Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments (Tables)

v3.22.2
Equity Method Investments (Tables)
 3 Months Ended
May 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Equity method investments
Our equity method investments are as follows:
May 31, 2022 February 28, 2022
Carrying Value Ownership Percentage Carrying Value Ownership Percentage
(in millions)
Canopy Equity Method Investment (1) (2)
$ 2,353.5  36.1  % $ 2,503.5  36.1  %
Other equity method investments 180.5 
20%-50%
 185.2 
20%-50%
$ 2,534.0  $ 2,688.7 
(1)The fair value based on the closing price of the underlying equity security as of May 31, 2022, and February 28, 2022, was $711.9 million and $1,014.8 million, respectively. Refer to discussion below on other-than-temporary impairment considerations.
(2)Includes the following:
Common Shares Purchase Price
(in millions)
November 2017 Canopy Investment
 18.9  $ 130.1 
November 2018 Canopy Investment 104.5  2,740.3 
May 2020 Canopy Investment
 18.9  173.9 
142.3  $ 3,044.3 
Amounts included in our consolidated results of operations for each period are as follows:
For the Three Months
Ended May 31,
2022 2021
(in millions)
Equity in earnings (losses) from Canopy and related activities $ (165.0) $ (155.8)
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 2022 and January through March 2021 in our three months ended May 31, 2022, and May 31, 2021, results, respectively. The three months ended May 31, 2022, includes substantial costs designed to drive efficiency and accelerate Canopy’s path to profitability. The amounts shown represent 100% of Canopy’s reported results of operations for the respective periods.
For the Three Months
Ended May 31,
2022 2021
(in millions)
Net sales $ 88.2  $ 117.3 
Gross profit (loss) $ (125.7) $ 7.7 
Net income (loss) $ (456.8) $ (487.1)
Net income (loss) attributable to Canopy $ (453.7) $ (552.9)