Annual report pursuant to Section 13 and 15(d)

Business Segment Information (Tables)

v3.23.1
Business Segment Information (Tables)
 12 Months Ended
Feb. 28, 2023
Segment Reporting [Abstract]  
Comparable Adjustments Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:
For the Years Ended
February 28,
2023		 February 28,
2022		 February 28,
2021
(in millions)
Cost of product sold
Settlements of undesignated commodity derivative contracts $ (76.7) $ (35.9) $ 31.6 
Net gain (loss) on undesignated commodity derivative contracts (15.0) 109.9  25.1 
Flow through of inventory step-up (4.5) (0.1) (0.4)
Strategic business development costs (1.2) (2.6) (29.8)
Net flow through of reserved inventory 1.2  12.1  — 
Recovery of (loss on) inventory write-down 0.2  (1.0) (70.4)
COVID-19 incremental costs —  —  (7.6)
Accelerated depreciation —  —  (0.1)
Comparable Adjustments, Cost of product sold (96.0) 82.4  (51.6)
For the Years Ended
February 28,
2023		 February 28,
2022		 February 28,
2021
(in millions)
Selling, general, and administrative expenses
Impairment of assets (66.5) —  (6.0)
Costs associated with the Reclassification (37.8) —  — 
Transition services agreements activity (20.5) (19.2) 0.4 
Restructuring and other strategic business development costs (9.9) 0.6  (23.9)
Transaction, integration, and other acquisition-related costs (1.4) (1.4) (7.6)
Gain (loss) on sale of business 15.0  1.7  14.2 
Net gain (loss) on foreign currency derivative contracts —  —  (8.0)
COVID-19 incremental costs —  —  (4.8)
Impairment of assets held for sale —  —  (24.0)
Other gains (losses) (1)
23.3  (2.3) 14.3 
Comparable Adjustments, Selling, general, and administrative expenses (97.8) (20.6) (45.4)
Impairment of brewery construction in progress —  (665.9) — 
Comparable Adjustments, Operating income (loss) $ (193.8) $ (604.1) $ (97.0)
(1)
 Primarily includes the following:
For the Years Ended
February 28,
2023		 February 28,
2022		 February 28,
2021
(in millions)
Decrease (increase) in estimated fair values of contingent liabilities associated with prior period acquisitions $ 12.9  $ (9.6) $ 9.7 
Gain from remeasurement of previously held equity method investments $ 5.2  $ 13.5  $ — 
Insurance recovery related to a prior severe weather event $ 5.2  $ —  $ — 
Property tax settlement $ —  $ 10.4  $ — 
Adjustment to understated excise tax accruals primarily related to a prior period acquisition $ —  $ (13.3) $ — 
Gain on sale of certain non-core assets $ —  $ —  $ 8.8 
Segment Information Segment information is as follows:
For the Years Ended
February 28,
2023		 February 28,
2022		 February 28,
2021
(in millions)
Beer
Net sales $ 7,465.0  $ 6,751.6  $ 6,074.6 
Segment operating income (loss) $ 2,861.5  $ 2,703.3  $ 2,494.3 
Capital expenditures $ 813.9  $ 849.5  $ 693.9 
Depreciation and amortization $ 285.4  $ 248.7  $ 194.7 
For the Years Ended
February 28,
2023		 February 28,
2022		 February 28,
2021
(in millions)
Wine and Spirits
Net sales:
Wine $ 1,722.7  $ 1,819.3  $ 2,208.4 
Spirits 264.9  249.8  331.9 
Net sales $ 1,987.6  $ 2,069.1  $ 2,540.3 
Segment operating income (loss) $ 453.1  $ 470.7  $ 622.4 
Income (loss) from unconsolidated investments $ 41.6  $ 34.4  $ 31.7 
Equity method investments $ 95.4  $ 97.2  $ 125.7 
Capital expenditures $ 151.8  $ 154.7  $ 107.5 
Depreciation and amortization $ 83.2  $ 80.7  $ 89.9 
Corporate Operations and Other
Segment operating income (loss) $ (277.9) $ (238.2) $ (228.6)
Income (loss) from unconsolidated investments $ (12.0) $ (3.5) $ (0.4)
Equity method investments $ 82.1  $ 88.0  $ 83.9 
Capital expenditures $ 69.7  $ 22.6  $ 63.2 
Depreciation and amortization $ 18.4  $ 13.0  $ 14.4 
Canopy
Net sales $ 339.3  $ 444.3  $ 378.6 
Segment operating income (loss) $ (2,105.9) $ (630.1) $ (1,496.0)
Capital expenditures $ 4.8  $ 50.4  $ 172.6 
Depreciation and amortization $ 72.7  $ 90.0  $ 103.3 
Consolidation and Eliminations
Net sales $ (339.3) $ (444.3) $ (378.6)
Operating income (loss) $ 2,105.9  $ 630.1  $ 1,496.0 
Income (loss) from unconsolidated investments $ (158.3) $ (178.2) $ (146.2)
Equity method investments $ 485.8  $ 2,503.5  $ 2,578.8 
Capital expenditures $ (4.8) $ (50.4) $ (172.6)
Depreciation and amortization $ (72.7) $ (90.0) $ (103.3)
Comparable Adjustments
Operating income (loss) $ (193.8) $ (604.1) $ (97.0)
Income (loss) from unconsolidated investments $ (1,907.7) $ (1,488.2) $ 265.2 
Depreciation and amortization $ —  $ —  $ 0.1 
Consolidated
Net sales $ 9,452.6  $ 8,820.7  $ 8,614.9 
Operating income (loss) $ 2,842.9  $ 2,331.7  $ 2,791.1 
Income (loss) from unconsolidated investments (1)
$ (2,036.4) $ (1,635.5) $ 150.3 
Equity method investments $ 663.3  $ 2,688.7  $ 2,788.4 
Capital expenditures $ 1,035.4  $ 1,026.8  $ 864.6 
Depreciation and amortization $ 387.0  $ 342.4  $ 299.1 
(1)
 Income (loss) from unconsolidated investments consists of:
For the Years Ended
February 28,
2023		 February 28,
2022		 February 28,
2021
(in millions)
Impairment of Canopy Equity Method Investment $ (1,060.3) $ —  $ — 
Unrealized net gain (loss) on securities measured at fair value (45.9) (1,644.7) 802.0 
Equity in earnings (losses) from Canopy and related activities (949.3) (73.6) (679.0)
Equity in earnings (losses) from other equity method investees and related activities 19.1  31.8  27.3 
Net gain (loss) on sale of unconsolidated investment —  51.0  — 
$ (2,036.4) $ (1,635.5) $ 150.3 
Geographic Data
Geographic data is as follows:
For the Years Ended
February 28,
2023		 February 28,
2022		 February 28,
2021
(in millions)
Net sales
U.S. $ 9,194.5  $ 8,585.8  $ 8,396.5 
Non-U.S. (primarily Canada and New Zealand) 258.1  234.9  218.4 
$ 9,452.6  $ 8,820.7  $ 8,614.9 

February 28,
2023		 February 28,
2022
(in millions)
Long-lived tangible assets
U.S. $ 1,150.8  $ 1,092.0 
Non-U.S. (primarily Mexico) 5,714.4  4,967.6 
$ 6,865.2  $ 6,059.6