Business Segment Information (Tables)

3 Months Ended

May 31, 2021

Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:


	For the Three Months Ended May 31,
	2021		2020
(in millions)
Cost of product sold

Net gain (loss) on undesignated commodity derivative contracts	$	24.1	$	(26.8)
Settlements of undesignated commodity derivative contracts	(3.4)		10.4
Strategic business development costs	(2.6)		(24.3)
COVID-19 incremental costs	—		(4.6)



Total cost of product sold	18.1		(45.3)

Selling, general, and administrative expenses
Restructuring and other strategic business development costs	(0.9)		(3.1)
Net gain (loss) on foreign currency derivative contracts	—		(8.0)
COVID-19 incremental costs	—		(6.5)
Transaction, integration, and other acquisition-related costs	—		(0.8)


Other gains (losses) (1)	1.0		7.4
Total selling, general, and administrative expenses	0.1		(11.0)

Impairment of brewery construction in progress	(665.9)		—
Impairment of assets held for sale	—		(25.0)


Comparable Adjustments, Operating income (loss)	$	(647.7)	$	(81.3)

(1)The three months ended May 31, 2020, primarily includes a gain of $8.8 million in connection with a vineyard sale.

Segment information is as follows:


	For the Three Months Ended May 31,
	2021		2020
(in millions)
Beer
Net sales	$	1,572.0	$	1,384.1
Segment operating income (loss)	$	673.1	$	577.8


Capital expenditures	$	85.8	$	108.3
Depreciation and amortization	$	54.0	$	44.3


	For the Three Months Ended May 31,
	2021		2020
(in millions)
Wine and Spirits
Net sales:
Wine	$	397.7	$	499.6
Spirits	56.8		79.7
Net sales	$	454.5	$	579.3
Segment operating income (loss)	$	104.2	$	164.0
Income (loss) from unconsolidated investments	$	1.3	$	3.5

Equity method investments (1)	$	128.0	$	121.9

Capital expenditures	$	25.7	$	9.5
Depreciation and amortization	$	19.9	$	22.5

Corporate Operations and Other
Segment operating income (loss)	$	(54.5)	$	(50.5)
Income (loss) from unconsolidated investments	$	(0.6)	$	0.2

Equity method investments	$	91.9	$	96.3

Capital expenditures	$	2.4	$	26.4
Depreciation and amortization	$	3.3	$	5.6

Canopy
Net sales	$	117.3	$	80.3
Segment operating income (loss)	$	(184.2)	$	(733.2)


Capital expenditures	$	21.0	$	70.0
Depreciation and amortization	$	22.9	$	30.1

Consolidation and Eliminations
Net sales	$	(117.3)	$	(80.3)
Operating income (loss)	$	184.2	$	733.2
Income (loss) from unconsolidated investments	$	(44.3)	$	(31.7)

Equity method investments	$	2,436.8	$	2,667.5

Capital expenditures	$	(21.0)	$	(70.0)
Depreciation and amortization	$	(22.9)	$	(30.1)

Comparable Adjustments

Operating income (loss)	$	(647.7)	$	(81.3)
Income (loss) from unconsolidated investments	$	(855.6)	$	(543.2)


Consolidated
Net sales	$	2,026.5	$	1,963.4
Operating income (loss)	$	75.1	$	610.0
Income (loss) from unconsolidated investments (2)	$	(899.2)	$	(571.2)

Equity method investments (1)	$	2,656.7	$	2,885.7

Capital expenditures	$	113.9	$	144.2
Depreciation and amortization	$	77.2	$	72.4

(1)

Equity method investments balance at May 31, 2020, exclude amounts reclassified to assets held for sale.


(2)	Income (loss) from unconsolidated investments consists of:
			For the Three Months Ended May 31,
			2021		2020
		(in millions)
		Unrealized net gain (loss) on securities measured at fair value	$	(745.1)	$	(197.3)
		Equity in earnings (losses) from Canopy and related activities	(155.8)		(377.6)
		Equity in earnings (losses) from other equity method investees	1.7		3.7


			$	(899.2)	$	(571.2)