sold	(3,449.4		)	(2,876.0		)	(1,687.8		)	(1,592.2		)	(2,141.9		)
Gross profit	2,578.6			1,991.7			1,108.3			1,062.1			1,190.1
Selling, general and administrative expenses	(1,078.4		)	(895.1		)	(585.4		)	(537.5		)	(664.0		)
Impairment of goodwill and intangible assets (1)	—			(300.9		)	—			(38.1		)	(23.6		)
Gain on remeasurement to fair value of equity method investment (2)	—			1,642.0			—			—			—
Operating income	1,500.2			2,437.7			522.9			486.5			502.5
Equity in earnings of equity method investees	21.5			87.8			233.1			228.5			243.8
Interest expense	(337.7		)	(323.2		)	(227.1		)	(181.0		)	(195.3		)
Loss on write-off of financing costs	(4.4		)	—			(12.5		)	—			—
Income before income taxes	1,179.6			2,202.3			516.4			534.0			551.0
(Provision for) benefit from income taxes	(343.4		)	(259.2		)	(128.6		)	(89.0		)	8.5
Net income	836.2			1,943.1			387.8			445.0			559.5
Net loss attributable to noncontrolling interests	3.1			—			—			—			—
Net income attributable to CBI	$	839.3		$	1,943.1		$	387.8		$	445.0		$	559.5
Net income per common share attributable to CBI:
Basic – Class A Common Stock	$	4.40		$	10.45		$	2.15		$	2.20		$	2.68
Basic – Class B Convertible Common Stock	$	4.00		$	9.50		$	1.96		$	2.00		$	2.44
Diluted – Class A Common Stock	$	4.17		$	9.83		$	2.04		$	2.13		$	2.62
Diluted – Class B Convertible Common Stock	$	3.83		$	9.04		$	1.87		$	1.96		$	2.40
Total assets	$	15,144.5		$	14,302.1		$	7,638.1		$	7,109.9		$	7,167.6
Long-term debt, including current maturities	$	7,295.6		$	6,963.3		$	3,305.4		$	2,751.6		$	3,152.6

⁽¹⁾  For a detailed discussion of impairment of goodwill and intangible assets for the year ended February 28, 2014, refer to Note 7 of the Notes to the Financial Statements. For the years ended February 29, 2012, and February 28, 2011, impairment of goodwill and intangible assets represent impairment losses recorded for certain trademarks associated with our Wine and Spirits segment.

⁽²⁾  For a detailed discussion of the gain on remeasurement to fair value of equity method investment for the year ended February 28, 2014, refer to Note 2 of the Notes to the Financial Statements.

For the years ended February 28, 2015, and February 28, 2014, see MD&A and the consolidated financial statements and notes thereto under Item 8 of this Annual Report on Form 10-K (the “Financial Statements”).

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Introduction

This MD&A, which should be read in conjunction with our Financial Statements, provides additional information on our businesses, current developments, financial condition, cash flows and results of operations. It 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 discussion of recent 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.

• Financial liquidity and capital resources.    This section provides an analysis of our cash flows and our outstanding debt and commitments. Included in the analysis of outstanding debt is 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.

• Critical accounting estimates.    This section identifies those accounting policies that are considered important to our results of operations and financial condition, require significant judgment and involve significant management estimates. Our significant accounting policies, including those considered to be critical accounting policies, are summarized in Note 1 of the Notes to the Financial Statements.

Overview

We are a leading international beverage alcohol company with a broad portfolio of consumer-preferred premium imported beer, wine and spirits brands complemented by 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 of beverage alcohol in the U.S., the leading producer and marketer of wine in Canada, and a leading producer and exporter of wine from New Zealand and Italy.

Our internal management financial reporting consists of two business divisions:  (i)  Beer and (ii)  Wine and Spirits, and we report our operating results in three segments:  (i)  Beer, (ii)  Wine and Spirits, and (iii)  Corporate Operations and Other. In the Beer segment, we have an exclusive perpetual brand license to import, market and sell in the U.S. the Mexican Beer Brands. In the Wine and Spirits segment, we sell a large number of wine brands across all categories – table wine, sparkling wine and dessert wine – and across all price points – popular, premium, super-premium and fine wine, complemented by certain premium spirits brands. Amounts included in the Corporate Operations and Other segment consist of costs of executive management, corporate development, corporate finance, human resources, internal audit, investor relations, legal, public relations and global information technology. The amounts included in the Corporate Operations and Other segment are general costs that are applicable to the consolidated group and are therefore not allocated to the other reportable segments. All costs reported within the Corporate Operations and Other segment are not included in our chief operating decision maker’s evaluation of the operating income performance of the other reportable segments. The business segments reflect how our operations are managed, how operating performance is evaluated by senior management and the structure of our internal financial reporting.

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Product Recall

In August 2014, we announced a voluntary product recall of select packages in the U.S. and Guam containing 12-ounce clear glass bottles of our Corona Extra beer that may contain small particles of glass (the “Product Recall”). The Product Recall was a precautionary step after routine inspections in our quality control laboratory detected defects in certain bottles that could cause small particles of glass to break off and fall into the bottle. The potentially affected bottles came from a glass plant run by a third party manufacturer that supplies us with bottles. The third-party manufacturer contractually agreed to reimburse us for all costs associated with the Product Recall; accordingly, our results of operations for Fiscal 2015 do not reflect any costs associated with the Product Recall.

Strategy

Our business strategy in the Beer segment includes the following:  (i)  continued focus on growing our premium 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; (ii)  completion of the required Brewery expansion in Mexico from 10 million hectoliters production capacity to 20 million hectoliters production capacity by December 31, 2016, with a goal to complete the expansion in June 2016; (iii)  incremental expansion of the Brewery from 20 million hectoliters production capacity to 25 million hectoliters production capacity by December 31, 2017, to meet future demand expectations; and (iv)  continued focus on the sourcing of key production inputs, including agricultural, glass and other raw materials and energy, in order to provide flexibility, enable growth and improve profitability. See “Acquisitions” below for additional discussion.

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 growing premium product categories. We have consolidated our U.S. distribution network in markets where it was feasible, which currently represents about 70% of our branded wine and spirits volume in the U.S., in order to obtain dedicated selling resources which focus on our U.S. wine and spirits portfolio to drive organic growth. 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 our U.S. Focus Brands as they represent a majority of our U.S. wine and spirits revenue and profitability, and have strong positions in their respective price segments.

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, branded wine and spirits categories, with separate distribution networks utilized for our imported beer portfolio and our wine and spirits portfolio. Within our next largest market, Canada, we offer a range of beverage alcohol products primarily across the branded wine category. 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, as recently announced, pay quarterly cash dividends.

Acquisitions

Glass Production Plant

In December 2014, we completed the formation of an equally-owned joint venture with Owens-Illinois, the world’s largest glass container manufacturer, and the acquisition of a state-of-the-art glass production plant that is located adjacent to our Brewery in Nava, Mexico. The joint venture owns and operates the glass production plant which provides bottles exclusively for our Brewery. The glass production plant currently has one operational glass furnace and plans are in place to expand it to four furnaces over the next four years. When fully operational with

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four furnaces, this facility is expected to supply more than 50% of our glass requirements for the Beer segment. We have determined that we are the primary beneficiary of this VIE and accordingly, the results of operations of the joint venture are reported in the Beer segment and have been included in our consolidated results of operations from the date of acquisition. In addition, we also purchased a high-density warehouse, land and rail infrastructure at the same site.

Beer Business Acquisition

In June 2013, we completed the Beer Business Acquisition for an aggregate purchase price of $5,226.4 million. The Beer Business Acquisition resulted in the acquisition of:

• the remaining 50% equity interest in Crown Imports;

• all of the equity interests of a company which owns and operates the Brewery and of a company which provides personnel and services for the operation and maintenance of the Brewery; and

• an irrevocable, fully-paid license to produce in Mexico (or worldwide under certain circumstances) and exclusively import, market and sell Modelo’s Mexican beer portfolio sold in the U.S. and Guam as of the date of the acquisition, and certain extensions.

In connection with the Beer Business Acquisition, we are required to build out and expand the Brewery from 10 million hectoliters to a nominal capacity of at least 20 million hectoliters of packaged beer annually by December 31, 2016. In addition, an interim supply agreement and a transition services agreement were entered into in association with the Beer Business Acquisition. The interim supply agreement obligates the supplier to provide us with a supply of product not produced by the Brewery and the transition services agreement provides for certain specified services and production materials, both for a specified period of time. The associated agreements provide, among other things, that the United States will have approval rights, in its sole discretion, for amendments or modifications to the associated agreements as well as a right of approval, in its sole discretion, of any extension of the term of the interim supply agreement beyond three years. The Beer Business Acquisition has positioned us as the third-largest producer and marketer of beer for the U.S. market and the largest Multi-category Supplier of beverage alcohol in the U.S.

The results of operations of the Beer Business Acquisition are reported in the Beer segment and are included in our consolidated results of operations from the date of acquisition. It is a significant acquisition that has had and will continue to have a material impact on our future results of operations, financial position and cash flows.

In October 2014, we announced an incremental 5 million hectoliter expansion of our Brewery that will increase production capacity to 25 million hectoliters when completed. We currently expect this incremental expansion to be completed by the end of calendar year 2017.

Mark West

In July 2012, we acquired Mark West which primarily included the acquisition of the Mark West trademark, related inventories and certain grape supply contracts (“Mark West”). The results of operations of Mark West are reported in the Wine and Spirits segment and are included in our consolidated results of operations from the date of acquisition.

For additional information on these acquisitions, refer to Note 2 of the Notes to the Financial Statements.

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Results of Operations

Financial Highlights

Financial Highlights for Fiscal 2015:

• Our Beer Business Acquisition continued to drive significant improvements within our results of operations, financial position and cash flows, including the continued realization of operating efficiencies and the strengthening of relationships with wholesalers and distributors.

• Our net sales increased24% primarily due to the Beer Business Acquisition and organic beer growth driven largely by strong consumer demand within the Mexican beer portfolio.

• Operating income decreased significantly primarily due to the unfavorable overlap of the prior year nontaxable gain on the remeasurement to fair value of our preexisting 50% equity interest in Crown Imports, partially offset by the favorable overlap of the prior year impairment of nondeductible goodwill and intangible assets and the benefit from the Beer Business Acquisition.

• Net income attributable to CBI and diluted net income per common share attributable to CBI also decreased significantly primarily due to the items discussed above combined with lower equity in earnings (Crown Imports).

References to organic throughout the following discussion exclude the impact of beer acquired in the Beer Business Acquisition on a consolidated basis and branded wine acquired in the acquisition of Mark West on a consolidated and segment basis, as appropriate. Prior to the Beer Business Acquisition, the results of operations of the Beer segment were eliminated in consolidation as our preexisting 50% equity interest in Crown Imports was accounted for under the equity method of accounting.

Unusual Items

Management excludes items that affect comparability from its evaluation of the results of each operating segment as these Unusual Items are not reflective of continuing operations of the segments. Segment operating performance and segment management compensation are evaluated based upon continuing segment operating income (loss). As such, the performance measures for incentive compensation purposes for segment management do not include the impact of these items.

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

	Fiscal 2015			Fiscal 2014			Fiscal 2013
(in millions)
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts	$	(32.7	)	$	1.5		$	—
Amortization of favorable interim supply agreement	(28.4		)	(6.0		)	—
Settlements of undesignated commodity derivative contracts	4.4			(0.5		)	—
Flow through of inventory step-up	—			(11.0		)	(7.8		)
Other losses	(2.8		)	—			—
Total cost of product sold	(59.5		)	(16.0		)	(7.8		)
Selling, general and administrative expenses
Transaction, integration and other acquisition-related costs	(30.5		)	(51.5		)	(27.7		)
Other gains (losses)	7.2			(4.2		)	1.7
Total selling, general and administrative expenses	(23.3		)	(55.7		)	(26.0		)
Impairment of goodwill and intangible assets	—			(300.9		)	—
Gain on remeasurement to fair value of equity method investment	—			1,642.0			—
Equity in losses of equity method investees	—			(0.1		)	(1.0		)
Loss on write-off of financing costs	(4.4		)	—			(12.5		)
Unusual Items	$	(87.2	)	$	1,269.3		$	(47.3	)

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, primarily driven by our diesel fuel 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. Upon settlement, the net gain (loss) from the changes in fair value of the undesignated commodity derivative contracts is reported in the appropriate operating segment, allowing our operating segment results to reflect the economic effects of the commodity derivative contracts without the resulting unrealized mark to fair value volatility.

Favorable Interim Supply Agreement

In connection with the Beer Business Acquisition, 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 Brewery’s capacity. Amortization of favorable interim supply agreement reflects amounts associated with non-Brewery product purchased from the date of acquisition which has been sold to our U.S. customers during the respective period.

Inventory Step-Up

In connection with acquisitions, the allocation of purchase price in excess of book value for certain inventory 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 company prior to acquisition. Flow through of inventory step-up was primarily associated with the Beer Business Acquisition (Fiscal 2014) and the Mark West acquisition (Fiscal 2014 and Fiscal 2013).

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Other Losses

Other losses represent a loss on certain assets in connection with an earthquake in Napa, California.

Selling, General and Administrative Expenses

Transaction, Integration and Other Acquisition-Related Costs

Transaction, integration and other acquisition-related costs were primarily associated with the Beer Business Acquisition.

Other Gains (Losses)

Other gains (losses) consist primarily of a gain from an adjustment to a certain guarantee originally recorded in connection with a prior divestiture (Fiscal 2015 and Fiscal 2013), a net gain on the sale of and the write-down of certain property, plant and equipment (Fiscal 2015), a prior period correction of previously unrecognized deferred compensation costs that were associated with certain employment agreements (Fiscal 2014), and restructuring and related charges and credits associated with previously announced restructuring plans (Fiscal 2014 and Fiscal 2013).

Impairment of Goodwill and Intangible Assets

Impairment losses consist of impairments of goodwill and certain trademarks related to our Wine and Spirits’ Canadian reporting unit.

Gain on Remeasurement to Fair Value of Equity Method Investment

Prior to the Beer Business Acquisition, we accounted for our investment in Crown Imports under the equity method of accounting. In applying the acquisition method of accounting, our preexisting 50% equity interest was remeasured to its estimated fair value resulting in the recognition of a gain in connection with the Beer Business Acquisition.

Loss on Write-off of Financing Costs

We recorded a loss on write-off of financing costs in connection with the Amendment to the May 2014 Credit Agreement.

Fiscal 2015 Compared to Fiscal 2014

Net Sales

	Fiscal 2015		Fiscal 2014			% Increase (Decrease)
(in millions)
Beer	$	3,188.6	$	2,835.6		12	%
Wine and Spirits:
Wine	2,523.4		2,554.2			(1	%)
Spirits	316.0		291.3			8	%
Total Wine and Spirits	2,839.4		2,845.5			—	%
Total reportable segments	6,028.0		5,681.1			6	%
Consolidation and eliminations	—		(813.4		)	100	%
Consolidated net sales	$	6,028.0	$	4,867.7		24	%

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Net sales increased$1,160.3 million primarily due to $941.1 million of net sales of products acquired in the Beer Business Acquisition, combined with organic volume growth within our Mexican beer portfolio.

Beer

	Fiscal 2015		Fiscal 2014		% Increase
(in millions, branded product, 24 pack, 12 ounce case equivalents)
Net sales	$	3,188.6	$	2,835.6	12.4	%
Shipment volume	201.4		182.4		10.4	%
Depletion volume (1)					8.3	%

⁽¹⁾  Depletions represent distributor shipments of our respective branded products to retail customers, based on third party data.

Net sales for Beer increased$353.0 million primarily due to volume growth within our Mexican beer portfolio which benefited from continued consumer demand and increased advertising spend, combined with a favorable impact from pricing in select markets. In addition, Fiscal 2015 net sales were favorably impacted by increased shipment volumes in connection with a return of wholesaler inventories in the U.S. to more historic levels.

Wine and Spirits

	Fiscal 2015		Fiscal 2014		% (Decrease) Increase
(in millions, branded product, 9 liter case equivalents)
Net sales	$	2,839.4	$	2,845.5	(0.2	%)
Shipment volume
Total	66.0		66.8		(1.2	%)
U.S. Domestic	50.5		51.3		(1.6	%)
U.S. Domestic focus brands	35.2		35.9		(1.9	%)
Depletion volume (1)
U.S. Domestic					(0.1	%)
U.S. Domestic focus brands					0.3	%

Net Sales for Wine and Spirits decreased$6.1 million primarily due to (i)  lower branded wine volume (predominantly in the U.S. due largely to a planned reduction in inventory levels by one of our exclusive distributors), (ii)  an unfavorable year-over-year foreign currency translation impact, (iii)  lower nonbranded net sales and (iv)  higher branded wine promotional spend; partially offset by (i)  favorable product mix shift predominantly within the U.S. branded wine and spirits portfolio, (ii)  the recognition of contractually required payments from the U.S. distributor equal to the approximate profit lost on the reduced sales associated with the inventory reduction, (iii)  the recognition of certain contractually required distributor performance payments and (iv)  branded spirits volume growth.

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Gross Profit

	Fiscal 2015			Fiscal 2014			% Increase
(in millions)
Beer	$	1,465.8		$	1,132.1		29	%
Wine and Spirits	1,172.3			1,117.1			5	%
Total reportable segments	2,638.1			2,249.2			17	%
Unusual Items	(59.5		)	(16.0		)	NM
Consolidation and eliminations	—			(241.5		)	100	%
Consolidated gross profit	$	2,578.6		$	1,991.7		29	%
NM = Not meaningful

Gross profit increased$586.9 million primarily due to $443.5 million of gross profit from the Beer Business Acquisition and organic beer growth (driven largely by the organic volume growth and the favorable impact from pricing in select markets).

Beer increased$333.7 million primarily due to incremental gross profit from the Brewery Purchase, the volume growth and the favorable impact from pricing in select markets.

Wine and Spirits increased$55.2 million primarily due to (i)  the favorable product mix shift for the branded wine and spirits portfolio, (ii)  lower cost of product sold and (iii)  the distributor performance payments; partially offset by (i)  the higher promotional spend, (ii)  lower branded wine volume and (iii)  an unfavorable year-over-year foreign currency translation impact.

Gross profit as a percent of net sales increased to 42.8% for Fiscal 2015 compared to 40.9% for Fiscal 2014 primarily due to the items discussed above, partially offset by the increase in Unusual Items.

Selling, General and Administrative Expenses

	Fiscal 2015		Fiscal 2014			% Increase
(in millions)
Beer	$	448.0	$	359.2		25	%
Wine and Spirits	498.0		479.3			4	%
Corporate Operations and Other	109.1		99.8			9	%
Total reportable segments	1,055.1		938.3			12	%
Unusual Items	23.3		55.7			58	%
Consolidation and eliminations	—		(98.9		)	100	%
Consolidated selling, general and administrative expenses	$	1,078.4	$	895.1		20	%

Selling, general and administrative expenses increased$183.3 million primarily due to $134.2 million from the Beer Business Acquisition and an increase in organic beer selling, general and administrative expenses.

Beer increased$88.8 million primarily due to increases in general and administrative expenses of $44.5 million and advertising expenses of $44.1 million. The increase in general and administrative expenses is predominantly driven by higher compensation and benefit costs and higher information technology costs supporting the growth of the Mexican beer portfolio, combined with an overlap of prior year foreign currency transaction gains with current year foreign currency transaction losses. The increase in advertising expenses is due largely to investment behind our Mexican beer portfolio.

Wine and Spirits increased$18.7 million primarily due to increases in general and administrative expenses of $11.0 million and advertising expenses of $8.4 million. The increase in general and administrative expenses is predominantly attributable to higher compensation and benefit costs and higher consulting expenses supporting the

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Wine and Spirits’ branded portfolio. The increase in advertising expenses is due largely to a planned investment behind our branded wine and spirits portfolio.

Corporate Operations and Other increased$9.3 million due to higher general and administrative expenses primarily attributable to the growth of our business.

Selling, general and administrative expenses as a percent of net sales decreased to 17.9% for Fiscal 2015 as compared to 18.4% for Fiscal 2014 primarily due to the Beer Business Acquisition and the associated lower fixed overhead and the decrease in Unusual Items, partially offset by the increase in organic beer selling, general and administrative expenses.

Operating Income

	Fiscal 2015			Fiscal 2014			% Increase (Decrease)
(in millions)
Beer	$	1,017.8		$	772.9		32	%
Wine and Spirits	674.3			637.8			6	%
Corporate Operations and Other	(109.1		)	(99.8		)	(9	%)
Total reportable segments	1,583.0			1,310.9			21	%
Unusual Items	(82.8		)	1,269.4			(107	%)
Consolidation and eliminations	—			(142.6		)	100	%
Consolidated operating income	$	1,500.2		$	2,437.7		(38	%)

Operating income decreased$937.5 million primarily due to the significant decrease in Unusual Items, partially offset by growth in our reportable segments as a result of the factors discussed above.

Equity in Earnings of Equity Method Investees

Equity in earnings of equity method investees decreased to $21.5 million for Fiscal 2015 from $87.8 million for Fiscal 2014, a decrease of $66.3 million, or (76%). This decrease is primarily due to lower equity in earnings of Crown Imports as a result of the Beer Business Acquisition and the consolidation of Crown Imports’ results of operations from the date of acquisition.

Interest Expense

Interest expense increased to $337.7 million for Fiscal 2015 from $323.2 million for Fiscal 2014, an increase of $14.5 million, or 4%. The increase was driven largely by higher average borrowings, partially offset by a lower weighted average interest rate on outstanding borrowings, both primarily due to the issuance of the May 2013 Senior Notes and borrowings under our senior credit facility in connection with the financing for the Beer Business Acquisition.

Provision for Income Taxes

Our effective tax rate for Fiscal 2015 and Fiscal 2014 was 29.1% and 11.8%, respectively. Our effective tax rate for Fiscal 2015 benefited primarily from the Beer segment as well as additional foreign tax credits. Our effective tax rate for Fiscal 2014 was favorably impacted by the Beer Business Acquisition, primarily attributable to the recognition of the nontaxable gain on the remeasurement to fair value of our preexisting 50% equity interest in Crown Imports of $1,642.0 million, partially offset by the write-off of nondeductible goodwill of $278.7 million.

For additional information, refer to Note 13 of the Notes to the Financial Statements.

We continue to expect our effective tax rate for each of the next two fiscal years to be in the range of 30% to 32% primarily attributable to the impact of the Beer segment. Our tax rate includes taxes that may be payable if

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undistributed earnings of foreign subsidiaries are repatriated to the U.S. We are currently assessing whether certain earnings may be permanently reinvested.

Net Income Attributable to CBI

As a result of the above factors, net income attributable to CBI decreased to $839.3 million for Fiscal 2015 from $1,943.1 million for Fiscal 2014, a decrease of $1,103.8 million, or (57%).

Fiscal 2014 Compared to Fiscal 2013

Net Sales

	Fiscal 2014			Fiscal 2013			% Increase (Decrease)
(in millions)
Beer	$	2,835.6		$	2,588.1		10	%
Wine and Spirits:
Wine	2,554.2			2,495.8			2	%
Spirits	291.3			300.3			(3	%)
Total Wine and Spirits	2,845.5			2,796.1			2	%
Total reportable segments	5,681.1			5,384.2			6	%
Consolidation and eliminations	(813.4		)	(2,588.1		)	69	%
Consolidated net sales	$	4,867.7		$	2,796.1		74	%

Net sales increased$2,071.6 million primarily due to $2,022.2 million of net sales of products acquired in the Beer Business Acquisition.

Beer

	Fiscal 2014		Fiscal 2013		% Increase
(in millions, branded product, 24 pack, 12 ounce case equivalents)
Net sales	$	2,835.6	$	2,588.1	9.6	%
Shipment volume	182.4		170.6		6.9	%
Depletion volume (1)					7.6	%

⁽¹⁾  Depletions represent distributor shipments of our respective branded products to retail customers, based on third party data.

Net sales for Beer increased$247.5 million primarily due to volume growth within the Mexican beer portfolio which benefited from continued consumer demand and increased advertising spend, combined with a favorable impact from pricing in select markets.

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Wine and Spirits

	Fiscal 2014		Fiscal 2013		% Increase
(in millions, branded product, 9 liter case equivalents)
Net sales	$	2,845.5	$	2,796.1	1.8	%
Shipment volume
Total	66.8		64.2		4.0	%
Organic	66.5		64.2		3.6	%
U.S. Domestic	51.3		49.3		4.1	%
Organic U.S. Domestic	51.0		49.3		3.4	%
U.S. Domestic focus brands	35.9		34.0		5.6	%
Organic U.S. Domestic focus brands	35.6		34.0		4.7	%
Depletion volume (1)
U.S. Domestic					3.5	%
U.S. Domestic focus brands					5.6	%

Net sales for Wine and Spirits increased$49.4 million primarily due to an increase in wine net sales of $58.4 million. This increase resulted primarily from organic branded wine volume growth (predominantly in the U.S.) and $18.6 million of net sales of branded wine acquired in the acquisition of Mark West, partially offset by higher promotional expense, unfavorable product mix (predominantly within the organic U.S. branded wine portfolio) and an unfavorable year-over-year foreign currency translation impact. Spirits net sales decreased$9.0 million primarily due to lower bulk spirits net sales and higher promotional expense.

Gross Profit

	Fiscal 2014			Fiscal 2013			% Increase (Decrease)
(in millions)
Beer	$	1,132.1		$	755.4		50	%
Wine and Spirits	1,117.1			1,116.1			—	%
Total reportable segments	2,249.2			1,871.5			20	%
Unusual Items	(16.0		)	(7.8		)	(105	%)
Consolidation and eliminations	(241.5		)	(755.4		)	68	%
Consolidated gross profit	$	1,991.7		$	1,108.3		80	%

Gross profit increased$883.4 million primarily due to gross profit from the Beer Business Acquisition of $890.6 million, partially offset by an increase in Unusual Items of $8.2 million.

Beer increased$376.7 million primarily due to incremental gross profit from the Brewery Purchase, the favorable impact from pricing in select markets and the volume growth.

Wine and Spirits increased$1.0 million primarily due to the organic branded wine volume growth, partially offset by the higher promotional expense and higher branded wine product costs.

Gross profit as a percent of net sales increased to 40.9% for Fiscal 2014 compared to 39.6% for Fiscal 2013 primarily due to the benefit from the Beer Business Acquisition, partially offset by the higher wine and spirits’ promotional expense and the increase in Unusual Items.

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Selling, General and Administrative Expenses

	Fiscal 2014			Fiscal 2013			% Increase
(in millions)
Beer	$	359.2		$	307.4		17	%
Wine and Spirits	479.3			465.9			3	%
Corporate Operations and Other	99.8			93.5			7	%
Total reportable segments	938.3			866.8			8	%
Unusual Items	55.7			26.0			114	%
Consolidation and eliminations	(98.9		)	(307.4		)	68	%
Consolidated selling, general and administrative expenses	$	895.1		$	585.4		53	%

Selling, general and administrative expenses increased$309.7 million primarily due to $260.3 million of selling, general and administrative expenses from the Beer Business Acquisition, combined with increases in (i)  Unusual Items of $29.7 million, (ii)  Wine and Spirits of $13.4 million and (iii)  Corporate Operations and Other of $6.3 million.

Beer increased$51.8 million due to increases in general and administrative expenses, advertising expenses and selling expenses. The increase in general and administrative expenses is primarily attributable to higher allocated information technology expense for Beer (which was offset by a decrease in allocated information technology expense for Wine and Spirits) and higher compensation and benefit costs associated largely with higher annual management incentive expense. Information technology expense is allocated to each of our segments to reflect utilization of central support services and costs associated with our information technology systems. The reallocation of information technology expense resulted from the Beer Business Acquisition and the associated consolidation of Beer’s results of operations. The increase in advertising expenses is due largely to planned investment behind the Mexican beer portfolio. The increase in selling expenses is due largely to increased headcount to support Beer’s growth.

Wine and Spirits increased$13.4 million due to an increase in selling expenses of $15.4 million and advertising expenses of $4.4 million, partially offset by a decrease in general and administrative expenses of $6.4 million. The increase in selling and advertising expenses is driven largely by a planned increase in spend behind the segment’s branded wine and spirits portfolio. The decrease in general and administrative expenses is primarily attributable to the lower allocated information technology expense discussed above, partially offset by a number of smaller increases in certain general and administrative expenses supporting the Wine and Spirits’ branded portfolio.

Corporate Operations and Other increased$6.3 million due to higher general and administrative expenses primarily attributable to increased compensation and benefit costs associated largely with higher annual management incentive expense.

Selling, general and administrative expenses as a percent of net sales decreased to 18.4% for Fiscal 2014 as compared to 20.9% for Fiscal 2013 primarily due to the Beer Business Acquisition and the associated lower fixed overhead, partially offset by the higher Unusual Items.

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Operating Income

	Fiscal 2014			Fiscal 2013			% Increase (Decrease)
(in millions)
Beer	$	772.9		$	448.0		73	%
Wine and Spirits	637.8			650.2			(2	%)
Corporate Operations and Other	(99.8		)	(93.5		)	(7	%)
Total reportable segments	1,310.9			1,004.7			30	%
Unusual Items	1,269.4			(33.8		)	NM
Consolidation and eliminations	(142.6		)	(448.0		)	68	%
Consolidated operating income	$	2,437.7		$	522.9		NM

Operating income increased$1,914.8 million primarily due to the significant increase in Unusual Items combined with the factors discussed above.

Equity in Earnings of Equity Method Investees

Our equity in earnings of equity method investees decreased to $87.8 million for Fiscal 2014 from $233.1 million for Fiscal 2013, a decrease of $145.3 million, or 62%. This decrease is primarily due to lower equity in earnings of Crown Imports as a result of the Beer Business Acquisition and the consolidation of Crown Imports’ results of operations from the date of acquisition.

Interest Expense

Interest expense increased to $323.2 million for Fiscal 2014 from $227.1 million for Fiscal 2013, an increase of $96.1 million, or 42%. The increase was driven largely by higher average borrowings, partially offset by a lower weighted average interest rate on outstanding borrowings, both due primarily to the issuance of the May 2013 Senior Notes and borrowings under the 2013 Credit Agreement.

Provision for Income Taxes

Our effective tax rate for Fiscal 2014 and Fiscal 2013 was 11.8% and 24.9%, respectively. Our effective tax rate for Fiscal 2014 was favorably impacted by the Beer Business Acquisition, primarily attributable to the recognition of the nontaxable gain on the remeasurement to fair value of our preexisting 50% equity interest in Crown Imports of $1,642.0 million, partially offset by the write-off of nondeductible goodwill of $278.7 million. Our effective tax rate for Fiscal 2013 was substantially impacted by the benefit from additional foreign tax credits.

Net Income Attributable to CBI

As a result of the above factors, net income attributable to CBI increased to $1,943.1 million for Fiscal 2014 from $387.8 million for Fiscal 2013, an increase of $1,555.3 million.

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, initiate a quarterly cash dividend program, and from time-to-time, make strategic acquisitions that we believe will enhance stockholder value and repurchase shares of our common stock. Our primary source of liquidity has historically been cash flow from operating activities, except during annual grape harvests when we have relied on short-term borrowings. Our principal use of cash in our operating activities is for purchasing and

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carrying inventories and carrying seasonal accounts receivable. However, we expect our reliance on short-term borrowings to fund our annual grape harvests to be reduced given the historical cash flow from operating activities from the Beer segment. 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 (see additional discussion below under “Accounts Receivable Securitization Facilities”), to support our working capital requirements.

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 our Brewery and glass production plant expansions as previously discussed in the Acquisitions section above.

Cash Flows

	Fiscal 2015			Fiscal 2014			Fiscal 2013
(in millions)
Net cash provided by operating activities	$	1,081.0		$	826.2		$	556.3
Net cash used in investing activities	(1,015.9		)	(4,863.8		)	(206.8		)
Net cash provided by (used in) financing activities	(16.4		)	3,777.0			(98.7		)
Effect of exchange rate changes on cash and cash equivalents	(2.5		)	(7.0		)	(5.1		)
Net increase (decrease) in cash and cash equivalents	$	46.2		$	(267.6	)	$	245.7

Operating Activities

Net cash provided by operating activities increased$254.8 million for Fiscal 2015. This increase resulted primarily from an increase in cash provided by Beer due largely to the timing of the prior year Beer Business Acquisition combined with the strong growth in the Mexican beer portfolio for Fiscal 2015, partially offset by an increase in beer inventory levels to support the growth of the Mexican beer portfolio.

Net cash provided by operating activities increased$269.9 million for Fiscal 2014. This increase resulted primarily from incremental cash from the Beer Business Acquisition, partially offset by lower Wine and Spirits (due largely to timing of trade accounts payable payments) and lower Corporate Operations and Other (predominantly attributable to higher interest expense payments associated with higher average borrowings for Fiscal 2014).

Investing Activities

Net cash used in investing activities decreased$3,847.9 million for Fiscal 2015. This decrease resulted primarily from the Beer Business Acquisition for Fiscal 2014, partially offset by increased purchases of property, plant and equipment for Fiscal 2015 primarily in connection with the Beer Business Acquisition and the associated Brewery expansion projects.

Net cash used in investing activities increased$4,657.0 million for Fiscal 2014. This increase resulted primarily from the Beer Business Acquisition for Fiscal 2014, combined with increased purchases of property, plant and equipment for Fiscal 2014 primarily in connection with the Beer Business Acquisition and the initial Brewery expansion project.

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Financing Activities

Net cash used in financing activities increased$3,793.4 million for Fiscal 2015, primarily from the following:

• Fiscal 2015 proceeds from issuance of long-term debt of $905.0 million primarily from the issuance of the November 2014 Senior Notes (used primarily to redeem our December 2007 Senior Notes) compared to Fiscal 2014 proceeds from issuance of long-term debt of $3,725.0 million from term loan borrowings under the 2013 Credit Agreement and the issuance of the May 2013 Senior Notes (used to fund a portion of the Beer Business Acquisition);

• Fiscal 2015 principal payments of long-term debt for the repayment of the December 2007 Senior Notes of $500.0 million; and

• Fiscal 2015 payment of delayed purchase price arrangement of $543.3 million for the additional purchase price for the finalization of the Final EBITDA Amount in connection with the Beer Business Acquisition; partially offset by

• Fiscal 2015 proceeds from noncontrolling interests of $115.0 million in connection with the formation of an equally-owned joint venture for which we are the primary beneficiary.

Net cash provided by financing activities increased$3,875.7 million for Fiscal 2014, primarily from the following:

• Fiscal 2014 proceeds from issuance of long-term debt of $3,725.0 million from term loan borrowings under the 2013 Credit Agreement and the issuance of the May 2013 Senior Notes (used to fund a portion of the Beer Business Acquisition) compared to Fiscal 2013 proceeds from issuance of long-term debt of $2,050.0 million from the April 2012 Senior Notes, the August 2012 Senior Notes and proceeds from term loan borrowings under our then existing senior credit facility. A portion of the proceeds from the April 2012 Senior Notes and the term loan borrowings were used to repay the outstanding obligations under our then existing senior credit facility. Proceeds from the August 2012 Senior Notes were intended to be used to fund a portion of the Beer Business Acquisition; however, due to differences between the terms of the initial June 2012 purchase agreement and an amended February 2013 purchase agreement, we determined that the conditions for the release of the previously escrowed proceeds could not be satisfied and we redeemed the August 2012 Senior Notes in February 2013;

• Fiscal 2014 principal payments of long-term debt of $96.4 million compared to Fiscal 2013 principal payments of long-term debt of $1.5 billion primarily for the repayment of outstanding obligations under our then existing senior credit facility and the redemption of the August 2012 Senior Notes;

• No share repurchases in Fiscal 2014 compared to Fiscal 2013 share repurchases of $383.0 million under our 2013 Authorization and 2012 Authorization (as further discussed below under “Share Repurchase Programs”); and

• Fiscal 2014 net proceeds from notes payable of $57.3 million compared to Fiscal 2013 net repayments of notes payable of $372.6 million.

Debt

Total debt outstanding as of February 28, 2015, amounted to $7,348.0 million, an increase of $327.5 million from February 28, 2014. This increase was due largely to the issuance of the $800.0 million November 2014 Senior Notes primarily to fund the redemption of our $500.0 million December 2007 Senior Notes.

The majority of our outstanding borrowings as of February 28, 2015, consisted of fixed-rate senior unsecured notes, with maturities ranging from 2016 to 2024, and variable-rate senior secured term loan facilities under our 2014 Credit Agreement, with maturities ranging from 2018 to 2020.

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

	Remaining Borrowing Capacity
	February 28, 2015		April 22, 2015
(in millions)
Revolving Credit Facility	$	835.6	$	600.7
CBI Facility	$	275.0	$	270.0
Crown Facility	$	100.0	$	130.0

The financial institutions participating in our 2014 Credit Agreement and our accounts receivable securitization facilities have complied with prior funding requests and we believe the financial institutions will comply with ongoing funding requests. However, there can be no assurances that any particular financial institution will continue to do so in the future.

As of February 28, 2015, we also have additional credit arrangements totaling $483.4 million, with $207.3 million outstanding under these arrangements. These arrangements primarily support the financing needs of our domestic and foreign subsidiary operations.

We have entered into 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. In April 2012, we transitioned our then existing interest rate swap agreement to a one-month LIBOR base rate versus the existing three-month LIBOR base rate by entering into a new interest rate swap agreement which was designated as a cash flow hedge for $500.0 million of our floating LIBOR rate debt. In addition, our existing interest rate swap agreement was dedesignated as a hedge. We also entered into an additional interest rate swap agreement for $500.0 million that was not designated as a hedge to offset the prospective impact of the newly undesignated interest rate swap agreement. As a result of these hedges, we have 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 and our subsidiaries are subject to covenants that are contained in the 2014 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 covenants are limited to a minimum interest coverage ratio of 2.5x and a maximum net debt coverage ratio of 5.5x, both as defined in the 2014 Credit Agreement.

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 February 28, 2015, we were in compliance with all of our covenants under both our 2014 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 12 of the Notes to the Financial Statements.

Common Stock Dividends

On April 8, 2015, our Board of Directors declared an initial quarterly cash dividend of $0.31 per share of Class A Common Stock, $0.28 per share of Class B Convertible Common Stock and $0.28 per share of Class 1 Common Stock payable on May 22, 2015, to stockholders of record of each class on May 8, 2015. We expect to return approximately $240 million to stockholders in Fiscal 2016 through cash dividends.

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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 this Annual Report on Form 10-K.

Share Repurchase Programs

Our Board of Directors authorized the repurchase of up to $500.0 million of our Class A Common Stock and Class B Convertible Common Stock in April 2011 (the “2012 Authorization”) and the repurchase of up to $1.0 billion of our Class A Common Stock and Class B Convertible Common Stock in April 2012 (the “2013 Authorization”). Shares repurchased under both authorizations have become treasury shares.

Shares repurchased are as follows:

			Class A Common Shares
	Repurchase Authorization		Dollar Value of Shares Repurchased		Number of Shares Repurchased	Average Price Per Share
(in millions, except share and per share data)
2012 Authorization	$	500.0	$	500.0	25,204,747	$	19.84
2013 Authorization	$	1,000.0	$	296.7	14,023,985	$	21.15

Share repurchases under the 2013 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, proceeds from borrowings under the accounts receivable securitization facilities or proceeds from revolver borrowings under our senior credit facility. Any repurchased shares will become treasury shares.

For additional information, refer to Note 15 of the Notes to the Financial Statements.

Contractual Obligations and Commitments

The following table sets forth information about our long-term contractual obligations outstanding at February 28, 2015. It brings together data for easy reference from our balance sheet and Notes to the Financial Statements. For a detailed discussion of the items noted in the following table, refer to Notes 11, 12, 13 and 14 of the Notes to the Financial Statements.

	PAYMENTS DUE BY PERIOD
	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
(in millions)
Notes payable to banks	$	52.4	$	52.4	$	—	$	—	$	—
Long-term debt (excluding unamortized discount)	7,297.0		158.1		1,790.9		1,862.4		3,485.6
Interest payments on long-term debt (1)	1,458.5		253.4		529.8		326.3		349.0
Operating leases	392.5		48.4		79.4		62.6		202.1
Other long-term liabilities (2)	262.6		148.1		37.0		23.6		53.9
Purchase obligations (3)	7,507.8		2,402.7		2,381.1		1,368.4		1,355.6
Total contractual obligations	$	16,970.8	$	3,063.1	$	4,818.2	$	3,643.3	$	5,446.2

⁽¹⁾  Interest rates on long-term debt obligations range from 1.9% to 7.3% as of February 28, 2015. Interest payments on long-term debt obligations include amounts associated with our outstanding interest rate swap agreements to

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fix LIBOR interest rates on $500.0 million of our floating LIBOR rate debt. Interest payments on long-term debt do not include interest related to capital lease obligations or certain foreign credit arrangements, which represent approximately 0.7% of our total long-term debt, as amounts are not material.

⁽²⁾  Other long-term liabilities include $10.1 million associated with expected payments for unrecognized tax benefit liabilities as of February 28, 2015, $2.4 million of which is expected to be paid in the less than one year period. The payments are reflected in the period in which we believe they will ultimately be settled based on our experience in these matters. Other long-term liabilities do not include payments for unrecognized tax benefit liabilities of $75.4 million due to the uncertainty of the timing of future cash flows associated with these unrecognized tax benefit liabilities. In addition, other long-term liabilities do not include expected payments for interest and penalties associated with unrecognized tax benefit liabilities as amounts are not material. For a detailed discussion of these items, refer to Note 13 of the Notes to the Financial Statements.

⁽³⁾  Total purchase obligations consist primarily of $5,377.3 million for contracts to purchase certain raw materials and supplies over the next thirteen fiscal years, $1,463.7 million for contracts to purchase equipment and services over the next three fiscal years and $469.0 million for contracts to purchase beer finished goods over the next ten months. For a detailed discussion of our purchase obligations, refer to Note 14 of the Notes to the Financial Statements.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that either have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Capital Expenditures

During Fiscal 2015, we incurred $719.4 million for capital expenditures, including $587.3 million for the Beer segment primarily for the Brewery expansions. Management reviews the capital expenditure program periodically and modifies it as required to meet current business needs. We plan to spend from $1.05 billion to $1.15 billion for capital expenditures for Fiscal 2016, including from $950 million to $1.05 billion for the Beer segment associated primarily with the Brewery and glass plant expansions. The remaining amounts consist of improvements of existing operating facilities and replacements of existing equipment and/or buildings. In total, over the next three fiscal year periods, we expect to spend between $1.2 billion to$1.55 billion for capital expenditures associated with the Brewery and glass plant expansions. Upon completion, the total spend for the Brewery and glass plant expansions from fiscal 2014 through fiscal 2018 is estimated to be from $1.9 billion to $2.3 billion.

Effects of Inflation and Changing Prices

Our results of operations and financial condition have not been significantly affected by inflation and changing prices. We intend to pass along rising costs through increased selling prices, subject to normal competitive conditions. There can be no assurances, however, that we will be able to pass along rising costs through increased selling prices. In addition, we continue to identify on-going cost savings initiatives.

Critical Accounting Estimates

Our significant accounting policies are more fully described in Note 1 of our Notes to the Financial Statements. However, certain of our accounting policies are particularly important to the portrayal of our financial position and results of operations and require the application of significant judgment by management; as a result, they are subject to an inherent degree of uncertainty. In applying those policies, management uses its judgment to determine the appropriate assumptions to be used in the determination of certain estimates. Those estimates are based on our historical experience, our observance of trends in the industry, information provided by our customers and information available from other outside sources, as appropriate. On an ongoing basis, we review our estimates to ensure that they appropriately reflect changes in our business. Our critical accounting estimates include:

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• Goodwill and other intangible assets. We account for goodwill and other intangible assets by classifying intangible assets into three categories: (i)  intangible assets with definite lives subject to amortization, (ii)  intangible assets with indefinite lives not subject to amortization and (iii)  goodwill. For intangible assets with definite lives, impairment testing is required if conditions exist that indicate the carrying value may not be recoverable. For intangible assets with indefinite lives and for goodwill, impairment testing is required at least annually or more frequently if events or circumstances indicate that these assets might be impaired. We perform annual impairment tests and re-evaluate the useful lives of other intangible assets with indefinite lives at the annual impairment test measurement date of January 1 or when circumstances arise that indicate a possible impairment might exist. The guidance for goodwill impairment testing allows an entity to assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount or to proceed directly to performing the two-step impairment test. In the first step, the estimated fair value of each reporting unit is compared to the carrying value of the reporting unit, including goodwill. The estimate of fair value of the reporting unit is generally calculated based on an income approach using the discounted cash flow method supplemented by the market approach. If the estimated fair value of the reporting unit is less than the carrying value of the reporting unit, a second step is performed to determine the amount of the goodwill impairment we should record. In the second step, an implied fair value of the reporting unit’s goodwill is determined by allocating the reporting unit’s fair value to all of its assets and liabilities other than goodwill (including any unrecognized intangible assets). The resulting implied fair value of the goodwill is compared to the carrying value of goodwill. The amount of impairment charge for goodwill is equal to the excess of the carrying value of the goodwill over the implied fair value of that goodwill. Our reporting units include the Beer segment and U.S., Canada, New Zealand and Italy for the Wine and Spirits segment. In estimating the fair value of the reporting units, management must make assumptions and projections regarding such items as future cash flows, future revenues, future earnings and other factors. The assumptions used in the estimate of fair value are based on historical trends and the projections and assumptions that are used in current strategic operating plans. These assumptions reflect management’s estimates of future economic and competitive conditions and are, therefore, subject to change as a result of changing market conditions. If these estimates or their related assumptions change in the future, we may be required to record an impairment loss for these assets. The recording of any resulting impairment loss could have a material adverse impact on our financial statements.

In the fourth quarter of fiscal 2015, we performed our annual goodwill impairment analysis. No indication of impairment was noted for any of our reporting units, as the estimated fair value of each of our reporting units with goodwill exceeded their carrying value. Based on this analysis, of all of our reporting units, the reporting unit with the lowest amount of estimated fair value in excess of its carrying value was the Wine and Spirits’ U.S. reporting unit by approximately 18%. In the second quarter of fiscal 2014, we recorded an impairment loss of $278.7 million, in connection with the Wine and Spirits’ Canadian reporting unit. In Fiscal 2013, as a result of our annual goodwill impairment analysis, we concluded that there were no indications of impairment for any of our reporting units.

The most significant assumptions used in the discounted cash flows calculation to determine the estimated fair value of our reporting units in connection with impairment testing are: (i)  the discount rate, (ii)  the expected long-term growth rate and (iii)  the annual cash flow projections. As of January 1, 2015, if we used a discount rate that was 50 basis points higher or used an expected long-term growth rate that was 50 basis points lower or used annual cash flow projections that were 100 basis points lower in our impairment testing of goodwill, then the changes individually would not have resulted in the carrying value of the respective reporting unit’s net assets, including its goodwill, exceeding its estimated fair value, which would indicate the potential for impairment and the requirement to measure the amount of impairment, if any.

Our other intangible assets consist primarily of customer relationships and trademarks obtained through business acquisitions. Customer relationships are amortized over their estimated useful lives. The useful lives of existing trademarks that were determined to be indefinite are not amortized. The

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guidance for indefinite lived intangible asset impairment testing allows an entity to assess qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the indefinite lived intangible asset is impaired or to proceed directly to performing the quantitative impairment test. Our trademarks are evaluated for impairment by comparing the carrying value of the trademarks to their estimated fair value. The estimated fair value of trademarks is calculated based on an income approach using the relief from royalty method. The estimate of fair value is then compared to the carrying value of each trademark. If the estimated fair value is less than the carrying value of the trademark, then an impairment charge is recorded by us to reduce the carrying value of the trademark to its estimated fair value. In estimating the fair value of the trademarks, management must make assumptions and projections regarding future cash flows based upon future revenues and other factors. The assumptions used in the estimate of fair value are consistent with historical trends and the projections and assumptions that are used in current strategic operating plans. These assumptions reflect management’s estimates of future economic and competitive conditions and are, therefore, subject to change as a result of changing market conditions. If these estimates or their related assumptions change in the future, we may be required to record an impairment loss for these assets. The recording of any resulting impairment loss could have a material adverse impact on our financial statements.

In the fourth quarter of fiscal 2015, we performed our annual review of indefinite lived intangible assets for impairment. No indication of impairment was noted for any of our indefinite lived intangible assets as a result of our review. In the second quarter of fiscal 2014, we recorded an impairment loss of $22.2 million, in connection with certain trademarks associated with the Wine and Spirits’ Canadian business. No indication of impairment was noted for any of our indefinite lived intangible assets for Fiscal 2013.

The most significant assumptions used in the relief from royalty method to determine the estimated fair value of intangible assets with indefinite lives in connection with impairment testing are:  (i)  the estimated royalty rate, (ii)  the discount rate, (iii)  the expected long-term growth rate and (iv)  the annual revenue projections. As of January 1, 2015, if we used a royalty rate that was 50 basis points lower or used a discount rate that was 50 basis points higher or used an expected long-term growth rate that was 50 basis points lower or used annual revenue projections that were 100 basis points lower in our impairment testing of intangible assets with indefinite lives, then each change individually would not have resulted in any unit of accounting’s carrying value exceeding its estimated fair value, except for the trademarks associated with the Wine and Spirits’ Canadian business. If we used a royalty rate that was reduced by an additional 50 basis points, then we would have recorded an impairment loss for the Wine and Spirits’ Canadian trademarks of approximately $3.6 million. No impairment loss would have been recorded for the Wine and Spirits’ Canadian trademarks if we used a discount rate that was 50 basis points higher, an expected long term growth rate that was 50 basis points lower, or annual revenue projections that were 100 basis points lower.

• Accounting for promotional activities. Sales reflect reductions attributable to consideration given to customers in various customer incentive programs, including pricing discounts on single transactions, volume discounts, promotional and advertising allowances, coupons and rebates. Certain customer incentive programs require management to estimate the cost of those programs. The accrued liability for these programs is determined through analysis of programs offered, historical trends, expectations regarding customer and consumer participation, sales and payment trends, and experience with payment patterns associated with similar programs that have been offered previously. If assumptions included in our estimates were to change or market conditions were to change, then material incremental reductions to revenue could be required, which could have a material adverse impact on our financial statements.

• Accounting for income taxes. We estimate our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits based upon various factors including, but not limited to, historical pretax operating income, future estimates of pretax operating income, differences between book and tax treatment of items of income and expense and tax planning strategies. We are subject to income taxes in Canada, Luxembourg, Mexico, New Zealand, the U.S. and other jurisdictions. We recognize our deferred tax assets and liabilities based upon the expected future tax outcome of amounts

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recognized in our results of operations. If necessary, we record a valuation allowance on deferred tax assets if the realization of the asset appears doubtful. We believe that all tax positions are fully supported; however, we record tax liabilities in accordance with the FASB’s guidance for income tax accounting. We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. In addition, changes in existing tax laws or rates could significantly change our current estimate of our tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. Changes in current estimates, if significant, could have a material adverse impact on our financial statements.

Accounting Guidance Not Yet Adopted

Accounting guidance adopted on March 1, 2014, did not have a material impact on our consolidated financial statements. For information on Accounting Guidance Not Yet Adopted, refer to Note 22 in our Notes to the Financial Statements.

Item 7A. 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, periodically, we purchase and/or sell derivative instruments including foreign 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 or joint venture investments outside the U.S. As of February 28, 2015, we had exposures to foreign currency risk primarily related to the Mexican peso, euro, New Zealand dollar and Canadian dollar. Approximately 55% of our balance sheet exposures and forecasted transactional exposures for the year ending February 29, 2016, were hedged as of February 28, 2015.

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 February 28, 2015, exposures to commodity price risk which we are currently hedging primarily include diesel fuel, corn, aluminum and natural gas prices. Approximately 63% of our forecasted transactional exposures for commodities for the year ending February 29, 2016, were hedged as of February 28, 2015.

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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 Asset (Liability)					Increase (Decrease) in Fair Value
	February 28, 2015		February 28, 2014		February 28, 2015			February 28, 2014		February 28, 2015		February 28, 2014
(in millions)
Foreign currency contracts	$	2,003.3	$	1,280.4	$	(24.4	)	$	14.1	$	45.8	$	(68.5	)
Commodity derivative contracts	$	190.8	$	88.0	$	(26.7	)	$	1.0	$	16.2	$	(8.8	)

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 February 28, 2015, and February 28, 2014, we had an outstanding cash flow designated interest rate swap agreement which fixed LIBOR interest rates (to minimize interest rate volatility) 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. In addition, we had offsetting undesignated interest rate swap agreements.

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:

	Aggregate Notional Value				Fair Value, Net Asset (Liability)						Increase (Decrease) in Fair Value
	February 28, 2015		February 28, 2014		February 28, 2015			February 28, 2014			February 28, 2015			February 28, 2014
(in millions)
Fixed interest rate debt	$	4,400.2	$	4,101.2	$	(4,733.5	)	$	(4,380.0	)	$	(223.6	)	$	(197.9	)
Variable interest rate debt	$	2,949.2	$	2,922.0	$	(2,697.5	)	$	(2,818.0	)	$	(92.4	)	$	(116.7	)
Interest rate swap contracts	$	1,500.0	$	1,500.0	$	(19.7	)	$	(28.5	)	$	(6.5	)	$	(11.7	)

For additional discussion on our market risk, refer to Notes 6 and 7 of the Notes to the Financial Statements.

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Item 8. Financial Statements and Supplementary Data.

CONSTELLATION BRANDS, INC. AND SUBSIDIARIES

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

The following information is presented in this Annual Report on Form 10-K:

	Page
Report of Independent Registered Public Accounting Firm – KPMG LLP	49
Report of Independent Registered Public Accounting Firm – KPMG LLP	50
Management’s Annual Report on Internal Control Over Financial Reporting	51
Consolidated Balance Sheets - February 28, 2015, and February 28, 2014	52
Consolidated Statements of Comprehensive Income for the years ended February 28, 2015, February 28, 2014, and February 28, 2013	53
Consolidated Statements of Changes in Stockholders’ Equity for the years ended February 28, 2015, February 28, 2014, and February 28, 2013	54
Consolidated Statements of Cash Flows for the years ended February 28, 2015, February 28, 2014, and February 28, 2013	55
Notes to Consolidated Financial Statements	57
Selected Quarterly Financial Information (unaudited)	104

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Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

Constellation Brands, Inc.:

We have audited the accompanying consolidated balance sheets of Constellation Brands, Inc. and subsidiaries (the Company) as of February 28, 2015 and 2014, and the related consolidated statements of comprehensive income, changes in stockholders’ equity, and cash flows for each of the years in the three-year period ended February 28, 2015. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Constellation Brands, Inc. and subsidiaries as of February 28, 2015 and 2014, and the results of their operations and their cash flows for each of the years in the three-year period ended February 28, 2015, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Constellation Brands, Inc.’s internal control over financial reporting as of February 28, 2015, based on criteria established in Internal Control – Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated April 28, 2015 expressed an unqualified opinion on the effectiveness of Constellation Brands, Inc.’s internal control over financial reporting.

/s/ KPMG LLP

Rochester, New York

April 28, 2015

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Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

Constellation Brands, Inc.:

We have audited Constellation Brands, Inc.’s (the Company) internal control over financial reporting as of February 28, 2015, based on criteria established in Internal Control – Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Constellation Brands, Inc.’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1)  pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)  provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)  provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, Constellation Brands, Inc. maintained, in all material respects, effective internal control over financial reporting as of February 28, 2015, based on criteria established in Internal Control – Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Constellation Brands, Inc. and subsidiaries as of February 28, 2015 and 2014, and the related consolidated statements of comprehensive income, changes in stockholders’ equity, and cash flows for each of the years in the three-year period ended February 28, 2015, and our report dated April 28, 2015 expressed an unqualified opinion on those consolidated financial statements.

/s/ KPMG LLP

Rochester, New York

April 28, 2015

50

Management’s Annual Report on Internal Control Over Financial Reporting

Management of Constellation Brands, Inc. and subsidiaries (the “Company”) is responsible for establishing and maintaining an adequate system of internal control over financial reporting. This system is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

The Company’s internal control over financial reporting includes those policies and procedures that (i)  pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii)  provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii)  provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements. Further, because of changes in conditions, effectiveness of internal controls over financial reporting may vary over time.

Management conducted an evaluation of the effectiveness of the system of internal control over financial reporting based on the framework in Internal Control – Integrated Framework (1992) issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. Based on that evaluation, management concluded that the Company’s internal control over financial reporting was effective as of February 28, 2015.

The effectiveness of the Company’s internal control over financial reporting has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report which is included herein.

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CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions, except share and per share data)
	February 28, 2015			February 28, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	110.1		$	63.9
Accounts receivable	598.9			626.2
Inventories	1,827.2			1,743.8
Prepaid expenses and other	374.6			313.3
Total current assets	2,910.8			2,747.2
Property, plant and equipment	2,681.6			2,014.3
Goodwill	6,208.2			6,146.8
Intangible assets	3,181.0			3,231.1
Other assets	162.9			162.7
Total assets	$	15,144.5		$	14,302.1
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable to banks	$	52.4		$	57.2
Current maturities of long-term debt	158.1			590.0
Accounts payable	285.8			295.2
Accrued excise taxes	28.7			27.7
Other accrued expenses and liabilities	605.7			1,055.6
Total current liabilities	1,130.7			2,025.7
Long-term debt, less current maturities	7,137.5			6,373.3
Deferred income taxes	818.9			762.6
Other liabilities	176.1			159.2
Total liabilities	9,263.2			9,320.8
Commitments and contingencies (Note 14)
CBI stockholders’ equity:
Preferred Stock, $.01 par value- Authorized, 1,000,000 shares; Issued, none	—			—
Class A Common Stock, $.01 par value- Authorized, 322,000,000 shares; Issued, 250,839,359 shares and 248,264,944 shares, respectively	2.5			2.5
Class B Convertible Common Stock, $.01 par value- Authorized, 30,000,000 shares; Issued, 28,389,608 shares and 28,436,565 shares, respectively	0.3			0.3
Class 1 Common Stock, $.01 par value- Authorized, 25,000,000 shares; Issued, none	—			—
Additional paid-in capital	2,269.8			2,116.6
Retained earnings	5,277.5			4,438.2
Accumulated other comprehensive income (loss)	(130.9		)	86.0
	7,419.2			6,643.6
Less: Treasury stock –
Class A Common Stock, at cost, 79,681,859 shares and 80,225,575 shares, respectively	(1,646.3		)	(1,660.1		)
Class B Convertible Common Stock, at cost, 5,005,800 shares	(2.2		)	(2.2		)
	(1,648.5		)	(1,662.3		)
Total CBI stockholders’ equity	5,770.7			4,981.3
Noncontrolling interests	110.6			—
Total stockholders’ equity	5,881.3			4,981.3
Total liabilities and stockholders’ equity	$	15,144.5		$	14,302.1

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)
	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
Sales	$	6,672.1		$	5,411.0		$	3,171.4
Less – excise taxes	(644.1		)	(543.3		)	(375.3		)
Net sales	6,028.0			4,867.7			2,796.1
Cost of product sold	(3,449.4		)	(2,876.0		)	(1,687.8		)
Gross profit	2,578.6			1,991.7			1,108.3
Selling, general and administrative expenses	(1,078.4		)	(895.1		)	(585.4		)
Impairment of goodwill and intangible assets	—			(300.9		)	—
Gain on remeasurement to fair value of equity method investment	—			1,642.0			—
Operating income	1,500.2			2,437.7			522.9
Equity in earnings of equity method investees	21.5			87.8			233.1
Interest expense	(337.7		)	(323.2		)	(227.1		)
Loss on write-off of financing costs	(4.4		)	—			(12.5		)
Income before income taxes	1,179.6			2,202.3			516.4
Provision for income taxes	(343.4		)	(259.2		)	(128.6		)
Net income	836.2			1,943.1			387.8
Net loss attributable to noncontrolling interests	3.1			—			—
Net income attributable to CBI	$	839.3		$	1,943.1		$	387.8
Net income per common share attributable to CBI:
Basic – Class A Common Stock	$	4.40		$	10.45		$	2.15
Basic – Class B Convertible Common Stock	$	4.00		$	9.50		$	1.96
Diluted – Class A Common Stock	$	4.17		$	9.83		$	2.04
Diluted – Class B Convertible Common Stock	$	3.83		$	9.04		$	1.87
Weighted average common shares outstanding:
Basic – Class A Common Stock	169.325			164.687			158.658
Basic – Class B Convertible Common Stock	23.397			23.467			23.532
Diluted – Class A Common Stock	201.224			197.570			190.307
Diluted – Class B Convertible Common Stock	23.397			23.467			23.532

Comprehensive income:
Net income	$	836.2		$	1,943.1		$	387.8
Other comprehensive income (loss), net of income tax effect:
Foreign currency translation adjustments	(191.0		)	(66.8		)	(37.4		)
Unrealized gain (loss) on cash flow hedges	(20.2		)	11.3			0.3
Unrealized gain (loss) on available-for-sale debt securities	(1.0		)	(2.9		)	0.4
Pension/postretirement adjustments	(6.0		)	12.3			(4.9		)
Other comprehensive loss, net of income tax effect	(218.2		)	(46.1		)	(41.6		)
Comprehensive income	618.0			1,897.0			346.2
Comprehensive loss attributable to noncontrolling interests	4.4			—			—
Comprehensive income attributable to CBI	$	622.4		$	1,897.0		$	346.2

The accompanying notes are an integral part of these statements.

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CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (in millions)
	Common Stock				Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Non-controlling Interests			Total
	Class A		Class B
Balance at February 29, 2012	$	2.3	$	0.3	$	1,691.4	$	2,107.3	$	173.7		$	(1,299.0	)	$	—		$	2,676.0
Comprehensive income:
Net income	—		—		—		387.8		—			—			—			387.8
Other comprehensive loss, net of income tax effect	—		—		—		—		(41.6		)	—			—			(41.6		)
Comprehensive income																		346.2
Repurchase of shares	—		—		—		—		—			(383.0		)	—			(383.0		)
Shares issued under equity compensation plans	0.1		—		156.5		—		—			5.3			—			161.9
Stock-based compensation	—		—		44.2		—		—			—			—			44.2
Tax benefit on stock-based compensation	—		—		15.0		—		—			—			—			15.0
Balance at February 28, 2013	2.4		0.3		1,907.1		2,495.1		132.1			(1,676.7		)	—			2,860.3
Comprehensive income:
Net income	—		—		—		1,943.1		—			—			—			1,943.1
Other comprehensive loss, net of income tax effect	—		—		—		—		(46.1		)	—			—			(46.1		)
Comprehensive income																		1,897.0
Shares issued under equity compensation plans	0.1		—		93.4		—		—			14.4			—			107.9
Stock-based compensation	—		—		50.8		—		—			—			—			50.8
Tax benefit on stock-based compensation	—		—		65.3		—		—			—			—			65.3
Balance at February 28, 2014	2.5		0.3		2,116.6		4,438.2		86.0			(1,662.3		)	—			4,981.3
Comprehensive income:
Net income (loss)	—		—		—		839.3		—			—			(3.1		)	836.2
Other comprehensive loss, net of income tax effect	—		—		—		—		(216.9		)	—			(1.3		)	(218.2		)
Comprehensive income																		618.0
Proceeds from noncontrolling interests	—		—		—		—		—			—			115.0			115.0
Shares issued under equity compensation plans	—		—		21.5		—		—			13.8			—			35.3
Stock-based compensation	—		—		54.3		—		—			—			—			54.3
Tax benefit on stock-based compensation	—		—		77.4		—		—			—			—			77.4
Balance at February 28, 2015	$	2.5	$	0.3	$	2,269.8	$	5,277.5	$	(130.9	)	$	(1,648.5	)	$	110.6		$	5,881.3

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)
	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
Cash flows from operating activities:
Net income	$	836.2		$	1,943.1		$	387.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	162.0			139.8			108.2
Deferred tax provision	79.3			41.6			39.2
Stock-based compensation	55.0			49.9			40.8
Amortization of intangible assets	40.0			15.5			7.2
Amortization of deferred financing costs	12.2			11.6			4.8
Noncash portion of loss on write-off of financing costs	3.3			—			12.5
Equity in earnings of equity method investees, net of distributed earnings	(1.2		)	(43.3		)	7.6
Gain on remeasurement to fair value of equity method investment	—			(1,642.0		)	—
Impairment of goodwill and intangible assets	—			300.9			—
Change in operating assets and liabilities, net of effects from purchases of businesses:
Accounts receivable	16.1			36.5			(38.9		)
Inventories	(132.5		)	(41.1		)	(90.0		)
Prepaid expenses and other current assets	(71.2		)	(0.2		)	(9.6		)
Accounts payable	(0.8		)	(49.3		)	76.9
Accrued excise taxes	1.6			(5.5		)	(5.8		)
Other accrued expenses and liabilities	44.7			58.1			(0.3		)
Other	36.3			10.6			15.9
Total adjustments	244.8			(1,116.9		)	168.5
Net cash provided by operating activities	1,081.0			826.2			556.3
Cash flows from investing activities:
Purchases of property, plant and equipment	(719.4		)	(223.5		)	(62.1		)
Purchases of businesses, net of cash acquired	(310.3		)	(4,681.3		)	(159.3		)
Other investing activities	13.8			41.0			14.6
Net cash used in investing activities	(1,015.9		)	(4,863.8		)	(206.8		)

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CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)
	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
Cash flows from financing activities:
Principal payments of long-term debt	(605.7		)	(96.4		)	(1,537.2		)
Payment of delayed purchase price arrangement	(543.3		)	—			—
Payments of minimum tax withholdings on stock-based payment awards	(28.4		)	(18.0		)	(0.5		)
Payments of financing costs of long-term debt	(13.8		)	(82.2		)	(35.8		)
Proceeds from issuance of long-term debt	905.0			3,725.0			2,050.0
Proceeds from noncontrolling interests	115.0			—			—
Excess tax benefits from stock-based payment awards	78.0			65.4			17.7
Proceeds from shares issued under equity compensation plans	63.7			125.9			162.7
Net proceeds from (repayments of) notes payable	13.1			57.3			(372.6		)
Purchases of treasury stock	—			—			(383.0		)
Net cash provided by (used in) financing activities	(16.4		)	3,777.0			(98.7		)
Effect of exchange rate changes on cash and cash equivalents	(2.5		)	(7.0		)	(5.1		)
Net increase (decrease) in cash and cash equivalents	46.2			(267.6		)	245.7
Cash and cash equivalents, beginning of year	63.9			331.5			85.8
Cash and cash equivalents, end of year	$	110.1		$	63.9		$	331.5
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	325.4		$	313.4		$	197.0
Income taxes, net of refunds received	$	169.5		$	117.9		$	143.6
Supplemental disclosures of noncash investing and financing activities:
Purchases of businesses
Fair value of assets acquired, including cash acquired	$	343.9		$	7,465.7		$	159.3
Liabilities assumed	(15.0		)	(287.5		)	—
Net assets acquired	328.9			7,178.2			159.3
Less – contingent consideration not yet paid	(13.4		)	—			—
Less – fair value of preexisting equity interest	—			(1,845.0		)	—
Less - purchase price and working capital adjustments not yet paid	(1.7		)	(545.1		)	—
Less – cash acquired	(3.5		)	(106.8		)	—
Net cash paid for purchases of businesses	$	310.3		$	4,681.3		$	159.3
Property, plant and equipment acquired under financing arrangements	$	21.7		$	27.9		$	34.8

The accompanying notes are an integral part of these statements.

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CONSTELLATION BRANDS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of business –

Constellation Brands, Inc. and its subsidiaries operate primarily in the beverage alcohol industry. Unless the context otherwise requires, the terms “Company,” “CBI,” “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. We are a leading international producer and marketer of beverage alcohol with a broad portfolio of consumer-preferred premium imported beer, wine and spirits brands complemented by other select beverage alcohol products.

Basis of presentation –

Principles of consolidation:

Our consolidated financial statements include our accounts and our majority-owned and controlled domestic and foreign subsidiaries, as well as a certain variable interest entity (“VIE”) for which we are the primary beneficiary (see Note 2). All intercompany accounts and transactions are eliminated in consolidation.

Equity method investments:

If we are not required to consolidate our investment in another entity, we use the equity method when we (i)  can exercise significant influence over the other entity and (ii)  hold common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, plus or minus our equity in the increases and decreases in the investee’s net assets after the date of acquisition. Dividends received from the investee reduce the carrying amount of the investment.

Management’s use of estimates:

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Summary of significant accounting policies –

Revenue recognition:

We record revenue (referred to in our financial statements as “sales”) when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the title and the risk of loss passes to the customer according to the terms of the contract between us and our customer. Title and risk of loss are usually transferred upon shipment to or receipt at our customers’ locations, as determined by the specific sales terms of the transactions. Our sales terms do not allow for a right of return except for matters related to any manufacturing defects on our part. Amounts billed to customers for shipping and handling are included in sales. Sales reflect reductions attributable to consideration given to customers in various customer incentive programs, including pricing discounts on single transactions, volume discounts, promotional and advertising allowances, coupons and rebates.

Excise taxes remitted to governmental tax authorities are shown on a separate line item as a reduction of sales. Excise taxes are recognized as a liability, with the liability subsequently reduced when the taxes are remitted to the tax authority.

Cost of product sold:

The types of costs included in cost of product sold are raw materials, packaging materials, manufacturing costs, plant administrative support and overheads, and freight and warehouse costs (including distribution network costs). Distribution network costs include inbound freight charges and outbound shipping and handling costs, purchasing and receiving costs, inspection costs, warehousing and internal transfer costs.

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Selling, general and administrative expenses:

The types of costs included in selling, general and administrative expenses consist predominately of advertising and non-manufacturing administrative and overhead costs. Distribution network costs are included in cost of product sold. We expense advertising costs as incurred, shown or distributed. Advertising expense for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, was $406.1 million, $278.5 million and $121.9 million, respectively.

Foreign currency translation:

The functional currency of our foreign subsidiaries is generally the respective local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate for the period. The resulting translation adjustments are recorded as a component of Accumulated Other Comprehensive Income (“AOCI”). Gains or losses resulting from foreign currency denominated transactions are included in selling, general and administrative expenses.

Cash and cash equivalents:

Cash equivalents consist of highly liquid investments with an original maturity when purchased of three months or less and are stated at cost, which approximates fair value.

Fair value of financial instruments:

We calculate the estimated fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available, we use standard pricing models for various types of financial instruments (such as forwards, options and swaps) which take into account the present value of estimated future cash flows (see Note 7).

Derivative instruments:

We enter into derivative instruments to manage our exposure to fluctuations in foreign currency exchange, interest rate and commodity pricing. We enter into derivatives for risk management purposes only, including derivatives designated in hedge accounting relationships as well as those derivatives utilized as economic hedges. We do not enter into derivatives for trading or speculative purposes. We recognize all derivatives as either assets or liabilities and measure those instruments at estimated fair value (see Note 6, Note 7). We present our derivative positions gross on our balance sheets.

Changes in fair values (to the extent of hedge effectiveness) of outstanding cash flow hedges are deferred in stockholders’ equity as a component of AOCI. These deferred gains or losses are recognized in our results of operations in the same period in which the hedged items are recognized and on the same financial statement line item as the hedged items. Any ineffectiveness associated with these derivative instruments is recognized immediately in our results of operations.

Changes in fair values for derivative instruments not designated in a hedge accounting relationship are recognized directly in our results of operations each period and on the same financial statement line item as the hedged item. For purposes of measuring segment operating performance, the net gain (loss) from the changes in fair value of our undesignated commodity derivative contracts, prior to settlement, is reported outside of segment operating results until such time that the underlying exposure is recognized in the segment operating results. Upon settlement, the net gain (loss) from the changes in fair value of the undesignated commodity derivative contracts is reported in the appropriate operating segment, allowing our operating segment results to reflect the economic effects of the commodity derivative contracts without the resulting unrealized mark to fair value volatility.

Cash flows from the settlement of derivatives, including both economic hedges and those designated in hedge accounting relationships, appear on our statements of cash flows in the same categories as the cash flows of the hedged items.

58

Inventories:

Inventories are stated at the lower of cost (computed in accordance with the first-in, first-out method) or market. Elements of cost include materials, labor and overhead.

Bulk wine inventories are included as in-process inventories within current assets, in accordance with the general practices of the wine industry, although a portion of such inventories may be aged for periods greater than one year. A substantial portion of barreled whiskey and brandy will not be sold within one year because of the duration of the aging process. All barreled whiskey and brandy are classified as in-process inventories and are included in current assets, in accordance with industry practice. Warehousing, insurance, ad valorem taxes and other carrying charges applicable to barreled whiskey and brandy held for aging are included in inventory costs.

We assess the valuation of our inventories and reduce the carrying value of those inventories that are obsolete or in excess of our forecasted usage to their estimated net realizable value based on analyses and assumptions including, but not limited to, historical usage, future demand and market requirements.

Property, plant and equipment:

Property, plant and equipment is stated at cost. Major additions and improvements are recorded as an increase to the property accounts, while maintenance and repairs are expensed as incurred. The cost of properties sold or otherwise disposed of and the related accumulated depreciation are eliminated from the balance sheet accounts at the time of disposal and resulting gains and losses are included as a component of operating income.

Depreciation:

Depreciation is computed primarily using the straight-line method over the following estimated useful lives:

	Years
Land improvements	15 to 32
Vineyards	16 to 26
Buildings and improvements	10 to 44
Machinery and equipment	3 to 35
Motor vehicles	3 to 7

Goodwill and other intangible assets:

Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. We review our goodwill and indefinite lived intangible assets annually for impairment, or sooner, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We use January 1 as our annual impairment test measurement date. Indefinite lived intangible assets consist principally of trademarks. Intangible assets determined to have a finite life, primarily customer relationships and a favorable interim supply agreement (see Note 2), are amortized over their estimated useful lives and are subject to review for impairment in accordance with authoritative guidance for long-lived assets. Note 9 provides a summary of intangible assets segregated between amortizable and nonamortizable amounts.

Indemnification liabilities:

We have indemnified respective parties against certain liabilities that may arise in connection with certain acquisitions and divestitures. Indemnification liabilities are recognized when probable and estimable and included in other liabilities (see Note 14).

Income taxes:

We use the asset and liability method of accounting for income taxes. This method accounts for deferred income taxes by applying statutory rates in effect at the balance sheet date to the difference between the financial reporting and tax bases of assets and liabilities. We provide for taxes that may be payable if undistributed earnings

59

of foreign subsidiaries were to be remitted to the U.S. Interest and penalties are recognized as a component of provision for income taxes.

Net income per common share attributable to CBI:

We have two classes of outstanding common stock:  Class A Common Stock and Class B Convertible Common Stock (see Note 15). Accordingly, we use the two-class computation method for the computation of net income per common share attributable to CBI (hereafter referred to as “net income per common share”). The two-class computation method reflects the amount of allocated undistributed net income per share computed using the participation percentage which reflects the minimum dividend rights of each class of stock.

Net income per common share – basic excludes the effect of common stock equivalents and is computed using the two-class computation method. Net income per common share – diluted for Class A Common Stock reflects the potential dilution that could result if securities or other contracts to issue common stock were exercised or converted into common stock. Net income per common share – diluted for Class A Common Stock is computed using the more dilutive of the if-converted or two-class computation method. Using the if-converted method, net income per common share – diluted for Class A Common Stock assumes the exercise of stock options using the treasury stock method and the conversion of Class B Convertible Common Stock. Using the two-class computation method, net income per common share – diluted for Class A Common Stock assumes the exercise of stock options using the treasury stock method and no conversion of Class B Convertible Common Stock. Net income per common share – diluted for Class B Convertible Common Stock is computed using the two-class computation method.

Stock-based employee compensation:

We have two stock-based employee compensation plans (see Note 16). We apply a grant date fair-value-based measurement method in accounting for our stock-based payment arrangements and record all costs resulting from stock-based payment transactions ratably over the requisite service period. Stock-based awards are subject to specific vesting conditions, generally time vesting, or upon retirement, disability or death of the employee (as defined by the plan), if earlier. We recognize compensation expense immediately for awards granted to retirement-eligible employees or ratably over the period from the date of grant to the date of retirement-eligibility if that is expected to occur during the requisite service period, when appropriate.

2.    ACQUISITIONS:

Beer Business Acquisition –

On June 7, 2013, we acquired (i)  the remaining 50% equity interest in Crown Imports (as defined in Note 10) (the “Crown Acquisition”) and (ii)(a)  all of the issued and outstanding equity interests of Compañía Cervecera de Coahuila, S. de R.L. de C.V. (the “Brewery Company”), which owns and operates a brewery located in Nava, Coahuila, Mexico (the “Brewery”), (ii)(b)  all of the issued and outstanding equity interests of Servicios Modelo de Coahuila, S. de R.L. de C.V., which provides personnel and services for the operation and maintenance of the Brewery (the “Service Company”), and (ii)(c)  an irrevocable, fully-paid license to produce in Mexico (or worldwide under certain circumstances) and exclusively import, market and sell the Mexican Beer Brands (as defined in Note 10) as of the date of acquisition, and certain extensions (all collectively referred to as the “Brewery Purchase”). The business of the Brewery Company and Service Company that we acquired is referred to as the “Brewery Business.” The Crown Acquisition and the Brewery Purchase are collectively referred to as the “Beer Business Acquisition.” In connection with the Beer Business Acquisition, we are required to build out and expand the Brewery from 10 million hectoliters to a nominal capacity of at least 20 million hectoliters of packaged beer annually by December 31, 2016. In addition, an interim supply agreement and a transition services agreement were entered into in association with the Beer Business Acquisition. The interim supply agreement obligates the supplier to provide Crown Imports with a supply of product not produced by the Brewery and the transition services agreement provides for certain specified services and production materials, both for a specified period of time. The associated agreements provide, among other things, that the United States will have approval rights, in its sole discretion, for amendments or modifications to the associated agreements as well as a right of approval, in its sole discretion, of any extension of the term of the interim supply agreement beyond three years. The aggregate purchase price of $5,226.4 million consists of cash paid at closing of $4,745.0 million, net of cash acquired of $106.8 million, plus the estimated fair value of an additional purchase price for the finalization of the Final

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EBITDA Amount (as defined in the stock purchase agreement) of $543.3 million, as well as additional cash payments for certain working capital adjustments. The fair value of the additional purchase price related to the Final EBITDA Amount was estimated by discounting future cash flows. During the third quarter of fiscal 2014, the calculation of the Final EBITDA Amount was finalized requiring us to make a payment of $558.0 million no later than June 7, 2014, consisting of the additional purchase price of $543.3 million plus imputed interest of $14.7 million.

The aggregate cash paid at closing was financed with:

• The proceeds from the issuance of $1,550.0 million aggregate principal amount of May 2013 Senior Notes (see Note 12);

• $1,500.0 million in term loans consisting of a $500.0 million European Term A Facility (see Note 12) and a $1,000.0 million European Term B loan facility under the 2013 Credit Agreement (see Note 12);

• $675.0 million in term loans under the U.S. Term A-2 Facility (see Note 12) under the 2013 Credit Agreement;

• $208.0 million in proceeds of borrowings under our accounts receivable securitization facility (see Note 12) ;

• $580.0 million in borrowings under our revolving credit facility under the 2013 Credit Agreement; and

• Approximately $232.0 million of cash on hand (inclusive of $13.0 million of borrowings under a subsidiary working capital facility).

On June 6, 2014, we paid the Final EBITDA Amount of $558.0 million with $150.0 million in borrowings under the Revolving Credit Facility (see Note 12) under the May 2014 Credit Agreement (see Note 12), $100.0 million in proceeds of borrowings under our accounts receivable securitization facilities and $308.0 million of cash on hand.

Prior to the Beer Business Acquisition, we accounted for our investment in Crown Imports under the equity method of accounting. In connection with the acquisition method of accounting, our preexisting 50% equity interest was remeasured to its estimated fair value of $1,845.0 million, and we recognized a gain of $1,642.0 million for the second quarter of fiscal 2014. The estimated fair value of our preexisting 50% equity interest was based upon the estimated fair value of the acquired 50% equity interest in Crown Imports.

The aggregate purchase price of the Beer Business Acquisition and the estimated fair value of our preexisting 50% equity interest in Crown Imports have been allocated to the assets acquired and the liabilities assumed based upon the estimated fair value of each as of the acquisition date. The following table summarizes the allocation of the estimated fair value of the Beer Business Acquisition to the separately identifiable assets acquired and liabilities assumed as of June 7, 2013:

(in millions)
Cash	$	106.8
Accounts receivable	193.7
Inventories	243.1
Prepaid expenses and other	103.9
Property, plant and equipment	698.9
Goodwill	3,715.8
Intangible assets	2,403.2
Other assets	0.3
Total assets acquired	7,465.7

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Accounts payable	123.2
Accrued excise taxes	14.4
Other accrued expenses and liabilities	72.9
Deferred income taxes	66.4
Other liabilities	10.6
Total liabilities assumed	287.5
Total estimated fair value	7,178.2
Less – fair value of our preexisting 50% equity interest in Crown Imports	(1,845.0		)
Less – cash acquired	(106.8		)
Aggregate purchase price	$	5,226.4

The acquired accounts receivable consist primarily of trade receivables, all of which have been collected. The acquired inventory was all sold during the second quarter of fiscal 2014. The intangible assets consist of definite lived customer relationships with an estimated fair value of $22.5 million which are being amortized over a life of 25 years; definite lived copyrights with an estimated fair value of $6.5 million which are being amortized over a life of 2 years; a definite lived distribution agreement with an estimated fair value of $0.4 million which is being amortized over a life of 1.6 years; a definite lived favorable interim supply agreement with an estimated fair value of $68.3 million which is being amortized over a life of 3 years; and a perpetual right to use trademarks with an estimated fair value of $2,305.5 million which is indefinite lived and therefore not subject to amortization.

In determining the purchase price allocation, we considered, among other factors, market participants’ intentions to use the acquired assets and the historical and estimated future demand for the acquired Mexican Beer Brands. The estimated fair values for the customer relationships and the copyrights were determined using a cost approach. The estimated fair value for the distribution agreement was determined using an income approach. The estimated fair value for the favorable supply contract was determined using an income approach, specifically, the differential method. The estimated fair value for the trademarks was determined using an income approach, specifically, the relief from royalty method.

The intangible assets are being amortized either on a straight-line basis or an economic consumption basis, which is consistent with the pattern that the economic benefits of the intangible assets are expected to be utilized based upon estimated cash flows generated from such assets. Goodwill associated with the acquisition is primarily attributable to the distribution of the Mexican Beer Brands in the U.S. as well as complete control over the sourcing of product into the U.S. Approximately $1,647.0 million of the goodwill recognized is expected to be deductible for income tax purposes.

We have recognized transaction, integration and other acquisition-related costs of $100.4 million through February 28, 2015, with $22.1 million, $52.3 million and $26.0 million recognized for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, respectively. These costs are included primarily in selling, general and administrative expenses.

The results of operations of the Beer Business Acquisition are reported in the Beer segment and have been included in our consolidated results of operations from the date of acquisition. The following table sets forth the unaudited pro forma financial information for the years ended February 28, 2014, and February 28, 2013. The unaudited pro forma financial information presents consolidated information as if the Beer Business Acquisition had occurred on March 1, 2012. Because of different fiscal period ends, and in order to present results for comparable periods, the unaudited pro forma financial information for the year ended February 28, 2014, combines (i)  the Company’s historical statement of income for the year ended February 28, 2014; (ii)  Crown Imports’ historical statement of income for (a)  the three months ended March 31, 2013, and (b)  the period from June 1, 2013, through June 6, 2013; and (iii)  the Brewery Business’ carve-out combined income statement for the three months ended March 31, 2013. The unaudited pro forma financial information for the year ended February 28, 2014, does not give effect to the Brewery Business’ carve-out combined income statement for the period from June 1, 2013, through June 6, 2013, as it is not significant. The unaudited pro forma financial information for the year ended February 28, 2013, combines (i)  the Company’s historical statement of income for the year ended February 28,

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2013; (ii)  Crown Imports’ historical statement of income for the year ended December 31, 2012; and (iii)  the Brewery Business’ carve-out combined income statement for the year ended December 31, 2012. The unaudited pro forma financial information is presented after giving effect to certain adjustments for depreciation, amortization of definite lived intangible assets, interest expense on acquisition financing, amortization of deferred financing costs and related income tax effects. The unaudited pro forma financial information excludes the gain on the remeasurement to fair value of our preexisting 50% equity interest in Crown Imports and the acquisition-related costs noted above as both are nonrecurring amounts directly attributable to the transaction. The unaudited pro forma financial information is based upon currently available information and upon certain assumptions that we believe are reasonable under the circumstances. The unaudited pro forma financial information does not purport to present what our results of operations would actually have been if the aforementioned transaction had in fact occurred on such date or at the beginning of the period indicated, nor does it project our financial position or results of operations at any future date or for any future period.

	For the Years Ended
	February 28, 2014		February 28, 2013
(in millions, except per share data)
Net sales	$	5,485.1	$	5,365.6
Income before income taxes	$	707.7	$	933.9
Net income attributable to CBI	$	398.6	$	675.4
Net income per common share attributable to CBI:
Basic – Class A Common Stock	$	2.14	$	3.75
Basic – Class B Convertible Common Stock	$	1.95	$	3.41
Diluted – Class A Common Stock	$	2.02	$	3.55
Diluted – Class B Convertible Common Stock	$	1.85	$	3.26
Weighted average common shares outstanding:
Basic – Class A Common Stock	164.687		158.658
Basic – Class B Convertible Common Stock	23.467		23.532
Diluted – Class A Common Stock	197.570		190.307
Diluted – Class B Convertible Common Stock	23.467		23.532

Other –

Glass Production Plant:

In December 2014, we completed the formation of an equally-owned joint venture with Owens-Illinois and the acquisition of a state-of-the-art glass production plant that is located adjacent to our Brewery in Nava, Mexico. The joint venture owns and operates the glass production plant which provides bottles exclusively for our Brewery. We have determined that we are the primary beneficiary of this VIE and accordingly, the results of operations of the joint venture are reported in the Beer segment and have been included in our consolidated results of operations from the date of acquisition. In addition, we also purchased a high-density warehouse, land and rail infrastructure at the same site. The aggregate purchase price for all of these assets was $290.6 million, net of cash acquired, consisting primarily of property, plant and equipment and goodwill.

Casa Noble:

In September 2014, we acquired the Casa Noble super-premium tequila brand. This transaction primarily included the acquisition of the Casa Noble trademark, plus an earn-out over five years based on the performance of the brands (“Casa Noble”). The results of operations of Casa Noble are reported in the Wine and Spirits segment and are included in our consolidated results of operations from the date of acquisition.

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Mark West:

In July 2012, we acquired Mark West, consisting primarily of the Mark West trademark, related inventories and certain grape supply contracts (“Mark West”). The results of operations of Mark West are reported in the Wine and Spirits segment and are included in our consolidated results of operations from the date of acquisition.

3.    INVENTORIES:

The components of inventories are as follows:

	February 28, 2015		February 28, 2014
(in millions)
Raw materials and supplies	$	106.0	$	87.8
In-process inventories	1,244.0		1,235.4
Finished case goods	477.2		420.6
	$	1,827.2	$	1,743.8

4.    PREPAID EXPENSES AND OTHER:

The major components of prepaid expenses and other are as follows:

	February 28, 2015		February 28, 2014
(in millions)
Prepaid excise, sales and value added taxes	$	133.8	$	81.6
Income taxes receivable	91.7		117.5
Other	149.1		114.2
	$	374.6	$	313.3

5.    PROPERTY, PLANT AND EQUIPMENT:

The major components of property, plant and equipment are as follows:

	February 28, 2015			February 28, 2014
(in millions)
Land and land improvements	$	350.1		$	334.0
Vineyards	230.2			220.1
Buildings and improvements	580.3			519.5
Machinery and equipment	1,828.4			1,585.9
Motor vehicles	73.2			48.5
Construction in progress	669.6			231.0
	3,731.8			2,939.0
Less – Accumulated depreciation	(1,050.2		)	(924.7		)
	$	2,681.6		$	2,014.3

6.    DERIVATIVE INSTRUMENTS:

Overview –

We are exposed to market risk from changes in foreign currency exchange rates, commodity prices and interest rates that could affect our results of operations and financial condition. The impact on our results and financial position and the amounts reported in our financial statements will vary based upon the currency,

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commodity and interest rate market movements during the period, the effectiveness and level of derivative instruments outstanding and whether they are designated and qualify for hedge accounting.

The estimated fair values of our derivative instruments change with fluctuations in currency rates, commodity prices and/or interest rates and are expected to offset changes in the values of the underlying exposures. Our derivative instruments are held solely to manage our exposures to the aforementioned market risks as part of our normal business operations. We follow strict policies to manage these risks and do not enter into derivative instruments for trading or speculative purposes. The aggregate notional value of outstanding derivative instruments is as follows:

	February 28, 2015		February 28, 2014
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts	$	454.8	$	636.6
Interest rate swap contracts	$	500.0	$	500.0
Derivative instruments not designated as hedging instruments
Foreign currency contracts	$	1,548.5	$	643.8
Commodity derivative contracts	$	190.8	$	88.0
Interest rate swap contracts (see Note 12)	$	1,000.0	$	1,000.0

Cash flow hedges –

Our derivative instruments designated in hedge accounting relationships are designated as cash flow hedges. We are exposed to foreign denominated cash flow fluctuations primarily in connection with third party and intercompany sales and purchases. We primarily use foreign currency forward and option contracts to hedge certain of these risks. In addition, we utilize commodity derivative contracts to manage our exposure to changes in commodity prices and interest rate swap contracts to manage our exposure to changes in interest rates. Derivatives managing our cash flow exposures generally mature within three years or less, with a maximum maturity of five years.

To qualify for hedge accounting treatment, the details of the hedging relationship must be formally documented at inception of the arrangement, including the risk management objective, hedging strategy, hedged item, specific risk that is being hedged, the derivative instrument, how effectiveness is being assessed and how ineffectiveness will be measured. The derivative must be highly effective in offsetting changes in the cash flows of the risk being hedged. Throughout the term of the designated cash flow hedge relationship on at least a quarterly basis, a retrospective evaluation and prospective assessment of hedge effectiveness is performed based on quantitative and qualitative measures. All components of our derivative instruments’ gains or losses are included in the assessment of hedge effectiveness. Resulting ineffectiveness, if any, is recognized immediately in our results of operations.

When we determine that a derivative instrument which qualified for hedge accounting treatment has ceased to be highly effective as a hedge, we discontinue hedge accounting prospectively. In the event the relationship is no longer effective, we recognize the change in the fair value of the hedging derivative instrument from the date the hedging derivative instrument became no longer effective immediately in our results of operations. We also discontinue hedge accounting prospectively when (i)  a derivative expires or is sold, terminated, or exercised; (ii)  it is no longer probable that the forecasted transaction will occur; or (iii)  we determine that designating the derivative as a hedging instrument is no longer appropriate. When we discontinue hedge accounting prospectively, but the original forecasted transaction continues to be probable of occurring, the existing gain or loss of the derivative instrument remains in AOCI and is reclassified into earnings when the forecasted transaction occurs. When it becomes probable that the forecasted transaction will not occur, any remaining gain or loss in AOCI is recognized immediately in our results of operations.

We expect $16.4 million of net losses, net of income tax effect, to be reclassified from AOCI to our results of operations within the next 12 months.

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Undesignated hedges –

Certain of our derivative instruments do not qualify for hedge accounting treatment; for others, we choose not to maintain the required documentation to apply hedge accounting treatment. These undesignated instruments are primarily used to economically hedge our exposure to fluctuations in the value of foreign currency denominated receivables and payables; foreign currency investments, primarily consisting of loans to subsidiaries, and cash flows related primarily to the repatriation of those loans or investments; and commodity prices, primarily consisting of diesel fuel, corn and natural gas prices. Foreign currency contracts, generally less than 12 months in duration, and commodity derivative contracts, generally less than 36 months in duration, with a maximum maturity of 5 years, are used to hedge some of these risks. Our derivative policy permits the use of undesignated derivatives as approved by senior management.

Credit risk –

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

In addition, our derivative instruments are not subject to credit rating contingencies or collateral requirements. As of February 28, 2015, the estimated fair value of derivative instruments in a net liability position due to counterparties was $88.1 million. If we were required to settle the net liability position under these derivative instruments on February 28, 2015, we would have had sufficient availability under our available liquidity on hand to satisfy this obligation.

The estimated fair value and location of our derivative instruments on our balance sheets are as follows (see Note 7):

Assets					Liabilities
	February 28, 2015		February 28, 2014			February 28, 2015		February 28, 2014
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	5.3	$	11.2	Other accrued expenses and liabilities	$	23.1	$	3.2
Other assets	$	2.0	$	4.4	Other liabilities	$	9.5	$	0.7
Interest rate swap contracts:
Prepaid expenses and other	$	—	$	—	Other accrued expenses and liabilities	$	2.7	$	3.4
Other assets	$	0.2	$	—	Other liabilities	$	—	$	0.7
Derivative instruments not designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	27.3	$	3.3	Other accrued expenses and liabilities	$	26.4	$	0.9
Commodity derivative contracts:
Prepaid expenses and other	$	0.5	$	1.3	Other accrued expenses and liabilities	$	18.0	$	0.1
Other assets	$	0.2	$	0.2	Other liabilities	$	9.4	$	0.4
Interest rate swap contracts:
Prepaid expenses and other	$	3.3	$	3.5	Other accrued expenses and liabilities	$	15.6	$	13.3
Other assets	$	—	$	0.9	Other liabilities	$	4.9	$	15.5

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The effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, as well as Other Comprehensive Income (“OCI”), net of income tax effect, is as follows:

Derivative Instruments in Designated Cash Flow Hedging Relationships	Net Gain (Loss) Recognized in OCI (Effective portion)			Location of Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)
(in millions)
For the Year Ended February 28, 2015
Foreign currency contracts	$	(19.3	)	Sales	$	1.8
Foreign currency contracts	(3.6		)	Cost of product sold	2.6
Interest rate swap contracts	(1.1		)	Interest expense	(8.3		)
	$	(24.0	)		$	(3.9	)
For the Year Ended February 28, 2014
Foreign currency contracts	$	5.6		Sales	$	3.5
Foreign currency contracts	2.2			Cost of product sold	0.7
Interest rate swap contracts	(0.7		)	Interest expense	(8.2		)
	$	7.1			$	(4.0	)
For the Year Ended February 28, 2013
Foreign currency contracts	$	3.1		Sales	$	2.4
Foreign currency contracts	—			Cost of product sold	2.0
Commodity derivative contracts	0.7			Cost of product sold	0.5
Interest rate swap contracts	(6.3		)	Interest expense	(8.0		)
	$	(2.5	)		$	(3.1	)

Derivative Instruments in Designated Cash Flow Hedging Relationships	Location of Net Gain (Loss) Recognized in Income (Ineffective portion)	Net Gain (Loss) Recognized in Income (Ineffective portion)
(in millions)
For the Year Ended February 28, 2015
Foreign currency contracts	Selling, general and administrative expenses	$	0.1
For the Year Ended February 28, 2014
Foreign currency contracts	Selling, general and administrative expenses	$	(0.3	)
Commodity derivative contracts	Selling, general and administrative expenses	0.1
		$	(0.2	)
For the Year Ended February 28, 2013
Foreign currency contracts	Selling, general and administrative expenses	$	0.3

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

Derivative Instruments not Designated as Hedging Instruments	Location of Net Gain (Loss) Recognized in Income	Net Gain (Loss) Recognized in Income
(in millions)
For the Year Ended February 28, 2015
Commodity derivative contracts	Cost of product sold	$	(32.7	)
Foreign currency contracts	Selling, general and administrative expenses	(2.5		)
Interest rate swap contracts	Interest expense	(0.1		)
		$	(35.3	)
For the Year Ended February 28, 2014
Commodity derivative contracts	Cost of product sold	$	1.5
Foreign currency contracts	Selling, general and administrative expenses	(3.4		)
Interest rate swap contracts	Interest expense	(0.2		)
		$	(2.1	)
For the Year Ended February 28, 2013
Foreign currency contracts	Selling, general and administrative expenses	$	(3.8	)
Interest rate swap contracts	Interest expense	(0.5		)
		$	(4.3	)

7.    FAIR VALUE OF FINANCIAL INSTRUMENTS:

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

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

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

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

The following methods and assumptions are used to estimate the fair value for each class of our financial instruments:

AFS debt securities: The fair value is estimated by discounting cash flows using market-based inputs (Level 3 fair value measurement).

Foreign currency contracts: The fair value is estimated using market-based inputs, obtained from independent pricing services, into valuation models (Level 2 fair value measurement).

Commodity derivative contracts: The fair value is estimated based on quoted market prices from respective counterparties (Level 2 fair value measurement).

Interest rate swap contracts: The fair value is estimated based on quoted market prices from respective counterparties (Level 2 fair value measurement).

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Notes payable to banks: The revolving credit facility under our senior credit facility is a variable interest rate bearing note which includes a fixed margin which is adjustable based upon our debt ratio (as defined in our senior credit facility). Its fair value is estimated by discounting cash flows using LIBOR plus a margin reflecting current market conditions obtained from participating member financial institutions (Level 2 fair value measurement). The remaining instruments are variable interest rate bearing notes for which the carrying value approximates the fair value.

Long-term debt: The term loans under our senior credit facility are variable interest rate bearing notes which include a fixed margin which is adjustable based upon our debt ratio. The fair value of the term loans is estimated by discounting cash flows using LIBOR plus a margin reflecting current market conditions obtained from participating member financial institutions. The fair value of the remaining long-term debt, which is all fixed interest rate, is estimated by discounting cash flows using interest rates currently available for debt with similar terms and maturities (Level 2 fair value measurement).

The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and notes payable to banks, approximate fair value as of February 28, 2015, and February 28, 2014, due to the relatively short maturity of these instruments. As of February 28, 2015, the carrying amount of long-term debt, including the current portion, was $7,295.6 million, compared with an estimated fair value of $7,378.6 million. As of February 28, 2014, the carrying amount of long-term debt, including the current portion, was $6,963.3 million, compared with an estimated fair value of $7,140.8 million.

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

	Fair Value Measurements Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
(in millions)
February 28, 2015
Assets:
Foreign currency contracts	$	—	$	34.6	$	—	$	34.6
Commodity derivative contracts	$	—	$	0.7	$	—	$	0.7
Interest rate swap contracts	$	—	$	3.5	$	—	$	3.5
AFS debt securities	$	—	$	—	$	7.8	$	7.8
Liabilities:
Foreign currency contracts	$	—	$	59.0	$	—	$	59.0
Commodity derivative contracts	$	—	$	27.4	$	—	$	27.4
Interest rate swap contracts	$	—	$	23.2	$	—	$	23.2
February 28, 2014
Assets:
Foreign currency contracts	$	—	$	18.9	$	—	$	18.9
Commodity derivative contracts	$	—	$	1.5	$	—	$	1.5
Interest rate swap contracts	$	—	$	4.4	$	—	$	4.4
AFS debt securities	$	—	$	—	$	8.8	$	8.8
Liabilities:
Foreign currency contracts	$	—	$	4.8	$	—	$	4.8
Commodity derivative contracts	$	—	$	0.5	$	—	$	0.5
Interest rate swap contracts	$	—	$	32.9	$	—	$	32.9

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Our foreign currency contracts consist of foreign currency forward and option contracts which are valued using market-based inputs, obtained from independent pricing services, into valuation models. These valuation models require various inputs, including contractual terms, market foreign exchange prices, interest-rate yield curves and currency volatilities. Commodity derivative fair values are based on quotes from respective counterparties. Quotes are corroborated by using market data. Interest rate swap fair values are based on quotes from respective counterparties. Quotes are corroborated by using discounted cash flow calculations based upon forward interest-rate yield curves, which are obtained from independent pricing services. AFS debt securities are valued using market-based inputs into discounted cash flow models.

The following table presents our assets and liabilities measured at estimated fair value on a nonrecurring basis for which an impairment assessment was performed for the period presented:

	Fair Value Measurements Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses
(in millions)
For the Year Ended February 28, 2014
Goodwill	$	—	$	—	$	159.6	$	278.7
Trademarks	—		—		68.3		22.2
	$	—	$	—	$	227.9	$	300.9

Goodwill:

For the three months ended August 31, 2013, we identified certain negative trends within our Wine and Spirits’ Canadian reporting unit which, when combined with recent changes in strategy within the Canadian business, indicated that the estimated fair value of the reporting unit might be below its carrying value. These trends included a reduction in market growth rates for certain segments of the domestic Canadian wine industry as well as the identification that certain improvement initiatives had not materialized in segments of the Canadian business such as refreshments and wine kits. In addition, imported brands have been experiencing market growth within the Canadian market, and certain of our non-Canadian branded wine products imported into Canada provide higher margin to us on a consolidated basis. Accordingly, we have modified our strategy to capitalize on this trend and shift focus from certain segments of the domestic business to imported brands. The Canadian reporting unit realizes only a portion of the overall profit attributable to imported brands whereas it realizes all of the profit attributable to the domestic business. Therefore, we evaluated our goodwill for impairment using the two-step process.

In the first step, the estimated fair value of the reporting unit was compared to its carrying value, including goodwill. The estimate of fair value was determined on the basis of discounted future cash flows. As the estimated fair value was less than the carrying value of the reporting unit, a second step was performed to determine the amount of the goodwill impairment we should record. In the second step, an implied fair value of the reporting unit’s goodwill was determined by comparing the estimated fair value of the reporting unit with the estimated fair value of the reporting unit’s assets and liabilities other than goodwill (including any unrecognized intangible assets). In determining the estimated fair value of the reporting unit, we consider estimates of future operating results and cash flows of the reporting unit discounted using market based discount rates. The estimates of future operating results and cash flows were principally derived from our updated long-term financial forecast, which was developed as part of our new strategy for the Canadian business. The decline in the implied fair value of the goodwill and the resulting impairment loss was primarily driven by the updated long-term financial forecasts, which showed lower estimated future operating results primarily due to the change in our strategy for the Canadian business. The implied fair value of the Canadian reporting unit’s goodwill of $159.6 million compared to its carrying value of $433.9 million resulted in the recognition of an impairment of $278.7 million.

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Trademarks:

For the three months ended August 31, 2013, prior to the goodwill impairment analysis discussed above, we performed a review of indefinite lived intangible assets for impairment. We determined that certain trademarks associated with the Wine and Spirits’ Canadian business were impaired largely due to lower revenue and profits associated with the related products included in the updated long-term financial forecasts developed as part of our new strategy for the Canadian business. Accordingly, trademarks with a carrying value of $90.2 million were written down to their estimated fair value of $68.3 million, resulting in an impairment of $22.2 million.

We measured the amount of impairment by calculating the amount by which the carrying value of these assets exceeded their estimated fair values. The estimated fair value was determined based on an income approach using the relief from royalty method, which assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of trademark assets. The cash flow projections we use to estimate the fair values of our trademarks involve several assumptions, including (i)  projected revenue growth rates, (ii)  estimated royalty rates, (iii)  after-tax royalty savings expected from ownership of the trademarks and (iv)  discount rates used to derive the estimated fair value of the trademarks.

8.    GOODWILL:

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

	Beer			Wine and Spirits			Consolidation and Eliminations			Consolidated
(in millions)
Balance, February 28, 2013	$	13.0		$	2,722.3		$	(13.0	)	$	2,722.3
Purchase accounting allocations (1)	3,702.8			—			13.0			3,715.8
Impairment of goodwill (2)	—			(278.7		)	—			(278.7		)
Foreign currency translation adjustments	(1.2		)	(11.4		)	—			(12.6		)
Balance, February 28, 2014	3,714.6			2,432.2			—			6,146.8
Purchase accounting allocations (3)	66.7			34.0			—			100.7
Foreign currency translation adjustments	(5.1		)	(34.2		)	—			(39.3		)
Balance, February 28, 2015	$	3,776.2		$	2,432.0		$	—		$	6,208.2

⁽¹⁾  Purchase accounting allocations associated with the Beer Business Acquisition (see Note 2).

⁽²⁾  Impairment loss associated with goodwill assigned to Wine and Spirits’ Canadian reporting unit (see Note 7).

⁽³⁾  Purchase accounting allocations associated with the acquisitions of the glass production plant (Beer) and Casa Noble (Wine and Spirits) (see Note 2).

As of February 28, 2015, and February 28, 2014, we have accumulated impairment losses of $231.0 million and $261.3 million, respectively, within our Wine and Spirits segment.

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9.    INTANGIBLE ASSETS:

The major components of intangible assets are as follows:

	February 28, 2015				February 28, 2014
	Gross Carrying Amount		Net Carrying Amount		Gross Carrying Amount		Net Carrying Amount
(in millions)
Amortizable intangible assets
Customer relationships	$	100.9	$	63.3	$	103.6	$	70.5
Favorable interim supply agreement	68.3		33.9		68.3		62.3
Other	21.0		5.5		14.7		5.3
Total	$	190.2	102.7		$	186.6	138.1
Nonamortizable intangible assets
Trademarks (1)			3,073.9				3,088.0
Other			4.4				5.0
Total			3,078.3				3,093.0
Total intangible assets			$	3,181.0			$	3,231.1

⁽¹⁾  We recorded an impairment loss for the year ended February 28, 2014, for certain trademarks associated with the Wine and Spirits’ Canadian business (see Note 7).

We did not incur costs to renew or extend the term of acquired intangible assets for the years ended February 28, 2015, and February 28, 2014. Net carrying amount represents the gross carrying value net of accumulated amortization. Amortization expense for intangible assets was $40.0 million, $15.5 million and $7.2 million for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, respectively. Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows:

(in millions)
2016	$	39.9
2017	$	10.3
2018	$	5.4
2019	$	5.4
2020	$	5.4
Thereafter	$	36.3

10.    EQUITY METHOD INVESTMENTS:

Prior to June 7, 2013, Constellation Beers Ltd., an indirect wholly-owned subsidiary of the Company, and Diblo, S.A. de C.V., an entity majority-owned by Grupo Modelo, S.A.B. de C.V. (“Modelo”), each had, directly or indirectly, equal interests in a joint venture, Crown Imports LLC (“Crown Imports”). Crown Imports had the exclusive right to import, market and sell primarily Modelo’s Mexican beer portfolio sold in the U.S. and Guam (the “Mexican Beer Brands”).

In addition, prior to June 7, 2013, we accounted for our investment in Crown Imports under the equity method. Accordingly, through June 6, 2013, the results of operations of Crown Imports were included in equity in earnings of equity method investees. We received $30.3 million and $230.2 million of cash distributions from Crown Imports for the years ended February 28, 2014, and February 28, 2013, respectively, all of which represented distributions of earnings.

We have several other investments which are being accounted for under the equity method. The primary investment consists of Opus One Winery LLC (“Opus One”), a 50% owned joint venture arrangement. As of

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February 28, 2015, and February 28, 2014, our investment in Opus One was $64.7 million and $63.5 million, respectively.

The following table presents summarized financial information for our Crown Imports equity method investment (prior to the date of acquisition) and Opus One, our other material equity method investment discussed above.

	Crown Imports		Opus One		Total
(in millions)
For the Year Ended February 28, 2015
Net sales	$	—	$	72.6	$	72.6
Gross profit	$	—	$	57.6	$	57.6
Income from continuing operations	$	—	$	40.8	$	40.8
Net income	$	—	$	40.8	$	40.8
For the Year Ended February 28, 2014
Net sales	$	813.4	$	62.8	$	876.2
Gross profit	$	241.5	$	49.9	$	291.4
Income from continuing operations	$	142.1	$	34.5	$	176.6
Net income	$	142.1	$	34.5	$	176.6
For the Year Ended February 28, 2013
Net sales	$	2,588.1	$	52.6	$	2,640.7
Gross profit	$	755.4	$	39.0	$	794.4
Income from continuing operations	$	446.2	$	24.8	$	471.0
Net income	$	446.2	$	24.8	$	471.0

11.    OTHER ACCRUED EXPENSES AND LIABILITIES:

The major components of other accrued expenses and liabilities are as follows:

	February 28, 2015		February 28, 2014
(in millions)
Salaries, commissions, and payroll benefits and withholdings	$	124.4	$	118.7
Promotions and advertising	104.2		103.1
Derivative liabilities	85.8		20.9
Accrued interest	67.9		56.9
Deferred revenue	53.4		52.8
Income taxes payable	48.2		45.4
Beer Business Acquisition payable	—		555.7
Other	121.8		102.1
	$	605.7	$	1,055.6

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12.    BORROWINGS:

Borrowings consist of the following:

	February 28, 2015						February 28, 2014
	Current		Long-term		Total		Total
(in millions)
Notes payable to banks
Senior Credit Facility – Revolving Credit Loans	$	—	$	—	$	—	$	—
Other	52.4		—		52.4		57.2
	$	52.4	$	—	$	52.4	$	57.2
Long-term debt
Senior Credit Facility – Term Loans	$	139.2	$	2,652.9	$	2,792.1	$	2,864.8
Senior Notes	—		4,348.6		4,348.6		4,047.3
Other	18.9		136.0		154.9		51.2
	$	158.1	$	7,137.5	$	7,295.6	$	6,963.3

Senior credit facility –

In connection with the Beer Business Acquisition, on May 2, 2013 , the Company, CIH International S.à r.l., an indirect wholly-owned subsidiary of ours (“CIH” and together with the Company, the “Borrowers”), and Bank of America, N.A., as administrative agent (the “Administrative Agent”), and certain other lenders entered into a Restatement Agreement (the “2013 Restatement Agreement”) that amended and restated our then existing senior credit facility (as amended and restated by the 2013 Restatement Agreement, the “2013 Credit Agreement”). The 2013 Restatement Agreement was entered into to arrange a portion of the debt to finance the Beer Business Acquisition.

On May 28, 2014, the Company, CIH, the Administrative Agent, and certain other lenders entered into a Restatement Agreement (the “2014 Restatement Agreement”) that amended and restated the 2013 Credit Agreement (as amended and restated by the 2014 Restatement Agreement, the “May 2014 Credit Agreement”). The principal change to the 2013 Credit Agreement effected by the May 2014 Credit Agreement was the conversion of the pre-existing $850.0 million revolving credit facility into two tranches, a $425.0 million U.S. revolving credit facility (the “U.S. Revolving Credit Facility”) and a $425.0 million European revolving credit facility (the “European Revolving Credit Facility”). We are the borrower under the U.S. Revolving Credit Facility and we and/or CIH are the borrowers under the European Revolving Credit Facility.

On August 20, 2014, the Company, CIH, the Administrative Agent, and certain other lenders (all such parties other than either of the Borrowers are collectively referred to as the “Lenders”) entered into Amendment No. 1 (the “Amendment”) to the May 2014 Credit Agreement (as amended, the “ 2014 Credit Agreement”). The Amendment was entered into primarily to reduce the interest rate applicable to the then existing European Term B loan facility under the May 2014 Credit Agreement by removing the provisions imposing certain minimums, or floors, used in the calculation of the interest rate on the European Term B loan facility. This was accomplished by adding a new European Term B-1 tranche to the 2014 Credit Agreement which replaced the existing European Term B loan facility.

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The 2014 Credit Agreement provides for aggregate credit facilities of $3,712.3 million, consisting of the following:

	Amount		Maturity
(in millions)
Revolving Credit Facility (1)(2)	$	850.0	June 7, 2018
U.S. Term A Facility (1)	496.3		June 7, 2018
U.S. Term A-1 Facility (1)	245.0		June 7, 2019
U.S. Term A-2 Facility (1)	649.7		June 7, 2018
European Term A Facility (1)	481.3		June 7, 2018
European Term B-1 Facility (1)	990.0		June 7, 2020
	$	3,712.3

⁽¹⁾  Contractual interest rate varies based on our debt ratio (as defined in the 2014 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 the $425.0 million U.S. Revolving Credit Facility and the $425.0 million European Revolving Credit Facility. Includes two sub-facilities for letters of credit of up to $200.0 million in the aggregate.

The 2014 Credit Agreement also permits us to elect to increase the revolving credit commitments under the U.S. Revolving Credit Facility or add one or more tranches of additional term loans, subject to the willingness of existing or new lenders to fund such increase or term loans and other customary conditions. The minimum aggregate principal amount of such incremental revolving credit commitment increases or additional term loans may be no less than $25.0 million and the maximum aggregate principal amount of all such incremental revolving credit commitment increases and additional term loans, other than term loans the proceeds of which are applied to repay existing term loans, may be no more than $750.0 million. A portion of the borrowings under the 2013 Credit Agreement were used to refinance the outstanding obligations under our then existing senior credit facility with the remainder used to finance a portion of the purchase price for the Beer Business Acquisition and related expenses.

The U.S. obligations under the 2014 Credit Agreement are guaranteed by certain of our U.S. subsidiaries. These obligations are also secured by a pledge of (i)  100% of the ownership interests in certain of our U.S. subsidiaries and (ii)  65% of the ownership interests in certain of our foreign subsidiaries. The European obligations under the 2014 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 CIH’s 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.

We and our subsidiaries are subject to covenants that are contained in the 2014 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 covenants are limited to a minimum interest coverage ratio and a maximum net debt coverage ratio.

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As of February 28, 2015, information with respect to borrowings under the 2014 Credit Agreement is as follows:

	Revolving Credit Facility			U.S. Term A Facility			U.S. Term A-1 Facility			U.S. Term A-2 Facility			European Term A Facility			European Term B-1 Facility
(in millions)
Outstanding borrowings	$	—		$	476.9		$	243.2		$	624.4		$	462.5		$	985.1
Interest rate	—		%	1.9		%	2.2		%	2.0		%	2.0		%	2.0		%
Libor margin	1.75		%	1.75		%	2.0		%	1.75		%	1.75		%	1.75		%
Outstanding letters of credit	$	14.4
Remaining borrowing capacity	$	835.6

As of February 28, 2015, the required principal repayments of the term loans under the 2014 Credit Agreement for each of the five succeeding fiscal years and thereafter are as follows:

	U.S. Term A Facility		U.S. Term A-1 Facility		U.S. Term A-2 Facility		European Term A Facility		European Term B-1 Facility		Total
(in millions)
2016	$	38.7	$	2.5	$	50.6	$	37.5	$	9.9	$	139.2
2017	51.5		2.5		67.5		50.0		9.9		181.4
2018	51.5		2.5		67.5		50.0		9.9		181.4
2019	335.2		2.4		438.8		325.0		9.9		1,111.3
2020	—		233.3		—		—		9.9		243.2
Thereafter	—		—		—		—		935.6		935.6
	$	476.9	$	243.2	$	624.4	$	462.5	$	985.1	$	2,792.1

In April 2012, we transitioned our then existing interest rate swap agreement to a one-month LIBOR base rate versus the existing three-month LIBOR base rate by entering into a new interest rate swap agreement which was designated as a cash flow hedge for $500.0 million of our floating LIBOR rate debt. In addition, our existing interest rate swap agreement was dedesignated as a hedge. We also entered into an additional interest rate swap agreement for $500.0 million that was not designated as a hedge to offset the prospective impact of the newly undesignated interest rate swap agreement. As a result of these hedges, we have 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. The losses in AOCI related to the dedesignated interest rate swap agreement are being reclassified from AOCI ratably into earnings in the same period in which the original hedged item is being recorded in our results of operations. For the years ended February 28, 2015, February 28, 2014, and February 28, 2013, we reclassified net losses of $8.3 million, $8.2 million and $8.0 million, net of income tax effect, respectively, from AOCI to interest expense.

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Senior notes –

Our outstanding senior notes are as follows:

	Date of					Outstanding Balance (1)
	Issuance	Maturity	Interest Payments	Principal		February 28, 2015		February 28, 2014
(in millions)
7.25% Senior Notes (2)	August 2006	September 2016	Mar/Sep	$	700.0	$	698.6	$	697.8
7.25% Senior Notes (2)(3)	January 2008	May 2017	May/Nov	$	700.0	$	700.0	$	700.0
8.375% Senior Notes (2)	December 2007	December 2014	Jun/Dec	$	500.0	$	—	$	499.5
6% Senior Notes (2)	April 2012	May 2022	May/Nov	$	600.0	$	600.0	$	600.0
3.75% Senior Notes (2)	May 2013	May 2021	May/Nov	$	500.0	$	500.0	$	500.0
4.25% Senior Notes (2)	May 2013	May 2023	May/Nov	$	1,050.0	$	1,050.0	$	1,050.0
3.875% Senior Notes (2)	November 2014	November 2019	May/Nov	$	400.0	$	400.0	$	—
4.75% Senior Notes (2)	November 2014	November 2024	May/Nov	$	400.0	$	400.0	$	—

⁽¹⁾  Amounts are net of unamortized discounts, where applicable.

⁽²⁾  Senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness. Guaranteed by certain of our U.S. subsidiaries on a senior unsecured basis. Redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount plus a make whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 50 basis points.

⁽³⁾  Issued in exchange for notes originally issued in May 2007.

In August 2012, we issued $650.0 million aggregate principal amount of 4.625% Senior Notes due March 2023. We intended to use the net proceeds from the offering to fund a portion of the original agreement we signed in June 2012 to acquire the remaining 50% equity interest in Crown Imports. Because of the differences between the terms relating to a February 2013 amendment of the original agreement and the original agreement, we effected special mandatory redemption provisions and redeemed the August 2012 senior notes in February 2013.

Indentures –

Our Indentures relating to our outstanding senior notes contain certain covenants, including, but not limited to:  (i)  a limitation on liens on certain assets, (ii)  a limitation on certain sale and leaseback transactions, and (iii)  restrictions on mergers, consolidations and the transfer of all or substantially all of our assets to another person.

Subsidiary credit facilities –

We have additional credit arrangements totaling $483.4 million and $373.9 million as of February 28, 2015, and February 28, 2014, respectively. As of February 28, 2015, and February 28, 2014, amounts outstanding under these arrangements were $207.3 million and $89.2 million, respectively, the majority of which is classified as long-term as of the respective date. These arrangements primarily support the financing needs of our domestic and foreign subsidiary operations. Interest rates and other terms of these borrowings vary from country to country, depending on local market conditions.

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Debt payments –

As of February 28, 2015, the required principal repayments under long-term debt obligations (excluding unamortized discount of $1.4 million) for each of the five succeeding fiscal years and thereafter are as follows:

(in millions)
2016	$	158.1
2017	897.8
2018	893.1
2019	1,117.9
2020	744.5
Thereafter	3,485.6
	$	7,297.0

Accounts receivable securitization facilities –

On October 1, 2013, we entered into an amended and restated 364-day revolving trade accounts receivable securitization facility (the “2013 CBI Facility”). Under the 2013 CBI Facility, trade accounts receivable generated by us and certain of our subsidiaries are sold by us to our wholly-owned bankruptcy remote single purpose subsidiary (the “CBI SPV”), which is consolidated by us for financial reporting purposes. Such receivables have been pledged by the CBI SPV to secure borrowings under the 2013 CBI Facility. We service the receivables for the 2013 CBI Facility. The receivable balances related to the 2013 CBI Facility are reported as accounts receivable on our balance sheets, but the receivables are at all times owned by the CBI SPV and are included on our financial statements as required by generally accepted accounting principles. On September 29, 2014, we and the CBI SPV amended the 2013 CBI Facility resulting in the extension of the CBI Facility for an additional 364-day term (the “CBI Facility”). Under the CBI Facility, there are two lenders, one holding 60% of the aggregate facility and the other holding 40% of the aggregate facility. Any borrowings under the CBI Facility are recorded as secured borrowings and bear interest as follows: (i)  60% of the borrowings are charged at that lender’s cost of funds plus a margin of 85 basis points and (ii)  40% of the borrowings are charged at one-month LIBOR plus a margin of 85 basis points. The CBI Facility provides borrowing capacity of $190.0 million up to $290.0 million structured to account for the seasonality of our business, subject to further limitations based upon various pre-agreed formulas.

Also, on October 1, 2013, Crown Imports entered into a 364-day revolving trade accounts receivable securitization facility (the “2013 Crown Facility”). Under the 2013 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. Such receivables have been pledged by the Crown SPV to secure borrowings under the 2013 Crown Facility. Crown Imports services the receivables for the 2013 Crown Facility. The receivable balances related to the 2013 Crown Facility are reported as accounts receivable on our balance sheets, but the receivables are at all times owned by the Crown SPV and are included on our financial statements to comply with generally accepted accounting principles. On September 29, 2014, Crown Imports and the Crown SPV amended the 2013 Crown Facility resulting in the extension of the Crown Facility for an additional 364-day term (the “Crown Facility”). Under the Crown Facility, there are two lenders, one holding 60% of the aggregate facility and the other holding 40% of the aggregate facility. Any borrowings under the Crown Facility are recorded as secured borrowings and bear interest as follows: (i)  60% of the borrowings are charged at that lender’s cost of funds plus a margin of 85 basis points and (ii)  40% of the borrowings are charged at one-month LIBOR plus a margin of 85 basis points. The Crown Facility provides borrowing capacity of $100.0 million up to $160.0 million to account for the seasonality of Crown Imports’ business.

As of February 28, 2015, our accounts receivable securitization facilities are as follows:

	Outstanding Borrowings		Weighted Average Interest Rate		Remaining Borrowing Capacity
(in millions)
CBI Facility	$	—	—	%	$	275.0
Crown Facility	$	—	—	%	$	100.0

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13.    INCOME TAXES:

Income before income taxes was generated as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions)
Domestic	$	481.6	$	2,050.8	$	369.7
Foreign	698.0		151.5		146.7
	$	1,179.6	$	2,202.3	$	516.4

The income tax provision consisted of the following:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
(in millions)
Current
Federal	$	195.0		$	141.7		$	47.8
State	20.1			18.5			11.2
Foreign	49.0			57.4			30.4
Total current	264.1			217.6			89.4
Deferred
Federal	84.6			61.4			42.7
State	4.8			4.4			(4.9		)
Foreign	(10.1		)	(24.2		)	1.4
Total deferred	79.3			41.6			39.2
Income tax provision	$	343.4		$	259.2		$	128.6

The foreign provision (benefit) for income taxes is based on foreign pretax earnings. Earnings of foreign subsidiaries would be subject to U.S. income taxation on repatriation to the U.S. Our financial statements provide for anticipated tax liabilities on amounts that may be repatriated.

Deferred tax assets and liabilities reflect the future income tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that apply to taxable income.

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Significant components of deferred tax assets (liabilities) consist of the following:

	February 28, 2015			February 28, 2014
(in millions)
Deferred tax assets
Stock-based compensation	$	51.9		$	47.3
Net operating losses	13.3			9.1
Insurance accruals	3.4			3.8
Derivative instruments	3.4			—
Employee benefits	2.7			2.6
Other accruals	50.6			55.3
Gross deferred tax assets	125.3			118.1
Valuation allowances	(35.3		)	(27.7		)
Deferred tax assets, net	90.0			90.4
Deferred tax liabilities
Intangible assets	(517.9		)	(456.3		)
Property, plant and equipment	(263.2		)	(285.9		)
Provision for unremitted earnings	(72.6		)	(62.2		)
Investments in equity method investees	(25.1		)	(24.0		)
Inventory	(1.1		)	(4.9		)
Derivative instruments	—			(0.1		)
Total deferred tax liabilities	(879.9		)	(833.4		)
Deferred tax liabilities, net	$	(789.9	)	$	(743.0	)

Amounts recognized on our balance sheets consist of:

	February 28, 2015			February 28, 2014
(in millions)
Current deferred tax assets	$	25.4		$	20.4
Long-term deferred tax assets	4.4			—
Current deferred tax liabilities	(0.8		)	(0.8		)
Long-term deferred tax liabilities	(818.9		)	(762.6		)
	$	(789.9	)	$	(743.0	)

In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some or all of the deferred tax assets will not be realized. In making this assessment, we consider the projected reversal of deferred tax liabilities and projected future taxable income. Based upon this assessment, we believe it is more likely than not that we will realize the benefits of these deductible differences, net of any valuation allowances.

Operating loss carryforwards totaling $300.3 million at February 28, 2015, are being carried forward in a number of jurisdictions where we are permitted to use tax operating losses from prior periods to reduce future taxable income. Of these operating loss carryforwards, $279.7 million will expire in 2018 through 2032 and $20.6 million of operating losses in certain jurisdictions may be carried forward indefinitely.

We provide for additional tax expense based on probable outcomes of ongoing tax examinations and assessments in various jurisdictions. While it is often difficult to predict the outcome or the timing of resolution of any tax matter, we believe the reserves reflect the probable outcome of known tax contingencies. Unfavorable settlement of any particular issue would require the use of cash. Favorable resolution would be recognized as a reduction to the effective tax rate in the year of resolution. During the year ended February 28, 2015, various U.S.

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Federal, state and international examinations were finalized. Tax benefits of $6.9 million were recorded related to the resolution of certain tax positions in connection with those examinations and the expiration of statutes of limitation.

A reconciliation of the total tax provision (benefit) to the amount computed by applying the statutory U.S. Federal income tax rate to income before provision for (benefit from) income taxes is as follows:

	For the Years Ended
	February 28, 2015					February 28, 2014					February 28, 2013
	Amount			% of Pretax Income		Amount			% of Pretax Income		Amount			% of Pretax Income
(in millions, except % of pretax income data)
Income tax provision at statutory rate	$	412.8		35.0	%	$	770.8		35.0	%	$	180.7		35.0	%
State and local income taxes, net of federal income tax benefit	16.1			1.4	%	14.8			0.7	%	4.1			0.8	%
Net operating loss valuation allowance	11.1			0.9	%	16.3			0.8	%	3.7			0.7	%
Earnings of subsidiaries taxed at other than U.S. statutory rate	(86.4		)	(7.3	%)	(61.2		)	(2.8	%)	(59.6		)	(11.5	%)
Impairment of nondeductible goodwill	—			—	%	97.5			4.4	%	—			—	%
Gain on remeasurement to fair value of equity method investment	—			—	%	(574.7		)	(26.1	%)	—			—	%
Miscellaneous items, net	(10.2		)	(0.9	%)	(4.3		)	(0.2	%)	(0.3		)	(0.1	%)
Income tax provision at effective rate	$	343.4		29.1	%	$	259.2		11.8	%	$	128.6		24.9	%

For the years ended February 28, 2015, February 28, 2014, and February 28, 2013, the state and local income taxes, net of federal income tax benefit, includes benefits resulting from adjustments to the current and deferred state effective tax rates. These benefits include the recognition of prior period income tax refunds, decreases in uncertain tax positions and adjustments to the current and deferred state effective tax rates. The effect of earnings of foreign subsidiaries includes the difference between the U.S. statutory rate and local jurisdiction tax rates, as well as the provision for incremental U.S. taxes on unremitted earnings of foreign subsidiaries offset by foreign tax credits and other foreign adjustments.

The liability for income taxes associated with uncertain tax positions, excluding interest and penalties, and a reconciliation of the beginning and ending unrecognized tax benefit liabilities is as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
(in millions)
Balance as of March 1	$	101.5		$	100.6		$	92.0
Increases as a result of tax positions taken during a prior period	0.1			2.3			1.3
Decreases as a result of tax positions taken during a prior period	(4.0		)	(3.3		)	(9.5		)
Increases as a result of tax positions taken during the current period	7.7			11.1			19.5
Decreases related to settlements with tax authorities	(13.9		)	(6.7		)	(0.3		)
Decreases related to lapse of applicable statute of limitations	(5.9		)	(2.5		)	(2.4		)
Balance as of last day of February	$	85.5		$	101.5		$	100.6

As of February 28, 2015, and February 28, 2014, we had $79.7 million and $94.2 million, respectively, of non-current unrecognized tax benefit liabilities, including interest and penalties, recorded on our balance sheets. These liabilities are recorded as non-current as payment of cash is not anticipated within one year of the balance sheet date.

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As of February 28, 2015, and February 28, 2014, we had $85.5 million and $101.5 million, respectively, of unrecognized tax benefit liabilities that, if recognized, would decrease the effective tax rate.

We file U.S. Federal income tax returns and various state, local and foreign income tax returns. Major tax jurisdictions where we are subject to examination by tax authorities include Canada, Luxembourg, Mexico, New Zealand and the U.S. Various U.S. Federal, state and foreign income tax examinations are currently in progress. It is reasonably possible that the liability associated with our unrecognized tax benefit liabilities will increase or decrease within the next twelve months as a result of these examinations or the expiration of statutes of limitation. As of February 28, 2015, we estimate that unrecognized tax benefit liabilities could change by a range of $3 million to $53 million. With few exceptions, we are no longer subject to U.S. Federal, state, local or foreign income tax examinations for fiscal years prior to February 28, 2009.

14.    COMMITMENTS AND CONTINGENCIES:

Operating leases –

The minimum lease payments for our operating leases are recognized on a straight-line basis over the minimum lease term. Step rent provisions, escalation clauses, capital improvement funding and other lease concessions, when present in our leases, are taken into account in computing the minimum lease payments.

Future payments under noncancelable operating leases having initial or remaining terms of one year or more are as follows for each of the five succeeding fiscal years and thereafter:

(in millions)
2016	$	48.4
2017	42.7
2018	36.7
2019	33.4
2020	29.2
Thereafter	202.1
	$	392.5

Rental expense was $58.9 million, $65.1 million and $60.4 million for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, respectively.

Purchase commitments and contingencies –

We have entered into various long-term contracts in the normal course of business for the purchase of (i)  certain inventory components, (ii)  property, plant and equipment and related contractor and manufacturing services, (iii)  processing and warehousing services and (iv)  certain energy requirements. As of February 28, 2015, the estimated aggregate minimum purchase obligations under these contracts are as follows:

	Type	Length of Commitment	Amount
(in millions)
Raw materials and supplies (1)	Grapes, packaging and other raw materials	through December 2027	$	5,377.3
In-process inventories	Bulk wine	through December 2016	29.7
Finished case goods (2)	Beer	through December 2015	469.0
Capital expenditures (3)	Property, plant and equipment, and contractor and manufacturing services	through February 2018	1,463.7
Other (4)	Processing and warehousing services, energy contracts	through December 2027	168.1
			$	7,507.8

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⁽¹⁾  Grape purchase contracts require the purchase of grape production yielded from a specified number of acres. The actual tonnage and price of grapes that we must purchase will vary each year depending on certain factors, including weather, time of harvest, overall market conditions and the agricultural practices and location of the growers and suppliers under contract.

⁽²⁾  Consists of a minimum purchase obligation under the interim supply agreement for finished goods entered into in connection with the Beer Business Acquisition.

⁽³⁾  Consists of purchase commitments entered into primarily in connection with the Brewery and glass production plant expansions.

⁽⁴⁾  Includes commitments to utilize outside services to process, package and/or store a minimum volume quantity, as well as for the purchase of certain energy requirements.

Indemnification liabilities –

In connection with a prior divestiture, we indemnified respective parties against certain liabilities that may arise related to certain contracts with certain investees of the divested business, a certain facility in the U.K. and certain income tax matters. During the year ended February 28, 2015, we were released from one of our guarantees, resulting in a gain of $7.5 million. This gain is included in selling, general and administrative expenses. As of February 28, 2015, and February 28, 2014, the carrying amount of these indemnification liabilities was $3.7 million and $11.6 million, respectively, and is included in other liabilities. If the indemnified party were to incur a liability, pursuant to the terms of the indemnification, we would be required to reimburse the indemnified party. As of February 28, 2015, we estimate that these indemnifications could require us to make potential future payments of up to $71.2 million under these indemnifications with $57.6 million of this amount able to be recovered by us from third parties under recourse provisions. We do not expect to be required to make material payments under the indemnifications and we believe that the likelihood is remote that the indemnifications could have a material adverse effect on our financial position, results of operations, cash flows or liquidity.

Employment contracts –

We have employment contracts with our executive officers and certain other management personnel with either automatic one year renewals after an initial term or an indefinite term of employment unless terminated by either party. These employment contracts provide for minimum salaries, as adjusted for annual increases, and may include incentive bonuses based upon attainment of specified goals. These employment contracts may also provide for severance payments in the event of specified termination of employment. In addition, we have employment arrangements with certain other management personnel which provide for severance payments in the event of specified termination of employment. As of February 28, 2015, the aggregate commitment for potential future compensation and severance, excluding incentive bonuses, was $40.4 million, of which $9.6 million was accrued.

Employees covered by collective bargaining agreements –

Approximately 14% of our employees are covered by collective bargaining agreements at February 28, 2015. Agreements expiring within one year cover approximately 7% of our employees.

Legal matters –

In the course of its business, we are subject to litigation from time to time. Although the amount of any liability with respect to such litigation cannot be determined, in the opinion of management, such liability will not have a material adverse effect on our financial condition, results of operations or cash flows.

15.    STOCKHOLDERS’ EQUITY:

Common stock –

We have two classes of outstanding common stock:  Class A Common Stock and Class B Convertible Common Stock. Class B Convertible Common Stock shares are convertible into shares of Class A Common Stock on a one-to-one basis at any time at the option of the holder. Holders of Class B Convertible Common Stock are entitled to ten votes per share. Holders of Class A Common Stock are entitled to one vote per share and a cash dividend premium. If we pay a cash dividend on Class B Convertible Common Stock, each share of Class A Common Stock will receive an amount at least ten percent greater than the amount of the cash dividend per share paid on Class B Convertible Common Stock. In addition, the Board of Directors may declare and pay a dividend on

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Class A Common Stock without paying any dividend on Class B Convertible Common Stock. However, our senior credit facility limits the cash dividends that we can pay on our common stock to a fixed amount per quarter, or, if a larger amount is desired, any such amount is permitted so long as minimum cash availability exists and a leverage test is met.

In addition, we have a class of common stock consisting of shares of Class 1 Common Stock. Shares of Class 1 Common Stock generally have no voting rights. Class 1 Common Stock shares are convertible into shares of Class A Common Stock on a one-to-one basis at any time at the option of the holder, provided that the holder immediately sells the Class A Common Stock acquired upon conversion. Because shares of Class 1 Common Stock are convertible into shares of Class A Common Stock, for each share of Class 1 Common Stock issued, we must reserve one share of Class A Common Stock for issuance upon the conversion of the share of Class 1 Common Stock. Holders of Class 1 Common Stock do not have any preference as to dividends, but may participate in any dividend if and when declared by the Board of Directors. If we pay a cash dividend on Class 1 Common Stock, each share of Class A Common Stock will receive an amount at least ten percent greater than the amount of cash dividend per share paid on Class 1 Common Stock. In addition, the Board of Directors may declare and pay a dividend on Class A Common Stock without paying a dividend on Class 1 Common Stock. The cash dividends declared and paid on Class B Convertible Common Stock and Class 1 Common Stock must always be the same.

The number of shares of common stock issued and treasury stock, and associated share activity, are as follows:

	Common Stock					Treasury Stock
	Class A	Class B		Class 1		Class A		Class B
Balance at February 29, 2012	233,751,797	28,583,916		11,549		63,015,441		5,005,800
Share repurchases	—	—		—		17,994,466		—
Conversion of shares	78,496	(66,881	)	(11,615	)	—		—
Exercise of stock options	8,234,221	—		103		—		—
Employee stock purchases	—	—		—		(210,895	)	—
Grant of restricted stock awards	—	—		—		(18,190	)	—
Vesting of restricted stock units (1)	—	—		—		(42,664	)	—
Cancellation of restricted shares	—	—		—		61,140		—
Balance at February 28, 2013	242,064,514	28,517,035		37		80,799,298		5,005,800
Conversion of shares	80,507	(80,470	)	(37	)	—		—
Exercise of stock options	6,119,923	—		—		—		—
Employee stock purchases	—	—		—		(163,817	)	—
Grant of restricted stock awards	—	—		—		(12,375	)	—
Vesting of restricted stock units (1)	—	—		—		(121,539	)	—
Vesting of performance share units (2)	—	—		—		(309,653	)	—
Cancellation of restricted shares	—	—		—		33,661		—
Balance at February 28, 2014	248,264,944	28,436,565		—		80,225,575		5,005,800
Conversion of shares	46,957	(46,957	)	—		—		—
Exercise of stock options	2,527,458	—		—		—		—
Employee stock purchases	—	—		—		(117,301	)	—
Grant of restricted stock awards	—	—		—		(6,424	)	—
Vesting of restricted stock units (1)	—	—		—		(140,396	)	—
Vesting of performance share units (2)	—	—		—		(288,021	)	—
Cancellation of restricted shares	—	—		—		8,426		—
Balance at February 28, 2015	250,839,359	28,389,608		—		79,681,859		5,005,800

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⁽¹⁾  Net of 101,499 shares, 96,767 shares and 23,836 shares withheld for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, respectively, to satisfy tax withholding requirements.

⁽²⁾  Net of 248,499 shares and 267,577 shares withheld for the years ended February 28, 2015, and February 28, 2014, respectively, to satisfy tax withholding requirements.

Stock repurchases –

In April 2011, our Board of Directors authorized the repurchase of up to $500.0 million of our Class A Common Stock and Class B Convertible Common Stock (the “2012 Authorization”), which was completed during the year ended February 28, 2013. 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 the 2013 Authorization would expire. Shares repurchased under both authorizations have become treasury shares.

Shares repurchased are as follows:

			Class A Common Shares
	Repurchase Authorization		Dollar Value of Shares Repurchased		Number of Shares Repurchased	Average Price Per Share
(in millions, except share and per share data)
2012 Authorization (1)	$	500.0	$	500.0	25,204,747	$	19.84
2013 Authorization (2)	$	1,000.0	$	296.7	14,023,985	$	21.15

⁽¹⁾  During the year ended February 28, 2013, we repurchased 3,970,481 shares of Class A Common Stock at an aggregate cost of $86.3 million.

⁽²⁾  All share repurchases occurred during the year ended February 28, 2013.

Common stock dividends –

In April 2015, our Board of Directors declared an initial quarterly cash dividend of $0.31 per share of Class A Common Stock, $0.28 per share of Class B Convertible Common Stock and $0.28 per share of Class 1 Common Stock payable in the first quarter of fiscal 2016.

16.    STOCK-BASED EMPLOYEE COMPENSATION:

We have two stock-based employee compensation plans (as further discussed below). Total compensation cost and income tax benefits recognized for our stock-based awards are as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions)
Total compensation cost recognized in our results of operations	$	55.0	$	49.9	$	40.8
Total income tax benefit recognized in our results of operations	$	18.7	$	17.1	$	13.8
Total compensation cost capitalized in inventory on our balance sheets	$	3.7	$	4.2	$	4.1

Long-term stock incentive plan –

Under our Long-Term Stock Incentive Plan, nonqualified stock options, restricted stock, restricted stock units, performance share units and other stock-based awards may be granted to our employees, officers and directors. The aggregate number of shares of our Class A Common Stock and Class 1 Common Stock available for awards under our Long-Term Stock Incentive Plan is 108,000,000 shares.

The exercise price, vesting period and term of nonqualified stock options granted are established by the committee administering the plan (the “Committee”). The exercise price of any nonqualified stock option may not be less than the fair market value of our Class A Common Stock on the date of grant. Nonqualified stock options

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generally vest and become exercisable over a four-year period from the date of grant and expire as established by the Committee, but not later than ten years after the grant date.

Grants of restricted stock, restricted stock units, performance share units and other stock-based awards may contain such vesting periods, terms, conditions and other requirements as the Committee may establish. Restricted stock and restricted stock unit awards are based on service and generally vest over one to four years from the date of grant. Performance share unit awards are based on service and the satisfaction of certain performance conditions, and vest over a required employee service period, generally from one to three years from the date of grant, which closely matches the performance period. The performance conditions include the achievement of specified financial or operational performance metrics, or market conditions which require the achievement of specified levels of shareholder return relative to other companies as defined in the applicable performance share unit agreement. The actual number of shares to be awarded upon vesting of a performance share unit award will range between 0% and 200% of the target award, based upon the measure of performance as certified by the Committee.

A summary of stock option activity, primarily under our Long-Term Stock Incentive Plan, is as follows:

	For the Years Ended
	February 28, 2015				February 28, 2014				February 28, 2013
	Number of Options		Weighted Average Exercise Price		Number of Options		Weighted Average Exercise Price		Number of Options		Weighted Average Exercise Price
Outstanding as of March 1	15,314,074		$	21.82	20,264,078		$	19.48	26,931,297		$	19.03
Granted	881,584		$	79.86	1,284,500		$	48.79	1,980,260		$	24.65
Exercised	(2,527,458	)	$	22.02	(6,119,923	)	$	19.63	(8,234,324	)	$	19.18
Forfeited	(52,779	)	$	42.79	(103,497	)	$	28.86	(207,945	)	$	17.81
Expired	(1,806	)	$	19.55	(11,084	)	$	18.79	(205,210	)	$	24.11
Outstanding as of last day of February	13,613,615		$	25.46	15,314,074		$	21.82	20,264,078		$	19.48
Exercisable	10,499,030		$	19.45	10,913,019		$	18.91	13,697,345		$	19.66

The following table summarizes information about stock options outstanding at February 28, 2015:

Range of Exercise Prices	Number of Options	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Aggregate Intrinsic Value
$11.85 – $18.27	4,108,263	4.5 years	$	13.86
$19.12 – $24.13	5,050,246	3.9 years	$	20.28
$24.50 – $53.41	3,584,802	6.0 years	$	32.84
$79.61 – $88.13	870,304	9.2 years	$	79.86
Options outstanding	13,613,615	5.0 years	$	25.46	$	1,215,154,306
Options exercisable	10,499,030	4.1 years	$	19.45	$	1,000,201,795

The fair value of stock options vested, and the intrinsic value of and tax benefit realized from the exercise of stock options, are as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
Fair value of stock options vested	$	19,644,551	$	20,457,096	$	22,421,290
Intrinsic value of stock options exercised	$	185,751,055	$	235,540,914	$	95,033,640
Tax benefit realized from stock options exercised	$	62,165,063	$	61,354,379	$	25,274,158

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The weighted average grant-date fair value of stock options granted and the weighted average assumptions used to estimate the fair value on the date of grant using the Black-Scholes option-pricing model are as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
Grant-date fair value	$	27.77		$	16.88		$	8.39
Expected life (1)	5.9 years			5.9 years			6.0 years
Expected volatility (2)	32.4		%	34.8		%	32.7		%
Risk-free interest rate (3)	2.1		%	0.9		%	1.4		%
Expected dividend yield	0.0		%	0.0		%	0.0		%

⁽¹⁾  Based on historical experience of employees’ exercise behavior for similar type awards.

⁽²⁾  Based primarily on historical volatility levels of our Class A Common Stock.

⁽³⁾  Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the expected life.

A summary of restricted Class A Common Stock activity under our Long-Term Stock Incentive Plan is as follows:

	For the Years Ended
	February 28, 2015				February 28, 2014				February 28, 2013
Restricted Stock Awards	Number of Restricted Stock Awards		Weighted Average Grant-Date Fair Value		Number of Restricted Stock Awards		Weighted Average Grant-Date Fair Value		Number of Restricted Stock Awards		Weighted Average Grant-Date Fair Value
Outstanding balance as of March 1, Nonvested	408,744		$	20.18	1,128,024		$	17.16	1,797,888		$	16.72
Granted	6,424		$	87.13	12,375		$	50.90	18,190		$	30.14
Vested	(289,688	)	$	20.90	(697,994	)	$	15.90	(626,914	)	$	16.26
Forfeited	(8,426	)	$	20.43	(33,661	)	$	19.00	(61,140	)	$	17.44
Outstanding balance as of last day of February, Nonvested	117,054		$	25.15	408,744		$	20.18	1,128,024		$	17.16
	For the Years Ended
	February 28, 2015				February 28, 2014				February 28, 2013
Restricted Stock Units	Number of Restricted Stock Units		Weighted Average Grant-Date Fair Value		Number of Restricted Stock Units		Weighted Average Grant-Date Fair Value		Number of Restricted Stock Units		Weighted Average Grant-Date Fair Value
Outstanding balance as of March 1, Nonvested	1,104,580		$	39.87	721,503		$	23.65	203,082		$	17.01
Granted	250,923		$	80.72	656,710		$	50.74	609,080		$	25.08
Vested	(241,895	)	$	32.34	(218,306	)	$	21.30	(66,500	)	$	16.69
Forfeited	(49,882	)	$	41.05	(55,327	)	$	30.58	(24,159	)	$	23.31
Outstanding balance as of last day of February, Nonvested	1,063,726		$	51.16	1,104,580		$	39.87	721,503		$	23.65

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	For the Years Ended
	February 28, 2015				February 28, 2014				February 28, 2013
Performance Share Units	Number of Performance Share Units		Weighted Average Grant-Date Fair Value		Number of Performance Share Units		Weighted Average Grant-Date Fair Value		Number of Performance Share Units		Weighted Average Grant-Date Fair Value
Outstanding balance as of March 1, Nonvested	798,600		$	39.67	729,010		$	25.86	488,210		$	19.09
Granted	108,290		$	99.64	298,710		$	57.88	256,420		$	38.47
Performance achievement (1)	268,260		$	21.65	379,780		$	16.83	—		$	—
Vested	(536,520	)	$	21.65	(577,230	)	$	16.88	—		$	—
Forfeited	(20,946	)	$	47.21	(31,670	)	$	34.98	(15,620	)	$	21.15
Outstanding balance as of last day of February, Nonvested	617,684		$	58.21	798,600		$	39.67	729,010		$	25.86

⁽¹⁾  Reflects the number of awards achieved above target levels based on actual performance measured at the end of the performance period.

The fair value of shares vested for our restricted Class A Common Stock awards is as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
Restricted stock awards	$	23,614,008	$	34,427,377	$	13,741,842
Restricted stock units	$	19,683,843	$	10,747,204	$	1,443,700
Performance share units	$	43,597,615	$	28,501,403	$	—

The weighted average grant-date fair value of performance share units granted with a market condition and the weighted average assumptions used to estimate the fair value on the date of grant using the Monte Carlo Simulation model are as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
Grant-date fair value	$	101.05		$	66.33		$	38.47
Grant-date price	$	79.61		$	48.89		$	24.50
Performance period	3.0 years			3.0 years			2.9 years
Expected volatility (1)	38.2		%	38.7		%	28.6		%
Risk-free interest rate (2)	0.8		%	0.4		%	0.5		%
Expected dividend yield	0.0		%	0.0		%	0.0		%

⁽¹⁾  Based primarily on historical volatility levels of our Class A Common Stock.

⁽²⁾  Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the performance period.

Employee stock purchase plan –

We have a stock purchase plan (the “Employee Stock Purchase Plan”) under which 9,000,000 shares of Class A Common Stock may be issued. Under the terms of the plan, eligible employees may purchase shares of our Class A Common Stock through payroll deductions. The purchase price is the lower of 85% of the fair market value of the stock on the first or last day of the purchase period. For the years ended February 28, 2015, February 28, 2014, and February 28, 2013, employees purchased 117,301 shares, 163,817 shares and 210,895 shares, respectively, under this plan.

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The weighted average grant-date fair value of purchase rights granted under the Employee Stock Purchase Plan and the weighted average assumptions used to estimate the fair value on the date of grant using the Black-Scholes option-pricing model are as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
Grant-date fair value	$	19.42		$	13.83		$	8.23
Expected life	0.5 years			0.5 years			0.5 years
Expected volatility (1)	18.4		%	24.4		%	41.8		%
Risk-free interest rate (2)	0.0		%	0.1		%	0.1		%
Expected dividend yield	0.0		%	0.0		%	0.0		%

⁽¹⁾  Based primarily on historical volatility levels of our Class A Common Stock.

⁽²⁾  Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the expected life.

As of February 28, 2015, there was $74.2 million of total unrecognized compensation cost related to nonvested stock-based compensation arrangements granted under our stock-based employee compensation plans. This cost is expected to be recognized in our results of operations over a weighted-average period of 2.2 years. With respect to the issuance of shares under any of our stock-based compensation plans, we have the option to issue authorized but unissued shares or treasury shares.

17.    NET INCOME PER COMMON SHARE ATTRIBUTABLE TO CBI:

For the years ended February 28, 2015, February 28, 2014, and February 28, 2013, net income per common share – diluted for Class A Common Stock has been calculated using the if-converted method. For the years ended February 28, 2015, February 28, 2014, and February 28, 2013, net income per common share – diluted for Class B Convertible Common Stock is presented without assuming conversion into Class A Common Stock and is computed using the two-class computation method.

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

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions, except per share data)
Net income attributable to CBI	$	839.3	$	1,943.1	$	387.8
Weighted average common shares outstanding – basic:
Class A Common Stock	169.325		164.687		158.658
Class B Convertible Common Stock	23.397		23.467		23.532
Weighted average common shares outstanding – diluted:
Class A Common Stock	169.325		164.687		158.658
Class B Convertible Common Stock	23.397		23.467		23.532
Stock-based awards, primarily stock options	8.502		9.416		8.117
Weighted average common shares outstanding – diluted	201.224		197.570		190.307
Net income per common share attributable to CBI – basic:
Class A Common Stock	$	4.40	$	10.45	$	2.15
Class B Convertible Common Stock	$	4.00	$	9.50	$	1.96
Net income per common share attributable to CBI – diluted:
Class A Common Stock	$	4.17	$	9.83	$	2.04
Class B Convertible Common Stock	$	3.83	$	9.04	$	1.87

89

18.    ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):

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

	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Year Ended February 28, 2013
Other comprehensive income (loss):
Foreign currency translation adjustments:
Net losses	$	(46.9	)	$	9.5		$	(37.4	)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(46.9		)	9.5			(37.4		)
Unrealized gain on cash flow hedges:
Net derivative losses	(4.9		)	2.4			(2.5		)
Reclassification adjustments	6.2			(3.4		)	2.8
Net gain recognized in other comprehensive loss	1.3			(1.0		)	0.3
Unrealized gain on AFS debt securities:
Net AFS debt securities gains	0.7			(0.3		)	0.4
Reclassification adjustments	—			—			—
Net gain recognized in other comprehensive loss	0.7			(0.3		)	0.4
Pension/postretirement adjustments:
Net actuarial losses	(7.4		)	1.9			(5.5		)
Reclassification adjustments	0.8			(0.2		)	0.6
Net loss recognized in other comprehensive loss	(6.6		)	1.7			(4.9		)
Other comprehensive loss	$	(51.5	)	$	9.9		$	(41.6	)
For the Year Ended February 28, 2014
Other comprehensive income (loss):
Foreign currency translation adjustments:
Net losses	$	(63.2	)	$	(3.6	)	$	(66.8	)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(63.2		)	(3.6		)	(66.8		)
Unrealized gain on cash flow hedges:
Net derivative gains	9.8			(2.7		)	7.1
Reclassification adjustments	7.8			(3.6		)	4.2
Net gain recognized in other comprehensive loss	17.6			(6.3		)	11.3
Unrealized loss on AFS debt securities:
Net AFS debt securities losses	(2.8		)	(0.3		)	(3.1		)
Reclassification adjustments	(0.1		)	0.3			0.2
Net loss recognized in other comprehensive loss	(2.9		)	—			(2.9		)
Pension/postretirement adjustments:
Net actuarial gains	15.4			(4.0		)	11.4
Reclassification adjustments	1.1			(0.2		)	0.9
Net gain recognized in other comprehensive loss	16.5			(4.2		)	12.3
Other comprehensive loss	$	(32.0	)	$	(14.1	)	$	(46.1	)

90

	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Year Ended February 28, 2015
Other comprehensive loss:
Foreign currency translation adjustments:
Net losses	$	(203.3	)	$	13.6		$	(189.7	)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(203.3		)	13.6			(189.7		)
Unrealized loss on cash flow hedges:
Net derivative losses	(33.6		)	9.6			(24.0		)
Reclassification adjustments	6.8			(3.0		)	3.8
Net loss recognized in other comprehensive loss	(26.8		)	6.6			(20.2		)
Unrealized loss on AFS debt securities:
Net AFS debt securities losses	(1.0		)	—			(1.0		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(1.0		)	—			(1.0		)
Pension/postretirement adjustments:
Net actuarial losses	(8.1		)	2.1			(6.0		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(8.1		)	2.1			(6.0		)
Other comprehensive loss	$	(239.2	)	$	22.3		$	(216.9	)

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

	Foreign Currency Translation Adjustments			Net Unrealized Losses on Derivative Instruments			Net Unrealized Losses on AFS Debt Securities			Pension/ Postretirement Adjustments			Accumulated Other Comprehensive Income (Loss)
(in millions)
Balance, February 28, 2014	$	103.6		$	(8.9	)	$	(1.5	)	$	(7.2	)	$	86.0
Other comprehensive loss:
Other comprehensive loss before reclassification adjustments	(189.7		)	(24.0		)	(1.0		)	(6.0		)	(220.7		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			3.8			—			—			3.8
Other comprehensive loss	(189.7		)	(20.2		)	(1.0		)	(6.0		)	(216.9		)
Balance, February 28, 2015	$	(86.1	)	$	(29.1	)	$	(2.5	)	$	(13.2	)	$	(130.9	)

91

19.    SIGNIFICANT CUSTOMERS AND CONCENTRATION OF CREDIT RISK:

Net sales to our five largest customers represented 33.7%, 36.6% and 57.8% of our net sales for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, respectively. Net sales to our five largest customers are expected to continue to represent a significant portion of our revenues. Net sales to individual customers which amount to 10% or more of our net sales, and associated amounts receivable from these customers as a percentage of our accounts receivable, are as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
Southern Wine and Spirits
Net sales	15.4	%	18.4	%	30.0	%
Accounts receivable	24.4	%	26.6	%	34.5	%
Republic National Distributing Company
Net sales	7.6	%	9.7	%	15.6	%
Accounts receivable	11.5	%	13.9	%	18.7	%

Net sales for the above customers are primarily reported within the Wine and Spirits segment. Our arrangements with certain of our customers may, generally, be terminated by either party with prior notice. The majority of our accounts receivable balance is generated from sales to independent distributors with whom we have a predetermined collection date arranged through electronic funds transfer. We perform ongoing credit evaluations of our customers’ financial position, and management is of the opinion that any risk of significant loss is reduced due to the diversity of our customers and geographic sales area.

20.    CONDENSED CONSOLIDATING FINANCIAL INFORMATION:

The following information sets forth the condensed consolidating balance sheets as of February 28, 2015, and February 28, 2014, the condensed consolidating statements of comprehensive income for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, and the condensed consolidating statements of cash flows for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, for the parent company, our combined subsidiaries which guarantee our senior notes (“Subsidiary Guarantors”), our combined subsidiaries which are not Subsidiary Guarantors (primarily foreign subsidiaries) (“Subsidiary Nonguarantors”) and the Company. The Subsidiary Guarantors are 100% owned, directly or indirectly, by the parent company and the guarantees are joint and several obligations of each of the Subsidiary Guarantors. The guarantees are full and unconditional, as those terms are used in Rule 3-10 of Regulation S-X, except that a Subsidiary Guarantor can be automatically released and relieved of its obligations under certain customary circumstances contained in the indentures governing our senior notes. These customary circumstances include, so long as other applicable provisions of the indentures are adhered to, the termination or release of a Subsidiary Guarantor’s guarantee of other indebtedness or upon the legal defeasance or covenant defeasance or satisfaction and discharge of our senior notes. Separate financial statements for our Subsidiary Guarantors are not presented because we have determined that such financial statements would not be material to investors. The accounting policies of the parent company, the Subsidiary Guarantors and the Subsidiary Nonguarantors are the same as those described for the Company in the Summary of Significant Accounting Policies in Note 1. There are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to us in the form of cash dividends, loans or advances.

92

	Parent Company		Subsidiary Guarantors		Subsidiary Nonguarantors		Eliminations			Consolidated
(in millions)
Condensed Consolidating Balance Sheet at February 28, 2015
Current assets:
Cash and cash equivalents	$	24.5	$	0.7	$	84.9	$	—		$	110.1
Accounts receivable	0.8		27.3		570.8		—			598.9
Inventories	153.3		1,419.0		357.7		(102.8		)	1,827.2
Intercompany receivable	13,158.7		18,389.9		6,512.0		(38,060.6		)	—
Prepaid expenses and other	46.2		94.0		427.0		(192.6		)	374.6
Total current assets	13,383.5		19,930.9		7,952.4		(38,356.0		)	2,910.8
Property, plant and equipment	59.3		854.5		1,767.8		—			2,681.6
Investments in subsidiaries	11,657.2		13.8		—		(11,671.0		)	—
Goodwill	—		5,411.3		796.9		—			6,208.2
Intangible assets	—		703.3		2,474.3		3.4			3,181.0
Intercompany notes receivable	4,087.3		129.9		—		(4,217.2		)	—
Other assets	61.4		68.4		33.1		—			162.9
Total assets	$	29,248.7	$	27,112.1	$	13,024.5	$	(54,240.8	)	$	15,144.5
Current liabilities:
Notes payable to banks	$	—	$	—	$	52.4	$	—		$	52.4
Current maturities of long-term debt	92.3		16.9		48.9		—			158.1
Accounts payable	41.2		113.2		131.4		—			285.8
Accrued excise taxes	12.6		11.3		4.8		—			28.7
Intercompany payable	17,206.7		14,201.6		6,652.3		(38,060.6		)	—
Other accrued expenses and liabilities	462.5		211.2		156.9		(224.9		)	605.7
Total current liabilities	17,815.3		14,554.2		7,046.7		(38,285.5		)	1,130.7
Long-term debt, less current maturities	5,601.4		30.9		1,505.2		—			7,137.5
Deferred income taxes	17.6		633.6		167.7		—			818.9
Intercompany notes payable	—		3,863.4		353.8		(4,217.2		)	—
Other liabilities	43.7		36.7		95.7		—			176.1
Total liabilities	23,478.0		19,118.8		9,169.1		(42,502.7		)	9,263.2
Total CBI stockholders’ equity	5,770.7		7,993.3		3,744.8		(11,738.1		)	5,770.7
Noncontrolling interests	—		—		110.6		—			110.6
Total stockholders’ equity	5,770.7		7,993.3		3,855.4		(11,738.1		)	5,881.3
Total liabilities and stockholders’ equity	$	29,248.7	$	27,112.1	$	13,024.5	$	(54,240.8	)	$	15,144.5

93

	Parent Company		Subsidiary Guarantors		Subsidiary Nonguarantors		Eliminations			Consolidated
(in millions)
Condensed Consolidating Balance Sheet at February 28, 2014
Current assets:
Cash and cash equivalents	$	0.5	$	0.8	$	62.6	$	—		$	63.9
Accounts receivable	0.2		9.0		617.0		—			626.2
Inventories	153.5		1,270.0		384.8		(64.5		)	1,743.8
Intercompany receivable	8,529.4		13,339.0		4,104.0		(25,972.4		)	—
Prepaid expenses and other	49.1		61.6		701.6		(499.0		)	313.3
Total current assets	8,732.7		14,680.4		5,870.0		(26,535.9		)	2,747.2
Property, plant and equipment	39.4		846.3		1,128.6		—			2,014.3
Investments in subsidiaries	10,795.6		9.4		—		(10,805.0		)	—
Goodwill	—		5,411.3		735.5		—			6,146.8
Intangible assets	—		707.6		2,523.0		0.5			3,231.1
Intercompany notes receivable	3,606.0		8.5		—		(3,614.5		)	—
Other assets	62.4		64.6		35.7		—			162.7
Total assets	$	23,236.1	$	21,728.1	$	10,292.8	$	(40,954.9	)	$	14,302.1
Current liabilities:
Notes payable to banks	$	—	$	—	$	57.2	$	—		$	57.2
Current maturities of long-term debt	547.1		16.4		26.5		—			590.0
Accounts payable	24.4		109.0		161.8		—			295.2
Accrued excise taxes	13.7		8.5		5.5		—			27.7
Intercompany payable	11,996.5		9,700.4		4,275.5		(25,972.4		)	—
Other accrued expenses and liabilities	712.9		182.3		680.7		(520.3		)	1,055.6
Total current liabilities	13,294.6		10,016.6		5,207.2		(26,492.7		)	2,025.7
Long-term debt, less current maturities	4,892.3		32.8		1,448.2		—			6,373.3
Deferred income taxes	17.2		569.4		176.0		—			762.6
Intercompany notes payable	—		3,597.7		16.8		(3,614.5		)	—
Other liabilities	50.7		21.5		87.0		—			159.2
Total liabilities	18,254.8		14,238.0		6,935.2		(30,107.2		)	9,320.8
Total CBI stockholders’ equity	4,981.3		7,490.1		3,357.6		(10,847.7		)	4,981.3
Noncontrolling interests	—		—		—		—			—
Total stockholders’ equity	4,981.3		7,490.1		3,357.6		(10,847.7		)	4,981.3
Total liabilities and stockholders’ equity	$	23,236.1	$	21,728.1	$	10,292.8	$	(40,954.9	)	$	14,302.1

94

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2015
Sales	$	2,406.4		$	5,078.3		$	3,004.1		$	(3,816.7	)	$	6,672.1
Less – excise taxes	(324.8		)	(251.6		)	(67.7		)	—			(644.1		)
Net sales	2,081.6			4,826.7			2,936.4			(3,816.7		)	6,028.0
Cost of product sold	(1,678.4		)	(3,629.0		)	(1,870.3		)	3,728.3			(3,449.4		)
Gross profit	403.2			1,197.7			1,066.1			(88.4		)	2,578.6
Selling, general and administrative expenses	(388.2		)	(470.1		)	(273.4		)	53.3			(1,078.4		)
Operating income	15.0			727.6			792.7			(35.1		)	1,500.2
Equity in earnings of equity method investees and subsidiaries	828.0			24.6			1.2			(832.3		)	21.5
Interest income	0.1			—			1.3			—			1.4
Intercompany interest income	177.8			222.7			—			(400.5		)	—
Interest expense	(296.4		)	(1.4		)	(41.3		)	—			(339.1		)
Intercompany interest expense	(222.0		)	(177.6		)	(0.9		)	400.5			—
Loss on write-off of financing costs	—			—			(4.4		)	—			(4.4		)
Income before income taxes	502.5			795.9			748.6			(867.4		)	1,179.6
(Provision for) benefit from income taxes	336.8			(295.5		)	(395.7		)	11.0			(343.4		)
Net income	839.3			500.4			352.9			(856.4		)	836.2
Net loss attributable to noncontrolling interests	—			—			3.1			—			3.1
Net income attributable to CBI	$	839.3		$	500.4		$	356.0		$	(856.4	)	$	839.3
Comprehensive income attributable to CBI	$	622.4		$	503.7		$	132.2		$	(635.9	)	$	622.4

95

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2014
Sales	$	2,351.8		$	3,868.3		$	2,093.9		$	(2,903.0	)	$	5,411.0
Less – excise taxes	(317.3		)	(155.9		)	(70.1		)	—			(543.3		)
Net sales	2,034.5			3,712.4			2,023.8			(2,903.0		)	4,867.7
Cost of product sold	(1,730.3		)	(2,661.6		)	(1,312.1		)	2,828.0			(2,876.0		)
Gross profit	304.2			1,050.8			711.7			(75.0		)	1,991.7
Selling, general and administrative expenses	(395.4		)	(361.7		)	(155.0		)	17.0			(895.1		)
Impairment of goodwill and intangible assets	—			—			(300.9		)	—			(300.9		)
Gain on remeasurement to fair value of equity method investment	—			1,642.0			—			—			1,642.0
Operating income (loss)	(91.2		)	2,331.1			255.8			(58.0		)	2,437.7
Equity in earnings of equity method investees and subsidiaries	2,219.2			92.7			0.6			(2,224.7		)	87.8
Interest income	0.1			—			7.6			—			7.7
Intercompany interest income	152.4			168.5			1.5			(322.4		)	—
Interest expense	(283.2		)	(2.5		)	(45.2		)	—			(330.9		)
Intercompany interest expense	(168.1		)	(153.6		)	(0.7		)	322.4			—
Income before income taxes	1,829.2			2,436.2			219.6			(2,282.7		)	2,202.3
(Provision for) benefit from income taxes	113.9			(292.5		)	(100.1		)	19.5			(259.2		)
Net income	1,943.1			2,143.7			119.5			(2,263.2		)	1,943.1
Net loss attributable to noncontrolling interests	—			—			—			—			—
Net income attributable to CBI	$	1,943.1		$	2,143.7		$	119.5		$	(2,263.2	)	$	1,943.1
Comprehensive income attributable to CBI	$	1,897.0		$	2,167.7		$	64.0		$	(2,231.7	)	$	1,897.0

96

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2013
Sales	$	2,065.4		$	1,758.6		$	827.8		$	(1,480.4	)	$	3,171.4
Less – excise taxes	(213.0		)	(95.9		)	(66.4		)	—			(375.3		)
Net sales	1,852.4			1,662.7			761.4			(1,480.4		)	2,796.1
Cost of product sold	(1,537.2		)	(1,156.6		)	(460.8		)	1,466.8			(1,687.8		)
Gross profit	315.2			506.1			300.6			(13.6		)	1,108.3
Selling, general and administrative expenses	(344.1		)	(101.4		)	(154.3		)	14.4			(585.4		)
Operating income (loss)	(28.9		)	404.7			146.3			0.8			522.9
Equity in earnings of equity method investees and subsidiaries	622.2			232.9			0.5			(622.5		)	233.1
Interest income	0.6			—			6.2			—			6.8
Intercompany interest income	79.0			193.2			1.5			(273.7		)	—
Interest expense	(230.1		)	(1.4		)	(2.4		)	—			(233.9		)
Intercompany interest expense	(193.2		)	(80.2		)	(0.3		)	273.7			—
Loss on write-off of financing costs	(12.5		)	—			—			—			(12.5		)
Income before income taxes	237.1			749.2			151.8			(621.7		)	516.4
(Provision for) benefit from income taxes	150.7			(274.7		)	(4.5		)	(0.1		)	(128.6		)
Net income	387.8			474.5			147.3			(621.8		)	387.8
Net loss attributable to noncontrolling interests	—			—			—			—			—
Net income attributable to CBI	$	387.8		$	474.5		$	147.3		$	(621.8	)	$	387.8
Comprehensive income attributable to CBI	$	346.2		$	439.5		$	103.5		$	(543.0	)	$	346.2

97

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2015
Net cash provided by (used in) operating activities	$	(553.6	)	$	784.5		$	850.1		$	—		$	1,081.0
Cash flows from investing activities:
Purchases of property, plant and equipment	(23.1		)	(83.7		)	(612.6		)	—			(719.4		)
Purchase of business, net of cash acquired	—			—			(310.3		)	—			(310.3		)
Net proceeds from intercompany notes	485.4			—			—			(485.4		)	—
Net investments in equity affiliates	(2.6		)	—			—			2.6			—
Other investing activities	(0.1		)	(5.6		)	19.5			—			13.8
Net cash provided by (used in) investing activities	459.6			(89.3		)	(903.4		)	(482.8		)	(1,015.9		)
Cash flows from financing activities:
Payments of dividends	—			—			(38.8		)	38.8			—
Net contributions from (returns of capital to) equity affiliates	—			(31.5		)	72.9			(41.4		)	—
Net proceeds from (repayments of) intercompany notes	(262.8		)	(618.1		)	395.5			485.4			—
Principal payments of long-term debt	(549.2		)	(19.6		)	(36.9		)	—			(605.7		)
Payment of delayed purchase price arrangement	—			—			(543.3		)	—			(543.3		)
Payments of minimum tax withholdings on stock-based payment awards	—			(26.1		)	(2.3		)	—			(28.4		)
Payments of financing costs of long-term debt	(11.7		)	—			(2.1		)	—			(13.8		)
Proceeds from issuance of long-term debt	800.0			—			105.0			—			905.0
Proceeds from noncontrolling interests	—			—			115.0			—			115.0
Excess tax benefits from stock-based payment awards	78.0			—			—			—			78.0
Proceeds from shares issued under equity compensation plans	63.7			—			—			—			63.7
Net proceeds from notes payable	—			—			13.1			—			13.1
Net cash provided by (used in) financing activities	118.0			(695.3		)	78.1			482.8			(16.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(2.5		)	—			(2.5		)
Net increase (decrease) in cash and cash equivalents	24.0			(0.1		)	22.3			—			46.2
Cash and cash equivalents, beginning of year	0.5			0.8			62.6			—			63.9
Cash and cash equivalents, end of year	$	24.5		$	0.7		$	84.9		$	—		$	110.1

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	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2014
Net cash provided by (used in) operating activities	$	(466.1	)	$	1,070.7		$	240.4		$	(18.8	)	$	826.2
Cash flows from investing activities:
Purchases of property, plant and equipment	(5.4		)	(61.4		)	(156.7		)	—			(223.5		)
Purchase of business, net of cash acquired	—			(1,770.0		)	(2,911.3		)	—			(4,681.3		)
Net proceeds from intercompany notes	972.6			—			—			(972.6		)	—
Net returns of capital from (investments in) equity affiliates	(1,133.2		)	(5.1		)	0.1			1,138.2			—
Other investing activities	—			2.4			38.6			—			41.0
Net cash used in investing activities	(166.0		)	(1,834.1		)	(3,029.3		)	165.6			(4,863.8		)
Cash flows from financing activities:
Payments of dividends	—			—			(84.3		)	84.3			—
Net contributions from (returns of capital to) equity affiliates	—			(172.8		)	1,376.5			(1,203.7		)	—
Net proceeds from (repayments of) intercompany notes	(1,850.1		)	972.9			(95.4		)	972.6			—
Principal payments of long-term debt	(49.8		)	(20.2		)	(26.4		)	—			(96.4		)
Payments of minimum tax withholdings on stock-based payment awards	—			(16.4		)	(1.6		)	—			(18.0		)
Payments of financing costs of long-term debt	(69.6		)	—			(12.6		)	—			(82.2		)
Proceeds from issuance of long-term debt	2,225.0			—			1,500.0			—			3,725.0
Excess tax benefits from stock-based payment awards	65.4			—			—			—			65.4
Proceeds from shares issued under equity compensation plans	125.9			—			—			—			125.9
Net proceeds from notes payable	—			—			57.3			—			57.3
Net cash provided by financing activities	446.8			763.5			2,713.5			(146.8		)	3,777.0
Effect of exchange rate changes on cash and cash equivalents	—			—			(7.0		)	—			(7.0		)
Net increase (decrease) in cash and cash equivalents	(185.3		)	0.1			(82.4		)	—			(267.6		)
Cash and cash equivalents, beginning of year	185.8			0.7			145.0			—			331.5
Cash and cash equivalents, end of year	$	0.5		$	0.8		$	62.6		$	—		$	63.9

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	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2013
Net cash provided by (used in) operating activities	$	(336.2	)	$	722.7		$	169.8		$	—		$	556.3
Cash flows from investing activities:
Purchases of property, plant and equipment	(5.0		)	(39.8		)	(17.3		)	—			(62.1		)
Purchase of business, net of cash acquired	—			(159.3		)	—			—			(159.3		)
Net proceeds from intercompany notes	503.2			—			—			(503.2		)	—
Net returns of capital from (investments in) equity affiliates	37.2			(0.3		)	—			(36.9		)	—
Other investing activities	0.6			9.6			4.4			—			14.6
Net cash provided by (used in) investing activities	536.0			(189.8		)	(12.9		)	(540.1		)	(206.8		)
Cash flows from financing activities:
Net returns of capital to equity affiliates	—			(20.8		)	(16.1		)	36.9			—
Net proceeds from (repayments of) intercompany notes	0.5			(503.5		)	(0.2		)	503.2			—
Principal payments of long-term debt	(1,528.7		)	(8.5		)	—			—			(1,537.2		)
Payments of minimum tax withholdings on stock-based payment awards	—			—			(0.5		)	—			(0.5		)
Payment of financing costs of long-term debt	(35.8		)	—			—			—			(35.8		)
Proceeds from issuance of long-term debt	2,050.0			—			—			—			2,050.0
Excess tax benefits from stock-based payment awards	17.7			—			—			—			17.7
Proceeds from shares issued under equity compensation plans	162.7			—			—			—			162.7
Net repayments of notes payable	(297.9		)	—			(74.7		)	—			(372.6		)
Purchases of treasury stock	(383.0		)	—			—			—			(383.0		)
Net cash used in financing activities	(14.5		)	(532.8		)	(91.5		)	540.1			(98.7		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(5.1		)	—			(5.1		)
Net increase in cash and cash equivalents	185.3			0.1			60.3			—			245.7
Cash and cash equivalents, beginning of year	0.5			0.6			84.7			—			85.8
Cash and cash equivalents, end of year	$	185.8		$	0.7		$	145.0		$	—		$	331.5

21.    BUSINESS SEGMENT INFORMATION:

Prior to the Beer Business Acquisition, Crown Imports was one of our reportable segments. In connection with the Beer Business Acquisition and the resulting consolidation of the acquired businesses from the date of acquisition, the Crown Imports segment, together with the Brewery Purchase, is now known as the Beer segment. Accordingly, 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

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(iii)Corporate Operations and Other. In the Beer segment, we have an exclusive perpetual brand license to import, market and sell in the U.S. the Mexican Beer Brands. In the Wine and Spirits segment, we sell a large number of wine brands across all categories – table wine, sparkling wine and dessert wine – and across all price points – popular, premium, super-premium and fine wine, complemented by certain premium spirits brands. Amounts included in the Corporate Operations and Other segment consist of costs of executive management, corporate development, corporate finance, human resources, internal audit, investor relations, legal, public relations and global information technology. The amounts included in the Corporate Operations and Other segment are general costs that are applicable to the consolidated group and are therefore not allocated to the other reportable segments. All costs reported within the Corporate Operations and Other segment are not included in our chief operating decision maker’s evaluation of the operating income performance of the other reportable segments. The business segments reflect how our operations are managed, how operating performance within the Company is evaluated by senior management and the structure of our internal financial reporting.

In addition, management excludes items that affect comparability (“Unusual Items”) from its evaluation of the results of each operating segment as these Unusual Items are not reflective of continuing operations of the segments. Segment operating performance and segment management compensation are evaluated based upon continuing 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. Unusual Items that impacted comparability in our segment operating income (loss) for each period are as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
(in millions)
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts	$	(32.7	)	$	1.5		$	—
Amortization of favorable interim supply agreement	(28.4		)	(6.0		)	—
Settlements of undesignated commodity derivative contracts	4.4			(0.5		)	—
Flow through of inventory step-up	—			(11.0		)	(7.8		)
Other losses	(2.8		)	—			—
Total cost of product sold	(59.5		)	(16.0		)	(7.8		)
Selling, general and administrative expenses
Transaction, integration and other acquisition-related costs	(30.5		)	(51.5		)	(27.7		)
Other gains (losses)	7.2			(4.2		)	1.7
Total selling, general and administrative expenses	(23.3		)	(55.7		)	(26.0		)
Impairment of goodwill and intangible assets	—			(300.9		)	—
Gain on remeasurement to fair value of equity method investment	—			1,642.0			—
Unusual Items, Operating income (loss)	$	(82.8	)	$	1,269.4		$	(33.8	)

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The accounting policies of the segments are the same as those described for the Company in the Summary of Significant Accounting Policies in Note 1. Segment information is as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
(in millions)
Beer
Net sales	$	3,188.6		$	2,835.6		$	2,588.1
Segment operating income	$	1,017.8		$	772.9		$	448.0
Long-lived tangible assets	$	1,485.6		$	801.3		$	8.8
Total assets	$	8,289.1		$	7,420.8		$	440.5
Capital expenditures	$	587.3		$	137.3		$	1.3
Depreciation and amortization	$	45.4		$	29.6		$	2.5
Wine and Spirits
Net sales:
Wine	$	2,523.4		$	2,554.2		$	2,495.8
Spirits	316.0			291.3			300.3
Net sales	$	2,839.4		$	2,845.5		$	2,796.1
Segment operating income	$	674.3		$	637.8		$	650.2
Equity in earnings of equity method investees	$	21.5		$	17.6		$	13.0
Long-lived tangible assets	$	1,071.8		$	1,097.4		$	1,100.5
Investments in equity method investees	$	73.5		$	73.3		$	74.3
Total assets	$	6,508.2		$	6,515.5		$	6,921.8
Capital expenditures	$	96.8		$	71.7		$	53.6
Depreciation and amortization	$	100.0		$	96.7		$	91.6
Corporate Operations and Other
Segment operating loss	$	(109.1	)	$	(99.8	)	$	(93.5	)
Long-lived tangible assets	$	124.2		$	115.6		$	128.5
Total assets	$	347.2		$	365.8		$	547.0
Capital expenditures	$	35.3		$	14.8		$	8.5
Depreciation and amortization	$	28.2		$	23.5		$	23.8
Unusual Items
Operating income (loss)	$	(82.8	)	$	1,269.4		$	(33.8	)
Equity in losses of equity method investees	$	—		$	(0.1	)	$	(1.0	)
Depreciation and amortization	$	28.4		$	6.0		$	—
Consolidation and Eliminations
Net sales	$	—		$	(813.4	)	$	(2,588.1	)
Operating income	$	—		$	(142.6	)	$	(448.0	)
Equity in earnings of Crown Imports	$	—		$	70.3		$	221.1
Long-lived tangible assets	$	—		$	—		$	(8.8	)
Investments in equity method investees	$	—		$	—		$	169.3
Total assets	$	—		$	—		$	(271.2	)
Capital expenditures	$	—		$	(0.3	)	$	(1.3	)
Depreciation and amortization	$	—		$	(0.5	)	$	(2.5	)

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	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions)
Consolidated
Net sales	$	6,028.0	$	4,867.7	$	2,796.1
Operating income	$	1,500.2	$	2,437.7	$	522.9
Equity in earnings of equity method investees	$	21.5	$	87.8	$	233.1
Long-lived tangible assets	$	2,681.6	$	2,014.3	$	1,229.0
Investments in equity method investees	$	73.5	$	73.3	$	243.6
Total assets	$	15,144.5	$	14,302.1	$	7,638.1
Capital expenditures	$	719.4	$	223.5	$	62.1
Depreciation and amortization	$	202.0	$	155.3	$	115.4

Our principal area of operation is in the U.S. Current operations outside the U.S. are in Mexico for the Beer segment and primarily in Canada, New Zealand and Italy for the Wine and Spirits segment. Revenues are attributed to countries based on the location of the customer. Previously, revenues were attributed to countries based on the location of the selling company. Accordingly, the net sales geographic data for the years ended February 28, 2014, and February 28, 2013, has been restated to conform to the new presentation.

Geographic data is as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions)
Net sales
U.S.	$	5,360.0	$	4,169.8	$	2,114.5
Non-U.S. (primarily Canada)	668.0		697.9		681.6
Total	$	6,028.0	$	4,867.7	$	2,796.1

	February 28, 2015		February 28, 2014
(in millions)
Long-lived tangible assets
U.S.	$	909.7	$	901.6
Non-U.S. (primarily Mexico)	1,771.9		1,112.7
Total	$	2,681.6	$	2,014.3

22.    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, 2017, utilizing one of two methods:  retrospective restatement for each reporting period presented at time of adoption, or

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retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. In April 2015, the FASB agreed to propose a one-year deferral of the revenue recognition standard’s effective date for all entities. We are currently assessing the financial impact of this guidance on our consolidated financial statements.

23.    SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED):

A summary of selected quarterly financial information is as follows:

	QUARTER ENDED
	May 31, 2014		August 31, 2014		November 30, 2014		February 28, 2015		Full Year
(in millions, except per share data)
Fiscal 2015
Net sales	$	1,526.0	$	1,604.1	$	1,541.7	$	1,356.2	$	6,028.0
Gross profit	$	670.1	$	672.0	$	638.9	$	597.6	$	2,578.6
Net income attributable to CBI (1)	$	206.7	$	195.8	$	222.2	$	214.6	$	839.3
Net income per common share attributable to CBI (2):
Basic – Class A Common Stock	$	1.09	$	1.03	$	1.16	$	1.12	$	4.40
Basic – Class B Convertible Common Stock	$	0.99	$	0.93	$	1.06	$	1.02	$	4.00
Diluted – Class A Common Stock	$	1.03	$	0.98	$	1.10	$	1.06	$	4.17
Diluted – Class B Convertible Common Stock	$	0.95	$	0.90	$	1.01	$	0.98	$	3.83
	QUARTER ENDED
	May 31, 2013		August 31, 2013		November 30, 2013		February 28, 2014		Full Year
Fiscal 2014
Net sales	$	673.4	$	1,459.8	$	1,443.3	$	1,291.2	$	4,867.7
Gross profit	$	256.1	$	577.0	$	609.7	$	548.9	$	1,991.7
Net income attributable to CBI (3)	$	52.9	$	1,522.0	$	211.0	$	157.2	$	1,943.1
Net income per common share attributable to CBI (2):
Basic – Class A Common Stock	$	0.29	$	8.18	$	1.13	$	0.84	$	10.45
Basic – Class B Convertible Common Stock	$	0.26	$	7.43	$	1.03	$	0.76	$	9.50
Diluted – Class A Common Stock	$	0.27	$	7.74	$	1.07	$	0.79	$	9.83
Diluted – Class B Convertible Common Stock	$	0.25	$	7.11	$	0.98	$	0.73	$	9.04

(1) For Fiscal 2015, we recorded certain unusual items consisting of:  product recall costs, net of recoveries, associated with a voluntary product recall of select packages in the U.S. and Guam containing 12-ounce clear glass bottles of our Corona Extra beer that may contain small particles of glass; net (gain) loss from the changes in fair value of undesignated commodity derivative contracts, partially offset by settlements of undesignated commodity derivative contracts; amortization of a favorable interim supply agreement associated with the Beer Business Acquisition; other cost of product sold associated with a loss on certain assets in connection with an earthquake in Napa, California; transaction, integration and other acquisition-related costs associated primarily with the Beer Business Acquisition; other selling, general and administrative expenses associated with a gain from an adjustment to a certain guarantee originally recorded in connection with a prior divestiture and a net gain on the sale of and the write-down of certain property, plant and equipment; and loss on the write-off of financing fees. The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2015:

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	QUARTER ENDED
	May 31, 2014			August 31, 2014			November 30, 2014			February 28, 2015			Full Year
(in millions, net of income tax effect)
Product recall	$	—		$	(5.9	)	$	(1.7	)	$	7.6		$	—
Net gain (loss) on undesignated commodity derivative contracts	$	0.1		$	(1.8	)	$	(13.6	)	$	(5.4	)	$	(20.7	)
Amortization of favorable interim supply agreement	$	(5.4	)	$	(8.0	)	$	(6.1	)	$	(0.7	)	$	(20.2	)
Settlements of undesignated commodity derivative contracts	$	(0.3	)	$	(0.1	)	$	0.8		$	2.4		$	2.8
Other cost of product sold	$	—		$	(1.6	)	$	(0.1	)	$	—		$	(1.7	)
Transaction, integration and other acquisition-related costs	$	(2.9	)	$	(5.7	)	$	(5.4	)	$	(5.4	)	$	(19.4	)
Other selling, general and administrative expenses	$	—		$	—		$	—		$	8.6		$	8.6
Loss on write-off of financing costs	$	—		$	(3.1	)	$	—		$	—		$	(3.1	)

(2) The sum of the quarterly net income per common share for Fiscal 2015 and Fiscal 2014 may not equal the total computed for the respective years as the net income per common share is computed independently for each of the quarters presented and for the full year.

(3) For Fiscal 2014, we recorded certain unusual items consisting of:  amortization of a favorable interim supply agreement associated with the Beer Business Acquisition; net gain from the changes in fair value of undesignated commodity derivative contracts, partially offset by settlements of undesignated commodity derivative contracts; transaction, integration and other acquisition-related costs associated with the Beer Business Acquisition; previously unrecognized deferred compensation costs associated with certain employment agreements related to a prior period; other selling, general and administrative expenses associated primarily with certain previously announced restructuring plans; impairment of goodwill and intangible assets associated with our Canadian business; gain on remeasurement to fair value of our preexisting equity interest in Crown Imports; and other equity method investment costs. The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2014:

	QUARTER ENDED
	May 31, 2013			August 31, 2013			November 30, 2013			February 28, 2014			Full Year
(in millions, net of income tax effect)
Amortization of favorable interim supply agreement	$	—		$	(1.5	)	$	(1.6	)	$	(1.2	)	$	(4.3	)
Net gain on undesignated commodity derivative contracts	$	—		$	—		$	—		$	1.0		$	1.0
Settlements of undesignated commodity derivative contracts	$	—		$	—		$	—		$	(0.4	)	$	(0.4	)
Transaction, integration and other acquisition-related costs	$	(17.2	)	$	(4.2	)	$	(5.8	)	$	(4.3	)	$	(31.5	)
Deferred compensation	$	(4.4	)	$	—		$	—		$	—		$	(4.4	)
Other selling, general and administrative expenses	$	1.8		$	—		$	(0.1	)	$	—		$	1.7
Impairment of goodwill and intangible assets	$	—		$	(296.4	)	$	1.3		$	—		$	(295.1	)
Gain on remeasurement to fair value of equity method investment	$	—		$	1,642.0		$	—		$	—		$	1,642.0
Other equity method investment costs	$	(0.1	)	$	—		$	—		$	—		$	(0.1	)

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Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

Not Applicable.

Item 9A. 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

(a) See page 51 of this Annual Report on Form 10-K for Management’s Annual Report on Internal Control over Financial Reporting, which is incorporated herein by reference.

(b) See page 50 of this Annual Report on Form 10-K for the attestation report of KPMG LLP, our independent registered public accounting firm, which is incorporated herein by reference.

(c) In connection with management’s quarterly evaluation of “internal control over financial reporting” (as defined in the Securities Exchange Act of 1934 Rules 13a-15(f) and 15d-15(f)), no changes were identified in our internal control over financial reporting during our fiscal quarter ended February 28, 2015 (our fourth fiscal quarter) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information.

Not Applicable.

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PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The information required by this Item (except for the information regarding executive officers required by Item 401 of Regulation S-K which is included in Part I hereof in accordance with General Instruction G(3)) is incorporated herein by reference to the Proxy Statement to be issued in connection with the Annual Meeting of Stockholders of our Company which is expected to be held on July 22, 2015, under those sections of the Proxy Statement to be titled “Director Nominees,” “The Board of Directors and Committees of the Board” and “Section 16(a) Beneficial Ownership Reporting Compliance.” That Proxy Statement will be filed within 120 days after the end of our fiscal year.

We have adopted the Chief Executive Officer and Senior Financial Executive Code of Ethics which is a code of ethics that applies to our chief executive officer and our senior financial officers. The Chief Executive Officer and Senior Financial Executive Code of Ethics is located on our Internet website at http://www.cbrands.com/investors/corporate-governance. Amendments to, and waivers granted under, our Chief Executive Officer and Senior Financial Executive Code of Ethics, if any, will be posted to our website as well. We will provide to anyone, without charge, upon request, a copy of such Code of Ethics. Such requests should be directed in writing to Investor Relations Department, Constellation Brands, Inc., 207 High Point Drive, Building 100, Victor, New York 14564 or by telephoning our Investor Center at 1-888-922-2150.

Item 11. Executive Compensation.

The information required by this Item is incorporated herein by reference to the Proxy Statement to be issued in connection with the Annual Meeting of Stockholders of our Company which is expected to be held on July 22, 2015, under those sections of the Proxy Statement to be titled “Executive Compensation,” “Compensation Committee Interlocks and Insider Participation” and “Director Compensation.” That Proxy Statement will be filed within 120 days after the end of our fiscal year. Notwithstanding the foregoing, the Compensation Committee Report included within the section of the Proxy Statement to be titled “Executive Compensation” is only being “furnished” hereunder and shall not be deemed “filed” with the Securities and Exchange Commission or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The information required by this Item is incorporated herein by reference to the Proxy Statement to be issued in connection with the Annual Meeting of Stockholders of our Company which is expected to be held on July 22, 2015, under that section of the Proxy Statement to be titled “Beneficial Ownership.” That Proxy Statement will be filed within 120 days after the end of our fiscal year. Additional information required by this item is as follows:

Securities Authorized for Issuance under Equity Compensation Plans

The following table sets forth information with respect to our compensation plans under which our equity securities may be issued, as of February 28, 2015. The equity compensation plans approved by security holders include our Long-Term Stock Incentive Plan and our 1989 Employee Stock Purchase Plan.

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Equity Compensation Plan Information

	(a)		(b)			(c)
Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants and rights		Weighted average exercise price of outstanding options, warrants and rights			Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity compensation plans approved by security holders	15,739,255	(1)	$	25.46	(2)	16,585,587	(3)
Equity compensation plans not approved by security holders	—		—			—
Total	15,739,255		$	25.46		16,585,587

⁽¹⁾  Includes 1,061,914 shares of unvested performance share units and 1,063,726 shares of unvested restricted stock units under our Long-Term Stock Incentive Plan. The unvested performance share units represent the maximum number of shares to be awarded, which ranges from 100% to 200% of the target shares granted. We currently estimate that 423,790 of the target shares granted will be awarded at 200% of target and 193,894 of the target shares granted will be awarded at 100% of target based upon our expectations as of February 28, 2015, regarding the achievement of specified performance targets.

⁽²⁾  Excludes unvested performance share units and unvested restricted stock units under our Long-Term Stock Incentive Plan that can be exercised for no consideration.

⁽³⁾  Includes 1,741,706 shares of Class A Common Stock under our Employee Stock Purchase Plan remaining available for purchase, of which approximately 50,650 shares are subject to purchase during the current offering period.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The information required by this Item is incorporated herein by reference to the Proxy Statement to be issued in connection with the Annual Meeting of Stockholders of our Company which is expected to be held on July 22, 2015, under those sections of the Proxy Statement to be titled “Director Nominees,” “The Board of Directors and Committees of the Board” and “Certain Relationships and Related Transactions.” That Proxy Statement will be filed within 120 days after the end of our fiscal year.

Item 14. Principal Accounting Fees and Services.

The information required by this Item is incorporated herein by reference to the Proxy Statement to be issued in connection with the Annual Meeting of Stockholders of our Company which is expected to be held on July 22, 2015, under that section of the Proxy Statement to be titled “Proposal 2 – Ratification of the Selection of KPMG LLP as Independent Registered Public Accounting Firm.” That Proxy Statement will be filed within 120 days after the end of our fiscal year.

108

PART IV

Item 15. Exhibits, Financial Statement Schedules.

1.Financial Statements

The following consolidated financial statements of the Company are submitted herewith:

Report of Independent Registered Public Accounting Firm – KPMG LLP

Report of Independent Registered Public Accounting Firm – KPMG LLP

Management’s Annual Report on Internal Control Over Financial Reporting

Consolidated Balance Sheets – February 28, 2015, and February 28, 2014

Consolidated Statements of Comprehensive Income for the years ended February 28, 2015, February 28, 2014, and February 28, 2013

Consolidated Statements of Changes in Stockholders’ Equity for the years ended February 28, 2015, February 28, 2014, and February 28, 2013

Consolidated Statements of Cash Flows for the years ended February 28, 2015, February 28, 2014, and February 28, 2013

Notes to Consolidated Financial Statements

2.Financial Statement Schedules

Schedules are not submitted because they are not applicable or not required under Regulation S-X or because the required information is included in the financial statements or notes thereto.

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

For the exhibits that are filed herewith or incorporated herein by reference, see the Index to Exhibits located on page 111 of this Report. The Index to Exhibits is incorporated herein by reference.

109

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

Date: April 28, 2015	CONSTELLATION BRANDS, INC.
	By:	/s/ Robert Sands
		Robert Sands, President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Robert Sands	/s/ Robert Ryder
Robert Sands, Director, President and Chief Executive Officer (principal executive officer)	Robert Ryder, Executive Vice President and Chief Financial Officer (principal financial officer and principal accounting officer)
Date: April 28, 2015	Date: April 28, 2015
/s/ Richard Sands	/s/ Jerry Fowden
Richard Sands, Director and Chairman of the Board	Jerry Fowden, Director
Date: April 28, 2015	Date: April 28, 2015
/s/ Barry A. Fromberg	/s/ Robert L. Hanson
Barry A. Fromberg, Director	Robert L. Hanson, Director
Date: April 28, 2015	Date: April 28, 2015
/s/ Jeananne K. Hauswald	/s/ Ernesto M. Hernández
Jeananne K. Hauswald, Director	Ernesto M. Hernández, Director
Date: April 28, 2015	Date: April 28, 2015
/s/ James A. Locke III	/s/ Judy A. Schmeling
James A. Locke III, Director	Judy A. Schmeling, Director
Date: April 28, 2015	Date: April 28, 2015
/s/ Keith E. Wandell	/s/ Mark Zupan
Keith E. Wandell, Director	Mark Zupan, Director
Date: April 28, 2015	Date: April 28, 2015

110

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 (filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K dated December 6, 2007, filed December 12, 2007 and incorporated herein by reference). #
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, 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). #

111

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	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). #
4.11	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). #
4.12	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). #
4.13	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).
4.14	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).
4.15	Indenture, dated as of April 17, 2012, by and among the Company, as Issuer, certain subsidiaries, as Guarantors and Manufacturer’s and Trader’s 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).
4.16	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).
4.17	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).
4.18	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).
4.19	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).
4.20	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).
4.21	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).

112

4.22	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).
4.23	Restatement Agreement, dated as of May 2, 2013, among the Company, CIH International S.à r.l., Bank of America, N.A., as administrative agent, and the lenders party thereto, including Second Amended and Restated Credit Agreement dated as of May 2, 2013, among the Company, CIH International 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 May 2, 2013, filed May 7, 2013 and incorporated herein by reference).
4.24	Restatement Agreement dated as of May 28, 2014, among the Company, CIH International S.à r.l., Bank of America, N.A., as administrative agent, and the lenders party thereto, including Third Amended and Restated Credit Agreement dated as of May 28, 2014, among the Company, CIH International S.à r.l., Bank of America, N.A., as administrative agent, and the Lenders party thereto (filed as Exhibit 4.23 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2014 and incorporated herein by reference).
4.25	Amendment No. 1 dated as of August 20, 2014, to the Third Amended and Restated Credit Agreement dated as of May 28, 2014, among the Company, CIH International S.à r.l., CI Cerveza S.à r.l., the Guarantors, Bank of America, N.A., as administrative agent, and the Lenders party to the Amendment (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated August 20, 2014, filed August 25, 2014 and incorporated herein by reference).
4.26	Joinder Agreement, dated as of June 7, 2013, between CIH International S.à r.l., and Bank of America, N.A., as administrative agent and lender (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated June 7, 2013, filed June 11, 2013 and incorporated herein by reference).
10.1	Marvin Sands Split Dollar Insurance Agreement (filed as Exhibit 10.9 to the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 1993 and also filed as Exhibit 10.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2004 and incorporated herein by reference). #
10.2	Constellation Brands, Inc. Long-Term Stock Incentive Plan, amended and restated as of July 27, 2012 (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated July 27, 2012, filed July 31, 2012 and incorporated herein by reference). *
10.3	Form of Stock Option Amendment pursuant to the Company’s Long-Term Stock Incentive Plan (filed as Exhibit 99.2 to the Company’s Current Report on Form 8-K dated December 6, 2007, filed December 12, 2007 and incorporated herein by reference). *#
10.4	Form of Terms and Conditions Memorandum for Employees with respect to grants of options to purchase Class A Common Stock pursuant to the Company’s Long-Term Stock Incentive Plan (filed as Exhibit 99.2 to the Company’s Current Report on Form 8-K dated July 26, 2007, filed July 31, 2007 and incorporated herein by reference). *#
10.5	Form of Terms and Conditions Memorandum for Employees with respect to grants of options to purchase Class 1 Stock pursuant to the Company’s Long-Term Stock Incentive Plan (grants before July 26, 2007) (filed as Exhibit 99.3 to the Company’s Current Report on Form 8-K dated December 6, 2007, filed December 12, 2007 and incorporated herein by reference). *#
10.6	Form of Terms and Conditions Memorandum for Employees with respect to grants of options to purchase Class 1 Stock pursuant to the Company’s Long-Term Stock Incentive Plan (grants on or after July 26, 2007 and before April 1, 2008) (filed as Exhibit 99.4 to the Company’s Current Report on Form 8-K dated December 6, 2007, filed December 12, 2007 and incorporated herein by reference). *#
10.7	Form of Terms and Conditions Memorandum for Employees with respect to grants of options to purchase Class 1 Stock pursuant to the Company’s Long-Term Stock Incentive Plan (grants on or after April 1, 2008 and before April 6, 2009) (filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2008 and incorporated herein by reference). *#
10.8	Form of Terms and Conditions Memorandum for Employees with respect to grants of options to purchase Class 1 Stock pursuant to the Company’s Long-Term Stock Incentive Plan (grants on or after April 6, 2009 and before April 5, 2010) (filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated April 6, 2009, filed April 9, 2009 and incorporated herein by reference). *#
10.9	Form of Terms and Conditions Memorandum for Employees with respect to grants of options to purchase Class 1 Stock pursuant to the Company’s Long-Term Stock Incentive Plan (grants on or after April 5, 2010 and before April 3, 2012) (filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K, dated April 5, 2010, filed April 9, 2010 and incorporated herein by reference). *#
10.10	Form of Terms and Conditions Memorandum for Employees with respect to grants of options to purchase Class 1 Stock pursuant to the Company’s Long-Term Stock Incentive Plan (grants on or after April 3, 2012) (filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated April 3, 2012, filed April 5, 2012 and incorporated herein by reference). *

113

10.11	Form of Terms and Conditions Memorandum for Employees with respect to grants of options to purchase Class 1 Stock pursuant to the Company’s Long-Term Stock Incentive Plan (grants on or after April 28, 2012) (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated April 28, 2014, filed May 1, 2014 and incorporated herein by reference).*
10.12	Form of Restricted Stock Award Agreement for Employees with respect to the Company’s Long-Term Stock Incentive Plan (grants before April 6, 2009) (filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated April 1, 2008, filed April 7, 2008 and incorporated herein by reference). *#
10.13	Form of Restricted Stock Award Agreement for Employees with respect to the Company’s Long-Term Stock Incentive Plan (grants on or after April 6, 2009 and before April 5, 2010) (filed as Exhibit 99.2 to the Company’s Current Report on Form 8-K dated April 6, 2009, filed April 9, 2009 and incorporated herein by reference). *#
10.14	Form of Restricted Stock Award Agreement for Employees with respect to the Company’s Long-Term Stock Incentive Plan (grants on or after April 5, 2010 and before April 5, 2011) (filed as Exhibit 99.2 to the Company’s Current Report on Form 8-K dated April 5, 2010, filed April 9, 2010 and incorporated herein by reference). *#
10.15	Form of Restricted Stock Award Agreement for Employees with respect to the Company’s Long-Term Stock Incentive Plan (grants on or after April 5, 2011) (filed as Exhibit 99.2 to the Company’s Current Report on Form 8-K dated April 5, 2011, filed April 8, 2011 and incorporated herein by reference). *
10.16	Form of Restricted Stock Unit Agreement with respect to the Company’s Long-Term Stock Incentive Plan (grants on or after April 3, 2012 and before April 26, 2013) (filed as Exhibit 99.2 to the Company’s Current Report on Form 8-K dated April 3, 2012, filed April 5, 2012 and incorporated herein by reference). *
10.17	Form of Restricted Stock Unit Agreement with respect to the Company’s Long-Term Stock Incentive Plan (grants on or after April 26, 2013 and before April 28, 2014) (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated April 26, 2013, filed May 1, 2013 and incorporated herein by reference). *
10.18	Form of Restricted Stock Unit Agreement with respect to the Company’s Long-Term Stock Incentive Plan (grants on or after April 28, 2014) (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated April 28, 2014, filed May 1, 2014 and incorporated herein by reference).*
10.19	Form of Restricted Stock Unit Agreement with respect to the Company’s Long-Term Stock Incentive Plan (relating to cliff vested awards) (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated July 24, 2013, filed July 26, 2013 and incorporated herein by reference). *
10.20	Form of Restricted Stock Unit Agreement with respect to the Company’s Long-Term Stock Incentive Plan (providing for ratable vesting over three years) (filed herewith). *
10.21	Form of Performance Share Unit Agreement for Executives with respect to the Company’s Long-Term Stock Incentive Plan (awards before April 5, 2011) (filed as Exhibit 99.3 to the Company’s Current Report on Form 8-K dated April 5, 2010, filed April 9, 2010 and incorporated herein by reference). *#
10.22	Form of Performance Share Unit Agreement for Executives with respect to the Company’s Long-Term Stock Incentive Plan (awards on or after April 5, 2011 and before April 3, 2012) (filed as Exhibit 99.3 to the Company’s Current Report on Form 8-K dated April 5, 2011, filed April 8, 2011 and incorporated herein by reference). *
10.23	Final Form of Performance Share Unit Agreement for Executives with respect to the Company’s Long-Term Stock Incentive Plan (awards on or after April 3, 2012 and before April 26, 2013) (filed as Exhibit 10.19 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2012 and incorporated herein by reference). *
10.24	Form of Performance Share Unit Agreement for Executives with respect to the Company’s Long-Term Stock Incentive Plan (awards on or after April 26, 2013 and before April 28, 2014) (filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K dated April 26, 2013, filed May 1, 2013 and incorporated herein by reference). *
10.25	Form of Performance Share Unit Agreement for Executives with respect to the Company’s Long-Term Stock Incentive Plan (awards on or after April 28, 2014) (filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K dated April 28, 2014, filed May 1, 2014 and incorporated herein by reference).*
10.26	Form of Performance Share Unit Agreement for Non-Executive Employees with respect to the Company’s Long-Term Stock Incentive Plan (awards on and after April 28, 2014) (filed herewith).*
10.27	Form of Performance Share Unit Agreement with respect to the Company’s Long-Term Stock Incentive Plan (relating to brewery expansion awards) (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated July 24, 2013, filed July 26, 2013 and incorporated herein by reference). *
10.28	Form of Performance Share Unit Agreement with respect to the Company’s Long-Term Stock Incentive Plan (relating to specified performance criteria) (filed herewith). *

114

10.29	Form of Terms and Conditions Memorandum for Directors with respect to options to purchase Class A Common Stock pursuant to the Company’s Long-Term Stock Incentive Plan (filed as Exhibit 99.3 to the Company’s Current Report on Form 8-K dated July 26, 2007, filed July 31, 2007 and incorporated herein by reference). *#
10.30	Form of Terms and Conditions Memorandum for Directors with respect to grants of options to purchase Class 1 Stock pursuant to the Company’s Long-Term Stock Incentive Plan (grants before July 17, 2008) (filed as Exhibit 99.5 to the Company’s Current Report on Form 8-K dated December 6, 2007, filed December 12, 2007 and incorporated herein by reference). *#
10.31	Form of Terms and Conditions Memorandum for Directors with respect to grants of options to purchase Class 1 Stock pursuant to the Company’s Long-Term Stock Incentive Plan (grants on or after July 17, 2008 and before July 22, 2010) (filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2008 and incorporated herein by reference). *#
10.32	Form of Terms and Conditions Memorandum for Directors with respect to a pro rata grant of options to purchase Class 1 Stock pursuant to the Company’s Long-Term Stock Incentive Plan (filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated April 20, 2010, filed April 22, 2010 and incorporated herein by reference). *#
10.33	Form of Terms and Conditions Memorandum for Directors with respect to grants of options to purchase Class 1 Stock pursuant to the Company’s Long-Term Stock Incentive Plan (grants on or after July 22, 2010 and before July 27, 2012) (filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2010 and incorporated herein by reference). *#
10.34	Form of Terms and Conditions Memorandum for Directors with respect to grants of options to purchase Class 1 Stock pursuant to the Company’s Long-Term Stock Incentive Plan (grants on or after July 27, 2012 and before July 23, 2014) (filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K dated July 27, 2012, filed July 31, 2012 and incorporated herein by reference). *
10.35	Form of Terms and Conditions Memorandum for Directors with respect to grants of options to purchase Class 1 Stock pursuant to the Company’s Long-Term Stock Incentive Plan (grants on or after July 23, 2014) (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated July 23, 2014, filed July 25, 2014 and incorporated herein by reference). *
10.36	Form of Restricted Stock Agreement for Directors with respect to the Company’s Long-Term Stock Incentive Plan (grants before July 22, 2010) (filed as Exhibit 10.13 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2006 and incorporated herein by reference). *#
10.37	Form of Restricted Stock Agreement for Directors with respect to a pro rata award of restricted stock pursuant to the Company’s Long-Term Stock Incentive Plan (filed as Exhibit 99.2 to the Company’s Current Report on Form 8-K dated April 20, 2010, filed April 22, 2010 and incorporated herein by reference). *#
10.38	Form of Restricted Stock Agreement for Directors with respect to the Company’s Long-Term Stock Incentive Plan (grants on or after July 22, 2010 and before July 27, 2012) (filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2010 and incorporated herein by reference). *#
10.39	Form of Restricted Stock Agreement for Directors with respect to grants of restricted stock pursuant to the Company’s Long-Term Stock Incentive Plan (awards on or after July 27, 2012 and before July 23, 2014) (filed as Exhibit 10.4 to the Company’s Current Report on Form 8-K dated July 27, 2012, filed July 31, 2012 and incorporated herein by reference). *
10.40	Form of Restricted Stock Award Agreement for Directors with respect to awards of restricted stock pursuant to the Company’s Long-Term Stock Incentive Plan (awards on or after July 23, 2014) (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated July 23, 2014, filed July 25, 2014 and incorporated herein by reference). *
10.41	Form of Restricted Stock Unit Agreement for Directors with respect to awards of restricted stock units pursuant to the Company’s Long-Term Stock Incentive Plan (awards on or after July 23, 2014) (filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K dated July 23, 2014, filed July 25, 2014 and incorporated herein by reference). *
10.42	Constellation Brands, Inc. Annual Management Incentive Plan, amended and restated as of July 27, 2012 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated July 27, 2012, filed July 31, 2012 and incorporated herein by reference). *
10.43	Supplemental Executive Retirement Plan of the Company (filed as Exhibit 10.14 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 1999 and incorporated herein by reference). *#
10.44	First Amendment to the Company’s Supplemental Executive Retirement Plan (filed as Exhibit 10 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 1999 and incorporated herein by reference). *#

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10.45	Second Amendment to the Company’s Supplemental Executive Retirement Plan (filed as Exhibit 10.20 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2001 and incorporated herein by reference). *#
10.46	Third Amendment to the Company’s Supplemental Executive Retirement Plan (filed as Exhibit 99.2 to the Company’s Current Report on Form 8-K dated April 7, 2005, filed April 13, 2005 and incorporated herein by reference). *#
10.47	2005 Supplemental Executive Retirement Plan of the Company (filed as Exhibit 99.3 to the Company’s Current Report on Form 8-K dated April 7, 2005, filed April 13, 2005 and incorporated herein by reference). *#
10.48	First Amendment to the Company’s 2005 Supplemental Executive Retirement Plan (filed as Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2007 and incorporated herein by reference). *#
10.49	Second Amendment to the Company’s 2005 Supplemental Executive Retirement Plan (filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2013 and incorporated herein by reference). *
10.50	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).
10.51	Letter Agreement dated April 26, 2007 (together with addendum dated May 8, 2007) between the Company and Robert Ryder addressing compensation (filed as Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2007 and incorporated herein by reference). *#
10.52	Form of Executive Employment Agreement between Constellation Brands, Inc. and its Chairman of the Board and its President and Chief Executive Officer (filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated and filed May 21, 2008, and incorporated herein by reference). *#
10.53	Form of Executive Employment Agreement between Constellation Brands, Inc. and its Other Executive Officers (other than Messrs. Wright, Hackett, Kane and Newlands) (filed as Exhibit 99.2 to the Company’s Current Report on Form 8-K dated and filed May 21, 2008 and incorporated herein by reference). *#
10.54	Executive Employment Agreement dated November 19, 2010, between Constellation Brands, Inc. and John Ashforth Wright (filed as Exhibit 10.54 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2012 and incorporated herein by reference). *
10.55	Executive Employment Agreement made as of June 17, 2013, among Crown Imports LLC, Constellation Brands, Inc., and William F. Hackett (filed as Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2013 and incorporated herein by reference). *
10.56	Executive Employment Agreement made as of June 17, 2013, between Constellation Brands, Inc. and Thomas M. Kane (filed as Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2013 and incorporated herein by reference). *
10.57	Executive Employment Agreement made as of January 26, 2015, between Constellation Brands, Inc. and William A. Newlands (filed herewith). *
10.58	Interim Supply Agreement, dated as of June 7, 2013, between Grupo Modelo, S.A. de C. V. and Crown Imports LLC (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated June 7, 2013, filed June 11, 2013 and incorporated herein by reference). +
10.59	First Amendment, dated as of October 30, 2014, between CIH International S.à r.l., as successor by assignment to Crown Imports LLC, and Grupo Modelo, S.A.B. de C.V., to the Interim Supply Agreement dated as of June 7, 2013, between Grupo Modelo, S.A.B. de C.V. and Crown Imports LLC (filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2014 and incorporated herein by reference). +
10.60	Amended and Restated Sub-license Agreement, dated as of June 7, 2013, between Marcas Modelo, S. de R.L. de C.V. and Constellation Beers Ltd. (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated June 7, 2013, filed June 11, 2013 and incorporated herein by reference). +
10.61	Transition Services Agreement, dated as of June 7, 2013, between Anheuser-Busch InBev SA/NV and Constellation Brands, Inc. (filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K dated June 7, 2013, filed June 11, 2013 and incorporated herein by reference). +

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10.62	First Amendment, dated as of December 16, 2014, to the Transition Services Agreement, dated as of June 7, 2013, between Anheuser-Busch InBev SA/NV and Constellation Brands, Inc. (filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2014 and incorporated herein by reference). +
12.1	Statements re computation of ratios (filed herewith).
21.1	Subsidiaries of Company (filed herewith).
23.1	Consent of KPMG LLP (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	Constellation Brands, Inc. 1989 Employee Stock Purchase Plan (amended and restated as of July 24, 2013) (filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated July 24, 2013, filed July 26, 2013 and incorporated herein by reference). *
99.2	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).
99.3	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).
99.4	Professional Services Contract dated February 13, 2013, effective February 12, 2013, between Constellation Brands, Inc. and Achieve Brand Integrity, LLC (filed as Exhibit 99.5 to the Company’s Amendment No. 1 to the Company’s Annual Report on Form 10-K/A for the fiscal year ended February 28, 2013 and incorporated herein by reference).
101.1	The following materials from the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of February 28, 2015 and February 28, 2014; (ii) Consolidated Statements of Comprehensive Income for the years ended February 28, 2015, February 28, 2014 and February 28, 2013; (iii) Consolidated Statements of Changes in Stockholders’ Equity for the years ended February 28, 2015, February 28, 2014 and February 28, 2013; (iv) Consolidated Statements of Cash Flows for the years ended February 28, 2015, February 28, 2014 and February 28, 2013; and (v) Notes to Consolidated Financial Statements.

* Designates management contract or compensatory plan or arrangement.

# Company’s Commission File No. 001-08495. For filings prior to October4, 1999, use Commission File No. 000-07570.

+ 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.

We agree, 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.

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EX-10.20

Exhibit 10.20

RSU - US

RESTRICTED STOCK UNIT AGREEMENT

Pursuant to the

CONSTELLATION BRANDS, INC.

LONG-TERM STOCK INCENTIVE PLAN

Name of Participant:

Date of Grant:

Number of Units:

Value of Each Unit on Date of Grant:

Initial Vesting Date:    [Vesting Date]

Constellation Brands, Inc. (the “Company”) hereby awards to the designated participant (“Participant”), Restricted Stock Units under the Company’s Long-Term Stock Incentive Plan (the “Plan”). The principal features of this Award are set forth above, including the date of grant of the Restricted Stock Units (the “Grant Date”). This Award shall be effective on the Grant Date. The Restricted Stock Units consist of the right to receive shares of Class A Common Stock, par value $.01 per share, of the Company (“Shares”) and are subject to the provisions of the Terms and Conditions of the Agreement and the Appendix, if any, (together, the “Agreement”).

PLEASE BE SURE TO READ ALL OF THE SPECIFIC TERMS AND CONDITIONS OF THE AGREEMENT. FOR EXAMPLE, IMPORTANT ADDITIONAL INFORMATION ON VESTING AND FORFEITURE OF THE RESTRICTED STOCK UNITS COVERED BY THIS AWARD IS CONTAINED IN SECTIONS 2 THROUGH 7 OF THE TERMS AND CONDITIONS. TO THE EXTENT ANY CAPITALIZED TERMS USED IN THE TERMS AND CONDITIONS ARE NOT DEFINED HEREIN, THEY WILL HAVE THE MEANING ASCRIBED TO THEM IN THE PLAN.

BY MY ELECTRONIC ELECTION TO ACCEPT THE TERMS AND CONDITIONS OF THIS GRANT OF RESTRICTED STOCK UNITS (WHICH SERVES AS MY ELECTRONIC SIGNATURE OF THE AGREEMENT), I AGREE THAT MY PARTICIPATION IN THE PLAN IS GOVERNED BY THE PROVISIONS OF THE PLAN AND THE AGREEMENT. IF I FAIL TO ACCEPT THE TERMS AND CONDITIONS OF THIS AWARD WITHIN NINETY (90) DAYS OF THE GRANT DATE SET FORTH ABOVE, THE COMPANY MAY DETERMINE THAT THIS AWARD HAS BEEN FORFEITED.

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TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT AGREEMENT

1.    Grant. The Company hereby awards to the Participant under the Plan as a separate incentive and not in lieu of any salary or other compensation for his or her services, an Award of Restricted Stock Units as of the Date of Grant specified above, subject to all of the terms and conditions in the Agreement and the Plan.

2.    Vesting Schedule.

(a)    Service. Except as otherwise provided under this Agreement, the Restricted Stock Units shall vest in accordance with the following vesting schedule: 33.33% of the Restricted Stock Units shall vest on the Initial Vesting Date specified above (the “Initial Vesting Date”); an additional 33.33% of the Restricted Stock Units shall vest on the second anniversary of the Initial Vesting Date; and the remaining balance of the Restricted Stock Units shall vest on the third anniversary of the Initial Vesting Date (the “Final Vesting Date”); provided, in each case, that the Participant remains in continuous employment with the Company or its Subsidiaries until such date.

(b)    Death or Disability. If the Participant dies or incurs a RSU Disability (as defined below) while employed by the Company or its Subsidiaries prior to the Final Vesting Date, any Restricted Stock Units that have not vested prior to the date of the Participant’s death or RSU Disability shall immediately vest. “RSU Disability” means a disability as defined under Treasury regulation section 1.409A-3(i)(4)(i)(A) which generally means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

(c)    Change in Control. The Restricted Stock Units are subject to the following rules in the event the Participant remains in continuous employment with the Company or its Subsidiaries until the date of a change in control described in this subsection, which rules shall apply in lieu of the default Change in Control provisions under the Plan. Upon the occurrence of an event that: (A) occurs before the Final Vesting Date; (B) is a Change in Control; and (C) constitutes a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning of Code Section 409A and the Treasury regulations and guidance issued thereunder (a “RSU Change in Control”), any Restricted Stock Units that have not vested prior to the date of the RSU Change in Control shall immediately vest.

(d)    Retirement. Subject to the requirements of Section 7(c), if the Participant ceases to be employed by the Company and its Subsidiaries prior to the Final Vesting Date as a result of the Participant's Retirement at any time on or after November 1, 20__, any Restricted Stock Units that have not vested prior to the date of the Participant's Retirement shall immediately vest on such Retirement. For purposes of this Agreement:

(i)    “Retirement” means the Participant ceases to be employed by the Company and its Subsidiaries for any reason other than Cause, death or disability (including but not limited to a RSU Disability) on or after the date the Participant attains Retirement Eligibility with respect to this Award;

(ii)    “Retirement Eligibility” with respect to this Award means a Participant attaining age sixty (60) and completing ten (10) Full Years of continuous employment with the Company and its Subsidiaries; and

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(iii)    “Full Year” means a twelve-month period beginning on the date of the Participant’s commencement of service for the Company or a Subsidiary and each anniversary thereof.

The Participant's continuous employment with the Company and its Subsidiaries shall be determined by the Committee in its sole discretion (subject to Section 6 and other applicable requirements of Code Section 409A and the Treasury regulations and guidance issued thereunder (“Section 409A”), to the extent applicable).

(e)    Leave of Absence. Unless otherwise determined by the Committee or required under Section 409A, an authorized leave of absence pursuant to a written agreement or other leave entitling the Participant to reemployment in a comparable position by law or Rule shall not constitute a termination of employment for purposes of the Plan and shall not interrupt the Participant's continuous employment with the Company and its Subsidiaries unless the Participant does not return at or before the end of the authorized leave or within the period for which re-employment is guaranteed by law or Rule.

(f)    Each date on which the Restricted Share Units (or portion thereof) vest in accordance with this Agreement shall be considered a “Vesting Date”.

3.Committee Discretion. The Committee, in its absolute discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested Restricted Stock Units at any time; provided that, the time or schedule of any amount to be settled pursuant to the terms of this Agreement that provides for the deferral of compensation under Section 409A, may not be accelerated except as otherwise permitted under Section 409A. If so accelerated, such Restricted Stock Units shall be considered as having vested as of the date specified by the Committee.

4.Forfeiture. Notwithstanding any default provision in the Plan to the contrary, subject to all applicable laws, if the Participant ceases to be employed by the Company or its Subsidiaries for any reason (including, but without limitation, an event that results in the entity employing the Participant to cease to be the Company or a Subsidiary) before the occurrence of a vesting event set forth in Section 2 above, any unvested Restricted Stock Units shall be forfeited to the Company.

5.Death of Participant. Any distribution or delivery to be made to the Participant under the Agreement shall, if the Participant is then deceased, be made to the Participant’s designated beneficiary, or if either no beneficiary survives the Participant or the Committee does not permit beneficiary designations, to the administrator or executor of the Participant’s estate. Any designation of a beneficiary by the Participant shall be effective only if such designation is made in a form and manner acceptable to the Committee. Any transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

6.Code Section 409A. Notwithstanding any provision of this Agreement to the contrary, in the event that any delivery of Shares to the Participant is made upon, or as a result of the Participant's termination of employment (other than as a result of death), and the Participant is a “specified employee” (as that term is defined under Section 409A) at the time the Participant becomes entitled to delivery of such Shares, and provided further that the delivery of such Shares does not otherwise qualify for an applicable exemption from Section 409A, then no such delivery of such Shares shall be made to the Participant under this Agreement until the date that is the earlier to occur of: (i) the Participant's death, or (ii) six (6) months and one (1) day following the Participant's termination of employment (the “Delay Period”). For purposes of applying the provisions of Section 409A, each group of __% of the total Restricted Stock Units granted hereunder that would normally vest on the Initial Vesting Date and each anniversary of the Initial Vesting Date thereafter

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under Section 2(a) shall be treated as a separate payment. For purposes of this Agreement, to the extent the Restricted Stock Units (or applicable portion thereof) are subject to the provision of Section 409A, the terms “ceases to be employed”, “termination of employment” and variations thereof, as used in this Agreement, are intended to mean a termination of employment that constitutes a “separation from service” under Section 409A.

Restricted Stock Units are generally intended to be exempt from Section 409A as short-term deferrals and, accordingly, the terms of this Agreement shall be construed to preserve such exemption. To the extent that Restricted Stock Units granted under this Agreement are subject to the requirements of Section 409A, this Agreement shall be interpreted and administered in accordance with the intent that the Participant not be subject to tax under Section 409A. Neither the Company nor any of its Subsidiaries, shall be liable to any Participant (or any other individual claiming a benefit through the Participant) for any tax, interest, or penalties the Participant might owe as a result of participation in the Plan, and the Company and its Subsidiaries shall have no obligation to indemnify or otherwise protect the Participant from the obligation to pay any taxes pursuant to Section 409A, unless otherwise specified.

7.Settlement of Restricted Stock Units.

(a)    Status as a Creditor. Unless and until Restricted Stock Units have vested in accordance with Section 2 above, the Participant will have no settlement right with respect to any Restricted Stock Units. Prior to settlement of any vested Restricted Stock Units, the vested Restricted Stock Units will represent an unfunded and unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. The Participant is an unsecured general creditor of the Company, and settlement of Restricted Stock Units is subject to the claims of the Company’s creditors.

(b)Form and Timing of Settlement. Restricted Stock Units will be settled in the form of Shares upon the vesting of the Restricted Stock Units pursuant to Sections 2 and, if applicable, 6 above. Fractional Shares will not be issued upon the vesting of Restricted Stock Units. Where a fractional Share would be owed to the Participant upon the vesting of Restricted Stock Units, a cash payment equivalent will be paid in place of any such fractional Share. Upon issuance, Shares will be electronically transferred to an account in the Participant’s name at the provider then administering the Plan as it relates to the Restricted Stock Units. Subject to Section 7(c), the Shares to be issued upon settlement will be issued as soon as practicable to the Participant following each Vesting Date; provided that:

(i)    such Shares will be issued no later than the date that is two and a half (2.5) months from the end of the later of (i) the Participant’s tax year that includes the Vesting Date, or (ii) the Company’s tax year that includes the Vesting Date; and

(ii)     for any Restricted Stock Units for which the Vesting Date is after the date the Participant attains Retirement Eligibility and which would constitute a “deferral of compensation” under Section 409A, Shares will be issued:

(A)    on the applicable Vesting Date, as described in 2(a);

(B)    on the thirtieth (30th) day following the Participant's termination of employment as a result of Retirement, on or after November 1, 20__, subject to the Delay Period (as described in Section 6) and the release (as described in Section 7(c)) to the extent applicable;

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(C)    within thirty (30) days following a RSU Change in Control with respect to Restricted Stock Units that vest as a result of a RSU Change in Control; or

(D)    in the event of a Participant's death or RSU Disability, within thirty (30) days of the date of death or RSU Disability.

(c)    Execution of Separation Agreement and Release. The Company may require, in its sole discretion, that Shares to be delivered as a result of the Participant's Retirement shall only be delivered if the Participant executes and delivers to the Company, a full general release, in a form acceptable to the Company, releasing all claims, known or unknown, that the Participant may have through the date of such release against the Company or its affiliates and such release becoming legally effective and not subject to revocation within thirty (30) days following the Participant's termination of employment. To the extent applicable, if the requirements of the preceding sentence have not been met, the Participant will not be entitled to receive any Shares under any Restricted Stock Unit that would otherwise vest as a result of the Participant's Retirement. The provisions of this Section 7(c) shall not affect the timing of the issuance of Shares provided under Section 7(b)(ii)(B).

(d)    Clawback. If the Company subsequently determines that it is required by law to include an additional “clawback” or “recoupment” provision to outstanding awards, under the Dodd-Frank Wall Street Reform and Consumer Protection Act or otherwise, then such clawback or recoupment provision shall also apply to this Award, as applicable, as if it had been included on the Date of Grant.

8.Tax Liability & Withholding. The Company or one of its Subsidiaries shall assess and withhold any federal, state or local income taxes, social security taxes, or other employment withholding taxes that may arise or be applicable in connection with the Participant’s participation in the Plan, including, without limitation, any tax liability associated with the grant or vesting of the Restricted Stock Units or sale of the underlying Shares (the “Tax Liability”). These requirements may change from time to time as laws or interpretations change. Regardless of the Company’s or the Subsidiary’s actions in this regard, the Participant hereby acknowledges and agrees that the Tax Liability shall be the Participant’s sole responsibility and liability.

The Participant acknowledges that the Company’s obligation to issue or deliver Shares shall be subject to satisfaction of the Tax Liability. Unless otherwise determined by the Company, withholding obligations shall be satisfied by having the Company or one of its Subsidiaries withhold all or a portion of any Shares that otherwise would be issued to the Participant upon settlement of the vested Restricted Stock Units; provided that amounts withheld shall not exceed the amount necessary to satisfy the Company’s tax withholding obligations. Such withheld Shares shall be valued based on the Fair Market Value as of the date the withholding obligations are satisfied. The Company or one of its Subsidiaries may also satisfy the Tax Liability by deduction from the Participant’s wages or other cash compensation paid to the Participant by the Company or the Subsidiary. If the Company or a Subsidiary does not elect to have withholding obligations satisfied by either withholding Shares or by deduction from the Participant's wages or other compensation paid to the Participant by the Company or the Subsidiary, the Participant agrees to pay the Company or the Subsidiary the amount of the Tax Liability in cash (or by check) as directed by the Company or the Subsidiary. Notwithstanding anything to the contrary in the Plan, the Participant shall not be entitled to satisfy any Tax Liability or withholding obligations that arise as a result of this Agreement by delivering to the Company any shares of capital stock of the Company.

9.Rights as Stockholder. Neither the Participant nor any person claiming under or through the Participant shall have any of the rights or privileges of a stockholder of the Company in respect of any

6

Restricted Stock Units (whether vested or unvested) unless and until such Restricted Stock Units vest and the corresponding Shares are issued. After such issuance, the Participant shall have the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares, if any.

10.Acknowledgments. The Participant acknowledges and agrees to the following:

(a)The Plan is discretionary in nature and the Committee may amend, suspend, or terminate it at any time.

(b)The grant of the Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of the Restricted Stock Units even if the Restricted Stock Units have been granted repeatedly in the past.

(c)All determinations with respect to such future Restricted Stock Units, if any, including but not limited to, the times when the Restricted Stock Units shall be granted or when the Restricted Stock Units shall vest, will be at the sole discretion of the Committee.

(d)The Participant’s participation in the Plan is voluntary.

(e)The future value of the Shares is unknown and cannot be predicted with certainty.

(f)No claim or entitlement to compensation or damages arises from the termination or forfeiture of the Award, termination of the Plan, or diminution in value of the Restricted Stock Units or Shares and the Participant irrevocably releases the Company and its Subsidiaries from any such claim that may arise.

(g)Neither the Plan nor the Restricted Stock Units shall be construed to create an employment relationship where any employment relationship did not otherwise already exist.

(h)Nothing in the Agreement or the Plan shall confer upon the Participant any right to continue to be employed by the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company or the Subsidiary, which are hereby expressly reserved, to terminate the employment of the Participant under applicable law.

(i)The transfer of the employment of the Participant between the Company and any one of its Subsidiaries (or between Subsidiaries) shall not be deemed a termination of service.

(j)Nothing herein contained shall affect the Participant’s right to participate in and receive benefits under and in accordance with the then current provisions of any pension, insurance or other Participant welfare plan or program of the Company or any Subsidiary.

(k)The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

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(l)The Company reserves the right to impose other requirements on participation in the Plan, on the Restricted Stock Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or other applicable Rule or facilitate the administration of the Plan, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

11.Changes in Stock. In the event that as a result of a stock dividend, stock split, reclassification, recapitalization, combination of Shares or the adjustment in capital stock of the Company or otherwise, or as a result of a merger, consolidation, spin-off or other reorganization, the Company’s Class A Common Stock, par value $.01, shall be increased, reduced or otherwise changed, the Restricted Stock Units shall be adjusted automatically consistent with such change to prevent substantial dilution or enlargement of the rights granted to, or available for, the Participant hereunder.

12.Address for Notices. All notices to the Company shall be in writing and sent to the Company’s General Counsel at the Company’s corporate headquarters. Notices to the Participant shall be addressed to the Participant at the address as from time to time reflected in the Company’s employment records as the Participant’s address.

13.Transferability. The Participant shall have no right to sell, assign, transfer, pledge or otherwise encumber the Restricted Stock Units in any manner until the Shares are issued to Participant upon settlement. Following settlement and issuance of Shares, in the event the Company permits Participant to arrange for sale of Shares through a broker or another designated agent of the Company, Participant acknowledges and agrees that the Company may block any such sale and/or cancel any order to sell placed by the Participant, in each case if the Participant is not then permitted under the Company’s insider trading policy to engage in transactions with respect to securities of the Company. If the Committee determines that the ability of the Participant to sell or transfer Shares is restricted, then the Company may notify the Participant in accordance with Section 12 of the Agreement. The Participant may only sell such Shares in compliance with such notification by the Company.

14.Binding Agreement. Subject to the limitation on the transferability of this Award contained herein, the Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

15.Plan Governs. The Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of the Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern.

16.Governing Law. The Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, United States of America, regardless of the law that might be applied under principles of conflict of laws.

17.Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of the Agreement.

18.Severability. In the event that any provision in the Agreement shall be held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of the Agreement.

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19.Modifications to the Agreement. The Agreement constitutes the entire understanding of the parties on the subjects covered. The Participant expressly warrants that he or she is not executing the Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to the Agreement can be made only in an express written contract executed by a duly authorized officer of the Company.

20.Amendment, Suspension or Termination of the Plan. By accepting this Award, the Participant expressly warrants that he or she has received a right to an equity based award under the Plan, and has received, read, and understood a description of the Plan. The Participant understands that the Plan is discretionary in nature and may be modified, suspended, or terminated by the Company at any time.

21.Compliance with Laws and Regulations; General Restrictions on Delivery of Shares. The Participant understands that the vesting of the Restricted Stock Units under the Plan and the issuance, transfer, assignment, sale, or other dealings of the Shares shall be subject to compliance by the Company (or any Subsidiary) and the Participant with all applicable requirements under the laws, and Rules as may be applicable to the Participant. Furthermore, the Participant agrees that he or she will not acquire Shares pursuant to the Plan except in compliance with the laws and Rules of the country of which the Participant is a resident.

The Company shall not be required to transfer or deliver any Shares or dividends or distributions relating to such Shares until it has been furnished with such opinions, representations or other documents as it may deem necessary or desirable, in its discretion, to ensure compliance with any law or Rules of the Securities and Exchange Commission or any other governmental authority having jurisdiction under the Plan or over the Company, the Participant, or the Shares or any interests therein. The Award of Restricted Stock Units evidenced by the Agreement is also subject to the condition that, if at any time the Committee administering the Plan shall determine, in its discretion, that the listing, registration or qualification of the Shares (or any capital stock distributed with respect thereto) upon the New York Stock Exchange (or any other securities exchange or trading market) or under any United States state or federal law or other applicable Rule, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of the Award of Restricted Stock Units evidenced by the Agreement or the issuance, transfer or delivery of the Shares (or the payment of any dividends or other distributions related to the Shares), the Company shall not be required to transfer or deliver any Shares or dividends or distributions relating to such Shares unless such listing, registration, qualification, consent or approval shall have been effected or obtained to the complete satisfaction of the Committee and free of any conditions not acceptable to the Committee.

22.Authorization to Release and Transfer Necessary Personal Information.The Participant hereby explicitly and unambiguously consents to the collection, use, processing and transfer of personal data. The Company and its Subsidiaries hold certain personal information about the Participant, including the Participant's name, home address and telephone number, date of birth, social security number or other employee identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all options or any other entitlement to Shares awarded, canceled, purchased, vested, unvested or outstanding in the Participant's favor, for the purpose of managing and administering the Plan (“Data”). The Company and its related entities may transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Participant's participation in the Plan, and the Company and its related entities may each further transfer Data to any third parties assisting the Company or any such related entity in the implementation, administration and management of the Plan. The Participant acknowledges that the transferors and transferees of such Data may be located anywhere in the world and hereby authorizes each of them to receive, possess, use, retain and transfer the Data, in electronic or other

9

form, for the purposes of implementing, administering and managing the Participant's participation in the Plan, including any transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Participant's behalf to a broker or to other third party with whom the Participant may elect to deposit any Shares acquired under the Plan (whether pursuant to the Award or otherwise).The Participant further acknowledges that withdrawal of consent may affect his or her ability to vest in or realize benefits from the Restricted Stock Units, and his or her ability to participate in the Plan. For more information on the consequences of refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her human resources representative.

23.Electronic Delivery and Execution. The Participant hereby consents and agrees to electronic delivery of any documents that the Company may elect to deliver (including, but not limited to, plan documents, prospectus and prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other Award made or offered under the Plan. The Participant understands that, unless revoked by the Participant by giving written notice to the Company pursuant to the Plan, this consent will be effective for the duration of the Agreement. The Participant also understands that he or she will have the right at any time to request that the Company deliver written copies of any and all materials referred to above. The Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may elect to deliver, and agree that his or her electronic signature is the same as, and will have the same force and effect as, his or her manual signature. The Participant consents and agrees that any such procedures and delivery may be affected by a third party engaged by the Company to provide administrative services related to the Plan.

EX-10.26

Exhibit 10.26

US Non-Executive Version

PERFORMANCE SHARE UNIT AGREEMENT

Pursuant to the

CONSTELLATION BRANDS, INC.

LONG-TERM STOCK INCENTIVE PLAN

Name of Participant:

Date of Grant:

Target Number of Performance Share Units:

Value of Each Unit on Date of Grant:

Service Vesting Date:    [Vesting Date]

Constellation Brands, Inc. (the “Company”) hereby awards to the designated participant (“Participant”), the opportunity to receive the Performance Share Units described herein under the Company’s Long-Term Stock Incentive Plan (the “Plan”). Performance Share Units consist of the right to receive shares of Class A Common Stock, par value $.01 per share, of the Company (“Shares”). Generally, the Participant will not receive any Performance Share Units unless specified service and performance requirements are satisfied. This Performance Share Unit Agreement is subject to the attached Terms and Conditions of Performance Share Unit Agreement (collectively with this document, this “Agreement”) and terms of the Plan.

PLEASE BE SURE TO READ ALL OF THE SPECIFIC TERMS AND CONDITIONS OF THIS AGREEMENT. FOR EXAMPLE, IMPORTANT ADDITIONAL INFORMATION ON VESTING AND FORFEITURE OF THE PERFORMANCE SHARE UNITS COVERED BY THIS AWARD IS CONTAINED IN SECTIONS 2 THROUGH 8 OF THE TERMS AND CONDITIONS. TO THE EXTENT ANY CAPITALIZED TERMS USED IN THE TERMS AND CONDITIONS ARE NOT DEFINED HEREIN, THEY WILL HAVE THE MEANING ASCRIBED TO THEM IN THE PLAN.

BY MY ELECTRONIC ELECTION TO ACCEPT THE TERMS AND CONDITIONS OF THIS GRANT OF PERFORMANCE SHARE UNITS (WHICH SERVES AS MY ELECTRONIC SIGNATURE OF THIS AGREEMENT), I AGREE THAT MY PARTICIPATION IN THE PLAN IS GOVERNED BY THE PROVISIONS OF THE PLAN AND THIS AGREEMENT. IF I FAIL TO ACCEPT THE TERMS AND CONDITIONS OF THIS AWARD WITHIN NINETY (90) DAYS OF THE DATE OF GRANT SET FORTH ABOVE, THE COMPANY MAY DETERMINE THAT THIS AWARD HAS BEEN FORFEITED.

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TERMS AND CONDITIONS OF PERFORMANCE SHARE UNIT AGREEMENT

1.    Summary. The Company hereby awards to the Participant under the Plan as a separate incentive and not in lieu of any salary or other compensation for his or her services the opportunity to receive Performance Share Units, subject to all of the terms and conditions in this Agreement and the Plan. Generally, the Participant will not receive any Performance Share Units unless the specified service and performance requirements set forth herein are satisfied.

2.    Vesting in Performance Share Units.

(a)    Performance and service vesting requirements. Except as otherwise provided in Section 2(b), both performance and service vesting requirements must be satisfied before the Participant can earn Performance Share Units under this Agreement. With certain exceptions noted below, the Participant will vest in his/her right to receive Performance Share Units under this Agreement if the Participant remains in continuous employment with the Company or its Subsidiaries until the Service Vesting Date (as set forth on the first page of this Agreement) and the Company achieves the “Relative Total Stockholder Return” targets specified in Schedule A. If the Participant remains in continuous employment with the Company or its Subsidiaries until the Service Vesting Date, the Participant shall vest in his/her right to receive a number of Performance Share Units based on the performance matrix set forth in Schedule A. Schedule A sets forth how the number of the Participant’s vested Performance Share Units is calculated.

(b)    Special Vesting Rules.

(i)    Death or PSU Disability. If the Participant dies or incurs a PSU Disability (as defined below) while employed by the Company or its Subsidiaries prior to the Service Vesting Date, the Participant shall vest in a number of Performance Share Units equal to the number of the Participant’s Target Number of Performance Share Units, provided that such Performance Share Units were not previously forfeited. A “PSU Disability” is a disability as defined under Treasury regulation section 1.409A-3(i)(4)(i)(A) which generally means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. Any Performance Share Units that do not vest under this provision shall be forfeited upon the Participant’s death or PSU Disability.

(ii)    PSU Change in Control. The Performance Share Units are subject to the following rules in the event the Participant remains in continuous employment with the Company or its Subsidiaries until the date of a change in control described in this subsection, which rules shall apply in lieu of the default Change in Control provisions under the Plan. Upon the occurrence of an event that: (A) occurs before the Service Vesting Date; (B) is a Change in Control; and (C) constitutes a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning of Code Section 409A and the Treasury regulations and guidance issued thereunder ("Section 409A") (a “PSU Change in Control”), the Participant shall vest in a number of Performance Share Units equal to the number of the Participant’s Target Number of Performance Share Units; provided that such Performance Share Units were not previously forfeited. Any Performance Share Units that do not vest upon a PSU Change in Control shall be forfeited upon the PSU Change of Control.

(iii)    Retirement. Subject to the requirements of Section 8(d), if the Participant ceases to be employed by the Company and its Subsidiaries prior to the Service Vesting Date as a result of the Participant's Retirement at any time on or after November 1, 20__, the Participant shall be deemed to have met the service vesting requirements under this Agreement and shall be eligible to receive a number

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of Performance Share Units equal to (X) multiplied by (Y), where: (X) equals the a number of Performance Share Units to which the Participant would be entitled based on actual performance during the Valuation Period as described in the performance matrix set forth in Schedule A; and (Y) is a ratio, the numerator of which equals the number of days the Participant remained in continuous employment with the Company and its Subsidiaries from the beginning of the Valuation Period as described in the performance matrix set forth in Schedule A ("Performance Start Date") until Retirement, and the denominator of which equals the number of days from the Performance Start Date through the end of the Valuation Period as described in the performance matrix set forth in Schedule A. For purposes of this Agreement:

(1)    "Retirement" means the Participant ceases to be employed by the Company and its Subsidiaries for any reason other than Cause, death or disability (including but not limited to a PSU Disability) on or after the date the Participant attains Retirement Eligibility with respect to this Award;

(2)    "Retirement Eligibility" with respect to this Award means a Participant attaining age sixty (60) and completing ten (10) Full Years of continuous employment with the Company and its Subsidiaries; and

(3)    "Full Year" means a twelve-month period beginning on the date of the Participant's commencement of service for the Company or a Subsidiary and each anniversary thereof.

The Participant's continuous employment with the Company and its Subsidiaries shall be determined by the Committee in its sole discretion (subject to Section 7 and other applicable requirements of Section 409A, to the extent applicable).

(iv)    Other Termination. In the event that the Participant ceases to be employed by the Company or its Subsidiaries prior to the Service Vesting Date or, if earlier, the date of a PSU Change in Control for any reason other than death or Retirement, the Participant shall forfeit his/her right to all unvested and unpaid Performance Share Units. The Participant will cease to be employed by the Company and its Subsidiaries if the Participant is employed by an entity that ceases to be a Subsidiary.

(v)    Leave of Absence. Unless otherwise determined by the Committee or required under Section 409A, an authorized leave of absence pursuant to a written agreement or other leave entitling the Participant to re-employment in a comparable position by law or Rule shall not constitute a termination of employment for purposes of the Plan and shall not interrupt the Participant's continuous employment with the Company and its Subsidiaries unless the Participant does not return at or before the end of the authorized leave or within the period for which re-employment is guaranteed by law or Rule.

3.    Time and Form of Payment. Payouts of vested Performance Share Units shall be made in the form of shares of the Company’s Class A Stock. Each Performance Share Unit awarded under this Agreement consists of the right to receive one share of Class A Stock. Vested Performance Share Units shall be paid as follows:

(a)    Payments for Reasons other than Death, PSU Disability and PSU Change of Control. The Participant’s vested Performance Share Units under Sections 2(a) and 2(b)(iii), as applicable, shall be paid on or after May 1, 20__ but no later than May 15, 20__, but payment shall only be made after the Committee completes the written certification set forth in Section 6(d) below with respect to this Award and subject to Section 8(d) (if applicable).

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(b)    Death or PSU Disability. If the Participant dies or incurs a PSU Disability while employed by the Company or its Subsidiaries prior to the Service Vesting Date, the Participant’s vested Performance Share Units shall be paid within thirty (30) days following the date of the Participant’s death or PSU Disability.

(c)    PSU Change in Control. Upon the occurrence of an event that is a PSU Change in Control, the Participant’s vested Performance Share Units shall be paid on or within thirty (30) days following the date of such PSU Change in Control.

4.    Committee Discretion. The Committee, in its absolute discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested Performance Share Units at any time; provided that, the time or schedule of any amount to be settled pursuant to the terms of this Agreement that provides for the deferral of compensation under Section 409A, may not be accelerated except as otherwise permitted under Section 409A. The Committee has complete and full discretionary authority to make all decisions and determinations under this Agreement, and all decisions and determinations by the Committee will be final and binding upon all persons, including, but not limited to, the Participant and his/her personal representatives, heirs and assigns.

5.    Death of Participant. Any distribution or delivery to be made to the Participant under this Agreement shall, if the Participant is then deceased, be made to the Participant’s designated beneficiary, or if no beneficiary survives the Participant, the Participant does not designate any beneficiary or the Committee does not permit beneficiary designations, to the administrator or executor of the Participant’s estate. Any designation of a beneficiary by the Participant shall be effective only if such designation is made in a form and manner acceptable to the Committee. Any such permitted transferee upon the Participant’s death must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

6.    Code Section 162(m). This Award is not intended to comply with the requirements of Code Section 162(m). Before an award is paid to the Participant, the Committee will certify, in writing, the number of Performance Share Units awarded to the Participant, and the decision of the Committee shall be conclusive and binding.

7.    Code Section 409A. Performance Share Units are generally intended to be exempt from Section 409A as short-term deferrals and, accordingly, the terms of this Agreement shall be construed to preserve such exemption. To the extent that Performance Share Units granted under this Agreement are subject to the requirements of Section 409A, this Agreement shall be interpreted and administered in accordance with the intent that the Participant not be subject to tax under Section 409A. Neither the Company nor any of its Subsidiaries shall be liable to any Participant (or any other individual claiming a benefit through the Participant) for any tax, interest, or penalties the Participant might owe as a result of participation in the Plan, and the Company and its Subsidiaries shall have no obligation to indemnify or otherwise protect the Participant from the obligation to pay any taxes pursuant to Section 409A, unless otherwise specified.

8.    Settlement of Performance Share Units.

(a)    Status as a Creditor. Unless and until Performance Share Units have vested in accordance with Section 2 above and become payable under Section 3 above, the Participant will have no settlement right with respect to any Performance Share Units. Prior to settlement of any vested Performance Share Units, the vested Performance Share Units will represent an unfunded and unsecured obligation of

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the Company, payable (if at all) only from the general assets of the Company. The Participant is an unsecured general creditor of the Company, and settlement of Performance Share Units is subject to the claims of the Company’s creditors.

(b)    Form of Settlement. Performance Share Units will be settled in the form of Shares of Class A Stock. Fractional Shares will not be issued upon the vesting of Performance Share Units. In the event that a fractional Share is owed to the Participant, instead of paying such fractional Share, the Company shall round up the Shares that are payable to the Participant to the nearest whole number. Upon issuance, Shares will be electronically transferred to an account in the Participant’s name at the provider then administering the Plan as it relates to the Performance Share Units.

(c)    Clawback. If the Company subsequently determines that it is required by law to include an additional “clawback” or “recoupment” provision to outstanding awards, under the Dodd-Frank Wall Street Reform and Consumer Protection Act or otherwise, then such clawback or recoupment provision shall automatically apply to this Award, as applicable, as if it had been included on the Date of Grant.

(d)    Execution of Separation Agreement and Release. The Company may require, in its sole discretion, that Shares to be delivered as a result of the Participant's Retirement, if any, shall only be delivered if the Participant executes and delivers to the Company, a full general release, in a form acceptable to the Company, releasing all claims, known or unknown, that the Participant may have through the date of such release against the Company or its affiliates and such release becoming legally effective and not subject to revocation within thirty (30) days following the Participant's termination of employment. To the extent applicable, if the requirements of the preceding sentence have not been met, the participant will not be entitled to receive any Shares under any Performance Share Units that would otherwise vest as a result of the Participant's Retirement. The provisions of this Section 8(d) shall not affect the timing of the issuance of Shares provided under Section 3(a).

9.    Tax Liability and Withholding. The Company or one of its Subsidiaries shall assess and withhold any federal, state or local income taxes, social security taxes, or other employment withholding taxes that may arise or be applicable in connection with the Participant’s participation in the Plan, including, without limitation, any tax liability associated with the grant or vesting of the Performance Share Units or sale of the underlying Shares (the “Tax Liability”). These requirements may change from time to time as laws or interpretations change. Regardless of the Company’s or the Subsidiary’s actions in this regard, the Participant hereby acknowledges and agrees that the Tax Liability shall be the Participant’s sole responsibility and liability.

The Participant acknowledges that the Company’s obligation to issue or deliver Shares shall be subject to satisfaction of the Tax Liability. Unless otherwise determined by the Company, withholding obligations shall be satisfied by having the Company or one of its Subsidiaries withhold all or a portion of any Shares that otherwise would be issued to the Participant upon settlement of the vested Performance Share Units; provided that amounts withheld shall not exceed the amount necessary to satisfy the Company’s tax withholding obligations. Such withheld Shares shall be valued based on the Fair Market Value as of the date the withholding obligations are satisfied. The Company or one of its Subsidiaries may also satisfy the Tax Liability by deduction from the Participant’s wages or other cash compensation paid to the Participant by the Company or the Subsidiary. If the Company or a Subsidiary does not elect to have withholding obligations satisfied by either withholding Shares or by deduction from the Participant's wages or other compensation paid to the Participant by the Company or the Subsidiary, the Participant agrees to pay the Company or the Subsidiary the amount of the Tax Liability in cash (or by check) as directed by the Company or the Subsidiary. Notwithstanding anything to the contrary in the Plan, the Participant shall not be entitled

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to satisfy any Tax Liability or withholding obligations that arise as a result of this Agreement by delivering to the Company any shares of capital stock of the Company.

10.    Rights as Stockholder. Neither the Participant nor any person claiming under or through the Participant shall have any of the rights or privileges of a stockholder of the Company in respect of any Performance Share Units (whether vested or unvested) or underlying Shares unless and until such Performance Share Units vest and the corresponding Shares are issued. After such issuance, the Participant shall have the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares, if any.

11.    Acknowledgments. The Participant acknowledges and agrees to the following:

(a)    The Plan is discretionary in nature and the Committee may amend, suspend, or terminate it at any time.

(b)    The grant of the Performance Share Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Performance Share Units, or benefits in lieu of the Performance Share Units, even if the Performance Share Units have been granted repeatedly in the past.

(c)    All determinations with respect to future Performance Share Units, if any, including, but not limited to, the times when Performance Share Units shall be granted or when Performance Share Units shall vest, will be at the sole discretion of the Committee.

(d)    The Participant’s participation in the Plan is voluntary.

(e)    The future value of the Shares is unknown and cannot be predicted with certainty.

(f)    No claim or entitlement to compensation or damages arises from the termination or forfeiture of the Award, termination of the Plan, or diminution in value of the Performance Share Units or Shares, and the Participant irrevocably releases the Company and its Subsidiaries from any such claim that may arise.

(g)    Neither the Plan nor the Performance Share Units shall be construed to create an employment relationship where any employment relationship did not otherwise already exist.

(h)    Nothing in this Agreement or the Plan shall confer upon the Participant any right to continue to be employed by the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company or the Subsidiary, which are hereby expressly reserved, to terminate the employment of the Participant under applicable law.

(i)    The transfer of the employment of the Participant between the Company and any one of its Subsidiaries (or between Subsidiaries) shall not be deemed a termination of service.

(j)    Nothing in this Agreement shall affect the Participant’s right to participate in and receive benefits under and in accordance with the then current provisions of any pension, insurance or other employee welfare plan or program of the Company or any Subsidiary in which the Participant is entitled to participate.

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(k)    The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

(l)    The Company reserves the right to impose other requirements on participation in the Plan, on the Performance Share Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local laws and Rules or facilitate the administration of the Plan, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

12.    Changes in Stock. In the event that as a result of a stock dividend, stock split, reclassification, recapitalization, combination of Shares or the adjustment in capital stock of the Company or otherwise, or as a result of a merger, consolidation, spin-off or other reorganization, the Company’s Class A Stock shall be increased, reduced or otherwise changed, the Performance Share Units shall be adjusted automatically consistent with such change to prevent substantial dilution or enlargement of the rights granted to, or available for, the Participant hereunder.

13.    Address for Notices. All notices to the Company shall be in writing and sent to the Company’s General Counsel at the Company’s corporate headquarters. Notices to the Participant shall be addressed to the Participant at the address as from time to time reflected in the Company’s employment records as the Participant’s address.

14.    Transferability. The Participant shall have no right to sell, assign, transfer, pledge or otherwise encumber the Performance Share Units in any manner. Shares may be sold, assigned, transferred or encumbered only after they are issued to the Participant upon settlement. Following the settlement and issuance of Shares, in the event the Company permits the Participant to arrange for a sale of Shares through a broker or another designated agent of the Company, the Participant acknowledges and agrees that the Company may block any such sale and/or cancel any order to sell placed by the Participant, in each case if the Participant is not then permitted under the Company’s insider trading policy to engage in transactions with respect to securities of the Company. If the Committee determines that the ability of the Participant to sell or transfer Shares is restricted, then the Company may notify the Participant in accordance with Section 13 of this Agreement. The Participant may only sell such Shares in compliance with such notification from the Company.

15.    Binding Agreement. Subject to the limitation on the transferability of this Award contained herein, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

16.    Plan Governs. This Agreement is subject to all terms and provisions of the Plan. Capitalized terms not defined in this Agreement shall have the respective meanings given to such terms in the Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern.

17.    Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, United States of America, regardless of the law that might be applied under principles of conflict of laws.

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18.    Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

19.    Severability. In the event that any provision in this Agreement shall be held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement.

20.    Modifications to this Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered. The Participant expressly warrants that he or she is not executing this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement can be made only in an express written contract executed by a duly authorized officer of the Company.

21.    Amendment, Suspension or Termination of the Plan. By accepting this Award, the Participant expressly warrants that he or she has received a right to a Performance Share Unit under the Plan, and has received, read, and understood a description of the Plan. The Participant understands that the Plan is discretionary in nature and may be modified, suspended, or terminated by the Company at any time.

22.    Compliance with Laws and Regulations; General Restrictions on Delivery of Shares. The Participant understands that the vesting of the Performance Share Units under the Plan and the issuance, transfer, assignment, sale, or other dealings of the Shares shall be subject to compliance by the Company (or any Subsidiary) and the Participant with all applicable requirements under the laws and Rules of the country of which the Participant is a resident. Furthermore, the Participant agrees that he or she will not acquire Shares pursuant to the Plan except in compliance with the laws and Rules of the country of which the Participant is a resident.

The Company shall not be required to transfer or deliver any Shares or dividends or distributions relating to such Shares until it has been furnished with such opinions, representations or other documents as it may deem necessary or desirable, in its discretion, to ensure compliance with any law or Rules of the Securities and Exchange Commission or any other governmental authority having jurisdiction under the Plan or over the Company, the Participant, or the Shares or any interests therein. The award of Performance Share Units evidenced by this Agreement is also subject to the condition that, if at any time the Committee administering the Plan shall determine, in its discretion, that the listing, registration or qualification of the Shares (or any capital stock distributed with respect thereto) upon the New York Stock Exchange (or any other securities exchange or trading market) or under any United States state or Federal law or other applicable Rule, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of the Performance Share Units evidenced by this Agreement or the issuance, transfer or delivery of the Shares (or the payment of any dividends or other distributions related to the Shares), the Company shall not be required to transfer or deliver any Shares or dividends or distributions relating to such Shares unless such listing, registration, qualification, consent or approval shall have been effected or obtained to the complete satisfaction of the Committee and free of any conditions not acceptable to the Committee.

23.    Electronic Delivery and Execution. The Participant hereby consents and agrees to electronic delivery of any documents that the Company may elect to deliver (including, but not limited to, plan documents, prospectus and prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other Award made or offered under the Plan. The Participant understands that, unless revoked by the Participant by giving written notice to the Company pursuant to the Plan, this consent will be effective for

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the duration of this Agreement. The Participant also understands that he or she will have the right at any time to request that the Company deliver written copies of any and all materials referred to above. The Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may elect to deliver, and agrees that his or her electronic signature is the same as, and will have the same force and effect as, his or her manual signature. The Participant consents and agrees that any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services related to the Plan.

24.    Authorization to Release and Transfer Necessary Personal Information. The Participant hereby explicitly and unambiguously consents to the collection, use, processing and transfer of personal data. The Company, and its Subsidiaries hold certain personal information about the Participant, including the Participant's name, home address and telephone number, date of birth, social security number or other employee identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all options or any other entitlement to Shares awarded, canceled, purchased, vested, unvested or outstanding in the Participant's favor, for the purpose of managing and administering the Plan ("Data"). The Company and its related entities may transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Participant's participation in the Plan, and the Company and its related entities may each further transfer Data to any third parties assisting the Company or any such related entity in the implementation, administration and management of the Plan. The Participant acknowledges that the transferors and transferees of such Data may be located anywhere in the world and hereby authorizes each of them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant's participation in the Plan, including any transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Participant's behalf to a broker or to other third party with whom the Participant may elect to deposit any Shares acquired under the Plan (whether pursuant to the Award or otherwise). The Participant further acknowledges that withdrawal of consent may affect his or her ability to vest in or realize benefits from the Performance Share Units, and his or her ability to participate in the Plan. For more information on the consequences of refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her human resources representative.

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SCHEDULE A

The number of Performance Share Units to which the Participant will be entitled if the Participant satisfies the applicable service requirements will be calculated by the Committee based on the Company’s “Relative Total Stockholder Return” (as defined below). Specifically, the Committee shall calculate the number of vested Performance Share Units for the Participant if the Participant satisfies the applicable service requirements by multiplying the Participant’s Target Number of Performance Share Units by the applicable percentage determined as set forth below based on the Company’s Relative Total Stockholder Return results for the specified period. As noted in the Terms and Conditions to this Agreement, special rules apply under certain circumstances, such as death, PSU Disability, PSU Change in Control and Retirement.

The following table shall apply for calculating this Award:

Relative Total Stockholder Return Over the Company’s 20__-20__ Fiscal Years

25th Percentile	33.3ths Percentile	50th Percentile	62.5ths Percentile	75th Percentile
25%	50%	100%	150%	200%

The maximum percentage by which the Participant’s Target Number of Performance Share Units is multiplied cannot exceed 200%, and no Performance Share Units shall vest unless the Company’s Relative Total Stockholder Return performance for the specified period is equal to or greater than the level required to earn an award of 25% of the Participant’s Target Number of Performance Share Units.

If the Company’s Relative Total Stockholder Return performance falls between designated levels of performance set forth in the above table, the percentage by which the Participant’s Target Number of Performance Share Units is multiplied will be calculated by linear interpolation.

Relative Total Stockholder Return shall mean the percentile ranking of the Company's Total Stockholder Return (as defined below) measured relative to each company in the Comparator Group's Comparator Total Stockholder Return (as defined below) during the period from March 1, 20__ through February __, 20__ (the “Valuation Period”). The Comparator Group shall consist of those companies that are included in the S&P 500 Index during both the last ten (10) trading days of the Company’s 20__ fiscal year (ending February __, 20__) and the last ten (10) trading days of the Company’s 20__ fiscal year (ending February __, 20__) and only relates to the class of stock included in that index.

The percentile ranking of the Company’s Relative Total Stockholder Return shall be that fraction which is calculated by dividing the number of companies in the Comparator Group whose Comparator Total Stockholder Return performance is exceeded by the Company (based on the Total Stockholder Return) by the total number of companies in the Comparator Group.

Except as noted in this Schedule A, no adjustments for Extraordinary Items shall be made when calculating Relative Total Stockholder Return.

Total Stockholder Return shall mean the percentage rate of growth during the Valuation Period of an investment of $1,000 in shares of Class A Common Stock on the first day of the Valuation Period, assuming reinvestment of all dividends paid during the Valuation Period and adjusted in an equitable manner for any material stock splits, reverse stock splits or similar transactions.

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Comparator Total Stockholder Return for an applicable company in the Comparator Group shall mean the percentage rate of growth during the Valuation Period of an investment of $1,000 in shares of the common stock of the applicable company in the Comparator Group on the first day of the Valuation Period, assuming reinvestment of all dividends paid during the Valuation Period and adjusted in an equitable manner for any material stock splits, reverse stock splits or similar transactions.

Total Stockholder Return for the Company or any applicable company in the Comparator Group shall be measured based on the average Fair Market Value of the applicable share of stock for the last ten (10) trading days prior to the commencement of the Company’s 20__ fiscal year on March 1, 20__ as compared to the average Fair Market Value of the same shares for the last ten (10) trading days of the Company’s 20__ fiscal year ending on February __, 20__. The Fair Market Value of the Company’s Class A Common Stock or of a share of the common stock of a company in the Comparator Group shall mean the closing price of a share of that stock on the New York Stock Exchange or other national stock exchange on which that stock is actively traded for that date as reported in the Wall Street Journal, Eastern Edition or such other standard reference service as the Committee may select.

EX-10.28

Exhibit 10.28

FORM OF

PERFORMANCE SHARE UNIT AGREEMENT

Pursuant to the

CONSTELLATION BRANDS, INC.

LONG-TERM STOCK INCENTIVE PLAN

Name of Participant:

Date of Grant:

Target Number of Performance Share Units:

Value of Each Unit on Date of Grant:

Service Vesting Date:    [Vesting Date]

Constellation Brands, Inc. (the “Company”) hereby awards to the designated participant (“Participant”), the opportunity to receive the Performance Share Units described herein under the Company’s Long-Term Stock Incentive Plan (the “Plan”). Performance Share Units consist of the right to receive shares of Class A Common Stock, par value $.01 per share, of the Company (“Shares”). Generally, the Participant will not receive any Performance Share Units unless specified service and performance requirements are satisfied. This Performance Share Unit Agreement is subject to the attached Terms and Conditions of Performance Share Unit Agreement (collectively with this document, this “Agreement”) and terms of the Plan.

PLEASE BE SURE TO READ ALL OF THE SPECIFIC TERMS AND CONDITIONS OF THIS AGREEMENT. FOR EXAMPLE, IMPORTANT ADDITIONAL INFORMATION ON VESTING AND FORFEITURE OF THE PERFORMANCE SHARE UNITS COVERED BY THIS AWARD IS CONTAINED IN SECTIONS 2 THROUGH 8 OF THE TERMS AND CONDITIONS. TO THE EXTENT ANY CAPITALIZED TERMS USED IN THE TERMS AND CONDITIONS ARE NOT DEFINED HEREIN, THEY WILL HAVE THE MEANING ASCRIBED TO THEM IN THE PLAN.

BY MY ELECTRONIC ELECTION TO ACCEPT THE TERMS AND CONDITIONS OF THIS GRANT OF PERFORMANCE SHARE UNITS (WHICH SERVES AS MY ELECTRONIC SIGNATURE OF THIS AGREEMENT), I AGREE THAT MY PARTICIPATION IN THE PLAN IS GOVERNED BY THE PROVISIONS OF THE PLAN AND THIS AGREEMENT. IF I FAIL TO ACCEPT THE TERMS AND CONDITIONS OF THIS AWARD WITHIN NINETY (90) DAYS OF THE DATE OF GRANT SET FORTH ABOVE, THE COMPANY MAY DETERMINE THAT THIS AWARD HAS BEEN FORFEITED.

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TERMS AND CONDITIONS OF PERFORMANCE SHARE UNIT AGREEMENT

1.    Summary. The Company hereby awards to the Participant under the Plan as a separate incentive and not in lieu of any salary or other compensation for his or her services the opportunity to receive Performance Share Units, subject to all of the terms and conditions in this Agreement and the Plan. Generally, the Participant will not receive any Performance Share Units unless the specified service and performance requirements set forth herein are satisfied.

2.    Vesting in Performance Share Units.

(a)    Performance and service vesting requirements. Except as otherwise provided in Section 2(b), both performance and service vesting requirements must be satisfied before the Participant can earn Performance Share Units under this Agreement. With certain exceptions noted below, the Participant will vest in his/her right to receive Performance Share Units under this Agreement if the Participant remains in continuous employment with the Company or its Subsidiaries until the Service Vesting Date (as set forth on the first page of this Agreement) and the Company achieves the [PERFORMANCE CRITERIA] targets specified in Schedule A. If the Participant remains in continuous employment with the Company or its Subsidiaries until the Service Vesting Date, the Participant shall vest in his/her right to receive a number of Performance Share Units based on the performance matrix set forth in Schedule A. Schedule A sets forth how the number of the Participant’s vested Performance Share Units is calculated.

(b)    Special Vesting Rules.

(i)    Death or PSU Disability. If the Participant dies or incurs a PSU Disability (as defined below) while employed by the Company or its Subsidiaries prior to the Service Vesting Date, the Participant shall vest in a number of Performance Share Units equal to the number of the Participant’s Target Number of Performance Share Units, provided that such Performance Share Units were not previously forfeited. A “PSU Disability” is a disability as defined under Treasury regulation section 1.409A-3(i)(4)(i)(A) which generally means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. Any Performance Share Units that do not vest under this provision shall be forfeited upon the Participant’s death or PSU Disability.

(ii)    PSU Change in Control. The Performance Share Units are subject to the following rules in the event the Participant remains in continuous employment with the Company or its Subsidiaries until the date of a change in control described in this subsection, which rules shall apply in lieu of the default Change in Control provisions under the Plan. Upon the occurrence of an event that: (A) occurs before the Service Vesting Date; (B) is a Change in Control; and (C) constitutes a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning of Code Section 409A and the Treasury regulations and guidance issued thereunder (“Section 409A”) (a “PSU Change in Control”), the Participant shall vest in a number of Performance Share Units equal to the number of the Participant’s Target Number of Performance Share Units; provided that such Performance Share Units were not previously forfeited. Any Performance Share Units that do not vest upon a PSU Change in Control shall be forfeited upon the PSU Change of Control.

(iii)    Retirement. Subject to the requirements of Section 8(d), if the Participant ceases to be employed by the Company and its Subsidiaries prior to the Service Vesting Date as a result of the Participant's Retirement at any time on or after November 1, 20__, the Participant shall be deemed to have met the service vesting requirements under this Agreement and shall be eligible to receive a number

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of Performance Share Units equal to (X) multiplied by (Y), where: (X) equals the number of Performance Share Units to which the Participant would be entitled based on actual performance during the Valuation Period as described in the performance matrix set forth in Schedule A; and (Y) is a ratio, the numerator of which equals the number of days the Participant remained in continuous employment with the Company and its Subsidiaries from the beginning of the Valuation Period as described in the performance matrix set forth in Schedule A (“Performance Start Date”) until Retirement, and the denominator of which equals the number of days from the Performance Start Date through the end of the Valuation Period as described in the performance matrix set forth in Schedule A. For purposes of this Agreement:

(1)    “Retirement” means the Participant ceases to be employed by the Company and its Subsidiaries for any reason other than Cause, death or disability (including but not limited to a PSU Disability) on or after the date the Participant attains Retirement Eligibility with respect to this Award;

(2)    “Retirement Eligibility” with respect to this Award means a Participant attaining age sixty (60) and completing ten (10) Full Years of continuous employment with the Company and its Subsidiaries; and

(3)    “Full Year” means a twelve-month period beginning on the date of the Participant's commencement of service for the Company or a Subsidiary and each anniversary thereof.

The Participant's continuous employment with the Company and its Subsidiaries shall be determined by the Committee in its sole discretion (subject to Section 7 and other applicable requirements of Section 409A, to the extent applicable).

(iv)    Other Termination. In the event that the Participant ceases to be employed by the Company or its Subsidiaries prior to the Service Vesting Date or, if earlier, the date of a PSU Change in Control for any reason other than death or Retirement, the Participant shall forfeit his/her right to all unvested and unpaid Performance Share Units. The Participant will cease to be employed by the Company and its Subsidiaries if the Participant is employed by an entity that ceases to be a Subsidiary.

(v)    Leave of Absence. Unless otherwise determined by the Committee or required under Section 409A, an authorized leave of absence pursuant to a written agreement or other leave entitling the Participant to re-employment in a comparable position by law or Rule shall not constitute a termination of employment for purposes of the Plan and shall not interrupt the Participant's continuous employment with the Company and its Subsidiaries unless the Participant does not return at or before the end of the authorized leave or within the period for which re-employment is guaranteed by law or Rule.

3.    Time and Form of Payment. Payouts of vested Performance Share Units shall be made in the form of shares of the Company’s Class A Stock. Each Performance Share Unit awarded under this Agreement consists of the right to receive one share of Class A Stock. Vested Performance Share Units shall be paid as follows:

(a)    Payments for Reasons other than Death, PSU Disability and PSU Change of Control. The Participant’s vested Performance Share Units under Sections 2(a) and 2(b)(iii), as applicable, shall be paid on or after May 1, 20__ but no later than May 15, 20__, but payment shall only be made after the Committee completes the written certification set forth in Section 6(d) below with respect to this Award and subject to Section 8(d) (if applicable).

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(b)    Death or PSU Disability. If the Participant dies or incurs a PSU Disability while employed by the Company or its Subsidiaries prior to the Service Vesting Date, the Participant’s vested Performance Share Units shall be paid within thirty (30) days following the date of the Participant’s death or PSU Disability.

(c)    PSU Change in Control. Upon the occurrence of an event that is a PSU Change in Control, the Participant’s vested Performance Share Units shall be paid on or within thirty (30) days following the date of such PSU Change in Control.

4.    Committee Discretion. The Committee, in its absolute discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested Performance Share Units at any time; provided that, the time or schedule of any amount to be settled pursuant to the terms of this Agreement that provides for the deferral of compensation under Section 409A, may not be accelerated except as otherwise permitted under Section 409A. The Committee has complete and full discretionary authority to make all decisions and determinations under this Agreement, and all decisions and determinations by the Committee will be final and binding upon all persons, including, but not limited to, the Participant and his/her personal representatives, heirs and assigns.

5.    Death of Participant. Any distribution or delivery to be made to the Participant under this Agreement shall, if the Participant is then deceased, be made to the Participant’s designated beneficiary, or if no beneficiary survives the Participant, the Participant does not designate any beneficiary or the Committee does not permit beneficiary designations, to the administrator or executor of the Participant’s estate. Any designation of a beneficiary by the Participant shall be effective only if such designation is made in a form and manner acceptable to the Committee. Any such permitted transferee upon the Participant’s death must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

6.    Code Section 162(m). [For awards intended to comply with Section 162(m)…. This Award is intended to comply with the requirements of Code Section 162(m) and the provisions of this Award shall be interpreted and administered consistently with that intent. In that light, the following rules shall apply to the award:

(a)    The Committee shall establish the performance targets and terms of this Agreement within 90 days of the commencement of the Company’s 20__ fiscal year. The satisfaction of the performance targets for paying Performance Share Units shall be substantially uncertain at the time they are established.

(b)    The amount of Performance Share Units that vest shall be computed under an objective formula and the Committee shall have no discretionary authority to increase the amount of the Performance Share Units that vest or alter the methodology for calculating the Performance Share Units that vest, except as permitted by Code Section 162(m) and the Plan.

(c)    The maximum aggregate number of Shares underlying the Awards of Performance Share Units (together with any Restricted Stock Units) granted under the Plan to any one Participant during any fiscal year of the Company cannot exceed 2,000,000 Shares.

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(d)    Before any Performance Share Units are paid to the Participant, the Committee will certify, in writing, the Company’s satisfaction of the pre-established performance target and the number of Performance Share Units payable to the Participant.]

[For awards not intended to comply with Section 162(m)…. This Award is not intended to comply with the requirements of Code Section 162(m). Before an award is paid to the Participant, the Committee will certify, in writing, the number of Performance Share Units awarded to the Participant, and the decision of the Committee shall be conclusive and binding.]

7.    Code Section 409A. Performance Share Units are generally intended to be exempt from Section 409A as short-term deferrals and, accordingly, the terms of this Agreement shall be construed to preserve such exemption. To the extent that Performance Share Units granted under this Agreement are subject to the requirements of Section 409A, this Agreement shall be interpreted and administered in accordance with the intent that the Participant not be subject to tax under Section 409A. Neither the Company nor any of its Subsidiaries shall be liable to any Participant (or any other individual claiming a benefit through the Participant) for any tax, interest, or penalties the Participant might owe as a result of participation in the Plan, and the Company and its Subsidiaries shall have no obligation to indemnify or otherwise protect the Participant from the obligation to pay any taxes pursuant to Section 409A, unless otherwise specified.

8.    Settlement of Performance Share Units.

(a)    Status as a Creditor. Unless and until Performance Share Units have vested in accordance with Section 2 above and become payable under Section 3 above, the Participant will have no settlement right with respect to any Performance Share Units. Prior to settlement of any vested Performance Share Units, the vested Performance Share Units will represent an unfunded and unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. The Participant is an unsecured general creditor of the Company, and settlement of Performance Share Units is subject to the claims of the Company’s creditors.

(b)    Form of Settlement. Performance Share Units will be settled in the form of Shares of Class A Stock. Fractional Shares will not be issued upon the vesting of Performance Share Units. In the event that a fractional Share is owed to the Participant, instead of paying such fractional Share, the Company shall round up the Shares that are payable to the Participant to the nearest whole number. Upon issuance, Shares will be electronically transferred to an account in the Participant’s name at the provider then administering the Plan as it relates to the Performance Share Units.

(c)    Clawback. If the Company subsequently determines that it is required by law to include an additional “clawback” or “recoupment” provision to outstanding awards, under the Dodd-Frank Wall Street Reform and Consumer Protection Act or otherwise, then such clawback or recoupment provision shall automatically apply to this Award, as applicable, as if it had been included on the Date of Grant.

(d)    Execution of Separation Agreement and Release. The Company may require, in its sole discretion, that Shares to be delivered as a result of the Participant's Retirement, if any, shall only be delivered if the Participant executes and delivers to the Company, a full general release, in a form acceptable to the Company, releasing all claims, known or unknown, that the Participant may have through the date of such release against the Company or its affiliates and such release becoming legally effective and not subject to revocation within thirty (30) days following the Participant's termination of employment. To the extent applicable, if the requirements of the preceding sentence have not been met, the participant will not be entitled to receive any Shares under any Performance Share Units that would otherwise vest as a result of the

5

Participant's Retirement. The provisions of this Section 8(d) shall not affect the timing of the issuance of Shares provided under Section 3(a).

9.    Tax Liability and Withholding. The Company or one of its Subsidiaries shall assess and withhold any federal, state or local income taxes, social security taxes, or other employment withholding taxes that may arise or be applicable in connection with the Participant’s participation in the Plan, including, without limitation, any tax liability associated with the grant or vesting of the Performance Share Units or sale of the underlying Shares (the “Tax Liability”). These requirements may change from time to time as laws or interpretations change. Regardless of the Company’s or the Subsidiary’s actions in this regard, the Participant hereby acknowledges and agrees that the Tax Liability shall be the Participant’s sole responsibility and liability.

The Participant acknowledges that the Company’s obligation to issue or deliver Shares shall be subject to satisfaction of the Tax Liability. Unless otherwise determined by the Company, withholding obligations shall be satisfied by having the Company or one of its Subsidiaries withhold all or a portion of any Shares that otherwise would be issued to the Participant upon settlement of the vested Performance Share Units; provided that amounts withheld shall not exceed the amount necessary to satisfy the Company’s tax withholding obligations. Such withheld Shares shall be valued based on the Fair Market Value as of the date the withholding obligations are satisfied. The Company or one of its Subsidiaries may also satisfy the Tax Liability by deduction from the Participant’s wages or other cash compensation paid to the Participant by the Company or the Subsidiary. If the Company or a Subsidiary does not elect to have withholding obligations satisfied by either withholding Shares or by deduction from the Participant's wages or other compensation paid to the Participant by the Company or the Subsidiary, the Participant agrees to pay the Company or the Subsidiary the amount of the Tax Liability in cash (or by check) as directed by the Company or the Subsidiary. Notwithstanding anything to the contrary in the Plan, the Participant shall not be entitled to satisfy any Tax Liability or withholding obligations that arise as a result of this Agreement by delivering to the Company any shares of capital stock of the Company.

10.    Rights as Stockholder. Neither the Participant nor any person claiming under or through the Participant shall have any of the rights or privileges of a stockholder of the Company in respect of any Performance Share Units (whether vested or unvested) or underlying Shares unless and until such Performance Share Units vest and the corresponding Shares are issued. After such issuance, the Participant shall have the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares, if any.

11.    Acknowledgments. The Participant acknowledges and agrees to the following:

(a)    The Plan is discretionary in nature and the Committee may amend, suspend, or terminate it at any time.

(b)    The grant of the Performance Share Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Performance Share Units, or benefits in lieu of the Performance Share Units, even if the Performance Share Units have been granted repeatedly in the past.

(c)    All determinations with respect to future Performance Share Units, if any, including, but not limited to, the times when Performance Share Units shall be granted or when Performance Share Units shall vest, will be at the sole discretion of the Committee.

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(d)    The Participant’s participation in the Plan is voluntary.

(e)    The future value of the Shares is unknown and cannot be predicted with certainty.

(f)    No claim or entitlement to compensation or damages arises from the termination or forfeiture of the Award, termination of the Plan, or diminution in value of the Performance Share Units or Shares, and the Participant irrevocably releases the Company and its Subsidiaries from any such claim that may arise.

(g)    Neither the Plan nor the Performance Share Units shall be construed to create an employment relationship where any employment relationship did not otherwise already exist.

(h)    Nothing in this Agreement or the Plan shall confer upon the Participant any right to continue to be employed by the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company or the Subsidiary, which are hereby expressly reserved, to terminate the employment of the Participant under applicable law.

(i)    The transfer of the employment of the Participant between the Company and any one of its Subsidiaries (or between Subsidiaries) shall not be deemed a termination of service.

(j)    Nothing in this Agreement shall affect the Participant’s right to participate in and receive benefits under and in accordance with the then current provisions of any pension, insurance or other employee welfare plan or program of the Company or any Subsidiary in which the Participant is entitled to participate.

(k)    The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

(l)    The Company reserves the right to impose other requirements on participation in the Plan, on the Performance Share Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local laws and Rules or facilitate the administration of the Plan, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

12.    Changes in Stock. In the event that as a result of a stock dividend, stock split, reclassification, recapitalization, combination of Shares or the adjustment in capital stock of the Company or otherwise, or as a result of a merger, consolidation, spin-off or other reorganization, the Company’s Class A Stock shall be increased, reduced or otherwise changed, the Performance Share Units shall be adjusted automatically consistent with such change to prevent substantial dilution or enlargement of the rights granted to, or available for, the Participant hereunder.

13.    Address for Notices. All notices to the Company shall be in writing and sent to the Company’s General Counsel at the Company’s corporate headquarters. Notices to the Participant shall be addressed to the Participant at the address as from time to time reflected in the Company’s employment records as the Participant’s address.

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14.    Transferability. The Participant shall have no right to sell, assign, transfer, pledge or otherwise encumber the Performance Share Units in any manner. Shares may be sold, assigned, transferred or encumbered only after they are issued to the Participant upon settlement. Following the settlement and issuance of Shares, in the event the Company permits the Participant to arrange for a sale of Shares through a broker or another designated agent of the Company, the Participant acknowledges and agrees that the Company may block any such sale and/or cancel any order to sell placed by the Participant, in each case if the Participant is not then permitted under the Company’s insider trading policy to engage in transactions with respect to securities of the Company. If the Committee determines that the ability of the Participant to sell or transfer Shares is restricted, then the Company may notify the Participant in accordance with Section 13 of this Agreement. The Participant may only sell such Shares in compliance with such notification from the Company.

15.    Binding Agreement. Subject to the limitation on the transferability of this Award contained herein, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

16.    Plan Governs. This Agreement is subject to all terms and provisions of the Plan. Capitalized terms not defined in this Agreement shall have the respective meanings given to such terms in the Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern.

17.    Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, United States of America, regardless of the law that might be applied under principles of conflict of laws.

18.    Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

19.    Severability. In the event that any provision in this Agreement shall be held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement.

20.    Modifications to this Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered. The Participant expressly warrants that he or she is not executing this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement can be made only in an express written contract executed by a duly authorized officer of the Company.

21.    Amendment, Suspension or Termination of the Plan. By accepting this Award, the Participant expressly warrants that he or she has received a right to a Performance Share Unit under the Plan, and has received, read, and understood a description of the Plan. The Participant understands that the Plan is discretionary in nature and may be modified, suspended, or terminated by the Company at any time.

22.    Compliance with Laws and Regulations; General Restrictions on Delivery of Shares. The Participant understands that the vesting of the Performance Share Units under the Plan and the issuance, transfer, assignment, sale, or other dealings of the Shares shall be subject to compliance by the Company (or any Subsidiary) and the Participant with all applicable requirements under the laws and Rules of the country of which the Participant is a resident. Furthermore, the Participant agrees that he or she will not

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acquire Shares pursuant to the Plan except in compliance with the laws and Rules of the country of which the Participant is a resident.

The Company shall not be required to transfer or deliver any Shares or dividends or distributions relating to such Shares until it has been furnished with such opinions, representations or other documents as it may deem necessary or desirable, in its discretion, to ensure compliance with any law or Rules of the Securities and Exchange Commission or any other governmental authority having jurisdiction under the Plan or over the Company, the Participant, or the Shares or any interests therein. The award of Performance Share Units evidenced by this Agreement is also subject to the condition that, if at any time the Committee administering the Plan shall determine, in its discretion, that the listing, registration or qualification of the Shares (or any capital stock distributed with respect thereto) upon the New York Stock Exchange (or any other securities exchange or trading market) or under any United States state or Federal law or other applicable Rule, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of the Performance Share Units evidenced by this Agreement or the issuance, transfer or delivery of the Shares (or the payment of any dividends or other distributions related to the Shares), the Company shall not be required to transfer or deliver any Shares or dividends or distributions relating to such Shares unless such listing, registration, qualification, consent or approval shall have been effected or obtained to the complete satisfaction of the Committee and free of any conditions not acceptable to the Committee.

23.    Electronic Delivery and Execution. The Participant hereby consents and agrees to electronic delivery of any documents that the Company may elect to deliver (including, but not limited to, plan documents, prospectus and prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other Award made or offered under the Plan. The Participant understands that, unless revoked by the Participant by giving written notice to the Company pursuant to the Plan, this consent will be effective for the duration of this Agreement. The Participant also understands that he or she will have the right at any time to request that the Company deliver written copies of any and all materials referred to above. The Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may elect to deliver, and agrees that his or her electronic signature is the same as, and will have the same force and effect as, his or her manual signature. The Participant consents and agrees that any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services related to the Plan.

24.    Authorization to Release and Transfer Necessary Personal Information. The Participant hereby explicitly and unambiguously consents to the collection, use, processing and transfer of personal data. The Company, and its Subsidiaries hold certain personal information about the Participant, including the Participant's name, home address and telephone number, date of birth, social security number or other employee identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all options or any other entitlement to Shares awarded, canceled, purchased, vested, unvested or outstanding in the Participant's favor, for the purpose of managing and administering the Plan (“Data”). The Company and its related entities may transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Participant's participation in the Plan, and the Company and its related entities may each further transfer Data to any third parties assisting the Company or any such related entity in the implementation, administration and management of the Plan. The Participant acknowledges that the transferors and transferees of such Data may be located anywhere in the world and hereby authorizes each of them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant's participation in the

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Plan, including any transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Participant's behalf to a broker or to other third party with whom the Participant may elect to deposit any Shares acquired under the Plan (whether pursuant to the Award or otherwise). The Participant further acknowledges that withdrawal of consent may affect his or her ability to vest in or realize benefits from the Performance Share Units, and his or her ability to participate in the Plan. For more information on the consequences of refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her human resources representative.

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SCHEDULE A

The number of Performance Share Units to which the Participant will be entitled if the Participant satisfies the applicable service requirements will be calculated by the Committee based on the Company’s ”[PERFORMANCE CRITERIA]” (as defined below). Specifically, the Committee shall calculate the number of vested Performance Share Units for the Participant if the Participant satisfies the applicable service requirements by [DESCRIPTION OF CALCULATION]. As noted in the Terms and Conditions to this Agreement, special rules apply under certain circumstances, such as death, PSU Disability, PSU Change in Control and Retirement.

[DEFINITION OF PERFORMANCE CRITERIA AND ADJUSTMENT RULES, IF ANY]

EX-10.57

Exhibit 10.57

EXECUTIVE EMPLOYMENT AGREEMENT

This Agreement is made as of January 26, 2015 between Constellation Brands, Inc., a Delaware corporation (“Constellation”), and William A. Newlands (“Executive”).

Executive has contributed substantially to the growth and success of Constellation. Accordingly, Constellation desires to retain Executive’s services as set forth in the Agreement and to provide the necessary consideration to assure such services.

Constellation and Executive therefore agree as follows:

1.    Employment. Constellation hereby employs Executive as its Executive Vice President and Chief Growth Officer or in such other senior executive position with Constellation or its affiliates as Constellation and Executive shall mutually agree upon. Executive hereby accepts the employment specified herein, agrees to perform, in good faith, the duties, consistent with his position, to abide by the terms and conditions described in this Agreement and to devote his full working time and best efforts to Constellation and its affiliates. These obligations shall not restrict Executive from engaging in customary activities as a director or trustee of other business or not-for-profit organizations so long as such activities, in the reasonable opinion of Constellation or its Board of Directors, do not materially interfere with the performance of Executive’s responsibilities under this Agreement or create a real or apparent conflict of interests.

2.    Term. The term of this Agreement shall commence on the date set forth above and shall expire on February 28, 2016, provided that on February 28, 2016, and on each subsequent anniversary thereof, the term shall automatically be extended by the parties for an additional one-year period, until Constellation gives Executive notice, not less than 180 days prior to February 28, 2016, or an anniversary thereof, of a decision not to extend the Agreement for an additional one-year period.

3.    Compensation. During the term of Executive’s employment, Constellation shall pay him a base salary at the rate of $500,000 per annum or such greater amount as the Human Resources Committee of the Board shall determine (“Base Salary”). Such Base Salary shall be payable in accordance with Constellation’s standard payroll practices for senior executives. Constellation may pay Executive a bonus in such amount and at such time or times as the Human Resources Committee of the Board shall determine.

4.    Reimbursement for Expenses/Benefits. Executive shall be expected to incur various reasonable business expenses customarily incurred by persons holding like positions, including but not limited to traveling, entertainment and similar expenses incurred for the benefit of Constellation. Constellation shall reimburse Executive for such expenses from time to time, at Executive’s request, and Executive shall account to Constellation for such expenses. Executive shall participate in such benefit plans that are generally made available to all executives of Constellation.

5.    Definitions.

“Board” or “Board of Directors” means the Board of Directors of Constellation Brands, Inc.

“COBRA” means the continuation of health care rules of Part 6 of Title I of the Employee Retirement Income Security Act of 1974, as amended.

“Code” means the Internal Revenue Code of 1986, as amended.

“For Cause Termination” means Constellation terminates Executive for (a) any intentional, non-incidental misappropriation of funds or property of Constellation by Executive; (b) unreasonable (and persistent) neglect or refusal by Executive to perform his duties as provided in Section 1 hereof and which he does not remedy within thirty days after receipt of written notice from Constellation; (c) the material breach by Executive of any provision of Sections 8 or 10 which he does not remedy within thirty days after receipt of written notice from Constellation; or (d) conviction of Executive of a felony.

“Good Reason Termination” means Executive terminates his employment under this Agreement for “good reason” (i) upon 30 days’ notice given not less than 6 months nor more than 12 months following the first transition of Executive’s reporting responsibility such that Executive reports to someone other than either the President and Chief Executive Officer serving as of the date of this Agreement or the Chairman of the Board serving as of the date of this Agreement, which shall constitute a “good reason” for such termination; provided that Executive has performed the employment as specified herein for a period of at least three (3) years at the time of such transition of reporting responsibility, or (ii) upon 30 days’ notice to Constellation given within 90 days following the occurrence of any of the following events without his consent, each of which shall constitute a “good reason” for such termination; provided that the following events shall not constitute “good reason” if the event is remedied by Constellation within 30 days after receipt of notice given by Executive to Constellation specifying the event:

(a)    Constellation acts to materially reduce Executive’s employment band or materially reduce Executive’s duties and responsibilities;

(b)    Constellation materially reduces the amount of Executive’s Base Salary; or

(c)    Constellation materially breaches this Agreement.

“Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Department regulations and other authoritative guidance issued thereunder.

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“Termination Date” means the date of the Executive’s “separation from service” (within the meaning of Section 409A) from Constellation.

6.    Consequence of Termination or Expiration of Agreement. If (i) Executive voluntarily ceases employment with Constellation and its affiliates, quits or terminates this Agreement for any reason other than a Good Reason Termination, or (ii) Constellation terminates the employment of Executive in a For Cause Termination, then Executive’s rights and Constellation’s obligations hereunder shall forthwith terminate except that Executive shall be paid, as soon as administratively practicable after the Termination Date, all earned but unpaid base salary, accrued paid time off and accrued but unreimbursed expenses required to be reimbursed under this Agreement.

If Executive’s employment with Constellation and its affiliates terminates on the date that this Agreement expires or if, during the term of this Agreement, Executive’s employment with Constellation and its affiliates is terminated (i) by Executive for a Good Reason Termination or (ii) by Constellation for any reason other than a For Cause Termination, then Executive shall be entitled to the following (which shall be in full and complete satisfaction of all of Constellation’s obligations under this Agreement):

(a)    Constellation shall pay to Executive all earned but unpaid Base Salary, accruedpaid time offand accrued but unreimbursed expenses required to be reimbursed under this Agreement; and

(b)    Constellation shall pay to Executive a cash amount equal to two (2) timeshis Base Salary as in effect on the Termination Date plus two (2) times his Previous Bonus (as defined below). For purposes of this Agreement, “Previous Bonus” shall equal the average annual cash bonus paid to Executive over the three most recently completed fiscal years, whether under Constellation’s Annual Management Incentive Plan or as part of another annual cash bonus program; and

(c)    Commencing on the first business day of the month following the month in which the Termination Date occurs and for the 23 months following such date, Constellation shall pay Executive an amount equal to the monthly cost of Executive’s medical and dental coverage as of the Termination Date taking into account both Constellation’s and Executive’s cost for such coverage; provided that the first payment shall not be made until the first business day occurring on or after the forty-fifth (45^th) day following the Termination Date and the payment on that date shall include all payments that would otherwise have been paid absent this forty-five (45) day delay; and

(d)    For the eighteen (18) month period commencing on the first business day occurring on or after the forty-fifth (45^th) day after the Termination Date, Constellation shall provide Executive with reasonable outplacement services; and

(e)    Constellation shall provide Executive with the opportunity to purchase continued health care coverage under Constellation’s plans as required by COBRA; and

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(f)    Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor will any payments hereunder be subject to offset in respect of compensation earned as a result of Executive’s employment with another employer subsequent to the Executive’s termination with Constellation and its affiliates.

7.    Timing of Payments

All payments under Section 6(a) shall be due and payable, as soon as administratively practicable after the Termination Date. All payments under Section 6(b) shall be due and payable in a single lump sum amount on the first business day occurring on or after the forty-fifth (45th) day after the Termination Date. Payments or benefits set forth in Sections 6(c)-(d) shall be paid or provided at such times set forth therein. Notwithstanding any provision in this Agreement to the contrary, no amounts or benefits under Sections 6(b)-(d) shall be paid to Executive hereunder unless Executive signs and executes a release substantially in the form attached hereto as Exhibit A and such release becomes effective and nonrevocable within forty-five (45) days after the Termination Date.

Notwithstanding any provision in this Agreement to the contrary, in the event that Executive is a “specified employee” (within the meaning of Section 409A) on the Termination Date and Constellation determines that delaying the payment of amounts under this Agreement is necessary to comply with the requirements of Section 409A, the payments under Sections 6(b) and 6(c) that would have otherwise been paid within the six month period after the Termination Date shall instead be paid on the first business day of the seventh month following the Termination Date. The timing of all payments and benefits under this Agreement shall be made consistent with the requirements of Section 409A to the extent a payment or benefit is subject to such requirements.

8.    Restrictive Covenant.

(a)    Executive agrees that (i) during the period of his employment hereunder and (ii) provided that Executive is entitled to the payment under Section 6(b) or is terminated due to a For Cause Termination, for a period of two (2) years after he ceases employment, he will not, without the written consent of Constellation, seek or obtain a position with a Competitor (as defined below) in which Executive will use or is likely to use any confidential information or trade secrets of Constellation or any affiliate of Constellation, or in which Executive has duties for such Competitor that involve Competitive Services (as defined below) and that are the same or similar to those services actually performed by Executive for Constellation or any affiliate of Constellation. The parties agree that Executive may continue service on any boards of directors on which he is serving while employed by Constellation or its affiliates. If Executive’s employment is terminated by Executive for a Good Reason Termination or by Constellation for any reason other than a For Cause Termination, then Constellation will not unreasonably

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withhold such consent provided Constellation receives information and assurances, satisfactory to Constellation, regarding Executive’s new position.

(b)    Executive understands and agrees that the relationship between Constellation and its affiliates and each of their respective employees constitutes a valuable asset of Constellation and its affiliates and may not be converted to Executive’s own use. Accordingly, Executive hereby agrees that (i) during the period of his employment hereunder and (ii) for a period of twelve months (12) months after he ceases employment, Executive shall not directly or indirectly, on his own behalf or on behalf of another person, solicit or induce any employee to terminate his or her employment relationship with Constellation or any affiliate of Constellation or to enter into employment with another person. The foregoing shall not apply to employees who respond to solicitations of employment directed to the general public or who seek employment at their own initiative.

(c)    For the purposes of this Section 8, “Competitive Services” means the provision of goods or services that are competitive with any goods or services offered by Constellation or any affiliate of Constellation including, but not limited to manufacturing, importing, exporting, distributing or selling wine, beer, liquor or other alcoholic beverages in the United States, Canada, New Zealand, Italy and/or Mexico. The parties acknowledge that Constellation or its affiliates may from time to time during the term of this Agreement change or increase the line of goods or services it provides and its geographic markets, and Executive agrees that this Agreement shall be deemed to be amended from time to time to include such different or additional goods, services, and geographic markets to the definition of “Competitive Services” for purposes of this Section 8. “Competitor” means any individual or any entity or enterprise engaged, wholly or in part, in Competitive Services.

(d)    Executive agrees that, due to his position of trust and confidence, the restrictions contained in this Section 8 are reasonable, and the benefits conferred on him in this Agreement, including his compensation, are adequate consideration, and, since the nature of Constellation’s and its affiliates’ collective business is international in scope, the geographic restriction herein is reasonable.

(e)    Executive acknowledges that a breach of this Section 8 will cause irreparable injury and damage, which cannot be reasonably or adequately compensated by money damages. Accordingly, he acknowledges that the remedies of injunction and specific performance shall be available in the event of such a breach, and Constellation shall be entitled to money damages, costs and attorneys’ fees, and other legal or equitable remedies, including an injunction pending trial, without the posting of bond or other security. Any period of restriction set forth in this Section 8 shall be extended for a period of time equal to the duration of any breach or violation thereof.

(f)    In the event of Executive’s breach of this Section 8, in addition to the injunctive relief described above, Constellation’s remedy shall include (i) the right to

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require Executive to account for and pay over to Constellation all compensation, profits, monies, accruals, increments or other benefits derived or received by Executive as the result of any transactions constituting a breach of the restrictive covenants in this Section 8, and (ii) in the case of a breach during the term of Executive’s employment hereunder, the termination of all compensation otherwise payable to Executive under Sections 3 and 4 with respect to the period of time after such breach, or (iii) in the case of a breach during the period described in Section 8(a)(ii) or 8(b)(ii) above, the forfeiture to Constellation of any payment made under Sections 6(b) herein.

(g)     In the event that any provision of this Section 8 is held to be in any respect an unreasonable restriction, then the court so holding may modify the terms thereof, including the period of time during which it operates or the geographic area to which it applies, or effect any other change to the extent necessary to render this Section 8 enforceable, it being acknowledged by the parties that the representations and covenants set forth herein are of the essence of this Agreement.

9.    Limitation on Payments. Notwithstanding anything contained in this Agreement or any other compensation plan to the contrary, if upon or following a change in the “ownership or effective control” of Constellation or in the “ownership of a substantial portion of the assets” of Constellation (each within the meaning of Section 280G of the Code), the tax imposed by Section 4999 of the Code (the “Excise Tax”) applies to any payments, benefits and/or amounts received by the Executive pursuant to this Agreement or otherwise, including, without limitation, any benefits received by the Executive as a result of any automatic vesting, lapse of restrictions and/or accelerated target or performance achievement provisions, or otherwise, applicable to outstanding grants or awards to the Executive under any of Constellation’s incentive plans, including without limitation, Constellation’s Long-Term Stock Incentive Plan (collectively, the “Total Payments”), then the Total Payments shall be reduced so that the maximum amount of the Total Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the Total Payments to be subject to the Excise Tax; provided that such reduction to the Total Payments shall be made only if the total after-tax benefit to the Executive is greater after giving effect to such reduction than if no such reduction had been made. If such a reduction is required, Constellation shall reduce or eliminate the Total Payments by eliminating or reducing the payment under Section 6(b) and then, if necessary eliminating or reducing the payment under Section 6(c). In the case of reductions under Section 6(c) the payments shall be reduced in reverse order beginning with the payments which are to be paid the farthest in time.

10.    Trade Secrets and Confidential Information. Executive agrees that unless duly authorized in writing by Constellation, he will neither during his employment by Constellation or its affiliates nor at any time thereafter divulge or use in connection with any business activity other than that of Constellation or its affiliates any trade secrets or confidential information first acquired by him during and by virtue of his employment with Constellation or its affiliates.

11.    Indemnification. Constellation and its successors and/or assigns will indemnify, hold harmless, and defend Executive to the fullest extent permitted by the law of the State of Delaware and the Certificate of Incorporation and By-Laws of Constellation as in effect on the

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date of this Agreement with respect to any claims that may be brought against Executive arising out of any action taken or not taken by Executive in his capacity as an employee, officer or director of Constellation. In addition, Constellation will advance to Executive reasonable legal fees and expenses, as such fees and expenses are incurred by Executive, to the fullest extent permitted by law, subject only to any requirements as are imposed by law. Executive shall not unreasonably withhold his consent to the settlement of any claim for monetary damages for which Executive is entitled to full indemnification hereunder. Executive shall be covered, in respect of his activities as an officer or director of Constellation, by any Directors and Officers liability policy or other similar policies maintained or obtained by Constellation or any of its successors and/or assigns to the fullest extent permitted by such policies. Notwithstanding anything to the contrary contained in this Agreement, Executive’s rights under this Section 11 shall survive the Termination Date and the expiration or termination of this Agreement and shall continue without limit for so long as Executive may be subject to any claims covered by this Section 11. No amendment to the Certificate of Incorporation or By-Laws of Constellation after the date of this Agreement will affect or impair Executive’s rights under this Section 11 even with respect to any action taken or not taken by Executive after the effective date of any such amendment.

12.    Notice. Any and all notices referred to herein shall be sufficient if furnished in writing and sent by registered mail to the parties.

13.    Transferability. The rights, benefits and obligations of Constellation under this Agreement shall be transferable, and all covenants and agreements hereunder shall inure to the benefit of and be enforceable by or against, its successors and assigns. Whenever the term “Constellation” is used in this Agreement, such term shall mean and include Constellation Brands, Inc. and its successors and assigns. The rights and benefits of Executive under this Agreement shall not be transferable other than rights to property or compensation that may pass on his death to his estate or beneficiaries through his will or the laws of descent and distribution and the terms of any Constellation compensation or benefit plan.

14.    Severability. If any provision of this Agreement or the application thereof is held invalid or unenforceable, the invalidity or unenforceability thereof shall not affect any other provisions of this Agreement which can be given effect without the invalid or unenforceable provision, and to this end the provisions of this Agreement are to be severable.

15.    Amendment; Waiver. This Agreement contains the entire agreement of the parties with respect to the employment of Executive by Constellation and/or its affiliates and upon execution of this Agreement supersedes any previous agreement with Constellation and/or its affiliates. No amendment or modification of this Agreement shall be valid unless evidenced by a written instrument executed by the parties hereto. No waiver by either party of any breach by the other party of any provision or conditions of this Agreement shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time.

16.    Tax Withholding. Constellation may withhold from any payments due to Executive hereunder such amounts as Constellation may determine are required to be withheld

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under applicable federal, state and local tax laws. To the extent that there are no cash payments to withhold upon, Executive shall promptly remit to Constellation cash payments that are sufficient to cover all applicable withholdings.

17.    Section 409A. The parties intend that benefits under this Agreement are to be either exempt from, or comply with, the requirements of Section 409A, and this Agreement shall be interpreted and administered in accordance with the intent that Executive not be subject to tax under Section 409A. If any provision of the Agreement would otherwise conflict with or frustrate this intent, that provision will be interpreted and deemed amended so as to avoid the conflict. Any reference in this Agreement to “terminates employment”, “employment with Constellation and its affiliates terminates”, or similar phrase shall mean an event that constitutes a “separation from service” within the meaning of Section 409A. Constellation shall not be responsible for any tax, penalty, interest or similar assessment imposed on Executive as a consequence of Section 409A. Each payment hereunder shall be treated as a separate payment for purposes of Section 409A.

18.    Governing Law. This Agreement shall be governed by and construed under and in accordance with the laws of the State of New York without regard to principles of conflicts of laws.

[signature page follows]

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IN WITNESS WHEREOF, the parties have executed this Executive Employment Agreement as of the date first set forth above.

CONSTELLATION BRANDS, INC.
By:	/s/ Robert Sands
Name:	Robert Sands
Title:	President and Chief Executive Officer

/s/ William A. Newlands

William A. Newlands

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Exhibit A

FULL AND FINAL RELEASE OF CLAIMS

1.    In consideration of the payments provided for in Sections 6(b)-(d) of the Executive Employment Agreement (hereinafter referred to as the “Employment Agreement”) between CONSTELLATION BRANDS, INC. and WILLIAM A. NEWLANDS (hereinafter referred to as “Executive”), which is attached hereto and forms a part of this Full and Final Release of Claims, on behalf of himself, his heirs, administrators and assigns, Executive hereby releases and forever discharges Constellation Brands, Inc., its subsidiaries and affiliates and each of its and their respective officers, directors, employees, servants and agents, and their successors and assigns, (hereinafter collectively referred to as “Constellation Released Parties”) jointly and severally from any and all actions, causes of action, contracts and covenants, whether express or implied, claims and demands for damages, indemnity, costs, attorneys’ fees, interest, loss or injury of every nature and kind whatsoever arising under any federal, state, or local law, or the common law, which Executive may heretofore have had, may now have or may hereinafter have in any way relating to any matter, including but not limited to, any matter related to Executive’s employment by Constellation Released Parties and the termination of that employment; provided, however, nothing in this Full and Final Release of Claims shall release (i) Executive’s right to receive the payments or benefits provided for in Sections 6(b)-(d) of the Employment Agreement, (ii) Executive’s vested benefits under Constellation Brands, Inc.’s pension plans or rights under any existing stock options held by Executive, or (iii) any right to indemnification or advancement of expenses pursuant to Section 11 of the Employment Agreement or the Certificate of Incorporation or By-laws of Constellation Brands, Inc. (the items in the foregoing clauses (i) through (iii) are hereinafter referred to as the “Preserved Rights”).

a.    This Full and Final Release of Claims covers, without limitation, any claims of discrimination, unlawful retaliation or harassment, or denial of rights, on the basis of any protected status, characteristic or activity, including, but not limited to, sex, disability, handicap, race, color, religion, creed, national origin, ancestry, citizenship, ethnic characteristics, sexual orientation, marital status, military status, or age (including, without limitation, any right or claim arising under the Age Discrimination in Employment Act), need for a leave of absence, or complaint about discrimination, harassment, or other matter, arising under any state, federal, or local law (whether statutory or common law), regulation or ordinance which may be applicable to his employment by Constellation Released Parties. This Full and Final Release of Claims also covers, without limitation, any claims of wrongful termination, breach of express or implied contract, breach of implied covenant of good faith and fair dealing, violation of public policy, intentional or negligent infliction of emotional distress, defamation, invasion of privacy, fraud or negligent misrepresentation, intentional or negligent interference with contractual relations, and any other common law tort. Except to the extent that they constitute Preserved Rights, this Full and Final Release of Claims also covers any claims for severance pay, bonus, life insurance, health and medical insurance, disability benefits, or any other fringe benefit, and claims related to any other transaction, occurrence, act, or omission or any loss, damage or injury whatsoever, known or unknown, resulting from any act or omission by or on the part of Constellation Released Parties, or any of them, committed or omitted prior to the date of this Full and Final Release of Claims.

A-1

b.    Executive understands and agrees that the giving of the aforementioned consideration is deemed to be no admission of liability on the part of the Constellation Released Parties.

c.    In the event that Executive should hereafter make any claim or demand or commence or threaten to commence any action, claim or proceeding against the Constellation Released Parties for or by reason of any cause, matter or thing other than a Preserved Right, this document may be raised as a complete bar to any such claim, demand or action.

2.     By signing this Full and Final Release of Claims, Executive acknowledges that:

a.    He has been afforded a reasonable and sufficient period of time to review, and deliberate thereon, and has been specifically urged by Constellation Released Parties to consult with legal counsel or a representative of his choice before signing this Full and Final Release of Claims and that he has had a fair opportunity to do so; and

b.    He has carefully read and understands the terms of this Full and Final Release of Claims; and

c.    He has signed this Full and Final Release of Claims freely and voluntarily and without duress or coercion and with full knowledge of its significance and consequences, and of the rights and claims relinquished, surrendered, released and discharged hereunder; and

d.    He acknowledges he is not entitled to the consideration described above in the absence of signing this Full and Final Release of Claims; and

e.    The consideration which he is receiving in exchange for his release of claims is of value to him; and

f.    The only consideration for signing this Full and Final Release of Claims are the terms stated herein, and no other promise, agreement or representation of any kind has been made to him by any person or entity whatsoever to cause him to sign this Full and Final Release of Claims; and

g.    He was offered a minimum period of at least twenty-one (21) days after his receipt of this Full and Final Release of Claims to review and consider it and for deliberation thereon, and, to the extent he has elected to sign it prior to the expiration of the twenty-one (21) day period, he does so voluntarily on his own initiative without any inducement or encouragement on the part of the Constellation Released Parties to do so.

A-2

h.    He understands that this Full and Final Release of Claims may be revoked in writing by him at any time during the period of seven (7) calendar days following the date of his execution of this Full and Final Release of Claims by delivering such written revocation to _________, at his office located at ______________, New York _____. If such seven‑day revocation period expires without his exercising his revocation right, the obligations of this Full and Final Release of Claims will then become fully effective as more fully set forth herein.

IN WITNESS WHEREOF, Executive has hereunto executed this Full and Final Release of Claims by affixing his hand this ____ day of ____________________, 20__ in the presence of the witness whose signature is subscribed below.

William A. Newlands

Sworn to before me this

_____ day of ____________, 20__.

_____________________________

Notary Public

IN WITNESS WHEREOF, _________________has hereunto executed this Full and Final Release of Claims on behalf of Constellation Brands, Inc., its subsidiaries, affiliates, by affixing [his/her] hand this ____ day of ____________________, 20__ in the presence of the witness whose signature is subscribed below.

[Name]

[Title]

Sworn to before me this

_____ day of ____________, 20__.

_____________________________

Notary Public

A-3

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 Fiscal Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013		February 29, 2012		February 28, 2011
Earnings:
Income before income taxes	$	1,179.6		$	2,202.3		$	516.4	$	534.0	$	551.0
Plus fixed charges	352.3			337.5			239.4		194.0		208.3
Less interest capitalized	(8.2		)	(0.9		)	—		—		(0.3		)
Earnings, as adjusted	$	1,523.7		$	2,538.9		$	755.8	$	728.0	$	759.0
Fixed Charges:
Interest on debt and capitalized leases, amortization of debt issuance costs, and amortization of discount on debt (b)	$	347.7		$	332.2		$	234.3	$	188.0	$	200.5
Interest element of rentals	4.7			5.3			5.1		6.0		7.8
Total fixed charges	$	352.4		$	337.5		$	239.4	$	194.0	$	208.3
Ratio of Earnings to Fixed Charges	4.3x			7.5x			3.2x		3.8x		3.6x

^(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-21.1

Exhibit 21.1

SUBSIDIARIES OF CONSTELLATION BRANDS, INC.
As of March 17, 2015
	PLACE OF
SUBSIDIARY	INCORPORATION/FORMATION
3022374 Canada Inc.	Canada
3112751 Nova Scotia Company	Nova Scotia
3749495 Canada Limited	Canada
3763820 Canada Limited	Canada
Accolade Wines Holdings Australia Pty Limited 1	Australian Capital Territory
Accolade Wines Holdings Europe Limited 1	England and Wales
Agrivin S.A.1	France
ALCOFI Inc.	New York
Allberry, Inc.	California
Bebidas Espirituosas Constellation Mexico, S. de R.L. de C.V.	Mexico
Black Sage Land Ltd.	British Columbia
Brant Oil & Gas Company Limited 1	Ontario
BW Nomineeco Inc.	Ontario
Canandaigua B.V.	Netherlands
Canandaigua Limited	England and Wales
CB Cerveza Holdings S.à r.l.	Luxembourg
CB Cerveza Operations, S. de R.L. de C.V.	Mexico
CB International Finance S.À R.L.	Luxembourg
CB Nova Scotia ULC	Nova Scotia
CB Spirits S.à r.l.	Luxembourg
CB Spirits Holdings S.à r.l.	Luxembourg
CBrands Mexico SA de CV	Mexico
CBUS Crew Holdings, Inc.	Delaware
CBV Canada Holdings Limited	Canada
CG Holdings S.à r.l.	Luxembourg
CI Cerveza S.à r.l.	Luxembourg
CIH Holdings Mexico, S. de R.L. de C.V.	Mexico
CIH Holdings S.à r.l.	Luxembourg
CIH International S.à r.l.	Luxembourg
Cloud Peak Corporation	California
Compañía Cervecera de Coahuila, S. de R.L. de C.V.	Mexico
Tradenames:
Cerveceria de Coahuila

1

Cerveceria Modelo
Compañía Vidriera de Coahuila, S. de R.L. de C.V.	Mexico
Constellation Beers Ltd.	Maryland
Tradenames:
Constellation Services
Constellation Brands Beach Holdings, Inc.	Delaware
Constellation Brands Canada, Inc.	Canada
Tradenames:
2 Origins Wine Company
Ancient Coast Wines
Bodacious Wines
Braeburn Vintners
Briarstone Vineyards
Brights Wines
California House Vintners
Cartier Wines
Cartier Wines & Beverages
Casabello Wines
Chateau-Gai Wines
Dark Horse Vineyard
East-West Wines
Entre-Lacs Vintners
Full Press Vineyards
Great Estates of Niagara
Growers Cider Co.
Hawthorne Mountain Vineyards
Inniskillin
Inniskillin Okanagan Estate
Inniskillin Okanagan Vineyards
Inniskillin Wines
Jackson-Triggs Estate Wines
Jackson-Triggs Niagara Estate Winery
Jackson-Triggs Vintners
Le Clos Jordanne
Le Clos Jordanne Estate Wines
Le Clos Jordanne Wines
Linden Bay Wines
London Wines
Longhorn Wines
Magnetic North Wines
Mallee Rock Winery
Mediterra Wines

2

Meritus Wines
Naked Grape Wines
Open Wines
Orion Wines
President Sparkling Wine Company
Saint and Sinner Wines
Santa Isabela Wines
Sawmill Creek Wines
See Ya Later Ranch
Silverthorne Vintners
Silverthorne Wine Merchants Company
Simply Great Wines
Sola-Nero Wines
Strut Wines
Sumac Ridge Estate Winery
TGB International Vintners
The Canada Cooler Company
Trove Wines
Vex Hard Beverage Co.
Vintage Ink Wines
Wine-Rack
Constellation Brands Europe Trading S.à r.l.	Luxembourg
Constellation Brands España, S.L.U.	Spain
Constellation Brands Hong Kong Limited	Hong Kong
Constellation Brands International IBC, Inc.	Barbados
Constellation Brands New Zealand Limited	New Zealand
Tradenames:
Little Harvest Wines
The Peoples Wine
VNO Wines
Constellation Brands Québec, Inc. / Marques Constellation Québec, Inc.	Québec
Tradenames:
Atlas Marchands De Vins
Bellini
Bodegas Nobella
Boomerang Peak
Caleta Wines
Collection Veritas
DeNoiret
Divin Série Prestige
Dumont Vins & Spiritueux
Elle

3

Franchesca
La Petite Vendange
Les Grands Classiques Import
Les Vins Bodacious
Les Vins Mediterra
Les Vins Veritas
Louis de Lacourt
Mallee Rock Winery
Meritus Wines
Nobella
Vine & Barrel Co.
Vino Cortes
Vino Veritas
Vioti Bellagio
Wallaroo Trail
Constellation Brands Sales Finance LLC	Delaware
Constellation Brands Schenley, Inc.	Canada
Tradenames:
Danfield Canadian Whisky
Schenley Distilleries
The Black Velvet Distilling Company
Williams & Churchill Inc.
Constellation Brands (Shanghai) Business Consulting Co., Ltd.	Shanghai, China
Constellation Brands Singapore Pte. Ltd.	Singapore
Constellation Brands SMO, LLC	Delaware
Tradenames:
Spirits Marque One
Constellation Brands U.S. Operations, Inc.	New York
Tradenames:
3 Blind Moose Cellars
Alice White
Alice White Vineyards
Alice White Winery
Almaden Brandies
Almaden Imports
Almaden Vineyards
Arbor Mist Winery
Ariesse Champagne Cellars
Axia Wine Company
Baron Philippe de Rothschild Imports
Bear Cliff Cellars
Bear Cliff Vineyards

4

Belaire Creek Cellars

Black Box

Black Box Wines

Blackstone Cellars

Blackstone Winery

Blossom Hill Collection

Blossom Hill Vineyards

Blossom Hill Winery

Braidenwood Estates

Brook Hollow

California Coast Winery

Canandaigua Concentrate

Canandaigua West, Inc.

Caves Du Domaine

CB Vineyards

Cellars Crest Vineyards

Centerra Wine Company

Charlemont Vineyards

Chase-Limogere

Cheval Sauvage

Clos du Bois

Clos du Bois Estate Bottled Wines

Clos du Bois Estate Wines

Clos du Bois Vineyards

Clos du Bois Vineyards & Winery

Clos du Bois Vintners

Clos du Bois Wine Merchants

Clos du Bois Winery

Clos du Bois Winery & Vineyards

Clos du Bois Wines

Club Cellars

Club Import

Coastal Vintners

Constellation Brands

Constellation Imports

Constellation Wines U.S.

Cooks’ Cellars

Cook's Champagne Cellars

Cribari & Sons

Cribari Cellars

Cribari Champagne Cellars

5

Cribari Winery

CWUS Imports

DC Flynt MW Selections

Deer Valley Vineyards

Delicato Cellars

Dunnewood Vineyards

Dunnewood Vineyards and Winery

Dunnewood Vineyards & Winery

Echo Falls Vineyards

Echo Falls Winery

Echo Grove Cellars

EC Vineyards

Estancia

Estancia Estate

Estancia Estates

Estancia Vineyards

Estancia Vineyards & Estates

Estancia Winery

Estate Cellars

Excelsior Wine & Spirits

FV Reserve

Forsythe Vineyards

Foxridge Cellars

Franciscan

Franciscan Estate

Franciscan Estate Wine Merchants

Franciscan Oakville Estate

Franciscan Vineyards

Franciscan Winery

Galleria Champagne Cellars

Hartley Cellars

Hayman & Hill

Hayman & Hill Vineyards

Hayman & Hill Wines

Heritage Village Cellars

Heritage Vineyards

Heublein

Heublein Cellars

Heublein Wines

Hidden Crush Vineyards

Hidden Crush Wines

Hoffman Grove

6

HRM Rex-Goliath Vineyards

HRM Rex-Goliath Winery

HRM Rex-Goliath! Wines

Inglenook Champagne Cellars

Inglenook Estate Cellars

Inglenook Vineyard Co.

Inglenook Vineyards Co.

Inglenook-Napa Valley

International Cellars

J. Roget Champagne Cellars

Jakes Fault Winery

K. Cider Co.

La Terre

La Terre Cellars

La Terre Vineyards

La Terre Winery

Lodi Distribution Center

Longhorn Vineyards

Mt. Veeder Winegrowers

Mt. Veeder Winery

Madera Wineries & Distilleries

Manischewitz Vineyards

Marcus James

Marcus James Vineyards

Marcus James Winery

Mark West Winery

Medallion Imports

Medallion Wine Imports

Mendocino Vineyards

Milestone Winery

Mission Bell Winery

Mission Bell Wines

Monkey Bay

Motif Champagne Cellars

Nathanson Creek Cellars

Nathanson Creek Wine Cellar

Nathanson Creek Winery

Night Harvest Cellars

Nobilo Wines

North Lake Wines

No Wimpy Importers

7

Oakville Cellars

Oakville Vineyards

Ooh La La Wines

Paso Creek

Paul Garrett

Paul Masson Vineyards

Paul Masson Winery

Pinnacles Estate

Pinnacles Vineyard

Pinnacles Winery

Popcrush Wines

Primal Roots

Prospect Peak Cellars

PWP

R.M.E., Inc.

Ravage Wines

Ravenswood

Ravenswood Winery

R.H. Phillips

Red Guitar Winery

Rev Winery

Rex-Goliath Vineyards

Rex-Goliath Winery

Rex-Goliath Wines

Rio Vaca Vineyard

Rio Vaca Vineyards

River Oaks

River Oaks Estate Bottled Wines

River Oaks Estates Vineyards

River Oaks Estates Wines

River Oaks Vineyards

River Oaks Vineyards & Winery

River Oaks Vintners

River Oaks Wine Merchants

River Oaks Winery

River Oaks Winery & Vineyards

River Oaks Wines

Robert Mondavi

Robert Mondavi/Baron Philippe de Rothchild

Robert Mondavi Coastal

8

Robert Mondavi Coastal Winery

Robert Mondavi Winery

Robert Mondavi Winery – Woodbridge

Robert Mondavi Woodbridge

Rusty Cage Wines

Rutherford Estate Cellars

Saint Regis Vineyards

Santa Lucia Winery

Santa Lucia

Santa Lucia Cellars

Santa Lucia Co.

Santa Lucia Company

Santa Lucia Orchard

Santa Lucia Vineyard

Santa Lucia Vineyards

Santa Lucia Wine

Santa Lucia Wine Cellars

Santa Lucia Wines

Sante Vineyards

Saved Wines

Shewan Jones

Simi Winery

Simply Naked Winery

Sky Rocket Wines

Sonoma Vendange

Sonoma Vendange Winery

St. Regis

St. Regis Cellars

St. Regis Vineyards

Ste. Pierre Smirnoff FLS

Stonewall Canyon

Stonewall Canyon Cellars

Stonewall Canyon Creek

Stonewall Canyon Vineyards

Stonewall Canyon Winery

T.J. Swann Wines

Taco Diamonte

Talus

Talus Cellars

Talus Collection

Talus Vineyards

9

Talus Winery

Taylor California Cellars

The Dreaming Tree

The Jibe

The Jibe Wine Company

The R.H. Phillips Cellars

The R.H. Phillips Vineyard

Thorny Rose

Thorny Rose Wines

Toasted Head

Toasted Head Winery

Tom Gore Vineyards

Turner Road Cellars

Turner Road Vintners

Turner Road Vineyards

Turner Road Wines

Twin Fin

Twin Fin Wines

V.no Wines

Vaca Rio Olivos Vineyards

Vendange Wine Cellars

Via Firenze Vineyards

Vincor USA

Vintage Ink

W.W. Imports

Widmer California Vineyards

Wild Horse

Wild Horse Cellars

Wild Horse Co.

Wild Horse Company

Wild Horse Vineyard

Wild Horse Vineyards

Wild Horse Wine

Wild Horse Wine Cellar

Wild Horse Wine Cellars

Wild Horse Wine Co.

Wild Horse Wine Company

Wild Horse Winery

Wild Horse Winery & Vineyards

Wild Horse Winery and Vineyards

Wild Horse Wines

Woodbridge Vineyards

10

Woodbridge Winery
XYZin Winery
Zen of Zin Winery
Constellation Canada Limited Partnership	Ontario
Constellation Capital LLC	Delaware
Constellation Europe (Holdings) Limited	England and Wales
Constellation International CWI Holdings S.C.S.	Luxembourg
Constellation International Holdings Limited	New York
Constellation Leasing, LLC	New York
Constellation Marketing Services, Inc.	Delaware
Constellation Services LLC	Delaware
Constellation Trading Company, Inc.	New York
CO Vidriera S.à r.l.2	Luxembourg
Crew Wine Company LLC1	California
Crown Imports LLC	Delaware
Tradenames:
Constellation Brands
Crown Imports
Monarch Import Company
Tocayo Brewing Company
Crown Sales Finance LLC	Delaware
CWI Holdings LLC	New York
Franciscan Vineyards, Inc.	Delaware
Tradenames:
Bernstein Vineyards
Blackstone Cellars
Blackstone Winery
Burr Vineyards
California Coast Winery
Carroll Vineyards
Caymus Cellars
Chantree
Clos du Bois
Constellation Brands
Constellation Imports
Cuttings Wharf Vineyards
CWUS Imports
DC Flynt MW Selections
Dickerson Vineyard Cellars
Domaine Madeline
Dreamboat Cellars

11

Dreamboat Vineyards

Dreamboat Winery

Drylands Wines

Duetto

Estancia

Estancia Estates

Estancia Vineyards

Estancia Vineyards & Estates

Estancia Winery

Franciscan

Franciscan Estate

Franciscan Estate Selections

Franciscan Estate Selections, Ltd.

Franciscan Estate Wine Merchants

Franciscan Oakville Estate

Franciscan Vineyards

Franciscan Vineyards, Inc.

Franciscan Winery

Friars' Table

FV Reserve

Goldfields

Greenbrier Vineyards

Groth Vineyards

Hayman & Hill Wines

HRM Rex-Goliath Vineyards

HRM Rex-Goliath Winery

HRM Rex-Goliath! Wines

Icon Estates

J. Emerson

Kim Crawford Wines

Mathis Wine

Michael’s

Monte Verde

Moltepulciano

Mt. Veeder Winegrowers

Mt. Veeder Winery

Nap Val Winery

Nobilo Wines

No Wimpy Importers

Oakmont Vineyards

Oakville Estate

Paso Creek

12

Peter Mathis Wines

Pickle Canyon Vineyards

Pina Wine Cellars

Pinnacles Estate

Pinnacles Vineyard

Pinnacles Winery

Press-Oak Cellars

Press-Oak Vineyards

Press-Oak Winery

Ravenswood

Ravenswood Winery

Redwood Coast Winery

Redwood Creek Vineyards

Rio Vaca Vineyard

Rio Vaca Vineyards

River Glen Vineyards

Robert Mondavi

Round Hill Vineyards

Ruffino Import Company

Ruffino Imports

Silver Oak Cellars

Simi Winery

Simi Winescapes

Smothers Brothers Wines

Spring Creek Vineyards

Stonewall Canyon

Stonewall Canyon Cellars

Stonewall Canyon Creek

Stonewall Canyon Vineyards

Stonewall Canyon Winery

Tantalus

Toasted Head Winery

Tree Press Cellar

Turtle Cellars

Vaca Rio Olivos Vineyards

Villa Caporicci

Vina Caliterra

Vineone

Vino Bambino

Vintage Ink

Wild Cat Cellars

William Scheffler Estates

13

Willow Creek Cellars
Winescapes
Gran Caleta S.A.	Argentina
Industria Vidriera de Coahuila, S. de R.L. de C.V.3	Mexico
Inniskillin Wines Inc.	Ontario
Kikowhero Partnership1	New Zealand
Kim Crawford Wines Limited	New Zealand
L.O. Smith AB1	Sweden
Manor Park Cellars Limited	England and Wales
Meritus Holdings Coöperatief U.A.	Netherlands
Meritus Wines Pty Limited	Australian Capital Territory
National Liquor Distributors Limited	New Zealand
Nk’Mip Cellars Inc.1	British Columbia
Nobilo Holdings	New Zealand
Nobilo Vintners Limited	New Zealand
Nobilo Wines Limited	New Zealand
Okanagan Estate Cellars Ltd.1	British Columbia
Okanagan Vineyards Ltd.	British Columbia
Okanagan Wine Shops Limited1	Canada
Opus One Winery LLC1	Delaware
Robert Mondavi Europe GmbH	Germany
Robert Mondavi Investments	California
Ruffino S.r.l.	Italy
Tradenames:
I.L. Ruffino 1877 Srl
Chianti Ruffino Srl
Toscovini Srl
Selaks Wines Limited	New Zealand
Servicios Modelo de Coahuila, S. de R.L. de C.V.	Mexico
Sociedad Vinicala Caballero De Chile Limitada	Chile
Spagnol’s Wine & Beer Making Supplies Ltd.	Canada
Tradenames:
R J Spagnol’s
Spagnol’s
Springfield Partnership1	New Zealand
Tenute Ruffino S.r.l.	Italy
Tradenames:
Tenimenti Ruffino Srl
Ruffino Estates Srl
Tenedora Inmobiliaria de Coahuila, S. de. R.L. de C.V.	Mexico
The Hogue Cellars, Ltd.	Washington

14

Tradenames:

3 Blind Moose Cellars

Big O Wine Company

Buffalo Ridge Wine Cellars

Constellation Brands

Genesis

Hayman & Hill Wines

Hogue

Hogue Cellars

Hogue Cellars, Ltd.

Horse Heaven Hills Wine

Latitudes Wine Company

Millennium

Olympic Cellars

Pacific Rim Winemakers

Paul Thomas

Peninsula

Pepper Bridge

Pepper Bridge Vineyard

Pontin Del Roza

Redwood Grove

Roza Estates Winery

Rusty Cage Wines

Salmon Harbor

Salmon Harbor Wine Cellars

Sawtooth Winery

Silver Falls

Sunridge Winery

The Magnificent Wine Company

Thorny Rose

Thorny Rose Wines

Thurston Wolfe Cellars

15

Washington Vineyards
Watchdog Rock Cellars
The Robert Mondavi Company LLC	Delaware
The Robert Mondavi Corporation	California
Valleyfield Vineyard Partnership1	New Zealand
Vidriera Holdings S.à r.l.3	Luxembourg
Vincor Finance, LLC	Delaware
Wicer, LLC1	Delaware
In addition to the tradenames listed above, which are used by subsidiaries of the registrant, the registrant uses the following tradenames:
CBI, Inc.
Alice White
Arbor Mist Winery
Aurora Valley Vineyards
Batavia Wine Cellars
Black Velvet Import Co.
Bisceglia Brothers Wine Co.
Bramble & VIne Cellars
Bristol Hills Wine Company
Canandaigua Champagne Cellars
Canandaigua Industries Co.
Canandaigua Wine Company
Carolina Wine Co.
Casa Noble Imports
Casata Vineyards
Caves du Domaine
Charles Jacquin Vineyards Co.
Chateau Donay Wine Cellars
Chateau Luzerne Vintners Co.
Chateau Martin Company
Chelsea Wine Company
Cisco Wine Company
Cisco Wine Co.
Classic Marketing Co.
Constellation Imports
Constellation Spirits
Constellation Spirits and Specialty Wines
Constellation Wines U.S.
Constellation Wines U.S., Inc.
Cook's Champagne Cellars
Cook's Sparkling Wine Cellars

16

Cribari & Sons

Cribari Cellars

Cribari Champagne Cellars

Cribari Winery

Crystal Wine Cellars

Dixie Wine Company

Dunnewood Vineyards & Winery

Eastern Wine Company

F. Heinrich Wine Cellars

Finger Lakes Wine Company

Gay Page Wine Cellars

Global Wine Co.

Gold Seal Vineyards

Gold Vine Winery

Golden Age Wine Cellars

Great Western Winery

Guild Wineries & Distilleries

Hammondsport Wine Company

Italian Swiss Colony

J. Roget Champagne Cellars

John MacNaughton Co.

K.C. Arey & Co.

King Solomon Wine Co.

Kings Wine Co.

La Domaine

La Petite Wine Cellars

Lake Island Champagne Cellars

Manischewitz Wine Company

Marcus James Winery

Margo Vintners

Marvino Wine Company

Masada Wine Company

McMaster Import Co.

Medallion Wine Imports

Melody Hill Vintners

Monarch Wine Co.

Monarch Wine Imports

Monte Carlo Champagne Cellars

Moselweinhaus Import Company

Mother Vineyard Wine Co.

Moulin Rouge Champagne Cellars

M-R Champagne Co.

17

New York State Wine Company

Old Rabbinical Bottling Co.

Paul Garrett

Paul Masson

Paul Masson Winery

Pol D'Argent Import Company

Premium Champagne Company

Red Guitar Winery

Reserve Du Domaine Vineyard

Richards Champagne Cellars

Richards Fils Et Cie Wineries

Richards Wine Company

Rosatello Wines

Satin Rose Wine Co.

Schenley Distributors

Sky Rocket Wines

Skyrocket Wines

Spirits Marque One

Southland Wine Co.

Sun Country Cellars

Taylor California Cellars

Taylor Country Cellars

Taylor Wine Cellars

Taylor Wine Company

The California Cellars of Chase-Limogere

The Great Western Winery

The Taylor Wine Company

The Taylor Wine Company, Inc.

Tiger Wine Co.

Upper Bay Wine Cellars

Vendage Wine Cellars

Vine Valley Winery

Vineyard to Wine Cellars

Virginia Dare Wine Company

Wheeler Wine Cellars

Wild Irish Rose Wine Company

Wilen Brothers Co.

Wilen Wine Co.

Winedale Vineyards

Woodbridge Winery

DNA ENTERPRISES

CDB Travel

18

Notes: The names of certain subsidiaries are omitted from the above schedule because such subsidiaries, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary.

The tradenames referenced in the above schedule may or may not be names registered with a governmental authority.

________________________________

¹  Less than wholly-owned entity; financial results of this entity are not consolidated with those of the registrant.

²  Less than wholly-owned entity; financial results of this entity are consolidated with those of the registrant.

³  Entity is wholly-owned by an entity which is less than wholly-owned by the registrant but the financial results of this entity's parent or parents, as applicable, are consolidated with those of the registrant.

19

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

The Board of Directors
Constellation Brands, Inc.:

We consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-199293) and Form S-8 (Nos. 33-26694, 33-56557, 333-88391, 333-132061, 333-146849, 333-149206, and 333-161155) of Constellation Brands, Inc. (the Company) of our reports dated April 28, 2015, with respect to the consolidated balance sheets of Constellation Brands, Inc. and subsidiaries as of February 28, 2015 and 2014, and the related consolidated statements of comprehensive income, changes in stockholders’ equity, and cash flows for each of the years in the three-year period ended February 28, 2015, and the effectiveness of internal control over financial reporting as of February 28, 2015, which reports appear in the February 28, 2015 annual report on Form 10-K of Constellation Brands, Inc.

/s/ KPMG LLP

Rochester, New YorkApril 28, 2015

EX-31.1

Exhibit 31.1

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

OF CHIEF EXECUTIVE OFFICER

Constellation Brands, Inc.

Form 10-K for Fiscal Year Ended February 28, 2015

I, Robert Sands, certify that:

1. I have reviewed this report on Form 10-K 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: April 28, 2015

/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-K for Fiscal Year Ended February 28, 2015

I, Robert Ryder, certify that:

1. I have reviewed this report on Form 10-K 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: April 28, 2015

/s/ Robert Ryder

Robert Ryder

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-K for Fiscal Year Ended February 28, 2015

In connection with the Constellation Brands, Inc. Annual Report on Form 10-K for the Fiscal Year Ended February 28, 2015, I, Robert Sands, certify pursuant to 18 U.S.C. Section 1350 that, to the best of my knowledge:

1.     The Annual report on Form 10-K for the Fiscal Year Ended February 28, 2015 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-K for the Fiscal Year Ended February 28, 2015 of Constellation Brands, Inc. fairly presents, in all material respects, the financial condition and results of operations of Constellation Brands, Inc.

Dated:	April 28, 2015	/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-K for Fiscal Year Ended February 28, 2015

In connection with the Constellation Brands, Inc. Annual Report on Form 10-K for the Fiscal Year Ended February 28, 2015, I, Robert Ryder, certify pursuant to 18 U.S.C. Section 1350 that, to the best of my knowledge:

1.     The Annual report on Form 10-K for the Fiscal Year Ended February 28, 2015 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-K for the Fiscal Year Ended February 28, 2015 of Constellation Brands, Inc. fairly presents, in all material respects, the financial condition and results of operations of Constellation Brands, Inc.

Dated:	April 28, 2015	/s/ Robert Ryder
		Robert Ryder, Executive Vice President and Chief Financial Officer

XML

Goodwill (Tables)

12 Months Ended

Feb. 28, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill

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

	Beer			Wine and Spirits			Consolidation and Eliminations			Consolidated
(in millions)
Balance, February 28, 2013	$	13.0		$	2,722.3		$	(13.0	)	$	2,722.3
Purchase accounting allocations (1)	3,702.8			—			13.0			3,715.8
Impairment of goodwill (2)	—			(278.7		)	—			(278.7		)
Foreign currency translation adjustments	(1.2		)	(11.4		)	—			(12.6		)
Balance, February 28, 2014	3,714.6			2,432.2			—			6,146.8
Purchase accounting allocations (3)	66.7			34.0			—			100.7
Foreign currency translation adjustments	(5.1		)	(34.2		)	—			(39.3		)
Balance, February 28, 2015	$	3,776.2		$	2,432.0		$	—		$	6,208.2

XML

Condensed Consolidating Financial Information (Details) (USD $) In Millions, unless otherwise specified	Feb. 28, 2015	Jun. 06, 2014	Feb. 28, 2014	Jun. 07, 2013	Feb. 28, 2013	Feb. 29, 2012
Condensed Financial Statements, Captions [Line Items]
Percentage of parent ownership of subsidiary guarantors	100.00%
Current assets:
Cash and cash equivalents	$ 110.1	$ 308.0	$ 63.9	$ 232.0	$ 331.5	$ 85.8
Accounts receivable	598.9		626.2
Inventories	1,827.2		1,743.8
Intercompany receivable	0		0
Prepaid expenses and other	374.6		313.3
Total current assets	2,910.8		2,747.2
Property, plant and equipment	2,681.6		2,014.3		1,229.0
Investments in subsidiaries	0		0
Goodwill	6,208.2		6,146.8		2,722.3
Intangible assets	3,181.0		3,231.1
Intercompany notes receivable	0		0
Other assets	162.9		162.7
Total assets	15,144.5		14,302.1		7,638.1
Current liabilities:
Notes payable to banks	52.4		57.2
Current maturities of long-term debt	158.1		590.0
Accounts payable	285.8		295.2
Accrued excise taxes	28.7		27.7
Intercompany payable	0		0
Other accrued expenses and liabilities	605.7		1,055.6
Total current liabilities	1,130.7		2,025.7
Long-term debt, less current maturities	7,137.5		6,373.3
Deferred income taxes	818.9		762.6
Intercompany notes payable	0		0
Other liabilities	176.1		159.2
Total liabilities	9,263.2		9,320.8
Total CBI stockholders’ equity	5,770.7		4,981.3
Noncontrolling interests	110.6		0
Total stockholders’ equity	5,881.3		4,981.3		2,860.3	2,676.0
Total liabilities and stockholders’ equity	15,144.5		14,302.1
Parent Company [Member]
Current assets:
Cash and cash equivalents	24.5		0.5		185.8	0.5
Accounts receivable	0.8		0.2
Inventories	153.3		153.5
Intercompany receivable	13,158.7		8,529.4
Prepaid expenses and other	46.2		49.1
Total current assets	13,383.5		8,732.7
Property, plant and equipment	59.3		39.4
Investments in subsidiaries	11,657.2		10,795.6
Goodwill	0		0
Intangible assets	0		0
Intercompany notes receivable	4,087.3		3,606.0
Other assets	61.4		62.4
Total assets	29,248.7		23,236.1
Current liabilities:
Notes payable to banks	0		0
Current maturities of long-term debt	92.3		547.1
Accounts payable	41.2		24.4
Accrued excise taxes	12.6		13.7
Intercompany payable	17,206.7		11,996.5
Other accrued expenses and liabilities	462.5		712.9
Total current liabilities	17,815.3		13,294.6
Long-term debt, less current maturities	5,601.4		4,892.3
Deferred income taxes	17.6		17.2
Intercompany notes payable	0		0
Other liabilities	43.7		50.7
Total liabilities	23,478.0		18,254.8
Total CBI stockholders’ equity	5,770.7		4,981.3
Noncontrolling interests	0		0
Total stockholders’ equity	5,770.7		4,981.3
Total liabilities and stockholders’ equity	29,248.7		23,236.1
Subsidiary Guarantors [Member]
Current assets:
Cash and cash equivalents	0.7		0.8		0.7	0.6
Accounts receivable	27.3		9.0
Inventories	1,419.0		1,270.0
Intercompany receivable	18,389.9		13,339.0
Prepaid expenses and other	94.0		61.6
Total current assets	19,930.9		14,680.4
Property, plant and equipment	854.5		846.3
Investments in subsidiaries	13.8		9.4
Goodwill	5,411.3		5,411.3
Intangible assets	703.3		707.6
Intercompany notes receivable	129.9		8.5
Other assets	68.4		64.6
Total assets	27,112.1		21,728.1
Current liabilities:
Notes payable to banks	0		0
Current maturities of long-term debt	16.9		16.4
Accounts payable	113.2		109.0
Accrued excise taxes	11.3		8.5
Intercompany payable	14,201.6		9,700.4
Other accrued expenses and liabilities	211.2		182.3
Total current liabilities	14,554.2		10,016.6
Long-term debt, less current maturities	30.9		32.8
Deferred income taxes	633.6		569.4
Intercompany notes payable	3,863.4		3,597.7
Other liabilities	36.7		21.5
Total liabilities	19,118.8		14,238.0
Total CBI stockholders’ equity	7,993.3		7,490.1
Noncontrolling interests	0		0
Total stockholders’ equity	7,993.3		7,490.1
Total liabilities and stockholders’ equity	27,112.1		21,728.1
Subsidiary Nonguarantors [Member]
Current assets:
Cash and cash equivalents	84.9		62.6		145.0	84.7
Accounts receivable	570.8		617.0
Inventories	357.7		384.8
Intercompany receivable	6,512.0		4,104.0
Prepaid expenses and other	427.0		701.6
Total current assets	7,952.4		5,870.0
Property, plant and equipment	1,767.8		1,128.6
Investments in subsidiaries	0		0
Goodwill	796.9		735.5
Intangible assets	2,474.3		2,523.0
Intercompany notes receivable	0		0
Other assets	33.1		35.7
Total assets	13,024.5		10,292.8
Current liabilities:
Notes payable to banks	52.4		57.2
Current maturities of long-term debt	48.9		26.5
Accounts payable	131.4		161.8
Accrued excise taxes	4.8		5.5
Intercompany payable	6,652.3		4,275.5
Other accrued expenses and liabilities	156.9		680.7
Total current liabilities	7,046.7		5,207.2
Long-term debt, less current maturities	1,505.2		1,448.2
Deferred income taxes	167.7		176.0
Intercompany notes payable	353.8		16.8
Other liabilities	95.7		87.0
Total liabilities	9,169.1		6,935.2
Total CBI stockholders’ equity	3,744.8		3,357.6
Noncontrolling interests	110.6		0
Total stockholders’ equity	3,855.4		3,357.6
Total liabilities and stockholders’ equity	13,024.5		10,292.8
Eliminations [Member]
Current assets:
Cash and cash equivalents	0		0		0	0
Accounts receivable	0		0
Inventories	(102.8)		(64.5)
Intercompany receivable	(38,060.6)		(25,972.4)
Prepaid expenses and other	(192.6)		(499.0)
Total current assets	(38,356.0)		(26,535.9)
Property, plant and equipment	0		0
Investments in subsidiaries	(11,671.0)		(10,805.0)
Goodwill	0		0
Intangible assets	3.4		0.5
Intercompany notes receivable	(4,217.2)		(3,614.5)
Other assets	0		0
Total assets	(54,240.8)		(40,954.9)
Current liabilities:
Notes payable to banks	0		0
Current maturities of long-term debt	0		0
Accounts payable	0		0
Accrued excise taxes	0		0
Intercompany payable	(38,060.6)		(25,972.4)
Other accrued expenses and liabilities	(224.9)		(520.3)
Total current liabilities	(38,285.5)		(26,492.7)
Long-term debt, less current maturities	0		0
Deferred income taxes	0		0
Intercompany notes payable	(4,217.2)		(3,614.5)
Other liabilities	0		0
Total liabilities	(42,502.7)		(30,107.2)
Total CBI stockholders’ equity	(11,738.1)		(10,847.7)
Noncontrolling interests	0		0
Total stockholders’ equity	(11,738.1)		(10,847.7)
Total liabilities and stockholders’ equity	$ (54,240.8)		$ (40,954.9)

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Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details 1)	12 Months Ended
	Feb. 28, 2015
Minimum [Member] | Land improvements [Member]
Property, Plant and Equipment [Line Items]
Depreciable life in years	15 years
Minimum [Member] | Vineyards [Member]
Property, Plant and Equipment [Line Items]
Depreciable life in years	16 years
Minimum [Member] | Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Depreciable life in years	10 years
Minimum [Member] | Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Depreciable life in years	3 years
Minimum [Member] | Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Depreciable life in years	3 years
Maximum [Member] | Land improvements [Member]
Property, Plant and Equipment [Line Items]
Depreciable life in years	32 years
Maximum [Member] | Vineyards [Member]
Property, Plant and Equipment [Line Items]
Depreciable life in years	26 years
Maximum [Member] | Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Depreciable life in years	44 years
Maximum [Member] | Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Depreciable life in years	35 years
Maximum [Member] | Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Depreciable life in years	7 years

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Net Income Per Common Share Attributable to CBI (Tables)

12 Months Ended

Feb. 28, 2015

Earnings Per Share [Abstract]

Basic and diluted net income per common share attributable to CBI

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

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions, except per share data)
Net income attributable to CBI	$	839.3	$	1,943.1	$	387.8
Weighted average common shares outstanding – basic:
Class A Common Stock	169.325		164.687		158.658
Class B Convertible Common Stock	23.397		23.467		23.532
Weighted average common shares outstanding – diluted:
Class A Common Stock	169.325		164.687		158.658
Class B Convertible Common Stock	23.397		23.467		23.532
Stock-based awards, primarily stock options	8.502		9.416		8.117
Weighted average common shares outstanding – diluted	201.224		197.570		190.307
Net income per common share attributable to CBI – basic:
Class A Common Stock	$	4.40	$	10.45	$	2.15
Class B Convertible Common Stock	$	4.00	$	9.50	$	1.96
Net income per common share attributable to CBI – diluted:
Class A Common Stock	$	4.17	$	9.83	$	2.04
Class B Convertible Common Stock	$	3.83	$	9.04	$	1.87

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Goodwill (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014
Changes in the Carrying Amount of Goodwill [Rollforward]
Goodwill, beginning of period	$ 6,146.8	$ 2,722.3
Purchase accounting allocations	100.7	3,715.8
Impairment of goodwill		(278.7)
Foreign currency translation adjustments	(39.3)	(12.6)
Goodwill, end of period	6,208.2	6,146.8
Operating Segments [Member] | Beer [Member]
Changes in the Carrying Amount of Goodwill [Rollforward]
Goodwill, beginning of period	3,714.6	13.0
Purchase accounting allocations	66.7	3,702.8
Impairment of goodwill		0
Foreign currency translation adjustments	(5.1)	(1.2)
Goodwill, end of period	3,776.2	3,714.6
Operating Segments [Member] | Wine and Spirits [Member]
Changes in the Carrying Amount of Goodwill [Rollforward]
Goodwill, beginning of period	2,432.2	2,722.3
Purchase accounting allocations	34.0	0
Impairment of goodwill		(278.7)
Foreign currency translation adjustments	(34.2)	(11.4)
Goodwill, end of period	2,432.0	2,432.2
Consolidation and Eliminations [Member]
Changes in the Carrying Amount of Goodwill [Rollforward]
Goodwill, beginning of period	0	(13.0)
Purchase accounting allocations	0	13.0
Impairment of goodwill		0
Foreign currency translation adjustments	0	0
Goodwill, end of period	$ 0	$ 0

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Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015 stock_based_compensation_plan class_of_stock	Feb. 28, 2014	Feb. 28, 2013
Accounting Policies [Abstract]
Advertising expense	$ 406.1	$ 278.5	$ 121.9
Number of classes of outstanding common stock	2
Number of stock-based employee compensation plans	2

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Borrowings (Details 1) (USD $)	Feb. 28, 2015	Feb. 28, 2014
Required Principal Repayments Under Term Loans
2016	$ 158,100,000
2017	897,800,000
2018	893,100,000
2019	1,117,900,000
2020	744,500,000
Thereafter	3,485,600,000
Senior Credit Facility - Term Loans [Member]
Required Principal Repayments Under Term Loans
2016	139,200,000
2017	181,400,000
2018	181,400,000
2019	1,111,300,000
2020	243,200,000
Thereafter	935,600,000
Senior Credit Facility - Term Loans, Total	2,792,100,000	2,864,800,000
Senior Credit Facility - Term Loans [Member] | U.S. Term A Facility [Member]
Required Principal Repayments Under Term Loans
2016	38,700,000
2017	51,500,000
2018	51,500,000
2019	335,200,000
2020	0
Thereafter	0
Senior Credit Facility - Term Loans, Total	476,900,000
Senior Credit Facility - Term Loans [Member] | U.S. Term A-1 Facility [Member]
Required Principal Repayments Under Term Loans
2016	2,500,000
2017	2,500,000
2018	2,500,000
2019	2,400,000
2020	233,300,000
Thereafter	0
Senior Credit Facility - Term Loans, Total	243,200,000
Senior Credit Facility - Term Loans [Member] | U.S. Term A-2 Facility [Member]
Required Principal Repayments Under Term Loans
2016	50,600,000
2017	67,500,000
2018	67,500,000
2019	438,800,000
2020	0
Thereafter	0
Senior Credit Facility - Term Loans, Total	624,400,000
Senior Credit Facility - Term Loans [Member] | European Term A Facility [Member]
Required Principal Repayments Under Term Loans
2016	37,500,000
2017	50,000,000
2018	50,000,000
2019	325,000,000
2020	0
Thereafter	0
Senior Credit Facility - Term Loans, Total	462,500,000
Senior Credit Facility - Term Loans [Member] | European Term B-1 Facility [Member]
Required Principal Repayments Under Term Loans
2016	9,900,000
2017	9,900,000
2018	9,900,000
2019	9,900,000
2020	9,900,000
Thereafter	935,600,000
Senior Credit Facility - Term Loans, Total	$ 985,100,000

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Stock-Based Employee Compensation (Details 6) (Long Term Stock Incentive Plan [Member], USD $)	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Performance share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Grant-date fair value	$ 99.64	$ 57.88	$ 38.47
Performance Share Units, Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Grant-date fair value	$ 101.05	$ 66.33	$ 38.47
Grant-date price	$ 79.61	$ 48.89	$ 24.50
Performance period	3 years	3 years	2 years 10 months 24 days
Expected volatility	38.20%	38.70%	28.60%
Risk-free interest rate	0.80%	0.40%	0.50%
Expected dividend yield	0.00%	0.00%	0.00%

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Stockholders' Equity (Tables)

12 Months Ended

Feb. 28, 2015

Equity [Abstract]

Number of shares of common stock issued and treasury stock, and associated share activity

The number of shares of common stock issued and treasury stock, and associated share activity, are as follows:

	Common Stock					Treasury Stock
	Class A	Class B		Class 1		Class A		Class B
Balance at February 29, 2012	233,751,797	28,583,916		11,549		63,015,441		5,005,800
Share repurchases	—	—		—		17,994,466		—
Conversion of shares	78,496	(66,881	)	(11,615	)	—		—
Exercise of stock options	8,234,221	—		103		—		—
Employee stock purchases	—	—		—		(210,895	)	—
Grant of restricted stock awards	—	—		—		(18,190	)	—
Vesting of restricted stock units (1)	—	—		—		(42,664	)	—
Cancellation of restricted shares	—	—		—		61,140		—
Balance at February 28, 2013	242,064,514	28,517,035		37		80,799,298		5,005,800
Conversion of shares	80,507	(80,470	)	(37	)	—		—
Exercise of stock options	6,119,923	—		—		—		—
Employee stock purchases	—	—		—		(163,817	)	—
Grant of restricted stock awards	—	—		—		(12,375	)	—
Vesting of restricted stock units (1)	—	—		—		(121,539	)	—
Vesting of performance share units (2)	—	—		—		(309,653	)	—
Cancellation of restricted shares	—	—		—		33,661		—
Balance at February 28, 2014	248,264,944	28,436,565		—		80,225,575		5,005,800
Conversion of shares	46,957	(46,957	)	—		—		—
Exercise of stock options	2,527,458	—		—		—		—
Employee stock purchases	—	—		—		(117,301	)	—
Grant of restricted stock awards	—	—		—		(6,424	)	—
Vesting of restricted stock units (1)	—	—		—		(140,396	)	—
Vesting of performance share units (2)	—	—		—		(288,021	)	—
Cancellation of restricted shares	—	—		—		8,426		—
Balance at February 28, 2015	250,839,359	28,389,608		—		79,681,859		5,005,800

⁽¹⁾  Net of 101,499 shares, 96,767 shares and 23,836 shares withheld for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, respectively, to satisfy tax withholding requirements.

⁽²⁾  Net of 248,499 shares and 267,577 shares withheld for the years ended February 28, 2015, and February 28, 2014, respectively, to satisfy tax withholding requirements.

Shares repurchased

Shares repurchased are as follows:

			Class A Common Shares
	Repurchase Authorization		Dollar Value of Shares Repurchased		Number of Shares Repurchased	Average Price Per Share
(in millions, except share and per share data)
2012 Authorization (1)	$	500.0	$	500.0	25,204,747	$	19.84
2013 Authorization (2)	$	1,000.0	$	296.7	14,023,985	$	21.15

⁽¹⁾  During the year ended February 28, 2013, we repurchased 3,970,481 shares of Class A Common Stock at an aggregate cost of $86.3 million.

⁽²⁾  All share repurchases occurred during the year ended February 28, 2013.

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Acquisitions (Tables)

12 Months Ended

Feb. 28, 2015

Business Combinations [Abstract]

Allocation of estimated fair value to assets acquired and liabilities assumed

The following table summarizes the allocation of the estimated fair value of the Beer Business Acquisition to the separately identifiable assets acquired and liabilities assumed as of June 7, 2013:

(in millions)
Cash	$	106.8
Accounts receivable	193.7
Inventories	243.1
Prepaid expenses and other	103.9
Property, plant and equipment	698.9
Goodwill	3,715.8
Intangible assets	2,403.2
Other assets	0.3
Total assets acquired	7,465.7

Accounts payable	123.2
Accrued excise taxes	14.4
Other accrued expenses and liabilities	72.9
Deferred income taxes	66.4
Other liabilities	10.6
Total liabilities assumed	287.5
Total estimated fair value	7,178.2
Less – fair value of our preexisting 50% equity interest in Crown Imports	(1,845.0		)
Less – cash acquired	(106.8		)
Aggregate purchase price	$	5,226.4

Unaudited pro forma financial information

The unaudited pro forma financial information is based upon currently available information and upon certain assumptions that we believe are reasonable under the circumstances. The unaudited pro forma financial information does not purport to present what our results of operations would actually have been if the aforementioned transaction had in fact occurred on such date or at the beginning of the period indicated, nor does it project our financial position or results of operations at any future date or for any future period.

	For the Years Ended
	February 28, 2014		February 28, 2013
(in millions, except per share data)
Net sales	$	5,485.1	$	5,365.6
Income before income taxes	$	707.7	$	933.9
Net income attributable to CBI	$	398.6	$	675.4
Net income per common share attributable to CBI:
Basic – Class A Common Stock	$	2.14	$	3.75
Basic – Class B Convertible Common Stock	$	1.95	$	3.41
Diluted – Class A Common Stock	$	2.02	$	3.55
Diluted – Class B Convertible Common Stock	$	1.85	$	3.26
Weighted average common shares outstanding:
Basic – Class A Common Stock	164.687		158.658
Basic – Class B Convertible Common Stock	23.467		23.532
Diluted – Class A Common Stock	197.570		190.307
Diluted – Class B Convertible Common Stock	23.467		23.532

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Borrowings (Details 2) (USD $) In Millions, unless otherwise specified	Feb. 28, 2015
Required principal repayments under long-term debt obligations
2016	$ 158.1
2017	897.8
2018	893.1
2019	1,117.9
2020	744.5
Thereafter	3,485.6
Long-term debt, gross	$ 7,297.0

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Business Segment Information (Details Textual)	12 Months Ended
	Feb. 28, 2015 segment division
Segment Reporting [Abstract]
Number of business divisions	2
Number of reportable operating segments	3

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Intangible Assets (Details 1) (USD $) In Millions, unless otherwise specified	Feb. 28, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
2016	$ 39.9
2017	10.3
2018	5.4
2019	5.4
2020	5.4
Thereafter	$ 36.3

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Income Taxes (Details 5) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance as of March 1	$ 101.5	$ 100.6	$ 92.0
Increases as a result of tax positions taken during a prior period	0.1	2.3	1.3
Decreases as a result of tax positions taken during a prior period	(4.0)	(3.3)	(9.5)
Increases as a result of tax positions taken during the current period	7.7	11.1	19.5
Decreases related to settlements with tax authorities	(13.9)	(6.7)	(0.3)
Decreases related to lapse of applicable statute of limitations	(5.9)	(2.5)	(2.4)
Balance as of last day of February	$ 85.5	$ 101.5	$ 100.6

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Acquisitions (Details 1) (USD $) In Millions, except Share data in Thousands, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Class A Common Stock [Member]
Business Acquisition [Line Items]
Weighted average common shares outstanding - basic	169,325	164,687	158,658
Weighted average common shares outstanding - diluted	201,224	197,570	190,307
Class B Convertible Common Stock [Member]
Business Acquisition [Line Items]
Weighted average common shares outstanding - basic	23,397	23,467	23,532
Weighted average common shares outstanding - diluted	23,397	23,467	23,532
Beer Business Acquisition [Member]
Business Acquisition [Line Items]
Net sales		5,485.1	5,365.6
Income before income taxes		707.7	933.9
Net income attributable to CBI		398.6	675.4
Beer Business Acquisition [Member] | Class A Common Stock [Member]
Business Acquisition [Line Items]
Net income per common share attributable to CBI - basic		2.14	3.75
Net income per common share attributable to CBI - diluted		2.02	3.55
Beer Business Acquisition [Member] | Class B Convertible Common Stock [Member]
Business Acquisition [Line Items]
Net income per common share attributable to CBI - basic		1.95	3.41
Net income per common share attributable to CBI - diluted		1.85	3.26

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Accumulated Other Comprehensive Income (Loss) (Details 1) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Foreign Currency Translation Adjustments
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	$ (191.0)	$ (66.8)	$ (37.4)
Net Unrealized Gains (Losses) on Derivative Instruments
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(20.2)	11.3	0.3
Net Unrealized Gains (Losses) on AFS Debt Securities
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(1.0)	(2.9)	0.4
Pension/ Postretirement Adjustments
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(6.0)	12.3	(4.9)
Balance, February 28, 2014, Accumulated Other Comprehensive Income (Loss)	86.0
Other comprehensive loss, net of income tax effect	(218.2)	(46.1)	(41.6)
Balance, February 28, 2015, Accumulated Other Comprehensive Income (Loss)	(130.9)	86.0
Accumulated Other Comprehensive Income (Loss) [Member]
Foreign Currency Translation Adjustments
Balance, February 28, 2014, Foreign Currency Translation Adjustments	103.6
Other comprehensive income (loss) before reclassification adjustments, Foreign Currency Translation Adjustments	(189.7)	(66.8)	(37.4)
Amounts reclassified from accumulated other comprehensive income (loss), Foreign Currency Translation Adjustments	0	0	0
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(189.7)	(66.8)	(37.4)
Balance, February 28, 2015, Foreign Currency Translation Adjustments	(86.1)	103.6
Net Unrealized Gains (Losses) on Derivative Instruments
Balance, February 28, 2014, Net Unrealized Gains (Losses) on Derivative Instruments	(8.9)
Other comprehensive income (loss) before reclassification adjustments, Net Unrealized Gains (Losses) on Derivative Instruments	(24.0)	7.1	(2.5)
Amounts reclassified from accumulated other comprehensive income (loss), Net Unrealized Gains (Losses) on Derivative Instruments	3.8	4.2	2.8
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(20.2)	11.3	0.3
Balance, February 28, 2015, Net Unrealized Gains (Losses) on Derivative Instruments	(29.1)	(8.9)
Net Unrealized Gains (Losses) on AFS Debt Securities
Balance, February 28, 2014, Net Unrealized Gains (Losses) on AFS Debt Securities	(1.5)
Other comprehensive income (loss) before reclassification adjustments, Net Unrealized Gains (Losses) on AFS Debt Securities	(1.0)	(3.1)	0.4
Amounts reclassified from accumulated other comprehensive income (loss), Net Unrealized Gains (Losses) on AFS Debt Securities	0	0.2	0
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(1.0)	(2.9)	0.4
Balance, February 28, 2015, Net Unrealized Gains (Losses) on AFS Debt Securities	(2.5)	(1.5)
Pension/ Postretirement Adjustments
Balance, February 28, 2014, Pension/Postretirement Adjustments	(7.2)
Other comprehensive income (loss) before reclassification adjustments, Pension/Postretirement Adjustments	(6.0)	11.4	(5.5)
Amounts reclassified from accumulated other comprehensive income (loss), Pension/Postretirement Adjustments	0	0.9	0.6
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(6.0)	12.3	(4.9)
Balance, February 28, 2015, Pension/Postretirement Adjustments	(13.2)	(7.2)
Balance, February 28, 2014, Accumulated Other Comprehensive Income (Loss)	86.0
Other comprehensive income (loss) before reclassification adjustments, Accumulated Other Comprehensive Income (Loss)	(220.7)
Amounts reclassified from accumulated other comprehensive income (loss), Accumulated Other Comprehensive Income (Loss)	3.8
Other comprehensive loss, net of income tax effect	(216.9)	(46.1)	(41.6)
Balance, February 28, 2015, Accumulated Other Comprehensive Income (Loss)	$ (130.9)	$ 86.0

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Other Accrued Expenses and Liabilities (Details) (USD $) In Millions, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Components of other accrued expenses and liabilities
Salaries, commissions, and payroll benefits and withholdings	$ 124.4	$ 118.7
Promotions and advertising	104.2	103.1
Derivative liabilities	85.8	20.9
Accrued interest	67.9	56.9
Deferred revenue	53.4	52.8
Income taxes payable	48.2	45.4
Beer Business Acquisition payable	0	555.7
Other	121.8	102.1
Total	$ 605.7	$ 1,055.6

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Income Taxes (Details 2) (USD $) In Millions, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Deferred tax assets
Stock-based compensation	$ 51.9	$ 47.3
Net operating losses	13.3	9.1
Insurance accruals	3.4	3.8
Derivative instruments	3.4	0
Employee benefits	2.7	2.6
Other accruals	50.6	55.3
Gross deferred tax assets	125.3	118.1
Valuation allowances	(35.3)	(27.7)
Deferred tax assets, net	90.0	90.4
Deferred tax liabilities
Intangible assets	(517.9)	(456.3)
Property, plant and equipment	(263.2)	(285.9)
Provision for unremitted earnings	(72.6)	(62.2)
Investments in equity method investees	(25.1)	(24.0)
Inventory	(1.1)	(4.9)
Derivative instruments	0	(0.1)
Total deferred tax liabilities	(879.9)	(833.4)
Deferred tax liabilities, net	$ (789.9)	$ (743.0)

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Borrowings (Details Textual 1) (USD $)	0 Months Ended	12 Months Ended
	Apr. 30, 2012	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Derivative [Line Items]
Derivative fixed average interest rate	2.80%
LIBOR [Member]
Derivative [Line Items]
Floating LIBOR rate debt	500,000,000
Cash flow hedging [Member]
Derivative [Line Items]
Net losses reclassified from AOCI to interest expense		(3,900,000)	(4,000,000)	(3,100,000)
Interest rate swap contracts [Member] | Cash flow hedging [Member] | Interest expense [Member]
Derivative [Line Items]
Net losses reclassified from AOCI to interest expense		(8,300,000)	(8,200,000)	(8,000,000)
Interest rate swap contracts [Member] | Designated as hedging instrument [Member]
Derivative [Line Items]
Notional value of interest rate swap agreements		500,000,000	500,000,000
Interest rate swap contracts [Member] | Designated as hedging instrument [Member] | Cash flow hedging [Member]
Derivative [Line Items]
Notional value of interest rate swap agreements	500,000,000.0
Interest rate swap contracts [Member] | Not designated as hedging instrument [Member]
Derivative [Line Items]
Notional value of interest rate swap agreements	500,000,000.0	$ 1,000,000,000	$ 1,000,000,000

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Income Taxes (Details 3) (USD $) In Millions, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Amounts recognized in balance sheets
Current deferred tax assets	$ 25.4	$ 20.4
Long-term deferred tax assets	4.4	0
Current deferred tax liabilities	(0.8)	(0.8)
Long-term deferred tax liabilities	(818.9)	(762.6)
Deferred tax liabilities, net	$ (789.9)	$ (743.0)

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Borrowings (Details) (USD $)	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Jun. 07, 2013	Aug. 15, 2006	Jan. 31, 2008	Dec. 05, 2007	Apr. 17, 2012	May 14, 2013	Nov. 03, 2014	May 27, 2014
Short-term Debt
Notes payable to banks, Current	$ 52,400,000	$ 57,200,000
Notes payable to banks, Long-term	0
Notes payable to banks, Total	52,400,000	57,200,000
Long-term Debt
Other, Current	18,900,000
Other, Long-term	136,000,000
Other, Total	154,900,000	51,200,000	13,000,000
Long-term debt, Current	158,100,000	590,000,000
Long-term debt, Long-term	7,137,500,000	6,373,300,000
Long-term debt, Total	7,295,600,000	6,963,300,000
Maximum borrowing amount under credit facility	3,712,300,000
Senior Credit Facility - Term Loans [Member]
Long-term Debt
Senior Credit Facility - Term Loans, Current	139,200,000
Senior Credit Facility - Term Loans, Long-term	2,652,900,000
Senior Credit Facility - Term Loans, Total	2,792,100,000	2,864,800,000
Senior Credit Facility - Term Loans [Member] | U.S. Term A Facility [Member]
Long-term Debt
Senior Credit Facility - Term Loans, Total	476,900,000
Maximum borrowing amount under credit facility	496,300,000
Interest rate	1.90%
LIBOR margin	1.75%
Senior Credit Facility - Term Loans [Member] | U.S. Term A-1 Facility [Member]
Long-term Debt
Senior Credit Facility - Term Loans, Total	243,200,000
Maximum borrowing amount under credit facility	245,000,000
Interest rate	2.20%
LIBOR margin	2.00%
Senior Credit Facility - Term Loans [Member] | U.S. Term A-2 Facility [Member]
Long-term Debt
Senior Credit Facility - Term Loans, Total	624,400,000
Maximum borrowing amount under credit facility	649,700,000		675,000,000.0
Interest rate	2.00%
LIBOR margin	1.75%
Senior Credit Facility - Term Loans [Member] | European Term A Facility [Member]
Long-term Debt
Senior Credit Facility - Term Loans, Total	462,500,000
Maximum borrowing amount under credit facility	481,300,000		500,000,000.0
Interest rate	2.00%
LIBOR margin	1.75%
Senior Credit Facility - Term Loans [Member] | European Term B-1 Facility [Member]
Long-term Debt
Senior Credit Facility - Term Loans, Total	985,100,000
Maximum borrowing amount under credit facility	990,000,000
Interest rate	2.00%
LIBOR margin	1.75%
Senior Notes [Member]
Long-term Debt
Senior Notes, Current	0
Senior Notes, Long-term	4,348,600,000
Senior Notes, Total	4,348,600,000	4,047,300,000
Percentage of outstanding principal amount as redemption price	100.00%
Basis points above adjusted treasury rate	50.00%
Senior Notes [Member] | August 2006 Senior Notes [Member]
Long-term Debt
Senior Notes, Total	698,600,000	697,800,000
Aggregate principal amount of notes				700,000,000
Coupon rate of notes				7.25%
Senior Notes [Member] | May 2007 Senior Notes [Member]
Long-term Debt
Senior Notes, Total	700,000,000	700,000,000
Aggregate principal amount of notes					700,000,000
Coupon rate of notes					7.25%
Senior Notes [Member] | December 2007 Senior Notes [Member]
Long-term Debt
Senior Notes, Total	0	499,500,000
Aggregate principal amount of notes						500,000,000
Coupon rate of notes						8.375%
Senior Notes [Member] | April 2012 Senior Notes [Member]
Long-term Debt
Senior Notes, Total	600,000,000	600,000,000
Aggregate principal amount of notes							600,000,000
Coupon rate of notes							6.00%
Senior Notes [Member] | May 2013 Eight Year Senior Notes [Member]
Long-term Debt
Senior Notes, Total	500,000,000	500,000,000
Aggregate principal amount of notes								500,000,000
Coupon rate of notes								3.75%
Senior Notes [Member] | May 2013 Ten Year Senior Notes [Member]
Long-term Debt
Senior Notes, Total	1,050,000,000	1,050,000,000
Aggregate principal amount of notes								1,050,000,000
Coupon rate of notes								4.25%
Senior Notes [Member] | November 2014 Five Year Senior Notes [Member]
Long-term Debt
Senior Notes, Total	400,000,000	0
Aggregate principal amount of notes									400,000,000
Coupon rate of notes									3.875%
Senior Notes [Member] | November 2014 Ten Year Senior Notes [Member]
Long-term Debt
Senior Notes, Total	400,000,000	0
Aggregate principal amount of notes									400,000,000
Coupon rate of notes									4.75%
Senior Credit Facility - Revolving Credit Loans [Member]
Short-term Debt
Notes payable to banks, Current	0
Notes payable to banks, Long-term	0
Notes payable to banks, Total	0	0
Long-term Debt
Maximum borrowing amount under credit facility	850,000,000									850,000,000.0
Interest rate	0.00%
LIBOR margin	1.75%
Remaining borrowing capacity	835,600,000
Senior Credit Facility - Revolving Credit Loans [Member] | U.S. Revolving Credit Facility [Member]
Long-term Debt
Maximum borrowing amount under credit facility	425,000,000.0
Senior Credit Facility - Revolving Credit Loans [Member] | European Revolving Credit Facility [Member]
Long-term Debt
Maximum borrowing amount under credit facility	425,000,000.0
Letters of Credit [Member]
Long-term Debt
Maximum borrowing amount under credit facility	200,000,000.0
Outstanding letters of credit	14,400,000
Other [Member]
Short-term Debt
Notes payable to banks, Current	52,400,000
Notes payable to banks, Long-term	0
Notes payable to banks, Total	52,400,000	57,200,000
Other [Member] | CBI accounts receivable securitization facility [Member]
Short-term Debt
Notes payable to banks, Current	0
Long-term Debt
Interest rate	0.00%
Remaining borrowing capacity	275,000,000
Other [Member] | Crown accounts receivable securitization facility [Member]
Short-term Debt
Notes payable to banks, Current	0
Long-term Debt
Interest rate	0.00%
Remaining borrowing capacity	$ 100,000,000

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Goodwill (Details Textual) (Operating Segments [Member], Wine and Spirits [Member], USD $) In Millions, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Operating Segments [Member] | Wine and Spirits [Member]
Goodwill [Line Items]
Accumulated impairment losses	$ 231.0	$ 261.3

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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Feb. 28, 2015

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):

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

	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Year Ended February 28, 2013
Other comprehensive income (loss):
Foreign currency translation adjustments:
Net losses	$	(46.9	)	$	9.5		$	(37.4	)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(46.9		)	9.5			(37.4		)
Unrealized gain on cash flow hedges:
Net derivative losses	(4.9		)	2.4			(2.5		)
Reclassification adjustments	6.2			(3.4		)	2.8
Net gain recognized in other comprehensive loss	1.3			(1.0		)	0.3
Unrealized gain on AFS debt securities:
Net AFS debt securities gains	0.7			(0.3		)	0.4
Reclassification adjustments	—			—			—
Net gain recognized in other comprehensive loss	0.7			(0.3		)	0.4
Pension/postretirement adjustments:
Net actuarial losses	(7.4		)	1.9			(5.5		)
Reclassification adjustments	0.8			(0.2		)	0.6
Net loss recognized in other comprehensive loss	(6.6		)	1.7			(4.9		)
Other comprehensive loss	$	(51.5	)	$	9.9		$	(41.6	)
For the Year Ended February 28, 2014
Other comprehensive income (loss):
Foreign currency translation adjustments:
Net losses	$	(63.2	)	$	(3.6	)	$	(66.8	)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(63.2		)	(3.6		)	(66.8		)
Unrealized gain on cash flow hedges:
Net derivative gains	9.8			(2.7		)	7.1
Reclassification adjustments	7.8			(3.6		)	4.2
Net gain recognized in other comprehensive loss	17.6			(6.3		)	11.3
Unrealized loss on AFS debt securities:
Net AFS debt securities losses	(2.8		)	(0.3		)	(3.1		)
Reclassification adjustments	(0.1		)	0.3			0.2
Net loss recognized in other comprehensive loss	(2.9		)	—			(2.9		)
Pension/postretirement adjustments:
Net actuarial gains	15.4			(4.0		)	11.4
Reclassification adjustments	1.1			(0.2		)	0.9
Net gain recognized in other comprehensive loss	16.5			(4.2		)	12.3
Other comprehensive loss	$	(32.0	)	$	(14.1	)	$	(46.1	)

	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Year Ended February 28, 2015
Other comprehensive loss:
Foreign currency translation adjustments:
Net losses	$	(203.3	)	$	13.6		$	(189.7	)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(203.3		)	13.6			(189.7		)
Unrealized loss on cash flow hedges:
Net derivative losses	(33.6		)	9.6			(24.0		)
Reclassification adjustments	6.8			(3.0		)	3.8
Net loss recognized in other comprehensive loss	(26.8		)	6.6			(20.2		)
Unrealized loss on AFS debt securities:
Net AFS debt securities losses	(1.0		)	—			(1.0		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(1.0		)	—			(1.0		)
Pension/postretirement adjustments:
Net actuarial losses	(8.1		)	2.1			(6.0		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(8.1		)	2.1			(6.0		)
Other comprehensive loss	$	(239.2	)	$	22.3		$	(216.9	)

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

	Foreign Currency Translation Adjustments			Net Unrealized Losses on Derivative Instruments			Net Unrealized Losses on AFS Debt Securities			Pension/ Postretirement Adjustments			Accumulated Other Comprehensive Income (Loss)
(in millions)
Balance, February 28, 2014	$	103.6		$	(8.9	)	$	(1.5	)	$	(7.2	)	$	86.0
Other comprehensive loss:
Other comprehensive loss before reclassification adjustments	(189.7		)	(24.0		)	(1.0		)	(6.0		)	(220.7		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			3.8			—			—			3.8
Other comprehensive loss	(189.7		)	(20.2		)	(1.0		)	(6.0		)	(216.9		)
Balance, February 28, 2015	$	(86.1	)	$	(29.1	)	$	(2.5	)	$	(13.2	)	$	(130.9	)

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Significant Customers and Concentration of Credit Risk (Tables)

12 Months Ended

Feb. 28, 2015

Risks and Uncertainties [Abstract]

Net sales and accounts receivable from major customers

Net sales to individual customers which amount to 10% or more of our net sales, and associated amounts receivable from these customers as a percentage of our accounts receivable, are as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
Southern Wine and Spirits
Net sales	15.4	%	18.4	%	30.0	%
Accounts receivable	24.4	%	26.6	%	34.5	%
Republic National Distributing Company
Net sales	7.6	%	9.7	%	15.6	%
Accounts receivable	11.5	%	13.9	%	18.7	%

Net sales for the above customers are primarily reported within the Wine and Spirits segment.

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Other Accrued Expenses and Liabilities (Tables)

12 Months Ended

Feb. 28, 2015

Payables and Accruals [Abstract]

Components of other accrued expenses and liabilities

The major components of other accrued expenses and liabilities are as follows:

	February 28, 2015		February 28, 2014
(in millions)
Salaries, commissions, and payroll benefits and withholdings	$	124.4	$	118.7
Promotions and advertising	104.2		103.1
Derivative liabilities	85.8		20.9
Accrued interest	67.9		56.9
Deferred revenue	53.4		52.8
Income taxes payable	48.2		45.4
Beer Business Acquisition payable	—		555.7
Other	121.8		102.1
	$	605.7	$	1,055.6

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Equity Method Investments (Details Textual) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2015
Schedule of Equity Method Investments [Line Items]
Investments in equity method investees	$ 73.3	$ 243.6	$ 73.5
Crown Imports [Member]
Schedule of Equity Method Investments [Line Items]
Cash distributions received	30.3	230.2
Opus One [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			50.00%
Investments in equity method investees	$ 63.5		$ 64.7

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Stockholders' Equity (Details Textual) (USD $)	12 Months Ended	1 Months Ended
	Feb. 28, 2015	Apr. 30, 2015	Apr. 30, 2011	Apr. 30, 2012
Class of Stock [Line Items]
Number of classes of outstanding common stock	2
Class B Convertible Common Stock [Member]
Class of Stock [Line Items]
Common stock, conversion features	convertible into shares of Class A Common Stock on a one-to-one basis
Common stock, voting rights	ten votes per share
Class B Convertible Common Stock [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Quarterly cash dividend declared		$ 0.28
Class A Common Stock [Member]
Class of Stock [Line Items]
Common stock, voting rights	one vote per share
Common stock, dividend rights	10.00%
Class A Common Stock [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Quarterly cash dividend declared		$ 0.31
Class 1 Common Stock [Member]
Class of Stock [Line Items]
Common stock, conversion features	convertible into shares of Class A Common Stock on a one-to-one basis
Common stock, voting rights	generally have no voting rights
Class 1 Common Stock [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Quarterly cash dividend declared		$ 0.28
Class A and Class B [Member] | 2012 Authorization [Member]
Class of Stock [Line Items]
Maximum authorized repurchase of common stock			$ 500,000,000.0
Class A and Class B [Member] | 2013 Authorization [Member]
Class of Stock [Line Items]
Maximum authorized repurchase of common stock				$ 1,000,000,000.0

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Derivative Instruments (Tables)

12 Months Ended

Feb. 28, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Aggregate notional value of outstanding derivative instruments

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

	February 28, 2015		February 28, 2014
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts	$	454.8	$	636.6
Interest rate swap contracts	$	500.0	$	500.0
Derivative instruments not designated as hedging instruments
Foreign currency contracts	$	1,548.5	$	643.8
Commodity derivative contracts	$	190.8	$	88.0
Interest rate swap contracts (see Note 12)	$	1,000.0	$	1,000.0

Fair value and location of derivative instruments on our balance sheets

The estimated fair value and location of our derivative instruments on our balance sheets are as follows (see Note 7):

Assets					Liabilities
	February 28, 2015		February 28, 2014			February 28, 2015		February 28, 2014
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	5.3	$	11.2	Other accrued expenses and liabilities	$	23.1	$	3.2
Other assets	$	2.0	$	4.4	Other liabilities	$	9.5	$	0.7
Interest rate swap contracts:
Prepaid expenses and other	$	—	$	—	Other accrued expenses and liabilities	$	2.7	$	3.4
Other assets	$	0.2	$	—	Other liabilities	$	—	$	0.7
Derivative instruments not designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	27.3	$	3.3	Other accrued expenses and liabilities	$	26.4	$	0.9
Commodity derivative contracts:
Prepaid expenses and other	$	0.5	$	1.3	Other accrued expenses and liabilities	$	18.0	$	0.1
Other assets	$	0.2	$	0.2	Other liabilities	$	9.4	$	0.4
Interest rate swap contracts:
Prepaid expenses and other	$	3.3	$	3.5	Other accrued expenses and liabilities	$	15.6	$	13.3
Other assets	$	—	$	0.9	Other liabilities	$	4.9	$	15.5

Effect of derivative instruments on our statements of income

The effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, as well as Other Comprehensive Income (“OCI”), net of income tax effect, is as follows:

Derivative Instruments in Designated Cash Flow Hedging Relationships	Net Gain (Loss) Recognized in OCI (Effective portion)			Location of Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)
(in millions)
For the Year Ended February 28, 2015
Foreign currency contracts	$	(19.3	)	Sales	$	1.8
Foreign currency contracts	(3.6		)	Cost of product sold	2.6
Interest rate swap contracts	(1.1		)	Interest expense	(8.3		)
	$	(24.0	)		$	(3.9	)
For the Year Ended February 28, 2014
Foreign currency contracts	$	5.6		Sales	$	3.5
Foreign currency contracts	2.2			Cost of product sold	0.7
Interest rate swap contracts	(0.7		)	Interest expense	(8.2		)
	$	7.1			$	(4.0	)
For the Year Ended February 28, 2013
Foreign currency contracts	$	3.1		Sales	$	2.4
Foreign currency contracts	—			Cost of product sold	2.0
Commodity derivative contracts	0.7			Cost of product sold	0.5
Interest rate swap contracts	(6.3		)	Interest expense	(8.0		)
	$	(2.5	)		$	(3.1	)

Derivative Instruments in Designated Cash Flow Hedging Relationships	Location of Net Gain (Loss) Recognized in Income (Ineffective portion)	Net Gain (Loss) Recognized in Income (Ineffective portion)
(in millions)
For the Year Ended February 28, 2015
Foreign currency contracts	Selling, general and administrative expenses	$	0.1
For the Year Ended February 28, 2014
Foreign currency contracts	Selling, general and administrative expenses	$	(0.3	)
Commodity derivative contracts	Selling, general and administrative expenses	0.1
		$	(0.2	)
For the Year Ended February 28, 2013
Foreign currency contracts	Selling, general and administrative expenses	$	0.3

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

Derivative Instruments not Designated as Hedging Instruments	Location of Net Gain (Loss) Recognized in Income	Net Gain (Loss) Recognized in Income
(in millions)
For the Year Ended February 28, 2015
Commodity derivative contracts	Cost of product sold	$	(32.7	)
Foreign currency contracts	Selling, general and administrative expenses	(2.5		)
Interest rate swap contracts	Interest expense	(0.1		)
		$	(35.3	)
For the Year Ended February 28, 2014
Commodity derivative contracts	Cost of product sold	$	1.5
Foreign currency contracts	Selling, general and administrative expenses	(3.4		)
Interest rate swap contracts	Interest expense	(0.2		)
		$	(2.1	)
For the Year Ended February 28, 2013
Foreign currency contracts	Selling, general and administrative expenses	$	(3.8	)
Interest rate swap contracts	Interest expense	(0.5		)
		$	(4.3	)

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Business Segment Information (Tables)

12 Months Ended

Feb. 28, 2015

Segment Reporting [Abstract]

Unusual items

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

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
(in millions)
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts	$	(32.7	)	$	1.5		$	—
Amortization of favorable interim supply agreement	(28.4		)	(6.0		)	—
Settlements of undesignated commodity derivative contracts	4.4			(0.5		)	—
Flow through of inventory step-up	—			(11.0		)	(7.8		)
Other losses	(2.8		)	—			—
Total cost of product sold	(59.5		)	(16.0		)	(7.8		)
Selling, general and administrative expenses
Transaction, integration and other acquisition-related costs	(30.5		)	(51.5		)	(27.7		)
Other gains (losses)	7.2			(4.2		)	1.7
Total selling, general and administrative expenses	(23.3		)	(55.7		)	(26.0		)
Impairment of goodwill and intangible assets	—			(300.9		)	—
Gain on remeasurement to fair value of equity method investment	—			1,642.0			—
Unusual Items, Operating income (loss)	$	(82.8	)	$	1,269.4		$	(33.8	)

Segment information

Segment information is as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
(in millions)
Beer
Net sales	$	3,188.6		$	2,835.6		$	2,588.1
Segment operating income	$	1,017.8		$	772.9		$	448.0
Long-lived tangible assets	$	1,485.6		$	801.3		$	8.8
Total assets	$	8,289.1		$	7,420.8		$	440.5
Capital expenditures	$	587.3		$	137.3		$	1.3
Depreciation and amortization	$	45.4		$	29.6		$	2.5
Wine and Spirits
Net sales:
Wine	$	2,523.4		$	2,554.2		$	2,495.8
Spirits	316.0			291.3			300.3
Net sales	$	2,839.4		$	2,845.5		$	2,796.1
Segment operating income	$	674.3		$	637.8		$	650.2
Equity in earnings of equity method investees	$	21.5		$	17.6		$	13.0
Long-lived tangible assets	$	1,071.8		$	1,097.4		$	1,100.5
Investments in equity method investees	$	73.5		$	73.3		$	74.3
Total assets	$	6,508.2		$	6,515.5		$	6,921.8
Capital expenditures	$	96.8		$	71.7		$	53.6
Depreciation and amortization	$	100.0		$	96.7		$	91.6
Corporate Operations and Other
Segment operating loss	$	(109.1	)	$	(99.8	)	$	(93.5	)
Long-lived tangible assets	$	124.2		$	115.6		$	128.5
Total assets	$	347.2		$	365.8		$	547.0
Capital expenditures	$	35.3		$	14.8		$	8.5
Depreciation and amortization	$	28.2		$	23.5		$	23.8
Unusual Items
Operating income (loss)	$	(82.8	)	$	1,269.4		$	(33.8	)
Equity in losses of equity method investees	$	—		$	(0.1	)	$	(1.0	)
Depreciation and amortization	$	28.4		$	6.0		$	—
Consolidation and Eliminations
Net sales	$	—		$	(813.4	)	$	(2,588.1	)
Operating income	$	—		$	(142.6	)	$	(448.0	)
Equity in earnings of Crown Imports	$	—		$	70.3		$	221.1
Long-lived tangible assets	$	—		$	—		$	(8.8	)
Investments in equity method investees	$	—		$	—		$	169.3
Total assets	$	—		$	—		$	(271.2	)
Capital expenditures	$	—		$	(0.3	)	$	(1.3	)
Depreciation and amortization	$	—		$	(0.5	)	$	(2.5	)

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions)
Consolidated
Net sales	$	6,028.0	$	4,867.7	$	2,796.1
Operating income	$	1,500.2	$	2,437.7	$	522.9
Equity in earnings of equity method investees	$	21.5	$	87.8	$	233.1
Long-lived tangible assets	$	2,681.6	$	2,014.3	$	1,229.0
Investments in equity method investees	$	73.5	$	73.3	$	243.6
Total assets	$	15,144.5	$	14,302.1	$	7,638.1
Capital expenditures	$	719.4	$	223.5	$	62.1
Depreciation and amortization	$	202.0	$	155.3	$	115.4

Geographic data

Geographic data is as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions)
Net sales
U.S.	$	5,360.0	$	4,169.8	$	2,114.5
Non-U.S. (primarily Canada)	668.0		697.9		681.6
Total	$	6,028.0	$	4,867.7	$	2,796.1

	February 28, 2015		February 28, 2014
(in millions)
Long-lived tangible assets
U.S.	$	909.7	$	901.6
Non-U.S. (primarily Mexico)	1,771.9		1,112.7
Total	$	2,681.6	$	2,014.3

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Fair Value of Financial Instruments (Details 1) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013	Aug. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, Total Losses		$ 278.7
Impairment of goodwill and intangible assets	0	300.9	0
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, Total Losses		278.7
Impairment of goodwill and intangible assets		300.9
Nonrecurring [Member] | Trademarks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trademarks, Total Losses		22.2
Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill				0
Total nonrecurring fair value measurements				0
Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Trademarks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trademarks				0
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill				0
Total nonrecurring fair value measurements				0
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Trademarks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trademarks				0
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill				159.6
Total nonrecurring fair value measurements				227.9
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Trademarks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trademarks				$ 68.3

XML

Significant Customers and Concentration of Credit Risk (Details Textual) (Customer concentration risk [Member])	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Concentration Risk [Line Items]
Concentration risk, Additional Characteristic	10% or more of our net sales	10% or more of our net sales	10% or more of our net sales
Net sales [Member]
Concentration Risk [Line Items]
Concentration risk, Additional Characteristic	five largest customers	five largest customers	five largest customers
Concentration risk, Percentage	33.70%	36.60%	57.80%

XML

Property, Plant and Equipment (Details) (USD $) In Millions, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Components of property, plant and equipment
Property, plant and equipment, gross	$ 3,731.8	$ 2,939.0
Less – Accumulated depreciation	(1,050.2)	(924.7)
Property, plant and equipment	2,681.6	2,014.3	1,229.0
Land and land improvements [Member]
Components of property, plant and equipment
Property, plant and equipment, gross	350.1	334.0
Vineyards [Member]
Components of property, plant and equipment
Property, plant and equipment, gross	230.2	220.1
Buildings and improvements [Member]
Components of property, plant and equipment
Property, plant and equipment, gross	580.3	519.5
Machinery and equipment [Member]
Components of property, plant and equipment
Property, plant and equipment, gross	1,828.4	1,585.9
Motor vehicles [Member]
Components of property, plant and equipment
Property, plant and equipment, gross	73.2	48.5
Construction in progress [Member]
Components of property, plant and equipment
Property, plant and equipment, gross	$ 669.6	$ 231.0

XML

Stock-Based Employee Compensation (Tables)

12 Months Ended

Feb. 28, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Total compensation cost and income tax benefits recognized

Total compensation cost and income tax benefits recognized for our stock-based awards are as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions)
Total compensation cost recognized in our results of operations	$	55.0	$	49.9	$	40.8
Total income tax benefit recognized in our results of operations	$	18.7	$	17.1	$	13.8
Total compensation cost capitalized in inventory on our balance sheets	$	3.7	$	4.2	$	4.1

Stock option activity

A summary of stock option activity, primarily under our Long-Term Stock Incentive Plan, is as follows:

	For the Years Ended
	February 28, 2015				February 28, 2014				February 28, 2013
	Number of Options		Weighted Average Exercise Price		Number of Options		Weighted Average Exercise Price		Number of Options		Weighted Average Exercise Price
Outstanding as of March 1	15,314,074		$	21.82	20,264,078		$	19.48	26,931,297		$	19.03
Granted	881,584		$	79.86	1,284,500		$	48.79	1,980,260		$	24.65
Exercised	(2,527,458	)	$	22.02	(6,119,923	)	$	19.63	(8,234,324	)	$	19.18
Forfeited	(52,779	)	$	42.79	(103,497	)	$	28.86	(207,945	)	$	17.81
Expired	(1,806	)	$	19.55	(11,084	)	$	18.79	(205,210	)	$	24.11
Outstanding as of last day of February	13,613,615		$	25.46	15,314,074		$	21.82	20,264,078		$	19.48
Exercisable	10,499,030		$	19.45	10,913,019		$	18.91	13,697,345		$	19.66

Stock options outstanding

The following table summarizes information about stock options outstanding at February 28, 2015:

Range of Exercise Prices	Number of Options	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Aggregate Intrinsic Value
$11.85 – $18.27	4,108,263	4.5 years	$	13.86
$19.12 – $24.13	5,050,246	3.9 years	$	20.28
$24.50 – $53.41	3,584,802	6.0 years	$	32.84
$79.61 – $88.13	870,304	9.2 years	$	79.86
Options outstanding	13,613,615	5.0 years	$	25.46	$	1,215,154,306
Options exercisable	10,499,030	4.1 years	$	19.45	$	1,000,201,795

Fair value of stock options vested, intrinsic value and tax benefit from stock options exercised

The fair value of stock options vested, and the intrinsic value of and tax benefit realized from the exercise of stock options, are as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
Fair value of stock options vested	$	19,644,551	$	20,457,096	$	22,421,290
Intrinsic value of stock options exercised	$	185,751,055	$	235,540,914	$	95,033,640
Tax benefit realized from stock options exercised	$	62,165,063	$	61,354,379	$	25,274,158

Fair value of options, weighted average valuation assumptions

The weighted average grant-date fair value of stock options granted and the weighted average assumptions used to estimate the fair value on the date of grant using the Black-Scholes option-pricing model are as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
Grant-date fair value	$	27.77		$	16.88		$	8.39
Expected life (1)	5.9 years			5.9 years			6.0 years
Expected volatility (2)	32.4		%	34.8		%	32.7		%
Risk-free interest rate (3)	2.1		%	0.9		%	1.4		%
Expected dividend yield	0.0		%	0.0		%	0.0		%

⁽¹⁾  Based on historical experience of employees’ exercise behavior for similar type awards.

⁽²⁾  Based primarily on historical volatility levels of our Class A Common Stock.

⁽³⁾  Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the expected life.

Restricted stock activity

A summary of restricted Class A Common Stock activity under our Long-Term Stock Incentive Plan is as follows:

	For the Years Ended
	February 28, 2015				February 28, 2014				February 28, 2013
Restricted Stock Awards	Number of Restricted Stock Awards		Weighted Average Grant-Date Fair Value		Number of Restricted Stock Awards		Weighted Average Grant-Date Fair Value		Number of Restricted Stock Awards		Weighted Average Grant-Date Fair Value
Outstanding balance as of March 1, Nonvested	408,744		$	20.18	1,128,024		$	17.16	1,797,888		$	16.72
Granted	6,424		$	87.13	12,375		$	50.90	18,190		$	30.14
Vested	(289,688	)	$	20.90	(697,994	)	$	15.90	(626,914	)	$	16.26
Forfeited	(8,426	)	$	20.43	(33,661	)	$	19.00	(61,140	)	$	17.44
Outstanding balance as of last day of February, Nonvested	117,054		$	25.15	408,744		$	20.18	1,128,024		$	17.16
	For the Years Ended
	February 28, 2015				February 28, 2014				February 28, 2013
Restricted Stock Units	Number of Restricted Stock Units		Weighted Average Grant-Date Fair Value		Number of Restricted Stock Units		Weighted Average Grant-Date Fair Value		Number of Restricted Stock Units		Weighted Average Grant-Date Fair Value
Outstanding balance as of March 1, Nonvested	1,104,580		$	39.87	721,503		$	23.65	203,082		$	17.01
Granted	250,923		$	80.72	656,710		$	50.74	609,080		$	25.08
Vested	(241,895	)	$	32.34	(218,306	)	$	21.30	(66,500	)	$	16.69
Forfeited	(49,882	)	$	41.05	(55,327	)	$	30.58	(24,159	)	$	23.31
Outstanding balance as of last day of February, Nonvested	1,063,726		$	51.16	1,104,580		$	39.87	721,503		$	23.65

	For the Years Ended
	February 28, 2015				February 28, 2014				February 28, 2013
Performance Share Units	Number of Performance Share Units		Weighted Average Grant-Date Fair Value		Number of Performance Share Units		Weighted Average Grant-Date Fair Value		Number of Performance Share Units		Weighted Average Grant-Date Fair Value
Outstanding balance as of March 1, Nonvested	798,600		$	39.67	729,010		$	25.86	488,210		$	19.09
Granted	108,290		$	99.64	298,710		$	57.88	256,420		$	38.47
Performance achievement (1)	268,260		$	21.65	379,780		$	16.83	—		$	—
Vested	(536,520	)	$	21.65	(577,230	)	$	16.88	—		$	—
Forfeited	(20,946	)	$	47.21	(31,670	)	$	34.98	(15,620	)	$	21.15
Outstanding balance as of last day of February, Nonvested	617,684		$	58.21	798,600		$	39.67	729,010		$	25.86

⁽¹⁾  Reflects the number of awards achieved above target levels based on actual performance measured at the end of the performance period.

The fair value of shares vested for our restricted Class A Common Stock awards is as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
Restricted stock awards	$	23,614,008	$	34,427,377	$	13,741,842
Restricted stock units	$	19,683,843	$	10,747,204	$	1,443,700
Performance share units	$	43,597,615	$	28,501,403	$	—

Fair value of performance stock units, weighted average valuation assumptions

The weighted average grant-date fair value of performance share units granted with a market condition and the weighted average assumptions used to estimate the fair value on the date of grant using the Monte Carlo Simulation model are as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
Grant-date fair value	$	101.05		$	66.33		$	38.47
Grant-date price	$	79.61		$	48.89		$	24.50
Performance period	3.0 years			3.0 years			2.9 years
Expected volatility (1)	38.2		%	38.7		%	28.6		%
Risk-free interest rate (2)	0.8		%	0.4		%	0.5		%
Expected dividend yield	0.0		%	0.0		%	0.0		%

⁽¹⁾  Based primarily on historical volatility levels of our Class A Common Stock.

⁽²⁾  Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the performance period.

Fair value of purchase rights, weighted average valuation assumptions

The weighted average grant-date fair value of purchase rights granted under the Employee Stock Purchase Plan and the weighted average assumptions used to estimate the fair value on the date of grant using the Black-Scholes option-pricing model are as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
Grant-date fair value	$	19.42		$	13.83		$	8.23
Expected life	0.5 years			0.5 years			0.5 years
Expected volatility (1)	18.4		%	24.4		%	41.8		%
Risk-free interest rate (2)	0.0		%	0.1		%	0.1		%
Expected dividend yield	0.0		%	0.0		%	0.0		%

⁽¹⁾  Based primarily on historical volatility levels of our Class A Common Stock.

⁽²⁾  Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the expected life.

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Acquisitions

12 Months Ended

Feb. 28, 2015

Business Combinations [Abstract]

ACQUISITIONS

ACQUISITIONS:

Beer Business Acquisition –

On June 7, 2013, we acquired (i)  the remaining 50% equity interest in Crown Imports (as defined in Note 10) (the “Crown Acquisition”) and (ii)(a)  all of the issued and outstanding equity interests of Compañía Cervecera de Coahuila, S. de R.L. de C.V. (the “Brewery Company”), which owns and operates a brewery located in Nava, Coahuila, Mexico (the “Brewery”), (ii)(b)  all of the issued and outstanding equity interests of Servicios Modelo de Coahuila, S. de R.L. de C.V., which provides personnel and services for the operation and maintenance of the Brewery (the “Service Company”), and (ii)(c)  an irrevocable, fully-paid license to produce in Mexico (or worldwide under certain circumstances) and exclusively import, market and sell the Mexican Beer Brands (as defined in Note 10) as of the date of acquisition, and certain extensions (all collectively referred to as the “Brewery Purchase”). The business of the Brewery Company and Service Company that we acquired is referred to as the “Brewery Business.” The Crown Acquisition and the Brewery Purchase are collectively referred to as the “Beer Business Acquisition.” In connection with the Beer Business Acquisition, we are required to build out and expand the Brewery from 10 million hectoliters to a nominal capacity of at least 20 million hectoliters of packaged beer annually by December 31, 2016. In addition, an interim supply agreement and a transition services agreement were entered into in association with the Beer Business Acquisition. The interim supply agreement obligates the supplier to provide Crown Imports with a supply of product not produced by the Brewery and the transition services agreement provides for certain specified services and production materials, both for a specified period of time. The associated agreements provide, among other things, that the United States will have approval rights, in its sole discretion, for amendments or modifications to the associated agreements as well as a right of approval, in its sole discretion, of any extension of the term of the interim supply agreement beyond three years. The aggregate purchase price of $5,226.4 million consists of cash paid at closing of $4,745.0 million, net of cash acquired of $106.8 million, plus the estimated fair value of an additional purchase price for the finalization of the Final EBITDA Amount (as defined in the stock purchase agreement) of $543.3 million, as well as additional cash payments for certain working capital adjustments. The fair value of the additional purchase price related to the Final EBITDA Amount was estimated by discounting future cash flows. During the third quarter of fiscal 2014, the calculation of the Final EBITDA Amount was finalized requiring us to make a payment of $558.0 million no later than June 7, 2014, consisting of the additional purchase price of $543.3 million plus imputed interest of $14.7 million.

The aggregate cash paid at closing was financed with:

• The proceeds from the issuance of $1,550.0 million aggregate principal amount of May 2013 Senior Notes (see Note 12);

• $1,500.0 million in term loans consisting of a $500.0 million European Term A Facility (see Note 12) and a $1,000.0 million European Term B loan facility under the 2013 Credit Agreement (see Note 12);

• $675.0 million in term loans under the U.S. Term A-2 Facility (see Note 12) under the 2013 Credit Agreement;

• $208.0 million in proceeds of borrowings under our accounts receivable securitization facility (see Note 12) ;

• $580.0 million in borrowings under our revolving credit facility under the 2013 Credit Agreement; and

• Approximately $232.0 million of cash on hand (inclusive of $13.0 million of borrowings under a subsidiary working capital facility).

On June 6, 2014, we paid the Final EBITDA Amount of $558.0 million with $150.0 million in borrowings under the Revolving Credit Facility (see Note 12) under the May 2014 Credit Agreement (see Note 12), $100.0 million in proceeds of borrowings under our accounts receivable securitization facilities and $308.0 million of cash on hand.

Prior to the Beer Business Acquisition, we accounted for our investment in Crown Imports under the equity method of accounting. In connection with the acquisition method of accounting, our preexisting 50% equity interest was remeasured to its estimated fair value of $1,845.0 million, and we recognized a gain of $1,642.0 million for the second quarter of fiscal 2014. The estimated fair value of our preexisting 50% equity interest was based upon the estimated fair value of the acquired 50% equity interest in Crown Imports.

The aggregate purchase price of the Beer Business Acquisition and the estimated fair value of our preexisting 50% equity interest in Crown Imports have been allocated to the assets acquired and the liabilities assumed based upon the estimated fair value of each as of the acquisition date. The following table summarizes the allocation of the estimated fair value of the Beer Business Acquisition to the separately identifiable assets acquired and liabilities assumed as of June 7, 2013:

(in millions)
Cash	$	106.8
Accounts receivable	193.7
Inventories	243.1
Prepaid expenses and other	103.9
Property, plant and equipment	698.9
Goodwill	3,715.8
Intangible assets	2,403.2
Other assets	0.3
Total assets acquired	7,465.7

Accounts payable	123.2
Accrued excise taxes	14.4
Other accrued expenses and liabilities	72.9
Deferred income taxes	66.4
Other liabilities	10.6
Total liabilities assumed	287.5
Total estimated fair value	7,178.2
Less – fair value of our preexisting 50% equity interest in Crown Imports	(1,845.0		)
Less – cash acquired	(106.8		)
Aggregate purchase price	$	5,226.4

The acquired accounts receivable consist primarily of trade receivables, all of which have been collected. The acquired inventory was all sold during the second quarter of fiscal 2014. The intangible assets consist of definite lived customer relationships with an estimated fair value of $22.5 million which are being amortized over a life of 25 years; definite lived copyrights with an estimated fair value of $6.5 million which are being amortized over a life of 2 years; a definite lived distribution agreement with an estimated fair value of $0.4 million which is being amortized over a life of 1.6 years; a definite lived favorable interim supply agreement with an estimated fair value of $68.3 million which is being amortized over a life of 3 years; and a perpetual right to use trademarks with an estimated fair value of $2,305.5 million which is indefinite lived and therefore not subject to amortization.

In determining the purchase price allocation, we considered, among other factors, market participants’ intentions to use the acquired assets and the historical and estimated future demand for the acquired Mexican Beer Brands. The estimated fair values for the customer relationships and the copyrights were determined using a cost approach. The estimated fair value for the distribution agreement was determined using an income approach. The estimated fair value for the favorable supply contract was determined using an income approach, specifically, the differential method. The estimated fair value for the trademarks was determined using an income approach, specifically, the relief from royalty method.

The intangible assets are being amortized either on a straight-line basis or an economic consumption basis, which is consistent with the pattern that the economic benefits of the intangible assets are expected to be utilized based upon estimated cash flows generated from such assets. Goodwill associated with the acquisition is primarily attributable to the distribution of the Mexican Beer Brands in the U.S. as well as complete control over the sourcing of product into the U.S. Approximately $1,647.0 million of the goodwill recognized is expected to be deductible for income tax purposes.

We have recognized transaction, integration and other acquisition-related costs of $100.4 million through February 28, 2015, with $22.1 million, $52.3 million and $26.0 million recognized for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, respectively. These costs are included primarily in selling, general and administrative expenses.

The results of operations of the Beer Business Acquisition are reported in the Beer segment and have been included in our consolidated results of operations from the date of acquisition. The following table sets forth the unaudited pro forma financial information for the years ended February 28, 2014, and February 28, 2013. The unaudited pro forma financial information presents consolidated information as if the Beer Business Acquisition had occurred on March 1, 2012. Because of different fiscal period ends, and in order to present results for comparable periods, the unaudited pro forma financial information for the year ended February 28, 2014, combines (i)  the Company’s historical statement of income for the year ended February 28, 2014; (ii)  Crown Imports’ historical statement of income for (a)  the three months ended March 31, 2013, and (b)  the period from June 1, 2013, through June 6, 2013; and (iii)  the Brewery Business’ carve-out combined income statement for the three months ended March 31, 2013. The unaudited pro forma financial information for the year ended February 28, 2014, does not give effect to the Brewery Business’ carve-out combined income statement for the period from June 1, 2013, through June 6, 2013, as it is not significant. The unaudited pro forma financial information for the year ended February 28, 2013, combines (i)  the Company’s historical statement of income for the year ended February 28, 2013; (ii)  Crown Imports’ historical statement of income for the year ended December 31, 2012; and (iii)  the Brewery Business’ carve-out combined income statement for the year ended December 31, 2012. The unaudited pro forma financial information is presented after giving effect to certain adjustments for depreciation, amortization of definite lived intangible assets, interest expense on acquisition financing, amortization of deferred financing costs and related income tax effects. The unaudited pro forma financial information excludes the gain on the remeasurement to fair value of our preexisting 50% equity interest in Crown Imports and the acquisition-related costs noted above as both are nonrecurring amounts directly attributable to the transaction. The unaudited pro forma financial information is based upon currently available information and upon certain assumptions that we believe are reasonable under the circumstances. The unaudited pro forma financial information does not purport to present what our results of operations would actually have been if the aforementioned transaction had in fact occurred on such date or at the beginning of the period indicated, nor does it project our financial position or results of operations at any future date or for any future period.

	For the Years Ended
	February 28, 2014		February 28, 2013
(in millions, except per share data)
Net sales	$	5,485.1	$	5,365.6
Income before income taxes	$	707.7	$	933.9
Net income attributable to CBI	$	398.6	$	675.4
Net income per common share attributable to CBI:
Basic – Class A Common Stock	$	2.14	$	3.75
Basic – Class B Convertible Common Stock	$	1.95	$	3.41
Diluted – Class A Common Stock	$	2.02	$	3.55
Diluted – Class B Convertible Common Stock	$	1.85	$	3.26
Weighted average common shares outstanding:
Basic – Class A Common Stock	164.687		158.658
Basic – Class B Convertible Common Stock	23.467		23.532
Diluted – Class A Common Stock	197.570		190.307
Diluted – Class B Convertible Common Stock	23.467		23.532

Other –

Glass Production Plant:

In December 2014, we completed the formation of an equally-owned joint venture with Owens-Illinois and the acquisition of a state-of-the-art glass production plant that is located adjacent to our Brewery in Nava, Mexico. The joint venture owns and operates the glass production plant which provides bottles exclusively for our Brewery. We have determined that we are the primary beneficiary of this VIE and accordingly, the results of operations of the joint venture are reported in the Beer segment and have been included in our consolidated results of operations from the date of acquisition. In addition, we also purchased a high-density warehouse, land and rail infrastructure at the same site. The aggregate purchase price for all of these assets was $290.6 million, net of cash acquired, consisting primarily of property, plant and equipment and goodwill.

Casa Noble:

In September 2014, we acquired the Casa Noble super-premium tequila brand. This transaction primarily included the acquisition of the Casa Noble trademark, plus an earn-out over five years based on the performance of the brands (“Casa Noble”). The results of operations of Casa Noble are reported in the Wine and Spirits segment and are included in our consolidated results of operations from the date of acquisition.

Mark West:

In July 2012, we acquired Mark West, consisting primarily of the Mark West trademark, related inventories and certain grape supply contracts (“Mark West”). The results of operations of Mark West are reported in the Wine and Spirits segment and are included in our consolidated results of operations from the date of acquisition.

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Business Segment Information (Details 1) (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May 31, 2014	Feb. 28, 2014	Nov. 30, 2013	Aug. 31, 2013	May 31, 2013	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Segment Reporting Information [Line Items]
Net sales	$ 1,356.2	$ 1,541.7	$ 1,604.1	$ 1,526.0	$ 1,291.2	$ 1,443.3	$ 1,459.8	$ 673.4	$ 6,028.0	$ 4,867.7	$ 2,796.1
Segment operating income (loss)									1,500.2	2,437.7	522.9
Long-lived tangible assets	2,681.6				2,014.3				2,681.6	2,014.3	1,229.0
Total assets	15,144.5				14,302.1				15,144.5	14,302.1	7,638.1
Capital expenditures									719.4	223.5	62.1
Depreciation and amortization									202.0	155.3	115.4
Equity in earnings of equity method investees									21.5	87.8	233.1
Investments in equity method investees	73.5				73.3				73.5	73.3	243.6
Operating Segments [Member] | Beer [Member]
Segment Reporting Information [Line Items]
Net sales									3,188.6	2,835.6	2,588.1
Segment operating income (loss)									1,017.8	772.9	448.0
Long-lived tangible assets	1,485.6				801.3				1,485.6	801.3	8.8
Total assets	8,289.1				7,420.8				8,289.1	7,420.8	440.5
Capital expenditures									587.3	137.3	1.3
Depreciation and amortization									45.4	29.6	2.5
Operating Segments [Member] | Wine and Spirits [Member]
Segment Reporting Information [Line Items]
Net sales									2,839.4	2,845.5	2,796.1
Segment operating income (loss)									674.3	637.8	650.2
Long-lived tangible assets	1,071.8				1,097.4				1,071.8	1,097.4	1,100.5
Total assets	6,508.2				6,515.5				6,508.2	6,515.5	6,921.8
Capital expenditures									96.8	71.7	53.6
Depreciation and amortization									100.0	96.7	91.6
Equity in earnings of equity method investees									21.5	17.6	13.0
Investments in equity method investees	73.5				73.3				73.5	73.3	74.3
Operating Segments [Member] | Wine and Spirits [Member] | Wine [Member]
Segment Reporting Information [Line Items]
Net sales									2,523.4	2,554.2	2,495.8
Operating Segments [Member] | Wine and Spirits [Member] | Spirits [Member]
Segment Reporting Information [Line Items]
Net sales									316.0	291.3	300.3
Operating Segments [Member] | Corporate Operations and Other [Member]
Segment Reporting Information [Line Items]
Segment operating income (loss)									(109.1)	(99.8)	(93.5)
Long-lived tangible assets	124.2				115.6				124.2	115.6	128.5
Total assets	347.2				365.8				347.2	365.8	547.0
Capital expenditures									35.3	14.8	8.5
Depreciation and amortization									28.2	23.5	23.8
Unusual Items [Member]
Segment Reporting Information [Line Items]
Segment operating income (loss)									(82.8)	1,269.4	(33.8)
Depreciation and amortization									28.4	6.0	0
Equity in earnings of equity method investees									0	(0.1)	(1.0)
Consolidation and Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales									0	(813.4)	(2,588.1)
Segment operating income (loss)									0	(142.6)	(448.0)
Long-lived tangible assets	0				0				0	0	(8.8)
Total assets	0				0				0	0	(271.2)
Capital expenditures									0	(0.3)	(1.3)
Depreciation and amortization									0	(0.5)	(2.5)
Equity in earnings of equity method investees									0	70.3	221.1
Investments in equity method investees	$ 0				$ 0				$ 0	$ 0	$ 169.3

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Derivative Instruments (Details) (USD $)	Feb. 28, 2015	Feb. 28, 2014	Apr. 30, 2012
Designated as hedging instrument [Member] | Foreign currency contracts [Member]
Derivative [Line Items]
Aggregate notional value of derivative instruments	$ 454,800,000	$ 636,600,000
Designated as hedging instrument [Member] | Interest rate swap contracts [Member]
Derivative [Line Items]
Aggregate notional value of derivative instruments	500,000,000	500,000,000
Not designated as hedging instrument [Member] | Foreign currency contracts [Member]
Derivative [Line Items]
Aggregate notional value of derivative instruments	1,548,500,000	643,800,000
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member]
Derivative [Line Items]
Aggregate notional value of derivative instruments	1,000,000,000	1,000,000,000	500,000,000.0
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member]
Derivative [Line Items]
Aggregate notional value of derivative instruments	$ 190,800,000	$ 88,000,000

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Borrowings (Tables)

12 Months Ended

Feb. 28, 2015

Debt Disclosure [Abstract]

Borrowings

As of February 28, 2015, information with respect to borrowings under the 2014 Credit Agreement is as follows:

	Revolving Credit Facility			U.S. Term A Facility			U.S. Term A-1 Facility			U.S. Term A-2 Facility			European Term A Facility			European Term B-1 Facility
(in millions)
Outstanding borrowings	$	—		$	476.9		$	243.2		$	624.4		$	462.5		$	985.1
Interest rate	—		%	1.9		%	2.2		%	2.0		%	2.0		%	2.0		%
Libor margin	1.75		%	1.75		%	2.0		%	1.75		%	1.75		%	1.75		%
Outstanding letters of credit	$	14.4
Remaining borrowing capacity	$	835.6

The 2014 Credit Agreement provides for aggregate credit facilities of $3,712.3 million, consisting of the following:

	Amount		Maturity
(in millions)
Revolving Credit Facility (1)(2)	$	850.0	June 7, 2018
U.S. Term A Facility (1)	496.3		June 7, 2018
U.S. Term A-1 Facility (1)	245.0		June 7, 2019
U.S. Term A-2 Facility (1)	649.7		June 7, 2018
European Term A Facility (1)	481.3		June 7, 2018
European Term B-1 Facility (1)	990.0		June 7, 2020
	$	3,712.3

⁽¹⁾  Contractual interest rate varies based on our debt ratio (as defined in the 2014 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 the $425.0 million U.S. Revolving Credit Facility and the $425.0 million European Revolving Credit Facility. Includes two sub-facilities for letters of credit of up to $200.0 million in the aggregate.

Borrowings consist of the following:

	February 28, 2015						February 28, 2014
	Current		Long-term		Total		Total
(in millions)
Notes payable to banks
Senior Credit Facility – Revolving Credit Loans	$	—	$	—	$	—	$	—
Other	52.4		—		52.4		57.2
	$	52.4	$	—	$	52.4	$	57.2
Long-term debt
Senior Credit Facility – Term Loans	$	139.2	$	2,652.9	$	2,792.1	$	2,864.8
Senior Notes	—		4,348.6		4,348.6		4,047.3
Other	18.9		136.0		154.9		51.2
	$	158.1	$	7,137.5	$	7,295.6	$	6,963.3

As of February 28, 2015, our accounts receivable securitization facilities are as follows:

	Outstanding Borrowings		Weighted Average Interest Rate		Remaining Borrowing Capacity
(in millions)
CBI Facility	$	—	—	%	$	275.0
Crown Facility	$	—	—	%	$	100.0

Our outstanding senior notes are as follows:

	Date of					Outstanding Balance (1)
	Issuance	Maturity	Interest Payments	Principal		February 28, 2015		February 28, 2014
(in millions)
7.25% Senior Notes (2)	August 2006	September 2016	Mar/Sep	$	700.0	$	698.6	$	697.8
7.25% Senior Notes (2)(3)	January 2008	May 2017	May/Nov	$	700.0	$	700.0	$	700.0
8.375% Senior Notes (2)	December 2007	December 2014	Jun/Dec	$	500.0	$	—	$	499.5
6% Senior Notes (2)	April 2012	May 2022	May/Nov	$	600.0	$	600.0	$	600.0
3.75% Senior Notes (2)	May 2013	May 2021	May/Nov	$	500.0	$	500.0	$	500.0
4.25% Senior Notes (2)	May 2013	May 2023	May/Nov	$	1,050.0	$	1,050.0	$	1,050.0
3.875% Senior Notes (2)	November 2014	November 2019	May/Nov	$	400.0	$	400.0	$	—
4.75% Senior Notes (2)	November 2014	November 2024	May/Nov	$	400.0	$	400.0	$	—

⁽¹⁾  Amounts are net of unamortized discounts, where applicable.

⁽²⁾  Senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness. Guaranteed by certain of our U.S. subsidiaries on a senior unsecured basis. Redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount plus a make whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 50 basis points.

⁽³⁾  Issued in exchange for notes originally issued in May 2007.

Required principal repayments under the credit agreement's term loans

As of February 28, 2015, the required principal repayments of the term loans under the 2014 Credit Agreement for each of the five succeeding fiscal years and thereafter are as follows:

	U.S. Term A Facility		U.S. Term A-1 Facility		U.S. Term A-2 Facility		European Term A Facility		European Term B-1 Facility		Total
(in millions)
2016	$	38.7	$	2.5	$	50.6	$	37.5	$	9.9	$	139.2
2017	51.5		2.5		67.5		50.0		9.9		181.4
2018	51.5		2.5		67.5		50.0		9.9		181.4
2019	335.2		2.4		438.8		325.0		9.9		1,111.3
2020	—		233.3		—		—		9.9		243.2
Thereafter	—		—		—		—		935.6		935.6
	$	476.9	$	243.2	$	624.4	$	462.5	$	985.1	$	2,792.1

Required principal repayments under long-term debt obligations

As of February 28, 2015, the required principal repayments under long-term debt obligations (excluding unamortized discount of $1.4 million) for each of the five succeeding fiscal years and thereafter are as follows:

(in millions)
2016	$	158.1
2017	897.8
2018	893.1
2019	1,117.9
2020	744.5
Thereafter	3,485.6
	$	7,297.0

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Accounting Guidance Not Yet Adopted

12 Months Ended

Feb. 28, 2015

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

ACCOUNTING GUIDANCE NOT YET ADOPTED

ACCOUNTING GUIDANCE NOT YET ADOPTED:

Revenue recognition –

In May 2014, the FASB issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A five step process will be utilized to recognize revenue, as follows:  (i)  identify the contract with a customer, (ii)  identify the performance obligations in the contract, (iii)  determine the transaction price, (iv)  allocate the transaction price to the performance obligations in the contract and (v)  recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2017, 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. In April 2015, the FASB agreed to propose a one-year deferral of the revenue recognition standard’s effective date for all entities. We are currently assessing the financial impact of this guidance on our consolidated financial statements.

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Business Segment Information

12 Months Ended

Feb. 28, 2015

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION:

Prior to the Beer Business Acquisition, Crown Imports was one of our reportable segments. In connection with the Beer Business Acquisition and the resulting consolidation of the acquired businesses from the date of acquisition, the Crown Imports segment, together with the Brewery Purchase, is now known as the Beer segment. Accordingly, our internal management financial reporting consists of two business divisions:  (i)  Beer and (ii)  Wine and Spirits, and we report our operating results in three segments:  (i)Beer, (ii)Wine and Spirits, and (iii)Corporate Operations and Other. In the Beer segment, we have an exclusive perpetual brand license to import, market and sell in the U.S. the Mexican Beer Brands. In the Wine and Spirits segment, we sell a large number of wine brands across all categories – table wine, sparkling wine and dessert wine – and across all price points – popular, premium, super-premium and fine wine, complemented by certain premium spirits brands. Amounts included in the Corporate Operations and Other segment consist of costs of executive management, corporate development, corporate finance, human resources, internal audit, investor relations, legal, public relations and global information technology. The amounts included in the Corporate Operations and Other segment are general costs that are applicable to the consolidated group and are therefore not allocated to the other reportable segments. All costs reported within the Corporate Operations and Other segment are not included in our chief operating decision maker’s evaluation of the operating income performance of the other reportable segments. The business segments reflect how our operations are managed, how operating performance within the Company is evaluated by senior management and the structure of our internal financial reporting.

In addition, management excludes items that affect comparability (“Unusual Items”) from its evaluation of the results of each operating segment as these Unusual Items are not reflective of continuing operations of the segments. Segment operating performance and segment management compensation are evaluated based upon continuing 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. Unusual Items that impacted comparability in our segment operating income (loss) for each period are as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
(in millions)
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts	$	(32.7	)	$	1.5		$	—
Amortization of favorable interim supply agreement	(28.4		)	(6.0		)	—
Settlements of undesignated commodity derivative contracts	4.4			(0.5		)	—
Flow through of inventory step-up	—			(11.0		)	(7.8		)
Other losses	(2.8		)	—			—
Total cost of product sold	(59.5		)	(16.0		)	(7.8		)
Selling, general and administrative expenses
Transaction, integration and other acquisition-related costs	(30.5		)	(51.5		)	(27.7		)
Other gains (losses)	7.2			(4.2		)	1.7
Total selling, general and administrative expenses	(23.3		)	(55.7		)	(26.0		)
Impairment of goodwill and intangible assets	—			(300.9		)	—
Gain on remeasurement to fair value of equity method investment	—			1,642.0			—
Unusual Items, Operating income (loss)	$	(82.8	)	$	1,269.4		$	(33.8	)

The accounting policies of the segments are the same as those described for the Company in the Summary of Significant Accounting Policies in Note 1. Segment information is as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
(in millions)
Beer
Net sales	$	3,188.6		$	2,835.6		$	2,588.1
Segment operating income	$	1,017.8		$	772.9		$	448.0
Long-lived tangible assets	$	1,485.6		$	801.3		$	8.8
Total assets	$	8,289.1		$	7,420.8		$	440.5
Capital expenditures	$	587.3		$	137.3		$	1.3
Depreciation and amortization	$	45.4		$	29.6		$	2.5
Wine and Spirits
Net sales:
Wine	$	2,523.4		$	2,554.2		$	2,495.8
Spirits	316.0			291.3			300.3
Net sales	$	2,839.4		$	2,845.5		$	2,796.1
Segment operating income	$	674.3		$	637.8		$	650.2
Equity in earnings of equity method investees	$	21.5		$	17.6		$	13.0
Long-lived tangible assets	$	1,071.8		$	1,097.4		$	1,100.5
Investments in equity method investees	$	73.5		$	73.3		$	74.3
Total assets	$	6,508.2		$	6,515.5		$	6,921.8
Capital expenditures	$	96.8		$	71.7		$	53.6
Depreciation and amortization	$	100.0		$	96.7		$	91.6
Corporate Operations and Other
Segment operating loss	$	(109.1	)	$	(99.8	)	$	(93.5	)
Long-lived tangible assets	$	124.2		$	115.6		$	128.5
Total assets	$	347.2		$	365.8		$	547.0
Capital expenditures	$	35.3		$	14.8		$	8.5
Depreciation and amortization	$	28.2		$	23.5		$	23.8
Unusual Items
Operating income (loss)	$	(82.8	)	$	1,269.4		$	(33.8	)
Equity in losses of equity method investees	$	—		$	(0.1	)	$	(1.0	)
Depreciation and amortization	$	28.4		$	6.0		$	—
Consolidation and Eliminations
Net sales	$	—		$	(813.4	)	$	(2,588.1	)
Operating income	$	—		$	(142.6	)	$	(448.0	)
Equity in earnings of Crown Imports	$	—		$	70.3		$	221.1
Long-lived tangible assets	$	—		$	—		$	(8.8	)
Investments in equity method investees	$	—		$	—		$	169.3
Total assets	$	—		$	—		$	(271.2	)
Capital expenditures	$	—		$	(0.3	)	$	(1.3	)
Depreciation and amortization	$	—		$	(0.5	)	$	(2.5	)

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions)
Consolidated
Net sales	$	6,028.0	$	4,867.7	$	2,796.1
Operating income	$	1,500.2	$	2,437.7	$	522.9
Equity in earnings of equity method investees	$	21.5	$	87.8	$	233.1
Long-lived tangible assets	$	2,681.6	$	2,014.3	$	1,229.0
Investments in equity method investees	$	73.5	$	73.3	$	243.6
Total assets	$	15,144.5	$	14,302.1	$	7,638.1
Capital expenditures	$	719.4	$	223.5	$	62.1
Depreciation and amortization	$	202.0	$	155.3	$	115.4

Our principal area of operation is in the U.S. Current operations outside the U.S. are in Mexico for the Beer segment and primarily in Canada, New Zealand and Italy for the Wine and Spirits segment. Revenues are attributed to countries based on the location of the customer. Previously, revenues were attributed to countries based on the location of the selling company. Accordingly, the net sales geographic data for the years ended February 28, 2014, and February 28, 2013, has been restated to conform to the new presentation.

Geographic data is as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions)
Net sales
U.S.	$	5,360.0	$	4,169.8	$	2,114.5
Non-U.S. (primarily Canada)	668.0		697.9		681.6
Total	$	6,028.0	$	4,867.7	$	2,796.1

	February 28, 2015		February 28, 2014
(in millions)
Long-lived tangible assets
U.S.	$	909.7	$	901.6
Non-U.S. (primarily Mexico)	1,771.9		1,112.7
Total	$	2,681.6	$	2,014.3

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Stock-Based Employee Compensation (Details 2) (USD $)	12 Months Ended
	Feb. 28, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding, Number of Options	13,613,615
Options exercisable, Number of Options	10,499,030
Options outstanding, Weighted Average Remaining Contractual Life	5 years 0 months
Options exercisable, Weighted Average Remaining Contractual Life	4 years 1 month
Options outstanding, Weighted Average Exercise Price	$ 25.46
Options exercisable, Weighted Average Exercise Price	$ 19.45
Options outstanding, Aggregate Intrinsic Value	$ 1,215,154,306
Options exercisable, Aggregate Intrinsic Value	$ 1,000,201,795
Range of Exercise Prices, $11.85 - $18.27 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range	$ 11.85
Range of Exercise Prices, upper range	$ 18.27
Options outstanding, Number of Options	4,108,263
Options outstanding, Weighted Average Remaining Contractual Life	4 years 6 months
Options outstanding, Weighted Average Exercise Price	$ 13.86
Range of Exercise Prices, $19.12 - $24.13 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range	$ 19.12
Range of Exercise Prices, upper range	$ 24.13
Options outstanding, Number of Options	5,050,246
Options outstanding, Weighted Average Remaining Contractual Life	3 years 11 months
Options outstanding, Weighted Average Exercise Price	$ 20.28
Range of Exercise Prices, $24.50 - $53.41 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range	$ 24.50
Range of Exercise Prices, upper range	$ 53.41
Options outstanding, Number of Options	3,584,802
Options outstanding, Weighted Average Remaining Contractual Life	6 years 0 months
Options outstanding, Weighted Average Exercise Price	$ 32.84
Range of Exercise Prices, $79.61 - $88.13 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range	$ 79.61
Range of Exercise Prices, upper range	$ 88.13
Options outstanding, Number of Options	870,304
Options outstanding, Weighted Average Remaining Contractual Life	9 years 2 months
Options outstanding, Weighted Average Exercise Price	$ 79.86

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Acquisitions (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended	0 Months Ended	12 Months Ended
	Feb. 28, 2015	Jun. 07, 2013	Feb. 28, 2014
Business Acquisition [Line Items]
Less - fair value of our preexisting 50% equity interest in Crown Imports	$ 0
Less – cash acquired	(3.5)
Beer Business Acquisition [Member]
Business Acquisition [Line Items]
Less - fair value of our preexisting 50% equity interest in Crown Imports		1,845.0	1,845.0
Less – cash acquired		(106.8)	(106.8)
Beer Business Acquisition [Member] | Operating Segments [Member] | Beer [Member]
Business Acquisition [Line Items]
Cash		106.8
Accounts receivable		193.7
Inventories		243.1
Prepaid expenses and other		103.9
Property, plant and equipment		698.9
Goodwill		3,715.8
Intangible assets		2,403.2
Other assets		0.3
Total assets acquired		7,465.7
Accounts payable		123.2
Accrued excise taxes		14.4
Other accrued expenses and liabilities		72.9
Deferred income taxes		66.4
Other liabilities		10.6
Total liabilities assumed		287.5
Total estimated fair value		7,178.2
Less – cash acquired		(106.8)
Aggregate purchase price		$ 5,226.4

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Income Taxes (Tables)

12 Months Ended

Feb. 28, 2015

Income Tax Disclosure [Abstract]

Income before income taxes

Income before income taxes was generated as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions)
Domestic	$	481.6	$	2,050.8	$	369.7
Foreign	698.0		151.5		146.7
	$	1,179.6	$	2,202.3	$	516.4

Components of income tax provision (benefit)

The income tax provision consisted of the following:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
(in millions)
Current
Federal	$	195.0		$	141.7		$	47.8
State	20.1			18.5			11.2
Foreign	49.0			57.4			30.4
Total current	264.1			217.6			89.4
Deferred
Federal	84.6			61.4			42.7
State	4.8			4.4			(4.9		)
Foreign	(10.1		)	(24.2		)	1.4
Total deferred	79.3			41.6			39.2
Income tax provision	$	343.4		$	259.2		$	128.6

Significant components of deferred tax assets (liabilities)

Significant components of deferred tax assets (liabilities) consist of the following:

	February 28, 2015			February 28, 2014
(in millions)
Deferred tax assets
Stock-based compensation	$	51.9		$	47.3
Net operating losses	13.3			9.1
Insurance accruals	3.4			3.8
Derivative instruments	3.4			—
Employee benefits	2.7			2.6
Other accruals	50.6			55.3
Gross deferred tax assets	125.3			118.1
Valuation allowances	(35.3		)	(27.7		)
Deferred tax assets, net	90.0			90.4
Deferred tax liabilities
Intangible assets	(517.9		)	(456.3		)
Property, plant and equipment	(263.2		)	(285.9		)
Provision for unremitted earnings	(72.6		)	(62.2		)
Investments in equity method investees	(25.1		)	(24.0		)
Inventory	(1.1		)	(4.9		)
Derivative instruments	—			(0.1		)
Total deferred tax liabilities	(879.9		)	(833.4		)
Deferred tax liabilities, net	$	(789.9	)	$	(743.0	)

Amounts recognized in balance sheets

Amounts recognized on our balance sheets consist of:

	February 28, 2015			February 28, 2014
(in millions)
Current deferred tax assets	$	25.4		$	20.4
Long-term deferred tax assets	4.4			—
Current deferred tax liabilities	(0.8		)	(0.8		)
Long-term deferred tax liabilities	(818.9		)	(762.6		)
	$	(789.9	)	$	(743.0	)

Effective income tax rate reconciliation

A reconciliation of the total tax provision (benefit) to the amount computed by applying the statutory U.S. Federal income tax rate to income before provision for (benefit from) income taxes is as follows:

	For the Years Ended
	February 28, 2015					February 28, 2014					February 28, 2013
	Amount			% of Pretax Income		Amount			% of Pretax Income		Amount			% of Pretax Income
(in millions, except % of pretax income data)
Income tax provision at statutory rate	$	412.8		35.0	%	$	770.8		35.0	%	$	180.7		35.0	%
State and local income taxes, net of federal income tax benefit	16.1			1.4	%	14.8			0.7	%	4.1			0.8	%
Net operating loss valuation allowance	11.1			0.9	%	16.3			0.8	%	3.7			0.7	%
Earnings of subsidiaries taxed at other than U.S. statutory rate	(86.4		)	(7.3	%)	(61.2		)	(2.8	%)	(59.6		)	(11.5	%)
Impairment of nondeductible goodwill	—			—	%	97.5			4.4	%	—			—	%
Gain on remeasurement to fair value of equity method investment	—			—	%	(574.7		)	(26.1	%)	—			—	%
Miscellaneous items, net	(10.2		)	(0.9	%)	(4.3		)	(0.2	%)	(0.3		)	(0.1	%)
Income tax provision at effective rate	$	343.4		29.1	%	$	259.2		11.8	%	$	128.6		24.9	%

Reconciliation of unrecognized tax benefit liabilities

The liability for income taxes associated with uncertain tax positions, excluding interest and penalties, and a reconciliation of the beginning and ending unrecognized tax benefit liabilities is as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
(in millions)
Balance as of March 1	$	101.5		$	100.6		$	92.0
Increases as a result of tax positions taken during a prior period	0.1			2.3			1.3
Decreases as a result of tax positions taken during a prior period	(4.0		)	(3.3		)	(9.5		)
Increases as a result of tax positions taken during the current period	7.7			11.1			19.5
Decreases related to settlements with tax authorities	(13.9		)	(6.7		)	(0.3		)
Decreases related to lapse of applicable statute of limitations	(5.9		)	(2.5		)	(2.4		)
Balance as of last day of February	$	85.5		$	101.5		$	100.6

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Selected Quarterly Financial Information (Unaudited)

12 Months Ended

Feb. 28, 2015

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED):

A summary of selected quarterly financial information is as follows:

	QUARTER ENDED
	May 31, 2014		August 31, 2014		November 30, 2014		February 28, 2015		Full Year
(in millions, except per share data)
Fiscal 2015
Net sales	$	1,526.0	$	1,604.1	$	1,541.7	$	1,356.2	$	6,028.0
Gross profit	$	670.1	$	672.0	$	638.9	$	597.6	$	2,578.6
Net income attributable to CBI (1)	$	206.7	$	195.8	$	222.2	$	214.6	$	839.3
Net income per common share attributable to CBI (2):
Basic – Class A Common Stock	$	1.09	$	1.03	$	1.16	$	1.12	$	4.40
Basic – Class B Convertible Common Stock	$	0.99	$	0.93	$	1.06	$	1.02	$	4.00
Diluted – Class A Common Stock	$	1.03	$	0.98	$	1.10	$	1.06	$	4.17
Diluted – Class B Convertible Common Stock	$	0.95	$	0.90	$	1.01	$	0.98	$	3.83
	QUARTER ENDED
	May 31, 2013		August 31, 2013		November 30, 2013		February 28, 2014		Full Year
Fiscal 2014
Net sales	$	673.4	$	1,459.8	$	1,443.3	$	1,291.2	$	4,867.7
Gross profit	$	256.1	$	577.0	$	609.7	$	548.9	$	1,991.7
Net income attributable to CBI (3)	$	52.9	$	1,522.0	$	211.0	$	157.2	$	1,943.1
Net income per common share attributable to CBI (2):
Basic – Class A Common Stock	$	0.29	$	8.18	$	1.13	$	0.84	$	10.45
Basic – Class B Convertible Common Stock	$	0.26	$	7.43	$	1.03	$	0.76	$	9.50
Diluted – Class A Common Stock	$	0.27	$	7.74	$	1.07	$	0.79	$	9.83
Diluted – Class B Convertible Common Stock	$	0.25	$	7.11	$	0.98	$	0.73	$	9.04

(1) For Fiscal 2015, we recorded certain unusual items consisting of:  product recall costs, net of recoveries, associated with a voluntary product recall of select packages in the U.S. and Guam containing 12-ounce clear glass bottles of our Corona Extra beer that may contain small particles of glass; net (gain) loss from the changes in fair value of undesignated commodity derivative contracts, partially offset by settlements of undesignated commodity derivative contracts; amortization of a favorable interim supply agreement associated with the Beer Business Acquisition; other cost of product sold associated with a loss on certain assets in connection with an earthquake in Napa, California; transaction, integration and other acquisition-related costs associated primarily with the Beer Business Acquisition; other selling, general and administrative expenses associated with a gain from an adjustment to a certain guarantee originally recorded in connection with a prior divestiture and a net gain on the sale of and the write-down of certain property, plant and equipment; and loss on the write-off of financing fees. The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2015:

	QUARTER ENDED
	May 31, 2014			August 31, 2014			November 30, 2014			February 28, 2015			Full Year
(in millions, net of income tax effect)
Product recall	$	—		$	(5.9	)	$	(1.7	)	$	7.6		$	—
Net gain (loss) on undesignated commodity derivative contracts	$	0.1		$	(1.8	)	$	(13.6	)	$	(5.4	)	$	(20.7	)
Amortization of favorable interim supply agreement	$	(5.4	)	$	(8.0	)	$	(6.1	)	$	(0.7	)	$	(20.2	)
Settlements of undesignated commodity derivative contracts	$	(0.3	)	$	(0.1	)	$	0.8		$	2.4		$	2.8
Other cost of product sold	$	—		$	(1.6	)	$	(0.1	)	$	—		$	(1.7	)
Transaction, integration and other acquisition-related costs	$	(2.9	)	$	(5.7	)	$	(5.4	)	$	(5.4	)	$	(19.4	)
Other selling, general and administrative expenses	$	—		$	—		$	—		$	8.6		$	8.6
Loss on write-off of financing costs	$	—		$	(3.1	)	$	—		$	—		$	(3.1	)

(2) The sum of the quarterly net income per common share for Fiscal 2015 and Fiscal 2014 may not equal the total computed for the respective years as the net income per common share is computed independently for each of the quarters presented and for the full year.

(3) For Fiscal 2014, we recorded certain unusual items consisting of:  amortization of a favorable interim supply agreement associated with the Beer Business Acquisition; net gain from the changes in fair value of undesignated commodity derivative contracts, partially offset by settlements of undesignated commodity derivative contracts; transaction, integration and other acquisition-related costs associated with the Beer Business Acquisition; previously unrecognized deferred compensation costs associated with certain employment agreements related to a prior period; other selling, general and administrative expenses associated primarily with certain previously announced restructuring plans; impairment of goodwill and intangible assets associated with our Canadian business; gain on remeasurement to fair value of our preexisting equity interest in Crown Imports; and other equity method investment costs. The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2014:

	QUARTER ENDED
	May 31, 2013			August 31, 2013			November 30, 2013			February 28, 2014			Full Year
(in millions, net of income tax effect)
Amortization of favorable interim supply agreement	$	—		$	(1.5	)	$	(1.6	)	$	(1.2	)	$	(4.3	)
Net gain on undesignated commodity derivative contracts	$	—		$	—		$	—		$	1.0		$	1.0
Settlements of undesignated commodity derivative contracts	$	—		$	—		$	—		$	(0.4	)	$	(0.4	)
Transaction, integration and other acquisition-related costs	$	(17.2	)	$	(4.2	)	$	(5.8	)	$	(4.3	)	$	(31.5	)
Deferred compensation	$	(4.4	)	$	—		$	—		$	—		$	(4.4	)
Other selling, general and administrative expenses	$	1.8		$	—		$	(0.1	)	$	—		$	1.7
Impairment of goodwill and intangible assets	$	—		$	(296.4	)	$	1.3		$	—		$	(295.1	)
Gain on remeasurement to fair value of equity method investment	$	—		$	1,642.0		$	—		$	—		$	1,642.0
Other equity method investment costs	$	(0.1	)	$	—		$	—		$	—		$	(0.1	)

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Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Feb. 28, 2015

Accounting Policies [Abstract]

Principles of consolidation

Principles of consolidation:

Our consolidated financial statements include our accounts and our majority-owned and controlled domestic and foreign subsidiaries, as well as a certain variable interest entity (“VIE”) for which we are the primary beneficiary (see Note 2). All intercompany accounts and transactions are eliminated in consolidation.

Equity method investments

Equity method investments:

If we are not required to consolidate our investment in another entity, we use the equity method when we (i)  can exercise significant influence over the other entity and (ii)  hold common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, plus or minus our equity in the increases and decreases in the investee’s net assets after the date of acquisition. Dividends received from the investee reduce the carrying amount of the investment.

Management's use of estimates

Management’s use of estimates:

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue recognition

Revenue recognition:

We record revenue (referred to in our financial statements as “sales”) when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the title and the risk of loss passes to the customer according to the terms of the contract between us and our customer. Title and risk of loss are usually transferred upon shipment to or receipt at our customers’ locations, as determined by the specific sales terms of the transactions. Our sales terms do not allow for a right of return except for matters related to any manufacturing defects on our part. Amounts billed to customers for shipping and handling are included in sales. Sales reflect reductions attributable to consideration given to customers in various customer incentive programs, including pricing discounts on single transactions, volume discounts, promotional and advertising allowances, coupons and rebates.

Excise taxes remitted to governmental tax authorities are shown on a separate line item as a reduction of sales. Excise taxes are recognized as a liability, with the liability subsequently reduced when the taxes are remitted to the tax authority.

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, 2017, 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. In April 2015, the FASB agreed to propose a one-year deferral of the revenue recognition standard’s effective date for all entities. We are currently assessing the financial impact of this guidance on our consolidated financial statements.

Cost of product sold

Cost of product sold:

The types of costs included in cost of product sold are raw materials, packaging materials, manufacturing costs, plant administrative support and overheads, and freight and warehouse costs (including distribution network costs). Distribution network costs include inbound freight charges and outbound shipping and handling costs, purchasing and receiving costs, inspection costs, warehousing and internal transfer costs.

Selling, general and administrative expenses

Selling, general and administrative expenses:

The types of costs included in selling, general and administrative expenses consist predominately of advertising and non-manufacturing administrative and overhead costs. Distribution network costs are included in cost of product sold.

Advertising expenses

We expense advertising costs as incurred, shown or distributed.

Foreign currency translation

Foreign currency translation:

The functional currency of our foreign subsidiaries is generally the respective local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate for the period. The resulting translation adjustments are recorded as a component of Accumulated Other Comprehensive Income (“AOCI”). Gains or losses resulting from foreign currency denominated transactions are included in selling, general and administrative expenses.

Cash and cash equivalents

Cash and cash equivalents:

Cash equivalents consist of highly liquid investments with an original maturity when purchased of three months or less and are stated at cost, which approximates fair value.

Fair value of financial instruments

Fair value of financial instruments:

We calculate the estimated fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available, we use standard pricing models for various types of financial instruments (such as forwards, options and swaps) which take into account the present value of estimated future cash flows (see Note 7).

Derivative instruments

Derivative instruments:

We enter into derivative instruments to manage our exposure to fluctuations in foreign currency exchange, interest rate and commodity pricing. We enter into derivatives for risk management purposes only, including derivatives designated in hedge accounting relationships as well as those derivatives utilized as economic hedges. We do not enter into derivatives for trading or speculative purposes. We recognize all derivatives as either assets or liabilities and measure those instruments at estimated fair value (see Note 6, Note 7). We present our derivative positions gross on our balance sheets.

Changes in fair values (to the extent of hedge effectiveness) of outstanding cash flow hedges are deferred in stockholders’ equity as a component of AOCI. These deferred gains or losses are recognized in our results of operations in the same period in which the hedged items are recognized and on the same financial statement line item as the hedged items. Any ineffectiveness associated with these derivative instruments is recognized immediately in our results of operations.

Changes in fair values for derivative instruments not designated in a hedge accounting relationship are recognized directly in our results of operations each period and on the same financial statement line item as the hedged item. For purposes of measuring segment operating performance, the net gain (loss) from the changes in fair value of our undesignated commodity derivative contracts, prior to settlement, is reported outside of segment operating results until such time that the underlying exposure is recognized in the segment operating results. Upon settlement, the net gain (loss) from the changes in fair value of the undesignated commodity derivative contracts is reported in the appropriate operating segment, allowing our operating segment results to reflect the economic effects of the commodity derivative contracts without the resulting unrealized mark to fair value volatility.

Cash flows from the settlement of derivatives, including both economic hedges and those designated in hedge accounting relationships, appear on our statements of cash flows in the same categories as the cash flows of the hedged items.

Inventories

Inventories:

Inventories are stated at the lower of cost (computed in accordance with the first-in, first-out method) or market. Elements of cost include materials, labor and overhead.

Bulk wine inventories are included as in-process inventories within current assets, in accordance with the general practices of the wine industry, although a portion of such inventories may be aged for periods greater than one year. A substantial portion of barreled whiskey and brandy will not be sold within one year because of the duration of the aging process. All barreled whiskey and brandy are classified as in-process inventories and are included in current assets, in accordance with industry practice. Warehousing, insurance, ad valorem taxes and other carrying charges applicable to barreled whiskey and brandy held for aging are included in inventory costs.

We assess the valuation of our inventories and reduce the carrying value of those inventories that are obsolete or in excess of our forecasted usage to their estimated net realizable value based on analyses and assumptions including, but not limited to, historical usage, future demand and market requirements.

Property, plant and equipment

Property, plant and equipment:

Property, plant and equipment is stated at cost. Major additions and improvements are recorded as an increase to the property accounts, while maintenance and repairs are expensed as incurred. The cost of properties sold or otherwise disposed of and the related accumulated depreciation are eliminated from the balance sheet accounts at the time of disposal and resulting gains and losses are included as a component of operating income.

Depreciation

Depreciation:

Depreciation is computed primarily using the straight-line method over the following estimated useful lives:

	Years
Land improvements	15 to 32
Vineyards	16 to 26
Buildings and improvements	10 to 44
Machinery and equipment	3 to 35
Motor vehicles	3 to 7

Goodwill and other intangible assets

Goodwill and other intangible assets:

Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. We review our goodwill and indefinite lived intangible assets annually for impairment, or sooner, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We use January 1 as our annual impairment test measurement date. Indefinite lived intangible assets consist principally of trademarks. Intangible assets determined to have a finite life, primarily customer relationships and a favorable interim supply agreement (see Note 2), are amortized over their estimated useful lives and are subject to review for impairment in accordance with authoritative guidance for long-lived assets. Note 9 provides a summary of intangible assets segregated between amortizable and nonamortizable amounts.

Indemnification liabilities

Indemnification liabilities:

We have indemnified respective parties against certain liabilities that may arise in connection with certain acquisitions and divestitures. Indemnification liabilities are recognized when probable and estimable and included in other liabilities (see Note 14).

Income taxes

Income taxes:

We use the asset and liability method of accounting for income taxes. This method accounts for deferred income taxes by applying statutory rates in effect at the balance sheet date to the difference between the financial reporting and tax bases of assets and liabilities. We provide for taxes that may be payable if undistributed earnings of foreign subsidiaries were to be remitted to the U.S. Interest and penalties are recognized as a component of provision for income taxes.

Net income per common share attributable to CBI

Net income per common share attributable to CBI:

We have two classes of outstanding common stock:  Class A Common Stock and Class B Convertible Common Stock (see Note 15). Accordingly, we use the two-class computation method for the computation of net income per common share attributable to CBI (hereafter referred to as “net income per common share”). The two-class computation method reflects the amount of allocated undistributed net income per share computed using the participation percentage which reflects the minimum dividend rights of each class of stock.

Net income per common share – basic excludes the effect of common stock equivalents and is computed using the two-class computation method. Net income per common share – diluted for Class A Common Stock reflects the potential dilution that could result if securities or other contracts to issue common stock were exercised or converted into common stock. Net income per common share – diluted for Class A Common Stock is computed using the more dilutive of the if-converted or two-class computation method. Using the if-converted method, net income per common share – diluted for Class A Common Stock assumes the exercise of stock options using the treasury stock method and the conversion of Class B Convertible Common Stock. Using the two-class computation method, net income per common share – diluted for Class A Common Stock assumes the exercise of stock options using the treasury stock method and no conversion of Class B Convertible Common Stock. Net income per common share – diluted for Class B Convertible Common Stock is computed using the two-class computation method.

Stock-based employee compensation

Stock-based employee compensation:

We have two stock-based employee compensation plans (see Note 16). We apply a grant date fair-value-based measurement method in accounting for our stock-based payment arrangements and record all costs resulting from stock-based payment transactions ratably over the requisite service period. Stock-based awards are subject to specific vesting conditions, generally time vesting, or upon retirement, disability or death of the employee (as defined by the plan), if earlier. We recognize compensation expense immediately for awards granted to retirement-eligible employees or ratably over the period from the date of grant to the date of retirement-eligibility if that is expected to occur during the requisite service period, when appropriate.

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Description of Business, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Feb. 28, 2015

Accounting Policies [Abstract]

DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of business –

Constellation Brands, Inc. and its subsidiaries operate primarily in the beverage alcohol industry. Unless the context otherwise requires, the terms “Company,” “CBI,” “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. We are a leading international producer and marketer of beverage alcohol with a broad portfolio of consumer-preferred premium imported beer, wine and spirits brands complemented by other select beverage alcohol products.

Basis of presentation –

Principles of consolidation:

Our consolidated financial statements include our accounts and our majority-owned and controlled domestic and foreign subsidiaries, as well as a certain variable interest entity (“VIE”) for which we are the primary beneficiary (see Note 2). All intercompany accounts and transactions are eliminated in consolidation.

Equity method investments:

If we are not required to consolidate our investment in another entity, we use the equity method when we (i)  can exercise significant influence over the other entity and (ii)  hold common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, plus or minus our equity in the increases and decreases in the investee’s net assets after the date of acquisition. Dividends received from the investee reduce the carrying amount of the investment.

Management’s use of estimates:

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Summary of significant accounting policies –

Revenue recognition:

We record revenue (referred to in our financial statements as “sales”) when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the title and the risk of loss passes to the customer according to the terms of the contract between us and our customer. Title and risk of loss are usually transferred upon shipment to or receipt at our customers’ locations, as determined by the specific sales terms of the transactions. Our sales terms do not allow for a right of return except for matters related to any manufacturing defects on our part. Amounts billed to customers for shipping and handling are included in sales. Sales reflect reductions attributable to consideration given to customers in various customer incentive programs, including pricing discounts on single transactions, volume discounts, promotional and advertising allowances, coupons and rebates.

Excise taxes remitted to governmental tax authorities are shown on a separate line item as a reduction of sales. Excise taxes are recognized as a liability, with the liability subsequently reduced when the taxes are remitted to the tax authority.

Cost of product sold:

The types of costs included in cost of product sold are raw materials, packaging materials, manufacturing costs, plant administrative support and overheads, and freight and warehouse costs (including distribution network costs). Distribution network costs include inbound freight charges and outbound shipping and handling costs, purchasing and receiving costs, inspection costs, warehousing and internal transfer costs.

Selling, general and administrative expenses:

The types of costs included in selling, general and administrative expenses consist predominately of advertising and non-manufacturing administrative and overhead costs. Distribution network costs are included in cost of product sold. We expense advertising costs as incurred, shown or distributed. Advertising expense for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, was $406.1 million, $278.5 million and $121.9 million, respectively.

Foreign currency translation:

The functional currency of our foreign subsidiaries is generally the respective local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate for the period. The resulting translation adjustments are recorded as a component of Accumulated Other Comprehensive Income (“AOCI”). Gains or losses resulting from foreign currency denominated transactions are included in selling, general and administrative expenses.

Cash and cash equivalents:

Cash equivalents consist of highly liquid investments with an original maturity when purchased of three months or less and are stated at cost, which approximates fair value.

Fair value of financial instruments:

We calculate the estimated fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available, we use standard pricing models for various types of financial instruments (such as forwards, options and swaps) which take into account the present value of estimated future cash flows (see Note 7).

Derivative instruments:

We enter into derivative instruments to manage our exposure to fluctuations in foreign currency exchange, interest rate and commodity pricing. We enter into derivatives for risk management purposes only, including derivatives designated in hedge accounting relationships as well as those derivatives utilized as economic hedges. We do not enter into derivatives for trading or speculative purposes. We recognize all derivatives as either assets or liabilities and measure those instruments at estimated fair value (see Note 6, Note 7). We present our derivative positions gross on our balance sheets.

Changes in fair values (to the extent of hedge effectiveness) of outstanding cash flow hedges are deferred in stockholders’ equity as a component of AOCI. These deferred gains or losses are recognized in our results of operations in the same period in which the hedged items are recognized and on the same financial statement line item as the hedged items. Any ineffectiveness associated with these derivative instruments is recognized immediately in our results of operations.

Changes in fair values for derivative instruments not designated in a hedge accounting relationship are recognized directly in our results of operations each period and on the same financial statement line item as the hedged item. For purposes of measuring segment operating performance, the net gain (loss) from the changes in fair value of our undesignated commodity derivative contracts, prior to settlement, is reported outside of segment operating results until such time that the underlying exposure is recognized in the segment operating results. Upon settlement, the net gain (loss) from the changes in fair value of the undesignated commodity derivative contracts is reported in the appropriate operating segment, allowing our operating segment results to reflect the economic effects of the commodity derivative contracts without the resulting unrealized mark to fair value volatility.

Cash flows from the settlement of derivatives, including both economic hedges and those designated in hedge accounting relationships, appear on our statements of cash flows in the same categories as the cash flows of the hedged items.

Inventories:

Inventories are stated at the lower of cost (computed in accordance with the first-in, first-out method) or market. Elements of cost include materials, labor and overhead.

Bulk wine inventories are included as in-process inventories within current assets, in accordance with the general practices of the wine industry, although a portion of such inventories may be aged for periods greater than one year. A substantial portion of barreled whiskey and brandy will not be sold within one year because of the duration of the aging process. All barreled whiskey and brandy are classified as in-process inventories and are included in current assets, in accordance with industry practice. Warehousing, insurance, ad valorem taxes and other carrying charges applicable to barreled whiskey and brandy held for aging are included in inventory costs.

We assess the valuation of our inventories and reduce the carrying value of those inventories that are obsolete or in excess of our forecasted usage to their estimated net realizable value based on analyses and assumptions including, but not limited to, historical usage, future demand and market requirements.

Property, plant and equipment:

Property, plant and equipment is stated at cost. Major additions and improvements are recorded as an increase to the property accounts, while maintenance and repairs are expensed as incurred. The cost of properties sold or otherwise disposed of and the related accumulated depreciation are eliminated from the balance sheet accounts at the time of disposal and resulting gains and losses are included as a component of operating income.

Depreciation:

Depreciation is computed primarily using the straight-line method over the following estimated useful lives:

	Years
Land improvements	15 to 32
Vineyards	16 to 26
Buildings and improvements	10 to 44
Machinery and equipment	3 to 35
Motor vehicles	3 to 7

Goodwill and other intangible assets:

Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. We review our goodwill and indefinite lived intangible assets annually for impairment, or sooner, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We use January 1 as our annual impairment test measurement date. Indefinite lived intangible assets consist principally of trademarks. Intangible assets determined to have a finite life, primarily customer relationships and a favorable interim supply agreement (see Note 2), are amortized over their estimated useful lives and are subject to review for impairment in accordance with authoritative guidance for long-lived assets. Note 9 provides a summary of intangible assets segregated between amortizable and nonamortizable amounts.

Indemnification liabilities:

We have indemnified respective parties against certain liabilities that may arise in connection with certain acquisitions and divestitures. Indemnification liabilities are recognized when probable and estimable and included in other liabilities (see Note 14).

Income taxes:

We use the asset and liability method of accounting for income taxes. This method accounts for deferred income taxes by applying statutory rates in effect at the balance sheet date to the difference between the financial reporting and tax bases of assets and liabilities. We provide for taxes that may be payable if undistributed earnings of foreign subsidiaries were to be remitted to the U.S. Interest and penalties are recognized as a component of provision for income taxes.

Net income per common share attributable to CBI:

We have two classes of outstanding common stock:  Class A Common Stock and Class B Convertible Common Stock (see Note 15). Accordingly, we use the two-class computation method for the computation of net income per common share attributable to CBI (hereafter referred to as “net income per common share”). The two-class computation method reflects the amount of allocated undistributed net income per share computed using the participation percentage which reflects the minimum dividend rights of each class of stock.

Net income per common share – basic excludes the effect of common stock equivalents and is computed using the two-class computation method. Net income per common share – diluted for Class A Common Stock reflects the potential dilution that could result if securities or other contracts to issue common stock were exercised or converted into common stock. Net income per common share – diluted for Class A Common Stock is computed using the more dilutive of the if-converted or two-class computation method. Using the if-converted method, net income per common share – diluted for Class A Common Stock assumes the exercise of stock options using the treasury stock method and the conversion of Class B Convertible Common Stock. Using the two-class computation method, net income per common share – diluted for Class A Common Stock assumes the exercise of stock options using the treasury stock method and no conversion of Class B Convertible Common Stock. Net income per common share – diluted for Class B Convertible Common Stock is computed using the two-class computation method.

Stock-based employee compensation:

We have two stock-based employee compensation plans (see Note 16). We apply a grant date fair-value-based measurement method in accounting for our stock-based payment arrangements and record all costs resulting from stock-based payment transactions ratably over the requisite service period. Stock-based awards are subject to specific vesting conditions, generally time vesting, or upon retirement, disability or death of the employee (as defined by the plan), if earlier. We recognize compensation expense immediately for awards granted to retirement-eligible employees or ratably over the period from the date of grant to the date of retirement-eligibility if that is expected to occur during the requisite service period, when appropriate.

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Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 28, 2015

Accounting Policies [Abstract]

Estimated useful lives for depreciation

Depreciation is computed primarily using the straight-line method over the following estimated useful lives:

	Years
Land improvements	15 to 32
Vineyards	16 to 26
Buildings and improvements	10 to 44
Machinery and equipment	3 to 35
Motor vehicles	3 to 7

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Borrowings (Details Textual 3) (Other [Member], USD $)	0 Months Ended
	Sep. 29, 2014	Oct. 01, 2013	Feb. 28, 2015 lender
CBI accounts receivable securitization facility [Member]
Short-term Debt [Line Items]
Accounts receivable securitization facility, Term	364 days	364 days
Number of lenders			2
Percentage of holding of the aggregate facility, One	60.00%
Percentage of holding of the aggregate facility, Two	40.00%
Basis points margin for borrowings under accounts receivable securitization facility	85.00%
Accounts receivable securitization facility, Maximum borrowings one	$ 190,000,000.0
Accounts receivable securitization facility, Maximum borrowings two	290,000,000.0
Crown accounts receivable securitization facility [Member]
Short-term Debt [Line Items]
Accounts receivable securitization facility, Term	364 days	364 days
Number of lenders			2
Percentage of holding of the aggregate facility, One	60.00%
Percentage of holding of the aggregate facility, Two	40.00%
Basis points margin for borrowings under accounts receivable securitization facility	85.00%
Accounts receivable securitization facility, Maximum borrowings one	100,000,000.0
Accounts receivable securitization facility, Maximum borrowings two	$ 160,000,000.0

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Condensed Consolidating Financial Information (Details 2) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013	Jun. 06, 2014	Jun. 07, 2013
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$ 1,081.0	$ 826.2	$ 556.3
Cash flows from investing activities:
Purchases of property, plant and equipment	(719.4)	(223.5)	(62.1)
Purchases of businesses, net of cash acquired	(310.3)	(4,681.3)	(159.3)
Net proceeds from (repayments of) intercompany notes	0	0	0
Net returns of capital from (investments in) equity affiliates	0	0	0
Other investing activities	13.8	41.0	14.6
Net cash used in investing activities	(1,015.9)	(4,863.8)	(206.8)
Cash flows from financing activities:
Payments of dividends	0	0
Net contributions from (returns of capital to) equity affiliates	0	0	0
Net proceeds from (repayments of) intercompany notes	0	0	0
Principal payments of long-term debt	(605.7)	(96.4)	(1,537.2)
Payment of delayed purchase price arrangement	(543.3)	0	0
Payments of minimum tax withholdings on stock-based payment awards	(28.4)	(18.0)	(0.5)
Payments of financing costs of long-term debt	(13.8)	(82.2)	(35.8)
Proceeds from issuance of long-term debt	905.0	3,725.0	2,050.0
Proceeds from noncontrolling interests	115.0	0	0
Excess tax benefits from stock-based payment awards	78.0	65.4	17.7
Proceeds from shares issued under equity compensation plans	63.7	125.9	162.7
Net proceeds from (repayments of) notes payable	13.1	57.3	(372.6)
Net cash provided by (used in) financing activities	(16.4)	3,777.0	(98.7)
Purchases of treasury stock	0	0	(383.0)
Effect of exchange rate changes on cash and cash equivalents	(2.5)	(7.0)	(5.1)
Net increase (decrease) in cash and cash equivalents	46.2	(267.6)	245.7
Cash and cash equivalents, beginning of year	63.9	331.5	85.8	308.0	232.0
Cash and cash equivalents, end of year	110.1	63.9	331.5	308.0	232.0
Parent Company [Member]
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	(553.6)	(466.1)	(336.2)
Cash flows from investing activities:
Purchases of property, plant and equipment	(23.1)	(5.4)	(5.0)
Purchases of businesses, net of cash acquired	0	0	0
Net proceeds from (repayments of) intercompany notes	485.4	972.6	503.2
Net returns of capital from (investments in) equity affiliates	(2.6)	(1,133.2)	37.2
Other investing activities	(0.1)	0	0.6
Net cash used in investing activities	459.6	(166.0)	536.0
Cash flows from financing activities:
Payments of dividends	0	0
Net contributions from (returns of capital to) equity affiliates	0	0	0
Net proceeds from (repayments of) intercompany notes	(262.8)	(1,850.1)	0.5
Principal payments of long-term debt	(549.2)	(49.8)	(1,528.7)
Payment of delayed purchase price arrangement	0
Payments of minimum tax withholdings on stock-based payment awards	0	0	0
Payments of financing costs of long-term debt	(11.7)	(69.6)	(35.8)
Proceeds from issuance of long-term debt	800.0	2,225.0	2,050.0
Proceeds from noncontrolling interests	0
Excess tax benefits from stock-based payment awards	78.0	65.4	17.7
Proceeds from shares issued under equity compensation plans	63.7	125.9	162.7
Net proceeds from (repayments of) notes payable	0	0	(297.9)
Net cash provided by (used in) financing activities	118.0	446.8	(14.5)
Purchases of treasury stock			(383.0)
Effect of exchange rate changes on cash and cash equivalents	0	0	0
Net increase (decrease) in cash and cash equivalents	24.0	(185.3)	185.3
Cash and cash equivalents, beginning of year	0.5	185.8	0.5
Cash and cash equivalents, end of year	24.5	0.5	185.8
Subsidiaries Guarantors [Member]
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	784.5	1,070.7	722.7
Cash flows from investing activities:
Purchases of property, plant and equipment	(83.7)	(61.4)	(39.8)
Purchases of businesses, net of cash acquired	0	(1,770.0)	(159.3)
Net proceeds from (repayments of) intercompany notes	0	0	0
Net returns of capital from (investments in) equity affiliates	0	(5.1)	(0.3)
Other investing activities	(5.6)	2.4	9.6
Net cash used in investing activities	(89.3)	(1,834.1)	(189.8)
Cash flows from financing activities:
Payments of dividends	0	0
Net contributions from (returns of capital to) equity affiliates	(31.5)	(172.8)	(20.8)
Net proceeds from (repayments of) intercompany notes	(618.1)	972.9	(503.5)
Principal payments of long-term debt	(19.6)	(20.2)	(8.5)
Payment of delayed purchase price arrangement	0
Payments of minimum tax withholdings on stock-based payment awards	(26.1)	(16.4)	0
Payments of financing costs of long-term debt	0	0	0
Proceeds from issuance of long-term debt	0	0	0
Proceeds from noncontrolling interests	0
Excess tax benefits from stock-based payment awards	0	0	0
Proceeds from shares issued under equity compensation plans	0	0	0
Net proceeds from (repayments of) notes payable	0	0	0
Net cash provided by (used in) financing activities	(695.3)	763.5	(532.8)
Purchases of treasury stock			0
Effect of exchange rate changes on cash and cash equivalents	0	0	0
Net increase (decrease) in cash and cash equivalents	(0.1)	0.1	0.1
Cash and cash equivalents, beginning of year	0.8	0.7	0.6
Cash and cash equivalents, end of year	0.7	0.8	0.7
Subsidiary Nonguarantors [Member]
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	850.1	240.4	169.8
Cash flows from investing activities:
Purchases of property, plant and equipment	(612.6)	(156.7)	(17.3)
Purchases of businesses, net of cash acquired	(310.3)	(2,911.3)	0
Net proceeds from (repayments of) intercompany notes	0	0	0
Net returns of capital from (investments in) equity affiliates	0	0.1	0
Other investing activities	19.5	38.6	4.4
Net cash used in investing activities	(903.4)	(3,029.3)	(12.9)
Cash flows from financing activities:
Payments of dividends	(38.8)	(84.3)
Net contributions from (returns of capital to) equity affiliates	72.9	1,376.5	(16.1)
Net proceeds from (repayments of) intercompany notes	395.5	(95.4)	(0.2)
Principal payments of long-term debt	(36.9)	(26.4)	0
Payment of delayed purchase price arrangement	(543.3)
Payments of minimum tax withholdings on stock-based payment awards	(2.3)	(1.6)	(0.5)
Payments of financing costs of long-term debt	(2.1)	(12.6)	0
Proceeds from issuance of long-term debt	105.0	1,500.0	0
Proceeds from noncontrolling interests	115.0
Excess tax benefits from stock-based payment awards	0	0	0
Proceeds from shares issued under equity compensation plans	0	0	0
Net proceeds from (repayments of) notes payable	13.1	57.3	(74.7)
Net cash provided by (used in) financing activities	78.1	2,713.5	(91.5)
Purchases of treasury stock			0
Effect of exchange rate changes on cash and cash equivalents	(2.5)	(7.0)	(5.1)
Net increase (decrease) in cash and cash equivalents	22.3	(82.4)	60.3
Cash and cash equivalents, beginning of year	62.6	145.0	84.7
Cash and cash equivalents, end of year	84.9	62.6	145.0
Eliminations [Member]
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	0	(18.8)	0
Cash flows from investing activities:
Purchases of property, plant and equipment	0	0	0
Purchases of businesses, net of cash acquired	0	0	0
Net proceeds from (repayments of) intercompany notes	(485.4)	(972.6)	(503.2)
Net returns of capital from (investments in) equity affiliates	2.6	1,138.2	(36.9)
Other investing activities	0	0	0
Net cash used in investing activities	(482.8)	165.6	(540.1)
Cash flows from financing activities:
Payments of dividends	38.8	84.3
Net contributions from (returns of capital to) equity affiliates	(41.4)	(1,203.7)	36.9
Net proceeds from (repayments of) intercompany notes	485.4	972.6	503.2
Principal payments of long-term debt	0	0	0
Payment of delayed purchase price arrangement	0
Payments of minimum tax withholdings on stock-based payment awards	0	0	0
Payments of financing costs of long-term debt	0	0	0
Proceeds from issuance of long-term debt	0	0	0
Proceeds from noncontrolling interests	0
Excess tax benefits from stock-based payment awards	0	0	0
Proceeds from shares issued under equity compensation plans	0	0	0
Net proceeds from (repayments of) notes payable	0	0	0
Net cash provided by (used in) financing activities	482.8	(146.8)	540.1
Purchases of treasury stock			0
Effect of exchange rate changes on cash and cash equivalents	0	0	0
Net increase (decrease) in cash and cash equivalents	0	0	0
Cash and cash equivalents, beginning of year	0	0	0
Cash and cash equivalents, end of year	$ 0	$ 0	$ 0

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Intangible Assets (Tables)

12 Months Ended

Feb. 28, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Major components of intangible assets

The major components of intangible assets are as follows:

	February 28, 2015				February 28, 2014
	Gross Carrying Amount		Net Carrying Amount		Gross Carrying Amount		Net Carrying Amount
(in millions)
Amortizable intangible assets
Customer relationships	$	100.9	$	63.3	$	103.6	$	70.5
Favorable interim supply agreement	68.3		33.9		68.3		62.3
Other	21.0		5.5		14.7		5.3
Total	$	190.2	102.7		$	186.6	138.1
Nonamortizable intangible assets
Trademarks (1)			3,073.9				3,088.0
Other			4.4				5.0
Total			3,078.3				3,093.0
Total intangible assets			$	3,181.0			$	3,231.1

Estimated amortization expense

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

(in millions)
2016	$	39.9
2017	$	10.3
2018	$	5.4
2019	$	5.4
2020	$	5.4
Thereafter	$	36.3

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Selected Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Feb. 28, 2015

Quarterly Financial Information Disclosure [Abstract]

Summary of selected quarterly financial information

A summary of selected quarterly financial information is as follows:

	QUARTER ENDED
	May 31, 2014		August 31, 2014		November 30, 2014		February 28, 2015		Full Year
(in millions, except per share data)
Fiscal 2015
Net sales	$	1,526.0	$	1,604.1	$	1,541.7	$	1,356.2	$	6,028.0
Gross profit	$	670.1	$	672.0	$	638.9	$	597.6	$	2,578.6
Net income attributable to CBI (1)	$	206.7	$	195.8	$	222.2	$	214.6	$	839.3
Net income per common share attributable to CBI (2):
Basic – Class A Common Stock	$	1.09	$	1.03	$	1.16	$	1.12	$	4.40
Basic – Class B Convertible Common Stock	$	0.99	$	0.93	$	1.06	$	1.02	$	4.00
Diluted – Class A Common Stock	$	1.03	$	0.98	$	1.10	$	1.06	$	4.17
Diluted – Class B Convertible Common Stock	$	0.95	$	0.90	$	1.01	$	0.98	$	3.83
	QUARTER ENDED
	May 31, 2013		August 31, 2013		November 30, 2013		February 28, 2014		Full Year
Fiscal 2014
Net sales	$	673.4	$	1,459.8	$	1,443.3	$	1,291.2	$	4,867.7
Gross profit	$	256.1	$	577.0	$	609.7	$	548.9	$	1,991.7
Net income attributable to CBI (3)	$	52.9	$	1,522.0	$	211.0	$	157.2	$	1,943.1
Net income per common share attributable to CBI (2):
Basic – Class A Common Stock	$	0.29	$	8.18	$	1.13	$	0.84	$	10.45
Basic – Class B Convertible Common Stock	$	0.26	$	7.43	$	1.03	$	0.76	$	9.50
Diluted – Class A Common Stock	$	0.27	$	7.74	$	1.07	$	0.79	$	9.83
Diluted – Class B Convertible Common Stock	$	0.25	$	7.11	$	0.98	$	0.73	$	9.04

Summary of unusual items, net of income tax effect

The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2015:

	QUARTER ENDED
	May 31, 2014			August 31, 2014			November 30, 2014			February 28, 2015			Full Year
(in millions, net of income tax effect)
Product recall	$	—		$	(5.9	)	$	(1.7	)	$	7.6		$	—
Net gain (loss) on undesignated commodity derivative contracts	$	0.1		$	(1.8	)	$	(13.6	)	$	(5.4	)	$	(20.7	)
Amortization of favorable interim supply agreement	$	(5.4	)	$	(8.0	)	$	(6.1	)	$	(0.7	)	$	(20.2	)
Settlements of undesignated commodity derivative contracts	$	(0.3	)	$	(0.1	)	$	0.8		$	2.4		$	2.8
Other cost of product sold	$	—		$	(1.6	)	$	(0.1	)	$	—		$	(1.7	)
Transaction, integration and other acquisition-related costs	$	(2.9	)	$	(5.7	)	$	(5.4	)	$	(5.4	)	$	(19.4	)
Other selling, general and administrative expenses	$	—		$	—		$	—		$	8.6		$	8.6
Loss on write-off of financing costs	$	—		$	(3.1	)	$	—		$	—		$	(3.1	)

(2) The sum of the quarterly net income per common share for Fiscal 2015 and Fiscal 2014 may not equal the total computed for the respective years as the net income per common share is computed independently for each of the quarters presented and for the full year.

(3) For Fiscal 2014, we recorded certain unusual items consisting of:  amortization of a favorable interim supply agreement associated with the Beer Business Acquisition; net gain from the changes in fair value of undesignated commodity derivative contracts, partially offset by settlements of undesignated commodity derivative contracts; transaction, integration and other acquisition-related costs associated with the Beer Business Acquisition; previously unrecognized deferred compensation costs associated with certain employment agreements related to a prior period; other selling, general and administrative expenses associated primarily with certain previously announced restructuring plans; impairment of goodwill and intangible assets associated with our Canadian business; gain on remeasurement to fair value of our preexisting equity interest in Crown Imports; and other equity method investment costs. The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2014:

	QUARTER ENDED
	May 31, 2013			August 31, 2013			November 30, 2013			February 28, 2014			Full Year
(in millions, net of income tax effect)
Amortization of favorable interim supply agreement	$	—		$	(1.5	)	$	(1.6	)	$	(1.2	)	$	(4.3	)
Net gain on undesignated commodity derivative contracts	$	—		$	—		$	—		$	1.0		$	1.0
Settlements of undesignated commodity derivative contracts	$	—		$	—		$	—		$	(0.4	)	$	(0.4	)
Transaction, integration and other acquisition-related costs	$	(17.2	)	$	(4.2	)	$	(5.8	)	$	(4.3	)	$	(31.5	)
Deferred compensation	$	(4.4	)	$	—		$	—		$	—		$	(4.4	)
Other selling, general and administrative expenses	$	1.8		$	—		$	(0.1	)	$	—		$	1.7
Impairment of goodwill and intangible assets	$	—		$	(296.4	)	$	1.3		$	—		$	(295.1	)
Gain on remeasurement to fair value of equity method investment	$	—		$	1,642.0		$	—		$	—		$	1,642.0
Other equity method investment costs	$	(0.1	)	$	—		$	—		$	—		$	(0.1	)

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Intangible Assets (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, Gross Carrying Amount	$ 190.2	$ 186.6
Amortizable intangible assets, Net Carrying Amount	102.7	138.1
Nonamortizable intangible assets, Net Carrying Amount	3,078.3	3,093.0
Total intangible assets, Net Carrying Amount	3,181.0	3,231.1
Amortization expense for intangible assets	40.0	15.5	7.2
Trademarks [Member]
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Nonamortizable intangible assets, Net Carrying Amount	3,073.9	3,088.0
Other [Member]
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Nonamortizable intangible assets, Net Carrying Amount	4.4	5.0
Customer relationships [Member]
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, Gross Carrying Amount	100.9	103.6
Amortizable intangible assets, Net Carrying Amount	63.3	70.5
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
Amortizable intangible assets, Net Carrying Amount	33.9	62.3
Other [Member]
Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, Gross Carrying Amount	21.0	14.7
Amortizable intangible assets, Net Carrying Amount	$ 5.5	$ 5.3

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Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Current assets:
Cash and cash equivalents	$ 110.1	$ 63.9
Accounts receivable	598.9	626.2
Inventories	1,827.2	1,743.8
Prepaid expenses and other	374.6	313.3
Total current assets	2,910.8	2,747.2
Property, plant and equipment	2,681.6	2,014.3
Goodwill	6,208.2	6,146.8
Intangible assets	3,181.0	3,231.1
Other assets	162.9	162.7
Total assets	15,144.5	14,302.1
Current liabilities:
Notes payable to banks	52.4	57.2
Current maturities of long-term debt	158.1	590.0
Accounts payable	285.8	295.2
Accrued excise taxes	28.7	27.7
Other accrued expenses and liabilities	605.7	1,055.6
Total current liabilities	1,130.7	2,025.7
Long-term debt, less current maturities	7,137.5	6,373.3
Deferred income taxes	818.9	762.6
Other liabilities	176.1	159.2
Total liabilities	9,263.2	9,320.8
Commitments and contingencies (Note 14)
CBI stockholders’ equity:
Preferred Stock, Value	0	0
Additional paid-in capital	2,269.8	2,116.6
Retained earnings	5,277.5	4,438.2
Accumulated other comprehensive income (loss)	(130.9)	86.0
Total stockholders' equity before treasury stock adjustments	7,419.2	6,643.6
Less: Treasury stock –	(1,648.5)	(1,662.3)
Total CBI stockholders’ equity	5,770.7	4,981.3
Noncontrolling interests	110.6	0
Total stockholders’ equity	5,881.3	4,981.3
Total liabilities and stockholders’ equity	15,144.5	14,302.1
Class A Common Stock [Member]
CBI stockholders’ equity:
Common Stock, Value	2.5	2.5
Less: Treasury stock –	(1,646.3)	(1,660.1)
Class B Convertible Common Stock [Member]
CBI stockholders’ equity:
Common Stock, Value	0.3	0.3
Less: Treasury stock –	(2.2)	(2.2)
Class 1 Common Stock [Member]
CBI stockholders’ equity:
Common Stock, Value	$ 0	$ 0

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Commitments and Contingencies (Tables)

12 Months Ended

Feb. 28, 2015

Commitments and Contingencies Disclosure [Abstract]

Future payments under noncancelable operating leases

Future payments under noncancelable operating leases having initial or remaining terms of one year or more are as follows for each of the five succeeding fiscal years and thereafter:

(in millions)
2016	$	48.4
2017	42.7
2018	36.7
2019	33.4
2020	29.2
Thereafter	202.1
	$	392.5

Future minimum purchase commitments and obligations

As of February 28, 2015, the estimated aggregate minimum purchase obligations under these contracts are as follows:

	Type	Length of Commitment	Amount
(in millions)
Raw materials and supplies (1)	Grapes, packaging and other raw materials	through December 2027	$	5,377.3
In-process inventories	Bulk wine	through December 2016	29.7
Finished case goods (2)	Beer	through December 2015	469.0
Capital expenditures (3)	Property, plant and equipment, and contractor and manufacturing services	through February 2018	1,463.7
Other (4)	Processing and warehousing services, energy contracts	through December 2027	168.1
			$	7,507.8

⁽¹⁾  Grape purchase contracts require the purchase of grape production yielded from a specified number of acres. The actual tonnage and price of grapes that we must purchase will vary each year depending on certain factors, including weather, time of harvest, overall market conditions and the agricultural practices and location of the growers and suppliers under contract.

⁽²⁾  Consists of a minimum purchase obligation under the interim supply agreement for finished goods entered into in connection with the Beer Business Acquisition.

⁽³⁾  Consists of purchase commitments entered into primarily in connection with the Brewery and glass production plant expansions.

⁽⁴⁾  Includes commitments to utilize outside services to process, package and/or store a minimum volume quantity, as well as for the purchase of certain energy requirements.

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Stockholders' Equity (Details 1) (USD $)	12 Months Ended	23 Months Ended	11 Months Ended
	Feb. 28, 2013	Feb. 28, 2013	Feb. 28, 2013	Apr. 30, 2011	Apr. 30, 2012
Equity, Class of Treasury Stock [Line Items]
Dollar Value of Shares Repurchased	$ 383,000,000
Class A and Class B [Member] | 2012 Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization				500,000,000.0
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 Common Stock [Member] | 2012 Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Dollar Value of Shares Repurchased	86,300,000	500,000,000
Number of Shares Repurchased	3,970,481	25,204,747
Average Price Per Share		$ 19.84
Class A Common Stock [Member] | 2013 Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Dollar Value of Shares Repurchased			$ 296,700,000
Number of Shares Repurchased			14,023,985
Average Price Per Share			$ 21.15

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Condensed Consolidating Financial Information (Details 1) (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May 31, 2014	Feb. 28, 2014	Nov. 30, 2013	Aug. 31, 2013	May 31, 2013	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Condensed Consolidating Statement of Comprehensive Income
Sales									$ 6,672.1	$ 5,411.0	$ 3,171.4
Less – excise taxes									(644.1)	(543.3)	(375.3)
Net sales	1,356.2	1,541.7	1,604.1	1,526.0	1,291.2	1,443.3	1,459.8	673.4	6,028.0	4,867.7	2,796.1
Cost of product sold									(3,449.4)	(2,876.0)	(1,687.8)
Gross profit	597.6	638.9	672.0	670.1	548.9	609.7	577.0	256.1	2,578.6	1,991.7	1,108.3
Selling, general and administrative expenses									(1,078.4)	(895.1)	(585.4)
Operating income									1,500.2	2,437.7	522.9
Equity in earnings of equity method investees and subsidiaries									21.5	87.8	233.1
Interest income									1.4	7.7	6.8
Intercompany interest income									0	0	0
Interest expense									(339.1)	(330.9)	(233.9)
Intercompany interest expense									0	0	0
Loss on write-off of financing costs									(4.4)	0	(12.5)
Income before income taxes									1,179.6	2,202.3	516.4
(Provision for) benefit from income taxes									(343.4)	(259.2)	(128.6)
Net income									836.2	1,943.1	387.8
Net loss attributable to noncontrolling interests									3.1	0	0
Net income attributable to CBI	214.6	222.2	195.8	206.7	157.2	211.0	1,522.0	52.9	839.3	1,943.1	387.8
Comprehensive income attributable to CBI									622.4	1,897.0	346.2
Impairment of goodwill and intangible assets									0	(300.9)	0
Gain on remeasurement to fair value of equity method investment									0	1,642.0	0
Parent Company [Member]
Condensed Consolidating Statement of Comprehensive Income
Sales									2,406.4	2,351.8	2,065.4
Less – excise taxes									(324.8)	(317.3)	(213.0)
Net sales									2,081.6	2,034.5	1,852.4
Cost of product sold									(1,678.4)	(1,730.3)	(1,537.2)
Gross profit									403.2	304.2	315.2
Selling, general and administrative expenses									(388.2)	(395.4)	(344.1)
Operating income									15.0	(91.2)	(28.9)
Equity in earnings of equity method investees and subsidiaries									828.0	2,219.2	622.2
Interest income									0.1	0.1	0.6
Intercompany interest income									177.8	152.4	79.0
Interest expense									(296.4)	(283.2)	(230.1)
Intercompany interest expense									(222.0)	(168.1)	(193.2)
Loss on write-off of financing costs									0		(12.5)
Income before income taxes									502.5	1,829.2	237.1
(Provision for) benefit from income taxes									336.8	113.9	150.7
Net income									839.3	1,943.1	387.8
Net loss attributable to noncontrolling interests									0	0	0
Net income attributable to CBI									839.3	1,943.1	387.8
Comprehensive income attributable to CBI									622.4	1,897.0	346.2
Impairment of goodwill and intangible assets										0
Gain on remeasurement to fair value of equity method investment										0
Subsidiary Guarantors [Member]
Condensed Consolidating Statement of Comprehensive Income
Sales									5,078.3	3,868.3	1,758.6
Less – excise taxes									(251.6)	(155.9)	(95.9)
Net sales									4,826.7	3,712.4	1,662.7
Cost of product sold									(3,629.0)	(2,661.6)	(1,156.6)
Gross profit									1,197.7	1,050.8	506.1
Selling, general and administrative expenses									(470.1)	(361.7)	(101.4)
Operating income									727.6	2,331.1	404.7
Equity in earnings of equity method investees and subsidiaries									24.6	92.7	232.9
Interest income									0	0	0
Intercompany interest income									222.7	168.5	193.2
Interest expense									(1.4)	(2.5)	(1.4)
Intercompany interest expense									(177.6)	(153.6)	(80.2)
Loss on write-off of financing costs									0		0
Income before income taxes									795.9	2,436.2	749.2
(Provision for) benefit from income taxes									(295.5)	(292.5)	(274.7)
Net income									500.4	2,143.7	474.5
Net loss attributable to noncontrolling interests									0	0	0
Net income attributable to CBI									500.4	2,143.7	474.5
Comprehensive income attributable to CBI									503.7	2,167.7	439.5
Impairment of goodwill and intangible assets										0
Gain on remeasurement to fair value of equity method investment										1,642.0
Subsidiary Nonguarantors [Member]
Condensed Consolidating Statement of Comprehensive Income
Sales									3,004.1	2,093.9	827.8
Less – excise taxes									(67.7)	(70.1)	(66.4)
Net sales									2,936.4	2,023.8	761.4
Cost of product sold									(1,870.3)	(1,312.1)	(460.8)
Gross profit									1,066.1	711.7	300.6
Selling, general and administrative expenses									(273.4)	(155.0)	(154.3)
Operating income									792.7	255.8	146.3
Equity in earnings of equity method investees and subsidiaries									1.2	0.6	0.5
Interest income									1.3	7.6	6.2
Intercompany interest income									0	1.5	1.5
Interest expense									(41.3)	(45.2)	(2.4)
Intercompany interest expense									(0.9)	(0.7)	(0.3)
Loss on write-off of financing costs									(4.4)		0
Income before income taxes									748.6	219.6	151.8
(Provision for) benefit from income taxes									(395.7)	(100.1)	(4.5)
Net income									352.9	119.5	147.3
Net loss attributable to noncontrolling interests									3.1	0	0
Net income attributable to CBI									356.0	119.5	147.3
Comprehensive income attributable to CBI									132.2	64.0	103.5
Impairment of goodwill and intangible assets										(300.9)
Gain on remeasurement to fair value of equity method investment										0
Eliminations [Member]
Condensed Consolidating Statement of Comprehensive Income
Sales									(3,816.7)	(2,903.0)	(1,480.4)
Less – excise taxes									0	0	0
Net sales									(3,816.7)	(2,903.0)	(1,480.4)
Cost of product sold									3,728.3	2,828.0	1,466.8
Gross profit									(88.4)	(75.0)	(13.6)
Selling, general and administrative expenses									53.3	17.0	14.4
Operating income									(35.1)	(58.0)	0.8
Equity in earnings of equity method investees and subsidiaries									(832.3)	(2,224.7)	(622.5)
Interest income									0	0	0
Intercompany interest income									(400.5)	(322.4)	(273.7)
Interest expense									0	0	0
Intercompany interest expense									400.5	322.4	273.7
Loss on write-off of financing costs									0		0
Income before income taxes									(867.4)	(2,282.7)	(621.7)
(Provision for) benefit from income taxes									11.0	19.5	(0.1)
Net income									(856.4)	(2,263.2)	(621.8)
Net loss attributable to noncontrolling interests									0	0	0
Net income attributable to CBI									(856.4)	(2,263.2)	(621.8)
Comprehensive income attributable to CBI									(635.9)	(2,231.7)	(543.0)
Impairment of goodwill and intangible assets										0
Gain on remeasurement to fair value of equity method investment										$ 0

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Consolidated Statements of Changes in Stockholders' Equity (USD $) In Millions, unless otherwise specified	Total	Common Stock [Member] Class A Common Stock [Member]	Common Stock [Member] Class B Convertible Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]
Balance at beginning of period at Feb. 29, 2012	$ 2,676.0	$ 2.3	$ 0.3	$ 1,691.4	$ 2,107.3	$ 173.7	$ (1,299.0)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	387.8	0	0	0	387.8	0	0	0
Other comprehensive loss, net of income tax effect	(41.6)	0	0	0	0	(41.6)	0	0
Comprehensive income	346.2
Repurchase of shares	(383.0)	0	0	0	0	0	(383.0)	0
Shares issued under equity compensation plans	161.9	0.1	0	156.5	0	0	5.3	0
Stock-based compensation	44.2	0	0	44.2	0	0	0	0
Tax benefit on stock-based compensation	15.0	0	0	15.0	0	0	0	0
Balance at end of period at Feb. 28, 2013	2,860.3	2.4	0.3	1,907.1	2,495.1	132.1	(1,676.7)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,943.1	0	0	0	1,943.1	0	0	0
Other comprehensive loss, net of income tax effect	(46.1)	0	0	0	0	(46.1)	0	0
Comprehensive income	1,897.0
Shares issued under equity compensation plans	107.9	0.1	0	93.4	0	0	14.4	0
Stock-based compensation	50.8	0	0	50.8	0	0	0	0
Tax benefit on stock-based compensation	65.3	0	0	65.3	0	0	0	0
Balance at end of period at Feb. 28, 2014	4,981.3	2.5	0.3	2,116.6	4,438.2	86.0	(1,662.3)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	836.2	0	0	0	839.3	0	0	(3.1)
Other comprehensive loss, net of income tax effect	(218.2)	0	0	0	0	(216.9)	0	(1.3)
Comprehensive income	618.0
Shares issued under equity compensation plans	35.3	0	0	21.5	0	0	13.8	0
Stock-based compensation	54.3	0	0	54.3	0	0	0	0
Tax benefit on stock-based compensation	77.4	0	0	77.4	0	0	0	0
Proceeds from noncontrolling interests	115.0	0	0	0	0	0	0	115.0
Balance at end of period at Feb. 28, 2015	$ 5,881.3	$ 2.5	$ 0.3	$ 2,269.8	$ 5,277.5	$ (130.9)	$ (1,648.5)	$ 110.6

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Commitments and Contengencies (Details Textual 1)	12 Months Ended
	Feb. 28, 2015
Workforce subject to collective bargaining arrangements [Member]
Concentration Risk [Line Items]
Concentration risk, Percentage	14.00%
Workforce subject to collective bargaining arrangements expiring within one year [Member]
Concentration Risk [Line Items]
Concentration risk, Percentage	7.00%

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Inventories (Details) (USD $) In Millions, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 106.0	$ 87.8
In-process inventories	1,244.0	1,235.4
Finished case goods	477.2	420.6
Total	$ 1,827.2	$ 1,743.8

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Stock-Based Employee Compensation (Details 1) (USD $)	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Number of Options [Rollforward]
Number of Options, Outstanding as of March 1 (in shares)	15,314,074	20,264,078	26,931,297
Number of Options, Granted (in shares)	881,584	1,284,500	1,980,260
Number of Options, Exercised (in shares)	(2,527,458)	(6,119,923)	(8,234,324)
Number of Options, Forfeited (in shares)	(52,779)	(103,497)	(207,945)
Number of Options, Expired (in shares)	(1,806)	(11,084)	(205,210)
Number of Options, Outstanding as of last day of February (in shares)	13,613,615	15,314,074	20,264,078
Number of Options, Exercisable (in shares)	10,499,030	10,913,019	13,697,345
Weighted Average Exercise Price [Rollforward]
Options, Weighted Average Exercise Price, Outstanding as of March 1 (in dollars per share)	$ 21.82	$ 19.48	$ 19.03
Options, Weighted Average Exercise Price, Granted (in dollars per share)	$ 79.86	$ 48.79	$ 24.65
Options, Weighted Average Exercise Price, Exercised (in dollars per share)	$ 22.02	$ 19.63	$ 19.18
Options, Weighted Average Exercise Price, Forfeited (in dollars per share)	$ 42.79	$ 28.86	$ 17.81
Options, Weighted Average Exercise Price, Expired (in dollars per share)	$ 19.55	$ 18.79	$ 24.11
Options, Weighted Average Exercise Price, Outstanding as of last day of February (in dollars per share)	$ 25.46	$ 21.82	$ 19.48
Options, Weighted Average Exercise Price, Exercisable (in dollars per share)	$ 19.45	$ 18.91	$ 19.66

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Prepaid Expenses and Other (Tables)

12 Months Ended

Feb. 28, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Components of prepaid expenses and other

The major components of prepaid expenses and other are as follows:

	February 28, 2015		February 28, 2014
(in millions)
Prepaid excise, sales and value added taxes	$	133.8	$	81.6
Income taxes receivable	91.7		117.5
Other	149.1		114.2
	$	374.6	$	313.3

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Derivative Instruments (Details Textual) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015
Derivative [Line Items]
Amount of net losses, net of income tax effect, to be reclassified from AOCI to earnings within the next 12 months	$ (16.4)
Fair value of derivative instruments in a net liability position due to counterparties	$ 88.1
Designated as hedging instrument [Member] | Cash flow hedging [Member]
Derivative [Line Items]
Average maturity period for derivative instruments	3 years
Maximum maturity period for derivative instruments	5 years
Not designated as hedging instrument [Member] | Foreign currency contracts [Member]
Derivative [Line Items]
Average maturity period for derivative instruments	12 months
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member]
Derivative [Line Items]
Average maturity period for derivative instruments	36 months
Maximum maturity period for derivative instruments	5 years

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Stockholders' Equity

12 Months Ended

Feb. 28, 2015

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY:

Common stock –

We have two classes of outstanding common stock:  Class A Common Stock and Class B Convertible Common Stock. Class B Convertible Common Stock shares are convertible into shares of Class A Common Stock on a one-to-one basis at any time at the option of the holder. Holders of Class B Convertible Common Stock are entitled to ten votes per share. Holders of Class A Common Stock are entitled to one vote per share and a cash dividend premium. If we pay a cash dividend on Class B Convertible Common Stock, each share of Class A Common Stock will receive an amount at least ten percent greater than the amount of the cash dividend per share paid on Class B Convertible Common Stock. In addition, the Board of Directors may declare and pay a dividend on Class A Common Stock without paying any dividend on Class B Convertible Common Stock. However, our senior credit facility limits the cash dividends that we can pay on our common stock to a fixed amount per quarter, or, if a larger amount is desired, any such amount is permitted so long as minimum cash availability exists and a leverage test is met.

In addition, we have a class of common stock consisting of shares of Class 1 Common Stock. Shares of Class 1 Common Stock generally have no voting rights. Class 1 Common Stock shares are convertible into shares of Class A Common Stock on a one-to-one basis at any time at the option of the holder, provided that the holder immediately sells the Class A Common Stock acquired upon conversion. Because shares of Class 1 Common Stock are convertible into shares of Class A Common Stock, for each share of Class 1 Common Stock issued, we must reserve one share of Class A Common Stock for issuance upon the conversion of the share of Class 1 Common Stock. Holders of Class 1 Common Stock do not have any preference as to dividends, but may participate in any dividend if and when declared by the Board of Directors. If we pay a cash dividend on Class 1 Common Stock, each share of Class A Common Stock will receive an amount at least ten percent greater than the amount of cash dividend per share paid on Class 1 Common Stock. In addition, the Board of Directors may declare and pay a dividend on Class A Common Stock without paying a dividend on Class 1 Common Stock. The cash dividends declared and paid on Class B Convertible Common Stock and Class 1 Common Stock must always be the same.

The number of shares of common stock issued and treasury stock, and associated share activity, are as follows:

	Common Stock					Treasury Stock
	Class A	Class B		Class 1		Class A		Class B
Balance at February 29, 2012	233,751,797	28,583,916		11,549		63,015,441		5,005,800
Share repurchases	—	—		—		17,994,466		—
Conversion of shares	78,496	(66,881	)	(11,615	)	—		—
Exercise of stock options	8,234,221	—		103		—		—
Employee stock purchases	—	—		—		(210,895	)	—
Grant of restricted stock awards	—	—		—		(18,190	)	—
Vesting of restricted stock units (1)	—	—		—		(42,664	)	—
Cancellation of restricted shares	—	—		—		61,140		—
Balance at February 28, 2013	242,064,514	28,517,035		37		80,799,298		5,005,800
Conversion of shares	80,507	(80,470	)	(37	)	—		—
Exercise of stock options	6,119,923	—		—		—		—
Employee stock purchases	—	—		—		(163,817	)	—
Grant of restricted stock awards	—	—		—		(12,375	)	—
Vesting of restricted stock units (1)	—	—		—		(121,539	)	—
Vesting of performance share units (2)	—	—		—		(309,653	)	—
Cancellation of restricted shares	—	—		—		33,661		—
Balance at February 28, 2014	248,264,944	28,436,565		—		80,225,575		5,005,800
Conversion of shares	46,957	(46,957	)	—		—		—
Exercise of stock options	2,527,458	—		—		—		—
Employee stock purchases	—	—		—		(117,301	)	—
Grant of restricted stock awards	—	—		—		(6,424	)	—
Vesting of restricted stock units (1)	—	—		—		(140,396	)	—
Vesting of performance share units (2)	—	—		—		(288,021	)	—
Cancellation of restricted shares	—	—		—		8,426		—
Balance at February 28, 2015	250,839,359	28,389,608		—		79,681,859		5,005,800

⁽¹⁾  Net of 101,499 shares, 96,767 shares and 23,836 shares withheld for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, respectively, to satisfy tax withholding requirements.

⁽²⁾  Net of 248,499 shares and 267,577 shares withheld for the years ended February 28, 2015, and February 28, 2014, respectively, to satisfy tax withholding requirements.

Stock repurchases –

In April 2011, our Board of Directors authorized the repurchase of up to $500.0 million of our Class A Common Stock and Class B Convertible Common Stock (the “2012 Authorization”), which was completed during the year ended February 28, 2013. 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 the 2013 Authorization would expire. Shares repurchased under both authorizations have become treasury shares.

Shares repurchased are as follows:

			Class A Common Shares
	Repurchase Authorization		Dollar Value of Shares Repurchased		Number of Shares Repurchased	Average Price Per Share
(in millions, except share and per share data)
2012 Authorization (1)	$	500.0	$	500.0	25,204,747	$	19.84
2013 Authorization (2)	$	1,000.0	$	296.7	14,023,985	$	21.15

⁽¹⁾  During the year ended February 28, 2013, we repurchased 3,970,481 shares of Class A Common Stock at an aggregate cost of $86.3 million.

⁽²⁾  All share repurchases occurred during the year ended February 28, 2013.

Common stock dividends –

In April 2015, our Board of Directors declared an initial quarterly cash dividend of $0.31 per share of Class A Common Stock, $0.28 per share of Class B Convertible Common Stock and $0.28 per share of Class 1 Common Stock payable in the first quarter of fiscal 2016.

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Property, Plant and Equipment (Tables)

12 Months Ended

Feb. 28, 2015

Property, Plant and Equipment [Abstract]

Components of property, plant and equipment

The major components of property, plant and equipment are as follows:

	February 28, 2015			February 28, 2014
(in millions)
Land and land improvements	$	350.1		$	334.0
Vineyards	230.2			220.1
Buildings and improvements	580.3			519.5
Machinery and equipment	1,828.4			1,585.9
Motor vehicles	73.2			48.5
Construction in progress	669.6			231.0
	3,731.8			2,939.0
Less – Accumulated depreciation	(1,050.2		)	(924.7		)
	$	2,681.6		$	2,014.3

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Stock-Based Employee Compensation (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total compensation cost recognized in our results of operations	$ 55.0	$ 49.9	$ 40.8
Total income tax benefit recognized in our results of operations	18.7	17.1	13.8
Total compensation cost capitalized in inventory on our balance sheets	$ 3.7	$ 4.2	$ 4.1

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Net Income Per Common Share Attributable to CBI

12 Months Ended

Feb. 28, 2015

Earnings Per Share [Abstract]

NET INCOME PER COMMON SHARE ATTRIBUTABLE TO CBI

NET INCOME PER COMMON SHARE ATTRIBUTABLE TO CBI:

For the years ended February 28, 2015, February 28, 2014, and February 28, 2013, net income per common share – diluted for Class A Common Stock has been calculated using the if-converted method. For the years ended February 28, 2015, February 28, 2014, and February 28, 2013, net income per common share – diluted for Class B Convertible Common Stock is presented without assuming conversion into Class A Common Stock and is computed using the two-class computation method.

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

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions, except per share data)
Net income attributable to CBI	$	839.3	$	1,943.1	$	387.8
Weighted average common shares outstanding – basic:
Class A Common Stock	169.325		164.687		158.658
Class B Convertible Common Stock	23.397		23.467		23.532
Weighted average common shares outstanding – diluted:
Class A Common Stock	169.325		164.687		158.658
Class B Convertible Common Stock	23.397		23.467		23.532
Stock-based awards, primarily stock options	8.502		9.416		8.117
Weighted average common shares outstanding – diluted	201.224		197.570		190.307
Net income per common share attributable to CBI – basic:
Class A Common Stock	$	4.40	$	10.45	$	2.15
Class B Convertible Common Stock	$	4.00	$	9.50	$	1.96
Net income per common share attributable to CBI – diluted:
Class A Common Stock	$	4.17	$	9.83	$	2.04
Class B Convertible Common Stock	$	3.83	$	9.04	$	1.87

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Fair Value of Financial Instruments (Details Textual) (USD $) In Millions, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 7,295.6	$ 6,963.3
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	7,295.6	6,963.3
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 7,378.6	$ 7,140.8

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Accumulated Other Comprehensive Income (Loss) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Foreign currency translation adjustments
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	$ (191.0)	$ (66.8)	$ (37.4)
Unrealized gain (loss) on cash flow hedges
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(20.2)	11.3	0.3
Unrealized gain (loss) on AFS debt securities
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(1.0)	(2.9)	0.4
Pension/postretirement adjustments
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(6.0)	12.3	(4.9)
Other comprehensive loss, net of income tax effect	(218.2)	(46.1)	(41.6)
Accumulated Other Comprehensive Income (Loss) [Member]
Foreign currency translation adjustments
Net gains (losses), Before Tax Amount	(203.3)	(63.2)	(46.9)
Net gains (losses), Tax (Expense) Benefit	13.6	(3.6)	9.5
Net gains (losses), Net of Tax Amount	(189.7)	(66.8)	(37.4)
Reclassification adjustments, Before Tax Amount	0	0	0
Reclassification adjustments, Tax (Expense) Benefit	0	0	0
Reclassification adjustments, Net of Tax Amount	0	0	0
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount	(203.3)	(63.2)	(46.9)
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit	13.6	(3.6)	9.5
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(189.7)	(66.8)	(37.4)
Unrealized gain (loss) on cash flow hedges
Net derivative gains (losses), Before Tax Amount	(33.6)	9.8	(4.9)
Net derivative gains (losses), Tax (Expense) Benefit	9.6	(2.7)	2.4
Net derivative gains (losses), Net of Tax Amount	(24.0)	7.1	(2.5)
Reclassification adjustments, Before Tax Amount	6.8	7.8	6.2
Reclassification adjustments, Tax (Expense) Benefit	(3.0)	(3.6)	(3.4)
Reclassification adjustments, Net of Tax Amount	3.8	4.2	2.8
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount	(26.8)	17.6	1.3
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit	6.6	(6.3)	(1.0)
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(20.2)	11.3	0.3
Unrealized gain (loss) on AFS debt securities
Net AFS debt securities gains (losses), Before Tax Amount	(1.0)	(2.8)	0.7
Net AFS debt securities gains (losses), Tax (Expense) Benefit	0	(0.3)	(0.3)
Net AFS debt securities gains (losses), Net of Tax Amount	(1.0)	(3.1)	0.4
Reclassification adjustments, Before Tax Amount	0	(0.1)	0
Reclassification adjustments, Tax (Expense) Benefit	0	0.3	0
Reclassification adjustments, Net of Tax Amount	0	0.2	0
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount	(1.0)	(2.9)	0.7
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit	0	0	(0.3)
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(1.0)	(2.9)	0.4
Pension/postretirement adjustments
Net actuarial gains (losses), Before Tax Amount	(8.1)	15.4	(7.4)
Net actuarial gains (losses), Tax (Expense) Benefit	2.1	(4.0)	1.9
Net actuarial gains (losses), Net of Tax Amount	(6.0)	11.4	(5.5)
Reclassification adjustments, Before Tax Amount	0	1.1	0.8
Reclassification adjustments, Tax (Expense) Benefit	0	(0.2)	(0.2)
Reclassification adjustments, Net of Tax Amount	0	0.9	0.6
Net gain (loss) recognized in other comprehensive income (loss), Before Tax Amount	(8.1)	16.5	(6.6)
Net gain (loss) recognized in other comprehensive income (loss), Tax (Expense) Benefit	2.1	(4.2)	1.7
Net gain (loss) recognized in other comprehensive income (loss), Net of Tax Amount	(6.0)	12.3	(4.9)
Other comprehensive income (loss), Before Tax Amount	(239.2)	(32.0)	(51.5)
Other comprehensive income (loss), Tax (Expense) Benefit	(22.3)	14.1	(9.9)
Other comprehensive loss, net of income tax effect	$ (216.9)	$ (46.1)	$ (41.6)

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Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Cash flows from operating activities:
Net income	$ 836.2	$ 1,943.1	$ 387.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	162.0	139.8	108.2
Deferred tax provision	79.3	41.6	39.2
Stock-based compensation	55.0	49.9	40.8
Amortization of intangible assets	40.0	15.5	7.2
Amortization of deferred financing costs	12.2	11.6	4.8
Noncash portion of loss on write-off of financing costs	3.3	0	12.5
Equity in earnings of equity method investees, net of distributed earnings	(1.2)	(43.3)	7.6
Gain on remeasurement to fair value of equity method investment	0	(1,642.0)	0
Impairment of goodwill and intangible assets	0	300.9	0
Change in operating assets and liabilities, net of effects from purchases of businesses:
Accounts receivable	16.1	36.5	(38.9)
Inventories	(132.5)	(41.1)	(90.0)
Prepaid expenses and other current assets	(71.2)	(0.2)	(9.6)
Accounts payable	(0.8)	(49.3)	76.9
Accrued excise taxes	1.6	(5.5)	(5.8)
Other accrued expenses and liabilities	44.7	58.1	(0.3)
Other	36.3	10.6	15.9
Total adjustments	244.8	(1,116.9)	168.5
Net cash provided by operating activities	1,081.0	826.2	556.3
Cash flows from investing activities:
Purchases of property, plant and equipment	(719.4)	(223.5)	(62.1)
Purchases of businesses, net of cash acquired	(310.3)	(4,681.3)	(159.3)
Other investing activities	13.8	41.0	14.6
Net cash used in investing activities	(1,015.9)	(4,863.8)	(206.8)
Cash flows from financing activities:
Principal payments of long-term debt	(605.7)	(96.4)	(1,537.2)
Payment of delayed purchase price arrangement	(543.3)	0	0
Payments of minimum tax withholdings on stock-based payment awards	(28.4)	(18.0)	(0.5)
Payments of financing costs of long-term debt	(13.8)	(82.2)	(35.8)
Proceeds from issuance of long-term debt	905.0	3,725.0	2,050.0
Proceeds from noncontrolling interests	115.0	0	0
Excess tax benefits from stock-based payment awards	78.0	65.4	17.7
Proceeds from shares issued under equity compensation plans	63.7	125.9	162.7
Net proceeds from (repayments of) notes payable	13.1	57.3	(372.6)
Purchases of treasury stock	0	0	(383.0)
Net cash provided by (used in) financing activities	(16.4)	3,777.0	(98.7)
Effect of exchange rate changes on cash and cash equivalents	(2.5)	(7.0)	(5.1)
Net increase (decrease) in cash and cash equivalents	46.2	(267.6)	245.7
Cash and cash equivalents, beginning of year	63.9	331.5	85.8
Cash and cash equivalents, end of year	110.1	63.9	331.5
Supplemental disclosures of cash flow information:
Interest	325.4	313.4	197.0
Income taxes, net of refunds received	169.5	117.9	143.6
Purchases of businesses
Fair value of assets acquired, including cash acquired	343.9
Liabilities assumed	(15.0)
Net assets acquired	328.9
Less – contingent consideration not yet paid	(13.4)
Less – fair value of preexisting equity interest	0
Less - purchase price and working capital adjustments not yet paid	(1.7)
Less – cash acquired	(3.5)
Net cash paid for purchases of businesses	310.3	4,681.3	159.3
Property, plant and equipment acquired under financing arrangements	21.7	27.9	34.8
Beer Business Acquisition [Member]
Cash flows from investing activities:
Purchases of businesses, net of cash acquired		(4,681.3)
Purchases of businesses
Fair value of assets acquired, including cash acquired		7,465.7
Liabilities assumed		(287.5)
Net assets acquired		7,178.2
Less – contingent consideration not yet paid		0
Less – fair value of preexisting equity interest		(1,845.0)
Less - purchase price and working capital adjustments not yet paid		(545.1)
Less – cash acquired		(106.8)
Net cash paid for purchases of businesses		4,681.3
Mark West [Member]
Cash flows from investing activities:
Purchases of businesses, net of cash acquired			(159.3)
Purchases of businesses
Fair value of assets acquired, including cash acquired			159.3
Liabilities assumed			0
Net assets acquired			159.3
Less – contingent consideration not yet paid			0
Less – fair value of preexisting equity interest			0
Less - purchase price and working capital adjustments not yet paid			0
Less – cash acquired			0
Net cash paid for purchases of businesses			$ 159.3

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Consolidated Balance Sheets (Parenthetical) (USD $)	Feb. 28, 2015	Feb. 28, 2014
Preferred Stock, par value	$ 0.01	$ 0.01
Preferred Stock, shares authorized	1,000,000	1,000,000
Preferred Stock, shares issued	0	0
Class A Common Stock [Member]
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	322,000,000	322,000,000
Common Stock, shares issued	250,839,359	248,264,944
Treasury Stock, shares at cost	79,681,859	80,225,575
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	28,389,608	28,436,565
Treasury Stock, shares at cost	5,005,800	5,005,800
Class 1 Common Stock [Member]
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, shares issued	0	0

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Equity Method Investments

12 Months Ended

Feb. 28, 2015

Equity Method Investments and Joint Ventures [Abstract]

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS:

Prior to June 7, 2013, Constellation Beers Ltd., an indirect wholly-owned subsidiary of the Company, and Diblo, S.A. de C.V., an entity majority-owned by Grupo Modelo, S.A.B. de C.V. (“Modelo”), each had, directly or indirectly, equal interests in a joint venture, Crown Imports LLC (“Crown Imports”). Crown Imports had the exclusive right to import, market and sell primarily Modelo’s Mexican beer portfolio sold in the U.S. and Guam (the “Mexican Beer Brands”).

In addition, prior to June 7, 2013, we accounted for our investment in Crown Imports under the equity method. Accordingly, through June 6, 2013, the results of operations of Crown Imports were included in equity in earnings of equity method investees. We received $30.3 million and $230.2 million of cash distributions from Crown Imports for the years ended February 28, 2014, and February 28, 2013, respectively, all of which represented distributions of earnings.

We have several other investments which are being accounted for under the equity method. The primary investment consists of Opus One Winery LLC (“Opus One”), a 50% owned joint venture arrangement. As of February 28, 2015, and February 28, 2014, our investment in Opus One was $64.7 million and $63.5 million, respectively.

The following table presents summarized financial information for our Crown Imports equity method investment (prior to the date of acquisition) and Opus One, our other material equity method investment discussed above.

	Crown Imports		Opus One		Total
(in millions)
For the Year Ended February 28, 2015
Net sales	$	—	$	72.6	$	72.6
Gross profit	$	—	$	57.6	$	57.6
Income from continuing operations	$	—	$	40.8	$	40.8
Net income	$	—	$	40.8	$	40.8
For the Year Ended February 28, 2014
Net sales	$	813.4	$	62.8	$	876.2
Gross profit	$	241.5	$	49.9	$	291.4
Income from continuing operations	$	142.1	$	34.5	$	176.6
Net income	$	142.1	$	34.5	$	176.6
For the Year Ended February 28, 2013
Net sales	$	2,588.1	$	52.6	$	2,640.7
Gross profit	$	755.4	$	39.0	$	794.4
Income from continuing operations	$	446.2	$	24.8	$	471.0
Net income	$	446.2	$	24.8	$	471.0

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Stock-Based Employee Compensation (Details 5) (Long Term Stock Incentive Plan [Member], USD $)	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Restricted stock awards [Member]
Number of Restricted Stock Awards [Rollforward]
Number of Nonvested Awards, Outstanding balance as of March 1 (in shares)	408,744	1,128,024	1,797,888
Number of Nonvested Awards, Granted (in shares)	6,424	12,375	18,190
Number of Nonvested Awards, Vested (in shares)	(289,688)	(697,994)	(626,914)
Number of Nonvested Awards, Forfeited (in shares)	(8,426)	(33,661)	(61,140)
Number of Nonvested Awards, Outstanding balance as of last day of February (in shares)	117,054	408,744	1,128,024
Weighted Average Grant-Date Fair Value [Rollforward]
Weighted Average Grant-Date Fair Value, Outstanding balance as of March 1	$ 20.18	$ 17.16	$ 16.72
Weighted Average Grant-Date Fair Value, Granted	$ 87.13	$ 50.90	$ 30.14
Weighted Average Grant-Date Fair Value, Vested	$ 20.90	$ 15.90	$ 16.26
Weighted Average Grant-Date Fair Value, Forfeited	$ 20.43	$ 19.00	$ 17.44
Weighted Average Grant-Date Fair Value, Outstanding balance as of last day of February	$ 25.15	$ 20.18	$ 17.16
Fair value of shares vested	$ 23,614,008	$ 34,427,377	$ 13,741,842
Restricted stock units [Member]
Number of Restricted Stock Awards [Rollforward]
Number of Nonvested Awards, Outstanding balance as of March 1 (in shares)	1,104,580	721,503	203,082
Number of Nonvested Awards, Granted (in shares)	250,923	656,710	609,080
Number of Nonvested Awards, Vested (in shares)	(241,895)	(218,306)	(66,500)
Number of Nonvested Awards, Forfeited (in shares)	(49,882)	(55,327)	(24,159)
Number of Nonvested Awards, Outstanding balance as of last day of February (in shares)	1,063,726	1,104,580	721,503
Weighted Average Grant-Date Fair Value [Rollforward]
Weighted Average Grant-Date Fair Value, Outstanding balance as of March 1	$ 39.87	$ 23.65	$ 17.01
Weighted Average Grant-Date Fair Value, Granted	$ 80.72	$ 50.74	$ 25.08
Weighted Average Grant-Date Fair Value, Vested	$ 32.34	$ 21.30	$ 16.69
Weighted Average Grant-Date Fair Value, Forfeited	$ 41.05	$ 30.58	$ 23.31
Weighted Average Grant-Date Fair Value, Outstanding balance as of last day of February	$ 51.16	$ 39.87	$ 23.65
Fair value of shares vested	19,683,843	10,747,204	1,443,700
Performance share units [Member]
Number of Restricted Stock Awards [Rollforward]
Number of Nonvested Awards, Outstanding balance as of March 1 (in shares)	798,600	729,010	488,210
Number of Nonvested Awards, Granted (in shares)	108,290	298,710	256,420
Number of Nonvested Awards, Vested (in shares)	(536,520)	(577,230)	0
Number of Nonvested Awards, Forfeited (in shares)	(20,946)	(31,670)	(15,620)
Number of Nonvested Awards, Outstanding balance as of last day of February (in shares)	617,684	798,600	729,010
Number of Nonvested Awards, Performance achievement (in shares)	268,260	379,780	0
Weighted Average Grant-Date Fair Value [Rollforward]
Weighted Average Grant-Date Fair Value, Outstanding balance as of March 1	$ 39.67	$ 25.86	$ 19.09
Weighted Average Grant-Date Fair Value, Granted	$ 99.64	$ 57.88	$ 38.47
Weighted Average Grant-Date Fair Value, Vested	$ 21.65	$ 16.88	$ 0.00
Weighted Average Grant-Date Fair Value, Forfeited	$ 47.21	$ 34.98	$ 21.15
Weighted Average Grant-Date Fair Value, Outstanding balance as of last day of February	$ 58.21	$ 39.67	$ 25.86
Weighted Average Grant-Date Fair Value, Performance adjustment	$ 21.65	$ 16.83	$ 0.00
Fair value of shares vested	$ 43,597,615	$ 28,501,403	$ 0

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Commitments and Contingencies (Details Textual) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Loss Contingencies [Line Items]
Employment contracts, aggregate commitment for future compensation and severance	$ 40.4
Accrual for deferred compensation costs	9.6
Rental expense	58.9	65.1	60.4
Minimum [Member]
Loss Contingencies [Line Items]
Automatic renewal period for employment contracts	1 year
Maximum [Member]
Loss Contingencies [Line Items]
Automatic renewal period for employment contracts	indefinite
Guarantee obligations [Member]
Loss Contingencies [Line Items]
Gain on release from indemnification	7.5
Indemnification liabilities	3.7	11.6
Potential future payments	71.2
Amount subject to recovery from third parties under recourse provisions	$ 57.6

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Commitments and Contingencies (Details) (USD $) In Millions, unless otherwise specified	Feb. 28, 2015
Future payments under noncancelable operating leases
2016	$ 48.4
2017	42.7
2018	36.7
2019	33.4
2020	29.2
Thereafter	202.1
Total	$ 392.5

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Selected Quarterly Financial Information (Unaudited) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May 31, 2014	Feb. 28, 2014	Nov. 30, 2013	Aug. 31, 2013	May 31, 2013	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Summary of selected quarterly financial information
Net sales	$ 1,356.2	$ 1,541.7	$ 1,604.1	$ 1,526.0	$ 1,291.2	$ 1,443.3	$ 1,459.8	$ 673.4	$ 6,028.0	$ 4,867.7	$ 2,796.1
Gross profit	597.6	638.9	672.0	670.1	548.9	609.7	577.0	256.1	2,578.6	1,991.7	1,108.3
Net income attributable to CBI	$ 214.6	$ 222.2	$ 195.8	$ 206.7	$ 157.2	$ 211.0	$ 1,522.0	$ 52.9	$ 839.3	$ 1,943.1	$ 387.8
Class A Common Stock [Member]
Net income per common share attributable to CBI:
Net income per common share attributable to CBI, basic (in dollars per share)	$ 1.12	$ 1.16	$ 1.03	$ 1.09	$ 0.84	$ 1.13	$ 8.18	$ 0.29	$ 4.40	$ 10.45	$ 2.15
Net income per common share attributable to CBI, diluted (in dollars per share)	$ 1.06	$ 1.10	$ 0.98	$ 1.03	$ 0.79	$ 1.07	$ 7.74	$ 0.27	$ 4.17	$ 9.83	$ 2.04
Class B Convertible Common Stock [Member]
Net income per common share attributable to CBI:
Net income per common share attributable to CBI, basic (in dollars per share)	$ 1.02	$ 1.06	$ 0.93	$ 0.99	$ 0.76	$ 1.03	$ 7.43	$ 0.26	$ 4.00	$ 9.50	$ 1.96
Net income per common share attributable to CBI, diluted (in dollars per share)	$ 0.98	$ 1.01	$ 0.90	$ 0.95	$ 0.73	$ 0.98	$ 7.11	$ 0.25	$ 3.83	$ 9.04	$ 1.87

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Document and Entity Information (USD $)	12 Months Ended
	Feb. 28, 2015	Aug. 31, 2014	Apr. 22, 2015
Entity Registrant Name	CONSTELLATION BRANDS, INC.
Entity Central Index Key	0000016918
Document Type	10-K
Document Period End Date	Feb. 28, 2015
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--02-28
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float		$ 14,090,012,424
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding			171,373,750
Class B Convertible Common Stock [Member]
Entity Common Stock, Shares Outstanding			23,370,208
Class 1 Common Stock [Member]
Entity Common Stock, Shares Outstanding			0

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Other Accrued Expenses and Liabilities

12 Months Ended

Feb. 28, 2015

Payables and Accruals [Abstract]

OTHER ACCRUED EXPENSES AND LIABILITIES

OTHER ACCRUED EXPENSES AND LIABILITIES:

The major components of other accrued expenses and liabilities are as follows:

	February 28, 2015		February 28, 2014
(in millions)
Salaries, commissions, and payroll benefits and withholdings	$	124.4	$	118.7
Promotions and advertising	104.2		103.1
Derivative liabilities	85.8		20.9
Accrued interest	67.9		56.9
Deferred revenue	53.4		52.8
Income taxes payable	48.2		45.4
Beer Business Acquisition payable	—		555.7
Other	121.8		102.1
	$	605.7	$	1,055.6

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Borrowings (Details Textual) (USD $)	Feb. 28, 2015	Feb. 28, 2014	May 27, 2014
Schedule of Debt [Line Items]
Maximum borrowing amount under credit facility	$ 3,712,300,000
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%
Pledge of certain interests in certain of CIH's subsidiaries	100.00%
Additional credit arrangements	483,400,000	373,900,000
Additional credit arrangements, Outstanding	207,300,000	89,200,000
Unamortized discount, long-term debt obligations	1,400,000
Minimum [Member]
Schedule of Debt [Line Items]
Incremental borrowings under credit facility	25,000,000.0
Maximum [Member]
Schedule of Debt [Line Items]
Incremental borrowings under credit facility	750,000,000.0
Senior Credit Facility - Revolving Credit Loans [Member]
Schedule of Debt [Line Items]
Maximum borrowing amount under credit facility	850,000,000		850,000,000.0
Senior Credit Facility - Revolving Credit Loans [Member] | U.S. Revolving Credit Facility [Member]
Schedule of Debt [Line Items]
Maximum borrowing amount under credit facility	425,000,000.0
Senior Credit Facility - Revolving Credit Loans [Member] | European Revolving Credit Facility [Member]
Schedule of Debt [Line Items]
Maximum borrowing amount under credit facility	$ 425,000,000.0

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Income Taxes (Details Textual) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014
Income Tax Disclosure [Abstract]
Operating loss carryforwards	$ 300.3
Operating loss carryforwards subject to expiration	279.7
Operating loss carryforwards not subject to expiration	20.6
Tax benefits related to resolution of certain tax positions and expiration of statutes of limitations	6.9
Non-current unrecognized tax benefit liabilities, including interest and penalties	79.7	94.2
Unrecognized tax benefit liabilities that would impact effective tax rate if recognized	85.5	101.5
Estimate of change in unrecognized tax benefit liability reasonably possible as a result of examination or expiration of statutes of limitation, Minimum	3
Estimate of change in unrecognized tax benefit liability reasonably possible as a result of examination or expiration of statutes of limitation, Maximum	$ 53

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Consolidated Statements of Income (USD $) In Millions, except Share data in Thousands, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Sales	$ 6,672.1	$ 5,411.0	$ 3,171.4
Less – excise taxes	(644.1)	(543.3)	(375.3)
Net sales	6,028.0	4,867.7	2,796.1
Cost of product sold	(3,449.4)	(2,876.0)	(1,687.8)
Gross profit	2,578.6	1,991.7	1,108.3
Selling, general and administrative expenses	(1,078.4)	(895.1)	(585.4)
Impairment of goodwill and intangible assets	0	(300.9)	0
Gain on remeasurement to fair value of equity method investment	0	1,642.0	0
Operating income	1,500.2	2,437.7	522.9
Equity in earnings of equity method investees	21.5	87.8	233.1
Interest expense	(337.7)	(323.2)	(227.1)
Loss on write-off of financing costs	(4.4)	0	(12.5)
Income before income taxes	1,179.6	2,202.3	516.4
Provision for income taxes	(343.4)	(259.2)	(128.6)
Net income	836.2	1,943.1	387.8
Net loss attributable to noncontrolling interests	3.1	0	0
Net income attributable to CBI	$ 839.3	$ 1,943.1	$ 387.8
Class A Common Stock [Member]
Net income per common share attributable to CBI:
Net income per common share attributable to CBI, basic (in dollars per share)	$ 4.40	$ 10.45	$ 2.15
Net income per common share attributable to CBI, diluted (in dollars per share)	$ 4.17	$ 9.83	$ 2.04
Weighted average common shares outstanding:
Weighted average common shares outstanding, basic	169,325	164,687	158,658
Weighted average common shares outstanding, diluted	201,224	197,570	190,307
Class B Convertible Common Stock [Member]
Net income per common share attributable to CBI:
Net income per common share attributable to CBI, basic (in dollars per share)	$ 4.00	$ 9.50	$ 1.96
Net income per common share attributable to CBI, diluted (in dollars per share)	$ 3.83	$ 9.04	$ 1.87
Weighted average common shares outstanding:
Weighted average common shares outstanding, basic	23,397	23,467	23,532
Weighted average common shares outstanding, diluted	23,397	23,467	23,532

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Property, Plant and Equipment

12 Months Ended

Feb. 28, 2015

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT:

The major components of property, plant and equipment are as follows:

	February 28, 2015			February 28, 2014
(in millions)
Land and land improvements	$	350.1		$	334.0
Vineyards	230.2			220.1
Buildings and improvements	580.3			519.5
Machinery and equipment	1,828.4			1,585.9
Motor vehicles	73.2			48.5
Construction in progress	669.6			231.0
	3,731.8			2,939.0
Less – Accumulated depreciation	(1,050.2		)	(924.7		)
	$	2,681.6		$	2,014.3

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Prepaid Expenses and Other

12 Months Ended

Feb. 28, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER

PREPAID EXPENSES AND OTHER:

The major components of prepaid expenses and other are as follows:

	February 28, 2015		February 28, 2014
(in millions)
Prepaid excise, sales and value added taxes	$	133.8	$	81.6
Income taxes receivable	91.7		117.5
Other	149.1		114.2
	$	374.6	$	313.3

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Stock-Based Employee Compensation

12 Months Ended

Feb. 28, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED EMPLOYEE COMPENSATION

STOCK-BASED EMPLOYEE COMPENSATION:

We have two stock-based employee compensation plans (as further discussed below). Total compensation cost and income tax benefits recognized for our stock-based awards are as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions)
Total compensation cost recognized in our results of operations	$	55.0	$	49.9	$	40.8
Total income tax benefit recognized in our results of operations	$	18.7	$	17.1	$	13.8
Total compensation cost capitalized in inventory on our balance sheets	$	3.7	$	4.2	$	4.1

Long-term stock incentive plan –

Under our Long-Term Stock Incentive Plan, nonqualified stock options, restricted stock, restricted stock units, performance share units and other stock-based awards may be granted to our employees, officers and directors. The aggregate number of shares of our Class A Common Stock and Class 1 Common Stock available for awards under our Long-Term Stock Incentive Plan is 108,000,000 shares.

The exercise price, vesting period and term of nonqualified stock options granted are established by the committee administering the plan (the “Committee”). The exercise price of any nonqualified stock option may not be less than the fair market value of our Class A Common Stock on the date of grant. Nonqualified stock options generally vest and become exercisable over a four-year period from the date of grant and expire as established by the Committee, but not later than ten years after the grant date.

Grants of restricted stock, restricted stock units, performance share units and other stock-based awards may contain such vesting periods, terms, conditions and other requirements as the Committee may establish. Restricted stock and restricted stock unit awards are based on service and generally vest over one to four years from the date of grant. Performance share unit awards are based on service and the satisfaction of certain performance conditions, and vest over a required employee service period, generally from one to three years from the date of grant, which closely matches the performance period. The performance conditions include the achievement of specified financial or operational performance metrics, or market conditions which require the achievement of specified levels of shareholder return relative to other companies as defined in the applicable performance share unit agreement. The actual number of shares to be awarded upon vesting of a performance share unit award will range between 0% and 200% of the target award, based upon the measure of performance as certified by the Committee.

A summary of stock option activity, primarily under our Long-Term Stock Incentive Plan, is as follows:

	For the Years Ended
	February 28, 2015				February 28, 2014				February 28, 2013
	Number of Options		Weighted Average Exercise Price		Number of Options		Weighted Average Exercise Price		Number of Options		Weighted Average Exercise Price
Outstanding as of March 1	15,314,074		$	21.82	20,264,078		$	19.48	26,931,297		$	19.03
Granted	881,584		$	79.86	1,284,500		$	48.79	1,980,260		$	24.65
Exercised	(2,527,458	)	$	22.02	(6,119,923	)	$	19.63	(8,234,324	)	$	19.18
Forfeited	(52,779	)	$	42.79	(103,497	)	$	28.86	(207,945	)	$	17.81
Expired	(1,806	)	$	19.55	(11,084	)	$	18.79	(205,210	)	$	24.11
Outstanding as of last day of February	13,613,615		$	25.46	15,314,074		$	21.82	20,264,078		$	19.48
Exercisable	10,499,030		$	19.45	10,913,019		$	18.91	13,697,345		$	19.66

The following table summarizes information about stock options outstanding at February 28, 2015:

Range of Exercise Prices	Number of Options	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Aggregate Intrinsic Value
$11.85 – $18.27	4,108,263	4.5 years	$	13.86
$19.12 – $24.13	5,050,246	3.9 years	$	20.28
$24.50 – $53.41	3,584,802	6.0 years	$	32.84
$79.61 – $88.13	870,304	9.2 years	$	79.86
Options outstanding	13,613,615	5.0 years	$	25.46	$	1,215,154,306
Options exercisable	10,499,030	4.1 years	$	19.45	$	1,000,201,795

The fair value of stock options vested, and the intrinsic value of and tax benefit realized from the exercise of stock options, are as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
Fair value of stock options vested	$	19,644,551	$	20,457,096	$	22,421,290
Intrinsic value of stock options exercised	$	185,751,055	$	235,540,914	$	95,033,640
Tax benefit realized from stock options exercised	$	62,165,063	$	61,354,379	$	25,274,158

The weighted average grant-date fair value of stock options granted and the weighted average assumptions used to estimate the fair value on the date of grant using the Black-Scholes option-pricing model are as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
Grant-date fair value	$	27.77		$	16.88		$	8.39
Expected life (1)	5.9 years			5.9 years			6.0 years
Expected volatility (2)	32.4		%	34.8		%	32.7		%
Risk-free interest rate (3)	2.1		%	0.9		%	1.4		%
Expected dividend yield	0.0		%	0.0		%	0.0		%

⁽¹⁾  Based on historical experience of employees’ exercise behavior for similar type awards.

⁽²⁾  Based primarily on historical volatility levels of our Class A Common Stock.

⁽³⁾  Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the expected life.

A summary of restricted Class A Common Stock activity under our Long-Term Stock Incentive Plan is as follows:

	For the Years Ended
	February 28, 2015				February 28, 2014				February 28, 2013
Restricted Stock Awards	Number of Restricted Stock Awards		Weighted Average Grant-Date Fair Value		Number of Restricted Stock Awards		Weighted Average Grant-Date Fair Value		Number of Restricted Stock Awards		Weighted Average Grant-Date Fair Value
Outstanding balance as of March 1, Nonvested	408,744		$	20.18	1,128,024		$	17.16	1,797,888		$	16.72
Granted	6,424		$	87.13	12,375		$	50.90	18,190		$	30.14
Vested	(289,688	)	$	20.90	(697,994	)	$	15.90	(626,914	)	$	16.26
Forfeited	(8,426	)	$	20.43	(33,661	)	$	19.00	(61,140	)	$	17.44
Outstanding balance as of last day of February, Nonvested	117,054		$	25.15	408,744		$	20.18	1,128,024		$	17.16
	For the Years Ended
	February 28, 2015				February 28, 2014				February 28, 2013
Restricted Stock Units	Number of Restricted Stock Units		Weighted Average Grant-Date Fair Value		Number of Restricted Stock Units		Weighted Average Grant-Date Fair Value		Number of Restricted Stock Units		Weighted Average Grant-Date Fair Value
Outstanding balance as of March 1, Nonvested	1,104,580		$	39.87	721,503		$	23.65	203,082		$	17.01
Granted	250,923		$	80.72	656,710		$	50.74	609,080		$	25.08
Vested	(241,895	)	$	32.34	(218,306	)	$	21.30	(66,500	)	$	16.69
Forfeited	(49,882	)	$	41.05	(55,327	)	$	30.58	(24,159	)	$	23.31
Outstanding balance as of last day of February, Nonvested	1,063,726		$	51.16	1,104,580		$	39.87	721,503		$	23.65

	For the Years Ended
	February 28, 2015				February 28, 2014				February 28, 2013
Performance Share Units	Number of Performance Share Units		Weighted Average Grant-Date Fair Value		Number of Performance Share Units		Weighted Average Grant-Date Fair Value		Number of Performance Share Units		Weighted Average Grant-Date Fair Value
Outstanding balance as of March 1, Nonvested	798,600		$	39.67	729,010		$	25.86	488,210		$	19.09
Granted	108,290		$	99.64	298,710		$	57.88	256,420		$	38.47
Performance achievement (1)	268,260		$	21.65	379,780		$	16.83	—		$	—
Vested	(536,520	)	$	21.65	(577,230	)	$	16.88	—		$	—
Forfeited	(20,946	)	$	47.21	(31,670	)	$	34.98	(15,620	)	$	21.15
Outstanding balance as of last day of February, Nonvested	617,684		$	58.21	798,600		$	39.67	729,010		$	25.86

⁽¹⁾  Reflects the number of awards achieved above target levels based on actual performance measured at the end of the performance period.

The fair value of shares vested for our restricted Class A Common Stock awards is as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
Restricted stock awards	$	23,614,008	$	34,427,377	$	13,741,842
Restricted stock units	$	19,683,843	$	10,747,204	$	1,443,700
Performance share units	$	43,597,615	$	28,501,403	$	—

The weighted average grant-date fair value of performance share units granted with a market condition and the weighted average assumptions used to estimate the fair value on the date of grant using the Monte Carlo Simulation model are as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
Grant-date fair value	$	101.05		$	66.33		$	38.47
Grant-date price	$	79.61		$	48.89		$	24.50
Performance period	3.0 years			3.0 years			2.9 years
Expected volatility (1)	38.2		%	38.7		%	28.6		%
Risk-free interest rate (2)	0.8		%	0.4		%	0.5		%
Expected dividend yield	0.0		%	0.0		%	0.0		%

⁽¹⁾  Based primarily on historical volatility levels of our Class A Common Stock.

⁽²⁾  Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the performance period.

Employee stock purchase plan –

We have a stock purchase plan (the “Employee Stock Purchase Plan”) under which 9,000,000 shares of Class A Common Stock may be issued. Under the terms of the plan, eligible employees may purchase shares of our Class A Common Stock through payroll deductions. The purchase price is the lower of 85% of the fair market value of the stock on the first or last day of the purchase period. For the years ended February 28, 2015, February 28, 2014, and February 28, 2013, employees purchased 117,301 shares, 163,817 shares and 210,895 shares, respectively, under this plan.

The weighted average grant-date fair value of purchase rights granted under the Employee Stock Purchase Plan and the weighted average assumptions used to estimate the fair value on the date of grant using the Black-Scholes option-pricing model are as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
Grant-date fair value	$	19.42		$	13.83		$	8.23
Expected life	0.5 years			0.5 years			0.5 years
Expected volatility (1)	18.4		%	24.4		%	41.8		%
Risk-free interest rate (2)	0.0		%	0.1		%	0.1		%
Expected dividend yield	0.0		%	0.0		%	0.0		%

⁽¹⁾  Based primarily on historical volatility levels of our Class A Common Stock.

⁽²⁾  Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the expected life.

As of February 28, 2015, there was $74.2 million of total unrecognized compensation cost related to nonvested stock-based compensation arrangements granted under our stock-based employee compensation plans. This cost is expected to be recognized in our results of operations over a weighted-average period of 2.2 years. With respect to the issuance of shares under any of our stock-based compensation plans, we have the option to issue authorized but unissued shares or treasury shares.

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Borrowings

12 Months Ended

Feb. 28, 2015

Debt Disclosure [Abstract]

BORROWINGS

BORROWINGS:

Borrowings consist of the following:

	February 28, 2015						February 28, 2014
	Current		Long-term		Total		Total
(in millions)
Notes payable to banks
Senior Credit Facility – Revolving Credit Loans	$	—	$	—	$	—	$	—
Other	52.4		—		52.4		57.2
	$	52.4	$	—	$	52.4	$	57.2
Long-term debt
Senior Credit Facility – Term Loans	$	139.2	$	2,652.9	$	2,792.1	$	2,864.8
Senior Notes	—		4,348.6		4,348.6		4,047.3
Other	18.9		136.0		154.9		51.2
	$	158.1	$	7,137.5	$	7,295.6	$	6,963.3

Senior credit facility –

In connection with the Beer Business Acquisition, on May 2, 2013 , the Company, CIH International S.à r.l., an indirect wholly-owned subsidiary of ours (“CIH” and together with the Company, the “Borrowers”), and Bank of America, N.A., as administrative agent (the “Administrative Agent”), and certain other lenders entered into a Restatement Agreement (the “2013 Restatement Agreement”) that amended and restated our then existing senior credit facility (as amended and restated by the 2013 Restatement Agreement, the “2013 Credit Agreement”). The 2013 Restatement Agreement was entered into to arrange a portion of the debt to finance the Beer Business Acquisition.

On May 28, 2014, the Company, CIH, the Administrative Agent, and certain other lenders entered into a Restatement Agreement (the “2014 Restatement Agreement”) that amended and restated the 2013 Credit Agreement (as amended and restated by the 2014 Restatement Agreement, the “May 2014 Credit Agreement”). The principal change to the 2013 Credit Agreement effected by the May 2014 Credit Agreement was the conversion of the pre-existing $850.0 million revolving credit facility into two tranches, a $425.0 million U.S. revolving credit facility (the “U.S. Revolving Credit Facility”) and a $425.0 million European revolving credit facility (the “European Revolving Credit Facility”). We are the borrower under the U.S. Revolving Credit Facility and we and/or CIH are the borrowers under the European Revolving Credit Facility.

On August 20, 2014, the Company, CIH, the Administrative Agent, and certain other lenders (all such parties other than either of the Borrowers are collectively referred to as the “Lenders”) entered into Amendment No. 1 (the “Amendment”) to the May 2014 Credit Agreement (as amended, the “ 2014 Credit Agreement”). The Amendment was entered into primarily to reduce the interest rate applicable to the then existing European Term B loan facility under the May 2014 Credit Agreement by removing the provisions imposing certain minimums, or floors, used in the calculation of the interest rate on the European Term B loan facility. This was accomplished by adding a new European Term B-1 tranche to the 2014 Credit Agreement which replaced the existing European Term B loan facility.

The 2014 Credit Agreement provides for aggregate credit facilities of $3,712.3 million, consisting of the following:

	Amount		Maturity
(in millions)
Revolving Credit Facility (1)(2)	$	850.0	June 7, 2018
U.S. Term A Facility (1)	496.3		June 7, 2018
U.S. Term A-1 Facility (1)	245.0		June 7, 2019
U.S. Term A-2 Facility (1)	649.7		June 7, 2018
European Term A Facility (1)	481.3		June 7, 2018
European Term B-1 Facility (1)	990.0		June 7, 2020
	$	3,712.3

⁽¹⁾  Contractual interest rate varies based on our debt ratio (as defined in the 2014 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 the $425.0 million U.S. Revolving Credit Facility and the $425.0 million European Revolving Credit Facility. Includes two sub-facilities for letters of credit of up to $200.0 million in the aggregate.

The 2014 Credit Agreement also permits us to elect to increase the revolving credit commitments under the U.S. Revolving Credit Facility or add one or more tranches of additional term loans, subject to the willingness of existing or new lenders to fund such increase or term loans and other customary conditions. The minimum aggregate principal amount of such incremental revolving credit commitment increases or additional term loans may be no less than $25.0 million and the maximum aggregate principal amount of all such incremental revolving credit commitment increases and additional term loans, other than term loans the proceeds of which are applied to repay existing term loans, may be no more than $750.0 million. A portion of the borrowings under the 2013 Credit Agreement were used to refinance the outstanding obligations under our then existing senior credit facility with the remainder used to finance a portion of the purchase price for the Beer Business Acquisition and related expenses.

The U.S. obligations under the 2014 Credit Agreement are guaranteed by certain of our U.S. subsidiaries. These obligations are also secured by a pledge of (i)  100% of the ownership interests in certain of our U.S. subsidiaries and (ii)  65% of the ownership interests in certain of our foreign subsidiaries. The European obligations under the 2014 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 CIH’s 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.

We and our subsidiaries are subject to covenants that are contained in the 2014 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 covenants are limited to a minimum interest coverage ratio and a maximum net debt coverage ratio.

As of February 28, 2015, information with respect to borrowings under the 2014 Credit Agreement is as follows:

	Revolving Credit Facility			U.S. Term A Facility			U.S. Term A-1 Facility			U.S. Term A-2 Facility			European Term A Facility			European Term B-1 Facility
(in millions)
Outstanding borrowings	$	—		$	476.9		$	243.2		$	624.4		$	462.5		$	985.1
Interest rate	—		%	1.9		%	2.2		%	2.0		%	2.0		%	2.0		%
Libor margin	1.75		%	1.75		%	2.0		%	1.75		%	1.75		%	1.75		%
Outstanding letters of credit	$	14.4
Remaining borrowing capacity	$	835.6

As of February 28, 2015, the required principal repayments of the term loans under the 2014 Credit Agreement for each of the five succeeding fiscal years and thereafter are as follows:

	U.S. Term A Facility		U.S. Term A-1 Facility		U.S. Term A-2 Facility		European Term A Facility		European Term B-1 Facility		Total
(in millions)
2016	$	38.7	$	2.5	$	50.6	$	37.5	$	9.9	$	139.2
2017	51.5		2.5		67.5		50.0		9.9		181.4
2018	51.5		2.5		67.5		50.0		9.9		181.4
2019	335.2		2.4		438.8		325.0		9.9		1,111.3
2020	—		233.3		—		—		9.9		243.2
Thereafter	—		—		—		—		935.6		935.6
	$	476.9	$	243.2	$	624.4	$	462.5	$	985.1	$	2,792.1

In April 2012, we transitioned our then existing interest rate swap agreement to a one-month LIBOR base rate versus the existing three-month LIBOR base rate by entering into a new interest rate swap agreement which was designated as a cash flow hedge for $500.0 million of our floating LIBOR rate debt. In addition, our existing interest rate swap agreement was dedesignated as a hedge. We also entered into an additional interest rate swap agreement for $500.0 million that was not designated as a hedge to offset the prospective impact of the newly undesignated interest rate swap agreement. As a result of these hedges, we have 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. The losses in AOCI related to the dedesignated interest rate swap agreement are being reclassified from AOCI ratably into earnings in the same period in which the original hedged item is being recorded in our results of operations. For the years ended February 28, 2015, February 28, 2014, and February 28, 2013, we reclassified net losses of $8.3 million, $8.2 million and $8.0 million, net of income tax effect, respectively, from AOCI to interest expense.

Senior notes –

Our outstanding senior notes are as follows:

	Date of					Outstanding Balance (1)
	Issuance	Maturity	Interest Payments	Principal		February 28, 2015		February 28, 2014
(in millions)
7.25% Senior Notes (2)	August 2006	September 2016	Mar/Sep	$	700.0	$	698.6	$	697.8
7.25% Senior Notes (2)(3)	January 2008	May 2017	May/Nov	$	700.0	$	700.0	$	700.0
8.375% Senior Notes (2)	December 2007	December 2014	Jun/Dec	$	500.0	$	—	$	499.5
6% Senior Notes (2)	April 2012	May 2022	May/Nov	$	600.0	$	600.0	$	600.0
3.75% Senior Notes (2)	May 2013	May 2021	May/Nov	$	500.0	$	500.0	$	500.0
4.25% Senior Notes (2)	May 2013	May 2023	May/Nov	$	1,050.0	$	1,050.0	$	1,050.0
3.875% Senior Notes (2)	November 2014	November 2019	May/Nov	$	400.0	$	400.0	$	—
4.75% Senior Notes (2)	November 2014	November 2024	May/Nov	$	400.0	$	400.0	$	—

⁽¹⁾  Amounts are net of unamortized discounts, where applicable.

⁽²⁾  Senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness. Guaranteed by certain of our U.S. subsidiaries on a senior unsecured basis. Redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount plus a make whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 50 basis points.

⁽³⁾  Issued in exchange for notes originally issued in May 2007.

In August 2012, we issued $650.0 million aggregate principal amount of 4.625% Senior Notes due March 2023. We intended to use the net proceeds from the offering to fund a portion of the original agreement we signed in June 2012 to acquire the remaining 50% equity interest in Crown Imports. Because of the differences between the terms relating to a February 2013 amendment of the original agreement and the original agreement, we effected special mandatory redemption provisions and redeemed the August 2012 senior notes in February 2013.

Indentures –

Our Indentures relating to our outstanding senior notes contain certain covenants, including, but not limited to:  (i)  a limitation on liens on certain assets, (ii)  a limitation on certain sale and leaseback transactions, and (iii)  restrictions on mergers, consolidations and the transfer of all or substantially all of our assets to another person.

Subsidiary credit facilities –

We have additional credit arrangements totaling $483.4 million and $373.9 million as of February 28, 2015, and February 28, 2014, respectively. As of February 28, 2015, and February 28, 2014, amounts outstanding under these arrangements were $207.3 million and $89.2 million, respectively, the majority of which is classified as long-term as of the respective date. These arrangements primarily support the financing needs of our domestic and foreign subsidiary operations. Interest rates and other terms of these borrowings vary from country to country, depending on local market conditions.

Debt payments –

As of February 28, 2015, the required principal repayments under long-term debt obligations (excluding unamortized discount of $1.4 million) for each of the five succeeding fiscal years and thereafter are as follows:

(in millions)
2016	$	158.1
2017	897.8
2018	893.1
2019	1,117.9
2020	744.5
Thereafter	3,485.6
	$	7,297.0

Accounts receivable securitization facilities –

On October 1, 2013, we entered into an amended and restated 364-day revolving trade accounts receivable securitization facility (the “2013 CBI Facility”). Under the 2013 CBI Facility, trade accounts receivable generated by us and certain of our subsidiaries are sold by us to our wholly-owned bankruptcy remote single purpose subsidiary (the “CBI SPV”), which is consolidated by us for financial reporting purposes. Such receivables have been pledged by the CBI SPV to secure borrowings under the 2013 CBI Facility. We service the receivables for the 2013 CBI Facility. The receivable balances related to the 2013 CBI Facility are reported as accounts receivable on our balance sheets, but the receivables are at all times owned by the CBI SPV and are included on our financial statements as required by generally accepted accounting principles. On September 29, 2014, we and the CBI SPV amended the 2013 CBI Facility resulting in the extension of the CBI Facility for an additional 364-day term (the “CBI Facility”). Under the CBI Facility, there are two lenders, one holding 60% of the aggregate facility and the other holding 40% of the aggregate facility. Any borrowings under the CBI Facility are recorded as secured borrowings and bear interest as follows: (i)  60% of the borrowings are charged at that lender’s cost of funds plus a margin of 85 basis points and (ii)  40% of the borrowings are charged at one-month LIBOR plus a margin of 85 basis points. The CBI Facility provides borrowing capacity of $190.0 million up to $290.0 million structured to account for the seasonality of our business, subject to further limitations based upon various pre-agreed formulas.

Also, on October 1, 2013, Crown Imports entered into a 364-day revolving trade accounts receivable securitization facility (the “2013 Crown Facility”). Under the 2013 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. Such receivables have been pledged by the Crown SPV to secure borrowings under the 2013 Crown Facility. Crown Imports services the receivables for the 2013 Crown Facility. The receivable balances related to the 2013 Crown Facility are reported as accounts receivable on our balance sheets, but the receivables are at all times owned by the Crown SPV and are included on our financial statements to comply with generally accepted accounting principles. On September 29, 2014, Crown Imports and the Crown SPV amended the 2013 Crown Facility resulting in the extension of the Crown Facility for an additional 364-day term (the “Crown Facility”). Under the Crown Facility, there are two lenders, one holding 60% of the aggregate facility and the other holding 40% of the aggregate facility. Any borrowings under the Crown Facility are recorded as secured borrowings and bear interest as follows: (i)  60% of the borrowings are charged at that lender’s cost of funds plus a margin of 85 basis points and (ii)  40% of the borrowings are charged at one-month LIBOR plus a margin of 85 basis points. The Crown Facility provides borrowing capacity of $100.0 million up to $160.0 million to account for the seasonality of Crown Imports’ business.

As of February 28, 2015, our accounts receivable securitization facilities are as follows:

	Outstanding Borrowings		Weighted Average Interest Rate		Remaining Borrowing Capacity
(in millions)
CBI Facility	$	—	—	%	$	275.0
Crown Facility	$	—	—	%	$	100.0

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Income Taxes (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Income before income taxes
Domestic	$ 481.6	$ 2,050.8	$ 369.7
Foreign	698.0	151.5	146.7
Income before income taxes	$ 1,179.6	$ 2,202.3	$ 516.4

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Goodwill

12 Months Ended

Feb. 28, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

GOODWILL:

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

	Beer			Wine and Spirits			Consolidation and Eliminations			Consolidated
(in millions)
Balance, February 28, 2013	$	13.0		$	2,722.3		$	(13.0	)	$	2,722.3
Purchase accounting allocations (1)	3,702.8			—			13.0			3,715.8
Impairment of goodwill (2)	—			(278.7		)	—			(278.7		)
Foreign currency translation adjustments	(1.2		)	(11.4		)	—			(12.6		)
Balance, February 28, 2014	3,714.6			2,432.2			—			6,146.8
Purchase accounting allocations (3)	66.7			34.0			—			100.7
Foreign currency translation adjustments	(5.1		)	(34.2		)	—			(39.3		)
Balance, February 28, 2015	$	3,776.2		$	2,432.0		$	—		$	6,208.2

⁽¹⁾  Purchase accounting allocations associated with the Beer Business Acquisition (see Note 2).

⁽²⁾  Impairment loss associated with goodwill assigned to Wine and Spirits’ Canadian reporting unit (see Note 7).

⁽³⁾  Purchase accounting allocations associated with the acquisitions of the glass production plant (Beer) and Casa Noble (Wine and Spirits) (see Note 2).

As of February 28, 2015, and February 28, 2014, we have accumulated impairment losses of $231.0 million and $261.3 million, respectively, within our Wine and Spirits segment.

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Prepaid Expenses and Other (Details) (USD $) In Millions, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid excise, sales and value added taxes	$ 133.8	$ 81.6
Income taxes receivable	91.7	117.5
Other	149.1	114.2
Total	$ 374.6	$ 313.3

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Significant Customers and Concentration of Credit Risk (Details)	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Net sales [Member] | Customer concentration risk [Member]
Net Sales and Accounts Receivable From Major Customers [Abstract]
Concentration risk, Percentage	33.70%	36.60%	57.80%
Net sales [Member] | Customer concentration risk [Member] | Southern Wine and Spirits [Member]
Net Sales and Accounts Receivable From Major Customers [Abstract]
Concentration risk, Percentage	15.40%	18.40%	30.00%
Net sales [Member] | Customer concentration risk [Member] | Republic National Distributing Company [Member]
Net Sales and Accounts Receivable From Major Customers [Abstract]
Concentration risk, Percentage	7.60%	9.70%	15.60%
Accounts receivable [Member] | Credit concentration risk [Member] | Southern Wine and Spirits [Member]
Net Sales and Accounts Receivable From Major Customers [Abstract]
Concentration risk, Percentage	24.40%	26.60%	34.50%
Accounts receivable [Member] | Credit concentration risk [Member] | Republic National Distributing Company [Member]
Net Sales and Accounts Receivable From Major Customers [Abstract]
Concentration risk, Percentage	11.50%	13.90%	18.70%

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Derivative Instruments

12 Months Ended

Feb. 28, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS:

Overview –

We are exposed to market risk from changes in foreign currency exchange rates, commodity prices and interest rates that could affect our results of operations and financial condition. The impact on our results and financial position and the amounts reported in our financial statements will vary based upon the currency, commodity and interest rate market movements during the period, the effectiveness and level of derivative instruments outstanding and whether they are designated and qualify for hedge accounting.

The estimated fair values of our derivative instruments change with fluctuations in currency rates, commodity prices and/or interest rates and are expected to offset changes in the values of the underlying exposures. Our derivative instruments are held solely to manage our exposures to the aforementioned market risks as part of our normal business operations. We follow strict policies to manage these risks and do not enter into derivative instruments for trading or speculative purposes. The aggregate notional value of outstanding derivative instruments is as follows:

	February 28, 2015		February 28, 2014
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts	$	454.8	$	636.6
Interest rate swap contracts	$	500.0	$	500.0
Derivative instruments not designated as hedging instruments
Foreign currency contracts	$	1,548.5	$	643.8
Commodity derivative contracts	$	190.8	$	88.0
Interest rate swap contracts (see Note 12)	$	1,000.0	$	1,000.0

Cash flow hedges –

Our derivative instruments designated in hedge accounting relationships are designated as cash flow hedges. We are exposed to foreign denominated cash flow fluctuations primarily in connection with third party and intercompany sales and purchases. We primarily use foreign currency forward and option contracts to hedge certain of these risks. In addition, we utilize commodity derivative contracts to manage our exposure to changes in commodity prices and interest rate swap contracts to manage our exposure to changes in interest rates. Derivatives managing our cash flow exposures generally mature within three years or less, with a maximum maturity of five years.

To qualify for hedge accounting treatment, the details of the hedging relationship must be formally documented at inception of the arrangement, including the risk management objective, hedging strategy, hedged item, specific risk that is being hedged, the derivative instrument, how effectiveness is being assessed and how ineffectiveness will be measured. The derivative must be highly effective in offsetting changes in the cash flows of the risk being hedged. Throughout the term of the designated cash flow hedge relationship on at least a quarterly basis, a retrospective evaluation and prospective assessment of hedge effectiveness is performed based on quantitative and qualitative measures. All components of our derivative instruments’ gains or losses are included in the assessment of hedge effectiveness. Resulting ineffectiveness, if any, is recognized immediately in our results of operations.

When we determine that a derivative instrument which qualified for hedge accounting treatment has ceased to be highly effective as a hedge, we discontinue hedge accounting prospectively. In the event the relationship is no longer effective, we recognize the change in the fair value of the hedging derivative instrument from the date the hedging derivative instrument became no longer effective immediately in our results of operations. We also discontinue hedge accounting prospectively when (i)  a derivative expires or is sold, terminated, or exercised; (ii)  it is no longer probable that the forecasted transaction will occur; or (iii)  we determine that designating the derivative as a hedging instrument is no longer appropriate. When we discontinue hedge accounting prospectively, but the original forecasted transaction continues to be probable of occurring, the existing gain or loss of the derivative instrument remains in AOCI and is reclassified into earnings when the forecasted transaction occurs. When it becomes probable that the forecasted transaction will not occur, any remaining gain or loss in AOCI is recognized immediately in our results of operations.

We expect $16.4 million of net losses, net of income tax effect, to be reclassified from AOCI to our results of operations within the next 12 months.

Undesignated hedges –

Certain of our derivative instruments do not qualify for hedge accounting treatment; for others, we choose not to maintain the required documentation to apply hedge accounting treatment. These undesignated instruments are primarily used to economically hedge our exposure to fluctuations in the value of foreign currency denominated receivables and payables; foreign currency investments, primarily consisting of loans to subsidiaries, and cash flows related primarily to the repatriation of those loans or investments; and commodity prices, primarily consisting of diesel fuel, corn and natural gas prices. Foreign currency contracts, generally less than 12 months in duration, and commodity derivative contracts, generally less than 36 months in duration, with a maximum maturity of 5 years, are used to hedge some of these risks. Our derivative policy permits the use of undesignated derivatives as approved by senior management.

Credit risk –

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

In addition, our derivative instruments are not subject to credit rating contingencies or collateral requirements. As of February 28, 2015, the estimated fair value of derivative instruments in a net liability position due to counterparties was $88.1 million. If we were required to settle the net liability position under these derivative instruments on February 28, 2015, we would have had sufficient availability under our available liquidity on hand to satisfy this obligation.

The estimated fair value and location of our derivative instruments on our balance sheets are as follows (see Note 7):

Assets					Liabilities
	February 28, 2015		February 28, 2014			February 28, 2015		February 28, 2014
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	5.3	$	11.2	Other accrued expenses and liabilities	$	23.1	$	3.2
Other assets	$	2.0	$	4.4	Other liabilities	$	9.5	$	0.7
Interest rate swap contracts:
Prepaid expenses and other	$	—	$	—	Other accrued expenses and liabilities	$	2.7	$	3.4
Other assets	$	0.2	$	—	Other liabilities	$	—	$	0.7
Derivative instruments not designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	27.3	$	3.3	Other accrued expenses and liabilities	$	26.4	$	0.9
Commodity derivative contracts:
Prepaid expenses and other	$	0.5	$	1.3	Other accrued expenses and liabilities	$	18.0	$	0.1
Other assets	$	0.2	$	0.2	Other liabilities	$	9.4	$	0.4
Interest rate swap contracts:
Prepaid expenses and other	$	3.3	$	3.5	Other accrued expenses and liabilities	$	15.6	$	13.3
Other assets	$	—	$	0.9	Other liabilities	$	4.9	$	15.5

The effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, as well as Other Comprehensive Income (“OCI”), net of income tax effect, is as follows:

Derivative Instruments in Designated Cash Flow Hedging Relationships	Net Gain (Loss) Recognized in OCI (Effective portion)			Location of Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)
(in millions)
For the Year Ended February 28, 2015
Foreign currency contracts	$	(19.3	)	Sales	$	1.8
Foreign currency contracts	(3.6		)	Cost of product sold	2.6
Interest rate swap contracts	(1.1		)	Interest expense	(8.3		)
	$	(24.0	)		$	(3.9	)
For the Year Ended February 28, 2014
Foreign currency contracts	$	5.6		Sales	$	3.5
Foreign currency contracts	2.2			Cost of product sold	0.7
Interest rate swap contracts	(0.7		)	Interest expense	(8.2		)
	$	7.1			$	(4.0	)
For the Year Ended February 28, 2013
Foreign currency contracts	$	3.1		Sales	$	2.4
Foreign currency contracts	—			Cost of product sold	2.0
Commodity derivative contracts	0.7			Cost of product sold	0.5
Interest rate swap contracts	(6.3		)	Interest expense	(8.0		)
	$	(2.5	)		$	(3.1	)

Derivative Instruments in Designated Cash Flow Hedging Relationships	Location of Net Gain (Loss) Recognized in Income (Ineffective portion)	Net Gain (Loss) Recognized in Income (Ineffective portion)
(in millions)
For the Year Ended February 28, 2015
Foreign currency contracts	Selling, general and administrative expenses	$	0.1
For the Year Ended February 28, 2014
Foreign currency contracts	Selling, general and administrative expenses	$	(0.3	)
Commodity derivative contracts	Selling, general and administrative expenses	0.1
		$	(0.2	)
For the Year Ended February 28, 2013
Foreign currency contracts	Selling, general and administrative expenses	$	0.3

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

Derivative Instruments not Designated as Hedging Instruments	Location of Net Gain (Loss) Recognized in Income	Net Gain (Loss) Recognized in Income
(in millions)
For the Year Ended February 28, 2015
Commodity derivative contracts	Cost of product sold	$	(32.7	)
Foreign currency contracts	Selling, general and administrative expenses	(2.5		)
Interest rate swap contracts	Interest expense	(0.1		)
		$	(35.3	)
For the Year Ended February 28, 2014
Commodity derivative contracts	Cost of product sold	$	1.5
Foreign currency contracts	Selling, general and administrative expenses	(3.4		)
Interest rate swap contracts	Interest expense	(0.2		)
		$	(2.1	)
For the Year Ended February 28, 2013
Foreign currency contracts	Selling, general and administrative expenses	$	(3.8	)
Interest rate swap contracts	Interest expense	(0.5		)
		$	(4.3	)

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Fair Value of Financial Instruments

12 Months Ended

Feb. 28, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS:

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

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

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

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

The following methods and assumptions are used to estimate the fair value for each class of our financial instruments:

AFS debt securities: The fair value is estimated by discounting cash flows using market-based inputs (Level 3 fair value measurement).

Foreign currency contracts: The fair value is estimated using market-based inputs, obtained from independent pricing services, into valuation models (Level 2 fair value measurement).

Commodity derivative contracts: The fair value is estimated based on quoted market prices from respective counterparties (Level 2 fair value measurement).

Interest rate swap contracts: The fair value is estimated based on quoted market prices from respective counterparties (Level 2 fair value measurement).

Notes payable to banks: The revolving credit facility under our senior credit facility is a variable interest rate bearing note which includes a fixed margin which is adjustable based upon our debt ratio (as defined in our senior credit facility). Its fair value is estimated by discounting cash flows using LIBOR plus a margin reflecting current market conditions obtained from participating member financial institutions (Level 2 fair value measurement). The remaining instruments are variable interest rate bearing notes for which the carrying value approximates the fair value.

Long-term debt: The term loans under our senior credit facility are variable interest rate bearing notes which include a fixed margin which is adjustable based upon our debt ratio. The fair value of the term loans is estimated by discounting cash flows using LIBOR plus a margin reflecting current market conditions obtained from participating member financial institutions. The fair value of the remaining long-term debt, which is all fixed interest rate, is estimated by discounting cash flows using interest rates currently available for debt with similar terms and maturities (Level 2 fair value measurement).

The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and notes payable to banks, approximate fair value as of February 28, 2015, and February 28, 2014, due to the relatively short maturity of these instruments. As of February 28, 2015, the carrying amount of long-term debt, including the current portion, was $7,295.6 million, compared with an estimated fair value of $7,378.6 million. As of February 28, 2014, the carrying amount of long-term debt, including the current portion, was $6,963.3 million, compared with an estimated fair value of $7,140.8 million.

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

	Fair Value Measurements Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
(in millions)
February 28, 2015
Assets:
Foreign currency contracts	$	—	$	34.6	$	—	$	34.6
Commodity derivative contracts	$	—	$	0.7	$	—	$	0.7
Interest rate swap contracts	$	—	$	3.5	$	—	$	3.5
AFS debt securities	$	—	$	—	$	7.8	$	7.8
Liabilities:
Foreign currency contracts	$	—	$	59.0	$	—	$	59.0
Commodity derivative contracts	$	—	$	27.4	$	—	$	27.4
Interest rate swap contracts	$	—	$	23.2	$	—	$	23.2
February 28, 2014
Assets:
Foreign currency contracts	$	—	$	18.9	$	—	$	18.9
Commodity derivative contracts	$	—	$	1.5	$	—	$	1.5
Interest rate swap contracts	$	—	$	4.4	$	—	$	4.4
AFS debt securities	$	—	$	—	$	8.8	$	8.8
Liabilities:
Foreign currency contracts	$	—	$	4.8	$	—	$	4.8
Commodity derivative contracts	$	—	$	0.5	$	—	$	0.5
Interest rate swap contracts	$	—	$	32.9	$	—	$	32.9

Our foreign currency contracts consist of foreign currency forward and option contracts which are valued using market-based inputs, obtained from independent pricing services, into valuation models. These valuation models require various inputs, including contractual terms, market foreign exchange prices, interest-rate yield curves and currency volatilities. Commodity derivative fair values are based on quotes from respective counterparties. Quotes are corroborated by using market data. Interest rate swap fair values are based on quotes from respective counterparties. Quotes are corroborated by using discounted cash flow calculations based upon forward interest-rate yield curves, which are obtained from independent pricing services. AFS debt securities are valued using market-based inputs into discounted cash flow models.

The following table presents our assets and liabilities measured at estimated fair value on a nonrecurring basis for which an impairment assessment was performed for the period presented:

	Fair Value Measurements Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses
(in millions)
For the Year Ended February 28, 2014
Goodwill	$	—	$	—	$	159.6	$	278.7
Trademarks	—		—		68.3		22.2
	$	—	$	—	$	227.9	$	300.9

Goodwill:

For the three months ended August 31, 2013, we identified certain negative trends within our Wine and Spirits’ Canadian reporting unit which, when combined with recent changes in strategy within the Canadian business, indicated that the estimated fair value of the reporting unit might be below its carrying value. These trends included a reduction in market growth rates for certain segments of the domestic Canadian wine industry as well as the identification that certain improvement initiatives had not materialized in segments of the Canadian business such as refreshments and wine kits. In addition, imported brands have been experiencing market growth within the Canadian market, and certain of our non-Canadian branded wine products imported into Canada provide higher margin to us on a consolidated basis. Accordingly, we have modified our strategy to capitalize on this trend and shift focus from certain segments of the domestic business to imported brands. The Canadian reporting unit realizes only a portion of the overall profit attributable to imported brands whereas it realizes all of the profit attributable to the domestic business. Therefore, we evaluated our goodwill for impairment using the two-step process.

In the first step, the estimated fair value of the reporting unit was compared to its carrying value, including goodwill. The estimate of fair value was determined on the basis of discounted future cash flows. As the estimated fair value was less than the carrying value of the reporting unit, a second step was performed to determine the amount of the goodwill impairment we should record. In the second step, an implied fair value of the reporting unit’s goodwill was determined by comparing the estimated fair value of the reporting unit with the estimated fair value of the reporting unit’s assets and liabilities other than goodwill (including any unrecognized intangible assets). In determining the estimated fair value of the reporting unit, we consider estimates of future operating results and cash flows of the reporting unit discounted using market based discount rates. The estimates of future operating results and cash flows were principally derived from our updated long-term financial forecast, which was developed as part of our new strategy for the Canadian business. The decline in the implied fair value of the goodwill and the resulting impairment loss was primarily driven by the updated long-term financial forecasts, which showed lower estimated future operating results primarily due to the change in our strategy for the Canadian business. The implied fair value of the Canadian reporting unit’s goodwill of $159.6 million compared to its carrying value of $433.9 million resulted in the recognition of an impairment of $278.7 million.

Trademarks:

For the three months ended August 31, 2013, prior to the goodwill impairment analysis discussed above, we performed a review of indefinite lived intangible assets for impairment. We determined that certain trademarks associated with the Wine and Spirits’ Canadian business were impaired largely due to lower revenue and profits associated with the related products included in the updated long-term financial forecasts developed as part of our new strategy for the Canadian business. Accordingly, trademarks with a carrying value of $90.2 million were written down to their estimated fair value of $68.3 million, resulting in an impairment of $22.2 million.

We measured the amount of impairment by calculating the amount by which the carrying value of these assets exceeded their estimated fair values. The estimated fair value was determined based on an income approach using the relief from royalty method, which assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of trademark assets. The cash flow projections we use to estimate the fair values of our trademarks involve several assumptions, including (i)  projected revenue growth rates, (ii)  estimated royalty rates, (iii)  after-tax royalty savings expected from ownership of the trademarks and (iv)  discount rates used to derive the estimated fair value of the trademarks.

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Intangible Assets

12 Months Ended

Feb. 28, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

INTANGIBLE ASSETS:

The major components of intangible assets are as follows:

	February 28, 2015				February 28, 2014
	Gross Carrying Amount		Net Carrying Amount		Gross Carrying Amount		Net Carrying Amount
(in millions)
Amortizable intangible assets
Customer relationships	$	100.9	$	63.3	$	103.6	$	70.5
Favorable interim supply agreement	68.3		33.9		68.3		62.3
Other	21.0		5.5		14.7		5.3
Total	$	190.2	102.7		$	186.6	138.1
Nonamortizable intangible assets
Trademarks (1)			3,073.9				3,088.0
Other			4.4				5.0
Total			3,078.3				3,093.0
Total intangible assets			$	3,181.0			$	3,231.1

⁽¹⁾  We recorded an impairment loss for the year ended February 28, 2014, for certain trademarks associated with the Wine and Spirits’ Canadian business (see Note 7).

We did not incur costs to renew or extend the term of acquired intangible assets for the years ended February 28, 2015, and February 28, 2014. Net carrying amount represents the gross carrying value net of accumulated amortization. Amortization expense for intangible assets was $40.0 million, $15.5 million and $7.2 million for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, respectively. Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows:

(in millions)
2016	$	39.9
2017	$	10.3
2018	$	5.4
2019	$	5.4
2020	$	5.4
Thereafter	$	36.3

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Derivative Instruments (Details 2) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Effect of the Company's undesignated derivative instruments on its Consolidated Statements of Comprehensive Income
Net Gain (Loss) Recognized in Income	$ (35.3)	$ (2.1)	$ (4.3)
Interest rate swap contracts [Member] | Interest expense [Member]
Effect of the Company's undesignated derivative instruments on its Consolidated Statements of Comprehensive Income
Net Gain (Loss) Recognized in Income	(0.1)	(0.2)	(0.5)
Commodity derivative contracts [Member] | Cost of product sold [Member]
Effect of the Company's undesignated derivative instruments on its Consolidated Statements of Comprehensive Income
Net Gain (Loss) Recognized in Income	(32.7)	1.5
Foreign currency contracts [Member] | Selling, general and administrative expenses [Member]
Effect of the Company's undesignated derivative instruments on its Consolidated Statements of Comprehensive Income
Net Gain (Loss) Recognized in Income	(2.5)	(3.4)	(3.8)
Cash flow hedging [Member]
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect
Net Gain (Loss) Recognized in OCI (Effective portion)	(24.0)	7.1	(2.5)
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	(3.9)	(4.0)	(3.1)
Net Gain (Loss) Recognized in Income (Ineffective portion)		(0.2)
Cash flow hedging [Member] | Foreign currency contracts one [Member]
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect
Net Gain (Loss) Recognized in OCI (Effective portion)	(19.3)	5.6	3.1
Cash flow hedging [Member] | Foreign currency contracts one [Member] | Sales [Member]
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	1.8	3.5	2.4
Cash flow hedging [Member] | Foreign currency contracts two [Member]
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect
Net Gain (Loss) Recognized in OCI (Effective portion)	(3.6)	2.2	0
Cash flow hedging [Member] | Foreign currency contracts two [Member] | Cost of product sold [Member]
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	2.6	0.7	2.0
Cash flow hedging [Member] | Interest rate swap contracts [Member]
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect
Net Gain (Loss) Recognized in OCI (Effective portion)	(1.1)	(0.7)	(6.3)
Cash flow hedging [Member] | Interest rate swap contracts [Member] | Interest expense [Member]
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)	(8.3)	(8.2)	(8.0)
Cash flow hedging [Member] | Commodity derivative contracts [Member]
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect
Net Gain (Loss) Recognized in OCI (Effective portion)			0.7
Cash flow hedging [Member] | Commodity derivative contracts [Member] | Cost of product sold [Member]
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect
Net Gain (Loss) Reclassified from AOCI to Income (Effective portion)			0.5
Cash flow hedging [Member] | Commodity derivative contracts [Member] | Selling, general and administrative expenses [Member]
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect
Net Gain (Loss) Recognized in Income (Ineffective portion)		0.1
Cash flow hedging [Member] | Foreign currency contracts [Member] | Selling, general and administrative expenses [Member]
Effect of the Company's designated cash flow hedge derivative instruments on its Consolidated Statements of Comprehensive Income, net of income tax effect
Net Gain (Loss) Recognized in Income (Ineffective portion)	$ 0.1	$ (0.3)	$ 0.3

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Selected Quarterly Financial Information (Unaudited) (Details 1) (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May 31, 2014	Feb. 28, 2014	Nov. 30, 2013	Aug. 31, 2013	May 31, 2013	Feb. 28, 2015	Feb. 28, 2014
Summary of unusual items, net of income tax effect
Product recall	$ 7.6	$ (1.7)	$ (5.9)	$ 0					$ 0
Amortization of favorable interim supply agreement	(0.7)	(6.1)	(8.0)	(5.4)	(1.2)	(1.6)	(1.5)	0	(20.2)	(4.3)
Other cost of product sold	0	(0.1)	(1.6)	0					(1.7)
Transaction, integration and other acquisition-related costs	(5.4)	(5.4)	(5.7)	(2.9)	(4.3)	(5.8)	(4.2)	(17.2)	(19.4)	(31.5)
Other selling, general and administrative expenses	8.6	0	0	0	0	(0.1)	0	1.8	8.6	1.7
Loss on write-off of financing costs	0	0	(3.1)	0					(3.1)
Deferred compensation					0	0	0	(4.4)		(4.4)
Impairment of goodwill and intangible assets					0	1.3	(296.4)	0		(295.1)
Gain on remeasurement to fair value of equity method investment					0	0	1,642.0	0		1,642.0
Other equity method investment costs					0	0	0	(0.1)		(0.1)
Commodity derivative contracts [Member]
Summary of unusual items, net of income tax effect
Net (gain) loss on undesignated commodity derivative contracts	(5.4)	(13.6)	(1.8)	0.1	1.0	0	0	0	(20.7)	1.0
Settlements of undesignated commodity derivative contracts	$ 2.4	$ 0.8	$ (0.1)	$ (0.3)	$ (0.4)	$ 0	$ 0	$ 0	$ 2.8	$ (0.4)

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Income Taxes (Details 1) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Current
Federal	$ 195.0	$ 141.7	$ 47.8
State	20.1	18.5	11.2
Foreign	49.0	57.4	30.4
Total current	264.1	217.6	89.4
Deferred
Federal	84.6	61.4	42.7
State	4.8	4.4	(4.9)
Foreign	(10.1)	(24.2)	1.4
Total deferred	79.3	41.6	39.2
Income tax provision	$ 343.4	$ 259.2	$ 128.6

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Fair Value of Financial Instruments (Details) (Recurring [Member], USD $) In Millions, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Assets:
Foreign currency contracts	$ 34.6	$ 18.9
Commodity derivative contracts	0.7	1.5
Interest rate swap contracts	3.5	4.4
AFS debt securities	7.8	8.8
Liabilities:
Foreign currency contracts	59.0	4.8
Commodity derivative contracts	27.4	0.5
Interest rate swap contracts	23.2	32.9
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Foreign currency contracts	0	0
Commodity derivative contracts	0	0
Interest rate swap contracts	0	0
AFS debt securities	0	0
Liabilities:
Foreign currency contracts	0	0
Commodity derivative contracts	0	0
Interest rate swap contracts	0	0
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Foreign currency contracts	34.6	18.9
Commodity derivative contracts	0.7	1.5
Interest rate swap contracts	3.5	4.4
AFS debt securities	0	0
Liabilities:
Foreign currency contracts	59.0	4.8
Commodity derivative contracts	27.4	0.5
Interest rate swap contracts	23.2	32.9
Significant Unobservable Inputs (Level 3) [Member]
Assets:
Foreign currency contracts	0	0
Commodity derivative contracts	0	0
Interest rate swap contracts	0	0
AFS debt securities	7.8	8.8
Liabilities:
Foreign currency contracts	0	0
Commodity derivative contracts	0	0
Interest rate swap contracts	$ 0	$ 0

XML

Stock-Based Employee Compensation (Details 4) (Long Term Stock Incentive Plan [Member], Stock options [Member], USD $)	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Long Term Stock Incentive Plan [Member] | Stock options [Member]
Weighted average assumptions to estimate fair value of equity instruments using Black-Scholes option-pricing model
Grant-date fair value	$ 27.77	$ 16.88	$ 8.39
Expected life	5 years 10 months 24 days	5 years 10 months 24 days	6 years
Expected volatility	32.40%	34.80%	32.70%
Risk-free interest rate	2.10%	0.90%	1.40%
Expected dividend yield	0.00%	0.00%	0.00%

XML

Derivative Instruments (Details 1) (USD $) In Millions, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Prepaid expenses and other [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Foreign currency contracts, Assets	$ 5.3	$ 11.2
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Other accrued expenses and liabilities [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Foreign currency contracts, Liabilities	23.1	3.2
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Other assets, net [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Foreign currency contracts, Assets	2.0	4.4
Designated as hedging instrument [Member] | Foreign currency contracts [Member] | Other liabilities [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Foreign currency contracts, Liabilities	9.5	0.7
Designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Prepaid expenses and other [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Interest rate swap contracts, Assets	0	0
Designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other accrued expenses and liabilities [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Interest rate swap contracts, Liabilities	2.7	3.4
Designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other assets, net [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Interest rate swap contracts, Assets	0.2	0
Designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other liabilities [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Interest rate swap contracts, Liabilities	0	0.7
Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | Prepaid expenses and other [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Foreign currency contracts, Assets	27.3	3.3
Not designated as hedging instrument [Member] | Foreign currency contracts [Member] | Other accrued expenses and liabilities [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Foreign currency contracts, Liabilities	26.4	0.9
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Prepaid expenses and other [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Interest rate swap contracts, Assets	3.3	3.5
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other accrued expenses and liabilities [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Interest rate swap contracts, Liabilities	15.6	13.3
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other assets, net [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Interest rate swap contracts, Assets	0	0.9
Not designated as hedging instrument [Member] | Interest rate swap contracts [Member] | Other liabilities [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Interest rate swap contracts, Liabilities	4.9	15.5
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member] | Prepaid expenses and other [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Commodity derivative contracts, Assets	0.5	1.3
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member] | Other accrued expenses and liabilities [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Commodity derivative contracts, Liabilities	18.0	0.1
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member] | Other assets, net [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Commodity derivative contracts, Assets	0.2	0.2
Not designated as hedging instrument [Member] | Commodity derivative contracts [Member] | Other liabilities [Member]
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
Commodity derivative contracts, Liabilities	$ 9.4	$ 0.4

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Commitments and Contingencies (Details 1) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, Amount	$ 7,507.8
Raw materials and supplies [Member]
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, Amount	5,377.3
In-process inventories [Member]
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, Amount	29.7
Finished case goods [Member]
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, Amount	469.0
Capital expenditures [Member]
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, Amount	1,463.7
Other purchase commitments [Member]
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, Amount	$ 168.1

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Inventories (Tables)

12 Months Ended

Feb. 28, 2015

Inventory Disclosure [Abstract]

Components of inventories

The components of inventories are as follows:

	February 28, 2015		February 28, 2014
(in millions)
Raw materials and supplies	$	106.0	$	87.8
In-process inventories	1,244.0		1,235.4
Finished case goods	477.2		420.6
	$	1,827.2	$	1,743.8

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Condensed Consolidating Financial Information (Tables)

12 Months Ended

Feb. 28, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet

	Parent Company		Subsidiary Guarantors		Subsidiary Nonguarantors		Eliminations			Consolidated
(in millions)
Condensed Consolidating Balance Sheet at February 28, 2015
Current assets:
Cash and cash equivalents	$	24.5	$	0.7	$	84.9	$	—		$	110.1
Accounts receivable	0.8		27.3		570.8		—			598.9
Inventories	153.3		1,419.0		357.7		(102.8		)	1,827.2
Intercompany receivable	13,158.7		18,389.9		6,512.0		(38,060.6		)	—
Prepaid expenses and other	46.2		94.0		427.0		(192.6		)	374.6
Total current assets	13,383.5		19,930.9		7,952.4		(38,356.0		)	2,910.8
Property, plant and equipment	59.3		854.5		1,767.8		—			2,681.6
Investments in subsidiaries	11,657.2		13.8		—		(11,671.0		)	—
Goodwill	—		5,411.3		796.9		—			6,208.2
Intangible assets	—		703.3		2,474.3		3.4			3,181.0
Intercompany notes receivable	4,087.3		129.9		—		(4,217.2		)	—
Other assets	61.4		68.4		33.1		—			162.9
Total assets	$	29,248.7	$	27,112.1	$	13,024.5	$	(54,240.8	)	$	15,144.5
Current liabilities:
Notes payable to banks	$	—	$	—	$	52.4	$	—		$	52.4
Current maturities of long-term debt	92.3		16.9		48.9		—			158.1
Accounts payable	41.2		113.2		131.4		—			285.8
Accrued excise taxes	12.6		11.3		4.8		—			28.7
Intercompany payable	17,206.7		14,201.6		6,652.3		(38,060.6		)	—
Other accrued expenses and liabilities	462.5		211.2		156.9		(224.9		)	605.7
Total current liabilities	17,815.3		14,554.2		7,046.7		(38,285.5		)	1,130.7
Long-term debt, less current maturities	5,601.4		30.9		1,505.2		—			7,137.5
Deferred income taxes	17.6		633.6		167.7		—			818.9
Intercompany notes payable	—		3,863.4		353.8		(4,217.2		)	—
Other liabilities	43.7		36.7		95.7		—			176.1
Total liabilities	23,478.0		19,118.8		9,169.1		(42,502.7		)	9,263.2
Total CBI stockholders’ equity	5,770.7		7,993.3		3,744.8		(11,738.1		)	5,770.7
Noncontrolling interests	—		—		110.6		—			110.6
Total stockholders’ equity	5,770.7		7,993.3		3,855.4		(11,738.1		)	5,881.3
Total liabilities and stockholders’ equity	$	29,248.7	$	27,112.1	$	13,024.5	$	(54,240.8	)	$	15,144.5

	Parent Company		Subsidiary Guarantors		Subsidiary Nonguarantors		Eliminations			Consolidated
(in millions)
Condensed Consolidating Balance Sheet at February 28, 2014
Current assets:
Cash and cash equivalents	$	0.5	$	0.8	$	62.6	$	—		$	63.9
Accounts receivable	0.2		9.0		617.0		—			626.2
Inventories	153.5		1,270.0		384.8		(64.5		)	1,743.8
Intercompany receivable	8,529.4		13,339.0		4,104.0		(25,972.4		)	—
Prepaid expenses and other	49.1		61.6		701.6		(499.0		)	313.3
Total current assets	8,732.7		14,680.4		5,870.0		(26,535.9		)	2,747.2
Property, plant and equipment	39.4		846.3		1,128.6		—			2,014.3
Investments in subsidiaries	10,795.6		9.4		—		(10,805.0		)	—
Goodwill	—		5,411.3		735.5		—			6,146.8
Intangible assets	—		707.6		2,523.0		0.5			3,231.1
Intercompany notes receivable	3,606.0		8.5		—		(3,614.5		)	—
Other assets	62.4		64.6		35.7		—			162.7
Total assets	$	23,236.1	$	21,728.1	$	10,292.8	$	(40,954.9	)	$	14,302.1
Current liabilities:
Notes payable to banks	$	—	$	—	$	57.2	$	—		$	57.2
Current maturities of long-term debt	547.1		16.4		26.5		—			590.0
Accounts payable	24.4		109.0		161.8		—			295.2
Accrued excise taxes	13.7		8.5		5.5		—			27.7
Intercompany payable	11,996.5		9,700.4		4,275.5		(25,972.4		)	—
Other accrued expenses and liabilities	712.9		182.3		680.7		(520.3		)	1,055.6
Total current liabilities	13,294.6		10,016.6		5,207.2		(26,492.7		)	2,025.7
Long-term debt, less current maturities	4,892.3		32.8		1,448.2		—			6,373.3
Deferred income taxes	17.2		569.4		176.0		—			762.6
Intercompany notes payable	—		3,597.7		16.8		(3,614.5		)	—
Other liabilities	50.7		21.5		87.0		—			159.2
Total liabilities	18,254.8		14,238.0		6,935.2		(30,107.2		)	9,320.8
Total CBI stockholders’ equity	4,981.3		7,490.1		3,357.6		(10,847.7		)	4,981.3
Noncontrolling interests	—		—		—		—			—
Total stockholders’ equity	4,981.3		7,490.1		3,357.6		(10,847.7		)	4,981.3
Total liabilities and stockholders’ equity	$	23,236.1	$	21,728.1	$	10,292.8	$	(40,954.9	)	$	14,302.1

Condensed Consolidating Statement of Comprehensive Income

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2015
Sales	$	2,406.4		$	5,078.3		$	3,004.1		$	(3,816.7	)	$	6,672.1
Less – excise taxes	(324.8		)	(251.6		)	(67.7		)	—			(644.1		)
Net sales	2,081.6			4,826.7			2,936.4			(3,816.7		)	6,028.0
Cost of product sold	(1,678.4		)	(3,629.0		)	(1,870.3		)	3,728.3			(3,449.4		)
Gross profit	403.2			1,197.7			1,066.1			(88.4		)	2,578.6
Selling, general and administrative expenses	(388.2		)	(470.1		)	(273.4		)	53.3			(1,078.4		)
Operating income	15.0			727.6			792.7			(35.1		)	1,500.2
Equity in earnings of equity method investees and subsidiaries	828.0			24.6			1.2			(832.3		)	21.5
Interest income	0.1			—			1.3			—			1.4
Intercompany interest income	177.8			222.7			—			(400.5		)	—
Interest expense	(296.4		)	(1.4		)	(41.3		)	—			(339.1		)
Intercompany interest expense	(222.0		)	(177.6		)	(0.9		)	400.5			—
Loss on write-off of financing costs	—			—			(4.4		)	—			(4.4		)
Income before income taxes	502.5			795.9			748.6			(867.4		)	1,179.6
(Provision for) benefit from income taxes	336.8			(295.5		)	(395.7		)	11.0			(343.4		)
Net income	839.3			500.4			352.9			(856.4		)	836.2
Net loss attributable to noncontrolling interests	—			—			3.1			—			3.1
Net income attributable to CBI	$	839.3		$	500.4		$	356.0		$	(856.4	)	$	839.3
Comprehensive income attributable to CBI	$	622.4		$	503.7		$	132.2		$	(635.9	)	$	622.4

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2014
Sales	$	2,351.8		$	3,868.3		$	2,093.9		$	(2,903.0	)	$	5,411.0
Less – excise taxes	(317.3		)	(155.9		)	(70.1		)	—			(543.3		)
Net sales	2,034.5			3,712.4			2,023.8			(2,903.0		)	4,867.7
Cost of product sold	(1,730.3		)	(2,661.6		)	(1,312.1		)	2,828.0			(2,876.0		)
Gross profit	304.2			1,050.8			711.7			(75.0		)	1,991.7
Selling, general and administrative expenses	(395.4		)	(361.7		)	(155.0		)	17.0			(895.1		)
Impairment of goodwill and intangible assets	—			—			(300.9		)	—			(300.9		)
Gain on remeasurement to fair value of equity method investment	—			1,642.0			—			—			1,642.0
Operating income (loss)	(91.2		)	2,331.1			255.8			(58.0		)	2,437.7
Equity in earnings of equity method investees and subsidiaries	2,219.2			92.7			0.6			(2,224.7		)	87.8
Interest income	0.1			—			7.6			—			7.7
Intercompany interest income	152.4			168.5			1.5			(322.4		)	—
Interest expense	(283.2		)	(2.5		)	(45.2		)	—			(330.9		)
Intercompany interest expense	(168.1		)	(153.6		)	(0.7		)	322.4			—
Income before income taxes	1,829.2			2,436.2			219.6			(2,282.7		)	2,202.3
(Provision for) benefit from income taxes	113.9			(292.5		)	(100.1		)	19.5			(259.2		)
Net income	1,943.1			2,143.7			119.5			(2,263.2		)	1,943.1
Net loss attributable to noncontrolling interests	—			—			—			—			—
Net income attributable to CBI	$	1,943.1		$	2,143.7		$	119.5		$	(2,263.2	)	$	1,943.1
Comprehensive income attributable to CBI	$	1,897.0		$	2,167.7		$	64.0		$	(2,231.7	)	$	1,897.0

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2013
Sales	$	2,065.4		$	1,758.6		$	827.8		$	(1,480.4	)	$	3,171.4
Less – excise taxes	(213.0		)	(95.9		)	(66.4		)	—			(375.3		)
Net sales	1,852.4			1,662.7			761.4			(1,480.4		)	2,796.1
Cost of product sold	(1,537.2		)	(1,156.6		)	(460.8		)	1,466.8			(1,687.8		)
Gross profit	315.2			506.1			300.6			(13.6		)	1,108.3
Selling, general and administrative expenses	(344.1		)	(101.4		)	(154.3		)	14.4			(585.4		)
Operating income (loss)	(28.9		)	404.7			146.3			0.8			522.9
Equity in earnings of equity method investees and subsidiaries	622.2			232.9			0.5			(622.5		)	233.1
Interest income	0.6			—			6.2			—			6.8
Intercompany interest income	79.0			193.2			1.5			(273.7		)	—
Interest expense	(230.1		)	(1.4		)	(2.4		)	—			(233.9		)
Intercompany interest expense	(193.2		)	(80.2		)	(0.3		)	273.7			—
Loss on write-off of financing costs	(12.5		)	—			—			—			(12.5		)
Income before income taxes	237.1			749.2			151.8			(621.7		)	516.4
(Provision for) benefit from income taxes	150.7			(274.7		)	(4.5		)	(0.1		)	(128.6		)
Net income	387.8			474.5			147.3			(621.8		)	387.8
Net loss attributable to noncontrolling interests	—			—			—			—			—
Net income attributable to CBI	$	387.8		$	474.5		$	147.3		$	(621.8	)	$	387.8
Comprehensive income attributable to CBI	$	346.2		$	439.5		$	103.5		$	(543.0	)	$	346.2

Condensed Consolidating Statement of Cash Flows

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2015
Net cash provided by (used in) operating activities	$	(553.6	)	$	784.5		$	850.1		$	—		$	1,081.0
Cash flows from investing activities:
Purchases of property, plant and equipment	(23.1		)	(83.7		)	(612.6		)	—			(719.4		)
Purchase of business, net of cash acquired	—			—			(310.3		)	—			(310.3		)
Net proceeds from intercompany notes	485.4			—			—			(485.4		)	—
Net investments in equity affiliates	(2.6		)	—			—			2.6			—
Other investing activities	(0.1		)	(5.6		)	19.5			—			13.8
Net cash provided by (used in) investing activities	459.6			(89.3		)	(903.4		)	(482.8		)	(1,015.9		)
Cash flows from financing activities:
Payments of dividends	—			—			(38.8		)	38.8			—
Net contributions from (returns of capital to) equity affiliates	—			(31.5		)	72.9			(41.4		)	—
Net proceeds from (repayments of) intercompany notes	(262.8		)	(618.1		)	395.5			485.4			—
Principal payments of long-term debt	(549.2		)	(19.6		)	(36.9		)	—			(605.7		)
Payment of delayed purchase price arrangement	—			—			(543.3		)	—			(543.3		)
Payments of minimum tax withholdings on stock-based payment awards	—			(26.1		)	(2.3		)	—			(28.4		)
Payments of financing costs of long-term debt	(11.7		)	—			(2.1		)	—			(13.8		)
Proceeds from issuance of long-term debt	800.0			—			105.0			—			905.0
Proceeds from noncontrolling interests	—			—			115.0			—			115.0
Excess tax benefits from stock-based payment awards	78.0			—			—			—			78.0
Proceeds from shares issued under equity compensation plans	63.7			—			—			—			63.7
Net proceeds from notes payable	—			—			13.1			—			13.1
Net cash provided by (used in) financing activities	118.0			(695.3		)	78.1			482.8			(16.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(2.5		)	—			(2.5		)
Net increase (decrease) in cash and cash equivalents	24.0			(0.1		)	22.3			—			46.2
Cash and cash equivalents, beginning of year	0.5			0.8			62.6			—			63.9
Cash and cash equivalents, end of year	$	24.5		$	0.7		$	84.9		$	—		$	110.1

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2014
Net cash provided by (used in) operating activities	$	(466.1	)	$	1,070.7		$	240.4		$	(18.8	)	$	826.2
Cash flows from investing activities:
Purchases of property, plant and equipment	(5.4		)	(61.4		)	(156.7		)	—			(223.5		)
Purchase of business, net of cash acquired	—			(1,770.0		)	(2,911.3		)	—			(4,681.3		)
Net proceeds from intercompany notes	972.6			—			—			(972.6		)	—
Net returns of capital from (investments in) equity affiliates	(1,133.2		)	(5.1		)	0.1			1,138.2			—
Other investing activities	—			2.4			38.6			—			41.0
Net cash used in investing activities	(166.0		)	(1,834.1		)	(3,029.3		)	165.6			(4,863.8		)
Cash flows from financing activities:
Payments of dividends	—			—			(84.3		)	84.3			—
Net contributions from (returns of capital to) equity affiliates	—			(172.8		)	1,376.5			(1,203.7		)	—
Net proceeds from (repayments of) intercompany notes	(1,850.1		)	972.9			(95.4		)	972.6			—
Principal payments of long-term debt	(49.8		)	(20.2		)	(26.4		)	—			(96.4		)
Payments of minimum tax withholdings on stock-based payment awards	—			(16.4		)	(1.6		)	—			(18.0		)
Payments of financing costs of long-term debt	(69.6		)	—			(12.6		)	—			(82.2		)
Proceeds from issuance of long-term debt	2,225.0			—			1,500.0			—			3,725.0
Excess tax benefits from stock-based payment awards	65.4			—			—			—			65.4
Proceeds from shares issued under equity compensation plans	125.9			—			—			—			125.9
Net proceeds from notes payable	—			—			57.3			—			57.3
Net cash provided by financing activities	446.8			763.5			2,713.5			(146.8		)	3,777.0
Effect of exchange rate changes on cash and cash equivalents	—			—			(7.0		)	—			(7.0		)
Net increase (decrease) in cash and cash equivalents	(185.3		)	0.1			(82.4		)	—			(267.6		)
Cash and cash equivalents, beginning of year	185.8			0.7			145.0			—			331.5
Cash and cash equivalents, end of year	$	0.5		$	0.8		$	62.6		$	—		$	63.9

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2013
Net cash provided by (used in) operating activities	$	(336.2	)	$	722.7		$	169.8		$	—		$	556.3
Cash flows from investing activities:
Purchases of property, plant and equipment	(5.0		)	(39.8		)	(17.3		)	—			(62.1		)
Purchase of business, net of cash acquired	—			(159.3		)	—			—			(159.3		)
Net proceeds from intercompany notes	503.2			—			—			(503.2		)	—
Net returns of capital from (investments in) equity affiliates	37.2			(0.3		)	—			(36.9		)	—
Other investing activities	0.6			9.6			4.4			—			14.6
Net cash provided by (used in) investing activities	536.0			(189.8		)	(12.9		)	(540.1		)	(206.8		)
Cash flows from financing activities:
Net returns of capital to equity affiliates	—			(20.8		)	(16.1		)	36.9			—
Net proceeds from (repayments of) intercompany notes	0.5			(503.5		)	(0.2		)	503.2			—
Principal payments of long-term debt	(1,528.7		)	(8.5		)	—			—			(1,537.2		)
Payments of minimum tax withholdings on stock-based payment awards	—			—			(0.5		)	—			(0.5		)
Payment of financing costs of long-term debt	(35.8		)	—			—			—			(35.8		)
Proceeds from issuance of long-term debt	2,050.0			—			—			—			2,050.0
Excess tax benefits from stock-based payment awards	17.7			—			—			—			17.7
Proceeds from shares issued under equity compensation plans	162.7			—			—			—			162.7
Net repayments of notes payable	(297.9		)	—			(74.7		)	—			(372.6		)
Purchases of treasury stock	(383.0		)	—			—			—			(383.0		)
Net cash used in financing activities	(14.5		)	(532.8		)	(91.5		)	540.1			(98.7		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(5.1		)	—			(5.1		)
Net increase in cash and cash equivalents	185.3			0.1			60.3			—			245.7
Cash and cash equivalents, beginning of year	0.5			0.6			84.7			—			85.8
Cash and cash equivalents, end of year	$	185.8		$	0.7		$	145.0		$	—		$	331.5

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Commitments and Contingencies

12 Months Ended

Feb. 28, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES:

Operating leases –

The minimum lease payments for our operating leases are recognized on a straight-line basis over the minimum lease term. Step rent provisions, escalation clauses, capital improvement funding and other lease concessions, when present in our leases, are taken into account in computing the minimum lease payments.

Future payments under noncancelable operating leases having initial or remaining terms of one year or more are as follows for each of the five succeeding fiscal years and thereafter:

(in millions)
2016	$	48.4
2017	42.7
2018	36.7
2019	33.4
2020	29.2
Thereafter	202.1
	$	392.5

Rental expense was $58.9 million, $65.1 million and $60.4 million for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, respectively.

Purchase commitments and contingencies –

We have entered into various long-term contracts in the normal course of business for the purchase of (i)  certain inventory components, (ii)  property, plant and equipment and related contractor and manufacturing services, (iii)  processing and warehousing services and (iv)  certain energy requirements. As of February 28, 2015, the estimated aggregate minimum purchase obligations under these contracts are as follows:

	Type	Length of Commitment	Amount
(in millions)
Raw materials and supplies (1)	Grapes, packaging and other raw materials	through December 2027	$	5,377.3
In-process inventories	Bulk wine	through December 2016	29.7
Finished case goods (2)	Beer	through December 2015	469.0
Capital expenditures (3)	Property, plant and equipment, and contractor and manufacturing services	through February 2018	1,463.7
Other (4)	Processing and warehousing services, energy contracts	through December 2027	168.1
			$	7,507.8

⁽¹⁾  Grape purchase contracts require the purchase of grape production yielded from a specified number of acres. The actual tonnage and price of grapes that we must purchase will vary each year depending on certain factors, including weather, time of harvest, overall market conditions and the agricultural practices and location of the growers and suppliers under contract.

⁽²⁾  Consists of a minimum purchase obligation under the interim supply agreement for finished goods entered into in connection with the Beer Business Acquisition.

⁽³⁾  Consists of purchase commitments entered into primarily in connection with the Brewery and glass production plant expansions.

⁽⁴⁾  Includes commitments to utilize outside services to process, package and/or store a minimum volume quantity, as well as for the purchase of certain energy requirements.

Indemnification liabilities –

In connection with a prior divestiture, we indemnified respective parties against certain liabilities that may arise related to certain contracts with certain investees of the divested business, a certain facility in the U.K. and certain income tax matters. During the year ended February 28, 2015, we were released from one of our guarantees, resulting in a gain of $7.5 million. This gain is included in selling, general and administrative expenses. As of February 28, 2015, and February 28, 2014, the carrying amount of these indemnification liabilities was $3.7 million and $11.6 million, respectively, and is included in other liabilities. If the indemnified party were to incur a liability, pursuant to the terms of the indemnification, we would be required to reimburse the indemnified party. As of February 28, 2015, we estimate that these indemnifications could require us to make potential future payments of up to $71.2 million under these indemnifications with $57.6 million of this amount able to be recovered by us from third parties under recourse provisions. We do not expect to be required to make material payments under the indemnifications and we believe that the likelihood is remote that the indemnifications could have a material adverse effect on our financial position, results of operations, cash flows or liquidity.

Employment contracts –

We have employment contracts with our executive officers and certain other management personnel with either automatic one year renewals after an initial term or an indefinite term of employment unless terminated by either party. These employment contracts provide for minimum salaries, as adjusted for annual increases, and may include incentive bonuses based upon attainment of specified goals. These employment contracts may also provide for severance payments in the event of specified termination of employment. In addition, we have employment arrangements with certain other management personnel which provide for severance payments in the event of specified termination of employment. As of February 28, 2015, the aggregate commitment for potential future compensation and severance, excluding incentive bonuses, was $40.4 million, of which $9.6 million was accrued.

Employees covered by collective bargaining agreements –

Approximately 14% of our employees are covered by collective bargaining agreements at February 28, 2015. Agreements expiring within one year cover approximately 7% of our employees.

Legal matters –

In the course of its business, we are subject to litigation from time to time. Although the amount of any liability with respect to such litigation cannot be determined, in the opinion of management, such liability will not have a material adverse effect on our financial condition, results of operations or cash flows.

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Business Segment Information (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts	$ (35.3)	$ (2.1)	$ (4.3)
Amortization of favorable interim supply agreement	(40.0)	(15.5)	(7.2)
Total cost of product sold	(3,449.4)	(2,876.0)	(1,687.8)
Selling, general and administrative expenses
Total selling, general and administrative expenses	(1,078.4)	(895.1)	(585.4)
Impairment of goodwill and intangible assets	0	(300.9)	0
Gain on remeasurement to fair value of equity method investment	0	1,642.0	0
Unusual Items [Member]
Cost of product sold
Amortization of favorable interim supply agreement	(28.4)	(6.0)	0
Flow through of inventory step-up	0	(11.0)	(7.8)
Other losses	(2.8)	0	0
Total cost of product sold	(59.5)	(16.0)	(7.8)
Selling, general and administrative expenses
Transaction, integration and other acquisition-related costs	(30.5)	(51.5)	(27.7)
Other gains (losses)	7.2	(4.2)	1.7
Total selling, general and administrative expenses	(23.3)	(55.7)	(26.0)
Impairment of goodwill and intangible assets	0	(300.9)	0
Gain on remeasurement to fair value of equity method investment	0	1,642.0	0
Unusual Items, Operating income (loss)	(82.8)	1,269.4	(33.8)
Unusual Items [Member] | Commodity derivative contracts [Member]
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts	(32.7)	1.5	0
Settlements of undesignated commodity derivative contracts	$ 4.4	$ (0.5)	$ 0

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Significant Customers and Concentration of Credit Risk

12 Months Ended

Feb. 28, 2015

Risks and Uncertainties [Abstract]

SIGNIFICANT CUSTOMERS AND CONCENTRATION OF CREDIT RISK

SIGNIFICANT CUSTOMERS AND CONCENTRATION OF CREDIT RISK:

Net sales to our five largest customers represented 33.7%, 36.6% and 57.8% of our net sales for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, respectively. Net sales to our five largest customers are expected to continue to represent a significant portion of our revenues. Net sales to individual customers which amount to 10% or more of our net sales, and associated amounts receivable from these customers as a percentage of our accounts receivable, are as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
Southern Wine and Spirits
Net sales	15.4	%	18.4	%	30.0	%
Accounts receivable	24.4	%	26.6	%	34.5	%
Republic National Distributing Company
Net sales	7.6	%	9.7	%	15.6	%
Accounts receivable	11.5	%	13.9	%	18.7	%

Net sales for the above customers are primarily reported within the Wine and Spirits segment. Our arrangements with certain of our customers may, generally, be terminated by either party with prior notice. The majority of our accounts receivable balance is generated from sales to independent distributors with whom we have a predetermined collection date arranged through electronic funds transfer. We perform ongoing credit evaluations of our customers’ financial position, and management is of the opinion that any risk of significant loss is reduced due to the diversity of our customers and geographic sales area.

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Stockholders' Equity (Details)	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	2,527,458	6,119,923	8,234,324
Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, Common Stock, end of period	250,839,359	248,264,944
Balance, Treasury Stock, end of period	79,681,859	80,225,575
Class B Convertible Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, Common Stock, end of period	28,389,608	28,436,565
Balance, Treasury Stock, end of period	5,005,800	5,005,800
Class 1 Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, Common Stock, end of period	0	0
Common Stock [Member] | Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, Common Stock, beginning of period	248,264,944	242,064,514	233,751,797
Share repurchases			0
Conversion of shares	46,957	80,507	78,496
Exercise of stock options	2,527,458	6,119,923	8,234,221
Employee stock purchases	0	0	0
Grant of restricted stock awards	0	0	0
Cancellation of restricted shares	0	0	0
Balance, Common Stock, end of period	250,839,359	248,264,944	242,064,514
Common Stock [Member] | Class A Common Stock [Member] | Restricted stock units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock units	0	0	0
Common Stock [Member] | Class A Common Stock [Member] | Performance share units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock units	0	0
Common Stock [Member] | Class B Convertible Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, Common Stock, beginning of period	28,436,565	28,517,035	28,583,916
Share repurchases			0
Conversion of shares	(46,957)	(80,470)	(66,881)
Exercise of stock options	0	0	0
Employee stock purchases	0	0	0
Grant of restricted stock awards	0	0	0
Cancellation of restricted shares	0	0	0
Balance, Common Stock, end of period	28,389,608	28,436,565	28,517,035
Common Stock [Member] | Class B Convertible Common Stock [Member] | Restricted stock units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock units	0	0	0
Common Stock [Member] | Class B Convertible Common Stock [Member] | Performance share units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock units	0	0
Common Stock [Member] | Class 1 Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, Common Stock, beginning of period	0	37	11,549
Share repurchases			0
Conversion of shares	0	(37)	(11,615)
Exercise of stock options	0	0	103
Employee stock purchases	0	0	0
Grant of restricted stock awards	0	0	0
Cancellation of restricted shares	0	0	0
Balance, Common Stock, end of period	0	0	37
Common Stock [Member] | Class 1 Common Stock [Member] | Restricted stock units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock units	0	0	0
Common Stock [Member] | Class 1 Common Stock [Member] | Performance share units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock units	0	0
Treasury Stock [Member] | Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, Treasury Stock, beginning of period	80,225,575	80,799,298	63,015,441
Share repurchases			17,994,466
Conversion of shares	0	0	0
Exercise of stock options	0	0	0
Employee stock purchases	(117,301)	(163,817)	(210,895)
Grant of restricted stock awards	(6,424)	(12,375)	(18,190)
Cancellation of restricted shares	8,426	33,661	61,140
Balance, Treasury Stock, end of period	79,681,859	80,225,575	80,799,298
Treasury Stock [Member] | Class A Common Stock [Member] | Restricted stock units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock units	(140,396)	(121,539)	(42,664)
Shares withheld to satisfy tax withholding requirements	101,499	96,767	23,836
Treasury Stock [Member] | Class A Common Stock [Member] | Performance share units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock units	(288,021)	(309,653)
Shares withheld to satisfy tax withholding requirements	248,499	267,577
Treasury Stock [Member] | Class B Convertible Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, Treasury Stock, beginning of period	5,005,800	5,005,800	5,005,800
Share repurchases			0
Conversion of shares	0	0	0
Exercise of stock options	0	0	0
Employee stock purchases	0	0	0
Grant of restricted stock awards	0	0	0
Cancellation of restricted shares	0	0	0
Balance, Treasury Stock, end of period	5,005,800	5,005,800	5,005,800
Treasury Stock [Member] | Class B Convertible Common Stock [Member] | Restricted stock units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock units	0	0	0
Treasury Stock [Member] | Class B Convertible Common Stock [Member] | Performance share units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock units	0	0

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Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Feb. 28, 2015

Equity [Abstract]

Other comprehensive income (loss), net of income tax effect

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

	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Year Ended February 28, 2013
Other comprehensive income (loss):
Foreign currency translation adjustments:
Net losses	$	(46.9	)	$	9.5		$	(37.4	)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(46.9		)	9.5			(37.4		)
Unrealized gain on cash flow hedges:
Net derivative losses	(4.9		)	2.4			(2.5		)
Reclassification adjustments	6.2			(3.4		)	2.8
Net gain recognized in other comprehensive loss	1.3			(1.0		)	0.3
Unrealized gain on AFS debt securities:
Net AFS debt securities gains	0.7			(0.3		)	0.4
Reclassification adjustments	—			—			—
Net gain recognized in other comprehensive loss	0.7			(0.3		)	0.4
Pension/postretirement adjustments:
Net actuarial losses	(7.4		)	1.9			(5.5		)
Reclassification adjustments	0.8			(0.2		)	0.6
Net loss recognized in other comprehensive loss	(6.6		)	1.7			(4.9		)
Other comprehensive loss	$	(51.5	)	$	9.9		$	(41.6	)
For the Year Ended February 28, 2014
Other comprehensive income (loss):
Foreign currency translation adjustments:
Net losses	$	(63.2	)	$	(3.6	)	$	(66.8	)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(63.2		)	(3.6		)	(66.8		)
Unrealized gain on cash flow hedges:
Net derivative gains	9.8			(2.7		)	7.1
Reclassification adjustments	7.8			(3.6		)	4.2
Net gain recognized in other comprehensive loss	17.6			(6.3		)	11.3
Unrealized loss on AFS debt securities:
Net AFS debt securities losses	(2.8		)	(0.3		)	(3.1		)
Reclassification adjustments	(0.1		)	0.3			0.2
Net loss recognized in other comprehensive loss	(2.9		)	—			(2.9		)
Pension/postretirement adjustments:
Net actuarial gains	15.4			(4.0		)	11.4
Reclassification adjustments	1.1			(0.2		)	0.9
Net gain recognized in other comprehensive loss	16.5			(4.2		)	12.3
Other comprehensive loss	$	(32.0	)	$	(14.1	)	$	(46.1	)

	Before Tax Amount			Tax (Expense) Benefit			Net of Tax Amount
(in millions)
For the Year Ended February 28, 2015
Other comprehensive loss:
Foreign currency translation adjustments:
Net losses	$	(203.3	)	$	13.6		$	(189.7	)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(203.3		)	13.6			(189.7		)
Unrealized loss on cash flow hedges:
Net derivative losses	(33.6		)	9.6			(24.0		)
Reclassification adjustments	6.8			(3.0		)	3.8
Net loss recognized in other comprehensive loss	(26.8		)	6.6			(20.2		)
Unrealized loss on AFS debt securities:
Net AFS debt securities losses	(1.0		)	—			(1.0		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(1.0		)	—			(1.0		)
Pension/postretirement adjustments:
Net actuarial losses	(8.1		)	2.1			(6.0		)
Reclassification adjustments	—			—			—
Net loss recognized in other comprehensive loss	(8.1		)	2.1			(6.0		)
Other comprehensive loss	$	(239.2	)	$	22.3		$	(216.9	)

Accumulated other comprehensive income (loss), net of income tax effect

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

	Foreign Currency Translation Adjustments			Net Unrealized Losses on Derivative Instruments			Net Unrealized Losses on AFS Debt Securities			Pension/ Postretirement Adjustments			Accumulated Other Comprehensive Income (Loss)
(in millions)
Balance, February 28, 2014	$	103.6		$	(8.9	)	$	(1.5	)	$	(7.2	)	$	86.0
Other comprehensive loss:
Other comprehensive loss before reclassification adjustments	(189.7		)	(24.0		)	(1.0		)	(6.0		)	(220.7		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			3.8			—			—			3.8
Other comprehensive loss	(189.7		)	(20.2		)	(1.0		)	(6.0		)	(216.9		)
Balance, February 28, 2015	$	(86.1	)	$	(29.1	)	$	(2.5	)	$	(13.2	)	$	(130.9	)

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Stock-Based Employee Compensation (Details 7) (1989 Employee Stock Purchase Plan [Member], Employee stock purchase plan [Member], USD $)	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
1989 Employee Stock Purchase Plan [Member] | Employee stock purchase plan [Member]
Weighted average assumptions to estimate fair value of equity instruments using Black-Scholes option-pricing model
Grant-date fair value	$ 19.42	$ 13.83	$ 8.23
Expected life	0 years 6 months	0 years 6 months	0 years 6 months
Expected volatility	18.40%	24.40%	41.80%
Risk-free interest rate	0.00%	0.10%	0.10%
Expected dividend yield	0.00%	0.00%	0.00%

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Equity Method Investments (Tables)

12 Months Ended

Feb. 28, 2015

Equity Method Investments and Joint Ventures [Abstract]

Summarized financial information for equity method investments

The following table presents summarized financial information for our Crown Imports equity method investment (prior to the date of acquisition) and Opus One, our other material equity method investment discussed above.

	Crown Imports		Opus One		Total
(in millions)
For the Year Ended February 28, 2015
Net sales	$	—	$	72.6	$	72.6
Gross profit	$	—	$	57.6	$	57.6
Income from continuing operations	$	—	$	40.8	$	40.8
Net income	$	—	$	40.8	$	40.8
For the Year Ended February 28, 2014
Net sales	$	813.4	$	62.8	$	876.2
Gross profit	$	241.5	$	49.9	$	291.4
Income from continuing operations	$	142.1	$	34.5	$	176.6
Net income	$	142.1	$	34.5	$	176.6
For the Year Ended February 28, 2013
Net sales	$	2,588.1	$	52.6	$	2,640.7
Gross profit	$	755.4	$	39.0	$	794.4
Income from continuing operations	$	446.2	$	24.8	$	471.0
Net income	$	446.2	$	24.8	$	471.0

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Net Income Per Common Share Attributable to CBI (Details) (USD $) In Millions, except Share data in Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May 31, 2014	Feb. 28, 2014	Nov. 30, 2013	Aug. 31, 2013	May 31, 2013	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Basic and diluted net income per common share attributable to CBI
Net income attributable to CBI	$ 214.6	$ 222.2	$ 195.8	$ 206.7	$ 157.2	$ 211.0	$ 1,522.0	$ 52.9	$ 839.3	$ 1,943.1	$ 387.8
Class A Common Stock [Member]
Weighted average common shares outstanding – basic:
Weighted average common shares outstanding - basic									169,325	164,687	158,658
Weighted average common shares outstanding – diluted:
Weighted average common shares outstanding - basic									169,325	164,687	158,658
Stock-based awards, primarily stock options									8,502	9,416	8,117
Weighted average common shares outstanding - diluted									201,224	197,570	190,307
Net income per common share attributable to CBI – basic:
Net income per common share attributable to CBI - basic (in dollars per share)	$ 1.12	$ 1.16	$ 1.03	$ 1.09	$ 0.84	$ 1.13	$ 8.18	$ 0.29	$ 4.40	$ 10.45	$ 2.15
Net income per common share attributable to CBI – diluted:
Net income per common share attributable to CBI - diluted (in dollars per share)	$ 1.06	$ 1.10	$ 0.98	$ 1.03	$ 0.79	$ 1.07	$ 7.74	$ 0.27	$ 4.17	$ 9.83	$ 2.04
Class B Convertible Common Stock [Member]
Weighted average common shares outstanding – basic:
Weighted average common shares outstanding - basic									23,397	23,467	23,532
Weighted average common shares outstanding – diluted:
Weighted average common shares outstanding - basic									23,397	23,467	23,532
Weighted average common shares outstanding - diluted									23,397	23,467	23,532
Net income per common share attributable to CBI – basic:
Net income per common share attributable to CBI - basic (in dollars per share)	$ 1.02	$ 1.06	$ 0.93	$ 0.99	$ 0.76	$ 1.03	$ 7.43	$ 0.26	$ 4.00	$ 9.50	$ 1.96
Net income per common share attributable to CBI – diluted:
Net income per common share attributable to CBI - diluted (in dollars per share)	$ 0.98	$ 1.01	$ 0.90	$ 0.95	$ 0.73	$ 0.98	$ 7.11	$ 0.25	$ 3.83	$ 9.04	$ 1.87

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Consolidated Statements of Comprehensive Income (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 836.2	$ 1,943.1	$ 387.8
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	(191.0)	(66.8)	(37.4)
Unrealized gain (loss) on cash flow hedges	(20.2)	11.3	0.3
Unrealized gain (loss) on available-for-sale debt securities	(1.0)	(2.9)	0.4
Pension/postretirement adjustments	(6.0)	12.3	(4.9)
Other comprehensive loss, net of income tax effect	(218.2)	(46.1)	(41.6)
Comprehensive income	618.0	1,897.0	346.2
Comprehensive loss attributable to noncontrolling interests	4.4	0	0
Comprehensive income attributable to CBI	$ 622.4	$ 1,897.0	$ 346.2

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Income Taxes (Details 4) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Amount
Income tax provision at statutory rate	$ 412.8	$ 770.8	$ 180.7
State and local income taxes, net of federal income tax benefit	16.1	14.8	4.1
Net operating loss valuation allowance	11.1	16.3	3.7
Earnings of subsidiaries taxed at other than U.S. statutory rate	(86.4)	(61.2)	(59.6)
Impairment of nondeductible goodwill	0	97.5	0
Gain on remeasurement to fair value of equity method investment	0	(574.7)	0
Miscellaneous items, net	(10.2)	(4.3)	(0.3)
Income tax provision	$ 343.4	$ 259.2	$ 128.6
% of Pretax Income
Income tax provision at statutory rate	35.00%	35.00%	35.00%
State and local income taxes, net of federal income tax benefit	1.40%	0.70%	0.80%
Net operating loss valuation allowance	0.90%	0.80%	0.70%
Earnings of subsidiaries taxed at other than U.S. statutory rate	(7.30%)	(2.80%)	(11.50%)
Impairment of nondeductible goodwill	0.00%	4.40%	0.00%
Gain on remeasurement to fair value of equity method investment	0.00%	(26.10%)	0.00%
Miscellaneous items, net	(0.90%)	(0.20%)	(0.10%)
Income tax provision at effective rate	29.10%	11.80%	24.90%

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Inventories

12 Months Ended

Feb. 28, 2015

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES:

The components of inventories are as follows:

	February 28, 2015		February 28, 2014
(in millions)
Raw materials and supplies	$	106.0	$	87.8
In-process inventories	1,244.0		1,235.4
Finished case goods	477.2		420.6
	$	1,827.2	$	1,743.8

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Acquisitions (Details Textual) (USD $)	12 Months Ended			0 Months Ended	1 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013	Jun. 07, 2013	Dec. 31, 2014	Jun. 06, 2014	Feb. 29, 2012	Jun. 05, 2013	May 27, 2014	Jun. 30, 2012
Business Acquisition [Line Items]
Cash acquired	$ 3,500,000
Maximum borrowing amount under credit facility	3,712,300,000
Cash and cash equivalents	110,100,000	63,900,000	331,500,000	232,000,000		308,000,000	85,800,000
Other long-term debt	154,900,000	51,200,000		13,000,000
Fair value of preexisting equity interest	0
Gain on remeasurement to fair value of equity method investment	0	1,642,000,000	0
Crown Imports [Member]
Business Acquisition [Line Items]
Preexisting equity interest								50.00%
Other [Member]
Business Acquisition [Line Items]
Outstanding borrowings under revolving credit facility				208,000,000		100,000,000
Revolving Credit Facility [Member]
Business Acquisition [Line Items]
Maximum borrowing amount under credit facility	850,000,000								850,000,000.0
Outstanding borrowings under revolving credit facility				580,000,000		150,000,000
Senior Notes [Member] | May 2013 Senior Notes [Member]
Business Acquisition [Line Items]
Aggregate principal amount of notes				1,550,000,000.0
Senior Credit Facility - Term Loans [Member] | European Term Loans [Member]
Business Acquisition [Line Items]
Maximum borrowing amount under credit facility				1,500,000,000.0
Senior Credit Facility - Term Loans [Member] | European Term A Facility [Member]
Business Acquisition [Line Items]
Maximum borrowing amount under credit facility	481,300,000			500,000,000.0
Senior Credit Facility - Term Loans [Member] | European Term B Facility [Member]
Business Acquisition [Line Items]
Maximum borrowing amount under credit facility				1,000,000,000.0
Senior Credit Facility - Term Loans [Member] | U.S. Term A-2 Facility [Member]
Business Acquisition [Line Items]
Maximum borrowing amount under credit facility	649,700,000			675,000,000.0
Beer Business Acquisition [Member]
Business Acquisition [Line Items]
Cash acquired		106,800,000		106,800,000
Fair value of preexisting equity interest		(1,845,000,000)		(1,845,000,000)
Acquisition-related costs	22,100,000	52,300,000	26,000,000	100,400,000
Beer Business Acquisition [Member] | Crown Imports [Member]
Business Acquisition [Line Items]
Fair value of preexisting equity interest				1,845,000,000
Gain on remeasurement to fair value of equity method investment				1,642,000,000
Beer Business Acquisition [Member] | Operating Segments [Member] | Beer [Member]
Business Acquisition [Line Items]
Business acquisition, purchase price				5,226,400,000
Cash paid at closing				4,745,000,000
Cash acquired				106,800,000
Fair value of additional EBITDA payment				543,300,000
EBITDA purchase price adjustment				558,000,000
Imputed interest				14,700,000
Goodwill expected to be tax deductible				1,647,000,000
Required build out				2,000,000,000
Existing hectoliter output				1,000,000,000
Beer Business Acquisition [Member] | Operating Segments [Member] | Beer [Member] | Trademarks [Member]
Business Acquisition [Line Items]
Acquired indefinite lived intangible assets				2,305,500,000
Beer Business Acquisition [Member] | Operating Segments [Member] | Beer [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired definite lived intangible assets				22,500,000
Life of definite lived intangible assets				25 years
Beer Business Acquisition [Member] | Operating Segments [Member] | Beer [Member] | Copyrights [Member]
Business Acquisition [Line Items]
Acquired definite lived intangible assets				6,500,000
Life of definite lived intangible assets				2 years
Beer Business Acquisition [Member] | Operating Segments [Member] | Beer [Member] | Distribution Rights [Member]
Business Acquisition [Line Items]
Acquired definite lived intangible assets				400,000
Life of definite lived intangible assets				1 year 7 months
Beer Business Acquisition [Member] | Operating Segments [Member] | Beer [Member] | Favorable Interim Supply Agreement [Member]
Business Acquisition [Line Items]
Acquired definite lived intangible assets				68,300,000
Life of definite lived intangible assets				3 years
Crown Acquisition [Member]
Business Acquisition [Line Items]
Acquired equity interest				50.00%						50.00%
Glass Production Plant [Member] | Operating Segments [Member] | Beer [Member]
Business Acquisition [Line Items]
Business acquisition, purchase price					$ 290,600,000

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Borrowings (Details Textual 2) (USD $)	Jun. 07, 2013	Jun. 30, 2012	Aug. 14, 2012
Crown Acquisition [Member]
Schedule of Debt [Line Items]
Acquired equity interest	50.00%	50.00%
Senior Notes [Member] | August 2012 Senior Notes [Member]
Schedule of Debt [Line Items]
Aggregate principal amount of notes			$ 650,000,000.0
Coupon rate of notes			4.625%

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Stock-Based Employee Compensation (Details Textual) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based employee compensation plans	2
Total unrecognized compensation cost related to nonvested stock-based compensation arrangements	74.2
Expected weighted average period to recognize nonvested stock-based compensation cost	2 years 2 months
Long-Term Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares authorized	108,000,000
Long-Term Stock Incentive Plan [Member] | Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Expiration period	10 years
Long-Term Stock Incentive Plan [Member] | Restricted stock awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Long-Term Stock Incentive Plan [Member] | Restricted stock awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Long-Term Stock Incentive Plan [Member] | Restricted stock units [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Long-Term Stock Incentive Plan [Member] | Restricted stock units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Long-Term Stock Incentive Plan [Member] | Performance share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target percentage of units to be awarded based on performance, minimum	0.00%
Target percentage of units to be awarded based on performance, maximum	200.00%
Long-Term Stock Incentive Plan [Member] | Performance share units [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Long-Term Stock Incentive Plan [Member] | Performance share units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
1989 Employee Stock Purchase Plan [Member] | Employee stock purchase plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares authorized	9,000,000
Purchase price as a percent of the fair market value, lower of the fair market value on the first or last day of the purchase period	85.00%
Shares purchased under employee stock purchase plan	117,301	163,817	210,895

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Fair Value of Financial Instruments (Details Textual 1) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2013	Aug. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ 6,146.8	$ 6,208.2	$ 2,722.3
Impairment of goodwill	278.7
Trademarks	3,231.1	3,181.0
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill				433.9
Impairment of goodwill	278.7
Nonrecurring [Member] | Trademarks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trademarks				90.2
Impairment of trademarks	22.2
Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Implied fair value of goodwill				159.6
Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Trademarks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of trademarks				$ 68.3

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Condensed Consolidating Financial Information

12 Months Ended

Feb. 28, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

CONDENSED CONSOLIDATING FINANCIAL INFORMATION:

The following information sets forth the condensed consolidating balance sheets as of February 28, 2015, and February 28, 2014, the condensed consolidating statements of comprehensive income for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, and the condensed consolidating statements of cash flows for the years ended February 28, 2015, February 28, 2014, and February 28, 2013, for the parent company, our combined subsidiaries which guarantee our senior notes (“Subsidiary Guarantors”), our combined subsidiaries which are not Subsidiary Guarantors (primarily foreign subsidiaries) (“Subsidiary Nonguarantors”) and the Company. The Subsidiary Guarantors are 100% owned, directly or indirectly, by the parent company and the guarantees are joint and several obligations of each of the Subsidiary Guarantors. The guarantees are full and unconditional, as those terms are used in Rule 3-10 of Regulation S-X, except that a Subsidiary Guarantor can be automatically released and relieved of its obligations under certain customary circumstances contained in the indentures governing our senior notes. These customary circumstances include, so long as other applicable provisions of the indentures are adhered to, the termination or release of a Subsidiary Guarantor’s guarantee of other indebtedness or upon the legal defeasance or covenant defeasance or satisfaction and discharge of our senior notes. Separate financial statements for our Subsidiary Guarantors are not presented because we have determined that such financial statements would not be material to investors. The accounting policies of the parent company, the Subsidiary Guarantors and the Subsidiary Nonguarantors are the same as those described for the Company in the Summary of Significant Accounting Policies in Note 1. There are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to us in the form of cash dividends, loans or advances.

	Parent Company		Subsidiary Guarantors		Subsidiary Nonguarantors		Eliminations			Consolidated
(in millions)
Condensed Consolidating Balance Sheet at February 28, 2015
Current assets:
Cash and cash equivalents	$	24.5	$	0.7	$	84.9	$	—		$	110.1
Accounts receivable	0.8		27.3		570.8		—			598.9
Inventories	153.3		1,419.0		357.7		(102.8		)	1,827.2
Intercompany receivable	13,158.7		18,389.9		6,512.0		(38,060.6		)	—
Prepaid expenses and other	46.2		94.0		427.0		(192.6		)	374.6
Total current assets	13,383.5		19,930.9		7,952.4		(38,356.0		)	2,910.8
Property, plant and equipment	59.3		854.5		1,767.8		—			2,681.6
Investments in subsidiaries	11,657.2		13.8		—		(11,671.0		)	—
Goodwill	—		5,411.3		796.9		—			6,208.2
Intangible assets	—		703.3		2,474.3		3.4			3,181.0
Intercompany notes receivable	4,087.3		129.9		—		(4,217.2		)	—
Other assets	61.4		68.4		33.1		—			162.9
Total assets	$	29,248.7	$	27,112.1	$	13,024.5	$	(54,240.8	)	$	15,144.5
Current liabilities:
Notes payable to banks	$	—	$	—	$	52.4	$	—		$	52.4
Current maturities of long-term debt	92.3		16.9		48.9		—			158.1
Accounts payable	41.2		113.2		131.4		—			285.8
Accrued excise taxes	12.6		11.3		4.8		—			28.7
Intercompany payable	17,206.7		14,201.6		6,652.3		(38,060.6		)	—
Other accrued expenses and liabilities	462.5		211.2		156.9		(224.9		)	605.7
Total current liabilities	17,815.3		14,554.2		7,046.7		(38,285.5		)	1,130.7
Long-term debt, less current maturities	5,601.4		30.9		1,505.2		—			7,137.5
Deferred income taxes	17.6		633.6		167.7		—			818.9
Intercompany notes payable	—		3,863.4		353.8		(4,217.2		)	—
Other liabilities	43.7		36.7		95.7		—			176.1
Total liabilities	23,478.0		19,118.8		9,169.1		(42,502.7		)	9,263.2
Total CBI stockholders’ equity	5,770.7		7,993.3		3,744.8		(11,738.1		)	5,770.7
Noncontrolling interests	—		—		110.6		—			110.6
Total stockholders’ equity	5,770.7		7,993.3		3,855.4		(11,738.1		)	5,881.3
Total liabilities and stockholders’ equity	$	29,248.7	$	27,112.1	$	13,024.5	$	(54,240.8	)	$	15,144.5

	Parent Company		Subsidiary Guarantors		Subsidiary Nonguarantors		Eliminations			Consolidated
(in millions)
Condensed Consolidating Balance Sheet at February 28, 2014
Current assets:
Cash and cash equivalents	$	0.5	$	0.8	$	62.6	$	—		$	63.9
Accounts receivable	0.2		9.0		617.0		—			626.2
Inventories	153.5		1,270.0		384.8		(64.5		)	1,743.8
Intercompany receivable	8,529.4		13,339.0		4,104.0		(25,972.4		)	—
Prepaid expenses and other	49.1		61.6		701.6		(499.0		)	313.3
Total current assets	8,732.7		14,680.4		5,870.0		(26,535.9		)	2,747.2
Property, plant and equipment	39.4		846.3		1,128.6		—			2,014.3
Investments in subsidiaries	10,795.6		9.4		—		(10,805.0		)	—
Goodwill	—		5,411.3		735.5		—			6,146.8
Intangible assets	—		707.6		2,523.0		0.5			3,231.1
Intercompany notes receivable	3,606.0		8.5		—		(3,614.5		)	—
Other assets	62.4		64.6		35.7		—			162.7
Total assets	$	23,236.1	$	21,728.1	$	10,292.8	$	(40,954.9	)	$	14,302.1
Current liabilities:
Notes payable to banks	$	—	$	—	$	57.2	$	—		$	57.2
Current maturities of long-term debt	547.1		16.4		26.5		—			590.0
Accounts payable	24.4		109.0		161.8		—			295.2
Accrued excise taxes	13.7		8.5		5.5		—			27.7
Intercompany payable	11,996.5		9,700.4		4,275.5		(25,972.4		)	—
Other accrued expenses and liabilities	712.9		182.3		680.7		(520.3		)	1,055.6
Total current liabilities	13,294.6		10,016.6		5,207.2		(26,492.7		)	2,025.7
Long-term debt, less current maturities	4,892.3		32.8		1,448.2		—			6,373.3
Deferred income taxes	17.2		569.4		176.0		—			762.6
Intercompany notes payable	—		3,597.7		16.8		(3,614.5		)	—
Other liabilities	50.7		21.5		87.0		—			159.2
Total liabilities	18,254.8		14,238.0		6,935.2		(30,107.2		)	9,320.8
Total CBI stockholders’ equity	4,981.3		7,490.1		3,357.6		(10,847.7		)	4,981.3
Noncontrolling interests	—		—		—		—			—
Total stockholders’ equity	4,981.3		7,490.1		3,357.6		(10,847.7		)	4,981.3
Total liabilities and stockholders’ equity	$	23,236.1	$	21,728.1	$	10,292.8	$	(40,954.9	)	$	14,302.1

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2015
Sales	$	2,406.4		$	5,078.3		$	3,004.1		$	(3,816.7	)	$	6,672.1
Less – excise taxes	(324.8		)	(251.6		)	(67.7		)	—			(644.1		)
Net sales	2,081.6			4,826.7			2,936.4			(3,816.7		)	6,028.0
Cost of product sold	(1,678.4		)	(3,629.0		)	(1,870.3		)	3,728.3			(3,449.4		)
Gross profit	403.2			1,197.7			1,066.1			(88.4		)	2,578.6
Selling, general and administrative expenses	(388.2		)	(470.1		)	(273.4		)	53.3			(1,078.4		)
Operating income	15.0			727.6			792.7			(35.1		)	1,500.2
Equity in earnings of equity method investees and subsidiaries	828.0			24.6			1.2			(832.3		)	21.5
Interest income	0.1			—			1.3			—			1.4
Intercompany interest income	177.8			222.7			—			(400.5		)	—
Interest expense	(296.4		)	(1.4		)	(41.3		)	—			(339.1		)
Intercompany interest expense	(222.0		)	(177.6		)	(0.9		)	400.5			—
Loss on write-off of financing costs	—			—			(4.4		)	—			(4.4		)
Income before income taxes	502.5			795.9			748.6			(867.4		)	1,179.6
(Provision for) benefit from income taxes	336.8			(295.5		)	(395.7		)	11.0			(343.4		)
Net income	839.3			500.4			352.9			(856.4		)	836.2
Net loss attributable to noncontrolling interests	—			—			3.1			—			3.1
Net income attributable to CBI	$	839.3		$	500.4		$	356.0		$	(856.4	)	$	839.3
Comprehensive income attributable to CBI	$	622.4		$	503.7		$	132.2		$	(635.9	)	$	622.4

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2014
Sales	$	2,351.8		$	3,868.3		$	2,093.9		$	(2,903.0	)	$	5,411.0
Less – excise taxes	(317.3		)	(155.9		)	(70.1		)	—			(543.3		)
Net sales	2,034.5			3,712.4			2,023.8			(2,903.0		)	4,867.7
Cost of product sold	(1,730.3		)	(2,661.6		)	(1,312.1		)	2,828.0			(2,876.0		)
Gross profit	304.2			1,050.8			711.7			(75.0		)	1,991.7
Selling, general and administrative expenses	(395.4		)	(361.7		)	(155.0		)	17.0			(895.1		)
Impairment of goodwill and intangible assets	—			—			(300.9		)	—			(300.9		)
Gain on remeasurement to fair value of equity method investment	—			1,642.0			—			—			1,642.0
Operating income (loss)	(91.2		)	2,331.1			255.8			(58.0		)	2,437.7
Equity in earnings of equity method investees and subsidiaries	2,219.2			92.7			0.6			(2,224.7		)	87.8
Interest income	0.1			—			7.6			—			7.7
Intercompany interest income	152.4			168.5			1.5			(322.4		)	—
Interest expense	(283.2		)	(2.5		)	(45.2		)	—			(330.9		)
Intercompany interest expense	(168.1		)	(153.6		)	(0.7		)	322.4			—
Income before income taxes	1,829.2			2,436.2			219.6			(2,282.7		)	2,202.3
(Provision for) benefit from income taxes	113.9			(292.5		)	(100.1		)	19.5			(259.2		)
Net income	1,943.1			2,143.7			119.5			(2,263.2		)	1,943.1
Net loss attributable to noncontrolling interests	—			—			—			—			—
Net income attributable to CBI	$	1,943.1		$	2,143.7		$	119.5		$	(2,263.2	)	$	1,943.1
Comprehensive income attributable to CBI	$	1,897.0		$	2,167.7		$	64.0		$	(2,231.7	)	$	1,897.0

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Comprehensive Income for the Year Ended February 28, 2013
Sales	$	2,065.4		$	1,758.6		$	827.8		$	(1,480.4	)	$	3,171.4
Less – excise taxes	(213.0		)	(95.9		)	(66.4		)	—			(375.3		)
Net sales	1,852.4			1,662.7			761.4			(1,480.4		)	2,796.1
Cost of product sold	(1,537.2		)	(1,156.6		)	(460.8		)	1,466.8			(1,687.8		)
Gross profit	315.2			506.1			300.6			(13.6		)	1,108.3
Selling, general and administrative expenses	(344.1		)	(101.4		)	(154.3		)	14.4			(585.4		)
Operating income (loss)	(28.9		)	404.7			146.3			0.8			522.9
Equity in earnings of equity method investees and subsidiaries	622.2			232.9			0.5			(622.5		)	233.1
Interest income	0.6			—			6.2			—			6.8
Intercompany interest income	79.0			193.2			1.5			(273.7		)	—
Interest expense	(230.1		)	(1.4		)	(2.4		)	—			(233.9		)
Intercompany interest expense	(193.2		)	(80.2		)	(0.3		)	273.7			—
Loss on write-off of financing costs	(12.5		)	—			—			—			(12.5		)
Income before income taxes	237.1			749.2			151.8			(621.7		)	516.4
(Provision for) benefit from income taxes	150.7			(274.7		)	(4.5		)	(0.1		)	(128.6		)
Net income	387.8			474.5			147.3			(621.8		)	387.8
Net loss attributable to noncontrolling interests	—			—			—			—			—
Net income attributable to CBI	$	387.8		$	474.5		$	147.3		$	(621.8	)	$	387.8
Comprehensive income attributable to CBI	$	346.2		$	439.5		$	103.5		$	(543.0	)	$	346.2

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2015
Net cash provided by (used in) operating activities	$	(553.6	)	$	784.5		$	850.1		$	—		$	1,081.0
Cash flows from investing activities:
Purchases of property, plant and equipment	(23.1		)	(83.7		)	(612.6		)	—			(719.4		)
Purchase of business, net of cash acquired	—			—			(310.3		)	—			(310.3		)
Net proceeds from intercompany notes	485.4			—			—			(485.4		)	—
Net investments in equity affiliates	(2.6		)	—			—			2.6			—
Other investing activities	(0.1		)	(5.6		)	19.5			—			13.8
Net cash provided by (used in) investing activities	459.6			(89.3		)	(903.4		)	(482.8		)	(1,015.9		)
Cash flows from financing activities:
Payments of dividends	—			—			(38.8		)	38.8			—
Net contributions from (returns of capital to) equity affiliates	—			(31.5		)	72.9			(41.4		)	—
Net proceeds from (repayments of) intercompany notes	(262.8		)	(618.1		)	395.5			485.4			—
Principal payments of long-term debt	(549.2		)	(19.6		)	(36.9		)	—			(605.7		)
Payment of delayed purchase price arrangement	—			—			(543.3		)	—			(543.3		)
Payments of minimum tax withholdings on stock-based payment awards	—			(26.1		)	(2.3		)	—			(28.4		)
Payments of financing costs of long-term debt	(11.7		)	—			(2.1		)	—			(13.8		)
Proceeds from issuance of long-term debt	800.0			—			105.0			—			905.0
Proceeds from noncontrolling interests	—			—			115.0			—			115.0
Excess tax benefits from stock-based payment awards	78.0			—			—			—			78.0
Proceeds from shares issued under equity compensation plans	63.7			—			—			—			63.7
Net proceeds from notes payable	—			—			13.1			—			13.1
Net cash provided by (used in) financing activities	118.0			(695.3		)	78.1			482.8			(16.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(2.5		)	—			(2.5		)
Net increase (decrease) in cash and cash equivalents	24.0			(0.1		)	22.3			—			46.2
Cash and cash equivalents, beginning of year	0.5			0.8			62.6			—			63.9
Cash and cash equivalents, end of year	$	24.5		$	0.7		$	84.9		$	—		$	110.1

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2014
Net cash provided by (used in) operating activities	$	(466.1	)	$	1,070.7		$	240.4		$	(18.8	)	$	826.2
Cash flows from investing activities:
Purchases of property, plant and equipment	(5.4		)	(61.4		)	(156.7		)	—			(223.5		)
Purchase of business, net of cash acquired	—			(1,770.0		)	(2,911.3		)	—			(4,681.3		)
Net proceeds from intercompany notes	972.6			—			—			(972.6		)	—
Net returns of capital from (investments in) equity affiliates	(1,133.2		)	(5.1		)	0.1			1,138.2			—
Other investing activities	—			2.4			38.6			—			41.0
Net cash used in investing activities	(166.0		)	(1,834.1		)	(3,029.3		)	165.6			(4,863.8		)
Cash flows from financing activities:
Payments of dividends	—			—			(84.3		)	84.3			—
Net contributions from (returns of capital to) equity affiliates	—			(172.8		)	1,376.5			(1,203.7		)	—
Net proceeds from (repayments of) intercompany notes	(1,850.1		)	972.9			(95.4		)	972.6			—
Principal payments of long-term debt	(49.8		)	(20.2		)	(26.4		)	—			(96.4		)
Payments of minimum tax withholdings on stock-based payment awards	—			(16.4		)	(1.6		)	—			(18.0		)
Payments of financing costs of long-term debt	(69.6		)	—			(12.6		)	—			(82.2		)
Proceeds from issuance of long-term debt	2,225.0			—			1,500.0			—			3,725.0
Excess tax benefits from stock-based payment awards	65.4			—			—			—			65.4
Proceeds from shares issued under equity compensation plans	125.9			—			—			—			125.9
Net proceeds from notes payable	—			—			57.3			—			57.3
Net cash provided by financing activities	446.8			763.5			2,713.5			(146.8		)	3,777.0
Effect of exchange rate changes on cash and cash equivalents	—			—			(7.0		)	—			(7.0		)
Net increase (decrease) in cash and cash equivalents	(185.3		)	0.1			(82.4		)	—			(267.6		)
Cash and cash equivalents, beginning of year	185.8			0.7			145.0			—			331.5
Cash and cash equivalents, end of year	$	0.5		$	0.8		$	62.6		$	—		$	63.9

	Parent Company			Subsidiary Guarantors			Subsidiary Nonguarantors			Eliminations			Consolidated
(in millions)
Condensed Consolidating Statement of Cash Flows for the Year Ended February 28, 2013
Net cash provided by (used in) operating activities	$	(336.2	)	$	722.7		$	169.8		$	—		$	556.3
Cash flows from investing activities:
Purchases of property, plant and equipment	(5.0		)	(39.8		)	(17.3		)	—			(62.1		)
Purchase of business, net of cash acquired	—			(159.3		)	—			—			(159.3		)
Net proceeds from intercompany notes	503.2			—			—			(503.2		)	—
Net returns of capital from (investments in) equity affiliates	37.2			(0.3		)	—			(36.9		)	—
Other investing activities	0.6			9.6			4.4			—			14.6
Net cash provided by (used in) investing activities	536.0			(189.8		)	(12.9		)	(540.1		)	(206.8		)
Cash flows from financing activities:
Net returns of capital to equity affiliates	—			(20.8		)	(16.1		)	36.9			—
Net proceeds from (repayments of) intercompany notes	0.5			(503.5		)	(0.2		)	503.2			—
Principal payments of long-term debt	(1,528.7		)	(8.5		)	—			—			(1,537.2		)
Payments of minimum tax withholdings on stock-based payment awards	—			—			(0.5		)	—			(0.5		)
Payment of financing costs of long-term debt	(35.8		)	—			—			—			(35.8		)
Proceeds from issuance of long-term debt	2,050.0			—			—			—			2,050.0
Excess tax benefits from stock-based payment awards	17.7			—			—			—			17.7
Proceeds from shares issued under equity compensation plans	162.7			—			—			—			162.7
Net repayments of notes payable	(297.9		)	—			(74.7		)	—			(372.6		)
Purchases of treasury stock	(383.0		)	—			—			—			(383.0		)
Net cash used in financing activities	(14.5		)	(532.8		)	(91.5		)	540.1			(98.7		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(5.1		)	—			(5.1		)
Net increase in cash and cash equivalents	185.3			0.1			60.3			—			245.7
Cash and cash equivalents, beginning of year	0.5			0.6			84.7			—			85.8
Cash and cash equivalents, end of year	$	185.8		$	0.7		$	145.0		$	—		$	331.5

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Business Segment Information (Details 2) (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May 31, 2014	Feb. 28, 2014	Nov. 30, 2013	Aug. 31, 2013	May 31, 2013	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	$ 1,356.2	$ 1,541.7	$ 1,604.1	$ 1,526.0	$ 1,291.2	$ 1,443.3	$ 1,459.8	$ 673.4	$ 6,028.0	$ 4,867.7	$ 2,796.1
Long-lived tangible assets	2,681.6				2,014.3				2,681.6	2,014.3	1,229.0
Geographical Components [Member] | U.S. [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales									5,360.0	4,169.8	2,114.5
Long-lived tangible assets	909.7				901.6				909.7	901.6
Geographical Components [Member] | Non-U.S. [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales									668.0	697.9	681.6
Long-lived tangible assets	$ 1,771.9				$ 1,112.7				$ 1,771.9	$ 1,112.7

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Equity Method Investments (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Summarized financial information for equity method investments
Net sales	$ 72.6	$ 876.2	$ 2,640.7
Gross profit	57.6	291.4	794.4
Income from continuing operations	40.8	176.6	471.0
Net income	40.8	176.6	471.0
Crown Imports [Member]
Summarized financial information for equity method investments
Net sales	0	813.4	2,588.1
Gross profit	0	241.5	755.4
Income from continuing operations	0	142.1	446.2
Net income	0	142.1	446.2
Opus One [Member]
Summarized financial information for equity method investments
Net sales	72.6	62.8	52.6
Gross profit	57.6	49.9	39.0
Income from continuing operations	40.8	34.5	24.8
Net income	$ 40.8	$ 34.5	$ 24.8

XML

Fair Value of Financial Instruments (Tables)

12 Months Ended

Feb. 28, 2015

Fair Value Disclosures [Abstract]

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

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

	Fair Value Measurements Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
(in millions)
February 28, 2015
Assets:
Foreign currency contracts	$	—	$	34.6	$	—	$	34.6
Commodity derivative contracts	$	—	$	0.7	$	—	$	0.7
Interest rate swap contracts	$	—	$	3.5	$	—	$	3.5
AFS debt securities	$	—	$	—	$	7.8	$	7.8
Liabilities:
Foreign currency contracts	$	—	$	59.0	$	—	$	59.0
Commodity derivative contracts	$	—	$	27.4	$	—	$	27.4
Interest rate swap contracts	$	—	$	23.2	$	—	$	23.2
February 28, 2014
Assets:
Foreign currency contracts	$	—	$	18.9	$	—	$	18.9
Commodity derivative contracts	$	—	$	1.5	$	—	$	1.5
Interest rate swap contracts	$	—	$	4.4	$	—	$	4.4
AFS debt securities	$	—	$	—	$	8.8	$	8.8
Liabilities:
Foreign currency contracts	$	—	$	4.8	$	—	$	4.8
Commodity derivative contracts	$	—	$	0.5	$	—	$	0.5
Interest rate swap contracts	$	—	$	32.9	$	—	$	32.9

Assets and liabilities measured at fair value on a nonrecurring basis

The following table presents our assets and liabilities measured at estimated fair value on a nonrecurring basis for which an impairment assessment was performed for the period presented:

	Fair Value Measurements Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses
(in millions)
For the Year Ended February 28, 2014
Goodwill	$	—	$	—	$	159.6	$	278.7
Trademarks	—		—		68.3		22.2
	$	—	$	—	$	227.9	$	300.9

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Income Taxes

12 Months Ended

Feb. 28, 2015

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES:

Income before income taxes was generated as follows:

	For the Years Ended
	February 28, 2015		February 28, 2014		February 28, 2013
(in millions)
Domestic	$	481.6	$	2,050.8	$	369.7
Foreign	698.0		151.5		146.7
	$	1,179.6	$	2,202.3	$	516.4

The income tax provision consisted of the following:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
(in millions)
Current
Federal	$	195.0		$	141.7		$	47.8
State	20.1			18.5			11.2
Foreign	49.0			57.4			30.4
Total current	264.1			217.6			89.4
Deferred
Federal	84.6			61.4			42.7
State	4.8			4.4			(4.9		)
Foreign	(10.1		)	(24.2		)	1.4
Total deferred	79.3			41.6			39.2
Income tax provision	$	343.4		$	259.2		$	128.6

The foreign provision (benefit) for income taxes is based on foreign pretax earnings. Earnings of foreign subsidiaries would be subject to U.S. income taxation on repatriation to the U.S. Our financial statements provide for anticipated tax liabilities on amounts that may be repatriated.

Deferred tax assets and liabilities reflect the future income tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that apply to taxable income.

Significant components of deferred tax assets (liabilities) consist of the following:

	February 28, 2015			February 28, 2014
(in millions)
Deferred tax assets
Stock-based compensation	$	51.9		$	47.3
Net operating losses	13.3			9.1
Insurance accruals	3.4			3.8
Derivative instruments	3.4			—
Employee benefits	2.7			2.6
Other accruals	50.6			55.3
Gross deferred tax assets	125.3			118.1
Valuation allowances	(35.3		)	(27.7		)
Deferred tax assets, net	90.0			90.4
Deferred tax liabilities
Intangible assets	(517.9		)	(456.3		)
Property, plant and equipment	(263.2		)	(285.9		)
Provision for unremitted earnings	(72.6		)	(62.2		)
Investments in equity method investees	(25.1		)	(24.0		)
Inventory	(1.1		)	(4.9		)
Derivative instruments	—			(0.1		)
Total deferred tax liabilities	(879.9		)	(833.4		)
Deferred tax liabilities, net	$	(789.9	)	$	(743.0	)

Amounts recognized on our balance sheets consist of:

	February 28, 2015			February 28, 2014
(in millions)
Current deferred tax assets	$	25.4		$	20.4
Long-term deferred tax assets	4.4			—
Current deferred tax liabilities	(0.8		)	(0.8		)
Long-term deferred tax liabilities	(818.9		)	(762.6		)
	$	(789.9	)	$	(743.0	)

In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some or all of the deferred tax assets will not be realized. In making this assessment, we consider the projected reversal of deferred tax liabilities and projected future taxable income. Based upon this assessment, we believe it is more likely than not that we will realize the benefits of these deductible differences, net of any valuation allowances.

Operating loss carryforwards totaling $300.3 million at February 28, 2015, are being carried forward in a number of jurisdictions where we are permitted to use tax operating losses from prior periods to reduce future taxable income. Of these operating loss carryforwards, $279.7 million will expire in 2018 through 2032 and $20.6 million of operating losses in certain jurisdictions may be carried forward indefinitely.

We provide for additional tax expense based on probable outcomes of ongoing tax examinations and assessments in various jurisdictions. While it is often difficult to predict the outcome or the timing of resolution of any tax matter, we believe the reserves reflect the probable outcome of known tax contingencies. Unfavorable settlement of any particular issue would require the use of cash. Favorable resolution would be recognized as a reduction to the effective tax rate in the year of resolution. During the year ended February 28, 2015, various U.S. Federal, state and international examinations were finalized. Tax benefits of $6.9 million were recorded related to the resolution of certain tax positions in connection with those examinations and the expiration of statutes of limitation.

A reconciliation of the total tax provision (benefit) to the amount computed by applying the statutory U.S. Federal income tax rate to income before provision for (benefit from) income taxes is as follows:

	For the Years Ended
	February 28, 2015					February 28, 2014					February 28, 2013
	Amount			% of Pretax Income		Amount			% of Pretax Income		Amount			% of Pretax Income
(in millions, except % of pretax income data)
Income tax provision at statutory rate	$	412.8		35.0	%	$	770.8		35.0	%	$	180.7		35.0	%
State and local income taxes, net of federal income tax benefit	16.1			1.4	%	14.8			0.7	%	4.1			0.8	%
Net operating loss valuation allowance	11.1			0.9	%	16.3			0.8	%	3.7			0.7	%
Earnings of subsidiaries taxed at other than U.S. statutory rate	(86.4		)	(7.3	%)	(61.2		)	(2.8	%)	(59.6		)	(11.5	%)
Impairment of nondeductible goodwill	—			—	%	97.5			4.4	%	—			—	%
Gain on remeasurement to fair value of equity method investment	—			—	%	(574.7		)	(26.1	%)	—			—	%
Miscellaneous items, net	(10.2		)	(0.9	%)	(4.3		)	(0.2	%)	(0.3		)	(0.1	%)
Income tax provision at effective rate	$	343.4		29.1	%	$	259.2		11.8	%	$	128.6		24.9	%

For the years ended February 28, 2015, February 28, 2014, and February 28, 2013, the state and local income taxes, net of federal income tax benefit, includes benefits resulting from adjustments to the current and deferred state effective tax rates. These benefits include the recognition of prior period income tax refunds, decreases in uncertain tax positions and adjustments to the current and deferred state effective tax rates. The effect of earnings of foreign subsidiaries includes the difference between the U.S. statutory rate and local jurisdiction tax rates, as well as the provision for incremental U.S. taxes on unremitted earnings of foreign subsidiaries offset by foreign tax credits and other foreign adjustments.

The liability for income taxes associated with uncertain tax positions, excluding interest and penalties, and a reconciliation of the beginning and ending unrecognized tax benefit liabilities is as follows:

	For the Years Ended
	February 28, 2015			February 28, 2014			February 28, 2013
(in millions)
Balance as of March 1	$	101.5		$	100.6		$	92.0
Increases as a result of tax positions taken during a prior period	0.1			2.3			1.3
Decreases as a result of tax positions taken during a prior period	(4.0		)	(3.3		)	(9.5		)
Increases as a result of tax positions taken during the current period	7.7			11.1			19.5
Decreases related to settlements with tax authorities	(13.9		)	(6.7		)	(0.3		)
Decreases related to lapse of applicable statute of limitations	(5.9		)	(2.5		)	(2.4		)
Balance as of last day of February	$	85.5		$	101.5		$	100.6

As of February 28, 2015, and February 28, 2014, we had $79.7 million and $94.2 million, respectively, of non-current unrecognized tax benefit liabilities, including interest and penalties, recorded on our balance sheets. These liabilities are recorded as non-current as payment of cash is not anticipated within one year of the balance sheet date.

As of February 28, 2015, and February 28, 2014, we had $85.5 million and $101.5 million, respectively, of unrecognized tax benefit liabilities that, if recognized, would decrease the effective tax rate.

We file U.S. Federal income tax returns and various state, local and foreign income tax returns. Major tax jurisdictions where we are subject to examination by tax authorities include Canada, Luxembourg, Mexico, New Zealand and the U.S. Various U.S. Federal, state and foreign income tax examinations are currently in progress. It is reasonably possible that the liability associated with our unrecognized tax benefit liabilities will increase or decrease within the next twelve months as a result of these examinations or the expiration of statutes of limitation. As of February 28, 2015, we estimate that unrecognized tax benefit liabilities could change by a range of $3 million to $53 million. With few exceptions, we are no longer subject to U.S. Federal, state, local or foreign income tax examinations for fiscal years prior to February 28, 2009.

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Stock-Based Employee Compensation (Details 3) (USD $)	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Fair value of stock options vested	$ 19,644,551	$ 20,457,096	$ 22,421,290
Intrinsic value of stock options exercised	185,751,055	235,540,914	95,033,640
Tax benefit realized from stock options exercised	$ 62,165,063	$ 61,354,379	$ 25,274,158