Income Taxes |
3 Months Ended |
|---|---|
May 31, 2021 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES Our effective tax rate for the three months ended May 31, 2021, was 1.5% of tax benefit as compared with 153.1% of tax expense for the three months ended May 31, 2020.
For the three months ended May 31, 2021, our effective tax rate was lower than the federal statutory rate of 21% primarily due to:
•valuation allowances on the net unrealized loss from changes in fair value of our investment in Canopy and Canopy equity in earnings (losses); and
•the impact of the long-lived asset impairment of brewery construction in progress; partially offset by
•the benefit of lower effective tax rates applicable to our foreign businesses.
For the three months ended May 31, 2020, our effective tax rate was higher than the federal statutory rate of 21% primarily due to:
•valuation allowances on the net unrealized loss from changes in fair value of our investment in Canopy and Canopy equity in earnings (losses); and
•valuation allowances on existing capital loss carryforwards; partially offset by
•the benefit of lower effective tax rates applicable to our foreign businesses.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|