Annual report pursuant to Section 13 and 15(d)

Property, Plant, and Equipment

v3.21.1
Property, Plant, and Equipment
 12 Months Ended
Feb. 28, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT, AND EQUIPMENT PROPERTY, PLANT, AND EQUIPMENT
The major components of property, plant, and equipment are as follows:
February 28,
2021
February 29, 2020 (1)
(in millions)
Land and land improvements $ 434.0  $ 440.2 
Vineyards 226.0  215.8 
Buildings and improvements 983.4  975.1 
Machinery and equipment 3,696.9  3,627.9 
Motor vehicles 131.3  109.5 
Construction in progress (2)
2,084.2  1,422.7 
7,555.8  6,791.2 
Less – Accumulated depreciation (1,734.2) (1,458.2)
$ 5,821.6  $ 5,333.0 
(1)The property, plant, and equipment balance at February 29, 2020, excludes amounts reclassified to assets held for sale.
(2)Interest costs incurred during the expansion, construction, and optimization of facilities are capitalized to construction in progress. We capitalized interest costs of $31.5 million, $37.2 million, and $23.1 million for the years ended February 28, 2021, February 29, 2020, and February 28, 2019, respectively, primarily due to the Mexico Beer Projects.

Mexicali Brewery
In fiscal 2017, we began construction of the Mexicali Brewery. In March 2020, a public consultation was held on the construction of the Mexicali Brewery. Following the negative result of the public consultation, we are in discussions with government officials in Mexico regarding next steps for our brewery construction project and options elsewhere in the country. We intend to continue working with government officials to mutually agree upon a path forward. As of February 28, 2021, we have suspended all Mexicali Brewery construction activities and have approximately $710 million of capitalized fixed assets remaining at the location. In addition to the capitalized costs, we have incurred other expenses in establishing the Mexicali Brewery. See Note 23 for further discussion.