Constellation Brands, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments (Tables)

Equity Method Investments (Tables)

3 Months Ended

May 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Our equity method investments are as follows:


	May 31, 2020						February 29, 2020
	Carrying Value		Ownership Percentage⁽¹⁾		Carrying Value		Ownership Percentage ⁽¹⁾
(in millions)
Canopy Equity Method Investment	$	2,667.6	35.2	%	$	2,911.7	35.3	%
Other equity method investments ⁽²⁾	218.1		20%-50%		182.2		20%-50%
	$	2,885.7			$	3,093.9

⁽¹⁾Reflects our ownership interest in Canopy on a two-month lag and therefore, does not include the May 2020 Canopy Investment, see defined term below.

⁽²⁾The other equity method investments balance at May 31, 2020, and February 29, 2020, excludes investments reclassified to assets held for sale.

The following table presents summarized financial information for Canopy presented in accordance with U.S. GAAP. We recognize our equity in earnings (losses) for Canopy on a two-month lag. Accordingly, we recognized our share of Canopy’s earnings (losses) for the periods January through March 2020 and January through March 2019 in our three months ended May 31, 2020, and May 31, 2019, results, respectively. The amounts shown represent 100% of Canopy’s results of operations for the respective periods. The three months ended May 31, 2020, includes costs designed to improve Canopy’s organizational focus, streamline operations, and align production capability with projected demand.


	For the Three Months Ended May 31,
	2020		2019
(in millions)
Net sales	$	80.3	$	70.7
Gross profit (loss)	$	(57.3)	$	11.3
Net income (loss)	$	(973.6)	$	(268.9)
Net income (loss) attributable to Canopy	$	(953.4)	$	(284.1)