Quarterly report pursuant to Section 13 or 15(d)

Inventories

v3.20.2
Inventories
 3 Months Ended
May 31, 2020
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories are stated at the lower of cost (primarily computed in accordance with the first-in, first-out method) or net realizable value. Elements of cost include materials, labor, and overhead and consist of the following:
May 31,
2020		 February 29,
2020
(in millions)
Raw materials and supplies $ 161.5    $ 171.7   
In-process inventories 775.0    814.7   
Finished case goods 396.1    387.2   
$ 1,332.6    $ 1,373.6   

The inventories balance at May 31, 2020, and February 29, 2020, exclude amounts reclassified to assets held for sale (see Note 3).

Related party transactions and arrangements
We have an equally-owned glass production plant joint venture with Owens-Illinois. We have entered into various contractual arrangements with affiliates of Owens-Illinois primarily for the purchase of glass bottles used largely in our imported beer portfolio. Amounts purchased under these arrangements were $9.1 million and $88.5 million for the three months ended May 31, 2020, and May 31, 2019, respectively. The decrease in amounts purchased for the three months ended May 31, 2020, was largely driven by reduced production activity at our Mexican breweries in response to COVID-19 containment measures.