Other Assets

12 Months Ended

Feb. 28, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

The major components of other assets are as follows:


	February 28, 2026		February 28, 2025
(in millions)

Operating lease right-of-use asset	$	582.4	$	545.7
Income taxes receivable	188.6		135.5
Derivative assets	186.4		41.6
Equity method investments	128.8		124.5

Other investments in debt and equity securities	69.1		60.3
Exchangeable Shares	21.2		21.2
Other	159.6		132.9
	$	1,336.1	$	1,061.7

Equity method investments

We acquired several investments which are being accounted for under the equity method, largely in connection with prior Wine and Spirits segment acquisitions. The primary investment consists of Opus One Winery, a 50% owned joint venture arrangement.

Other investments in debt and equity securities

We have multiple investments through our corporate venture capital function in debt and equity securities. As of February 28, 2025, we evaluated certain investments, primarily driven by business underperformance and solvency concerns, and concluded they should be written down to zero resulting in a loss of $47.9 million. This loss on securities measured at fair value was included in income (loss) from unconsolidated investments within our consolidated results for the year ended February 28, 2025.

Exchangeable Shares

We own 26.3 million Exchangeable Shares. As of November 30, 2024, we evaluated our Exchangeable Shares for impairment primarily due to the business and industry factors that led to the decline in Canopy’s common share price since the April 2024 conversion of our then-existing Canopy common shares and exchange of a portion of the principal amount of a then-existing promissory note issued to us by Canopy for Exchangeable Shares. We concluded that an impairment did exist and wrote down our Exchangeable Shares to their estimated fair value. Due to the continued decline in Canopy’s common share price, as of February 28, 2025, we evaluated the Exchangeable Shares for an additional impairment. We concluded an impairment did exist, and accordingly, the Exchangeable Shares with a

$97.3 million carrying value at the April 2024 date of conversion and exchange were written down to $21.2 million, their estimated fair value as of February 28, 2025, resulting in a $76.1 million total impairment. The estimated fair values were determined using the same valuation model as of the date of conversion and exchange as noted below.

Following the April 2024 conversion and exchange, we recognized a net gain of $83.3 million based on the fair value of our Exchangeable Shares. The fair value of our Exchangeable Shares on the date of the conversion and exchange was estimated using a valuation model based primarily on the following inputs: (i) Canopy’s common share price, (ii) the expected volatility of Canopy’s common shares, and (iii) the probability and timing of U.S. federal legalization of recreational cannabis. As Exchangeable Shares are an equity security without a readily determinable fair value, we elected to account for our Exchangeable Shares under the measurement alternative method.

We recognized a total net gain of $7.2 million in income (loss) from unconsolidated investments in connection with our Exchangeable Shares activity for the year ended February 28, 2025. Future impairments, if any, will also be reported in income (loss) from unconsolidated investments within our consolidated results.