Business Segment Information (Tables)

3 Months Ended

May 31, 2025

Segment Reporting [Abstract]

Comparable adjustments

Amounts are determined and presented on a non-GAAP basis and are intended to reflect our core operations.

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

	For the Three Months Ended May 31,
	2025		2024
(in millions)
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts	$	(17.7)	$	14.6
Flow through of inventory step-up	(0.9)		(1.1)
Strategic business development costs	(0.4)		—
Settlements of undesignated commodity derivative contracts	2.5		8.5
Comparable Adjustments, Cost of product sold	(16.5)		22.0
Selling, general, and administrative expenses
2025 Restructuring Initiative	(13.3)		—
Transition services agreements activity	(5.5)		(2.8)
Strategic business reconfiguration costs	(5.2)		(1.8)
Transaction, integration, and other acquisition-related costs	(2.1)		(0.2)
Other gains (losses) (i)	(1.4)		0.4
Comparable Adjustments, selling, general, and administrative expenses	(27.5)		(4.4)
Assets held for sale impairment and related expenses	(52.1)		—
Comparable Adjustments, Operating income (loss)	$	(96.1)	$	17.6

(i)	Primarily includes the following:
		For the Three Months Ended May 31,
		2025		2024
	(in millions)
	Gain (loss) on sale of business	$	(1.4)	$	—

Segment information

The accounting policies of the segments are the same as those described for the Company in Note 1 of our consolidated financial statements included in our 2025 Annual Report. Segment information is as follows:

	Beer			Wine and Spirits			Corporate Operations and Other		Consolidated
(in millions)
For the Three Months Ended May 31, 2025
Net sales	$	2,234.5		$	280.5		$	—	$	2,515.0
Cost of product sold (1)	(1,047.5)			(184.4)			—
Marketing	(200.5)			(34.9)			—
% Net sales	9.0		%	12.4		%
General and administrative expenses (1)	(113.1)			(67.2)			(57.5)
Comparable operating income (loss) (1)	873.4			(6.0)			(57.5)		809.9
Operating margin	39.1		%	(2.1)		%
Comparable adjustments (2)									(96.1)
Operating income (loss)									713.8
Income (loss) from unconsolidated investments (3)									(3.5)
Interest expense, net (4)									(98.9)
Income (loss) before income taxes									$	611.4

	Beer			Wine and Spirits			Corporate Operations and Other		Consolidated
(in millions)
Capital expenditures	$	173.2		$	18.0		$	1.6	$	192.8
Depreciation and amortization	$	76.8		$	22.2		$	6.5	$	105.5
% Net sales	3.4		%	7.9		%
For the Three Months Ended May 31, 2024
Net sales	$	2,272.8		$	389.0		$	—	$	2,661.8
Cost of product sold (1)	(1,059.7)			(220.3)			—
Marketing	(190.3)			(40.9)			—
% Net sales	8.4		%	10.5		%
General and administrative expenses (1)	(99.8)			(68.1)			(58.7)
Comparable operating income (loss) (1)	923.0			59.7			(58.7)		924.0
Operating margin	40.6		%	15.3		%
Comparable adjustments (2)									17.6
Operating income (loss)									941.6
Income (loss) from unconsolidated investments (3)									82.0
Interest expense, net (4)									(102.8)
Income (loss) before income taxes									$	920.8
Capital expenditures	$	314.4		$	49.6		$	11.3	$	375.3
Depreciation and amortization	$	86.4		$	21.3		$	4.2	$	111.9
% Net sales	3.8		%	5.5		%

(3)	Income (loss) from unconsolidated investments consists of:
			For the Three Months Ended May 31,
			2025		2024
		(in millions)
		Equity in earnings (losses) from equity method investees and related activities	$	(3.5)	$	(1.3)
		Net gain in connection with Exchangeable Shares	—		83.3
			$	(3.5)	$	82.0
(4)	Interest expense, net consists of:
			For the Three Months Ended May 31,
			2025		2024
		(in millions)
		Interest expense	$	(100.6)	$	(104.8)
		Interest income	1.7		2.0
			$	(98.9)	$	(102.8)