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Income Taxes (Tables)

12 Months Ended

Feb. 28, 2026

Income Tax Disclosure [Abstract]

Income (loss) before income taxes

Income (loss) before income taxes was generated as follows:

			For the Years Ended
			February 28, 2026						February 28, 2025						February 29, 2024
(in millions)
Domestic			$	(83.9)					$	(2,633.0)					$	(140.2)
Foreign			2,461.7						2,550.2						2,362.0
			$	2,377.8					$	(82.8)					$	2,221.8

Components of income tax provision (benefit)

The income tax provision (benefit) consisted of the following:

			For the Years Ended
			February 28, 2026						February 28, 2025						February 29, 2024
(in millions)
Current
Federal			$	161.7					$	16.7					$	152.6
State			15.9						25.9						16.4
Foreign			(67.1)						116.0						139.7
Total current			110.5						158.6						308.7
Deferred
Federal			94.9						(436.4)						27.7
State			19.2						(73.1)						(19.0)
Foreign			396.4						299.2						139.2
Total deferred			510.5						(210.3)						147.9
Income tax provision (benefit)			$	621.0					$	(51.7)					$	456.6

Effective income tax rate reconciliation

A reconciliation of the total tax provision (benefit) to the amount computed by applying the statutory U.S. federal income tax rate to income before provision for (benefit from) income taxes for the year ended February 28, 2026, is as follows:

			Amount						% of Pretax Income (Loss)
(in millions, except % of pretax income (loss) data)
Income tax provision (benefit) at statutory rate			$	499.3					21.0%
State and local income taxes, net of federal income tax provision (benefit) (1)			24.9						1.0%
Earnings taxed at other than U.S. statutory rate:
Switzerland
Statutory income tax difference between Switzerland and U.S.			(62.5)						(2.6%)
Canton income tax			81.0						3.4%
Changes in valuation allowances			184.7						7.8%
Other			(14.0)						(0.6%)
Malta
Statutory income tax difference between Malta and U.S.			121.6						5.1%
Changes in valuation allowances			353.6						14.9%
Interest limitation			(353.6)						(14.9%)
Nontaxable or nondeductible items, net			(297.2)						(12.5%)

			Amount						% of Pretax Income (Loss)
(in millions, except % of pretax income (loss) data)
Other foreign jurisdictions
Other			(21.3)						(0.9%)
Effect of cross-border tax laws:
Global intangible low-taxed income			187.8						7.9%
Other			53.9						2.3%
Tax credits			(3.4)						(0.1%)
Changes in valuation allowances			51.0						2.1%
Nontaxable or nondeductible items, net			60.6						2.5%
Changes in unrecognized tax benefits			(245.4)						(10.3%)
Income tax provision (benefit) at effective rate			$	621.0					26.1%

(1)State taxes in California, New York, and Illinois are attributable to greater than 50% of the net income tax provision (benefit) for the year ended February 28, 2026.

A reconciliation of the total tax provision (benefit) to the amount computed by applying the statutory U.S. federal income tax rate to income before provision for (benefit from) income taxes is as follows:

			February 28, 2025												February 29, 2024
			Amount						% of Pretax Income (Loss)						Amount						% of Pretax Income (Loss)
(in millions, except % of pretax income (loss) data)
Income tax provision (benefit) at statutory rate			$	(17.4)					21.0		%				$	466.6					21.0		%
State and local income taxes, net of federal income tax provision (benefit) (1)			(31.2)						37.7		%				35.9						1.6		%
Net income tax benefit from a tax entity classification change			—						—		%				(31.2)						(1.4		%)
Earnings taxed at other than U.S. statutory rate (2)			(241.0)						291.1		%				(75.9)						(3.4		%)
Net income tax provision (benefit) from legislative changes (3)			—						—		%				(9.6)						(0.4		%)
Wine and Spirits-related impairments including the non-deductible portion of the wine and spirits goodwill impairment			253.3						(306.0		%)				—						—		%
Excess tax benefits from stock-based compensation awards (4)			(5.3)						6.4		%				(8.0)						(0.4		%)
Net income tax provision (benefit) recognized for adjustment to valuation allowance (5)			24.1						(29.1		%)				86.2						3.9		%
Net income tax provision (benefit) in connection with sale of the remaining assets at the canceled Mexicali Brewery			(22.2)						26.8		%				—						—		%
Net income tax provision (benefit) for various U.S. income tax credits			(14.1)						17.0		%				—						—		%
Net income tax provision (benefit) in connection with the SVEDKA Divestiture			6.0						(7.2		%)				—						—		%
Miscellaneous items, net			(3.9)						4.7		%				(7.4)						(0.3		%)
Income tax provision (benefit) at effective rate			$	(51.7)					62.4		%				$	456.6					20.6		%

(1)Includes differences resulting from adjustments to the current and deferred state effective tax rates.

(2)Consists of the following (i) difference between the U.S. statutory rate and local jurisdiction tax rates, (ii) the provision for incremental U.S. taxes on earnings of certain foreign subsidiaries offset by foreign tax credits, (iii) the non-U.S. portion of tax provision (benefit) recorded on the unrealized net gain (loss) from the changes in fair value of our investment in Canopy, and (iv) the non-U.S. portion of tax benefits recorded on the Canopy equity in earnings (losses) and related activities.

(3)The year ended February 29, 2024, represents a net income tax benefit resulting from the remeasurement of our deferred tax assets in connection with a legislative update in Switzerland.

(4)Represents the recognition of the income tax effect of stock-based compensation awards in the income statement when the awards vest or are settled.

(5)The year ended February 28, 2025, consists primarily of valuation allowances related to net operating losses and the year ended February 29, 2024, consists primarily of valuation allowances related to our investment in Canopy.

Schedule of Unrecognized Tax Benefits Roll Forward

The liability for income taxes associated with uncertain tax positions, excluding interest and penalties, and a reconciliation of the beginning and ending unrecognized tax benefit liabilities is as follows:

			For the Years Ended
			February 28, 2026						February 28, 2025						February 29, 2024
(in millions)
Balance as of March 1			$	318.9					$	416.1					$	344.3
Increases as a result of tax positions taken during a prior period			46.9						51.8						48.1
Decreases as a result of tax positions taken during a prior period			(102.2)						(124.7)						(2.5)
Increases as a result of tax positions taken during the current period			50.6						28.0						31.5
Decreases related to settlements with tax authorities			(46.3)						(43.9)						(2.8)
Decreases related to lapse of applicable statute of limitations			(13.8)						(8.4)						(2.5)
Balance as of last day of February			$	254.1					$	318.9					$	416.1

Schedule of Cash Flow, Supplemental Disclosures

A summary income taxes paid (net of refunds) for the year ended February 28, 2026 is as follows:

(in millions)
U.S. federal			$	78.1
U.S. state and local (1)			16.4
Foreign
Mexico			66.7
Other			12.4
Total foreign			79.1
Total			$	173.6

(1)No single U.S. state or local jurisdiction accounts for more than 5% of total income taxes paid.

Significant components of deferred tax assets (liabilities)

Significant components of deferred tax assets (liabilities) consist of the following:

			February 28, 2026						February 28, 2025
(in millions)
Deferred tax assets
Intangible assets			$	1,540.2					$	1,716.1
Loss carryforwards			676.9						619.3
Interest limitation			432.4						121.7
Lease liabilities			104.0						102.3
Investments in unconsolidated investees			635.0						652.2
Other accruals			286.3						212.2
Gross deferred tax assets			3,674.8						3,423.8
Valuation allowances			(1,860.8)						(1,170.0)
Deferred tax assets, net			1,814.0						2,253.8
Deferred tax liabilities
Intangible assets			(337.5)						(264.9)
Property, plant, and equipment			(122.7)						(122.7)
Right-of-use assets			(92.6)						(88.3)
Derivative instruments			(43.3)						(6.9)
Other accruals			(51.5)						(58.3)
Total deferred tax liabilities			(647.6)						(541.1)
Deferred tax assets (liabilities), net			$	1,166.4					$	1,712.7

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