x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
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.)
|
370
Woodcliff Drive, Suite 300, Fairport, New York
|
14450
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(585)
218-3600
|
(Registrant’s
telephone number, including area code)
|
(Former
name, former address and former fiscal year, if changed since last
report)
|
Class
|
Number
of Shares Outstanding
|
|
Class
A Common Stock, Par Value $.01 Per Share
|
209,579,608
|
|
Class
B Common Stock, Par Value $.01 Per Share
|
23,843,338
|
CONSTELLATION
BRANDS, INC. AND SUBSIDIARIES
|
|||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|||||||
(in
millions)
|
|||||||
(unaudited)
|
|||||||
For
the Six Months Ended August 31,
|
|||||||
2006
|
2005
|
||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|||||||
Net
income
|
$
|
153.9
|
$
|
158.1
|
|||
Adjustments
to reconcile net income to net cash provided by
operating
activities:
|
|||||||
Depreciation
of property, plant and equipment
|
58.5
|
54.1
|
|||||
Deferred
tax provision
|
31.1
|
33.3
|
|||||
Loss
on disposal of business
|
17.4
|
-
|
|||||
Non-cash
portion of loss on extinguishment of debt
|
11.8
|
-
|
|||||
Stock-based
compensation expense
|
7.8
|
0.1
|
|||||
Amortization
of intangible and other assets
|
3.7
|
4.0
|
|||||
Loss
on disposal of assets
|
1.4
|
1.7
|
|||||
Gain
on change in fair value of derivative instrument
|
(55.1
|
)
|
-
|
||||
Equity
in (earnings) loss of equity method investees
|
(0.3
|
)
|
0.8
|
||||
Proceeds
from early termination of derivative instruments
|
-
|
30.3
|
|||||
Change
in operating assets and liabilities, net of effects
from
purchases and sales of businesses:
|
|||||||
Accounts
receivable, net
|
(152.2
|
)
|
(66.1
|
)
|
|||
Inventories
|
36.0
|
(74.5
|
)
|
||||
Prepaid
expenses and other current assets
|
(43.1
|
)
|
(5.5
|
)
|
|||
Accounts
payable
|
55.3
|
44.6
|
|||||
Accrued
excise taxes
|
1.0
|
(2.2
|
)
|
||||
Other
accrued expenses and liabilities
|
(54.0
|
)
|
(3.9
|
)
|
|||
Other,
net
|
11.7
|
(0.7
|
)
|
||||
Total
adjustments
|
(69.0
|
)
|
16.0
|
||||
Net
cash provided by operating activities
|
84.9
|
174.1
|
|||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|||||||
Purchase
of business, net of cash acquired
|
(1,091.8
|
)
|
-
|
||||
Purchases
of property, plant and equipment
|
(103.1
|
)
|
(63.0
|
)
|
|||
Payment
of accrued earn-out amount
|
(1.1
|
)
|
(1.6
|
)
|
|||
Proceeds
from maturity of derivative instrument
|
55.1
|
-
|
|||||
Proceeds
from sales of businesses
|
28.4
|
17.8
|
|||||
Proceeds
from sales of assets
|
1.2
|
112.0
|
|||||
Proceeds
from sales of equity method investments
|
-
|
36.0
|
|||||
Investment
in equity method investee
|
-
|
(2.3
|
)
|
||||
Other
investing activities
|
(0.1
|
)
|
(5.0
|
)
|
|||
Net
cash (used in) provided by investing activities
|
(1,111.4
|
)
|
93.9
|
||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|||||||
Proceeds
from issuance of long-term debt
|
3,695.0
|
||||||
Net
proceeds from notes payable
|
212.1
|
55.1
|
|||||
Exercise
of employee stock options
|
33.8
|
17.3
|
|||||
Excess
tax benefits from stock-based payment awards
|
8.8
|
-
|
|||||
Proceeds
from employee stock purchases
|
3.2
|
3.0
|
|||||
Principal
payments of long-term debt
|
(2,771.5
|
)
|
(336.7
|
)
|
|||
Purchases
of treasury stock
|
(82.0
|
)
|
-
|
||||
Payment
of issuance costs of long-term debt
|
(19.3
|
)
|
-
|
||||
Payment
of preferred stock dividends
|
(4.9
|
)
|
(4.9
|
)
|
|||
Net
cash provided by (used in) financing activities
|
1,075.2
|
(266.2
|
)
|
||||
Effect
of exchange rate changes on cash and cash investments
|
(17.4
|
)
|
(0.8
|
)
|
|||
NET
INCREASE IN CASH AND CASH INVESTMENTS
|
31.3
|
1.0
|
|||||
CASH
AND CASH INVESTMENTS, beginning of period
|
10.9
|
17.6
|
|||||
CASH
AND CASH INVESTMENTS, end of period
|
$
|
42.2
|
$
|
18.6
|
|||
SUPPLEMENTAL
DISCLOSURES OF NON-CASH INVESTING
AND
FINANCING ACTIVITIES:
|
|||||||
Fair
value of assets acquired, including cash acquired
|
$
|
1,739.7
|
$
|
-
|
|||
Liabilities
assumed
|
(612.4
|
)
|
-
|
||||
Net
assets acquired
|
1,127.3
|
-
|
|||||
Plus
- settlement of note payable
|
2.3
|
-
|
|||||
Less
- cash acquired
|
(34.9
|
)
|
-
|
||||
Less
- direct acquisition costs accrued
|
(2.9
|
)
|
-
|
||||
Net
cash paid for purchases of businesses
|
$
|
1,091.8
|
$
|
-
|
|||
The
accompanying notes are an integral part of these statements.
|
1)
|
MANAGEMENT’S
REPRESENTATIONS:
|
(in
millions)
|
||||
Current
assets
|
$
|
378.7
|
||
Property,
plant and equipment
|
213.7
|
|||
Goodwill
|
859.6
|
|||
Trademarks
|
230.1
|
|||
Other
assets
|
57.6
|
|||
Total
assets acquired
|
1,739.7
|
|||
Current
liabilities
|
286.0
|
|||
Long-term
liabilities
|
326.4
|
|||
Total
liabilities assumed
|
612.4
|
|||
Net
assets acquired
|
$
|
1,127.3
|
For
the Six Months
Ended
August 31,
|
For
the Three Months
Ended
August 31,
|
||||||||||||
2006
|
2005
|
2006
|
|
2005
|
|||||||||
(in
millions, except per share data)
|
|||||||||||||
Net
sales
|
$
|
2,691.0
|
$
|
2,549.7
|
$
|
1,417.5
|
$
|
1,330.7
|
|||||
Income
before income taxes
|
$
|
212.6
|
$
|
233.9
|
$
|
111.6
|
$
|
133.7
|
|||||
Net
income
|
$
|
121.9
|
$
|
170.8
|
$
|
68.4
|
$
|
88.9
|
|||||
Income
available to common stockholders
|
$
|
117.0
|
$
|
165.9
|
$
|
66.0
|
$
|
86.5
|
|||||
Earnings
per common share - basic:
|
|||||||||||||
Class
A Common Stock
|
$
|
0.53
|
$
|
0.76
|
$
|
0.30
|
$
|
0.40
|
|||||
Class
B Common Stock
|
$
|
0.48
|
$
|
0.69
|
$
|
0.27
|
$
|
0.36
|
|||||
Earnings
per common share - diluted
|
$
|
0.51
|
$
|
0.72
|
$
|
0.28
|
$
|
0.37
|
|||||
Weighted
average common shares
outstanding
- basic:
|
|||||||||||||
Class
A Common Stock
|
199.943
|
196.042
|
200.316
|
196.520
|
|||||||||
Class
B Common Stock
|
23.849
|
23.930
|
23.845
|
23.905
|
|||||||||
Weighted
average common shares
outstanding
- diluted
|
240.052
|
238.611
|
240.318
|
239.071
|
4)
|
INVENTORIES:
|
August
31,
2006
|
February
28,
2006
|
||||||
(in
millions)
|
|||||||
Raw
materials and supplies
|
$
|
117.4
|
$
|
82.4
|
|||
In-process
inventories
|
1,108.1
|
1,081.3
|
|||||
Finished
case goods
|
700.7
|
540.7
|
|||||
$
|
1,926.2
|
$
|
1,704.4
|
5)
|
PROPERTY,
PLANT AND EQUIPMENT:
|
August
31,
2006
|
February
28,
2006
|
||||||
(in
millions)
|
|||||||
Land
and land improvements
|
$
|
305.7
|
$
|
245.2
|
|||
Vineyards
|
204.9
|
187.7
|
|||||
Buildings
and improvements
|
429.5
|
373.2
|
|||||
Machinery
and equipment
|
1,164.8
|
1,042.2
|
|||||
Motor
vehicles
|
37.6
|
16.2
|
|||||
Construction
in progress
|
122.4
|
73.9
|
|||||
2,264.9
|
1,938.4
|
||||||
Less
- Accumulated depreciation
|
(566.8
|
)
|
(513.1
|
)
|
|||
$
|
1,698.1
|
$
|
1,425.3
|
6)
|
GOODWILL:
|
Constellation
Wines
|
Constellation
Beers
and
Spirits
|
Consolidated
|
||||||||
(in
millions)
|
||||||||||
Balance,
February 28, 2006
|
$
|
2,034.9
|
$
|
158.7
|
$
|
2,193.6
|
||||
Purchase
accounting allocations
|
859.6
|
-
|
859.6
|
|||||||
Foreign
currency translation adjustments
|
55.4
|
0.4
|
55.8
|
|||||||
Purchase
price earn-out
|
2.1
|
0.1
|
2.2
|
|||||||
Disposal
of
business
|
(25.9
|
)
|
-
|
(25.9
|
)
|
|||||
Balance,
August 31, 2006
|
$
|
2,926.1
|
$
|
159.2
|
$
|
3,085.3
|
August
31, 2006
|
February
28, 2006
|
||||||||||||
Gross
Carrying
Amount
|
Net
Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Net
Carrying
Amount
|
||||||||
(in
millions)
|
|||||||||||||
Amortizable
intangible assets:
|
|||||||||||||
Customer
relationships
|
$
|
35.0
|
$
|
34.3
|
$
|
3.7
|
$
|
3.6
|
|||||
Distribution
agreements
|
18.9
|
6.4
|
18.9
|
7.0
|
|||||||||
Other
|
2.4
|
1.3
|
2.4
|
1.3
|
|||||||||
Total
|
$
|
56.3
|
42.0
|
$
|
25.0
|
11.9
|
|||||||
Nonamortizable
intangible assets:
|
|||||||||||||
Trademarks
|
1,091.0
|
853.6
|
|||||||||||
Agency
relationships
|
18.4
|
18.4
|
|||||||||||
Total
|
1,109.4
|
872.0
|
|||||||||||
Total
intangible assets
|
$
|
1,151.4
|
$
|
883.9
|
(in
millions)
|
||||
2007
|
$
|
1.6
|
||
2008
|
$
|
3.1
|
||
2009
|
$
|
3.1
|
||
2010
|
$
|
3.0
|
||
2011
|
$
|
2.8
|
||
2012
|
$
|
1.9
|
||
Thereafter
|
$
|
26.5
|
August
31,
2006
|
February
28,
2006
|
||||||
(in
millions)
|
|||||||
Investment
in equity method investees
|
$
|
161.4
|
$
|
146.6
|
|||
Deferred
financing costs
|
36.8
|
34.8
|
|||||
Deferred
tax asset
|
29.9
|
15.8
|
|||||
Other
|
25.5
|
15.3
|
|||||
253.6
|
212.5
|
||||||
Less
- Accumulated amortization
|
(12.3
|
)
|
(15.6
|
)
|
|||
$
|
241.3
|
$
|
196.9
|
August
31,
2006
|
February
28,
2006
|
||||||
(in
millions)
|
|||||||
Advertising
and promotions
|
$
|
195.8
|
$
|
174.1
|
|||
Income
taxes payable
|
114.2
|
113.2
|
|||||
Accrued
restructuring
|
65.1
|
25.3
|
|||||
Salaries
and commissions
|
62.2
|
77.3
|
|||||
Adverse
grape contracts
|
48.8
|
59.1
|
|||||
Accrued
interest
|
47.7
|
28.4
|
|||||
Other
|
204.2
|
137.2
|
|||||
$
|
738.0
|
$
|
614.6
|
10)
|
BORROWINGS:
|
Tranche
A
Term
Loan
|
Tranche
B
Term
Loan
|
Total
|
||||||||
(in
millions)
|
||||||||||
2007
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
2008
|
90.0
|
7.6
|
97.6
|
|||||||
2009
|
210.0
|
15.2
|
225.2
|
|||||||
2010
|
270.0
|
15.2
|
285.2
|
|||||||
2011
|
300.0
|
15.2
|
315.2
|
|||||||
2012
|
150.0
|
15.2
|
165.2
|
|||||||
Thereafter
|
-
|
1,431.6
|
1,431.6
|
|||||||
$
|
1,020.0
|
$
|
1,500.0
|
$
|
2,520.0
|
11)
|
INCOME
TAXES:
|
August
31,
2006
|
February
28,
2006
|
||||||
(in
millions)
|
|||||||
Accrued
pension liability
|
$
|
130.0
|
$
|
122.1
|
|||
Adverse
grape contracts
|
75.7
|
64.6
|
|||||
Other
|
66.9
|
53.6
|
|||||
$
|
272.6
|
$
|
240.3
|
13)
|
RETIREMENT
SAVINGS PLANS AND POSTRETIREMENT BENEFIT
PLANS:
|
For
the Six Months
Ended
August 31,
|
For
the Three Months
Ended
August 31,
|
||||||||||||
2006
|
|
2005
|
|
2006
|
|
2005
|
|||||||
(in
millions)
|
|||||||||||||
Service
cost
|
$
|
1.1
|
$
|
1.1
|
$
|
0.5
|
$
|
0.6
|
|||||
Interest
cost
|
9.7
|
9.0
|
4.9
|
4.4
|
|||||||||
Expected
return on plan assets
|
(10.9
|
)
|
(8.7
|
)
|
(5.5
|
)
|
(4.3
|
)
|
|||||
Amortization
of prior service cost
|
0.1
|
0.1
|
0.1
|
0.1
|
|||||||||
Recognized
net actuarial loss
|
2.6
|
1.5
|
2.1
|
0.7
|
|||||||||
Net
periodic benefit cost
|
$
|
2.6
|
$
|
3.0
|
$
|
2.1
|
$
|
1.5
|
For
the Six Months
Ended
August 31,
|
For
the Three Months
Ended
August 31,
|
||||||||||||
2006
|
|
2005
|
|
2006
|
|
2005
|
|||||||
(in
millions)
|
|||||||||||||
Service
cost
|
$
|
0.1
|
$
|
0.1
|
$
|
0.1
|
$
|
0.1
|
|||||
Interest
cost
|
0.1
|
0.1
|
-
|
-
|
|||||||||
Amortization
of prior service cost
|
-
|
-
|
-
|
-
|
|||||||||
Recognized
net actuarial loss
|
-
|
-
|
-
|
-
|
|||||||||
Net
periodic benefit cost
|
$
|
0.2
|
$
|
0.2
|
$
|
0.1
|
$
|
0.1
|
14)
|
STOCKHOLDERS’
EQUITY:
|
15)
|
EARNINGS
PER COMMON SHARE:
|
For
the Six Months
Ended
August 31,
|
For
the Three Months
Ended
August 31,
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
(in
millions, except per share data)
|
|||||||||||||
Net
income
|
$
|
153.9
|
$
|
158.1
|
$
|
68.4
|
$
|
82.4
|
|||||
Dividends
on preferred stock
|
(4.9
|
)
|
(4.9
|
)
|
(2.4
|
)
|
(2.4
|
)
|
|||||
Income
available to common stockholders
|
$
|
149.0
|
$
|
153.2
|
$
|
66.0
|
$
|
80.0
|
|||||
Weighted
average common shares outstanding - basic:
|
|||||||||||||
Class
A Common Stock
|
199.943
|
196.042
|
200.316
|
196.520
|
|||||||||
Class
B Common Stock
|
23.849
|
23.930
|
23.845
|
23.905
|
|||||||||
Total
weighted average common shares outstanding - basic
|
223.792
|
219.972
|
224.161
|
220.425
|
|||||||||
Stock
options
|
6.277
|
8.656
|
6.174
|
8.663
|
|||||||||
Preferred
stock
|
9.983
|
9.983
|
9.983
|
9.983
|
|||||||||
Weighted
average common shares outstanding - diluted
|
240.052
|
238.611
|
240.318
|
239.071
|
|||||||||
Earnings
per common share - basic:
|
|||||||||||||
Class
A Common Stock
|
$
|
0.67
|
$
|
0.70
|
$
|
0.30
|
$
|
0.37
|
|||||
Class
B Common Stock
|
$
|
0.61
|
$
|
0.64
|
$
|
0.27
|
$
|
0.33
|
|||||
Earnings
per common share - diluted
|
$
|
0.64
|
$
|
0.66
|
$
|
0.28
|
$
|
0.34
|
16)
|
STOCK-BASED
COMPENSATION:
|
For
the Six Months
Ended
August 31, 2006
|
For
the Three Months
Ended
August 31, 2006
|
||||||||||||
As
Reported
|
Under
APB
No. 25
|
As
Reported
|
Under
APB
No. 25
|
||||||||||
(in
millions, except per share data)
|
|||||||||||||
Income
before income taxes
|
$
|
258.5
|
$
|
266.2
|
$
|
111.6
|
$
|
115.7
|
|||||
Net
income
|
$
|
153.9
|
$
|
159.6
|
$
|
68.4
|
$
|
71.4
|
|||||
Cash
flows from operating activities
|
$
|
84.9
|
$
|
93.7
|
$
|
78.2
|
$
|
85.3
|
|||||
Cash
flows from financing activities
|
$
|
1,075.2
|
$
|
1,066.4
|
$
|
1,036.1
|
$
|
1,029.0
|
|||||
Earnings
per common share - basic:
|
|||||||||||||
Class
A Common Stock
|
$
|
0.67
|
$
|
0.70
|
$
|
0.30
|
$
|
0.31
|
|||||
Class
B Common Stock
|
$
|
0.61
|
$
|
0.63
|
$
|
0.27
|
$
|
0.28
|
|||||
Earnings
per common share - diluted
|
$
|
0.64
|
$
|
0.66
|
$
|
0.28
|
$
|
0.30
|
For
the Six
Months
Ended
August
31, 2005
|
For
the Three
Months
Ended
August
31, 2005
|
||||||
(in
millions, except per share data)
|
|||||||
Net
income, as reported
|
$
|
158.1
|
$
|
82.4
|
|||
Add:
Stock-based employee compensation expense included in reported
net income,
net of related tax effects
|
-
|
-
|
|||||
Deduct:
Total stock-based employee compensation expense determined under
fair
value based method for all awards, net of related tax
effects
|
(5.3
|
)
|
(2.0
|
)
|
|||
Pro
forma net income
|
$
|
152.8
|
$
|
80.4
|
|||
Earnings
per common share - basic:
|
|||||||
Class
A Common Stock, as reported
|
$
|
0.70
|
$
|
0.37
|
|||
Class
B Common Stock, as reported
|
$
|
0.64
|
$
|
0.33
|
|||
Class
A Common Stock, pro forma
|
$
|
0.68
|
$
|
0.36
|
|||
Class
B Common Stock, pro forma
|
$
|
0.62
|
$
|
0.32
|
|||
Earnings
per common share - diluted, as reported
|
$
|
0.66
|
$
|
0.34
|
|||
Earnings
per common share - diluted, pro forma
|
$
|
0.64
|
$
|
0.34
|
Number
of
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life
|
Aggregate
Intrinsic
Value
|
||||||||||
Options
outstanding, February 28, 2006
|
23,652,958
|
$
|
14.43
|
6.5
years
|
|||||||||
Granted
|
5,549,981
|
$
|
25.90
|
9.6
years
|
|||||||||
Exercised
|
(3,087,737
|
)
|
$
|
11.28
|
5.2
years
|
||||||||
Forfeited
|
(296,652
|
)
|
$
|
26.27
|
8.8
years
|
||||||||
Options
outstanding, August 31, 2006
|
25,818,550
|
$
|
17.14
|
6.9
years
|
$
|
262,296,220
|
|||||||
Options
exercisable, August 31, 2006
|
20,045,655
|
$
|
14.77
|
6.1
years
|
$
|
251,207,221
|
For
the Six Months
Ended
August 31,
|
|||||||
2006
|
2005
|
||||||
Weighted
average grant-date fair value of stock options granted
|
$
|
10.03
|
$
|
9.57
|
|||
Total
fair value of stock options vested
|
$
|
1,109,087
|
$
|
5,579,705
|
|||
Total
intrinsic value of stock options exercised
|
$
|
42,911,457
|
$
|
28,211,661
|
For
the Six Months
Ended
August 31,
|
|||||||
2006
|
2005
|
||||||
Expected
life
|
5.5
years
|
5.0
years
|
|||||
Expected
volatility
|
31.7%
|
|
31.3%
|
|
|||
Risk-free
interest rate
|
4.8%
|
|
4.1%
|
|
|||
Expected
dividend yield
|
0.0%
|
|
0.0%
|
|
For
the Six Months
Ended
August 31,
|
|||||||
2006
|
2005
|
||||||
Expected
life
|
0.5
years
|
0.5
years
|
|||||
Expected
volatility
|
25.1%
|
|
29.0%
|
|
|||
Risk-free
interest rate
|
5.2%
|
|
3.7%
|
|
|||
Expected
dividend yield
|
0.0%
|
|
0.0%
|
|
17)
|
COMPREHENSIVE
INCOME (LOSS):
|
For
the Six Months
Ended
August 31,
|
For
the Three Months
Ended
August 31,
|
||||||||||||
2006
|
|
2005
|
|
2006
|
|
2005
|
|||||||
(in
millions)
|
|||||||||||||
Net
income
|
$
|
153.9
|
$
|
158.1
|
$
|
68.4
|
$
|
82.4
|
|||||
Other
comprehensive income (loss), net of tax:
|
|||||||||||||
Foreign
currency translation adjustments, net of tax (expense) benefit
of ($8.7),
$7.4, ($1.1) and $0.7, respectively
|
97.1
|
(115.3
|
)
|
35.7
|
(1.9
|
)
|
|||||||
Cash
flow hedges:
|
|||||||||||||
Net
derivative losses, net of tax benefit of $7.1, $7.8, $6.0 and
$0.5,
respectively
|
(14.6
|
)
|
(14.3
|
)
|
(9.0
|
)
|
(1.6
|
)
|
|||||
Reclassification
adjustments, net of tax benefit of $3.4, $1.8, $1.9 and $0.7,
respectively
|
(7.2
|
)
|
(3.0
|
)
|
(4.0
|
)
|
(0.8
|
)
|
|||||
Net
cash flow hedges
|
(21.8
|
)
|
(17.3
|
)
|
(13.0
|
)
|
(2.4
|
)
|
|||||
Minimum
pension liability adjustment, net of tax benefit (expense) of
$3.5,
($1.9), $0.8 and ($0.1), respectively
|
(8.1
|
)
|
4.5
|
(1.8
|
)
|
0.4
|
|||||||
Total
comprehensive income
|
$
|
221.1
|
$
|
30.0
|
$
|
89.3
|
$
|
78.5
|
Foreign
Currency
Translation
Adjustments
|
|
Net
Unrealized
Gains
on
Derivatives
|
|
Minimum
Pension
Liability
Adjustment
|
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|||||||
(in
millions)
|
|||||||||||||
Balance,
February
28, 2006
|
$
|
314.7
|
$
|
31.0
|
$
|
(98.3
|
)
|
$
|
247.4
|
||||
Current
period change
|
97.1
|
(21.8
|
)
|
(8.1
|
)
|
67.2
|
|||||||
Balance,
August 31, 2006
|
$
|
411.8
|
$
|
9.2
|
$
|
(106.4
|
)
|
$
|
314.6
|
18)
|
RESTRUCTURING
AND RELATED CHARGES:
|
Fiscal
2007
Wine
Plan
|
Vincor
Plan
|
Fiscal
2006
Plan
|
Other
|