Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v3.20.4
Business Segment Information (Tables)
 9 Months Ended
Nov. 30, 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 Nine Months
Ended November 30,		 For the Three Months
Ended November 30,
2020 2019 2020 2019
(in millions)
Cost of product sold
Recovery of (loss on) inventory write-down $ (26.5) $ 8.6  $ (26.5) $ — 
Strategic business development costs (25.8) (124.2) (0.7) (61.7)
COVID-19 incremental costs (6.3) —  (0.8) — 
Net gain (loss) on undesignated commodity derivative contracts (0.3) (23.7) 9.1  3.1 
Flow through of inventory step-up (0.1) (1.5) —  (0.3)
Settlements of undesignated commodity derivative contracts 30.2  7.5  6.6  2.3 
Accelerated depreciation —  (7.1) —  (1.8)
Total cost of product sold (28.8) (140.4) (12.3) (58.4)
For the Nine Months
Ended November 30,		 For the Three Months
Ended November 30,
2020 2019 2020 2019
Selling, general, and administrative expenses
Restructuring and other strategic business development costs (21.6) (25.5) (12.7) (2.4)
Net gain (loss) on foreign currency derivative contracts (8.0) (0.8) —  (0.8)
Transaction, integration, and other acquisition-related costs (5.4) (6.7) (1.5) (1.2)
COVID-19 incremental costs (4.8) —  (0.2) — 
Impairment of intangible assets —  (11.0) —  — 
Other gains (losses) (1)
4.6  1.1  (4.3) — 
Total selling, general, and administrative expenses (35.2) (42.9) (18.7) (4.4)
Impairment of assets held for sale (24.0) (417.0) (21.0) (390.0)
Gain (loss) on sale of business (4.7) 76.0  (0.3) 76.0 
Comparable Adjustments, Operating income (loss) $ (92.7) $ (524.3) $ (52.3) $ (376.8)
(1)
 Primarily includes the following:
For the Nine Months
Ended November 30,
2020 2019
Gain on vineyard sale $ 8.8  $ — 
Increase in our ownership interest in Nelson’s Green Brier $ —  $ 11.8 
(Increase) in estimated fair value of a contingent liability associated with a prior period acquisition $ —  $ (11.4)
Segment information Segment information is as follows:
For the Nine Months
Ended November 30,		 For the Three Months
Ended November 30,
2020 2019 2020 2019
(in millions)
Beer
Net sales $ 4,697.9  $ 4,428.4  $ 1,677.9  $ 1,310.6 
Segment operating income (loss) $ 1,988.0  $ 1,780.8  $ 714.5  $ 514.9 
Capital expenditures $ 347.8  $ 427.6  $ 149.3  $ 154.8 
Depreciation and amortization $ 143.8  $ 155.7  $ 50.9  $ 49.5 
For the Nine Months
Ended November 30,		 For the Three Months
Ended November 30,
2020 2019 2020 2019
(in millions)
Wine and Spirits
Net sales:
Wine $ 1,711.2  $ 1,747.3  $ 666.7  $ 601.2 
Spirits 252.8  264.9  93.5  87.6 
Net sales $ 1,964.0  $ 2,012.2  $ 760.2  $ 688.8 
Segment operating income (loss) $ 507.8  $ 501.6  $ 182.3  $ 180.4 
Income (loss) from unconsolidated investments $ 26.6  $ 34.6  $ 25.5  $ 31.6 
Equity method investments (1)
$ 137.7  $ 97.9  $ 137.7  $ 97.9 
Capital expenditures $ 67.3  $ 58.5  $ 29.9  $ 15.4 
Depreciation and amortization $ 68.5  $ 75.2  $ 23.2  $ 25.2 
Corporate Operations and Other
Segment operating income (loss) $ (171.3) $ (148.7) $ (61.4) $ (51.3)
Income (loss) from unconsolidated investments $ 0.2  $ (1.8) $ (0.3) $ (0.5)
Equity method investments $ 83.5  $ 81.4  $ 83.5  $ 81.4 
Capital expenditures $ 52.6  $ 52.2  $ 10.7  $ 12.9 
Depreciation and amortization $ 10.9  $ 15.2  $ 3.7  $ 4.7 
Canopy
Net sales $ 261.5  $ 196.4  $ 101.5  $ 58.0 
Segment operating income (loss) $ (1,071.0) $ (541.3) $ (213.4) $ (210.8)
Capital expenditures $ 135.9  $ 443.5  $ 21.5  $ 172.9 
Depreciation and amortization $ 78.5  $ 56.2  $ 23.9  $ 21.2 
Consolidation and Eliminations
Net sales $ (261.5) $ (196.4) $ (101.5) $ (58.0)
Operating income (loss) $ 1,071.0  $ 541.3  $ 213.4  $ 210.8 
Income (loss) from unconsolidated investments $ (108.8) $ (180.2) $ (43.0) $ (71.1)
Equity method investments $ 2,738.7  $ 2,879.4  $ 2,738.7  $ 2,879.4 
Capital expenditures $ (135.9) $ (443.5) $ (21.5) $ (172.9)
Depreciation and amortization $ (78.5) $ (56.2) $ (23.9) $ (21.2)
Comparable Adjustments
Operating income (loss) $ (92.7) $ (524.3) $ (52.3) $ (376.8)
Income (loss) from unconsolidated investments $ 212.5  $ (2,564.4) $ 800.2  $ (416.5)
Depreciation and amortization $ —  $ 7.1  $ —  $ 1.8 
Consolidated
Net sales $ 6,661.9  $ 6,440.6  $ 2,438.1  $ 1,999.4 
Operating income (loss) $ 2,231.8  $ 1,609.4  $ 783.1  $ 267.2 
Income (loss) from unconsolidated investments (2)
$ 130.5  $ (2,711.8) $ 782.4  $ (456.5)
Equity method investments (1)
$ 2,959.9  $ 3,058.7  $ 2,959.9  $ 3,058.7 
Capital expenditures $ 467.7  $ 538.3  $ 189.9  $ 183.1 
Depreciation and amortization $ 223.2  $ 253.2  $ 77.8  $ 81.2 
(1)
Equity method investments balance at November 30, 2020, and November 30, 2019, exclude amounts reclassified to assets held for sale.
(2)
 Income (loss) from unconsolidated investments consists of:
For the Nine Months
Ended November 30,		 For the Three Months
Ended November 30,
2020 2019 2020 2019
(in millions)
Unrealized net gain (loss) on securities measured at fair value $ 524.7  $ (2,200.9) $ 769.6  $ (534.3)
Equity in earnings (losses) from Canopy and related activities (421.0) (544.2) (12.4) 46.2 
Equity in earnings (losses) from other equity method investees 26.8  32.9  25.2  31.1 
Net gain (loss) on sale of unconsolidated investment —  0.4  —  0.5 
$ 130.5  $ (2,711.8) $ 782.4  $ (456.5)