Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v3.21.4
Business Segment Information (Tables)
 9 Months Ended
Nov. 30, 2021
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,
2021 2020 2021 2020
(in millions)
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts $ 48.1  $ (0.3) $ —  $ 9.1 
Net flow through of reserved inventory 11.6  —  11.6  — 
Settlements of undesignated commodity derivative contracts (24.8) 30.2  (12.5) 6.6 
Strategic business development costs (2.6) (25.8) —  (0.7)
Loss on inventory write-down (1.0) (26.5) (1.0) (26.5)
COVID-19 incremental costs —  (6.3) —  (0.8)
Flow through of inventory step-up —  (0.1) (0.1) — 
Total cost of product sold 31.3  (28.8) (2.0) (12.3)
Selling, general, and administrative expenses
Restructuring and other strategic business development costs 0.1  (21.6) 0.2  (12.7)
Transaction, integration, and other acquisition-related costs (0.8) (5.4) (0.8) (1.5)
Net gain (loss) on foreign currency derivative contracts —  (8.0) —  — 
COVID-19 incremental costs —  (4.8) —  (0.2)
Other gains (losses) (1)
12.6  (0.1) 18.7  (4.6)
Total selling, general, and administrative expenses 11.9  (39.9) 18.1  (19.0)
Impairment of brewery construction in progress (665.9) —  —  — 
Impairment of assets held for sale —  (24.0) —  (21.0)
Comparable Adjustments, Operating income (loss) $ (622.7) $ (92.7) $ 16.1  $ (52.3)
(1)
 Includes the following:
For the Nine Months
Ended November 30,		 For the Three Months
Ended November 30,
2021 2020 2021 2020
(in millions)
Increase in our ownership interest in My Favorite Neighbor $ 13.5  $ —  $ 13.5  $ — 
Property tax settlement $ 10.4  $ —  $ 10.4  $ — 
Transition services agreements activity $ (11.7) $ —  $ (4.5) $ — 
Gain (loss) on vineyard sale $ (0.7) $ 8.8  $ (0.7) $ — 
Gain (loss) on sale of the Black Velvet Canadian Whisky business $ —  $ (3.6) $ —  $ — 
Segment information
Segment information is as follows:
For the Nine Months
Ended November 30,		 For the Three Months
Ended November 30,
2021 2020 2021 2020
(in millions)
Beer
Net sales $ 5,185.9  $ 4,697.9  $ 1,752.6  $ 1,677.9 
Segment operating income (loss) $ 2,089.7  $ 1,988.0  $ 723.6  $ 714.5 
Capital expenditures $ 501.5  $ 347.8  $ 205.7  $ 149.3 
Depreciation and amortization $ 183.1  $ 143.8  $ 64.6  $ 50.9 
Wine and Spirits
Net sales:
Wine $ 1,351.1  $ 1,711.2  $ 506.2  $ 666.7 
Spirits 181.2  252.8  61.8  93.5 
Net sales $ 1,532.3  $ 1,964.0  $ 568.0  $ 760.2 
Segment operating income (loss) $ 348.9  $ 507.8  $ 144.5  $ 182.3 
Income (loss) from unconsolidated investments $ 33.6  $ 26.6  $ 33.4  $ 25.5 
Equity method investments (1)
$ 117.4  $ 137.7  $ 117.4  $ 137.7 
Capital expenditures $ 78.0  $ 67.3  $ 24.0  $ 29.9 
Depreciation and amortization $ 59.6  $ 68.5  $ 20.0  $ 23.2 
Corporate Operations and Other
Segment operating income (loss) $ (161.7) $ (171.3) $ (44.3) $ (61.4)
Income (loss) from unconsolidated investments $ (2.1) $ 0.2  $ (1.3) $ (0.3)
Equity method investments $ 110.3  $ 83.5  $ 110.3  $ 83.5 
Capital expenditures $ 19.2  $ 52.6  $ 15.6  $ 10.7 
Depreciation and amortization $ 9.7  $ 10.9  $ 3.2  $ 3.7 
Canopy
Net sales $ 332.4  $ 261.5  $ 104.3  $ 101.5 
Segment operating income (loss) $ (508.0) $ (1,071.0) $ (171.0) $ (213.4)
Capital expenditures $ 49.7  $ 135.9  $ 12.2  $ 21.5 
Depreciation and amortization $ 66.2  $ 78.5  $ 22.9  $ 23.9 
Consolidation and Eliminations
Net sales $ (332.4) $ (261.5) $ (104.3) $ (101.5)
Operating income (loss) $ 508.0  $ 1,071.0  $ 171.0  $ 213.4 
Income (loss) from unconsolidated investments $ (142.6) $ (108.8) $ (68.4) $ (43.0)
Equity method investments $ 2,528.7  $ 2,738.7  $ 2,528.7  $ 2,738.7 
Capital expenditures $ (49.7) $ (135.9) $ (12.2) $ (21.5)
Depreciation and amortization $ (66.2) $ (78.5) $ (22.9) $ (23.9)
Comparable Adjustments
Operating income (loss) $ (622.7) $ (92.7) $ 16.1  $ (52.3)
Income (loss) from unconsolidated investments $ (1,430.7) $ 212.5  $ (135.5) $ 800.2 
For the Nine Months
Ended November 30,		 For the Three Months
Ended November 30,
2021 2020 2021 2020
(in millions)
Consolidated
Net sales $ 6,718.2  $ 6,661.9  $ 2,320.6  $ 2,438.1 
Operating income (loss) $ 1,654.2  $ 2,231.8  $ 839.9  $ 783.1 
Income (loss) from unconsolidated investments (2)
$ (1,541.8) $ 130.5  $ (171.8) $ 782.4 
Equity method investments (1)
$ 2,756.4  $ 2,959.9  $ 2,756.4  $ 2,959.9 
Capital expenditures $ 598.7  $ 467.7  $ 245.3  $ 189.9 
Depreciation and amortization $ 252.4  $ 223.2  $ 87.8  $ 77.8 
(1)
Equity method investments balance at November 30, 2020, 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,
2021 2020 2021 2020
(in millions)
Unrealized net gain (loss) on securities measured at fair value $ (1,534.8) $ 524.7  $ (199.7) $ 769.6 
Equity in earnings (losses) from Canopy and related activities (39.5) (421.0) (4.2) (12.4)
Equity in earnings (losses) from other equity method investees 32.5  26.8  32.1  25.2 
$ (1,541.8) $ 130.5  $ (171.8) $ 782.4