Equity Method Investments (Tables)

9 Months Ended

Nov. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Our equity method investments are as follows:


	November 30, 2021				February 28, 2021
	Carrying Value		Ownership Percentage		Carrying Value		Ownership Percentage
(in millions)
Canopy Equity Method Investment (1) (2)	$	2,528.7	36.2	%	$	2,578.8	38.1	%
Other equity method investments	227.7		20%-50%		209.6		20%-50%
	$	2,756.4			$	2,788.4

(1)The fair value based on the closing price of the underlying equity security as of November 30, 2021, and February 28, 2021, was $1,527.2 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 Nine Months Ended November 30,				For the Three Months Ended November 30,
	2021		2020		2021		2020
(in millions)
Equity in earnings (losses) from Canopy and related activities	$	(39.5)	$	(421.0)	$	(4.2)	$	(12.4)

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 September 2021 and January through September 2020 in our nine months ended November 30, 2021, and November 30, 2020, results, respectively. We recognized our share of Canopy’s earnings (losses) for the periods July through September 2021 and July through September 2020 in our three months ended November 30, 2021, and November 30, 2020, results, respectively. The amounts shown represent 100% of Canopy’s reported results for the respective periods.


	For the Nine Months Ended November 30,				For the Three Months Ended November 30,
	2021		2020		2021		2020
(in millions)
Net sales	$	332.4	$	261.5	$	104.3	$	101.5
Gross profit (loss)	$	(26.6)	$	(33.0)	$	(56.5)	$	19.6
Net income (loss)	$	(182.6)	$	(1,138.7)	$	(12.9)	$	(72.5)
Net income (loss) attributable to Canopy	$	(242.2)	$	(1,055.8)	$	(8.7)	$	(24.1)