Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v3.20.2
Business Segment Information (Tables)
 6 Months Ended
Aug. 31, 2020
Segment Reporting [Abstract]  
Comparable adjustments Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:
For the Six Months
Ended August 31,		 For the Three Months
Ended August 31,
2020 2019 2020 2019
(in millions)
Cost of product sold
Strategic business development costs $ (25.1) $ (62.5) $ (0.8) $ (18.0)
Net gain (loss) on undesignated commodity derivative contracts (9.4) (26.8) 17.4  (10.9)
COVID-19 incremental costs (5.5) —  (0.9) — 
Flow through of inventory step-up (0.1) (1.2) (0.1) (0.8)
Settlements of undesignated commodity derivative contracts 23.6  5.2  13.2  3.4 
Accelerated depreciation —  (5.3) —  (1.8)
Recovery of (loss on) inventory write-down —  8.6  —  8.6 
Total cost of product sold (16.5) (82.0) 28.8  (19.5)
For the Six Months
Ended August 31,		 For the Three Months
Ended August 31,
2020 2019 2020 2019
Selling, general, and administrative expenses
Restructuring and other strategic business development costs (8.9) (23.1) (5.8) 0.5 
Net gain (loss) on foreign currency derivative contracts (8.0) —  —  — 
COVID-19 incremental costs (4.6) —  1.9  — 
Transaction, integration, and other acquisition-related costs (3.9) (5.5) (3.1) (3.2)
Impairment of intangible assets —  (11.0) —  (11.0)
Other gains (losses) (1)
4.5  1.1  (2.9) (12.3)
Total selling, general, and administrative expenses (20.9) (38.5) (9.9) (26.0)
Impairment of assets held for sale (3.0) (27.0) 22.0  (27.0)
Comparable Adjustments, Operating income (loss) $ (40.4) $ (147.5) $ 40.9  $ (72.5)
(1)
 Includes the following:
For the Six Months
Ended August 31,		 For the Three Months
Ended August 31,
2020 2019 2020 2019
Gain on vineyard sale $ 8.8  $ —  $ —  $ — 
Gain (loss) on Black Velvet Divestiture $ (3.6) $ —  $ (3.0) $ — 
Increase in our ownership interest in Nelson’s Green Brier $ —  $ 11.8  $ —  $ 11.8 
(Increase) in estimated fair value of a contingent liability associated with a prior period acquisition $ —  $ (11.4) $ —  $ (13.3)
Segment information Segment information is as follows:
For the Six Months
Ended August 31,		 For the Three Months
Ended August 31,
2020 2019 2020 2019
(in millions)
Beer
Net sales $ 3,020.0  $ 3,117.8  $ 1,635.9  $ 1,640.4 
Segment operating income (loss) $ 1,273.5  $ 1,265.9  $ 695.7  $ 685.3 
Capital expenditures $ 198.5  $ 272.8  $ 90.2  $ 170.7 
Depreciation and amortization $ 92.9  $ 106.2  $ 48.6  $ 51.9 
For the Six Months
Ended August 31,		 For the Three Months
Ended August 31,
2020 2019 2020 2019
(in millions)
Wine and Spirits
Net sales:
Wine $ 1,044.5  $ 1,146.1  $ 544.9  $ 611.1 
Spirits 159.3  177.3  79.6  92.5 
Net sales $ 1,203.8  $ 1,323.4  $ 624.5  $ 703.6 
Segment operating income (loss) $ 325.5  $ 321.2  $ 161.5  $ 160.4 
Income (loss) from unconsolidated investments $ 1.1  $ 3.0  $ (2.4) $ (1.0)
Equity method investments (1)
$ 119.2  $ 76.8  $ 119.2  $ 76.8 
Capital expenditures $ 37.4  $ 43.1  $ 27.9  $ 16.2 
Depreciation and amortization $ 45.3  $ 50.0  $ 22.8  $ 25.0 
Corporate Operations and Other
Segment operating income (loss) $ (109.9) $ (97.4) $ (59.4) $ (53.7)
Income (loss) from unconsolidated investments $ 0.5  $ (1.3) $ 0.3  $ (0.2)
Equity method investments $ 99.6  $ 81.0  $ 99.6  $ 81.0 
Capital expenditures $ 41.9  $ 39.3  $ 15.5  $ 12.6 
Depreciation and amortization $ 7.2  $ 10.5  $ 1.6  $ 5.2 
Canopy
Net sales $ 160.0  $ 138.4  $ 79.7  $ 67.7 
Segment operating income (loss) $ (857.6) $ (330.5) $ (124.4) $ (160.5)
Capital expenditures $ 114.4  $ 270.6  $ 44.4  $ 158.4 
Depreciation and amortization $ 54.6  $ 35.0  $ 24.5  $ 17.4 
Consolidation and Eliminations
Net sales $ (160.0) $ (138.4) $ (79.7) $ (67.7)
Operating income (loss) $ 857.6  $ 330.5  $ 124.4  $ 160.5 
Income (loss) from unconsolidated investments $ (65.8) $ (109.1) $ (34.1) $ (54.7)
Equity method investments $ 2,713.1  $ 2,846.0  $ 2,713.1  $ 2,846.0 
Capital expenditures $ (114.4) $ (270.6) $ (44.4) $ (158.4)
Depreciation and amortization $ (54.6) $ (35.0) $ (24.5) $ (17.4)
Comparable Adjustments
Operating income (loss) $ (40.4) $ (147.5) $ 40.9  $ (72.5)
Income (loss) from unconsolidated investments $ (587.7) $ (2,147.9) $ (44.5) $ (1,268.8)
Depreciation and amortization $ —  $ 5.3  $ —  $ 1.8 
Consolidated
Net sales $ 4,223.8  $ 4,441.2  $ 2,260.4  $ 2,344.0 
Operating income (loss) $ 1,448.7  $ 1,342.2  $ 838.7  $ 719.5 
Income (loss) from unconsolidated investments (2)
$ (651.9) $ (2,255.3) $ (80.7) $ (1,324.7)
Equity method investments (1)
$ 2,931.9  $ 3,003.8  $ 2,931.9  $ 3,003.8 
Capital expenditures $ 277.8  $ 355.2  $ 133.6  $ 199.5 
Depreciation and amortization $ 145.4  $ 172.0  $ 73.0  $ 83.9 
(1)
Equity method investments balance at August 31, 2020, and August 31, 2019, exclude amounts reclassified to assets held for sale.
(2)
 Income (loss) from unconsolidated investments consists of:
For the Six Months
Ended August 31,		 For the Three Months
Ended August 31,
2020 2019 2020 2019
(in millions)
Unrealized net gain (loss) on securities measured at fair value $ (244.9) $ (1,666.6) $ (47.6) $ (839.1)
Equity in earnings (losses) from Canopy and related activities (408.6) (590.4) (31.0) (484.4)
Equity in earnings (losses) from other equity method investees 1.6  1.8  (2.1) (1.2)
Net gain (loss) on sale of unconsolidated investment —  (0.1) —  — 
$ (651.9) $ (2,255.3) $ (80.7) $ (1,324.7)