Business Segment Information (Tables)

6 Months Ended

Aug. 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 Six Months Ended August 31,				For the Three Months Ended August 31,
	2025		2024		2025		2024
(in millions)
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts	$	(4.7)	$	(9.7)	$	13.0	$	(24.3)
Flow through of inventory step-up	(1.7)		(2.4)		(0.8)		(1.3)
Strategic business development costs	(1.6)		—		(1.2)		—
Settlements of undesignated commodity derivative contracts	6.7		15.5		4.2		7.0
Comparable Adjustments, Cost of product sold	(1.3)		3.4		15.2		(18.6)
Selling, general, and administrative expenses
2025 Restructuring Initiative	(21.6)		—		(8.3)		—
Transition services agreements activity	(15.5)		(7.6)		(10.0)		(4.8)
Strategic business reconfiguration costs	(5.2)		(26.3)		—		(24.5)
Gain (loss) on sale of business	(16.3)		—		(14.9)		—
Other gains (losses) (i)	3.7		(21.1)		5.8		(21.3)
Comparable Adjustments, selling, general, and administrative expenses	(54.9)		(55.0)		(27.4)		(50.6)
Goodwill impairment	—		(2,250.0)		—		(2,250.0)
Asset impairment and related expenses	(52.1)		—		—		—
Comparable Adjustments, Operating income (loss)	$	(108.3)	$	(2,301.6)	$	(12.2)	$	(2,319.2)

(i)Primarily includes the following:

	For the Six Months Ended August 31,				For the Three Months Ended August 31,
	2025		2024		2025		2024
(in millions)
Gain (loss) on sale of assets	$	4.1	$	—	$	4.1	$	—
Net loss on foreign currency as a result of the resolution of various tax examinations and assessments	$	—	$	(20.7)	$	—	$	(20.7)

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 Six Months Ended August 31, 2025
Net sales	$	4,579.5		$	416.5		$	—	$	4,996.0
Cost of product sold (1)	(2,152.5)			(265.6)			—
Marketing	(391.2)			(54.9)			—
% Net sales	8.5		%	13.2		%
General and administrative expenses (1)	(210.8)			(121.8)			(103.1)
Comparable operating income (loss) (1)	1,825.0			(25.8)			(103.1)		1,696.1
Operating margin	39.9		%	(6.2)		%
Comparable adjustments (2)									(108.3)
Operating income (loss)									1,587.8
Income (loss) from unconsolidated investments (3)									(7.0)
Interest expense, net (4)									(186.5)
Income (loss) before income taxes									$	1,394.3
Capital expenditures	$	370.2		$	37.5		$	2.4	$	410.1
Depreciation and amortization	$	159.4		$	36.5		$	12.7	$	208.6
% Net sales	3.5		%	8.8		%
For the Six Months Ended August 31, 2024
Net sales	$	4,803.0		$	777.7		$	—	$	5,580.7
Cost of product sold (1)	(2,223.5)			(445.0)			—
Marketing	(383.8)			(76.9)			—
% Net sales	8.0		%	9.9		%
General and administrative expenses (1)	(195.0)			(125.6)			(117.1)
Comparable operating income (loss) (1)	2,000.7			130.2			(117.1)		2,013.8
Operating margin	41.7		%	16.7		%
Comparable adjustments (2)									(2,301.6)
Operating income (loss)									(287.8)
Income (loss) from unconsolidated investments (3)									80.8
Interest expense, net (4)									(206.8)
Income (loss) before income taxes									$	(413.8)

	Beer			Wine and Spirits			Corporate Operations and Other		Consolidated
(in millions)
Capital expenditures	$	571.6		$	90.6		$	40.9	$	703.1
Depreciation and amortization	$	168.9		$	42.8		$	9.8	$	221.5
% Net sales	3.5		%	5.5		%
For the Three Months Ended August 31, 2025
Net sales	$	2,345.0		$	136.0		$	—	$	2,481.0
Cost of product sold (1)	(1,105.0)			(81.2)			—
Marketing	(190.7)			(20.0)			—
% Net sales	8.1		%	14.7		%
General and administrative expenses (1)	(97.7)			(54.6)			(45.6)
Comparable operating income (loss) (1)	951.6			(19.8)			(45.6)		886.2
Operating margin	40.6		%	(14.6)		%
Comparable adjustments (2)									(12.2)
Operating income (loss)									874.0
Income (loss) from unconsolidated investments (3)									(3.5)
Interest expense, net (4)									(87.6)
Income (loss) before income taxes									$	782.9
Capital expenditures	$	197.0		$	19.5		$	0.8	$	217.3
Depreciation and amortization	$	82.6		$	14.3		$	6.2	$	103.1
% Net sales	3.5		%	10.5		%
For the Three Months Ended August 31, 2024
Net sales	$	2,530.2		$	388.7		$	—	$	2,918.9
Cost of product sold (1)	(1,163.8)			(224.7)			—
Marketing	(193.5)			(36.0)			—
% Net sales	7.6		%	9.3		%
General and administrative expenses (1)	(95.2)			(57.5)			(58.4)
Comparable operating income (loss) (1)	1,077.7			70.5			(58.4)		1,089.8
Operating margin	42.6		%	18.1		%
Comparable adjustments (2)									(2,319.2)
Operating income (loss)									(1,229.4)
Income (loss) from unconsolidated investments (3)									(1.2)
Interest expense, net (4)									(104.0)
Income (loss) before income taxes									$	(1,334.6)
Capital expenditures	$	257.2		$	41.0		$	29.6	$	327.8
Depreciation and amortization	$	82.5		$	21.5		$	5.6	$	109.6
% Net sales	3.3		%	5.5		%

(3)Income (loss) from unconsolidated investments consists of:

	For the Six Months Ended August 31,				For the Three Months Ended August 31,
	2025		2024		2025		2024
(in millions)
Equity in earnings (losses) from equity method investees and related activities	$	(0.5)	$	2.1	$	3.0	$	3.4
Net gain in connection with Exchangeable Shares	—		83.3		—		—
Impairment of equity method investments	(1.5)		(2.1)		(1.5)		(2.1)
Unrealized net gain (loss) on securities measured at fair value	(5.0)		(2.5)		(5.0)		(2.5)
	$	(7.0)	$	80.8	$	(3.5)	$	(1.2)

(4)Interest expense, net consists of:

	For the Six Months Ended August 31,				For the Three Months Ended August 31,
	2025		2024		2025		2024
(in millions)
Interest expense	$	(189.6)	$	(210.6)	$	(89.0)	$	(105.8)
Interest income	4.1		3.8		2.4		1.8
Loss on extinguishment of debt	(1.0)		—		(1.0)		—
	$	(186.5)	$	(206.8)	$	(87.6)	$	(104.0)