Annual report pursuant to Section 13 and 15(d)

Business Segment Information (Tables)

v3.22.1
Business Segment Information (Tables)
 12 Months Ended
Feb. 28, 2022
Segment Reporting [Abstract]  
Comparable Adjustments Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:
For the Years Ended
February 28,
2022		 February 28,
2021		 February 29,
2020
(in millions)
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts $ 109.9  $ 25.1  $ (49.0)
Net flow through of reserved inventory 12.1  —  — 
Settlements of undesignated commodity derivative contracts (35.9) 31.6  11.7 
Strategic business development costs (2.6) (29.8) (124.5)
Recovery of (loss on) inventory write-down (1.0) (70.4) 8.6 
Flow through of inventory step-up (0.1) (0.4) (1.5)
COVID-19 incremental costs —  (7.6) — 
Accelerated depreciation —  (0.1) (7.6)
Total cost of product sold 82.4  (51.6) (162.3)
For the Years Ended
February 28,
2022		 February 28,
2021		 February 29,
2020
(in millions)
Selling, general, and administrative expenses
Transition services agreements activity (19.2) 0.4  — 
Transaction, integration, and other acquisition-related costs (1.4) (7.6) (9.2)
Restructuring and other strategic business development costs 0.6  (23.9) (25.3)
Net gain (loss) on foreign currency derivative contracts —  (8.0) (1.8)
Impairment of intangible assets —  (6.0) (11.0)
COVID-19 incremental costs —  (4.8) — 
Other gains (losses) (1)
(2.3) 14.3  7.3 
Total selling, general, and administrative expenses (22.3) (35.6) (40.0)
Impairment of brewery construction in progress (665.9) —  — 
Impairment of assets held for sale —  (24.0) (449.7)
Gain (loss) on sale of business 1.7  14.2  74.1 
Comparable Adjustments, Operating income (loss) $ (604.1) $ (97.0) $ (577.9)
(1)
 Includes the following:
For the Years Ended
February 28,
2022		 February 28,
2021		 February 29,
2020
Adjustment to understated excise tax accruals primarily related to a prior period acquisition $ (13.3) $ —  $ — 
Decrease (increase) in estimated fair value of contingent liabilities associated with prior period acquisitions $ (9.6) $ 9.7  $ (11.4)
Increase in our ownership interest in My Favorite Neighbor (Fiscal 2022) and Nelson’s Green Brier (Fiscal 2020) $ 13.5  $ —  $ 11.8 
Property tax settlement $ 10.4  $ —  $ — 
Sale of certain non-core assets $ —  $ 8.8  $ (0.3)
Recognition of previously deferred gain upon release of a related guarantee
 $ —  $ —  $ 6.2 
Segment Information Segment information is as follows:
For the Years Ended
February 28,
2022		 February 28,
2021		 February 29,
2020
(in millions)
Beer
Net sales $ 6,751.6  $ 6,074.6  $ 5,615.9 
Segment operating income (loss) $ 2,703.3  $ 2,494.3  $ 2,247.9 
Capital expenditures $ 849.5  $ 693.9  $ 571.7 
Depreciation and amortization $ 248.7  $ 194.7  $ 204.3 
Wine and Spirits
Net sales:
Wine $ 1,819.3  $ 2,208.4  $ 2,367.5 
Spirits 249.8  331.9  360.1 
Net sales $ 2,069.1  $ 2,540.3  $ 2,727.6 
Segment operating income (loss) $ 470.7  $ 622.4  $ 708.4 
Income (loss) from unconsolidated investments $ 34.4  $ 31.7  $ 36.4 
Equity method investments (1)
$ 97.2  $ 125.7  $ 87.7 
Capital expenditures $ 154.7  $ 107.5  $ 92.7 
Depreciation and amortization $ 80.7  $ 89.9  $ 98.7 
Corporate Operations and Other
Segment operating income (loss) $ (238.2) $ (228.6) $ (223.9)
Income (loss) from unconsolidated investments $ (3.5) $ (0.4) $ (3.2)
Equity method investments $ 88.0  $ 83.9  $ 94.5 
Capital expenditures $ 22.6  $ 63.2  $ 62.1 
Depreciation and amortization $ 13.0  $ 14.4  $ 21.6 
Canopy
Net sales $ 444.3  $ 378.6  $ 290.2 
Segment operating income (loss) $ (630.1) $ (1,496.0) $ (685.8)
Capital expenditures $ 50.4  $ 172.6  $ 572.8 
Depreciation and amortization $ 90.0  $ 103.3  $ 81.4 
Consolidation and Eliminations
Net sales $ (444.3) $ (378.6) $ (290.2)
Operating income (loss) $ 630.1  $ 1,496.0  $ 685.8 
Income (loss) from unconsolidated investments $ (178.2) $ (146.2) $ (221.7)
Equity method investments $ 2,503.5  $ 2,578.8  $ 2,911.7 
Capital expenditures $ (50.4) $ (172.6) $ (572.8)
Depreciation and amortization $ (90.0) $ (103.3) $ (81.4)
For the Years Ended
February 28,
2022		 February 28,
2021		 February 29,
2020
(in millions)
Comparable Adjustments
Operating income (loss) $ (604.1) $ (97.0) $ (577.9)
Income (loss) from unconsolidated investments $ (1,488.2) $ 265.2  $ (2,480.1)
Depreciation and amortization $ —  $ 0.1  $ 7.6 
Consolidated
Net sales $ 8,820.7  $ 8,614.9  $ 8,343.5 
Operating income (loss) $ 2,331.7  $ 2,791.1  $ 2,154.5 
Income (loss) from unconsolidated investments (2)
$ (1,635.5) $ 150.3  $ (2,668.6)
Equity method investments (1)
$ 2,688.7  $ 2,788.4  $ 3,093.9 
Capital expenditures $ 1,026.8  $ 864.6  $ 726.5 
Depreciation and amortization $ 342.4  $ 299.1  $ 332.2 
(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,
2022		 February 28,
2021		 February 29,
2020
(in millions)
Unrealized net gain (loss) on securities measured at fair value $ (1,644.7) $ 802.0  $ (2,126.4)
Equity in earnings (losses) from Canopy and related activities (i)
(73.6) (679.0) (575.9)
Equity in earnings (losses) from other equity method investees 31.8  27.3  33.3 
Net gain (loss) on sale of unconsolidated investment 51.0  —  0.4 
$ (1,635.5) $ 150.3  $ (2,668.6)
(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,
2022		 February 28,
2021		 February 29,
2020
(in millions)
Net sales
U.S. $ 8,585.8  $ 8,396.5  $ 8,116.2 
Non-U.S. (primarily Canada) 234.9  218.4  227.3 
$ 8,820.7  $ 8,614.9  $ 8,343.5 
February 28,
2022		 February 28,
2021
(in millions)
Long-lived tangible assets
U.S. $ 1,092.0  $ 1,005.3 
Non-U.S. (primarily Mexico) 4,967.6  4,816.3 
$ 6,059.6  $ 5,821.6