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Our equity method investments are as follows:
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May 31, 2021 |
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February 28, 2021 |
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Carrying Value |
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Ownership Percentage |
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Carrying Value |
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Ownership Percentage |
| (in millions) |
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Canopy Equity Method Investment (1) (2)
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$ |
2,436.8 |
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37.2 |
% |
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$ |
2,578.8 |
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38.1 |
% |
| Other equity method investments |
219.9 |
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20%-50% |
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209.6 |
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20%-50% |
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$ |
2,656.7 |
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$ |
2,788.4 |
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(1)The fair value based on the closing price of the underlying equity security as of May 31, 2021, and February 28, 2021, was $3,566.9 million and $4,679.3 million, respectively.
(2)Includes the following:
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Common Shares |
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Purchase Price |
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| (in millions) |
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November 2017 Canopy Investment |
18.9 |
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$ |
130.1 |
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| November 2018 Canopy Investment |
104.5 |
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2,740.3 |
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May 2020 Canopy Investment |
18.9 |
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173.9 |
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142.3 |
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$ |
3,044.3 |
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For the Three Months
Ended May 31, |
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2021 |
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2020 |
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| (in millions) |
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| Equity in earnings (losses) from Canopy and related activities |
$ |
(155.8) |
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$ |
(377.6) |
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The following table presents summarized financial information for Canopy prepared 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 2021 and January through March 2020 in our three months ended May 31, 2021, and May 31, 2020, results, respectively. The amounts shown represent 100% of Canopy’s results of operations for the respective periods.
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For the Three Months
Ended May 31, |
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2021 |
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2020 |
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| (in millions) |
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| Net sales |
$ |
117.3 |
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$ |
80.3 |
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| Gross profit (loss) |
$ |
7.7 |
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$ |
(57.3) |
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| Net income (loss) |
$ |
(487.1) |
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$ |
(973.6) |
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| Net income (loss) attributable to Canopy |
$ |
(552.9) |
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$ |
(953.4) |
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