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Business Segment Information (Tables) | 6 Months Ended
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Aug. 31, 2023
Segment Reporting [Abstract] |
Comparable adjustments | 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 | 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) |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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