Equity Method Investments (Tables)

6 Months Ended

Aug. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Our equity method investments are as follows:


	August 31, 2021				February 28, 2021
	Carrying Value		Ownership Percentage		Carrying Value		Ownership Percentage
(in millions)
Canopy Equity Method Investment (1) (2)	$	2,580.2	36.2	%	$	2,578.8	38.1	%
Other equity method investments	238.8		20%-50%		209.6		20%-50%
	$	2,819.0			$	2,788.4

(1)The fair value based on the closing price of the underlying equity security as of August 31, 2021, and February 28, 2021, was $2,448.1 million and $4,679.3 million, respectively.

(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
	142.3	$	3,044.3

Amounts included in our consolidated results of operations for each period are as follows:


	For the Six Months Ended August 31,				For the Three Months Ended August 31,
	2021		2020		2021		2020
(in millions)
Equity in earnings (losses) from Canopy and related activities	$	(35.3)	$	(408.6)	$	120.5	$	(31.0)

The following table presents summarized financial information for Canopy prepared in accordance with U.S. GAAP. We recognize our equity in earnings (losses) for Canopy on a two-month lag. Accordingly, we recognized our share of Canopy’s earnings (losses) for the periods January through June 2021 and January through June 2020 in our six months ended August 31, 2021, and August 31, 2020, results, respectively. We recognized our share of Canopy’s earnings (losses) for the periods April through June 2021 and April through June 2020 in our three months ended August 31, 2021, and August 31, 2020, results, respectively. The amounts shown represent 100% of Canopy’s reported results for the respective periods.


	For the Six Months Ended August 31,				For the Three Months Ended August 31,
	2021		2020		2021		2020
(in millions)
Net sales	$	228.1	$	160.0	$	110.8	$	79.7
Gross profit (loss)	$	29.9	$	(52.6)	$	22.2	$	4.7
Net income (loss)	$	(169.7)	$	(1,066.2)	$	317.4	$	(92.6)
Net income (loss) attributable to Canopy	$	(233.5)	$	(1,031.7)	$	319.4	$	(78.3)