Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v3.22.2
Business Segment Information (Tables)
 3 Months Ended
May 31, 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 Three Months
Ended May 31,
2022 2021
(in millions)
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts $ 48.5  $ 24.1 
Recovery of inventory write-down 0.2  — 
Settlements of undesignated commodity derivative contracts (23.3) (3.4)
Flow through of inventory step-up (1.0) — 
Strategic business development costs —  (2.6)
Total cost of product sold 24.4  18.1 
Selling, general, and administrative expenses
Transition services agreements activity (3.4) (2.3)
Restructuring and other strategic business development costs (1.4) (0.9)
Transaction, integration, and other acquisition-related costs (0.2) — 
Other gains (losses) (1)
4.5  3.3 
Total selling, general, and administrative expenses (0.5) 0.1 
Impairment of brewery construction in progress —  (665.9)
Comparable Adjustments, Operating income (loss) $ 23.9  $ (647.7)
(1)The three months ended May 31, 2022, primarily includes a gain of $5.2 million related to the remeasurement of our previously held 27% equity interest in Austin Cocktails to the acquisition date fair value.
Segment information Segment information is as follows:
For the Three Months
Ended May 31,
2022 2021
(in millions)
Beer
Net sales $ 1,898.2  $ 1,572.0 
Segment operating income (loss) $ 762.8  $ 673.1 
Capital expenditures $ 161.8  $ 85.8 
Depreciation and amortization $ 68.2  $ 54.0 
Wine and Spirits
Net sales:
Wine $ 404.1  $ 397.7 
Spirits 60.9  56.8 
Net sales $ 465.0  $ 454.5 
Segment operating income (loss) $ 91.0  $ 104.2 
Income (loss) from unconsolidated investments $ 1.5  $ 1.3 
Equity method investments $ 98.0  $ 128.0 
Capital expenditures $ 29.8  $ 25.7 
Depreciation and amortization $ 22.3  $ 19.9 
Corporate Operations and Other
Segment operating income (loss) $ (61.3) $ (54.5)
Income (loss) from unconsolidated investments $ (2.0) $ (0.6)
Equity method investments $ 82.5  $ 91.9 
Capital expenditures $ 5.0  $ 2.4 
Depreciation and amortization $ 3.2  $ 3.3 
Canopy
Net sales $ 88.2  $ 117.3 
Segment operating income (loss) $ (418.2) $ (184.2)
Capital expenditures $ 0.1  $ 21.0 
Depreciation and amortization $ 24.1  $ 22.9 
Consolidation and Eliminations
Net sales $ (88.2) $ (117.3)
Operating income (loss) $ 418.2  $ 184.2 
Income (loss) from unconsolidated investments $ (52.0) $ (44.3)
Equity method investments $ 2,353.5  $ 2,436.8 
Capital expenditures $ (0.1) $ (21.0)
Depreciation and amortization $ (24.1) $ (22.9)
For the Three Months
Ended May 31,
2022 2021
(in millions)
Comparable Adjustments
Operating income (loss) $ 23.9  $ (647.7)
Income (loss) from unconsolidated investments $ (135.4) $ (855.6)
Consolidated
Net sales $ 2,363.2  $ 2,026.5 
Operating income (loss) $ 816.4  $ 75.1 
Income (loss) from unconsolidated investments (1)
$ (187.9) $ (899.2)
Equity method investments $ 2,534.0  $ 2,656.7 
Capital expenditures $ 196.6  $ 113.9 
Depreciation and amortization $ 93.7  $ 77.2 
(1)
 Income (loss) from unconsolidated investments consists of:
For the Three Months
Ended May 31,
2022 2021
(in millions)
Unrealized net gain (loss) on securities measured at fair value $ (22.4) $ (745.1)
Equity in earnings (losses) from Canopy and related activities (165.0) (155.8)
Equity in earnings (losses) from other equity method investees (0.5) 1.7 
$ (187.9) $ (899.2)