| Equity method investments |
Our equity method investments are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28, 2023 |
|
February 28, 2022 |
|
Carrying Value |
|
Ownership Percentage |
|
Carrying Value |
|
Ownership Percentage |
| (in millions) |
|
|
|
|
|
|
|
Canopy Equity Method Investment (1) (2)
|
$ |
485.8 |
|
|
34.7 |
% |
|
$ |
2,503.5 |
|
|
36.1 |
% |
| Other equity method investments |
177.5 |
|
|
20%-50% |
|
185.2 |
|
|
20%-50% |
|
$ |
663.3 |
|
|
|
|
$ |
2,688.7 |
|
|
|
(1)The fair value based on the closing price of the underlying equity security as of February 28, 2023, and February 28, 2022, was $398.4 million and $1,014.8 million, respectively. The balance at February 28, 2023, 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
July 2022 Canopy Investment (i)
|
29.2 |
|
|
76.8 |
|
|
|
|
|
|
|
171.5 |
|
|
$ |
3,121.1 |
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28,
2023 |
|
February 28,
2022 |
|
February 28,
2021 |
| (in millions) |
|
|
|
|
|
Equity in earnings (losses) from Canopy and related activities (1)
|
$ |
(949.3) |
|
|
$ |
(73.6) |
|
|
$ |
(679.0) |
|
(1)Includes a $461.4 million goodwill impairment related to Canopy’s cannabis operations and $359.6 million of costs designed to improve Canopy’s organizational focus, streamline operations, and align production capability with projected demand for the years ended February 28, 2023, and February 28, 2021, respectively.
The amounts shown represent 100% of Canopy’s financial position and results of operations for the respective periods.
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28, 2023 |
|
February 28, 2022 |
| (in millions) |
|
|
|
| Current assets |
$ |
865.4 |
|
|
$ |
1,573.3 |
|
| Noncurrent assets |
$ |
1,362.9 |
|
|
$ |
3,419.2 |
|
| Current liabilities |
$ |
500.8 |
|
|
$ |
189.3 |
|
| Noncurrent liabilities |
$ |
665.2 |
|
|
$ |
1,470.4 |
|
| Noncontrolling interests |
$ |
2.1 |
|
|
$ |
3.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28,
2023 |
|
February 28,
2022 |
|
February 28,
2021 |
| (in millions) |
|
|
|
|
|
| Net sales |
$ |
339.3 |
|
|
$ |
444.3 |
|
|
$ |
378.6 |
|
| Gross profit (loss) |
$ |
(125.7) |
|
|
$ |
(18.6) |
|
|
$ |
(14.1) |
|
| Net income (loss) |
$ |
(2,466.0) |
|
|
$ |
(274.3) |
|
|
$ |
(1,775.3) |
|
| Net income (loss) attributable to Canopy |
$ |
(2,447.9) |
|
|
$ |
328.7 |
|
|
$ |
(1,750.0) |
|
|