Business Segment Information (Tables)

6 Months Ended

Aug. 31, 2024

Segment Reporting [Abstract]

Comparable adjustments

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

	For the Six Months Ended August 31,				For the Three Months Ended August 31,
	2024		2023		2024		2023
(in millions)
Cost of product sold
Settlements of undesignated commodity derivative contracts	$	15.5	$	6.2	$	7.0	$	5.6
Net gain (loss) on undesignated commodity derivative contracts	(9.7)		(15.6)		(24.3)		19.1
Flow through of inventory step-up	(2.4)		(1.5)		(1.3)		(0.8)
Comparable Adjustments, Cost of product sold	3.4		(10.9)		(18.6)		23.9
Selling, general, and administrative expenses
Restructuring and other strategic business development costs	(26.3)		(18.3)		(24.5)		(3.4)
Transition services agreements activity	(7.6)		(12.7)		(4.8)		(7.0)
Transaction, integration, and other acquisition-related costs	(0.8)		(0.6)		(0.6)		(0.3)
Other gains (losses) (1)	(20.3)		(9.1)		(20.7)		(2.3)
Comparable Adjustments, Selling, general, and administrative expenses	(55.0)		(40.7)		(50.6)		(13.0)
Goodwill impairment	(2,250.0)		—		(2,250.0)		—
Comparable Adjustments, Operating income (loss)	$	(2,301.6)	$	(51.6)	$	(2,319.2)	$	10.9

(1)	Primarily includes the following:
		For the Six Months Ended August 31,				For the Three Months Ended August 31,
		2024		2023		2024		2023
	(in millions)
	Net loss on foreign currency as a result of the resolution of various tax examinations and assessments	$	(20.7)	$	—	$	(20.7)	$	—
	Gain (loss) on sale of business	$	—	$	(14.9)	$	—	$	(7.9)
	Recognition of a previously deferred gain upon release of a related indemnity	$	—	$	5.6	$	—	$	5.6

Segment information

Segment information is as follows:

	For the Six Months Ended August 31,				For the Three Months Ended August 31,
	2024		2023		2024		2023
(in millions)
Beer
Net sales	$	4,803.0	$	4,491.3	$	2,530.2	$	2,392.7
Segment operating income (loss)	$	2,000.7	$	1,751.7	$	1,077.7	$	953.9
Capital expenditures	$	571.6	$	440.3	$	257.2	$	234.7
Depreciation and amortization	$	168.9	$	160.2	$	82.5	$	81.4
Wine and Spirits
Net sales:
Wine	$	665.5	$	744.9	$	336.2	$	383.9
Spirits	112.2		115.5		52.5		60.2
Net sales	$	777.7	$	860.4	$	388.7	$	444.1
Segment operating income (loss)	$	130.2	$	160.0	$	70.5	$	80.7
Income (loss) from unconsolidated investments	$	5.8	$	10.6	$	5.4	$	8.3
Equity method investments	$	106.7	$	104.4	$	106.7	$	104.4
Capital expenditures	$	90.6	$	77.5	$	41.0	$	38.9
Depreciation and amortization	$	42.8	$	45.6	$	21.5	$	23.1
Corporate Operations and Other
Segment operating income (loss)	$	(117.1)	$	(116.7)	$	(58.4)	$	(66.8)
Income (loss) from unconsolidated investments	$	(3.8)	$	(54.4)	$	(2.1)	$	(21.1)
Equity method investments	$	22.0	$	172.7	$	22.0	$	172.7
Capital expenditures	$	40.9	$	64.2	$	29.6	$	31.4
Depreciation and amortization	$	9.8	$	8.6	$	5.6	$	4.2
Comparable Adjustments
Operating income (loss)	$	(2,301.6)	$	(51.6)	$	(2,319.2)	$	10.9
Income (loss) from unconsolidated investments	$	78.8	$	(391.8)	$	(4.5)	$	(7.4)
Consolidated
Net sales	$	5,580.7	$	5,351.7	$	2,918.9	$	2,836.8
Operating income (loss)	$	(287.8)	$	1,743.4	$	(1,229.4)	$	978.7
Income (loss) from unconsolidated investments (1)	$	80.8	$	(435.6)	$	(1.2)	$	(20.2)
Equity method investments	$	128.7	$	277.1	$	128.7	$	277.1
Capital expenditures	$	703.1	$	582.0	$	327.8	$	305.0
Depreciation and amortization	$	221.5	$	214.4	$	109.6	$	108.7

(1)	Income (loss) from unconsolidated investments consists of:
			For the Six Months Ended August 31,				For the Three Months Ended August 31,
			2024		2023		2024		2023
		(in millions)
		Net gain on conversion and exchange to Exchangeable Shares (i)	$	83.3	$	—	$	—	$	—
		Equity in earnings (losses) from other equity method investees and related activities	2.1		6.4		3.4		6.7
		Equity in earnings (losses) from Canopy and related activities	—		(231.8)		—		(12.0)
		Impairment of equity method investments	(2.1)		(135.8)		(2.1)		(12.3)
		Unrealized net gain (loss) on securities measured at fair value (i)	(2.5)		(74.4)		(2.5)		(2.6)
			$	80.8	$	(435.6)	$	(1.2)	$	(20.2)

(i)Effective as of May 31, 2023, we determined that the 2023 Canopy Promissory Note did not have future economic value given the substantial doubt about Canopy’s ability to continue as a going concern, as disclosed by Canopy, prior to the maturity of the note. Accordingly, the fair value of the remaining balance for this instrument was determined to be zero. In April 2024, we exchanged the 2023 Canopy Promissory Note for Exchangeable Shares.