Acquisitions, Divestitures, and Business Transformation (Tables)

12 Months Ended

Feb. 28, 2021

Business Combinations [Abstract]

Components of gain (loss) on sale of businesses and assets held for sale

The following table summarizes the net gain recognized in connection with this divestiture for the year ended February 28, 2021:

(in millions)
Cash received from buyer	$	267.4
Net assets sold	(201.3)
Contract termination	(4.0)
Direct costs to sell	(3.2)
Gain on sale of business	$	58.9

The following table summarizes the net loss recognized in connection with these divestitures for the year ended February 28, 2021:

(in millions)
Cash received from buyer	$	667.4
Net assets sold	(671.7)
Transition services agreements	(13.0)
Direct costs to sell	(8.1)
AOCI reclassification adjustments, primarily foreign currency translation	(5.1)
Other	(5.2)
Loss on sale of business	$	(35.7)

The following table summarizes the net gain recognized in connection with this divestiture:

(in millions)
Cash received from buyer	$	266.7
Net assets sold	(213.3)
AOCI reclassification adjustments, primarily foreign currency translation	20.9
Direct costs to sell	(3.8)
Gain on sale of business	$	70.5

The carrying value of assets held for sale consisted of the following:

	February 29, 2020
	Beer		Wine and Spirits		Consolidated
(in millions)
Assets
Accounts receivable	$	2.4	$	—	$	2.4
Inventories	13.7		576.9		590.6
Prepaid expenses and other	2.8		32.7		35.5
Assets held for sale - current	18.9		609.6		628.5

	February 29, 2020
	Beer		Wine and Spirits		Consolidated
(in millions)
Property, plant, and equipment	55.9		172.6		228.5
Goodwill	4.7		304.3		309.0
Intangible assets	28.2		384.0		412.2
Equity method investments	—		1.0		1.0
Other assets	24.8		26.3		51.1
Less: Reserve for assets held for sale	(42.7)		(407.0)		(449.7)
Assets held for sale	70.9		481.2		552.1
Liabilities
Accounts payable	0.2		0.6		0.8
Other accrued expenses and liabilities	11.0		17.8		28.8
Deferred income taxes and other liabilities	33.3		—		33.3
Liabilities held for sale (1)	44.5		18.4		62.9
Net assets held for sale	$	45.3	$	1,072.4	$	1,117.7

(1)Liabilities held for sale are included in the Consolidated Balance Sheet as of February 29, 2020, within the respective liability line items noted above.

Components of wine and spirits optimization

We recognized restructuring and other strategic business development costs in connection with our business transformation strategy which aligns our portfolio with consumer-led premiumization trends within the Wine and Spirits segment as follows:

		For the Years Ended
	Results of Operations Location	February 28, 2021		February 29, 2020
(in millions)
Contract termination costs	Cost of product sold	$	20.9	$	20.1
Loss on inventory write-downs	Cost of product sold	4.7		102.9
Employee termination costs	Selling, general, and administrative expenses	4.1		12.5
Other costs	Selling, general, and administrative expenses	9.7		8.4
Impairment of long-lived assets	Impairment of assets held for sale	24.0		407.0
		$	63.4	$	550.9