Business Segment Information (Tables)

6 Months Ended

Aug. 31, 2023

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,
	2023		2022		2023		2022
(in millions)
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts	$	(15.6)	$	33.1	$	19.1	$	(15.4)
Flow through of inventory step-up	(1.5)		(1.9)		(0.8)		(0.9)
Settlements of undesignated commodity derivative contracts	6.2		(54.6)		5.6		(31.3)

Net flow through of reserved inventory	—		1.2		—		1.2
Recovery of (loss on) inventory write-down	—		0.2		—		—



Comparable Adjustments, Cost of product sold	(10.9)		(22.0)		23.9		(46.4)

Selling, general, and administrative expenses
Restructuring and other strategic business development costs	(18.3)		(2.6)		(3.4)		(1.2)
Transition services agreements activity	(12.7)		(7.9)		(7.0)		(4.5)
Transaction, integration, and other acquisition-related costs	(0.6)		(0.7)		(0.3)		(0.5)
Costs associated with the Reclassification	0.2		(21.3)		—		(20.6)





Other gains (losses) (1)	(9.3)		8.8		(2.3)		3.6
Comparable Adjustments, Selling, general, and administrative expenses	(40.7)		(23.7)		(13.0)		(23.2)





Comparable Adjustments, Operating income (loss)	$	(51.6)	$	(45.7)	$	10.9	$	(69.6)


(1)	Primarily includes the following:
		For the Six Months Ended August 31,				For the Three Months Ended August 31,
		2023		2022		2023		2022
	(in millions)
	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	$	—
	Gain from remeasurement of previously held equity method investments	$	—	$	5.2	$	—	$	—

	Decreases in estimated fair values of contingent liabilities associated with prior period acquisitions	$	—	$	4.4	$	—	$	4.4

Segment information is as follows:


	For the Six Months Ended August 31,				For the Three Months Ended August 31,
	2023		2022		2023		2022
(in millions)
Beer
Net sales	$	4,491.3	$	4,037.5	$	2,392.7	$	2,139.3
Segment operating income (loss)	$	1,751.7	$	1,628.4	$	953.9	$	865.6


Capital expenditures	$	440.3	$	357.8	$	234.7	$	196.0
Depreciation and amortization	$	160.2	$	135.2	$	81.4	$	67.0


	For the Six Months Ended August 31,				For the Three Months Ended August 31,
	2023		2022		2023		2022
(in millions)
Wine and Spirits
Net sales:
Wine	$	744.9	$	846.1	$	383.9	$	442.0
Spirits	115.5		134.7		60.2		73.8
Net sales	$	860.4	$	980.8	$	444.1	$	515.8
Segment operating income (loss)	$	160.0	$	190.4	$	80.7	$	99.4
Income (loss) from unconsolidated investments	$	10.6	$	4.9	$	8.3	$	3.4

Equity method investments	$	104.4	$	100.5	$	104.4	$	100.5

Capital expenditures	$	77.5	$	51.6	$	38.9	$	21.8
Depreciation and amortization	$	45.6	$	43.3	$	23.1	$	21.0

Corporate Operations and Other
Segment operating income (loss)	$	(116.7)	$	(143.6)	$	(66.8)	$	(82.3)
Income (loss) from unconsolidated investments	$	(54.4)	$	(91.0)	$	(21.1)	$	(37.0)

Equity method investments	$	172.7	$	732.9	$	172.7	$	732.9

Capital expenditures	$	64.2	$	25.6	$	31.4	$	20.6
Depreciation and amortization	$	8.6	$	6.9	$	4.2	$	3.7



















Comparable Adjustments

Operating income (loss)	$	(51.6)	$	(45.7)	$	10.9	$	(69.6)
Income (loss) from unconsolidated investments	$	(391.8)	$	(1,820.9)	$	(7.4)	$	(1,685.5)


Consolidated
Net sales	$	5,351.7	$	5,018.3	$	2,836.8	$	2,655.1
Operating income (loss)	$	1,743.4	$	1,629.5	$	978.7	$	813.1
Income (loss) from unconsolidated investments (1)	$	(435.6)	$	(1,907.0)	$	(20.2)	$	(1,719.1)

Equity method investments	$	277.1	$	833.4	$	277.1	$	833.4

Capital expenditures	$	582.0	$	435.0	$	305.0	$	238.4
Depreciation and amortization	$	214.4	$	185.4	$	108.7	$	91.7


(1)	Income (loss) from unconsolidated investments consists of:
			For the Six Months Ended August 31,				For the Three Months Ended August 31,
			2023		2022		2023		2022
		(in millions)
		Impairment of equity method investments	$	(135.8)	$	(1,060.3)	$	(12.3)	$	(1,060.3)
		Unrealized net gain (loss) on securities measured at fair value	(74.4)		(31.7)		(2.6)		(9.3)
		Equity in earnings (losses) from Canopy and related activities	(231.8)		(815.7)		(12.0)		(650.7)
		Equity in earnings (losses) from other equity method investees and related activities	6.4		0.7		6.7		1.2


			$	(435.6)	$	(1,907.0)	$	(20.2)	$	(1,719.1)