| Comparable adjustments |
Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:
|
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|
|
|
|
|
|
|
|
|
|
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|
|
|
For the Years Ended |
|
February 28,
2021 |
|
February 29,
2020 |
|
February 28,
2019 |
| (in millions) |
|
|
|
|
|
| Cost of product sold |
|
|
|
|
|
| Recovery of (loss on) inventory write-down |
$ |
(70.4) |
|
|
$ |
8.6 |
|
|
$ |
(3.3) |
|
| Strategic business development costs |
(29.8) |
|
|
(124.5) |
|
|
(6.0) |
|
| COVID-19 incremental costs |
(7.6) |
|
|
— |
|
|
— |
|
| Flow through of inventory step-up |
(0.4) |
|
|
(1.5) |
|
|
(4.9) |
|
| Accelerated depreciation |
(0.1) |
|
|
(7.6) |
|
|
(8.9) |
|
| Settlements of undesignated commodity derivative contracts |
31.6 |
|
|
11.7 |
|
|
(8.6) |
|
| Net gain (loss) on undesignated commodity derivative contracts |
25.1 |
|
|
(49.0) |
|
|
1.8 |
|
|
|
|
|
|
|
| Total cost of product sold |
(51.6) |
|
|
(162.3) |
|
|
(29.9) |
|
|
|
|
|
|
|
| Selling, general, and administrative expenses |
|
|
|
|
|
| Restructuring and other strategic business development costs |
(23.9) |
|
|
(25.3) |
|
|
(17.1) |
|
| Net gain (loss) on foreign currency derivative contracts |
(8.0) |
|
|
(1.8) |
|
|
(32.6) |
|
| Transaction, integration, and other acquisition-related costs |
(7.6) |
|
|
(9.2) |
|
|
(10.2) |
|
| Impairment of intangible assets |
(6.0) |
|
|
(11.0) |
|
|
(108.0) |
|
| COVID-19 incremental costs |
(4.8) |
|
|
— |
|
|
— |
|
| Deferred compensation |
— |
|
|
— |
|
|
(16.3) |
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|
|
|
|
|
|
|
|
|
|
|
Other gains (losses) (1)
|
14.7 |
|
|
7.3 |
|
|
10.1 |
|
| Total selling, general, and administrative expenses |
(35.6) |
|
|
(40.0) |
|
|
(174.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Impairment of assets held for sale |
(24.0) |
|
|
(449.7) |
|
|
— |
|
| Gain (loss) on sale of business |
14.2 |
|
|
74.1 |
|
|
— |
|
| Comparable Adjustments, Operating income (loss) |
$ |
(97.0) |
|
|
$ |
(577.9) |
|
|
$ |
(204.0) |
|
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|
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|
|
|
(1) |
Primarily includes the following: |
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|
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For the Years Ended |
|
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|
February 28,
2021 |
|
February 29,
2020 |
|
February 28,
2019 |
|
|
Decrease (increase) in estimated fair value of a contingent liability associated with prior period acquisitions |
$ |
9.7 |
|
|
$ |
(11.4) |
|
|
$ |
— |
|
|
|
Sale of certain non-core assets |
$ |
8.8 |
|
|
$ |
(0.3) |
|
|
$ |
8.5 |
|
|
|
Increase in our ownership interest in Nelson’s Green Brier |
$ |
— |
|
|
$ |
11.8 |
|
|
$ |
— |
|
|
|
Recognition of previously deferred gain upon release of a related guarantee |
$ |
— |
|
|
$ |
6.2 |
|
|
$ |
— |
|
|
|
| Segment information |
Segment information is as follows:
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|
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For the Years Ended |
|
February 28,
2021 |
|
February 29,
2020 |
|
February 28,
2019 |
| (in millions) |
|
|
|
|
|
| Beer |
|
|
|
|
|
| Net sales |
$ |
6,074.6 |
|
|
$ |
5,615.9 |
|
|
$ |
5,202.1 |
|
| Segment operating income (loss) |
$ |
2,494.3 |
|
|
$ |
2,247.9 |
|
|
$ |
2,042.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital expenditures |
$ |
693.9 |
|
|
$ |
571.7 |
|
|
$ |
720.0 |
|
| Depreciation and amortization |
$ |
194.7 |
|
|
$ |
204.3 |
|
|
$ |
203.5 |
|
|
|
|
|
|
|
| Wine and Spirits |
|
|
|
|
|
| Net sales: |
|
|
|
|
|
| Wine |
$ |
2,208.4 |
|
|
$ |
2,367.5 |
|
|
$ |
2,532.5 |
|
| Spirits |
331.9 |
|
|
360.1 |
|
|
381.4 |
|
| Net sales |
$ |
2,540.3 |
|
|
$ |
2,727.6 |
|
|
$ |
2,913.9 |
|
| Segment operating income (loss) |
$ |
622.4 |
|
|
$ |
708.4 |
|
|
$ |
771.2 |
|
| Income (loss) from unconsolidated investments |
$ |
31.7 |
|
|
$ |
36.4 |
|
|
$ |
33.4 |
|
|
|
|
|
|
|
Equity method investments (1)
|
$ |
125.7 |
|
|
$ |
87.7 |
|
|
$ |
79.7 |
|
|
|
|
|
|
|
| Capital expenditures |
$ |
107.5 |
|
|
$ |
92.7 |
|
|
$ |
129.5 |
|
| Depreciation and amortization |
$ |
89.9 |
|
|
$ |
98.7 |
|
|
$ |
98.4 |
|
|
|
|
|
|
|
| Corporate Operations and Other |
|
|
|
|
|
|
|
|
|
|
|
| Segment operating income (loss) |
$ |
(228.6) |
|
|
$ |
(223.9) |
|
|
$ |
(197.9) |
|
| Income (loss) from unconsolidated investments |
$ |
(0.4) |
|
|
$ |
(3.2) |
|
|
$ |
(0.2) |
|
|
|
|
|
|
|
| Equity method investments |
$ |
83.9 |
|
|
$ |
94.5 |
|
|
$ |
53.8 |
|
|
|
|
|
|
|
| Capital expenditures |
$ |
63.2 |
|
|
$ |
62.1 |
|
|
$ |
36.8 |
|
| Depreciation and amortization |
$ |
14.4 |
|
|
$ |
21.6 |
|
|
$ |
28.3 |
|
|
|
|
|
|
|
| Canopy |
|
|
|
|
|
| Net sales |
$ |
378.6 |
|
|
$ |
290.2 |
|
|
$ |
48.6 |
|
| Segment operating income (loss) |
$ |
(1,496.0) |
|
|
$ |
(685.8) |
|
|
$ |
(82.7) |
|
| Capital expenditures |
$ |
172.6 |
|
|
$ |
572.8 |
|
|
$ |
449.8 |
|
| Depreciation and amortization |
$ |
103.3 |
|
|
$ |
81.4 |
|
|
$ |
21.9 |
|
|
|
|
|
|
|
| Consolidation and Eliminations |
|
|
|
|
|
| Net sales |
$ |
(378.6) |
|
|
$ |
(290.2) |
|
|
$ |
(48.6) |
|
| Operating income (loss) |
$ |
1,496.0 |
|
|
$ |
685.8 |
|
|
$ |
82.7 |
|
| Income (loss) from unconsolidated investments |
$ |
(146.2) |
|
|
$ |
(221.7) |
|
|
$ |
(16.5) |
|
| Equity method investments |
$ |
2,578.8 |
|
|
$ |
2,911.7 |
|
|
$ |
3,332.1 |
|
| Capital expenditures |
$ |
(172.6) |
|
|
$ |
(572.8) |
|
|
$ |
(449.8) |
|
| Depreciation and amortization |
$ |
(103.3) |
|
|
$ |
(81.4) |
|
|
$ |
(21.9) |
|
|
|
|
|
|
|
| Comparable Adjustments |
|
|
|
|
|
|
|
|
|
|
|
| Operating income (loss) |
$ |
(97.0) |
|
|
$ |
(577.9) |
|
|
$ |
(204.0) |
|
| Income (loss) from unconsolidated investments |
$ |
265.2 |
|
|
$ |
(2,480.1) |
|
|
$ |
2,084.9 |
|
| Depreciation and amortization |
$ |
0.1 |
|
|
$ |
7.6 |
|
|
$ |
8.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28,
2021 |
|
February 29,
2020 |
|
February 28,
2019 |
| (in millions) |
|
|
|
|
|
| Consolidated |
|
|
|
|
|
| Net sales |
$ |
8,614.9 |
|
|
$ |
8,343.5 |
|
|
$ |
8,116.0 |
|
| Operating income (loss) |
$ |
2,791.1 |
|
|
$ |
2,154.5 |
|
|
$ |
2,412.2 |
|
Income (loss) from unconsolidated investments (2)
|
$ |
150.3 |
|
|
$ |
(2,668.6) |
|
|
$ |
2,101.6 |
|
|
|
|
|
|
|
Equity method investments (1)
|
$ |
2,788.4 |
|
|
$ |
3,093.9 |
|
|
$ |
3,465.6 |
|
|
|
|
|
|
|
| Capital expenditures |
$ |
864.6 |
|
|
$ |
726.5 |
|
|
$ |
886.3 |
|
| Depreciation and amortization |
$ |
299.1 |
|
|
$ |
332.2 |
|
|
$ |
339.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Equity method investments balance at February 29, 2020, excludes amounts reclassified to assets held for sale. |
(2) |
Income (loss) from unconsolidated investments consists of: |
|
|
|
|
|
|
|
|
For the Years Ended |
|
|
February 28,
2021 |
|
February 29,
2020 |
|
February 28,
2019 |
|
(in millions) |
|
|
|
|
|
|
Unrealized net gain (loss) on securities measured at fair value |
$ |
802.0 |
|
|
$ |
(2,126.4) |
|
|
$ |
1,971.2 |
|
|
Equity in earnings (losses) from Canopy and related activities (i)
|
(679.0) |
|
|
(575.9) |
|
|
(2.6) |
|
|
Equity in earnings (losses) from other equity method investees |
27.3 |
|
|
33.3 |
|
|
33.2 |
|
|
Net gain (loss) on sale of unconsolidated investment |
— |
|
|
0.4 |
|
|
99.8 |
|
|
|
|
|
|
|
|
|
|
|
$ |
150.3 |
|
|
$ |
(2,668.6) |
|
|
$ |
2,101.6 |
|
|
|
|
|
|
|
|
|
|
(i) |
The year ended February 29, 2020, includes the June 2019 Modification Loss. |
|
| Geographic data |
Geographic data is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28,
2021 |
|
February 29,
2020 |
|
February 28,
2019 |
| (in millions) |
|
|
|
|
|
| Net sales |
|
|
|
|
|
| U.S. |
$ |
8,396.5 |
|
|
$ |
8,116.2 |
|
|
$ |
7,894.8 |
|
| Non-U.S. (primarily Canada) |
218.4 |
|
|
227.3 |
|
|
221.2 |
|
|
$ |
8,614.9 |
|
|
$ |
8,343.5 |
|
|
$ |
8,116.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28,
2021 |
|
February 29,
2020 |
| (in millions) |
|
|
|
Long-lived tangible assets (1)
|
|
|
|
| U.S. |
$ |
1,005.3 |
|
|
$ |
897.7 |
|
| Non-U.S. (primarily Mexico) |
4,816.3 |
|
|
4,435.3 |
|
|
$ |
5,821.6 |
|
|
$ |
5,333.0 |
|
(1)Long-lived tangible assets balance at February 29, 2020, excludes amounts reclassified to assets held for sale.
|