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Our equity method investments are as follows:
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August 31, 2022 |
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February 28, 2022 |
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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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$ |
634.8 |
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34.1 |
% |
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$ |
2,503.5 |
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36.1 |
% |
| Other equity method investments |
198.6 |
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20%-50% |
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185.2 |
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20%-50% |
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$ |
833.4 |
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$ |
2,688.7 |
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(1)The fair value based on the closing price of the underlying equity security as of August 31, 2022, and February 28, 2022, was $634.8 million and $1,014.8 million, respectively. The balance at August 31, 2022, is net of a $1,060.3 million impairment of our Canopy Equity Method Investment (see “Canopy Equity Method Investment” below).
(2)Includes the following:
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Common Shares |
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Purchase Price |
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| (in millions) |
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November 2017 Canopy Investment |
18.9 |
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$ |
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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July 2022 Canopy Investment (i)
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29.2 |
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76.8 |
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171.5 |
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$ |
3,121.1 |
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(i) |
In June 2022, certain holders of Canopy Debt Securities agreed to exchange C$262.6 million aggregate principal amount of their Canopy Debt Securities to Canopy at 99% of principal value for newly issued Canopy common shares. As part of this transaction, we exchanged C$100.0 million principal amount of our Canopy Debt Securities for Canopy common shares which we received in July 2022. This exchange did not significantly change our Canopy ownership percentage. |
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For the Six Months
Ended August 31, |
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For the Three Months
Ended August 31, |
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2022 |
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2021 |
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2022 |
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2021 |
| (in millions) |
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Equity in earnings (losses) from Canopy and related activities (1)
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$ |
(815.7) |
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$ |
(35.3) |
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$ |
(650.7) |
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$ |
120.5 |
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(1)Includes a $460.8 million goodwill impairment related to Canopy’s cannabis operations for the six months and three months ended August 31, 2022.
The amounts shown represent 100% of Canopy’s reported results of operations for the respective periods.
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For the Six Months
Ended August 31, |
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For the Three Months
Ended August 31, |
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2022 |
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2021 |
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2022 |
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2021 |
| (in millions) |
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| Net sales |
$ |
174.5 |
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$ |
228.1 |
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$ |
86.3 |
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$ |
110.8 |
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| Gross profit (loss) |
$ |
(126.8) |
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$ |
29.9 |
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$ |
(1.1) |
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$ |
22.2 |
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| Net income (loss) |
$ |
(2,092.0) |
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$ |
(169.7) |
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$ |
(1,635.2) |
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$ |
317.4 |
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| Net income (loss) attributable to Canopy |
$ |
(2,085.4) |
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$ |
(233.5) |
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$ |
(1,631.7) |
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$ |
319.4 |
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